Company: QTIWW
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001628280-25-051332
Chunk: 74

Company: QT IMAGING HOLDINGS, INC.
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 1
Chunk 74
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 9,873,029 Other expense (income), net30,559 (16,995)8,770,514 191,330 Change in fair value of warrant liability80,043 (8,805)3,581,122 (199,624)Change in fair value of derivative liability— (87,200)(101,300)(4,800,000)

31

Change in fair value of earnout liability2,230,000 (50,000)2,070,000 (2,970,000)    Interest expense, net564,725 1,455,306 1,635,014 3,149,315     Income tax expense— — 2,782 — Consolidated net loss$(4,557,406)$(3,619,494)$(19,694,921)$(5,496,958)1Includes total salaries, bonuses, employee benefits and stock-based compensation of $2,148,939 and $1,627,803 for the three months ended September 30, 2025 and 2024, respectively. Total salaries, bonuses, employee benefits and stock-based compensation were $5,537,784 and $3,765,568 for the nine months ended September 30, 2025 and 2024, respectively.All of the Company’s long-lived assets are located in the United States. Refer to Note 12, Revenue Recognition, for revenue by geography information.

16.     Revised Financial Statements

As previously disclosed in its consolidated financial statements included in the Annual Report on Form 10-K filed for the year ended December 31, 2024, the Company has revised its condensed financial statements as of and for the nine months ended September 30, 2024 to correct a misstatement identified related to the initial recognition of the earnout liability. The Company assessed the materiality of this misstatement in accordance with SEC Staff Accounting Bulletin No. 108 - “Qualifying Misstatements” and concluded this error was not qualitatively material. As such, the correction of the error for the affected periods is reflected prospectively in the Quarterly Reports on Form 10-Q for fiscal year 2025. The effects of this revision on the applicable line items within the condensed consolidated financial statements were as follows: Condensed Consolidated Balance Sheet Line Items ImpactedSeptember 30, 2024 - As FiledAdjustments        September 30, 2024