Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data NeuroPace Inc files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
41.1
45.2
45.5
65.4
79.9
100
Cost of revenue
10.9
11.7
13
17.3
20.8
22.8
Gross profit
30.3
33.4
32.5
48.1
59.1
77.2
Research and development
15.7
18.2
21.9
20.8
23.7
27.9
Selling, general and administrative
27.6
39
51.3
54.5
57.1
Selling and marketing
39.7
46.6
General and administrative
17.4
19.1
Operating expenses
43.3
57.2
73.3
75.3
80.8
93.6
Operating income
-13.1
-23.7
-40.8
-27.2
-21.7
-16.3
Interest expense
11.5
7.41
7.53
8.52
8.8
7.46
Interest income
0.04
0.45
1.58
3.05
3.02
2.82
Other non-operating income
0.22
-5.38
-0.34
-0.32
0.3
-0.49
Income tax
0
Net income
-24.3
-36.1
-47.1
-33
-27.1
-21.5
EBITDA
-12.7
-23.4
-40.5
-27
-21.5
-16.1
EPS, basic
-117.85
-2.17
-1.91
-1.27
-0.93
-0.66
EPS, diluted
-117.85
-2.17
-1.91
-1.27
-0.93
-0.66
Shares, basic (weighted)
0.2
16.6
24.6
25.9
29.1
32.7
Shares, diluted (weighted)
0.2
16.6
24.6
25.9
29.1
32.7
Dividend per share
0.00
0.00
0.00
Balance sheet
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
26.4
19.2
6.61
18.1
13.4
21.7
Short-term investments
11.7
96.4
70.8
48.4
39.3
39.4
Receivables
8.4
7.09
7.48
12.3
12.9
12.9
Inventory
6.91
7.82
9.71
11.2
13.4
14.9
Other current assets
1.18
2.32
3.11
2.74
2.35
1.44
Total current assets
54.6
133
97.7
92.7
81.3
94.1
Property, plant and equipment
0.52
0.6
1.06
1
1.05
1.13
Lease right-of-use assets
0
14.8
13.4
11.8
10.1
Other non-current assets
0.02
0.02
0.02
0.02
0.02
0.11
Total assets
56
134
114
108
94.6
106
Accounts payable
0.95
1.38
2.15
2.33
2.95
1.78
Accrued liabilities
6.6
7.92
7.41
11.2
9.79
13.2
Deferred revenue
0
1.09
0.56
0.14
Short-term debt
2.04
0
Total current liabilities
9.6
9.3
11
16.2
15.2
17.8
Long-term debt
50.8
49.8
52.9
57
59.5
58.9
Lease liabilities
0
15.4
13.8
12
9.84
Other non-current liabilities
0.27
0
Total liabilities
62.4
60.1
79.3
87
86.6
86.5
Total debt
52.9
49.8
52.9
57
59.5
58.9
Paid-in capital
240
498
507
524
539
571
Retained earnings
-388
-424
-471
-504
-531
-552
Other comprehensive income
0.03
-0.27
-1.11
0
Shareholders' equity
-148
73.5
34.8
20.7
8.01
19
Total equity
-148
73.5
34.8
20.7
8.01
19
Total liabilities and equity
56
134
114
108
94.6
106
Shares outstanding
0.31
24.5
25
27.8
30.1
33.6
Cash flow statement
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-24.3
-36.1
-47.1
-33
-27.1
-21.5
Depreciation and amortization
0.31
0.3
0.27
0.17
0.21
0.24
Stock-based compensation
1.38
4.29
8.35
9.56
10.3
11.1
Change in receivables
-2.38
1.3
-0.39
-4.85
-0.54
-1.83
Change in inventory
0.67
-1.16
-2.13
-1.7
-2.42
-3.67
Change in payables
-0.01
0.48
0.65
0.24
0.67
-0.73
Cash from operations
-21.6
-24.6
-36.9
-19.7
-17.9
-11
Capital expenditures
-0.06
-0.38
-0.6
-0.17
-0.31
-0.33
Purchases of investments
-17
-85
0
Cash from investing
-10.8
-85.4
23.8
23
8.99
-0.33
Debt issued
54
0
Debt repaid
-42.1
-4.09
0
Stock issued
0.01
0.92
Share buybacks
0
-49.5
Cash from financing
55
103
0.49
8.13
4.33
19.6
Net change in cash
22.6
-7.45
-12.6
11.5
-4.63
8.26
Free cash flow
-21.7
-25
-37.5
-19.9
-18.3
-11.3
Interest paid
4.41
6.34
4.46
4.48
6.23
6.2
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $14.06 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
78.4%
Gross profit / revenue.
Operating margin
-13.3%
Operating income / revenue.
EBITDA margin
-13.0%
EBITDA (operating income + depreciation and amortization) / revenue.
Net margin
-18.6%
Net income / revenue.
FCF margin
-11.3%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-10.9%
Cash from operations / revenue.
Return on equity (ROE)
-160.9%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-19.7%
Net income / average total assets.
Return on invested capital (ROIC)
-18.6%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue
26.9%
Research and development expense / revenue.
Stock-based pay / revenue
9.5%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
0.4%
Capital expenditures / revenue.
D&A / revenue
0.3%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
25.1%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
30.0%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
19.4%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y
30.7%
Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y
33.4%
Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y
20.6%
Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y
137.5%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
-18.2%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y
11.5%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-2.6%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
13.5%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
12.3%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
10.0%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
176.1%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
4.94x
Current assets / current liabilities.
Quick ratio
3.82x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
2.97x
(Cash + short-term investments) / current liabilities.
Debt / equity
4.97x
Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets
60.8%
Total debt / total assets.
Liabilities / assets
87.7%
Total liabilities / total assets.
Net debt
$7.3M
Total debt - cash - short-term investments. Negative means more cash than debt.
Days inventory + days sales outstanding - days payables.
Per share
Metric
Value
How it is calculated
EPS, diluted
-$0.56
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$3.02
Revenue / diluted weighted shares.
FCF per share
-$0.34
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$0.33
Cash from operations / diluted weighted shares.
Book value per share
$0.35
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
4.69x
Market cap / revenue.
P/B
40.6x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
40.6x
Market cap / tangible book value, when positive.
EV/Sales
4.76x
Enterprise value / revenue.
FCF yield
-2.4%
Free cash flow / market cap.
Earnings yield
-4.0%
Net income / market cap (the inverse of P/E).
Shareholder yield
0.0%
(Dividends paid + share buybacks) / market cap.
What was NeuroPace Inc's revenue in fiscal 2025?
NeuroPace Inc reported revenue of $100.0M for fiscal 2025, 25.1% higher than the year before.
Was NeuroPace Inc profitable in fiscal 2025?
No. It reported a net loss of $21.5M.
How much free cash flow did NeuroPace Inc generate in fiscal 2025?
Cash from operations of $11.0M minus capital expenditures of $332.0K left free cash flow of -$11.3M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.