Qt Imaging Holdings, Inc. · NASDAQ:QTI

Qt Imaging — Investor Presentation (August 2025)

71 slides from Qt Imaging's investor presentation, August 2025

Slide 1: Quantitative Transmission Imaging Investor Presentation
Quantitative Transmission Imaging Breast Acoustic CT Scanner INVESTOR PRESENTATION June 2025
Slide 2: Disclaimer
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 respecti
Slide 3: Disclaimer: Forward Looking Statements
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 generall
Slide 4: Disclaimer: Non-GAAP Financial Measures
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, inc
Slide 5: QT Imaging Holdings (QTI) Has the Potential to Transform Medical Imaging
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 ultrasonic
Slide 6: Our Mission
Our Mission NIH has awarded • Create disruptive innovation using technology (software, QT Imaging machine learning, and smart physics) to improve medical about imaging and thus, healthcare quality and access $18M • Continue to build upon our FDA clearances to offer QTI for new women’s as a breast sc
Slide 7: Investment Highlights
Investment Highlights Industry-Transforming, FDA High-Value Entry in Cleared (Breakthrough Device $5B+ Breast Imaging Designation) Imaging Technology Market, augmented by Platform Recognized by Industry Scalable Path to $22B+ Incumbents Adjacent Applications True 3D, Quantitative, High Strategic Can
Slide 8: Our Management Team
Our Management Team Raluca Dinu, PhD Stas Budagov Steve Choate CHIEF EXECUTIVE CHIEF FINANCIAL CHIEF OPERATING OFFICER OFFICER OFFICER Nasser C. Bilal Malik, Pirshafiey, MBA Ph.D. Elaine Iuanow, MD CHIEF PRODUCT CHIEF SCIENCE CHIEF MEDICAL OFFICER OFFICER OFFICER Copyright ©2025 QT Imaging Holdings,
Slide 9: Executive Summary
Executive Summary Patent-protected technology: 14 granted patents in US/Europe + 2 new patent applications TECHNOLOGICAL CONSIDERATIONS PATIENT CONSIDERATIONS • FDA cleared for breast Imaging • Safe, no radiation, no contrast ➢ Breakthrough Device Designation awarded by the FDA • No discomfort, pain
Slide 10: Business Partnerships
Business Partnerships • Under Distribution Agreement with • Under Contract Manufacturing NXC Imaging (Subsidiary of Canon Agreement with Canon Medical Medical Systems) for U.S.A. market Systems − Committed quarterly minimum order − In the process of bringing up large scale quantities (MOQs) for scan
Slide 11: Breast Health
y QT IMAGING Breast Health
Slide 12: QTI's Technology Has the Opportunity to Transform Several Large Markets
QTI’s Technology Has the Opportunity to Transform Several Large Markets 2023 Global Medical Imaging Market Size: $40B(1) CURRENT MARKET FUTURE MARKETS – BODY SCANNER PLATFORM DEVELOPMENT IMAGE-GUIDED PROCEDURES: BREAST: $5B MARKET (2) ORTHO: $9B MARKET (3) INFANT: $8B MARKET (4) $5B MARKET (5) • FDA
Slide 13: QT Imaging's FDA-cleared Solution for Dense Breasts
QT Imaging’s FDA-cleared Solution for Dense Breasts Many Women Have Dense Breasts, The FDA Has Recognized the Which Mammograms are Inefficient Importance of Breast Density in Screening for Cancer in Breast Cancer Screening 50% of women between 50% 50% the ages of 40-74 in the US have dense breasts(1
Slide 14: Clinical Evidence: Non-Inferiority to DBT
Clinical Evidence: Non-Inferiority to DBT Non-inferiority to DBT ROC curves Individual reader AUC • Breast Abnormalities The line closer to 1.0 is The line closer to 1.0 is indicative of higher accuracy indicative of higher accuracy • Benign, non-cancer, normal without biopsy • Cancer, abnormal with
Slide 15: Sensitivity and Specificity
Sensitivity and Specificity • Sensitivity − Lower for QT (70.6%) compared to DBT (85.2%) − Potentially attributable to reader unfamiliarity with QT imaging, suggesting a need for enhanced training • Specificity − Significantly higher for QT (60.1%) compared to DBT (37.2%) − Indicates QT's ability to
Slide 16: Subgroup Analysis: Dense Breasts
Subgroup Analysis: Dense Breasts MRMC Analysis Results by Breast Density of 24 Readers and 177 Cases (66 Abnormal, 111 Normal) BI-RADS Density N AUC ± SE 95% CI Abnormal/Normal QT DBT QT-DBT c, d 28/53 0.6852 ± 0.0457 0.5987 ± 0.0447 0.0865 ± 0.0557 [-0.0227, 0.1956] a, b 38/58 0.7912 ± 0.0335 0.779
Slide 17: Anatomic & Visual Grade with Comparative Modality
Clinical Evidence Anatomic & Visual Grade with Comparative Modality Normal Anatomic Comparison X-Ray Mammography (XRM) Handheld Ultrasound (HHUS) • Visual Graded Analysis • 4 readers • 5 readers • Compared QTI vs • 22 breast, 20 subjects • 17 breast, 17 subjects HHUS, XRM • Lower score means better
Slide 18: The Current Breast Imaging Paradigm Leads to Unnecessary Concern and Costs
The Current Breast Imaging Paradigm Leads to Unnecessary Concern and Costs Screening compliance is low For every 1,000 screening mammograms: 25% women do not get regularly screened and 35% of CALL BACK 35% women with greater health RATES 98% of related social needs (1) 65% ~15% call-backs rates with
Slide 19: Clinical Evidence: Recall Rate
Clinical Evidence Recall Rate • Recall Rates: 10% Approximately 150 women out of Combined Recall Rate every 1,000 screened are recalled for more tests. Out of those 150, • Adherence to screening only three or four will be diagnosed with cancer. compliance: Unnecessary recalls create stress − 16% Dec
Slide 20: Standard of Care Today and How QTI Fits In
Competitive Landscape Standard of Care Today and How QTI Fits In
Slide 21: Standard of Care Today, How QT Scan Fits In
Standard of Care Today 1, 2 How QT Scan Fits In Patient under the Patient age and risk Patient over the age of age of 40 undergoes assessment 40 undergoes routine risk assessment determines mammographic screening the screening pathway Patient is above- average risk Patient Patient is average or is h
Slide 22: Current Standard of Care in Breast Imaging
Current Standard of Care in Breast Imaging Risk Lifetime Breast Recommended Category Risk Density Imaging Modalities Guideline Recommendations NCCN(4): Annual mammography for women aged 40 and older. Screening Mammography Fatty ACR/SBI(1,2): Annual mammography starting at age 40. Average Risk ≤12–15
Slide 23: QTI's Current Indications For Use
QTI’s Current Indications For Use Broad intended use to allow breast imaging of any subject of age 18 or older First FDA clearance for an ultrasound-based device to be able to quantify breast tissue volume QT Scanner 2000 Model A 510(k) Summary (link) Copyright ©2025 QT Imaging Holdings, Inc. All Ri
Slide 24: How QTI Potentially Fits Into the Current Paradigm
How QTI Potentially Fits Into the Current Paradigm Risk Category Potential Role of QTI Device QTI offers a non-ionizing, high-resolution alternative for supplemental imaging, Average Risk especially useful in patients with dense breasts where mammography is limited. (≤12–15%) Ideal for frequent moni
Slide 25: QTI Technology vs HHUS, DBT, MRI, CT
QTI Technology vs HHUS, DBT, MRI, CT
Slide 26: Imaging Modalities
Imaging Modalities Breast Imaging Modality Acronym Underlying Technology QT Scan QT Scan Ultrasound Mammography XRM X-Ray Digital Breast Tomosynthesis DBT X-Ray Magnetic Resonance Imaging MRI Magnetic Resonance Contrast Enhanced Magnetic Resonance Imaging CE-MRI Magnetic Resonance + Contrast Breast
Slide 27: The QT Scanner Delivers a Better Experience for Patients than Traditional Systems
The QT Scanner Delivers a Better Experience for Patients than Traditional Systems QT Scan HHUS CE-MRI XRM/DBT Breast CT Underlying Technology Ultrasound Ultrasound Magnetic Resonance X-Ray X-Ray Image Quality Safety(1) Time Spent in the Clinic 40-45 min 30-45 min 45 min-1h 10-15 minutes 15-20 minute
Slide 28: Other Ultrasound Products Use 2D Imaging for Dense Breast Imaging
Other Ultrasound Products Use 2D Imaging for Dense Breast Imaging DELPHINUS BREAST INVENIA ABUS ACUSON S2000 ABVS AWBUS SOFIA 3D SOFTVUE ACOUSTIC CT DESIGN TYPE Articulating Arm Articulating Arm Articulating Arm Rotating Armature Water Bath Water Bath Guided Handheld OUTPUT Stacked 2D Stacked 2D Sta
Slide 29: Current Ultrasound Technologies Have Major Deficiencies
Current Ultrasound Technologies Have Major Deficiencies Shortfalls of Commercial Current, Rival Systems (2) • Reflection images suffer from speckle; compounding is done without refraction correction • No true “transmission” mode available – instead use low resolution “shear wave” data (e.g. ABUS, AV
Slide 30: QTI Technology vs XRM/DBT
QTI Technology vs XRM/DBT • Projection overlap in mammography: overlapping tissues in 2D Screening Mammogram Diagnostic Mammogram mammograms can obscure or mimic lesions(3) (DBT improves this, but not completely eliminates it) • Reduced sensitivity to dense breasts: Mammography and DBT can miss canc
Slide 31: QTI Technology vs MRI: Shortfalls of Breast MRI
QTI Technology vs MRI: Shortfalls of Breast MRI • High cost and limited availability: Breast MRI is expensive and not Non-fat sat Pre-contrast widely accessible compared other imaging modalities • Limited specificity: While highly sensitive, breast MRI often produces false positives, leading to unne
Slide 32: Quantitative Transmission (QT) Imaging
Quantitative Transmission (QT) Imaging • What is QT Imaging? − Inherently 3D volumetric ultrasound modality due to 3D data acquisition and image reconstruction − Uses CT-like configuration with ultrasound to acquire and reconstruct transmission images which map the speed-of-sound across the tissue v
Slide 33: Optimized Patient Experience
Optimized Patient Experience PerfeQTion Imaging Center Haverford, PA • 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 exam
Slide 34: Clinical Results Comparison
Clinical Results Comparison
Slide 35: Imaging Accuracy in Breast Mass Diagnosis
Imaging Accuracy in Breast Mass Diagnosis(1) QT Scan XRM/DBT HHUS CE-MRI CT Normal Breast Dense Breast Cyst Tumor Solid Tumor Calcification Quantitative Tissue / Density Characterization Implant Visualization (1) Based on opinion of QT Imaging Holdings team. (2) Quantitaitve tissue/density character
Slide 36: Technology & Clinical Overview
Technology & Clinical Overview
Slide 37: Technical Capabilities
Technical Capabilities • Detection resolution of ~600 microns in reflection compared to 800 microns(1) for MRI (depends on field strength, homogeneity etc) • Contrast to noise ratio of 23:1 at 100 microns ( in reflection; can detect small calcifications) • Contrast to noise ratio of 15:1 (at resolut
Slide 38: QTI Provides High Resolution, Similar to MRI
QTI Provides High Resolution, Similar to MRI MRI Spiral data QTI (3D UT) Planar acquisition Volumetric 20mm for speed of overlapping acquisition detectors 2mm gap Receiver Array Receiver ~200,000 Array times more data Data points per voxel per voxel than Data points per voxel ~180 thousand data poin
Slide 39: Enhanced Clinical Capabilities and Value
Enhanced Clinical Capabilities and Value • High-quality and high-resolution native 3D Imaging • Quantifiable images enables accurate analysis, comparison and trending • Consistent and reproduceable image quality regardless of operator or breast size/tissue type • Clinical feature detection of 50-100
Slide 41: Modality Comparison – FFDM and HHUS
Modality Comparison – FFDM and HHUS Mammogram - (left) CC and (right) MLO views. Arrows mark a region of spiculated focal asymmetry. HHUS images across the lesion Copyright ©2025 QT Imaging Holdings, Inc. All Rights Reserved. 41
Slide 42: Modality Comparison – MRI Images
Modality Comparison – MRI Images Non-fat sat Pre-contrast Fast low angle Post-contrast shot 3D (FL3D) Copyright ©2025 QT Imaging Holdings, Inc. All Rights Reserved. 42
Slide 43: Modality Comparison – QT Image
Modality Comparison – QT Image QT speed of sound image showing the mass (marked by arrows) as a region of high-speed IDC in lower outer quadrant of the left breast, 4 o’clock in the coronal view. Copyright ©2025 QT Imaging Holdings, Inc. All Rights Reserved. 43
Slide 44: QTI Scans Image Quality
y QT IMAGING OTI| Scans Image Quality
Slide 45: Normal Dense Breast
Normal Dense Breast CORONAL AXIAL SAGITTAL Chest wall Transmission Reflection click on image for video Dense breast – no high-speed lesion, mass, or cancer Copyright ©2025 QT Imaging Holdings, Inc. All Rights Reserved. 45
Slide 46: Cyst Identification Using Speed of Sound
Cyst Identification Using Speed of Sound Cystic mass seen in speed of sound (top 3 panels) and anechoic in reflection (bottom 3 panels) in 3 planes – coronal, axial, and sagittal Copyright ©2025 QT Imaging Holdings, Inc. All Rights Reserved. 46
Slide 47: Solid Identification Using Speed of Sound
Solid Identification Using Speed of Sound Solid mass seen in speed of sound (top 3 panels) and hypoecoic in reflection (bottom 3 panels) in 3 planes – coronal, axial and sagittal Copyright ©2025 QT Imaging Holdings, Inc. All Rights Reserved. 47
Slide 48: Case 1: Invasive Ductal Carcinoma
Case 1: Invasive Ductal Carcinoma Mammogram - (left) CC and (right) MLO views Arrows mark a region of spiculated focal asymmetry HHUS images across the lesion Copyright ©2025 QT Imaging Holdings, Inc. All Rights Reserved. 48
Slide 50: Case 1: QTI Scan
Case 1: QTI Scan QT speed of sound image showing the mass (marked by arrows) as a region of high-speed IDC in lower outer quadrant of the left breast, 4 o’clock in the coronal view. Copyright ©2025 QT Imaging Holdings, Inc. All Rights Reserved. 50
Slide 52: Case 2: QTI Speed of Sound
Case 2: QTI Speed of Sound QT speed of sound image showing the mass (marked by arrows) as a region of high-speed. In coronal view at 8 o’clock. Relatively posterior mass but still all visible in the QT image. Copyright ©2025 QT Imaging Holdings, Inc. All Rights Reserved. 52
Slide 54: Case 3: QTI Speed of Sound
Case 3: QTI Speed of Sound QT speed of sound image showing the mass (marked by arrows) as a region of high-speed. In coronal view, at 6 o’clock, near the center. Copyright ©2025 QT Imaging Holdings, Inc. All Rights Reserved. 54
Slide 55: Calcifications Detected with Better Visibility Than XRM
Calcifications Detected with Better Visibility Than XRM Digital Mammography QT Reflection Tomogram Detectability of calcifications in QT Acoustic CT is superior to XRM (1) (1) Sensitivity of Quantitative Transmission ultrasound to detection of microcalcifications. SPIE (International Society for Opt
Slide 56: Market Positioning & QT Scanner Locations In USA
Market Positioning & QT Scanner Locations In USA
Slide 57: Market Positioning of Breast Acoustic CT Scanner
Market Positioning of Breast Acoustic CT Scanner Not intended to compete with mammography for screening, although many patients may find it preferrable for: • Dense breasts • Implants • Post therapy screening where breasts can be sensitive to compression • When concerned about radiation dose Diagnos
Slide 58: QT Scanner Locations Map
QT Scanner Locations Map COMMERCIAL CENTERS CLINICAL SITES Center For New Medicine PerfeQTion Imaging Qlarity Breast Imaging Keio University Dr. Leigh Erin Connealy Dr. Jenn Simmons Dr. Yvonne Karney 2 Chome-15-45 Mita 6 Hughes, Suite 100 346 W Lancaster Ave, Vitality Renewal Functional Medicine Min
Slide 59: Open Angle Scanner
y QT IMAGING Open Angle Scanner
Slide 60: Developing an Open Angle Scanner Will Expand the Technology to New Markets
Developing an Open Angle Scanner Will Expand the Technology to New Markets …providing significant potential to access new markets and applications • The Open Angle Scanner uses an open, partial angle configuration which reduces the viewing field from 3600 to 3250 and provides additional capabilities
Slide 61: Q2'25 Financials
y QT IMAGING Q2'25 Financials
Slide 62: Financial Highlights for Q2'25
Financial Highlights for Q2’25 • Commercial revenue was $3.7 million during the second quarter of 2025, representing 113% year-over-year growth and 31% sequential quarter-over-quarter growth. The year-over-year increase in revenue was primarily attributable to the shipment of eight QT Breast Acousti
Slide 63: Financial Highlights for Q2'25 QTD
Financial Highlights for Q2’25 QTD • Gross margin of 50% in the second quarter of 2025, compared to gross margin of 51% in the second quarter of 2024 − The slight decline in gross margin in the second quarter of 2025 was primarily attributable to variability in the weighted average cost related to t
Slide 64: Financial Highlights for Q2'25 QTD
Financial Highlights for Q2’25 QTD • Non-GAAP Adjusted EBITDA of $(0.8) million for the second quarter of 2025, compared to $(2.1) million for the second quarter of 2024. • Ended Q2’25 with $2.0M in cash, compared to end of Q1’25 with $3.0M in cash, which includes $1.5 million used for operating act
Slide 67: Adjustments to EBITDA
Adjustments to EBITDA (1) The Company recorded debt modification expense of $0.1 million related to its modification of the Cable Car Note on January 9, 2025 and debt extinguishment expense of $2.0 million related to the extinguishment of the Yorkville Note and Cable Car Note on February 26, 2025 in
Slide 70: Investment Highlights
Investment Highlights Industry-Transforming, FDA High-Value Entry in Cleared (Breakthrough Device $5B+ Breast Imaging Designation) Imaging Technology Market, augmented by Platform Recognized by Industry Scalable Path to $22B+ Incumbents Adjacent Applications True 3D, Quantitative, High Strategic Can
Slide 71: Thank You!
y QT IMAGING Thank You!

QT Imaging Holdings — Investor Presentation (August 2025) on 6ix

Qt Imaging — Investor Presentation (August 2025)

Slide 1: Quantitative Transmission Imaging Investor Presentation

Slide 2: Disclaimer

Slide 3: Disclaimer: Forward Looking Statements

Slide 4: Disclaimer: Non-GAAP Financial Measures

Slide 5: QT Imaging Holdings (QTI) Has the Potential to Transform Medical Imaging

Slide 6: Our Mission

Slide 7: Investment Highlights

Slide 8: Our Management Team

Slide 9: Executive Summary

Slide 10: Business Partnerships

Slide 11: Breast Health

Slide 12: QTI's Technology Has the Opportunity to Transform Several Large Markets

Slide 13: QT Imaging's FDA-cleared Solution for Dense Breasts

Slide 14: Clinical Evidence: Non-Inferiority to DBT

Slide 15: Sensitivity and Specificity

Slide 16: Subgroup Analysis: Dense Breasts

Slide 17: Anatomic & Visual Grade with Comparative Modality

Slide 18: The Current Breast Imaging Paradigm Leads to Unnecessary Concern and Costs

Slide 19: Clinical Evidence: Recall Rate

Slide 20: Standard of Care Today and How QTI Fits In

Slide 21: Standard of Care Today, How QT Scan Fits In

Slide 22: Current Standard of Care in Breast Imaging

Slide 23: QTI's Current Indications For Use

Slide 24: How QTI Potentially Fits Into the Current Paradigm

Slide 25: QTI Technology vs HHUS, DBT, MRI, CT

Slide 26: Imaging Modalities

Slide 27: The QT Scanner Delivers a Better Experience for Patients than Traditional Systems

Slide 28: Other Ultrasound Products Use 2D Imaging for Dense Breast Imaging

Slide 29: Current Ultrasound Technologies Have Major Deficiencies

Slide 30: QTI Technology vs XRM/DBT

Slide 31: QTI Technology vs MRI: Shortfalls of Breast MRI

Slide 32: Quantitative Transmission (QT) Imaging

Slide 33: Optimized Patient Experience

Slide 34: Clinical Results Comparison

Slide 35: Imaging Accuracy in Breast Mass Diagnosis

Slide 36: Technology & Clinical Overview

Slide 37: Technical Capabilities

Slide 38: QTI Provides High Resolution, Similar to MRI

Slide 39: Enhanced Clinical Capabilities and Value

Slide 40: QT Speed of Sound and Reflection Images

Slide 41: Modality Comparison – FFDM and HHUS

Slide 42: Modality Comparison – MRI Images

Slide 43: Modality Comparison – QT Image

Slide 44: QTI Scans Image Quality

Slide 45: Normal Dense Breast

Slide 46: Cyst Identification Using Speed of Sound

Slide 47: Solid Identification Using Speed of Sound

Slide 48: Case 1: Invasive Ductal Carcinoma

Slide 49: Case 1: MRI

Slide 50: Case 1: QTI Scan

Slide 51: Case 2: MRI – Invasive Ductal Carcinoma

Slide 52: Case 2: QTI Speed of Sound

Slide 53: Case 3: MRI – Invasive Ductal Carcinoma

Slide 54: Case 3: QTI Speed of Sound

Slide 55: Calcifications Detected with Better Visibility Than XRM

Slide 56: Market Positioning & QT Scanner Locations In USA

Slide 57: Market Positioning of Breast Acoustic CT Scanner

Slide 58: QT Scanner Locations Map

Slide 59: Open Angle Scanner

Slide 60: Developing an Open Angle Scanner Will Expand the Technology to New Markets

Slide 61: Q2'25 Financials

Slide 62: Financial Highlights for Q2'25

Slide 63: Financial Highlights for Q2'25 QTD

Slide 64: Financial Highlights for Q2'25 QTD

Slide 65: Summary of Q2'25 QTD GAAP Results

Slide 66: Summary of Q1'25 QTD Non-GAAP Results

Slide 67: Adjustments to EBITDA

Slide 68: Balance Sheets as of Q2'25 and Q4'24

Slide 69: Cash Flow Statements for Q2'25 YTD and Q2'24 YTD

Slide 70: Investment Highlights

Slide 71: Thank You!