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Spectral AI

MDAI on Nasdaq. Market value $53m.

Watch this stockFree. We tell you when something changes.

Should I look at this?

Look carefully before going further

Why it could be worth it

Nothing stands out yet.

What to watch out for

Read the warning sign in its own filings

This is not advice.

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Who owns it

None of the long-term investors we follow own it. 34 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

3 investors own more than 5%.

  • LMR Partners LLC
    Passive investor
    at least 6.2%
    (filed with 5 related holders)
    Since 30 June 2026
  • at least 5.0%−2.8 pts
    (filed with 1 related holder)
    Since 31 March 2026
  • Laurence E. Hirsch
    Passive investor
    at least 3.5%
    (filed with 2 related holders)
    Since 13 August 2025
  • Erich Spangenberg
    Passive investor
    Sold down below 5%
    Since 28 May 2025
    What they said

    Item 4 is hereby amended and restated in its entirety as follows: "As of May 28, 2025, Mr. Spangenberg ceased to serve as a director on the Board of Directors of the Issuer. In addition, the group previously formed among the Reporting Persons and Dr. Michael DiMaio within the…

    Read the filing

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought or sold on the open market in the last 12 months.

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

1 serious warning sign in Spectral AI’s filings.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We couldn't fully read the 10-K filed 25 Mar 2026, so we can't say there are no warning signs.

  • Weak checks on its own accounts

    Serious

    The company said its checks on its own accounts did not work at the end of its latest quarter. Mistakes could slip into the numbers.

    “Based on that evaluation, management concluded that, as of June 30, 2026, our disclosure controls and procedures were not effective due to the material weakness in internal control over financial reporting described below.”
    Show the full paragraph
    Based on that evaluation, management concluded that, as of June 30, 2026, our disclosure controls and procedures were not effective due to the material weakness in internal control over financial reporting described below. As discussed in Item 9A of our Form 10-K for the year ended December 31, 2025, we identified a material weakness in our internal control over financial reporting as well as a lack of effective controls over the COSO principles including control environment, risk assessment, control activities, information and communications and monitoring as of December 31, 2025.

    From the 10-Q filed 11 August 2026, Part I, Item 4. Controls and Procedures. Read it in the filing

  • Changed auditor

    Worth knowing

    The company changed its auditor (the firm that checks its books) in the last two years.

    “On May 29, 2025, Spectral AI, Inc. (the “Company”) dismissed KPMG LLP (“KPMG”) as the Company’s independent registered public accounting firm, effective immediately.”

    From an 8-K filed 3 June 2025: Change of auditor. Read it in the filing

  • One big customer

    Worth knowing

    One customer brings in a big share of sales: 90% last year. Losing that customer would hurt.

    “One customer (which is a U.S. government agency) accounted for 90% for the year ended December 31, 2025 and 94% for the year ended December 31, 2024 of the recognized research and development revenue.”

    From the 10-K filed 25 March 2026, Item 8. Financial Statements and Notes. Read it in the filing

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.