Envoy Medical Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 2, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 10, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the COCH SEC filings page.
Envoy Medical (COCH) reported $241K in revenue for fiscal year 2025, up 7.1% from the prior fiscal year. This page shows its 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).
Development-stage economics remain financing-dependent as research spending dwarfs revenue and operating cash outflows persist.
Revenue remained under$316K across FY2023–FY2025 while R&D reached$12.5M in FY2025, indicating reported activity is still development-led rather than commercially scaled. Operating cash flow tracked net loss closely in FY2024–FY2025, so the losses largely represent cash economics rather than accounting-only charges.
FY2025 financing inflow of
Gross margin was deeply negative at
Financial Health Signals
Envoy Medical does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
Envoy Medical scores -58.96, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($54.5M) relative to total liabilities ($20.3M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Envoy Medical passes 2 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.
Envoy Medical reported a net loss of $23.8M while operations used $18.2M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Envoy Medical reported an operating loss of $22.3M against $1.6M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Envoy Medical generated $51K in revenue in Q2 2026. This represents a decrease of 34.6% from the same quarter a year earlier. Against the prior quarter it is up 30.8%.
Envoy Medical's EBITDA was -$5.5M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 10.2% from the same quarter a year earlier. Against the prior quarter it is up 6.6%.
Envoy Medical reported -$6.0M in net income in Q2 2026. This represents a decrease of 5.1% from the same quarter a year earlier. Against the prior quarter it is down 37.5%.
Cash & Balance Sheet
Envoy Medical held $19.7M in cash as of Q2 2026; long-term debt is not reported for that period.
Not reported for Q2 2026.
Not reported for Q2 2026.
Margins & Returns
Envoy Medical's ROE was -181.1% in Q2 2026, measuring profit generated per dollar of shareholder equity. Against the prior quarter it is down 138.3 percentage points.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
Envoy Medical invested $3.1M in research and development in Q2 2026. This represents an increase of 26.0% from the same quarter a year earlier. Against the prior quarter it is down 14.0%.
Not reported for Q2 2026.
Not reported for Q2 2026.
COCH Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'26POS AM | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'25POS AM | Q4'24POS AM | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $51K-34.6% | $39K-15.2% | $75K+78.6% | $42K-25.0% | $78K+14.7% | $46K-22.0% | $42K-55.8% | $56K-30.0% |
| Cost of Revenue | $278K+18.8% | $313K+38.5% | $211K+34.4% | $203K+8.6% | $234K-4.5% | $226K+47.7% | $157K-40.3% | $187K-1.1% |
| Gross Profit | -$227K-45.5% | -$274K-52.2% | -$136K-18.3% | -$161K-22.9% | -$156K+11.9% | -$180K-91.5% | -$115K+31.5% | -$131K-20.2% |
| R&D Expenses | $3.1M+26.0% | $3.6M+32.5% | $4.6M+84.3% | $2.7M-2.1% | $2.5M-4.1% | $2.7M+16.4% | $2.5M-18.3% | $2.8M+49.0% |
| SG&A Expenses | $2.0M-1.9% | $1.9M+3.2% | $1.6M+10.8% | $2.4M+44.5% | $2.1M+30.3% | $1.8M-13.5% | $1.4M-45.1% | $1.7M+18.5% |
| Operating Income | -$5.6M-9.8% | -$6.0M-16.7% | -$6.4M-40.4% | -$5.7M-14.8% | -$5.1M-4.5% | -$5.1M-4.6% | -$4.5M+32.4% | -$5.0M-46.9% |
| EBITDA | -$5.5M-10.2% | -$5.9M-16.6% | -$6.3M-40.1% | -$5.6M-14.4% | -$5.0M-3.6% | -$5.0M-4.0% | -$4.5M+32.6% | -$4.9M-46.7% |
| Interest Expense | N/A | N/A | $0-100.0% | $471K+78.4% | $624K+372.7% | $495K+395.0% | $320K | $264K |
| Net Income | -$6.0M-5.1% | -$4.4M+12.9% | -$6.6M-42.6% | -$6.5M-8.8% | -$5.7M-44.2% | -$5.0M+20.3% | -$4.6M+5.7% | -$6.0M-481.3% |
| EPS (Basic) | -$0.07+78.1% | -$0.08+72.4% | -$0.26+35.0% | -$0.35+10.3% | -$0.32-10.3% | -$0.29+29.3% | -$0.40-600.0% | -$0.39-400.0% |
| EPS (Diluted) | -$0.07 | -$0.08 | -$0.26 | -$0.35+10.3% | -$0.32-10.3% | -$0.29+29.3% | -$0.40-600.0% | -$0.39-400.0% |
| Diluted Shares (Avg) | 104M | 69M | N/A | 22M+17.4% | 21M+15.0% | 21M+14.7% | N/A | 19M+66.0% |
Not reported in any period shown, so not listed: Income Tax.
COCH Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'26POS AM | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'25POS AM | Q4'24POS AM | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $23.9M+141.9% | $29.8M+187.2% | $8.6M-25.8% | $8.2M-12.9% | $9.9M+46.9% | $10.4M+22.5% | $11.5M+39.5% | $9.4M-55.7% |
| Current Assets | $21.9M+191.7% | $27.7M+233.0% | $6.3M-29.4% | $5.8M-19.3% | $7.5M+50.4% | $8.3M+7.5% | $8.9M+19.3% | $7.1M-64.9% |
| Cash & Equivalents | $19.7M+272.2% | $25.3M+375.4% | $3.7M-31.8% | $3.6M-19.6% | $5.3M+202.8% | $5.3M+7.4% | $5.5M+30.0% | $4.4M-40.5% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $1.6M-0.5% | $1.5M-10.1% | $1.5M-9.5% | $1.6M-0.1% | $1.6M+0.3% | $1.7M+13.9% | $1.7M+21.7% | $1.6M+17.5% |
| Accounts Receivable | $49K+14.0% | $31K-26.2% | $34K-10.5% | $35K-82.2% | $43K-75.3% | $42K-77.8% | $38K-45.7% | $197K+80.7% |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $20.3M-49.1% | $19.3M-44.3% | $20.3M-33.1% | $15.7M-43.7% | $39.8M+107.9% | $34.6M+117.8% | $30.4M+202.4% | $27.9M+70.0% |
| Current Liabilities | $12.6M+57.9% | $12.2M+60.8% | $11.6M+53.4% | $9.0M-0.9% | $8.0M-0.7% | $7.6M+8.6% | $7.5M+3.5% | $9.1M-28.5% |
| Non-Current Liabilities | $7.6M-76.0% | $7.1M-73.9% | $8.8M-61.6% | $6.7M-64.3% | $31.8M+187.0% | $27.0M+203.6% | $22.8M+727.0% | $18.9M+404.2% |
| Total Equity | $3.3M+111.1% | $10.2M+141.9% | -$12.2M+35.5% | -$7.7M+58.7% | -$29.9M-140.8% | -$24.2M-226.2% | -$18.8M-960.9% | -$18.5M-487.4% |
| Retained Earnings | -$326.4M-9.6% | -$319.1M-9.7% | -$313.4M-10.1% | -$305.7M-10.1% | -$297.9M-10.3% | -$291.0M-9.8% | -$284.7M-10.7% | -$277.5M-10.6% |
Not reported in any period shown, so not listed: Goodwill, Long-Term Debt.
COCH Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'26POS AM | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'25POS AM | Q4'24POS AM | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$5.5M-22.3% | -$6.1M-62.7% | -$5.7M-11.7% | -$4.3M-65.1% | -$4.5M+4.0% | -$3.7M+33.4% | -$5.1M+54.3% | -$2.6M-338.7% |
| Depreciation & Amortization | $74K-12.9% | $73K+19.7% | $80K+66.7% | $76K+55.1% | $85K+102.4% | $61K+79.4% | $48K0.0% | $49K+69.0% |
| Stock-Based Compensation | N/A | $239K+49.4% | N/A | N/A | N/A | $160K+30.1% | N/A | N/A |
| Capital Expenditures | N/A | N/A | $172K-67.8% | $0-100.0% | $1K-99.6% | $6K-94.5% | -$534K+2442.9% | $1.2M+1766.1% |
| Free Cash Flow | N/A | N/A | -$5.9M-4.1% | -$4.3M-14.6% | -$4.5M+8.8% | -$3.7M+34.5% | -$5.6M+49.6% | -$3.8M-464.5% |
| Investing Cash Flow | N/A | N/A | -$172K-132.2% | $0+100.0% | -$1K+99.9% | -$6K+94.5% | $534K+2642.9% | -$615K-891.9% |
| Financing Cash Flow | -$109K-102.5% | $27.6M+675.9% | $6.0M+7.5% | $2.6M-56.0% | $4.4M+98.3% | $3.6M-44.7% | $5.6M+486.3% | $5.9M-62.4% |
| Dividends Paid | N/A | $3.7M+207.7% | -$1K-100.2% | $0 | $607K | $1.2M | $614K | N/A |
Not reported in any period shown, so not listed: Share Buybacks.
COCH Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'26POS AM | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'25POS AM | Q4'24POS AM | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | -445.1% | -702.6% | -181.3% | -383.3% | -200.0% | -391.3% | -273.8% | -233.9% |
| Operating Margin | -10919.6% | -15279.5% | -8513.3% | -13590.5% | -6500.0% | -11102.2% | -10828.6% | -8878.6% |
| Net Margin | -11729.4% | -11156.4% | -8781.3% | -15433.3% | -7294.9% | -10865.2% | -10995.2% | -10642.9% |
| Return on Equity | -181.1% | -42.8% | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | -25.0%+32.5pp | -14.6%+33.5pp | -77.0%-36.9pp | -79.2%-15.8pp | -57.5%+1.1pp | -48.1%+25.8pp | -40.0%+19.2pp | -63.4%-70.8pp |
| Current Ratio | 1.73+0.8x | 2.27+1.2x | 0.54-0.6x | 0.64-0.1x | 0.94+0.3x | 1.090.0x | 1.18+0.2x | 0.79-0.8x |
| Debt-to-Equity | 6.13 | 1.90 | N/A | N/A | N/A | N/A | N/A | N/A |
| Asset Turnover | 0.000.0x | 0.000.0x | 0.010.0x | 0.010.0x | 0.010.0x | 0.000.0x | 0.000.0x | 0.010.0x |
| FCF Margin | N/A | N/A | -7809.3% | -10311.9% | -5719.2% | -8110.9% | -13392.9% | -6750.0% |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Gross Margin, Operating Margin, Net Margin, FCF Margin.
Note: Shareholder equity is negative (-$12.2M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
Note: The current ratio is below 1.0 (0.54), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Envoy Medical COCH | FY2025 | $241K | -$23.8M | N/A | $54.5M | — |
| Vivos Therapeutics Inc VVOS | FY2025 | $17.4M | -$21.2M | N/A | $3.9M | 21/100 |
| Vicarious Surgical Inc RBOT | FY2025 | N/A | -$50.2M | N/A | $13.7M | — |
| Adagio Medical ADGM | FY2025 | $0 | -$25.1M | N/A | $11.7M | — |
| Inspira Technologies Oxy Bhn Ltd IINN | FY2025 | $289K | -$13.2M | N/A | $16.2M | — |
| Myomo MYO | FY2025 | $40.9M | -$15.6M | -38.1% | $59.0M | 44/100 |
Where Envoy Medical Ranks
Frequently Asked Questions
What is Envoy Medical's annual revenue?
Envoy Medical (COCH) reported $241K in total revenue for fiscal year 2025. This represents a 7.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Envoy Medical's revenue growing?
Envoy Medical (COCH) revenue grew by 7.1% year-over-year, from $225K to $241K in fiscal year 2025.
Is Envoy Medical profitable?
No, Envoy Medical (COCH) reported a net income of -$23.8M in fiscal year 2025.
What is Envoy Medical's EBITDA?
Envoy Medical (COCH) had EBITDA of -$22.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Envoy Medical's free cash flow?
Envoy Medical (COCH) recorded an outflow of $18.4M in free cash flow during fiscal year 2025. This represents a 2.9% 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 Envoy Medical's operating cash flow?
Envoy Medical (COCH) recorded an outflow of $18.2M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Envoy Medical's total assets?
Envoy Medical (COCH) had $8.6M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Envoy Medical's capital expenditures?
Envoy Medical (COCH) invested $179K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Envoy Medical spend on research and development?
Envoy Medical (COCH) invested $12.5M in research and development during fiscal year 2025.
What is Envoy Medical's current ratio?
Envoy Medical (COCH) had a current ratio of 0.54 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is Envoy Medical's return on assets (ROA)?
Envoy Medical (COCH) had a return on assets of -277.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Envoy Medical's P/E ratio?
Envoy Medical (COCH) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to June 30, 2026). The market capitalization is $54.5M as of Sep 2, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Envoy Medical's price-to-sales ratio?
Envoy Medical (COCH) trades at 263x sales, its market capitalization divided by revenue of $207K revenue, trailing 12 months to June 30, 2026. The market capitalization is $54.5M as of Sep 2, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
How does Envoy Medical's liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Envoy Medical (COCH) held $3.7M in cash, cash equivalents and investments, and reported an operating cash outflow of $18.2M over that year. Dividing the one by the other, the reported balance equals about 2 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
Why is Envoy Medical's debt-to-equity ratio negative or not reported?
Envoy Medical (COCH) has negative shareholder equity of -$12.2M as of fiscal year 2025, so no debt-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is Envoy Medical's Altman Z-Score?
Envoy Medical (COCH) has an Altman Z-Score of -58.96, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Envoy Medical's Piotroski F-Score?
Envoy Medical (COCH) has a Piotroski F-Score of 2 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 Envoy Medical's earnings high quality?
Envoy Medical (COCH) reported a net loss of $23.8M while operations used $18.2M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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 Envoy Medical cover its interest payments?
Envoy Medical (COCH) reported an operating loss of $22.3M against $1.6M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. 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.