secwatch.observer — SEC 8-K summary
======================================

Issuer:     Spectral AI, Inc. (MDAI)
CIK:        0001833498
Form:       8-K
Filed at:   2025-08-13T23:59:59+00:00
Accession:  0001213900-25-075636
Event type: earnings
Sentiment:  negative
Materiality: 0.70
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1833498/000121390025075636/0001213900-25-075636-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1833498/000121390025075636/ea0253072-8k_spectral.htm
  HTML page:      https://secwatch.observer/filing/0001213900-25-075636

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer