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SEGMENT INFORMATION

9 Months Ended

Sep. 30, 2025

SEGMENT INFORMATION

SEGMENT INFORMATION

21.     SEGMENT INFORMATION

Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision maker (“CODM”) in deciding how to allocate resources and in assessing performance. The Company currently operates in one business segment focused on the sale and delivery of TMS products and clinical services that improve the quality of life for people suffering from neurohealth disorders. The CODM is the Company’s chief executive officer.

The accounting policies of the Company’s segment are the same as those described in the summary of significant accounting policies. The key measure of segment profit or loss that the CODM uses to allocate resources and assess performance is the Company’s net loss from operations, as reported in the accompanying statements of operations. The measure of segment assets is reported on the balance sheets as total consolidated assets, with particular emphasis on the Company’s available liquidity, including its cash and cash equivalents and restricted cash.

​

The following table illustrates information about reported segment revenue, measures of a segment’s profit or loss, significant segment expenses, and measure of a segment's assets for the current reporting period.

​

​	​	​	​	​	​	​	​	​	​	​	​
​		Three months ended September 30,					​	Nine months ended September 30,
​	​	2025			2024		​	2025			2024
Revenue	​	$	37,297	​	$	18,530	​	$	107,380	$	52,397
Cost of revenues	​	​	20,189	​	​	4,529	​	​	56,776	​	13,129
Segment gross profit	​	$	17,108	​	$	14,001	​	$	50,604	$	39,268
​	​	​	​	​	​	​	​	​	​	​	​
Personnel	​	$	16,059	​	$	12,021	​	$	51,223	$	36,609
Marketing	​	​	2,191	​	​	2,393	​	​	7,820	​	7,095
Research and development	​	​	321	​	​	719	​	​	1,034	​	2,142
Professional fees	​	​	1,299	​	​	2,683	​	​	3,965	​	4,983
Other segment expenses (a)	​	​	4,559	​	​	3,913	​	​	12,955	​	11,530
Segment loss	​	$	(7,321)	​	$	(7,728)	​	$	(26,393)	$	(23,091)
​	​	​	​	​	​	​	​	​	​	​	​
Unallocated	​	​	​	​	​	​	​	​	​	​	​
Interest expense	​	​	2,206	​	​	1,725	​	​	6,097	​	5,529
Other income, net	​	$	(126)	​	​	(539)	​	$	(561)	​	(2,001)
Loss on extinguishment of debt	​	​	-	​	​	4,427	​	​	-	​	4,427
​	​	​	​	​	​	​	​	​	​	​	​
Net loss	​	$	(9,401)	​	$	(13,341)	​	$	(31,929)	$	(31,046)

​

(a) Other segment expenses include travel and entertainment, bad debt, depreciation and amortization, insurance, rent, and other costs.

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- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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