Filing Flows › Spectral AI (MDAI) › Q2 2025
Spectral AI (MDAI) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 13, 2025
Spectral AI (MDAI) reported revenue of $5.1M for the second quarter 2025 (Q2 2025), -32% from a year earlier and -24% from the quarter before. Operating margin was -41.9%, net loss $8.0M (157.3% of revenue).
Spectral AI, Q2 2025: revenue $5.1M (-32% year over year), operating margin -41.9%, net loss $8.0M, operating cash flow −$3.4M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $5.1M | -24% | -32% |
| Operating profit | −$2.1M | — | — |
| Net earnings | −$8.0M | -375% | — |
| Operating cash flow | −$3.4M | — | — |
What changed
Revenue was $5.1M in Q2 2025, down 32% year over year and down 24% from the previous quarter.
Gross margin was 45.2%, up 0.9 points from a year earlier. Operating costs exceeded revenue by $2.1M, an operating margin of -41.9%. Operating expenses fell 23% while revenue fell 32%. The quarter ended with a net loss of $8.0M, after a profit of $2.9M the previous quarter. Net interest and other expense of $5.9M was the main reason.
Operating cash flow was −$3.4M. Non-cash charges added back $10K of depreciation and $411K of share-based compensation. Working capital and other items added $4.2M.
Questions
What was Spectral AI's revenue in the second quarter 2025?
Spectral AI (MDAI) reported revenue of $5.1M for the second quarter 2025 (Q2 2025), -32% from a year earlier and -24% from the quarter before.
Was Spectral AI profitable in the second quarter 2025?
Operating loss was $2.1M (-41.9% of revenue) and net loss $8.0M.
Source: Spectral AI 10-Q on SEC EDGAR.