Filing Flows › Spectral AI (MDAI) › Q1 2026
Spectral AI (MDAI) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 13, 2026
Spectral AI (MDAI) reported revenue of $4.0M for the first quarter 2026 (Q1 2026), -40% from a year earlier and -2% from the quarter before. Operating margin was -49.4%, net loss $3.4M (85.5% of revenue).
Spectral AI, Q1 2026: revenue $4.0M (-40% year over year), operating margin -49.4%, net loss $3.4M, operating cash flow −$3.7M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $4.0M | -2% | -40% |
| Operating profit | −$2.0M | — | — |
| Net earnings | −$3.4M | -424% | -218% |
| Operating cash flow | −$3.7M | — | — |
What changed
Revenue was $4.0M in Q1 2026, down 40% year over year and down 2% from the previous quarter.
Gross margin was 50.8%, up 3.6 points from Q1 2025. Operating costs exceeded revenue by $2.0M, an operating margin of -49.4%. Operating expenses fell 2% while revenue fell 40%. The quarter ended with a net loss of $3.4M, after a profit of $1.1M the previous quarter.
Operating cash flow was −$3.7M. Non-cash charges added back $30K of depreciation and $183K of share-based compensation. Working capital and other items used $529K.
Questions
What was Spectral AI's revenue in the first quarter 2026?
Spectral AI (MDAI) reported revenue of $4.0M for the first quarter 2026 (Q1 2026), -40% from a year earlier and -2% from the quarter before.
Was Spectral AI profitable in the first quarter 2026?
Operating loss was $2.0M (-49.4% of revenue) and net loss $3.4M.
Source: Spectral AI 10-Q on SEC EDGAR.