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.
Corporate structure
QT IMAGING HOLDINGS, INC. sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of QT IMAGING HOLDINGS, INC.
- Alta Partners LLC Filed SCHEDULE 13G/A on QT IMAGING HOLDINGS, INC., latest May 8, 2026 (2 filings since Aug 28, 2025)
- Alyeska Investment Group, L.P. Filed SCHEDULE 13G on QT IMAGING HOLDINGS, INC., latest Feb 17, 2026
- Lynrock Lake LP Filed SCHEDULE 13G/A on QT IMAGING HOLDINGS, INC., latest Feb 17, 2026 (3 filings since Nov 14, 2024)
- Avi S. Katz Filed SCHEDULE 13D/A on QT IMAGING HOLDINGS, INC., latest Apr 30, 2025 (7 filings since Jul 3, 2024)
- Raluca Dinu Filed SCHEDULE 13D/A on QT IMAGING HOLDINGS, INC., latest Apr 30, 2025 (2 filings since Apr 2, 2025)
- Emil D. Kakkis Filed SCHEDULE 13G on QT IMAGING HOLDINGS, INC., latest Mar 26, 2025
- GigAcquisitions5, LLC Filed SC 13D on QT IMAGING HOLDINGS, INC., latest Mar 18, 2024
- John C. Klock Jr. Filed SC 13D on QT IMAGING HOLDINGS, INC., latest Mar 18, 2024
- Shaolin Capital Management LLC Filed SC 13G/A on QT IMAGING HOLDINGS, INC., latest Feb 22, 2024 (2 filings since Feb 14, 2023)
- METEORA CAPITAL, LLC Filed SC 13G on QT IMAGING HOLDINGS, INC., latest Feb 14, 2024
- Polar Asset Management Partners Inc. Filed SC 13G/A on QT IMAGING HOLDINGS, INC., latest Feb 12, 2024 (2 filings since Feb 10, 2023)
- D. E. SHAW & CO, L.P. Filed SC 13G/A on QT IMAGING HOLDINGS, INC., latest Feb 14, 2023 (2 filings since Feb 22, 2022)
- QT IMAGING HOLDINGS, INC. Novato, California
Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What QT IMAGING HOLDINGS, 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
| Item | Latest | A year before | Change |
|---|---|---|---|
| Accumulated depreciation | $3.8M4 Dec 31, 2025 | $3.7M4 Dec 31, 2024 | +3.6% |
| Property and equipment, net | $318.0K4 Dec 31, 2025 | $196.0K4 Dec 31, 2024 | +62.2% |
| Finance-lease assets | $04 Dec 31, 2025 | $04 Dec 31, 2024 | |
| Operating-lease assets (leased space) | $573.0K4 Dec 31, 2025 | $935.0K4 Dec 31, 2024 | −38.7% |
Investments
| Item | Latest | A year before | Change |
|---|---|---|---|
| Cash and cash equivalents | $10.4M4 Dec 31, 2025 | $1.2M4 Dec 31, 2024 | +788.4% |
Inventory
| Item | Latest | A year before | Change |
|---|---|---|---|
| Inventory, total | $5.0M4 Dec 31, 2025 | $3.1M4 Dec 31, 2024 | +60.0% |
| Raw materials | $4.4M4 Dec 31, 2025 | $2.6M4 Dec 31, 2024 | +72.0% |
| Work in process | $614.0K4 Dec 31, 2025 | $279.0K4 Dec 31, 2024 | +120.1% |
| Finished goods | $23.0K4 Dec 31, 2025 | $310.0K4 Dec 31, 2024 | −92.6% |
Properties, in its own words
We currently maintain our corporate offices at 3 Hamilton Landing, Suite 160, Novato, CA.
Item 2 of the 10-K filed Mar 25, 2026.3
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
- Aug 31, 20268-K Executive or director change26
- Aug 18, 20268-K Regulation FD disclosure27
- Aug 12, 20268-K Results of operations; Other events28
- Jul 28, 20268-K Shareholder vote; Other events29
- May 21, 20268-K Entered a material agreement; Regulation FD disclosure; Other events30
- May 13, 20268-K Results of operations; Other events31
- Mar 25, 20268-K Results of operations; Other events32
- Mar 25, 20268-K Executive or director change33
- Feb 25, 20268-K Regulation FD disclosure34
- Feb 18, 20268-K Results of operations; Other events35
- Feb 6, 20268-K Other events36
- Jan 27, 20268-K Other events37
- Mar 6, 2024New chief executive John C. Klock Jr. becomes CEO10
- Sep 23, 2021New chief executive Raluca Dinu becomes CEO11
Calendar
Coming up
- Nov 9, 2026Reports results for the quarter ending Sep/202638
When it reported results
- Aug 12, 2026Reported quarterly or annual results28
- May 13, 2026Reported quarterly or annual results31
- Mar 25, 2026Reported quarterly or annual results32
- Feb 18, 2026Reported quarterly or annual results35
- Nov 10, 2025Reported quarterly or annual results39
- Aug 7, 2025Reported quarterly or annual results40
- May 13, 2025Reported quarterly or annual results41
- Mar 31, 2025Reported quarterly or annual results42
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
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, 202643
- Alyeska Investment Group, L.P.SCHEDULE 13G, 1 filing Feb 17, 202644
- Lynrock Lake LPSCHEDULE 13G/A, 3 filings Nov 14, 2024 to Feb 17, 202645
- Avi S. KatzSCHEDULE 13D/A, 7 filings Jul 3, 2024 to Apr 30, 202546
- Raluca DinuSCHEDULE 13D/A, 2 filings Apr 2, 2025 to Apr 30, 202547
- Emil D. KakkisSCHEDULE 13G, 1 filing Mar 26, 202548
- GigAcquisitions5, LLCSC 13D, 1 filing Mar 18, 202449
- John C. Klock Jr.SC 13D, 1 filing Mar 18, 202450
- Shaolin Capital Management LLCSC 13G/A, 2 filings Feb 14, 2023 to Feb 22, 202451
- METEORA CAPITAL, LLCSC 13G, 1 filing Feb 14, 202452
- Polar Asset Management Partners Inc.SC 13G/A, 2 filings Feb 10, 2023 to Feb 12, 202453
- D. E. SHAW & CO, L.P.SC 13G/A, 2 filings Feb 22, 2022 to Feb 14, 202354
- Weiss Asset Management LPSC 13G/A, 2 filings Feb 11, 2022 to Jan 30, 202355
- HIGHBRIDGE CAPITAL MANAGEMENT LLCSC 13G/A, 3 filings Dec 23, 2021 to Jan 25, 202356
- MILLENNIUM MANAGEMENT LLCSC 13G/A, 2 filings Jul 6, 2022 to Jan 9, 202357
- Space Summit Capital LLCSC 13G/A, 2 filings Oct 1, 2021 to Feb 2, 202258
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.
| Year | Executive | Age | Salary | Total pay |
|---|---|---|---|---|
| 2025 | Chief Executive Officer & Class III Director | $493.1K | $797.7K59 | |
| 2025 | Chief Financial Officer | $113.8K | $644.4K59 | |
| 2025 | Former Chief Financial Officer | $302.6K | $509.7K59 | |
| 2024 | Dr. Raluca Dinu | 52 | $359.7K | $638.8K59 |
| 2024 | Anastas Budagov | 37 | $290.8K | $507.9K59 |
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.
SEC filer profile
How QT IMAGING HOLDINGS, INC. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGARQT IMAGING HOLDINGS, INC.1
- CIK0001844505
- Employer ID (EIN)86-17289203
- Filer statusNon-accelerated filer an emerging growth company; a smaller reporting company; not a shell company3
- Incorporated inDelaware3
- Fiscal year endsDecember 311
- Industry code (SIC)3845 Electromedical & Electrotherapeutic Apparatus1
- SEC reviewing officeOffice of Industrial Applications and Services, Division of Corporation Finance1
- Business address3 Hamilton Landing, Suite 160, Novato, CA 949491
- Phone415-842-72501
- Shares outstanding14,636,524 as of Aug 12, 20269
- Public float$32.5M as of Jun 30, 20253
- AuditorBPM LLP, San Jose, California PCAOB ID 207; no auditor attestation of internal control over financial reporting3
- On EDGAR sinceFeb 23, 20211
- Filings430 in all: 8-K (110), 4 (62), 425 (36), CORRESP (23), UPLOAD (19), 3 (18), 424B3 (17), 10-Q (15)1
All 40 form types
S-1/A (10), EFFECT (9), S-4/A (9), SC 13G (9), SC 13G/A (8), S-8 (7), DEF 14A (6), DEFA14A (6), PRE 14A (6), 10-K (5), 8-K/A (5), 4/A (4), S-1 (4), SC 13D/A (4), 10-Q/A (3), 424B7 (3), 8-A12B (3), CERT (3), POS AM (3), SC 13D (3), SCHEDULE 13G (3), SCHEDULE 13G/A (3), 25-NSE (2), PRER14A (2), SCHEDULE 13D (2), SCHEDULE 13D/A (2), 10-K/A (1), 424B4 (1), 424B5 (1), DRS (1), S-3 (1), S-4 (1)
- Latest filingsAnnual report (10-K) Mar 25, 2026
Quarterly report (10-Q) Aug 12, 2026
Proxy statement (DEF 14A) Jul 2, 2026
Latest 8-K (8-K) Aug 31, 2026
Securities registered for trading
| Class | Symbol | Exchange |
|---|---|---|
| Common Stock, par value $0.0001 per share | QTI | The Nasdaq Stock Market LLC |
From the cover page of the 10-K filed Mar 25, 2026 (Section 12(b) of the Exchange Act).3
Risk factors and legal proceedings
The risks QT IMAGING HOLDINGS, INC. names in Item 1A of its 10-K filed Mar 25, 2026: 76 risks under these headings, as written.3
- of operations, and growth prospects. In such an event, the market price of our common stock could decline, and you may lose all or part of your investment. The following discussion should be read in conjunction with the respective consolidated financial statements of the Company, and the notes to the consolidated financial statements included therein.
- Risks Related to Our Business, Financial Condition, and Need for Additional Capital
- We are a development-stage company with limited operating history and significant losses since inception which may make it difficult to evaluate prospects for our future viability and predict our future performance. We may never be able to effectuate our business plan or achieve any meaningful revenue or reach profitability.
- We may not be able to successfully execute our business model.
- We have a limited operating history. If we successfully commercially launch the QT Breast Scanner, products under development that are cleared by the FDA and other regulatory agencies, and they do not achieve widespread market acceptance, we will not be able to generate the revenue necessary to support our business.
- The success of our business model is subject to numerous risks and uncertainties.
- We may need to raise additional capital, which may not be available on favorable terms, if at all, and which may cause dilution to stockholders, restrict our operations or adversely affect our ability to operate our business.
- Our ability to generate the amount of cash needed to pay interest and principal on any indebtedness and our ability to refinance all or a portion of our indebtedness or obtain additional financing depends on many factors beyond our control.
- Our debt agreements contain restrictions that may limit our flexibility in operating our business.
- We are highly dependent on the successful development, marketing and sale of our breast imaging device and on other products and product candidates which are still in the development stage.
- Products utilizing our technology may need to be approved or cleared by the FDA and similar regulatory agencies worldwide. We may not receive additional clearances and approvals from the FDA for the QT Breast Scanner, or may be delayed in receiving the necessary approval or clearance for our future products, which would adversely affect business, financial condition, results of operations and prospects.
- •“The QT Breast Scanner is for use as an ultrasonic imaging system to provide reflection-mode and transmission-mode images of a patient’s breast. The QT Breast Scanner software also calculates the breast fibroglandular volume and total breast volume. The device is not intended to be used as a replacement for screening mammography”—FDA 510(k) K162372 and K220933
The other 65 risks
- •“The QT Breast Scanner Model 2000A satisfies the requirements of the Certification Mark of the ECM [CE Mark Certification of the European Union]—No. 0P210730.QTUTQ02”
- Our industry is highly competitive and is subject to technological change, which may result in new products or solutions that are superior to our technology or other future products we may bring to market from time to time.
- We expect to depend on third parties to manufacture a portion of the QT Breast Scanners that we sell and products under development and to supply certain component parts. Our reliance on third-party manufacturers and suppliers involves certain risks that may result in, among others, increased costs, quality or compliance issues, or failure to timely manufacture the QT Breast Scanner and products under development, any of which could materially harm our business.
- We may experience development or manufacturing problems and higher costs, or delays that could limit our revenue, if any, or increase our losses.
- We plan to do business globally, including in certain countries where we might have limited resources and would be subject to additional regulatory burdens and other risks and uncertainties.
- We conduct business in the Kingdom of Saudi Arabia and the UAE and military conflicts and geopolitical instability in the Middle East, including U.S. and Israeli military actions against Iran, could disrupt global markets and adversely affect our business and finances.
- If in the future we are approved for and are otherwise able to commercialize any of our products or services, but are unable to obtain adequate reimbursement or insurance coverage from third-party payors, we may not be able to generate significant revenue, in which case we may need to obtain additional financing.
- Recent changes in the United States related to payment policies for imaging procedures could have a negative impact on the utilization of our imaging services.
- Billing complexities associated with obtaining payment or reimbursement may negatively affect our revenue, cash flow and profitability.
- Any key supplier or distribution agreements that we have established or may establish in the future may not be successful or we may otherwise not realize the anticipated benefits from these agreements. We do not control third parties with whom we have or may have agreements, and we will rely on them to achieve results which may be significant to us. In addition, any current or future agreements may place the development and commercialization of our technology outside our control, may require us to relinquish important rights or may otherwise be on terms unfavorable to us.
- Even if we obtain all necessary FDA approvals, our products and product candidates may not achieve or maintain market acceptance.
- The outcome of any future claims and litigation could have a material adverse impact on our business, financial condition and results of operations.
- We could become subject to product liability claims, product recalls, and warranty claims that could be expensive, divert management’s attention and harm our business reputation and financial results.
- We do not expect to carry any business interruption insurance or any other insurance (except for director and officer, property and product liability insurance). As a result, we may incur uninsured losses, increasing the possibility that you would lose your entire investment in our company.
- The mishandling or the perceived mishandling of sensitive information, or the occurrence of data security breaches, could harm our business.
- Our business and operations would suffer in the event of computer system failures, cyber-attacks or deficiencies in our cyber-security.
- Cyber-attacks and security vulnerabilities could lead to reduced revenue, increased costs, liability claims, or harm to our competitive position.
- We are exposed to data and cybersecurity risks that could result in data breaches, service interruptions, ransomware and demands, harm to our reputation, protracted and costly litigation or significant liability.
- If we fail to maintain properly the integrity or availability of our data or successfully consolidate, integrate, upgrade or expand our existing information systems, or if our technology products do not operate as intended, our business could be materially and adversely affected.
- If significant tariffs or other restrictions related to “trade wars” are placed on U.S. made products or any related counter-measures are taken by any of the countries in which we operate or expect to operate, our revenue and results of operations may be materially harmed.
- Our business may be impacted by changes in general economic conditions.
- Technological change may adversely affect sales of our products and may cause our products to become obsolete.
- Employee attrition may have an adverse impact on our business, results of operations or internal controls.
- We plan to expand our operations and may not be able to manage our growth effectively, which could strain our resources and delay or derail implementation of our business objectives.
- If we do not manage our growth or control costs related to growth, our financial condition, results of operations and future growth prospects will suffer.
- If we are unable to anticipate or keep pace with changes in the marketplace and the direction of technological innovation and customer demands, our technology may become less useful or obsolete and our operating results and financial condition will suffer.
- We may be unable to sustain revenue growth or profitability.
- Our marketing efforts, including any social media marketing efforts that we may implement in the future, may expose us to additional regulatory scrutiny, including from the FTC and other consumer protection agencies and regulators.
- Risks Related to Healthcare Industry Shifts and Government Regulation
- We are subject to extensive government regulation, which could restrict the development, marketing, sale and distribution of our products and services, and could cause us to incur significant costs.
- Failure to comply with applicable regulation in the United States and in the countries where we will sell and distribute our products could harm our business.
- We may not receive, or may be delayed in receiving, the necessary clearances or approvals for our future products, and failure to timely obtain necessary clearances or approvals for our future products would adversely affect our ability to grow our business.
- Recent initiatives by the FDA to enhance and modernize various regulatory pathways for device products and its overall approach to safety and innovation in the medical technology industry creates the possibility of changing product development costs, requirements, and other factors and additional uncertainty for the Company’s future products and business.
- Failure to comply with post-marketing regulatory requirements could subject us to enforcement actions, including substantial penalties, and might require us to recall or withdraw a product from the market.
- Our products must be manufactured in accordance with federal, state and foreign regulations, and we could be forced to recall our devices or terminate production if we fail to comply with these regulations.
- We have limited experience in identifying and working with large-scale contracts with medical device manufacturers.
- The misuse or off-label use of our products may harm our reputation in the marketplace, result in injuries that lead to product liability suits or result in costly investigations, fines or sanctions by regulatory bodies if we are deemed to have engaged in the promotion of these uses, any of which could be costly to our business.
- Our products may cause or contribute to adverse medical events or be subject to failures or malfunctions that we are required to report to the FDA, and if we fail to do so, we would be subject to sanctions that could harm our reputation, business, financial condition and results of operations. The discovery of serious safety issues with our products, or a recall of our products either voluntarily or at the direction of the FDA or another governmental authority, could have a negative impact on us.
- Our QT Breast Scanner technology may become obsolete.
- Our relationships with customers and third-party payors will be subject to applicable anti-kickback, fraud and abuse and other healthcare laws and regulations, which could expose us to criminal sanctions, civil penalties, contractual damages, reputational harm and diminished profits and future earnings.
- Changes in laws or regulations relating to data protection, or any actual or perceived failure by us to comply with such laws and regulations or our privacy policies, could materially and adversely affect our business or could lead to government enforcement actions and significant penalties against us, and adversely impact our operating results.
- Any restrictions on our ability to obtain or use data could harm our business.
- If we do not obtain and maintain international regulatory registrations, clearances or approvals for our products, we will be unable to market and sell our products outside of the United States.
- Legislative or regulatory reforms in the United States or the EU may make it more difficult and costly for us to obtain regulatory clearances or approvals for our products or to manufacture, market or distribute our products after clearance or approval is obtained.
- Healthcare reform laws could adversely affect our products and financial condition.
- Disruptions at the FDA and other government agencies caused by funding shortages or global health concerns could hinder their ability to hire, retain or deploy key leadership and other personnel, or otherwise prevent new or modified products from being developed, cleared or approved or commercialized in a timely manner or at all, which could negatively impact our business.
- Consolidation in the U.S. healthcare industry may negatively impact our results of operations.
- Failure to comply with anti-bribery and anti-corruption laws could subject us to penalties and other adverse consequences.
- Changes in accounting principles or their application to us could result in unfavorable accounting charges or effects, which could adversely affect our results of operations and growth prospects.
- If our judgments or estimates relating to our critical accounting policies are based on assumptions that change or prove to be incorrect, our results of operations could fall below expectations of securities analysts and investors, resulting in a decline in our stock price.
- We could be subject to additional tax liabilities.
- Risks Related to Our Intellectual Property
- It is difficult and costly to protect our intellectual property and our proprietary technologies, and we may not be able to ensure their protection.
- If we are unable to protect or enforce our patents or other proprietary rights, or if we become subject to claims or litigation alleging infringement of the patents or other proprietary rights of others, our competitiveness and business prospects may be materially damaged.
- Patent terms may be inadequate to protect our competitive position on our future products for an adequate amount of time.
- Claims that our technology or our future products or the sale or use of our future products infringe the patents or other intellectual property rights of third parties could result in costly litigation or could require substantial time and money to resolve, even if litigation is avoided.
- Obtaining and maintaining patent protection depends on compliance with various procedural, document submission, fee payment and other requirements imposed by governmental patent agencies, and our patent protection could be reduced or eliminated if we or our future licensors do not comply with these requirements.
- We may be subject to claims that our employees, consultants or advisers have wrongfully used or disclosed alleged trade secrets of their former employers or claims asserting ownership of what we regard as our own intellectual property.
- If our trademarks and trade names are not adequately protected, then we may not be able to build name recognition in our markets of interest and our business may be adversely affected.
- Our rights to develop and commercialize our products may be subject to the terms and conditions of licenses and sublicenses granted to us by third parties.
- We may be required to pay certain milestones and royalties and fulfill other obligations under our license agreements with third-party licensors.
- If we choose to license our technology to third parties, this could result in disputes or otherwise limit our future operations.
- We may in the future be subject to intellectual property rights claims, which are extremely costly to defend, could require us to pay significant damages and could limit our ability to use certain technologies.
- Risks Related to Our Management
- We are highly dependent on key members of our executive management team. Our inability to retain these individuals could impede our business plan and growth strategies, which could have a negative impact on our business and the value of your investment.
- Our management team has limited experience managing a public company.
- Certain of our directors and/or officers may have interests that compete with ours.
- Our lack of adequate directors and officers insurance may also make it difficult for us to retain and attract talented and skilled directors and officers.
Legal proceedings
We are not currently subject to any material legal proceedings, nor, to our knowledge, is any material legal proceeding threatened against us or any of our officers or directors in their corporate capacity.
The opening of Item 3, Legal Proceedings.3
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
- 26SEC EDGARExecutive or director change
- 27SEC EDGARRegulation FD disclosure
- 28SEC EDGARResults of operations; Other events
- 29SEC EDGARShareholder vote; Other events
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- 31SEC EDGARResults of operations; Other events
- 32SEC EDGARResults of operations; Other events
- 33SEC EDGARExecutive or director change
- 34SEC EDGARRegulation FD disclosure
- 35SEC EDGARResults of operations; Other events
- 36SEC EDGAROther events
- 37SEC EDGAROther events
- 38NasdaqNasdaq calendar
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