QT Imaging Holdings, Inc.

Second-quarter 2026 revenue was $7.4 million, up 103% from $3.7 million in Q2 2025. The company shipped 15 scanners versus 8 in the prior-year quarter. Gross margin was 41% versus 50% a year ago. Operating loss was $1.9 million versus $1.0 million a year ago, and net loss was $11.1 million versus $4.0 million a year ago; Q2 net loss included an $8.3 million non-cash loss on debt extinguishment/modification tied to the Lynrock Lake term-loan amendment. For the first half of 2026, QT Imaging shipped 28 scanners and generated $14 million in revenue versus 14 scanners and $6.5 million in revenue in the same period last year. Management reaffirmed 2026 revenue guidance of approximately $39 million, based on expected distributor minimum-order shipments and direct sales contributions. They also said U.S. shipments are planned at 15 in Q3 and 17 in Q4, and that cash and restricted cash totaled approximately $14.2 million as of August 7 after the $7.4 million receivable was collected.

Raluca Dinu framed the quarter as another period of commercial execution and said the company is building the foundation for broader adoption of breast acoustic CT imaging. She emphasized the strategy of combining expanded direct sales, distributor partnerships, clinical evidence generation, and international regulatory expansion to create a scalable platform rather than just selling scanners. Her tone was upbeat but disciplined, repeatedly pointing to operational focus, installed-base growth, and progress toward 2027.

Jay Jennings focused on the reported financials and balance-sheet actions. He highlighted revenue of $7.4 million, gross margin of 41%, operating expenses of $4.9 million, operating loss of $1.9 million, and net loss of $11.1 million, noting the $8.3 million non-cash debt extinguishment/modification charge. He also said the company extended the $10.1 million Lynrock Lake term loan maturity from March 31, 2027 to March 31, 2029 and raised the interest rate from 10% to 12%, while cash and restricted cash were about $14.2 million as of August 7 after collecting receivables.

Analysts asked about Pakistan, U.S. sales execution, the cadence of second-half scanner placements, operating expenses, the planned Mayo MRI comparison study, the Israeli strategy, and installed utilization. Management said Pakistan has a sales agent agreement with Re:Invent and expects systems to go there in the next few months; in the U.S., it plans 15 shipments in Q3 and 17 in Q4 and said placements should increase in the back half. On direct sales, Raluca said the team is now three senior salespeople, no additions are planned in 2026, and the company wants to learn enough to decide on 2027 hiring; on Israel, the plan is to pursue a distributor partnership and run a study at Rambam.