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NeuroPace (NPCE) Financials

NeuroPace logo
$12.67 +0.28 (+2.26%)
Closing price 10/9/2026 04:00 PM Eastern
Extended Trading
$12.66 -0.01 (-0.08%)
As of 10/9/2026 07:30 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for NeuroPace

Annual Income Statements for NeuroPace

This table shows NeuroPace's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2020 2021 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -24 -36 -47 -33 -27 -21
Consolidated Net Income / (Loss)		 -24 -36 -47 -33 -27 -21
Net Income / (Loss) Continuing Operations		 -24 -36 -47 -33 -27 -21
Total Pre-Tax Income 		-24 -36 -47 -33 -27 -21
Total Operating Income		 -13 -24 -41 -27 -22 -16
Total Gross Profit		 30 33 32 48 59 77
Total Revenue		 41 45 46 65 80 100
Operating Revenue		 - 45 46 65 80 100
Total Cost of Revenue		 11 12 13 17 21 23
Operating Cost of Revenue		 - 12 13 17 21 23
Total Operating Expenses		 43 57 73 75 81 94
Selling, General & Admin Expense		 28 39 51 55 17 19
Marketing Expense		 - - - - 40 47
Research & Development Expense		 16 18 22 21 24 28
Total Other Income / (Expense), net		 -11 -12 -6.29 -5.78 -5.47 -5.13
Interest Expense		 11 7.41 7.53 8.52 8.80 7.46
Interest & Investment Income		 0.04 0.45 1.58 3.05 3.02 2.82
Other Income / (Expense), net		 0.22 -5.38 -0.34 -0.32 0.30 -0.49
Basic Earnings per Share		 ($117.85) ($2.17) ($1.91) ($1.27) ($0.93) ($0.66)
Weighted Average Basic Shares Outstanding		 204.07K 16.61M 24.59M 25.85M 29.13M 32.72M
Diluted Earnings per Share		 ($117.85) ($2.17) ($1.91) ($1.27) ($0.93) ($0.66)
Weighted Average Diluted Shares Outstanding		 204.07K 16.61M 24.59M 25.85M 29.13M 32.72M
Weighted Average Basic & Diluted Shares Outstanding		 - 24.47M 25.10M 28.34M 32.56M 33.67M
Cash Dividends to Common per Share		 - - - $0.00 $0.00 $0.00

Quarterly Income Statements for NeuroPace

This table shows NeuroPace's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 -6.20 -8.93 -7.51 -5.45 -5.25 -6.59 -8.65 -3.50 -2.73 -6.69 -6.20
Consolidated Net Income / (Loss)		 -6.20 -8.93 -7.51 -5.45 -5.25 -6.59 -8.65 -3.50 -2.73 -6.69 -6.20
Net Income / (Loss) Continuing Operations		 -6.20 -8.93 -7.51 -5.45 -5.25 -6.59 -10 -3.50 -2.73 -6.69 -6.20
Total Pre-Tax Income 		-6.20 -8.93 -7.51 -5.45 -5.25 -6.59 -10 -3.50 -2.73 -6.69 -6.20
Total Operating Income		 -5.05 -7.55 -6.23 -4.24 -3.65 -5.15 -8.19 -2.60 -1.77 -5.57 -5.14
Total Gross Profit		 14 13 14 15 16 17 16 21 21 18 19
Total Revenue		 18 18 19 21 21 23 20 27 27 22 23
Operating Revenue		 18 18 19 21 21 23 20 27 27 22 23
Total Cost of Revenue		 4.47 4.78 5.12 5.64 5.28 5.18 3.29 6.19 6.01 4.02 3.92
Operating Cost of Revenue		 4.47 4.78 5.12 5.64 5.28 5.18 3.29 6.19 6.01 4.02 3.92
Total Operating Expenses		 19 21 20 20 20 22 24 24 22 24 24
Selling, General & Admin Expense		 13 15 4.54 3.98 14 4.05 6.07 4.59 -6.62 4.84 5.03
Marketing Expense		 - - 9.76 9.93 - 11 11 13 - 12 12
Research & Development Expense		 5.38 5.78 6.07 5.75 6.05 7.44 6.85 6.58 7.03 7.19 6.90
Total Other Income / (Expense), net		 -1.15 -1.38 -1.28 -1.21 -1.60 -1.44 -1.83 -0.90 -0.96 -1.12 -1.06
Interest Expense		 2.24 2.26 2.17 2.18 2.19 2.15 2.06 1.65 1.60 1.52 1.54
Interest & Investment Income		 0.82 0.83 0.76 0.75 0.68 0.79 0.72 0.67 0.64 0.57 0.52
Other Income / (Expense), net		 0.27 0.05 0.12 0.22 -0.09 -0.08 -0.49 0.08 - -0.17 -0.04
Net Income / (Loss) Discontinued Operations		 - - - - - - 1.37 - - - 0.00
Basic Earnings per Share		 ($0.22) ($0.32) ($0.26) ($0.19) ($0.16) ($0.21) ($0.26) ($0.11) ($0.08) ($0.20) ($0.18)
Weighted Average Basic Shares Outstanding		 25.85M 28.29M 28.85M 29.44M 29.13M 31.48M 32.86M 33.13M 32.72M 33.72M 34.10M
Diluted Earnings per Share		 ($0.22) ($0.32) ($0.26) ($0.19) ($0.16) ($0.21) ($0.26) ($0.11) ($0.08) ($0.20) ($0.18)
Weighted Average Diluted Shares Outstanding		 25.85M 28.29M 28.85M 29.44M 29.13M 31.48M 32.86M 33.13M 32.72M 33.72M 34.10M
Weighted Average Basic & Diluted Shares Outstanding		 28.34M 28.77M 29.20M 29.85M 32.56M 32.80M 33.08M 33.31M 33.67M 34.09M 34.32M

Annual Cash Flow Statements for NeuroPace

This table details how cash moves in and out of NeuroPace's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2020 2021 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 23 -7.45 -13 11 -4.63 8.26
Net Cash From Operating Activities		 -22 -25 -37 -20 -18 -11
Net Cash From Continuing Operating Activities		 -22 -25 -37 -20 -18 -11
Net Income / (Loss) Continuing Operations		 -24 -36 -47 -33 -27 -21
Consolidated Net Income / (Loss)		 -24 -36 -47 -33 -27 -21
Depreciation Expense		 0.31 0.30 0.27 0.17 0.21 0.24
Amortization Expense		 3.49 0.27 2.98 1.72 1.79 1.95
Non-Cash Adjustments To Reconcile Net Income		 1.08 11 12 12 13 10
Changes in Operating Assets and Liabilities, net		 -2.22 0.37 -4.79 -1.07 -5.45 -2.15
Net Cash From Investing Activities		 -11 -85 24 23 8.99 -0.33
Net Cash From Continuing Investing Activities		 -11 -85 24 23 8.99 -0.33
Purchase of Property, Plant & Equipment		 -0.06 -0.38 -0.60 -0.17 -0.31 -0.33
Sale and/or Maturity of Investments		 6.30 0.00 24 23 9.30 0.00
Net Cash From Financing Activities		 55 103 0.49 8.13 4.33 20
Net Cash From Continuing Financing Activities		 55 103 0.49 8.13 4.45 20
Repayment of Debt		 -43 -4.09 - - 0.00 -61
Repurchase of Common Equity		 -0.21 -3.39 -0.35 -0.31 0.00 -50
Issuance of Debt		 67 - - - 0.00 58
Issuance of Common Equity		 0.00 110 0.90 8.69 5.33 72
Other Financing Activities, net		 0.01 0.00 -0.06 -0.26 -0.88 -0.54
Cash Interest Paid		 4.41 6.34 4.46 4.48 6.23 6.20

Quarterly Cash Flow Statements for NeuroPace

This table details how cash moves in and out of NeuroPace's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Change in Cash & Equivalents		 8.34 -5.06 -0.15 2.57 -1.99 14 -4.16 -2.21 1.04 -6.18 -2.85
Net Cash From Operating Activities		 -3.34 -7.53 -3.90 -1.72 -4.80 -7.48 -2.09 -1.94 0.51 -5.90 -3.90
Net Cash From Continuing Operating Activities		 -3.34 -7.53 -3.90 -1.72 -4.80 -7.48 -2.09 -1.94 0.51 -5.90 -3.90
Net Income / (Loss) Continuing Operations		 -6.20 -8.93 -7.51 -5.45 -5.25 -6.59 -8.65 -3.50 -2.73 -6.69 -6.20
Consolidated Net Income / (Loss)		 -6.20 -8.93 -7.51 -5.45 -5.25 -6.59 -8.65 -3.50 -2.73 -6.69 -6.20
Depreciation Expense		 0.04 0.05 0.06 0.06 0.05 0.05 0.06 0.05 0.08 0.06 0.07
Amortization Expense		 0.45 0.46 0.44 0.44 0.45 0.46 0.48 0.50 0.51 0.52 0.53
Non-Cash Adjustments To Reconcile Net Income		 1.75 3.54 3.47 2.68 2.96 2.52 3.03 3.58 0.85 2.60 2.49
Changes in Operating Assets and Liabilities, net		 0.62 -2.65 -0.35 0.55 -3.00 -3.92 3.00 -2.58 1.80 -2.39 -0.80
Net Cash From Investing Activities		 3.47 2.40 3.24 1.40 1.96 -0.04 -0.17 -0.03 -0.10 -0.12 -0.13
Net Cash From Continuing Investing Activities		 3.47 2.40 3.24 1.40 1.96 -0.04 -0.17 -0.03 -0.10 -0.12 -0.13
Purchase of Property, Plant & Equipment		 -0.03 -0.10 -0.06 -0.10 -0.04 -0.04 -0.17 -0.03 -0.10 -0.12 -0.13
Net Cash From Financing Activities		 8.21 0.07 0.51 2.90 0.85 21 -1.91 -0.24 0.64 -0.17 1.18
Net Cash From Continuing Financing Activities		 8.21 0.07 0.51 2.90 0.85 21 -1.91 -0.24 0.64 -0.17 1.18
Issuance of Common Equity		 8.44 0.72 0.58 0.03 3.87 71 0.21 -0.05 0.72 0.01 1.38
Other Financing Activities, net		 -0.04 -0.65 -0.07 2.86 -3.02 -0.23 -0.17 -0.05 -0.09 -0.18 -0.05
Cash Interest Paid		 1.17 1.17 1.19 1.93 1.93 1.89 1.39 1.46 1.46 1.39 1.40

Annual Balance Sheets for NeuroPace

This table presents NeuroPace's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2020 2021 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 56 134 114 108 95 106
Total Current Assets		 55 133 98 93 81 94
Cash & Equivalents		 26 19 6.61 18 13 22
Short-Term Investments		 12 96 71 48 39 39
Accounts Receivable		 8.40 7.09 7.48 12 13 13
Inventories, net		 6.91 7.82 9.71 11 13 15
Prepaid Expenses		 1.18 2.32 3.11 2.74 2.35 1.44
Other Current Nonoperating Assets		 - - - - - 3.78
Plant, Property, & Equipment, net		 0.52 0.60 1.06 1.00 1.05 1.13
Total Noncurrent Assets		 0.87 0.14 15 14 12 10
Other Noncurrent Operating Assets		 0.87 0.14 15 14 12 10
Total Liabilities & Shareholders' Equity		 56 134 114 108 95 106
Total Liabilities		 62 60 79 87 87 87
Total Current Liabilities		 9.60 9.30 11 16 15 18
Accounts Payable		 0.95 1.38 2.15 2.33 2.95 1.78
Accrued Expenses		 6.60 7.92 7.41 11 9.79 13
Current Deferred Revenue		 - - 0.00 1.09 0.56 0.14
Other Current Liabilities		 - 0.00 1.42 1.63 1.86 2.12
Other Current Nonoperating Liabilities		 - - - - - 0.60
Total Noncurrent Liabilities		 53 51 68 71 71 69
Long-Term Debt		 51 50 53 57 60 59
Other Noncurrent Operating Liabilities		 0.64 0.00 15 14 12 9.84
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 -148 74 35 21 8.01 19
Total Preferred & Common Equity		 -148 74 35 21 8.01 19
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 -148 74 35 21 8.01 19
Common Stock		 240 498 507 524 539 571
Retained Earnings		 -388 -424 -471 -504 -531 -552

Quarterly Balance Sheets for NeuroPace

This table presents NeuroPace's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026
Period end date 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026 6/30/2026
Total Assets		 106 102 99 99 94 96 110 106 107 99 97
Total Current Assets		 90 87 84 84 80 83 97 94 95 87 86
Cash & Equivalents		 6.72 7.86 9.72 13 13 15 27 23 21 15 13
Short-Term Investments		 61 56 52 46 43 41 39 39 39 39 39
Accounts Receivable		 9.19 11 11 12 11 12 15 14 15 15 15
Inventories, net		 11 10 9.76 11 11 12 14 16 18 17 18
Prepaid Expenses		 2.60 2.05 1.59 2.26 2.08 2.12 2.20 1.70 2.24 1.52 1.45
Other Current Nonoperating Assets		 - - - - - - - - - - 0.00
Plant, Property, & Equipment, net		 1.02 0.98 0.95 1.05 1.00 1.04 1.16 1.16 1.11 1.28 1.24
Total Noncurrent Assets		 15 15 14 14 13 13 12 11 11 11 9.56
Other Noncurrent Operating Assets		 15 15 14 14 13 13 12 11 11 11 9.56
Total Liabilities & Shareholders' Equity		 106 102 99 99 94 96 110 106 107 99 97
Total Liabilities		 79 81 83 85 85 86 86 87 89 84 85
Total Current Liabilities		 9.88 12 13 13 13 15 15 17 20 16 17
Accounts Payable		 1.83 1.81 1.21 3.27 2.29 2.16 4.05 4.72 4.59 4.51 4.20
Accrued Expenses		 6.58 8.18 10 7.29 7.75 10 8.06 9.74 12 9.34 11
Current Deferred Revenue		 - - - 0.87 0.81 0.75 0.68 0.70 0.65 0.13 0.12
Other Current Liabilities		 1.47 1.52 1.57 1.68 1.74 1.80 1.92 1.99 2.05 2.19 2.26
Other Current Nonoperating Liabilities		 - - - - - - - - - - 0.00
Total Noncurrent Liabilities		 69 69 70 71 72 72 71 70 69 68 68
Long-Term Debt		 54 55 56 58 59 59 60 59 59 59 59
Other Noncurrent Operating Liabilities		 15 15 14 13 13 12 11 11 10 9.26 8.66
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 27 21 16 14 9.89 9.82 24 19 19 14 12
Total Preferred & Common Equity		 27 21 16 14 9.89 9.82 24 19 19 14 12
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 27 21 16 14 9.89 9.82 24 19 19 14 12
Common Stock		 509 512 514 527 530 536 562 566 568 574 577
Retained Earnings		 -481 -490 -498 -513 -520 -526 -538 -546 -550 -559 -565

Annual Metrics And Ratios for NeuroPace

This table displays calculated financial ratios and metrics derived from NeuroPace's official financial filings.

Metric 2020 2021 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 0.00 24,314,002.00 - - - 33,307,734.00
DEI Adjusted Shares Outstanding		 0.00 24,314,002.00 - - - 33,307,734.00
DEI Earnings Per Adjusted Shares Outstanding		 0.00 -1.48 - - - -0.64
Growth Metrics		 - - - - - -
Revenue Growth		 0.00% 9.83% 0.75% 43.72% 22.14% 25.13%
EBITDA Growth		 0.00% -216.26% -32.68% 32.43% 24.34% 24.42%
EBIT Growth		 0.00% -126.90% -41.26% 33.17% 22.27% 21.26%
NOPAT Growth		 0.00% -81.88% -71.86% 33.39% 20.25% 24.61%
Net Income Growth		 0.00% -48.61% -30.49% 30.00% 17.64% 20.91%
EPS Growth		 0.00% 98.16% 11.98% 33.51% 26.77% 29.03%
Operating Cash Flow Growth		 0.00% -13.74% -50.01% 46.56% 8.89% 38.68%
Free Cash Flow Firm Growth		 0.00% 0.00% -94.11% 35.97% 5.51% 28.13%
Invested Capital Growth		 0.00% -7.27% 32.38% 8.49% 32.54% 14.03%
Revenue Q/Q Growth		 0.00% 0.55% 4.10% 8.68% 4.52% 5.40%
EBITDA Q/Q Growth		 0.00% -17.83% -0.84% 16.03% 5.20% 12.32%
EBIT Q/Q Growth		 0.00% -27.28% -2.46% 15.96% 4.67% 10.49%
NOPAT Q/Q Growth		 0.00% -34.08% -2.11% 15.03% 6.06% 10.35%
Net Income Q/Q Growth		 0.00% -20.25% -0.97% 13.05% 3.38% 10.51%
EPS Q/Q Growth		 0.00% 96.08% -106.39% 14.77% 6.06% 10.81%
Operating Cash Flow Q/Q Growth		 0.00% -7.80% 0.97% 18.60% -8.83% 32.52%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% -3.72% 14.76% -7.40% 23.88%
Invested Capital Q/Q Growth		 0.00% -2.44% 3.32% 2.29% 20.59% -2.29%
Profitability Metrics		 - - - - - -
Gross Margin		 73.59% 74.00% 71.38% 73.56% 73.94% 77.23%
EBITDA Margin		 -21.95% -63.20% -83.23% -39.13% -24.24% -14.64%
Operating Margin		 -31.72% -52.54% -89.62% -41.54% -27.12% -16.34%
EBIT Margin		 -31.20% -64.44% -90.36% -42.02% -26.74% -16.83%
Profit (Net Income) Margin		 -59.02% -79.85% -103.43% -50.38% -33.97% -21.47%
Tax Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Interest Burden Percent		 189.18% 123.91% 114.47% 119.89% 127.02% 127.59%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 -109.08% -205.88% -316.46% -177.48% -116.97% -72.29%
ROIC Less NNEP Spread (ROIC-NNEP)		 -211.50% -129.48% -275.40% -95.51% 760.04% -508.69%
Return on Net Nonoperating Assets (RNNOA)		 487.83% 98.33% 229.50% 58.58% -72.38% -86.45%
Return on Equity (ROE)		 378.75% -107.55% -86.96% -118.91% -189.35% -158.74%
Cash Return on Invested Capital (CROIC)		 0.00% -198.34% -344.33% -185.63% -144.96% -85.40%
Operating Return on Assets (OROA)		 -22.94% -30.73% -33.21% -24.79% -21.12% -16.81%
Return on Assets (ROA)		 -43.39% -38.08% -38.02% -29.72% -26.83% -21.44%
Return on Common Equity (ROCE)		 8,735.05% 119.15% -86.96% -118.91% -189.35% -158.74%
Return on Equity Simple (ROE_SIMPLE)		 16.42% -49.09% -135.38% -159.56% -338.71% 0.00%
Net Operating Profit after Tax (NOPAT)		 -9.14 -17 -29 -19 -15 -11
NOPAT Margin		 -22.21% -36.77% -62.73% -29.08% -18.98% -11.44%
Net Nonoperating Expense Percent (NNEP)		 102.42% -76.40% -41.06% -81.98% -877.02% 436.40%
Return On Investment Capital (ROIC_SIMPLE)		 - - - -24.51% -22.46% -14.68%
Cost of Revenue to Revenue		 26.41% 26.00% 28.62% 26.44% 26.06% 22.77%
SG&A Expenses to Revenue		 67.16% 86.23% 112.79% 83.33% 71.46% 19.09%
R&D to Revenue		 38.15% 40.31% 48.21% 31.76% 29.60% 27.89%
Operating Expenses to Revenue		 105.31% 126.53% 161.00% 115.09% 101.06% 93.57%
Earnings before Interest and Taxes (EBIT)		 -13 -29 -41 -27 -21 -17
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -9.03 -29 -38 -26 -19 -15
Valuation Ratios		 - - - - - -
Price to Book Value (P/BV)		 0.00 3.33 1.07 13.12 41.68 27.02
Price to Tangible Book Value (P/TBV)		 0.00 3.33 1.07 13.12 41.68 27.02
Price to Revenue (P/Rev)		 2.48 5.42 0.82 4.14 4.18 5.14
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 30.83 23.09 1.23 23.44 23.05 30.38
Enterprise Value to Revenue (EV/Rev)		 6.28 3.97 0.28 4.00 4.26 5.12
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - -
Debt to Equity		 -8.25 0.68 1.52 2.76 7.43 3.09
Long-Term Debt to Equity		 -7.93 0.68 1.52 2.76 7.43 3.09
Financial Leverage		 -2.31 -0.76 -0.83 -0.61 -0.10 0.17
Leverage Ratio		 -8.73 2.82 2.29 4.00 7.06 7.40
Compound Leverage Factor		 -16.51 3.50 2.62 4.80 8.96 9.45
Debt to Total Capital		 113.80% 40.41% 60.34% 73.39% 88.14% 75.57%
Short-Term Debt to Total Capital		 4.40% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 109.40% 40.41% 60.34% 73.39% 88.14% 75.57%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 304.43% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 -318.23% 59.59% 39.66% 26.61% 11.86% 24.43%
Debt to EBITDA		 -5.85 -1.75 -1.40 -2.22 -3.07 -4.02
Net Debt to EBITDA		 -1.64 2.30 0.65 0.37 -0.35 0.15
Long-Term Debt to EBITDA		 -5.63 -1.75 -1.40 -2.22 -3.07 -4.02
Debt to NOPAT		 -5.79 -3.00 -1.85 -2.99 -3.92 -5.15
Net Debt to NOPAT		 -1.62 3.96 0.86 0.50 -0.45 0.19
Long-Term Debt to NOPAT		 -5.56 -3.00 -1.85 -2.99 -3.92 -5.15
Altman Z-Score		 -7.78 -1.26 -5.37 -4.07 -4.60 -2.47
Noncontrolling Interest Sharing Ratio		 -2,206.27% 210.79% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - -
Current Ratio		 5.69 14.28 8.90 5.71 5.37 5.28
Quick Ratio		 4.84 13.19 7.73 4.85 4.33 4.25
Cash Flow Metrics		 - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 -16 -31 -20 -19 -14
Operating Cash Flow to CapEx		 -34,853.23% -6,400.26% -6,114.26% -11,387.86% -5,865.69% -3,315.06%
Free Cash Flow to Firm to Interest Expense		 0.00 -2.16 -4.13 -2.34 -2.14 -1.81
Operating Cash Flow to Interest Expense		 -1.88 -3.32 -4.90 -2.31 -2.04 -1.48
Operating Cash Flow Less CapEx to Interest Expense		 -1.89 -3.37 -4.98 -2.33 -2.07 -1.52
Efficiency Ratios		 - - - - - -
Asset Turnover		 0.74 0.48 0.37 0.59 0.79 1.00
Accounts Receivable Turnover		 4.90 5.84 6.25 6.61 6.35 7.26
Inventory Turnover		 1.57 1.60 1.49 1.65 1.69 1.50
Fixed Asset Turnover		 79.88 80.83 54.61 63.30 77.77 91.86
Accounts Payable Turnover		 11.45 10.10 7.39 7.72 7.88 8.81
Days Sales Outstanding (DSO)		 74.49 62.55 58.43 55.22 57.48 50.25
Days Inventory Outstanding (DIO)		 232.08 228.84 245.64 220.76 215.58 242.71
Days Payable Outstanding (DPO)		 31.88 36.15 49.38 47.25 46.33 41.45
Cash Conversion Cycle (CCC)		 274.69 255.24 254.68 228.74 226.72 251.51
Capital & Investment Metrics		 - - - - - -
Invested Capital		 8.38 7.77 10 11 15 17
Invested Capital Turnover		 4.91 5.60 5.04 6.10 6.16 6.32
Increase / (Decrease) in Invested Capital		 0.00 -0.61 2.52 0.87 3.63 2.07
Enterprise Value (EV)		 258 179 13 261 341 512
Market Capitalization		 102 245 37 271 334 514
Book Value per Share		 ($724.43) $3.02 $1.40 $0.79 $0.27 $0.57
Tangible Book Value per Share		 ($724.43) $3.02 $1.40 $0.79 $0.27 $0.57
Total Capital		 46 123 88 78 68 78
Total Debt		 53 50 53 57 60 59
Total Long-Term Debt		 51 50 53 57 60 59
Net Debt		 15 -66 -24 -9.50 6.77 -2.17
Capital Expenditures (CapEx)		 0.06 0.38 0.60 0.17 0.31 0.33
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 8.93 7.93 9.33 10 13 15
Debt-free Net Working Capital (DFNWC)		 47 124 87 76 66 76
Net Working Capital (NWC)		 45 124 87 76 66 76
Net Nonoperating Expense (NNE)		 15 19 19 14 12 10
Net Nonoperating Obligations (NNO)		 15 -66 -24 -9.50 6.77 -2.17
Total Depreciation and Amortization (D&A)		 3.80 0.56 3.25 1.89 2.00 2.19
Debt-free, Cash-free Net Working Capital to Revenue		 21.71% 17.55% 20.49% 15.34% 16.80% 15.20%
Debt-free Net Working Capital to Revenue		 114.27% 273.37% 190.55% 116.92% 82.83% 76.27%
Net Working Capital to Revenue		 109.31% 273.37% 190.55% 116.92% 82.83% 76.27%
Earnings Adjustments		 - - - - - -
Adjusted Basic Earnings per Share		 $0.00 ($2.17) ($1.91) ($1.27) ($0.93) ($0.66)
Adjusted Weighted Average Basic Shares Outstanding		 0.00 16.61M 24.59M 25.85M 29.13M 32.72M
Adjusted Diluted Earnings per Share		 $0.00 ($2.17) ($1.91) ($1.27) ($0.93) ($0.66)
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 16.61M 24.59M 25.85M 29.13M 32.72M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 24.47M 25.10M 28.34M 32.56M 33.67M
Normalized Net Operating Profit after Tax (NOPAT)		 -9.14 -17 -29 -19 -15 -11
Normalized NOPAT Margin		 -22.21% -36.77% -62.73% -29.08% -18.98% -11.44%
Pre Tax Income Margin		 -59.02% -79.85% -103.43% -50.38% -33.97% -21.47%
Debt Service Ratios		 - - - - - -
EBIT to Interest Expense		 -1.12 -3.93 -5.46 -3.23 -2.43 -2.26
NOPAT to Interest Expense		 -0.80 -2.24 -3.79 -2.23 -1.72 -1.53
EBIT Less CapEx to Interest Expense		 -1.12 -3.98 -5.54 -3.25 -2.46 -2.30
NOPAT Less CapEx to Interest Expense		 -0.80 -2.29 -3.87 -2.25 -1.76 -1.58
Payout Ratios		 - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 -0.87% -9.40% -0.74% -0.93% 0.00% -230.82%

Quarterly Metrics And Ratios for NeuroPace

This table displays calculated financial ratios and metrics derived from NeuroPace's official financial filings.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
DEI Shares Outstanding		 - - - - - 32,560,130.00 32,798,505.00 33,081,498.00 33,307,734.00 33,666,948.00 34,093,745.00
DEI Adjusted Shares Outstanding		 - - - - - 32,560,130.00 32,798,505.00 33,081,498.00 33,307,734.00 33,666,948.00 34,093,745.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - -0.20 -0.26 -0.11 -0.08 -0.20 -0.18
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 40.84% 25.23% 16.63% 28.20% 19.18% 24.28% 22.14% 29.89% 23.86% -2.02% 17.05%
EBITDA Growth		 53.18% 19.41% 22.70% 34.25% 24.69% 32.53% -20.78% 44.38% 63.51% -9.20% 43.71%
EBIT Growth		 52.16% 17.97% 20.98% 31.04% 21.88% 30.22% -19.64% 37.43% 52.74% -9.64% 40.24%
NOPAT Growth		 48.77% 9.30% 20.68% 28.69% 27.68% 31.78% -9.53% 38.72% 51.63% -8.18% 37.20%
Net Income Growth		 44.37% 13.98% 17.65% 24.87% 15.32% 26.17% -15.13% 35.88% 48.02% -1.52% 28.33%
EPS Growth		 50.00% 21.95% 27.78% 32.14% 27.27% 34.38% 0.00% 42.11% 50.00% 4.76% 30.77%
Operating Cash Flow Growth		 57.40% 22.38% 10.55% 25.11% -43.58% 0.61% 46.51% -12.76% 110.55% 21.14% -87.10%
Free Cash Flow Firm Growth		 53.18% 49.13% 19.73% 15.49% -40.32% -59.82% -40.45% -57.52% 46.48% 29.72% 16.86%
Invested Capital Growth		 8.49% -2.18% 6.84% 12.43% 32.54% 32.45% 19.07% 40.73% 14.03% 9.55% 20.64%
Revenue Q/Q Growth		 9.65% 0.62% 6.25% 9.37% 1.93% 4.93% 4.42% 16.30% -2.80% -17.00% 3.43%
EBITDA Q/Q Growth		 19.80% -62.59% 19.75% 37.17% 8.14% -45.66% -43.66% 71.07% 39.72% -335.87% 11.02%
EBIT Q/Q Growth		 17.98% -56.58% 18.47% 34.14% 7.08% -39.85% -39.80% 65.55% 29.83% -224.45% 9.58%
NOPAT Q/Q Growth		 15.11% -49.38% 17.43% 31.89% 13.91% -40.90% -32.58% 61.90% 32.04% -215.11% 7.63%
Net Income Q/Q Growth		 14.57% -43.95% 15.81% 27.44% 3.71% -25.50% -31.29% 59.59% 21.94% -145.11% 7.31%
EPS Q/Q Growth		 21.43% -45.45% 18.75% 26.92% 15.79% -31.25% -23.81% 57.69% 27.27% -150.00% 10.00%
Operating Cash Flow Q/Q Growth		 -45.13% -125.32% 48.19% 55.79% -178.25% -55.97% 72.12% 6.81% 126.03% -1,266.01% 33.85%
Free Cash Flow Firm Q/Q Growth		 13.86% -13.02% -4.69% 17.08% -43.03% -28.72% 8.00% 7.00% 51.40% -69.04% -23.02%
Invested Capital Q/Q Growth		 2.29% 20.45% -0.53% -8.27% 20.59% 20.37% -10.58% 8.41% -2.29% 15.64% -1.52%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 75.20% 73.62% 73.40% 73.22% 75.41% 76.99% 77.09% 77.39% 77.40% 81.78% 82.83%
EBITDA Margin		 -23.88% -38.58% -29.14% -16.74% -15.09% -20.95% -28.82% -7.17% -4.45% -23.35% -20.08%
Operating Margin		 -28.04% -41.63% -32.35% -20.15% -17.02% -22.85% -29.01% -9.51% -6.65% -25.23% -22.53%
EBIT Margin		 -26.57% -41.35% -31.73% -19.11% -17.42% -23.22% -31.08% -9.21% -6.65% -25.98% -22.71%
Profit (Net Income) Margin		 -34.42% -49.24% -39.02% -25.89% -24.46% -29.25% -36.78% -12.78% -10.26% -30.31% -27.16%
Tax Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Interest Burden Percent		 129.54% 119.10% 122.98% 135.49% 140.41% 126.01% 118.34% 138.84% 154.44% 116.68% 119.60%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 -119.82% -148.17% -125.73% -93.10% -73.40% -86.36% -122.88% -42.78% -29.40% -94.28% -92.41%
ROIC Less NNEP Spread (ROIC-NNEP)		 -104.15% -98.47% -5.34% 71.10% 123.88% -5.44% 16,721.47% -329.27% -94.33% 295.03% -229.60%
Return on Net Nonoperating Assets (RNNOA)		 63.87% 34.52% 0.90% -8.21% -11.80% 1.04% -26.23% -13.59% -16.03% -10.93% -27.78%
Return on Equity (ROE)		 -55.95% -113.66% -124.83% -101.31% -85.20% -85.32% -149.11% -56.37% -45.43% -105.21% -120.19%
Cash Return on Invested Capital (CROIC)		 -185.63% -133.84% -140.67% -151.13% -144.96% -114.32% -112.42% -120.29% -85.40% -72.03% -73.39%
Operating Return on Assets (OROA)		 -15.68% -27.85% -23.18% -14.94% -13.76% -18.72% -27.46% -8.58% -6.64% -24.73% -23.00%
Return on Assets (ROA)		 -20.31% -33.16% -28.51% -20.24% -19.32% -23.59% -32.50% -11.91% -10.25% -28.86% -27.51%
Return on Common Equity (ROCE)		 -55.95% -113.66% -124.83% -101.31% -85.20% -85.32% -149.11% -56.37% -45.43% -105.21% -120.19%
Return on Equity Simple (ROE_SIMPLE)		 0.00% -219.69% -302.44% -285.97% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -3.54 -5.28 -4.36 -2.97 -2.56 -3.60 -4.78 -1.82 -1.24 -3.90 -3.60
NOPAT Margin		 -19.63% -29.14% -22.65% -14.10% -11.91% -16.00% -20.31% -6.65% -4.65% -17.66% -15.77%
Net Nonoperating Expense Percent (NNEP)		 -15.67% -49.70% -120.39% -164.20% -197.28% -80.92% -16,844.35% 286.50% 64.93% -389.32% 137.20%
Return On Investment Capital (ROIC_SIMPLE)		 -4.56% - - - -3.79% -4.29% -6.12% -2.36% -1.59% -5.30% -5.08%
Cost of Revenue to Revenue		 24.80% 26.38% 26.60% 26.78% 24.59% 23.01% 22.91% 22.61% 22.60% 18.22% 17.17%
SG&A Expenses to Revenue		 73.39% 83.34% 74.26% 66.04% 64.25% 17.96% 25.80% 16.79% -24.90% 21.95% 22.02%
R&D to Revenue		 29.85% 31.91% 31.50% 27.32% 28.18% 33.03% 29.10% 24.04% 26.43% 32.58% 30.22%
Operating Expenses to Revenue		 103.24% 115.25% 105.75% 93.37% 92.43% 99.84% 106.11% 86.89% 84.04% 107.01% 105.36%
Earnings before Interest and Taxes (EBIT)		 -4.79 -7.49 -6.11 -4.02 -3.74 -5.23 -7.31 -2.52 -1.77 -5.73 -5.18
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -4.30 -6.99 -5.61 -3.53 -3.24 -4.72 -6.78 -1.96 -1.18 -5.15 -4.58
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 13.12 26.09 22.00 20.72 41.68 16.49 18.80 18.42 27.02 30.63 45.59
Price to Tangible Book Value (P/TBV)		 13.12 26.09 22.00 20.72 41.68 16.49 18.80 18.42 27.02 30.63 45.59
Price to Revenue (P/Rev)		 4.14 5.42 3.03 2.66 4.18 4.75 4.13 3.60 5.14 4.45 5.27
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 23.44 27.78 16.53 16.80 23.05 22.12 22.74 19.70 30.38 22.97 28.60
Enterprise Value to Revenue (EV/Rev)		 4.00 5.40 3.08 2.69 4.26 4.67 4.09 3.58 5.12 4.50 5.34
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 2.76 4.05 5.97 6.03 7.43 2.46 3.02 3.17 3.09 4.08 4.97
Long-Term Debt to Equity		 2.76 4.05 5.97 6.03 7.43 2.46 3.02 3.17 3.09 4.08 4.97
Financial Leverage		 -0.61 -0.35 -0.17 -0.12 -0.10 -0.19 0.00 0.04 0.17 -0.04 0.12
Leverage Ratio		 4.00 4.90 6.32 7.47 7.06 5.41 6.84 7.18 7.40 5.40 6.48
Compound Leverage Factor		 5.18 5.84 7.77 10.12 9.91 6.82 8.09 9.97 11.43 6.30 7.76
Debt to Total Capital		 73.39% 80.19% 85.65% 85.78% 88.14% 71.13% 75.10% 76.03% 75.57% 80.33% 83.24%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 73.39% 80.19% 85.65% 85.78% 88.14% 71.13% 75.10% 76.03% 75.57% 80.33% 83.24%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 26.61% 19.81% 14.35% 14.22% 11.86% 28.87% 24.90% 23.97% 24.43% 19.67% 16.76%
Debt to EBITDA		 -2.22 -2.43 -2.65 -2.90 -3.07 -3.50 -3.21 -3.52 -4.02 -3.92 -5.13
Net Debt to EBITDA		 0.37 0.04 -0.16 -0.12 -0.35 0.38 0.19 0.08 0.15 -0.33 -0.64
Long-Term Debt to EBITDA		 -2.22 -2.43 -2.65 -2.90 -3.07 -3.50 -3.21 -3.52 -4.02 -3.92 -5.13
Debt to NOPAT		 -2.99 -3.14 -3.40 -3.67 -3.92 -4.43 -4.21 -4.61 -5.15 -5.03 -6.15
Net Debt to NOPAT		 0.50 0.05 -0.20 -0.15 -0.45 0.48 0.25 0.10 0.19 -0.43 -0.76
Long-Term Debt to NOPAT		 -2.99 -3.14 -3.40 -3.67 -3.92 -4.43 -4.21 -4.61 -5.15 -5.03 -6.15
Altman Z-Score		 -3.37 -3.29 -4.77 -4.73 -3.99 -2.53 -3.20 -3.21 -2.00 -3.09 -2.61
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 5.71 6.43 6.37 5.59 5.37 6.63 5.47 4.86 5.28 5.38 4.94
Quick Ratio		 4.85 5.38 5.31 4.63 4.33 5.56 4.42 3.82 4.25 4.25 3.82
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -4.41 -4.98 -5.22 -4.33 -6.19 -7.96 -7.33 -6.81 -3.31 -5.60 -6.89
Operating Cash Flow to CapEx		 -10,440.63% -7,238.46% -6,190.48% -1,724.00% -12,300.00% -20,221.62% -1,241.67% -6,480.00% 521.65% -5,042.74% -3,122.40%
Free Cash Flow to Firm to Interest Expense		 -1.97 -2.21 -2.41 -1.98 -2.82 -3.70 -3.56 -4.14 -2.07 -3.68 -4.47
Operating Cash Flow to Interest Expense		 -1.49 -3.33 -1.80 -0.79 -2.19 -3.48 -1.01 -1.18 0.32 -3.88 -2.54
Operating Cash Flow Less CapEx to Interest Expense		 -1.51 -3.38 -1.83 -0.84 -2.21 -3.49 -1.09 -1.20 0.26 -3.96 -2.62
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.59 0.67 0.73 0.78 0.79 0.81 0.88 0.93 1.00 0.95 1.01
Accounts Receivable Turnover		 6.61 6.63 6.49 6.69 6.35 6.23 7.14 7.16 7.26 6.59 7.22
Inventory Turnover		 1.65 1.62 1.74 1.83 1.69 1.70 1.55 1.46 1.50 1.43 1.29
Fixed Asset Turnover		 63.30 66.67 72.76 76.84 77.77 76.36 82.24 88.29 91.86 81.48 85.75
Accounts Payable Turnover		 7.72 7.06 9.06 11.89 7.88 5.80 6.13 6.53 8.81 5.05 4.98
Days Sales Outstanding (DSO)		 55.22 55.02 56.20 54.52 57.48 58.59 51.09 50.98 50.25 55.42 50.54
Days Inventory Outstanding (DIO)		 220.76 224.99 210.15 199.22 215.58 214.95 235.34 250.29 242.71 255.74 282.80
Days Payable Outstanding (DPO)		 47.25 51.74 40.28 30.71 46.33 62.90 59.55 55.91 41.45 72.29 73.25
Cash Conversion Cycle (CCC)		 228.74 228.28 226.08 223.03 226.72 210.65 226.88 245.36 251.51 238.86 260.09
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 11 13 13 12 15 18 16 17 17 19 19
Invested Capital Turnover		 6.10 5.08 5.55 6.60 6.16 5.40 6.05 6.43 6.32 5.34 5.86
Increase / (Decrease) in Invested Capital		 0.87 -0.30 0.86 1.36 3.63 4.36 2.55 4.99 2.07 1.70 3.29
Enterprise Value (EV)		 261 373 221 206 341 394 362 340 512 448 549
Market Capitalization		 271 374 217 204 334 400 365 341 514 443 542
Book Value per Share		 $0.79 $0.51 $0.34 $0.34 $0.27 $0.75 $0.59 $0.56 $0.57 $0.43 $0.35
Tangible Book Value per Share		 $0.79 $0.51 $0.34 $0.34 $0.27 $0.75 $0.59 $0.56 $0.57 $0.43 $0.35
Total Capital		 78 72 69 69 68 84 78 77 78 73 71
Total Debt		 57 58 59 59 60 60 59 59 59 59 59
Total Long-Term Debt		 57 58 59 59 60 60 59 59 59 59 59
Net Debt		 -9.50 -0.91 3.48 2.44 6.77 -6.47 -3.53 -1.27 -2.17 5.04 7.32
Capital Expenditures (CapEx)		 0.03 0.10 0.06 0.10 0.04 0.04 0.17 0.03 0.10 0.12 0.13
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 10 12 12 11 13 17 14 16 15 17 17
Debt-free Net Working Capital (DFNWC)		 76 71 68 68 66 83 77 76 76 71 69
Net Working Capital (NWC)		 76 71 68 68 66 83 77 76 76 71 69
Net Nonoperating Expense (NNE)		 2.66 3.64 3.15 2.48 2.69 2.99 3.87 1.68 1.49 2.79 2.60
Net Nonoperating Obligations (NNO)		 -9.50 -0.91 3.48 2.44 6.77 -6.47 -3.53 -1.27 -2.17 5.04 7.32
Total Depreciation and Amortization (D&A)		 0.49 0.50 0.50 0.50 0.50 0.51 0.53 0.56 0.59 0.58 0.60
Debt-free, Cash-free Net Working Capital to Revenue		 15.34% 17.66% 16.85% 14.36% 16.80% 19.58% 16.32% 16.56% 15.20% 16.91% 16.59%
Debt-free Net Working Capital to Revenue		 116.92% 103.00% 94.18% 88.70% 82.83% 98.18% 86.48% 79.82% 76.27% 71.14% 66.85%
Net Working Capital to Revenue		 116.92% 103.00% 94.18% 88.70% 82.83% 98.18% 86.48% 79.82% 76.27% 71.14% 66.85%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.22) ($0.32) ($0.26) ($0.19) ($0.16) ($0.21) ($0.26) ($0.11) ($0.08) ($0.20) ($0.18)
Adjusted Weighted Average Basic Shares Outstanding		 25.85M 28.29M 28.85M 29.44M 29.13M 31.48M 32.86M 33.13M 32.72M 33.72M 34.10M
Adjusted Diluted Earnings per Share		 ($0.22) ($0.32) ($0.26) ($0.19) ($0.16) ($0.21) ($0.26) ($0.11) ($0.08) ($0.20) ($0.18)
Adjusted Weighted Average Diluted Shares Outstanding		 25.85M 28.29M 28.85M 29.44M 29.13M 31.48M 32.86M 33.13M 32.72M 33.72M 34.10M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 28.34M 28.77M 29.20M 29.85M 32.56M 32.80M 33.08M 33.31M 33.67M 34.09M 34.32M
Normalized Net Operating Profit after Tax (NOPAT)		 -3.54 -5.28 -4.36 -2.97 -2.56 -3.60 -4.78 -1.82 -1.24 -3.90 -3.60
Normalized NOPAT Margin		 -19.63% -29.14% -22.65% -14.10% -11.91% -16.00% -20.31% -6.65% -4.65% -17.66% -15.77%
Pre Tax Income Margin		 -34.42% -49.24% -39.02% -25.89% -24.46% -29.25% -36.78% -12.78% -10.26% -30.31% -27.16%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 -2.14 -3.32 -2.82 -1.84 -1.71 -2.43 -3.55 -1.53 -1.10 -3.77 -3.37
NOPAT to Interest Expense		 -1.58 -2.34 -2.01 -1.36 -1.17 -1.67 -2.32 -1.11 -0.77 -2.56 -2.34
EBIT Less CapEx to Interest Expense		 -2.15 -3.36 -2.85 -1.89 -1.72 -2.45 -3.63 -1.55 -1.17 -3.85 -3.45
NOPAT Less CapEx to Interest Expense		 -1.60 -2.39 -2.04 -1.41 -1.18 -1.69 -2.40 -1.12 -0.83 -2.64 -2.42
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 -0.93% -0.62% -0.62% -0.66% 0.00% -199.74% -190.99% -206.56% -230.82% 0.00% 0.00%

Financials Breakdown Chart

Key Financial Trends

NeuroPace’s financial results show meaningful revenue growth and improving gross margins, but the company remains unprofitable and continues to consume cash. Quarterly revenue increased from $11.2 million in Q3 2022 to $22.8 million in Q2 2026. Revenue also rose 3.4% sequentially from $22.1 million in Q1 2026, although it remained below the $26.6 million reported in Q4 2025.

  • Revenue has generally trended higher. Q2 2026 revenue was approximately 17% above Q2 2025 and 41% above Q2 2024, indicating continued commercial expansion over the longer term.
  • Gross margins have improved substantially. Gross profit was $18.9 million on $22.8 million of revenue in Q2 2026, or roughly 83% of sales, compared with approximately 72% in Q3 2022 and 73% in Q2 2024.
  • Operating losses are narrower than in prior years. The Q2 2026 operating loss was $5.1 million, an improvement from losses of $8.2 million in Q2 2025, $6.2 million in Q2 2024 and $10.2 million in Q3 2022. Selling, general and administrative expense also declined from $13.8 million in Q4 2024 to $5.0 million in Q2 2026.
  • Operating cash burn has improved from early 2023 levels. Net cash used in operating activities was $3.9 million in Q2 2026, compared with $9.7 million in Q1 2023 and $7.5 million in Q1 2024. The improvement provides more time for the company to pursue growth initiatives before requiring additional capital.
  • Liquidity remains significant but is declining. NeuroPace had $12.5 million of cash and $39.2 million of short-term investments at June 30, 2026, or approximately $51.7 million in liquid resources. That total was down from about $66.9 million at June 30, 2025 and $78.4 million at March 31, 2023.
  • Capital spending is modest. Purchases of property and equipment were only $125,000 in Q2 2026, suggesting that recent cash consumption is primarily related to operating losses rather than heavy capital investment.
  • NeuroPace has not yet reached profitability. The company reported a $6.2 million net loss and a diluted loss of $0.18 per share in Q2 2026. Net losses have been recorded in every quarterly income statement provided, despite improvement from the $11.8 million loss in Q3 2022.
  • Cash flow remains negative. Operating cash flow was negative in Q1 and Q2 2026, totaling approximately $9.8 million of cash use during the first half of the year. The Q2 loss also exceeded the operating cash burn, partly because of noncash adjustments.
  • Interest expense continues to weigh on results. Q2 2026 interest expense was $1.5 million, while long-term debt remained approximately $59.0 million. Interest expense has stayed near $1.5 million to $2.3 million per quarter across the periods provided, limiting the benefit of operating improvements.
  • Share dilution is a material concern. Weighted-average basic shares increased from approximately 24.7 million in Q3 2022 to 34.1 million in Q2 2026. NeuroPace also reported $1.4 million of common-stock issuance in Q2 2026, and prior periods included substantially larger equity financing activity.
  • The balance sheet has become more leveraged and less equity-rich. Total liabilities were $85.1 million versus only $11.9 million of shareholders’ equity at June 30, 2026. Retained earnings were negative $565.3 million, and total equity declined from $24.3 million at March 31, 2025 to $11.9 million at June 30, 2026.
  • Recent operating momentum has weakened from the Q4 2025 peak. Revenue fell from $26.6 million in Q4 2025 to $22.1 million in Q1 2026 before recovering slightly to $22.8 million in Q2. The operating loss also widened from $1.8 million in Q4 2025 to $5.6 million in Q1 2026 and $5.1 million in Q2.

Overall, NeuroPace is showing a healthier revenue base and stronger gross margins than it had several years ago. However, persistent net losses, negative operating cash flow, substantial debt and ongoing dilution remain significant risks. Investors should focus on whether revenue growth can eventually offset marketing, research and development, interest and other operating costs before the company’s liquid resources are materially depleted.

10/10/26 03:05 AM ETAI Generated. May Contain Errors.

NeuroPace Financials - Frequently Asked Questions

According to the most recent income statement we have on file, NeuroPace's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

NeuroPace's net income appears to be on an upward trend, with a most recent value of -$21.47 million in 2025, rising from -$24.28 million in 2020. The previous period was -$27.14 million in 2024. Check out NeuroPace's forecast to explore projected trends and price targets.

NeuroPace's total operating income in 2025 was -$16.34 million, based on the following breakdown:
  • Total Gross Profit: $77.22 million
  • Total Operating Expenses: $93.56 million

Over the last 5 years, NeuroPace's total revenue changed from $41.14 million in 2020 to $99.99 million in 2025, a change of 143.1%.

In the past 13 quarters, NeuroPace's cash and equivalents has ranged from $6.72 million in Q1 2023 to $27.02 million in Q1 2025, and is currently $12.54 million as of their latest financial filing in Q2 2026.

NeuroPace had total debt of $58.88 million at the end of 2025, a 1.1% decrease from 2024, and a 11.4% increase since 2020.

Over the last 5 years, NeuroPace's book value per share changed from -724.43 in 2020 to 0.57 in 2025.


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Financial statements for NASDAQ:NPCE last updated on 8/11/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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