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Side-by-side financial comparison of Spectral AI, Inc. (MDAI) and VirTra, Inc (VTSI). Click either name above to swap in a different company.
Spectral AI, Inc. is the larger business by last-quarter revenue ($4.1M vs $2.9M, roughly 1.4× VirTra, Inc). Spectral AI, Inc. runs the higher net margin — 25.7% vs -27.2%, a 52.9% gap on every dollar of revenue. On growth, Spectral AI, Inc. posted the faster year-over-year revenue change (-46.3% vs -46.5%). Over the past eight quarters, Spectral AI, Inc.'s revenue compounded faster (-19.6% CAGR vs -37.0%).
Spectral AI, Inc. is a medical technology firm specializing in AI-powered diagnostic imaging solutions primarily for burn and wound care. It develops non-invasive imaging tools that enable healthcare providers to deliver faster, more accurate treatment assessments, serving clinical and healthcare partner networks across North America and European markets.
VirTra, Inc. is a global provider of highly realistic immersive training simulators and supporting curriculum, primarily serving law enforcement agencies, military units, and public safety organizations. Its scenario-based training systems are designed to enhance frontline personnel's decision-making, de-escalation skills, and on-duty operational safety.
MDAI vs VTSI — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $4.1M | $2.9M |
| Net Profit | $1.1M | $-792.4K |
| Gross Margin | 45.2% | 57.5% |
| Operating Margin | -54.9% | -47.9% |
| Net Margin | 25.7% | -27.2% |
| Revenue YoY | -46.3% | -46.5% |
| Net Profit YoY | 113.9% | 10.8% |
| EPS (diluted) | $0.04 | $-0.08 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $4.1M | $2.9M | ||
| Q3 25 | $3.8M | $5.3M | ||
| Q2 25 | $5.1M | $7.0M | ||
| Q1 25 | $6.7M | $7.2M | ||
| Q4 24 | $7.6M | $5.4M | ||
| Q3 24 | $8.2M | $7.5M | ||
| Q2 24 | $7.5M | $6.1M | ||
| Q1 24 | $6.3M | $7.3M |
| Q4 25 | $1.1M | $-792.4K | ||
| Q3 25 | $-3.6M | $-388.6K | ||
| Q2 25 | $-8.0M | $175.3K | ||
| Q1 25 | $2.9M | $1.3M | ||
| Q4 24 | $-7.6M | $-888.3K | ||
| Q3 24 | $-1.5M | $583.1K | ||
| Q2 24 | $-2.9M | $1.2M | ||
| Q1 24 | $-3.2M | $468.2K |
| Q4 25 | 45.2% | 57.5% | ||
| Q3 25 | 42.7% | 65.8% | ||
| Q2 25 | 45.2% | 69.0% | ||
| Q1 25 | 47.2% | 72.6% | ||
| Q4 24 | 44.0% | 67.5% | ||
| Q3 24 | 44.9% | 73.5% | ||
| Q2 24 | 44.3% | 90.9% | ||
| Q1 24 | 46.6% | 64.2% |
| Q4 25 | -54.9% | -47.9% | ||
| Q3 25 | -88.1% | -8.4% | ||
| Q2 25 | -41.9% | 13.1% | ||
| Q1 25 | -13.4% | 19.1% | ||
| Q4 24 | -14.6% | -9.9% | ||
| Q3 24 | -10.8% | 10.1% | ||
| Q2 24 | -32.7% | 18.6% | ||
| Q1 24 | -33.9% | 8.9% |
| Q4 25 | 25.7% | -27.2% | ||
| Q3 25 | -93.7% | -7.3% | ||
| Q2 25 | -157.3% | 2.5% | ||
| Q1 25 | 43.2% | 17.7% | ||
| Q4 24 | -99.8% | -16.3% | ||
| Q3 24 | -18.4% | 7.8% | ||
| Q2 24 | -38.3% | 19.8% | ||
| Q1 24 | -50.7% | 6.4% |
| Q4 25 | $0.04 | $-0.08 | ||
| Q3 25 | $-0.13 | $-0.03 | ||
| Q2 25 | $-0.31 | $0.02 | ||
| Q1 25 | $0.11 | $0.11 | ||
| Q4 24 | $-0.42 | $-0.08 | ||
| Q3 24 | $-0.08 | $0.05 | ||
| Q2 24 | $-0.16 | $0.11 | ||
| Q1 24 | $-0.19 | $0.04 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $15.4M | $18.6M |
| Total DebtLower is stronger | $9.3M | $7.5M |
| Stockholders' EquityBook value | $-5.7M | $45.6M |
| Total Assets | $21.4M | $65.1M |
| Debt / EquityLower = less leverage | — | 0.17× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $15.4M | $18.6M | ||
| Q3 25 | $10.5M | $20.8M | ||
| Q2 25 | $10.5M | $20.7M | ||
| Q1 25 | $14.1M | $17.6M | ||
| Q4 24 | $5.2M | $18.0M | ||
| Q3 24 | $3.7M | $19.7M | ||
| Q2 24 | $6.9M | $18.4M | ||
| Q1 24 | $10.2M | $22.4M |
| Q4 25 | $9.3M | $7.5M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $7.8M | — | ||
| Q4 24 | $2.8M | $7.8M | ||
| Q3 24 | $1.0M | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $-5.7M | $45.6M | ||
| Q3 25 | $-8.2M | $46.3M | ||
| Q2 25 | $-9.2M | $46.8M | ||
| Q1 25 | $-1.6M | $46.5M | ||
| Q4 24 | $-7.3M | $45.2M | ||
| Q3 24 | $-4.8M | $45.7M | ||
| Q2 24 | $-4.7M | $44.9M | ||
| Q1 24 | $-2.5M | $43.5M |
| Q4 25 | $21.4M | $65.1M | ||
| Q3 25 | $15.3M | $66.2M | ||
| Q2 25 | $16.0M | $67.4M | ||
| Q1 25 | $20.7M | $66.8M | ||
| Q4 24 | $12.1M | $65.0M | ||
| Q3 24 | $11.6M | $66.1M | ||
| Q2 24 | $13.9M | $66.0M | ||
| Q1 24 | $15.5M | $69.4M |
| Q4 25 | — | 0.17× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.17× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-2.6M | $-1.5M |
| Free Cash FlowOCF − Capex | — | $-2.1M |
| FCF MarginFCF / Revenue | — | -72.5% |
| Capex IntensityCapex / Revenue | — | 21.2% |
| Cash ConversionOCF / Net Profit | -2.43× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $2.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-2.6M | $-1.5M | ||
| Q3 25 | $-2.5M | $36.3K | ||
| Q2 25 | $-3.4M | $6.0M | ||
| Q1 25 | $-1.5M | $65.7K | ||
| Q4 24 | $469.0K | $-908.7K | ||
| Q3 24 | $-1.6M | $897.7K | ||
| Q2 24 | $-5.4M | $-3.9M | ||
| Q1 24 | $-2.7M | $5.1M |
| Q4 25 | — | $-2.1M | ||
| Q3 25 | — | $-61.2K | ||
| Q2 25 | — | $5.4M | ||
| Q1 25 | — | $-362.7K | ||
| Q4 24 | — | $-1.1M | ||
| Q3 24 | — | $814.2K | ||
| Q2 24 | — | $-3.9M | ||
| Q1 24 | — | $3.6M |
| Q4 25 | — | -72.5% | ||
| Q3 25 | — | -1.1% | ||
| Q2 25 | — | 77.6% | ||
| Q1 25 | — | -5.1% | ||
| Q4 24 | — | -19.5% | ||
| Q3 24 | — | 10.9% | ||
| Q2 24 | — | -64.7% | ||
| Q1 24 | — | 48.9% |
| Q4 25 | — | 21.2% | ||
| Q3 25 | — | 1.8% | ||
| Q2 25 | — | 8.1% | ||
| Q1 25 | — | 6.0% | ||
| Q4 24 | — | 2.8% | ||
| Q3 24 | — | 1.1% | ||
| Q2 24 | — | 1.0% | ||
| Q1 24 | — | 21.1% |
| Q4 25 | -2.43× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 34.12× | ||
| Q1 25 | -0.52× | 0.05× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.54× | ||
| Q2 24 | — | -3.22× | ||
| Q1 24 | — | 10.97× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
