QT Imaging (NASDAQ:QTI) reported second-quarter revenue of $7.4 million, up 103% from $3.7 million a year earlier, as shipments of its Breast Acoustic CT scanners increased to 15 from eight in the prior-year quarter.
For the first six months of 2026, the company shipped 28 scanners and generated $14 million in revenue, compared with 14 scanners and $6.5 million in revenue during the same period of 2025. CEO Dr. Raluca Dinu said QT Imaging remains on track for approximately $39 million of revenue for the full year, which would be more than double its 2025 revenue of $18.9 million.
Margins and Losses
Gross margin declined to 41% in the second quarter from 50% a year ago. CFO Jay Jennings said the 2026 margin was in line with the company’s expectations for U.S. sales, while the higher prior-year margin reflected a lower weighted average cost of inventory sold.
Operating expenses rose to $4.9 million from $2.9 million, driven by higher compensation and benefits, professional-services costs and marketing expenses. QT Imaging posted an operating loss of $1.9 million, compared with a $1 million operating loss in the year-earlier period.
Net loss widened to $11.1 million from $4 million. The second-quarter net loss included an $8.3 million non-cash loss related to the extinguishment and modification of the company’s senior secured term loan with Lynrock Lake.
QT Imaging amended the $10.1 million term loan during the quarter, extending its maturity date by two years to March 31, 2029, from March 31, 2027. The interest rate increased to 12% from 10%.
The company also completed a $10 million underwritten public offering during the quarter. As of Aug. 7, QT Imaging had approximately $14.2 million of cash and restricted cash, compared with about $11 million at June 30. Jennings said the company’s $7.4 million accounts receivable balance at June 30, primarily related to June scanner shipments, was paid in early August.
Commercial Expansion and Shipment Plans
QT Imaging said it is expanding its U.S. commercial organization while maintaining its exclusive distribution relationship with NXC Imaging, a subsidiary of Canon Medical Systems U.S.A. The company appointed Jason Dyer as vice president of regional sales for the East and Dave Reinhart as vice president of regional sales for the West.
Dinu said the company expects to ship another 15 scanners in the third quarter and 17 scanners in the fourth quarter in the U.S., supported by NXC Imaging. She said placements are expected to increase through the second half of the year.
The company has three senior direct-sales employees and does not expect further direct-sales hiring in 2026 as it evaluates opportunities across imaging centers, hospitals and functional medicine. Jennings said operating expenses are expected to rise modestly during the second half due to sales-team hiring and a shift of some clinical-study expenses into the latter part of the year.
Internationally, QT Imaging is working with Gulf Medical in Saudi Arabia, Al Nahdi Medical in the United Arab Emirates and Re-invent Pharma in Pakistan. Dinu said the company expects several systems to go to Pakistan in the coming months and that U.S. FDA clearance is sufficient for that market.
The company received Saudi Food and Drug Authority clearance for its Breast Acoustic CT scanner and AMAR authorization from Israel’s Ministry of Health. QT Imaging said its first scanner in Israel will go to Rambam Health Care Campus for a planned study involving women with hereditary breast-cancer risk. The company is exploring a distributor relationship in Israel and said it may seek regulatory approval in Qatar and Bahrain, while focusing on Saudi Arabia, the UAE and Israel.
Clinical Evidence, Reimbursement and Technology Development
Dinu said more than 12,000 women have been imaged with Breast Acoustic CT scans to date. The company reported results from a multisite study in which speed-of-sound measurements had less than 1% variability across scanners under the study conditions.
QT Imaging also highlighted a prospective Mayo Clinic feasibility study in a supplemental imaging setting. According to the company, the study reported breast-level agreement between QTscan and MRI and identified all lesions that MRI considered suspicious. A follow-on Mayo study involving more than 100 patients is expected to begin in coming months.
Dinu said the follow-on study will seek to confirm that QTscan identifies MRI findings and to evaluate whether it can reduce biopsies by reclassifying some BI-RADS 4 findings as BI-RADS 3. The company said data from the studies could be reported under its new Category III CPT code beginning Jan. 1, 2027.
The American Medical Association approved the dedicated Category III CPT code during the first half, with the code released July 1 and effective next year. Dinu said the code will allow the company to collect utilization and clinical data before pursuing potential changes to its reimbursement strategy.
QT Imaging also cited ongoing 100-patient studies at Sunnybrook comparing QTscan with MRI, as well as clinical work under an NIH contract evaluating quantitative ultrasound findings and treatment response among women receiving neoadjuvant chemotherapy.
Operations and Platform Development
The company received two FDA clearances during the first half, including clearance for an enhanced scanner configuration intended to improve posterior breast imaging coverage and software supporting volumetric measurements for lesion doubling-time assessment.
QT Imaging released software version 4.5.0, which it said improves spatial resolution of reflection imaging. It is also developing the QTI Imaging-Olea Viewer with Olea Medical and working with Intelerad on cloud and PACS infrastructure supporting its QTI Precision Pathway platform.
In July, QT Imaging completed its first routine FDA inspection with no Form FDA 483 observations, according to Dinu. The company also recently appointed Dr. Julia Albright as chief science officer.
QT Imaging has begun transitioning to a new 22,000-square-foot headquarters and manufacturing facility in Petaluma, California. Dinu said the company received keys to the facility during the week of the call and expects the move to take roughly one to one-and-a-half months. It plans to complete third-quarter production at its Novato facility and begin fourth-quarter shipments from Petaluma.
The new facility will provide more than 2.5 times the company’s current operating space while reducing lease costs per square foot by approximately 55%, management said.
About QT Imaging (NASDAQ:QTI)
QT Imaging Ltd. (NASDAQ: QTI) is a medical technology company specializing in the development and commercialization of advanced ultrasound imaging solutions. The company focuses on real-time volumetric imaging systems designed to enhance diagnostic capabilities in obstetrics, gynecology and other clinical applications. QT Imaging’s flagship Q.VIEW® system and associated software suite enable practitioners to capture, analyze and visualize high-resolution 3D/4D ultrasound images, offering improved workflow efficiency and enhanced patient care.
QT Imaging’s product portfolio includes proprietary transducers, imaging consoles and software platforms that can be integrated with existing ultrasound scanners from leading original equipment manufacturers.
