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Spectral AI, Inc. (MDAI) stock

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NASDAQ: MDAI Nasdaq Health Care Equipment Next results ~November 10, 2026

D Fundamentals grade

Spectral AI, Inc. is a US-listed company in the health care equipment industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$0.7

Valuation models combined (2)

Base case. Range ~$0.6–$1.2. Weighted average of 2 models (growth cash-flow model, forward price-to-sales vs peers), the growth cash-flow model counting double.

Price vs value

No Buy/Hold/Sell rating is issued: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Spectral AI, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Funds23 adding, 5 cuttingOf 3 active managers that changed their stake, 3 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Spectral AI files

Where Spectral AI stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $15m, down 44.1% on a year earlier, a steeper fall than the 43.5% decline a quarter earlier. That puts it 100 of 103 for growth among the health care equipment companies we cover. Free-cash-flow margin fell to -84.4% from -21.9% a year earlier. Operating margin narrowed to -77.2% from -18.2%. The diluted share count is up 38.4% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 2 of our 5 financial-health checks. Our price-to-sales vs peers value is $0.46 a share, against a share price of $1.55.

Source: 10-Q filed August 11, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 10, 2026 (estimated)

Spectral AI, Inc.'s trailing-twelve-month revenue fell 44.1% year on year, with a free-cash-flow margin of -84.4%. Where it stands out: days sales outstanding of 28 days ranks 11 of 118 health care equipment companies we cover. Where it lags: revenue growth of -44.1% ranks 126 of 129 health care equipment companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 115.1% while net income grew 28.8%: a 144pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Net cash. Cash exceeds long-term debt by $0.0bn.

Things to watch

  • Revenue shrinking. Revenue fell 44.1% over the last 12 months.
  • Loss-making. Operating margin is -77.2%: costs exceed revenue.
  • Margins narrowing. Operating margin is down 59.0 points on a year ago.
  • Burning cash. Free cash flow was -84.4% of revenue over the last 12 months.
  • Share dilution. Diluted shares rose 38.4% in a year.
  • Volatile shares. Over the past year the shares showed annualised volatility of 63% and a beta of 1.2 against the S&P 500.

Latest results: FY2026 Q2

Filed August 11, 2026
Earnings per share
-$0.13 against an average estimate of -$0.14: beat by 3.7%
Revenue
$4m, down 30.4% on a year earlier
Share reaction
+1.2% in the first session after the results on August 12, 2026, against +0.9% for the S&P 500
Guidance given
revenue $18.5m (the year ending December 31, 2026)
Next report
November 10, 2026

Spectral AI's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-0.7%
  • 1 week+1.3%
  • 1 month-8.4%
  • This year+7.0%
  • 1 year-28.6%
  • 5 years-84.4%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$15.4M
Operating margin
-77.2%
Net margin
-65.5%
EPS (TTM, diluted)
$-0.34

Growth

Revenue growth
−44.1%
Change in growth rate
−0.6 pts
Share count change
+38.4%

Cash

Free cash flow (TTM)
-$13M
FCF margin
-84.4%
Stock pay % of revenue
10.0%

Earnings

Last results
August 12, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Announcement
  2. Results
  3. Guidance
  4. Leadership

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Spectral AI, Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Valuation models

We value Spectral AI, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 9.7%: the 10-year Treasury yield (4.9%) plus a beta of 1.05 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$0.6 Primary model, counts double
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: no positive earnings in the latest twelve months
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: book value or earnings not available
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$1.2 ~$1.3–$4.7 Included, half weight
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. — Does not apply: revenue and margins don't support a positive value
Combined value Weighted average of the models that apply: the primary model (growth cash-flow model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$0.7 ~$0.6–$1.2 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Spectral AI, Inc. with Health Care Equipment in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 2022202320242025Now
Share price$10.10$2.46$2.83$1.42$1.52
Market value$133m$35m$51m$38m$46m
+ Net debt (− = net cash)−$14m−$4m−$2m−$3m$914000
Enterprise value$119m$30m$49m$34m$47m
Multiples
Price / sales 5.2x1.9x1.7x1.9x3.0x
Price / earnings —————
Price / free cash flow —————
EV / EBITDA —————

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Low.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 10, 2026, after the close. Analysts expect revenue of $5m for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current −$0.47 −61% $19m −6%
Next −$0.28 +41% $32m +75%

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −7.6% on 90 days ago. In the last 30 days, 1 analyst raised Spectral AI, Inc.'s forecast and 0 cut it.

Consensus EPS forecast Spectral AI, Inc., last 90 days
−$0.60 −$0.40 −$0.20 $0.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: −$0.51 Current fiscal year, 60 days ago: −$0.51 Current fiscal year, 30 days ago: −$0.47 Current fiscal year, 7 days ago: −$0.47 Current fiscal year, Now: −$0.47 −$0.47 Next fiscal year, 90 days ago: −$0.35 Next fiscal year, 60 days ago: −$0.36 Next fiscal year, 30 days ago: −$0.31 Next fiscal year, 7 days ago: −$0.31 Next fiscal year, Now: −$0.28 −$0.28

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago −$0.51−$0.35
60 days ago −$0.51−$0.36
30 days ago −$0.47−$0.31
7 days ago −$0.47−$0.31
Now −$0.47−$0.28

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 −$0.14 −$0.13 +3.7%
Dec 2025 −$0.14 $0.02 +114.3%
Sept 2025 −$0.09 −$0.13 −52.9%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 12, 2026
  • revenue the year ending December 31, 2026 about $18.5m Maintained
    “The Company is reiterating revenue of approximately $18.5 million for the year ending December 31, 2026, primarily reflecting the continued development of the Company's DeepView System through the BARDA PBS Contract.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

1 analysts, Oct 2026
Buy1100%
Hold00%
Sell00%

Monthly trend

  1. Oct 202611
  2. Sep 202611
  3. Aug 202611
  4. Jul 202611

Counts of recommendations published by analysts covering Spectral AI, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
7.6%
of tradable shares
Days to cover
15.66
at average volume
Short interest, 1 month
−1%
to October 15, 2026
Held by institutions
20%
of shares
Held by insiders
13.4%
of shares
Employees
65
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −28.6%

$2.13 on October 31, 2025 to $1.52

ThenNowEffect
Revenue (last 12 months) $28m $15m −44.1%
P/S multiple 1.7x 3.0x +76.8%
Share count 22m 30m −27.8%

Biggest factor: revenue. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 20222023202420252026 to date
Return
MDAI+3%−76%+15%−50%+7%
Industry peers (median)−37%−8%−20%−16%−15%
S&P 500−18%+26%+25%+18%+11%
Months that ended higher
MDAI67%42%42%33%55%
S&P 50042%67%75%75%46%
Largest fall from a high during the year
MDAI−3%−83%−69%−62%−46%
S&P 500−25%−10%−8%−19%−9%

Worst fall since April 6, 2021: 94% from September 7, 2023 to September 24, 2024. Getting back needed a 1435% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$1.20 – $2.68
From 52-week high
−43.3%
vs 50-day average
−4.1%
vs 200-day average
−10.7%
Volatility (1 year)
63%
Beta vs S&P 500
1.23

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
3 up, 4 down
typical move ±5.0%
After a week
2 up, 5 down
typical move ±7.4%
After a month
3 up, 4 down
typical move ±13.4%
Results releasedNext dayS&P 500 next day5 days21 days
August 12, 2026 +1.2% +0.9% −5.3% −6.4%
March 25, 2026 −7.9% −1.2% −12.7% +11.5%
August 13, 2025 −5.8% +0.4% −8.5% −13.0%
May 14, 2025 −4.9% +0.6% −2.8% +38.7%
April 2, 2025 +2.5% −4.3% +4.2% +5.8%
March 29, 2024 +9.4% −0.2% +11.7% −12.7%
November 14, 2023 −3.6% +2.2% −6.4% −5.7%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Spectral AI, Inc. in five measures

Fundamentals grade D
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Spectral AI, Inc.
$15M $20M $25M $30M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $18.9M Revenue (TTM), FY23 Q4: $18.1M Revenue (TTM), FY24 Q1: $19.3M Revenue (TTM), FY24 Q2: $22.5M Revenue (TTM), FY24 Q3: $27.3M Revenue (TTM), FY24 Q4: $29.6M Revenue (TTM), FY25 Q1: $30M Revenue (TTM), FY25 Q2: $27.5M Revenue (TTM), FY25 Q3: $23.2M Revenue (TTM), FY25 Q4: $19.7M Revenue (TTM), FY26 Q1: $16.9M Revenue (TTM), FY26 Q2: $15.4M $15.4M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $18.9M
FY23 Q4 $18.1M
FY24 Q1 $19.3M
FY24 Q2 $22.5M
FY24 Q3 $27.3M
FY24 Q4 $29.6M
FY25 Q1 $30M
FY25 Q2 $27.5M
FY25 Q3 $23.2M
FY25 Q4 $19.7M
FY26 Q1 $16.9M
FY26 Q2 $15.4M
Revenue growth, TTM YoY Spectral AI, Inc.
-50% 0% 50% 100% FY24 Q2 FY24 Q4 FY25 Q2 FY25 Q4 FY26 Q2 Revenue growth, TTM YoY, FY24 Q2: 0.3% Revenue growth, TTM YoY, FY24 Q3: 44.5% Revenue growth, TTM YoY, FY24 Q4: 63.8% Revenue growth, TTM YoY, FY25 Q1: 55.2% Revenue growth, TTM YoY, FY25 Q2: 22.3% Revenue growth, TTM YoY, FY25 Q3: -15.0% Revenue growth, TTM YoY, FY25 Q4: -33.6% Revenue growth, TTM YoY, FY26 Q1: -43.5% Revenue growth, TTM YoY, FY26 Q2: -44.1% -44.1%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY24 Q2 0.3%
FY24 Q3 44.5%
FY24 Q4 63.8%
FY25 Q1 55.2%
FY25 Q2 22.3%
FY25 Q3 -15.0%
FY25 Q4 -33.6%
FY26 Q1 -43.5%
FY26 Q2 -44.1%
Operating margin (TTM) Spectral AI, Inc.
-80% -60% -40% -20% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: -62.7% Operating margin (TTM), FY23 Q4: -71.9% Operating margin (TTM), FY24 Q1: -63.3% Operating margin (TTM), FY24 Q2: -51.8% Operating margin (TTM), FY24 Q3: -30.8% Operating margin (TTM), FY24 Q4: -22.3% Operating margin (TTM), FY25 Q1: -17.8% Operating margin (TTM), FY25 Q2: -18.2% Operating margin (TTM), FY25 Q3: -32.2% Operating margin (TTM), FY25 Q4: -43.8% Operating margin (TTM), FY26 Q1: -57.2% Operating margin (TTM), FY26 Q2: -77.2% -77.2%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 -62.7%
FY23 Q4 -71.9%
FY24 Q1 -63.3%
FY24 Q2 -51.8%
FY24 Q3 -30.8%
FY24 Q4 -22.3%
FY25 Q1 -17.8%
FY25 Q2 -18.2%
FY25 Q3 -32.2%
FY25 Q4 -43.8%
FY26 Q1 -57.2%
FY26 Q2 -77.2%
FCF margin (TTM) Spectral AI, Inc.
-100% -50% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: -59.2% FCF margin (TTM), FY23 Q4: -73.4% FCF margin (TTM), FY24 Q1: -63.1% FCF margin (TTM), FY24 Q2: -70.0% FCF margin (TTM), FY24 Q3: -44.2% FCF margin (TTM), FY24 Q4: -31.1% FCF margin (TTM), FY25 Q1: -26.8% FCF margin (TTM), FY25 Q2: -21.9% FCF margin (TTM), FY25 Q3: -30.0% FCF margin (TTM), FY25 Q4: -50.8% FCF margin (TTM), FY26 Q1: -72.3% FCF margin (TTM), FY26 Q2: -84.4% -84.4%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 -59.2%
FY23 Q4 -73.4%
FY24 Q1 -63.1%
FY24 Q2 -70.0%
FY24 Q3 -44.2%
FY24 Q4 -31.1%
FY25 Q1 -26.8%
FY25 Q2 -21.9%
FY25 Q3 -30.0%
FY25 Q4 -50.8%
FY26 Q1 -72.3%
FY26 Q2 -84.4%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 25 18 30 20 15
Gross profit 11 8 13 9 7
EBITDA −3 −13 −7 −9 −12
Operating income −3 −13 −7 −9 −12
Net income −3 −21 −15 −8 −10
Diluted EPS −$0.22 −$1.48 −$0.85 −$0.29 −$0.34
Growth (year on year)
Revenue — −28.8% +63.8% −33.6% −44.1%
Margins
Gross margin 42.7% 43.6% 44.9% 45.4% 42.9%
EBITDA margin −10.4% −71.9% −22.2% −43.4% −76.4%
Operating margin −10.4% −71.9% −22.3% −43.8% −77.2%
Net margin −11.5% −115.5% −51.2% −38.5% −65.5%
Cash flow
Cash from operations −1 −13 −9 −10 −13
Stock-based pay 1 1 1 1 2
Balance sheet
Cash 14 5 5 15 14
Total debt 0 0 3 12 15
Net debt (negative = net cash) −14 −4 −2 −3 1
Diluted shares 13m 14m 18m 27m 30m
Returned to shareholders
Buybacks 251 — — — —
Total returned 251 — — — —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 5 checks passed · June 30, 2026
What it owns · $19m
Short-term assets $18mLonger-term assets $2m
What it owes, and who funded it · $31m
Short-term liabilities $20mLonger-term liabilities $12mShareholders' equity $-12m
  • Short-term assets cover short-term liabilities $18m of assets due within a year against $20m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $18m short-term assets against $12m of longer-dated liabilities.
  • More cash than debt $14m of cash against $12m of debt.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt −$13m of operating cash flow against $12m of debt.
  • Operating profit covers interest at least five times over Operating income of −$12m against $1m of interest.

From Spectral AI, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+38.4%
year over year
Days sales outstanding
28 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in health care equipment
Last 12 months unless stated MDAI HYPR SRTS NNOX HSDT ZJYL Median
Revenue, last 12 months $15m $17m $18m $13m $12m $21m $99m
Revenue growth, last 12 months −44.1% 53.2% −53.4% 15.4% >999% −12.0% 9.2%
Revenue growth, 3-year average −11.8% 19.1% −16.5% — 142.6% — 13.5%
Revenue growth, latest quarter −30.4% 44.8% −68.7% — >999% — 10.2%
Gross margin 42.9% 51.4% 36.4% −98.2% 95.5% 29.2% 61.2%
Operating margin −77.2% −203.3% −75.7% −600.8% <−999% 2.9% −8.5%
Operating margin, 3-year average −49.1% −323.4% −18.6% — <−999% — −17.9%
Net margin −65.5% −210.8% −88.5% −576.1% <−999% 5.8% −12.0%
Cash from operations / revenue −83.7% −163.7% −38.8% −313.3% −223.2% 14.0% −1.9%
Free-cash-flow margin −84.4% −166.5% −39.8% −345.6% −223.2% −18.0% −3.9%
Free-cash-flow margin, 3-year average −58.8% −279.4% −11.2% — <−999% — −7.0%
Stock pay / revenue 10.0% 17.3% 1.2% 32.2% 69.3% — 6.1%
Change in share count 38.4% 23.9% 0.2% 10.4% >999% 0.0% 4.0%

Median of all 134 companies we cover in health care equipment. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

134 health care equipment companies
Measure Company Peer median Rank
Revenue growth Growth -44.1% 9.1% 126 of 129
Change in growth rate Growth -0.6pp -0.6pp 67 of 129
Gross margin Profitability 42.9% 61.9% 95 of 123
Operating margin Profitability -77.2% -8.3% 99 of 132
Net margin Profitability -65.5% -12.0% 96 of 133
Free-cash-flow margin Cash generation -84.4% -3.4% 101 of 128
Stock pay as % of revenue Cash generation 10.0% 6.1% 76 of 123
Long-term debt as % of assets Balance sheet 56.9% 24.2% 78 of 87
Change in share count Balance sheet 38.4% 3.3% 100 of 115
Days sales outstanding Balance sheet 28 days 57 days 11 of 118

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Who owns it

Funds buying and selling
Reported value
$8.3M
Institutions reporting
34
Shares held vs prior quarter
▲ 40.7%
Positions opened / closed
12 / 2

Top buyers and sellers, Q2 2026: 23 institutions bought and 5 sold ; the biggest buyer was Marshall Wace, LLP (+827K shares) and the biggest seller University Of Texas/Texas Am Investment Management Co (−89K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Vanguard Capital Management LLC $1.7M 994K 20.8% ▲ 36.9%
Highlander Partners, L.P. $1.6M 900K 18.8% 0.0%
Marshall Wace, LLP $1.4M 827K 17.3% New
Bridgeway Capital Management, LLC $496,510 287K 6.0% ▲ 44.2%
Jane Street Group, LLC $391,532 226K 4.7% ▲ 2.4%
UBS Group AG $390,673 226K 4.7% ▲ 99.8%
Geode Capital Management, LLC $385,159 223K 4.7% ▼ 26.1%
Blackrock, Inc. $279,874 162K 3.4% ▲ 32.3%
LPL Financial LLC $278,013 161K 3.4% New
Vanguard Fiduciary Trust Co $246,809 143K 3.0% ▲ 0.6%
University Of Texas/Texas Am Investment Management Co $210,560 122K 2.5% ▼ 42.2%
Rathbones Group PLC $150,587 87K 1.8% ▼ 50.0%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Spectral AI, Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $0 net buying

No open-market insider trades reported in the last 12 months.

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

  • August 12, 2026
  • March 25, 2026
  • August 13, 2025
  • May 14, 2025
  • April 2, 2025
  • March 29, 2024

Recent SEC filings

Data status

When each part of this page on Spectral AI, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Spectral AI, Inc. in brief

What does Spectral AI, Inc. do?
Spectral AI, Inc. is a US-listed company in the health care equipment industry. Its financial year ends in December.
What is Spectral AI, Inc.'s stock ticker?
Spectral AI, Inc. trades under the ticker MDAI on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Spectral AI, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Spectral AI, Inc. reported revenue of $15.4M, 44.1% lower than a year earlier, according to its SEC filings.
What is Spectral AI, Inc.'s free cash flow?
Spectral AI, Inc.'s free-cash-flow margin is -84.4% of revenue over the trailing twelve months, ranking 101 of the 128 health care equipment companies we cover.
Who are Spectral AI, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Vanguard Capital Management LLC, Highlander Partners, L.P. and Marshall Wace, LLP. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Spectral AI, Inc.'s market cap?
On November 2, 2026, Spectral AI, Inc.'s market capitalisation was about $45.8M and net debt of $914,000. Market figures come from third-party market data and may be delayed.
Who are Spectral AI, Inc.'s competitors?
In our Health Care Equipment peer group, the companies closest to Spectral AI, Inc. are Hyperfine, Inc., Sensus Healthcare, Inc., Nano-x Imaging Ltd., Solana Co and Jin Medical International Ltd. The side-by-side comparison below sets their revenue, margins and growth against Spectral AI, Inc.'s.
When is Spectral AI, Inc.'s next earnings date?
Around November 10, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Spectral AI, Inc. announces its own schedule.