Spectral AI posted revenue increases for the third quarter of the 2024 fiscal year and is making plans to spin off its subsidiary company.
The company reported that revenue (end-September 30) for the quarter rose 138%, from $3.4 million in the same period last year to $8.2 million this year. The increase reflects the company's work on its Spectral's Project BioShield (PBS) contract with the Biomedical Advanced Research and Development Authority (BARDA) and awards and work performed on other U.S. Government contracts.
Net loss for the quarter was $1.5 million compared with $10.6 million in the same quarter in 2023.
Among other highlights, the company on November 6 outlined plans to spin off its Spectral IP subsidiary. Spectral AI anticipates that the transaction will be in the form of a stock distribution to its Spectral IP shareholders, which will become a new, independent publicly traded company.
![A normal mammogram confirmed by three-year radiologic follow-up illustrates reader-marked regions of interest (ROIs) during (A) unaided (round 1) and (B) artificial intelligence (AI)–assisted (round 2) reading. Each colored dot represents an ROI for recall by a human reader. Readers could mark more than one ROI per case, represented by multiple dots of the same color. During AI-assisted reading, the AI system displayed three visible prompts: two with suspicion of malignancy scores of 35% (left mediolateral oblique [L MLO] and craniocaudal [L CC]) and one with a suspicion of malignancy score of 10% (right craniocaudal [R CC]), shown as polygonal overlays. Without AI, six of 10 readers (60%) marked a false-positive ROI. With AI assistance, this fell to two of 10 (20%). R MLO = right mediolateral oblique.](https://img.auntminnie.com/mindful/smg/workspaces/default/uploads/2026/07/2026-07-14-radiology-mammogram-ai-auto-bias.H0bYO8QlWs.jpg?auto=format%2Ccompress&dpr=2&fit=crop&h=167&q=70&w=250)
