The company's financial position appears increasingly vulnerable, with shareholder equity deteriorating into an $8.8 million deficit and a current ratio of 0.75 as of 2026Q1.
| Total Current Assets | 15.99M | 19.45M | 10.12M | 9.9M | 17.69M | 18.47M |
| Cash & Short-Term Investments | 11.65M | 15.39M | 5.16M | 4.79M | 14.17M | 16.12M |
| Cash Only | 11.65M | 15.39M | 5.16M | 4.79M | 14.17M | 16.12M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 1.19M | 1.27M | 2.5M | 2.35M | 2.91M | 1.51M |
| Days Sales Outstanding | 26.83 | 23.53 | 30.91 | 47.42 | 41.9 | 36.07 |
| Inventory | 831K | 838K | 425K | 230K | 0 | 0 |
| Days Inventory Outstanding | 25.56 | 28.52 | 9.51 | 8.25 | - | - |
| Other Current Assets | 2.31M | 1.95M | 746K | 1.08M | 270K | 526.88K |
| Total Non-Current Assets | 1.75M | 1.95M | 1.97M | 790K | 1.03M | 72K |
| Property, Plant & Equipment | 1.49M | 1.67M | 1.97M | 790K | 1.03M | 32K |
| Fixed Asset Turnover | 9.54x | 11.80x | 14.99x | 22.86x | 24.65x | 476.22x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 4.63M | 253.03M |
| Other Non-Current Assets | 260K | 287K | 0 | 0 | -4.63M | -252.99M |
| Total Assets | 17.73M | 21.41M | 12.1M | 10.69M | 18.72M | 18.54M |
| Asset Turnover | 0.95x | 0.92x | 2.45x | 1.69x | 1.36x | 0.82x |
| Asset Growth % | 109.63% | 76.97% | 13.12% | -42.87% | 0.95% | - |
| Total Current Liabilities | 21.27M | 20.63M | 17.64M | 12.4M | 6.37M | 4.79M |
| Accounts Payable | 1.42M | 3.01M | 4.04M | 2.68M | 2.76M | 1.41M |
| Days Payables Outstanding | 88.56 | 102.44 | 90.32 | 96.24 | 69.3 | 63.04 |
| Short-Term Debt | 4.67M | 3.59M | 2.79M | 436K | 175K | 583K |
| Deferred Revenue (Current) | 817K | 154K | 960K | 2.31M | 0 | 23K |
| Other Current Liabilities | 15.18M | 13.87M | 6.64M | 1.82M | 129K | 1.14M |
| Current Ratio | 0.75x | 0.94x | 0.57x | 0.80x | 2.77x | 3.86x |
| Quick Ratio | 0.71x | 0.90x | 0.55x | 0.78x | 2.77x | 3.86x |
| Cash Conversion Cycle | -36.17 | -50.38 | -49.89 | -40.56 | - | - |
| Total Non-Current Liabilities | 5.27M | 6.51M | 1.7M | 0 | 346K | 19M |
| Long-Term Debt | 5.27M | 6.51M | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 1.34M | 0 | 1.7M | 0 | 346K | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 19M |
| Total Liabilities | 26.54M | 27.13M | 19.35M | 12.4M | 6.72M | 4.79M |
| Total Debt | 9.94M | 10.09M | 4.69M | 1.29M | 1.2M | 583K |
| Net Debt | -1.72M | -5.3M | -467K | -3.5M | -12.97M | -15.54M |
| Debt / Equity | -1.13x | - | - | - | 0.10x | 0.04x |
| Debt / EBITDA | -1.02x | - | - | - | - | - |
| Net Debt / EBITDA | 0.18x | - | - | - | - | - |
| Interest Coverage | -7.88x | -5.71x | -4.07x | - | - | - |
| Total Equity | -8.81M | -5.73M | -7.25M | -1.71M | 12M | 13.75M |
| Equity Growth % | -624.55% | 21.02% | -324.28% | -114.25% | -12.78% | - |
| Book Value per Share | -0.28 | -0.22 | -0.40 | -0.12 | 0.67 | 0.77 |
| Total Shareholders' Equity | -8.81M | -5.73M | -7.25M | -1.71M | 12M | 13.75M |
| Common Stock | 3K | 3K | 2K | 2K | 1K | 135K |
| Retained Earnings | -59.21M | -55.8M | -48.1M | -32.79M | -11.93M | -9.02M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 30K | 40K | 3K | 12K | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
Insufficient liquidity for operations
As reported in financial statements, Spectral AI's equity position has deteriorated into a deficit of $8.8 million by 2026Q1, reflecting a consistent trend of negative retained earnings that underscores the company's ongoing struggle to achieve self-sustaining operations while navigating its high-cost clinical development phase.
The persistent negative equity suggests that the company is effectively operating on borrowed time and capital, with no clear path to positive book value in the near term. Investors should monitor whether future financing rounds will further dilute existing shareholders to bridge this widening capital gap.
Based on the most recent quarterly data, Spectral AI's current ratio has compressed to 0.75, indicating that current liabilities now exceed current assets, which leaves the company with a precarious liquidity buffer to support its ongoing research and development activities over the coming fiscal year.
A current ratio below unity is a significant red flag for a company that lacks consistent commercial revenue, as it implies an inability to cover short-term obligations without external capital injections. This liquidity constraint may force management to prioritize survival over strategic growth initiatives in the near term.
According to recent SEC filings, Spectral AI carries approximately $9.9 million in total debt as of 2026Q1, a figure that represents a substantial portion of the company's total asset base and introduces significant interest-related pressure on an already strained cash flow profile.
The presence of debt on a balance sheet that is otherwise characterized by negative equity and operating losses suggests a reliance on credit facilities that may carry restrictive covenants. This leverage appears to be a necessity-driven measure to fund operations rather than a strategic capital allocation choice.
As indicated by the company's financial history, total assets have remained stagnant at $17.7 million in 2026Q1, with a minimal $1.5 million in net property, plant, and equipment, suggesting that the firm has yet to build the physical infrastructure required for large-scale commercial product deployment.
The low level of tangible assets relative to the company's R&D ambitions highlights the speculative nature of the business model, where value is tied to intangible clinical outcomes rather than productive capacity. This asset-light profile may be a liability if the company fails to secure the necessary manufacturing scale for its DeepView carts.
Based on reported figures, deferred revenue has effectively evaporated to zero as of 2026Q1, down from $2.3 million in 2023Q4, which may indicate a significant deceleration in the pipeline of government-funded milestones that have historically served as the company's primary source of non-dilutive capital.
The disappearance of deferred revenue is a critical indicator that the company is not successfully converting its research backlog into recognized progress. This trend warrants further investigation, as it may signal that the company is failing to meet the technical milestones required to trigger further funding tranches.
Quick answers to the most common questions about buying MDAI stock.
As of 2025, Spectral AI, Inc. (MDAI) had total assets of $21.4M including $19.5M in current assets.
Spectral AI, Inc. (MDAI) carries total debt of $10.1M, offset by $15.4M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Spectral AI, Inc. (MDAI) has total shareholders' equity (book value) of $-5.7M ($-0.22 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Spectral AI, Inc. (MDAI) reported a current ratio of 0.94x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.