COCH

MKT CAP:$14M

Envoy Medical, Inc.

Market Cap

$14M

Healthcare·Medical - Devices·🇺🇸 United States·NASDAQ

Healthcare·Medical - Devices·🇺🇸·NASDAQ

Stock Price

$0.69-$0.01 (-0.82%)

Apr 23, 2026

Company Details

Envoy Medical, Inc., a hearing health company, provides medical technologies for the hearing loss spectrum. Its products include hearing aids; Esteem middle ear implants; bone conduction devices; and Acclaim cochlear implants. Envoy Medical...

CEO

Brent T. Lucas

IPO Date

Apr 29, 2021

Website

www.envoymedical.com

Key Metrics TTM

Revenue

$241.0K

-13.3% YoY

Net Income

-$24M

EPS (Diluted)

-$1.23

Free Cash Flow

-$18M

Revenue / Share

$0.01

Gross Margin

-262.7%

Operating Margin

-9240.7%

Net Margin

-9857.3%

FCF Margin

-7626.6%

P/S

57.4x

P/E

—

Earnings Reports

Q1 2026

May 7, 2026

PENDING

FY 2025

Mar 23, 2026

$241.0KEPS -$1.23

Q4 2025

Mar 23, 2026

$75.0KEPS -$0.27

Q3 2025

Nov 10, 2025

$42.0K-25.0%EPS -$0.35

Q2 2025

Jul 31, 2025

$78.0K+14.7%EPS -$0.32

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 21	$0	$0	-$1M
Q3 21	$0	$0	-$3M
Q4 21	$0	$0	-$963.9K
Q2 22	$59.0K	-$159.0K	-$2M
Q3 22	$57.0K	-$49.0K	-$2M
Q4 22	$20.0K	-$131.0K	-$3M
Q1 23	$78.0K	-$97.0K	-$4M
Q2 23	$63.0K	-$99.0K	-$4M
Q4 23	$95.0K	-$139.0K	-$7M
Q1 24	$59.0K	-$94.0K	-$5M
Q2 24	$68.0K	-$177.0K	-$5M
Q3 24	$56.0K	-$131.0K	-$5M
Q1 25	$46.0K	-$180.0K	-$5M
Q2 25	$78.0K	-$156.0K	-$5M
Q3 25	$42.0K	-$161.0K	-$6M
Q4 25	$75.0K	-$136.0K	-$6M

Valuation

Quarter	P/S	P/E
Q2 21	—	—
Q3 21	—	115.5x
Q4 21	—	—
Q2 22	1694.9x	—
Q3 22	4506.5x	—
Q4 22	3148.2x	—
Q1 23	912.6x	—
Q2 23	918.3x	—
Q4 23	119.4x	—
Q1 24	292.3x	—
Q2 24	163.8x	—
Q3 24	219.7x	—
Q1 25	106.7x	—
Q2 25	122.1x	—
Q3 25	77.0x	—
Q4 25	56.9x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 21	-$405.3K	-$405.3K
Q3 21	-$701.4K	-$701.4K
Q4 21	-$885.2K	-$885.2K
Q2 22	-$2M	-$2M
Q3 22	-$5M	-$5M
Q4 22	-$2M	-$2M
Q1 23	-$3M	-$3M
Q2 23	-$4M	-$4M
Q4 23	-$11M	-$11M
Q1 24	-$6M	-$6M
Q2 24	-$5M	-$5M
Q3 24	-$3M	-$3M
Q1 25	-$4M	-$4M
Q2 25	-$4M	-$4M
Q3 25	-$4M	-$4M
Q4 25	-$6M	-$6M

Capital Expenditures

Quarter	CapEx
Q2 21	$4
Q3 21	$2
Q4 21	$0
Q2 22	$74.0K
Q3 22	$177.0K
Q4 22	$41.0K
Q1 23	$59.0K
Q2 23	$11.0K
Q4 23	$21.0K
Q1 24	$109.0K
Q2 24	$790.0K
Q3 24	$615.0K
Q1 25	$6.0K
Q2 25	$1.0K
Q3 25	$0
Q4 25	$172.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	—	+137404.3%
Q2 22	—	+133.2%
Q3 22	—	+73.0%
Q4 22	—	-2.0%
Q1 23	—	+299.3%
Q2 23	+6.8%	+101.6%
Q4 23	+66.7%	+267.9%
Q1 24	+195.0%	+69.4%
Q2 24	-12.8%	+28.0%
Q3 24	-11.1%	+10.7%
Q1 25	-51.6%	-24.4%
Q2 25	+32.2%	+3.9%
Q3 25	-38.2%	+16.7%
Q4 25	+33.9%	+28.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 21	$0	—
Q3 21	$0	—
Q4 21	$0	—
Q2 22	$0	0.0%
Q3 22	$0	0.0%
Q4 22	$0	0.0%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q4 23	$0	0.0%
Q1 24	$123.0K	208.5%
Q2 24	$142.0K	208.8%
Q3 24	$0	0.0%
Q1 25	$160.0K	347.8%
Q2 25	$146.0K	187.2%
Q3 25	$324.0K	771.4%
Q4 25	-$64.0K	-85.3%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q2 21	—	$1M	—	—
Q3 21	—	$3M	—	—
Q4 21	—	—	—	$963.9K
Q2 22	$1M	$674.0K	—	—
Q3 22	$935.0K	$812.0K	—	—
Q4 22	$1M	$447.0K	$885.0K	—
Q1 23	$2M	$1M	$371.0K	—
Q2 23	$2M	$2M	$383.0K	—
Q4 23	$3M	$3M	$513.0K	—
Q1 24	$2M	$2M	$325.0K	—
Q2 24	$3M	$2M	$497.0K	—
Q3 24	$3M	$2M	$394.0K	—
Q1 25	$3M	$2M	$358.0K	—
Q2 25	$2M	$2M	$361.0K	—
Q3 25	$3M	$2M	$405.0K	—
Q4 25	$5M	$2M	$96.0K	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$127.1K	$0	$127.1K
Q2 22	$476.9K	$0	$476.9K
Q3 22	$302.0K	$0	$302.0K
Q4 22	$183.0K	$0	$183.0K
Q1 23	$1M	$0	$1M
Q2 23	$68.0K	$0	$68.0K
Q3 23	$7M	$0	$7M
Q4 23	$4M	$0	$4M
Q1 24	$5M	$0	$5M
Q2 24	$2M	$0	$2M
Q3 24	$4M	$0	$4M
Q4 24	$5M	$0	$5M
Q1 25	$5M	$0	$5M
Q2 25	$5M	$0	$5M
Q3 25	$4M	$0	$4M
Q4 25	$4M	$0	$4M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 21	53M	+26.5%	—
Q3 21	53M	0.0%	—
Q4 21	53M	0.0%	-12.0%
Q2 22	53M	0.0%	+26.5%
Q3 22	11M	-78.9%	-78.9%
Q4 22	53M	+373.7%	0.0%
Q1 23	43M	-20.0%	-20.0%
Q2 23	20M	-54.0%	-63.2%
Q4 23	20M	+0.3%	+74.8%
Q1 24	19M	-5.1%	-65.0%
Q2 24	20M	+5.4%	-53.9%
Q3 24	20M	+0.1%	+0.3%
Q1 25	21M	+8.7%	+8.8%
Q2 25	20M	-8.1%	+5.4%
Q3 25	20M	0.0%	-0.0%
Q4 25	20M	0.0%	-0.1%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 21	—	—
Q3 21	—	—
Q4 21	—	—
Q2 22	—	—
Q3 22	—	—
Q4 22	—	—
Q1 23	—	—
Q2 23	—	—
Q4 23	—	—
Q1 24	—	—
Q2 24	—	—
Q3 24	—	—
Q1 25	$1.1K	42
Q2 25	$1.9K	42
Q3 25	$1.0K	42
Q4 25	$1.7K	43

Revenue / Employee