Company: QTIWW
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001844505-25-000053
Chunk: 75

Company: QT IMAGING HOLDINGS, INC.
Filing Date: 2025-05-13
Form: 10-Q
Item: Part I, Item 1
Chunk 75
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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)%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 202