Spectral AI reported third-quarter revenue of $2.9 million, down 24.7% year over year and well below analyst estimates. The company posted a net loss of $3.7 million, or $0.11 per share, narrower than expected.
The company attributed the revenue decline to its shift from research and development to commercial activities, including a change to its contract with the Biomedical Advanced Research and Development Authority (BARDA). It lowered its full-year 2026 revenue guidance from approximately $18.5 million to about $13.0 million. Shares fell sharply in after-hours trading.
Spectral AI reiterated that it remains on track for the first U.S. commercial placement of its DeepView AI System in the fourth quarter of 2026. It has started manufacturing the first 30 units for deployment.