ICCM

MKT CAP:$19M

IceCure Medical Ltd

Market Cap

$19M

Healthcare·Medical - Devices·🇮🇱 Israel·NASDAQ

Healthcare·Medical - Devices·🇮🇱·NASDAQ

Stock Price

$0.35-$0.28 (-43.87%)

Apr 21, 2026

Company Details

IceCure Medical Ltd, a medical device company, engages in the research, development, and commercialization of medical devices for cryoablation (freezing) of tumors in the human body. It offers ProSense system, a cryoablation solution for th...

CEO

Eyal Shamir

IPO Date

Aug 26, 2021

Website

www.icecure-medical.com

Key Metrics TTM

Revenue

$3M

+2.9% YoY

Net Income

-$15M

EPS (Diluted)

-$0.24

Free Cash Flow

-$15M

Revenue / Share

$0.05

Gross Margin

36.3%

Operating Margin

-863.5%

Net Margin

-445.6%

FCF Margin

-445.6%

P/S

5.7x

P/E

—

Earnings Reports

FY 2025

Mar 17, 2026

$3M+2.7%EPS -$0.24

Q4 2025

Mar 17, 2026

$1M+46.2%EPS -$0.06

Q3 2025

Nov 19, 2025

$850.0K+28.4%EPS -$0.06

Q2 2025

Aug 13, 2025

$525.0K-48.1%EPS -$0.06

Q1 2025

May 28, 2025

$725.0K-1.5%EPS -$0.06

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 20	$1M	$846.0K	-$1M
Q1 21	$1M	$939.0K	-$1M
Q2 21	$637.0K	$254.0K	-$3M
Q3 21	$681.0K	$359.0K	-$3M
Q4 21	$1M	$643.0K	-$3M
Q1 22	$747.0K	$434.0K	-$4M
Q2 23	$937.0K	$434.0K	-$4M
Q3 23	$327.0K	-$23.0K	-$4M
Q1 24	$736.4K	$266.6K	-$4M
Q2 24	$1M	$530.0K	-$3M
Q3 24	$662.0K	$235.0K	-$4M
Q4 24	$875.0K	$417.0K	-$5M
Q1 25	$725.0K	$218.0K	-$4M
Q2 25	$525.0K	$131.0K	-$3M
Q3 25	$850.0K	$277.0K	-$18M
Q4 25	$1M	$600.0K	-$4M

Valuation

Quarter	P/S	P/E
Q4 20	88.0x	—
Q1 21	77.8x	—
Q2 21	83.3x	—
Q3 21	73.9x	—
Q4 21	27.6x	—
Q1 22	26.2x	—
Q2 23	13.9x	—
Q3 23	11.5x	—
Q1 24	23.1x	—
Q2 24	12.0x	—
Q3 24	11.0x	—
Q4 24	18.6x	—
Q1 25	20.0x	—
Q2 25	20.6x	—
Q3 25	20.1x	—
Q4 25	12.3x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 20	-$1M	-$1M
Q1 21	-$2M	-$2M
Q2 21	-$2M	-$2M
Q3 21	-$3M	-$3M
Q4 21	-$6M	-$6M
Q1 22	-$3M	-$3M
Q2 23	-$4M	-$4M
Q3 23	-$3M	-$3M
Q1 24	-$3M	-$3M
Q2 24	-$2M	-$2M
Q3 24	-$3M	-$3M
Q4 24	-$4M	-$4M
Q1 25	-$4M	-$4M
Q2 25	-$3M	-$3M
Q3 25	-$3M	-$3M
Q4 25	-$5M	-$5M

Capital Expenditures

Quarter	CapEx
Q4 20	$64.0K
Q1 21	$69.0K
Q2 21	$178.0K
Q3 21	$108.0K
Q4 21	$178.0K
Q1 22	$144.0K
Q2 23	$72.0K
Q3 23	$77.0K
Q1 24	$28.0K
Q2 24	$6.0K
Q3 24	$32.0K
Q4 24	$5.0K
Q1 25	$6.0K
Q2 25	$22.0K
Q3 25	$3.0K
Q4 25	$5.8K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 20	+155.6%	+56.9%
Q1 21	+54.8%	+51.4%
Q2 21	-31.3%	+83.6%
Q3 21	+7.2%	+78.6%
Q4 21	+0.4%	+76.3%
Q1 22	-48.0%	+96.7%
Q2 23	+47.1%	+57.3%
Q3 23	-52.0%	+26.0%
Q1 24	-46.8%	-3.5%
Q2 24	+35.3%	-18.0%
Q3 24	-29.3%	-1.3%
Q4 24	+167.6%	+21.3%
Q1 25	-1.5%	+0.7%
Q2 25	-48.1%	-7.8%
Q3 25	+28.4%	+278.8%
Q4 25	+46.2%	+1.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 20	$24.0K	1.7%
Q1 21	$97.0K	6.8%
Q2 21	$87.0K	13.7%
Q3 21	$70.0K	10.3%
Q4 21	$62.0K	4.5%
Q1 22	$450.0K	60.2%
Q2 23	$318.0K	33.9%
Q3 23	$333.0K	101.8%
Q1 24	$245.0K	33.3%
Q2 24	$165.0K	16.3%
Q3 24	$240.0K	36.3%
Q4 24	$219.0K	25.0%
Q1 25	$125.0K	17.2%
Q2 25	$170.0K	32.4%
Q3 25	-$295.0K	-34.7%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q4 20	$1M	$425.0K	$232.0K	—
Q1 21	$1M	$690.0K	$298.0K	—
Q2 21	$2M	$894.0K	$327.0K	—
Q3 21	$2M	$1M	$592.0K	—
Q4 21	$2M	$1M	$700.0K	—
Q1 22	$2M	$2M	$747.0K	—
Q2 23	$2M	$1M	$1M	—
Q3 23	$2M	$919.0K	$981.0K	—
Q1 24	$2M	$930.0K	$1M	—
Q2 24	$2M	$915.0K	$1M	—
Q3 24	$2M	$918.0K	$2M	—
Q4 24	$2M	$992.0K	$2M	—
Q1 25	$2M	$922.0K	$1M	—
Q2 25	$2M	$3M	—	—
Q3 25	$2M	$1M	$915.0K	—
Q4 25	$2M	—	—	$3M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$22M	$0	$22M
Q2 22	$13M	$4M	$18M
Q3 22	$12M	$2M	$14M
Q4 22	$24M	$0	$24M
Q1 23	$6M	$0	$6M
Q2 23	$3M	$0	$3M
Q3 23	$4M	$0	$4M
Q4 23	$10M	$524.6K	$11M
Q1 24	$11M	$0	$11M
Q2 24	$10M	$807.0K	$10M
Q3 24	$11M	$0	$11M
Q4 24	$8M	$0	$8M
Q1 25	$6M	$0	$6M
Q2 25	$5M	$0	$5M
Q3 25	$5M	$5M	$10M
Q4 25	$9M	$0	$9M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 20	23M	+55.8%	+65.4%
Q1 21	21M	-11.5%	+38.0%
Q2 21	29M	+38.2%	+90.7%
Q3 21	32M	+11.3%	+112.1%
Q4 21	33M	+3.1%	+40.4%
Q1 22	37M	+11.9%	+77.5%
Q2 23	46M	+23.9%	+59.2%
Q3 23	46M	0.0%	+43.0%
Q1 24	47M	+2.4%	+42.1%
Q2 24	49M	+5.3%	+33.7%
Q3 24	52M	+6.4%	+14.8%
Q4 24	56M	+6.0%	+21.8%
Q1 25	58M	+3.8%	+23.3%
Q2 25	59M	+1.8%	+19.2%
Q3 25	65M	+11.4%	+24.8%
Q4 25	73M	+11.3%	+31.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 20	—	—
Q1 21	—	—
Q2 21	—	—
Q3 21	—	—
Q4 21	$25.2K	55
Q1 22	$13.6K	55
Q2 23	$14.4K	65
Q3 23	$5.0K	65
Q1 24	$10.4K	71
Q2 24	$14.2K	71
Q3 24	$9.3K	71
Q4 24	$13.7K	64
Q1 25	$11.3K	64
Q2 25	$8.2K	64
Q3 25	$13.3K	64
Q4 25	$128	10K

Revenue / Employee