Nexalin Technology, Inc.
NXL Healthcare Medical Devices
Nexalin Technology, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $301,600.00, up 78.8% from fiscal 2024. In the quarter to June 2026, revenue fell 82.7%, EPS fell 10.0% and free cash flow fell 97.2%, each against the same quarter a year earlier.
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Nexalin Technology, Inc. (NXL) Beneish M-score
Nexalin Technology, Inc.'s Beneish M-score for fiscal 2025 is −2.86; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.86 | 3.36 |
| FY2024 | −6.22 | (19.51) |
| FY2023 | 13.29 | 8.53 |
| FY2022 | 4.76 | 35.63 |
| FY2021 | −30.87 | 72.62 |
| FY2020 | −103.50 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 3.51 | — | 3.23 | |
| Gross margin index | 0.98 | — | 0.52 | |
| Asset quality index Asset quality not computable — index set to 1 | 1.00 | — | Set to 1 | 0.40 |
| Sales growth index | 1.79 | — | 1.59 | |
| Depreciation index Depreciation not reported — index set to 1 | 1.00 | — | Set to 1 | 0.12 |
| SG&A index | 0.63 | — | −0.11 | |
| Total accruals to total assets | (0.70) | — | −3.30 | |
| Leverage index | 1.48 | — | −0.48 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.86 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| XAIR Beyond Air, Inc. compare | −11.9× |
| NUWE Nuwellis, Inc. compare | −7.7× |
| VJET Flyte Aviation, Inc. compare | −4.9× |
| BIOLQ Biolase, Inc. compare | −3.4× |
| NXL Nexalin Technology, Inc. | −2.9× |
| IVF INVO Fertility, Inc compare | −1.3× |
| BJDX Bluejay Diagnostics, Inc. compare | — |
| NUVOQ Holdco Nuvo Group D.G Ltd. compare | — |
| ADGM Adagio Medical Holdings, Inc. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI