Company: QTIWW
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001844505-25-000083
Chunk: 138

Company: QT IMAGING HOLDINGS, INC.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 2
Chunk 138
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%Loss before income tax expense(15,134,733)(1,877,464)13,257,269 706 %Income tax expense2,782 — 2,782 100 %Net loss and comprehensive loss$(15,137,515)$(1,877,464)$(13,260,051)(706)%

N.M. - Not meaningful

Revenue

Revenue increased by $3,381,631 to $6,457,829 for the six months ended June 30, 2025 from $3,076,198 for the six months ended June 30, 2024. The increase in revenue was primarily attributable to the sale of fourteen QT Breast Scanners in the first six months of 2025 as compared with seven scanners sold in the first six months of 2024 due to the MOQs in accordance with the amended NXC Distribution Agreement, which was executed during the fourth quarter of 2024.

Cost of Revenue

Cost of revenue increased by $1,377,323 to $2,818,890 for the six months ended June 30, 2025 from $1,441,567 for the six months ended June 30, 2024. The increase in cost of revenue was primarily attributable to the sale of fourteen QT Breast Scanners in the first six months of 2025 as compared with seven scanners sold in the first six months of 2024. Gross margin increased in the six months ended June 30, 2025, as compared to the same period in 2024, due to variability in the weighted average costs of inventory.

Operating Expenses

Research and Development Expenses

Research and development expenses increased by $185,318 to $1,752,946 for the six months ended June 30, 2025 from $1,567,628 for the six months ended June 30, 2024. The increase in research and development expenses was primarily attributable to employee compensation cost of $236,432, which was partially offset by decrease in patents amortization cost of $90,139.

Selling, General and Administrative Expenses

Selling, general and administrative expenses decreased by $3,895,049 to $3,970,703 for the six months ended June 30, 2025 from $7,865,752 for the six months ended June 30, 2024. This change was primarily attributable to a decrease in professional and outside services costs of $4,443,084, primarily