electroCore (ECOR) Q3 2026 earnings summary

Executive summary

• Q3 net sales reached a record $9.690M, up 12% YoY; GAAP net loss narrowed to $1.339M and adjusted EBITDA loss to $0.680M.

• Management expects accelerating growth and a first positive adjusted EBITDA quarter by end-2027, while forecast liquidity needs raise substantial doubt about funding planned operations for at least 12 months.

Financial highlights

• Q3 gross profit increased to $8.573M from $7.470M; operating expenses declined to $10.129M from $10.354M.

• Q3 operating loss was $1.556M versus $2.884M; net loss per share was $0.13 versus $0.40.

• Q3 adjusted EBITDA loss was $0.680M versus $2.043M; nine-month adjusted EBITDA loss was $4.758M versus $7.479M.

• Nine-month net sales rose 26% to $28.724M; net loss was $9.7M versus $10.9M, and operating cash use increased to $9.4M from $6.6M.

• Q3 SG&A was $9.698M, essentially flat YoY; R&D declined to $0.431M from $0.662M.

Outlook and guidance

• FY2026 revenue guidance was revised to $39M–$42M from prior guidance of greater than 30% growth; most revenue is expected to continue coming from VA prescription sales.

• Preliminary FY2027 revenue growth guidance is 30%–40%, with a first positive adjusted EBITDA quarter expected by end-2027.

• Outlook assumes VA sales-force expansion, smaller-territory accountability, operating leverage and potential Quell CIPN label expansion subject to FDA clearance.

• Expected second-half 2026 acceleration shifted into 2027 as sales-force changes take longer to achieve full coverage; refill-rate improvement is expected from Q4 2026 into early 2027.