Filing Flows › Spectral AI (MDAI) › Q3 2025
Spectral AI (MDAI) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 13, 2025
Spectral AI (MDAI) reported revenue of $3.8M for the third quarter 2025 (Q3 2025), -54% from a year earlier and -25% from the quarter before. Operating margin was -88.1%, net loss $3.6M (93.7% of revenue).
Spectral AI, Q3 2025: revenue $3.8M (-54% year over year), operating margin -88.1%, net loss $3.6M, operating cash flow −$2.5M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.8M | -25% | -54% |
| Operating profit | −$3.3M | — | — |
| Net earnings | −$3.6M | — | — |
| Operating cash flow | −$2.5M | — | — |
What changed
Revenue was $3.8M in Q3 2025, down 54% year over year and down 25% from the previous quarter.
Gross margin was 42.7%, down 2.1 points from a year earlier. Operating costs exceeded revenue by $3.3M, an operating margin of -88.1%. Operating expenses grew 9% against a revenue fall of 54%. The quarter ended with a net loss of $3.6M, narrower than the previous quarter's $8.0M loss.
Operating cash flow was −$2.5M. Non-cash charges added back $30K of depreciation and $261K of share-based compensation. Working capital and other items added $760K.
Questions
What was Spectral AI's revenue in the third quarter 2025?
Spectral AI (MDAI) reported revenue of $3.8M for the third quarter 2025 (Q3 2025), -54% from a year earlier and -25% from the quarter before.
Was Spectral AI profitable in the third quarter 2025?
Operating loss was $3.3M (-88.1% of revenue) and net loss $3.6M.
Source: Spectral AI 10-Q on SEC EDGAR.