Spectral AI, Inc. announced its financial results for the fourth quarter and full year ended December 31, 2024, on March 27, 2025. The company reported full-year 2024 research and development revenue of $29.6 million, a 63.5% increase from $18.1 million in 2023, exceeding its guidance of $28.0 million.
For Q4 2024, R&D revenue was $7.6 million, up from $5.3 million in Q4 2023, primarily due to increased work on the BARDA PBS contract. Full-year gross margin improved to 44.9% from 43.6% in 2023, reflecting a higher reimbursement rate under the BARDA PBS contract.
The net loss for FY 2024 was $(15.3) million, or $(0.85) per share, an improvement from $(20.9) million, or $(1.48) per share, in FY 2023. As of December 31, 2024, cash was $5.2 million. The company forecasts revenue of approximately $21.5 million for FY 2025, reflecting a strategic focus on FDA submission and preparing for future contract phases.
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