electroCore Announces Third Quarter 2026 Financial Results

Prescription sales grew while general wellness sales fell, and electroCore introduced preliminary 2027 growth guidance.

Rhea-AI Summary

electroCore (Nasdaq: ECOR) reported third-quarter 2026 revenue of $9.7 million, up approximately 12% from the same period last year. GAAP net loss narrowed to $1.339 million, or $0.13 per share, from $3.405 million, or $0.40 per share. Gross margin rose to 88.5% from 86.0%, while U.S. prescription revenue grew approximately 25%.

The company revised its full-year 2026 revenue outlook to $39 million–$42 million, replacing guidance for greater than 30% growth. It introduced preliminary 2027 revenue growth guidance of 30%–40% and expects its first positive adjusted EBITDA quarter by the end of 2027. This outlook includes potential Quell label expansion, subject to FDA clearance; an October application seeks clearance for chronic chemotherapy-induced peripheral neuropathy, or nerve damage. Cash, cash equivalents and marketable securities totaled approximately $7.5 million, versus approximately $11.6 million at year-end 2025.

24 points · 1 major

PositiveiHow this balance works

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

0 major · 10 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Major point. Forward-looking: it has not happened yet and may not happen.Preliminary 2027 guidance targets 30%–40% revenue growth over full-year 2026 revenue.
• Moderate pointThird-quarter net sales increased approximately 12% to $9.7 million from $8.7 million a year earlier.
• Moderate pointQuarterly GAAP net loss narrowed to $1.339 million from $3.405 million; loss per share improved to $0.13 from $0.40.
• Moderate pointQuarterly adjusted EBITDA loss, a non-GAAP measure, improved 67% year over year to approximately $0.7 million.
• Moderate point. Forward-looking: it has not happened yet and may not happen.electroCore expects its first quarter with positive adjusted EBITDA by the end of 2027.

19 minor points

• Minor pointQuarterly gross profit increased to $8.573 million from $7.470 million; gross margin rose to 88.5% from 86.0%.
• Minor pointU.S. prescription revenue grew approximately 25% in the quarter and 34% over nine months year over year.
• Minor pointQuell quarterly sales reached $1.2 million, growing approximately 102%; nine-month sales grew approximately 369% year over year.
• Minor pointQuell Fibromyalgia VA revenue grew approximately 111% quarterly to $1.1 million and 391% over nine months to $3.4 million.
• Minor pointOutside-U.S. revenue increased to $521,000 from $450,000 quarterly and $1.526 million from $1.418 million over nine months.
• Minor pointIn-license/other revenue rose to $40,000 from $22,000 quarterly and $80,000 from $67,000 over nine months.
• Minor pointNine-month revenue increased to $28.724 million from $22.789 million; gross profit rose to $25.114 million from $19.618 million.
• Minor pointNine-month general wellness revenue increased to $3.938 million from $3.799 million.
• Minor pointQuarterly research and development expense decreased to $431,000 from $662,000.
• Minor pointQuarterly general and administrative expense decreased $0.2 million year over year, primarily reflecting lower professional fees.
• Minor pointOperating loss narrowed to $1.556 million from $2.884 million quarterly and $9.644 million from $10.212 million over nine months.
• Minor pointNine-month net loss narrowed to $9.669 million from $10.931 million; loss per share improved to $1.02 from $1.31.
• Minor pointQuarterly earnings benefited from approximately $0.4 million in indemnification settlement gains and a $126,000 income-tax benefit.
• Minor pointConsumer-channel return on advertising spend improved 8% year over year in the third quarter.
• Minor pointNew representatives averaged approximately $210,000 monthly VA revenue in Q3, versus $160,000 previously in those territories.
• Minor pointNew representatives’ September revenue was 62% higher than June 2026 revenue.
• Minor pointNew independent sales representatives reached 3.4 patient starts per account by month three, versus 0.3 for previously onboarded representatives.
• Minor point. Forward-looking: it has not happened yet and may not happen.Lovell procurement changes are expected to reduce approximately 3% of general and administrative expense in direct-sales transaction fees.
• Minor pointQuell’s 510(k) application for chronic chemotherapy-induced peripheral neuropathy was submitted to the FDA in October 2026.

Negative

• Moderate pointCash, cash equivalents and marketable securities fell to approximately $7.5 million from approximately $11.6 million at year-end 2025.
• Moderate pointSelling, general and administrative expense rose to $9.698 million from $9.692 million quarterly and $32.769 million from $28.015 million over nine months.
• Moderate pointInterest expense rose to $370,000 from $208,000 quarterly and $1.009 million from $218,000 over nine months.
• Minor pointQuarterly general wellness revenue declined to $1.044 million from $1.686 million a year earlier.
• Minor pointTAC-STIM revenue declined to $133,000 from $183,000 quarterly and $360,000 from $454,000 over nine months.

5 minor points

• Minor pointNine-month research and development expense increased to $1.989 million from $1.815 million.
• Minor pointQuarterly sales and marketing expense increased $0.3 million year over year.
• Minor pointStockholders’ deficit widened to $2.508 million from $1.709 million at December 31, 2025.
• Minor pointTop 15 VA accounts represented 51% of quarterly VA revenue, down from 54% in June 2026.
• Minor point. Forward-looking: it has not happened yet and may not happen.Quell’s potential new indication included in the preliminary outlook remains subject to FDA clearance.

News Explained

The reported $2.0 million net-loss improvement included a $0.4 million settlement gain and a $0.1 million tax benefit.

The transition of VA and Department of Defense prescription-product sales to Lovell began in August 2026; by September 30, 2026, 91% of orders flowed through it, and the company expects the change to reduce transaction-fee general and administrative expense by about 3%.

The reported $2.0 million year-over-year reduction in GAAP net loss also reflected an approximately $0.4 million gain from settling indemnification claims and a $0.1 million tax benefit, alongside higher gross profit and modestly lower total operating expenses.

Key Figures

Net sales: $9.7 million GAAP net loss: $1.3 million Adjusted EBITDA net loss: $0.7 million +5 more

Net sales

$9.7 million

Third quarter 2026; up 12% year over year

GAAP net loss

$1.3 million

Third quarter 2026; down 61% from prior year

Adjusted EBITDA net loss

$0.7 million

Third quarter 2026; improved 67% year over year

Cash, cash equivalents, and marketable securities

$7.5 million

At September 30, 2026, compared with $11.6 million at December 31, 2025

2026 revenue outlook

$39 million to $42 million

Revised full-year 2026 outlook

2027 revenue outlook

30% to 40% growth

Preliminary outlook over full-year 2026 revenue

Positive Adjusted EBITDA milestone

By the end of 2027

Company expects its first quarter with positive Adjusted EBITDA

Quell 510(k) submission

October 2026

Premarket notification submitted for chronic chemotherapy-induced peripheral neuropathy; FDA clearance remains pending

Previous Earnings Reports

3 past events · Latest: Aug 06

Same Type 3 events

1. Aug 06

   Q2 2026 earnings

   24h Move

   +20.8%

   Q2 sales rose to $9.5 million, losses narrowed, and 2026 growth guidance was raised.

2. May 06

   Q1 2026 earnings

   24h Move

   -5.9%

   Q1 sales grew 43%, adjusted EBITDA loss improved, and 2026 growth guidance was reaffirmed.

3. Nov 05

   Q3 2025 earnings

   24h Move

   +23.2%

   Q3 sales rose 33%, adjusted EBITDA loss was $2.0 million, and 2025 guidance was raised.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

adjusted ebitda, gaap net loss, 510(k) premarket notification, cipn, +1 more

5 terms

adjusted ebitda financial

"Adjusted EBITDA loss improving 67% from prior-year period"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

gaap net loss financial

"with GAAP net loss improving by $2.0 million to $1.3 million"

GAAP net loss is the amount by which a company’s expenses and losses exceed its revenues for a reporting period, calculated according to Generally Accepted Accounting Principles (GAAP). It matters to investors because it provides a standardized, rule-based picture of profitability—like a household budget showing you overspent after following agreed rules—so stakeholders can compare companies and assess financial health, sustainability of operations, and potential impact on stock value.

510(k) premarket notification regulatory

"submitted a 510(k) premarket notification to the FDA"

A 510(k) premarket notification is a regulatory submission to the U.S. Food and Drug Administration that shows a new medical device is as safe and effective as an existing, legally marketed device. Think of it like demonstrating your new model performs like a trusted older model so it can be sold; for investors, 510(k) clearance is a key hurdle that affects how quickly a device can reach market, development cost, and the level of regulatory risk in a medical-device investment.

cipn medical

"chronic chemotherapy-induced peripheral neuropathy (“CIPN”)"

CIPN stands for chemotherapy‑induced peripheral neuropathy, a nerve damage condition caused by certain chemotherapy drugs. It typically produces symptoms such as numbness, tingling, burning pain, or weakness in the hands and feet, can be dose‑dependent, and may be temporary or long‑lasting; clinical reports and trials grade its severity using standardized neuropathy scales.

non-gaap financial measure financial

"Adjusted EBITDA net loss is a non-GAAP financial measure"

A non-GAAP financial measure is a way companies present their financial results that excludes certain expenses or income to show how they believe their core business is performing. It matters because it can give a clearer picture of how the company is really doing, but it can also be used to make results look better than they actually are.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Third quarter 2026 net sales of $9.7 million, an increase of 12% over $8.7 million 

in the third quarter of 2025

Net loss of $1.3 million decreased 61% from prior year with Adjusted EBITDA net loss improving 67% from prior-year period

Company to host a conference call and webcast today, November 4, 2026, at 4:30 pm EST

ROCKAWAY, N.J., Nov. 04, 2026 (GLOBE NEWSWIRE) -- electroCore, Inc. (Nasdaq: ECOR) (“electroCore” or the “Company”), a bioelectronic technology company, today announced financial results for the third quarter ended September 30, 2026. The Company reported quarterly revenue of $9.7 million, an increase of approximately 12% year-over-year, driven by continued growth in U.S. prescription sales in the U.S. Department of Veterans Affairs (“VA”), with GAAP net loss improving by $2.0 million to $1.3 million or 61% from prior year and Adjusted EBITDA loss improving by nearly $1.4 million to $0.7 million or 67%, ahead of expectations.

“This quarter reflects the early stages of a more efficient commercial organization,” said Joshua Lev, Co-Chief Executive Officer, President, and Chief Financial Officer of electroCore. “This quarter we delivered record net sales of $9.7 million, up approximately 12% from a year ago, while spending less to do it, leading to the lowest operating loss in our history. More importantly, we have evidence that the transformation is working. We are deliberately prioritizing profitable, sustainable long-term growth over short-term results, which underpins our confidence in accelerating revenue growth and an inflection point in positive Adjusted EBITDA in 2027.”

Recent Operational Highlights

Record Top Line and Bottom Line Performance

The Company delivered record net sales of $9.7 million, up approximately 12% from a year ago, and the lowest operating loss in its history. GAAP net loss improved by $2.0 million to $1.3 million or 61% from prior year and Adjusted EBITDA loss improved by nearly $1.4 million to $0.7 million or 67%, ahead of expectations.

Veterans Affairs Channel Continues to Drive Prescription Growth

The VA continued to be the Company’s largest growth driver in the third quarter. U.S. Prescription (Rx) revenue grew approximately 25% in the third quarter and 34% in the first nine months over the same periods last year. Approximately 17,700 VA patients have received a gammaCore device, representing approximately 3.0% penetration of the estimated addressable VA headache market. Sales of the Quell product line were $1.2 million in the third quarter of 2026, growing approximately 102% and approximately 369% in the first nine months of 2026 over the comparable periods in 2025. Quell was acquired in May 2025 as part of the acquisition of NeuroMetrix, Inc. Revenue from Quell Fibromyalgia sold into the VA was approximately $1.1 million and $3.4 million for the three months and nine months ending September 30, 2026, respectively, representing approximately 111% and 391% increases over the comparable periods in 2025.

Continued Focus on Truvaga Efficiency

The Company made a deliberate shift in the quarter to de-emphasize low-return revenue in our consumer channel and continued making meaningful improvements in marketing efficiency despite a more competitive and costly advertising environment. Return on advertising spend improved 8% in third quarter 2026 over the same period in 2025, demonstrating our strategic shift in the second quarter of 2026 to allocate spending toward higher-converting audiences and channels, prioritizing efficiency over broader awareness and prospecting.

Early Signs of a More Productive Commercial Channel

The Company continues making structural changes to the commercial organization. The Company has identified and hired new sales leadership, filling out sales management in two Area Vice Presidents across the country, as well as two new Regional Sales Directors in October with a third soon to follow. We currently expect these to be the last material changes to the commercial organization as part of the Company’s executive leadership transformation, promoting greater accountability in smaller geographic territories, while supporting a more efficient cost structure.

Early signs of the newly trained representatives have been promising. Since June, the representatives we added have averaged approximately $210,000 a month in VA revenue in Q3’26, a 30% increase versus the $160,000 a month those territories produced before. Their September 2026 revenue was 62% higher than June 2026. New patient starts per account have increased to 3.4 per account by month three for the newly added 1099s due to the leadership change, as compared to 0.3 from the previously onboarded 1099s.

The distribution of new accounts and depth of new accounts is expected to support revenue diversification. In June 2026, our top 15 VA accounts made up 54% of VA revenue, decreasing to 51% in the third quarter of 2026. During the same period, our top 30 accounts made up 73% of VA revenue, decreasing to 71% in the second and third quarters of 2026, respectively.

The Company has shifted its direct sales to the VA from its federal supply schedule to sales through the distribution agreement with Lovell Government Services (“Lovell”), and beginning in August 2026, the Company implemented a change to transition all prescription product sales to the VA and Department of Defense through the Lovell distribution agreement. In June 2026, 57% of orders flowed through Lovell, and by the end of September 30, 2026, that number increased to 91% of orders. This change simplified how the Company’s products move through federal procurement is expected to reduce approximately 3% of general and administrative expense in transaction fees associated with direct sales.

Beyond the VA, the Company continued engagement within Kaiser Permanente Georgia and remains optimistic about the broader potential for Quell Fibromyalgia.

Progress Towards New Indications

In October 2026, following a meeting with the FDA at which the FDA recommended that the Company submit a 510(k) premarket notification rather than the De Novo classification request the FDA had previously recommended, the Company submitted a 510(k) premarket notification to the FDA seeking clearance of Quell for the treatment of chronic chemotherapy-induced peripheral neuropathy (“CIPN”). The submission represents the first step toward a potential new indication for Quell that, if cleared by the FDA, could open new call points for Quell and expand the Company’s presence into the oncology market.

Third Quarter 2026 Financial Results

For the three months ended September 30, 2026, electroCore reported net sales of $9.7 million compared to $8.7 million during the same period in 2025, an increase of approximately 12% over the prior year. The increase of $1.0 million was primarily driven by growth in net sales of Quell Fibromyalgia products acquired from NURO in May 2025 and Rx gammaCore, which are sold to the VA. During the remainder of 2026, the Company intends to generate the majority of its sales in the VA channel through the Company’s agreement with Lovell.

		Three months ended September 30,
Channel:		2026				2025
United States – Rx		$	7,952			$	6,348
General Wellness			1,044				1,686
Outside the United States			521				450
TAC-STIM			133				183
In-License / Other			40				22
Total Net Sales		$	9,690			$	8,689

		Nine months ended September 30,
Channel:		2026				2025
United States – Rx		$	22,820			$	17,051
General Wellness			3,938				3,799
Outside the United States			1,526				1,418
TAC-STIM			360				454
In-License / Other			80				67
Total Net Sales		$	28,724			$	22,789

Gross profit increased by $1.1 million to $8.6 million for the three months ended September 30, 2026 compared to the three months ended September 30, 2025. The increase in gross profit is attributable to the increased net sales. Gross margin increased to 88.5% from 86.0% for the three months ended September 30, 2026, compared to the three months ended September 30, 2025. The increase in gross margin was primarily due to a favorable product mix.

Research and development expense was $0.4 million in the third quarter of 2026, compared to $0.7 million in the third quarter of 2025. The decrease was primarily due to the timing of open positions, professional fees and development costs.

Selling, general and administrative expense was $9.7 million for the three months ended September 30, 2026, compared to $9.7 million in the prior year period. Sales and marketing increased $0.3 million from the prior year primarily driven by expenses that supported the $1.0 million increase in net sales.

General and administrative expense decreased $0.2 million from the prior year. The decrease was primarily attributable to a reduction in professional fees in the third quarter of 2026.

Total operating expenses in the three months ended September 30, 2026 were $10.1 million, compared to $10.4 million in the three months ended September 30, 2025.

GAAP net loss in the third quarter of 2026 was $1.3 million, compared to $3.4 million in the third quarter of 2025. The decrease in GAAP net loss was primarily attributed to higher gross profit associated with the increase in net sales, coupled with a modest decrease in total operating expenses, a gain included in Interest and other income of approximately $0.4 million related to the settlement of claims for indemnification, and $0.1 million benefit from income taxes which consisted of a favorable adjustment to our UK tax provision following a change in our transfer pricing policy. Net loss per share for the third quarter of 2026 was $0.13, compared to $0.40 in the third quarter of 2025.

Adjusted EBITDA net loss in the third quarter of 2026 was $0.7 million, compared to an Adjusted EBITDA net loss of $2.0 million in the third quarter of 2025, an improvement of approximately $1.4 million, or 67%, year-over-year.

Adjusted EBITDA net loss is a non-GAAP financial measure. See “Use of Non-GAAP Financial Measure” below for additional information and a reconciliation to GAAP net loss.

Total cash, cash equivalents, and marketable securities at September 30, 2026, was approximately $7.5 million, compared to approximately $11.6 million at December 31, 2025.

Full Year 2026 and Select 2027 Outlook

The Company is revising its full-year 2026 revenue outlook to a range of $39 million to $42 million, from its prior guidance of greater than 30% revenue growth.

The Company is also introducing preliminary 2027 revenue guidance of 30% to 40% revenue growth over full year 2026 revenue and expects to achieve its first quarter with positive Adjusted EBITDA by the end of 2027. This preliminary outlook reflects the Company’s expectations regarding the continued expansion of representatives selling both gammaCore and Quell into VA accounts, improved accountability associated with smaller territories, replicating operating leverage nationally, and potential label expansion of Quell for CIPN, which remains subject to FDA clearance. The Company expects to refine this guidance range and provide additional commentary as appropriate in the future. A reconciliation of forward-looking Adjusted EBITDA to the most directly comparable GAAP measure is not provided because the timing and magnitude of certain reconciling items cannot be reasonably predicted without unreasonable effort.

Webcast and Conference Call Information

electroCore’s management team will host a webcast and conference call today, November 4, 2026, beginning at 4:30 PM EST.

Investors interested in listening to the conference call, or webcast may dial 877-407-8835 for domestic callers or +1 201-689-8779 for international callers, using Conference ID: 13763480, or click through the following webcast link.

An archived webcast of the event will be available on the “Investors” section of the Company’s website at: www.electrocore.com.

About electroCore, Inc.

electroCore, Inc. and its subsidiaries (“electroCore” or the “Company”) is a bioelectronic technology company whose mission is to improve health and quality of life through innovative non-invasive bioelectronic technologies. The Company’s leading prescription products are gammaCore non-invasive vagus nerve stimulation, or nVNS, indicated for the treatment of primary headache conditions, and Quell Fibromyalgia. The Company also commercializes its handheld and personal-use Truvaga and TAC-STIM™ nVNS products, which utilize bioelectronic technologies to promote general wellness and human performance.

For more information, visit www.electrocore.com.

Forward-Looking Statements

This press release and other written and oral statements made by representatives of electroCore may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements about, electroCore’s business prospects and clinical and product development plans; its pipeline or potential markets for its technologies; the timing, outcome and impact of regulatory, clinical and commercial developments; business prospects around its prescription gammaCore product, general wellness Truvaga and TAC-STIM products, Quell products, and other potential new products and markets; the expansion and ramp-up of the Company’s salesforce; the ability to successfully hire, train and ramp up electroCore’s sales force and achieve expected sales productivity, the timing and outcome of the 510(k) submission; the Company’s response to FDA Form 483 correspondence; revenue guidance for the full year of 2026, a preliminary guidance range for full year 2027 revenue growth, and select Adjusted EBITDA guidance for 2027; the Company’s ability to continue as a going concern; the Company’s ability to raise additional capital; and the Company’s liquidity position, respectively, and other statements that are not historical in nature, particularly those that utilize terminology such as “anticipates,” “will,” “expects,” “believes,” “designed,” “intends,” and other words of similar meaning, derivations of such words and the use of future dates. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the ability to raise the additional funding needed to continue to pursue electroCore’s business and product development plans, the inherent uncertainties associated with developing new products or technologies, the ability to commercialize gammaCore, TAC-STIM, Truvaga, and Quell, the risk the Company may not be able to maintain its listing on the Nasdaq Capital Market, the risk that expected cost savings from the revised sales incentive compensation structure and the Lovell arrangement will not materialize, FDA regulatory matters that may affect the Quell product line, including the risk that the FDA may not clear electroCore’s pending 510(k) submission on a timely basis or at all, the risk that the FDA may not find electroCore’s response to the most recent Form 483 inspectional observations adequate, which could result in a warning letter or other regulatory action, risks associated with ongoing leadership changes, including management transitions and the ability to attract and retain key personnel, the terms of electroCore’s Loan and Security Agreement with Avenue, which require electroCore to meet certain operating covenants and place certain restrictions on its operating and financial flexibility, the risk that the terms of any new debt financing could further restrict electroCore’s ability to operate its business, electroCore’s results of operations and financial performance, the inherent uncertainty in forecasting future revenue and Adjusted EBITDA net loss, including the amount and timing of items excluded from that measure; changes to the Company's non-GAAP financial measures or their calculation, which could affect period-to-period comparability and the timing of the Company’s achievement of positive Adjusted EBITDA, inflation and currency fluctuations, and any expectations electroCore may have with respect thereto, competition in the industry in which electroCore operates and overall economic and market conditions. Any forward-looking statements are made as of the date of this press release, and electroCore assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements, except as required by law. Investors should consult all of the information set forth herein and should also refer to the risk factor disclosure set forth in the reports and other documents electroCore files with the SEC available at www.sec.gov including its Quarterly Report on Form 10-Q and Annual Report on Form 10-K.

Contact

ECOR Investor Relations
(973) 302-9253
investors@electrocore.com

ELECTROCORE, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(unaudited)
(in thousands, except per share data)

		Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
Net sales		$	9,690			$	8,689			$	28,724			$	22,789
Cost of goods sold			1,117				1,219				3,610				3,171
Gross profit			8,573				7,470				25,114				19,618
Operating expenses
Research and development			431				662				1,989				1,815
Selling, general and administrative			9,698				9,692				32,769				28,015
Total operating expenses			10,129				10,354				34,758				29,830
Loss from operations			(1,556	)			(2,884	)			(9,644	)			(10,212	)
Other (income) expense:
Interest and other income			(465	)			(62	)			(557	)			(213	)
Interest expense			370				208				1,009				218
Other expense			4				375				20				762
Total other expense			(91	)			521				472				767
Loss before income taxes			(1,465	)			(3,405	)			(10,116	)			(10,979	)
Benefit from income taxes			126				-				447				48
Net loss		$	(1,339	)		$	(3,405	)		$	(9,669	)		$	(10,931	)
Net loss per share of common stock – Basic and Diluted		$	(0.13	)		$	(0.40	)		$	(1.02	)		$	(1.31	)
Weighted average common shares outstanding – Basic and Diluted			9,954				8,445				9,441				8,351

ELECTROCORE, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheet Information
(unaudited)
(in thousands)

		September 30, 2026			December 31, 2025
Cash and cash equivalents	$	6,306		$	7,035
Marketable securities		1,196			4,576
Total assets		17,258			18,667
Current liabilities		10,780			11,348
Total liabilities		19,766			20,376
Total stockholders’ deficit		(2,508	)		(1,709	)

Use of Non-GAAP Financial Measure

The Company is presenting Adjusted EBITDA net loss because it believes this measure is a useful indicator of its operating performance. Management uses this non-GAAP measure principally as a measure of the Company’s core operating performance and believes that this measure is useful to investors because it is frequently used by the financial community, investors, and other interested parties to evaluate companies in the Company’s industry. The Company also believes that this measure is useful to its management and investors as a measure of comparative operating performance from period to period. Additionally, the Company believes its use of non-GAAP Adjusted EBITDA net loss from operations facilitates management’s internal comparisons to historical operating results by factoring out potential differences caused by gains and charges not related to its regular, ongoing business, including, without limitation, non-cash charges and certain large and unpredictable charges such as restructuring expenses.

The Company defines Adjusted EBITDA net loss as GAAP net loss, adjusting to exclude non-operating gains/losses, depreciation and amortization, stock-based compensation expense, inventory reserve changes, accounts receivable reserve charges, non-recurring recruiting fees, severance and other related charges, legal fees associated with stockholders’ litigation and intellectual property litigation, benefit from income taxes, and non-recurring transaction charges associated with the acquisition of NURO and other business development activities, or other one-time charges. A reconciliation of GAAP net loss to non-GAAP Adjusted EBITDA net loss is provided in the financial statement table below.

Stock-based compensation is a recurring expense and an important part of the Company's compensation and retention strategy. The Company excludes it from Adjusted EBITDA net loss because it is a non-cash charge whose amount can vary significantly from period to period based on the timing and size of awards, modifications such as accelerated vesting in connection with executive transitions, and the Company's stock price. Management believes excluding it allows investors to compare the Company's operating performance more consistently across periods and against peers.                                                                                                                                                                   

	Three months ended September 30,									Nine months ended September 30,
(in thousands)	2026				2025					2026				2025
GAAP net loss	$	(1,339	)		$	(3,405	)			$	(9,669	)		$	(10,931	)
Depreciation and amortization		9				118					36				394
Stock-based compensation		617				415					2,408				1,460
Inventory reserve change		99				(98			)		234				(241	)
Severance and other related charges		33				-					1,517				180
Acquisition related expenses		-				501					-				874
Reserve for bad debt charge		-				-					-				548
Interest expense (income)		(95	)		146						452				5
Benefit from income taxes		(126	)			-					(447	)			(48	)
Non-recurring one-time charges		122				280					711				280
Adjusted EBITDA net loss	$	(680	)		$	(2,043	)			$	(4,758	)		$	(7,479	)

The Company’s use of a non-GAAP measure has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of its results as reported under GAAP. Some of these limitations are: (i) the non-GAAP measure does not reflect interest or tax payments that may represent a reduction in cash available; (ii) although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and the non-GAAP measure does not reflect cash capital expenditure requirements for such replacements or for new capital expenditure requirements; (iii) the non-GAAP measure does not reflect the potentially dilutive impact of equity-based compensation; and (iv) the non-GAAP measure does not reflect changes in, or cash requirements for working capital needs; other companies, including companies in electroCore’s industry, may calculate Adjusted EBITDA net loss differently, effectively reducing its usefulness as a comparative measure.

Because of these and other limitations, you should consider the non-GAAP measure together with other GAAP-based financial performance measures, including various cash flow metrics, net loss, and other GAAP results. A reconciliation of GAAP net loss to non-GAAP Adjusted EBITDA net loss has been provided in the preceding financial statements table of this press release.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were electroCore’s third-quarter 2026 earnings results?

electroCore reported $9.7 million in revenue and a GAAP net loss of $1.339 million, or $0.13 per share. Revenue increased approximately 12% year over year, while net loss narrowed from $3.405 million, or $0.40 per share. Gross margin improved to 88.5% from 86.0%.

What is electroCore’s revenue outlook for 2026 and 2027?

electroCore revised its 2026 revenue outlook to $39 million–$42 million and introduced preliminary guidance for 30%–40% revenue growth in 2027. The company expects its first quarter with positive adjusted EBITDA by the end of 2027. The preliminary outlook includes potential Quell label expansion, which remains subject to FDA clearance.

How is electroCore changing its VA distribution arrangements?

electroCore began transitioning all prescription product sales to the VA and Department of Defense through Lovell Government Services in August 2026. Orders flowing through Lovell increased from 57% in June to 91% by the end of September. The company expects the change to reduce approximately 3% of general and administrative expense in direct-sales transaction fees.

Why did electroCore use a 510(k) application for Quell’s proposed new indication?

The FDA recommended a 510(k) premarket notification rather than the De Novo classification request it had previously recommended. Following that meeting, electroCore submitted its application in October 2026 seeking clearance for Quell to treat chronic chemotherapy-induced peripheral neuropathy.