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REVENUE AND DEFERRED REVENUE | 9 Months Ended
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Sep. 30, 2025
REVENUE AND DEFERRED REVENUE |
REVENUE AND DEFERRED REVENUE | 15. REVENUE AND DEFERRED REVENUE Contract terms typically require payment upon shipment or installation of the NeuroStar Advanced Therapy System and additional payments as access codes for treatment sessions are delivered, which can span several years after the NeuroStar Advanced Therapy System is first delivered and installed. The timing of revenue recognition compared to billings and cash collections typically results in accounts receivable. However, sometimes customer advances and deposits may be required for certain customers and are recorded as contract liabilities (deferred revenue). For multi-year agreements, the Company generally invoices customers annually at the beginning of each annual coverage period and recognizes revenue over the term of the coverage period. As of September 30, 2025, the Company expects to recognize approximately the following percentages of deferred revenue by year: ​
​ | ​ | ​ | ​
​ |  | Revenue |
Year: | ​ | Recognition |
Remainder of 2025 | ​ | 46 | %
2026 |  | 54 | %
Total |  | 100 | %
​ Revenue recognized for the three months ended September 30, 2025 and 2024 that was included in the contract liability balance at the beginning of the year was $0.1 million and $0.3 million, respectively. Revenue recognized for the nine months ended September 30, 2025 and 2024 that was included in the contract liability balance at the beginning of the year was $0.9 million and $1.4 million, respectively, and primarily represented revenue earned from separately priced extended warranties, customer deposits, milestone revenue, and clinical training. Customers Significant customers are those that represent more than 10% of the Company’s total revenue. For the three months ended September 30, 2024, one customer accounted for 13% of the Company’s revenue. For the nine months ended September 30, 2024, one customer accounted for 14% of the Company’s revenue. Following the acquisition of Greenbrook, there are no significant customers for the three and nine months periods ended September 30, 2025. Geographical information The following geographic data includes revenue generated from the Company’s third-party distributors. The Company’s revenue was generated in the following geographic regions and by product line for the periods indicated: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Revenues by Geography |
​ | ​ | Three Months Ended September 30, |
​ | ​ | 2025 | ​ | 2024 |
​ | ​ | ​ | ​ | ​ | % of | ​ | ​ | ​ | ​ | % of |
​ | ​ | Amount | ​ | Revenues | ​ | Amount | ​ | Revenues |
​ | ​ | (in thousands, except percentages) | ​
U.S. |  | $ | 36,248 |  | 97 | % | $ | 17,922 |  | 97 | %
International | ​ |  | 1,049 |  | 3 | % |  | 608 |  | 3 | %
Total revenues | ​ | $ | 37,297 |  | 100 | % | $ | 18,530 |  | 100 | %
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | U.S. Revenues by Product Category |
​ | ​ | Three Months Ended September 30, |
​ | ​ | 2025 | ​ | 2024 |
​ | ​ | ​ | ​ | ​ | % of | ​ | ​ | ​ | % of |
​ |  | Amount |  | Revenues |  | Amount |  | Revenues |
​ |  | (in thousands, except percentages) | ​
NeuroStar Advanced Therapy System | ​ | $ | 3,508 | ​ | 10 | % | $ | 4,108 | ​ | 23 | %
Treatment sessions | ​ |  | 10,543 |  | 29 | % |  | 13,326 |  | 74 | %
Clinic revenue | ​ | ​ | 21,808 | ​ | 60 | % | ​ | — | ​ | — | %
Other | ​ |  | 389 |  | 1 | % |  | 488 |  | 3 | %
Total U.S. revenues | ​ | $ | 36,248 |  | 100 | % | $ | 17,922 |  | 100 | %
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | International Revenues by Product Category |
​ | ​ | Three Months Ended September 30, |
​ | ​ | 2025 | ​ | 2024 |
​ | ​ | ​ | ​ | ​ | % of | ​ | ​ | ​ | ​ | % of |
​ |  | Amount |  | Revenues |  | Amount |  | Revenues |
​ |  | (in thousands, except percentages) | ​
NeuroStar Advanced Therapy System | ​ | $ | 448 |  | 43 | % | $ | 244 |  | 40 | %
Treatment sessions | ​ |  | 214 |  | 20 | % |  | 90 |  | 15 | %
Other | ​ |  | 387 |  | 37 | % |  | 274 |  | 45 | %
Total international revenues | ​ | $ | 1,049 |  | 100 | % | $ | 608 |  | 100 | %
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Revenues by Geography |  | ​
​ | ​ | Nine Months Ended September 30, |  | ​
​ | ​ | 2025 | ​ | 2024 |  | ​
​ | ​ | ​ | ​ | ​ | % of | ​ | ​ | ​ | ​ | % of |  | ​
​ | ​ | Amount | ​ | Revenues | ​ | Amount | ​ | Revenues |  | ​
​ | ​ | (in thousands, except percentages) | ​ | ​
U.S. |  | $ | 105,387 |  | 98 | % | $ | 50,845 |  | 97 | % | ​
International | ​ |  | 1,993 |  | 2 | % |  | 1,552 |  | 3 | % | ​
Total revenues | ​ | $ | 107,380 |  | 100 | % | $ | 52,397 |  | 100 | % | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | U.S. Revenues by Product Category |
​ | ​ | Nine Months Ended September 30, |
​ | ​ | 2025 | ​ | 2024 |
​ | ​ | ​ | ​ | ​ | % of | ​ | ​ | ​ | % of |
​ |  | Amount |  | Revenues |  | Amount |  | Revenues |
​ |  | (in thousands, except percentages) | ​
NeuroStar Advanced Therapy System | ​ | $ | 9,838 | ​ | 9 | % | $ | 11,418 | ​ | 22 | %
Treatment sessions | ​ |  | 30,928 |  | 30 | % |  | 37,974 |  | 75 | %
Clinic revenue | ​ | ​ | 63,491 | ​ | 60 | % | ​ | — | ​ | — | %
Other | ​ |  | 1,130 |  | 1 | % |  | 1,453 |  | 3 | %
Total U.S. revenues | ​ | $ | 105,387 |  | 100 | % | $ | 50,845 |  | 100 | %
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | International Revenues by Product Category |
​ | ​ | Nine Months Ended September 30, |
​ | ​ | 2025 | ​ | 2024 |
​ | ​ | ​ | ​ | ​ | % of | ​ | ​ | ​ | ​ | % of |
​ |  | Amount |  | Revenues |  | Amount |  | Revenues |
​ |  | (in thousands, except percentages) | ​
NeuroStar Advanced Therapy System | ​ | $ | 774 |  | 39 | % | $ | 502 |  | 32 | %
Treatment sessions | ​ |  | 644 |  | 32 | % |  | 400 |  | 26 | %
Other | ​ |  | 575 |  | 29 | % |  | 650 |  | 42 | %
Total international revenues | ​ | $ | 1,993 |  | 100 | % | $ | 1,552 |  | 100 | %
​

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