Spectral AI (NASDAQ:MDAI) Issues Quarterly Earnings Results, Beats Expectations By $0.15 EPS

Spectral AI (NASDAQ:MDAI) issued its earnings results on Tuesday. The company reported $0.02 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.15, FiscalAI reports. The business had revenue of $3.85 million during the quarter, compared to the consensus estimate of $2.91 million.

Here are the key takeaways from Spectral AI’s conference call:

• Company submitted a De Novo application to the FDA in June 2025, received an additional information request which it says was responded to, and is hopeful for a positive FDA determination before the end of Q2 2026 — approval remains uncertain.
• Spectral received a $31.7 million BARDA advance (part of up to $150M Project BioShield funding) to accelerate DeepView enhancements (TBSA tool, EHR integration) and BARDA can subsidize placement of up to 30 initial systems plus an additional 140 systems post-approval.
• Financially, cash improved to $15.4 million at year-end (tripling from 2024), Q4 2025 produced $0.6M net income and the full-year net loss narrowed to $7.6M, which management says provides runway into commercialization.
• Commercial preparations are underway — hiring a Chief Commercial Officer, engaging Deloitte, expanding sales/BME teams, targeting initial U.S. placements in late 2026 with a broader ramp in 2027–2028, and pursuing updated UKCA/international launches thereafter.

Spectral AI Stock Performance

MDAI stock opened at $1.54 on Thursday. The stock’s 50 day simple moving average is $1.53 and its 200 day simple moving average is $1.75. The company has a market cap of $47.26 million, a P/E ratio of -4.97 and a beta of 0.98. Spectral AI has a fifty-two week low of $1.04 and a fifty-two week high of $3.21.

Key Spectral AI News

Here are the key news stories impacting Spectral AI this week:

• Positive Sentiment: Q4 2025 results beat expectations — reported $0.02 EPS (vs. ~($0.13) est.) and $3.85M revenue (above estimates). The beat and conference-call detail helped lift sentiment. Q4 2025 Press Release
• Positive Sentiment: Stronger cash position and non-dilutive funding — cash rose to $15.4M at year-end and the company received an additional $31.7M from BARDA to support DeepView development, lowering near-term financing risk. GlobeNewswire Release
• Positive Sentiment: Regulatory progress — Spectral submitted a De Novo 510(k) application for the DeepView System (burn indication), a key step toward commercialization if cleared. Regulatory Update
• Positive Sentiment: Analyst backing — BTIG reaffirmed a Buy rating with a $3.00 price target, signaling upside vs. current levels and likely supporting bullish flows. BTIG Research
• Neutral Sentiment: 2026 revenue guidance of ~ $18.5M was provided, but management said it does not assume material product sales of DeepView in 2026 (guidance driven largely by BARDA development revenue). This provides visibility but not commercialization upside yet. Guidance Release
• Negative Sentiment: R&D revenue declined sharply year-over-year (Q4: $3.8M vs. $7.6M prior year; FY: $19.7M vs. $29.6M), reflecting winding down of reimbursable BARDA work — this raises near-term revenue sustainability questions absent product sales. Quiver Quant Summary
• Negative Sentiment: Analyst estimates remain negative — Northland projects quarterly EPS losses (~($0.11)-($0.12)) and a full-year consensus of (~$0.48), indicating continued operating losses into 2026. MarketBeat Analyst Notes

Analysts Set New Price Targets

MDAI has been the subject of several recent analyst reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Spectral AI in a research report on Monday, December 22nd. BTIG Research reiterated a “buy” rating and set a $3.00 target price on shares of Spectral AI in a research report on Wednesday. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $3.25.

Institutional Investors Weigh In On Spectral AI

Several hedge funds and other institutional investors have recently modified their holdings of MDAI. Virtu Financial LLC acquired a new position in Spectral AI during the 4th quarter valued at about $75,000. Hudson Bay Capital Management LP purchased a new stake in shares of Spectral AI in the fourth quarter worth approximately $2,168,000. State Street Corp raised its stake in shares of Spectral AI by 90.9% in the fourth quarter. State Street Corp now owns 75,600 shares of the company’s stock worth $107,000 after purchasing an additional 36,000 shares during the last quarter. Jane Street Group LLC bought a new position in shares of Spectral AI in the fourth quarter valued at approximately $75,000. Finally, Geode Capital Management LLC lifted its holdings in shares of Spectral AI by 19.0% in the fourth quarter. Geode Capital Management LLC now owns 216,558 shares of the company’s stock valued at $308,000 after purchasing an additional 34,597 shares in the last quarter. Institutional investors own 67.08% of the company’s stock.

About Spectral AI

Spectral AI, Inc (NASDAQ: MDAI) is a technology company focused on delivering advanced analytics and insights through the application of machine learning to multi-spectral and hyperspectral data. Its core platform ingests imagery from satellites, aerial drones and ground-based sensors, applying proprietary algorithms to identify patterns and anomalies invisible to the naked eye. The company’s solutions are designed to help clients make more informed decisions in areas such as agriculture, environmental monitoring, infrastructure inspection and resource exploration.

The company offers a cloud-native software-as-a-service (SaaS) platform that enables users to visualize and analyze large volumes of spectral data via customizable dashboards.