ECOR

MKT CAP:$49M

electroCore, Inc.

Market Cap

$49M

Healthcare·Medical - Devices·🇺🇸 United States·NASDAQ

Healthcare·Medical - Devices·🇺🇸·NASDAQ

Stock Price

$6.12+$1.57 (+34.51%)

Apr 22, 2026

Company Details

electroCore, Inc., a commercial stage medical device company, engages in the development and commercialization of a range of non-invasive vagus nerve stimulation (nVNS) therapies. The company is developing gammaCore, a prescription-only nVN...

CEO

Daniel S. Goldberger

IPO Date

Jun 22, 2018

Website

www.electrocore.com

Key Metrics TTM

Revenue

$32M

+27.2% YoY

Net Income

-$14M

EPS (Diluted)

-$1.69

Free Cash Flow

-$8M

Revenue / Share

$4.00

Gross Margin

86.8%

Operating Margin

-41.1%

Net Margin

-43.6%

FCF Margin

-25.8%

P/S

1.5x

P/E

—

Earnings Reports

Q1 2026

May 6, 2026

PENDING

FY 2025

Mar 19, 2026

$32M+27.2%EPS -$1.65

Q4 2025

Mar 19, 2026

$9M+31.2%EPS -$0.38

Q3 2025

Nov 5, 2025

$9M+32.6%EPS -$0.40

Q2 2025

Aug 6, 2025

$7M+20.2%EPS -$0.44

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$2M	$2M	-$6M
Q2 22	$2M	$2M	-$6M
Q3 22	$2M	$2M	-$6M
Q4 22	$3M	$2M	-$6M
Q1 23	$3M	$2M	-$6M
Q2 23	$4M	$3M	-$5M
Q3 23	$5M	$4M	-$4M
Q4 23	$5M	$4M	-$4M
Q1 24	$5M	$5M	-$4M
Q2 24	$6M	$5M	-$3M
Q3 24	$7M	$5M	-$3M
Q4 24	$7M	$6M	-$3M
Q1 25	$7M	$6M	-$4M
Q2 25	$7M	$6M	-$4M
Q3 25	$9M	$7M	-$3M
Q4 25	$9M	$8M	-$3M

Valuation

Quarter	P/S	P/E
Q1 22	6.7x	—
Q2 22	5.4x	—
Q3 22	3.3x	—
Q4 22	2.3x	—
Q1 23	2.6x	—
Q2 23	2.7x	—
Q3 23	3.1x	—
Q4 23	2.4x	—
Q1 24	2.2x	—
Q2 24	2.0x	—
Q3 24	2.2x	—
Q4 24	5.5x	—
Q1 25	1.9x	—
Q2 25	1.6x	—
Q3 25	1.4x	—
Q4 25	1.2x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$5M	-$5M
Q2 22	-$3M	-$3M
Q3 22	-$5M	-$5M
Q4 22	-$4M	-$4M
Q1 23	-$6M	-$6M
Q2 23	-$3M	-$3M
Q3 23	-$2M	-$2M
Q4 23	-$3M	-$3M
Q1 24	-$3M	-$3M
Q2 24	-$2M	-$2M
Q3 24	-$1M	-$1M
Q4 24	-$1M	-$1M
Q1 25	-$4M	-$4M
Q2 25	-$623.0K	-$648.0K
Q3 25	-$2M	-$2M
Q4 25	-$2M	-$2M

Capital Expenditures

Quarter	CapEx
Q1 22	$0
Q2 22	$0
Q3 22	$0
Q4 22	$0
Q1 23	$0
Q2 23	$91.0K
Q3 23	$74.0K
Q4 23	$41.0K
Q1 24	$0
Q2 24	$0
Q3 24	$0
Q4 24	$0
Q1 25	$37.0K
Q2 25	$25.0K
Q3 25	$4.0K
Q4 25	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+57.7%	+13.5%
Q2 22	+70.0%	+23.3%
Q3 22	+32.9%	+37.6%
Q4 22	+71.7%	+21.8%
Q1 23	+46.4%	+20.0%
Q2 23	+64.6%	+7.0%
Q3 23	+128.1%	+14.6%
Q4 23	+102.8%	+7.9%
Q1 24	+95.8%	+3.5%
Q2 24	+72.9%	+2.2%
Q3 24	+45.4%	+6.6%
Q4 24	+35.7%	+10.6%
Q1 25	+23.4%	+13.4%
Q2 25	+20.2%	+24.7%
Q3 25	+32.6%	+25.7%
Q4 25	+31.2%	+20.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$777.0K	40.9%
Q2 22	$752.0K	34.9%
Q3 22	$566.0K	28.6%
Q4 22	$587.0K	22.9%
Q1 23	$572.0K	20.6%
Q2 23	$183.0K	5.2%
Q3 23	$543.0K	12.0%
Q4 23	$400.0K	7.7%
Q1 24	$484.0K	8.9%
Q2 24	$0	0.0%
Q3 24	$400.0K	6.1%
Q4 24	$514.0K	7.3%
Q1 25	$540.0K	8.0%
Q2 25	$505.0K	6.8%
Q3 25	$415.0K	4.8%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	SG&A
Q1 22	$934.0K	—	$6M
Q2 22	$1M	$6M	—
Q3 22	$2M	—	$6M
Q4 22	$2M	—	$6M
Q1 23	$2M	—	$7M
Q2 23	$1M	$7M	—
Q3 23	$1M	—	$7M
Q4 23	$1M	—	$7M
Q1 24	$399.0K	—	$8M
Q2 24	$635.0K	—	$7M
Q3 24	$521.0K	—	$8M
Q4 24	$805.0K	—	$8M
Q1 25	$642.0K	—	$9M
Q2 25	$511.0K	—	$9M
Q3 25	$662.0K	—	$10M
Q4 25	$920.0K	—	$10M

Revenue by Geography

Quarter	Japan	Other Countries	United States
Q3 25	$17.0K	$48.0K	$8M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$30M	$0	$30M
Q2 22	$26M	$0	$26M
Q3 22	$22M	$0	$22M
Q4 22	$18M	$0	$18M
Q1 23	$12M	$0	$12M
Q2 23	$8M	$0	$8M
Q3 23	$13M	$0	$13M
Q4 23	$10M	$0	$10M
Q1 24	$8M	$0	$8M
Q2 24	$10M	$4M	$14M
Q3 24	$5M	$8M	$13M
Q4 24	$3M	$9M	$12M
Q1 25	$4M	$4M	$8M
Q2 25	$3M	$4M	$7M
Q3 25	$8M	$5M	$13M
Q4 25	$7M	$5M	$12M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	5M	+0.0%	+48.3%
Q2 22	5M	+0.2%	+46.0%
Q3 22	5M	+0.4%	+2.3%
Q4 22	5M	+0.1%	+0.7%
Q1 23	5M	-0.0%	+0.7%
Q2 23	5M	+0.2%	+0.6%
Q3 23	6M	+25.1%	+25.4%
Q4 23	7M	+11.3%	+39.5%
Q1 24	7M	+0.0%	+39.5%
Q2 24	7M	+6.5%	+48.3%
Q3 24	8M	+14.9%	+36.1%
Q4 24	7M	-7.5%	+13.1%
Q1 25	8M	+10.8%	+25.3%
Q2 25	8M	+0.3%	+18.0%
Q3 25	8M	+1.6%	+4.3%
Q4 25	8M	-5.2%	+7.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$36.5K	52
Q2 22	$41.5K	52
Q3 22	$38.0K	52
Q4 22	$41.3K	62
Q1 23	$44.8K	62
Q2 23	$57.3K	62
Q3 23	$72.7K	62
Q4 23	$76.3K	68
Q1 24	$80.0K	68
Q2 24	$90.3K	68
Q3 24	$96.4K	68
Q4 24	$96.5K	73
Q1 25	$92.0K	73
Q2 25	$101.1K	73
Q3 25	$119.0K	73
Q4 25	$111.4K	83

Revenue / Employee