Envoy Medical Inc Financials
This page shows Envoy Medical Inc (COCHW) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 4 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).
Financial Health Signals
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
Envoy Medical Inc has an operating margin of -8558.2%, meaning the company retains $-8558 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from -5809.8% the prior year.
Envoy Medical Inc's revenue declined 28.8% year-over-year, from $316K to $225K. This contraction results in a growth score of 0/100.
Envoy Medical Inc's current ratio of 1.18 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 19/100, which could limit financial flexibility.
While Envoy Medical Inc generated -$17.9M in operating cash flow, capex of $980K consumed most of it, leaving -$18.9M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Envoy Medical Inc passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Envoy Medical Inc generates $0.86 in operating cash flow (-$17.9M OCF vs -$20.8M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Envoy Medical Inc earns $-23.6 in operating income for every $1 of interest expense (-$19.3M vs $816K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Envoy Medical Inc generated $225K in revenue in fiscal year 2024. This represents a decrease of 28.8% from the prior year.
Envoy Medical Inc's EBITDA was -$19.1M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 4.7% from the prior year.
Envoy Medical Inc reported -$20.8M in net income in fiscal year 2024. This represents an increase of 30.5% from the prior year.
Envoy Medical Inc earned $-1.49 per diluted share (EPS) in fiscal year 2024. This represents an increase of 41.3% from the prior year.
Cash & Balance Sheet
Envoy Medical Inc generated -$18.9M in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 9.8% from the prior year.
Envoy Medical Inc held $5.5M in cash against $0 in long-term debt as of fiscal year 2024.
Envoy Medical Inc had 21M shares outstanding in fiscal year 2024. This represents an increase of 9.1% from the prior year.
Margins & Returns
Envoy Medical Inc's gross margin was -229.8% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is down 80.1 percentage points from the prior year.
Envoy Medical Inc's operating margin was -8558.2% in fiscal year 2024, reflecting core business profitability. This is down 2748.4 percentage points from the prior year.
Envoy Medical Inc's net profit margin was -9242.2% in fiscal year 2024, showing the share of revenue converted to profit. This is up 226.8 percentage points from the prior year.
Capital Allocation
Envoy Medical Inc invested $10.2M in research and development in fiscal year 2024. This represents an increase of 13.7% from the prior year.
Envoy Medical Inc invested $980K in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 540.5% from the prior year.
COCHW Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $42K-46.2% | $78K+69.6% | $46K+9.5% | $42K-25.0% | $56K-17.6% | $68K+15.3% | $59K-37.9% | $95K |
| Cost of Revenue | $203K-13.2% | $234K+3.5% | $226K+43.9% | $157K-16.0% | $187K-23.7% | $245K+60.1% | $153K-41.8% | $263K |
| Gross Profit | -$161K-3.2% | -$156K+13.3% | -$180K-56.5% | -$115K+12.2% | -$131K+26.0% | -$177K-88.3% | -$94K+44.0% | -$168K |
| R&D Expenses | $2.7M+8.7% | $2.5M-9.6% | $2.7M+11.2% | $2.5M-10.4% | $2.8M+6.4% | $2.6M+9.8% | $2.4M-22.0% | $3.0M |
| SG&A Expenses | $2.4M+18.1% | $2.1M+13.6% | $1.8M+26.1% | $1.4M-14.6% | $1.7M+6.5% | $1.6M-24.6% | $2.1M-19.9% | $2.6M |
| Operating Income | -$5.7M-12.6% | -$5.1M+0.7% | -$5.1M-12.3% | -$4.5M+8.5% | -$5.0M-2.5% | -$4.9M+0.7% | -$4.9M+27.4% | -$6.7M |
| Interest Expense | $471K-24.5% | $624K+24.8% | $500K+56.3% | $320K+21.2% | $264K+100.0% | $132K+32.0% | $100K | N/A |
| Income Tax | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Income | -$6.5M-13.9% | -$5.7M-13.8% | -$5.0M-8.2% | -$4.6M+22.5% | -$6.0M-51.0% | -$3.9M+37.0% | -$6.3M-28.1% | -$4.9M |
| EPS (Diluted) | $-0.35-9.4% | $-0.32-10.3% | $-0.29 | N/A | $-0.39-34.5% | $-0.29+29.3% | $-0.41 | N/A |
COCHW Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $8.2M-17.4% | $9.9M-4.7% | $10.4M-10.0% | $11.5M+22.8% | $9.4M+39.5% | $6.7M-20.6% | $8.5M+2.5% | $8.3M |
| Current Assets | $5.8M-23.4% | $7.5M-9.6% | $8.3M-6.6% | $8.9M+24.7% | $7.1M+42.8% | $5.0M-35.4% | $7.7M+3.7% | $7.5M |
| Cash & Equivalents | $3.6M-32.7% | $5.3M-0.5% | $5.3M-3.1% | $5.5M+23.9% | $4.4M+153.4% | $1.7M-64.7% | $4.9M+17.2% | $4.2M |
| Inventory | $1.6M+3.3% | $1.6M-4.2% | $1.7M-3.0% | $1.7M+4.1% | $1.6M+3.7% | $1.6M+8.7% | $1.5M+3.6% | $1.4M |
| Accounts Receivable | $35K-18.6% | $43K+2.4% | $42K+10.5% | $38K-80.7% | $197K+13.2% | $174K-7.9% | $189K+170.0% | $70K |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $15.7M-60.5% | $39.8M+14.9% | $34.6M+13.9% | $30.4M+8.8% | $27.9M+46.0% | $19.1M+20.3% | $15.9M+58.2% | $10.0M |
| Current Liabilities | $9.0M+12.3% | $8.0M+5.3% | $7.6M+0.8% | $7.5M-16.9% | $9.1M+12.6% | $8.1M+15.2% | $7.0M-4.0% | $7.3M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | -$7.7M+74.3% | -$29.9M-23.3% | -$24.2M-28.6% | -$18.8M-1.6% | -$18.5M-49.5% | -$12.4M-67.0% | -$7.4M-318.2% | -$1.8M |
| Retained Earnings | -$305.7M-2.6% | -$297.9M-2.4% | -$291.0M-2.2% | -$284.7M-2.6% | -$277.5M-2.7% | -$270.2M-2.0% | -$264.9M-3.0% | -$257.3M |
COCHW Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$4.3M+2.9% | -$4.5M-19.7% | -$3.7M+26.8% | -$5.1M-94.1% | -$2.6M+43.5% | -$4.6M+16.9% | -$5.6M+49.9% | -$11.1M |
| Capital Expenditures | $0-100.0% | $1K-83.3% | $6K+101.1% | -$534K-146.2% | $1.2M+366.5% | $248K+127.5% | $109K+419.0% | $21K |
| Free Cash Flow | -$4.3M+2.9% | -$4.5M-19.6% | -$3.7M+33.7% | -$5.6M-48.8% | -$3.8M+22.8% | -$4.9M+14.1% | -$5.7M+49.0% | -$11.2M |
| Investing Cash Flow | $0+100.0% | -$1K+83.3% | -$6K-101.1% | $534K+186.8% | -$615K+22.2% | -$790K-624.8% | -$109K-419.0% | -$21K |
| Financing Cash Flow | $2.6M-41.4% | $4.4M+24.9% | $3.6M-36.7% | $5.6M-5.1% | $5.9M+164.4% | $2.2M-65.2% | $6.4M+542.0% | -$1.5M |
| Dividends Paid | $0-100.0% | $607K-50.0% | $1.2M+97.6% | $614K | 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 |
COCHW Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | -383.3%-183.3pp | -200.0%+191.3pp | -391.3%-117.5pp | -273.8%-39.9pp | -233.9%+26.4pp | -260.3%-101.0pp | -159.3%+17.5pp | -176.8% |
| Operating Margin | -13590.5%-7090.5pp | -6500.0%+4602.2pp | -11102.2%-273.6pp | -10828.6%-1950.0pp | -8878.6%-1743.3pp | -7135.3%+1142.7pp | -8278.0%-1201.1pp | -7076.8% |
| Net Margin | -15433.3%-8138.5pp | -7294.9%+3570.3pp | -10865.2%+130.0pp | -10995.2%-352.4pp | -10642.9%-4838.5pp | -5804.4%+4822.7pp | -10627.1%-5474.5pp | -5152.6% |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | -79.2%-21.8pp | -57.5%-9.3pp | -48.1%-8.1pp | -40.0%+23.4pp | -63.4%-4.8pp | -58.6%+15.3pp | -73.9%-14.8pp | -59.2% |
| Current Ratio | 0.64-0.3 | 0.94-0.2 | 1.09-0.1 | 1.18+0.4 | 0.79+0.2 | 0.62-0.5 | 1.10+0.1 | 1.02 |
| Debt-to-Equity | -2.05-0.7 | -1.33+0.1 | -1.43+0.2 | -1.61-0.1 | -1.51+0.0 | -1.54+0.6 | -2.14+3.5 | -5.66 |
| FCF Margin | -10311.9%-4592.7pp | -5719.2%+2391.6pp | -8110.9%+5282.0pp | -13392.9%-6642.9pp | -6750.0%+447.1pp | -7197.1%+2460.6pp | -9657.6%+2096.0pp | -11753.7% |
Note: Shareholder equity is negative (-$18.8M), 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.
Frequently Asked Questions
What is Envoy Medical Inc's annual revenue?
Envoy Medical Inc (COCHW) reported $225K in total revenue for fiscal year 2024. This represents a -28.8% 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 Inc's revenue growing?
Envoy Medical Inc (COCHW) revenue declined by 28.8% year-over-year, from $316K to $225K in fiscal year 2024.
Is Envoy Medical Inc profitable?
No, Envoy Medical Inc (COCHW) reported a net income of -$20.8M in fiscal year 2024, with a net profit margin of -9242.2%.
What is Envoy Medical Inc's EBITDA?
Envoy Medical Inc (COCHW) had EBITDA of -$19.1M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
What is Envoy Medical Inc's gross margin?
Envoy Medical Inc (COCHW) had a gross margin of -229.8% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.
What is Envoy Medical Inc's operating margin?
Envoy Medical Inc (COCHW) had an operating margin of -8558.2% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is Envoy Medical Inc's net profit margin?
Envoy Medical Inc (COCHW) had a net profit margin of -9242.2% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
What is Envoy Medical Inc's free cash flow?
Envoy Medical Inc (COCHW) generated -$18.9M in free cash flow during fiscal year 2024. This represents a -9.8% 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 Inc's operating cash flow?
Envoy Medical Inc (COCHW) generated -$17.9M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Envoy Medical Inc's total assets?
Envoy Medical Inc (COCHW) had $11.5M in total assets as of fiscal year 2024, including both current and long-term assets.
What are Envoy Medical Inc's capital expenditures?
Envoy Medical Inc (COCHW) invested $980K in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
How much does Envoy Medical Inc spend on research and development?
Envoy Medical Inc (COCHW) invested $10.2M in research and development during fiscal year 2024.
What is Envoy Medical Inc's current ratio?
Envoy Medical Inc (COCHW) had a current ratio of 1.18 as of fiscal year 2024, which is considered adequate.
What is Envoy Medical Inc's debt-to-equity ratio?
Envoy Medical Inc (COCHW) had a debt-to-equity ratio of -1.61 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Envoy Medical Inc's return on assets (ROA)?
Envoy Medical Inc (COCHW) had a return on assets of -180.2% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is Envoy Medical Inc's cash runway?
Based on fiscal year 2024 data, Envoy Medical Inc (COCHW) had $5.5M in cash against an annual operating cash burn of $17.9M. This gives an estimated cash runway of approximately 4 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.
Why is Envoy Medical Inc's debt-to-equity ratio negative or unusual?
Envoy Medical Inc (COCHW) has negative shareholder equity of -$18.8M as of fiscal year 2024, which causes the debt-to-equity ratio to appear negative or not meaningful. 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 Inc's Piotroski F-Score?
Envoy Medical Inc (COCHW) 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 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Envoy Medical Inc's earnings high quality?
Envoy Medical Inc (COCHW) has an earnings quality ratio of 0.86x, 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 Envoy Medical Inc cover its interest payments?
Envoy Medical Inc (COCHW) has an interest coverage ratio of -23.6x, 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 Envoy Medical Inc?
Envoy Medical Inc (COCHW) scores 5 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.