Revenue growth remains highly inconsistent, fluctuating between a 72.5% increase and an 11.7% decline, even as gross margins have stabilized near the 54% level.
| Metric | TTM | Sep'25 | Sep'24 | Sep'23 | Sep'22 | Sep'21 | Sep'20 | Sep'19 | Sep'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 |
|---|
| Sales/Revenue | 9.72M | 12.1M | 3.45M | 1.95M | 171.17K | 178.15K | 1.93M | 0 | 0 | 0 | 0 | 742 | 773 | 1.25K | 921 | 5.4K | 1.17K |
| Revenue Growth % | 68.8% | 250.35% | 76.86% | 1040.65% | -3.92% | -90.75% | - | - | - | - | -100% | -4.01% | -38.11% | 35.61% | -82.94% | 362.55% | - |
| Cost of Goods Sold | 4.42M | 3.96M | 2.37M | 1.5M | 241.96K | 275.89K | 70.55K | 27.57K | 21.67K | 17.63K | 7.74K | 0 | 0 | 0 | 0 | 2.14K | 0 |
| COGS % of Revenue | - | 32.7% | 68.73% | 76.62% | 141.36% | 154.87% | 3.66% | - | - | - | - | - | - | - | - | 39.61% | - |
| Gross Profit | 5.3M | 8.14M | 1.08M | 456.52K | -70.79K | -97.75K | 1.86M | -27.57K | -21.67K | -17.63K | -7.74K | 742 | 773 | 1.25K | 921 | 3.26K | 1.17K |
| Gross Margin % | 54.5% | 67.3% | 31.27% | 23.38% | -41.36% | -54.87% | 96.34% | - | - | - | - | 100% | 100% | 100% | 100% | 60.39% | 100% |
| Gross Profit Growth % | - | 654.07% | 136.5% | 744.85% | 27.58% | -105.27% | 6832.25% | -27.24% | -22.88% | -127.82% | -1143.13% | -4.01% | -38.11% | 35.61% | -71.75% | 179.35% | - |
| Operating Expenses | 12.36M | 12.37M | 12.97M | 12.41M | 9.96M | 10.12M | 6.76M | 5.81M | 3.19M | 3.07M | 32.61K | 30.91K | 36.69K | 26.34K | 14.65K | 30.69K | 7.21K |
| OpEx % of Revenue | - | 102.23% | 375.52% | 635.71% | 5818.79% | 5680.99% | 350.79% | - | - | - | - | 4166.44% | 4746.05% | 2109.05% | 1591.1% | 568.51% | 617.91% |
| Selling, General & Admin | 7.21M | 7.38M | 7.9M | 6.93M | 6.98M | 6.26M | 4.75M | 4.28M | 3.54M | 2.34M | 32.61K | 30.91K | 36.69K | 26.34K | 14.65K | 30.69K | 7.21K |
| SG&A % of Revenue | - | 61.04% | 228.84% | 354.75% | 4077.5% | 3514.12% | 246.71% | - | - | - | - | 4166.44% | 4746.05% | 2109.05% | 1591.1% | 568.51% | 617.91% |
| Research & Development | 5.16M | 4.98M | 5.07M | 6.94M | 4.93M | 3.93M | 2.08M | 1.53M | 951.06K | 735.33K | 0 | 2.4K | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 41.19% | 146.69% | 355.49% | 2879.86% | 2203.25% | 107.75% | - | - | - | - | 323.45% | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | -1.46M | -1.95M | -64.81K | -70.55K | 0 | -1.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -7.07M | -4.23M | -11.89M | -11.96M | -10.03M | -10.22M | -4.9M | -5.81M | -3.21M | -3.07M | -32.61K | -30.91K | -35.91K | -19.63K | -13.73K | -27.43K | -6.04K |
| Operating Margin % | -72.69% | -34.94% | -344.26% | -612.32% | -5860.15% | -5735.86% | -254.46% | - | - | - | - | -4166.44% | -4646.05% | -1571.82% | -1491.1% | -508.11% | -517.91% |
| Operating Income Growth % | - | 64.45% | 0.57% | -19.19% | 1.83% | -108.44% | 15.67% | -81.06% | -4.5% | -9321.12% | -5.49% | 13.92% | -82.94% | -42.95% | 49.93% | -353.81% | - |
| EBITDA | -6.81M | -3.96M | -11.64M | -11.76M | -9.91M | -10.07M | -4.83M | -5.79M | -3.19M | -3.05M | -24.87K | -23.15K | -35.91K | -25.09K | -13.73K | -27.43K | -6.04K |
| EBITDA Margin % | -70.05% | -32.77% | -337.11% | -602.12% | -5790.85% | -5653.27% | -250.79% | - | - | - | - | -3119.95% | -4646.05% | -2009.05% | -1491.1% | -508.11% | -517.91% |
| EBITDA Growth % | -7.72% | 65.94% | 0.98% | -18.6% | 1.58% | -108.44% | 16.49% | -81.43% | -4.4% | -12182.13% | -7.43% | 35.54% | -43.12% | -82.72% | 49.93% | -353.81% | - |
| D&A (Non-Cash Add-back) | 256.47K | 261.68K | 246.79K | 199.27K | 118.62K | 147.13K | 70.55K | 27.57K | 21.67K | 17.63K | 7.74K | 7.76K | 0 | 0 | 0 | 0 | 0 |
| EBIT | -6.92M | -3.27M | -12.09M | -11.96M | -10.03M | -9.95M | -4.9M | -5.81M | -4.17M | -3.07M | -189.73K | -30.91K | -35.91K | -25.09K | -13.73K | -27.43K | -6.04K |
| Net Interest Income | 324.74K | -334.06K | -228.99K | 0 | 0 | -3.05K | -7.52M | 0 | 0 | 0 | 0 | -14.02K | -330 | -5.46K | -227 | -176 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | -324.74K | 334.06K | 228.99K | 0 | 0 | 3.05K | 7.52M | 284.56K | 0 | 1.4M | 0 | 14.02K | 330 | 5.46K | 227 | 176 | 0 |
| Other Income/Expense | 422.17K | 621.1K | -430.9K | 95.76K | 31.15K | 270.04K | -8.74M | -967.77K | -2.66M | -1.99M | 156.71K | 0 | -330 | -5.46K | -227 | -176 | 0 |
| Pretax Income | -6.64M | -3.61M | -12.32M | -11.86M | -10M | -9.95M | -13.64M | -6.78M | -6.83M | -5.06M | -32.61K | -30.91K | -36.24K | -30.55K | -13.96K | -27.6K | -6.04K |
| Pretax Margin % | -68.34% | -29.8% | -356.74% | -607.42% | -5841.95% | -5584.28% | -708% | - | - | - | - | -4166.44% | -4688.75% | -2446.28% | -1515.74% | -511.37% | -517.91% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3 | 0 | 15.16K | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -0% | 0% | -46.5% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -6.64M | -3.61M | -12.32M | -11.86M | -10M | -9.95M | -13.64M | -6.78M | -6.83M | -5.06M | -47.77K | -62.86K | -36.24K | -30.55K | -13.96K | -27.6K | -6.04K |
| Net Margin % | -68.34% | -29.8% | -356.74% | -607.42% | -5841.95% | -5584.28% | -708% | - | - | - | - | -8472.1% | -4688.75% | -2446.28% | -1515.74% | -511.37% | -517.91% |
| Net Income Growth % | -0.61% | 70.73% | -3.87% | -18.6% | -0.52% | 27.07% | -101.15% | 0.67% | -34.96% | -10488.02% | 24% | -73.44% | -18.62% | -118.87% | 49.43% | -356.72% | - |
| Net Income (Continuing) | -6.64M | -3.61M | -12.32M | -11.86M | -10M | -9.95M | -13.64M | -6.78M | -6.83M | -5.06M | -284.97K | -30.91K | -36.24K | -30.55K | -13.96K | -27.6K | -6.04K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -31.95K | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.78 | -0.54 | -2.76 | -3.90 | -3.78 | -5.58 | -15.12 | -10.32 | -14.58 | -13.80 | -0.17 | -0.22 | -0.13 | -0.11 | -0.05 | -0.11 | -0.03 |
| EPS Growth % | -164.41% | 80.43% | 29.23% | -3.17% | 32.26% | 63.1% | -46.51% | 29.22% | -5.65% | -8027.21% | 23.92% | -73.83% | -18.23% | -118.07% | 53.37% | -323.81% | - |
| EPS (Basic) | - | -0.54 | -2.76 | -3.90 | -3.78 | -5.58 | -15.12 | -10.32 | -14.58 | -13.80 | -0.17 | -0.22 | -0.13 | -0.11 | -0.05 | -0.11 | -0.03 |
| Diluted Shares Outstanding | 8.55M | 6.69M | 4.46M | 3.02M | 2.67M | 1.78M | 902.56K | 658.75K | 467.81K | 367.23K | 281.83K | 281.83K | 281.83K | 281.83K | 281.83K | 257.96K | 238.43K |
| Basic Shares Outstanding | 8.44M | 6.69M | 4.46M | 3.02M | 2.67M | 1.78M | 902.56K | 658.75K | 467.81K | 367.23K | 281.83K | 281.83K | 281.83K | 281.83K | 281.83K | 257.96K | 238.43K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Limited liquidity and dilution
As reported in financial statements, NMTC's revenue trajectory remains highly inconsistent, with quarterly growth rates fluctuating significantly from a 72.5% increase in 2026Q2 to a 11.7% decline in 2026Q1, suggesting that the company's reliance on distributor stocking orders creates lumpy and unpredictable top-line performance.
The lack of a consistent growth cadence implies that end-user demand may not yet be fully decoupled from the timing of bulk shipments to distribution partners. Investors should monitor whether future periods demonstrate a smoother adoption curve as the installed base of robotic surgical assistants expands.
Based on the provided income statement data, gross margins have improved from the 27% range in early 2024 to approximately 54% in recent quarters, indicating that the company is successfully scaling its proprietary thin-film manufacturing process and achieving better production efficiencies as volumes increase.
While this structural improvement is encouraging, the margin profile remains sensitive to manufacturing yield rates and the product mix between diagnostic and therapeutic offerings. Sustained profitability will likely require further optimization of these production costs to offset the high fixed-cost burden inherent in medical device manufacturing.
According to recent quarterly filings, NMTC continues to report significant operating losses, with SG&A expenses consistently hovering near $1.9M per quarter, which suggests that the company has yet to achieve the necessary scale to leverage its overhead against its current gross profit generation.
The persistent gap between gross profit and operating expenses indicates that the company is still in a heavy investment phase. Without a substantial increase in revenue volume, the current cost structure may continue to weigh heavily on the bottom line, limiting the company's ability to reach self-sustainability.
As indicated by the company's financial history, the combination of persistent negative operating margins and a cash runway of approximately $6.5M suggests that NMTC faces a high risk of needing dilutive equity financing to maintain its current research and commercialization efforts over the next year.
Short-sellers would likely focus on the company's inability to generate positive cash flow despite the recent revenue growth, viewing the current burn rate as unsustainable. This financial profile warrants further investigation into the company's long-term capital planning and the potential for future shareholder dilution.
Quick answers to the most common questions about buying NMTC stock.
For fiscal year 2025, NeuroOne Medical Technologies Corporation (NMTC) reported total revenue of $12.1M. This represents a 1036548.8% increase compared to $0.0M in 2010.
NeuroOne Medical Technologies Corporation (NMTC) reported a net loss of $3.6M for the fiscal year ending 2025.
NeuroOne Medical Technologies Corporation (NMTC) reported an operating income of $-4.2M, resulting in an operating profit margin of -34.9%. This margin reflects the operational efficiency of the business before interest and taxes.
NeuroOne Medical Technologies Corporation (NMTC) generated $8.1M in gross profit for the year, representing a gross profit margin of 67.3%. This demonstrates the company's core pricing power and production efficiency.