Company: QTIWW
Filing Date: 2025-11-03
Form Type: S-1
Source: 0001628280-25-048373
Chunk: 338

Company: QT IMAGING HOLDINGS, INC.
Filing Date: 2025-11-03
Form: S-1
Chunk 338
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 of December 31, 2024, a

<div align='center'>F-23</div>

#### QT IMAGING HOLDINGS, INC.

### Notes to Consolidated Financial Statements
total of 296,445Priv ate Placement Warrants and Working Capital Note Warrants were outstanding at an approximate fair value of 0.075 per warrant. See Note 11.

The activity for the fair value of the warrant liability during the year ended December 31, 2024 was as follows:

| Beginning balance, January 1, 2024       |     | Warrant Liability |        — |
|:-----------------------------------------|:----|:------------------|---------:|
| Net liabilities assumed from GigCapital5 |     |                   |    8,894 |
| Increase due to warrant modification     |     |                   |  200,513 |
| Change in fair value                     |     |                   | -187,173 |
| Ending balance, December 31, 2024        |     | $                 |   22,234 |

The effect of the modification of the Private Placement Warrants and the Working Capital Note Warrants as further described in Note 11 was included within other expense, net in the consolidated statements of operations and comprehensive loss during the year ended December 31, 2024.

Earnout Liability

The fair value of the Merger Consideration Earnout shares was calculated using a Monte Carlo simulation. The simulation used as significant inputs the Company's management’s current assessment of placements of breast scanning systems in 2024 and 2025, likely expected values for revenues from 2024 through 2026, probabilities for regulatory approvals including FDA clearances, and probabilities of other triggering events related to the open angle scanner. The probabilities of the non-revenue triggers generally range from 0 to 25 percent . The revenue forecast for the respective measurement periods are generally in line with the revenue triggers as defined in the Business Combination Agreement, as amended. Additional significant inputs into the simulation include the volatility of Company's equity, assets, and revenue that was derived in a manner as would be common for such simulation, and published industry operating profitability metrics. A weighted average cost of capital (“WACC”) was estimated based on a venture capital rates of return on debt and equity. This WACC was used as the discount rate applicable to revenue, after applying a delivering factor to convert it from being applicable to earnings before interest and tax (“EBIT”) to being applicable to revenue. This EBIT to revenue delivering factor