NeuroPace (NPCE) Q2 2026 earnings summary

Executive summary

• Q2 2026 total revenue reached $22.8 million, up 17% year-over-year, with RNS System revenue rising 21.3% to $22.5 million and record highs in active prescribers and patient pipeline.

• Net loss from continuing operations narrowed to $6.2 million from $10.0 million in Q2 2025; Adjusted EBITDA loss improved to $2.8 million from $4.9 million.

• Launched ECoG Assistant, the first AI-based neuromodulation tool, and published positive NAUTILUS trial results.

• Discontinued DIXI Medical product operations, now classified as discontinued operations.

• FDA requested additional clinical evidence for IGE PMA supplement; company plans to amend submission and remains optimistic about eventual approval.

Financial highlights

• Q2 2026 revenue: $22.8 million (+17% YoY); RNS revenue: $22.5 million (+21.3% YoY); service revenue: $0.3 million.

• Adjusted gross margin was 83.4% (vs. 84.0% prior year); GAAP gross margin was 82.8%.

• Adjusted operating expenses were $21.9 million, up 3% year-over-year.

• Adjusted net loss for Q2 2026 was $3.9 million; adjusted EBITDA loss was $2.8 million.

• Cash, cash equivalents, and short-term investments totaled $51.9 million; long-term borrowings were $59.0 million.

Outlook and guidance

• Full-year 2026 revenue guidance raised to $99.5–$101.5 million, with RNS revenue growth expected at 21–23%.

• Adjusted/non-GAAP gross margin guidance increased to 82–83%; operating expenses expected at $90–92 million.

• Full-year adjusted EBITDA loss now expected between $7.5–$8.5 million, an improvement from prior guidance.

• Guidance does not include any contribution from potential IGE indication expansion.

• Existing liquidity expected to fund operations for at least the next 12 months.