Tivic Health Systems Inc Financials

TIVC

FY2025 annual

Revenue Not reported for FY2025

Net Income -$8.9M -57.0% YoY

EPS (Diluted) Not reported for FY2025

Free Cash Flow -$7.0M -22.9% YoY

Source SEC Filings (10-K/10-Q) Data as of Mar 31, 2026 Currency USD FYE December

This page shows Tivic Health Systems Inc (TIVC) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 5 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).

Rhea AI TIVC FY2025 2026-08-15

FY2025 shows a financing-led balance-sheet reset supporting a still development-stage cash burn, not a business yet funding itself.

From FY2024 to FY2025, cash nearly rebuilt through financing: year-end cash rose to $12.6M from $2.0M, reversing the prior squeeze in liquidity. But financing supplied $18.3M while operations used about -$7.0M, so the stronger balance sheet came from external capital replacing runway rather than from the core business turning self-funding.

Losses are cash-real, not mainly accounting noise: operating cash flow of -$7.0M was fairly close to net income of -$8.9M in FY2025, which means reported losses largely showed up as actual cash consumption. With capital spending only $38K, free cash flow at -$7.0M says the drain is coming from day-to-day operations rather than heavy reinvestment.

The operating model still looks pre-scale: FY2025 spending on SG&A plus R&D totaled about $7.9M, while the last three reported revenue years never exceeded $1.8M. That gap implies the company is carrying commercialization and product-development costs well ahead of a proven sales engine, so scale has not yet covered fixed operating expenses.

Financial Health Signals

Financial health score not available

Tivic Health Systems Inc does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.

Piotroski F-Score Partial

3/6

Tivic Health Systems Inc passes 3 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass.

Earnings Quality No Cash Backing

N/A

Tivic Health Systems Inc reported a net loss of $8.9M while operations used $7.0M of cash. With neither figure positive, the ratio between the two carries no quality signal.

Interest Coverage At Risk

N/A

Tivic Health Systems Inc reported an operating loss of $7.9M against $146K 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

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Earnings & Revenue

EBITDA

-$7.9M

YoY-76.5%

Tivic Health Systems Inc's EBITDA was -$7.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 76.5% from the prior year.

Net Income

-$8.9M

YoY-57.0%

Tivic Health Systems Inc reported -$8.9M in net income in fiscal year 2025. This represents a decrease of 57.0% from the prior year.

Revenue

Not reported for fiscal year 2025.

EPS (Diluted)

Not reported for fiscal year 2025.

Cash & Balance Sheet

Free Cash Flow

-$7.0M

YoY-22.9%

Tivic Health Systems Inc recorded an outflow of $7.0M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents a decrease of 22.9% from the prior year.

Cash & Debt

$12.6M

YoY+531.6%

Tivic Health Systems Inc held $12.6M in cash as of fiscal year 2025; long-term debt is not reported for that period.

Shares Outstanding

Tivic Health Systems Inc had 3M shares outstanding in fiscal year 2025.

Dividends Per Share

Not reported for fiscal year 2025.

Margins & Returns

Return on Equity

-52.8%

YoY+170.2pp

Tivic Health Systems Inc's ROE was -52.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 170.2 percentage points from the prior year.

Gross Margin

Not reported for fiscal year 2025.

Operating Margin

Not reported for fiscal year 2025.

Net Margin

Not reported for fiscal year 2025.

Capital Allocation

R&D Spending

$3.1M

YoY+138.5%

Tivic Health Systems Inc invested $3.1M in research and development in fiscal year 2025. This represents an increase of 138.5% from the prior year.

Capital Expenditures

$38K

Tivic Health Systems Inc invested $38K in capex in fiscal year 2025, funding long-term assets and infrastructure.

Share Buybacks

Not reported for fiscal year 2025.

TIVC Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

TIVC annual income statement

Metric	TTM	FY25	FY24	FY23	FY22	FY21
Revenue	N/A	N/A	$780K-33.7%	$1.2M-36.1%	$1.8M+46.4%	$1.3M
Cost of Revenue	N/A	N/A	$778K-12.5%	$889K-42.3%	$1.5M+19.0%	$1.3M
Gross Profit	N/A	N/A	$2K-99.3%	$287K-4.0%	$299K+886.8%	-$38K
R&D Expenses	N/A	$3.1M+138.5%	$1.3M-20.7%	$1.7M-4.3%	$1.7M+97.0%	$878K
SG&A Expenses	N/A	$4.8M+50.7%	$3.2M-33.4%	$4.8M-19.1%	$5.9M+100.5%	$2.9M
Operating Income	N/A	-$7.9M-76.5%	-$4.5M+45.7%	-$8.2M+18.4%	-$10.1M-79.3%	-$5.6M
Interest Expense	N/A	$146K	$0-100.0%	$1K-50.0%	$2K+100.1%	-$1.8M
Income Tax	N/A	$0	$0	N/A	N/A	N/A
Net Income	N/A	-$8.9M-57.0%	-$5.7M+31.4%	-$8.2M+18.3%	-$10.1M-18.9%	-$8.5M
EPS (Diluted)	—	N/A	-$19.68	-$176.80	-$104.32	-$2.43

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	N/A	N/A	$146K+69.8%	$86K+22.9%	$70K-61.1%	$180K+42.9%	$126K-10.0%	$140K
Cost of Revenue	N/A	N/A	$291K+809.4%	$32K+60.0%	$20K-95.2%	$419K+411.0%	$82K-25.5%	$110K
Gross Profit	N/A	N/A	-$145K-368.5%	$54K+8.0%	$50K+120.9%	-$239K-643.2%	$44K+46.7%	$30K
R&D Expenses	$1.9M	N/A	$858K+31.0%	$655K+95.5%	$335K+0.6%	$333K-21.1%	$422K+39.7%	$302K
SG&A Expenses	$3.8M	N/A	$1.1M+17.4%	$907K-13.0%	$1.0M+55.5%	$670K-18.2%	$819K+4.1%	$787K
Operating Income	-$5.6M	N/A	-$2.5M-28.4%	-$1.9M-40.5%	-$1.4M-362.1%	-$298K+79.2%	-$1.4M-13.0%	-$1.3M
Interest Expense	$648K	N/A	N/A	$3K	$0	N/A	N/A	N/A
Net Income	-$6.2M	N/A	-$2.6M-34.4%	-$1.9M-28.6%	-$1.5M-1.7%	-$1.5M-3.2%	-$1.4M-13.0%	-$1.3M
EPS (Diluted)	N/A	N/A	N/A	-$2.19+13.1%	-$2.52	N/A	-$0.23	-$5.37

TTM is the trailing twelve months, Q2 FY2025 through Q1 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.

TIVC Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

TIVC annual balance sheet

Metric	FY25	FY24	FY23	FY22	FY21
Total Assets	$31.6M+1026.0%	$2.8M-45.6%	$5.2M-12.2%	$5.9M-60.9%	$15.0M
Current Assets	$13.0M+392.8%	$2.6M-43.3%	$4.7M-12.3%	$5.3M-62.9%	$14.3M
Cash & Equivalents	$12.6M+531.6%	$2.0M-41.0%	$3.4M-3.5%	$3.5M-72.9%	$13.0M
Inventory	$0-100.0%	$319K-57.8%	$756K-12.4%	$863K+101.2%	$429K
Accounts Receivable	N/A	$69K-60.3%	$174K+62.6%	$107K+16.3%	$92K
Goodwill	$3.5M	$0	N/A	N/A	N/A
Total Liabilities	$14.8M+5344.9%	$272K-82.8%	$1.6M-29.8%	$2.2M+27.3%	$1.8M
Current Liabilities	$646K+137.5%	$272K-80.6%	$1.4M-25.4%	$1.9M+54.1%	$1.2M
Total Equity	$16.8M+562.6%	$2.5M-29.2%	$3.6M-1.4%	$3.6M-72.6%	$13.3M
Retained Earnings	-$52.6M-20.8%	-$43.5M-14.9%	-$37.9M-27.8%	-$29.6M-51.7%	-$19.5M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$38.2M+20.9%	$31.6M+407.4%	$6.2M+38.2%	$4.5M+19.4%	$3.8M+34.6%	$2.8M-17.3%	$3.4M-29.0%	$4.8M
Current Assets	$8.7M-33.5%	$13.0M+247.8%	$3.7M+103.0%	$1.8M+46.1%	$1.3M-52.2%	$2.6M-16.6%	$3.2M-32.2%	$4.7M
Cash & Equivalents	$7.2M-42.9%	$12.6M+266.5%	$3.5M+191.4%	$1.2M+77.0%	$669K-66.6%	$2.0M-8.5%	$2.2M-40.7%	$3.7M
Inventory	$750K	$0-100.0%	$4K-98.6%	$283K-7.5%	$306K-4.1%	$319K-56.4%	$731K-4.6%	$766K
Accounts Receivable	N/A	N/A	$19K+46.2%	$13K0.0%	$13K-81.2%	$69K+666.7%	$9K-43.8%	$16K
Goodwill	$3.5M0.0%	$3.5M	N/A	N/A	N/A	$0	N/A	N/A
Total Liabilities	$19.7M+32.8%	$14.8M+426.1%	$2.8M+242.9%	$821K+10.8%	$741K+172.4%	$272K-51.4%	$560K-5.2%	$591K
Current Liabilities	$2.6M+304.8%	$646K+1.3%	$638K-22.3%	$821K+10.8%	$741K+172.4%	$272K-51.4%	$560K-5.2%	$591K
Long-Term Debt	$16.3M	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$11.1M-34.1%	$16.8M+392.0%	$3.4M+3.0%	$3.3M+9.1%	$3.0M+19.8%	$2.5M-10.6%	$2.8M-32.4%	$4.2M
Retained Earnings	-$59.0M-12.2%	-$52.6M-6.0%	-$49.6M-5.6%	-$47.0M-4.3%	-$45.0M-3.4%	-$43.5M-3.5%	-$42.1M-3.5%	-$40.6M

Not reported in any period shown, so not listed: Long-Term Debt.

TIVC Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

TIVC annual cash flow statement

Metric	TTM	FY25	FY24	FY23	FY22	FY21
Operating Cash Flow	-$11.1M	-$7.0M-22.3%	-$5.7M+32.7%	-$8.5M+4.6%	-$8.9M-58.9%	-$5.6M
Capital Expenditures	$45K	$38K	$0-100.0%	$118K+972.7%	$11K	N/A
Free Cash Flow	-$11.2M	-$7.0M-22.9%	-$5.7M+33.7%	-$8.6M+3.4%	-$8.9M	N/A
Investing Cash Flow	-$186K	-$705K	$0+100.0%	-$118K-972.7%	-$11K	N/A
Financing Cash Flow	$18.2M	$18.3M+323.5%	$4.3M-49.1%	$8.5M+1711.2%	-$528K-103.0%	$17.5M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	-$5.0M-119.1%	-$2.3M-14.6%	-$2.0M-9.3%	-$1.8M-105.5%	-$889K+34.9%	-$1.4M+3.0%	-$1.4M-9.3%	-$1.3M
Capital Expenditures	$7K-72.0%	$25K+150.0%	$10K+233.3%	$3K	$0	$0	N/A	N/A
Free Cash Flow	-$5.0M-117.0%	-$2.3M-15.3%	-$2.0M-9.6%	-$1.8M-105.8%	-$889K+34.9%	-$1.4M	N/A	N/A
Investing Cash Flow	-$7K+95.3%	-$149K-1390.0%	-$10K+50.0%	-$20K+96.2%	-$526K	$0	N/A	N/A
Financing Cash Flow	-$44K-100.4%	$11.6M+172.3%	$4.3M+80.9%	$2.4M+2780.5%	$82K-93.0%	$1.2M+1314.4%	-$97K-102.9%	$3.3M

Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.

TIVC Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples.

TIVC annual financial ratios

Metric	FY25	FY24	FY23	FY22	FY21
Gross Margin	N/A	0.3%-24.1pp	24.4%+8.1pp	16.3%+19.3pp	-3.0%
Operating Margin	N/A	-573.9%	-701.1%	-548.8%	-448.1%
Net Margin	N/A	-725.0%	-701.0%	-548.7%	-675.7%
Return on Equity	-52.8%+170.2pp	-223.1%+7.2pp	-230.3%+47.8pp	-278.1%-214.1pp	-64.0%
Return on Assets	-28.1%+173.4pp	-201.5%-41.6pp	-159.9%+12.0pp	-171.8%-115.4pp	-56.5%
Current Ratio	20.13+10.4x	9.70+6.4x	3.32+0.5x	2.83-8.9x	11.72
Debt-to-Equity	0.88+0.8x	0.11-0.3x	0.44-0.2x	0.62+0.5x	0.13
FCF Margin	N/A	-734.0%	-733.8%	-485.3%	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	N/A	N/A	-99.3%-162.1pp	62.8%-8.6pp	71.4%	-132.8%	34.9%+13.5pp	21.4%
Operating Margin	N/A	N/A	-1700.7%	-2248.8%	-1967.1%	-165.6%	-1135.7%	-904.3%
Net Margin	N/A	N/A	-1778.1%	-2245.3%	-2145.7%	-820.6%	-1135.7%	-904.3%
Return on Equity	-56.1%	N/A	-76.0%-17.8pp	-58.3%-8.8pp	-49.5%+8.8pp	-58.3%-7.8pp	-50.5%-20.3pp	-30.2%
Return on Assets	-16.2%	N/A	-41.7%+1.2pp	-42.8%-3.1pp	-39.8%+12.8pp	-52.6%-10.5pp	-42.2%-15.7pp	-26.5%
Current Ratio	3.31-16.8x	20.13+14.3x	5.86+3.6x	2.24+0.5x	1.70-8.0x	9.70+4.1x	5.65-2.2x	7.89
Debt-to-Equity	1.78+0.9x	0.88+0.1x	0.82+0.6x	0.250.0x	0.24+0.1x	0.11-0.1x	0.20+0.1x	0.14
FCF Margin	N/A	N/A	-1374.0%	-2127.9%	-1270.0%	-758.3%	N/A	N/A

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.

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Where Tivic Health Systems Inc Ranks

Frequently Asked Questions

Is Tivic Health Systems Inc profitable?

No, Tivic Health Systems Inc (TIVC) reported a net income of -$8.9M in fiscal year 2025.

What is Tivic Health Systems Inc's EBITDA?

Tivic Health Systems Inc (TIVC) had EBITDA of -$7.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Tivic Health Systems Inc's return on equity (ROE)?

Tivic Health Systems Inc (TIVC) has a return on equity of -52.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Tivic Health Systems Inc's free cash flow?

Tivic Health Systems Inc (TIVC) recorded an outflow of $7.0M in free cash flow during fiscal year 2025. This represents a -22.9% change compared to the previous fiscal year. 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 Tivic Health Systems Inc's operating cash flow?

Tivic Health Systems Inc (TIVC) recorded an outflow of $7.0M in operating cash flow during fiscal year 2025, representing cash used by core business activities.

What are Tivic Health Systems Inc's total assets?

Tivic Health Systems Inc (TIVC) had $31.6M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Tivic Health Systems Inc's capital expenditures?

Tivic Health Systems Inc (TIVC) invested $38K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Tivic Health Systems Inc spend on research and development?

Tivic Health Systems Inc (TIVC) invested $3.1M in research and development during fiscal year 2025.

How many shares does Tivic Health Systems Inc have outstanding?

Tivic Health Systems Inc (TIVC) had 3M shares outstanding as of fiscal year 2025.

What is Tivic Health Systems Inc's current ratio?

Tivic Health Systems Inc (TIVC) had a current ratio of 20.13 as of fiscal year 2025, which is generally considered healthy.

What is Tivic Health Systems Inc's debt-to-equity ratio?

Tivic Health Systems Inc (TIVC) had a debt-to-equity ratio of 0.88 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Tivic Health Systems Inc's return on assets (ROA)?

Tivic Health Systems Inc (TIVC) had a return on assets of -28.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Tivic Health Systems Inc's cash runway?

Based on fiscal year 2025 data, Tivic Health Systems Inc (TIVC) had $12.6M in cash against an annual operating cash burn of $7.0M. This gives an estimated cash runway of approximately 22 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.

What is Tivic Health Systems Inc's Piotroski F-Score?

Tivic Health Systems Inc (TIVC) has a Piotroski F-Score of 3 out of 6 computable signals; 3 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 Tivic Health Systems Inc's earnings high quality?

Tivic Health Systems Inc (TIVC) reported a net loss of $8.9M while operations used $7.0M 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 Tivic Health Systems Inc cover its interest payments?

Tivic Health Systems Inc (TIVC) reported an operating loss of $7.9M against $146K 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.