QT Imaging reports Q3 EPS (17c) vs. (14c) last year

Reports Q3 Commercial revenue was $1M for the third quarter of 2024, of which $0.9M s for scanner sales, compared to $1.7 million in the second quarter of 2024 and less than $0.1M for the third quarter of 2023. The reduction in revenue compared to the second quarter is attributed to delayed orders for two QT Breast Acoustic CT scanners that will be shipped in the fourth quarter. “During this quarter, QT Imaging’s (QTI) team successfully completed the engineering and clinical feasibility study with our strategic partner and shipped two QT Breast Acoustic CT(TM) Scanners to a nationally recognized clinical site and to a functional medicine clinic in Illinois, together with our distribution partner, NXC Imaging. The third-year renewal of our five-year research grant from the National Institutes of Health (NIH)/National Cancer Institute NCI was signed during the quarter,” said Dr. Raluca Dinu, QT Imaging Chief Executive Officer. During this quarter, QT Imaging successfully amended the convertible note with YA II PN, Ltd after making a payment of approximately $1.5 million and adjusting the convertible floor price, thus reducing the principal balance of such convertible note to $8.6 million. Additionally, the maturity date of the convertible note was extended to March 31, 2026, and the monthly payment was reduced to $500,000 of principal and additional interest starting in February 2025. Additionally, the Company announced the entry into a securities purchase agreement to provide funding of a $2.56 million PIPE financing, solely executed by the Company’s Board of Director members and their affiliates, providing about a 10% premium to the prior five-day average trading price of the Company’s shares. The purchase will also include the surrender of a $1.56 million promissory note for cancellation in its entirety, and $1 million in new cash proceeds to the Company. “The QT Imaging team is grateful and proud of its Board of Directors’ trust and partnership. The proceeds are aimed solely at providing working capital for the Company as sufficient bridge funding, while it continues to pursue the agreements with its previously announced strategic partner, and it successfully executes on its commercialization growth plan.”