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MDAISpectral AI, Inc.
$1.74$55M
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MDAI logoSpectral AI, Inc.(MDAI)Earnings, Financials & Key Ratios

MDAI•NASDAQ
$1.74
Price updated Jul 7, 2026
SectorHealthcareIndustryMedical DevicesSub-IndustryAesthetics, dermatology, and wound care
AboutSpectral AI, Inc. operates as an artificial intelligence (AI) company. The company focuses on medical diagnostics for faster and accurate treatment decisions in wound care with applications involving patients with burns and diabetic foot ulcers. Its products include DeepView, a predictive diagnostic device that offers clinicians an objective and immediate assessment of a wound's healing potential prior to treatment or other medical intervention. The company is based in Dallas, Texas.Show more
  • Revenue$20M-33.6%
  • EBITDA-$8M-32.9%
  • Net Income-$8M+50.6%
  • EPS (Diluted)-0.29+65.9%
  • Gross Margin45.42%+1.2%
  • EBITDA Margin-40.55%-100.1%
  • Operating Margin-43.78%-96.8%
  • Net Margin-38.53%+25.6%

MDAI Price & Volume

Spectral AI, Inc. (MDAI) stock price & volume — 10-year historical chart

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Stalled Milestone Revenue Masks Deep Liquidity Risks

Investment Thesis • Updated 2026Q1

VerdictNegative
Growth:Contracting
Profitability:Negative
Financial:Vulnerable
Cash Flow:Burning
Primary Risk:BARDA funding dependency risk

Key Thesis Takeaways

  • Spectral AI faces a challenging transition from government-funded research to commercial product adoption, as evidenced by a 40.5% year-over-year revenue decline in 2026Q1.
  • The company's reliance on lumpy milestone payments and the absence of a recurring revenue model create significant uncertainty regarding its long-term path to profitability.
  • Investors should monitor the firm's ability to manage its $9.9 million debt load while navigating a precarious liquidity position where current liabilities exceed current assets.

Verdict Logic

the company's inability to generate consistent cash flow, combined with a negative equity position of $8.8 million and a 40.5% revenue contraction, suggests significant execution risk for prospective investors.

MDAI Growth Metrics

Spectral AI, Inc. (MDAI) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years-
5 Years-
3 Years-8.16%
TTM-44.27%

Profit CAGR

10 Years-
5 Years-
3 Years-
TTM-55.11%

EPS CAGR

10 Years-
5 Years-
3 Years-
TTM2.81%

Return on Capital

10 Years-349.81%
5 Years-349.81%
3 Years-674.29%
Last Year-1104.36%

MDAI Recent Earnings

Spectral AI, Inc. (MDAI) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 5/12 qtrs (50%)●Beat Revenue 6/12 qtrs (60%)
Q2 2026Latest
May 12, 2026
Metric
Actual
Est
EPS
$0.11+0.0%
$0.11
Rev
$4M-3.2%
$4M
Q2 2026
Mar 24, 2026
Metric
Actual
Est
EPS
$0.11+8.3%
$0.12
Rev
$4M+32.4%
$3M
Q4 2025
Nov 11, 2025
Metric
Actual
Est
EPS
$0.13-52.9%
$0.09
Rev
$4M-25.1%
$5M
Q3 2025
Aug 12, 2025
Metric
Actual
Est
EPS
$0.10-42.9%
$0.07
Rev
$5M-1.3%
$5M
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestMay 12, 2026
$0.11vs $0.11+0.0%
$4Mvs $4M-3.2%
Q2 2026Mar 24, 2026
$0.11vs $0.12+8.3%
$4Mvs $3M+32.4%
Q4 2025Nov 11, 2025
$0.13vs $0.09-52.9%
$4Mvs $5M-25.1%
Q3 2025Aug 12, 2025
$0.10vs $0.07-42.9%
$5Mvs $5M-1.3%
Based on last 12 quarters of dataView full earnings history →

Latest MDAI News

Recent stock market news and headlines for Spectral AI, Inc. (MDAI)

GlobeNewsWire·Jun 25, 2026
DeepView® System Highlighted at the 2026 British Burn Association Annual Conference

DALLAS, June 25, 2026 (GLOBE NEWSWIRE) -- Spectral AI, Inc. (Nasdaq: MDAI) (“Spectral AI” or the “Company”), an artificial intelligence (AI) company focused on medical diagnostics for faster and more accurate treatment decisions in wound care, today reflected on its successful participation at the British Burn Association (BBA) Annual Conference, held on June 17th – 19th  at the Nottingham Trent University, Nottingham, England.    The Company's DeepView® System was on display and was the subject of multiple podium and poster presentations during the conference, highlighting its contributions to advancing burn care through advanced diagnostic analysis across the globe.

Peers Comparison

Key metrics vs top competitors for Spectral AI, Inc. (MDAI)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
MDAI logoMDAISpectral AI, Inc.Current
$1.74$55.37M-6.00-33.57%-38.53%——
GMED logoGMEDGlobus Medical, Inc.
$78.83$10.63B20.1116.65%18.92%13.04%—
AEYE logoAEYEAudioEye, Inc.
$7.41$92.58M-29.6414.52%-9.05%-70.95%—
LNSR logoLNSRLENSAR, Inc.
$6.13$74.2M-2.149.24%50.94%——
ISRG logoISRGIntuitive Surgical, Inc.
$427.30$151.33B54.2920.51%28.15%16.89%—
MASI logoMASIMasimo Corporation
$179.95$9.42B-64.27-27.1%4.9%9.08%—

Compare MDAI vs Peers

Spectral AI, Inc. (MDAI) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs GMED

Most directly comparable listed peer for MDAI.

Scale Benchmark

vs ISRG

Larger-name benchmark to compare MDAI against a more recognizable public peer.

Peer Set

Compare Top 5

vs GMED, AEYE, LNSR, ISRG

MDAI SEC Filings & Documents

Spectral AI, Inc. (MDAI) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Apr 22, 2026·SEC

Material company update

Apr 8, 2026·SEC

Material company update

Mar 25, 2026·SEC

10-K Annual Reports

2
FY 2026

Mar 25, 2026·SEC

FY 2025

Mar 31, 2025·SEC

10-Q Quarterly Reports

6
FY 2026

May 13, 2026·SEC

FY 2025

Nov 13, 2025·SEC

FY 2025

Aug 13, 2025·SEC

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MDAI Frequently Asked Questions

Spectral AI, Inc. (MDAI) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
What is Spectral AI, Inc.'s revenue?

Spectral AI, Inc. (MDAI) reported $16.7M in revenue for fiscal year 2025. This represents a 10% increase from $15.2M in 2021.

How fast is Spectral AI, Inc. growing?

Spectral AI, Inc. (MDAI) saw revenue decline by 33.6% over the past year.

Is MDAI profitable?

Spectral AI, Inc. (MDAI) reported a net loss of $14.3M for fiscal year 2025.

Dividend & Returns
What is Spectral AI, Inc.'s free cash flow?

Spectral AI, Inc. (MDAI) had negative free cash flow of $8.4M in fiscal year 2025, likely due to heavy capital investments.

What if you invested $1,000 in MDAI back in 2021?

Total return calculator · dividends reinvested · 5+ years of data

See returns →