Company: QTIWW
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001844505-25-000053
Chunk: 130

Company: QT IMAGING HOLDINGS, INC.
Filing Date: 2025-05-13
Form: 10-Q
Item: Part I, Item 2
Chunk 130
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 expenses for outside professional services, including legal, consulting, investor relations, audit and accounting services. Our personnel costs consist of salaries, benefits and stock-based compensation expenses. Selling, general and administrative expenses include facilities, depreciation and other expenses, which include direct or allocated expenses for rent and maintenance of facilities and insurance. Selling, general and administrative expenses also include consulting expenses and costs for conferences, meetings, and other events.

We anticipate that our selling, general and administrative expenses will increase to support our expanding headcount and operations, increased costs of operating as a public company, the development of a commercial infrastructure to support commercialization of our products and product candidates, increased support for existing and new distribution partner relationships, and the use of outside service providers such as insurers, consultants, lawyers, and accountants. We also expect selling expenses to increase in the near term as we promote our brand through marketing and advertising initiatives, expand market presence and hire additional personnel to drive penetration and generate leads.

32

Results of Operations

Comparison of the three months ended March 31, 2025 and 2024

For Three Months EndedMarch 31,Change 20252024$% Revenue$2,798,415 $1,362,163 $1,436,252 105 %Cost of revenue986,553 602,083 384,470 64 %Gross profit1,811,862 760,080 1,051,782 138 %Operating expenses:Research and development852,252 642,546 209,706 33 %Selling, general and administrative2,001,341 5,696,211 (3,694,870)(65)%Total operating expenses2,853,593 6,338,757 (3,485,164)(55)%Loss from operations(1,041,731)(5,578,677)4,536,946 81 %Other expense, net(8,749,453)(20,931)(8,728,522)N.M.Change in fair value of warrant liability(704,729)(23,123)(681,606)N.M.Change in fair value of derivative liability101,300 2,983,100 (2,881,800)(97)%Change in fair value of earnout liability(50,000)2,610,000 (2,660,000)(102)%Interest expense, net(691,387)(598,959)(92,428)(15