Tivic Health Systems Inc Financials

TIVC

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Tivic Health Systems Inc (TIVC) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 5 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI TIVC FY2025 2026-04-22

Tivic Health’s dominant mechanic is external financing funding operating burn while sales remain too small to carry the cost base.

Across FY2023-FY2025, net loss and operating cash burn moved almost together, which makes the deficit look like a cash operating reality rather than mainly an accounting artifact. In FY2025, financing inflow of $18.3M lifted cash to $12.6M even though the business still consumed cash.

The FY2025 balance sheet is larger but not self-funding: total assets expanded to $31.6M while liabilities rose to $14.8M. That change reflects a capital structure reset more than an operating turnaround, because the cash drain stayed close to the loss.

Spending still looks development-stage. FY2025 R&D plus SG&A reached $7.9M, while FY2024 revenue was only $780K, so the company is funding capability ahead of proven commercial scale. With year-end cash at about 1.8x FY2025 free cash burn, liquidity depends more on prior fundraising than on internal cash generation.

Financial Health Signals

Financial Profile 31/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Tivic Health Systems Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Leverage

Tivic Health Systems Inc carries a low D/E ratio of 0.88, meaning only $0.88 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 84/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

100

With a current ratio of 20.13, Tivic Health Systems Inc holds $20.13 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.

Returns

Tivic Health Systems Inc generates a -52.8% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is up from -223.1% the prior year.

Piotroski F-Score Weak

3/9

Tivic Health Systems Inc passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass.

Earnings Quality Low Quality

0.79x

For every $1 of reported earnings, Tivic Health Systems Inc generates $0.79 in operating cash flow (-$7.0M OCF vs -$8.9M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk

-54.1x

Tivic Health Systems Inc earns $-54.1 in operating income for every $1 of interest expense (-$7.9M vs $146K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue

N/A

EBITDA

-$7.9M

YoY-76.5%

Tivic Health Systems Inc's EBITDA was -$7.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 76.5% from the prior year.

Net Income

-$8.9M

YoY-57.0%

Tivic Health Systems Inc reported -$8.9M in net income in fiscal year 2025. This represents a decrease of 57.0% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

-$7.0M

YoY-22.9%

Tivic Health Systems Inc generated -$7.0M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 22.9% from the prior year.

Cash & Debt

$12.6M

YoY+531.6%

Tivic Health Systems Inc held $12.6M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

Tivic Health Systems Inc had 3M shares outstanding in fiscal year 2025. This represents an increase of 353.5% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

-52.8%

YoY+170.2pp

Tivic Health Systems Inc's ROE was -52.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 170.2 percentage points from the prior year.

Capital Allocation

R&D Spending

$3.1M

YoY+138.5%

Tivic Health Systems Inc invested $3.1M in research and development in fiscal year 2025. This represents an increase of 138.5% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$38K

Tivic Health Systems Inc invested $38K in capex in fiscal year 2025, funding long-term assets and infrastructure.

TIVC Income Statement

Metric	FY25	FY24	FY23	FY22	FY21
Revenue	N/A	$780K-33.7%	$1.2M-36.1%	$1.8M+46.4%	$1.3M
Cost of Revenue	N/A	$778K-12.5%	$889K-42.3%	$1.5M+19.0%	$1.3M
Gross Profit	N/A	$2K-99.3%	$287K-4.0%	$299K+886.8%	-$38K
R&D Expenses	$3.1M+138.5%	$1.3M-20.7%	$1.7M-4.3%	$1.7M+97.0%	$878K
SG&A Expenses	$4.8M+50.7%	$3.2M-33.4%	$4.8M-19.1%	$5.9M+100.5%	$2.9M
Operating Income	-$7.9M-76.5%	-$4.5M+45.7%	-$8.2M+18.4%	-$10.1M-79.3%	-$5.6M
Interest Expense	$146K	$0-100.0%	$1K-50.0%	$2K+100.1%	-$1.8M
Income Tax	$0	$0	N/A	N/A	N/A
Net Income	-$8.9M-57.0%	-$5.7M+31.4%	-$8.2M+18.3%	-$10.1M-18.9%	-$8.5M
EPS (Diluted)	N/A	$-19.68	$-176.80-69.5%	$-104.32	$-2.43

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	N/A	$146K+69.8%	$86K+22.9%	$70K-61.1%	$180K+42.9%	$126K-10.0%	$140K-58.1%	$334K
Cost of Revenue	N/A	$291K+809.4%	$32K+60.0%	$20K-95.2%	$419K+411.0%	$82K-25.5%	$110K-34.1%	$167K
Gross Profit	N/A	-$145K-368.5%	$54K+8.0%	$50K+120.9%	-$239K-643.2%	$44K+46.7%	$30K-82.0%	$167K
R&D Expenses	N/A	$858K+31.0%	$655K+95.5%	$335K+0.6%	$333K-21.1%	$422K+39.7%	$302K+18.0%	$256K
SG&A Expenses	N/A	$1.1M+17.4%	$907K-13.0%	$1.0M+55.5%	$670K-18.2%	$819K+4.1%	$787K-11.3%	$887K
Operating Income	N/A	-$2.5M-28.4%	-$1.9M-28.4%	-$1.5M-405.4%	-$298K+79.2%	-$1.4M-13.0%	-$1.3M+14.5%	-$1.5M
Interest Expense	N/A	N/A	$3K-25.0%	$4K	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	N/A	-$2.6M-34.4%	-$1.9M-28.6%	-$1.5M-1.7%	-$1.5M-3.2%	-$1.4M-13.0%	-$1.3M+14.5%	-$1.5M
EPS (Diluted)	N/A	N/A	$-2.19+13.1%	$-2.52	N/A	$-0.23+95.7%	$-5.37	$-17.15

TIVC Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21
Total Assets	$31.6M+1026.0%	$2.8M-45.6%	$5.2M-12.2%	$5.9M-60.9%	$15.0M
Current Assets	$13.0M+392.8%	$2.6M-43.3%	$4.7M-12.3%	$5.3M-62.9%	$14.3M
Cash & Equivalents	$12.6M+531.6%	$2.0M-41.0%	$3.4M-3.5%	$3.5M-72.9%	$13.0M
Inventory	$0-100.0%	$319K-57.8%	$756K-12.4%	$863K+101.2%	$429K
Accounts Receivable	N/A	$69K-60.3%	$174K+62.6%	$107K+16.3%	$92K
Goodwill	$3.5M	$0	N/A	N/A	N/A
Total Liabilities	$14.8M+5344.9%	$272K-82.8%	$1.6M-29.8%	$2.2M+27.3%	$1.8M
Current Liabilities	$646K+137.5%	$272K-80.6%	$1.4M-25.4%	$1.9M+54.1%	$1.2M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A
Total Equity	$16.8M+562.6%	$2.5M-29.2%	$3.6M-1.4%	$3.6M-72.6%	$13.3M
Retained Earnings	-$52.6M-20.8%	-$43.5M-14.9%	-$37.9M-27.8%	-$29.6M-51.7%	-$19.5M

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$31.6M+407.4%	$6.2M+38.2%	$4.5M+19.4%	$3.8M+34.6%	$2.8M-17.3%	$3.4M-29.0%	$4.8M+45.6%	$3.3M
Current Assets	$13.0M+247.8%	$3.7M+103.0%	$1.8M+46.1%	$1.3M-52.2%	$2.6M-16.6%	$3.2M-32.2%	$4.7M+64.9%	$2.8M
Cash & Equivalents	$12.6M+266.5%	$3.5M+191.4%	$1.2M+77.0%	$669K-66.6%	$2.0M-8.5%	$2.2M-40.7%	$3.7M+121.4%	$1.7M
Inventory	$0-100.0%	$4K-98.6%	$283K-7.5%	$306K-4.1%	$319K-56.4%	$731K-4.6%	$766K-1.0%	$774K
Accounts Receivable	N/A	$19K+46.2%	$13K0.0%	$13K-81.2%	$69K+666.7%	$9K-43.8%	$16K-78.4%	$74K
Goodwill	$3.5M	N/A	N/A	N/A	$0	N/A	N/A	N/A
Total Liabilities	$14.8M+426.1%	$2.8M+242.9%	$821K+10.8%	$741K+172.4%	$272K-51.4%	$560K-5.2%	$591K-47.8%	$1.1M
Current Liabilities	$646K+1.3%	$638K-22.3%	$821K+10.8%	$741K+172.4%	$272K-51.4%	$560K-5.2%	$591K-40.4%	$992K
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$16.8M+392.0%	$3.4M+3.0%	$3.3M+9.1%	$3.0M+19.8%	$2.5M-10.6%	$2.8M-32.4%	$4.2M+94.7%	$2.2M
Retained Earnings	-$52.6M-6.0%	-$49.6M-5.6%	-$47.0M-4.3%	-$45.0M-3.4%	-$43.5M-3.5%	-$42.1M-3.5%	-$40.6M-3.2%	-$39.4M

TIVC Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21
Operating Cash Flow	-$7.0M-22.3%	-$5.7M+32.7%	-$8.5M+4.6%	-$8.9M-58.9%	-$5.6M
Capital Expenditures	$38K	$0-100.0%	$118K+972.7%	$11K	N/A
Free Cash Flow	-$7.0M-22.9%	-$5.7M+33.7%	-$8.6M+3.4%	-$8.9M	N/A
Investing Cash Flow	-$705K	$0+100.0%	-$118K-972.7%	-$11K	N/A
Financing Cash Flow	$18.3M+323.5%	$4.3M-49.1%	$8.5M+1711.2%	-$528K-103.0%	$17.5M
Dividends Paid	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	-$2.3M-14.6%	-$2.0M-9.3%	-$1.8M-105.5%	-$889K+34.9%	-$1.4M+3.0%	-$1.4M-9.3%	-$1.3M+22.7%	-$1.7M
Capital Expenditures	$25K+150.0%	$10K	N/A	N/A	$0	N/A	N/A	N/A
Free Cash Flow	-$2.3M-15.3%	-$2.0M	N/A	N/A	-$1.4M	N/A	N/A	N/A
Investing Cash Flow	-$149K-1390.0%	-$10K+50.0%	-$20K+96.2%	-$526K	$0	N/A	N/A	N/A
Financing Cash Flow	$11.6M+172.3%	$4.3M+80.9%	$2.4M+2780.5%	$82K-93.0%	$1.2M+1314.4%	-$97K-102.9%	$3.3M+5529.5%	-$61K
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

TIVC Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21
Gross Margin	N/A	0.3%-24.1pp	24.4%+8.1pp	16.3%+19.3pp	-3.0%
Operating Margin	N/A	-573.9%+127.3pp	-701.1%-152.3pp	-548.8%-100.7pp	-448.1%
Net Margin	N/A	-725.0%-24.0pp	-701.0%-152.3pp	-548.7%+127.0pp	-675.7%
Return on Equity	-52.8%+170.2pp	-223.1%+7.2pp	-230.3%+47.8pp	-278.1%-214.1pp	-64.0%
Return on Assets	-28.1%+173.4pp	-201.5%-41.6pp	-159.9%+12.0pp	-171.8%-115.4pp	-56.5%
Current Ratio	20.13+10.4	9.70+6.4	3.32+0.5	2.83-8.9	11.72
Debt-to-Equity	0.88+0.8	0.11-0.3	0.44-0.2	0.62+0.5	0.13
FCF Margin	N/A	-734.0%-0.2pp	-733.8%-248.4pp	-485.3%	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	N/A	-99.3%-162.1pp	62.8%-8.6pp	71.4%+204.2pp	-132.8%-167.7pp	34.9%+13.5pp	21.4%-28.6pp	50.0%
Operating Margin	N/A	-1700.7%+548.2pp	-2248.8%-97.4pp	-2151.4%-1985.9pp	-165.6%+970.2pp	-1135.7%-231.4pp	-904.3%-460.9pp	-443.4%
Net Margin	N/A	-1778.1%+467.3pp	-2245.3%-99.6pp	-2145.7%-1325.2pp	-820.6%+315.2pp	-1135.7%-231.4pp	-904.3%-460.9pp	-443.4%
Return on Equity	N/A	-76.0%-17.8pp	-58.3%-8.8pp	-49.5%+8.8pp	-58.3%-7.8pp	-50.5%-20.3pp	-30.2%+38.6pp	-68.8%
Return on Assets	N/A	-41.7%+1.2pp	-42.8%-3.1pp	-39.8%+12.8pp	-52.6%-10.5pp	-42.2%-15.7pp	-26.5%+18.6pp	-45.1%
Current Ratio	20.13+14.3	5.86+3.6	2.24+0.5	1.70-8.0	9.70+4.1	5.65-2.2	7.89+5.0	2.85
Debt-to-Equity	0.88+0.1	0.82+0.6	0.250.0	0.24+0.1	0.11-0.1	0.20+0.1	0.14-0.4	0.53
FCF Margin	N/A	-1374.0%	N/A	N/A	-758.3%	N/A	N/A	N/A

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Frequently Asked Questions

Is Tivic Health Systems Inc profitable?

No, Tivic Health Systems Inc (TIVC) reported a net income of -$8.9M in fiscal year 2025.

What is Tivic Health Systems Inc's EBITDA?

Tivic Health Systems Inc (TIVC) had EBITDA of -$7.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Tivic Health Systems Inc's return on equity (ROE)?

Tivic Health Systems Inc (TIVC) has a return on equity of -52.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Tivic Health Systems Inc's free cash flow?

Tivic Health Systems Inc (TIVC) generated -$7.0M in free cash flow during fiscal year 2025. This represents a -22.9% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Tivic Health Systems Inc's operating cash flow?

Tivic Health Systems Inc (TIVC) generated -$7.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Tivic Health Systems Inc's total assets?

Tivic Health Systems Inc (TIVC) had $31.6M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Tivic Health Systems Inc's capital expenditures?

Tivic Health Systems Inc (TIVC) invested $38K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Tivic Health Systems Inc spend on research and development?

Tivic Health Systems Inc (TIVC) invested $3.1M in research and development during fiscal year 2025.

How many shares does Tivic Health Systems Inc have outstanding?

Tivic Health Systems Inc (TIVC) had 3M shares outstanding as of fiscal year 2025.

What is Tivic Health Systems Inc's current ratio?

Tivic Health Systems Inc (TIVC) had a current ratio of 20.13 as of fiscal year 2025, which is generally considered healthy.

What is Tivic Health Systems Inc's debt-to-equity ratio?

Tivic Health Systems Inc (TIVC) had a debt-to-equity ratio of 0.88 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Tivic Health Systems Inc's return on assets (ROA)?

Tivic Health Systems Inc (TIVC) had a return on assets of -28.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Tivic Health Systems Inc's cash runway?

Based on fiscal year 2025 data, Tivic Health Systems Inc (TIVC) had $12.6M in cash against an annual operating cash burn of $7.0M. This gives an estimated cash runway of approximately 22 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Tivic Health Systems Inc's Piotroski F-Score?

Tivic Health Systems Inc (TIVC) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Tivic Health Systems Inc's earnings high quality?

Tivic Health Systems Inc (TIVC) has an earnings quality ratio of 0.79x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Tivic Health Systems Inc cover its interest payments?

Tivic Health Systems Inc (TIVC) has an interest coverage ratio of -54.1x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Tivic Health Systems Inc?

Tivic Health Systems Inc (TIVC) scores 31 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.