Electrocore Financials
Electrocore (ECOR) reported $32.0M in revenue for fiscal year 2025, up 27.2% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 9 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
electroCore’s high-gross-margin products are scaling, but commercial overhead still consumes the gains and sustains cash burn.
From FY2023 to FY2025, revenue nearly doubled from$16.0M to$32.0M while gross margin expanded from82.5% to86.8% , which usually points toward easier breakeven. The catch is that SG&A rose to$38.2M , so the business is becoming more efficient at producing each sale without yet becoming efficient enough at acquiring and supporting those sales.
Cash burn improved sharply versus FY2023, with operating cash outflow moving from
With capex of only
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Electrocore's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Not available for Electrocore, and counted as zero in the overall score.
Electrocore scores -11.93, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($92.6M) relative to total liabilities ($20.4M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Electrocore passes 3 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
Electrocore reported a net loss of $14.0M while operations used $8.2M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Electrocore reported an operating loss of $13.2M against $15K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Electrocore generated $32.0M in revenue in fiscal year 2025. This represents an increase of 27.2% from the prior year.
Electrocore's EBITDA was -$12.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 11.0% from the prior year.
Electrocore reported -$14.0M in net income in fiscal year 2025. This represents a decrease of 17.5% from the prior year.
Electrocore earned -$1.65 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 3.8% from the prior year.
Cash & Balance Sheet
Electrocore recorded an outflow of $8.3M in free cash flow in fiscal year 2025, representing a cash shortfall after capex.
Electrocore held $7.0M in cash against $6.6M in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Electrocore's gross margin was 86.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 1.8 percentage points from the prior year.
Electrocore's operating margin was -41.1% in fiscal year 2025, reflecting core business profitability. This is up 7.2 percentage points from the prior year.
Electrocore's net profit margin was -43.6% in fiscal year 2025, showing the share of revenue converted to profit. This is up 3.6 percentage points from the prior year.
Not reported for fiscal year 2025.
Capital Allocation
Electrocore invested $66K in capex in fiscal year 2025, funding long-term assets and infrastructure.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
ECOR Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $37.0M | $32.0M+27.2% | $25.2M+57.1% | $16.0M+86.6% | $8.6M+57.6% | $5.5M+55.9% | $3.5M+46.3% | $2.4M+140.7% | $993K+22.4% | $811K |
| Cost of Revenue | $4.8M | $4.2M+12.1% | $3.8M+35.0% | $2.8M+73.5% | $1.6M+16.7% | $1.4M-20.3% | $1.7M+50.2% | $1.2M+99.9% | $579K+11.6% | $519K |
| Gross Profit | $32.2M | $27.8M+29.9% | $21.4M+61.8% | $13.2M+89.6% | $7.0M+71.6% | $4.1M+131.2% | $1.8M+42.6% | $1.2M+197.8% | $414K+41.4% | $293K |
| R&D Expenses | N/A | N/A | $2.4M-55.6% | $5.3M-3.6% | $5.5M+117.7% | $2.5M-39.6% | $4.2M-57.6% | $9.9M-20.6% | $12.5M+59.2% | $7.8M |
| SG&A Expenses | $43.0M | $38.2M+22.5% | $31.2M+14.8% | $27.2M+11.7% | $24.3M+12.8% | $21.6M-1.2% | $21.8M-38.3% | $35.4M-16.7% | $42.5M+134.7% | $18.1M |
| Operating Income | -$13.9M | -$13.2M-8.1% | -$12.2M+36.9% | -$19.3M+15.8% | -$22.9M-14.1% | -$20.0M+19.0% | -$24.7M+46.3% | -$46.1M+15.5% | -$54.6M-112.7% | -$25.6M |
| Interest Expense | $13K | $15K-19.0% | $18K | N/A | $4K | N/A | $341-90.1% | $3K | N/A | $6.3M |
| Income Tax | N/A | $3K+103.2% | -$93K+50.0% | -$186K+56.8% | -$431K+49.4% | -$851K+27.3% | -$1.2M-6715.6% | $18K+628.1% | $2K | N/A |
| Net Income | -$14.8M | -$14.0M-17.5% | -$11.9M+36.9% | -$18.8M+15.0% | -$22.2M-28.7% | -$17.2M+26.8% | -$23.5M+47.9% | -$45.1M+19.1% | -$55.8M-56.0% | -$35.8M |
| EPS (Diluted) | — | -$1.65-3.8% | -$1.59+53.5% | -$3.42+27.1% | -$4.69-7.6% | -$4.36 | N/A | N/A | N/A | N/A |
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
ECOR Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 |
|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $18.7M-8.8% | $20.5M+27.1% | $16.1M-35.0% | $24.8M-42.2% | $42.8M+35.9% | $31.5M-11.1% | $35.5M-51.8% | $73.5M+87.4% | $39.2M |
| Current Assets | $15.7M-3.9% | $16.3M+14.0% | $14.3M-32.5% | $21.2M-43.6% | $37.5M+49.8% | $25.1M-5.5% | $26.5M-63.5% | $72.7M+86.2% | $39.0M |
| Cash & Equivalents | $7.0M+90.1% | $3.7M-64.2% | $10.3M-41.7% | $17.7M-48.9% | $34.7M+717.8% | $4.2M-68.7% | $13.6M+78.5% | $7.6M-42.5% | $13.2M |
| Inventory | $1.6M-2.7% | $1.7M-22.4% | $2.2M+9.0% | $2.0M+45.6% | $1.4M+55.3% | $876K-1.6% | $891K-54.3% | $1.9M+494.7% | $328K |
| Accounts Receivable | $1.0M-24.9% | $1.4M+90.7% | $717K+78.8% | $401K-8.4% | $438K+61.9% | $271K-45.5% | $496K+85.4% | $268K+159.3% | $103K |
| Total Liabilities | $20.4M+57.6% | $12.9M+49.3% | $8.7M+12.9% | $7.7M+24.0% | $6.2M-21.4% | $7.9M-25.5% | $10.6M+44.4% | $7.3M-94.3% | $129.3M |
| Current Liabilities | $11.3M+24.0% | $9.2M+12.7% | $8.1M+15.3% | $7.0M+28.4% | $5.5M-6.9% | $5.9M-35.6% | $9.1M+29.3% | $7.1M+15.6% | $6.1M |
| Long-Term Debt | $6.6M | N/A | N/A | N/A | N/A | $1.1M | N/A | N/A | N/A |
| Total Equity | -$1.7M-122.7% | $7.5M+1.4% | $7.4M-56.4% | $17.1M-53.4% | $36.6M+59.3% | $23.0M-5.2% | $24.3M-63.0% | $65.6M+172.8% | -$90.1M |
| Retained Earnings | -$191.1M-7.9% | -$177.1M-7.2% | -$165.2M-12.9% | -$146.4M-17.8% | -$124.2M-16.1% | -$107.0M-28.2% | -$83.5M-117.8% | -$38.3M+74.9% | -$152.9M |
Not reported in any period shown, so not listed: Goodwill.
ECOR Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$9.7M | -$8.2M-17.8% | -$6.9M+52.6% | -$14.7M+11.9% | -$16.6M-22.1% | -$13.6M+32.0% | -$20.1M+55.5% | -$45.1M+4.3% | -$47.1M-86.0% | -$25.3M |
| Capital Expenditures | $10K | $66K | N/A | $206K | N/A | N/A | N/A | $70K-75.0% | $279K+82.9% | $153K |
| Free Cash Flow | -$9.7M | -$8.3M | N/A | -$14.9M | N/A | N/A | N/A | -$45.1M+4.8% | -$47.4M-86.0% | -$25.5M |
| Investing Cash Flow | $2.2M | $3.9M+145.5% | -$8.5M-4035.4% | -$206K | N/A | $18.2M+328.8% | -$8.0M-115.6% | $51.0M+238.4% | -$36.8M-52.7% | -$24.1M |
| Financing Cash Flow | $12.4M | $7.6M-9.6% | $8.4M+12.7% | $7.5M | N/A | $25.7M+35.9% | $18.9M+11650.6% | $161K-99.8% | $78.3M+25.4% | $62.5M |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
ECOR Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 86.8%+1.8pp | 85.0%+2.5pp | 82.5%+1.3pp | 81.2%+6.6pp | 74.6%+24.3pp | 50.3%-1.3pp | 51.6%+9.9pp | 41.7%+5.6pp | 36.1% |
| Operating Margin | -41.1%+7.2pp | -48.3% | -120.2% | -266.2% | -367.7% | -707.9% | -1928.2% | -5494.1% | -3160.3% |
| Net Margin | -43.6%+3.6pp | -47.2% | -117.5% | -257.9% | -315.9% | -672.6% | -1888.8% | -5621.7% | -4410.9% |
| Return on Equity | N/A | -157.6%+95.5pp | -253.1%-123.4pp | -129.7%-82.7pp | -47.0%+55.2pp | -102.2%+83.9pp | -186.1%-100.9pp | -85.2% | N/A |
| Return on Assets | -74.8%-16.8pp | -58.1%+58.9pp | -117.0%-27.4pp | -89.5%-49.3pp | -40.2%+34.4pp | -74.6%+52.7pp | -127.3%-51.4pp | -75.9%+15.3pp | -91.2% |
| Current Ratio | 1.38-0.4x | 1.780.0x | 1.76-1.2x | 3.01-3.8x | 6.84+2.6x | 4.26+1.4x | 2.90-7.4x | 10.28+3.9x | 6.38 |
| Debt-to-Equity | N/A | 1.71+0.5x | 1.16+0.7x | 0.45+0.3x | 0.17+0.1x | 0.05-0.4x | 0.44+0.3x | 0.11 | N/A |
| FCF Margin | -25.8% | N/A | -92.8% | N/A | N/A | N/A | -1888.3% | -4772.6% | -3140.3% |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
Note: Shareholder equity is negative (-$1.7M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
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Where Electrocore Ranks
Frequently Asked Questions
What is Electrocore's annual revenue?
Electrocore (ECOR) reported $32.0M in total revenue for fiscal year 2025. This represents a 27.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Electrocore's revenue growing?
Electrocore (ECOR) revenue grew by 27.2% year-over-year, from $25.2M to $32.0M in fiscal year 2025.
Is Electrocore profitable?
No, Electrocore (ECOR) reported a net income of -$14.0M in fiscal year 2025, with a net profit margin of -43.6%.
What is Electrocore's EBITDA?
Electrocore (ECOR) had EBITDA of -$12.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Electrocore have?
As of fiscal year 2025, Electrocore (ECOR) had $7.0M in cash and equivalents against $6.6M in long-term debt.
What is Electrocore's gross margin?
Electrocore (ECOR) had a gross margin of 86.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Electrocore's operating margin?
Electrocore (ECOR) had an operating margin of -41.1% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Electrocore's net profit margin?
Electrocore (ECOR) had a net profit margin of -43.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Electrocore's free cash flow?
Electrocore (ECOR) recorded an outflow of $8.3M in free cash flow during fiscal year 2025. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Electrocore's operating cash flow?
Electrocore (ECOR) recorded an outflow of $8.2M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Electrocore's total assets?
Electrocore (ECOR) had $18.7M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Electrocore's capital expenditures?
Electrocore (ECOR) invested $66K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Electrocore's current ratio?
Electrocore (ECOR) had a current ratio of 1.38 as of fiscal year 2025, which is considered adequate.
What is Electrocore's return on assets (ROA)?
Electrocore (ECOR) had a return on assets of -74.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Electrocore's cash runway?
Based on fiscal year 2025 data, Electrocore (ECOR) had $7.0M in cash against an annual operating cash burn of $8.2M. This gives an estimated cash runway of approximately 10 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
Why is Electrocore's debt-to-equity ratio negative or not reported?
Electrocore (ECOR) has negative shareholder equity of -$1.7M as of fiscal year 2025, so no debt-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is Electrocore's Altman Z-Score?
Electrocore (ECOR) has an Altman Z-Score of -11.93, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Electrocore's Piotroski F-Score?
Electrocore (ECOR) has a Piotroski F-Score of 3 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Electrocore's earnings high quality?
Electrocore (ECOR) reported a net loss of $14.0M while operations used $8.2M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Electrocore cover its interest payments?
Electrocore (ECOR) reported an operating loss of $13.2M against $15K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Electrocore?
Electrocore (ECOR) scores 46 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.