Spectral 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.

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.

Products and 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.

Customers and end 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.

Value-chain role

Medical device developer and AI software developer. Outsources hardware manufacturing to Cobalt Product Solutions (Plano, Texas). Retains AI algorithm development, clinical evidence generation, regulatory clearance, and planned direct commercial sales in-house.

Geographic exposure

United States (primary operations and government contracts). United Kingdom (regulatory and reimbursement pathway in progress, employees present as of December 31, 2025).

Source: SEC 10-K, filed 2026-03-25

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