ECOR electroCore, Inc.

Overview and Growth

electroCore, Inc. generated $32.03M of revenue in fiscal 2025, with net loss of $13.97M and an operating cash outflow of $8.19M. At $32.03M, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. Revenue was 27.2% above fiscal 2024 revenue of $25.18M, marking a year-over-year increase. The company reported diluted EPS of -$1.65, adding a shareholder-level measure to the absolute income figures considered below. At period end, total assets were $18.67M, framing the scale of the company’s operating and financing commitments. Revenue equaled 1.72x of total assets, indicating how much reported top-line activity the company produced relative to its period-end asset base.

Profitability

The first profit layer was $27.79M of gross profit, the amount available after reported direct revenue costs to absorb operating expenses. The gross-profit relationship equaled 86.8% of revenue, quantifying the portion retained before operating expenses were recognized. The company recorded an operating loss of $13.15M after the reported operating expense base. An operating margin of -41.1% reflected costs exceeding revenue-level gross profit by 41.1% of sales. The company ended the period with a net loss of $13.97M, extending the operating result through all remaining items. Net margin was -43.6%, reflecting a loss equal to 43.6% of reported revenue. The company reported a pretax loss of $13.96M, before the effect of income taxes. Pretax margin was -43.6%, reflecting a pre-tax loss equal to 43.6% of revenue. The company recognized $3.00K of income tax for the period, completing the transition from pretax income to net income. The loss-to-assets relationship was 74.8%, placing the bottom-line deficit against the company’s resource base.

Liquidity and Capital Structure

The company held $18.67M of assets against $20.38M of liabilities and -$1.71M of equity, revealing how the asset base was financed. The company reported negative equity of -$1.71M, a capital deficit that reduces its ability to absorb losses through book equity. At period end, current assets of $15.67M compared with current liabilities of $11.35M, defining the company’s short-term resource position. At 1.38x, the current ratio shows that short-term assets were greater than short-term liabilities at period end. The company held $7.04M in cash and equivalents, a narrower liquidity measure than total current assets. Cash and equivalents represented 62.0% of current liabilities, showing the portion of near-term obligations matched by reported cash alone. Borrowings totaled $6.61M, adding a fixed financing obligation alongside the company’s equity capital. The debt-to-assets relationship was 35.4%, comparing borrowing with the total asset balance. Relative to total assets, liabilities measured 109.2%, complementing the separate equity-based view of the company’s capital structure. Measured against total assets, cash and equivalents represented 37.7%, a balance-sheet composition measure rather than a liquidity forecast. Total assets were 8.8% lower than fiscal 2024 assets of $20.47M, measuring the company’s own balance-sheet change. Reported equity changed 122.7% from $7.54M in fiscal 2024, placing the current capital base lower year over year. Cash and equivalents were 90.1% higher than fiscal 2024 cash of $3.70M, showing the year-over-year change in liquid resources.

Cash Flow and Earnings Quality

Cash flow from operations was an outflow of $8.19M, showing that operations absorbed cash during the period. Capital expenditures used $66.00K in addition to the operating cash outflow, increasing the total cash consumed by operations and investment during the period. The company recorded a $8.25M cash deficit after capital spending for the period. Free-cash-flow margin was -25.8%, reflecting a cash deficit equal to 25.8% of revenue after capital spending. The cash deficit after capital spending represented 44.2% of the period-end asset base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.