MDAI on Nasdaq

Spectral AI, Inc.

American surgical and medical instruments and apparatus company. Summary from the record

Price unavailable

Last updated Oct 19, 2026.

Overview

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  • TickerMDAI on Nasdaq1
  • IndustrySurgical & Medical Instruments & Apparatus1
  • HeadquartersDallas, Texas1
  • Incorporated inDE2
  • Business address2515 Mckinney Ave #1000, Dallas, Tx 752012
  • Filer category, Emerging growth company2

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PBS contract. Completion of these contractual phases support our long-term goal of entering a federal procurement contract with BARDA.3 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

45.4%Gross margin4
-43.8%Operating margin4
-38.5%Net margin4
-33.6%Revenue growth, 20254

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue55¢$10.7M
  • Other costs45¢$8.9M
  • Income tax0¢$11.0K

Out of $19.6M in revenue.4 The company lost money this year.

Financial statements

Revenue564$19.6M in 2025−23% since 2022
0$10.0M$20.0M$30.0M2022: $25.4M$25.4M20222023: $18.1M$18.1M2023−29%2024: $29.6M$29.6M2024+64%2025: $19.6M$19.6M2025−34%
Gross profit564$8.9M in 2025−18% since 2022
0$5.0M$10.0M$15.0M2022: $10.8M$10.8M20222023: $7.9M$7.9M2023−27%2024: $13.3M$13.3M2024+68%2025: $8.9M$8.9M2025−33%
Operating income7564-$8.6M in 2025+152% since 2021
-$15.0M-$10.0M-$5.0M02021: -$3.4M-$3.4M20212022: -$2.6M-$2.6M2022−23%2023: -$13.0M-$13.0M2023+391%2024: -$6.6M-$6.6M2024−49%2025: -$8.6M-$8.6M2025+31%
Net income7564-$7.6M in 2025+252% since 2021
-$30.0M-$20.0M-$10.0M02021: -$2.1M-$2.1M20212022: -$2.9M-$2.9M2022+36%2023: -$20.9M-$20.9M2023+616%2024: -$15.2M-$15.2M2024−27%2025: -$7.6M-$7.6M2025−50%

Every line of the income statement as filed: the last 2 fiscal years, latest first.4

Period ending2025-12-312024-12-31
Research and development revenue$19.6M$29.6M
Cost of revenue-$10.7M-$16.3M
Gross profit$8.9M$13.3M
General and administrative$17.5M$19.9M
Total operating costs and expenses$17.5M$19.9M
Operating loss-$8.6M-$6.6M
Net interest (expense) income-$886.0K$14.0K
Financing related costs-$1.1M-$3.0M
Amortization of debt discount-$455.0K
Change in fair value of warrant liabilities$3.2M-$4.6M
Change in fair value of notes payable$220.0K-$220.0K
Foreign exchange transaction loss, net-$34.0K-$43.0K
Other expenses, including transaction costs-$615.0K
Total other income (expense), net$1.0M-$8.5M
Loss before income taxes-$7.6M-$15.0M
Income tax provision-$11.0K-$114.0K
Net loss-$7.6M-$15.2M
Basic (in Dollars per share)-$0.29-$0.85
Diluted (in Dollars per share)-$0.29-$0.85
Basic (in Shares)26.5M shares17.9M shares
Diluted (in Shares)26.5M shares17.9M shares
Foreign currency translation adjustments$37.0K-$9.0K
Total comprehensive loss-$7.5M-$15.2M

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Leadership

Who has led Spectral AI, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Wensheng Fan2023
  2. Peter M. Carlson2024
  3. Vincent S. Capone2026–now

President

  1. Jordan Zimmerman2021

Chief financial officer

  1. Kieran Goodwin2021
  2. Nils Windler2023
  3. Vincent S. Capone2024–now

Chief operating officer

  1. Nikolaos Pagoulatos2023
  2. Stan Micek2024
2025
Board members and other officers (16)

Former names

  • Rosecliff Acquisition Corp IDec 23, 2020 to Sep 13, 20232

Timeline

  1. Apr 6, 2026New chief executive Vincent S. Capone becomes CEO11
  2. May 13, 2024New chief executive Peter M. Carlson becomes CEO12
  3. Sep 13, 2023New chief executive Wensheng Fan becomes CEO13

Filings

263 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 62 major events, 55 insider forms, 22 large holders, 104 other. The latest 20:

  1. Sep 29, 20264 EDGAR
  2. Sep 25, 20264 EDGAR
  3. Sep 21, 20264 EDGAR
  4. Sep 15, 20268-K CURRENT REPORT EDGAR
  5. Sep 14, 20264 EDGAR
  6. Aug 17, 20264 EDGAR
  7. Aug 14, 2026SCHEDULE 13G EDGAR
  8. Aug 12, 20268-K CURRENT REPORT EDGAR
  9. Aug 11, 202610-Q QUARTERLY REPORT EDGAR
  10. Jul 8, 20268-K CURRENT REPORT EDGAR
  11. Jun 29, 20264 EDGAR
  12. Jun 1, 20268-K CURRENT REPORT EDGAR
  13. Jun 1, 20264 EDGAR
  14. May 27, 20264 EDGAR
  15. May 26, 20268-K CURRENT REPORT EDGAR
  16. May 20, 20264 EDGAR
  17. May 18, 20264 EDGAR
  18. May 18, 20264 EDGAR
  19. May 13, 202610-Q QUARTERLY REPORT EDGAR
  20. May 8, 2026SCHEDULE 13G/A EDGAR

The 263 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

6 open-market trades by officers, directors and large owners since October 2021: 6 buys and 0 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
May 10, 2024DiMaio John MichaelDirectorBuy6,000$1.72$10.3KForm 4
Nov 20, 2023DiMaio John MichaelDirectorBuy2,000$2.67$5.3KForm 4
Nov 16, 2023DiMaio John MichaelDirectorBuy500$2.68$1.3KForm 4
Nov 14, 2023DiMaio John MichaelDirectorBuy355$2.81$998Form 4
Sep 13, 2023DiMaio John MichaelDirectorBuy198$5.07$1.0KForm 4
Sep 12, 2023DiMaio John MichaelDirectorBuy1,000$5.97$6.0KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 34. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Vanguard Capital Management LLC994,410$1.7M0.0%+268,120
Highlander Partners, L.P.900,000$1.6M0.5%No change
Marshall Wace, Llp827,454$1.4M0.0%New
Bridgeway Capital Management, LLC287,000$496.5K0.0%+88,000
Jane Street Group, LLC226,319$391.5K0.0%+5,318
UBS Group AG225,823$390.7K0.0%+112,803
Geode Capital Management, LLC222,595$385.2K0.0%−78,612
BlackRock, Inc.161,777$279.9K0.0%+39,523
LPL Financial LLC160,701$278.0K0.0%New
Vanguard Fiduciary Trust Co142,664$246.8K0.0%+868
University Of Texas/texas Am Investment Management Co121,711$210.6K0.0%−88,777
Rathbones Group PLC87,045$150.6K0.0%−87,045
State Street Corp75,600$130.8K0.0%No change
Forum Financial Management, LP60,501$104.7K0.0%No change
Northern Trust Corp50,547$87.4K0.0%+18,449
XTX Topco Ltd32,927$57.0K0.0%+5,839
N.E.W. Advisory Services LLC20,010$34.6K0.0%+6,010
Jpmorgan Chase & Co20,259$34.2K0.0%New
StoneX Group Inc.15,343$31.6K0.0%New
Royal Bank Of Canada15,452$27.0K0.0%New
Morgan Stanley13,799$23.9K0.0%+5,405
Raymond James Financial Inc12,800$22.1K0.0%No change
Tower Research Capital LLC (TRC)12,121$21.0K0.0%New
Philip James Wealth Mangement, LLC12,000$20.8K0.0%No change
Engineers Gate Manager LP11,046$19.1K0.0%New

13F reports cover disclosed long positions in U.S. stocks only.

Sources

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