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QT Imaging is like Invisalign for breast imaging, offering a more comfortable, high-tech alternative to traditional methods.

Think of QT Imaging as the Tesla of breast cancer detection, bringing advanced, disruptive technology to a critical health screening.

QT Imaging aims to be an Exact Sciences for breast cancer screening, developing a new, potentially better way to detect cancer early.

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• QTscan™ System: A 3D whole-breast ultrasound imaging system designed to provide detailed anatomical and physiological information without compression or radiation.

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• **MD Anderson Cancer Center**
• **University of Chicago Medicine**
• **RadNet, Inc.** (NASDAQ: RDNT) - through its affiliates, such as Breastlink
• **University of Rochester Medical Center**
• **University of Southern California Norris Comprehensive Cancer Center**

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Dr. Raluca Dinu, Chief Executive Officer

Dr. Dinu was appointed CEO in March 2024. She has approximately 25 years of international executive experience across the TMT industry, including startups, middle-cap, and large enterprises. Dr. Dinu is a managing partner of GigCapital Global, a serial issuer of Private-to-Public Equity (PPE) entities (SPACs), and co-founded five PPE companies with the aim of taking private companies public. GigCapital5, one of these entities, combined with QT Imaging in February 2023, facilitating its public listing. Her background includes M&A activities, large-scale fundraising, and leadership in strategic growth and consolidation.

Jay Jennings, Chief Financial Officer

Mr. Jennings was appointed CFO in September 2025. He brings nearly 30 years of executive management experience in the digital healthcare and high technology sectors. His career highlights include leading two go-public transactions and being involved in 12 business acquisitions. Prior to QT Imaging, Mr. Jennings served as Acting CEO and CFO for UpHealth, Inc., and held executive financial roles at NASDAQ-listed companies eHealth, Inc. and MetaCreations Corporation. He began his career as an Audit Manager at Ernst & Young, LLP, and is a Certified Public Accountant.

Steve Choate, Chief Operating Officer

Mr. Choate was appointed COO in March 2024. He has over 30 years of experience in diverse industries such as aerospace, space, semiconductor, and telecommunications. He has held key leadership positions focusing on production operations, manufacturing activities, product development, and production releases. His previous roles include VP of Operations at GigOptix and Director of Engineering at Teledyne Microwave Solutions.

Bilal Malik, Ph.D., Chief Science Officer

Dr. Malik has over ten years of experience in research, development, and translation of medical devices in both academic and industry settings. He is an expert in leading image and data science efforts and has a proven track record of successfully leading innovation for medical imaging products, guiding research strategy, and navigating FDA pathways. As CSO of QT Imaging, Dr. Malik led the R&D efforts for the company's transmission ultrasound breast scanner from prototyping to FDA clearance and commercialization.

Nasser C. Pirshafiey, MBA, Chief Product Officer

Mr. Pirshafiey has over three decades of experience in developing products and businesses for domestic and multinational firms. He has founded and managed two companies dedicated to sustainable practices in various industries, including medical devices and robotics. With 18 inventions filed with the U.S. patent office, Mr. Pirshafiey joined QT Imaging in 2014 and led the technology group in the production design and commercialization of the novel breast imaging modality.

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Key Risks to QT Imaging (QTI)

1. Need for Additional Financing and Path to Profitability: QT Imaging remains unprofitable despite revenue growth and acknowledges a critical need for additional financing to sustain operations and execute its business plans. There is a risk that future capital raising efforts may not be successful or available on favorable terms, which could jeopardize the company's ability to continue operations.
2. Market Acceptance and Commercialization of Technology: The success of QT Imaging's business model is contingent upon widespread market acceptance and the ability to effectively sell and deploy its Breast Acoustic CT™ Scanner. Challenges include commercializing its technology, extending product offerings, and securing adequate reimbursement and insurance coverage from third-party payors, which are crucial for generating significant and sustainable revenue.
3. Competition and Rapid Technological Change: QT Imaging operates within the highly competitive and rapidly evolving medical device market. The company faces ongoing risks from existing competitors and the potential for new technological advancements that could render its current products or technology platform obsolete, thereby impacting sales and market position.

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There are two clear emerging threats for QT Imaging:

• Rapid advancements and widespread adoption of Artificial Intelligence (AI) in established breast imaging modalities. QT Imaging's value proposition centers on superior diagnostic accuracy, particularly for women with dense breasts, without radiation or compression, aiming to overcome limitations of traditional mammography and ultrasound. If AI significantly enhances the accuracy, interpretability, and efficiency of widely available and established imaging techniques (mammography, conventional ultrasound, MRI) – especially in dense breast tissue – it could diminish the unique value proposition and perceived need for QTI's novel technology. AI could make existing tools 'good enough' or even better, with lower adoption barriers and without requiring investment in entirely new hardware platforms.

• The maturation and potential commercialization of Photoacoustic Imaging (PAI) and similar non-ionizing, functional imaging technologies for breast cancer detection. Photoacoustic Imaging is an emerging, non-ionizing technology that combines optical absorption with ultrasound detection to provide both anatomical and functional information about breast tissue (e.g., blood vessel formation, oxygenation), often without the need for compression. While QT Imaging offers 3D quantitative transmission ultrasound without compression or radiation, PAI offers different but potentially complementary or superior functional insights, also without radiation or compression. Should PAI mature rapidly, prove highly effective in clinical trials, and gain commercial traction, it could become a significant competitor in the market for advanced, non-invasive breast imaging technologies, potentially drawing away clinical interest and investment that might otherwise flow towards QT Imaging.

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• The global breast imaging market was valued at approximately USD 5.21 billion in 2024 and is projected to reach USD 10.37 billion by 2032, growing at a Compound Annual Growth Rate (CAGR) of 8.97%.
• Another estimate indicates the global breast imaging market size was USD 5.88 billion in 2025 and is projected to reach USD 12.03 billion by 2033, with a CAGR of 9.7% from 2026 to 2033.
• In 2026, the breast imaging market size is estimated at USD 6.73 billion and is projected to reach USD 9.92 billion by 2031.

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QT Imaging (QTI) is expected to drive future revenue growth over the next 2-3 years through several key initiatives:

1. Increased Shipments of Breast Acoustic CT™ Scanners: The company has provided specific guidance for significantly increasing its scanner shipments. It finalized the shipment of 40 scanners in 2025, meeting its revenue guidance of over $18 million for that year. For 2026, QT Imaging reiterates a target of $39 million in revenue, corresponding to the shipment of 80 scanners.
2. Expansion of Distribution Agreements and Market Adoption: Growth in scanner sales is supported by strategic distribution partnerships. Key among these is the Amended Distribution Agreement with NXC Imaging, Inc., a wholly-owned subsidiary of Canon Medical Systems USA, which includes committed minimum order quantities (MOQs) for scanners. Additionally, QT Imaging has a distribution agreement with Gulf Medical Co. in Saudi Arabia, further expanding its market reach. Management has noted growing market adoption of their technology.
3. Commercialization of the QTI Cloud Platform with AI-driven Tools: QT Imaging is transforming into a precision imaging AI company, with the introduction of its QTI Cloud Platform. This platform is designed to offer a tiered Software-as-a-Service (SaaS) delivery model, providing subscribers with access to AI-driven tools that automate findings classification and offer decision support. This platform is anticipated to be a meaningful new source of recurring revenues through subscription fees.
4. Expansion of Imaging Technology into New Markets and Applications: Beyond its primary focus on breast imaging, QT Imaging's technology has potential for broader application. The company's "Open Angle Scanner" is being developed to potentially access new markets for orthopedic imaging, prostate imaging, whole-body infant scanning, and image-guided diagnostic and treatment procedures.

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Share Issuance

• QT Imaging completed a private placement in October 2025, securing approximately $18 million in gross proceeds through the sale of about 12.1 million shares of common stock (or pre-funded warrants) and warrants to purchase the same number of shares.
• In November 2024, the company completed a private placement, raising approximately $2.56 million in gross proceeds from board members and their affiliates, which included the issuance of 4,383,558 shares of common stock and 4,383,558 warrants.
• In January 2026, QT Imaging issued 24,107 shares of common stock at $6.43 per share, with warrants for an additional 48,214 shares, generating approximately $155,002 for working capital.
• A 3:1 reverse stock split of common stock was approved and became effective in October 2025, aimed at meeting Nasdaq's minimum share price requirement for relisting.

Inbound Investments

• QT Imaging secured approximately $18 million in private placement financing in October 2025, with Sio Capital Management as a major participant, to repay a $5.0 million senior secured term loan and fund market expansion and the QTI Cloud Platform.
• The company received $2.56 million in PIPE financing from its Board of Director members and their affiliates in November 2024, which included $1 million in new cash proceeds and the cancellation of a $1.56 million promissory note.
• QT Imaging received a third-year renewal of its five-year research grant from the National Institutes of Health (NIH)/National Cancer Institute (NCI) in the third quarter of 2024.

Capital Expenditures

• QT Imaging projects to deliver $18 million in revenue in 2025 by shipping 40 Breast Acoustic CT™ scanners and $39 million in revenue in 2026 by shipping 80 scanners, indicating a focus on manufacturing and distribution of its imaging technology.
• Proceeds from the October 2025 private placement are allocated for the deployment of the QTI Cloud Platform.
• The company has invested in its technology by developing and releasing image reconstruction software updates (version 4.4.0 utilizing NVIDIA's L40 GPU) and launching QTviewer™ version 2.8.