QT Imaging Holdings, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>QT Imaging Holdings, Inc. has filed its 2023 annual report (10-K), detailing financial performance and corporate structure.</b>

AI Summary

QT IMAGING HOLDINGS, INC. (QTIWW) filed a Annual Report (10-K) with the SEC on March 25, 2024. QT Imaging Holdings, Inc. filed its 2023 Form 10-K on March 25, 2024, reporting on the fiscal year ending December 31, 2023. The company was formerly known as GigCapital5, Inc., with a name change effective February 4, 2021. The filing includes financial data for the fiscal years ended December 31, 2023, and December 31, 2022. Key financial instruments mentioned include warrants, common stock, preferred stock, and working capital notes. The company's business address is located at 3 Hamilton Landing, Suite 160, Novato, CA 94949.

Why It Matters

For investors and stakeholders tracking QT IMAGING HOLDINGS, INC., this filing contains several important signals. This 10-K filing provides a comprehensive overview of QT Imaging Holdings' financial position and operational activities for the fiscal year 2023, which is crucial for investors to assess the company's performance and future prospects. The detailed financial statements and risk factors within the report are essential for understanding the company's current standing, potential challenges, and the valuation of its securities, including common stock and warrants.

Risk Assessment

Risk Level: medium — QT IMAGING HOLDINGS, INC. shows moderate risk based on this filing. The company's financial health and operational status are not detailed in the provided text, making it difficult to assess specific risks beyond general corporate filings. The lack of specific financial performance data in the excerpt necessitates a medium risk assessment.

Analyst Insight

Investors should review the full 10-K filing to understand QT Imaging Holdings' financial performance, revenue streams, and strategic initiatives for 2023.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-03-25 — Filing Date (Date of 10-K submission)
• 2021-02-04 — Name Change Date (Date of former name change)

Key Players & Entities

• QT Imaging Holdings, Inc. (company) — Filer name
• GigCapital5, Inc. (company) — Former company name
• 2023-12-31 (date) — Fiscal year end
• 2024-03-25 (date) — Filing date
• Novato, CA (location) — Business address city and state
• 3 Hamilton Landing, Suite 160 (address) — Business address

FAQ

Industry Context

QT Imaging Holdings, Inc. operates in the electromedical and electrotherapeutic apparatus industry, as indicated by its SIC code 3845.

Regulatory Implications

The filing is a Form 10-K, an annual report required by the U.S. Securities and Exchange Commission (SEC) for public companies, providing a comprehensive overview of their financial performance.

What Investors Should Do

1. Review the full 10-K filing for detailed financial statements and management discussion.
2. Analyze the company's historical financial performance and compare it to industry benchmarks.
3. Assess the risk factors outlined in the filing to understand potential challenges facing QT Imaging Holdings.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K
• 2024-03-25: Filing Date — Date the 10-K was officially filed with the SEC
• 2021-02-04: Name Change — Date QT Imaging Holdings, Inc. changed its name from GigCapital5, Inc.

Year-Over-Year Comparison

This filing represents the annual report for the fiscal year ending December 31, 2023, providing updated financial and operational information compared to previous filings.

Key Financial Figures

• $0.0001 — ich registered Common Stock, par value $0.0001 per share QTI The Nasdaq Stock Mark
• $0.001 — e common stock of QT Imaging, par value $0.001 per share (the "QT Imaging Common Stock

Filing Documents

• d767219d10k.htm (10-K) — 1913KB
• d767219dex14.htm (EX-14) — 78KB
• d767219dex211.htm (EX-21.1) — 1KB
• d767219dex311.htm (EX-31.1) — 11KB
• d767219dex312.htm (EX-31.2) — 11KB
• d767219dex321.htm (EX-32.1) — 4KB
• d767219dex322.htm (EX-32.2) — 4KB
• d767219dex971.htm (EX-97.1) — 23KB
• d767219dex991.htm (EX-99.1) — 37KB
• d767219dex992.htm (EX-99.2) — 26KB
• d767219dex993.htm (EX-99.3) — 17KB
• 0001193125-24-075608.txt (&nbsp;) — 7145KB
• gia-20231231.xsd (EX-101.SCH) — 59KB
• gia-20231231_cal.xml (EX-101.CAL) — 28KB
• gia-20231231_def.xml (EX-101.DEF) — 283KB
• gia-20231231_lab.xml (EX-101.LAB) — 383KB
• gia-20231231_pre.xml (EX-101.PRE) — 351KB
• d767219d10k_htm.xml (XML) — 689KB

Business

Business 2 Item 1A.

Risk Factors

Risk Factors 10 Item 1B. Unresolved Staff Comments 63 Item 1C. Cybersecurity 63 Item 2.

Properties

Properties 64 Item 3.

Legal Proceedings

Legal Proceedings 64 Item 4. Mine Safety Disclosures 64 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 65 Item 6. Reserved 68 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 69 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 78 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 79 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 102 Item 9A.

Controls and Procedures

Controls and Procedures 102 Item 9B. Other Information 102 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 102 PART III Item 10. Directors, Executive Officers and Corporate Governance 103 Item 11.

Executive Compensation

Executive Compensation 115 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 117 Item 13. Certain Relationships and Related Transactions, and Director Independence 117 Item 14. Principal Accounting Fees and Services 122 PART IV Item 15. Exhibits, Financial Statement Schedules 124 Item 16. Form 10-K Summary 125 i Table of Contents CERTAIN TERMS References in this Annual Report on Form 10-K (the "Annual Report") to "we," "us," "our," "GigCapital5" or the "Company" refer to GigCapital5, Inc. References to our "management" or our "management team" refer to our officers and directors. References to the "Sponsor" or "Founder" refer to GigAcquisitions5, LLC. References to the "Insiders" refer to Mr. Weightman, our former Treasurer and Chief Financial Officer, and Interest Solutions, LLC, a Connecticut limited liability company and an affiliate of ICR, LLC, an investor relations firm providing services to the Company. References to "Initial Stockholders" refer to the Founder together with the Insiders. References to "Founder Shares" refer to the initial shares of common stock purchased by the Founder. References to "Insider Shares" refer to shares of common stock granted to the Insiders. References to "Private Placement Units" refer to the units sold to the Founder in a private placement closed concurrently with the initial public offering of the Company. References to "Working Capital Note" refer to the convertible, non-interest bearing, unsecured promissory note the Company issued to the Sponsor. The following discussion and analysis of the Company's financial condition and results of operations should be read in conjunction with the financial statements and the notes thereto contained elsewhere in this Annual Report. Certain information contained in the discussion and analysis set forth below includes forward-looking statements that involve risks and uncertainties. SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This A

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View this 10-K filing on SEC EDGAR