While the company maintains a robust 87.3% gross margin as of 2026Q1, the inability to scale operating income is evident as SG&A expenses of $12.9 million significantly outpaced the $8.4 million in gross profit.
| Sales/Revenue | 34.9M | 32.03M | 25.18M | 16.03M | 8.59M | 5.45M | 3.5M | 2.39M | 992.95K | 811.46K | 254.14K |
| Revenue Growth % | 31.9% | 27.2% | 57.09% | 86.57% | 57.62% | 55.93% | 46.25% | 140.72% | 22.37% | 219.3% | - |
| Cost of Goods Sold | 4.45M | 4.24M | 3.79M | 2.8M | 1.62M | 1.39M | 1.74M | 1.16M | 578.74K | 518.53K | 123.73K |
| COGS % of Revenue | - | 13.25% | 15.03% | 17.49% | 18.81% | 25.41% | 49.7% | 48.4% | 58.28% | 63.9% | 48.69% |
| Gross Profit | 30.45M | 27.79M | 21.4M | 13.23M | 6.98M | 4.07M | 1.76M | 1.23M | 414.21K | 292.93K | 130.41K |
| Gross Margin % | 87.25% | 86.75% | 84.97% | 82.51% | 81.19% | 74.59% | 50.3% | 51.6% | 41.72% | 36.1% | 51.31% |
| Gross Profit Growth % | - | 29.87% | 61.78% | 89.59% | 71.57% | 131.25% | 42.57% | 197.75% | 41.4% | 124.62% | - |
| Operating Expenses | 45.09M | 40.94M | 33.56M | 32.03M | 29.85M | 24.11M | 26.51M | 47.32M | 54.97M | 25.94M | 15.14M |
| OpEx % of Revenue | - | 127.81% | 133.27% | 199.82% | 347.42% | 442.29% | 758.24% | 1979.76% | 5535.78% | 3196.41% | 5957.65% |
| Selling, General & Admin | 42.26M | 38.21M | 31.2M | 26.71M | 24.33M | 21.57M | 21.84M | 35.42M | 42.5M | 18.11M | 7.17M |
| SG&A % of Revenue | - | 119.27% | 123.89% | 166.63% | 283.17% | 395.76% | 624.77% | 1481.93% | 4280.32% | 2231.37% | 2821.03% |
| Research & Development | 2.83M | 2.73M | 2.36M | 5.32M | 5.52M | 2.54M | 4.2M | 9.9M | 12.47M | 7.83M | 7.97M |
| R&D % of Revenue | - | 8.54% | 9.37% | 33.19% | 64.25% | 46.52% | 120.18% | 414.27% | 1255.46% | 965.04% | 3136.62% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 464.61K | 2M | -344.91K | -4.88K | 0 |
| Operating Income | -14.65M | -13.15M | -12.16M | -18.8M | -22.87M | -20.04M | -24.75M | -46.09M | -54.55M | -25.64M | -15.01M |
| Operating Margin % | -41.97% | -41.06% | -48.3% | -117.31% | -266.22% | -367.69% | -707.94% | -1928.17% | -5494.07% | -3160.31% | -5906.33% |
| Operating Income Growth % | - | -8.15% | 35.33% | 17.79% | -14.12% | 19.01% | 46.3% | 15.52% | -112.73% | -70.85% | - |
| EBITDA | -13.17M | -11.48M | -10.9M | -17.55M | -22.28M | -19.66M | -24.35M | -45.84M | -54.49M | -25.61M | -14.96M |
| EBITDA Margin % | -37.73% | -35.83% | -43.3% | -109.45% | -259.29% | -360.69% | -696.52% | -1917.72% | -5487.36% | -3156.33% | -5885.31% |
| EBITDA Growth % | -18.25% | -5.26% | 37.85% | 21.25% | -13.31% | 19.25% | 46.88% | 15.87% | -112.74% | -71.24% | - |
| D&A (Non-Cash Add-back) | 1.48M | 1.68M | 1.26M | 1.26M | 596K | 382K | 399.24K | 249.58K | 66.66K | 32.31K | 53.42K |
| EBIT | -14.65M | -13.15M | -12.16M | -19.02M | -22.87M | -20.04M | -24.28M | -44.09M | -54.55M | -28.91M | -15.01M |
| Net Interest Income | -635K | -292K | 572K | 433K | 287K | 11K | 84.33K | 970.59K | 1.01M | -7.02M | -771.25K |
| Interest Income | 215K | 298K | 572K | 433K | 287K | 11K | 84.33K | 970.59K | 1.01M | 99.03K | 0 |
| Interest Expense | 850K | 590K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7.12M | 771.25K |
| Other Income/Expense | -1M | -810K | 183K | -215K | 281K | 1.97M | 66.57K | 958.34K | -1.21M | -10.38M | -771.25K |
| Pretax Income | -15.65M | -13.96M | -11.98M | -19.02M | -22.59M | -18.07M | -24.68M | -45.13M | -55.76M | -36.03M | -15.78M |
| Pretax Margin % | -44.85% | -43.59% | -47.57% | -118.65% | -262.95% | -331.48% | -706.04% | -1888.07% | -5615.88% | -4440.01% | -6209.81% |
| Income Tax | 372K | 3K | -93K | -186K | -431K | -851K | -1.17M | 17.7K | 2.43K | 0 | -44.15K |
| Effective Tax Rate % | -2.38% | -0.02% | 0.78% | 0.98% | 1.91% | 4.71% | 4.74% | -0.04% | -0% | 0% | 0.28% |
| Net Income | -15.38M | -13.97M | -11.89M | -18.83M | -22.16M | -17.22M | -23.51M | -45.15M | -55.82M | -35.79M | -15.74M |
| Net Margin % | -44.08% | -43.6% | -47.2% | -117.49% | -257.94% | -315.87% | -672.55% | -1888.81% | -5621.66% | -4410.88% | -6192.44% |
| Net Income Growth % | -25.72% | -17.5% | 36.89% | 15.02% | -28.71% | 26.77% | 47.92% | 19.12% | -55.96% | -127.44% | - |
| Net Income (Continuing) | -15.38M | -13.97M | -11.89M | -18.83M | -22.16M | -17.22M | -23.51M | -45.15M | -55.77M | -36.03M | -15.78M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 635.61K | 635.61K | 635.61K | 604.05K | 400.42K |
| EPS (Diluted) | -1.72 | -1.65 | -1.59 | -3.42 | -4.69 | -4.36 | -9.04 | -23.05 | -28.61 | -5.52 | -1.57 |
| EPS Growth % | -13.84% | -3.77% | 53.51% | 27.08% | -7.57% | 51.77% | 60.78% | 19.43% | -418.3% | -251.59% | - |
| EPS (Basic) | - | -1.65 | -1.59 | -3.42 | -4.69 | -4.36 | -9.04 | -23.05 | -28.61 | -5.52 | -1.57 |
| Diluted Shares Outstanding | 8.95M | 8.48M | 7.48M | 5.51M | 4.73M | 3.95M | 2.6M | 1.96M | 1.95M | 6.48M | 10.04M |
| Basic Shares Outstanding | 8.95M | 8.48M | 7.48M | 5.51M | 4.73M | 3.95M | 2.6M | 1.96M | 1.95M | 6.48M | 10.04M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - |
Liquidity and capital dilution
As reported in recent financial filings, ECOR achieved a 42.6% year-over-year revenue growth in 2026Q1, signaling that the company's recurring refill model continues to gain traction within the VA system and the broader medical device market despite the inherent volatility of its specialized neuromodulation product line.
The consistent double-digit revenue growth suggests that the company's strategy of leveraging the VA channel for recurring digital refill revenue is effectively penetrating its core clinical market. However, investors should monitor whether this growth trajectory can be sustained without a proportional increase in customer acquisition costs as the company expands into the more competitive direct-to-consumer wellness space.
According to the company's income statements, ECOR maintains a robust gross margin profile of 87.3% as of 2026Q1, which highlights the inherent efficiency of its digital refill-based revenue model compared to traditional hardware-heavy medical device manufacturers that typically face higher production costs and lower pricing power.
This high gross margin suggests that the company possesses significant pricing power for its proprietary nVNS technology, provided it can maintain its regulatory moat. The disparity between these high gross margins and the persistent operating losses indicates that the current cost structure is heavily weighted toward commercialization and infrastructure rather than the cost of goods sold.
Based on reported figures, ECOR's SG&A expenses reached $12.9 million in 2026Q1, which significantly outpaced the $8.4 million in gross profit, indicating that the company has yet to achieve the necessary operating leverage to translate its top-line expansion into a sustainable path toward positive operating income.
The persistent gap between gross profit and operating expenses suggests that the company is currently in a high-burn phase, likely driven by the intensive physician education and marketing required to navigate complex reimbursement landscapes. Without a meaningful reduction in the ratio of SG&A to revenue, the company may continue to face significant pressure on its bottom line regardless of its revenue growth.
As indicated by the company's recent financial statements, the combination of a $7.035 million cash position and a quarterly operating loss of $5.3 million in 2026Q1 suggests that ECOR faces a heightened risk of dilutive financing or liquidity shortages if the current burn rate persists.
Short-sellers may focus on the company's inability to reach a self-sustaining financial model, viewing the recent pivot to the Truvaga wellness line as a potential sign of desperation to find new revenue streams. Investors should remain cautious, as the company's reliance on external capital to fund its ongoing operations may lead to significant equity dilution in the near term.
Quick answers to the most common questions about buying ECOR stock.
For fiscal year 2025, electroCore, Inc. (ECOR) reported total revenue of $32.0M. This represents a 12504.2% increase compared to $0.3M in 2016.
electroCore, Inc. (ECOR) reported a net loss of $14.0M for the fiscal year ending 2025.
electroCore, Inc. (ECOR) reported an operating income of $-13.2M, resulting in an operating profit margin of -41.1%. This margin reflects the operational efficiency of the business before interest and taxes.
electroCore, Inc. (ECOR) generated $27.8M in gross profit for the year, representing a gross profit margin of 86.8%. This demonstrates the company's core pricing power and production efficiency.