---
schema_version: "secwatch.filing_event.v1"
accession: "0001213900-26-034047"
form_type: "8-K"
ticker: "MDAI"
cik: "0001833498"
company_name: "Spectral AI, Inc."
filed_at: "2026-03-25T23:59:59+00:00"
generated_at: "2026-05-15T09:03:33.585984+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# Spectral AI Q4 net income $0.6M; FY 2025 revenue $19.7M; guides 2026 revenue ~$18.5M

## Summary
- Q4 2025 net income $0.6M ($0.02 diluted EPS) vs net loss ($7.7M) in Q4 2024.
- FY 2025 net loss narrowed to ($7.6M) from ($15.3M); R&D revenue $19.7M (down from $29.6M).
- Cash at Dec 31, 2025 rose to $15.4M from $5.2M at Dec 31, 2024.
- Received additional $31.7M BARDA funding; total BARDA contract up to $150M; De Novo 510(k) submitted for DeepView burn indication.
- 2026 revenue guidance ~$18.5M, primarily from BARDA contract; no material product sales expected.

## SEC filing metadata
- accession: 0001213900-26-034047
- form_type: 8-K
- ticker: MDAI
- cik: 0001833498
- company_name: Spectral AI, Inc.
- filed_at: 2026-03-25T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1833498/000121390026034047/0001213900-26-034047-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1833498/000121390026034047/ea0283435-8k_spectral.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001213900-26-034047
- JSON: https://secwatch.observer/filing/0001213900-26-034047.json
- Plain text: https://secwatch.observer/filing/0001213900-26-034047.txt

## Key facts
- Earnings Releases
  Spectral AI, Inc. reported Year ending December 31, 2026 results: revenue $18.5 million. Guidance initiated.
  - Period: Year ending December 31, 2026
  - Revenue: $18.5 million
  - Guidance: initiated
  - Result: guidance update
  source text: The Company is forecasting revenue of approximately $18.5 million for the year ending December 31, 2026, primarily reflecting the continued development of the Company’s DeepView System through the BARDA PBS Contract. This guidance does not include any material contributions from the sale of the DeepView System for the burn indication.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1833498/000121390026034047/0001213900-26-034047-index.htm
- Earnings Releases
  Spectral AI, Inc. reported Fourth Quarter and Full Year ended December 31, 2025 results: revenue Full Year Research & Development Revenue of $19.7 Million; Q4 2025 Revenue of $3.8 Million, net income Net income for Q4 2025 was $0.6 million; Net loss for FY 2025 was $(7.6) million, EPS Q4 2025: $0.02 per diluted share; FY 2025: $(0.29) per diluted share.
  - Period: Fourth Quarter and Full Year ended December 31, 2025
  - Revenue: Full Year Research & Development Revenue of $19.7 Million; Q4 2025 Revenue of $3.8 Million
  - Net income: Net income for Q4 2025 was $0.6 million; Net loss for FY 2025 was $(7.6) million
  - EPS: Q4 2025: $0.02 per diluted share; FY 2025: $(0.29) per diluted share
  - Result: reported results
  source text: Research & Development Revenue Research & Development revenue for Q4 2025 was $3.8 million compared to $7.6 million, reflecting the anticipated reduction in research direct labor, clinical trial and other reimbursed study costs relative to 2024 as the Company moved closer to completion of the base phase of its contract with BARDA (the “BARDA PBS Contract”). Research & Development Revenue for FY 2025 decreased to $19.7 million from $29.6 million, reflecting the anticipated overall reduction in the Company’s reimbursed costs associated with the BARDA PBS Contract during 2025 following the Company’s submission of its De Novo application to the FDA. Gross Margin Gross margin for Q4 2025 was 39.8% compared to 44.0% due primarily to a lower percentage of reimbursed direct labor as a component of overall revenue from the BARDA PBS Contract. Gross margin for FY 2025 was 45.4% compared to 44.9%, reflecting a consistent mix of direct labor as a percentage of the total work performed on the BARDA
  evidence_url: https://www.sec.gov/Archives/edgar/data/1833498/000121390026034047/0001213900-26-034047-index.htm

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