Executive Summary

Q1 2023 printed small but improving top line: revenue was $25,470, up 182% year over year, with gross profit of $8,017 and net loss of $(1.18)M; diluted loss per share was $(0.15) .
The company did not issue a standard Item 2.02 earnings release or hold an earnings call; instead, it disclosed a late 10‑Q filing and a restatement of FY22, which did not affect cash, revenues or liquidity .
Liquidity tightened: cash fell to $457,975 at quarter‑end; management closed a $1.25M bridge financing in May and expects combined tranches of $2.0M to fund operations for approximately four months into Q3 2023 .
Nasdaq granted an equity compliance extension to Aug 30, 2023; the company later regained minimum bid price compliance on June 15, 2023—key near‑term trading catalysts around listing status were in focus .
No Wall Street consensus estimates (S&P Global) were available for comparison; the absence of estimates and the accounting restatement were incremental uncertainty drivers.

What Went Well and What Went Wrong

What Went Well

“Total revenues for the quarter ended March 31, 2023 were $25,470… The increase… resulted from a Purchase Order from the University of North Carolina at Chapel Hill,” highlighting early adoption momentum .
Operating interest burden eased materially versus prior year as promissory notes were repaid post‑IPO; Q1 interest expense was $(1,380) vs $(162,740) in Q1 2022 .
Regained Nasdaq minimum bid price compliance (June 15, 2023), reducing immediate delisting risk after earlier notices—a market confidence stabilizer .

What Went Wrong

Filed a late 10‑Q and announced non‑reliance on FY22 audited statements pending restatement (bonus accrual and RSU misclassification), elevating perceived control risk despite “no impact” to cash, revenues, or liquidity .
Liquidity pressure: quarter‑end cash of $457,975 and subsequent need for high‑cost bridge financing (8% notes with OID, warrants and commitment shares), implying limited runway without further capital raises .
Continued going‑concern language and increased public‑company G&A burden (+64% YoY), compressing near‑term profitability absent scale .

Financial Results

P&L and Cash (oldest → newest)

Metric (USD)	Q2 2022	Q3 2022	Q1 2023
Revenue	$10,676	$18,222	$25,470
Cost of Revenue	$14,249	$17,028	$17,453
Gross Profit	$(3,573)	$1,194	$8,017
Total Operating Expenses	$2,361,828	$1,634,454	$1,189,281
Net Income (Loss)	$(3,707,515)	$(1,633,033)	$(1,183,460)
Diluted EPS	$(0.49)	$(0.21)	$(0.15)
Cash and Equivalents (end of period)	$3,792,880	$2,656,108	$457,975

Margins (calculated from reported figures)

Metric	Q2 2022	Q3 2022	Q1 2023
Gross Margin %	(33.5%) (−$3,573 / $10,676)	6.6% ($1,194 / $18,222)	31.5% ($8,017 / $25,470)
Net Income Margin %	(347.1%) ($(3,707,515) / $10,676)	(89.6%) ($(1,633,033) / $18,222)	(4,647.6%) ($(1,183,460) / $25,470)

Notes:

Year over year (Q1 2023 vs Q1 2022): Revenue $25,470 vs $9,026 (+182%); net loss $(1,183,460) vs $(936,088); diluted EPS $(0.15) vs $(1.35) .
Prior quarter comparison (Q4 2022): Aclarion did not disclose a separate Q4 2022 quarterly P&L; balance sheet shows cash $1,472,806 at Dec 31, 2022 .

Segment breakdown

Not applicable; the company reports as a single operating structure with revenues from Nociscan reports .

KPIs

Quantitative adoption KPIs (e.g., number of Nociscan reports) were not disclosed in Q1 2023 filings .
RSU activity indicates ongoing KOL/consultant engagement: non‑vested RSUs rose to 649,215; RSU expense $26,790 for the quarter .

Guidance Changes

Aclarion did not provide quantitative guidance (revenue, margins, OpEx, tax rate) for Q1 2023. Liquidity/runway commentary was provided via subsequent events.

Metric	Period	Previous Guidance	Current Guidance	Change
Liquidity runway	Q2–Q3 2023	None	Bridge financing of $2.0M “should fund operations for approximately four months, into the third quarter of 2023”	New disclosure
Nasdaq listing status	2023	At risk due to equity shortfall	Extension to Aug 30, 2023; regained minimum bid price compliance June 15, 2023	Improved near‑term status

Earnings Call Themes & Trends

No earnings call or transcript for Q1 2023 was found. Filings highlight evolving themes.

Topic	Previous Mentions (Q2 2022)	Previous Mentions (Q3 2022)	Current Period (Q1 2023)	Trend
Product adoption	Revenue decline; early commercialization; IPO transition	Revenue from UNC training; modest gross profit	Revenue increase tied to UNC PO; 31.5% gross margin	Improving adoption indicators
R&D execution	Milestone payments; engineering services; higher R&D	Steady R&D; incremental project services	R&D flat YoY; regulatory and project workloads steady	Stable
Macro/Banking	—	—	SVB closure risk; diversified banking; FDIC context	New risk disclosure
Listing/Compliance	—	—	Nasdaq equity deficiency plan and extension ; regained bid price compliance	Active remediation
Corporate costs	Public‑company G&A burden rising	G&A elevated due to compensation and insurance	G&A +64% YoY; audits, IR, legal	Persistent pressure
Financing	IPO proceeds used to retire notes	—	Unsecured notes with OID; warrants and commitment shares	Bridge financing utilization

Management Commentary

“Total revenues for the quarter ended March 31, 2023 were $25,470… The increase… resulted from a Purchase Order from the University of North Carolina at Chapel Hill.”
“The Company expects the combined tranche financing of $2,000,000 should fund operations for approximately four months, into the third quarter of 2023.”
“The restatement… will not have any impact on the Company’s cash position, cash flow, revenues or liquidity.” (FY22 non‑reliance)
“Management is actively managing our cash position and working to secure longer‑term funding.”

Q&A Highlights

No earnings call or Q&A session was held for Q1 2023; all disclosures were via 10‑Q and 8‑K filings .

Estimates Context

Wall Street consensus (S&P Global) EPS and Revenue estimates for Q1 2023 were unavailable; as a result, comparisons to consensus cannot be made at this time. Where relevant, investor expectations should anchor to reported actuals and liquidity disclosures [GetEstimates error noted].

Key Takeaways for Investors

Early commercialization signals: UNC‑linked revenue drove YoY growth; monitor additional site wins and recurring report volumes as leading indicators .
Gross margin positivity emerged but absolute scale remains very small; operating losses will persist without step‑change in volume or pricing .
Liquidity tightness is the near‑term swing factor: quarter‑end cash of $457,975 and reliance on costly bridge financing suggest continued capital‑markets dependence .
Accounting restatement (FY22) raises control‑quality questions, though management asserts no impact to cash, revenues or liquidity; watch for completion and any auditor commentary .
Listing risk managed but not eliminated: equity compliance extension and bid‑price recovery reduce immediate delisting risk; sustained compliance will likely require balance‑sheet strengthening .
No formal guidance and no Street estimates: trade the name on disclosures and catalysts (funding closes, site expansions, CLINICAL milestones); absence of an earnings call reduces narrative support.
Medium‑term thesis hinges on scaling Nociscan adoption while improving unit economics and tightening G&A; capital efficiency and controlled burn are critical to value preservation .

Sources: SEC 10‑Q for period ended March 31, 2023 (filed July 3, 2023) ; 8‑K press release (Delayed 10‑Q) ; 8‑K Item 4.02 (FY22 non‑reliance) ; Nasdaq equity extension ; prior quarters 10‑Q (Q2 2022, Q3 2022) .

Aclarion, Inc. (ACON)·Q1 2023 Earnings Summary