Fiscal Q3 2026
Filed Aug 13, 2026NeuroOne® Reports Fiscal Q3 2026 Financial Results, Revenues Increase 16% YoY to $2.0 Million; Gross Margins Expand to 59.9%
Product revenue, gross profit and product gross margin increased year over year, while product orders exceeded quarterly revenue and backlog reached $1.7 million. The company remained loss-making, operating expenses increased, cash and working capital declined from September 30, 2025, and management said recognized revenue depends primarily on manufacturing completion and shipment timing.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Product revenueGAAP | $ 1,973,105 | – | 16% |
| Cost of product revenueGAAP | 790,496 | – | – |
| Product gross profitGAAP | $ 1,182,609 | – | 29% |
| Product gross marginGAAP | 59.9% | – | 6.0 percentage point increase |
| License revenueGAAP | — | – | – |
| Selling, general and administrative expensesGAAP | $ 2,181,768 | – | – |
| Research and development expensesGAAP | $ 1,425,153 | – | – |
| Total operating expensesGAAP | $ 3,606,921 | – | – |
| Loss from operationsGAAP | $ (2,424,312 ) | – | – |
| Fair value change in warrant liabilityGAAP | 405,702 | – | – |
| Financing costsGAAP | — | – | – |
| Other incomeGAAP | 12,279 | – | – |
| Loss before income taxesGAAP | $ (2,006,331 ) | – | – |
| Provision for income taxesGAAP | — | – | – |
| Net lossGAAP | $ (2,006,331 ) | – | – |
| Net loss per share, basicGAAP | $ (0.23 ) | – | – |
| Net loss per share, dilutedGAAP | $ (0.28 ) | – | – |
| Number of shares used in basic per share calculationsGAAP | 8,661,624 | – | – |
| Number of shares used in diluted per share calculationsGAAP | 8,739,505 | – | – |
| Nine-month product revenueGAAP | $ 6,727,790 | – | – |
| Nine-month cost of product revenueGAAP | 2,987,089 | – | – |
| Nine-month product gross profitGAAP | 3,740,701 | – | – |
| Nine-month license revenueGAAP | — | – | – |
| Nine-month selling, general and administrative expensesGAAP | 5,986,594 | – | – |
| Nine-month research and development expensesGAAP | 4,282,923 | – | – |
| Nine-month total operating expensesGAAP | 10,269,517 | – | – |
| Nine-month loss from operationsGAAP | (6,528,816 ) | – | – |
| Nine-month fair value change in warrant liabilityGAAP | 620,171 | – | – |
| Nine-month financing costsGAAP | — | – | – |
| Nine-month other incomeGAAP | 82,402 | – | – |
| Nine-month loss before income taxesGAAP | (5,826,243 ) | – | – |
| Nine-month provision for income taxesGAAP | — | – | – |
| Nine-month net lossGAAP | $ (5,826,243 ) | – | – |
| Nine-month net loss per share, basicGAAP | $ (0.68 ) | – | – |
| Nine-month net loss per share, dilutedGAAP | $ (0.75 ) | – | – |
| Number of shares used in nine-month basic per share calculationsGAAP | 8,511,313 | – | – |
| Number of shares used in nine-month diluted per share calculationsGAAP | 8,621,075 | – | – |
Fiscal year 2026 outlook
- Revenue$9.2 million to $10.5 million
- NoteThe Company has received product orders of $11.2 million for fiscal year 2026.
- NoteNeuroOne expects its StereoCED™ platform to be available by the end of fiscal year 2026 for animal research and FDA IDE approved studies.
What drove it
- Product revenue increased primarily due to higher sales of OneRF® Products.
- Product gross margin expansion reflected a more favorable sales mix toward higher margin products.
- The Company received $2.7 million of new product orders to ship during the quarter, and backlog was $1.7 million as of June 30, 2026.
- The Company received ISO 13485:2016 Certification, which it said enables commercialization across different countries, subject to additional geographic requirements.
- Management cited the planned StereoCED™ launch, continued OneRF® Brain Ablation System growth, onboarding independent distributor representatives for the OneRF® Trigeminal Nerve Ablation System, a potential basivertebral nerve ablation access-tools partner, and international expansion planning.
Concerns
- Recognized revenue is expected to depend primarily on manufacturing completion and timing of shipments, and management is working with manufacturing partners to maximize shipments.
- Total operating expenses increased to $3.6 million from $2.8 million, driven by higher headcount, sales and marketing costs, professional fees and other operating costs, as well as the timing of product development activities.
- Net loss increased to $2.0 million from $1.5 million.
- Cash and cash equivalents declined to $2.0 million as of June 30, 2026 from $6.6 million as of September 30, 2025.
- The Company used its ATM program during the quarter and subsequent to quarter-end.
- The filing identifies risks relating to Nasdaq continued listing requirements, supply chain disruptions, labor shortages, capital requirements, reimbursement, regulatory requirements and clinical trial enrollment.
What to watch
- Product shipment execution against received fiscal year 2026 product orders of $11.2 million and the stated recognized revenue range of $9.2 million to $10.5 million.
- The amount of product orders that remain unshipped and contribute to backlog.
- Availability of the StereoCED™ platform for animal research and FDA IDE approved studies by the end of fiscal year 2026.
- Enrollment of the first patient in the brain ablation post-market registry by the end of September, with five centers currently participating.
- Progress in selecting a partner to develop access tools for the basivertebral nerve ablation system.
- Commercialization progress for the OneRF® Trigeminal Nerve Ablation System through a direct regional sales distribution model and independent distributor representatives.
Balance sheet and cash flow
- Cash and cash equivalents were $ 2,047,596 as of June 30, 2026, compared to $ 6,570,382 as of September 30, 2025.
- Accounts receivable were $ 1,098,965 as of June 30, 2026, compared to $ 1,264,805 as of September 30, 2025.
- Inventory, net was $ 2,290,254 as of June 30, 2026, compared to $ 2,226,805 as of September 30, 2025.
- Total current assets were 5,788,801 as of June 30, 2026, compared to 10,226,284 as of September 30, 2025.
- Total assets were $ 6,186,095 as of June 30, 2026, compared to $ 10,785,647 as of September 30, 2025.
- Total current liabilities were 2,041,427 as of June 30, 2026, compared to 2,303,083 as of September 30, 2025.
- Total liabilities were 2,418,552 as of June 30, 2026, compared to 3,713,125 as of September 30, 2025.
- Total stockholders’ equity was 3,767,543 as of June 30, 2026, compared to 7,072,522 as of September 30, 2025.
- The Company had working capital of $3.7 million as of June 30, 2026, compared to working capital of $7.9 million as of September 30, 2025.
- The Company had no debt outstanding as of June 30, 2026.
- During the third quarter of fiscal 2026, the Company raised $0.4 million through its at-the-market offering program.
- Through June 30, 2026, the Company raised gross proceeds of $8.4 million under the at-the-market (“ATM”) program.
- On July 13, 2026, the Company raised another $1.0 million through the issuance of 400,346 shares under the ATM program.
Analysis
NeuroOne reported product revenue of $2.0 million in fiscal Q3 2026, up 16% from $1.7 million in the year-ago quarter. Management attributed the increase primarily to higher sales of OneRF® Products. New product orders of $2.7 million exceeded recognized quarterly revenue, producing backlog of $1.7 million as of June 30, 2026. The company said it had received fiscal 2026 product orders of $11.2 million.
Margin performance improved materially. Product gross profit increased 29% to $1.2 million and product gross margin expanded to 59.9% from 53.9%. The company attributed the 6.0 percentage point expansion to a more favorable mix toward higher-margin products. This gross-profit improvement did not offset higher spending: total operating expenses increased to $3.6 million from $2.8 million, including SG&A of $2.2 million and R&D of $1.4 million.
The company remained unprofitable, reporting a net loss of $2.0 million, or ($0.23) per basic share and ($0.28) per diluted share, compared with a net loss of $1.5 million in the prior-year quarter. Liquidity declined, with cash and cash equivalents at $2.0 million and working capital at $3.7 million as of June 30, 2026, versus $6.6 million and $7.9 million, respectively, as of September 30, 2025. The company had no debt outstanding, but raised $0.4 million through its ATM program during the quarter and another $1.0 million after quarter-end.
The fiscal 2026 revenue outlook calls for recognized revenue of $9.2 million to $10.5 million. Management stated that the outcome depends primarily on manufacturing completion and shipment timing, with unshipped orders contributing to backlog. Operational milestones include ISO 13485:2016 certification, the expected availability of StereoCED™ for animal research and FDA IDE approved studies by fiscal year-end, and plans to enroll the first patient in the brain ablation post-market registry by the end of September. The principal near-term execution points are conversion of orders into shipments, preservation of the higher gross-margin mix, operating-expense control, and funding needs.
Management, verbatim
This quarter marked another period of revenue growth compared to 2025, with product revenue increasing 16% year-over-year to $2.0 million. Importantly, this growth is improving margins – product gross margins reached a record 59.9%, driven by a 29% increase in product gross profit to $1.2 million compared to the prior year period. Even more encouraging is that new product orders of $2.7 million during the quarter meaningfully outpaced revenue recognized during the quarter, growing our backlog to $1.7 million.
Dave Rosa, CEO of NeuroOne
Not in the filing
stated, not guessed- Prior quarterly release outlook, so comparison of actual results with prior guidance is unavailable.
- Non-GAAP revenue, gross profit, operating income, net income, EPS or reconciliations.
- Quarter-over-quarter comparisons for reported operating metrics.
- Operating cash flow.
- Free cash flow.
- Capital return activity, including share repurchases and dividends.
- Guidance for gross margin, operating expenses and tax rate.
- Segment revenue disclosure.
- A reported tax rate.
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.