ECOR

Interested in electroCore, Inc.? Here are five stocks we like better. Revenue rose 28% year over year to $9.5 million, driven by Veterans Affairs prescription sales and direct-to-consumer Truvaga demand. electroCore raised its full-year outlook to more than 30% growth over 2025. Quell sales reached $1.3 million in the quarter, up approximately 700% year over year, while VA gammaCore sales increased 11%. The company is expanding its sales force and federal distribution efforts to broaden adoption. Profitability improved, with the adjusted EBITDA loss narrowing to $1.8 million, but cash declined to about $10 million as of June 30. Management continues to target positive adjusted EBITDA in the third quarter of 2027 without a dilutive capital raise, while an FDA Form 483 has delayed the Quell 2.0 relaunch. electroCore (NASDAQ:ECOR) reported second-quarter 2026 revenue of $9.5 million, up approximately 28% from $7.4 million a year earlier, as growth in Veterans Affairs prescription sales and direct-to-consumer Truvaga sales lifted results. The company raised its full-year revenue outlook to growth of more than 30% over 2025 and said it is targeting positive adjusted EBITDA in the third quarter of 2027. GAAP net loss narrowed 17% year over year to $3.1 million, or $0.33 per share, from $3.7 million, or $0.44 per share, in the prior-year quarter. Adjusted EBITDA loss improved to $1.8 million from $2.4 million, a 26% improvement. Interim President and CFO Joshua Lev said the company’s performance reflected continued operating leverage despite investments in its commercial organization. → 3 Drone Stocks That Should Soar After the Summer Slump “We view this performance as a meaningful win, demonstrating the resilience of our business and our ability to execute while positioning the company for long-term profitable growth,” Lev said. The VA remained electroCore’s largest source of growth. Prescription gammaCore revenue increased about 11% year over year, and roughly 16,400 VA patients have received the device, representing an estimated 2.7% penetration of the addressable VA headache market, according to Lev. → Meta’s Earnings Drop Shows Wall Street Wants More Than Ad Growth The company also reported $1.3 million in quarterly sales for its Quell product line, up approximately 700% from the prior-year period and about 30% sequentially. Quell Fibromyalgia, a prescription therapy sold through the VA, accounted for $3.8 million of the roughly $4 million in cumulative Quell revenue since electroCore acquired NeuroMetrix in May 2025. Lev said Quell has become a “bright spot” in the company’s portfolio and cited fibromyalgia prevalence among service members as a potential market opportunity. The company is focusing on increasing Quell adoption among VA facilities that have already purchased other electroCore products. → Jersey Mike's Serves Fresh Gains After IPO Stumble Direct-to-consumer Truvaga revenue rose approximately 27% year over year to $1.3 million. However, competition in health and wellness advertising increased customer-acquisition costs. Lev said the number of competitors bidding on Truvaga-branded search terms rose to eight in the first half of 2026 from five a year earlier, while direct cost per click increased roughly 30%. The company reduced media spending 2% during the quarter, and Truvaga’s media efficiency ratio declined to 1.91. Chief Operating Officer Mike Fox said electroCore doubled its number of sales regions, expanded its regional sales director organization from three to six leaders, and recruited, contracted and trained 17 new 1099 sales representatives. Those representatives cover 29 VA medical centers, or about 20% of the national VA medical center network, Fox said. The company aims to diversify prescription revenue across more facilities. Its top 15 accounts generated 54% of second-quarter VA revenue. Fox noted that staffing issues at a Phoenix VA prosthetics department delayed fulfillment of about 30 orders, shifting roughly $145,000 of prescribed revenue from the second quarter into July. electroCore also revised sales incentives to emphasize sustained account-level growth and is targeting a 30% increase in refill rates in every region by the end of 2026. Fox said the company expects variable incentive compensation to decline to about 27% of prescription revenue by the end of 2027, from approximately 35%, while overall sales and marketing expense is targeted at about 54% by that time. Beyond the VA, the company contracted a representative to expand Kaiser business outside California and hired an employee focused on Department of Defense and federal workers’ compensation channels. electroCore is also pursuing opportunities for TAC-STIM with first responders, including a planned SWAT training academy study in November and evaluations with state police departments. The company said Lovell Government Services will become its sole federal supply schedule contract holder for electroCore products across VA and Department of Defense markets. Fox said the arrangement is intended to simplify procurement, while Lev said the change is expected to eliminate about 3% of general and administrative expenses and transaction fees associated with direct federal sales. The transition is expected to be completed by the end of August. Gross profit increased to $8.2 million from $6.5 million a year earlier, while gross margin declined to 86.5% from 87.3%, primarily due to a higher inventory reserve. Research and development expense rose to $800,000 from $500,000, reflecting increased studies and grants, stock-based compensation, and initial work on enhancements to the Truvaga mobile application. Selling, general and administrative expense was $10.1 million, compared with $9.4 million a year earlier. Sales and marketing expense increased $1.4 million, including about $900,000 in variable expenses supporting higher sales. Total cash, cash equivalents and marketable securities were approximately $10 million as of June 30, compared with $11.6 million at the end of 2025. Lev said the company believes its existing capital resources can support its plan to reach positive adjusted EBITDA in the third quarter of 2027 without a dilutive capital raise, provided it achieves the anticipated operating leverage. On the regulatory front, electroCore said the FDA issued a preliminary Form 483 after a May inspection related to NeuroMetrix, citing four observations and two discussion points regarding the handling and documentation of patient complaints. The company said it responded with corrective actions. Those actions will delay a potential direct-to-consumer rebrand and relaunch of Quell 2.0. The company is also preparing a potential FDA submission by year-end for chemotherapy-induced peripheral neuropathy using Quell. Lev said a study acquired with NeuroMetrix had already been completed and that the current work centers on organizing the data for submission. electroCore is additionally conducting VA real-world research involving gammaCore and possible effects on post-traumatic stress disorder, while outlining a next-generation clinical device intended to incorporate biometrics and vagus nerve stimulation. electroCore, Inc is a commercial-stage bioelectronic medicine company headquartered in Rockaway, New Jersey. The company specializes in the development and commercialization of non-invasive vagus nerve stimulation (nVNS) therapies designed to address a variety of neurological and inflammatory conditions. Established in 2006, electroCore has focused its efforts on translating neuromodulation science into a compact, patient-administered treatment device. The company's lead product, gammaCore®, is a handheld, battery-powered device that delivers nVNS through the skin to the cervical branch of the vagus nerve. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "electroCore Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Second quarter 2026 net sales of $9.5 million, an increase of 28% over $7.4 million in the second quarter 2025 Net loss of $3.1 million decreased 17% from prior year with Adjusted EBITDA net loss improving 26% from prior-year period Increasing 2026 revenue guidance to greater than 30% year-over-year growth Company to host a conference call and webcast today, August 6, 2026, at 4:30 pm EDT ROCKAWAY, N.J., Aug. 06, 2026 (GLOBE NEWSWIRE) -- electroCore, Inc. (Nasdaq: ECOR) (“electroCore” or the “Company”), a bioelectronic technology company, today announced financial results for the second quarter ended June 30, 2026. The Company reported quarterly revenue of $9.5 million, an increase of approximately 28% 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. “This quarter marked a new era for our company as we implemented significant changes across our commercial organization to better position us for long-term success,” said Joshua Lev, Interim President and Chief Financial Officer of electroCore. “While these actions required investment and focus throughout the quarter, we believe they have strengthened our foundation, improved operating efficiency, and enhanced our ability to accelerate revenue growth. We are encouraged by the early results, and we believe these changes will help us drive sustainable top-line growth and achieve positive Adjusted EBITDA in the third quarter of 2027.” Recent Operational Highlights Veterans Affairs Channel Continues to Drive Prescription Growth The VA continued to be the Company’s largest growth driver in the second quarter. Prescription (Rx) gammaCore revenue grew approximately 11% year-over-year Approximately 16,400 VA patients have received a gammaCore device, representing approximately 2.7% penetration of the estimated addressable VA headache market. Quell Adoption Accelerates Sales of the Quell product line were $1.3 million in the second quarter of 2026, growing approximately 700% year-over-year and approximately 30% over the first quarter of 2026. Cumulative Quell revenue is approximately $4.0 million since the acquisition from NeuroMetrix, Inc. (“NURO”) in May 2025, of which $3.8 million of Quell Fibromyalgia has been sold into the VA. Truvaga Spend Decreases as Media Costs Expand Truvaga revenue grew approximately 27% year-over-year to $1.3 million and decreased 17% from the prior period. The Company reduced its Truvaga spend in response to higher media pricing. Evolution of the Commercial Organization To promote sustained growth, the Company has made material structural changes to the commercial organization. The Company doubled the number of sales regions from three to six, promoting greater accountability in smaller geographic territories. The Company recruited, contracted, and trained 17 new 1099 representatives with renewed focus on new patients and refill rates at the individual VA account level and helped diversify revenue across a larger number of accounts. These changes are also structured to improve our cost efficiency over time. The Company has redesigned the sales incentive plan to reduce sales and marketing expense as a percentage of revenue. The redesigned plan realigns the Company’s sales territories, eliminating overlapping, inefficient coverage that added cost without building durable accounts and should result in a reduction in incentive compensation variable expense from approximately 35% of prescription revenue to 27% and an overall reduction of the sales and marketing expense to 54% of revenue by the end of 2027. In addition, moving forward Lovell Government Services will be the Company’s primary Federal Supply Schedule contract holder across all electroCore products, in both the VA and DoD markets. That will simplify how the Company’s products move through federal procurement and positions the Company to scale federal growth more efficiently and is expected to eliminate roughly 3% of general and administrative expense in transaction fees associated with direct sales. Beyond the VA, the Company contracted a 1099 representative with a specific mandate to grow the Company’s presence within the Kaiser Permanente Georgia system and hired a W-2 employee to bring dedicated focus and expertise to Department of Defense and federal workers' compensation. Second Quarter 2026 Financial Results and Select Guidance For the three months ended June 30, 2026, electroCore reported net sales of $9.5 million compared to $7.4 million during the same period in 2025, an increase of approximately 28% over the prior year. The increase of $2.1 million was primarily driven by growth in net sales of Quell Fibromyalgia products acquired from NURO in May 2025 and Rx gammaCore, which are sold to the VA, and continued growth in net sales of the Company’s nonprescription general wellness Truvaga products. During the remainder of 2026, the Company intends to generate the majority of its sales in the VA channel through the Company’s agreement with Lovell. Gross profit increased $1.7 million to $8.2 million for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. The increase in gross profit is attributable to the increased net sales. Gross margin decreased from 87.3% to 86.5% for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. The decrease in gross margin was primarily due to an increase in our inventory reserve. Research and development expense was $0.8 million in the second quarter of 2026, compared to $0.5 million in the second quarter of 2025. The increase was primarily due to increased studies and grants, higher stock-based compensation, and initial costs to develop enhancements to our Truvaga mobile application. Selling, general and administrative expense was $10.1 million for the three months ended June 30, 2026, compared to $9.4 million in the prior year period. Sales and marketing increased $1.4 million from the prior year. The increase in sales and marketing expense was primarily driven by approximately $0.9 million of variable expenses that supported the $2.1 million increase in net sales, reflecting the operating leverage embedded in the Company’s platform as it scales. General and administrative expense decreased $0.7 million from the prior year. The decrease was primarily attributable to $0.5 million in bad debt expense recorded in the second quarter of 2025 (associated with a TAC-STIM receivable) that did not recur, as well as a reduction in professional fees in the second quarter of 2026. Total operating expenses in the three months ended June 30, 2026 were $10.9 million, compared to $9.9 million in the three months ended June 30, 2025. GAAP net loss in the second quarter of 2026 was $3.1 million, compared to $3.7 million in the second quarter of 2025. The decrease in GAAP net loss was primarily attributed to higher gross profit associated with the increase in net sales, partially offset by variable sales and marketing expenses associated with the increase in sales. Net loss per share for the second quarter of 2026 was $0.33, compared to $0.44 in the second quarter of 2025. Adjusted EBITDA net loss in the second quarter of 2026 was $1.8 million, compared to an adjusted EBITDA net loss of $2.4 million in the second quarter of 2025, an improvement of approximately $0.6 million, or 26%, year-over-year. Adjusted EBITDA net loss is a non-GAAP financial measure. See “Use of Non-GAAP Financial Measure” below for additional information and a reconciliation to GAAP net loss. Total cash, cash equivalents, and marketable securities at June 30, 2026, was approximately $10.0 million, compared to approximately $11.6 million at December 31, 2025. Full Year 2026 and Select 2027 Outlook The Company is raising its full-year 2026 revenue guidance to greater than 30% annual growth over full-year 2025 and expects to achieve positive Adjusted EBITDA in the third quarter of 2027. A reconciliation of forward-looking Adjusted EBITDA to the most directly comparable GAAP measure is not provided because the timing and magnitude of certain reconciling items cannot be reasonably predicted without unreasonable effort. Webcast and Conference Call Information electroCore’s management team will host a webcast and conference call today, August 6, 2026, beginning at 4:30 PM EDT. Investors must register here to receive login credentials and be able to ask questions on the call. All attendees who prefer to participate in “Listen Only” mode may dial in as follows: Dial-In: (646) 931-3860Webinar ID: 849 0856 5421Passcode: 305949 An archived webcast of the event will be available on the “Investors” section of the Company’s website at: www.electrocore.com. About electroCore, Inc. electroCore, Inc. and its subsidiaries (“electroCore” or the “Company”) is a bioelectronic technology company whose mission is to improve health and quality of life through innovative non-invasive bioelectronic technologies. The Company’s leading prescription products are gammaCore non-invasive vagus nerve stimulation, or nVNS, indicated for the treatment of primary headache conditions, and Quell Fibromyalgia. The Company also commercializes its handheld and personal-use Truvaga and TAC-STIM™ nVNS products, which utilize bioelectronic technologies to promote general wellness and human performance. For more information, visit www.electrocore.com. Forward-Looking Statements This press release and other written and oral statements made by representatives of electroCore may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements about, electroCore’s business prospects and clinical and product development plans; its pipeline or potential markets for its technologies; the timing, outcome and impact of regulatory, clinical and commercial developments; business prospects around its prescription gammaCore product, general wellness Truvaga and TAC-STIM products, Quell products, and other potential new products and markets; revenue guidance for the full year of 2026 and select Adjusted EBITDA guidance for 2027; the Company’s ability to continue as a going concern; the Company’s ability to raise additional capital; and the Company’s liquidity position, respectively, and other statements that are not historical in nature, particularly those that utilize terminology such as “anticipates,” “will,” “expects,” “believes,” “designed,” “intends,” and other words of similar meaning, derivations of such words and the use of future dates. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the ability to raise the additional funding needed to continue to pursue electroCore’s business and product development plans, the inherent uncertainties associated with developing new products or technologies, the ability to commercialize gammaCore, TAC-STIM, Truvaga, and Quell, the risk the Company may not be able to maintain its listing on the Nasdaq Capital Market, the risk that expected cost savings from the revised sales incentive compensation structure and the Lovell arrangement will not materialize, FDA regulatory matters that may affect the Quell product line, electroCore’s results of operations and financial performance, inflation and currency fluctuations, and any expectations electroCore may have with respect thereto, competition in the industry in which electroCore operates and overall economic and market conditions. Any forward-looking statements are made as of the date of this press release, and electroCore assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements, except as required by law. Investors should consult all of the information set forth herein and should also refer to the risk factor disclosure set forth in the reports and other documents electroCore files with the SEC available at www.sec.gov including its Quarterly Report on Form 10-Q and Annual Report on Form 10-K. Contact ECOR Investor Relations(973) [email protected] Use of Non-GAAP Financial Measure The Company is presenting adjusted EBITDA net loss because it believes this measure is a useful indicator of its operating performance. Management uses this non-GAAP measure principally as a measure of the Company’s core operating performance and believes that this measure is useful to investors because it is frequently used by the financial community, investors, and other interested parties to evaluate companies in the Company’s industry. The Company also believes that this measure is useful to its management and investors as a measure of comparative operating performance from period to period. Additionally, the Company believes its use of non-GAAP adjusted EBITDA net loss from operations facilitates management’s internal comparisons to historical operating results by factoring out potential differences caused by gains and charges not related to its regular, ongoing business, including, without limitation, non-cash charges and certain large and unpredictable charges such as restructuring expenses. The Company defines adjusted EBITDA net loss as GAAP net loss, adjusting to exclude non-operating gains/losses, depreciation and amortization, stock-based compensation expense, inventory reserve changes, accounts receivable reserve charges, non-recurring recruiting fees, severance and other related charges, legal fees associated with stockholders’ litigation and intellectual property litigation, benefit from income taxes, and non-recurring transaction charges associated with the acquisition of NURO and other business development activities, or other one-time charges. A reconciliation of GAAP net loss to non-GAAP adjusted EBITDA net loss is provided in the financial statement table below. The Company’s use of a non-GAAP measure has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of its results as reported under GAAP. Some of these limitations are: (i) the non-GAAP measure does not reflect interest or tax payments that may represent a reduction in cash available; (ii) although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and the non-GAAP measure does not reflect cash capital expenditure requirements for such replacements or for new capital expenditure requirements; (iii) the non-GAAP measure does not reflect the potentially dilutive impact of equity-based compensation; and (iv) the non-GAAP measure does not reflect changes in, or cash requirements for working capital needs; other companies, including companies in electroCore’s industry, may calculate adjusted EBITDA net loss differently, effectively reducing its usefulness as a comparative measure. Because of these and other limitations, you should consider the non-GAAP measure together with other GAAP-based financial performance measures, including various cash flow metrics, net loss, and other GAAP results. A reconciliation of GAAP net loss to non-GAAP adjusted EBITDA net loss has been provided in the preceding financial statements table of this press release.

Rigel Pharmaceuticals (RIGL) came out with quarterly earnings of $0.88 per share, missing the Zacks Consensus Estimate of $0.91 per share. This compares to earnings of $3.28 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -3.30%. A quarter ago, it was expected that this drug developer would post earnings of $0.74 per share when it actually produced earnings of $0.44, delivering a surprise of -40.54%. Over the last four quarters, the company has surpassed consensus EPS estimates just once. Rigel, which belongs to the Zacks Medical - Drugs industry, posted revenues of $78.7 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 14.58%. This compares to year-ago revenues of $101.68 million. The company has topped consensus revenue estimates two times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Rigel shares have lost about 12.6% since the beginning of the year versus the S&P 500's gain of 11%. While Rigel has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Rigel was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.05 on $73.74 million in revenues for the coming quarter and $3.51 on $280.61 million in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Medical - Drugs is currently in the bottom 41% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. One other stock from the same industry, electroCore, Inc. (ECOR), is yet to report results for the quarter ended June 2026. The results are expected to be released on August 6. This company is expected to post quarterly loss of $0.41 per share in its upcoming report, which represents a year-over-year change of -17.1%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. electroCore, Inc.'s revenues are expected to be $9.36 million, up 26.9% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Rigel Pharmaceuticals, Inc. (RIGL) : Free Stock Analysis Report electroCore, Inc. (ECOR) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Image source: The Motley Fool. Wednesday, May 6, 2026 at 4:30 p.m. ET Interim President — Thomas Errico Chief Operating Officer — Michael Fox Chief Financial Officer — Joshua S. Lev Need a quote from a Motley Fool analyst? Email [email protected] Thomas Errico: Good afternoon, everyone, and thank you for joining electroCore, Inc.'s first quarter 2026 earnings call. This is the first earnings call since we announced our leadership transition, and I want to take a moment to share how encouraged I am by the progress we have made executing that transition and by the momentum we continue to see across the organization. Since stepping into the role of interim president, Josh has provided steady, disciplined leadership while maintaining his focus on financial rigor. The alignment between our operational priorities and our financial strategy has been evident, and the organization has responded with focus and urgency. The strategy has not changed. The execution has not slowed. If anything, the focus across the organization has sharpened. At the same time, Michael Fox joined us as chief operating officer on April 13, bringing more than 35 years of commercial leadership experience across complex healthcare markets, including extensive work within the federal systems and the U.S. Department of Veteran Affairs. In just three weeks, his depth of experience has already provided valuable insights to strengthen our execution, particularly as we continue to expand our presence within complex government channels. He will introduce himself shortly. Importantly, this transition has not slowed us down. It has reinforced our foundations. We remain firmly committed to our strategy: driving growth within our covered entities, advancing our clinical and scientific leadership in noninvasive vagus nerve stimulation, and expanding our reach into the consumer wellness market. And we are doing so with discipline, managing the cost base, expanding the margin, and protecting our path to profitability. In our clinical work, we continue to invest in the evidence base that underpins our portfolio. That evidence remains a key differentiator as we engage with providers, payers, and partners globally as well as domestically, and it positions us to expand into new indications over time. In the VA, we have built a credible commercial presence over many years. We believe we have a meaningful long-term opportunity. Our commercial leadership is leveraging Mike's experience to identify new ways to be more targeted and more effective, particularly within a system where we still have substantial room to penetrate. On the consumer side, we are building a scalable, direct-to-consumer channel with increasing brand visibility, improving unit economics, and a growing network of influencer and affiliate partners that resonate with audiences seeking nonpharmacologic, science-backed wellness solutions. The early traction we are seeing reinforces our belief in the broader applicability of our technology and its relevance to everyday wellness. What gives me the greatest confidence is not just the progress itself, but how it is being achieved—with discipline, alignment, and a clear sense of purpose across the organization. We are building a strong foundation, and we are doing so in a way that positions the company for durable, long-term growth. While our search for a permanent CEO continues, I am confident that the team we have in place today—Josh, Mike, and the broader leadership group—is the right team to execute against our priorities and carry our strategy forward. I look forward to updating you on our continued progress in the quarters ahead. With that, I would like to introduce our new chief operating officer, Mike Fox. Mike, thank you. Good afternoon, everyone. I joined electroCore, Inc. for one reason. Mike Fox: I saw science-based platform technology with proven, published clinical outcomes data that support a credible commercial foundation and significant room for growth, particularly within the federal channels where I spent most of my career. Three weeks in, my conviction has only strengthened due to my greater exposure to the existing and future datasets being gathered. I have also had the opportunity to meet a vast number of talented colleagues within the company who are dedicated to the mission and the patients we serve. So rather than walk through my background, let me tell you what I have been focused on and where the opportunity exists. My major priority is the VA and Department of Defense markets. We have just scratched the surface of penetrating the addressable VA headache market. Though we have patients being treated with our products in VA medical centers across the country, we are not attaining the utilization level that meets the needs of our veterans and the dedicated providers caring for these military heroes. The majority of new patients identified and prescribed our products in Q1 are not spread across the country as expected or needed. That tells me two things: we have built real distribution, and we are nowhere near saturation. My focus is moving from facility breadth to facility depth—more prescribers per site, more patients per prescriber, more consistent customer experience across the system. My second priority is the broader federal channel. The VA is our largest entry point, but it is not the only one. The Department of Defense, across all service branches, represents an underdeveloped opportunity for both our prescription products and for TACSTIM. Given the heightened tempo of U.S. military operations abroad, the demand environment for noninvasive, drug-free, performance-supporting solutions has only intensified. I spent the last three and a half decades building relationships in these channels, and I intend to put them to work for this company. My third priority is operating discipline. Josh and the team have built a high-margin business—87% gross margin in Q1. You are starting to see operating leverage show up in the numbers. My job is to make sure that as we scale, incremental revenue translates to incremental bottom line, not incremental cost. I intend to grow this business efficiently while we establish electroCore, Inc. as a partner of choice to ensure market stability in the years ahead. At three weeks in, I trust that my experience in developing company growth and success is from decades of learnings and proven execution strategies. I am truly excited about the opportunity presented to me here at electroCore, Inc. There will be much more for me to share over the coming quarters, but I am convinced what is in front of us is real. I am truly grateful to be a part of this team. With that, I will turn the call back over to Josh to walk through the quarter. Josh? Joshua S. Lev: Thank you, Mike. Before I get into the details, let me tell you what this quarter represents for electroCore, Inc. We just delivered our highest revenue quarter ever—$9.6 million, up 43% year over year. Gross margin expanded to 87%. GAAP net loss was $5.3 million, and adjusted EBITDA loss improved by 24% to $2.3 million. That combination—accelerating top line, expanding margin, and improving adjusted EBITDA loss in the same quarter—is demonstrating operating leverage, and it is the clearest signal yet that we are executing on our strategy. We are reaffirming our full-year 2026 revenue guidance of approximately 30% growth. As I will discuss in a moment, the catalysts in front of us for 2026 give us conviction in that outlook. Now to the details. VA prescription device revenue grew 48% year over year to $7.9 million. Within that, prescription gammaCore grew 26%, and Quell sales surpassed their first $1 million quarter. Since we acquired the Quell assets from NeuroMetrix in May 2025, Quell fibromyalgia has generated $2.5 million in cumulative revenue, and we are still in the early stages of placing that product across the VA system. As of March 31, approximately 15 thousand VA patients have received the gammaCore device, which we estimate represents roughly 2.5% penetration of the addressable VA headache market. The underlying patient population continues to expand. A 2024 study published in JAMA Network Open of nearly 500 thousand U.S. veterans found that 8.2% of male and 30.1% of female veterans report a history of migraine—roughly three times the rate observed in the civilian population—and that approximately half of veterans with migraine also meet criteria for PTSD. The U.S. Department of Defense has reported more than 485 thousand service member traumatic brain injury diagnoses since 2000. Combining that with the Veterans Health Administration's emphasis on non-opioid first-line treatment for chronic pain, we believe the runway for prescription gammaCore adoption inside the VA is long and we are still early. Turning to our consumer wellness channel. Revenue reached $1.6 million in the quarter, up 44% year over year, with TruVega contributing $1.5 million, up 38% from Q1 of last year. This quarter, we deliberately tempered top-line growth in favor of efficiency, and the results are showing up in the unit economics. Our return on advertising spend, or ROAS, was approximately 2.37 in the period, a 14% improvement over the prior quarter. In plain English, every dollar we spent on TruVega-related media generated nearly $2.37 of revenue. That improvement was driven by a concentrated shift toward affiliate and influencer partnerships that reach consumers already interested in wellness and in vagus nerve stimulation specifically. Return rates remain in the 12% to 15% range, consistent with prior periods. We believe the macro environment for our consumer wellness offering is meaningful. The Centers for Disease Control reports that 24.3% of U.S. adults experienced chronic pain in 2023, up from 20.4% in 2019. Independent industry research projects the global noninvasive vagus nerve stimulation segment will expand at a low double-digit CAGR through 2030, supported by aging demographics, the regulatory and clinical pivot towards non-opioid pain management, and rising consumer awareness of the vagus nerve. We believe TruVega is well positioned to capture a meaningful share of that growth. Onto TACSTIM, our human performance product. While quarterly TACSTIM revenue has historically been variable, the underlying demand environment for cognitive performance and fatigue mitigation in the active-duty military and federal channels is robust and getting more robust. Given the heightened tempo of U.S. military operations abroad—particularly around remotely piloted aircraft, drone defense, and other extended-duration mission profiles—the need for noninvasive, drug-free solutions to support warfighter alertness, focus, and resilience has only grown. TACSTIM is the subject of ongoing research and evaluation across U.S. Air Force Special Operations Command, U.S. Army Special Operations Command, and the Air Force Research Laboratory, and was previously selected by AFRL for inclusion in the Real-Time Assessing and Augmenting Cognitive Performance in Extreme Environments program, a program designed in part to support multi-day transoceanic operations and long-duration remotely piloted aircraft missions. With Mike now leading our commercial operation, we see a meaningful opportunity in 2026 and beyond to deepen our engagement and to pull TACSTIM through as a more consistent revenue contributor. Now to the financials. Net sales of $9.6 million represented 43% growth over the prior year, driven by gammaCore and Quell within the VA and continued growth in TruVega. Gross profit was $8.4 million, with gross margin expanding to 87%, a 200 basis point improvement year over year. Research and development expense was $740,000, up modestly from the prior year, primarily reflecting work on the Acacia PTSD study. Selling, general, and administrative expense was $12.9 million. That number includes approximately $1.9 million of nonrecurring leadership transition costs and $300,000 of legal expense related to the ongoing IP litigation. Excluding those items, the year-over-year increase was driven by approximately $1.6 million of variable expense supporting our $2.9 million revenue increase—a clean illustration of how the cost base scales with the top line. Other expense of $276,000 includes interest associated with the convertible term debt financing we put in place with Avenue Venture Opportunities Fund. GAAP net loss in the first quarter was $5.3 million compared to $3.9 million in the prior-year period. This increase was driven primarily by the $1.9 million in nonrecurring leadership transition costs. Net loss per share was $0.59 compared to $0.47 per share in the same period last year. Excluding the leadership transition expenses, net loss per share was $0.37. And now I want to draw your attention to the 24% improvement in our adjusted EBITDA loss, which I believe is an important indicator of the operating leverage we are building. Adjusted EBITDA loss for Q1 was $2.3 million compared to $3.1 million a year ago. That improvement happened in a quarter where we incurred $1.9 million of nonrecurring leadership transition expenses. Strip those out and the operating leverage in this business is even more evident. Revenue grew 43%, adjusted EBITDA loss narrowed 24%. As we scale further, that gap is what gets us to profitability. A reconciliation of GAAP net loss to non-GAAP adjusted EBITDA net loss is provided in the financial tables in today's press release. Turning to the balance sheet. Cash, cash equivalents, and marketable securities were approximately $8.8 million at 03/31/2026, compared to $11.6 million at 12/31/2025. One important note on cash: Q1 is historically our highest cash-burn quarter of the year. This year, certain working capital items—primarily the timing of inventory and capital improvements to our Rockwell facility—may extend a portion of that burn into the second quarter. We are managing the balance sheet with discipline and remain focused on the operating efficiencies that support our path to profitability, while also evaluating available capital resources, including our existing shelf registration statement and at-the-market facility. Before we open the call for questions, I want to spend a minute on the catalysts ahead of us in 2026, because the runway from here is significant. First, R&D and nVNS as a platform technology. We continue to work towards a platform of products that can be sold through our established sales channels. This comes in the form of indications, products, and features. The body of evidence supporting the therapeutic potential of nVNS continues to expand. A new publication in Frontiers in Neuroscience entitled “Adjunctive noninvasive 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 noninvasive vagus nerve stimulation in patients with mild traumatic brain injury and PTSD. Additionally, approximately 20 participants have enrolled in the clinical study conducted by Acacia Clinics in collaboration with the Vagus Nerve Society designed to evaluate the safety and effectiveness of electroCore, Inc.'s gammaCore nVNS device as an adjunctive treatment for symptoms associated with PTSD. PTSD is a Breakthrough Device designation for us, and as the data matures, we expect it to become an increasingly important part of the platform story. Work on our next-generation TruVega and Quell mobile platform is underway. We are developing a mobile application designed to complement our consumer products, deliver more personalized features and user experiences, and—if done right—open the doors to recurring revenue, deeper engagement, and richer real-world data. Second, we remain focused on opening additional commercial channels for our products. Beyond continued VA penetration, Mike's mandate includes expanding our commercial and federal channel presence. This includes areas such as Kaiser, federal workers' compensation programs, TRICARE, and broader adoption within active-duty military and the Department of Defense. With TACSTIM already engaged across Air Force Special Operations Command, Army Special Operations Command, and the Air Force Research Laboratory, we see meaningful opportunity for additional federal contract activity. Quell continues gaining adoption through our current sales channel and primarily within the VA. Sales of the Quell product line surpassed $1 million in quarterly revenue for the first time in Q1 2026, bringing cumulative Quell revenue to approximately $2.7 million since the acquisition from NeuroMetrix in May 2025, including $2.5 million of Quell fibromyalgia sales in the VA. We have a small cohort of legacy Quell over-the-counter users and expect to relaunch the over-the-counter Quell Relief for lower-extremity pain later this year. Earlier this year, in January 2026, we launched TruVega in the United Kingdom, and as that business scales, we expect to evaluate additional markets. And third—perhaps the most important catalyst of all—our path to profitability. The math is straightforward: mid-80s gross margin, accelerating top line, increasingly disciplined cost base. We are not yet ready to provide a specific quarter for breakeven, but the trajectory is clear, and Q1 is the strongest evidence yet that we are on it. Taken together, these catalysts underpin our reaffirmed full-year 2026 revenue guidance of approximately 30% growth, which translates to roughly $9 million to $10 million of incremental revenue versus our $32 million in 2025. We expect the majority of that growth to come from continued VA prescription growth, where Q1 alone delivered prescription device revenue growth of 48% year over year. TruVega, growing in the high-30% range and improving in efficiency, is our next meaningful contributor. Quell Relief and our international launch represent newer contributions that we hope to scale through the back half of the year. TACSTIM, while historically variable, represents potential upside as Mike deepens our federal engagement. And our next-generation mobile platform is a 2027 contributor that opens the doors to recurring revenue over time. In short, three catalysts, a clear 30% growth bridge for 2026, and a longer runway into 2027 and beyond. With that, we will now open the call for questions. Operator? Operator: Thank you, Josh. We will now open the call for questions. For those joining via Zoom, there are two ways to participate. First, you may raise the hand icon located at the bottom of your screen. Selecting this will alert the operator that you would like to ask a live question, and you will be placed in the queue. Please note that you will remain muted until your question is called. Second, you may submit a question using the Q&A widget, which allows you to type your question directly. We will monitor and take questions submitted there as well. If time does not permit us to address all questions during today's call, a member of the Investor Relations team will follow up directly. With that, we will pause briefly to allow the queue to form. Our first question comes from Jeff Cohen at Ladenburg. Jeff, can you hear me okay? Oh, is this Destiny? Yes. Hi. This is Destiny on for Jeff. Thank you for taking our questions. Analyst: I just wanted to touch on the VA channel a little bit. And this is going to be a multipart question. But I am wondering, as you move away from breadth and more towards depth in this channel, could that—and does that—change the structure of your sales in terms of W-2 versus 1099? And then how are you balancing expanding into new sites versus additional patients treated, I should say? Joshua S. Lev: Hey, Destiny. Thanks so much for the question. Really appreciate it, and appreciate you being on the call today. I think the best person to answer that question will be Mike. Mike, why do you not jump in and let everyone know what your strategy is? Mike Fox: I think the question is a really good one because I do not believe it is an either-or. In my experience, we definitely want to expand breadth. We do have VA utilization across the country, but the depth in various specialties and within various patient-segment groups is not where it needs to be. I am a fan of the 1099 model. I am a fan of the W-2 model. In my history, as long as we have strong performers that are aligned to the strong mission to help our veterans, we can build a really strong opportunity around that. So I do not see this being a big change as much as just an internal alignment and opportunity for us to ensure that we are setting appropriate expectations and really holding people accountable to exceeding those expectations for both our gammaCore line and the Quell line. Destiny, does that answer your question? Analyst: It does. I think I would also just be curious, what is your target for number of clinics for 2026? Perhaps a range from that 200 number? Mike Fox: That depends as of right now when you say clinics—really like centers. Sorry. Yeah. The VA medical centers. It depends on what number you want to utilize. I have always been of the belief that if we are not helping at least 75% of the facilities across the country help the vets, we are not doing our job. I do not know about an exact number, but we need to get really active and have consistent utilization of our products in treating veterans in at least 75% of those accounts on a monthly basis. Analyst: Got it. And then as you go into these other DoD channels, how does that process compare to the VA centers? Is it similar in terms of timing? Mike Fox: It probably will be a different story altogether because, as you know, they are both under FSS, but the Department of Defense accounts, like the military health centers that also include the TRICARE component—so there are different segments. From a timeline perspective, the VA usually takes a long time to get things established due to FSS and working with our customers like Level Government Services for some things. On the Department of Defense side, I would expect by sometime Q3, Q4, with our plan in place, that we will start seeing additional revenue. Analyst: Okay. That is really helpful. Thank you. And then I guess transitioning over to wellness and TruVega, you had really strong ROAS this quarter, which I think is fantastic. I am just wondering if there were any changes to the marketing channels that played into that stronger ROAS. Joshua S. Lev: That is a great question. It is not so much a change in the marketing channels. It is more a function of where we are deploying and investing our resources. We made a more concerted effort to work on affiliate programs and influencers. You may have seen that Miranda Kerr posted about us earlier. That is a co-marketing opportunity that we have. Those are opportunities where we can utilize and leverage the marketing budget of other people so that they are actually the ones that are putting out the marketing messaging, and really what we are doing is using that halo effect to help lift our efficiency. So it is not so much a change per se. I would not say that we cut out any of the other channels or media that we have done before—just reallocating the resources and looking at it slightly differently. Analyst: Okay. And have you noticed any differences in repeat purchase behavior or anything of that nature compared to last year? Joshua S. Lev: Not yet, but we also have not given any formal guidance on that either. But I would say not yet for the time being. Everything seems to be business as usual. Analyst: Got it. Alright. That does it for me. Thank you for taking the questions and great quarter. Joshua S. Lev: Thanks. Operator: Okay. Our next question comes from Brookline. Analyst: Hi. Can you hear me? Joshua S. Lev: Yes. Perfect. Well, give me one second. Alright. First, Mike, thank you for joining the call and coming on board. We look forward to engaging with you. My question is on the Frontiers study on PTSD patients, which was very compelling. I was wondering if you can just remind us how this study is aligned with the ongoing Acacia trial. Is it set up the same, whether the outcomes are actually designed to capture the same kind of endpoints that were published in Frontiers, or something different? Joshua S. Lev: It is something slightly different. Both of them are there to capture patients with PTSD and the effects of utilizing noninvasive vagal nerve stimulation on patients with PTSD. The actual protocols themselves are slightly different, and you can look those up on the IRBs if you would like. But in essence, the idea here is how do you aggregate different data points that have PTSD being tested through a patient population. But the populations themselves may be slightly different. Analyst: Okay. And then I have a follow-up question. You know, there is a Breakthrough designation attached with PTSD. Are there any ongoing discussions with the FDA at this point? Joshua S. Lev: In previous quarters, we have given information and spoken about how we have gone back and forth with the FDA in terms of the best way to approach expanding the Breakthrough designation to what would be a formal PTSD label. What we are doing with a lot of the work now—primarily with the Acacia study and what you just referenced a moment ago—is really aggregating more data points and information that we can bring to the FDA to have a full rollout of what would be a PTSD indication and a full label. And we are doing that in conjunction with them in that they have identified, or articulated to us, what they are looking for. Based off that information, we are looking to take that and aggregate the dataset to provide to them to ultimately apply for the full-form PTSD label with them. Analyst: Thank you. Joshua S. Lev: Great. Thanks. Operator: Okay. Our next question comes from RK Ramakanth at H.C. Wainwright. Swayampakula Ramakanth: Good afternoon, Joshua. Welcome aboard. Michael Fox, hopefully, you guys are able to hear me. Joshua S. Lev: Yeah. You are great, RK. Swayampakula Ramakanth: I have two or three questions. So, Josh, just starting off—thanks for reiterating the 30% growth for 2026. But during the first quarter, there was a gain of 43%. What is it that is keeping you being more careful than needed? Do you see something that makes you—I am not going to use the word concerned—but makes you think that you need to wait for at least one more quarter to change that guidance? Joshua S. Lev: That is a great question, RK, and very astute. The answer is no. More than anything, we have internal projections, as you know, and the guidance that we provide to The Street is really based off what we believe organic growth could look like based off of, I would say, an outdated model, if you will. And what I mean by outdated is Mike, with all of his experience coming to the organization, has utilized strategy and tactics which have helped grow his former businesses three to four times in terms of top-line revenue. Mike has only been here since April 13. So it is not really necessarily “fair” to expect any more sort of direction or tactics as it relates to how he is going to be able to expand or accelerate that growth, what the timing of that growth is going to look like, and the resources required—which is the reason why we keep on going back to: we are going to provide more detailed guidance when it becomes available and more appropriate. It just has not been enough time for Mike to get his feet wet fully to be able to map out and say, okay, I think that we can grow by X, but it is going to take this amount of time. Swayampakula Ramakanth: Okay. Thanks for that. And Michael Fox, as I said, welcome aboard. I have a quick question for you. As you were doing your due diligence and trying to get on board, gammaCore has been marketed to the VA facilities for quite a while now, and we have about 200 centers actually not only acquiring but also stocking the product. From what you have done in the past, what are the easy pickings in the VA market to move that to a larger number of centers? And also, outside of the VA, can you name one or two additional federal centers where you think this can be an easy sell? Mike Fox: RK, that is a really good question. I would say from what I have seen in my experience in the VA, the best way to adjust within the VA is to work with them. The VA has a lot of standardizations. They have a lot of requests for algorithms and treatment protocols, medical necessity. I find a lot of companies do a lot of great things one account at a time, but they are not working with the leadership at the VISN level or national level to really place where this product fits and get support from the top down. I believe this company has done a phenomenal job of generating support from the bottom up. What I can do is continue to work with that information, that data, the patient-provided outcomes, and the information gathered by our providers in the VA to generate more opportunity for us to standardize treatment and put a really strong position for gammaCore within the federal space. On the second part of your question—outside of the VA—I know there is a large federal workers' comp opportunity with the number of headaches and migraines within that space. Within the Department of Defense, whenever you say Department of Defense, you have to think of places like Walter Reed, Sampson, Portsmouth Naval, and Balboa. There are so many medical facilities that treat patients post-deployment that come back with various things that we can definitely assist them with. It is early in my evaluation of where we will be able to start, but I promise for the Department of Defense it will be with key opinion leaders within the headache space on those active military bases, with a focus on the larger centers first—probably closer to the East Coast where we are based. Fantastic. Does that answer your question okay? Swayampakula Ramakanth: Yes. Yes. So if I can, one more question for you, Mike. In terms of Kaiser Permanente, this is one of those entities where you really need to generate internal KOLs that can drive the growth of the product. In terms of your experience, do you see that as a real way to do it, or are there any other levers that need to be pulled? Because I believe once you can get that going, it can be a good draw of the product. Mike Fox: That is a phenomenal question. I think a lot of companies ask the same thing about Kaiser because everyone knows the importance of a place like that for business. I cannot say all the details of our proposition to date with Kaiser. I have been on numerous calls. I am very excited about what we have going on in the key opinion leader support within Kaiser. It is a phenomenally well-organized and standardized group. So within the foundation, I know there is a lot of support. The work is definitely being done in the California market. We are going to address some other outside-of-California market opportunities. I do not want to get too deep into the Kaiser description of what is going to happen, but we have a very favorable position now that we need to really understand what is holding us back so we can generate that necessity from the customers. But you are right—we need internal providers requesting it. I can tell you from my early meetings, we have national headache and migraine experts already doing that. So we are in a good spot. We just need to tie a bow a little bit and figure out what is missing, but we have a lot of momentum there. Swayampakula Ramakanth: Perfect. Perfect. On the Quell fibromyalgia—you have $2.5 million cumulative in the VA market. How big is the opportunity within the VA for Quell, and is there any opportunity outside of the VA? Because it looks like it does not sell much on the over-the-counter sort of product. You have quite a bit of experience now with TruVega, and I am just trying to understand how that can be translated into Quell OTC, if I can call it that. Mike Fox: That is a great question, RK. Within the VA, obviously, we are treating some of the multidisciplinary types of patients with multifactorial disorders. Fibromyalgia, as a percentage, is a large population in the VA. I think there are some recent statistics—just on even active military, it is very low before they go on deployment, but upon return from deployment, it is about 11% just on active duty. So the veterans as a whole are always exposed to greater and bigger issues. It is a market by itself which is very scalable for a product like Quell. Outside of the VA, I think we all have family members and friends that have been dealing with fibromyalgia. It is a big opportunity outside there. But I would say—we talked about Kaiser a little bit earlier—I think those are the markets that would be the first ones to address as we continue to explore maybe some opportunities to talk with TriWest and Optum for some of the active military. That would be the plan at least for the immediate future, but we still have to verify what is the best spot. Joshua S. Lev: And look, RK, it is also definitely worth noting as we look at the number of facilities that are out there prescribing our products: the fibromyalgia product, Quell, is being prescribed in roughly a third of the number of facilities that are prescribing gammaCore. If you think about that in the context of overall runway—yes, we acquired the company a year ago. We have been able to grow that to about $2.5 million within the VA system. But within that VA system, it is kind of concentrated in one area of the region. We just need to spend more time being out there and selling. So there is a lot of opportunity, I think. Swayampakula Ramakanth: I do not mean to hog the call, but one last question. On TruVega, what learnings can you take from the U.S. to the U.K.? Joshua S. Lev: That is a great question. Right now, we have only launched in the U.K. with our TruVega 350. We have had a lot of inbound interest coming from the U.K., and people are expressing the need or the desire to get more access to noninvasive vagal nerve stimulation for the wellness space. It is early days there. We really just launched it in January, a soft launch, and what I mean by that is we are not actively putting any media dollars behind it right now. Really, what we are trying to get a better understanding of is what is the uptake for that TruVega 350 unit, and does it make sense? What is the business opportunity more broadly not just in the U.K., but also in other areas outside of the U.S., to go ahead and launch next-generation products like the TruVega Plus. Thanks, RK. Operator: Okay. Josh, our next questioner comes from Jeremy Perlman from Maxim. His first question is actually for Mike. He says, where does Mike see the easiest wins, lowest hanging fruit, and what are his longer-term plans to drive increased utilization? Mike Fox: Thanks for the question, Jeremy. In my vast four weeks of experience, the low-hanging-fruit opportunity is, as we discussed, the federal space. I think the VA and the unmet needs with our veterans is a key focus for us. We know we have a really strong opportunity there, and other federal channels like we discussed with the Department of Defense. I think long-term plans—it is a good starting spot, but we all know that it is a good place to help our veterans, and we have to go beyond. That is where I think the longer-term plan will be to continue to work on the commercial side and figure that system out as a way for us to expand beyond the FSS and GSA opportunity. So that is still in development, still being identified, but that is the long-term plan. We can develop the revenue for the long term. Operator: Okay. Jeremy's next question is: what does the Quell Relief commercialization rollout look like—target markets and users? Joshua S. Lev: Yeah, so great question. First and foremost, there is a small cohort of users of the Quell over-the-counter product that we inherited when we acquired the NeuroMetrix business. You may recall that when NeuroMetrix was at its peak, it was doing somewhere to the tune of $12 million of over-the-counter related business. A lot of that went away after the company decided to do a strategic pivot, had the FTC issue, and moved to a medical device called the fibromyalgia product. From our point of view, we are really focused on, number one, making sure that we can still service those legacy consumers that have been using the product or that may want to have continued using the product but it is no longer available. That is number one. And then number two is we need to do it in a way that makes sure that we have addressed all of the concerns that NeuroMetrix had regarding the FTC. In terms of overall rollout and commercial strategy, the answer is that it is going to be slow. It is going to be well defined, but it is going to be deliberate in that we are purposely going to make sure that we have addressed the concerns that NeuroMetrix had earlier in their iteration as an over-the-counter product so that we can go ahead and do it in a way that is balanced between offering Quell fibromyalgia—an FDA-cleared product—and then also a consumer product as well. Operator: Okay. And our last question from Jeremy: what are your leading indicators—pipeline, reorder rates, device utilization—that give confidence in continued acceleration and guidance? Joshua S. Lev: Again, Jeremy, great question. I tried to really focus on it at the end of my remarks, but we look at this in terms of three main categories of catalysts. The first is R&D-related—so that could be additional indications, right? PTSD, putting out additional information about how the studies are going. If you look and you follow our IR page, you will note that we put out recent press releases noting the Acacia study, noting some other publications where data is coming out to help support what could be the makings of a PTSD label. That would be an R&D effort. Products or features—we had mentioned, as it relates to TruVega and Quell, we are investing in our next-generation mobile application. Those features will allow us to hopefully get to a point where, if done correctly, we will be in a situation that we can have a recurring revenue model. So that would be the first catalyst. The second catalyst would be commercial—being able to go ahead and announce items such as launching TruVega outside the United States, as we recently did in January; the opportunity or the probability of ultimately launching the Quell Relief, or the Quell over-the-counter product, as its own standalone consumer product; hopefully Mike coming to the table and being able to announce either further traction within places like Kaiser or new orders within the federal marketplace like federal workers' comp, perhaps TRICARE—so opening up different commercial avenues. And then lastly, which is the third catalyst, would be the operating results. We believe that we can be in a situation where these other catalysts will help drive increased total addressable market and adoption of noninvasive vagal nerve stimulation devices, and we believe that acceleration will yield higher revenue growth and be done in a way where we are managing our costs and expenses. Ultimately, can we accelerate our revenue while also reducing our overall cost to do that—whether that is sales and marketing as a percentage of revenue as an indicator, and so on. Those are really the three main catalysts that we are focused on, and we will be very mindful as we go into the remainder of 2026 and beyond to give very specific milestone updates in these different areas that we are strategically focused on. Mike, I do not know if you have anything else you want to add. Mike Fox: And, Jeremy, I would just like to add—in my opening comments I talked about what I knew about the company before I got here as far as how clinically in-depth this organization is and what they are doing to continue to enhance the strength of the clinical platform. Since joining the company and seeing Doctor Stotts and his team and all the investigator-initiated research and the resources the company is putting behind the products to prove more and to do more is one of the reasons I am extremely excited about the future. So when you talk about it, it is not just always using the same product and just trying to get momentum. It is building the platform that Josh has talked about, and that is what I believe is a really exciting factor for this company—what you will see in the future that we really cannot discuss today, but the economics and the efforts are being placed here at electroCore, Inc. to make it happen. Operator: We have now concluded the live Q&A portion of the call. With that, I will turn the call back over to Josh for closing remarks. Joshua S. Lev: Thank you. I want to take the opportunity to thank our shareholders for your patience and your continued support. To our patients, our providers, and our partners, thank you for trusting us with your care and your time. And most importantly, to our team, thank you for showing up every day with the discipline and the ambition this opportunity demands. I really appreciate everyone's participation in today's call. We look forward to speaking with you again next quarter, and I wish you all a happy afternoon. Operator: That concludes today's call. Thank you for your participation. Before you buy stock in electroCore, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and electroCore wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. 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As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. electroCore (ECOR) Q1 2026 Earnings Transcript was originally published by The Motley Fool

Record quarter: electroCore reported its highest quarterly revenue ever of $9.6 million (up 43% YoY), with gross margin expanding to 87% and adjusted EBITDA loss improving 24% to $2.3 million, though cash totaled about $8.8 million amid seasonal burn and ongoing capital evaluation. VA and federal push: The VA is the largest customer (prescription device revenue $7.9 million; ~15,000 VA patients, ~2.5% penetration), and new COO Michael Fox is prioritizing deeper VA and DoD penetration and consistent utilization across facilities. Guidance and catalysts: Management reaffirmed ~30% full‑year 2026 revenue growth guidance and highlighted clinical catalysts (Frontiers analysis, Acacia PTSD study, breakthrough designation) plus product initiatives (next‑gen Truvaga/Quell and an OTC Quell relaunch in 2026) to drive commercialization and the path to profitability. Interested in electroCore, Inc.? Here are five stocks we like better. electroCore (NASDAQ:ECOR) executives highlighted record quarterly revenue, expanding margins, and continued progress toward profitability during the company’s first-quarter 2026 earnings call, while also discussing a leadership transition and commercial priorities across federal and consumer channels. Dr. Thomas J. Errico, the company’s founder and independent chairman, said the first-quarter call was the first since electroCore announced a leadership transition. Errico said Interim President and Chief Financial Officer Joshua Lev has provided “steady, disciplined leadership” and that “the strategy has not changed” and “the execution has not slowed.” → The Real SpaceX Play: 5 Chip Stocks Powering the IPO Before It Launches Errico also noted that Michael Fox joined as chief operating officer on April 13, bringing more than 35 years of commercial experience, including work with federal systems and the U.S. Department of Veterans Affairs. Errico said Fox’s experience has already provided insights to strengthen execution, “particularly as we continue to expand our presence within complex government channels.” Fox told investors he joined electroCore because he saw a “science-based platform technology with proven published clinical outcomes data” and said his initial conviction has strengthened after reviewing company data and meeting employees. He outlined three priorities: deeper penetration in the VA and Department of Defense markets, broader federal channel expansion beyond the VA, and operating discipline to ensure incremental revenue drives incremental profit. → Tyson Foods' Total Returns: Tasty Treats for Income Investors? Lev said electroCore delivered its “highest revenue quarter ever,” reporting revenue of $9.6 million, up 43% year-over-year. Gross margin expanded to 87%, and the company posted a GAAP net loss of $5.3 million. Lev said adjusted EBITDA loss improved 24% to $2.3 million, calling the combination of accelerating revenue, expanding margin, and improving adjusted EBITDA loss “the clearest signal yet that we are executing on our strategy.” Lev said research and development expense was $740,000, up modestly from the prior year, primarily reflecting work on the Acacia PTSD study. Selling, general and administrative expense was $12.9 million, including approximately $1.9 million of “non-recurring leadership transition costs” and $300,000 of legal expense tied to ongoing intellectual property litigation. Other expense of $276,000 included interest associated with a convertible term debt financing with Avenue Venture Opportunities Fund. → Berkshire Hathaway’s Record Cash Hoard: Why and What's Next? Cash, cash equivalents, and marketable securities were approximately $8.8 million as of March 31, 2026, down from $11.6 million at December 31, 2025. Lev noted the first quarter is “historically our highest cash burn quarter,” and said some working capital timing items, including inventory timing and capital improvements at the Rockaway facility, “may extend a portion of that burn into the second quarter.” He said the company remains focused on operating efficiencies and is evaluating available capital resources, including its existing shelf registration and at-the-market facility. Lev said the VA hospital system remains electroCore’s largest customer, with prescription device revenue increasing 48% year-over-year to $7.9 million. Within that category, prescription gammaCore grew 26%, while Quell sales surpassed their first million-dollar quarter. Lev said that since electroCore acquired the Quell assets from NeuroMetrix in May 2025, Quell Fibromyalgia generated $2.5 million in cumulative revenue, and the company remains in the “early stages” of placing the product across the VA system. As of March 31, Lev said approximately 15,000 VA patients have received a gammaCore device, which the company estimates represents about 2.5% penetration of the addressable VA headache market. Lev cited published and government data points he said support a long runway for adoption inside the VA, including migraine prevalence among veterans and Department of Defense reporting of traumatic brain injury diagnoses since 2000. Fox emphasized a shift from “facility breadth to facility depth,” describing a goal of more prescribers per site, more patients per prescriber, and a more consistent customer experience. In response to an analyst question about sales force structure, Fox said he supports both 1099 and W-2 models and framed the near-term opportunity as internal alignment and accountability rather than a major structural change. Asked about penetration targets across VA medical centers, Fox said he did not provide an exact number but said the company needs “consistent utilization” in “at least 75%” of facilities on a monthly basis. Fox also discussed Department of Defense opportunities, pointing to major facilities such as Walter Reed, SAMMC, Portsmouth Naval, and Balboa as potential focus areas. Lev and Fox described the DoD channel as distinct from the VA, including the TRICARE component, and Fox said the company is early in evaluating where to start, with an initial focus on key opinion leaders in headache and migraine. On the consumer wellness side, Lev said revenue reached $1.6 million, up 44% year-over-year, with Truvaga contributing $1.5 million, up 38% from the prior year quarter. Lev said the company “deliberately tempered top line growth in favor of efficiency,” with return on advertising spend (ROAS) of approximately 2.37, a 14% improvement from the prior quarter. He said the improvement was driven by a “concentrated shift toward affiliate and influencer partnerships,” and added that return rates remained in the 12% to 15% range. During Q&A, Lev said the ROAS improvement was primarily a reallocation of resources rather than a pullback in existing channels, and cited influencer and affiliate efforts, including what he described as a co-marketing opportunity following a social media post from Miranda Kerr. When asked about repeat purchase behavior, Lev said, “Not yet,” and added that the company has not provided formal guidance on that metric. For TAC-STIM, electroCore’s human performance product, Lev said revenue has historically been variable but described the “underlying demand environment” as robust. He said TAC-STIM is undergoing research and evaluation across U.S. Air Force Special Operations Command, U.S. Army Special Operations Command, and the Air Force Research Laboratory, and noted it was previously selected by AFRL for inclusion in the Assessing and Augmenting Cognitive Performance in Extreme Environments program. Lev said the company sees an opportunity to make TAC-STIM a more consistent revenue contributor as Fox deepens federal engagement. Lev reaffirmed full-year 2026 revenue guidance of approximately 30% growth. In response to a question about why the company was not raising guidance after 43% first-quarter growth, Lev said the guidance reflects the company’s current model and that Fox has only been in the role since mid-April, making it premature to assume the timing and resource requirements for additional acceleration. Lev outlined several catalysts for 2026, including expanding evidence for non-invasive vagus nerve stimulation (NVNS), product and feature development, and new commercial channels. He referenced a publication in Frontiers in Neuroscience involving a post-hoc analysis on adjunctive NVNS for chronic mild traumatic brain injury with comorbid PTSD. He also said approximately 20 participants have enrolled in a clinical study conducted by Acacia Clinics in collaboration with the Vagus Nerve Society evaluating gammaCore as an adjunctive treatment for PTSD symptoms. During Q&A, management said the Frontiers analysis and the Acacia study are “slightly different” protocols but both aim to capture effects of NVNS in PTSD populations. Executives also said they are aggregating data to support discussions with the FDA regarding a potential formal PTSD label, noting the company has a breakthrough device designation for PTSD. On product development, Lev said work is underway on a next-generation Truvaga and Quell mobile platform, including an application intended to complement consumer products and potentially enable recurring revenue and deeper engagement over time. Commercially, Lev and Fox discussed efforts to expand beyond the VA into areas including Kaiser, federal workers’ compensation programs, TRICARE, and broader DoD adoption. Regarding Quell, Lev said the company expects to relaunch the over-the-counter Quell Relief product for lower extremity pain later in 2026, describing a plan to proceed “slow” and “deliberate” while addressing concerns tied to NeuroMetrix’s earlier Federal Trade Commission issue. Lev also noted electroCore launched Truvaga in the U.K. in January 2026 as a “soft launch” without active media spending, and said the company is assessing uptake and broader international opportunity. While Lev said electroCore is not yet ready to provide a specific quarter for breakeven, he described the direction as clear, citing “mid-80s gross margin, accelerating top line, [and an] increasingly disciplined cost base” as supporting the company’s stated path to profitability. electroCore, Inc is a commercial-stage bioelectronic medicine company headquartered in Rockaway, New Jersey. The company specializes in the development and commercialization of non-invasive vagus nerve stimulation (nVNS) therapies designed to address a variety of neurological and inflammatory conditions. Established in 2006, electroCore has focused its efforts on translating neuromodulation science into a compact, patient-administered treatment device. The company's lead product, gammaCore®, is a handheld, battery-powered device that delivers nVNS through the skin to the cervical branch of the vagus nerve. The article "electroCore Q1 Earnings Call Highlights" was originally published by MarketBeat.

Achieved record quarterly revenue of $9.6 million, a 43% year-over-year increase, driven by accelerating adoption within the VA hospital system. Management attributes performance to a sharpened organizational focus following a leadership transition and the appointment of a new COO with deep federal channel expertise. Gross margins expanded to 87%, reflecting a high-margin business model that is beginning to demonstrate significant operating leverage as revenue scales. The VA strategy is pivoting from 'facility breadth' to 'facility depth,' focusing on increasing the number of prescribers per site and patients per prescriber. Consumer wellness revenue grew 44% year-over-year, with a deliberate shift toward affiliate and influencer partnerships to improve unit economics and marketing efficiency. The acquisition of Quell assets has successfully integrated into the VA channel, surpassing $1 million in quarterly revenue for the first time in Q1 2026. Strategic positioning remains focused on non-pharmacologic, science-backed solutions, aligning with the VA's emphasis on non-opioid first-line treatments for chronic pain. Reaffirmed full-year 2026 revenue growth guidance of approximately 30%, supported by a long runway for penetration in the addressable VA headache market. Future growth is expected to be driven by expansion into the Department of Defense, TRICARE, and federal workers' compensation programs. Development of a next-generation mobile platform for Truvaga and Quell is underway for 2027, aimed at establishing recurring revenue streams and deeper user engagement. Management is pursuing a formal PTSD label for gammaCore, utilizing the ACACIA study and breakthrough device designation to expand the clinical platform. The path to profitability is predicated on maintaining mid-80s gross margins while narrowing adjusted EBITDA losses through disciplined cost management. GAAP net loss included $1.9 million in non-recurring leadership transition costs; excluding these, the underlying operating loss showed marked improvement. Cash burn is historically highest in Q1, with some elevated spending expected to persist into Q2 due to inventory timing and facility improvements. The company is actively evaluating capital resources, including its existing shelf registration and at-the-market (ATM) facility, to support the path to profitability. Ongoing IP litigation resulted in $300,000 of legal expense during the quarter. Management intends to maintain a mix of W-2 and 1099 representatives, focusing on internal alignment rather than structural changes to drive depth. The goal is to achieve consistent monthly utilization in at least 75% of VA medical centers, moving beyond simple distribution to active patient treatment. Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. The DoD opportunity includes active-duty military health centers and the TRICARE component, which differs from the VA's FSS-based model. Management expects to see additional revenue from DoD channels by Q3 or Q4 2026 as they engage key opinion leaders at major military medical facilities. Improved Return on Advertising Spend (ROAS) to 2.37 was driven by reallocating resources toward influencers and affiliates rather than cutting total media spend. This strategy leverages the 'halo effect' of external marketing budgets to lift ElectroCore's own customer acquisition efficiency. Management reported favorable positioning and support from national headache experts within Kaiser's highly standardized system. The focus is now on identifying specific internal barriers to generate the necessary provider requests to drive broader adoption. The company plans a deliberate, slow rollout of Quell Relief for lower extremity pain to ensure compliance with past regulatory concerns inherited from NeuroMetrix. The strategy aims to balance the prescription fibromyalgia product with a distinct consumer-facing OTC offering. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here.

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, N.J., May 06, 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. “Joining electroCore at this stage of the Company’s growth was a clear opportunity,” said Michael Fox, Chief Operating Officer of electroCore. “The platform is generating meaningful revenue with gross margins that compare favorably to many medical device peers, and the operating leverage opportunity is substantial. My focus will be on scaling our commercial organization efficiently — ensuring that incremental revenue translates into bottom-line improvement.” First Quarter 2026 Financial Results and Select Guidance For the first quarter of 2026, electroCore reported net sales of $9.6 million compared to $6.7 million during the same period in 2025, an increase of approximately 43% over the prior year. The increase of $2.9 million was primarily driven by growth in net sales of prescription (Rx) gammaCore to the VA, sales of Quell Fibromyalgia products acquired from NURO in May 2025 and also sold to the VA, and continued growth in net sales of the Company’s nonprescription general wellness Truvaga products. The Company expects that the majority of fiscal year 2026 revenue will continue to come from the VA. Gross profit increased $2.7 million to $8.4 million for the three months ended March 31, 2026 compared to the three months ended March 31, 2025. The increase in gross profit is attributable to the increased net sales and favorable product mix. Gross margin expanded to 87% for the three months ended March 31, 2026, compared to 85% for the prior year period. Research and development expense was $0.7 million in the first quarter of 2026, compared to $0.6 million in the first quarter of 2025. The increase was primarily due to increased studies and grants. Selling, general and administrative expense was $12.9 million for the three months ended March 31, 2026, compared to $8.9 million in the prior year period. Sales and marketing increased $1.8 million from the prior year. The increase in sales and marketing expense was primarily driven by approximately $1.6 million of variable expenses that supported the $2.9 million increase in net sales, reflecting the operating leverage embedded in the Company’s platform as it scales. General and administrative expense increased $2.3 million from the prior year. The year-over-year increase included approximately $1.9 million of one-time leadership transition expenses as well as approximately $0.3 million of legal fees related to the ongoing litigation. Total operating expenses in the three months ended March 31, 2026 were $13.7 million, compared to $9.5 million in the three months ended March 31, 2025. GAAP net loss in the first quarter of 2026 was $5.3 million, compared to $3.9 million in the first quarter of 2025. The increase in GAAP net loss was primarily attributable to the $1.9 million of one-time expense associated with the leadership transition. Net loss per share for the first quarter of 2026 was $0.59, compared to $0.47 in the first quarter of 2025. Excluding $1.9 million of expense associated with the leadership transition, net loss per share for the first quarter of 2026 was $0.37. Adjusted EBITDA net loss in the first quarter of 2026 was $2.3 million, compared to an adjusted EBITDA net loss of $3.1 million in the first quarter of 2025, an improvement of approximately $0.7 million, or 24%, year-over-year. Adjusted EBITDA net loss is a non-GAAP financial measure. See “Use of Non-GAAP Financial Measure” below for additional information and a reconciliation to GAAP net loss. Total cash, cash equivalents, and marketable securities at March 31, 2026, was approximately $8.8 million, compared to approximately $11.6 million at December 31, 2025. Full Year 2026 Outlook For the full year of 2026, the Company is reiterating revenue guidance of approximately 30% annual revenue growth over 2025. Webcast and Conference Call Information electroCore’s management team will host a webcast and conference call today, May 6, 2026, beginning at 4:30 PM EDT. Investors must register here to receive login credentials and be able to ask questions on the call. All attendees who prefer to participate in “Listen Only” mode may dial in as follows: Dial-In: (646) 931-3860 Webinar ID: 856 5438 2775 Passcode: 895430 An archived webcast of the event will be available on the “Investors” section of the Company’s website at: www.electrocore.com. About electroCore, Inc. electroCore, Inc. and its subsidiaries (“electroCore” or the “Company”) is a bioelectronic technology company whose mission is to improve health and quality of life through innovative non-invasive bioelectronic technologies. The Company’s leading prescription products are gammaCore non-invasive vagus nerve stimulation, or nVNS, indicated for the treatment of primary headache conditions, and Quell Fibromyalgia. The Company also commercializes its handheld and personal-use Truvaga and TAC-STIM™ nVNS products, which utilize bioelectronic technologies to promote general wellness and human performance. For more information, visit www.electrocore.com. Forward-Looking Statements This press release and other written and oral statements made by representatives of electroCore may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements about, electroCore’s business prospects and clinical and product development plans; its pipeline or potential markets for its technologies; the timing, outcome and impact of regulatory, clinical and commercial developments; business prospects around its prescription gammaCore product, general wellness Truvaga and TAC-STIM products, Quell products, and other potential new products and markets; revenue guidance for the full year of 2026; the Company’s ability to continue as a going concern;, the Company’s ability to raise additional capital; and the Company’s liquidity position, respectively, and other statements that are not historical in nature, particularly those that utilize terminology such as “anticipates,” “will,” “expects,” “believes,” “designed,” “intends,” and other words of similar meaning, derivations of such words and the use of future dates. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the ability to raise the additional funding needed to continue to pursue electroCore’s business and product development plans, the inherent uncertainties associated with developing new products or technologies, the ability to commercialize gammaCore, TAC-STIM, Truvaga, and Quell, the risk the Company may not be able to maintain its listing on the Nasdaq Capital Market, the impact of an ongoing leadership and management transition, electroCore’s results of operations and financial performance, inflation and currency fluctuations, and any expectations electroCore may have with respect thereto, competition in the industry in which electroCore operates and overall economic and market conditions. Any forward-looking statements are made as of the date of this press release, and electroCore assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements, except as required by law. Investors should consult all of the information set forth herein and should also refer to the risk factor disclosure set forth in the reports and other documents electroCore files with the SEC available at www.sec.gov including its Quarterly Report on Form 10-Q and Annual Report on Form 10-K. Contact ECOR Investor Relations (973) 302-9253 [email protected] Use of Non-GAAP Financial Measure The Company is presenting adjusted EBITDA net loss because it believes this measure is a useful indicator of its operating performance. Management uses this non-GAAP measure principally as a measure of the Company’s core operating performance and believes that this measure is useful to investors because it is frequently used by the financial community, investors, and other interested parties to evaluate companies in the Company’s industry. The Company also believes that this measure is useful to its management and investors as a measure of comparative operating performance from period to period. Additionally, the Company believes its use of non-GAAP adjusted EBITDA net loss from operations facilitates management’s internal comparisons to historical operating results by factoring out potential differences caused by gains and charges not related to its regular, ongoing business, including, without limitation, non-cash charges and certain large and unpredictable charges such as restructuring expenses. The Company defines adjusted EBITDA net loss as GAAP net loss, adjusting to exclude non-operating gains/losses, depreciation and amortization, stock-based compensation expense, inventory reserve changes, accounts receivable reserve charges, non-recurring recruiting fees, severance and other related charges, legal fees associated with stockholders’ litigation and intellectual property litigation, benefit from income taxes, and non-recurring transaction charges associated with the acquisition of NURO and other business development activities, or other one-time charges. A reconciliation of GAAP net loss to non-GAAP adjusted EBITDA net loss is provided in the financial statement table below. The Company’s use of a non-GAAP measure has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of its results as reported under GAAP. Some of these limitations are: (i) the non-GAAP measure does not reflect interest or tax payments that may represent a reduction in cash available; (ii) although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and the non-GAAP measure does not reflect cash capital expenditure requirements for such replacements or for new capital expenditure requirements; (iii) the non-GAAP measure does not reflect the potentially dilutive impact of equity-based compensation; and (iv) the non-GAAP measure does not reflect changes in, or cash requirements for working capital needs; other companies, including companies in electroCore’s industry, may calculate adjusted EBITDA net loss differently, effectively reducing its usefulness as a comparative measure. Because of these and other limitations, you should consider the non-GAAP measure together with other GAAP-based financial performance measures, including various cash flow metrics, net loss, and other GAAP results. A reconciliation of GAAP net loss to non-GAAP adjusted EBITDA net loss has been provided in the preceding financial statements table of this press release.

LONDON, UK / ACCESS Newswire / March 26, 2026 / Ecora Royalties PLC (LSE:ECOR)(TSX:ECOR) announces full year results for the year ended 31 December 2025. The Company will publish its audited 2025 Annual Report and Accounts later today, which will be available on the Group's website at www.ecoraroyalties.com and on SEDAR at www.SEDAR.com. Ecora is a leading critical minerals focused royalty and streaming company. Copper is at the core of the portfolio which also includes other commodities linked to the trend of electrification, energy transition, infrastructure renewal and urbanisation, digital infrastructure, robotics and energy security. Marc Bishop Lafleche, Chief Executive Officer, commented: "2025 was a landmark year for Ecora. Our critical minerals royalties and streams delivered record portfolio contribution representing the first time in the Group's history where the majority of the Group's portfolio contribution was derived from critical minerals. "Project's underlying Ecora's development stage portfolio saw a number of meaningful advances during 2025, with our operator partners targeting further derisking events in the upcoming twelve months which will move these projects closer to production, underpinning a key part of Ecora's organic growth profile during the remainder of the decade and beyond. "Ecora has delivered strong deleveraging post the acquisition of the Mimbula copper stream, which is expected to continue in 2026. Ecora retains the financial flexibility to continue to further diversify its portfolio, with a primary focus on acquiring producing or advanced stage near-production royalties or streams, to complement Ecora's existing growth portfolio." 1 Includes ongoing metal purchase costs under stream agreements, for 2025 these were: Voisey's Bay ($3.6m); Mimbula ($1.1m) 2 In 2025, principal repayment totalled $2.6m and interest received totalled $1.1m 3 Under IFRS 9, the royalties received from EVBC are reflected in the fair value movement of the underlying royalty rather than recorded as royalty income Financial Highlights: $57.0m portfolio contribution for the year ended 31 December 2025 (2024: $63.2m) with significant increase in contribution from base metals royalties largely offsetting reduction in Kestrel steelmaking coal contribution Royalty and metal stream-related revenue of $55.9m (2024: $59.6m) Profit after tax of $22.2m (2024: loss of $9.8m) The latest Voisey's Bay mine plan extends production by four years to 2044 and accelerates near-term volumes, as a result, the Group has recognised an impairment reversal of $14.1m and a related deferred tax credit of $9.8m relating to carry forward losses which are now expected to be utilised Adjusted earnings of $22.1m (2024: $28.9m) and adjusted earnings per share of 8.86c (2024: 11.43c) Free cash flow of $27.4m (2024: $22.1m), a 21% increase Strong deleveraging post the $50.0m Mimbula stream acquisition with net debt as at 31 December 2025 of $85.5m (31 Dec 2024: $82.3m), significantly below the peak of $124.6m during Q2 2025 Final dividend of 1.4c per share in line with policy, bringing the total dividend for the year to 2.0c per share (2024: 2.81c per share) Base Metals Base metals portfolio contribution of $28.5m, up 150% (2024: $11.4m) and representing 50% of Group portfolio contribution, driven by: Strong production ramp-up at Voisey's Bay, which generated a net portfolio contribution of $15.3m (2024: $5.0m) from 448t of attributable cobalt (2024: 210t) at an average realised price of $19.11/lb (2024: $13.34/lb) Record year portfolio contribution from Mantos Blancos of $9.5m (2024: $5.8m) Acquisition of a copper stream over the Mimbula mine in March 2025, which generated portfolio contribution net of metal purchase costs of $2.9m in 2025 (2024: n/a) Specialty metals & uranium Specialty metals portfolio contribution of $7.6m (2024: $8.1m) representing 13% of the Group's portfolio contribution: Toll milling rate at McClean Lake Mill stepped down in 2025 following the processing of an agreed volume of uranium, leading to a portfolio contribution of $3.7m (2024: $4.5m) Bulks & other Bulks and other portfolio contribution of $20.9m (2024: $43.7m) represented 37% of the Group's portfolio contribution: Kestrel steelmaking coal royalty generated $17.5m from 2.2mt of sales from the Group's private royalty area, down vs. 2024 due to a lower average realised sale price of $143/t (2024: $223/t) Sold a non-core royalty over the development stage Dugbe Gold Project in Liberia for a $16.5m upfront cash payment and contingent consideration of up to $3.5m Outlook Ecora's key commodity exposures performed strongly in early 2026. The conflict in Iran has resulted in market and commodity price volatility, however the long-term commodity price outlook, in particular copper, continues to be underpinned by strong supply/demand fundamentals Volume growth in base metals royalties and streams expected to continue to offset a reduction in volumes from Kestrel associated with mining increasingly moving outside the Group's private royalty area Series of value catalysts during the next twelve months with operator partners targeting a number of key project development milestones, including: Santo Domingo:Final investment decision Mantos Blancos: Phase II study mid-2026 Phalaborwa:Publication of DFS Nifty: Restart of cathode operations, DFS on restart of mining operation Analyst and investor presentation and call A live webcast of the presentation including Q&A will be held today at 2:00 pm GMT for investors and analysts and will be available via our website at www.ecoraroyalties.com. Please join the event 5-10 minutes prior to the scheduled start time. This will be available for playback after the event. For further information: Click on, or paste the following link into your web browser, to view the full announcement. http://www.rns-pdf.londonstockexchange.com/rns/1975Y_1-2026-3-26.pdf This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com. SOURCE: Ecora Royalties PLC View the original press release on ACCESS Newswire