Company: QTIWW
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001844505-25-000083
Chunk: 137

Company: QT IMAGING HOLDINGS, INC.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 2
Chunk 137
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4. The change in fair value of earnout liability during the second quarter of 2024 and 2025 was primarily driven by the changes to the probability of outcome related to a formal FDA clearance for a new indication for the use of our breast scanning systems and our open angle scanner and our revenue assumptions.  

Interest expense, net

Interest expense, net decreased by $716,148 to $378,902 for the three months ended June 30, 2025 from $1,095,050 for the three months ended June 30, 2024. This change is primarily driven by decreases in interest expense and amortization of the debt discount of $953,436 for the Yorkville Note, which was extinguished in February 2025, partially offset by the interest expense and amortization of debt discount of $328,550 for the Lynrock Lake Term Loan.

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Comparison of the six months ended June 30, 2025 and 2024

For Six Months Ended June 30,Change 20252024$% Revenue$6,457,829 $3,076,198 $3,381,631 110 %Cost of revenue2,818,890 1,441,567 1,377,323 96 %Gross profit3,638,939 1,634,631 2,004,308 123 %Operating expenses:Research and development1,752,946 1,567,628 185,318 12 %Selling, general and administrative3,970,703 7,865,752 (3,895,049)(50)%Total operating expenses5,723,649 9,433,380 (3,709,731)(39)%Loss from operations(2,084,710)(7,798,749)5,714,039 73 %Other expense, net(8,739,955)(208,325)(8,531,630)N.M.Change in fair value of warrant liability(3,501,079)190,819 (3,691,898)N.M.Change in fair value of derivative liability101,300 4,712,800 (4,611,500)(98)%Change in fair value of earnout liability160,000 2,920,000 (2,760,000)(95)%Interest expense, net(1,070,289)(1,694,009)623,720 37