5 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Overview →
| FY | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| 2025 | $20M | -$8M | 45.4% | -43.8% | — | $9M | $15M |
| 2024 | $30M | -$15M | 44.9% | -22.3% | — | $3M | $5M |
| 2023 | $18M | -$21M | 43.6% | -71.9% | — | — | $5M |
| 2022 | $25M | -$3M | 42.7% | -10.4% | — | — | $14M |
| 2021 | — | -$2M | — | — | — | — | $769432 |
| Quarter | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| Mar '26 | $4M | -$3M | 50.8% | -49.4% | — | $5M | $12M |
| Dec '25 | $4M | $1M | 45.2% | -54.9% | — | $9M | $15M |
| Sep '25 | $4M | -$4M | 42.7% | -88.1% | — | $7M | $11M |
| Jun '25 | $5M | -$8M | 45.2% | -41.9% | — | $8M | $11M |
| Mar '25 | $7M | $3M | 47.2% | -13.4% | — | $8M | $14M |
| Dec '24 | $8M | -$8M | 44.0% | -14.6% | — | $3M | $5M |
| Sep '24 | $8M | -$2M | 44.9% | -10.8% | — | $1M | $4M |
| Jun '24 | $7M | -$3M | 44.3% | -32.7% | — | — | $7M |
| Mar '24 | $6M | -$3M | 46.6% | -33.9% | — | — | $10M |
| Dec '23 | $5M | -$4M | 46.1% | -55.4% | — | — | $5M |
| Sep '23 | $3M | -$11M | 42.8% | -121.1% | — | — | — |
| Jun '23 | $4M | -$3M | 42.1% | -70.4% | — | — | $8M |
| Mar '23 | $5M | -$4M | 42.9% | -57.1% | — | — | — |
| Dec '22 | $6M | -$2M | 41.1% | -29.0% | — | — | $14M |
| Sep '22 | $7M | -$380000 | 45.9% | -3.6% | — | — | — |
| Jun '22 | $6M | -$265000 | 42.4% | -3.9% | — | — | — |
| Mar '22 | — | $7M | — | — | — | — | $465918 |
| Dec '21 | — | -$5M | — | — | — | — | $769432 |
| Sep '21 | — | $2M | — | — | — | — | $863774 |
| Jun '21 | — | -$3M | — | — | — | — | $868692 |
How the market has priced MDAI against its own fundamentals since 2023-09 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.
Over the past 4 years, Spectral AI, Inc.'s revenue has declined 8.2% per year. These are computed facts, not advice.
As of FY2025, Spectral AI, Inc. reported $9M of total debt against $15M of cash; operating income covered interest expense -9.7×.
In FY2025, gross margin was 45.4%, operating margin -43.8%, and net margin -38.5%.
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.