Full Press Release Details
| QT IMAGING HOLDINGS, INC. UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET AS OF MARCH 31, 2025 | |||||||||||
| As Filed | Pro Forma Adjustment | Pro Forma | |||||||||
| ASSETS | |||||||||||
| Current assets | |||||||||||
| Cash | $ | 2,987,503 | $ | - | $ | 2,987,503 | |||||
| Restricted cash and cash equivalents | 20,000 | 20,000 | |||||||||
| Accounts receivable | 2,782,404 | 2,782,404 | |||||||||
| Inventory | 2,872,401 | 2,872,401 | |||||||||
| Prepaid expenses and other current assets | 1,151,818 | 1,151,818 | |||||||||
| Total current assets | 9,814,126 | - | 9,814,126 | ||||||||
| Property and equipment, net | 163,759 | 163,759 | |||||||||
| Operating lease right-of-use assets, net | 847,643 | 847,643 | |||||||||
| Other assets | 39,150 | 39,150 | |||||||||
| Total assets | $ | 10,864,678 | $ | - | $ | 10,864,678 | |||||
| LIABILITIES AND STOCKHOLDERS' DEFICIT | |||||||||||
| Current liabilities | |||||||||||
| Accounts payable | $ | 869,579 | $ | - | $ | 869,579 | |||||
| Accrued expenses and other current liabilities | 3,887,920 | 3,887,920 | |||||||||
| Current maturities of long-term debt | 63,180 | 63,180 | |||||||||
| Deferred revenue | 44,643 | 44,643 | |||||||||
| Operating lease liabilities, current | 417,379 | 417,379 | |||||||||
| Total current liabilities | 5,282,701 | - | 5,282,701 | ||||||||
| Long-term debt | 697 | 697 | |||||||||
| Related party notes payable | 3,848,725 | 3,848,725 | |||||||||
| Operating lease liabilities | 548,874 | 548,874 | |||||||||
| Warrant liability | 20,215,569 | (20,206,587) | (1) | 8,982 | |||||||
| Earnout liability | 490,000 | 490,000 | |||||||||
| Other liabilities | 685,470 | 685,470 | |||||||||
| Total liabilities | 31,072,036 | (20,206,587) | 10,865,449 | ||||||||
| Stockholders' deficit | |||||||||||
| Common stock, $0.0001 par value | 2,765 | 2,765 | |||||||||
| Additional paid-in capital | 22,866,404 | 19,488,606 | (1) | 42,355,010 | |||||||
| Accumulated deficit | (43,076,527) | 717,981 | (1) | (42,358,546) | |||||||
| Total stockholders' deficit | (20,207,358) | 20,206,587 | (771) | ||||||||
| Total liabilities and stockholders' deficit | $ | 10,864,678 | $ | - | $ | 10,864,678 |
| QT IMAGING HOLDINGS, INC. UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE LOSS FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 2025 | |||||||||||
| Pro Forma | |||||||||||
| As Filed | Adjustment | Pro Forma | |||||||||
| Revenue | $ | 2,798,415 | $ | - | $ | 2,798,415 | |||||
| Cost of revenue | 986,553 | 986,553 | |||||||||
| Gross profit | 1,811,862 | - | 1,811,862 | ||||||||
| Operating expenses | |||||||||||
| Research and development | 852,252 | 852,252 | |||||||||
| Selling, general and administrative | 2,001,341 | 2,001,341 | |||||||||
| Total operating expenses | 2,853,593 | - | 2,853,593 | ||||||||
| Loss from operations | (1,041,731) | - | (1,041,731) | ||||||||
| Other expense, net | (8,749,453) | (8,749,453) | |||||||||
| Change in fair value of warrant liability | (704,729) | 717,981 | (1) | 13,252 | |||||||
| Change in fair value of derivative liability | 101,300 | 101,300 | |||||||||
| Change in fair value of earnout liability | (50,000) | (50,000) | |||||||||
| Interest expense, net | (691,387) | (691,387) | |||||||||
| Net loss and comprehensive loss | $ | (11,136,000) | $ | 717,981 | $ | (10,418,019) | |||||
| Net loss per share - basic and diluted | $ | (0.40) | $ | 0.02 | $ | (0.38) | |||||
| Weighted-average number of common shares used in computing net loss per common share | 27,515,543 | - | 27,515,543 |
(1) On June 11, 2025, we entered into amendments to the warrant agreements dated February 26, 2025 with Lynrock Lake Master Fund LP and YA II PN, LTD. (the Lynrock Lake Warrant and Yorkville Warrant ), which caused the classification of the Lynrock Lake Warrant and Yorkville Warrant to change from liability-classified to equity-classified. The pro forma adjustment reflects the accounting treatment of the Lynrock Lake Warrant and Yorkville Warrant as if both were equity-classified immediately after their issuance on February 26, 2025. The adjustment of $20,206,587 to the warrant liability includes the initial fair value recognition of $19,488,606 as of February 26, 2025. Subsequently, the Company recorded a fair value adjustment of $717,981 as of March 31, 2025 in the change in fair value of warrant liability within the condensed consolidated statements of operations and comprehensive loss for the three months ended March 31, 2025.
The pro forma adjustments and resulting adjusted financial statements have not been prepared in accordance with accounting principles generally accepted in the United States ( GAAP ). As stated above, we have prepared these adjustments to reflect the accounting treatment that would have occurred if the Lynrock Lake Warrant and Yorkville Warrant would have reflected at their inception the terms resulting from the June 11, 2025 amendments. We believe that this non-GAAP presentation provides useful information to understand the effect of the amendments to the Lynrock Lake Warrant and Yorkville Warrant now that the amendments have been made and we will be accounting for these changes accordingly in subsequent financial reporting periods. The tables provide a reconciliation to the comparable GAAP financial presentation.