Qt Imaging Holdings, Inc. · NASDAQ:QTI
Qt Imaging — Investor Presentation (February 2026)
54 slides from Qt Imaging's investor presentation, Feb 25, 2026
Slide 1: Quantitative Transmission Imaging Breast Acoustic CT Scanner
Quantitative Transmission Imaging Breast Acoustic CT™ Scanner February 2026
Slide 2: Disclaimer: About This Presentation
2 Disclaimer ABOUT THIS PRESENTATION This investor presentation (this “Presentation”) is provided for informational purposes only. The information contained herein does not purport to be all-inclusive and neither QT Imaging Holdings, Inc. (the “Company”, “QT Imaging Holdings”, “QTI”), nor its respec
Slide 3: Disclaimer: Forward Looking Statements
3 Disclaimer FORWARD LOOKING STATEMENTS Certain statements included in this Presentation that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements genera
Slide 4: Disclaimer: Non-GAAP Financial Measures
4 Disclaimer NON-GAAP FINANCIAL MEASURES This presentation includes references to EBITDA and Adjusted EBITDA, financial measures that have not been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). EBITDA is defined as loss before interest expense, i
Slide 5: QT Imaging Holdings Has the Potential to Transform Medical Imaging
5 QT Imaging Holdings (QTI) Has the Potential to Transform Medical Imaging • QTI is a medical device company with imaging technology that has the potential to transform the industry • QTI Scanner is the only 3D imaging device to receive FDA clearance for use as a transmission and reflection ultrason
Slide 6: Our Mission: Transforming Breast Health For Every Woman
6 Our Mission Transforming Breast Health For Every Woman At QT Imaging, we are redefining what’s possible in breast imaging - delivering safe, high-resolution, and cost- effective solutions where traditional technologies fall short. Our goal is to make advanced diagnostic imaging accessible to all w
Slide 7: Our Management Team
7 Our Management Team Nasser C. Pirshafiey CHIEF PRODUCT OFFICER Raluca Dinu, PhD CHIEF EXECUTIVE OFFICER Bilal Malik, PhD CHIEF SCIENCE OFFICER Elaine Iuanow, MD CHIEF MEDICAL OFFICER Steve Choate CHIEF OPERATING OFFICER Jay Jennings CHIEF FINANCIAL OFFICER Satrajit Misra CHIEF COMMERCIAL OFFICER C
Slide 8: History of QT Imaging
8 History of QT Imaging Company founded by John Klock, MD $18M from NIH to develop supplemental imaging modality to resolve dense breasts FDA Clearance QTI becomes public on NASDAQ QTI gets delisted, public on OTC Raise $18M Relisted on Nasdaq 2012 2012-2025 2017 Mar 2024 Feb 2025 Aug 2025 Jan 2026
Slide 9: QTI's Platform Approach
9 QTI’s Platform Approach Versatile Clinical Use: from early evaluation to diagnosis and treatment monitoring AI-Ready Foundation: continuous learning to improve diagnostic accuracy Data-Rich Biomarkers: speed-of-sound maps for tissue characterization Upgradable & Scalable Platform: software-defined
Slide 10: Executive Summary: FDA Cleared for Breast Imaging
10 • FDA cleared for breast Imaging ØBreakthrough Device Designation awarded by the FDA provides fast track to unique CPT codes and future clearances • Based on safe waves, with the following biomarkers: − Quantitative measure of the intrinsic speed of sound in Breast Tissue − Quantitative measureme
Slide 11: Quantitative Transmission (QT) Imaging
11 Reflection transducers Transmission mode receiver Transmission mode transmitter Quantitative Transmission (QT) Imaging • What is QT Imaging? − Inherently 3D volumetric imaging modality due to 3D data acquisition and mathematical image reconstruction, thus its high resolution, similar to MRI − Two
Slide 12: Optimized Patient Experience
12 Optimized Patient Experience • No ionized radiation. Acoustic source only • No breast compression and associated discomfort • 10-12 minutes per breast exam time • Quiet and comfortable (as compared to MRI - claustrophobia, coil pressure, noise and lengthy exams) • No contrast injection or associa
Slide 13: What's Next? Biomarker Development
13 What’s Next? Biomarker Development • Quantitative parameters: Speed of Sound, Attenuation, Reflection, Nakagami parameters etc. • AI/ML models trained on large, labeled datasets • Validation through retrospective analysis and clinical-grade ground-truth annotations Cloud-Based AII Integration • D
Slide 14: From Images to Quantitative Data
14 From Images to Quantitative Data • Traditional breast imaging (mammography, MRI, ultrasound) produces qualitative visual information that relies heavily on radiologist interpretation rather than objective tissue properties • QT Imaging’s acoustic CT technology generates quantitative volumetric ma
Slide 15: Why Biomarkers Matter for QT Imaging?
15 What’s Next Why Biomarkers Matter for QT Imaging? Clinical Utility Biomarkers allow QT Imaging to move beyond detection toward diagnostic and prognostic precision through quantitative imaging: • Early detection of malignancy using defined quantitative thresholds • Therapy monitoring such as patho
Slide 16: From a Hardware Company to a Data-Centric Ecosystem
16 From a Hardware Company… To a Sustainable, Data-Centric Ecosystem Continuously Improving with Clinical Use Hardware 3D acoustic scanner Software reconstruction, denoising, analytics Cloud AI biomarker extraction, disease probability maps Quantitative Data/Biomarker Speed of Sound Attenuation Naka
Slide 17: Business, Partnerships, and Footprint
Business, Partnerships, and Footprint
Slide 18: Business Partnerships – Today
18 Business Partnerships – Today Under Distribution Agreement with NXC Imaging (Subsidiary of Canon Medical Systems) for U.S.A. market Under Contract Manufacturing Agreement with Canon Medical Systems Under Distribution Agreement with Gulf Medical for Kingdom of Saudi Arabia (KSA) market Under Distr
Slide 19: Business Partnerships: Committed Minimum Order Quantities
19 • Under Distribution Agreement with NXC Imaging (Subsidiary of Canon Medical Systems) for U.S.A. market − Four additional distributors signed by NXC Imaging to cover sales across all states − Committed quarterly minimum order quantities (MOQs) for scanner shipments till end of 2026 Business Partn
Slide 20: Business Model – HW + QTI Cloud Platform
20 Business Model – HW + QTI Cloud Platform Copyright ©2026 QT Imaging Holdings, Inc. All Rights Reserved. QTI Cloud Platform plans to offer advanced breast analysis, predicting breast cancer risk with AI precision • Lesion-by-lesion detail Precision phenotyping for each lesion with bio- marker base
Slide 21: QTI Precision Pathway – Cloud SaaS Platform
21 QTI Precision Pathway – Cloud SaaS Platform Core Operational Advanced Enterprise System software updates Long term technology relevance Collaboration & data sharing Quantitated biomarkers Automated analysis Precision reporting Multiuser access Enterprise collaboration Scanner Evergreen QTI Precis
Slide 22: Clinic Locations Using QT Scanner
22 Center For New Medicine Dr. Leigh Erin Connealy 6 Hughes, Suite 100 Irvine, CA 92618 +1 (949) 680-1880 Website Couri Center for Gynecology and Integrative Women's Health Dr. Michele Couri 6708 N Knoxville Ave, Suite 1 Peoria, IL 61614 Website ***COMING SOON*** Divine Breast Imaging 4336 4th Stree
Slide 23: Quantitative Transmission Imaging – Why and How It Fits In
Quantitative Transmission Imaging – Why and How It Fits In
Slide 24: QTI's Technology Has the Opportunity to Transform the Breast Imaging Market
24 (1) https://www.futuremarketinsights.com/reports/automated-breast-ultrasound-system-market (2) https://www.grandviewresearch.com/industry-analysis/breast-imaging-equipment-market $5.45B for 2024 with 8.9% CAGR. (3) https://www.archivemarketresearch.com/reports/breast-cancer-biomarkers-316622 (4)
Slide 25: Standard of Care Today, How QT Scan Fits In
25 Standard of Care Today 1, 2 How QT Scan Fits In (1) J Am Coll Radiol. 2023 Sep;20(9):902-914. (2) J Am Coll Radiol. 2024 Jun;21(6S):S126-S143 Patient age and risk assessment determines the screening pathway Patient over the age of 40 undergoes routine mammographic screening Patient under the age
Slide 26: Breast Cancer Screening Matrix – Current Guidelines
26 Breast Cancer Screening Matrix – Current Guidelines Copyright ©2026 QT Imaging Holdings, Inc. All Rights Reserved. Risk Category (Tyrer-Cuzick Lifetime Risk) + Breast Density Typical Risk Profile Description < 40 Years ≥ 40 Years Low Risk (<12%) (~20–30% of women) No first-degree relatives with b
Slide 27: Breast Cancer Screening Matrix – QTI Sweet Spot
27Copyright ©2026 QT Imaging Holdings, Inc. All Rights Reserved. Breast Cancer Screening Matrix – QTI Sweet Spot Risk Category (Tyrer-Cuzick Lifetime Risk) + Breast Density Typical Risk Profile Description < 40 Years ≥ 40 Years Low Risk (<12%) (~20–30% of women) No first-degree relatives with breast
Slide 28: Many Women Have Dense Breasts, Which Mammograms Screen Inefficiently
28 Many Women Have Dense Breasts, Which Mammograms are Inefficient in Screening for Cancer The FDA Has Recognized the Importance of Breast Density in Breast Cancer Screening QT Imaging’s FDA-cleared Solution for Dense Breasts 50% of women between the ages of 40-74 in the US have dense breasts(1) 50%
Slide 29: Dense Breast Center of Excellence
Quantitative Transmission Imaging – Dense Breast Center of Excellence
Slide 30: The Challenge with Dense Breast Imaging
30Copyright ©2026 QT Imaging, Inc. All Rights Reserved. The Challenge with Dense Breast Imaging Primary Screening Supplemental Screening Biopsy & Diagnostic Imaging Multiple Scheduling, Patient Attrition, Patient Anxiety, Operator Variability Radiation, Compression, Contrast Breast Density Confirmat
Slide 31: Our Solution for Women with Dense Breast
31Copyright ©2026 QT Imaging, Inc. All Rights Reserved. Our Solution for Women with Dense Breast QT Supplemental Screening Biopsy & Diagnostic Imaging Less Scheduling, Less Patient Attrition, Less Patient Anxiety, No Operator Variability No Radiation, No Compression, No Contrast
Slide 32: For the Patient
32 For the Patient • Multi-scheduling • Radiation, compression, contrast • High recall, operator dependency • One-stop-shop • No radiation, no compression, no contrast • Low recall, operator independent Breast Density Confirmation Copyright ©2026 QT Imaging, Inc. All Rights Reserved.
Slide 33: For Clinician
33 For Clinician • Dense breast lesion conspicuity challenges reading two tests, resolving operator variability • High recalls leading to additional tests • Require MR-like imaging • One test – multiple results (MR Like Imaging) (DCIS + Ca, Density, Doubling, Cyst/Solid, Implant) • Reflection, speed
Slide 34: For Administrator
34 For Administrator • Revenue capped to mammo & supplemental • High labor costs requiring specialized technologists • Capex includes equipment, siting, shielding • 5-year investment recovery with 10 patients/day • 2.5 X More revenue per scan • 30% less Annual Labor – nonspecialized personnel • Cape
Slide 35: Competitive Landscape
%. -> QT IMAGING Competitive Landscape
Slide 36: The QT Scanner Delivers a Better Experience Than Traditional Systems
36 The QT Scanner Delivers a Better Experience for Patients than Traditional Systems QT Scan CE-MRIHHUS XRM/DBT The QTI Imaging Advantage ...OVER XRM/DBT • Improved image quality • Safer (no radiation), allowing for more frequent imaging • Greater specificity • No special facility requirements • Qua
Slide 37: Imaging Accuracy in Breast Mass Diagnosis
37 Normal Breast Dense Breast Cyst Tumor Solid Tumor Calcification Quantitative Tissue / Density Characterization Implant Visualization Imaging Accuracy in Breast Mass Diagnosis(1) QT Scan HHUSXRM/DBT CE-MRI (1) Based on opinion of QT Imaging Holdings team. (2) Quantitative tissue/density characteri
Slide 38: Specific Reimbursement Codes
Specific Reimbursement Codes
Slide 39: Category III CPT Code Approval – X579T
39 Category III CPT Code Approval – X579T • Submitted on 11/3/2025 • Approved by AMA on 02/2026 • Scheduled for release on July 1, 2026, with an effective date of January 1, 2027 ØThe new Category III code, X579T, represents a significant milestone in the clinical and commercial advancement of QT Im
Slide 40: Regulatory Activities
%. -> QT IMAGING Regulatory Activities
Slide 41: Regulatory Activities
41 Regulatory Activities Saudi FDA (SFDA) UAE MOHAP Submit Dossier —Feb, 2026 Authorized Rep via Gulf Medical; MDS-GS-004 Under SFDA Regulatory Review Expected Marketing Authorization Target: Q2 2026 Dossier Preparation Leverage SFDA submission; MOHAP registration UAE Submission MOHAP device registr
Slide 42: What's Next?
%. -> QT IMAGING What's Next?
Slide 43: From a Hardware Company to a Data-Centric Ecosystem
43 From a Hardware Company… By building a biomarker-driven platform, QT Imaging shifts from a hardware company to a precision imaging platform combining hardware, software and cloud-based AI modules …To a Sustainable, Data-Centric Ecosystem Continuously Improving with Clinical Use Hardware 3D acoust
Slide 44: Investment Highlights
44 Investment Highlights Industry-Transforming, FDA Cleared (Breakthrough Device Designation) Imaging Technology Platform Recognized by Industry Incumbents Strong Commercial Momentum with $39M projected in 2026 (in USA, Saudi Arabia, UAE) in Contracted Revenue True 3D, Quantitative, High Resolution
Slide 45: Q4'25 Financials
%. -> QT IMAGING Q4'25 Financials
Slide 46: Financial Highlights for Q4'25
46 Financial Highlights for Q4’25 • On October 3, 2025, we closed an over subscribed $18.2 million private placement financing, which included anchoring from Sio Capital and participation from other institutional and existing company investors • Commercial revenue was $8.3 million during the fourth
Slide 47: Financial Highlights for Q4'25 (cont'd)
47 Financial Highlights for Q4’25 (cont’d) • Gross margin of 38% in the fourth quarter of 2025, compared to gross margin of 47% in the fourth quarter of 2024 − The decline in gross margin in the fourth quarter of 2025 was primarily attributable to the shipment of two scanners that were built by our
Slide 48: Financial Highlights for Q4'25 (cont'd)
48 Financial Highlights for Q4’25 (cont’d) • Ended Q4’25 with $10.5 million of cash, compared to $1.2 million of cash at the end of Q4’24 and $1.7 million at the end of Q3’25 • Cash flows used in operating activities were $9.0 million in 2025, and cash flows provided by financing activities was $18.
Slide 49: Summary of Q4'25 and FY'25 GAAP Results
49 Summary of Q4’25 and FY’25 GAAP Results (1) Share and per share amounts for the three and twelve months ended December 31, 2024 differ from those published in prior consolidated financial statements as they were retrospectively adjusted as a result of the Reverse Stock Split. Specifically, the nu
Slide 50: Summary of Q4'25 and FY'25 Non-GAAP Results
50 Summary of Q4’25 and FY’25 Non-GAAP Results Copyright ©2026 QT Imaging Holdings, Inc. All Rights Reserved. Three Months Ended December 31, Years Ended December 31, $ thousands 2025 2024 2025 2024 Net loss $ (1,387) $ (3,489) $ (21,083) $ (8,985) Income tax benefit (4) (16) (1) (16) Interest expen
Slide 51: Adjustments to EBITDA
51 Adjustments to EBITDA 1) Upon the issuance of Lynrock Lake Term Loan closed on February 26, 2025, the Company recorded a loss of $6.6 million, including debt issuance costs of $0.2 million, in other expense, net for the year ended December 31, 2025. 2) The Company recorded debt modification expen
Slide 52: Balance Sheets as of December 31, 2025 and 2024
52 Balance Sheets as of December 31, 2025 and 2024 (1) Share amounts as of December 31, 2024 differ from those published in prior consolidated financial statements as they were retrospectively adjusted as a result of the Reverse Stock Split. Specifically, the number of shares of common stock outstan
Slide 53: Cash Flow Statements for FY'25 and FY'24
53 Cash Flow Statements for FY’25 and FY’24 Copyright ©2026 QT Imaging Holdings, Inc. All Rights Reserved. Years Ended Dec 31, $ in thousands 2025 2024 Cash flows from operating activities: Net loss $ (21,083) $ (8,985) Adjustments to reconcile net loss to net cash used in operating activities: Depr
Slide 54: Thank You!
%. -> QT IMAGING Thank You!
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