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Primary reporting period: 2025-12-31 · Research updated Oct 13, 2026. A research update is not a new financial filing.
Who they are
Aclarion, Inc., a healthcare technology enterprise based in San Mateo, California, was founded in 2008 and operates within the United States. The company specializes in creating software for magnetic resonance spectroscopy (MRS) applications. Its primary product is the NOCISCAN-LS Post-Processor suite, which features two key components: NOCICALC-LS, designed to analyze MRS data from discs to quantify degenerative pain biomarkers, and NOCIGRAM-LS, a software tool that assists in clinical decision-making.
How they make money
Aclarion operates a software-native business model focused on healthcare information services. The company generates revenue primarily by delivering Nociscan reports to customers, recognizing revenue upon the delivery of these diagnostic reports to healthcare providers.
Products & services
Nociscan, a proprietary diagnostic software platform that utilizes magnetic resonance spectroscopy to provide objective data for the evaluation of chronic low back pain.
Brands & revenue mix
Nociscan
Core diagnostic software platform for chronic low back pain evaluation.
Separate brand revenue is not available in this research.Source
Revenue share is not unit sales or a best-seller ranking. Parent brands and included sub-brands can overlap; do not add overlapping rows.
Product / operating segments
No reconciled product or operating-segment revenue breakdown is available for the current research period. Company-wide revenue remains separate from segment disclosure.
Geographic revenue
No reconciled geographic revenue breakdown was confirmed for the current research period.
The company does not disclose specific customer concentration figures in its 2025 annual report.
Suppliers, materials & equipment
Cloud and Data Hosting Providers — The company relies on third-party cloud infrastructure and data hosting services to support its software-native platform; specific supplier names are unnamed.Source
Strengths
Proprietary Nociscan technology and intellectual property portfolioSource
Risks
Dependence on reimbursement coverage and regulatory approval for diagnostic codesSource
History of operating losses and need for additional capitalSource
Overall investment score · Quality, value, risk and opportunity
10
Poor
PoorElite
View category scores →
Company Quality
How good is the actual business—regardless of today’s stock price?
35
Poor
Financial Strength
65
Business Quality / Moat
0
Management
40
Growth Quality
50
Risk / Durability
0
Weak Company · Expensive Stock
Uses financial strength, moat, management, growth quality and durability. It excludes share price, P/E, market cap, intrinsic value and margin of safety.
Opportunity
Opportunity Score · How does the current price compare with estimated value?
34
Avoid
Based on current valuation, company quality, recent trends, and available market signals.
View score details →
Model Outlook
12-month model · What does the model think happens next?
36/100
Building Historical Record
Model Score 36/100 — estimates relative performance potential, distinct from the overall Wall Street Score and the separate Company Quality score.
Probability unavailable — the model has not produced a calibrated probability yet.
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WSS View
The quick read
The overall Wall Street Score is low across its combined quality, valuation and risk inputs. This can reflect an expensive share price, business weaknesses, or both; check Company Quality and the category breakdown before drawing a conclusion.
At today’s price, the WSS valuation framework currently reads as less attractive based on the available valuation and market data.
The model outlook is currently cautious.
What we like
•Balance-sheet / debt profile scores strongly
•Asset quality scores strongly
•Insider activity signal is favorable
•Recent buyback activity is present
What to watch
•Share split detected
•Material dilution — approximately 441.8% share-count growth
•MAJOR RED FLAG: Reverse split proposed / authorized
•CRITICAL: Bankruptcy / liquidation risk
•Valuation is a weaker part of the current profile
Company-specific research
Questions worth answering for ACON
Research inputs 100% complete
These questions are generated from this company's current financial and score data so the page adds context instead of treating the headline score as a stand-alone conclusion.
•Can ACON maintain its current revenue growth rate and improve the amount of that revenue that turns into earnings and cash?
•How long can ACON fund negative free cash flow using its current cash position before it may need more debt or new shares?
•How is ACON likely to use its cash advantage: reinvestment, acquisitions, debt reduction, dividends or buybacks?
•What specifically needs to improve for ACON to reach sustainable profitability?
•What future growth or profitability would be needed to justify ACON's current valuation?
Two different market-behavior signals. Momentum measures direction and trend strength. Volatility measures how large and unstable the price moves are, regardless of direction.
A high momentum score means price has been trending upward with confirming short- and medium-term strength. A low score means downward or weakening momentum.
Volatility = How violently is it moving?
A high volatility score means larger, less stable price swings. It can happen while a stock is rising or falling, so high volatility is not automatically bullish or bearish.
Important: the volatility score above is based on realized price volatility. Implied volatility (IV) comes from options prices and represents the market's expected future movement. Wall Street Score will keep IV separate and will only display it when a verified options-chain feed is available.
Notices for ACON
Detected from reported data — verify before acting.
Share split detected
A recent SEC filing references a reverse stock split/share consolidation. Repeated reverse splits receive progressively harsher score ceilings.
Material dilution — approximately 441.8% share-count growth
Shares outstanding increased approximately 441.8% across stored score snapshots. This is material dilution and is applying a Wall Street Score ceiling of 25.
MAJOR RED FLAG: Reverse split proposed / authorized
A recent SEC filing discusses authorization, approval, or a proposal for a reverse stock split. This is treated as a major distress/listing-risk signal and caps Wall Street Score below 30 while pending.
Reported cash flows or share-count measures indicate past repurchase activity. This does not verify an active buyback authorization or future purchases.
Community Sentiment
0 active · 0 total calls
0% Bullish (0) 0% Bearish (0)
No personal call yet on ACON.
Potential upside factors
+Growth opportunities may come from revenue expansion, margin improvement, new products, market-share gains, and stronger cash flow.
+Proprietary Nociscan technology and intellectual property portfolio.
Potential downside factors
−Key risks may include competition, margin pressure, debt levels, valuation risk, and changes in demand within the Medical - Healthcare Information Services industry.
−Dependence on reimbursement coverage and regulatory approval for diagnostic codes.
−History of operating losses and need for additional capital.
−Shares outstanding increased approximately 441.8% across stored score snapshots. This is material dilution and is applying a Wall Street Score ceiling of 25.
These research factors come from saved company research and financial data, not community votes. They are starting points to verify against filings, not buy or sell recommendations.
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Scores
Click any score for full breakdown
Wall Street Score
Very Weak10/ 100
Weak (0–50)Fair (51–71)Strong (72+)
Debt
Elite
100
Debt Cost—
Debt Reduction YoY—
Debt / Equity0.00x
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Revenue
Poor
11
Revenue YoY10.6%
Revenue CAGR0.2%
Net Margin-10978.5%
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Asset
Elite
100
Asset Growth YoY543.9%
Liquidation/Share$5.90
Net Assets/MCap2.60x
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Capital
Poor
29
Earnings Yield-132.4%
Buyback Yield4.4%
Debt Cost—
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Management
Weak
40
ROIC-983.2%
ROE-54.1%
ROA-51.0%
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Moat
Poor
0
EPS Growth—
FCF/Share Growth—
Rev/Share Growth-92.7%
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Valuation
Poor
0
Intrinsic Value—
Value Reference—
MOS—
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Buffett
Weak
48
Revenue11
Moat0
Valuation0
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MOS
Poor
0
MOS %—
Value Reference—
Deep Discount Reference—
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Financial
Weak
40
Interest Coverage—
ROIC-983.2%
FCF Yield-103.4%
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Master
Poor
10
Financial40
Valuation0
Debt100
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Resilience
Fair
60
Survival Years1.7 yrs
Current Ratio14.81x
FCF Margin-9488.6%
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Score Changes
5 historical score records available
Previous Score
36
Sep 8, 2026
Change
-25.7
points
Current Score
10
Oct 1, 2026
Category Changes
Revenue-0.5
Debt0
Assets0
Capital-4.0
Management0
Moat0
Valuation0
Buffett-0.1
ACON decreased 25.7 points because Capital declined by 4 points.
Negative Contributors
− Capital declined by 4 points
Projected Score
Projected Score
8
Projected Change
-2.4 points
Preliminary comparable-period financial changes suggest decline of approximately 2.4 points. This is a projected estimate, not the official WallStreetScore.
Price vs. Value
Valuation unavailable
Current Price
$2.04
Model Intrinsic Value
—
Difference
—
Margin of Safety
—
Value Reference: —
Deep Discount Reference: —
Intrinsic value is not currently available for this stock, so valuation can't be calculated.
Monetary values in USD. Share counts in raw units.
Large reported revenue change: +65.6%
Revenue changed sharply from 2024 to 2025. This can reflect a real business change, acquisition, divestiture, discontinued operations, restatement, or reporting-basis change. Compare the underlying filing before treating it as normal growth or decline.
TTM may combine quarters from before and after the event, so its trend can also be distorted.
Income StatementBalance SheetCash Flow
AnnualQuarterlyTTM + Annual
All rows
Free includes 3 annual periods plus available TTM; Premium includes up to 10 annual periods. History depends on available company filings. Swipe the table horizontally to see older periods. A dash means unavailable, not zero.
Line Item
TTM
2025
2024
2023
2022
2021
2020
2019
Revenue
$84K
$76K
$46K
$75K
····
····
····
····
Cost of Revenue
$354K
$296K
$130K
$76K
····
····
····
····
Gross Profit
-$270K
-$221K
-$84K
-$324.00
····
····
····
····
Research & Development
$1.03T
$1.03T
$889K
$873K
····
····
····
····
SG&A Expenses
$6.03T
$6.03T
$4.6M
$4.0M
····
····
····
····
Operating Expenses
$9.4M
$6.8M
$5.4M
$4.9M
····
····
····
····
EBITDA
-$9.0M
-$7.0M
-$6.3M
-$4.1M
····
····
····
····
Operating Income
-$9.7M
-$7.1M
-$5.5M
-$4.9M
····
····
····
····
Interest Expense
$0.00
$0.00
$535K
$608K
····
····
····
····
Income Before Tax
-$9.2M
-$7.2M
-$7.0M
-$4.9M
····
····
····
····
Income Tax Expense
$0.00
$0.00
$0.00
$0.00
····
····
····
····
Net Income
-$9.2M
-$7.2M
-$7.0M
-$4.9M
····
····
····
····
Basic EPS
$-4.00
$-13.61
$-7480.22
$-79782.00
····
····
····
····
Basic Shares
2.46M
532K
943
62
····
····
····
····
Diluted Shares
2.46M
532K
943
62
····
····
····
····
Upgrade to Premium for up to 10 annual periods, where available.
Debt and cash show percentage changes versus the comparison period; margin shows the change in percentage points (pp). These are company-wide changes, not per-share amounts.
Financial Changes Since Prior Period
What Improved
Cash position grew
What Weakened
Margins contracted
Potential Score Impact
Positive indicators included revenue growth, cash levels. Pressure indicators included EPS growth, net income margin. These factors may support or pressure the Revenue, Management, Financial, and Debt categories; this summary does not claim that the stored scores changed.
Stored Earnings Analysis
Revenue increased 30.5%. EPS declined 59.3%. Cash increased 27.0%. Net income margin declined by 2613.6 percentage points.
Earnings-Call Transcript
Earnings-call transcript analysis is not currently available.
These results may influence future scores when the next evaluation is completed.
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Government disclosed trading activity is available on the Smart Money directory. Filings may be delayed and may not represent complete current holdings.
Dividend HistoryShare
Dividend History
Dividend data is not available yet. Missing data does not mean this company pays no dividend.
Predictions & Historical PerformanceShare
Conservative Projected Values
3 Years
$———.——
Premium
5 Years
$———.——
Premium
10 Years
$———.——
Premium
Conservative Projection Rate
——%
Premium
Conservative Projected Values — price projections derived from actual 10-year adjusted historical returns, conservatively adjusted and capped at 8% annually. These are distinct from the Outperformance Model Score and WallStreetScore.
Conservative Projected Values
Premium unlocks the 3-year, 5-year, and 10-year conservative projected values with full calculation breakdowns based on actual historical returns.
Premium includes stored forecasts and any available evaluated results. Completed results, win rates and calibrated probabilities are shown only when supported records exist; access does not create historical outcomes.