---
schema_version: "secwatch.filing_event.v1"
accession: "0001213900-25-075636"
form_type: "8-K"
ticker: "MDAI"
cik: "0001833498"
company_name: "Spectral AI, Inc."
filed_at: "2025-08-13T23:59:59+00:00"
generated_at: "2026-05-17T13:59:18.103036+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Spectral AI Q2 2025 revenue down 32% to $5.1M; net loss widens to $7.9M

## Summary
- R&D revenue $5.1M in Q2 2025 vs. $7.5M in Q2 2024 (down 32.0%), reflecting completion of BARDA clinical trials.
- Net loss of $(7.9)M in Q2 2025 vs. $(2.9)M in Q2 2024, primarily due to $(5.4)M fair value change in warrant liability.
- Cash improved to $10.5M as of June 30, 2025, from $5.2M at Dec 31, 2024, aided by $8.5M debt draw and $2.7M equity.
- Submitted De Novo application to FDA in June 2025 for the DeepView System, a key regulatory milestone.
- Reiterated FY 2025 revenue guidance of approximately $21.5M, excluding commercial contributions from DeepView.

## SEC filing metadata
- accession: 0001213900-25-075636
- form_type: 8-K
- ticker: MDAI
- cik: 0001833498
- company_name: Spectral AI, Inc.
- filed_at: 2025-08-13T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1833498/000121390025075636/0001213900-25-075636-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1833498/000121390025075636/ea0253072-8k_spectral.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001213900-25-075636
- JSON: https://secwatch.observer/filing/0001213900-25-075636.json
- Plain text: https://secwatch.observer/filing/0001213900-25-075636.txt

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