---
schema_version: "secwatch.filing_event.v1"
accession: "0001213900-25-043277"
form_type: "8-K"
ticker: "MDAI"
cik: "0001833498"
company_name: "Spectral AI, Inc."
filed_at: "2025-05-14T23:59:59+00:00"
generated_at: "2026-05-21T09:57:22.846660+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# Spectral AI Q1 net income $2.9M; cash $14.1M; FDA De Novo submission planned H1 2025

## Summary
- Q1 2025 R&D revenue $6.7M (+6% YoY); net income $2.9M vs net loss $(3.2)M in Q1 2024.
- Net income largely driven by $4.4M non-cash decrease in warrant liability fair value.
- Cash improved to $14.1M at March 31, 2025 from $5.2M at Dec 2024.
- Debt financing of $15M from Avenue Capital; initial draw $8.5M; also raised $2.7M equity.
- Burn Validation Study completed with 164 patients; FY 2025 revenue guidance reiterated at ~$21.5M.

## SEC filing metadata
- accession: 0001213900-25-043277
- form_type: 8-K
- ticker: MDAI
- cik: 0001833498
- company_name: Spectral AI, Inc.
- filed_at: 2025-05-14T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1833498/000121390025043277/0001213900-25-043277-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1833498/000121390025043277/ea0242162-8k_spectral.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001213900-25-043277
- JSON: https://secwatch.observer/filing/0001213900-25-043277.json
- Plain text: https://secwatch.observer/filing/0001213900-25-043277.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.