NeuroOne Medical Technologies Restates Q2 2026 Results Due to Revenue Recognition Error

NeuroOne Medical Technologies Corporation (Nasdaq: NMTC) announced on May 22, 2026, that it will restate its financial statements for the quarter ended March 31, 2026, due to a revenue recognition error. The error, identified during a post-release review on May 18, 2026, was linked to a customer order modification on a product shipment at the end of the quarter. This restatement does not affect the company's ongoing business, cash position, or its product revenue guidance for fiscal year 2026.

The restatement corrects a one-time revenue overstatement of approximately $0.5 million against the initially reported revenue of $2.4 million for the quarter. Consequently, gross profit was overstated by roughly $0.3 million, and operating loss and net loss were understated by approximately $0.3 million. No prior periods were impacted. The company has initiated measures to improve internal controls over financial reporting.

"This one-time correction does not change our revenue projections for the year," said Dave Rosa, CEO of NeuroOne. "Our operations remain strong, our growth strategy is unchanged, and we continue to anticipate product revenue for fiscal 2026 of at least $10.5 million."

The Audit Committee of the Board of Directors determined on May 21, 2026, that the company would restate its unaudited condensed financial statements included in its Quarterly Report on Form 10-Q filed on May 12, 2026. As a result, the Form 10-Q and other documents referencing those results should no longer be relied upon. The company intends to file an amendment to the Form 10-Q in the next few weeks.

NeuroOne Medical Technologies is a medical technology company focused on improving surgical care options for patients with neurological disorders. The company markets a minimally invasive electrode technology platform with four FDA-cleared product families: Evo® Cortical Electrodes, Evo® sEEG Electrodes, OneRF® Ablation System, and OneRF® Trigeminal Nerve Ablation System. More information is available at nmtc1.com.