Company: QTIWW
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001628280-25-051332
Chunk: 177

Company: QT IMAGING HOLDINGS, INC.
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 2
Chunk 177
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 1 %Selling, general and administrative2,515,994 2,007,277 508,717 25 %Total operating expenses3,454,752 2,932,491 522,261 18 %Loss from operations(1,652,079)(2,327,188)675,109 29 %Other income (expense), net(30,559)16,995 (47,554)(280)%Change in fair value of warrant liability(80,043)8,805 (88,848)N.M.Change in fair value of derivative liability— 87,200 (87,200)(100)%Change in fair value of earnout liability(2,230,000)50,000 (2,280,000)N.M.Interest expense, net(564,725)(1,455,306)890,581 61 %Loss before income tax expense(4,557,406)(3,619,494)(937,912)(26)%Income tax expense— — — N.M.Net loss and comprehensive loss$(4,557,406)$(3,619,494)$(937,912)(26)%

N.M. - Not meaningful

Revenue

Revenue increased by $3,236,131 to $4,192,101 for the three months ended September 30, 2025 from $955,970 for the three months ended September 30, 2024. The increase in revenue was primarily attributable to the sale of nine QT Breast Scanners in the third quarter of 2025 as compared with two scanners sold in the third 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 $2,038,761 to $2,389,428 for the three months ended September 30, 2025 from $350,667 for the three months ended September 30, 2024. The increase in cost of revenue was primarily attributable to the sale of nine QT Breast Scanners in the third quarter of 2025 as compared with two scanners sold in the third quarter of 2024. Gross margin decreased in the three 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