Company: QTIWW
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001844505-25-000038
Chunk: 274

Company: QT IMAGING HOLDINGS, INC.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 8
Chunk 274
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 cumulative revenue under the contract will not occur. The Company’s contracts do not contain a significant financing component.4)Allocation of the transaction price to the performance obligations in the contractIf the contract contains a single performance obligation, the entire transaction price is allocated to the single performance obligation. Contracts that contain multiple performance obligations require an allocation of the transaction price to each performance obligation based on a relative standalone selling price.5)Recognition of revenue when, or as a performance obligation is satisfiedFor product sales and services, revenue is recognized at the time the related performance obligation is satisfied by transferring the control of the promised goods or services to a customer, in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. Training and maintenance services are generally recognized upon invoicing in amounts that correspond directly with the value to the customer of the performance completed to date which primarily includes professional service arrangements entered on a time and materials basis.Substantially all of the revenue recognized by the Company during the years ended December 31, 2024 and 2023 was recognized at a point in time.Revenue recognized during the years ended December 31, 2024 and 2023 is disaggregated as follows:Year Ended December 31,20242023Product$4,679,410 $17,832 Service199,255 22,523 $4,878,665 $40,355 

F-14

Revenue recognized by geography during the years ended December 31, 2024 and 2023 is as follows:Year Ended December 31,20242023United States$4,823,934 $35,165 International54,731 5,190 $4,878,665 $40,355 The Company had no contract assets as of December 31, 2024 and 2023. The Company had contract liabilities of $49,365 as of December 31, 2024. The Company had contract liabilities of $347,619 as of December 31, 2023. Revenue recognized during the year ended December 31, 2024 that was previously included in contract liabilities as of December 31, 2023 was $39,683, while a $300,000 customer deposit previously deferred was refunded due to an order cancellation during the year ended December 31, 2024.Shipping and Handling CostsShipping and handling activities are typically performed before the customer obtains control of the goods, and the related costs are therefore expensed