Company: QTIWW
Filing Date: 2025-01-31
Form Type: S-1/A
Source: 0001628280-25-003316
Chunk: 151

Company: QT IMAGING HOLDINGS, INC.
Filing Date: 2025-01-31
Form: S-1/A
Chunk 151
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,416 |     |   |     9,533,185 |     |   |          18,712,468 |

|                       |     |   |        As of 
 December 31, 
         2022 |     |   |        As of 
 December 31, 
         2023 |     |   |         As of 
 September 30, 
          2024 |
|:----------------------|:----|:--|-------------:|:----|:--|-------------:|:----|:--|--------------:|
| Balance Sheet Data:   |     |   |              |     |   |              |     |   |               |
| Total assets          |     | $ |    7,748,098 |     | $ |    6,706,482 |     | $ |     6,960,443 |
| Total liabilities     |     | $ |    9,255,675 |     | $ |   12,018,561 |     | $ |    16,612,103 |
| Stockholders’ deficit |     | $ |   -1,507,577 |     | $ |   -5,312,079 |     | $ |    -9,651,660 |

<div align='center'>94

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</div>

The following discussion and analysis provides information that our management believes is relevant to an assessment and understanding of our consolidated results of operations and financial condition. The discussion should be read in conjunction with the “Summary Historical Financial Information of QT Imaging” and our audited consolidated financial statements and unaudited condensed consolidated financial statements, including the notes thereto, attached hereto.

This discussion contains forward-looking statements based upon our management’s current beliefs and expectations that involve risks, uncertainties, assumptions and other factors that could cause actual results to differ materially from those made or implied in the forward-looking statements. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those discussed below and those set forth under “Risk Factors” and elsewhere in this final registration statement/prospectus. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements, which reflect our management’s analysis only as of the date hereof.

Unless the context otherwise requires, references in this “Management’s Discussion and Analysis of Condition and Results of Operations” to “we,” “