electroCore Publishes Study on TAC-STIM Device Enhancing Performance in Military Training
electroCore announced the publication of a peer reviewed paper titled "Non-Invasive Transcutaneous Vagal Nerve Stimulation Enhances Mood, Task Performance, and Learning in a High-Stress Military Training Environment" which will be presented at the Applied Human Factors and Ergonomics Conference on December 8, 2025. The paper presents results from the latest controlled study involving the Company's proprietary TAC-STIM non-invasive transcutaneous vagal nerve stimulation, tVNS, device, which confirm the ability of the TAC-STIM device to enhance operational performance, resilience, and learning/skill acquisition in high-stress training environments. These findings, the first of their kind conducted in an active-duty operational setting, further position TAC-STIM and related, tVNS/nVNS, devices as transformative solutions with compelling potential for military training and deployment, law enforcement organizations, as well as elite athletes and consumers interested in improved cognitive performance and mood.
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- Revenue Guidance: electroCore anticipates 2025 revenue between $31.8M and $32M, slightly below the consensus of $31.81M, indicating a cautious outlook on future growth.
- Q4 Growth Projection: The company expects Q4 2025 revenue to be between $9M and $9.2M, representing approximately 30% growth over Q4 2024, suggesting strengthening competitive positioning in the market.
- Cash Position: By the end of 2025, electroCore expects to have approximately $11.6M in cash, down from about $13.2M as of September 30, 2025, reflecting pressure from expansion and investment expenditures.
- Market Reaction: ECOR shares fell 0.62% in premarket trading to $7.0957, indicating investor caution regarding the revenue outlook.

Management Strategy: Dr. Thomas Errico highlighted a strategic shift towards growth through targeted investments, acquisitions, and partnerships, focusing on expanding product offerings and enhancing shareholder value while deferring profitability.
Financial Performance: The company reported a record revenue of $8.7 million for Q3 2025, a 33% increase year-over-year, with strong gross margins of 86%, driven by prescription device sales and growth in the VA hospital system.
Outlook and Guidance: CEO Daniel Goldberger raised the full-year revenue guidance to $31.5 million to $32.5 million, projecting a cash balance of approximately $10.5 million by year-end and aiming for positive adjusted EBITDA in the second half of 2026.
Risks and Challenges: Management acknowledged ongoing litigation and the impact of macroeconomic factors on revenue, emphasizing that continued investments in sales and R&D may delay near-term profitability but are essential for long-term growth.

electroCore Stock Offering: electroCore has filed to sell 762,508 shares of common stock for existing holders, with the prospectus clarifying that it is not an offer to sell these securities.
Market Updates: Other companies mentioned include NVDX with a leveraged growth strategy, ISM Services indicating a potential recession, Energy Transfer offering a 7.80% yield, Apollo Silver increasing its private placement, and Uranium Energy pricing a public offering of 15.5 million shares.

Partnership Announcement: electroCore, Inc. has partnered with former NFL linebacker Greg Buttle to promote Truvaga™ Plus, a handheld vagus nerve stimulation device aimed at enhancing relaxation, clarity, and sleep quality.
Device Benefits: Truvaga Plus is designed to stimulate the vagus nerve, helping users manage stress and improve sleep without medication, supported by over 20 years of research in bioelectronic medicine.

Earnings Performance: electroCore Inc reported a 23% revenue increase in Q1 2025, reaching $6.7 million, with improved gross margins and significant growth in the Truega brand, despite a decline in the US prescription channel revenue.
Future Outlook: The company anticipates supply limitations for the Quell product line until production resumes, expects mid to high single-digit growth in the VA hospital system, and plans to enhance media spending to drive further growth for the Truega brand.

Virtual Investor Conference Overview: The Metals and Mining Virtual Investor Conference took place from May 6th to 8th, 2025, with presentations now available for online viewing for 90 days. Investors can access materials and request one-on-one meetings until May 13th.
Participating Companies: Notable companies presenting include Northern Superior Resources Inc., Canada Nickel Company Inc., and Novo Resources Corp., among others, showcasing a range of investment opportunities in the metals and mining sector.





