NMTCHIGH SIGNALOPPORTUNITY10-K

NMTC achieved a major operational turnaround with 164% revenue growth, successful product commercialization including the December 2025 launch of OneRF TN Ablation System, and a dramatic improvement in net losses from $12.3M to $3.6M.

The company has successfully transitioned from a development-stage entity to an active commercialization phase, evidenced by the market release of new products and a distribution partnership with Zimmer. The substantial increase in outstanding shares (from 30.8M to 50.4M) suggests recent equity financing that funded this growth phase, positioning the company for continued expansion.

Comparing 2025-12-17 vs 2024-12-17View on EDGAR →
FINANCIAL ANALYSIS

NMTC delivered exceptional financial improvement across all key metrics, with revenue jumping 164% to $9.1M and gross profit surging 376% to $5.1M, indicating strong pricing power and operational leverage. The balance sheet strengthened significantly with cash increasing 350% to $6.6M and stockholders' equity growing 760% to $7.1M, while net losses improved dramatically by 71% despite the growth investments. Operating cash flow deficit narrowed substantially from $11.0M to $2.8M, signaling the company is approaching cash flow breakeven as commercialization efforts gain traction.

FINANCIAL STATEMENT CHANGES
Stockholders Equity
Balance Sheet
+760.4%
$822K$7.1M

Equity base grew 760.4% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Accounts Receivable
Balance Sheet
+616.1%
$177K$1.3M

Receivables surged 616.1% — revenue recognized but not yet collected; watch for collection issues or channel stuffing.

Gross Profit
P&L
+376.2%
$1.1M$5.1M

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

Cash & Equivalents
Balance Sheet
+350%
$1.5M$6.6M

Cash position surged 350% — strong cash generation or capital raise providing significant financial cushion.

Revenue
P&L
+163.5%
$3.5M$9.1M

Strong top-line growth of 163.5% — accelerating demand or successful expansion into new markets.

Current Assets
Balance Sheet
+120.8%
$4.6M$10.2M

Current assets grew 120.8% — improving short-term liquidity or inventory/receivables build.

Total Assets
Balance Sheet
+100.9%
$5.4M$10.8M

Asset base grew 100.9% — expansion through organic growth, acquisitions, or capital deployment.

Interest Expense
P&L
-78.2%
$14K$3K

Interest expense declined — debt repayment or refinancing at lower rates improving earnings quality.

Operating Cash Flow
Cash Flow
+74.2%
-$11.0M-$2.8M

Operating cash flow surged 74.2% — exceptional cash generation, highest quality earnings signal.

Net Income
P&L
+70.7%
-$12.3M-$3.6M

Net income grew 70.7% — bottom-line growth signals improving overall business health.

LANGUAGE CHANGES
NEW — 2025-12-17
PRIOR — 2024-12-17
ADDED
The number of outstanding shares of the registrant s common stock as of December 12, 2025 was 50,413,148 .
Forward-looking statements include statements about: our ability to successfully commercialize our technology in the United States; the results of our development and distribution relationship with Zimmer, Inc.
with a license to commercialize and distribute the Evo Cortical, Evo sEEG, and OneRF Brain Ablation System in the brain.
We initiated a limited market release of the OneRF TN Ablation System in December 2025.
Products We are focused on developing thin film electrode technology for a variety of recording and therapeutic applications.
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REMOVED
The number of outstanding shares of the registrant s common stock as of December 13, 2024 was 30,841,830 .
We are developing and commercializing thin film electrode technology for continuous electroencephalogram ( cEEG ) and stereoelectrocencephalography ( sEEG ), spinal cord stimulation, brain stimulation, drug delivery and ablation solutions for patients suffering from epilepsy, Parkinson s disease, dystonia, essential tremors, chronic pain due to failed back surgeries and other pain-related neurological disorders.
The Company is also developing the capability to use its sEEG electrode technology to deliver drugs or gene therapy while being able to record brain activity before, during, and after delivery.
Additionally, we are investigating the potential applications of its technology associated with artificial intelligence.
( Zimmer ) providing Zimmer with a license to commercialize and distribute these three products in the brain.
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