NeuroOne Medical Technologies Restates Q2 Results Due to Revenue Recognition Error, Reaffirms FY2026 Guidance

NeuroOne Medical Technologies Corporation (Nasdaq: NMTC) announced today that it will restate its financial results for the quarter ended March 31, 2026, after identifying a revenue recognition error related to a customer order modification. The restatement does not affect the company's fiscal year 2026 product revenue guidance of at least $10.5 million, its cash position, or ongoing business operations.

The error, discovered during a post-release review on May 18, 2026, resulted in an overstatement of revenue by approximately $0.5 million against the initially reported $2.4 million for the quarter. Net loss was understated by approximately $0.3 million, while gross profit was overstated by the same amount. The company emphasized that no prior periods were impacted.

"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 restatement corrects an inadvertent overstatement resulting from a customer modification to purchase orders and shipping documents at quarter-end. The company's Audit Committee determined on May 21, 2026, that the original Form 10-Q filed on May 12, 2026, should no longer be relied upon, and an amendment will be filed within weeks.

NeuroOne has initiated measures to improve internal controls over financial reporting to prevent future occurrences. The company, based in Eden Prairie, Minnesota, markets minimally invasive electrode technology for neurological disorders, including FDA-cleared products such as the Evo® Cortical Electrodes and OneRF® Ablation System.

For more information, visit nmtc1.com.