Filing Flows › Spectral AI (MDAI) › Q4 2025
Spectral AI (MDAI) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 25, 2026
Spectral AI (MDAI) reported revenue of $4.1M for the fourth quarter 2025 (Q4 2025), -46% from a year earlier and +8% from the quarter before. Operating margin was -54.9%, net earnings $1.1M (25.7% of revenue).
Spectral AI, Q4 2025: revenue $4.1M (-46% year over year), operating margin -54.9%, net earnings $1.1M, operating cash flow −$2.6M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $4.1M | +8% | -46% |
| Operating profit | −$2.2M | — | — |
| Net earnings | $1.1M | — | — |
| Operating cash flow | −$2.6M | — | -644% |
What changed
Revenue was $4.1M in Q4 2025, down 46% year over year and up 8% from the previous quarter.
Gross margin was 45.2%, up 1.1 points from Q4 2024. Operating costs exceeded revenue by $2.2M, an operating margin of -54.9%. Operating expenses fell 8% while revenue fell 46%. Net earnings were $1.1M. The effective tax rate was -4.3%. Non-operating items added $3.3M, 322% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$2.6M. Non-cash charges added back $29K of depreciation and $243K of share-based compensation. Working capital and other items used $3.9M.
Questions
What was Spectral AI's revenue in the fourth quarter 2025?
Spectral AI (MDAI) reported revenue of $4.1M for the fourth quarter 2025 (Q4 2025), -46% from a year earlier and +8% from the quarter before.
Was Spectral AI profitable in the fourth quarter 2025?
Operating loss was $2.2M (-54.9% of revenue) and net earnings $1.1M.
Source: Spectral AI 10-K on SEC EDGAR.