Spectral AI, Inc. (NASDAQ: MDAI) reported second-quarter results reflecting a transition toward commercial operations following the U.S. Food and Drug Administration’s De Novo clearance of its DeepView System for burn assessment in May. The company reiterated its 2026 revenue guidance of approximately $18.5 million, which excludes anticipated significant revenue from DeepView system sales.
Second-quarter financial results showed research and development revenue declined to $3.5 million from $5.1 million in the year-earlier period, primarily due to BARDA’s shift into a cost-sharing phase and completion of certain validation work. However, net loss narrowed considerably to $4.2 million, or $0.13 per share, compared with $8 million, or $0.31 per share, a year earlier. Gross margin declined to 31.6% from 45.2%, while operating expenses increased to $5.4 million from $4.4 million as the company prepared for commercial launch. The company reported total other income of $300,000 during the quarter, primarily reflecting non-cash warrant-liability fair-value adjustments.
Chief Executive Officer Vincent Capone outlined a disciplined commercial rollout strategy in U.S. and international markets. Spectral AI plans to deploy up to 30 DeepView systems at U.S. burn centers, trauma centers and emergency departments through June 2027, with deployments substantially supported by the Biomedical Advanced Research and Development Authority under its Project BioShield contract. The company expects to begin initial international placements in the fourth quarter of 2026 in the United Kingdom, Australia or Gulf Cooperation Council countries following receipt of expanded UK Conformity Assessed clearance.
As of June 30, the company maintained $14 million in cash and total debt of $14.9 million. Management cited access to more than $60 million in additional non-dilutive BARDA funding. The company also plans to expand DeepView applications beyond burns to include critical ischemia, amputations and diabetic foot ulcers. The commercial infrastructure includes newly appointed Chief Commercial Officer Darcy Bajko, with plans for at least two additional hires to support sales, marketing, market access and reimbursement efforts.
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