MDAIMEDIUM SIGNALFINANCIAL10-K

MDAI experienced a significant revenue decline of 33.6% year-over-year while substantially improving its net loss position and meaningfully strengthening its balance sheet through increased current assets.

The company is showing mixed signals with declining operational performance but improved financial positioning. The revenue drop suggests potential challenges in business execution or market conditions, while the reduced net losses and stronger asset base indicate better capital management and possibly one-time gains or cost reductions.

Comparing 2026-03-25 vs 2025-03-31View on EDGAR →
FINANCIAL ANALYSIS

MDAI's financial profile shows contradictory trends with revenue falling 33.6% and gross profit declining 32.8%, indicating core operational challenges. However, the company meaningfully improved its net loss position and substantially expanded current assets by 92.2%, suggesting successful capital raising or asset optimization. The overall picture reflects a company in transition - facing operational headwinds but with enhanced financial resources to navigate challenges.

FINANCIAL STATEMENT CHANGES
Inventory
Balance Sheet
+97.2%
$425K→$838K

Inventory surged 97.2% — growing significantly faster than typical sales pace; potential demand softening or supply chain overcorrection.

Current Assets
Balance Sheet
+92.2%
$10.1M→$19.5M

Current assets grew 92.2% — improving short-term liquidity or inventory/receivables build.

Total Assets
Balance Sheet
+77%
$12.1M→$21.4M

Asset base grew 77% — expansion through organic growth, acquisitions, or capital deployment.

Net Income
P&L
+50.6%
-$15.3M→-$7.6M

Net income grew 50.6% — bottom-line growth signals improving overall business health.

Accounts Receivable
Balance Sheet
-49.4%
$2.5M→$1.3M

Receivables declined — improved collection efficiency or conservative revenue recognition.

Total Liabilities
Balance Sheet
+40.2%
$19.3M→$27.1M

Liabilities grew 40.2% — significant increase in debt or obligations, assess impact on financial flexibility.

Revenue
P&L
-33.6%
$29.6M→$19.6M

Revenue declined 33.6% — significant demand weakness or market share loss warrants investigation.

Gross Profit
P&L
-32.8%
$13.3M→$8.9M

Gross margin compression — rising input costs, pricing pressure, or unfavorable product mix shift.

Operating Income
P&L
-30.7%
-$6.6M→-$8.6M

Operating income deteriorated sharply — investigate whether driven by one-time charges or structural cost issues.

Stockholders Equity
Balance Sheet
+21%
-$7.3M→-$5.7M

Equity base grew 21% — retained earnings accumulation or equity issuance strengthening the balance sheet.

LANGUAGE CHANGES
NEW — 2026-03-25
PRIOR — 2025-03-31
ADDED
As of March 23, 2026, there were 31,823,895 shares of Common Stock, $0.0001 par value per share, issued and outstanding.
Our BARDA contract is not guaranteed to be fully awarded or extended.
If our Common Stock does not maintain a certain price or market capitalization level or otherwise, Nasdaq may delist our securities from trading on its exchange, which could limit investors ability to make transactions in our securities and subject us to additional trading restrictions.
We are an AI company focused on predictive medical diagnostics.
In 2026, we hope that our full DeepView System may achieve Class II medical device designation with the United States Food and Drug Administration (FDA) via the De Novo application the Company submitted in June of 2025.
This information is then used to advance the algorithm optimization, which is trained and tested against a proprietary and clinically validated database of over 340 billion pixels of image data.
Currently, healthcare professionals rely on their experience and subjective assessments to determine if wounds, such as burn injuries, will heal (a) under routine care after a period of time, typically several weeks, or (b) following the application of advanced wound care products and procedures including surgical interventions.
This has allowed us to develop our technology and further our clinical trials.
The DeepView System provides a quick clinical diagnostic tool to the attending health care professional.
Subject to our receipt of the necessary regulatory market authorization, we would expect to initiate commercialization in the United States during 2026, in accordance with the projected timeline for our BARDA contract.
REMOVED
As of March 26, 2025, there were 25,317,196 shares of Common Stock, $0.0001 par value per share, issued and outstanding.
Our BARDA contract is not guaranteed to be completed or extended.
Nasdaq may delist our securities from trading on its exchange, which could limit investors ability to make transactions in our securities and subject us to additional trading restrictions.
iii The price of our Common Stock and Warrants may be volatile.
Overview We are an Artificial Intelligence ( AI ) company focused on predictive medical diagnostics.
We anticipate that our full DeepView System may achieve Class II medical device designation with the United States Food and Drug Administration (FDA) via a De Novo application.
This information is then used to advance algorithm optimization, which is trained and tested against a proprietary and clinically validated database of approximately 340 billion pixels of image data as of December 31, 2024.
Currently, healthcare professionals rely on their experience and subjective assessments to determine if wounds, such as burn injuries, will heal under routine care after a period of time, typically several weeks, or are in need of advanced wound care products and procedures including surgical interventions.
This has allowed us to develop our technology and advance our clinical trials.
The DeepView System provides a quick clinical decision tool to emergency room clinicians.
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