NXL · Nexalin Technology, 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 | $14.9K | - | $18.1K | $70.6K | $41.0K | - | $36.0K | $26.8K | $78.7K | - |
| Cost of Revenue | $1.8K | - | $3.9K | $22.8K | $13.6K | - | $12.7K | $7.2K | $9.2K | - |
| Gross Profit | $13.1K | - | $14.2K | $47.8K | $27.5K | - | $23.3K | $19.6K | $69.5K | - |
| R&D | $346.4K | - | $226.5K | $225.8K | $406.3K | - | $178.6K | $169.4K | $105.7K | - |
| SG&A | $792.8K | - | $1.42M | $893.8K | $929.2K | - | $1.98M | $768.2K | $589.0K | - |
| Total Operating Expenses | $2.13M | - | $2.36M | $1.67M | $2.04M | - | $2.53M | $1.32M | $1.14M | - |
| D&A | $4.1K | - | - | - | - | - | - | - | - | - |
| Operating Income | ($2.12M) | - | ($2.35M) | ($1.62M) | ($2.01M) | - | ($2.51M) | ($1.30M) | ($1.07M) | - |
| Interest Expense | ($34) | - | ($2.3K) | ($4.7K) | ($1.1K) | - | ($1.0K) | $5.5K | ($304) | - |
| Income Tax | - | - | - | - | - | - | - | - | - | - |
| Net Income | ($2.10M) | - | ($2.28M) | ($1.58M) | ($1.99M) | - | ($2.45M) | ($1.28M) | ($1.04M) | - |
| EPS - Basic | ($0.11) | - | ($0.13) | ($0.10) | ($0.15) | - | ($0.23) | ($0.17) | ($0.14) | - |
| EPS - Diluted | ($0.11) | - | ($0.13) | ($0.10) | ($0.15) | - | ($0.23) | ($0.17) | ($0.14) | - |
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 | $1.21M | $654.8K | $590.1K | $431.3K | $622.0K | $574.5K | $81.4K | $848.8K | $546.3K | $580.2K |
| Accounts Receivable | $43.0K | $81.6K | $7.9K | $59.8K | $14.5K | $13.0K | $15.2K | $11.7K | $3.7K | $9.4K |
| Inventory | $179.5K | $131.5K | $160.2K | $173.0K | $175.3K | $174.6K | $158.4K | $145.1K | $153.7K | $156.4K |
| Accounts Payable | $168.1K | $244.6K | $67.5K | $240.6K | $181.4K | $155.9K | $166.5K | $87.1K | $151.5K | $159.5K |
| Current Assets | $3.29M | $4.30M | $4.82M | $6.27M | $2.62M | $3.96M | $4.91M | $1.18M | $2.56M | $3.43M |
| Total Assets | $3.69M | $4.64M | $5.13M | $6.56M | $2.90M | $4.22M | $5.26M | $1.56M | $2.83M | $3.63M |
| Current Liabilities | $808.4K | $887.3K | $357.5K | $600.6K | $574.7K | $546.7K | $299.4K | $212.1K | $507.2K | $425.3K |
| Long-term Debt | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | $808.4K | $887.3K | $357.5K | $600.6K | $574.7K | $546.7K | $299.4K | $212.1K | $507.2K | $425.3K |
| Stockholders' Equity | $2.89M | $3.75M | $4.77M | $5.96M | $2.33M | $3.68M | $4.96M | $1.35M | $2.33M | $3.21M |
| Retained Earnings | ($94.96M) | ($92.87M) | ($90.49M) | ($88.21M) | ($86.63M) | ($84.65M) | ($81.81M) | ($79.36M) | ($78.08M) | ($77.04M) |
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 | ($1.71M) | - | - | - | ($1.43M) | - | - | - | ($763.3K) | - |
| Investing Cash Flow | $1.51M | - | - | - | $1.47M | - | - | - | $729.3K | - |
| Financing Cash Flow | $756.4K | - | - | - | - | - | - | - | - | - |
| CapEx | - | - | - | - | - | - | - | - | - | - |
| Free Cash Flow | - | - | - | - | - | - | - | - | - | - |
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 | 87.8% | - | 78.2% | 67.6% | 66.9% | - | 64.8% | 73.0% | 88.4% | - |
| Operating margin | -14179.9% | - | -12924.3% | -2296.2% | -4903.6% | - | -6962.1% | -4832.4% | -1364.8% | - |
| EBITDA margin | -14152.5% | - | - | - | - | - | - | - | - | - |
| Net margin | -14025.7% | - | -12542.3% | -2239.7% | -4847.8% | - | -6794.9% | -4785.7% | -1323.4% | - |
| Free cash flow margin | - | - | - | - | - | - | - | - | - | - |
| FCF / Net income | - | - | - | - | - | - | - | - | - | - |
| R&D / Revenue | 2316.9% | - | 1248.1% | 319.8% | 990.6% | - | 495.6% | 631.2% | 134.3% | - |
| SG&A / Revenue | 5303.0% | - | 7824.6% | 1266.3% | 2265.6% | - | 5482.4% | 2862.0% | 748.7% | - |
| Effective tax rate | - | - | - | - | - | - | - | - | - | - |
| Return on assets | -56.8% | - | -44.4% | -24.1% | -68.6% | - | -46.6% | -82.2% | -36.7% | - |
| Return on equity | -72.6% | - | -47.7% | -26.5% | -85.5% | - | -49.4% | -95.1% | -44.7% | - |
| Return on invested capital | - | - | - | - | - | - | - | - | - | - |
| Liquidity | ||||||||||
| Current ratio | 4.07 | 4.85 | 13.47 | 10.44 | 4.56 | 7.25 | 16.39 | 5.57 | 5.05 | 8.07 |
| Quick ratio | 3.85 | 4.70 | 13.03 | 10.15 | 4.25 | 6.93 | 15.86 | 4.89 | 4.75 | 7.70 |
| Cash ratio | 1.49 | 0.74 | 1.65 | 0.72 | 1.08 | 1.05 | 0.27 | 4.00 | 1.08 | 1.36 |
| Leverage | ||||||||||
| Debt / Equity | - | - | - | - | - | - | - | - | - | - |
| Debt / Assets | - | - | - | - | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Interest coverage | 62350.1x | - | 1025.2x | 345.6x | 1823.4x | - | 2508.5x | -235.1x | 3531.9x | - |
| Equity multiplier | 1.28 | 1.24 | 1.07 | 1.10 | 1.25 | 1.15 | 1.06 | 1.16 | 1.22 | 1.13 |
| Liabilities / Assets | 0.22 | 0.19 | 0.07 | 0.09 | 0.20 | 0.13 | 0.06 | 0.14 | 0.18 | 0.12 |
| Efficiency | ||||||||||
| Asset turnover | 0.00 | - | 0.00 | 0.01 | 0.01 | - | 0.01 | 0.02 | 0.03 | - |
| Inventory turnover | 0.01 | - | 0.02 | 0.13 | 0.08 | - | 0.08 | 0.05 | 0.06 | - |
| Days sales outstanding | 1050d | - | 159d | 309d | 129d | - | 154d | 159d | 17d | - |
| Days inventory outstanding | 36056d | - | 14813d | 2764d | 4718d | - | 4554d | 7310d | 6126d | - |
| Days payable outstanding | 33768d | - | 6240d | 3845d | 4883d | - | 4789d | 4389d | 6040d | - |
| Cash conversion cycle | 3338d | - | 8733d | -771d | -36d | - | -81d | 3081d | 103d | - |
| Valuation | ||||||||||
| P / E | - | - | - | - | - | - | - | - | - | - |
| P / B | 2.4x | - | 3.4x | 2.6x | 11.2x | - | 1.5x | 9.4x | 4.5x | - |
| P / S | 461.4x | - | 899.1x | 220.0x | 632.7x | - | 201.4x | 472.1x | 132.3x | - |
| EV / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Growth | ||||||||||
| Revenue growth (YoY) | -63.5% | - | -49.6% | 163.0% | -47.9% | - | 49.4% | -24.5% | 157.4% | - |
| Revenue CAGR (3y) | -21.2% | - | -67.8% | - | - | - | - | - | - | - |
| Revenue CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Gross profit growth (YoY) | -52.2% | - | -39.1% | 143.7% | -60.5% | - | 15.9% | -25.1% | 196.4% | - |
| Operating income growth (YoY) | -5.4% | - | 6.5% | -25.0% | -87.3% | - | -3.8% | -191.4% | -186.2% | - |
| Net income growth (YoY) | -5.5% | - | 7.0% | -23.1% | -91.0% | - | -6.6% | -56.2% | -164.8% | - |
| EPS growth (YoY) | 26.7% | - | 43.5% | 41.2% | -7.1% | - | 25.8% | -88.9% | - | - |
| EPS CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| FCF growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | 24.1% | 2.0% | -3.8% | 341.4% | -0.1% | 14.6% | 53.2% | -66.2% | -50.9% | -41.5% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Product / service
$301.6K totalDevice Sales$136.0K · 45.1%
Equipment$89.0K · 29.5%
Licensing Fee$49.1K · 16.3%
Other$27.5K · 9.1%
Geographic
$491.9K totalCN$190.3K · 38.7%
International$190.3K · 38.7%
US$111.3K · 22.6%
Peer comparison
Same SIC group: Electromedical & Electrotherapeutic Apparatus
Comparing Nexalin Technology against the 5 most active filers in the same SIC group.