Company: QTIWW
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001844505-25-000053
Chunk: 131

Company: QT IMAGING HOLDINGS, INC.
Filing Date: 2025-05-13
Form: 10-Q
Item: Part I, Item 2
Chunk 131
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)%Net loss and comprehensive loss$(11,136,000)$(628,590)$(10,507,410)(1,672)%

N.M. - Not meaningful

Revenue

Revenue increased by $1,436,252 to $2,798,415 for the three months ended March 31, 2025 from $1,362,163 for the three months ended March 31, 2024. The increase in revenue was primarily attributable to the sale of six QT Breast Scanners in the first quarter of 2025 as compared with three scanners sold in the first 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 $384,470 to $986,553 for the three months ended March 31, 2025 from $602,083 for the three months ended March 31, 2024. The increase in cost of revenue was primarily attributable to the sale of six QT Breast Scanners in the first quarter of 2025 as compared with three scanners sold in the first quarter of 2024. Gross margin increased in the three months ended March 31, 2025, as compared to the same period in 2024, due to variability in weighted average costs of inventory.

Operating Expenses

Research and Development Expenses

Research and development expenses increased by $209,706 to $852,252 for the three months ended March 31, 2025 from $642,546 for the three months ended March 31, 2024. The increase in research and development expenses was primarily attributable to an increase in employee compensation costs of $236,029.

Selling, General and Administrative Expenses

Selling, general and administrative expenses decreased by $3,694,870 to $2,001,341 for the three months ended March 31, 2025 from $5,696,211 for the three months ended March 31, 2024. This change was primarily attributable to decrease in transaction expenses of $3,944,924 and professional and outside services costs of $299,972, and an increase in the allocation of $249,585 from selling, general and administrative expenses to cost of revenue, which was partially offset by increases in employee compensation cost of $614,359, insurance cost of $102,250, and information technology cost of $64,759.

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Other expense