Wed, Nov 13, 1:37 PM (248 days ago)
**QT Imaging Holdings, Inc. (QTI) - Q3 2024 Financial Summary** For Q3 2024, QT Imaging Holdings reported revenues of $955,970, a substantial increase from $24,657 in Q3 2023, driven by sales of two QT Breast Scanners. The cost of revenue rose to $350,667, reflecting the associated expenses of scanner sales. Gross profit for the quarter was $605,303, compared to a mere $858 in the prior year. Operating expenses surged to $2,932,491, up 136% year-over-year, primarily due to increased research and development costs ($925,214) and selling, general, and administrative expenses ($2,007,277). The net loss for the quarter was $3,619,494, worsening from $1,375,939 in Q3 2023. Cash flow from operations was negative at $8,806,402 for the nine months ending September 30, 2024, attributed to ongoing investments in R&D and operational costs. The company ended the quarter with cash and equivalents of $1,564,169, a significant increase from $184,686 at the end of 2023. Looking ahead, QT Imaging faces uncertainties related to its ability to achieve profitability and manage cash flows while continuing to invest in product development and market expansion. The company has entered into financing agreements to bolster liquidity, including a recent PIPE transaction expected to close by November 29, 2024, which will provide an additional $2.56 million in capital.