Persistent liquidity concerns are highlighted by a 2026Q1 free cash flow margin of -31.4% and an OCF/NI ratio of 0.57, suggesting that internal cash generation remains insufficient to fund ongoing operations.
| Cash from Operations | -6.84M | -8.19M | -6.95M | -14.67M | -16.64M | -13.63M | -20.05M | -45.07M | -47.11M | -25.33M | -13.23M |
| Operating CF Margin % | - | -25.56% | -27.59% | -91.5% | -193.73% | -249.99% | -573.56% | -1885.41% | -4744.47% | -3121.45% | -5204.17% |
| Operating CF Growth % | 50.61% | -17.83% | 52.63% | 11.88% | -22.15% | 32.04% | 55.51% | 4.34% | -85.99% | -91.51% | - |
| Net Income | -15.38M | -13.97M | -11.89M | -18.83M | -22.16M | -17.22M | -23.51M | -45.15M | -55.77M | -36.03M | -15.78M |
| Depreciation & Amortization | 1.53M | 1.68M | 1.26M | 1.02M | 548K | 382K | 399.24K | 249.58K | 66.66K | 32.31K | 53.42K |
| Stock-Based Compensation | 920K | 1.93M | 1.87M | 1.7M | 2.68M | 3.3M | 3.27M | 3.9M | 7.6M | 462.33K | 142.58K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -530.1K | 1.37M | -513.61K | 2.47K |
| Other Non-Cash Items | 2.35M | 849K | 51K | 628K | 244K | -1.72M | 1.55M | -963.82K | -95.62K | 11.43M | 536.89K |
| Working Capital Changes | 3.75M | 1.32M | 1.76M | 815K | 2.04M | 1.63M | -1.76M | -2.57M | -289.09K | -711.61K | 1.82M |
| Change in Receivables | 78K | -142K | -710K | -262K | 37K | -217K | 225.59K | -228.54K | -164.39K | -78.5K | 75.11K |
| Change in Inventory | -410K | 16K | 713K | 96K | 296K | 371K | 735.64K | -4.96M | -1.62M | -279.32K | 1.01K |
| Change in Payables | 1.86M | 2.45M | 1.05M | 35K | 1.19M | 464K | -1.58M | 2.8M | 1.56M | -304.95K | 1.74M |
| Cash from Investing | -26K | 3.88M | -8.52M | -206K | 0 | 18.22M | -7.96M | 50.97M | -36.83M | -24.12M | 0 |
| Capital Expenditures | -31K | -66K | 0 | -206K | 0 | 0 | 0 | -69.67K | -278.92K | -152.53K | 0 |
| CapEx % of Revenue | 0.09% | 0.21% | - | 1.29% | - | - | - | 2.91% | 28.09% | 18.8% | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -51.04M | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 51.04M | -36.55M | -23.97M | 0 |
| Cash from Financing | 7.68M | 7.63M | 8.44M | 7.49M | 0 | 25.68M | 18.9M | 160.84K | 78.33M | 62.49M | 9.27M |
| Debt Issued (Net) | 7.41M | 7.41M | 0 | 0 | 0 | 0 | 1.46M | 111.88K | 0 | 19.97M | 5.87M |
| Equity Issued (Net) | 234K | 222K | 8.3M | 8.14M | 0 | 25.68M | 17.49M | 0 | 78.33M | -2.82M | 3.37M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3.63B | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 38K | 0 | 139K | -657K | 0 | 0 | 0 | 48.97K | 0 | 45.34M | 35.52K |
| Net Change in Cash | 825K | 3.33M | -6.88M | -7.38M | -16.73M | 30.45M | -9.32M | 5.96M | -5.62M | 12.81M | -3.91M |
| Free Cash Flow | -6.87M | -8.25M | -6.95M | -14.87M | -16.64M | -13.63M | -20.05M | -45.14M | -47.39M | -25.48M | -13.23M |
| FCF Margin % | -19.69% | -25.76% | -27.59% | -92.79% | -193.73% | -249.99% | -573.56% | -1888.32% | -4772.56% | -3140.25% | -5204.17% |
| FCF Growth % | 21.76% | -18.78% | 53.29% | 10.64% | -22.15% | 32.04% | 55.58% | 4.75% | -85.97% | -92.67% | - |
| FCF per Share | -0.77 | -0.97 | -0.93 | -2.70 | -3.52 | -3.45 | -7.71 | -23.04 | -24.29 | -3.93 | -1.32 |
| FCF Conversion (FCF/Net Income) | 0.45x | 0.59x | 0.58x | 0.78x | 0.75x | 0.79x | 0.85x | 1.00x | 0.84x | 0.71x | 0.84x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 10K | 12.89K | 3.46K | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 39K | 3.77K | 29.54K | 45.64K | 0 | 0 |
Liquidity and capital dilution
As reported in financial statements, ECOR's operating cash flow consistently trails net losses, with the OCF/NI ratio fluctuating significantly, reaching 0.57 in 2026Q1, which suggests that accounting accruals and non-cash items are not sufficient to bridge the gap between reported losses and actual cash burn.
The persistent divergence between net income and operating cash flow indicates that the company's losses are largely cash-based rather than driven by non-cash accounting charges. Investors should monitor this relationship, as the inability to generate positive operating cash flow despite revenue growth implies that the underlying business model remains fundamentally cash-consumptive.
Based on EDBL's reported figures, the company's free cash flow trajectory remains deeply negative, with a 2026Q1 FCF margin of -31.4%, highlighting a structural inability to fund operations through internal cash generation as the firm continues to prioritize market penetration over immediate financial self-sustainability.
The lack of a clear path toward positive free cash flow suggests that the company remains reliant on external financing to support its ongoing commercialization efforts. This trend warrants further investigation into whether the current scale of operations can ever reach a breakeven point without significant changes to the cost structure.
According to recent SEC filings, ECOR's working capital changes have been highly erratic, swinging from a $1.7 million inflow in 2025Q2 to a $1.4 million outflow in 2025Q1, which suggests that the company's cash position is heavily influenced by timing differences in collections and inventory management.
This volatility in working capital appears to mask the underlying operational cash burn, creating lumpy cash flow patterns that complicate short-term liquidity forecasting. The reliance on these fluctuations to manage cash levels may indicate a lack of operational maturity in managing the cash conversion cycle.
As indicated by the company's cash flow statements, stock-based compensation has been a recurring non-cash adjustment, peaking at $540,000 in 2025Q1, which effectively obscures the true economic cost of talent acquisition and retention in the company's effort to scale its neuromodulation platform.
While these adjustments are standard, they represent a dilution of shareholder value that is not fully captured in the operating cash flow figures. Analysts should consider the impact of this ongoing equity issuance when evaluating the company's long-term capital requirements and the potential for future share count expansion.
Quick answers to the most common questions about buying ECOR stock.
electroCore, Inc. (ECOR) generated $-8.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
electroCore, Inc. (ECOR) reported negative free cash flow of $8.3M in 2025, indicating capital requirements exceeded cash from operations.
electroCore, Inc. (ECOR) spent $0.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.