Aclarion, Inc. (ACON) Q2 2026 Earnings: Revenue $25K (+30.5%)
ACON — Q2 2026 Financial Report Analysis
Q2 · Fiscal year 2026 · Published by Pham Hop
Aclarion's Q2 2026 revenue rose 30.5% to $25,208, but operating expenses rose 67% to $2.91M and the net loss widened to $2.75M; $16.3M of cash covers it into H2 2027.
Revenue
$25K
+30.5% YoY
Net income
-$2.7M
Diluted EPS
$-1.12
This period vs a year ago
Same period last year
This period
Revenue▲+30.5%
≈$19K
$25K
Year-ago figures (≈) are worked out from the growth rate the company reported. Each row has its own scale.
Aclarion sells NOCISCAN, software that reads a special kind of MRI exam (magnetic resonance spectroscopy, which measures the chemical makeup of tissue rather than taking a picture of it) to help doctors judge which lower-spine discs are likely causing a patient's chronic low-back pain. In the second quarter of 2026 it earned $25,208 in revenue, up 30.5% from a year earlier, mostly from more scans sold in the UK after local insurance coverage decisions. Spending grew much faster: operating expenses rose 67% to $2.91 million, and the net loss widened 72% to $2.75 million. The company has about $16.3 million in cash, which management says will last into the second half of 2027 without raising more money.
At a glance
$25,208 of revenue vs. $2.91 million of operating expenses. For every $1 of sales, the company spent about $115 running the business. Revenue is still close to zero relative to costs.
Loss per share fell to $1.12 from $2.75, but the loss itself grew. The drop comes from spreading a larger loss ($2.75 million vs. $1.60 million) over 4.2 times as many shares, not from the business improving.
$16.3 million in cash against $5.3 million used by operations in the first half. At that pace the cash covers roughly 18 months, in line with management's "into the second half of 2027" estimate, but management also says cash use may rise.
Results for the quarter
Metric
Q2 2026
Q2 2025
YoY Change
Revenue
$25,208
$19,319
+30.5%
Gross margin
32.9%
26.6%
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+6.3 pts
Total operating expenses
$2,908,019
$1,741,648
+67.0%
Loss from operations
-$2,899,722
-$1,736,508
loss widened by $1.16M
Net loss
-$2,747,551
-$1,600,757
loss widened by $1.15M (+71.6%)
Net loss per share (basic and diluted)
-$1.12
-$2.75
$1.63 smaller loss per share
Weighted average shares
2,462,250
582,371
4.2x
Cash, equivalents and restricted cash (period end)
$16.31M
$12.85M
+$3.46M
Operating margin (operating profit as a share of revenue) is left out on purpose: with a $2.9 million operating loss on $25,208 of revenue it works out to roughly -11,500%, a number that tells a reader nothing beyond "revenue is tiny compared with costs". The headline figures above this report also leave out year-over-year percentages for the net loss and loss per share, because a percentage change between two losses is easy to misread; the dollar changes are in the table.
First half of 2026: revenue was $46,348 (+21.0% from $38,309), operating expenses $5.90 million (+82.7% from $3.23 million), and the net loss $5.60 million vs. $3.64 million.
Where the money went
Gross margin (the share of revenue left after the direct cost of producing each report, such as hosting, field support, royalties to UCSF and partner fees) improved to 32.9% from 26.6%. At this revenue level, though, that is $8,297 of gross profit in the quarter, so it does not move the overall result.
The $1.17 million jump in operating expenses came from two places, and they are different in kind:
Selling the product (sales and marketing, +$533,395 to $877,160). Per the filing, the biggest driver was salaries and benefits for three new salespeople in the US and UK, up $286,804 to $382,014. The rest: external product-marketing consultants (+$89,336 to $101,374), reimbursement consultants helping set up a patient-access and insurance program (+$54,712 to $66,712), and the CLARITY clinical trial (+$49,207 to $189,724). CLARITY is the study the company is running to generate evidence that insurers can use in coverage decisions; its first patient enrolled in June 2025. This is spending aimed at growing revenue.
Running a public company (general and administrative, +$606,340 to $1.73 million). Legal costs rose $151,388 to $250,871, which the filing attributes to "corporate governance and shareholder-related matters"; salaries and bonus accruals rose $131,784; Delaware franchise tax rose $70,000 to $80,190 because of the company's changed capital structure; and investor-relations spending rose $50,351 to $205,648. Over the first half, these three items (legal, investor relations and franchise tax) together rose about $930,000, two-thirds of the $1.39 million increase in G&A. None of that spending builds the product.
Research and development was a small part of the increase: +$26,636 to $297,070, mainly quality-system and regulatory consulting. Management says R&D will keep rising as it develops the next version of the software, Nociscan 3.0.
What the headline numbers hide
Lower loss per share reflects dilution, not improvement. Weighted shares went from 582,371 to 2,462,250. The company sold 200,000 shares plus pre-funded warrants for 1.8 million more (warrants that convert into shares for almost nothing) at $5.18 in a January 2026 offering that raised about $10.4 million gross. The last 420,121 of those warrants were exercised after quarter-end, taking the count to about 2.88 million shares by the filing date, more than 3x the 854,371 at the end of 2025. Anyone looking at the -$1.12 figure should know the per-share improvement comes from this.
The first-half loss comparison flatters 2026 slightly. The first half of 2025 included a one-time $672,500 charge to settle a dispute with a former investment bank and a $73,272 gain on retiring a debt-like obligation. Without those, the 2025 first-half loss would have been about $3.04 million, so the underlying loss rose about 84% rather than the reported 54%. Loss from operations, which excludes both items, grew 82%.
Cash burn got some help from unpaid bills. Operating activities used $5.30 million in the first half, less than the $5.60 million net loss. Part of the gap is that accounts payable (bills the company owes suppliers) more than doubled, from $332,962 to $704,979. That added $372,842 to cash flow. It's a timing benefit that reverses when the bills are paid.
Interest income helps a little. Interest on the cash pile brought in $157,346 in the quarter, trimming about 5% off the operating loss. That shrinks as cash is spent.
No adjusted figures to reconcile. Aclarion reports only GAAP results. Stock-based compensation, a non-cash expense, was small ($106,811 in the first half), so the loss is almost entirely cash cost.
Anti-takeover plan in place. In March 2026 the board adopted a stockholder rights plan (a "poison pill" that makes it expensive for anyone to build a stake of 10% or more without board approval), running until March 18, 2027. Together with the higher legal fees for shareholder-related matters, it suggests the board is preparing for someone trying to build a large stake. The filing does not name anyone.
Cash runway
Aclarion ended June with $16.31 million in cash and equivalents (including $25,000 restricted) and no debt. Total liabilities were $1.04 million, and the accumulated deficit (all losses since the company started) reached $64.1 million. Operating and investing activities used $5.39 million in the first half, about $0.9 million a month. Management states that cash is enough to fund operations for at least twelve months and "into the second half of 2027 without the need for additional financing", so the filing includes no going-concern warning. It also warns that cash used in operations "may increase", driven by legal and professional fees, investor outreach and sales and marketing, and that it "may need to raise substantial additional capital". Based on this company's history, that is likely: its 2025 financing came from several stock offerings, and in 2025 it also did two reverse stock splits (1-for-335 and 1-for-27).
Sequentially the picture is flat: subtracting the second quarter from the six-month totals gives first-quarter 2026 revenue of $21,140 and a net loss of $2.85 million, so revenue rose about 19% quarter over quarter while the loss narrowed slightly.
Takeaway: Revenue grew 30% but is still about $25,000 a quarter, while the company spends about $2.9 million a quarter. Much of this year's cost growth is legal, investor-relations and franchise-tax spending, not selling. The pre-funded warrants that cut the per-share loss also diluted shareholders heavily. The case for the stock rests on whether new salespeople, UK insurer coverage and the CLARITY trial can lift revenue by orders of magnitude before the money runs out in the second half of 2027.
What to watch next
Management gave no revenue or earnings guidance. Its stated expectations: revenue growth should continue "as we bring on more insurance payors, and our scan volumes increase"; sales salaries will stay at this higher level through 2026; CLARITY trial costs and R&D (Nociscan 3.0) will rise for the rest of the year; and overall cash use may increase.
Our view: each quarter, compare revenue with the extra spending. Sales and marketing cost about $530,000 more in the quarter than a year ago, yet revenue rose by $5,889. The Q3 10-Q, expected around mid-November based on the company's usual filing timing, should show whether the new US and UK sales staff are producing results. Also watch whether G&A comes back down once the shareholder-related legal work ends, and whether the company raises money before the runway gets short, which would dilute shareholders again.