Spectral AI Inc

spectral-ai.com

What Do They Do?

Builds an AI-powered multispectral imaging system that helps clinicians assess burn wounds’ healing potential and make treatment decisions in hospitals, burn centers and emergency departments.

How Do They Make Money?

U.S. government agencies pay mainly for research and development work under BARDA and other contracts: the company receives reimbursement as work is performed, while some awards pay against milestones. It has not yet earned revenue from product sales.

FY2025 revenue

Who Are Their Customers?

U.S. government agencies, especially BARDA, fund development through contracts. Planned DeepView sales are aimed at inpatient and outpatient care sites, reached through the company’s own and third-party resources.

Do Revenues Turn Into Profits?

No. It lost $7.6M in FY2025.

Operating income, FY2025

−44% of revenue

▲ +31% (Loss) vs FY2024 (−$6.6M, −22%)

Net income, FY2025

−39% of revenue

▼ −50% (Loss) vs FY2024 (−$15.2M, −51%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −30%; vs $5.1M in Q2 FY2025
Net income: ▼ −48% (Loss); vs −$8M in Q2 FY2025

Aug 12, 2026 Reiterated FY2026 revenue guidance of approximately $18.5 million The outlook primarily reflects BARDA-funded development and excludes material DeepView sales contributions.
May 26, 2026 FDA authorized commercial distribution of the DeepView burn system in the United States
Apr 8, 2026 Appointed David McGuire as chief financial officer

From shell company to medical diagnostics The older report described a blank-check company seeking a business combination; the latest describes a business developing an AI imaging system for predictive medical diagnostics, focused on burn wounds.

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