NRXS · Neuraxis, Inc - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.61M | - | $811.4K | $894.1K | $895.7K | - | $666.6K | $611.5K | $646.6K | - |
| Cost of Revenue | $218.4K | - | $135.5K | $146.6K | $139.5K | - | $97.0K | $73.5K | $75.1K | - |
| Gross Profit | $1.39M | - | $675.9K | $747.4K | $756.2K | - | $569.6K | $538.0K | $571.6K | - |
| R&D | $99.6K | - | $130.8K | $58.3K | $60.6K | - | $72.4K | $54.3K | $5.6K | - |
| SG&A | $2.21M | - | $1.88M | $2.26M | $2.86M | - | $2.05M | $2.63M | $2.32M | - |
| Total Operating Expenses | - | - | - | - | - | - | - | - | - | - |
| D&A | $16.3K | - | $16.2K | $11.0K | $6.4K | - | - | - | $10.7K | - |
| Operating Income | ($1.74M) | - | ($2.10M) | ($1.72M) | ($2.30M) | - | ($1.65M) | ($2.21M) | ($1.83M) | - |
| Interest Expense | $26.2K | - | $29.7K | $13.4K | $2.2K | - | $64.7K | $80.7K | $26.6K | - |
| Income Tax | - | - | - | - | - | - | - | - | - | - |
| Net Income | ($1.76M) | - | ($2.12M) | ($1.69M) | ($2.28M) | - | ($1.76M) | ($2.92M) | ($2.12M) | - |
| EPS - Basic | ($0.18) | - | ($0.24) | ($0.22) | ($0.33) | - | ($0.25) | ($0.42) | ($0.32) | - |
| EPS - Diluted | ($0.18) | - | ($0.24) | ($0.22) | ($0.33) | - | ($0.25) | ($0.42) | ($0.32) | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $7.08M | $4.97M | $4.38M | $5.99M | $2.01M | $3.70M | $260.9K | $1.77M | $81.8K | $78.6K |
| Accounts Receivable | $385.0K | $195.7K | $108.5K | $128.5K | $243.7K | $244.6K | $52.6K | $147.1K | $90.5K | $73.2K |
| Inventory | $238.3K | $257.1K | $110.3K | $131.4K | $37.4K | $44.3K | $22.5K | $42.7K | $20.2K | $21.2K |
| Accounts Payable | $305.3K | $139.4K | $886.4K | $464.5K | $535.0K | $596.9K | $962.1K | $1.12M | $1.24M | $1.20M |
| Current Assets | $8.14M | $5.73M | $4.99M | $6.62M | $2.54M | $4.27M | $631.8K | $2.11M | $407.8K | $242.6K |
| Total Assets | $8.75M | $6.40M | $5.78M | $7.09M | $3.03M | $4.76M | $1.14M | $2.63M | $945.7K | $509.5K |
| Current Liabilities | $2.81M | $2.79M | $3.15M | $2.35M | $2.10M | $2.43M | $2.66M | $7.59M | $3.82M | $1.89M |
| Long-term Debt | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | $3.00M | $3.00M | $3.49M | $2.83M | $2.77M | $2.69M | $2.94M | $7.89M | $4.13M | $1.91M |
| Stockholders' Equity | $5.75M | $3.40M | $2.28M | $4.25M | $258.5K | $2.07M | ($1.79M) | ($5.26M) | ($3.18M) | ($1.40M) |
| Retained Earnings | ($66.36M) | ($64.60M) | ($62.89M) | ($60.77M) | ($59.08M) | ($56.80M) | ($55.35M) | ($53.60M) | ($50.68M) | ($48.56M) |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | ($1.23M) | - | - | - | ($1.60M) | - | - | - | ($1.33M) | - |
| Investing Cash Flow | - | - | $0 | ($7.3K) | ($18.0K) | - | - | - | ($14.7K) | - |
| Financing Cash Flow | $3.34M | - | - | - | ($69.8K) | - | - | - | $1.35M | - |
| CapEx | - | - | - | - | $18.0K | - | - | - | $14.7K | - |
| Free Cash Flow | - | - | - | - | ($1.62M) | - | - | - | ($1.35M) | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | 86.4% | - | 83.3% | 83.6% | 84.4% | - | 85.4% | 88.0% | 88.4% | - |
| Operating margin | -108.3% | - | -258.8% | -192.1% | -256.2% | - | -247.7% | -360.9% | -283.3% | - |
| EBITDA margin | -107.2% | - | -256.8% | -190.9% | -255.5% | - | - | - | -281.7% | - |
| Net margin | -109.5% | - | -261.6% | -189.1% | -254.4% | - | -263.3% | -477.1% | -328.0% | - |
| Free cash flow margin | - | - | - | - | -181.1% | - | - | - | -208.3% | - |
| FCF / Net income | - | - | - | - | 0.71 | - | - | - | 0.64 | - |
| R&D / Revenue | 6.2% | - | 16.1% | 6.5% | 6.8% | - | 10.9% | 8.9% | 0.9% | - |
| SG&A / Revenue | 137.2% | - | 232.0% | 253.3% | 319.0% | - | 308.0% | 429.8% | 358.5% | - |
| Effective tax rate | - | - | - | - | - | - | - | - | - | - |
| Return on assets | -20.1% | - | -36.7% | -23.8% | -75.2% | - | -153.5% | -110.8% | -224.2% | - |
| Return on equity | -30.6% | - | -92.9% | -39.7% | -881.6% | - | 97.8% | 55.5% | 66.6% | - |
| Return on invested capital | - | - | - | - | - | - | - | - | - | - |
| Liquidity | ||||||||||
| Current ratio | 2.89 | 2.05 | 1.58 | 2.82 | 1.21 | 1.75 | 0.24 | 0.28 | 0.11 | 0.13 |
| Quick ratio | 2.81 | 1.96 | 1.55 | 2.76 | 1.19 | 1.74 | 0.23 | 0.27 | 0.10 | 0.12 |
| Cash ratio | 2.52 | 1.78 | 1.39 | 2.55 | 0.95 | 1.52 | 0.10 | 0.23 | 0.02 | 0.04 |
| Leverage | ||||||||||
| Debt / Equity | - | - | - | - | - | - | - | - | - | - |
| Debt / Assets | - | - | - | - | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Interest coverage | -66.5x | - | -70.8x | -127.9x | -1026.0x | - | -25.5x | -27.3x | -69.0x | - |
| Equity multiplier | 1.52 | 1.88 | 2.53 | 1.67 | 11.72 | 2.30 | -0.64 | -0.50 | -0.30 | -0.36 |
| Liabilities / Assets | 0.34 | 0.47 | 0.60 | 0.40 | 0.91 | 0.57 | 2.57 | 3.00 | 4.37 | 3.75 |
| Efficiency | ||||||||||
| Asset turnover | 0.18 | - | 0.14 | 0.13 | 0.30 | - | 0.58 | 0.23 | 0.68 | - |
| Inventory turnover | 0.92 | - | 1.23 | 1.12 | 3.73 | - | 4.32 | 1.72 | 3.72 | - |
| Days sales outstanding | 87d | - | 49d | 52d | 99d | - | 29d | 88d | 51d | - |
| Days inventory outstanding | 398d | - | 297d | 327d | 98d | - | 84d | 212d | 98d | - |
| Days payable outstanding | 510d | - | 2388d | 1156d | 1400d | - | 3618d | 5557d | 6014d | - |
| Cash conversion cycle | -25d | - | -2042d | -777d | -1203d | - | -3505d | -5257d | -5864d | - |
| Valuation | ||||||||||
| P / E | - | - | - | - | - | - | - | - | - | - |
| P / B | 14.1x | - | 13.3x | 4.8x | 62.1x | - | - | - | - | - |
| P / S | 50.4x | - | 37.5x | 23.1x | 17.9x | - | 32.1x | 31.5x | 31.6x | - |
| EV / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Growth | ||||||||||
| Revenue growth (YoY) | 79.5% | - | 21.7% | 46.2% | 38.5% | - | 7.7% | -10.4% | - | - |
| Revenue CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| Revenue CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Gross profit growth (YoY) | 83.8% | - | 18.7% | 38.9% | 32.3% | - | 38.9% | -6.9% | - | - |
| Operating income growth (YoY) | 24.2% | - | -27.2% | 22.2% | -25.3% | - | -37.2% | -97.5% | - | - |
| Net income growth (YoY) | 22.7% | - | -20.9% | 42.1% | -7.5% | - | 15.6% | -30.5% | - | - |
| EPS growth (YoY) | 45.5% | - | 4.0% | 47.6% | -3.1% | - | 81.5% | 51.7% | - | - |
| EPS CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| FCF growth (YoY) | - | - | - | - | -20.4% | - | - | - | - | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | 2123.6% | 64.4% | - | - | - | - | 67.7% | 5.7% | - | - |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Geographic
$3.57M totalAll Other States$1.25M · 34.9%
CA$898.2K · 25.2%
OH$578.8K · 16.2%
MA$265.2K · 7.4%
IL$222.4K · 6.2%
WI$215.4K · 6.0%
FL$143.9K · 4.0%
Peer comparison
Same SIC group: Electromedical & Electrotherapeutic Apparatus
Comparing Neuraxis against the 5 most active filers in the same SIC group.