--- title: "Electrocore | 10-Q: FY2026 Q1 Revenue Beats Estimate at USD 9.584 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/285434713.md" datetime: "2026-05-06T20:38:54.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/285434713.md) - [en](https://longbridge.com/en/news/285434713.md) - [zh-HK](https://longbridge.com/zh-HK/news/285434713.md) --- # Electrocore | 10-Q: FY2026 Q1 Revenue Beats Estimate at USD 9.584 M Revenue: As of FY2026 Q1, the actual value is USD 9.584 M, beating the estimate of USD 9.011 M. EPS: As of FY2026 Q1, the actual value is USD -0.59, beating the estimate of USD -0.612. EBIT: As of FY2026 Q1, the actual value is USD -5.326 M. ### Segment Revenue Net sales for electroCore, Inc. for the three months ended March 31, 2026, increased by 43% to $9.6 million, compared to $6.7 million for the same period in 2025, primarily due to increased sales of prescription (Rx) gammaCore and Quell Fibromyalgia products to the VA, and nonprescription Truvaga products. #### Revenue by Channel (in thousands) - **United States – Rx**: $7,421 in 2026 compared to $5,005 in 2025. - **General Wellness**: $1,588 in 2026 compared to $1,106 in 2025. - **Outside the United States**: $502 in 2026 compared to $498 in 2025. - **TAC-STIM**: $42 in 2026 compared to $90 in 2025. - **In-License / Other**: $31 in 2026 compared to $20 in 2025. #### Revenue by Geographic Market (in thousands) - **United States (Product revenue)**: $9,065 in 2026 compared to $6,206 in 2025. - **United Kingdom (Product revenue)**: $466 in 2026 compared to $451 in 2025. - **Other (Product revenue)**: $36 in 2026 compared to $47 in 2025. - **Japan (License revenue)**: $17 in 2026 compared to $15 in 2025. #### Customer Concentration The United States Department of Veterans Affairs (VA) accounted for 74.8% of net sales for the three months ended March 31, 2026, an increase from 70.3% in the same period of 2025. Sales to the UK National Health Service (NHS) comprised 3.7% of revenue during the three months ended March 31, 2026. ### Operational Metrics (in thousands) - **Cost of goods sold**: $1,220 in 2026 compared to $1,013 in 2025. - **Gross profit**: $8,364 in 2026 compared to $5,706 in 2025. - **Gross margin**: 87% in 2026 compared to 85% in 2025. - **Research and development expense**: $740 in 2026 compared to $642 in 2025, an increase primarily due to increased studies and grants. - **Selling, general and administrative expense**: $12,940 in 2026 compared to $8,886 in 2025, an increase driven by $1.6 million in variable sales and marketing expenses, $1.2 million in severance, $0.5 million in stock compensation expense, and $0.5 million in legal fees. - **Total operating expenses**: $13,680 in 2026 compared to $9,528 in 2025. - **Loss from operations**: -$5,316 in 2026 compared to -$3,822 in 2025. - **Net loss**: -$5,271 in 2026 compared to -$3,855 in 2025. - **Benefit from income taxes**: $321 in 2026 compared to $48 in 2025, primarily from the sale of New Jersey NOL carry forwards. - **Stock-based compensation expense**: $1,036 in 2026 compared to $540 in 2025. ### Cash Flow (in thousands) - **Net cash used in operating activities**: -$3,008 in 2026 compared to -$4,355 in 2025, a decrease primarily due to the timing of accrued operating expense payments. - **Net cash provided by investing activities**: $597 in 2026 compared to $4,500 in 2025. - **Net cash provided by financing activities**: $230 in 2026 compared to $180 in 2025, primarily from the exercise of stock warrants. - **Cash and cash equivalents at period end**: $4,852 as of March 31, 2026, compared to $4,027 as of March 31, 2025. - **Total Cash Position (cash, cash equivalents, and marketable securities)**: $8.8 million as of March 31, 2026, compared to $11.6 million as of December 31, 2025. ### Unique Metrics - **Debt**: Long-term debt as of March 31, 2026, totaled $6,437, comprising $4,284 in non-convertible notes payable and $2,153 in convertible notes payable. Principal repayments for the Loan and Security Agreement are scheduled as $2.5 million in 2027, $3.0 million in 2028, and $2.3 million in 2029. - **Warrants**: During the three months ended March 31, 2026, electroCore, Inc. received net proceeds of approximately $0.2 million from the exercise of 42,055 warrants. Subsequent to March 31, 2026, an additional $44,000 was received from the exercise of 11,331 warrants. - **Common Stock Sales**: Subsequent to March 31, 2026, electroCore, Inc. sold 150,357 shares of common stock for approximately $0.96 million in net proceeds through its At The Market Offering Agreement. ### Future Outlook and Strategy electroCore, Inc. intends to continue targeted investments in sales and marketing throughout the remainder of 2026 to drive commercial activities. The company plans to use proceeds from common stock sales and debt financing, including the at-the-market facility, to fund operations. However, electroCore, Inc.’s forecasted cash is currently less than the requirements to fund operating expenses and capital expenditures for at least the next 12 months, raising substantial doubt about its ability to continue as a going concern. 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