Spectral AI, Inc.
MDAINasdaqHealthcare · Surgical & Medical Instruments & Apparatus · DE · SEC filings ↗ · Compare ⊕
View price & chart on Yahoo Finance ↗Financials
SEC XBRL · annual| FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | |
|---|---|---|---|---|---|---|
| Revenue | $19.6M | $29.6M | $18.1M | $25.4M | — | — |
| Operating income | −$8.6M | −$6.6M | −$13.0M | −$2.6M | −$3.4M | −$675 |
| Net income | −$7.6M | −$15.2M | −$20.9M | −$2.9M | −$2.1M | −$675 |
| Total assets | $21.4M | $12.1M | $10.7M | $18.7M | $254.1M | $164,899 |
| Total liabilities | $27.1M | $19.3M | $12.4M | $6.7M | $21.9M | $140,574 |
| Equity | −$5.7M | −$7.3M | −$2.1M | $12.0M | $13.8M | $24,325 |
| EPS (diluted) | $-0.29 | $-0.85 | $-1.48 | $-0.22 | — | — |
| Shares out. | 25.3M | 17.5M | 16.3M | 13.2M | — | — |
Reported figures from the company's SEC filings (XBRL). Blank where a line item isn't cleanly tagged — never estimated.
Key ratios
from filings · FY2025- Operating margin
- −43.8%
- Net margin
- −38.5%
- Return on equity
- 132.2%
- Return on assets
- −35.4%
- Return on capital (ROCE)
- −1104.4%
- Liabilities / assets
- 126.8%
- Debt / equity
- —
- Book value / share
- $-0.23
- Revenue growth (YoY)
- −33.6%
- Net income growth (YoY)
- —
Computed from the company's own SEC figures — no market price, so these are facts, not a valuation. Book value per share is reported equity ÷ shares; it is not the stock price.
Financial health
forensic scores · FY2025- Altman Z″ (distress)
- -11.78distress
- Accruals / assets
- 11.0%high accruals
- Beneish M-Score
- -2.36normal
- Piotroski F-Score
- 3/9weak
Altman Z″is a textbook bankruptcy-distress score from book values only (>2.6 safe · 1.1–2.6 grey · <1.1 distress). Accruals = (net income − operating cash flow) ÷ assets; persistently high accruals are an earnings-quality red flag. Beneish M-Scoreis an eight-ratio screen comparing this year with last (M > −1.78 = elevated manipulation-risk screen, not proof). Piotroski F-Scorecounts how many of nine fundamental-health checks pass (shown as passed / applicable; we use operating margin and total liabilities as documented proxies where the exact input isn't XBRL-tagged). Computed from SEC filings — descriptive factors, not advice or a forecast.
Quality score
EDS ScoreOur own multi-factor score from free SEC data — profitability, growth, financial strength, earnings quality, and event/ownership catalysts. No market price and no licensed model: each axis is the share of source-backed checks it passes. Descriptive factors, not advice or a forecast. What these scores mean →
Signs
● 3 severe● 6 warning● 1 good- Negative shareholder equity
- Altman Z″ in the distress zone
- Filed a late-filing notice (Form NT) — missed an SEC deadline
- Operating losses (negative operating margin)
- Reported a net loss
- Revenue declined year-over-year
- High leverage (liabilities > 70% of assets)
- Negative operating cash flow
- High accruals — earnings-quality risk
- Strong return on equity (>15%)
Derived from the company's own SEC figures (fundamentals, forensic scores, filing discipline) — descriptive factors, not advice or a forecast.
Risk flags
late SEC filings- NT 10-Qmissed a reporting deadline ↗Nov 16, 2021
- NT 10-Qmissed a reporting deadline ↗May 18, 2021
A Form NT means the company notified the SEC it would file a periodic report late — often an accounting, audit or liquidity warning sign. Also search SEC enforcement actions for this company.
5%+ owners
SEC Schedule 13D / 13G · last 3 yrs- Hudson Bay Capital Management LpPassive (13G)May 8, 2026
- Spangenberg ErichActivist (13D)Mar 18, 2026
- Hirsch Laurence EPassive (13G)Aug 14, 2025
Holders who disclosed a 5%+ stake. 13D signals intent to influence or control; 13G is a passive holding. Latest filing per holder — open it for the exact stake.
Short interest
FINRA · bi-monthly| Settlement | Shares short | Days to cover | Δ vs prior |
|---|---|---|---|
| May 15, 2026 | 2.1M | 3.4 | +3.2% |
| Apr 30, 2026 | 2.0M | 5.5 | +23.5% |
| Apr 15, 2026 | 1.6M | 3.3 | +10.4% |
| Mar 31, 2026 | 1.5M | 1.0 | -12.6% |
| Mar 13, 2026 | 1.7M | 7.5 | +12.2% |
Shares sold short as reported to FINRA. Days-to-cover = short shares ÷ average daily volume — higher means more potential squeeze pressure.
Material events
SEC Form 8-K · most recent- Shareholder vote · Regulation FD disclosureJun 1, 2026
- Regulation FD disclosureMay 26, 2026
- Director / officer changeApr 22, 2026
- Director / officer change · Regulation FD disclosureApr 8, 2026
- Results of operations · Regulation FD disclosureMar 25, 2026
- Regulation FD disclosureMar 20, 2026
- Director / officer change · Regulation FD disclosureFeb 10, 2026
- Director / officer changeFeb 3, 2026
Events the company reported on Form 8-K, labelled by the SEC item code it filed under — its own classification, not our interpretation.
Recent SEC filings
All filings ↗- 8-KCURRENT REPORTJun 1, 2026
- 4Jun 1, 2026
- 4May 27, 2026
- 8-KCURRENT REPORTMay 26, 2026
- 4May 20, 2026
- 4May 18, 2026
- 4May 18, 2026
- 10-QQUARTERLY REPORTMay 13, 2026
- SCHEDULE 13G/AMay 8, 2026
- 4Apr 27, 2026
- 4Apr 27, 2026
- 4Apr 27, 2026
- 4Apr 27, 2026
- 8-KCURRENT REPORTApr 22, 2026
- DEFA14ADEFINITIVE ADDITIONAL MATERIALSApr 16, 2026
Event-driven situations (3)
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