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Spectral AI (MDAI) earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Aug 11, 2026 · Spectral AI (MDAI) Q2 2026 earnings results →
Q2 2026 Revenue down 30% year over year to $3.5M · 119¢ of every $1 of revenue lost · operating margin -122.7%
Spectral AI made $3.5M in Q2 2026 (-30% Y/Y). Operating margin -122.7%, net loss $4.2M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 11, 2026.
Drawing the Sankey…
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What changed this quarter
Revenue was $3.5M in Q2 2026, down 30% year over year and down 12% from the previous quarter.
Gross margin was 31.6%, down 13.6 points from Q2 2025. Operating costs exceeded revenue by $4.3M, an operating margin of -122.7%. Operating expenses grew 23% against a revenue fall of 30%. The fastest-growing cost line was Sales & marketing (+92%). The quarter ended with a net loss of $4.2M, wider than the previous quarter's $3.4M loss.
Operating cash flow was −$4.1M. Non-cash charges added back $30K of depreciation and $807K of share-based compensation. Working capital and other items used $758K.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 10-Q | Aug 11, 2026 | $3.5M | -30% | -122.7% | −$4.2M | −$4.1M |
| Q1 2026 | 10-Q | May 13, 2026 | $4.0M | -40% | -49.4% | −$3.4M | −$3.7M |
| Q4 2025 | 10-K | Mar 25, 2026 | $4.1M | -46% | -54.9% | $1.1M | −$2.6M |
| Q3 2025 | 10-Q | Nov 13, 2025 | $3.8M | -54% | -88.1% | −$3.6M | −$2.5M |
| Q2 2025 | 10-Q | Aug 13, 2025 | $5.1M | -32% | -41.9% | −$8.0M | −$3.4M |
| Q1 2025 | 10-Q | May 15, 2025 | $6.7M | +6% | -13.4% | $2.9M | −$1.5M |
| Q4 2024 | 10-K | Mar 31, 2025 | $7.6M | +44% | -14.6% | −$7.6M | $469K |
Charts
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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Customers and suppliers named in filings
Sells to
- U.S. government · Stated in 10-K (receivables) · source
About Spectral AI
We are an AI company focused on predictive medical diagnostics. Our DeepView System uses proprietary AI algorithms to distinguish between fully damaged, partially damaged and healthy human tissue characters invisible to the naked eye, at the initial time point of wound presentation. The DeepView System delivers a binary prediction on the wound’s capacity to heal or not-heal by a specified time point in the future. Our DeepView System’s output is specifically engineered to assist the health care professional in making a more accurate, timely and informed decision regarding the treatment of the patient’s wounds. Our focus is on our burn indication.
In its own words, from its 10-K, filed Mar 25, 2026.
Spectral AI against its Surgical & Medical Instruments & Apparatus peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -30% against the peers' median +5%. Operating margin: -122.7% against the peers' median 13.3%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| MDAI Spectral AI | Q2 2026 | $3.5M | -30% | -122.7% |
| MDLN Medline | Q3 2026 | $7.9B | +10% | 6.4% |
| MMM 3M | Q3 2026 | $6.6B | +1% | 23.7% |
| SYK Stryker | Q3 2026 | $6.5B | +8% | 15.9% |
| BSX Boston Scientific | Q3 2026 | $5.1B | +1% | 16.1% |
| BDX Becton Dickinson | Q3 FY26 | $5.0B | +5% | 13.3% |
| BAX Baxter International | Q3 2026 | $3.0B | +5% | 7.6% |
| SOLV Solventum | Q3 2026 | $1.9B | -7% | 3.5% |
| RMD ResMed | Q1 FY27 | $1.4B | +6% | 32.0% |
Source: Spectral AI 10-Q on SEC EDGAR · CIK 1833498 · Surgical & Medical Instruments & Apparatus
13F: who owns MDAI and who is buying
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History
Every quarter: Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results · Q4 2024 results