ECOR

EX-99.1

2 ex99-1.htm

EX-99.1

Exhibit 99.1

electroCore Announces First Quarter 2026 Financial Results

First quarter 2026 net sales of $9.6 million, an increase of 43% over $6.7 million in the first quarter 2025

Net loss of $5.3 million with Adjusted EBITDA net loss improving 24%

from prior-year period to $2.3 million

Company to host a conference call and webcast today, May 6, 2026, at 4:30 pm EDT

ROCKAWAY,

NJ, May 6, 2026 (GLOBE NEWSWIRE) — electroCore, Inc. (Nasdaq: ECOR) (“electroCore” or the “Company”), a bioelectronic technology company, today announced financial results for the first quarter ended March 31, 2026. The Company reported record quarterly revenue of $9.6 million, an increase of approximately 43% year-over-year, driven by continued growth in U.S. prescription sales in the U.S. Department of Veterans Affairs (“VA”) and direct-to-consumer Truvaga sales. The Company is reaffirming its full-year 2026 revenue guidance of approximately 30% annual growth over full-year 2025.

“Our first quarter results reflect what we believe is a meaningful inflection point for electroCore,” said Joshua Lev, Interim President and Chief Financial Officer of electroCore. “Quarterly revenue of $9.6 million was our highest ever and was accomplished with 87% gross profit margin. Net loss for the quarter was $5.3 million, however, after removing items such as non-recurring expenses associated with the leadership changes, we exhibited a 24% year-over-year improvement in adjusted EBITDA loss, demonstrating the operating leverage we expect to see as our platform scales. Each of our prescription channels – gammaCore in the VA and our Quell Fibromyalgia franchise acquired from NeuroMetrix, Inc. (“NURO”) last year – is contributing meaningfully, while our Truvaga consumer wellness brand continues to grow. With the leadership transition substantially behind us and Michael Fox on board to accelerate revenue growth, we believe we are well-positioned to execute against our full-year guidance.”

Recent Operational Highlights

Veterans Affairs Channel Continues to Drive Prescription Growth

The VA continued to be the Company’s largest growth driver in the first quarter. Prescription gammaCore revenue grew approximately 26% year-over-year while the number of VA facilities which have purchased prescription gammaCore products increased to 200, up from 175 a year ago. Approximately 15,000 VA patients have received a gammaCore device, representing approximately 2.5% penetration of the estimated addressable VA headache market.

Quell Adoption Continues

Sales of the Quell product line surpassed $1.0 million in quarterly revenue for the first time in the first quarter of 2026, bringing cumulative Quell revenue to approximately $2.7 million since the acquisition from NURO in May 2025, of which $2.5 million of Quell Fibromyalgia has been sold into the VA.

Truvaga Expands Internationally with Improved Marketing Efficiency

Truvaga revenue grew approximately 38% year-over-year to $1.5 million. Return on advertising spend (ROAS) improved approximately 14% sequentially to approximately 2.37x, reflecting an expanded network of influencer and affiliate partnerships and demonstrating improved marketing efficiency. The Q1 ROAS means, that for every $1.00 spent on Truvaga-related media, the Company generated $2.37 of revenue. In addition, the Company launched Truvaga in the United Kingdom in January 2026, marking the brand’s first expansion outside the United States.

Pipeline Advances with Quell Relief Launch and Next-Generation Mobile App

The Company expects to launch Quell Relief for lower extremity pain later in the second half of 2026 and is developing a next-generation mobile application designed to complement Truvaga and Quell, with the potential to support future recurring revenue opportunities.

Continued Progress Towards Future Indications

The body of evidence supporting the therapeutic potential of non-invasive vagus nerve stimulation, or nVNS, continues to expand. A new publication in Frontiers in Neuroscience titled “Adjunctive non-invasive vagus nerve stimulation for chronic mild traumatic brain injury with comorbid post-traumatic stress disorder: a post-hoc analysis” highlighted findings on the potential benefits of adjunctive non-invasive vagus nerve stimulation in patients with mild traumatic brain injury and post-traumatic stress disorder, or PTSD.

Additionally, approximately 20 participants have been enrolled in a clinical study conducted by Acacia Clinics in collaboration with the Vagus Nerve Society designed to evaluate the safety and effectiveness of electroCore’s gammaCore ® device as an adjunctive treatment for symptoms associated with PTSD.

Michael Fox Joins as Chief Operating Officer

Michael Fox joined electroCore as Chief Operating Officer in April 2026, bringing more than 35 years of commercial leadership experience across complex healthcare markets, including extensive work within federal systems and the VA.

EX-99.1

2 ex99-1.htm

EX-99.1

Exhibit 99.1

electroCore Announces Full Year 2025 Financial Results and Organizational Changes

Record full year 2025 net sales of $32.0, an increase of 27% over $25.2 million for the full year 2024 driven by 25% annual growth in our U.S. prescription business and 97% increase in general wellness sales

Announces the retirement of Dan Goldberger as Chief Executive Officer in addition to other key executive management changes

Company to host a conference call and webcast today, March 19, 2026, at 4:30pm EDT

ROCKAWAY,

NJ, March 19, 2026 (GLOBE NEWSWIRE) — electroCore, Inc. (Nasdaq: ECOR) (“electroCore” or the “Company”), a bioelectronic technology company, today announced full year 2025 financial results.

● Reported record full year of 2025 revenue of $32.0 million, an increase of approximately 27% over full year of 2024.

● Cash, cash equivalents, and marketable securities (“Total Cash”) of $11.6 million at December 31, 2025.

● Full year 2026 revenue guidance of approximately 30% annual growth.

● Announced Chief Executive Officer, Dan Goldberger will retire effective April 1, 2026, and Joshua Lev will be taking on the role of interim President and Chief Financial Officer.

● Hired Michael Fox as Chief Operating Officer, strengthening the sales management team through his strong track record of driving significant revenue growth across the VA system and other key channels.

Full Year 2025 Financial Results and 2026 Select Guidance

For the year ended December 31, 2025, electroCore reported net sales of $32.0 million compared to $25.2 million during the same period in 2024, which represents an approximate 27% increase over the prior year. The increase of $6.8 million is primarily due to an increase in net sales of prescription gammaCoreTM and Quell® Fibromyalgia in the United States and TruvagaTM handsets in the general wellness channel.

(in thousands) Full year ended December 31,

Channel: 2025 2024 % Change

United States – Rx

$24,073 $19,307 25%

TAC-STIM

422 1,197 -65%

Outside the United States 1,892 1,785 6%

In-License / Other

96 82 17%

General Wellness 5,549 2,811 97%

Total Net Sales $32,032 $25,182 27%

Gross profit increased $6.4 million to $27.8 million for the year ended December 31, 2025, compared to the year ended December 31, 2024. The increase in gross profit is attributable to the increased net sales and favorable product mix. Gross margin was 87% for full year 2025 as compared to 85% for the full year of 2024.

Research and development expense of $2.7 million for the year ended December 31, 2025, increased by $0.4 million compared to the prior year. This increase was primarily due to an increase in development costs associated with our gammaCore Emerald and next generation mobile application.

Selling, general and administrative expense of $38.2 million for the year ended December 31, 2025, increased by $7.0 million compared to $31.2 million for the previous year. Sales and marketing increased $4.3 million from the prior year. The increase in sales and marketing was primarily driven by $3.8 million of variable expenses, which contributed to a $6.9 million increase in sales. General and administrative expense increased $2.7 million from the prior year. This increase was primarily driven by $0.8 million in legal fees primarily associated with business development activities, $0.5 million in bad debt expense associated with one customer, $0.3 million investment in IT systems, and $0.2 million of increased transaction fees associated with increased sales.

Total operating expenses for the full year of 2025 was approximately $40.9 million, compared to $33.6 million for the full year of 2024.

Other expense of $0.8 million for the year ended December 31, 2025, increased $1.0 million as compared to the full year ended December 31, 2024. The increase was primarily attributable to non-recurring expenses, including a $0.5 million change in estimated liability payable to pre-closing shareholders of NeuroMetrix, Inc (“NURO”) pursuant to the CVR agreement entered into in connection with our acquisition of NURO, and interest associated with the term debt financing with Avenue Venture Opportunities Fund II, L.P. Other income for the year ended December 31, 2024, of $0.2 million consisted primarily of interest income.

GAAP

net loss for the full year of 2025 was $14.0 million compared to $11.9 million for the full year of 2024. Net loss per share for the full year of 2025 was $1.65 as compared to a $1.59 net loss per share in the full year of 2024.

Adjusted EBITDA net loss for the full year of 2025 was $8.7 million as compared to adjusted EBITDA net loss of $9.0 million for the full year of 2024.

The Company defines adjusted EBITDA net loss as GAAP net loss, adjusting to exclude non-operating gains/losses, depreciation and amortization, stock-compensation expense, inventory reserve changes, accounts receivable reserve charges, non-recurring recruiting fees, severance

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UNITED

STATES

SECURITIES

AND EXCHANGE COMMISSION

Washington,

D.C. 20549

FORM

8-K

CURRENT

REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (date of earliest event reported):

January 20, 2026

electroCore, Inc.

(Exact name of registrant as specified in its charter)

Delaware

001-38538

20-3454976

(State or other jurisdiction of

incorporation or organization)

(Commission

File Number)

(I.R.S.

Employer

Identification Number)

200 Forge Way, Suite 205

Rockaway,

NJ 07866

(Address of principal executive offices and zip code)

(973) 290-0097

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading symbol(s)

Name of each exchange on which registered

Common Stock, Par Value $0.001 Per Share

ECOR

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On January 20, 2026, electroCore, Inc. (the “Company”) issued a press release providing a business update, including select unaudited preliminary financial guidance for the three and 12 months ended December 31, 2025. A copy of the press release is filed herewith as Exhibit 99.1.

Additionally, the executive officers of the Company have several upcoming presentations to representatives of investors and analysts. The presentation includes the select unaudited preliminary financial estimates for the three and 12 months ended December 31, 2025. The officers intend to use the material filed as Exhibit 99.2 herewith, in whole or in part, as part of those presentations.

The selected financial results in Exhibits 99.1 and 99.2 are based on preliminary unaudited information and management estimates, are not a comprehensive statement of the Company’s financial results for either the fourth quarter or fiscal year ended December 31, 2025 and are subject to change. Such changes may be material. Our independent registered public accounting firm has not conducted an audit or review of and does not express an opinion or provide any other form of assurance with respect to, these preliminary results.

The information furnished in this Item 2.02 of this Current Report on Form 8-K, Exhibit 99.1, and Exhibit 99.2, each attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended. The information contained in this Item 2.02 of this Current Report on Form 8-K, Exhibit 99.1, and Exhibit 99.2, shall not be incorporated by reference into any filing with the Securities and Exchange Commission (the “SEC”) made by the Company, whether made before or after the date hereof, except as shall be expressly set forth by reference in such filing.

The financial information set forth in this Current Report on Form 8-K, Exhibit 99.1, and Exhibit 99.2 reflects the Company’s current preliminary financial estimates, is subject to the completion of its audit process, and is subject to change. The Company’s fourth quarter and full year ended December 31, 2025 results could differ materially from the preliminary estimates provided in this Current Report on Form 8-K. Investors are cautioned not to place undue reliance on these forward-looking statements, which reflect management’s estimates only as of the date of this Current Report on Form 8-K. Investors should refer to the “Risk Factors” section of the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 12, 2025, as updated and supplemented by its other SEC reports filed from time to time, for a discussion of important factors that may cause actual results to differ materially from th