QT IMAGING HOLDINGS, INC. QTI
The following discussion reflects the business of the Company. In this section, "we," "us," "our," "the Company" or "QT Imaging" below generally refers to QT Imaging Holdings, Inc. and its subsidiaries.
On December 8, 2022, GigCapital5, Inc. ("GigCapital5"), our legal predecessor company and a special purpose acquisition company which was incorporated in Delaware in 2021, entered into the Business Combination Agreement with its wholly owned subsidiary, QTI Merger Sub, Inc. ("Merger Sub"), and QT Imaging, Inc. When the transactions contemplated by the Business Combination Agreement (the "Business Combination") closed on March 4, 2024, Merger Sub merged with and into QT Imaging, Inc. with QT Imaging, Inc. the surviving company in such merger, and after giving effect to the Business Combination, QT Imaging, Inc. became a wholly owned subsidiary of GigCapital5, which was renamed as QT Imaging Holdings, Inc.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Revenue | $18.9M | $4.9M | $40.4K | $0 | — |
| Cost of revenue | $10.3M | $2.2M | $135.0K | — | — |
| Gross profit | $8.6M | $2.6M | -$94.6K | — | — |
| R&D | $3.9M | $3.3M | $1.5M | — | — |
| SG&A | $9.1M | $11.6M | $3.4M | $4.3M | $1.1M |
| Total operating expenses | $13.0M | $14.8M | $4.9M | — | — |
| Operating income | -$4.4M | -$12.2M | -$5.0M | -$4.3M | -$1.1M |
| Interest expense | — | — | $219.7K | $23.1K | — |
| Pre-tax income | -$21.1M | -$9.0M | -$6.1M | -$2.3M | -$1.1M |
| Income tax | $1.0K | $16.0K | $1.6K | $486.6K | $1.8K |
| Net income | -$21.1M | -$9.0M | -$6.1M | -$2.8M | -$1.1M |
| EPS, basic | -2.01 | -2.13 | -0.64 | -0.60 | -0.14 |
| EPS, diluted | -2.01 | -2.13 | -0.64 | -0.60 | -0.14 |
| Shares, diluted (wtd. avg.) | 10.5M | 6.7M | 9.5M | 6.5M | 8.2M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Cash and equivalents | $10.4M | $1.2M | — | — | — |
| Receivables | $5.8M | $67.0K | $1.3K | — | — |
| Inventory | $5.0M | $3.1M | $4.4M | — | — |
| Total current assets | $22.1M | $4.9M | $4.8M | $250.7K | $1.2M |
| Property, plant and equipment | $318.0K | $196.0K | $490.9K | — | — |
| Total assets | $23.0M | $6.1M | $6.7M | $41.9M | $233.6M |
| Accounts payable | $3.6M | $803.0K | $1.4M | $195.1K | $28.1K |
| Total current liabilities | $7.9M | $9.8M | $7.3M | $4.2M | $633.6K |
| Long-term debt | $10.1M | $9.9M | — | — | — |
| Total liabilities | $16.6M | $15.6M | $12.0M | $13.4M | $10.2M |
| Retained earnings | -$53.0M | -$31.9M | -$17.8M | -$13.1M | -$8.9M |
| Total equity | $6.4M | -$9.5M | -$5.3M | -$13.1M | -$8.9M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Operating cash flow | -$9.0M | -$10.0M | -$2.7M | -$1.3M | -$1.4M |
| Depreciation and amortisation | $131.0K | $231.0K | $480.7K | — | — |
| Stock-based compensation | $801.0K | $290.0K | $709.4K | — | $95.2K |
| Capital expenditure | $124.0K | $88.0K | $13.0K | — | — |
| Investing cash flow | -$124.0K | -$88.0K | -$13.0K | $192.2M | -$232.3M |
| Financing cash flow | $18.4M | $11.1M | $2.4M | -$191.3M | $234.1M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-020909.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Revenue | — | $0 | $40.4K | $4.9M | $18.9M |
| Gross profit | — | — | -$94.6K | $2.6M | $8.6M |
| Net income | -$1.1M | -$2.8M | -$6.1M | -$9.0M | -$21.1M |
Recent filings and events
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Other event Item 8.01
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Regulation FD disclosure Item 7.01
- Other event Item 8.01
- Results announced Item 2.02
- Other event Item 8.01
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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