QT Imaging reports doubled Q2 revenue, reaffirms $39M full-year target

QT Imaging Holdings (NASDAQ: QTI), a medical device company focused on breast imaging, reported second-quarter 2026 revenue of $7.4 million, a 103% increase from $3.7 million in the same period a year earlier, according to a company press release. First-half revenue rose 116% to $14.0 million, with 28 scanners shipped during the period.

The company shipped 15 Breast Acoustic CT scanners in the second quarter, compared with eight in the prior-year quarter. Gross margin declined to 41% from 50% a year earlier, with the company attributing the decrease to a higher weighted average cost of inventory sold in the current period.

Total operating expenses rose to $4.9 million from $2.9 million, driven by higher employee compensation, professional services, and marketing costs. The operating loss widened to $1.9 million from $1.0 million in the year-ago quarter.

Net loss for the quarter was $11.1 million, or $0.75 per share, compared with a net loss of $4.0 million, or $0.42 per share, a year earlier. The wider net loss was primarily attributable to an $8.3 million non-cash charge related to a modification of the company's Lynrock Lake term loan, which extended its maturity from March 2027 to March 2029 and raised the interest rate from 10% to 12%.

Non-GAAP adjusted EBITDA was negative $1.2 million for the quarter, compared with negative $0.8 million in the prior-year period. Cash and restricted cash stood at $11.0 million as of June 30, 2026, and $14.2 million as of August 7, 2026.

During the quarter, the company completed a public offering that raised approximately $10.0 million in gross proceeds. QT Imaging also received regulatory authorization in Israel and Saudi Arabia for its Breast Acoustic CT scanner.

The company reaffirmed its full-year 2026 revenue guidance of approximately $39 million, citing minimum order quantities under distribution agreements and expected contributions from direct sales efforts.

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