Spectral AI (NASDAQ:MDAI) Releases Quarterly Earnings Results

Spectral AI (NASDAQ:MDAI) posted its earnings results on Tuesday. The company reported $0.02 EPS for the quarter, FiscalAI reports. The business had revenue of $3.85 million during the quarter.

Here are the key takeaways from Spectral AI’s conference call:

• Company submitted a De Novo application to the FDA in June 2025, received an additional information request which it says was responded to, and is hopeful for a positive FDA determination before the end of Q2 2026 — approval remains uncertain.
• Spectral received a $31.7 million BARDA advance (part of up to $150M Project BioShield funding) to accelerate DeepView enhancements (TBSA tool, EHR integration) and BARDA can subsidize placement of up to 30 initial systems plus an additional 140 systems post-approval.
• Financially, cash improved to $15.4 million at year-end (tripling from 2024), Q4 2025 produced $0.6M net income and the full-year net loss narrowed to $7.6M, which management says provides runway into commercialization.
• Commercial preparations are underway — hiring a Chief Commercial Officer, engaging Deloitte, expanding sales/BME teams, targeting initial U.S. placements in late 2026 with a broader ramp in 2027–2028, and pursuing updated UKCA/international launches thereafter.

Spectral AI Stock Performance

MDAI stock traded down $0.07 during midday trading on Tuesday, reaching $1.65. The stock had a trading volume of 3,080,876 shares, compared to its average volume of 641,911. The firm has a fifty day simple moving average of $1.53 and a two-hundred day simple moving average of $1.75. Spectral AI has a 52-week low of $1.04 and a 52-week high of $3.21. The stock has a market cap of $50.64 million, a PE ratio of -2.23 and a beta of 0.98.

Hedge Funds Weigh In On Spectral AI

Several institutional investors have recently made changes to their positions in MDAI. Hudson Bay Capital Management LP acquired a new stake in shares of Spectral AI in the fourth quarter worth approximately $2,168,000. DNB Asset Management AS raised its stake in Spectral AI by 85.2% in the 4th quarter. DNB Asset Management AS now owns 136,473 shares of the company’s stock valued at $194,000 after purchasing an additional 62,768 shares during the last quarter. Jane Street Group LLC purchased a new position in Spectral AI in the 4th quarter valued at $75,000. Virtu Financial LLC acquired a new stake in Spectral AI during the 4th quarter worth $75,000. Finally, XTX Topco Ltd acquired a new stake in Spectral AI during the 2nd quarter worth $123,000. 67.08% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Spectral AI in a report on Monday, December 22nd. BTIG Research reaffirmed a “buy” rating and set a $3.00 target price on shares of Spectral AI in a research report on Tuesday, February 10th. Two analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, Spectral AI presently has an average rating of “Hold” and a consensus price target of $3.25.

About Spectral AI

Spectral AI, Inc (NASDAQ: MDAI) is a technology company focused on delivering advanced analytics and insights through the application of machine learning to multi-spectral and hyperspectral data. Its core platform ingests imagery from satellites, aerial drones and ground-based sensors, applying proprietary algorithms to identify patterns and anomalies invisible to the naked eye. The company’s solutions are designed to help clients make more informed decisions in areas such as agriculture, environmental monitoring, infrastructure inspection and resource exploration.

The company offers a cloud-native software-as-a-service (SaaS) platform that enables users to visualize and analyze large volumes of spectral data via customizable dashboards.