Forensic Analysis · Industrials / Manufacturing / Defense · as of Sep 1, 2026

Nexalin Technology, Inc. (NXL)

A forensic read on Nexalin Technology, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

D · Weak — demands caution

Forensic grade

Distress

Financial health

-68.2

Distress distance

Clean

Earnings quality

Forensic signals

-219.4%

ROE

78.8%

Revenue growth

The financial-health reading above compares this company's equity at BOOK value, not at what the market currently pays for it — this free snapshot doesn't pull live market data. Treat it as a rough read, not the final word.

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Nexalin Technology, Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads -68.2, placing it in the Distress zone (based on book value, not market value, since this free snapshot doesn't pull live market data — treat this zone as a rough read, not the final word). 3 forensic signals were flagged in its latest SEC filings, led by receivables vs revenue.

What the filings flag

57d DSO

FY2024→FY2025

Receivables vs revenue. Days sales outstanding moved from 24 to 57 days FY2024→FY2025 (receivables +525% vs revenue +79%). Receivables are creeping up relative to sales. Across FY2023–FY2025 the day count ran 23 → 24 → 57 days, so the latest reading sits on top of a record that was flat or falling before it — one year's move, not a direction the business has been travelling in.

n/m (stock split)

FY2022–FY2025

Share count (stock split). Diluted share count changed +194% over the last 3 years to FY2025, but that includes a large one-time change around FY2025 consistent with a stock split or reverse split, not gradual buybacks or issuance — a split changes the count with NO effect on any holder's proportional ownership, so the raw +43.3%/yr figure isn't a real buyback/dilution read here.

1035% of rev

FY2025

Stock-based comp load. Stock-based compensation ran 1035% of revenue in FY2025 — about $0.19 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 28.6% a year, and the rate is falling. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.

Key fundamentals

Latest Revenue$301,647.00

Revenue Growth YoY+78.8%

Revenue CAGR (3yr)-38.9%

Net Margin-2725.8%

Return on Equity-219.4%

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Data from SEC EDGAR public filings · metrics as of Sep 1, 2026. Forensic signals flag probability, not certainty.