Spectral AI, Inc. announced its financial results for the first quarter ended March 31, 2025, on May 13, 2025. The company reported net income of $2.9 million for Q1 2025, a significant improvement compared to a net loss of $(3.2) million in Q1 2024.
This net income was primarily influenced by a non-cash gain of $4.4 million from the change in fair value of warrant liabilities. Research and Development Revenue rose 6.0% to $6.7 million from $6.3 million in Q1 2024, driven by increased activity under the BARDA PBS Contract.
Cash and cash equivalents increased significantly to $14.1 million as of March 31, 2025, up from $5.2 million at December 31, 2024. This improvement was primarily due to an $8.5 million initial draw from a new debt financing agreement and a $2.7 million equity financing completed in March 2025. The company reaffirmed its revenue guidance of approximately $21.5 million for FY 2025.
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