Sign in

MDAI on Nasdaq

Spectral AI, Inc.

Spectral AI, Inc. is an American surgical and medical instruments and apparatus company.1 It is headquartered in Dallas, Texas.1 Its shares trade on Nasdaq under the symbol MDAI.1

Price unavailable

Last updated Oct 21, 2026.

Overview

Compare with Sonoma Pharmaceuticals, Inc., NEPHROS INC or Vivos Therapeutics, Inc., or pick any stock.

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

See how the biggest companies compare on our leaderboards

PBS contract. Completion of these contractual phases support our long-term goal of entering a federal procurement contract with BARDA.4 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 margin5
-43.8%Operating margin5
-38.5%Net margin5
-33.6%Revenue growth, 20255

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.5 The company lost money this year.

Financial statements

Revenue675$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 profit675$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 income8675-$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 income8675-$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.5

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

Compare Spectral AI, Inc. with another company

Corporate structure

Spectral AI, Inc. sits at the top of its group. 5 entities, 3 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Spectral AI, Inc.

  • LMR Partners LLP Filed SCHEDULE 13G on Spectral AI, Inc., latest Aug 14, 2026
  • Hudson Bay Capital Management LP Filed SCHEDULE 13G/A on Spectral AI, Inc., latest May 8, 2026 (2 filings since Feb 11, 2026)
  • Erich Spangenberg Filed SCHEDULE 13D/A on Spectral AI, Inc., latest Mar 18, 2026 (4 filings since Sep 27, 2023)
  • Laurence E. Hirsch Filed SCHEDULE 13G/A on Spectral AI, Inc., latest Aug 14, 2025 (3 filings since Nov 3, 2023)
  • Octopus Investments Filed SC 13G/A on Spectral AI, Inc., latest Nov 14, 2024 (2 filings since Feb 8, 2024)
  • John Michael Dimaio Filed SC 13D/A on Spectral AI, Inc., latest Feb 27, 2024 (3 filings since Sep 21, 2023)
  • Beryl Capital Management LLC Filed SC 13G/A on Spectral AI, Inc., latest Feb 14, 2023 (2 filings since Dec 8, 2022)
  • GLAZER CAPITAL, LLC Filed SC 13G/A on Spectral AI, Inc., latest Feb 14, 2023 (2 filings since Feb 14, 2022)
  • Saba Capital Management, L.P. Filed SC 13G/A on Spectral AI, Inc., latest Feb 14, 2023 (2 filings since Feb 14, 2022)
  • Rosecliff Acquisition Sponsor I LLC Filed SC 13G on Spectral AI, Inc., latest Feb 14, 2022
  • Spectral AI, Inc. Dallas, Texas
    • Spectral Deepview Limited Subsidiary · Ireland
    • Spectral MD Holdings LLC Subsidiary · Delaware, United States
    • Spectral MD UK Limited Subsidiary · United Kingdom
    • Spectral MD, Inc. Subsidiary · Delaware, United States

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Spectral AI, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, net$258.0K5 Dec 31, 2025$2.0K5 Dec 31, 2024+12800.0%
Operating-lease assets (leased space)$1.4M5 Dec 31, 2025$2.0M5 Dec 31, 2024−28.6%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$15.4M5 Dec 31, 2025$5.2M7 Dec 31, 2024+196.2%

Inventory

ItemLatestA year beforeChange
Inventory, total$838.0K5 Dec 31, 2025$425.0K5 Dec 31, 2024+97.2%

Properties, in its own words

We currently maintain our executive offices, which are located at 2515 McKinney Avenue, Suite 1000, Dallas, TX 75201. The cost for this space is approximately $105,000 per month. We also maintain an office space in the United Kingdom at Orion House, Bessemer Road, Welwyn Garden City, Herts Al7 1HH. The cost for this space is $14,000 per month. We consider our current office space adequate for our current operations.

Item 2 of the 10-K filed Mar 25, 2026.4

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)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • Spectral Deepview Limited Ireland3
  • Spectral MD Holdings LLC Delaware3
  • Spectral MD UK Limited United Kingdom3
  • Spectral MD, Inc. Delaware3

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

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

Timeline

  1. Sep 15, 20268-K Regulation FD disclosure33
  2. Aug 12, 20268-K Results of operations; Regulation FD disclosure34
  3. Jul 8, 20268-K Executive or director change; Regulation FD disclosure35
  4. Jun 1, 20268-K Shareholder vote; Regulation FD disclosure36
  5. May 26, 20268-K Regulation FD disclosure37
  6. Apr 22, 20268-K Executive or director change38
  7. Apr 8, 20268-K Executive or director change; Regulation FD disclosure39
  8. Apr 6, 2026New chief executive Vincent S. Capone becomes CEO12
  9. Mar 25, 20268-K Results of operations; Regulation FD disclosure40
  10. Mar 20, 20268-K Regulation FD disclosure41
  11. Feb 10, 20268-K Executive or director change; Regulation FD disclosure42
  12. Feb 3, 20268-K Executive or director change43
  13. Jan 6, 20268-K Executive or director change44
  14. May 13, 2024New chief executive Peter M. Carlson becomes CEO13
  15. Sep 13, 2023New chief executive Wensheng Fan becomes CEO14

Calendar

Coming up

  1. Nov 10, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported ($0.13) a share, on Nov 11, 2025.45

When it reported results

  1. Aug 12, 2026Reported quarterly or annual results34
  2. Mar 25, 2026Reported quarterly or annual results40
  3. Aug 13, 2025Reported quarterly or annual results46
  4. May 14, 2025Reported quarterly or annual results47
  5. Apr 2, 2025Reported quarterly or annual results48
  6. Mar 29, 2024Reported quarterly or annual results49
  7. Nov 14, 2023Reported quarterly or annual results50

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

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.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Vincent Capone59$440.0K$1.0M61
2025Stan Micek64$360.0K$468.0K61
2025John Michael DiMaio$200.0K$407.5K61
2024Chief Executive Officer and Former Chief Financial Officer and General Counsel$400.0K$987.5K61
2024Chief Operating Officer$270.0K61
2024Former PrincipalExecutive Officer$67.5K$95.8K61

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.

SEC filer profile

How Spectral AI, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARSpectral AI, Inc.1
  • CIK0001833498
  • Employer ID (EIN)85-39871484
  • Filer statusNon-accelerated filer an emerging growth company; a smaller reporting company; not a shell company4
  • Incorporated inDelaware4
  • Fiscal year endsDecember 311
  • Industry code (SIC)3841 Surgical & Medical Instruments & Apparatus1
  • SEC reviewing officeOffice of Industrial Applications and Services, Division of Corporation Finance1
  • Business address2515 Mckinney Ave #1000, Dallas, TX 752011
  • Phone(212) 492-30001
  • Shares outstanding32,184,928 as of Aug 11, 202610
  • Public float$72.0M as of Jun 30, 20254
  • AuditorForvis Mazars, LLP, Dallas, Texas PCAOB ID 686; no auditor attestation of internal control over financial reporting4
  • On EDGAR sinceDec 23, 20201
  • Filings299 in all: 8-K (65), 4 (52), 425 (27), 3 (18), 10-Q (17), CORRESP (16), UPLOAD (13), EFFECT (8)1
    All 38 form types

    SC 13G (8), 424B3 (7), SC 13G/A (6), 10-K (5), 424B5 (5), S-1/A (5), DEF 14A (4), S-1 (4), S-3 (4), S-4/A (4), DEFA14A (3), SC 13D/A (3), NT 10-Q (2), PRE 14A (2), S-3/A (2), S-8 (2), SC 13D (2), SCHEDULE 13G (2), SCHEDULE 13G/A (2), 144 (1), 25-NSE (1), 424B4 (1), 8-A12B (1), 8-K/A (1), CERT (1), DRS (1), PRER14A (1), S-1MEF (1), S-4 (1), SCHEDULE 13D/A (1)

  • Latest filingsAnnual report (10-K) Mar 25, 2026
    Quarterly report (10-Q) Aug 11, 2026
    Proxy statement (DEF 14A) Apr 16, 2026
    Latest 8-K (8-K) Sep 15, 2026

Securities registered for trading

ClassSymbolExchange
Common stock, par value $0.0001 per shareMDAINasdaq
Redeemable warrants, each whole warrant exercisable for one share of Common Stock at an exercise price of $2.75MDAIWNasdaq

From the cover page of the 10-K filed Mar 25, 2026 (Section 12(b) of the Exchange Act).4

Risk factors and legal proceedings

Legal proceedings

The Company is not a party to any material legal proceedings or pending claims. The Company is aware of a material threatened claim that it believes is without merit. From time to time, the Company may be subject to various legal proceedings and claims that arise in the ordinary course of its business activities. To our knowledge, there is not any material legal proceeding threatened against any of our officers or directors in their corporate capacity.

The opening of Item 3, Legal Proceedings.4

Sources

The numbers on this page point here. Each one links to the record it came from.

  1. 1
  2. 2
  3. 3
  4. 4
  5. 5
  6. 6
  7. 7
  8. 8
  9. 9
  10. 10
  11. 11
  12. 12
  13. 13
  14. 14
  15. 15
  16. 16
  17. 17
  18. 18
  19. 19
  20. 20
  21. 21
  22. 22
  23. 23
  24. 24
  25. 25
  26. 26
  27. 27
  28. 28
  29. 29
  30. 30
  31. 31
  32. 32
  33. 33
  34. 34
  35. 35
  36. 36
  37. 37
  38. 38
  39. 39
  40. 40
  41. 41
  42. 42
  43. 43
  44. 44
  45. 45
  46. 46
  47. 47
  48. 48
  49. 49
  50. 50
  51. 51
  52. 52
  53. 53
  54. 54
  55. 55
  56. 56
  57. 57
  58. 58
  59. 59
  60. 60
  61. 61