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QT Imaging Holdings (OTC:QTIH) has secured $10.1 million in financing from Lynrock Lake Master Fund LP through a secured note maturing in March 2027. The funding will support working capital needs for 2025-2026, particularly for manufacturing products to fulfill orders under their distribution agreement with NXC Imaging.
The company has utilized part of the funds to repay the Cable Car Note and settle Yorkville Note obligations by paying $3 million in cash and issuing a 5-year warrant for 15 million shares. After debt settlements, $5.5 million remains for working capital before transaction costs.
The financing aims to support the delivery of at least 100 scanners over the next two years to their strategic partner, expected to generate $45 million in revenue.
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