$STIM

Neuronetics, Inc.

CIK:0001227636|SEC Filings

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Total revenue	$ 41,568	$ 38,108	$ 76,022	$ 70,083
Total cost of revenues	20,345	20,350	38,645	36,587
Gross profit	21,223	17,758	37,377	33,496
Operating expenses:
Sales and marketing	9,984	11,868	20,721	23,867
General and administrative	11,404	12,150	24,452	25,287
Research and development	1,336	1,798	2,700	3,414
Total operating expenses	22,724	25,816	47,873	52,568
Loss from operations	(1,501)	(8,058)	(10,496)	(19,072)
Other (income) expense:
Interest expense	2,125	1,969	4,391	3,891
Loss on extinguishment of debt			539
Other income, net	(162)	(188)	(1,182)	(435)
Net loss	(3,464)	(9,839)	(14,244)	(22,528)
Less: Net gain (loss) attributable to non-controlling interest	(25)	281	(15)	267
Net loss attributable to Neuronetics stockholders	$ (3,439)	$ (10,120)	$ (14,229)	$ (22,795)
Net loss per share of common stock outstanding, basic attributable to Neuronetics stockholders (in dollars per share)	$ (0.05)	$ (0.15)	$ (0.2)	$ (0.36)
Net loss per share of common stock outstanding, diluted attributable to Neuronetics stockholders (in dollars per share)	$ (0.05)	$ (0.15)	$ (0.2)	$ (0.36)
Weighted average common shares outstanding, basic (in shares)	73,129	66,180	71,369	63,835
Weighted average common shares outstanding, diluted (in shares)	73,129	66,180	71,369	63,835
NeuroStar
Total revenue	$ 14,677	$ 15,084	$ 27,602	$ 28,400
Total cost of revenues	3,312	4,311	6,170	7,461
Greenbrook
Total revenue	26,891	23,024	48,420	41,683
Total cost of revenues	$ 17,033	$ 16,039	$ 32,475	$ 29,126

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended				6 Months Ended		12 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Cash flows from operating activities:
Net loss	$ (3,464)	$ (10,780)	$ (9,839)	$ (12,689)	$ (14,244)	$ (22,528)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization					1,474	1,812
Allowance for credit losses					(160)	83
Inventory impairment						177
Share-based compensation					2,365	3,258
Non-cash interest expense					478	388
Loss on extinguishment of debt					539
Loss on disposal of property and equipment					369	43
Changes in certain assets and liabilities:
Accounts receivable, net					893	(2,479)
Inventory					(1,289)	(791)
Net investments in sales-type leases					24	12
Prepaid commission expense					1,268	613
Prepaid expenses and other assets					(647)	3,356
Accounts payable					1,572	(1,803)
Accrued expenses					(3,386)	(2,236)
Other liabilities					(85)	(320)
Deferred revenue					400	(82)
Net cash used in operating activities					(10,429)	(20,497)	$ (20,400)
Cash flows from investing activities:
Purchases of property and equipment and capitalized software					(614)	(471)
Proceeds from the sale of property and equipment					25
Net cash used in investing activities					(589)	(471)
Cash flows from financing activities:
Payments of debt issuance costs					(55)
Repayment of deferred and contingent consideration					(250)
Repayment of long-term debt					(5,000)
Payment for debt extinguishment costs					(250)
Distribution to non-controlling interest					(192)
Proceeds from exercises of stock options						9
Net cash provided by financing activities					1,831	18,978
Net decrease in Cash, Cash equivalents and Restricted cash					(9,187)	(1,990)
Cash and cash equivalents and restricted cash and cash equivalents, beginning of period		$ 34,134		$ 19,459	34,134	19,459	19,459
Cash and cash equivalents and restricted cash and cash equivalents, end of period	24,947		17,469		24,947	17,469	34,134
Reconciliation of cash and cash equivalents and restricted cash and cash equivalents to the consolidated balance sheet:
Cash and cash equivalents	19,197		10,969		19,197	10,969	28,134
Restricted cash and cash equivalents	5,750		6,500		5,750	6,500	6,000
Total cash and cash equivalents and restricted cash and cash equivalents	24,947		$ 17,469		24,947	17,469	$ 34,134
Supplemental disclosure of cash flow information:
Cash paid for interest					3,918	3,488
Transfer of inventory to property and equipment					114	36
Supplemental disclosure of non-cash investing and financing activities:
Purchases of property and equipment and capitalized software in accounts payable and accrued expenses					103	6
Secondary public offering
Cash flows from financing activities:
Proceeds from the issuance of common stock						20,700
Payments of common stock offering issuance costs						$ (1,731)
ATM Program
Cash flows from financing activities:
Proceeds from the issuance of common stock	$ 8,000				7,954
Payments of common stock offering issuance costs					$ (376)

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 19,197	$ 28,134
Restricted cash and cash equivalents	5,750	6,000
Accounts receivable, net of allowance for credit losses of $553 and $1,043 as of June 30, 2026 and December 31, 2025, respectively	15,955	16,469
Inventory	5,502	4,327
Current portion of net investments in sales-type leases	233	225
Current portion of prepaid commission expense	2,773	3,050
Current portion of notes receivable	315	424
Prepaid expenses and other current assets	3,505	2,922
Total current assets	53,230	61,551
Property and equipment, net	3,464	4,466
Goodwill	23,622	23,622
Intangible assets, net	17,420	18,149
Operating lease right-of-use assets	23,913	23,560
Net investments in sales-type leases	65	98
Prepaid commission expense	6,980	7,972
Long-term notes receivable	43	151
Other assets	2,792	1,982
Total assets	131,529	141,551
Current liabilities:
Accounts payable	12,419	10,739
Accrued expenses	8,929	12,316
Current portion of deferred revenue	1,143	753
Deferred and contingent consideration	250	500
Other payables	425	652
Current portion of operating lease liabilities	5,143	5,561
Total current liabilities	28,309	30,521
Long-term debt, net	61,519	65,807
Other long term liabilities	142
Deferred revenue	58	48
Operating lease liabilities	19,861	18,935
Total liabilities	109,889	115,311
Commitments and contingencies (Note 18)
Equity:
Preferred stock, $0.01 par value: 10,000 shares authorized; no shares issued or outstanding on June 30, 2026 and December 31, 2025
Common stock, $0.01 par value: 250,000 shares authorized; 76,193 and 68,994 shares issued and outstanding on June 30, 2026 and December 31, 2025, respectively	762	690
Additional paid-in capital	490,239	480,475
Accumulated deficit	(473,151)	(458,787)
Total Stockholders' equity	17,850	22,378
Non-controlling interest	3,790	3,862
Total equity	21,640	26,240
Total liabilities and equity	$ 131,529	$ 141,551