QT Imaging Holdings, Inc. (formerly GigCapital5, Inc.), reported a net loss of $8.98 million for the year ended December 31, 2024, compared to a net loss of $6.10 million in 2023. Revenue increased significantly to $4.88 million in 2024 from $40,355 in 2023, primarily due to the sale of eleven QT Breast Scanners. This increase was partially offset by a rise in cost of revenue to $2.24 million from $134,988, reflecting the increased production and sales activity.
Operating expenses rose substantially in 2024, with research and development expenses increasing by 120% to $3.27 million and selling, general, and administrative expenses surging by 237% to $11.55 million. The increase in selling, general, and administrative expenses included non-recurring transaction expenses related to the business combination and increased employee compensation costs. The company also reported a change in fair value of warrant liability of $187,173 and changes in fair value of derivative and earnout liabilities totaling $8,047,600.
Significant strategic developments during the year included the completion of a business combination with QT Imaging, Inc. on March 4, 2024, resulting in a name change and QT Imaging becoming a wholly-owned subsidiary. The company also entered into a manufacturing agreement with Canon Medical Systems Corporation (CMSC) in March 2025 for the exclusive manufacture of QT Breast Scanners, and an amended distribution agreement with NXC Imaging for exclusive resale in the U.S. and U.S. territories. Furthermore, the company secured a $10.1 million term loan from Lynrock Lake Master Fund LP in February 2025.
Operational developments included the delivery of eight QT Breast Scanners to NXC Imaging's customers by the end of 2024. The company also highlighted its ongoing research and development efforts, including the development of an orthopedic scanner and an infant scanner. As of December 31, 2024, QT Imaging Holdings had 21 employees. The company's financial statements reflect a working capital deficit of $4.9 million at the end of 2024.
The company acknowledged several risk factors, including its limited operating history, significant losses, dependence on key personnel, competition in the medical imaging market, reliance on third-party manufacturers and suppliers, and the uncertainties associated with regulatory approvals and reimbursement policies. The company stated that it anticipates continued losses and a need for additional financing in the foreseeable future. The company's outlook is contingent upon successful product commercialization, market acceptance, and securing adequate funding.
About QT IMAGING HOLDINGS, INC.
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