TALK

MKT CAP:$865M

Talkspace, Inc.

Market Cap

$865M

Healthcare·Medical - Care Facilities·🇺🇸 United States·NASDAQ

Healthcare·Medical·🇺🇸·NASDAQ

Stock Price

$5.17+$1.66 (+47.29%)

Apr 23, 2026

Company Details

Talkspace, Inc. operates as a virtual behavior healthcare company. It delivers healthcare through encrypted web and mobile platform. The company offers treatment options for every need, including psychiatry or adolescent, individual, or cou...

CEO

Jon R. Cohen

IPO Date

Jul 30, 2020

Website

www.talkspace.com

Key Metrics TTM

Revenue

$223M

+29.4% YoY

Net Income

$10M

EPS (Diluted)

$0.06

Free Cash Flow

$3M

Revenue / Share

$1.29

Gross Margin

43.2%

Operating Margin

2.5%

Net Margin

4.3%

FCF Margin

1.4%

P/S

3.9x

P/E

90.6x

Earnings Reports

Q1 2026

May 5, 2026

PENDING

Q4 2025

Mar 13, 2026

$63M+29.3%EPS $0.03

Q3 2025

Nov 6, 2025

$59MEPS $0.02

Q1 2025

May 9, 2025

$52M+14.9%EPS $0.00

FY 2024

Mar 12, 2025

$188M+25.0%EPS $0.01

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 21	$26M	$14M	-$25M
Q4 21	$29M	$16M	-$29M
Q1 22	$30M	$15M	-$21M
Q2 22	$30M	$15M	-$21M
Q3 22	$29M	$15M	-$20M
Q4 22	$30M	$16M	-$15M
Q1 23	$33M	$17M	-$9M
Q2 23	$36M	$18M	-$6M
Q3 23	$39M	$19M	-$5M
Q4 23	$42M	$21M	-$3M
Q1 24	$45M	$22M	-$2M
Q2 24	$46M	$21M	-$3M
Q4 24	$49M	$22M	$569.0K
Q1 25	$52M	$23M	-$1M
Q3 25	$59M	$25M	$2M
Q4 25	$63M	$27M	$4M

Valuation

Quarter	P/S	P/E
Q3 21	7.9x	—
Q4 21	7.6x	—
Q1 22	7.4x	—
Q2 22	7.5x	—
Q3 22	7.3x	—
Q4 22	7.2x	—
Q1 23	7.1x	—
Q2 23	6.7x	—
Q3 23	6.3x	—
Q4 23	5.8x	—
Q1 24	5.3x	—
Q2 24	5.0x	—
Q4 24	4.7x	—
Q1 25	4.5x	—
Q3 25	4.2x	200.8x
Q4 25	3.9x	90.6x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 21	-$23M	-$23M
Q4 21	-$25M	-$25M
Q1 22	-$15M	-$15M
Q2 22	-$18M	-$18M
Q3 22	-$14M	-$14M
Q4 22	-$14M	-$14M
Q1 23	-$14M	-$14M
Q2 23	$289.0K	$288.0K
Q3 23	-$1M	-$1M
Q4 23	-$2M	-$2M
Q1 24	-$3M	-$4M
Q2 24	$5M	$3M
Q4 24	$4M	$2M
Q1 25	-$1M	-$3M
Q3 25	$5M	$2M
Q4 25	$5M	$2M

Capital Expenditures

Quarter	CapEx
Q3 21	$173.0K
Q4 21	$41.0K
Q1 22	$88.0K
Q2 22	$72.0K
Q3 22	$94.0K
Q4 22	$96.0K
Q1 23	$9.0K
Q2 23	$1.0K
Q3 23	$10.0K
Q4 23	$131.0K
Q1 24	$385.0K
Q2 24	$2M
Q4 24	$2M
Q1 25	$2M
Q3 25	$3M
Q4 25	$3M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 21	+22.6%	+115.8%
Q4 21	+13.6%	+57.4%
Q1 22	+11.0%	+29.3%
Q2 22	-3.7%	-13.0%
Q3 22	+11.3%	-4.7%
Q4 22	+3.7%	-21.8%
Q1 23	+10.6%	-17.5%
Q2 23	+19.4%	-17.4%
Q3 23	+31.8%	-10.9%
Q4 23	+40.3%	-0.3%
Q1 24	+36.2%	+11.1%
Q2 24	+29.2%	+17.8%
Q4 24	+26.1%	+9.9%
Q1 25	+23.0%	+18.4%
Q3 25	+30.7%	+21.4%
Q4 25	+36.8%	+19.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 21	$4M	14.7%
Q4 21	$0	0.0%
Q1 22	$0	0.0%
Q2 22	$0	0.0%
Q3 22	$3M	10.8%
Q4 22	$3M	9.0%
Q1 23	$2M	6.9%
Q2 23	$0	0.0%
Q3 23	$2M	5.1%
Q4 23	$2M	4.7%
Q1 24	$2M	5.0%
Q2 24	$3M	6.7%
Q4 24	$2M	3.9%
Q1 25	$2M	4.5%
Q3 25	$2M	3.1%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q3 21	$4M	$7M	$26M
Q4 21	$4M	$12M	$26M
Q1 22	$5M	$8M	$21M
Q2 22	$6M	$9M	$19M
Q3 22	$6M	$8M	$18M
Q4 22	$5M	$12M	$14M
Q1 23	$5M	$5M	$13M
Q2 23	$4M	$5M	$13M
Q3 23	$4M	$5M	$13M
Q4 23	$4M	$5M	$13M
Q1 24	$4M	$5M	$13M
Q2 24	$2M	$7M	$13M
Q4 24	$2M	$5M	$12M
Q1 25	$3M	$5M	$14M
Q3 25	$1M	$5M	$13M
Q4 25	$2M	$549.7K	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$184M	$0	$184M
Q2 22	$167M	$0	$167M
Q3 22	$153M	$0	$153M
Q4 22	$139M	$0	$139M
Q1 23	$125M	$0	$125M
Q2 23	$126M	$0	$126M
Q3 23	$125M	$0	$125M
Q4 23	$124M	$0	$124M
Q1 24	$120M	$0	$120M
Q2 24	$115M	$0	$115M
Q3 24	$119M	$0	$119M
Q4 24	$77M	$41M	$118M
Q1 25	$60M	$48M	$108M
Q2 25	$54M	$48M	$103M
Q3 25	$40M	$52M	$92M
Q4 25	$37M	$55M	$93M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 21	165M	0.0%	0.0%
Q4 21	152M	-7.7%	-7.7%
Q1 22	154M	+1.1%	-6.7%
Q2 22	156M	+1.1%	-5.7%
Q3 22	158M	+1.7%	-4.1%
Q4 22	159M	+0.6%	+4.5%
Q1 23	162M	+1.5%	+5.0%
Q2 23	164M	+1.5%	+5.4%
Q3 23	167M	+1.4%	+5.2%
Q4 23	167M	+0.5%	+5.1%
Q1 24	169M	+0.8%	+4.4%
Q2 24	169M	+0.2%	+3.0%
Q4 24	177M	+4.5%	+6.1%
Q1 25	176M	-0.7%	+4.8%
Q3 25	174M	-1.0%	+2.9%
Q4 25	174M	0.0%	+2.7%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 21	$9M	3
Q4 21	$58.8K	496
Q1 22	$60.8K	496
Q2 22	$60.2K	496
Q3 22	$59.1K	496
Q4 22	$89.2K	339
Q1 23	$98.3K	339
Q2 23	$105.1K	339
Q3 23	$114.0K	339
Q4 23	$89.9K	472
Q1 24	$96.2K	472
Q2 24	$97.6K	472
Q4 24	$93.5K	521
Q1 25	$100.2K	521
Q3 25	$114.0K	521
Q4 25	$105.3K	598

Revenue / Employee