Analogy 1: It's like GE Healthcare, but hyper-focused on pioneering advanced ultrasound technology for medical diagnostics.

Analogy 2: Imagine a specialized Siemens Healthineers, dedicated to developing next-generation ultrasound systems for detailed body imaging.

• QT Ultrasound Breast Scanner: An ultrasonic imaging system that provides reflection-mode and transmission-mode images of a patient's breast for disease detection, diagnosis, monitoring, and treatment.

QT Imaging Holdings (QTI) sells primarily to other companies and organizations, specifically healthcare providers and institutions. However, their public financial disclosures, such as SEC filings, do not identify specific major customer companies by name. This is common for companies in the early stages of commercializing high-capital medical equipment, where sales are made to a diverse range of institutions rather than concentrated with a few dominant buyers.

Based on the nature of their product, the QT Ultrasound Breast Scanner, their customer base primarily consists of the following categories of institutions:

1. Hospitals and Healthcare Systems: Large integrated healthcare networks and hospitals are key purchasers of advanced medical imaging equipment for their radiology, women's health, and diagnostic departments.
2. Breast Imaging Centers / Radiology Clinics: Specialized outpatient facilities focused on diagnostic imaging, particularly those dedicated to breast health, are target customers for their ultrasound breast scanner.
3. Research Institutions and Universities: Academic medical centers and research facilities may acquire these systems for clinical trials, medical research studies, and educational purposes related to breast imaging technology.

Dr. Raluca Dinu, Chief Executive Officer

Dr. Dinu was appointed Active Chief Executive Officer of QT Imaging Holdings, Inc. on March 12, 2024. She has approximately 25 years of international executive experience in the TMT industry, working with privately held start-ups, middle-cap companies, and large enterprises. In these roles, Dr. Dinu has been instrumental in launching and accelerating entities, building teams, large-scale fundraising, developing key alliances and technology partnerships, M&A activities, business development, financial management, global operations, and sales and marketing. She has held leadership positions at IDT's Optical Interconnects Division, GigPeak, Brazil-Photonics, and Lumera Corporation. Dr. Dinu is a managing partner of GigCapital Global, a serial issuer of Private-to-Public Equity (PPE) entities, also known as Special Purpose Acquisition Companies (SPACs), and has co-founded five such companies. She also has public company governance experience and serves on the boards of various public and philanthropic organizations.

Jay Jennings, Chief Financial Officer

Mr. Jennings was appointed Chief Financial Officer of QT Imaging in September 2025, with his appointment becoming effective on September 2, 2025. He brings an accomplished history of financial, operational, and strategic leadership success within the digital healthcare and high technology industries, spanning close to 30 years. Mr. Jennings has led two go-public transactions, completed various private and public financings, built and managed finance teams, and been integrally involved in 12 business acquisitions. Prior to joining QT Imaging, he most recently served as Acting Chief Executive Officer and Chief Financial Officer for UpHealth, Inc., a global digital health company. His earlier experience includes executive financial roles at NASDAQ-listed companies such as eHealth, Inc. and MetaCreations Corporation. Before his corporate career in 1996, Mr. Jennings was an Audit Manager at Ernst & Young, LLP, and became a Certified Public Accountant in 1992.

Satrajit Misra, Chief Commercial Officer

Mr. Misra was appointed Chief Commercial Officer in November 2025. He possesses three decades of progressive leadership experience in Radiology, Oncology, and Molecular Imaging. He is recognized for his expertise in scaling complex businesses, leading acquisitions and integrations, and forging high-impact alliances to expand into new markets. Before joining QT Imaging, Mr. Misra served as Executive Senior Vice President, Chief Sales and Marketing Officer at Canon Medical Systems USA, and previously held positions at Philips and Siemens Healthcare.

Julia Albright, PhD, Chief Science Officer

Dr. Albright was appointed Chief Science Officer, effective July 27, 2026. She brings over 25 years of experience leading innovation and commercialization initiatives across medical imaging, digital health, healthcare artificial intelligence, cloud technologies, and oncology. Her expertise includes quantitative imaging, AI-enabled diagnostics, healthcare data platforms, cloud-based solutions, product strategy, and evidence-based innovation. Dr. Albright previously served as Managing Director of the HIT and Enterprise Solutions Business Unit at Canon Medical Systems USA and held senior leadership positions at GE HealthCare, Amazon Web Services, NextGen Healthcare, and CorTechs AI.

Mark Winkler, M.D., Chief Medical Officer

Dr. Winkler was appointed Chief Medical Officer on September 17, 2026. He is an accomplished radiologist, entrepreneur, and healthcare executive. Dr. Winkler co-founded and served as President of Steinberg Diagnostic Medical Imaging (SDMI), which under his leadership grew into one of Southern Nevada's leading outpatient imaging organizations with 13 locations before becoming part of Intermountain Health. He brings a valuable combination of deep clinical expertise in diagnostic imaging and strong business acumen.

Regulatory Approval and Clinical Efficacy Risk

QT Imaging Holdings' success heavily depends on its ability to obtain and maintain regulatory approvals for its QT Ultrasound Breast Scanner from agencies like the FDA, as well as demonstrating the system's clinical efficacy and safety through robust trials. Any delays in the approval process, failure to secure necessary regulatory clearances, or an inability to prove superior or comparable outcomes compared to existing diagnostic tools could significantly hinder the commercialization and adoption of their product.

Market Adoption, Competition, and Reimbursement Risk

The breast imaging market is highly competitive and features established technologies such as mammography. QT Imaging Holdings faces substantial challenges in achieving widespread market adoption for its QT Ultrasound Breast Scanner, including competing effectively against existing and emerging diagnostic modalities. Furthermore, securing favorable reimbursement policies from insurance providers and overcoming potential resistance from healthcare professionals to integrate a new imaging system into their practices are critical factors for commercial success.

The rapid advancement and integration of Artificial Intelligence (AI) algorithms into existing, widely adopted breast imaging modalities, such as digital mammography and conventional automated breast ultrasound (ABUS) systems, poses a clear emerging threat. If AI significantly enhances the diagnostic accuracy, efficiency, and interpretation capabilities of these incumbent technologies, particularly for challenging cases like dense breasts, it could diminish the unique diagnostic benefits and market appeal of specialized hardware solutions like the QT Ultrasound Breast Scanner. This could lead to a scenario where AI-augmented standard-of-care technologies become comparatively more effective, accessible, or cost-efficient, thereby reducing the incentive for healthcare providers to adopt new, specialized ultrasound platforms.

Here are the expected drivers of future revenue growth for QT Imaging Holdings (QTI) over the next 2-3 years:

1. Increased Shipments and Adoption of QT Breast Acoustic CT Systems: QT Imaging Holdings anticipates continued revenue growth from the increased sales and deployment of its QT Breast Acoustic CT systems. The company saw a 133% year-over-year revenue increase in Q1 2026, driven by a significant rise in shipments of these systems, with 13 shipped in Q1 2026 compared to 6 in Q1 2025. In the first half of 2026, 28 scanners were shipped, doubling the number from the first half of 2025. The company projects shipping 15 and 17 scanners in Q3 and Q4 2026 respectively, within the United States, through its partnership with NXC Imaging.
2. Expansion into New International Markets: QT Imaging Holdings is broadening its global footprint by securing regulatory clearances and establishing distribution partnerships in new international territories. The company has obtained regulatory clearance for its QT Breast Acoustic CT scanner and QTi SAS Cloud platform in the United Arab Emirates. Furthermore, regulatory authorizations have been secured in Israel and Saudi Arabia. Strategic distribution agreements have been formed with Gulf Medical in Saudi Arabia and Al Naghi Medical in the United Arab Emirates, with the latter committing to minimum order quantities of 7 scanners in 2026, 16 in 2027, and 20 in 2028, representing over $24 million in revenue.
3. Implementation of New CPT Category III Code: The American Medical Association's approval of a new Category III CPT code for 3D quantitative transmission volumetric ultrasound tomography of the breast, effective January 1, 2027, is expected to significantly enhance clinical adoption and reimbursement pathways for QT Imaging's technology. This code provides a standardized mechanism for billing and coverage, which can accelerate market penetration and revenue.
4. Growth of the QTI Cloud Platform: The QTI Cloud Platform is identified as a new source of revenue. The company's 2026 revenue guidance of approximately $39 million includes initial contributions from this platform, which is currently undergoing development enhancements to image reconstruction, quantitative imaging algorithms, and clinical workflow.
5. Expansion of U.S. Commercial Capabilities and Strategic Agreements: QT Imaging Holdings is expanding its direct U.S. sales organization and leveraging strategic partnerships to drive revenue. A national group purchasing agreement with Premier now provides access to approximately 4,400 U.S. hospitals and health systems, offering pre-negotiated pricing and terms for QT Imaging's Breast Acoustic CT™ Scanner. The company's strong partnership with NXC Imaging for U.S. distribution is also a key component of its commercial strategy.

Share Issuance

• In May 2026, QT Imaging Holdings raised approximately $8.9 million in net proceeds through PIPE (Private Investment in Public Equity) transactions and an underwritten public offering.
• This included a $9.99 million offering consisting of 1.2 million shares and 800,000 pre-funded warrants in May 2026.
• Effective October 23, 2025, the company implemented a 1-for-3 reverse stock split, combining every three shares of common stock into one.

Inbound Investments

• As of August 2026, QT Imaging Holdings' long-term debt increased to $11.4 million following the extension of the Lynrock Lake term loan maturity to March 31, 2029, at 12% interest.
• The company generated approximately $8.9 million in net proceeds from equity financing, including PIPE transactions and a public offering in May 2026.

Capital Expenditures

• Over the last 12 months, as of October 2026, capital expenditures for QT Imaging Holdings amounted to approximately $268,000.