Spectral AI, Inc.
spectral-ai.comSpectral AI Inc (NASDAQ: MDAI) is a medical technology company that develops AI-enabled predictive wound imaging systems for burn wound assessment. Revenue comes from U.S. government contracts and grants, primarily a BARDA contract with fixed reimbursement rates and milestone-based awards from the Defense Health Agency and the Medical Technology Enterprise Consortium. The company has no commercial product revenue as of the FY2025 10-K filed March 25, 2026. Its two core products are the DeepView System, a multispectral imaging platform that uses AI algorithms to produce a binary healing versus non-healing assessment of burn wounds, and the DeepView SnapShot M, a handheld portable version developed for military and emergency use. Manufacturing is outsourced to Cobalt Product Solutions in Plano, Texas. The planned commercial revenue model combines a SaaS software licensing fee covering maintenance, image hosting, and algorithm updates, plus a separate charge for the proprietary imaging device hardware. At December 31, 2025, the company had 65 full-time employees in the United States and the United Kingdom.
Products & Services
DeepView System: AI-enabled multispectral imaging platform producing binary burn wound healing assessments for clinical use. DeepView SnapShot M: handheld, portable, wireless version of the DeepView platform targeting military, emergency, and first-responder settings. DeepView AI Burn software: FDA-adjunctive tool used with the SnapShot imaging device.
Revenue Model
Fixed-fee U.S. government contracts and grants, including a BARDA contract with set reimbursement rates plus a fixed fee component, and milestone-based awards from DHA and MTEC. No commercial product revenue as of the FY2025 filing. Planned post-commercialization model: SaaS software licensing fee plus imaging device hardware sales.
Customers & Markets
Primary customers as of FY2025: U.S. federal government agencies including BARDA, the Defense Health Agency, and the Medical Technology Enterprise Consortium. Target end markets upon commercialization: hospital burn centers, emergency departments, outpatient wound care, military battlefield medicine, and potentially home health care. UK National Health Service identified as a target reimbursement market.
Geographic Exposure
United States (primary operations and government contracts). United Kingdom (regulatory and reimbursement pathway in progress, employees present as of December 31, 2025).
Financial Snapshot
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