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.
