Rosecliff Acquisition Corp I

Q2 2026 R&D revenue was $3.5 million versus $5.1 million in Q2 2025. Gross margin was 31.6% versus 45.2% a year ago, and for the first six months gross margin was 41.8% versus 46.4%. Operating expenses were $5.4 million versus $4.4 million, and net loss was $4.2 million, or $0.13 per share, versus $8.0 million, or $0.31 per share. Adjusted EBITDA was $3.5 million versus $1.7 million. Cash was $14 million at June 30, 2026, versus $15.4 million at December 31, 2025, and total debt was $14.9 million. Management reiterated 2026 revenue guidance of approximately $18.5 million, including the effect of new BARDA funding from March, and said this guidance does not include any significant DeepView system sales.

Vincent Capone framed the quarter as a major turning point, emphasizing the FDA de novo clearance as validation of the technology and the start of Spectral’s transition to a commercial organization. He highlighted two revenue streams — device placement plus recurring software/services — and said the company is focused first on up to 30 BARDA-supported U.S. placements before expanding more broadly. His tone was optimistic and strategic, with repeated emphasis on the moat from the burn image library, patent portfolio, and the platform’s potential beyond burns.

David McGuire described Q2 as a transitional quarter as BARDA work moved into a cost-sharing phase and the company sat between major study phases. He said R&D revenue fell to $3.5 million from $5.1 million, gross margin declined to 31.6% from 45.2%, and operating expenses rose to $5.4 million, with G&A up mainly due to noncash stock compensation. He also noted that cash was $14 million, the second $6.5 million tranche of the Avenue Capital facility was drawn in June, the facility now totals $15 million, maturity is March 2028, and no principal payments are due until March 2027; he added that BARDA funding and a Yorkville equity facility provide additional flexibility.

Analysts focused on the commercial launch plan, asking about salesforce size, deployment hurdles, relationships with hospitals, the status of the MTEC handheld effort, and international expansion. Management said the salesforce currently includes two people, with budget for at least two more, and that procurement, AI committees, and cybersecurity reviews will be the main hurdles in some centers. On MTEC, Vince said the prototype was delivered and all contract items were completed, while internationally he said the U.K. and Australia look like the first likely adopters, with possible opportunities in the Middle East and GCC countries.