Company: QTIWW
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001628280-25-051332
Chunk: 92

Company: QT IMAGING HOLDINGS, INC.
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 1
Chunk 92
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10,125,937)6,389,148 63 %Other expense, net(8,770,514)(191,330)(8,579,184)N.M.Change in fair value of warrant liability(3,581,122)199,624 (3,780,746)N.M.Change in fair value of derivative liability101,300 4,800,000 (4,698,700)(98)%Change in fair value of earnout liability(2,070,000)2,970,000 (5,040,000)(170)%Interest expense, net(1,635,014)(3,149,315)1,514,301 48 %Loss before income tax expense(19,692,139)(5,496,958)14,195,181 258 %Income tax expense2,782 — 2,782 100 %Net loss and comprehensive loss$(19,694,921)$(5,496,958)$(14,197,963)(258)%

41

N.M. - Not meaningful

Revenue

Revenue increased by $6,617,762 to $10,649,930 for the nine months ended September 30, 2025 from $4,032,168 for the nine months ended September 30, 2024. The increase in revenue was primarily attributable to the sale of 23 QT Breast Scanners in the first nine months of 2025 as compared with nine scanners sold in the first nine 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 $3,416,084 to $5,208,318 for the nine months ended September 30, 2025 from $1,792,234 for the nine months ended September 30, 2024. The increase in cost of revenue was primarily attributable to the sale of twenty-three QT Breast Scanners in the first nine months of 2025 as compared with nine scanners sold in the first nine months of 2024. Gross margin slightly decreased in the nine months ended September 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 $198,862 to $2,691,704 for the nine