NeurAxis (NRXS) Q4 2025 earnings summary

Executive summary

• Achieved sixth consecutive quarter of double-digit year-over-year revenue growth in Q4 2025, with revenue up 27% to $968,000 and FY2025 revenue up 33% to $3.6 million, driven by increased unit sales, new product launches, and expanded payer coverage.

• Major milestones included FDA indication expansion, new Category I CPT code effective January 1, 2026, and major payer coverage for over 100 million lives.

• Commercial scaling strategy advanced with 45 million additional covered lives and a federal FSS contract for VA access.

• Revenue and operational fundamentals in Q1 2026 exceeded expectations, with clear identification of remaining growth drivers.

• Cash balance at year-end was $5 million, with an additional $2.6 million raised post-year-end through equity and warrant exercises.

Financial highlights

• Q4 2025 revenue was $968,000, up 27% year-over-year; FY2025 revenue reached $3.6 million, a 33% increase over 2024.

• Q4 2025 gross margin was 85.4% (down 100 bps YoY); FY2025 gross margin was 84.2% (down 130 bps YoY) due to inventory reserves, RED device mix, and financial assistance programs.

• Q4 2025 operating loss was $1.7 million (up 17% YoY); FY2025 operating loss was $7.8 million (up 9% YoY).

• FY2025 net loss was $7.8 million, a 5% improvement over 2024, aided by higher sales and absence of prior one-time legal settlements.

• Cash on hand at year-end was $5 million; raised an additional $2.6 million in Q1 2026, bringing cash balance to over $6 million.

Outlook and guidance

• Expect continued revenue growth and gross margin improvement in 2026 as discounted sales transition to full reimbursement.

• Operating expense leverage anticipated, with SG&A and R&D investments increasing at a slower pace than revenue.

• No near-term need for additional financing; sufficient liquidity to execute growth plans.

• Management expects a multi-year growth cycle, focusing on expanding insurance coverage and scaling utilization nationwide.

• Detailed KPIs and financial metrics to be provided in the next earnings call after a full quarter of operating data.