Spectral AI, Inc. (MDAI)

Nasdaq: MDAI · Surgical & Medical Instruments & Apparatus · Dallas, TX · filing with the SEC since 2020

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Grade2.7

◀ Past 1.7● Present 2.5▶ Future 3.8

1 est.

Overview Business Financials Grade Forecast Sentiment Ownership People Filings Patents Chart

The grade of Spectral AI, Inc.

Nine metrics read from its own filings, by tense

Headline grade

2.7/10

◀ Past1.730% of the headline

● Present2.540% of the headline

▶ Future3.830% of the headline

All three tenses have at least two readings, so the archetype blend applies as printed.

Of the nine metrics, 8 read as filed from the record and 1 is an SI estimate, each with its reasoning, its confidence and what would change it on its card.

◀ Past

What did they actually do?

1.7/1030% of the headline grade · 2 of 3 filed, 1 estimated

Surviving crises

as filed

0.9/10

Has it survived what it has been through?

12 warning events since 2020; the latest 2025-06-03.

weight 33% of this tense · 9th percentile among 121 sector filers · read for itself

From the record

Spectral AI, Inc.'s filings since 2020 show 12 warning events of 4 kinds: a notice about its exchange listing (8-K item 3.01, 7 times, the latest 2024-12-11); a warning not to rely on past financial statements (8-K item 4.02, the latest 2021-11-22); an auditor change (8-K item 4.01, 2 times, the latest 2025-06-03); a late-report notice (Form NT 10-K or NT 10-Q, 2 times, the latest 2021-11-16) (its current reports).

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Track record

as filed

1.5/10

What has it actually done, year after year?

-8.2% a year over 4 filed years; profitable in 0 of 4.

weight 45% of this tense · 15th percentile among 105 sector filers · read for its customers

From the record

Spectral AI, Inc.'s 4 filed years say what it did: revenue went from $25 million in fiscal 2022 to $20 million in fiscal 2025, down 8.2% a year; it rose in 1 of 3 years; the deepest fall was 34% from fiscal 2024 to fiscal 2025; net income was positive in 0 of 4 of those years (its annual reports).

What it rests on

revenue growth over the filed span-8.2%bottom 8% of its family
the share of years revenue rosebottom 6% of its family
the share of filed years with a profitbottom 23% of its family
the deepest fall from a revenue peak33.6%bottom 22% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Shareholder treatment

SI estimate

3.3/10

How has it treated the people who own it?

SI estimate 3.3/10, confidence 35 of 100 (one part).

weight 22% of this tense · 33rd percentile among 120 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate: Read from one part only, the share count over the years, which ranks in the bottom 33% of 120 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
What the record cannot read: Fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
How it was reasoned: one part: the share count over the years, the one part on file, ranked among 120 in its family.
Confidence: 35 of 100
What would change it: A filing that carries the missing parts replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: Spectral AI, Inc.'s shareholder treatment is put at 3.3 of 10 with a confidence of 35 of 100, because read from one part only, the share count over the years, which ranks in the bottom 33% of 120 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income. A filing that carries the missing parts replaces this estimate with the filed reading.

● Present

What are they doing right now?

2.5/1040% of the headline grade · 3 of 3 filed

Financial health

as filed

3.3/10

Is it financially healthy right now?

Leverage 127%: owes 127¢ per asset dollar.

weight 45% of this tense · 33rd percentile among 120 sector filers · read for itself

From the record

Return on equity: in the fiscal year ended 2025-12-31, Spectral AI, Inc.'s shareholders' equity was below zero, so the profit on it is not read, and gross profitability: its products earned about 42 cents per dollar of everything the company owns. Leverage: it owed about 127 cents per dollar of assets, and net share issuance: its share count grew 47.9% over the year (the filed statements).

What it rests on

what it owes per dollar of assetsbottom 5% of its family
gross profit against assetstop 37% of its family
the share count against the year beforebottom 31% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Industry position

as filed

2.8/10

How strong is its position in its industry?

bottom 28% of 109 in its family; net margin -38.5%.

weight 33% of this tense · 28th percentile among 109 sector filers · read for its customers

From the record

Spectral AI, Inc.'s standing among 109 graded names in its industry family: revenue of $20 million in fiscal 2025 ranks in the bottom 29% by size; a net margin of -38.5% ranks in the bottom 39%; revenue growth of -8.2% a year over the last 3 filed years ranks in the bottom 15% (its annual reports).

What it rests on

revenue against the family$19.6Mbottom 29% of its family
net margin-38.5%bottom 39% of its family
three-year revenue growth-8.2%bottom 15% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Leadership

as filed

0.6/10

What are the people in charge doing?

bottom 6% of 91 in its family for leadership; chief executive since 2026.

weight 22% of this tense · 6th percentile among 91 sector filers · read for its shareholders

From the record

Spectral AI, Inc.'s leadership, from its insiders' filings and its current reports: the chief executive on the record is Capone, Vincent S. (Chief Executive Officer, as filed), filing under that title since 2026-04-06, 7 months (bottom 12% of its family); most of the 5 officers and directors filing now have filed since the record of its people begins (2023-09-11), a floor of 3.2 years the record cannot see past, so that part is not read; 16 officer or director changes were reported on Form 8-K since 2023-11-13, against the 5 people in charge now (bottom 1%; fewer changes for each person reads higher) (the Form 4 record, its Form 8-K reports). Years count from a person's first filing in the SEC's data sets, which begin in 2006, so each is a floor.

What it rests on

officer and director changes on Form 8-K, against the people in charge16 in three years among 5 peoplebottom 1% of its family
the chief executive's years on the record7 monthsbottom 12% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

▶ Future

What are they set up to do next?

3.8/1030% of the headline grade · 3 of 3 filed

Room to expand

as filed

4.1/10

How much room does it have to grow?

bottom 41% of 104 in its family for room to expand.

weight 45% of this tense · 41st percentile among 104 sector filers · read for itself

From the record

Spectral AI, Inc.'s room to grow, from the newest filed statements (fiscal 2025): cash of $15 million against debt of $9 million leaves 28.7% of its assets as net cash, top 31% of its family; cash from operations less capital spending is -50.5% of revenue (bottom 29%); a gross margin of 45.4% (bottom 25%) (its annual report).

What it rests on

cash less debt against assets28.7%top 31% of its family
cash from operations less capital spending against revenue-50.5%bottom 29% of its family
gross margin45.4%bottom 25% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Growth drivers

as filed

2.9/10

What could actually drive growth from here?

bottom 29% of 105 in its family for growth drivers.

weight 33% of this tense · 29th percentile among 105 sector filers · read for its customers

From the record

Spectral AI, Inc.'s growth drivers, from the filed years to fiscal 2025: revenue grew -8.2% a year over the last three filed years against -8.2% over all 4, speeding up (top 43% of its family); the newest year grew -33.6% (bottom 9%); research spending grew -8.5% a year (bottom 21%) (its annual reports). Spectral AI, Inc. tags no split of its revenue by line in the annual report on file, so growth by line cannot be read here; research and capital spending are on the trend.

What it rests on

three-year growth against the whole span+0.0 points a yeartop 43% of its family
the newest year's revenue growth-33.6%bottom 9% of its family
three-year growth of research spending-8.5%bottom 21% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Expectations vs reality

as filed

4.6/10

Did its newest year beat what its own record pointed to?

bottom 46% of 88 in its family for expectations against reality.

weight 22% of this tense · 46th percentile among 88 sector filers · read for its shareholders

From the record

Spectral AI, Inc.'s newest year against its own record: revenue of $20 million in fiscal 2025 came in 38.5% below the $32 million its prior three years' pace pointed to (bottom 11% of its family); net income of $8 million against a prior three-year average of $13 million (top 37%); a net margin of -38.5% against -59.4% before (top 35%) (its annual reports).

What it rests on

revenue against the prior three years' pace-38.5%bottom 11% of its family
net income against the prior three years' average+42%top 37% of its family
net margin against its prior average+20.9 pointstop 35% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

The grade is the company against its own industry, from its filings. It is not a view on the share price. How the grade is made

SI Assistanton MDAI · research, not advice