Here are 1-3 brief analogies for QT Imaging (QTI):

• Like Hologic, but specializing in advanced ultrasound technology for breast imaging.
• Think of it as Exact Sciences for breast imaging, developing innovative ultrasound technology for early detection.
• A highly specialized GE Healthcare or Siemens Healthineers, focused solely on cutting-edge ultrasound systems for breast health.

• QT Ultrasound Breast Scanner: An ultrasonic imaging system that provides reflection-mode and transmission-mode images of a patient's breast.

QT Imaging Holdings, Inc. (QTI) sells its QT Ultrasound Breast Scanner primarily to other companies in the healthcare sector. Based on publicly available information from the company's SEC filings, their major customers are typically:

• Hospitals: Healthcare institutions that utilize medical imaging systems for diagnosis, monitoring, and treatment of diseases.
• Clinics: Specialized medical facilities, including radiology clinics and women's health centers, that offer diagnostic imaging services.

As of its latest public filings, QT Imaging Holdings, Inc. has not disclosed specific major customer companies by name that account for a significant portion of its revenue. Therefore, specific customer company names and their corresponding public symbols cannot be provided.

Raluca Dinu, PhD Chief Executive Officer

Dr. Dinu was appointed CEO in March 2024. She has approximately 25 years of experience in international executive positions within the TMT industry, having worked for privately held start-ups, middle-cap companies, and large enterprises. Her previous leadership roles include vice president and general manager of IDT's Optical Interconnects Division, executive vice president, chief operating officer, and other senior sales and marketing roles at GigPeak, a director at Brazil-Photonics, and vice president of engineering at Lumera Corporation. Dr. Dinu previously served as CEO of GigCapital5, Inc. She has co-founded five Private-to-Public Equity (PPE) companies, which acquire late-stage private companies to take them public, and possesses extensive M&A experience.

Jay Jennings Chief Financial Officer

Mr. Jennings was appointed CFO in September 2025. He is responsible for operational finance, financial reporting, budgeting and strategic planning, and treasury management. With an executive management career spanning close to 30 years, Mr. Jennings has an accomplished history of financial, operational, and strategic leadership in the digital healthcare and high technology industries. He has led two go-public transactions, been integrally involved in 12 business acquisitions, and completed various private and public financings. Most recently, he 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 eHealth, Inc. and MetaCreation Corporation. Before his corporate career, Mr. Jennings was an Audit Manager at Ernst & Young.

Satrajit Misra Chief Commercial Officer

Mr. Misra was appointed Chief Commercial Officer in November 2025, tasked with driving commercial scale-up and clinical partnerships. He is a seasoned executive with three decades of progressive leadership in Radiology, Oncology, and Molecular Imaging. Mr. Misra is recognized for his expertise in scaling complex businesses, leading acquisitions and integrations, and forging high-impact alliances. Prior to joining QT Imaging, he served as Executive Senior Vice President, Chief Sales and Marketing Officer at Canon Medical Systems USA, and held leadership roles at Philips and Siemens Healthcare.

Steve Choate Chief Operating Officer

Mr. Choate was appointed Chief Operations Officer in March 2024. He is responsible for managing the operations organization, ensuring quality, and fostering collaboration with manufacturing partners. He brings over 30 years of experience across diverse industries including aerospace, space, semiconductor, and telecommunications, having held key leadership positions as a production operations leader.

Bilal Malik, Ph.D. Chief Science Officer

Dr. Malik has over ten years of experience in the research, development, and translation of medical devices in both academic and industrial settings. He is an expert in leading and directing efforts in image and data science and successfully led the R&D efforts for the company's transmission ultrasound breast scanner from prototyping to FDA clearance and commercialization. Dr. Malik previously served as an imaging scientist at Genentech.

1. Financial Health and Going Concern: QT Imaging faces significant financial challenges, including a distressed financial strength rating and a Z-Score indicating potential bankruptcy risk. The company has a history of net losses and negative cash flow, reporting a net loss of $21.1 million in 2025 and ongoing losses. Despite some revenue growth in 2025, it has not demonstrated consistent revenue growth over the past three years (as of March 2026 for 2023 revenue) and exhibits negative operating and net margins. The company requires additional financing to sustain operations and execute its business plans, relying on complex financing structures.
2. Market Acceptance and Commercialization: The company's financial success is highly dependent on the widespread market acceptance, successful marketing, and sale of its QT Ultrasound Breast Scanner and future products. Despite receiving FDA clearance for its enhanced Breast Acoustic CT scanner, there is a risk that these products may not achieve broad adoption, which would hinder the company's ability to generate necessary revenue. Furthermore, challenges in obtaining adequate reimbursement or insurance coverage from third-party payors could significantly impact revenue generation.
3. Regulatory and Competitive Pressures: Operating in the highly regulated healthcare sector, QT Imaging is exposed to significant regulatory risks. The company also faces intense competitive pressures from larger, more established medical device companies with greater resources. Additionally, rapid technological changes within the medical device market pose a risk that QT Imaging's products could become obsolete, negatively affecting sales and market position.

The clear emerging threat to QT Imaging (QTI) is the rapid development and commercialization of **liquid biopsies and other non-invasive blood tests for early breast cancer detection**. These emerging diagnostic technologies aim to detect cancer at very early stages, potentially even before a tumor is large enough to be clearly visible or require traditional imaging. If widely adopted and proven highly effective, these tests could significantly reduce the reliance on imaging systems, including QTI's QT Ultrasound Breast Scanner, as a primary screening or diagnostic tool, thereby fundamentally disrupting the market for early breast cancer detection.

The addressable market for QT Imaging's main product, the QT Ultrasound Breast Scanner, falls primarily within the breast ultrasound market, which is a significant segment of the broader breast imaging market.

For the global breast ultrasound market, the market size was valued at approximately USD 3.5 billion in 2025 and is projected to grow to USD 7.6 billion by 2035, with a compound annual growth rate (CAGR) of 8.3%. Other estimates indicate the global breast ultrasound market was USD 2.62 billion in 2025 and is predicted to reach approximately USD 8.67 billion by 2034, expanding at a CAGR of 14.21%. Another source estimates the global market at USD 2.64 billion in 2025, projected to reach USD 6.61 billion by 2032, growing at a CAGR of 14.1%.

In the U.S. breast ultrasound market, the market size reached USD 1,081.1 million in 2025. The U.S. market dominated the North American region, capturing the largest revenue share of 81% in 2025.

Looking at the broader global breast imaging market, which includes various modalities like mammography and MRI, the market was valued at USD 5.00 billion in 2023 and is expected to reach USD 10.59 billion by 2032, growing at a CAGR of 8.70%. Another estimation puts the global breast imaging market at USD 5.88 billion in 2025, projected to reach USD 12.03 billion by 2033, with a CAGR of 9.7%.

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

• Increased Scanner Shipments and Distribution Agreements: The company anticipates significant revenue growth from the shipment of its QT Breast Acoustic CT scanners, bolstered by existing and new distribution agreements. For example, QTI expects approximately $39 million in revenue for 2026, including from contracted scanner shipments in the U.S., Saudi Arabia, and the UAE. Distribution deals in these regions include committed minimum order quantities through 2028, with 40 scanners shipped in 2025, and projections of 60 scanners in 2026.
• Expansion of QTI Cloud Software as a Service (SaaS) Platform: QT Imaging is transitioning from a hardware-only model to a comprehensive breast imaging platform that integrates scanners, software, and cloud-based artificial intelligence. The QTI Cloud Platform is designed to generate recurring revenues through subscription fees for AI-driven tools that assist in findings classification and clinical decision support. Initial contributions from this SaaS platform are expected to boost 2026 revenue.
• New Category III CPT Code for 3D Breast Ultrasound Tomography: The American Medical Association (AMA) has approved a new Category III CPT code (X579T) for 3D quantitative transmission volumetric ultrasound tomography of the breast. This code will be released on July 1, 2026, and become effective on January 1, 2027, which is anticipated to standardize reporting, enable utilization tracking, and facilitate broader reimbursement and adoption of the technology.
• FDA Clearance for Enhanced Scanner Configuration: In March 2026, QT Imaging received FDA 510(k) clearance for an enhanced configuration of its Breast Acoustic CT scanner. This updated configuration improves visualization and expands coverage of posterior breast tissue, potentially increasing the market appeal and adoption rate of the device.
• International Market Expansion: Revenue growth is expected to be fueled by expanding into international markets. Specifically, distribution deals in Saudi Arabia and the UAE include committed minimum order quantities for scanners through 2028, providing clear visibility for future revenue from these regions. An exclusive distribution agreement in the UAE alone provides for committed minimum orders of 43 scanners from 2026 through 2028, representing over $24 million in revenue.

Share Issuance

• QT Imaging completed an $18.0 million private placement (PIPE) financing in October 2025, involving the sale of approximately 12.1 million shares of common stock (or pre-funded warrants) and common warrants at $1.50 per share. The proceeds were intended to strengthen the balance sheet, repay debt, and fund market expansion and the QTI Cloud Platform.
• In November 2024, the company secured a $1.0 million PIPE investment from its Chairman, CEO, and other board members, which included the purchase of 4,383,558 unregistered shares and warrants. As part of this, an existing creditor also surrendered a $1.56 million promissory note.
• QT Imaging executed a 3:1 reverse stock split in October 2025 to meet NASDAQ listing requirements.

Inbound Investments

• In October 2025, QT Imaging secured an $18.0 million private placement financing (PIPE) with participation from institutional and existing investors, anchored by Sio Capital Management.
• The company received $10.1 million in financing from Lynrock Lake Master Fund LP in February 2025, in the form of a secured note maturing in March 2027, with proceeds aimed at working capital needs and debt repayment for 2025 and 2026.
• In March 2024, QT Imaging completed a business combination with GigCapital5, a Special Purpose Acquisition Company (SPAC), which was slated to provide approximately $41 million in gross proceeds from GigCapital5's trust account and an additional $26 million in financing.

Capital Expenditures

• Capital expenditures for the last 12 months, as of approximately February 2026, were -$124,000.
• Future capital expenditures are anticipated to be directed towards expanding U.S. and global go-to-market activities and deploying the QTI Cloud Platform.
• Capital expenditures related to the Breast Acoustic CT scanners include equipment, siting, and shielding.