olivLaw · US equity research
QT Imaging Holdings, Inc. QTI
Electromedical & Electrotherapeutic Apparatus · SIC 3845 · Vertical: Electromedical & Electrotherapeutic Apparatus (SIC 3845)
QT Imaging Holdings develops and sells a radiation-free 3D breast imaging system that uses low-energy sound and needs no breast compression. In 2026 the company is moving from development to commercial sales, with revenue growing strongly but still large net losses and a need for more capital.
At the close of 04 Nov 2026, QT Imaging Holdings, Inc. (QTI) stock was 2.19 USD (+1.39% on the day), with market capitalisation 32.1 m USD, beta 0.38, 52-week range 2.14–7.59 USD. Latest reported quarter (Q2 2026): revenue of 7.4 m USD (+103.2% YoY), net income of -11.1 m USD, diluted EPS -0.75 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 35.5
- weak (30–45)
- Bollinger (20, 2)
- 2.04 – 2.65
- in the lower half of the band · %B 0.24 · band width 25.9%
- SMA 50 / 200
- 2.54 / 4.45
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.11 / -0.11
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −16.1% | −1.1% | −15.0 pp | — |
| 3 months | −20.1% | −0.5% | −19.6 pp | — |
| 6 months | −69.2% | +4.4% | −73.6 pp | — |
| Year to date | −64.1% | +12.3% | −76.4 pp | — |
| 1 year | −68.1% | +13.5% | −81.7 pp | −0.4% |
| 3 years | −98.7% | +76.4% | −175.1 pp | −17.4% |
| 5 years | −98.5% | +63.7% | −162.2 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 956.0 k | 846.8 k | 2.8 m | 3.7 m | 4.2 m | 8.3 m | 6.5 m | 7.4 m |
| Cost of revenue | 350.7 k | 446.8 k | 986.0 k | 1.8 m | 2.4 m | 5.1 m | 3.9 m | 4.4 m |
| Gross profit | 605.3 k | 400.1 k | 1.8 m | 1.8 m | 1.8 m | 3.1 m | 2.7 m | 3.1 m |
| Research & development | 925.2 k | 774.2 k | 852.0 k | 901.0 k | 938.8 k | 1.2 m | 1.7 m | 1.6 m |
| SG&A | 2.0 m | 1.7 m | 2.0 m | 2.0 m | 2.5 m | 2.6 m | 3.3 m | 3.3 m |
| Operating income | -2.3 m | -2.1 m | -1.0 m | -1.0 m | -1.7 m | -700.2 k | -2.3 m | -1.9 m |
| Depreciation & amortisation | 19.5 k ≈ | 26.7 k | 38.0 k | 38.0 k | 39.5 k ≈ | 15.5 k | 20.0 k | 21.0 k |
| Pre-tax income | -3.6 m | -3.5 m | — | -4.0 m | -4.6 m | -1.4 m | — | -11.1 m |
| Income tax | 0 | -16.0 k | — | 3.0 k | 0 | -3.8 k | — | 2.0 k |
| Net income | -3.6 m | -3.5 m | -11.1 m | -4.0 m | -4.6 m | -1.4 m | -3.4 m | -11.1 m |
| Diluted EPS | -0.51 | -0.44 ≈ | -1.21 | -0.42 | -0.47 | -0.10 ≈ | -0.25 | -0.75 |
| Operating cash flow | -1.9 m ≈ | -1.2 m | -3.5 m | -1.4 m ≈ | -878.6 k ≈ | -3.1 m | -3.7 m | -4.8 m ≈ |
| Capex | 7.6 k ≈ | 53.4 k | 0 | 47.0 k ≈ | -182 ≈ | 77.2 k | 17.0 k | 174.0 k ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | unavailable | 0 | 0 | 4.9 m | 18.9 m |
| Revenue YoY | unavailable | unavailable | unavailable | unavailable | +287.9% |
| Net income | -1.1 m | -2.8 m | -6.1 m | -9.0 m | -21.1 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | -0.14 | -0.60 | -0.64 | -2.13 | -2.01 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | unavailable | -184.2% | -111.4% |
| Free cash flow | unavailable | unavailable | -2.7 m | -10.1 m | -9.1 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 10.4 m USD
- Financial debt
- 10.1 m USD
- Net debt
- -303.0 k USD
- Equity
- 6.4 m USD
- Total assets
- 23.0 m USD
- Debt / equity
- 1.57x
- Current ratio
- 2.81x
- ROE
- unavailable
- ROA
- -144.9%
- FCF margin
- -48.0%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Revenue | — | 0 | 0 | 4.9 m | 18.9 m | SEC (XBRL)· 25 Mar 2026verified |
| Cost of revenue | — | — | 135.0 k | 2.2 m | 10.3 m | SEC (XBRL)· 25 Mar 2026verified |
| Gross profit | — | — | -94.6 k | 2.6 m | 8.6 m | SEC (XBRL)· 25 Mar 2026verified |
| Research & development | — | — | 1.5 m | 3.3 m | 3.9 m | SEC (XBRL)· 25 Mar 2026verified |
| SG&A | — | — | 3.4 m | 11.6 m | 9.1 m | SEC (XBRL)· 25 Mar 2026verified |
| Operating income | -1.1 m | -4.3 m | -5.0 m | -12.2 m | -4.4 m | SEC (XBRL)· 25 Mar 2026verified |
| Depreciation & amortisation | — | — | 480.7 k | 231.0 k | 131.0 k | SEC (XBRL)· 25 Mar 2026verified |
| EBITDA | — | — | -4.5 m ≈ | -11.9 m ≈ | -4.3 m ≈ | SEC (XBRL)· 25 Mar 2026derived |
| Interest expense | — | 23.1 k | 219.7 k | — | — | SEC (XBRL)· 25 Mar 2024verified |
| Pre-tax income | -1.1 m | -2.3 m | -6.1 m | -9.0 m | -21.1 m | SEC (XBRL)· 25 Mar 2026verified |
| Income tax | 1.8 k | 486.6 k | 1.6 k | -16.0 k | -1.0 k | SEC (XBRL)· 25 Mar 2026verified |
| Net income | -1.1 m | -2.8 m | -6.1 m | -9.0 m | -21.1 m | SEC (XBRL)· 25 Mar 2026verified |
| Diluted EPS | -0.14 | -0.60 | -0.64 | -2.13 | -2.01 | SEC (XBRL)· 25 Mar 2026verified |
| Weighted average diluted shares | 8.2 m | 6.5 m | 9.5 m | 6.7 m | 10.5 m | SEC (XBRL)· 25 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Cash | — | 475.1 k | 184.7 k | 1.2 m | 10.4 m | SEC (XBRL)· 25 Mar 2026verified |
| Receivables | — | — | 1.3 k | 67.0 k | 5.8 m | SEC (XBRL)· 25 Mar 2026verified |
| Inventories | — | — | 4.4 m | 3.1 m | 5.0 m | SEC (XBRL)· 25 Mar 2026verified |
| Current assets | 1.2 m | 250.7 k | 4.8 m | 4.9 m | 22.1 m | SEC (XBRL)· 25 Mar 2026verified |
| Property, plant & equipment, net | — | — | 490.9 k | 196.0 k | 318.0 k | SEC (XBRL)· 25 Mar 2026verified |
| Total assets | 233.6 m | 41.9 m | 6.7 m | 6.1 m | 23.0 m | SEC (XBRL)· 25 Mar 2026verified |
| Accounts payable | 28.1 k | 195.1 k | 1.4 m | 803.0 k | 3.6 m | SEC (XBRL)· 25 Mar 2026verified |
| Long-term debt | — | — | — | 9.9 m | 10.1 m | SEC (XBRL)· 25 Mar 2026verified |
| Current liabilities | 633.6 k | 4.2 m | 7.3 m | 9.8 m | 7.9 m | SEC (XBRL)· 25 Mar 2026verified |
| Total liabilities | 10.2 m | 13.4 m | 12.0 m | 15.6 m | 16.6 m | SEC (XBRL)· 25 Mar 2026verified |
| Equity | -8.9 m † | -1.5 m † | -5.3 m † | -9.5 m † | 6.4 m † | SEC (XBRL)· 25 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Operating cash flow | -1.4 m | -1.3 m | -2.7 m | -10.0 m | -9.0 m | SEC (XBRL)· 25 Mar 2026verified |
| Capex | — | — | 13.0 k | 88.0 k | 124.0 k | SEC (XBRL)· 25 Mar 2026verified |
| Free cash flow | — | — | -2.7 m ≈ | -10.1 m ≈ | -9.1 m ≈ | SEC (XBRL)· 25 Mar 2026derived |
| Investing cash flow | -232.3 m | 192.2 m | -13.0 k | -88.0 k | -124.0 k | SEC (XBRL)· 25 Mar 2026verified |
| Financing cash flow | 234.1 m | -191.3 m | 2.4 m | 11.1 m | 18.4 m | SEC (XBRL)· 25 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 29.2% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 32.1 m USD
Key indicators
Coverage and freshness
Score by group
29% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 29.2% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -104.9% | 10 (vs peers) | 36% |
| Net margin · Quality | -77.3% | 27 (vs peers) | 21% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 3.1x | 100 (on a fixed band) | 14% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -39.7% | 0 (on a fixed band) | 29% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality16/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
QT IMAGING HOLDINGS, INC. (QTI). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 18.9 m USD in 2025; YoY growth 287.9%; net margin -77.3%; ROE -2,125.0%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 29.2% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 3.1x
What contradicts it
- ROIC: -104.9%
- Net margin: -77.3%
- FCF yield: -39.7%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Electromedical & Electrotherapeutic Apparatus (SIC 3845) · same industry (4-digit SIC) · compared with 24 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| MDTMedtronic plc | 134.3 bn | 25.8 | 10.7% | 13.9% | +8.4% | −0% / +32% |
| LIVNLivaNova PLC | 5.2 bn | 31.3 | 15.5% | 13.0% | +10.7% | +48% / +110% |
| ITGRInteger Holdings Corporation | 4.3 bn | 42.5 | 6.0% | 5.7% | +8.0% | +75% / +45% |
| AXGNAxogen, Inc. | 3.1 bn | — | -10.3% | -12.0% | +20.2% | +79% / +684% |
| TMDXTransMedics Group, Inc. | 2.5 bn | 18.9 | 36.3% | 22.7% | +37.1% | −50% / −4% |
| BLFSBioLife Solutions, Inc. | 1.9 bn | 33.5 | 15.1% | 56.4% | +28.9% | unavailable / unavailable |
| CNMDConmed Corporation | 1.6 bn | 21.8 | 7.1% | 5.4% | +5.2% | +24% / −50% |
| CBLLCeriBell, Inc. | 1.1 bn | — | -52.5% | -68.0% | +36.1% | +61% / unavailable |
| INMDInMode Ltd. | 899.7 m | 9.9 | 13.5% | 25.3% | −6.2% | −0% / −40% |
| CVCapsoVision, Inc | 342.8 m | — | — | -214.7% | +15.3% | +23% / unavailable |
| ELMDElectromed, Inc. | 234.3 m | 21.5 | 23.3% | 15.3% | +15.3% | +5% / +172% |
| FOCLEdap Tms SA | 162.9 m | — | -321.7% | -49.1% | +1.6% | +81% / −17% |
| VANIVivani Medical, Inc. | 96.5 m | — | -220.4% | — | unavailable | −21% / +13% |
| STXSStereotaxis, Inc. | 95.9 m | — | -325.9% | -74.2% | +20.3% | −61% / −42% |
| NRXSNeuraxis, Inc. | 86.1 m | — | -139.8% | -144.4% | +32.9% | +147% / +117% |
| OMOutset Medical, Inc. | 83.8 m | — | -63.0% | -58.3% | +5.1% | −3% / −94% |
| ECORelectroCore, Inc. | 77.5 m | — | — | -33.5% | +27.2% | +66% / +49% |
| POCIPrecision Optics Corporation, Inc. | 53.1 m | — | -22.3% | -11.5% | +65.2% | +3% / −18% |
| NXLNexalin Technology, Inc. | 34.4 m | — | -240.3% | -4,139.4% | +78.8% | −95% / −87% |
| QTIQt Imaging Holdings, Inc. | 32.1 m | — | -2,125.0% | -77.3% | +287.9% | −68% / −99% |
| NUWENuwellis, Inc. | 19.2 m | — | — | -125.6% | −5.4% | −94% / −100% |
| IRIXIridex Corp | 12.6 m | — | -73.1% | -6.9% | unavailable | −26% / −72% |
| NDRAEndra Life Sciences Inc. | 7.4 m | — | -152.0% | — | unavailable | −16% / −100% |
| ITOCiTonic Holdings Ltd | — | — | -82.8% | -974.7% | +16.7% | −80% / unavailable |
| HYPRHyperfine, Inc. | 0 | — | -97.0% | -210.8% | +5.2% | −30% / −41% |
1- and 3-year price returns: for QTI from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
QT Imaging Holdings develops and sells a radiation-free 3D breast imaging system that uses low-energy sound and needs no breast compression. In 2026 the company is moving from development to commercial sales, with revenue growing strongly but still large net losses and a need for more capital. 123
SWOT
Strengths
- The radiation-free and compression-free technology offers a better patient experience and may allow frequent monitoring during treatment. 1
- The company has obtained authorizations in several countries and passed a first routine FDA inspection with no formal observations. 3
- Revenue more than doubled in the second quarter of 2026 compared with the prior year, indicating real demand for the product. 3
Weaknesses
- The company has net losses and negative operating cash flow, and has not yet reached profitability. 12
- Gross margin fell from the prior year and operating expenses rose considerably. 3
- The company depends on distribution partners and outside manufacturing, which limits its control over sales and costs. 12
Opportunities
- Minimum-order distribution contracts in the UAE and other regions could provide predictable revenue if they are met. 2
- Development of the cloud platform and artificial intelligence modules could add recurring software revenue. 13
- Expanding the direct US sales force could speed adoption in imaging centers. 3
Risks
- Persistent net losseshigh
The company has not yet reached profitability, and if revenue does not grow enough, losses could continue. 13
- Need for capitalhigh
The company could need further financing in the near term, and the terms could be unfavorable to shareholders. 13
- Dependence on distributorsmedium
Revenue depends on exclusive partner contracts, and if partners do not meet minimum purchase obligations, the sales plan could be affected. 12
- Authorizations and regulationmedium
Each new market requires separate regulatory approval, and delays could postpone deliveries. 23
- Shortage of trained radiologistslow
Clinics could hesitate to buy if they cannot find enough specialists to read the images. 1
Investment thesis
What would need to be true (bull case)
- Rapid growth in shipments and revenue in 2026 shows real demand for the product, and confirmation of annual guidance could support investor confidence if it is achieved. 3
- Authorizations in several countries and distribution contracts with minimum orders could provide a more predictable revenue base in the coming years. 23
- If the cloud platform and artificial intelligence modules develop, the company could add software-based recurring revenue. 13
What would break the thesis
- Net losses remain large, and the company could need new financing that dilutes existing shareholders. 13
- Gross margin has fallen and expenses have risen, which could lengthen the path to profitability. 3
- Clinical adoption depends on physician conviction and reimbursement, while mammography remains the established standard. 1
What to watch
- Revenue delivery against the annual guidance of about 39 million USD2026
- Development of gross margin and operating expensesQ3 2026
- New financing or share issuances and their dilution effectnext 10-K
- Shipments and resumption of commercial activity in the Gulf regionQ4 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The company is a medical device firm founded in 2012 and based in Novato, California, developing body imaging systems that use low-energy sound. Its main product, the Breast Acoustic CT scanner, received FDA 510(k) clearance in 2017, and in March 2026 it received an additional clearance for an enhanced configuration. 1
The technology produces volumetric three-dimensional images of breast tissue without ionizing radiation and without breast compression, and the company is also building a cloud SaaS platform with artificial intelligence modules to move from a hardware maker toward a precision imaging platform. That strategy depends on clinical adoption and provider reimbursement. 1
The company became publicly listed through the merger with GigCapital5 in March 2024 and sells scanners through exclusive distributors, including NXC Imaging in the US and Al Naghi in the UAE, while manufacturing is partly outsourced to Canon Medical Systems with small-scale in-house production. 12
Segments
Breast Acoustic CT scanners
The breast scanner is the main revenue-generating product and drove growth in 2026, when 28 units were shipped in the first six months, compared with 15 in the second quarter alone. Second-quarter revenue was 7.4 million USD. 3
QTI cloud platform and software
The SaaS platform and artificial intelligence modules are still in development and are presented as a future revenue source through subscriptions and reimbursement for physiologic biomarkers. No separate financial contribution is currently reported for this segment. 12
Market context
The company describes the medical imaging market as large, while breast cancer screening currently relies mainly on mammography, a method that uses radiation and compression. The company targets women at intermediate risk and younger high-risk women, as well as dense breast tissue where mammography is less effective. 1
Geographically the company focuses on the US and the Gulf region, where distribution contracts have been signed and where authorizations were obtained in Saudi Arabia, while Israel granted AMAR authorization. European expansion is being pursued. 23
Trends
- Adoption of radiation-free imagingtailwind
Concern about cumulative radiation exposure and compression discomfort could favor alternative methods, and the company argues this could increase screening adherence. The effect depends on clinical guidelines and reimbursement. 1
- Regulatory support and regional authorizationsmixed
Authorizations obtained in Israel, Saudi Arabia and the UAE open new markets, but each country requires separate approval, which could delay sales. 23
- Geopolitical tensions in the Gulfheadwind
The company notes that geopolitical developments have affected commercial activity in parts of the Gulf region, which could slow deliveries to customers there. 3
- Financing and dilutionheadwind
The company raised capital through a public offering in the second quarter of 2026 and extended its loan, but losses continue, and further share issuances could dilute existing shareholders. 13
Competitive position
The analysed sources do not list commercial competitors in detail, but the company compares its technology with mammography, ultrasound, breast MRI and the SoftVue system from Delphinus Medical Technologies, which served as the predicate device at clearance. Mammography has the advantage of established clinical use and reimbursement. 1
The company argues its differentiators are the absence of radiation and contrast agents, lower cost and portability, but winning adoption depends on persuading radiologists and payers, a slow process in medicine. 1
- Delphinus Medical Technologies
Maker of the SoftVue system, cited in company filings as the predicate device used for FDA clearance. The sources do not confirm its listing status.
- Conventional mammography
The standard screening method, widely adopted and reimbursed, but using radiation and compression. It is a method rather than a single company.
- MRI and ultrasound providers
Complementary methods currently used to clarify mammography results, which the company sees as a potential alternative.
- Canon Medical Systems
Exclusive manufacturing partner for scanners distributed by NXC, not described as a direct competitor in the analysed sources.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report31 Aug 2026Departure or appointment of officers
- Current report18 Aug 2026Regulation FD disclosure · Financial statements and exhibits
- Quarterly report12 Aug 2026
- Current report12 Aug 2026Results of operations · Other events · Financial statements and exhibits
- Current report28 Jul 2026Shareholder vote · Other events · Financial statements and exhibits
- Proxy statement02 Jul 2026
- Current report21 May 2026Material agreement · Regulation FD disclosure · Other events · Financial statements and exhibits
- Quarterly report13 May 2026
- Current report13 May 2026Results of operations · Other events · Financial statements and exhibits
- Current report25 Mar 2026Departure or appointment of officers
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / QT Imaging Holdings, Inc. · 25 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / QT Imaging Holdings, Inc. · 12 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / QT Imaging Holdings, Inc. · 12 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.