Revenue growth reached 79.5% in 2026Q1, yet the company remains hampered by an operating margin of -108.3% as SG&A expenses continue to scale alongside top-line gains.
| Sales/Revenue | 4.28M | 3.57M | 2.69M | 2.46M | 2.68M | 2.72M | 1.93M |
| Revenue Growth % | 45.88% | 32.89% | 9.18% | -8.37% | -1.34% | 40.98% | - |
| Cost of Goods Sold | 641.81K | 562.92K | 362K | 303.35K | 297.06K | 467.66K | 481.09K |
| COGS % of Revenue | - | 15.77% | 13.48% | 12.33% | 11.06% | 17.19% | 24.92% |
| Gross Profit | 3.64M | 3.01M | 2.32M | 2.16M | 2.39M | 2.25M | 1.45M |
| Gross Margin % | 85.01% | 84.23% | 86.52% | 87.67% | 88.94% | 82.81% | 75.08% |
| Gross Profit Growth % | - | 29.37% | 7.75% | -9.67% | 5.95% | 55.52% | - |
| Operating Expenses | 10.92M | 10.84M | 9.48M | 8.82M | 5.76M | 5.22M | 5.57M |
| OpEx % of Revenue | - | 303.6% | 352.98% | 358.58% | 214.54% | 191.96% | 288.56% |
| Selling, General & Admin | 10.38M | 10.34M | 9.27M | 8.65M | 5.53M | 5.02M | 5.4M |
| SG&A % of Revenue | - | 289.77% | 345.31% | 351.7% | 206.14% | 184.48% | 279.92% |
| Research & Development | 532.62K | 493.61K | 206.11K | 169.31K | 225.61K | 203.41K | 166.8K |
| R&D % of Revenue | - | 13.83% | 7.67% | 6.88% | 8.4% | 7.47% | 8.64% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -7.28M | -7.83M | -7.16M | -6.66M | -3.37M | -2.97M | -4.12M |
| Operating Margin % | -169.93% | -219.37% | -266.46% | -270.91% | -125.61% | -109.14% | -213.48% |
| Operating Income Growth % | - | -9.4% | -7.39% | -97.63% | -13.54% | 27.92% | - |
| EBITDA | -7.22M | -7.77M | -7.12M | -6.62M | -3.34M | -2.93M | -4.08M |
| EBITDA Margin % | -168.69% | -217.7% | -265.05% | -269.25% | -124.22% | -107.79% | -211.63% |
| EBITDA Growth % | 4.8% | -9.15% | -7.48% | -98.61% | -13.7% | 28.19% | - |
| D&A (Non-Cash Add-back) | 53.15K | 59.5K | 37.83K | 40.73K | 37.13K | 36.71K | 35.79K |
| EBIT | -7.19M | -7.73M | -7.94M | -9.27M | -4.36M | -2.99M | -3.65M |
| Net Interest Income | -45.54K | -73.97K | -300.71K | -5.36M | -2.74M | -36.93K | -75.67K |
| Interest Income | 0 | 0 | 0 | -2.77K | -2.32M | 0 | 37 |
| Interest Expense | 45.54K | 73.97K | 300.71K | 5.36M | 417.6K | 36.93K | 75.71K |
| Other Income/Expense | -7.81K | 29.35K | -1.08M | -7.96M | -1.41M | -58K | 394.59K |
| Pretax Income | -7.28M | -7.8M | -8.24M | -14.63M | -4.78M | -3.03M | -3.73M |
| Pretax Margin % | -170.11% | -218.55% | -306.84% | -594.57% | -178.05% | -111.27% | -193.04% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -7.28M | -7.8M | -8.24M | -14.63M | -4.78M | -3.03M | -3.73M |
| Net Margin % | -170.11% | -218.55% | -306.84% | -594.57% | -178.05% | -111.27% | -193.04% |
| Net Income Growth % | 13.29% | 5.35% | 43.65% | -205.99% | -57.86% | 18.74% | - |
| Net Income (Continuing) | -7.28M | -7.8M | -8.24M | -14.63M | -4.78M | -3.03M | -3.73M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.67 | -0.95 | -1.22 | -2.32 | -0.78 | -0.62 | -0.80 |
| EPS Growth % | 35.48% | 22.13% | 47.41% | -197.44% | -25.81% | 22.5% | - |
| EPS (Basic) | - | -0.95 | -1.22 | -2.32 | -0.57 | -0.62 | -0.80 |
| Diluted Shares Outstanding | 10.95M | 9.08M | 6.92M | 6.3M | 8.41M | 5.38M | 5.38M |
| Basic Shares Outstanding | 10.95M | 9.08M | 6.92M | 6.3M | 8.41M | 5.38M | 5.38M |
| Dividend Payout Ratio | - | - | - | - | - | - | - |
Liquidity and capital dependency
As reported in recent financial filings, NeurAxis achieved a 79.5% year-over-year revenue increase in 2026Q1, signaling that the company's commercial strategy for the IB-Stim device is gaining traction within the pediatric gastroenterology market despite the relatively small absolute revenue base of $1.6 million.
The acceleration in top-line growth suggests that the company is successfully expanding its footprint in pediatric academic medical centers. However, investors should monitor whether this growth is sustainable or if it reflects initial inventory stocking at new clinical sites rather than consistent patient-level demand.
Based on the provided income statement data, NeurAxis maintains a robust gross margin profile of 86.4% as of 2026Q1, which highlights the inherent efficiency of the IB-Stim device manufacturing process relative to its current clinical price point in the specialized pediatric neuromodulation segment.
While these margins are impressive, they appear to be disconnected from the company's broader profitability, as operating expenses continue to overwhelm gross profit. Any future downward pressure on reimbursement rates from private insurers could significantly compress these margins, given the lack of a diversified product portfolio.
According to the latest quarterly figures, the company's operating margin of -108.3% indicates that SG&A expenses continue to scale alongside revenue, suggesting that NeurAxis has yet to achieve the necessary operational leverage to transition toward a self-sustaining business model in the near term.
The persistent gap between gross profit and operating income implies that the cost of acquiring new prescribing physicians remains prohibitively high. Without a significant shift toward more efficient customer acquisition, the company may continue to face substantial losses regardless of top-line expansion.
As indicated by the company's historical financial statements, the combination of deep operating losses and a limited cash position suggests that NeurAxis faces significant liquidity risks that may necessitate dilutive financing to maintain operations if revenue growth does not rapidly offset current cash burn.
Short-term observers may focus on the high cash burn rate relative to the remaining cash balance, which appears thin for a company in the pre-scale phase. The reliance on external capital markets in a high-rate environment poses a material threat to the company's long-term viability.
Quick answers to the most common questions about buying NRXS stock.
For fiscal year 2025, NeurAxis, Inc. (NRXS) reported total revenue of $3.6M. This represents a 84.9% increase compared to $1.9M in 2020.
NeurAxis, Inc. (NRXS) reported a net loss of $7.8M for the fiscal year ending 2025.
NeurAxis, Inc. (NRXS) reported an operating income of $-7.8M, resulting in an operating profit margin of -219.4%. This margin reflects the operational efficiency of the business before interest and taxes.
NeurAxis, Inc. (NRXS) generated $3.0M in gross profit for the year, representing a gross profit margin of 84.2%. This demonstrates the company's core pricing power and production efficiency.