Q2 2026 QT Imaging Holdings Inc Earnings Call

August 12, 2026

Speaker #1: Welcome to the QT Imaging second quarter 2020 financial results conference call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero.

Operator 2: Welcome to the QT Imaging second quarter 2026 financial results conference call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your telephone keypad. To withdraw your question, please press star then two. Please note this event is being recorded. I would now like to turn the conference over to your host, Tirth Patel, Investor Relations. Please go ahead.

Operator: Welcome to the QT Imaging Q2 2026 financial results conference call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your telephone keypad. To withdraw your question, please press star then two. Please note this event is being recorded. I would now like to turn the conference over to your host, Tirth Patel, Investor Relations. Please go ahead.

Speaker #1: After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then one on your telephone keypad. To withdraw your question, please press star, then two.

Speaker #1: Then two . Please note this event is being recorded . I would now like to turn the conference over to your host , Tirth Patel , Investor Relations .

Speaker #1: Please go ahead

Speaker #2: Thank you . This is Tirth Patel with core IR . Thank you for participating in today's call . Joining me from Q2 imaging are Doctor Raluca Dinu , chief Executive Officer and Jay Jennings , chief financial officer .

Tirth Patel: Thank you. This is Tirth Patel with Core IR. Thank you for participating in today's call. Joining me from QT Imaging are Dr. Raluca Dinu, Chief Executive Officer, and Jay Jennings, Chief Financial Officer. I want to remind listeners that comments made during this call by management will include forward-looking statements within the meaning of federal securities laws. Any statements that are not statements of historical facts should be deemed to be forward-looking statements. Such statements involve known and unknown risks, uncertainties, and other factors that may cause actual results, performance, or achievements to be materially different from those implied by such statements.

Speaker #2: I want to remind listeners that comments made during this call by management will include forward-looking statements within the meaning of federal securities laws. Any statements that are not statements of historical fact should be deemed to be forward-looking statements.

Speaker #2: Such statements involve known and unknown risks , uncertainties and other factors that may cause actual results , performance or achievements to be materially different from those implied by such statements All forward looking statements are based on Q2 Imaging's current beliefs , as well as assumptions made by and information currently available to QT imaging and relate to , among other things , Q2 Imaging's breast Acoustic CT scanner , including its product commercialization and manufacturing .

Tirth Patel: All forward-looking statements are based on QT Imaging's current beliefs, as well as assumptions made by, and information currently available to QT Imaging, and relate to, among other things, QT Imaging's Breast Acoustic CT Scanner, including its product commercialization and manufacturing, the evolution of QT Imaging into a scalable imaging platform, the QTI Cloud Platform and SaaS model, performance of software enhancements, new product development and introduction, and product sales growth and projected revenues. For a list and description of the risks and uncertainties associated with the company's business, please see its filings with the Securities and Exchange Commission. Furthermore, the content of this call contains information that is accurate only as of the date of this live broadcast, 12 August 2026.

Speaker #2: The evolution of imaging into a scalable imaging platform . The Qci Cloud Platform and SaaS model performance of software enhancements , new product development and introduction , and product sales growth , and projected revenues .

Speaker #2: For a list and description of the risks and uncertainties associated with the company's business, please see its filings with the Securities and Exchange Commission.

Speaker #2: Furthermore, the content of this call contains information that is accurate only as of the date of this live broadcast, August 12, 2020.

Speaker #2: Six. QT Imaging disclaims any obligation, except as required by law, to update or revise any financial or operational projections or other forward-looking statements.

Tirth Patel: QT Imaging disclaims any obligation, except as required by law, to update or revise any financial or operational projections or other forward-looking statements, whether because of new information, future events, or otherwise. Now I would like to turn the call over to Dr. Raluca Dinu. Raluca?

Speaker #2: Whether because of new information, future events, or otherwise. And now, I'd like to turn the call over to Dr. Raluca Dinu. Raluca?

Speaker #3: Thank you, and good afternoon, everyone. Thank you for spending time with us and for your interest in Q2 Imaging. The second quarter was another strong period of execution for Q2 Imaging.

Raluca Dinu: Thank you, Thuras, and good afternoon, everyone. Thank you for spending time with us and for your interest in QT Imaging. The Q2 was another strong period of execution for QT Imaging as we continued to scale our commercial business and build the foundation for broader adoption of Breast Acoustic CT imaging technology. Our mission is to transform breast health by giving women and physicians a better approach to breast imaging. Today's pathway still has important limitations. Mammography can be less effective in dense breasts and requires compression. MRI can be costly and burdensome, and conventional ultrasound remains highly operator-dependent. QT Imaging was built to address these challenges with a differentiated three-dimensional imaging platform that is radiation-free, compression-free, and quantitative. Our vision extends beyond delivering better imaging experience.

Raluca Dinu: Thank you, Tirth, and good afternoon, everyone. Thank you for spending time with us and for your interest in QT Imaging. The Q2 was another strong period of execution for QT Imaging as we continued to scale our commercial business and build the foundation for broader adoption of Breast Acoustic CT imaging technology. Our mission is to transform breast health by giving women and physicians a better approach to breast imaging. Today's pathway still has important limitations. Mammography can be less effective in dense breasts and requires compression. MRI can be costly and burdensome, and conventional ultrasound remains highly operator-dependent. QT Imaging was built to address these challenges with a differentiated three-dimensional imaging platform that is radiation-free, compression-free, and quantitative. Our vision extends beyond delivering better imaging experience.

Speaker #3: As we continued to scale our commercial business and build the foundation for broader adoption of breast acoustic CT imaging technology, our mission is to transform breast health by giving women and physicians a better approach to breast imaging. Today's pathway still has important limitations: mammography can be less effective in dense breasts and requires compression.

Speaker #3: MRI can be costly and burdensome , and conventional ultrasound remains highly operator dependent . QT imaging has built was built to address these challenges with a differentiated three dimensional imaging platform .

Speaker #3: That is , radiation free , compression free and quantitative Our vision extends beyond delivering better imaging experience . We are building a platform designed to provide objective , reproducible information that can support more personalized breast health management and over time , enable quantitative biomarkers and AI driven applications .

Raluca Dinu: We are building a platform designed to provide objective, reproducible information that can support more personalized breast health management, and over time, enable quantitative biomarkers and AI-driven applications. During the quarter, we shipped 15 Breast Acoustic CT scanners, in line with our United States shipment plan, and generated revenue of $7.4 million, an increase of 103% compared with the Q2 of 2025. For the H1 of 2026, we shipped 28 scanners and generated $14 million in revenue, compared to 14 scanners and $6.5 million in revenue during the same period last year. To put that growth in perspective, QT Imaging generated no revenue in 2023, $4.9 million in revenue in 2024, and $18.9 million in 2025. With our 2026 revenue guidance of approximately $39 million, we believe this trajectory demonstrates the continued scaling of our commercial business and the growing adoption of Breast Acoustic CT imaging modality.

Speaker #3: During the quarter, we shipped 15 breast acoustic CT scanners in line with our United States shipment plan and generated revenue of $7.4 million.

Speaker #3: An increase of 103% compared with the second quarter of 2025. For the first six months of 2026, we shipped 28 scanners and generated $14 million in revenue, compared to 14 scanners and $6.5 million in revenue during the same period last year.

Speaker #3: To put that growth in perspective, QT Imaging generated no revenue in 2023, $4.9 million in revenue in 2024, and $18.9 million in 2025.

Speaker #3: With our 2026 revenue guidance of approximately $39 million, we believe this trajectory demonstrates the continued scaling of our commercial business and the growing adoption of breast Acoustic CT imaging modality.

Speaker #3: Most importantly , more than 12,000 women have now been imaged using breast acoustic CT scans . Today For us , that milestone is about more than the growth of our installed base .

Raluca Dinu: Most importantly, more than 12,000 women have now been imaged using Breast Acoustic CT scans to date. For us, that milestone is about more than the growth of our installed base. It represents a growing body of real-world clinical experience with our technology, and progress toward our ultimate objective, expanding access to a more patient-centered quantitative approach to breast imaging. As we enter the H2 of the year, our focus is increasingly on translating this foundation into broader adoption. Let me start with our United States commercial strategy. In the United States, we continue to strengthen the commercial infrastructure needed to support our next phase of growth. Under the leadership of our Chief Commercial Officer, Satyajit Misra, we expanded our United States commercial organization with the appointment of Jason Dyer, our Vice President Regional Sales East, and Dave Reinhart as Vice President Regional Sales West.

Speaker #3: It represents a growing body of real-world clinical experience with our technology and progress toward our ultimate objective: expanding access to a more patient-centered, quantitative approach to breast imaging.

Speaker #3: As we enter the second half of the year, our focus is increasingly on translating this foundation into broader adoption. Let me start with our United States commercial strategy. In the United States, we continue to strengthen the commercial infrastructure needed to support our next phase of growth.

Speaker #3: Under the leadership of our Chief Commercial Officer , Satrajit Mitra , we expanded our United States commercial organization with the appointment of Jason Dyer as Vice President , regional , regional Sales , East and Dave Reinhardt as Vice President , regional Sales West This expanded team strengthens our ability to engage directly with breast imaging centers , clinicians , and enterprise health systems while continuing to leverage our exclusive distribution partnership with NHC imaging , a subsidiary of Canon Medical Systems .

Raluca Dinu: This expanded team strengthens our ability to engage directly with breast imaging centers, clinicians, and enterprise health systems while continuing to leverage our exclusive distribution partnership with NXC Imaging, a subsidiary of Canon Medical Systems USA, Inc. By combining established distribution infrastructure with expanded direct commercial and business development capabilities, we are building a scalable commercial model designed to deepen customer engagement, accelerate clinical adoption, and installed base growth, and support sustainable long-term revenue growth and margin expansion. Internationally, we continue to expand our commercial infrastructure through experienced regional partners with established market presence, local relationships, and deep knowledge of their healthcare systems. Our distribution partnerships with Gulf Medical Company in Saudi Arabia, and Al Nahdi Medical Company in United Arab Emirates, together with our sales agent partnership of Re-invent Pharma in Pakistan, provide a capital-efficient model for expanding our commercial reach and supporting local market development.

Speaker #3: United States By combining established distribution infrastructure with expanded direct commercial and business development capabilities , we . Building a scalable commercial model designed to deepen customer engagement , accelerate clinical adoption , and installed base growth , and support sustainable , long term revenue growth and margin expansion Internationally , we continue to expand our commercial infrastructure through experienced regional partners with established market presence , local relationships , and deep knowledge of their healthcare systems Our distribution partnerships with Gulf Medical in Saudi Arabia and Al-nahdi Medical in United Arab Emirates , together with our sales agent partnership of Reinvent Pharma in Pakistan , provide the capital efficient model for extending our commercial reach and supporting local market development This partner led approach enabled Q2 imaging to leverage established sales and service infrastructure while building the foundation for broader international adoption of acoustic CT imaging modalities While geo developments have impacted commercial activity in parts of the Gulf region , we are beginning to see encouraging signs of renewed customer engagement supported by our regulatory authorization and distributor partnerships On the regulatory front , we continue to expand our international commercial foundation .

Raluca Dinu: This partner-led approach enabled QT Imaging to leverage established sales and service infrastructure while building the foundation for broader international adoption of Breast Acoustic CT imaging modality. While geopolitical developments have impacted commercial activity in parts of the Gulf region, we are beginning to see encouraging signs of renewed customer engagement, supported by our regulatory authorization and distributor partnerships. On the regulatory front, we continue to expand our international commercial foundation. We received clearance from the Saudi Food and Drug Authority, SFDA, for the QTI Breast Acoustic CT Scanner, enabling us to market and sell our technology in Saudi Arabia. More recently, we received AMAR authorization from the Ministry of Health in Israel, enabling commercialization of the Breast Acoustic CT Scanner in the market.

Speaker #3: We received clearance from the Saudi Food and Drug Authority , Sfda for the Qti Breast Acoustic CT scanner , enabling us to market and sell our technology in Saudi Arabia More recently , we received a more authorization from the Ministry of Health in Israel , enabling commercialization of the breast acoustic CT scanner in the market Together with our existing authorization in the United Arab Emirates , these milestones further strengthen our regulatory foundation across the Middle East and expand the market in which we can commercialize , commercialize breast acoustic CT platform .

Raluca Dinu: Together with our existing authorization in the United Arab Emirates, these milestones further strengthen our regulatory foundation across the Middle East and expand the markets in which we can commercialize Breast Acoustic CT platform. The first Breast Acoustic CT Scanner in Israel is going to Rambam Health Care Campus to support a planned clinical study in women with hereditary risk for breast cancer. This study provides an important opportunity to evaluate our radiation-free, compression-free quantitative imaging technology in a high-risk population, where longitudinal imaging is particularly important, and to generate additional evidence supporting its potential role in personalized breast health management. During the quarter, we also strengthened our balance sheet through a USD 10 million underwritten public offering. In addition, we amended our senior secured term loan with Linrock Lake, extending the maturity date by 2 years.

Speaker #3: The first breast acoustic CT scanner in Israel is going to Rambam Health Care Campus to support a planned clinical study in women with hereditary risk for breast cancer.

Speaker #3: This study provides an important opportunity to evaluate our radiation free , compression free quantitative imaging technology in a high risk population where longitudinal imaging is particularly important , and to generate additional evidence supporting its potential role in personalized breast health management .

Speaker #3: During the quarter , we also strengthened our balance sheet through a 10 million underwritten public offering . In addition , we amended our senior secured term loan with Rock Lake , extending the maturity date by two years .

Speaker #3: Together , this actions provide additional financial flexibility as we continue to execute our commercial , clinical and strategic initiatives During the first half of this year , we secured two FDA clearances that expanded the capabilities of the acoustic CT system , including an enhanced scanner configuration that improves posterior breast imaging coverage and software functionality , supporting volumetric measurements for lesion doubling time assessment These enhancements reinforce Q2 imaging strategy of continuously expanding the platform through innovation in both hardware and software .

Raluca Dinu: Together, these actions provide additional financial flexibility as we continue to execute our commercial, clinical, and strategic initiatives. During H1 of this year, we secured 2 FDA clearances that expanded the capabilities of the Breast Acoustic CT system, including an enhanced scanner configuration that improves posterior breast imaging coverage and software functionality supporting volumetric measurements for lesion doubling time assessment. These enhancements reinforce QT Imaging's strategy of continuously expanding the platform through innovation in both hardware and software. A critical milestone during H1 of the year was the American Medical Association approval of a dedicated category III CPT reimbursement code for our imaging modality. The code was released on 1 July and becomes effective 1 January 2027.

Raluca Dinu: Together, these actions provide additional financial flexibility as we continue to execute our commercial, clinical, and strategic initiatives. During H1 of this year, we secured two FDA clearances that expanded the capabilities of the Breast Acoustic CT system, including an enhanced scanner configuration that improves posterior breast imaging coverage and software functionality supporting volumetric measurements for lesion doubling time assessment. These enhancements reinforce QT Imaging's strategy of continuously expanding the platform through innovation in both hardware and software. A critical milestone during H1 of the year was the American Medical Association approval of a dedicated category III CPT reimbursement code for our imaging modality. The code was released on 1 July and becomes effective 1 January 2027.

Speaker #3: A critical milestone during the first half of the year was the American Medical Association's approval of a dedicated Category III CPT reimbursement code for our imaging modality.

Speaker #3: The code was released on July 1st , and becomes effective January 1st , 2027 . It provides a standardized mechanism for reporting utilization , tracking , and data collection and importantly , creates the framework to build the clinical and health economic evidence that can support future coverage decisions We continue to strengthen the clinical expertise supporting the adoption of the acoustic CT platform Our clinical advisory Board includes leaders across breast imaging , breast surgery , and clinical practice , including Doctor Marie Yamashita of USC Keck School of Medicine .

Raluca Dinu: It provides a standardized mechanism for reporting, utilization tracking, and data collection, and importantly, creates the framework to build the clinical and health economic evidence that can support future coverage decisions. We continue to strengthen the clinical expertise supporting the adoption of the Breast Acoustic CT platform. Our clinical advisory board includes leaders across breast imaging, breast surgery, and clinical practice, including Dr. Mary Yamashita of USC Keck School of Medicine, Dr. Barry Roseman, an MD Anderson Cancer Center-trained surgical oncologist and breast surgeon, and Dr. George Pellinger, a Mayo Clinic-trained radiologist and early adopter of our imaging modality in his imaging center. Their complementary expertise is helping us strengthen physician education, clinical implementation, and reader training as we support broader clinical adoption. Additionally, we announced results from a multi-site study evaluating the repeatability and reproducibility of quantitative measurements generated by the Breast Acoustic CT platform.

Speaker #3: Doctor Barry Roseman , an MD , Anderson trained surgical oncologist and breast surgeon , and doctor George Hettinger , a Mayo Clinic trained radiologist and early adopter of our imaging modality .

Speaker #3: In his imaging center, their complementary expertise is helping us strengthen physician education, clinical implementation, and reader training as we support broader clinical adoption. Additionally, we announced results from a multi-site study evaluating the repeatability and reproducibility of quantitative measurement generated by the breast acoustic CT platform.

Speaker #3: The results demonstrated less than 1% variability in speed of sound measurements across scanners. Under the study conditions, this level of consistency is important because quantitative imaging biomarkers must be reproducible across systems, locations, and operators to reliably measure changes in breast tissue over time.

Raluca Dinu: The results demonstrated less than 1% variability in speed of sound measurements across scanners under the study conditions. This level of consistency is important because quantitative imaging biomarkers must be reproducible across systems, locations, and operators to reliably measure changes in breast tissue over time. We believe that these results reinforce the potential of our imaging platform to provide objective, reproducible, quantitative information for longitudinal breast health management and precision breast care. As reported previously, Mayo Clinic conducted a prospective feasibility study evaluating QTscan in a supplemental imaging setting. The study reported breast level agreement between QTscan and MRI, and the identification of QTscan of all lesions considered suspicious on MRI. These pilot findings support the rationale for a second study involving more than 100 patients, which is expected to begin in the coming months.

Speaker #3: We believe that these results reinforce the potential of our imaging platform to provide objective, reproducible, quantitative information for longitudinal breast health management and precision breast care.

Speaker #3: As reported previously, Mayo Clinic conducted a prospective feasibility study evaluating QT scan as a supplemental imaging setting. The study reported breast-level agreement between QT scan and MRI, and the identification by QT scan of all lesions considered suspicious on MRI.

Speaker #3: These pilot findings support the rationale for a second study involving more than 100 patients, which is expected to begin in the coming months. We are also advancing a prospective clinical study with Dr. Barry Roseman to evaluate the breast acoustic CT technology in a diagnostic breast imaging pathway.

Raluca Dinu: We are also advancing a prospective clinical study with Dr. Barry Roseman to evaluate the Breast Acoustic CT technology in a diagnostic breast imaging pathway. This study will compare QTscan with established breast imaging modalities and, where available, pathology, with the goal of generating real-world clinical evidence supporting the diagnostic performance and broader adoption of our technology. At Sunnybrook, ongoing 100-patient clinical studies evaluating QTscan versus MRI, and under our NIH contract, clinical work is evaluating advanced quantitative ultrasound findings in relation to treatment response in women receiving neoadjuvant chemotherapy. Together, these programs are building complementary body of evidence across diagnostic performance, high-risk populations, quantitative reproducibility, and treatment response monitoring, supporting our broader objective of establishing the Breast Acoustic CT imaging modality as a clinically validated quantitative breast imaging platform. Innovation remained an important area of focus during the quarter.

Speaker #3: This study will compare QTc scan with established breast imaging modalities and, where available, pathology, with the goal of generating real-world clinical evidence supporting the diagnostic performance and broader adoption of our technology.

Speaker #3: At Sunnybrook . Ongoing 100 patient clinical study is evaluating QT scan versus MRI , and our end . Under our NIH contract , clinical work is evaluating advanced quantitative ultrasound findings in relation to treatment response in women receiving neoadjuvant chemotherapy Together , these programs are building complementary body of evidence across diagnostic performance .

Speaker #3: High risk populations , quantitative reproducibility , and treatment response monitoring . Supporting our broader objective of establishing the breast acoustic CT imaging modality as a clinically validated quantitative breast imaging platform Innovation remains an important area of focus .

Speaker #3: During the quarter, software version 4.5.0 improved the spatial resolution of breast acoustic CT reflection imaging, providing radiologists with greater image detail and clearer visualization of breast anatomy and tissue structures.

Raluca Dinu: Software version 4.5.0 improved the spatial resolution of Breast Acoustic CT reflection imaging, providing radiologists with greater image detail and clear visualization of breast anatomy and tissue structures while maintaining processing time designed to support an efficient clinical workflow. Our collaboration with Olea Medical was focused during the quarter on productization of the QTI-Olea Viewer as an advanced modality imaging solution for Breast Acoustic CT platform. The viewer is being developed to provide physicians with an integrated environment for image visualization, correlation with other imaging modalities, quantitative assessment, and longitudinal patient evaluation while supporting more efficient clinical workflows. In parallel, our collaboration with Intelerad provides a secure cloud and PACS infrastructure supporting image management, clinical and research connectivity, and enterprise deployment of QT Imaging Precision Pathway.

Speaker #3: While maintaining processing time, we designed to support an efficient clinical workflow. Our collaboration with medical was focused during the quarter on productization of the viewer as an advanced modality imaging solution for the breast acoustic CT platform.

Speaker #3: The viewer is being developed to provide physicians with an integrated environment for image visualization correlation with other imaging modalities , quantitative assessment and longitudinal patient evaluation , while supporting more efficient clinical workflows In parallel , our collaboration with Intel provides a secure cloud and tax infrastructure supporting image management , clinical and research connectivity .

Speaker #3: An enterprise deployment of Q2 imaging , precision pathway Building on its infrastructure , we continue to advance the Q3 Precision pathway Cloud platform to support secure image management , clinical collaboration , quantitative analysis software development , and future AI enabled applications Our strategy is to build a platform that combines the best CT scanner with software and cloud based capabilities to enhance the value of each system across the installed database .

Raluca Dinu: Building on this infrastructure, we continue to advance the QTI Precision Pathway cloud platform to support secure image management, clinical collaboration, quantitative analysis, software development, and future AI-enabled applications. Our strategy is to build a platform that combines the Breast Acoustic CT Scanner with software and cloud-based capabilities to enhance the value of each system across the installed database. In July, we announced the successful completion of our first routine FDA inspection since the inception of the company with zero Form FDA 483 observation. The inspector provided positive feedback regarding the organization of our quality management system and the responsiveness of our team. We believe this exceptional outcome reflects the quality culture we are building and the strength of the systems and processes supporting the manufacturing and commercialization of our technology.

Speaker #3: In July , we announced the successful completion of our first routine FDA inspection . Since the inception of the company with zero form , FDA 483 observation , the inspector provided positive feedback regarding the organization of our Quality Management system and the responsiveness of our team .

Speaker #3: We believe this exceptional outcome reflects the quality culture we are building and the strength of the systems and processes supporting the manufacturing and commercialization of our technology.

Speaker #3: During the quarter , we entered into an agreement to relocate our headquarters and manufacturing operations into a new 200 zero square foot facility in Petaluma , California .

Raluca Dinu: During the quarter, we entered into an agreement to relocate our headquarters and manufacturing operations into a new 22,000-square-foot facility in Petaluma, California. As reported previously, the new facility will provide more than two and a half times our current operational space while reducing the lease cost per square foot by approximately 55%. Put another way, we are more than doubling our real estate footprint at a comparable cost. This investment expands our manufacturing capacity, improves operating efficiency, and provides the infrastructure needed to support future commercial growth. Strengthening our scientific leadership is an ongoing priority. We recently appointed Dr. Julia Albright as our Chief Science Officer. Julia brings more than three decades of leadership experience across medical imaging, healthcare technology, artificial intelligence, and enterprise software. In her role, she is helping align our scientific strategy, product innovation, engineering, and clinical programs as we advance the QT Imaging platform.

Speaker #3: As reported previously, the new facility will provide more than two and a half times our current operational space while reducing the lease cost per square foot by approximately 55%.

Speaker #3: Put another way , we're more than doubling our real estate footprint at the comparable cost . This investment expands our manufacturing capacity , improves operating efficiency , and provides the infrastructure needed to support future commercial growth .

Speaker #3: Strengthening our scientific leadership is an ongoing priority . We recently appointed Doctor Julia Albright as our Chief Science Officer Julia brings more than three decades of leadership experience across medical imaging , health care , technology , artificial intelligence and enterprise software .

Speaker #3: In her role , she is helping align our scientific strategy , product innovation , engineering , and clinical programs as we advance the imaging platform .

Speaker #3: Collectively, these achievements demonstrate that we are building the commercial, clinical, regulatory, and operational foundation needed to support broader adoption of the breast acoustic CT platform.

Raluca Dinu: Collectively, this achievement demonstrates that we are building the commercial, clinical, regulatory, and operational foundation needed to support broader adoption of Breast Acoustic CT platform. As we look toward 2027, our focus is increasingly on accelerating adoption, expanding our installed base, and leveraging the commercial infrastructure we are building today to support sustainable growth and margin expansion. At the same time, as we mentioned previously, our vision extends beyond the Breast Acoustic CT Scanner itself. We are building a quantitative breast imaging platform that brings together advanced hardware, software, cloud infrastructure, and over time, quantitative biomarkers and AI-enabled clinical applications. We believe this platform has the potential to increase the value of our growing installed base while providing physicians with objective, reproducible information to support more personalized breast health management. And now I will turn the call over to our CFO, Jay Jennings, to review our financial results. Jay?

Speaker #3: As we look toward 2027 , our focus is increasingly on accelerating adoption , expanding our installed base and leveraging the commercial infrastructure we are building today to support sustainable growth and margin expansion At the same time , as we mentioned previously , our vision extends beyond the breast acoustic CT scanner itself , we're building a quantitative breast imaging platform that brings together advanced hardware , software , cloud infrastructure , and over time Quantitative biomarkers and AI enabled clinical applications .

Speaker #3: We believe this platform has the potential to increase the value of our growing installed base, while providing physicians with objective, reproducible information to support more personalized breast health management.

Speaker #3: And now I will turn the call over to our CFO, Jay Jennings, to review our financial results. Jay.

Speaker #4: Thank you, and good afternoon, everybody. Revenue for the second quarter of 2026 was $7.4 million, an increase of 103% compared with $3.7 million for the second quarter of 2025.

Jay Jennings: Thank you, Raluca, and good afternoon, everybody. Revenue for the second quarter of 2026 was $7.4 million, an increase of 103% compared with $3.7 million for the second quarter of 2025. The increase was primarily attributable to the shipment of 15 Breast Acoustic CT Scanners in the 2026 quarter compared with eight in the prior year quarter. Gross margin was 41% for the second quarter of 2026, compared with 50% for the second quarter of 2025. The gross margin for the second quarter of 2026 was in line with our projections for sales in the United States. The higher prior gross margin reflected a lower weighted average cost of inventory sold. Total operating expenses for the second quarter of 2026 were $4.9 million, compared with $2.9 million a year ago, with the increase reflecting higher employee compensation and benefits, professional service costs, and marketing expenses.

Speaker #4: The increase was primarily attributable to the shipment of 15 breast acoustic CT scanners in the 2026 quarter, compared with eight in the prior year quarter. Gross margin was 41% for the second quarter of 2026, compared with 50% for the second quarter of 2025.

Speaker #4: The gross margin for the second quarter of 2026 was in line with our projections for sales in the United States. The higher prior-year gross margin reflected a lower weighted average cost of inventory sold. Total operating expenses for the second quarter of 2026 were $4.9 million, compared with $2.9 million a year ago.

Speaker #4: With the increase reflecting higher employee compensation and benefits . Professional service costs and marketing expenses . Operating loss for the second quarter of 2026 was $1.9 million , compared with an operating loss of $1.0 million for the second quarter of 2025 and $2.3 million for the first quarter of 2026 .

Jay Jennings: Operating loss for the Q2 2026 was $1.9 million, compared with an operating loss of $1.0 million for the Q2 2025 and $2.3 million for the Q1 2026. The net loss for the Q2 2026 was $11.1 million, compared with the net loss of $4.0 million for the Q2 2025. The Q2 2026 net loss included an $8.3 million non-cash loss on debt extinguishment and modification associated with the amendment of our senior secured term loan with Linrock Lake. Accounts receivable was $7.4 million as of 30 June 2026, primarily from the shipment of 15 scanners during June 2026, compared to $5.8 million as of 31 December 2025, primarily from the shipment of 12 scanners during December 2025. The accounts receivable of $7.4 million was paid during the beginning of August 2026.

Speaker #4: The net loss for the second quarter of 2026 was $11.1 million, compared with a net loss of $4.0 million for the second quarter of 2025.

Speaker #4: The second quarter 2026 net loss included an $8.3 million non-cash loss on debt extinguishment and modification associated with the amendment of our senior secured term loan within Rock Lake.

Speaker #4: Accounts receivable was $7.4 million as of June 30th , 2026 , primarily from the shipment of 15 scanners during June 2026 , compared to $5.8 million as of December 31st , 2025 , primarily from the shipment of 12 scanners during December 2025 .

Speaker #4: The accounts receivable of $7.4 million was paid during the beginning of August 2026. Accordingly, as of August 7th, 2026, cash and restricted cash totaled approximately $14.2 million, compared with approximately $7.4 million as of earlier in 2026.

Jay Jennings: Accordingly, as of 7 August 2026, cash and restricted cash totaled approximately $14.2 million, compared with approximately $11.0 million as of 30 June 2026. Please see our Form 10-Q filed earlier today for further details regarding our Q2 and H1 financial results. During the quarter, we amended our credit agreement with Linrock Lake, extending the maturity date of the $10.1 million senior secured term loan by two years, from 31 March 2027 to 31 March 2029, and increasing the interest rate from 10% per annum to 12% per annum. Now turning to 2026 financial guidance, we are affirming our expectation for revenue of approximately $39 million for the year, more than double 2025 revenue. This guidance is based on the expected shipment of scanners under distributor minimum order quantities, as well as expected contributions from our direct sales efforts. I'll turn the call back to Raluca.

Speaker #4: Please see our form 10-q filed earlier today for further details regarding our second quarter and first half financial results During the quarter , we amended our credit agreement with little Rock Lake , extending the maturity date of the $10.1 million senior secured term loan by two years from March 31st , 2027 to March 31st , 2029 .

Speaker #4: An increase in the interest rate from 10% per annum to 12% per annum Now , turning to 2026 , financial guidance . We are affirming our expectation for revenue of approximately $39 million for the year , more than double 2025 revenue .

Speaker #4: This guidance is based on the expected shipment of scanners under distributor minimum order quantities , as well as expected contributions from our direct sales efforts .

Speaker #4: And now I'll turn the call back to Raluca

Speaker #3: Thank you, Jake. As we look ahead, we believe Q2 Imaging is entering an important next phase. We have demonstrated commercial growth and expanded both in the United States and internationally.

Raluca Dinu: Thank you, Jay. As we look ahead, we believe QT Imaging is entering an important next phase. We have demonstrated commercial growth, expanded our United States and international infrastructure, strengthened our clinical and regulatory foundation, and continue to advance the QT Imaging platform. Our priorities for the remainder of 2026 are clear. One, accelerate commercial adoption and installed base growth. Two, strengthen our clinical and scientific evidence. Three, expand global market access. Four, advance our quantitative imaging platform. Five, to continue scaling the business with operational discipline. We believe execution across these priorities position us well as we move towards 2027 and continue building the QT Imaging into a leading quantitative breast imaging company. Thank you for your interest in QT Imaging and for your continued support. With that, we are ready to take questions. Operator?

Speaker #3: Infrastructure, strengthened our clinical and regulatory foundation, and continue to advance the imaging platform. Priorities for the remainder of 2026 are clear: one, accelerate commercial adoption and installed base growth.

Speaker #3: Two, strengthen our clinical and scientific evidence. Three, expand global market access for advanced or quantitative imaging platform. And five, to continue scaling the business with operational discipline. We believe execution across these priorities positions us well as we move towards 2027 and continue building Q2 Imaging into a leading quantitative breast imaging company.

Speaker #3: Thank you for your interest in continuing and for your continued support With that , we are ready to take questions . Operator

Speaker #1: We will now begin the question and answer session . To ask a question , you may press star . Then one on your telephone keypad .

Operator 2: We will now begin the question and answer session. To ask a question, you may press star then one on your telephone keypad. If you are using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw the question, please press star then two. At this time, we will pause momentarily to assemble our roster. Our first question comes from Jeffrey Cohen with Ladenburg Thalmann. Please go ahead.

Operator: We will now begin the question and answer session. To ask a question, you may press star then one on your telephone keypad. If you are using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw the question, please press star then two. At this time, we will pause momentarily to assemble our roster. Our first question comes from Jeffrey Cohen with Ladenburg Thalmann. Please go ahead.

Speaker #1: If you are using a speakerphone , please pick up your handset before pressing the keys If at any time your question has been addressed and you would like to withdraw the question , please press star then two at this time , we will pause momentarily to assemble our roster Our first question comes from Jeffrey Cohen with Ladenburg Thalmann .

Speaker #1: Please go ahead

Speaker #5: Good afternoon , Luca and Jay Hope you're doing well . We've got a few questions . So I guess firstly , you did mention Pakistan at the beginning of the call .

Jeffrey Cohen: Good afternoon, Raluca and Jay. Hope you are doing well. We have got a few questions. Firstly, you did mention Pakistan at the beginning of the call. Could you bring us up to speed on what is going on there?

Speaker #5: Could you bring us up to speed on what's going on there?

Speaker #3: Hi , Jeff . Thank you so much for joining the call . Great to hear you So we do have a sales agent agreement in Pakistan with a woman led company .

Raluca Dinu: Hi, Jeff. Thank you so much for joining the call. Great to hear you. We do have a sales agent agreement in Pakistan with a woman-led company that is called Reinvent. We do have a few systems that will hopefully go in the next few months towards that geography. FDA clearance is appropriate for Pakistan, so we do not need an additional regulatory clearance. That is the plan, Jeff. Thank you so much for asking.

Speaker #3: That's that's called reinvent . And we do have a few systems that will hopefully go in the next few months towards , towards that geography Every clearance is appropriate for Pakistan .

Speaker #3: So we do not need an additional regulatory clearance . But that is the plan . Jeff , thank you so much for asking .

Speaker #5: Okay, got it. And then could you talk about the U.S. and the back half of the year and commercial activity, as well as your few commercial ads internally, and how that may work domestically with Q2, as well as with an NXT in the U.S.?

Jeffrey Cohen: Okay. Got it. Could you talk about US and the back half of the year?

Jeffrey Cohen: commercial activity as well as your few commercial adds internally and how that may work domestically with QT Imaging as well as with NXT in the US.

Speaker #3: Absolutely . So we are executing against our our plan for shipments in the United States . So we shipped this quarter 15 scanners .

Raluca Dinu: Absolutely. We are executing against our plan for shipments in the United States. We shipped this quarter 15 scanners, and we do plan to ship another 15 scanners and 17, respectively, from Q3 and Q4 in the United States, obviously through very strong partnership with NXC Imaging. We did move on, as we discussed last quarter, Jeffrey, with us starting to strengthen our direct sales team. We do see progress with our direct sales team selling into at least two segments, definitely imaging centers and hospitals. It is more of a solution sale, a technical sale, clinical sale in those segments. Thus, we have brought in the two very experienced sales VPs to cover the East Coast and the West Coast.

Speaker #3: And we do plan to ship another 15 scanners . And . 17 respectively , in Q3 and Q4 in the United States . Obviously through very strong partnership with imaging , we do we did move on as we discussed last quarter , Jeff , with us starting to strengthen our direct sales team , we do see progress with with our direct sales team selling into at least two segments .

Speaker #3: Definitely imaging centers and hospitals . It is more of a solution . Sale , technical sale , clinical sale in those in those segments .

Speaker #3: Thus, we have broadened to very experienced sales to cover the East Coast and the West Coast. We are not going to continue higher up until we get our feet on the ground.

Raluca Dinu: We are not going to continue to hire up until we get our feet on the ground and the two sales managers start selling and growing the business in the United States. We do plan to have our direct sales taking on the responsibility in 2027 and ahead, obviously with the support from NXT and other distribution partners as we move into 2027. Did that answer your question?

Speaker #3: And the two sales managers will start selling and growing the business in the United States. We do plan to have our direct sales team take on the responsibility in 2027.

Speaker #3: And and ahead , obviously , with the support from Mxc and , and other other distribution partners as we move into 2027 . Did I answer your question

Speaker #5: Yeah . Perfect . A couple more , if I may . Cadence on back half placements for this year . Would you expect a ramp through Q3 and Q4 , or would you expect them to be fairly even

Jeffrey Cohen: Yeah, perfect. A couple more, if I may.

Raluca Dinu: Sure.

Jeffrey Cohen: Cadence on back-half placements for this year, would you expect a ramp through Q3 and Q4, or would you expect them to be fairly even?

Speaker #3: Deb, I had a hard time hearing the beginning of your question. Could you please repeat it?

Raluca Dinu: Jeff, I had a hard time hearing the beginning of your question. Could you please repeat?

Speaker #5: Oh , pack half placements for the back half of the year Q3 versus Q4 . Would you expect a gradual increase for the next two quarters or even

Jeffrey Cohen: Oh.

Raluca Dinu: No worries.

Jeffrey Cohen: Back-half placements for the back half of the year, Q3 versus Q4, would you expect a gradual increase

Jeffrey Cohen: Back-half placements for the back half of the year, Q3 versus Q4, would you expect a gradual increase.

Raluca Dinu: Correct

Jeffrey Cohen: through the next two quarters, or even?

Speaker #3: No, no, we do expect an increase in the placements in Q3 and Q4, and our team will help and will help and exceed team through that.

Raluca Dinu: No. We do expect an increase in the placements in Q3 and Q4, and our team will help NXT team through that.

Speaker #5: Got it . Okay . One for Jerry , if I may , Jerry back half opex . Is that $5 million number going to be fairly flat for the second half of the year per quarter

Jeffrey Cohen: Got it. Okay. One for Jay, if I may. Jay, back half OpEx, is that

Jeffrey Cohen: USD 5 million number going to be fairly flat for the second half of the year per quarter?

Speaker #4: Yeah . We we anticipate it going up a little bit with the hiring of the sales team as well as shifting of some of the clinical studies expenses from the first half year into the second half of the year .

Jay Jennings: Yeah. We anticipate it going up a little bit with the hiring of the sales team, as well as shifting of some of the clinical studies expenses from the first half of the year into the second half of the year.

Speaker #5: Got it . Okay . And then lastly , Raluca , you mentioned a Q2 versus MRI 100 patient study . Is that a new study ?

Jeffrey Cohen: Got it. Okay. Lastly, Raluca, you mentioned a QT versus MRI 100-patient study.

Jeffrey Cohen: Is that a new study, and what do you expect to derive from that as far as coding or reimbursement down the road?

Speaker #5: And what do you expect to derive from that as far as coding or reimbursement down the road?

Speaker #3: So Jeff , it's a new study at at and what we're looking towards and we were looking out the results is the following .

Raluca Dinu: Jeff, it's a new study at Mayo, and what we're looking out of the results is the following. Number one, to make sure that all the findings from MRI are discovered by QT. Second, to reduce the number of biopsies. So, reducing the BI-RADS 4 findings to BI-RADS 3. If the woman is a BI-RADS 3 category, there's no need for her to get the biopsy. That's the goal for that study. All this data would be recorded under the category 3 CPT code, reimbursement code, starting on 1 January 2027.

Speaker #3: Number one , to make sure that all the findings from MRI are discovered by Q3 . And second , to reduce the number of biopsies .

Speaker #3: So a reducing the bi-rads four findings to Bi-rads three . If . If if . If the woman is a Bi-rads three category , there is no need for her to .

Speaker #3: To take . To get the biopsy . So that's the goal for that study All this data would be recorded under the category three CPT code reimbursement code starting on January 1st , 2027 .

Speaker #5: Okay , so you would not expect any additional or add on codes to the Cat three starting in January

Jeffrey Cohen: Okay. So you would not expect any additional or add-on codes to the cat 3 starting in January?

Speaker #3: Not for now. Not for now. We have to start recording all this data against our code, just before we can improve or add to the reimbursement strategy.

Raluca Dinu: Not for now. We have to start recording all the data against our code, Jeff, before we can improve or add to the reimbursement strategy.

Speaker #5: Okay . And then lastly , for us , the facility in Temecula , have you 100% completely moved to that facility or are you still operating the to ?

Jeffrey Cohen: Okay. Lastly for us, the facility in Novato, have you-

Jeffrey Cohen: 100% completely moved to that facility, or you are still operating the two in California?

Speaker #3: No , we're operating the two . Very good question . We are operating the two . We got the keys for the facility this week .

Raluca Dinu: No, we are operating the two. Very good question. We are operating the two. We got the keys for the facility this week. It will take us about a month, a month and a half to be moved completely there. We do plan to finish, Jeff, the production in our Novato facility, so we do not bother the shipments for Q3. Then to have our shipments for Q4 out of Petaluma facility.

Speaker #3: It will take us about a month, a month and a half, to be moved completely there. We do plan to finish.

Speaker #3: Jeff, the production in our Novato facility, so we do not bother the shipments for Q3, and then to have our shipments in for Q4 out of the Petaluma facility.

Speaker #5: Perfect . That does it for us . Thanks for taking the questions .

Jeffrey Cohen: Perfect. That does it for us. Thanks for taking the questions.

Speaker #3: No, thank you so much. I appreciate it. Thank you very much, Jeff.

Raluca Dinu: No, thank you so much. I appreciate it. Thank you very much, Jeffrey Cohen.

Speaker #1: Our next question comes from Ben Hayner with Lake Street Capital Markets. Please go ahead.

Operator 2: Our next question comes from Ben Haynor with Lake Street Capital Markets. Please go ahead.</seg <seg id="3">Hi. Good afternoon, Raluca and Jay. Thanks for taking the questions.

Operator: Our next question comes from Ben Haynor with Lake Street Capital Markets. Please go ahead. Hi. Good afternoon, Raluca and Jay. Thanks for taking the questions.

Speaker #6: Hi. Good afternoon, Raluca and Jay. Thanks for taking the questions.

Ben Haynor: Hi. Good afternoon, Raluca and Jay. Thanks for taking the questions.

Speaker #3: Hey . Hi , Ben . Thank you so much for for being in alcohol . Thank you so much for listening to us .

Raluca Dinu: Hi, Ben. Thank you so much for being in our call. Thank you so much for listening to us.

Speaker #6: No . No problem . First off , just kind of following up on the direct sales force . It sounds if I'm hearing you correctly , that you'll excuse me , begin to add some additional folks as sales materialize beyond from the gentleman that you've recently hired .

Ben Haynor: No problem. First off, just kind of following up on the direct sales force. It sounds, if I'm hearing you correctly, that you'll, excuse me, begin to add some additional folks as sales materialize from the gentleman that you've recently hired. Am I hearing you correctly there? And then I know you've provided quite a bit of detail on who the targets are, but is there anything else worth sharing on the direct sales strategy?

Speaker #6: AM I hearing you correctly ? There ? And then I know you've provided quite a bit of detail on , you know , who the targets are , but is there anything else worth sharing on kind of the , the direct sales strategy ?

Speaker #3: So Ben , thanks for asking . So we have now three very senior sales guys and that who joined the team . We we got ourselves set up in in Salesforce .

Raluca Dinu: Ben, thanks for asking. We have now three very senior sales guys who joined the team. We got ourselves set up in Salesforce. We have leads, and we got ourselves operational from the back end of the organizing the sales. These guys are extremely experienced, and they'll start bringing in opportunities through 2026. I do not foresee any additions to the team in 2026, for two reasons. Number one, we're trying to keep track of our operational costs, obviously. And the second one, the strategic direction from the team was to collecting enough information about the two market segments that these direct sales guys will address, the imaging centers and the hospitals. And obviously, still selling into the functional medicine space. We absolutely respect that segment too. But to get all the data points and know exactly what we need to hire in 2027 if we so decide.

Speaker #3: We have leads and we , we got ourselves operational from , from the back end of the sales organizing the sales . These guys are extremely , extremely experienced .

Speaker #3: And they'll start bringing in opportunities through 2026 . I do not foresee any additions to the team in 2026 for two reasons . Number one , we're trying to to keep track of our operational costs .

Speaker #3: Obviously , and the second one , the request , the , the , the strategic direction from the team was to collect enough information about the two market segments that this direct sales guys will address .

Speaker #3: The imaging centers and the hospitals . And obviously still selling into the functional medicine space . We absolutely respect that segment to . But to get all this data points and know exactly what we need to hire in 2027 , if we so decide .

Speaker #6: Okay , got it . That's helpful . And then congrats on the , the Israeli clearance . Just wondering what the commercialization strategy is there .

Ben Haynor: Okay. Got it. That's helpful. And then, congrats on the Israeli clearance. Just wondering what the commercialization-

Ben Haynor: strategy is there. Is that something where you do yourself? Do you sign a distribution agreement? Then the study that you have planned there, it sounds like high-risk longitudinal data, any more, how many women, how long on the data?

Speaker #6: I mean , is that something where you do yourself ? Do you assign a distribution agreement and then the study that you have planned there , it sounds like high risk longitudinal data any more How many women how long on the data ?

Speaker #6: You know, that would be great to hear.

Ben Haynor: That would be great to hear.

Speaker #3: Absolutely. So, Ben, yes, we are extremely pleased with the fact that Rambam Hospital has accepted our offer for a clinical study.

Raluca Dinu: Absolutely. Ben, yes, we are extremely pleased with the fact that Rambam Health Care Campus has accepted our offer for a clinical study. We are going to focus, exactly as you said, on high-risk women and longitudinal study, but also on trying to understand the standard of care in Israel and what else can be added with our technology within their standard of care. These are the two dimensions for the clinical study. To answer your question, we are exploring a relationship with a distributor in Israel. We would like to go through that, and we will report back in the next call. The plan is to have a partnership with a distributor in Israel.

Speaker #3: We are going to focus exactly as you said , on high risk women and longitudinal study . But also on trying to understand the standard of care in Israel .

Speaker #3: And what else can be added with our technology within their standard of care . So these these are the two dimensions for the clinical study .

Speaker #3: But to answer your question , we are exploring a relationship with the distributor in in Israel , we would like to go through through that and we'll report back in the next .

Speaker #3: In the next call , the plan is to , to do have a partnership with the distributor in Israel .

Speaker #6: Okay . Got it . And then on international , I guess any more countries in the works beyond Israel or Pakistan that you mentioned on the existing kind of Gulf states ?

Ben Haynor: Okay, got it. On international, any more countries in the works beyond Israel, Pakistan?

Ben Haynor: you mentioned, I call on the existing Gulf states.

Speaker #3: So when we're trying to stay away from the missiles and the conflict , there , we we are looking into Bahrain and Qatar , and these are the two additional countries for us to seek regulatory approvals and certainly now we are focused on on building the business in Saudi Arabia , UAE and and Israel .

Raluca Dinu: Ben, we are trying to stay away from the missiles and the conflict there. We are looking into Bahrain and Qatar. These are the two additional countries for us to seek regulatory approval. Certainly now we are focused on building the business in Saudi Arabia, UAE, and Israel. That is the next two, Qatar and Bahrain, and then full focus on CE and MDR for next year.

Speaker #3: But that's the the next two , Qatar and Bahrain and then full focus on CE and MDR for next year .

Speaker #6: Okay. Got it. Then, I just don't know if there's anything more you can share, or anything you can share on the utilization or the installs that you are seeing.

Ben Haynor: Okay, got it. Then, I do not know if there is any more you can share or anything you can share on the utilization on the installs that you are seeing. Does it still

Speaker #6: Is it still kind of sticking to the same kind of level ? Any movement there ? What what can you tell us ?

Ben Haynor: stick at the same kind of level?

Ben Haynor: Any movement there? What can you tell us?

Speaker #3: So I , we do see a slow , I mean , slow move . It's never as fast as we , we wanted Ben of implementation of the scanners or sharing of the scanners all the way to the customers .

Raluca Dinu: We do see a slow move. It's never as fast as we wanted, Ben, of implementation of the scanners or sharing of the scanners all the way to the customer. This is why Satrajit and his two hires will focus on helping NXT. NXT is making progress on having the scanners at the customers. We do feel that even for the functional medicine space, we need to help. For the next five months, we will focus on helping NXT, having all those scanners at the customers.

Speaker #3: This is why Satyajit and his two hires , we're focused on , on helping and NXT is making progress on having the scanners at the customers , but we do feel that even for the functional medicine space , we need to help and for the next six , sorry , five months , we will focus on helping next , having all those scanners that the at the customers .

Speaker #7: Okay .

Ben Haynor: Okay. Excellent. Well, thank you so much for taking the questions, and congrats on all the progress.

Speaker #6: Excellent . Well , thank you so much for taking the questions and congrats on all the progress .

Speaker #3: I appreciate it . Thank you so much , Ben . Thank you for taking taking the time to be with us

Raluca Dinu: I appreciate it. Thank you so much, Ben. Thank you for taking the time to be with us.

Speaker #1: This concludes our question and answer session. I would now like to turn the conference back over to Dr. Raluca Dinu for closing remarks.

Operator 2: This concludes our question and answer session. I would like to turn the conference back over to Dr. Raluca Dinu for closing remarks.

Operator: This concludes our question and answer session. I would like to turn the conference back over to Dr. Raluca Dinu for closing remarks.

Speaker #3: Thank you very much . I want to thank everyone for joining us today and for your continued interest in Q2 imaging . We are energized by our progress and remain focused on disciplined execution .

Raluca Dinu: Thank you very much. I want to thank everyone for joining us today and for your continuing interest in QT Imaging. We are energized by our progress and remain focused on disciplined execution during the H2 of the year. We look forward to discussing our continued progress during our next conference call when we report our quarter results. Until then, have a nice evening. Thank you so much.

Speaker #3: During the second half of the year, we look forward to discussing our continued progress during our next conference call, when we report third quarter results. Until then, have a nice evening.

Speaker #3: Thank you so much

Operator 2: The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.

Operator: The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.

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