INCR

MKT CAP:$50M

InterCure Ltd.

Market Cap

$50M

Healthcare·Drug Manufacturers - Specialty & Generic·🇮🇱 Israel·NASDAQ

Healthcare·Drug·🇮🇱·NASDAQ

Stock Price

$0.79-$0.24 (-23.30%)

Apr 21, 2026

Company Details

InterCure Ltd., together with its subsidiaries, engages in the research, cultivation, production, marketing, and distribution of medical cannabis products in Israel and internationally. It offers dried cannabis inflorescences and cannabis e...

CEO

Alexander Rabinovich

IPO Date

Jan 28, 2019

Website

www.intercure.co

Key Metrics TTM

Revenue

$81M

-10.8% YoY

Net Income

-$24M

EPS (Diluted)

-$0.54

Free Cash Flow

$3M

Revenue / Share

$1.43

Gross Margin

16.7%

Operating Margin

-29.6%

Net Margin

-29.2%

FCF Margin

3.7%

P/S

0.6x

P/E

—

Earnings Reports

Q3 2025

Apr 29, 2026

PENDING

Q2 2025

Sep 19, 2025

$22M+3.4%EPS -$0.00

Q1 2025

Mar 31, 2025

$22M+3.4%EPS -$0.00

Q4 2024

Apr 30, 2025

$19M-23.0%EPS -$0.26

Q3 2024

Sep 30, 2024

$19M-23.0%EPS -$0.26

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 19	$925.5K	$38.7K	-$3M
Q3 19	$865.8K	$46.0K	-$5M
Q4 19	$609.2K	$318.9K	-$4M
Q1 20	$1M	$536.2K	-$16M
Q2 20	$4M	$2M	-$282.3K
Q2 22	$32M	$15M	$6M
Q3 22	$34M	$15M	$5M
Q2 23	$34M	$11M	$2M
Q3 23	$24M	$6M	-$9M
Q4 23	$24M	$6M	-$9M
Q1 24	$21M	$7M	$2M
Q2 24	$21M	$7M	$2M
Q3 24	$19M	$65.2K	-$13M
Q4 24	$19M	$65.2K	-$13M
Q1 25	$22M	$7M	$952.4K
Q2 25	$22M	$7M	$952.4K

Valuation

Quarter	P/S	P/E
Q2 19	33.5x	8.3x
Q3 19	21.3x	22.3x
Q4 19	16.9x	—
Q1 20	13.2x	—
Q2 20	7.6x	—
Q2 22	1.3x	—
Q3 22	0.7x	—
Q2 23	0.5x	5.6x
Q3 23	0.4x	—
Q4 23	0.4x	—
Q1 24	0.5x	—
Q2 24	0.6x	—
Q3 24	0.6x	—
Q4 24	0.6x	—
Q1 25	0.6x	—
Q2 25	0.6x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 19	-$544.9K	-$5M
Q3 19	-$2M	-$5M
Q4 19	$2M	$10M
Q1 20	-$1M	-$3M
Q2 20	-$1M	-$3M
Q2 22	$298.6K	-$1M
Q3 22	$2M	$319.9K
Q2 23	$316.3K	$316.3K
Q3 23	$0	$0
Q4 23	$0	$0
Q1 24	$0	$0
Q2 24	$0	$0
Q3 24	$0	$0
Q4 24	$0	$0
Q1 25	$2M	$1M
Q2 25	$2M	$1M

Capital Expenditures

Quarter	CapEx
Q2 19	$4M
Q3 19	$3M
Q4 19	$7M
Q1 20	$2M
Q2 20	$2M
Q2 22	$1M
Q3 22	$1M
Q2 23	$0
Q3 23	$0
Q4 23	$0
Q1 24	$0
Q2 24	$0
Q3 24	$0
Q4 24	$0
Q1 25	$540.7K
Q2 25	$540.7K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 19	—	+10273.0%
Q3 19	—	+383.2%
Q4 19	—	+334.3%
Q1 20	+147.2%	+243.6%
Q2 20	+302.8%	-7.9%
Q2 22	+3567.3%	+354.3%
Q3 22	+5401.8%	+451.4%
Q2 23	+2305.2%	+87.1%
Q3 23	+556.9%	+732.3%
Q4 23	-22.9%	+29.5%
Q1 24	-37.5%	-31.7%
Q2 24	-38.6%	-40.4%
Q3 24	-23.0%	-4.7%
Q4 24	-23.0%	-4.7%
Q1 25	+3.4%	+7.9%
Q2 25	+3.4%	+7.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 19	$4M	412.2%
Q3 19	$3M	359.9%
Q4 19	-$322.3K	-52.9%
Q1 20	$1M	76.7%
Q2 20	$914.1K	24.5%
Q2 22	$529.9K	1.7%
Q3 22	$1M	3.7%
Q2 23	$316.3K	0.9%
Q3 23	$39.0K	0.2%
Q4 23	$39.0K	0.2%
Q1 24	$114.3K	0.5%
Q2 24	$114.3K	0.5%
Q3 24	$265.8K	1.4%
Q4 24	$265.8K	1.4%
Q1 25	$147.5K	0.7%
Q2 25	$147.5K	0.7%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q2 19	$53.7K	$5M	$401.9K
Q3 19	$330.9K	$4M	$194.0K
Q4 19	$150.6K	$868.1K	$69.3K
Q1 20	$124.6K	$2M	$372.9K
Q2 20	$137.3K	$1M	$588.2K
Q2 22	$58.7K	$3M	$5M
Q3 22	$40.0K	$5M	$6M
Q2 23	$33.0K	$4M	$5M
Q3 23	$22.0K	$3M	$4M
Q4 23	$22.0K	$3M	$4M
Q1 24	$36.5K	$3M	$5M
Q2 24	$36.5K	$3M	$5M
Q3 24	$32.5K	$6M	$4M
Q4 24	$32.5K	$6M	$4M
Q1 25	$31.8K	$2M	$4M
Q2 25	$31.8K	$2M	$4M

War Chest

Quarter	Cash	Short-term Investments	Total
Q3 21	$70M	$171.6K	$70M
Q4 21	$65M	$110.0K	$66M
Q1 22	$70M	$93.3K	$70M
Q2 22	$74M	$83.3K	$74M
Q3 22	$72M	$66.7K	$72M
Q4 22	$78M	$68.3K	$78M
Q1 23	$35M	$69.0K	$36M
Q2 23	$34M	$64.0K	$34M
Q3 23	$34M	$62.3K	$34M
Q4 23	$34M	$62.3K	$34M
Q1 24	$7M	$133.0K	$7M
Q2 24	$7M	$133.0K	$7M
Q3 24	$26M	$0	$26M
Q4 24	$26M	$111.0K	$26M
Q1 25	$17M	$0	$17M
Q2 25	$17M	$0	$17M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 19	24M	+1.0%	+53.2%
Q3 19	24M	+1.5%	+24.8%
Q4 19	24M	+1.4%	+26.5%
Q1 20	24M	-0.1%	+3.8%
Q2 20	24M	+0.3%	+3.1%
Q2 22	46M	+88.0%	+91.1%
Q3 22	45M	-1.4%	+85.9%
Q2 23	43M	-5.6%	+75.5%
Q3 23	45M	+4.7%	+83.2%
Q4 23	45M	0.0%	-2.6%
Q1 24	48M	+6.6%	+5.3%
Q2 24	48M	0.0%	+11.6%
Q3 24	44M	-7.9%	-1.9%
Q4 24	44M	0.0%	-1.9%
Q1 25	57M	+29.2%	+18.9%
Q2 25	57M	0.0%	+18.9%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 19	—	—
Q3 19	—	—
Q4 19	—	—
Q1 20	—	—
Q2 20	—	—
Q2 22	$211.7K	150
Q3 22	$223.4K	150
Q2 23	$227.6K	150
Q3 23	$163.2K	150
Q4 23	$489.7K	50
Q1 24	$419.0K	50
Q2 24	$419.0K	50
Q3 24	$377.0K	50
Q4 24	$188.5K	100
Q1 25	$216.6K	100
Q2 25	$216.6K	100

Revenue / Employee