electroCore, Inc. reported its financial results for the third quarter and nine months ended September 30, 2025, revealing a significant increase in revenue but continued net losses. The company generated net sales of $8.7 million for the third quarter, a 33% increase from $6.6 million in the same period last year. For the nine months ended September 30, 2025, net sales reached $22.8 million, up 26% from $18.1 million in the prior year. The growth was primarily driven by increased sales of prescription products to the U.S. Department of Veterans Affairs (VA) and revenue from the non-prescription wellness product, Truvaga.
Despite the revenue growth, electroCore reported a net loss of $3.4 million for the third quarter, compared to a loss of $2.5 million in the same quarter of 2024. For the nine-month period, the net loss was $10.9 million, up from $8.7 million in the previous year. The increase in losses was attributed to higher operating expenses, which rose to $10.4 million in the third quarter, a 27% increase from $8.1 million in the prior year, driven by increased selling, general, and administrative costs as well as research and development expenses.
In terms of operational developments, electroCore's customer base remains heavily reliant on the VA, which accounted for approximately 69.9% of net sales in the third quarter of 2025. The company has also expanded its product offerings, including the launch of the next-generation Truvaga Plus in April 2024 and the addition of Quell Fibromyalgia to its VA customer offerings in May 2025. The company has entered into a new Federal Supply Schedule contract with the VA, effective June 15, 2025, which is expected to enhance its sales capabilities in the government sector.
The company’s cash position improved significantly, with cash, cash equivalents, restricted cash, and marketable securities totaling $13.2 million as of September 30, 2025, compared to $12.2 million at the end of 2024. This increase was bolstered by a $7.5 million term loan from Avenue Opportunities Fund II, L.P. and proceeds from equity sales. However, electroCore continues to face challenges in achieving profitability, having never reported a profit since its inception. The company plans to continue investing in sales and marketing to drive growth, particularly in the U.S. market, while also navigating the uncertainties of market conditions and operational risks.
Looking ahead, electroCore remains focused on expanding its market presence and product adoption, particularly through its prescription products and wellness offerings. The company anticipates that its cash reserves, along with potential future financing options, will support its operations for at least the next 12 months. However, it acknowledges the inherent risks and uncertainties in achieving its business objectives and maintaining sufficient financial resources.
About electroCore, Inc.
ElectroCore, Inc. specializes in bioelectronic medicine using non-invasive vagus nerve stimulation (nVNS) technology. Its core products include handheld devices for headache relief, general wellness, and human performance, serving medical and consumer markets. The company leverages proprietary technology, regulatory approvals, and strategic partnerships to provide non-invasive neuromodulation solutions for chronic pain, headache, and wellness, competing with established medical device and pharmaceutical companies worldwide.
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