Company: QTIWW
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001628280-25-051332
Chunk: 180

Company: QT IMAGING HOLDINGS, INC.
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 2
Chunk 180
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 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 months ended September 30, 2025 from $2,492,842 for the nine months ended September 30, 2024. The increase in research and development expenses was primarily attributable to employee compensation expenses of $198,578.

Selling, General and Administrative Expenses

Selling, general and administrative expenses decreased by $3,386,332 to $6,486,697 for the nine months ended September 30, 2025 from $9,873,029 for the nine months ended September 30, 2024. This change was primarily attributable to a decrease in professional and outside services expenses of $4,048,179 primarily due to the transaction expenses of $3,944,924 in the 2024 period, and an increase in the allocation of $1,168,351 from selling, general and administrative expenses to cost of revenue, partially offset by increases in employee compensation expenses of $1,573,638