Company: QTIWW
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001844505-25-000083
Chunk: 135

Company: QT IMAGING HOLDINGS, INC.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 2
Chunk 135
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942 (3,010,292)N.M.Change in fair value of derivative liability— 1,729,700 (1,729,700)(100)%Change in fair value of earnout liability210,000 310,000 (100,000)(32)%Interest expense, net(378,902)(1,095,050)716,148 65 %Loss before income tax expense(3,998,733)(1,248,874)(2,749,859)(220)%Income tax expense2,782 — 2,782 100 %Net loss and comprehensive loss$(4,001,515)$(1,248,874)$(2,752,641)(220)%

N.M. - Not meaningful

Revenue

Revenue increased by $1,945,379 to $3,659,414 for the three months ended June 30, 2025 from $1,714,035 for the three months ended June 30, 2024. The increase in revenue was primarily attributable to the sale of eight QT Breast Scanners in the second quarter of 2025 as compared with four scanners sold in the second quarter of 2024 due to the minimum order quantities (“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 $992,853 to $1,832,337 for the three months ended June 30, 2025 from $839,484 for the three months ended June 30, 2024. The increase in cost of revenue was primarily attributable to the sale of eight QT Breast Scanners in the second quarter of 2025 as compared with four scanners sold in the second quarter of 2024. Gross margin slightly declined in the three 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 decreased by $24,388 to $900,694 for the three months ended June 30, 2025 from $925,082 for the three months ended June 30, 2024. The decrease in research and development expenses was primarily attributable to a decrease in patents amortization expense of $43,669.

Selling, General and Administrative Expenses

Selling, general and administrative expenses decreased by $200,179 to $1,969