# SPECTRAL AI, INC. (MDAI) · Edgar & Edgarette company card

> Spectral Ai (MDAI) saw revenue fall 33.6% in FY2025 to $20 million, operating margin -43.8% against a 1.2% median for surgical & medical instruments & apparatus, equity -26.8% of assets. Every figure is from the company’s own annual report filed with the SEC.

SEC CIK 1833498 · fiscal year ended 2025-12-31 · 4 audited years read · [page](https://www.pops4.com/boards/company/MDAI) · [JSON](https://www.pops4.com/boards/company/MDAI.json)

## Figures, as filed in the 10-K

| Measure | Value |
|---|---|
| Revenue | $20M |
| Revenue growth, 1 year | -33.6% |
| Revenue growth per year | -8.2% |
| Operating margin | -43.8% (prior year -22.3%) |
| Net margin | -38.5% |
| Operating cash flow | −$10M |
| Capital spending | — |
| Free cash flow | — |
| Cash | $15M |
| Long-term debt | $9M |
| Total assets | $21M |
| Total equity | −$6M |
| Equity ÷ assets | -26.8% |
| Return on equity | — |
| Dividend per share | — |
| Dividend years rising | — |

## Readings, computed from those figures

- Altman Z: -11.78 (distress zone)
- Piotroski F: 3 of 9 (middling)
- Health Harbor boat: Rotting at the dock · four or more warning signs · liabilities exceed assets (often from years of share buybacks, not always distress); slow and jumpy: growing slower than its size class, with revenue that swings more; operating cash flow was negative; operating loss: a margin of -43.8% in FY2025; revenue is hard to predict: its 80% range is ±65%
- Cash Compass: In between · no clear cash pattern yet

## Edgarette's reading

Exposure: revenue $19.6M (FY2025), total debt $9.3M. Experience: revenue down 33.6% on the year, down 8.2% a year over 3 years; operating margin -43.8%, down from -22.3%. Soundness: equity -26.8% of assets (liabilities exceed assets). Credibility: four or more audited years, reasonable weight. Range: 80% of past cases like this landed between $7.1M and $33.0M next year (method v4.1: its own 3-year record of growth weighed at 40% against under $50M filers; across 2019–2025, 69.0% landed inside, 83.4% on the one year the method never saw). In a shock year the stress range is $6.4M to $36.8M. A statistical range, not company guidance. Against peers (60 filers, $50M+ revenue, surgical & medical instruments & apparatus): operating margin -43.8% against a 1.2% median; growth -33.6% against 11.6%.

Range logged 2026-09-29, receipt 03f61ac7d12f4647, status open. A statistical range, not company guidance.

## Health Watch, last 12 months

- Item 5.02 Director or officer change: 6, latest 2026-07-08 ([filing](https://www.sec.gov/Archives/edgar/data/1833498/000121390026076349/0001213900-26-076349-index.htm))

## Recent filings

- 8-K · filed 2026-09-15 · 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1833498/000121390026100119/0001213900-26-100119-index.htm)
- 8-K · filed 2026-08-12 · 2.02 Results of Operations and Financial Condition; 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1833498/000121390026088341/0001213900-26-088341-index.htm)
- 10-Q · filed 2026-08-11 · [filing](https://www.sec.gov/Archives/edgar/data/1833498/000121390026087764/0001213900-26-087764-index.htm)
- 8-K · filed 2026-07-08 · 5.02 Departure or Election of Directors; Appointment of Officers; 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1833498/000121390026076349/0001213900-26-076349-index.htm)
- 8-K · filed 2026-06-01 · 5.07 Submission of Matters to a Vote of Security Holders; 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1833498/000121390026063486/0001213900-26-063486-index.htm)
- 8-K · filed 2026-05-26 · 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1833498/000121390026061008/0001213900-26-061008-index.htm)

## Sources

- facts: https://data.sec.gov/api/xbrl/companyfacts/CIK0001833498.json
- filings: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1833498

## Cite

POPS4, Edgar & Edgarette: SPECTRAL AI, INC. (MDAI) company card, from the company's own SEC filings, accessed 2026-11-04, https://www.pops4.com/boards/company/MDAI. CC BY 4.0. For a figure, add the filing URL under filings or sources.

DOI https://doi.org/10.5281/zenodo.23672509 · catalog https://www.pops4.com/boards/catalog.json · Figures as filed with the SEC. Card text CC BY 4.0, POPS4.

Reporting, not investment advice. No price targets and no trading recommendations.

Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.