Spectral AI

MDAI

Medical - Specialties · Healthcare

Price

$1.60

+0.03 (+1.91%)

Market Cap

$50.9M

Exchange

NASDAQ

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Weak

Growth

Weak

Cash Flow

Weak

Stability

Data not available

Valuation

Data not available

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Share count rising — dilution

+48.3% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 17.9M (2021) → 26.5M (2025)

Winston Score History

The full picture

Spectral AI is a small medical technology company that makes a device to help doctors treat burn wounds. Its main product, DeepView, uses light and artificial intelligence to scan a burn injury and predict whether it will heal on its own or need surgery. The main customers are hospitals, burn centers, and military medical units.

The company earns revenue by selling or licensing its DeepView system, and it has received funding from the U.S. Department of Defense to develop the technology for battlefield use. Spectral AI operates primarily in the United States and is still in an early commercial stage, which explains its deeply negative operating margins and very high cash burn. The biggest risk the company faces is proving that enough hospitals will pay for the device at scale, since it has not yet reached consistent revenue to cover its operating costs.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-30.4% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+58.1% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$20M/ year

↓ Declining (-34% vs prior year)

100.0% of revenue

5.6x the sector average (18%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

28.5%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~10 months

$14M cash & investments

Short runway — potential dilution ahead through share issuance

Cash watch

Spectral AI has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

31.6%

Modest — 31.6% gross margin

Profit after running costs

Operating Margin

-122.7%

Losing money on operations — -122.7%

Return on the money invested

ROCE

-102.9%

Weak — -102.9% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

-45.0%

Shrinking sales (-45.0% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

-85.0%

Burning cash (-85.0%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

N/A

—

Data not available

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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