Company: QTIWW
Filing Date: 2025-11-03
Form Type: S-1
Source: 0001628280-25-048373
Chunk: 339

Company: QT IMAGING HOLDINGS, INC.
Filing Date: 2025-11-03
Form: S-1
Chunk 339
---
 was estimated using published industry operating profit and cost metrics.

The Monte Carlo simulation developed a distribution of projected revenues for 2024 through 2026 using a Geometric Brownian Motion framework based on a standard normal distribution of returns. The simulation also developed a distribution of potential daily common 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.

Significant assumptions used in the valuation of the fair value of the earnout liability as of issuance on March 4, 2024 and as of December 31, 2024 were as follows:

|                                     |     |   | March 4, 2024 |   |     |   | December 31, 2024 |   |
|:------------------------------------|:----|:--|--------------:|:--|:----|:--|------------------:|:--|
| Fair value of common stock          |     | $ |         10.59 |   |     | $ |              1.47 |   |
| Volatility of revenue               |     |   |          26.0 | % |     |   |              23.0 | % |
| Discount rate applicable to revenue |     |   |           7.0 | % |     |   |               7.0 | % |
| Risk-free rate                      |     |   |           4.5 | % |     |   |               4.2 | % |
| Risk premium                        |     |   |           2.5 | % |     |   |               2.7 | % |
| Cost of debt                        |     |   |          15.5 | % |     |   |              15.5 | % |
| Credit risk spread                  |     |   |          11.0 | % |     |   |              11.3 | % |
| Equity volatility                   |     |   |         130.0 | % |     |   |             120.0 | % |

<div align='center'>F-24</div>

#### QT IMAGING HOLDINGS, INC.

### Notes to Consolidated Financial Statements
The activity for the fair value of the earnout liability for the year ended December 31, 2024 was as follows:

| Beginning balance, January 1, 2024 |