Company: QTIWW
Filing Date: 2025-01-31
Form Type: S-1/A
Source: 0001628280-25-003316
Chunk: 399

Company: QT IMAGING HOLDINGS, INC.
Filing Date: 2025-01-31
Form: S-1/A
Chunk 399
---
 stock prices for 2026 using a Geometric Brownian Motion framework. The resulting fair value is based on the average of the number of shares that will be paid out for each triggering event over a statistically significant number of simulations.

<div align='center'>F-47</div>

#### QT IMAGING HOLDINGS, INC.

### Notes to Condensed Consolidated Financial Statements
<div align='center'>(Unaudited)</div>

Significant assumptions used in the valuation of the fair value of the earnout liability as of issuance on March 4, 2024 and as of September 30, 2024 were as follows:

|                                     |     |   | March 4, 2024 |   |     |   | September 30, 2024 |   |
|:------------------------------------|:----|:--|--------------:|:--|:----|:--|-------------------:|:--|
| Fair value of common stock          |     | $ |          3.53 |   |     | $ |               0.71 |   |
| Volatility of revenue               |     |   |          26.0 | % |     |   |               23.0 | % |
| Discount rate applicable to revenue |     |   |           7.0 | % |     |   |                7.0 | % |
| Risk-free rate                      |     |   |           4.5 | % |     |   |                3.7 | % |
| Risk premium                        |     |   |           2.5 | % |     |   |                3.3 | % |
| Cost of debt                        |     |   |          15.5 | % |     |   |               15.5 | % |
| Credit risk spread                  |     |   |          11.0 | % |     |   |               11.9 | % |
| Equity volatility                   |     |   |         130.0 | % |     |   |              115.0 | % |

The activity for the fair value of the earnout liability for the three and nine months ended September 30, 2024 was as follows:

| Beginning balance, January 1, 2024 |     | Earnout Liability |         — |
|:-----------------------------------|:----|:------------------|----------:|
| Change in fair value               |     |                   | 1,060