Spectral AI, Inc. Class A (MDAI)

Several events have impacted Spectral AI, Inc.'s stock in the past six months. The Q3 2025 earnings report announced an EPS of -$0.13, missing analysts' consensus estimates. The company filed a Follow-on Equity Offering in the amount of $0.9 million. There were changes to its Board of Directors. Spectral AI incorporated frontline feedback into an improved software release. Spectral AI participated in National Burn Awareness Week. The company's DeepView™ System was featured at US Burn Conferences. As of February 5, 2026, the share price was $1.50, down from $1.99 on February 6, 2025, and the stock underperformed the US Medical Equipment industry and the broader US Market over the past year.

Information regarding the specific demand seasonality for Spectral AI, Inc.'s products and services is not explicitly available. However, the company's focus on medical diagnostics for wound care suggests that demand might be relatively consistent throughout the year. The company's revenue is also driven by government contracts, which would likely provide a more stable revenue stream independent of seasonal consumer demand. The company anticipates realizing its first commercial product revenue in the second half of 2025, with plans to expand commercial revenue across four DeepView System platforms within the next three years.

Spectral AI, Inc. is an AI company focused on predictive medical diagnostics for wound care, operating in the Healthcare sector and Medical Devices industry. The company's core product is the DeepView® System, which uses AI and Multi-Spectral Imaging to assess wound healing potential, distinguishing between different tissue characteristics. The system includes the DeepView SnapShot imaging device and the AI-Burn software, initially targeting burn care and diabetic foot ulcers.

Spectral AI, Inc. is headquartered in Dallas, Texas, with a primary focus on the U.S. market for predictive medical diagnostics. While its initial commercialization efforts are centered in the U.S., the company has ongoing product development and clinical activities internationally, with expectations to generate commercial revenue across its DeepView System platforms in the U.S. and internationally within the next three years.

Spectral AI's brand reputation received a boost when the company was named to TIME's World's Top HealthTech Companies 2025 list in September 2025. This recognition highlights Spectral AI's innovative contributions to the healthcare technology sector and is expected to enhance its reputation and credibility among investors, partners, and customers.

Spectral AI, Inc. has significant institutional ownership, with 67.08% of its stock held by institutional investors. A total of 33 institutional owners and shareholders have filed 13D/G or 13F forms, holding 3,375,945 shares. Major institutional owners include Highlander Partners, L.P., Vanguard Group Inc., and others. Significant individual owners include Erich Spangenberg (15.6%) and John Michael Dimaio (8.158%), who is also the company's Chairman of the Board.