ECOR earnings analysis
What we found in ECOR's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
electroCore, Inc. reported Q1 2026 net sales of $9.6 million, reflecting a substantial 43% year-over-year increase. However, the company also experienced a deepened net loss of $5.3 million, higher than the previous year's loss of $3.9 million, alongside rising operating expenses primarily driven by increased sales and marketing efforts.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Increased 43% YoY to $9.6M
- Net sales rose from $6.7 million in Q1 2025 to $9.6 million in Q1 2026, driven by increased prescription device sales.
- Gross Margin Improved to 87%
- Gross profit jumped to $8.4 million in Q1 2026, from $5.7 million a year earlier, achieving 87% gross margin.
- Sales Growth in Rx Devices
- Prescription sales to the U.S. Department of Veterans Affairs accounted for $7.4 million, significantly up from $5.0 million.
- Operating Cash Flow Bettered by $1.4M
- Net cash used in operating activities decreased from $4.4 million in Q1 2025 to $3.0 million in Q1 2026.
- $18.8M Cash Available for Future Issuance
- Company retained $8.8 million in cash as of March 31, 2026, with $18.8 million left for potential issuance under the Sales Agreement.
- Desired Future Growth of at least 30%
- The company anticipates approximately 30% revenue growth over FY 2025 in its outlook.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Rising Net Losses
- Net loss widened to $5.3 million in Q1 2026 from $3.9 million in Q1 2025.
- Increased Operating Expenses
- Operating expenses surged to $13.7 million in Q1 2026, an increase of $4.2 million from the previous year.
- Liquidity Concerns
- Current cash is seen as insufficient to meet projected operating expenses for the next 12 months, raising substantial doubt about continuing operations.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.34
- Gross margin
- 87%
What they said about what is next.
The company reaffirms its expectation of approximately 30% revenue growth over FY 2025.
The filing reads worse than the one before it.
What came before.
- 10-K · March 19, 2026
- electroCore, Inc. reported a notable increase in net sales of 27% to $32.0 million for the year ending December 31, 2025, due to heightened adoption of their gammaCore and Quell products, significantly driven by their…
- 10-Q · November 5, 2025
- In Q3 2025, electroCore (ECOR) reported a revenue increase of 33% year-over-year, reaching $8.7 million, driven by prescription product sales to the VA and the growth of its Truvaga wellness product. Although the net…
- 10-Q · August 6, 2025
- For Q2 2025, electroCore, Inc. (ECOR) reported a revenue of $7.38 million, marking a 20% increase year-over-year, while gross margin improved to 87%. Despite a higher revenue, the company posted a larger net loss of…
- 10-Q · May 7, 2025
- electroCore reported a notable 23% increase in revenue year-over-year in Q1 2025, totaling $6.72 million, alongside a slight uptick in gross margin to 85%. The company's net loss grew to $3.86 million, reflecting higher…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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