Income statement, balance sheet and cash flow statement for the last 5 fiscal years, taken from the XBRL data Spectral AI, Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
25.4
18.1
29.6
19.7
Cost of revenue
14.5
10.2
16.3
10.7
Gross profit
10.8
7.88
13.3
8.93
Research and development
16.5
15.1
General and administrative
3.42
13.5
20.9
19.9
17.5
Operating expenses
19.9
17.5
Operating income
-3.42
-2.65
-13
-6.58
-8.6
Interest expense
-0.01
0.89
Interest income
0.03
3.16
0.17
0.01
Other non-operating income
-0.16
-7.86
-8.46
1.04
Pre-tax income
-2.15
-2.81
-20.8
-15
-7.56
Income tax
0
0.11
0.01
0.11
0.01
Net income
-2.15
-2.91
-20.9
-15.2
-7.57
EBITDA
-2.64
-13
-6.57
-8.53
EPS, basic
-0.22
-1.48
-0.85
-0.29
EPS, diluted
-0.22
-1.48
-0.85
-0.29
Shares, basic (weighted)
13.1
14.1
17.9
26.5
Shares, diluted (weighted)
13.1
14.1
17.9
26.5
Balance sheet
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
0.77
14.2
4.79
5.2
15.4
Receivables
2.29
2.35
2.51
1.27
Inventory
0.23
0.43
0.84
Other current assets
0.31
0.27
0.8
0.75
1.13
Total current assets
1.08
17.7
9.9
10.1
19.5
Property, plant and equipment
0.02
0.01
0
0.26
Lease right-of-use assets
1.01
0.78
1.97
1.41
Other non-current assets
0.29
Total assets
254
18.7
10.7
12.1
21.4
Accounts payable
2.76
2.68
4.04
3.01
Accrued liabilities
2.91
2.63
4.3
3.21
2.34
Deferred revenue
2.31
0.96
0.15
Total current liabilities
2.94
6.37
12.4
17.6
20.6
Long-term debt
5.54
Lease liabilities
0.35
1.7
0.97
Total liabilities
21.9
6.72
12.4
19.3
27.1
Total debt
2.79
9.25
Paid-in capital
0
23.9
31.1
41
50
Retained earnings
-20.8
-11.9
-32.8
-48.2
-55.8
Other comprehensive income
0.01
0
0.04
Shareholders' equity
13.8
12
-2.15
-7.25
-5.73
Total equity
13.8
12
-2.15
-7.25
-5.73
Total liabilities and equity
254
18.7
10.7
12.1
21.4
Shares outstanding
13.2
16.3
22.6
30.7
Cash flow statement
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-2.15
11
-20.9
-15.2
-7.57
Depreciation and amortization
0.01
0.01
0.01
0.07
Stock-based compensation
1.16
1.24
1.03
1.12
Deferred income tax
0
0.61
Change in receivables
-0.86
-0.05
-0.16
1.24
Change in inventory
-0.23
-0.2
-0.41
Change in payables
1.35
-0.94
1.43
-1.03
Cash from operations
-0.83
-1.16
-13.2
-9.2
-9.92
Purchases of investments
-253
0
Sales and maturities of investments
0
1.03
Cash from investing
-253
252
Debt issued
12.1
Stock issued
13.9
3.35
4.06
10.6
Share buybacks
0
-251
Cash from financing
255
-0.79
3.84
9.58
20.1
Exchange rate effect
0.01
-0.01
0.04
Net change in cash
0.77
-1.95
-9.38
0.37
10.2
Interest paid
0.02
0.03
0.01
0.02
Income taxes paid
0
0.05
0.11
0.01
0.1
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $1.59 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
42.9%
Gross profit / revenue.
Operating margin
-77.2%
Operating income / revenue.
EBITDA margin
-76.4%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-64.8%
Pre-tax income / revenue.
Net margin
-65.5%
Net income / revenue.
Operating cash flow margin
-83.7%
Cash from operations / revenue.
Return on assets (ROA)
-51.9%
Net income / average total assets.
Stock-based pay / revenue
10.0%
Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue
0.8%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
-33.6%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
-8.2%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit growth, 1y
-32.8%
Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y
-6.3%
Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y
77.0%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
4.6%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Share count change, 1y
47.9%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
26.4%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
0.90x
Current assets / current liabilities.
Quick ratio
0.76x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.70x
(Cash + short-term investments) / current liabilities.
Debt / assets
56.9%
Total debt / total assets.
Liabilities / assets
162.0%
Total liabilities / total assets.
Net debt
-$2.9M
Total debt - cash - short-term investments. Negative means more cash than debt.
Days inventory + days sales outstanding - days payables.
Per share
Metric
Value
How it is calculated
EPS, diluted
-$0.31
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$0.48
Revenue / diluted weighted shares.
Operating cash flow per share
-$0.40
Cash from operations / diluted weighted shares.
Book value per share
-$0.37
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
3.32x
Market cap / revenue.
EV/Sales
3.13x
Enterprise value / revenue.
Earnings yield
-19.7%
Net income / market cap (the inverse of P/E).
What was Spectral AI, Inc.'s revenue in fiscal 2025?
Spectral AI, Inc. reported revenue of $19.7M for fiscal 2025, 33.6% lower than the year before.
Was Spectral AI, Inc. profitable in fiscal 2025?
No. It reported a net loss of $7.6M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.