QTI on Nasdaq
QT IMAGING HOLDINGS, INC.
American electromedical and electrotherapeutic apparatus company. Summary from the record
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Last updated Oct 19, 2026.
Overview
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- TickerQTI on Nasdaq1
- IndustryElectromedical & Electrotherapeutic Apparatus1
- HeadquartersNovato, California1
- Incorporated inDE2
- Business address3 Hamilton Landing, Suite 160, Novato, Ca 949492
- Filer category, Emerging growth company2
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The following discussion reflects the business of the Company. In this section, “we,” “us,” “our,” “the Company” or “QT Imaging” below generally refers to QT Imaging Holdings, Inc. and its subsidiaries.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
-23.4%Operating margin4
-111.4%Net margin4
287.9%Revenue growth, 20254
-327.1%Return on equity4
1.57×Debt to equity4
-$9.1MFree cash flow4
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
Product brought in 99% of the revenue QT IMAGING HOLDINGS, INC. broke down this way in fiscal 2025.
Products and services by year
| Products and services | 2024 | 2025 |
|---|---|---|
| Product | $4.7M | $18.8M |
| Service | $199.0K | $175.0K |
Regions
United States brought in 100% of the revenue QT IMAGING HOLDINGS, INC. broke down this way in fiscal 2025.
Regions by year
| Regions | 2024 | 2025 |
|---|---|---|
| United States | $4.8M | $18.9M |
| Outside the United States | $55.0K | $42.0K |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue44¢$10.3M
- Research and development17¢$3.9M
- Selling, general and admin39¢$9.1M
- Income tax0¢$1.0K
Out of $18.9M in revenue.4 The company lost money this year.
Financial statements
Every line of the income statement as filed: the last 2 fiscal years, latest first.4
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Revenue | $18.9M | $4.9M |
| Cost of revenue | $10.3M | $2.2M |
| Gross profit | $8.6M | $2.6M |
| Research and development | $3.9M | $3.3M |
| Selling, general and administrative | $9.1M | $11.6M |
| Total operating expenses | $13.0M | $14.8M |
| Loss from operations | -$4.4M | -$12.2M |
| Interest expense, net | -$2.6M | -$4.5M |
| Other expense, net | -$8.8M | -$561.0K |
| Change in fair value of warrant liability | -$3.6M | $187.0K |
| Change in fair value of derivative liability | $101.0K | $4.8M |
| Change in fair value of earnout liability | -$1.8M | $3.2M |
| Total other (expense) income | -$16.6M | $3.2M |
| Loss before income tax benefit | -$21.1M | -$9.0M |
| Income tax benefit | -$1.0K | -$16.0K |
| Net loss | -$21.1M | -$9.0M |
| Less: deemed dividend related to the modification of equity classified warrants | $0 | -$5.2M |
| Net loss and comprehensive loss attributable to common stockholders | -$21.1M | -$14.2M |
| Net loss per share, basic (in dollars per share) | -$2.01 | -$2.13 |
| Net loss per share, diluted (in dollars per share) | -$2.01 | -$2.13 |
| Weighted-average shares outstanding, basic (in shares) | 10.5M shares | 6.7M shares |
| Weighted-average shares outstanding, diluted (in shares) | 10.5M shares | 6.7M shares |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 5 fiscal years (annual) or 6 quarters (quarterly), latest first.4
| Period ending | 2025-12-31 | 2025-10-31 | 2025-08-31 | 2024-12-31 | 2024-02-29 |
|---|---|---|---|---|---|
| Cash | $10.4M | $1.2M | |||
| Restricted cash and cash equivalents | $50.0K | $20.0K | |||
| Accounts receivable, net | $5.8M | $67.0K | |||
| Inventory | $5.0M | $3.1M | |||
| Prepaid expenses and other current assets | $821.0K | $517.0K | |||
| Total current assets | $22.1M | $4.9M | |||
| Property and equipment, net | $318.0K | $196.0K | |||
| Operating lease right-of-use assets, net | $573.0K | $935.0K | |||
| Other assets | $39.0K | $39.0K | |||
| Total assets | $23.0M | $6.1M | |||
| Accounts payable | $3.6M | $803.0K | |||
| Accrued expenses and other current liabilities | $3.8M | $3.6M | |||
| Current maturities of long-term debt | $9.0K | $5.0M | |||
| Operating lease liabilities, current | $454.0K | $406.0K | |||
| Total current liabilities | $7.9M | $9.8M | |||
| Long-term debt | $683.0K | $9.0K | |||
| Related party notes payable | $3.9M | $3.8M | |||
| Operating lease liabilities | $203.0K | $657.0K | |||
| Warrant liability | $103.0K | $22.0K | |||
| Derivative liability | $0 | $304.0K | |||
| Earnout liability | $2.2M | $440.0K | |||
| Other liabilities | $1.6M | $550.0K | |||
| Total liabilities | $16.6M | $15.6M | |||
| Preferred stock, $0.0001 par value; 10,000 shares authorized; no shares issued and outstanding | $0 | $0 | |||
| Common stock, $0.0001 par value; 500,000 and 100,000 shares authorized as of December 31, 2025 and 2024, respectively; 11,902 and 8,931 shares issued and outstanding as of December 31, 2025 and 2024, respectively | $1.0K | $1.0K | |||
| Additional paid-in capital | $59.5M | $22.4M | |||
| Accumulated deficit | -$53.0M | -$31.9M | |||
| Total stockholders equity (deficit) | $6.4M | -$9.5M | |||
| Total liabilities and stockholders equity (deficit) | $23.0M | $6.1M | |||
| Preferred stock, par or stated value per share (in dollars per share) | $0.00 | $0.00 | $0.00 | ||
| Preferred stock, shares authorized (in shares) | 10.0M shares | 10.0M shares | |||
| Preferred stock, shares issued (in shares) | 0 shares | 0 shares | |||
| Preferred stock, shares outstanding (in shares) | 0 shares | 0 shares | |||
| Common stock, par or stated value per share (in dollars per share) | $0.00 | $0.00 | $0.00 | ||
| Common stock, shares authorized (in shares) | 500.0M shares | 500.0M shares | |||
| Common stock, shares, issued (in shares) | 11.9M shares | 8.9M shares | |||
| Common stock, shares, outstanding (in shares) | 11.9M shares | 8.9M shares | |||
| Stockholders' equity note, stock split, conversion ratio | 3 pure |
| Period ending | 2025-12-31 | 2025-10-31 | 2025-08-31 | 2024-12-31 | 2024-02-29 | 2023-12-31 |
|---|---|---|---|---|---|---|
| Cash | $10.4M | $1.2M | ||||
| Restricted cash and cash equivalents | $50.0K | $20.0K | ||||
| Accounts receivable, net | $5.8M | $67.0K | ||||
| Inventory | $5.0M | $3.1M | ||||
| Prepaid expenses and other current assets | $821.0K | $517.0K | ||||
| Total current assets | $22.1M | $4.9M | ||||
| Property and equipment, net | $318.0K | $196.0K | ||||
| Operating lease right-of-use assets, net | $573.0K | $935.0K | ||||
| Other assets | $39.0K | $39.0K | ||||
| Total assets | $23.0M | $6.1M | ||||
| Accounts payable | $3.6M | $803.0K | ||||
| Accrued expenses and other current liabilities | $3.8M | $3.6M | ||||
| Current maturities of long-term debt | $9.0K | $5.0M | ||||
| Operating lease liabilities, current | $454.0K | $406.0K | ||||
| Total current liabilities | $7.9M | $9.8M | ||||
| Long-term debt | $683.0K | $9.0K | ||||
| Related party notes payable | $3.9M | $3.8M | ||||
| Operating lease liabilities | $203.0K | $657.0K | ||||
| Warrant liability | $103.0K | $22.0K | ||||
| Derivative liability | $0 | $304.0K | ||||
| Earnout liability | $2.2M | $440.0K | ||||
| Other liabilities | $1.6M | $550.0K | ||||
| Total liabilities | $16.6M | $15.6M | ||||
| Preferred stock, $0.0001 par value; 10,000 shares authorized; no shares issued and outstanding | $0 | $0 | ||||
| Common stock, $0.0001 par value; 500,000 and 100,000 shares authorized as of December 31, 2025 and 2024, respectively; 11,902 and 8,931 shares issued and outstanding as of December 31, 2025 and 2024, respectively | $1.0K | $1.0K | ||||
| Additional paid-in capital | $59.5M | $22.4M | ||||
| Accumulated deficit | -$53.0M | -$31.9M | ||||
| Total stockholders equity (deficit) | $6.4M | -$9.5M | -$5.3M | |||
| Total liabilities and stockholders equity (deficit) | $23.0M | $6.1M | ||||
| Preferred stock, par or stated value per share (in dollars per share) | $0.00 | $0.00 | $0.00 | |||
| Preferred stock, shares authorized (in shares) | 10.0M shares | 10.0M shares | ||||
| Preferred stock, shares issued (in shares) | 0 shares | 0 shares | ||||
| Preferred stock, shares outstanding (in shares) | 0 shares | 0 shares | ||||
| Common stock, par or stated value per share (in dollars per share) | $0.00 | $0.00 | $0.00 | |||
| Common stock, shares authorized (in shares) | 500.0M shares | 500.0M shares | ||||
| Common stock, shares, issued (in shares) | 11.9M shares | 8.9M shares | ||||
| Common stock, shares, outstanding (in shares) | 11.9M shares | 8.9M shares | ||||
| Stockholders' equity note, stock split, conversion ratio | 3 pure |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 2 fiscal years, latest first.4
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Net loss | -$21.1M | -$9.0M |
| Depreciation and amortization | $131.0K | $231.0K |
| Stock-based compensation | $801.0K | $290.0K |
| Provision for credit losses | $0 | $1.0K |
| Fair value of common stock issued in exchange for services and in connection with non-redemption agreements | $0 | $3.7M |
| Loss on issuance of the Lynrock Lake Term Loan | $6.6M | $0 |
| Debt modification expense | $90.0K | $0 |
| Loss on issuance of common stock in connection with a subscription agreement | $0 | $206.0K |
| Warrant modification expense | $0 | $201.0K |
| Loss on debt extinguishment | $2.1M | $384.0K |
| Non-cash interest | $1.2M | $3.6M |
| Non-cash operating lease | -$43.0K | -$29.0K |
| Change in fair value of warrant liability | $3.6M | -$187.0K |
| Change in fair value of derivative liability | -$101.0K | -$4.8M |
| Change in fair value of earnout liability | $1.8M | -$3.2M |
| Accounts receivable | -$5.7M | -$67.0K |
| Inventory | -$1.9M | $1.5M |
| Prepaid expenses and other current assets | -$304.0K | -$201.0K |
| Accounts payable | $2.5M | -$2.0M |
| Accrued expenses and other current liabilities | $446.0K | -$842.0K |
| Other liabilities | $1.1M | $173.0K |
| Net cash used in operating activities | -$9.0M | -$10.0M |
| Purchases of property and equipment | -$124.0K | -$88.0K |
| Net cash used in investing activities | -$124.0K | -$88.0K |
| Proceeds from sale of common stock and warrants, net of issuance costs | $17.6M | $1.0M |
| Proceeds from issuance of common stock pursuant to a subscription agreement | $0 | $500.0K |
| Proceeds from long-term debt, net of issuance costs | $14.9M | $10.5M |
| Repayment of long-term debt | -$9.7M | -$1.3M |
| Repayment of bridge loans | $0 | -$800.0K |
| Repurchase of warrant from Yorkville | -$5.0M | $0 |
| Proceeds from the Merger, net of transaction costs | $0 | $1.2M |
| Cash paid for debt issuance costs | $0 | -$59.0K |
| Proceeds from warrant exercises | $555.0K | $0 |
| Proceeds from stock option exercises | $75.0K | $0 |
| Net cash provided by financing activities | $18.4M | $11.1M |
| Net increase in cash and restricted cash and cash equivalents | $9.3M | $1.0M |
| Cash paid for interest | $431.0K | $539.0K |
| Purchase of property and equipment included in accounts payable | $90.0K | $0 |
| Fair value of embedded derivatives upon issuance of convertible debt | $0 | $5.1M |
| Fair value of earnout liability at issuance | $0 | $3.7M |
| Fair value of common stock issued with convertible debt | $0 | $2.3M |
| Conversion of Extension Note into common stock | $0 | $1.6M |
| Conversion of Yorkville Note into common stock | $0 | $514.0K |
| Extinguishment of accrued expenses in exchange for common stock | $0 | $3.8M |
| Transfer of equipment to inventory | $0 | $289.0K |
| Transfer of inventory to property and equipment | $39.0K | $60.0K |
| Debt discount included in accrued expenses | $0 | $41.0K |
| Unpaid issuance costs included in accounts payable and accrued expenses and other current liabilities related to the sale of common stock and warrants | $286.0K | $0 |
| Conversion of long-term debt into common stock | $183.0K | $3.4M |
| Conversion of accrued legal costs to debt | $25.0K | $0 |
| Deemed dividend | $0 | $5.2M |
| Conversion of accrued interest into common stock | $174.0K | $0 |
| Reclassification of warrant liability upon warrant modification | $23.0M | $0 |
| Fair value of warrants issued in exchange for issuance of long-term debt | $16.5M | $0 |
No quarter-by-quarter statement was filed.
Leadership
Who has led QT IMAGING HOLDINGS, INC., and when. Pick a name to see everywhere that person has worked.
Chief executive
President
Chief financial officer
2025
- Chief executive officerJohn C. Klock Jr. Mar 6, 2024 to Mar 6, 202410
- Chief executive officerRaluca Dinu Sep 23, 2021 to Mar 6, 202411
- PresidentRaluca Dinu Sep 23, 2021 to Sep 23, 202111
- Chief financial officerJay Walter Jennings Sep 2, 2025 to now12
- Chief financial officerStas Budagov Mar 8, 2024 to Sep 2, 202513
- Chief financial officerWalter Bradford Weightman Sep 23, 2021 to Mar 6, 202414
Board members and other officers (13)
- Board memberBryan Timm Aug 6, 2026 to now15
- Board memberGerald McMorrow Mar 6, 2024 to Apr 3, 202416
- Board memberJohn C. Klock Jr. Mar 6, 2024 to now10
- Board memberKaren M. Rogge Mar 6, 2024 to Mar 6, 202417
- Board memberDaniel Dickson Mar 8, 2024 to now18
- Board memberRoss Taylor Mar 8, 2024 to now19
- Board memberZeev Weiner Mar 8, 2024 to now20
- Board memberJames S. Greene Apr 3, 2024 to now21
- Board memberSharmila Makhija Jan 12, 2022 to Mar 6, 202422
- Board memberDorothy D. Hayes Sep 23, 2021 to Mar 6, 202423
- Board memberNeil Miotto Sep 23, 2021 to Jan 4, 202224
- Board memberRaanan Horowitz Sep 23, 2021 to Mar 6, 202425
- Board memberRaluca Dinu Sep 23, 2021 to now11
Former names
- GigCapital5, Inc.Feb 23, 2021 to Feb 29, 20242
Timeline
Filings
401 filings to the SEC since October 2021: 6 annual reports, 18 quarterly reports, 114 major events, 78 insider forms, 34 large holders, 151 other. The latest 20:
- Sep 22, 2026S-8 EDGAR
- Aug 31, 20268-K EDGAR
- Aug 31, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
- Aug 27, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
- Aug 18, 20268-K EDGAR
- Aug 12, 202610-Q EDGAR
- Aug 12, 20268-K EDGAR
- Aug 6, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
- Aug 6, 20263 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
- Aug 3, 2026S-8 EDGAR
- Jul 28, 20268-K EDGAR
- Jul 2, 2026DEF 14A EDGAR
- Jun 22, 2026PRE 14A EDGAR
- May 21, 20268-K EDGAR
- May 15, 2026424B5 EDGAR
- May 13, 202610-Q EDGAR
- May 13, 20268-K EDGAR
- May 8, 2026SCHEDULE 13G/A EDGAR
- Apr 3, 2026EFFECT EDGAR
- Apr 1, 2026CORRESP EDGAR
The 401 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
14 open-market trades by officers, directors and large owners since October 2021: 11 buys and 3 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Jan 22, 2026 | Katz Avi SChairman | Buy | 24,107 | $6.43 | $155.0K | Form 4 |
| Apr 9, 2025 | Katz Avi SChairman | Buy | 392,464 | $0.64 | $251.2K | Form 4 |
| Apr 9, 2025 | Dinu RalucaChief Executive Officer | Buy | 392,465 | $0.64 | $251.2K | Form 4 |
| Mar 21, 2025 | GigAcquisitions5, LLC10% owner | Buy | 2,788,843 | $0.58 | $1.6M | Form 4 |
| Mar 21, 2025 | Dinu RalucaChief Executive Officer | Buy | 117,611 | Form 4 | ||
| Nov 12, 2024 | GREENE JAMES SDirector | Buy | 428,082 | $0.58 | $248.3K | Form 4 |
| Nov 12, 2024 | DICKSON DANIEL HDirector | Buy | 85,616 | $0.58 | $49.7K | Form 4 |
| Nov 12, 2024 | GigAcquisitions5, LLC10% owner | Buy | 3,142,122 | $0.58 | $1.8M | Form 4 |
| Nov 12, 2024 | Dinu RalucaChief Executive Officer | Buy | 470,890 | Form 4 | ||
| Nov 12, 2024 | Weiner ZeevDirector | Buy | 85,616 | $0.58 | $49.7K | Form 4 |
| Nov 12, 2024 | Taylor RossDirector | Buy | 171,232 | $0.58 | $99.3K | Form 4 |
| Mar 24, 2023 | Polar Asset Management Partners Inc.10% owner | Sale | 500,000 | $10.56 | $5.3M | Form 4 |
| Mar 1, 2023 | Polar Asset Management Partners Inc.10% owner | Sale | 154,600 | $10.40 | $1.6M | Form 4 |
| Feb 28, 2023 | Polar Asset Management Partners Inc.10% owner | Sale | 95,400 | $10.44 | $996.2K | Form 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.
- Alta Partners LLCSCHEDULE 13G/A, 2 filings Aug 28, 2025 to May 8, 202626
- Alyeska Investment Group, L.P.SCHEDULE 13G, 1 filing Feb 17, 202627
- Lynrock Lake LPSCHEDULE 13G/A, 3 filings Nov 14, 2024 to Feb 17, 202628
- Avi S. KatzSCHEDULE 13D/A, 7 filings Jul 3, 2024 to Apr 30, 202529
- Raluca DinuSCHEDULE 13D/A, 2 filings Apr 2, 2025 to Apr 30, 202530
- Emil D. KakkisSCHEDULE 13G, 1 filing Mar 26, 202531
- GigAcquisitions5, LLCSC 13D, 1 filing Mar 18, 202432
- John C. Klock Jr.SC 13D, 1 filing Mar 18, 202433
- Shaolin Capital Management LLCSC 13G/A, 2 filings Feb 14, 2023 to Feb 22, 202434
- METEORA CAPITAL, LLCSC 13G, 1 filing Feb 14, 202435
- Polar Asset Management Partners Inc.SC 13G/A, 2 filings Feb 10, 2023 to Feb 12, 202436
- D. E. SHAW & CO, L.P.SC 13G/A, 2 filings Feb 22, 2022 to Feb 14, 202337
- Weiss Asset Management LPSC 13G/A, 2 filings Feb 11, 2022 to Jan 30, 202338
- HIGHBRIDGE CAPITAL MANAGEMENT LLCSC 13G/A, 3 filings Dec 23, 2021 to Jan 25, 202339
- MILLENNIUM MANAGEMENT LLCSC 13G/A, 2 filings Jul 6, 2022 to Jan 9, 202340
- Space Summit Capital LLCSC 13G/A, 2 filings Oct 1, 2021 to Feb 2, 202241
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 29. Change is in shares since the quarter before.
13F reports cover disclosed long positions in U.S. stocks only.
Sources
The numbers on this page point here. Each one links to the record it came from.
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- 11SEC EDGARRaluca Dinu, Chief executive officer
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- 15SEC EDGARBryan Timm, Board member
- 16SEC EDGARGerald McMorrow, Board member
- 17SEC EDGARKaren M. Rogge, Board member
- 18SEC EDGARDaniel Dickson, Board member
- 19SEC EDGARRoss Taylor, Board member
- 20SEC EDGARZeev Weiner, Board member
- 21SEC EDGARJames S. Greene, Board member
- 22SEC EDGARSharmila Makhija, Board member
- 23SEC EDGARDorothy D. Hayes, Board member
- 24SEC EDGARNeil Miotto, Board member
- 25SEC EDGARRaanan Horowitz, Board member
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