TIVC

MKT CAP:$1M

Tivic Health Systems, Inc.

Market Cap

$1M

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

Healthcare·Medical - Devices·🇺🇸·NASDAQ

Stock Price

$1.14-$0.28 (-19.72%)

Apr 22, 2026

Company Details

Tivic Health Systems Inc. operates as a bioelectronic device company that delivers non-invasive neuromodulation products for the treatment of inflammatory conditions. Its primary product is ClearUP, is a medical device intended to relieve s...

CEO

Michael Kevin Handley

IPO Date

Nov 11, 2021

Website

www.tivichealth.com

Key Metrics TTM

Revenue

$482.0K

-49.6% YoY

Net Income

-$8M

EPS (Diluted)

-$9.88

Free Cash Flow

-$6M

Revenue / Share

$0.36

Gross Margin

-58.1%

Operating Margin

-1549.0%

Net Margin

-1557.3%

FCF Margin

-1267.0%

P/S

2.8x

P/E

—

Earnings Reports

Q3 2025

Nov 14, 2025

$146.0K+15.9%EPS -$1.97

Q2 2025

Aug 14, 2025

$86.0K-38.6%EPS -$2.19

Q1 2025

May 15, 2025

$70.0K-79.0%EPS -$2.52

FY 2024

Mar 21, 2025

$780.0K-33.7%EPS -$19.67

Q4 2024

Mar 21, 2025

$180.0K-49.6%EPS -$3.20

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$366.0K	-$25.0K	-$2M
Q1 22	$428.0K	$70.0K	-$2M
Q2 22	$528.0K	$125.0K	-$3M
Q3 22	$477.0K	$63.0K	-$3M
Q4 22	$408.0K	$43.0K	-$2M
Q1 23	$376.0K	$113.0K	-$2M
Q2 23	$161.0K	$61.0K	-$2M
Q3 23	$282.0K	$108.0K	-$2M
Q4 23	$357.0K	$3.0K	-$2M
Q1 24	$334.0K	$167.0K	-$1M
Q2 24	$140.0K	$30.0K	-$1M
Q3 24	$126.0K	$44.0K	-$1M
Q4 24	$180.0K	-$239.0K	-$2M
Q1 25	$70.0K	$50.0K	-$2M
Q2 25	$86.0K	$54.0K	-$2M
Q3 25	$146.0K	-$145.0K	-$2M

Valuation

Quarter	P/S	P/E
Q4 21	542.1x	—
Q1 22	206.3x	—
Q2 22	220.9x	—
Q3 22	135.3x	—
Q4 22	7.5x	—
Q1 23	2.2x	—
Q2 23	8.6x	—
Q3 23	2.2x	—
Q4 23	2.3x	—
Q1 24	1.4x	—
Q2 24	0.7x	—
Q3 24	0.4x	—
Q4 24	0.6x	—
Q1 25	0.5x	—
Q2 25	5.4x	—
Q3 25	5.3x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	-$3M	-$3M
Q1 22	-$2M	-$2M
Q2 22	-$2M	-$2M
Q3 22	-$3M	-$3M
Q4 22	-$2M	-$2M
Q1 23	-$2M	-$3M
Q2 23	-$2M	-$2M
Q3 23	-$2M	-$2M
Q4 23	-$2M	-$2M
Q1 24	-$2M	-$2M
Q2 24	-$1M	-$1M
Q3 24	-$1M	-$1M
Q4 24	-$1M	-$1M
Q1 25	-$889.0K	-$889.0K
Q2 25	-$2M	-$2M
Q3 25	-$2M	-$2M

Capital Expenditures

Quarter	CapEx
Q4 21	$0
Q1 22	$6.0K
Q2 22	$0
Q3 22	$5.0K
Q4 22	$0
Q1 23	$94.0K
Q2 23	$24.0K
Q3 23	$0
Q4 23	$0
Q1 24	$0
Q2 24	$0
Q3 24	$0
Q4 24	$0
Q1 25	$0
Q2 25	$20.0K
Q3 25	$10.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	-1.3%	+125.9%
Q1 22	+32.5%	+93.4%
Q2 22	+97.0%	+168.0%
Q3 22	+72.2%	+103.3%
Q4 22	+11.5%	+0.3%
Q1 23	-12.1%	-6.6%
Q2 23	-69.5%	-35.5%
Q3 23	-40.9%	-33.3%
Q4 23	-12.5%	-2.4%
Q1 24	-11.2%	-27.2%
Q2 24	-13.0%	-41.1%
Q3 24	-55.3%	-23.8%
Q4 24	-49.6%	-33.8%
Q1 25	-79.0%	-13.2%
Q2 25	-38.6%	+50.1%
Q3 25	+15.9%	+68.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$16.0K	4.4%
Q1 22	$61.0K	14.3%
Q2 22	$112.0K	21.2%
Q3 22	$113.0K	23.7%
Q4 22	$112.0K	27.5%
Q1 23	$84.0K	22.3%
Q2 23	$81.0K	50.3%
Q3 23	$48.0K	17.0%
Q4 23	$58.0K	16.2%
Q1 24	$54.0K	16.2%
Q2 24	$54.0K	38.6%
Q3 24	$58.0K	46.0%
Q4 24	$63.0K	35.0%
Q1 25	$100.0K	142.9%
Q2 25	$176.0K	204.7%
Q3 25	$139.0K	95.2%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q4 21	$308.0K	$1M	$727.0K
Q1 22	$401.0K	$1M	$684.0K
Q2 22	$497.0K	$2M	$1M
Q3 22	$399.0K	$2M	$487.0K
Q4 22	$435.0K	$1M	$501.0K
Q1 23	$490.0K	$1M	$458.0K
Q2 23	$468.0K	$1M	$452.0K
Q3 23	$337.0K	$1M	$480.0K
Q4 23	$358.0K	$1M	$735.0K
Q1 24	$256.0K	$887.0K	$505.0K
Q2 24	$302.0K	$727.0K	$207.0K
Q3 24	$422.0K	$819.0K	$234.0K
Q4 24	$333.0K	$730.0K	$241.0K
Q1 25	$335.0K	$1M	$179.0K
Q2 25	$655.0K	$907.0K	$426.0K
Q3 25	$858.0K	$1M	$415.0K

Revenue Segments

Quarter	Product Sales
Q3 24	$130.0K

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$11M	$0	$11M
Q2 22	$9M	$15.0K	$9M
Q3 22	$6M	$15.0K	$6M
Q4 22	$4M	$0	$4M
Q1 23	$5M	$0	$5M
Q2 23	$3M	$0	$3M
Q3 23	$5M	$0	$5M
Q4 23	$3M	$0	$3M
Q1 24	$2M	$0	$2M
Q2 24	$4M	$0	$4M
Q3 24	$2M	$0	$2M
Q4 24	$2M	$0	$2M
Q1 25	$669.0K	$0	$669.0K
Q2 25	$1M	$0	$1M
Q3 25	$3M	$0	$3M
Q4 25	$13M	$0	$13M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	67K	+159.2%	+189.1%
Q1 22	97K	+45.4%	+316.2%
Q2 22	96K	-1.0%	+305.2%
Q3 22	97K	+0.6%	+275.4%
Q4 22	97K	+0.0%	+44.8%
Q1 23	12K	-87.8%	-87.8%
Q2 23	17K	+47.5%	-81.9%
Q3 23	70K	+300.9%	-27.7%
Q4 23	87K	+23.8%	-10.4%
Q1 24	86K	-0.4%	+629.4%
Q2 24	79K	-8.9%	+350.3%
Q3 24	121K	+54.4%	+73.4%
Q4 24	96K	-21.1%	+10.5%
Q1 25	596K	+522.6%	+590.7%
Q2 25	881K	+47.8%	+1021.0%
Q3 25	1M	+49.9%	+988.1%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	$52.3K	7
Q1 22	$61.1K	7
Q2 22	$75.4K	7
Q3 22	$68.1K	7
Q4 22	$25.5K	16
Q1 23	$23.5K	16
Q2 23	$10.1K	16
Q3 23	$17.6K	16
Q4 23	$39.7K	9
Q1 24	$37.1K	9
Q2 24	$15.6K	9
Q3 24	$14.0K	9
Q4 24	$25.7K	7
Q1 25	$10.0K	7
Q2 25	$12.3K	7
Q3 25	$20.9K	7

Revenue / Employee