The company's revenue trajectory has collapsed to zero in 2026Q1, while historical gross margins have fluctuated to as low as -99.3% in 2025Q3, indicating destructive product economics.
| Sales/Revenue | -70K | 382K | 780K | 1.18M | 1.84M | 1.17M | 860K | 420K |
| Revenue Growth % | -113.57% | -51.03% | -33.67% | -36.09% | 57.8% | 35.58% | 104.76% | - |
| Cost of Goods Sold | 323K | 5K | 778K | 889K | 1.54M | 1.29M | 1.08M | 709K |
| COGS % of Revenue | - | 1.31% | 99.74% | 75.6% | 83.75% | 111.06% | 126.16% | 168.81% |
| Gross Profit | -393K | -5K | 2K | 287K | 299K | -129K | -225K | -289K |
| Gross Margin % | 561.43% | -1.31% | 0.26% | 24.4% | 16.25% | -11.06% | -26.16% | -68.81% |
| Gross Profit Growth % | - | -350% | -99.3% | -4.01% | 331.78% | 42.67% | 22.15% | - |
| Operating Expenses | 11.63M | 7.89M | 5.66M | 8.53M | 10.4M | 5.5M | 2.98M | 3.35M |
| OpEx % of Revenue | - | 2066.23% | 726.03% | 725.51% | 565.05% | 471.96% | 346.4% | 798.57% |
| Selling, General & Admin | 7.33M | 5.57M | 4.35M | 6.88M | 8.67M | 4.63M | 2.32M | 2.36M |
| SG&A % of Revenue | - | 1457.33% | 557.69% | 584.78% | 471.03% | 396.66% | 269.77% | 562.86% |
| Research & Development | 4.65M | 3.13M | 1.31M | 1.66M | 1.73M | 878K | 659K | 990K |
| R&D % of Revenue | - | 819.63% | 168.33% | 140.73% | 94.02% | 75.3% | 76.63% | 235.71% |
| Other Operating Expenses | -343K | -805K | 0 | 0 | 0 | 0 | 0 | 15K |
| Operating Income | -12.03M | -7.9M | -5.66M | -8.24M | -10.1M | -5.63M | -3.2M | -3.64M |
| Operating Margin % | 17180% | -2067.54% | -725.77% | -701.11% | -548.8% | -483.02% | -372.56% | -867.38% |
| Operating Income Growth % | - | -39.52% | 31.34% | 18.35% | -79.3% | -75.78% | 12.05% | - |
| EBITDA | -11.95M | -7.89M | -5.31M | -8.06M | -9.92M | -5.61M | -3.2M | -3.64M |
| EBITDA Margin % | 17077.14% | -2066.23% | -680.64% | -685.63% | -539.35% | -480.96% | -371.63% | -866.43% |
| EBITDA Growth % | -122.23% | -48.67% | 34.16% | 18.75% | -76.96% | -75.47% | 12.17% | - |
| D&A (Non-Cash Add-back) | 185K | 5K | 352K | 182K | 174K | 24K | 8K | 4K |
| EBIT | -12.09M | -7.85M | -5.66M | -8.24M | -10.1M | -6.67M | -3.22M | -3.7M |
| Net Interest Income | -605K | -123K | 6K | 1K | 2K | -1.82M | -423K | -443K |
| Interest Income | 19K | 23K | 6K | 1K | 2K | 0 | 0 | 0 |
| Interest Expense | 0 | 146K | 0 | 0 | 0 | 1.82M | 423K | 443K |
| Other Income/Expense | -690K | -95K | 6K | 999 | 2K | -2.86M | -435K | -503K |
| Pretax Income | -12.72M | -7.99M | -5.66M | -8.24M | -10.1M | -8.49M | -3.64M | -4.15M |
| Pretax Margin % | 18165.71% | -2092.41% | -725% | -701.02% | -548.7% | -728.39% | -423.14% | -987.14% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 1K | 0 | 2K |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | -0.01% | 0% | -0.05% |
| Net Income | -13.58M | -8.88M | -5.66M | -8.24M | -10.1M | -8.49M | -3.64M | -4.15M |
| Net Margin % | 19397.14% | -2324.08% | -725% | -701.02% | -548.7% | -728.47% | -423.14% | -987.62% |
| Net Income Growth % | -139.22% | -56.99% | 31.4% | 18.34% | -18.86% | -133.42% | 12.27% | - |
| Net Income (Continuing) | -12.72M | -7.99M | -5.66M | -8.24M | -10.1M | -8.49M | -3.64M | -4.15M |
| Discontinued Operations | 0 | -885K | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -4.71 | -7.84 | -19.67 | -176.72 | -104.37 | -243.15 | -177.01 | -180.35 |
| EPS Growth % | 51.46% | 60.14% | 88.87% | -69.32% | 57.08% | -37.37% | 1.85% | - |
| EPS (Basic) | - | -7.84 | -19.67 | -176.72 | -104.37 | -243.16 | -177.01 | -180.36 |
| Diluted Shares Outstanding | 2.88M | 287.37K | 287.37M | 46.65K | 96.73K | 34.93K | 23.03K | 23K |
| Basic Shares Outstanding | 2.88M | 287.37K | 287.37M | 46.65K | 96.73K | 34.93K | 23.03K | 23K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Unsustainable unit economics
As reported in recent financial filings, TIVC experienced a total revenue collapse to zero in 2026Q1, following a consistent downward trend that saw quarterly sales plummet from $357,000 in 2023Q4 to negative figures by late 2025, indicating a severe loss of product-market fit for the ClearUP device.
The consistent decline in top-line performance suggests that the company's direct-to-consumer strategy is failing to gain traction against established pharmacological alternatives. Investors should monitor whether this trajectory reflects a permanent erosion of demand or merely a temporary disruption in retail channel distribution.
Based on the company's historical income statements, gross margins have fluctuated wildly and turned negative, reaching -99.3% in 2025Q3, which suggests that the cost of goods sold and potential returns are currently exceeding the net revenue generated from hardware sales.
A negative gross margin is a critical red flag, implying that the company is effectively paying customers to use its product. This structural deficit suggests that the current pricing model is insufficient to cover manufacturing and logistics costs, necessitating a fundamental pivot in production or distribution strategy.
According to the provided quarterly data, TIVC's operating margin reached an extreme deficit of -2067.54% in recent periods, demonstrating that corporate overhead and marketing expenses are not scaling with revenue, but rather compounding the company's ongoing financial distress.
The lack of operating leverage indicates that the company's fixed cost base is far too large for its current commercial footprint. Without a significant increase in volume or a drastic reduction in SG&A, the company appears unable to achieve the scale required to reach operational break-even.
As evidenced by the income statement, R&D and SG&A expenses remain elevated despite the 51% year-over-year revenue decline, suggesting that management continues to prioritize high-burn growth initiatives that have failed to produce a corresponding increase in top-line performance.
The persistence of high operating expenses in the face of contracting revenue warrants further investigation into the company's capital allocation priorities. It appears that the current cost structure is disconnected from the reality of the company's limited market penetration and declining sales volume.
While the market may view TIVC as a speculative R&D vehicle, the income statement suggests a company struggling with basic unit economics, where the cost of maintaining retail presence may be exceeding the long-term strategic value of the underlying bioelectronic patent portfolio.
Short-sellers would likely focus on the high probability of further dilutive financing required to sustain operations given the current cash burn. The primary risk remains that the company's retail strategy is fundamentally value-destructive, potentially leading to a liquidation scenario if revenue growth does not materialize.
Quick answers to the most common questions about buying TIVC stock.
For fiscal year 2025, Tivic Health Systems, Inc. (TIVC) reported total revenue of $0.4M. This represents a 9.0% decline compared to $0.4M in 2019.
Tivic Health Systems, Inc. (TIVC) reported a net loss of $8.9M for the fiscal year ending 2025.
Tivic Health Systems, Inc. (TIVC) reported an operating income of $-7.9M, resulting in an operating profit margin of -2067.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Tivic Health Systems, Inc. (TIVC) generated $-0.0M in gross profit for the year, representing a gross profit margin of -1.3%. This demonstrates the company's core pricing power and production efficiency.