What is Envoy Medical's operating income?

Envoy Medical's total operating income in 2025 was -$22.27 million, based on the following breakdown: Total Gross Profit: -$633 thousand Total Operating Expenses: $21.64 million

Envoy Medical (COCHW) Financials

$0.04 +0.00 (+8.60%)

As of 04:00 PM Eastern

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Annual Income Statements for Envoy Medical

This table shows Envoy Medical's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2021	2022	2023	2024	2025
Period end date	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-0.25	-16	-31	-28	-29
Consolidated Net Income / (Loss)	-0.25	-16	-30	-21	-24
Net Income / (Loss) Continuing Operations	-0.25	-16	-30	-21	-24
Total Pre-Tax Income	-0.25	-16	-30	-21	-24
Total Operating Income	-5.20	-8.71	-18	-19	-22
Total Gross Profit	0.00	-0.26	-0.47	-0.52	-0.63
Total Revenue	0.00	0.24	0.32	0.23	0.24
Operating Revenue	-	0.24	0.32	0.23	0.24
Total Cost of Revenue	0.00	0.50	0.79	0.74	0.87
Operating Cost of Revenue	-	0.50	0.79	0.74	0.87
Total Operating Expenses	5.20	8.45	18	19	22
Selling, General & Admin Expense	5.20	2.59	7.26	6.83	7.93
Marketing Expense	-	0.89	1.67	1.73	1.22
Research & Development Expense	-	4.98	8.96	10	12
Total Other Income / (Expense), net	4.95	-7.22	-12	-1.54	-1.49
Interest Expense	0.00	-	0.00	0.82	1.59
Other Income / (Expense), net	4.92	-7.22	-12	-0.72	0.10
Preferred Stock Dividends Declared	-	-	1.35	6.68	4.91
Basic Earnings per Share	($0.02)	($1.57)	($2.54)	($1.49)	($1.23)
Weighted Average Basic Shares Outstanding	45.81M	10.12M	12.30M	18.79M	23.26M
Diluted Earnings per Share	($0.02)	($1.57)	($2.54)	($1.49)	($1.23)
Weighted Average Diluted Shares Outstanding	45.81M	10.12M	12.30M	18.79M	23.26M
Weighted Average Basic & Diluted Shares Outstanding	53.13M	-	19.60M	21.33M	76.88M

This table shows Envoy Medical's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	1.36	-6.13	-7.64	-5.31	-7.34	-7.69	-6.24	-6.94	-7.75	-7.74	-5.70
Consolidated Net Income / (Loss)	1.56	-4.99	-6.27	-3.95	-5.96	-4.62	-5.00	-5.69	-6.48	-6.59	-4.35
Net Income / (Loss) Continuing Operations	1.56	-4.99	-6.27	-3.95	-5.96	-4.62	-5.00	-5.69	-6.48	-6.59	-4.35
Total Pre-Tax Income	1.56	-4.99	-6.27	-3.95	-5.96	-4.62	-5.00	-5.69	-6.48	-6.59	-4.35
Total Operating Income	-3.39	-6.72	-4.88	-4.85	-4.97	-4.55	-5.11	-5.07	-5.71	-6.39	-5.96
Total Gross Profit	-0.11	-0.17	-0.09	-0.18	-0.13	-0.12	-0.18	-0.16	-0.16	-0.14	-0.27
Total Revenue	0.08	0.10	0.06	0.07	0.06	0.04	0.05	0.08	0.04	0.08	0.04
Operating Revenue	0.08	0.10	0.06	0.07	0.06	0.04	0.05	0.08	0.04	0.08	0.04
Total Cost of Revenue	0.19	0.26	0.15	0.25	0.19	0.16	0.23	0.23	0.20	0.21	0.31
Operating Cost of Revenue	0.19	0.26	0.15	0.25	0.19	0.16	0.23	0.23	0.20	0.21	0.31
Total Operating Expenses	3.28	6.56	4.79	4.68	4.84	4.43	4.93	4.91	5.55	6.25	5.69
Selling, General & Admin Expense	1.03	3.02	2.11	1.59	1.69	1.44	1.82	2.07	2.44	1.60	1.88
Marketing Expense	0.40	0.51	0.33	0.50	0.39	0.52	0.36	0.36	0.41	0.10	0.16
Research & Development Expense	1.85	3.03	2.36	2.59	2.76	2.47	2.75	2.49	2.70	4.55	3.64
Total Other Income / (Expense), net	4.95	1.74	-1.39	0.91	-0.99	-0.07	0.11	-0.62	-0.77	-0.20	1.61
Interest Expense	0.00	-	0.04	0.13	0.26	0.38	0.50	0.62	0.47	-	0.00
Other Income / (Expense), net	4.95	1.74	-1.35	1.04	-0.72	0.31	0.60	0.00	-0.30	-0.20	1.61
Preferred Stock Dividends Declared	0.20	-	1.37	1.37	1.38	2.57	1.24	1.25	1.27	1.15	1.35
Basic Earnings per Share	$0.13	-	($0.41)	($0.29)	($0.39)	($0.40)	($0.29)	($0.32)	($0.35)	($0.27)	($0.08)
Weighted Average Basic Shares Outstanding	10.21M	12.30M	18.60M	18.60M	18.62M	18.79M	21.33M	21.38M	21.85M	23.26M	68.93M
Diluted Earnings per Share	$0.13	-	($0.41)	($0.29)	($0.39)	($0.40)	($0.29)	($0.32)	($0.35)	($0.27)	($0.08)
Weighted Average Diluted Shares Outstanding	11.22M	12.30M	18.60M	18.60M	18.62M	18.79M	21.33M	21.38M	21.85M	23.26M	68.93M
Weighted Average Basic & Diluted Shares Outstanding	19.55M	19.60M	19.60M	19.60M	20.24M	21.33M	21.33M	21.52M	28.79M	76.88M	76.88M

This table details how cash moves in and out of Envoy Medical's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2021	2022	2023	2024	2025
Period end date	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	0.12	-0.94	4.04	1.26	-1.74
Net Cash From Operating Activities	-3.24	-8.81	-17	-18	-18
Net Cash From Continuing Operating Activities	-3.24	-8.81	-17	-18	-18
Net Income / (Loss) Continuing Operations	-0.25	-16	-30	-21	-24
Consolidated Net Income / (Loss)	-0.25	-16	-30	-21	-24
Depreciation Expense	-	0.08	0.13	0.17	0.30
Amortization Expense	0.50	-	0.60	1.86	2.55
Non-Cash Adjustments To Reconcile Net Income	-4.95	7.20	14	1.01	0.27
Changes in Operating Assets and Liabilities, net	1.46	-0.15	-2.05	-0.20	2.43
Net Cash From Investing Activities	-425	-0.22	-0.15	-0.98	-0.18
Net Cash From Continuing Investing Activities	-425	-0.22	-0.15	-0.98	-0.18
Purchase of Property, Plant & Equipment	-	-0.22	-0.15	-0.98	-0.18
Net Cash From Financing Activities	428	8.09	21	20	17
Net Cash From Continuing Financing Activities	428	8.09	21	20	17
Repayment of Debt	-	-	-0.56	-0.92	-0.93
Repurchase of Common Equity	-9.13	-	-	0.00	-0.06
Payment of Dividends	-	-	0.00	-2.45	-1.82
Issuance of Debt	0.00	8.00	10	20	10
Issuance of Common Equity	-	0.09	0.11	1.75	6.33
Other Financing Activities, net	438	0.00	12	1.82	3.11
Cash Interest Paid	-	0.00	0.03	0.04	0.04

This table details how cash moves in and out of Envoy Medical's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	17	-13	0.73	-3.20	2.68	1.06	-0.18	-0.02	-1.73	0.18	22
Net Cash From Operating Activities	1.10	-11	-5.59	-4.65	-2.62	-5.09	-3.73	-4.46	-4.33	-5.69	-6.06
Net Cash From Continuing Operating Activities	1.10	-11	-5.59	-4.65	-2.71	-5.00	-3.73	-4.47	-4.32	-5.69	-6.06
Net Income / (Loss) Continuing Operations	1.47	-4.90	-6.27	-3.95	-5.96	-4.62	-5.00	-5.69	-6.48	-6.59	-4.35
Consolidated Net Income / (Loss)	1.47	-4.90	-6.27	-3.95	-5.96	-4.62	-5.00	-5.69	-6.48	-6.59	-4.35
Depreciation Expense	0.03	0.05	0.03	0.04	0.05	0.05	0.06	0.09	0.08	0.08	0.07
Amortization Expense	-	0.60	0.27	0.44	0.53	0.62	0.74	0.87	0.71	0.23	0.23
Non-Cash Adjustments To Reconcile Net Income	-0.99	-3.04	0.40	-0.61	1.64	-0.43	-0.48	-0.05	0.44	0.13	0.36
Changes in Operating Assets and Liabilities, net	0.59	-3.86	-0.03	-0.57	1.02	-0.62	0.94	0.32	0.93	0.46	-2.37
Net Cash From Investing Activities	-0.06	-0.02	-0.11	-0.79	-0.62	0.53	-0.01	-0.00	-	-0.17	0.00
Net Cash From Continuing Investing Activities	-0.06	-0.02	-0.11	-0.79	-0.62	0.53	-0.01	-0.00	-	-0.17	0.00
Purchase of Property, Plant & Equipment	-0.06	-0.02	-0.11	-0.79	-0.62	0.53	-0.01	-0.00	-	-0.17	0.00
Net Cash From Financing Activities	16	-1.45	6.43	2.24	5.92	5.62	3.55	4.44	2.60	6.04	28
Net Cash From Continuing Financing Activities	16	-1.45	6.43	2.24	5.92	5.62	3.55	4.44	2.60	6.04	28
Repayment of Debt	-	-	-0.26	-0.26	-0.18	-0.21	-0.23	-0.24	-0.27	-0.19	-0.21
Payment of Dividends	-	-	0.00	-	-1.83	-0.61	-1.21	-0.61	-	0.00	0.00
Issuance of Debt	3.00	-	5.00	2.50	7.50	5.00	5.00	5.00	-	-	0.00
Issuance of Common Equity	-	0.11	1.68	-	-	0.06	0.00	0.28	2.71	3.34	28
Cash Interest Paid	-	0.03	0.01	0.01	0.00	0.02	0.01	0.01	0.00	0.01	0.01

This table presents Envoy Medical's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	0.12	427	2.56	8.27	12	8.56
Total Current Assets	0.03	0.86	1.65	7.46	8.90	6.28
Cash & Equivalents	0.03	0.15	0.18	4.22	5.48	3.74
Accounts Receivable	-	-	0.04	0.25	0.82	0.05
Inventories, net	-	-	1.30	1.40	1.71	1.55
Prepaid Expenses	0.00	0.71	0.13	1.59	1.38	1.30
Plant, Property, & Equipment, net	0.00	0.00	0.33	0.35	1.28	1.04
Total Noncurrent Assets	0.09	426	1.15	0.46	0.88	0.89
Other Noncurrent Operating Assets	0.09	426	1.15	0.46	0.88	0.89
Total Liabilities & Shareholders' Equity	0.12	427	2.56	8.27	12	8.56
Total Liabilities	0.10	39	39	10	30	20
Total Current Liabilities	0.10	2.68	2.52	7.29	7.54	12
Accounts Payable	0.10	0.62	1.00	1.55	1.65	2.92
Accrued Expenses	0.00	2.06	0.61	4.92	4.00	7.93
Other Current Liabilities	-	0.00	0.59	0.80	0.72	0.69
Total Noncurrent Liabilities	0.00	36	37	2.77	23	8.79
Other Noncurrent Operating Liabilities	0.00	36	3.40	2.36	4.60	8.79
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	0.00	425	-	-	0.00	0.39
Total Equity & Noncontrolling Interests	0.02	-37	-36	-1.78	-19	-12
Total Preferred & Common Equity	0.02	-37	-36	-1.78	-19	-12
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	0.02	-37	-36	-1.78	-19	-12
Common Stock	0.03	0.00	190	256	266	301
Retained Earnings	-0.00	-37	-226	-257	-285	-313
Accumulated Other Comprehensive Income / (Loss)	-	-	-0.12	-0.12	-0.12	-0.12

This table presents Envoy Medical's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	21	8.48	6.74	9.40	10	9.90	8.18	30
Total Current Assets	20	7.73	5.00	7.14	8.31	7.51	5.76	28
Cash & Equivalents	7.44	4.95	1.75	4.42	5.31	5.29	3.56	25
Accounts Receivable	1.11	0.22	0.20	0.23	0.07	0.06	0.05	0.05
Inventories, net	1.40	1.46	1.58	1.64	1.66	1.59	1.64	1.49
Prepaid Expenses	1.00	1.11	1.47	0.84	1.28	1.00	0.51	1.22
Plant, Property, & Equipment, net	0.38	0.32	0.63	1.20	1.22	1.14	1.12	0.96
Total Noncurrent Assets	0.00	0.87	1.11	1.06	0.85	0.00	1.31	0.85
Other Noncurrent Operating Assets	-	0.87	1.11	1.06	0.85	-	1.31	0.85
Total Liabilities & Shareholders' Equity	21	8.48	6.74	9.40	10	9.90	8.18	30
Total Liabilities	16	16	19	28	35	40	16	19
Total Current Liabilities	13	7.00	8.06	9.07	7.60	8.00	8.99	12
Accounts Payable	3.38	0.91	1.59	1.76	1.66	1.62	2.68	1.70
Accrued Expenses	4.05	5.62	6.29	7.09	5.32	4.96	6.11	9.92
Other Current Liabilities	0.85	1.51	0.18	0.23	0.56	0.38	3.55	0.56
Total Noncurrent Liabilities	4.15	8.39	11	19	27	32	3.36	7.10
Other Noncurrent Operating Liabilities	4.15	7.32	2.65	4.50	3.96	3.14	3.36	7.10
Commitments & Contingencies	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	-	-	-	-	-	-	0.13	0.39
Total Equity & Noncontrolling Interests	4.79	-7.41	-12	-19	-24	-30	-7.66	10
Total Preferred & Common Equity	4.79	-7.41	-12	-19	-24	-30	-7.66	10
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	4.79	-7.41	-12	-19	-24	-30	-7.66	10
Common Stock	256	258	258	259	267	268	298	329
Retained Earnings	-251	-265	-270	-278	-291	-298	-306	-319
Accumulated Other Comprehensive Income / (Loss)	-0.12	-0.12	-0.12	-0.12	-0.12	-0.12	-0.12	-0.12

This table displays calculated financial ratios and metrics derived from Envoy Medical's official financial filings.

Metric	2021	2022	2023	2024	2025
Period end date	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	53,125,000.00	53,125,000.00	39,099,964.00	39,099,964.00	39,099,964.00
DEI Adjusted Shares Outstanding	53,125,000.00	53,125,000.00	39,099,964.00	39,099,964.00	39,099,964.00
DEI Earnings Per Adjusted Shares Outstanding	0.00	-0.30	-0.80	-0.72	-0.73
Growth Metrics	-	-	-	-	-
Revenue Growth	0.00%	0.00%	33.33%	-28.80%	7.11%
EBITDA Growth	0.00%	-7,632.28%	-84.17%	38.52%	-7.62%
EBIT Growth	0.00%	-5,404.01%	-87.92%	33.23%	-10.95%
NOPAT Growth	0.00%	-67.26%	-110.88%	-4.89%	-15.65%
Net Income Growth	0.00%	-6,227.87%	-87.92%	30.50%	-14.24%
EPS Growth	0.00%	-7,750.00%	-61.78%	41.34%	17.45%
Operating Cash Flow Growth	0.00%	-171.69%	-94.11%	-5.02%	-1.40%
Free Cash Flow Firm Growth	0.00%	0.00%	-102.58%	-42.96%	64.77%
Invested Capital Growth	0.00%	-100.68%	-111.26%	12.24%	-216.06%
Revenue Q/Q Growth	0.00%	315.79%	-21.20%	-19.06%	15.87%
EBITDA Q/Q Growth	0.00%	-276.30%	46.41%	4.13%	-16.34%
EBIT Q/Q Growth	0.00%	-277.13%	45.17%	3.63%	-11.87%
NOPAT Q/Q Growth	0.00%	-39.53%	-13.64%	10.15%	-8.99%
Net Income Q/Q Growth	0.00%	-267.72%	45.67%	1.74%	-9.03%
EPS Q/Q Growth	0.00%	-575.76%	0.00%	0.00%	9.56%
Operating Cash Flow Q/Q Growth	0.00%	-20.43%	-105.30%	25.22%	-3.37%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	-102.44%	2.04%	57.77%
Invested Capital Q/Q Growth	0.00%	-100.65%	30.59%	42.93%	-39.86%
Profitability Metrics	-	-	-	-	-
Gross Margin	0.00%	-110.13%	-149.68%	-229.78%	-262.66%
EBITDA Margin	0.00%	-6,686.92%	-9,236.39%	-7,974.67%	-8,012.45%
Operating Margin	0.00%	-3,673.42%	-5,809.81%	-8,558.22%	-9,240.66%
EBIT Margin	0.00%	-6,718.57%	-9,468.99%	-8,879.56%	-9,197.51%
Profit (Net Income) Margin	0.00%	-6,718.57%	-9,468.99%	-9,242.22%	-9,857.26%
Tax Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%
Interest Burden Percent	86.98%	100.00%	100.00%	104.08%	107.17%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	-3.16%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	-62.02%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	-5.88%	0.00%	0.00%	0.00%
Return on Equity (ROE)	-0.13%	-9.04%	157.60%	201.72%	155.22%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	0.00%	-7.42%	-552.73%	-201.72%	-220.60%
Return on Assets (ROA)	0.00%	-7.42%	-552.73%	-209.96%	-236.43%
Return on Common Equity (ROCE)	0.01%	1.87%	157.60%	201.72%	157.21%
Return on Equity Simple (ROE_SIMPLE)	0.69%	43.99%	1,684.80%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-3.64	-6.09	-13	-13	-16
NOPAT Margin	0.00%	-2,571.39%	-4,066.87%	-5,990.76%	-6,468.46%
Net Nonoperating Expense Percent (NNEP)	2,263.57%	58.86%	114.82%	144.55%	160.18%
Return On Investment Capital (ROIC_SIMPLE)	-	-	936.68%	10,697.78%	128.22%
Cost of Revenue to Revenue	0.00%	210.13%	249.68%	329.78%	362.66%
SG&A Expenses to Revenue	0.00%	1,090.72%	2,298.73%	3,033.78%	3,290.87%
R&D to Revenue	0.00%	2,099.16%	2,834.18%	4,524.00%	5,180.91%
Operating Expenses to Revenue	0.00%	3,563.29%	5,660.13%	8,328.44%	8,978.01%
Earnings before Interest and Taxes (EBIT)	-0.29	-16	-30	-20	-22
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	0.21	-16	-29	-18	-19
Valuation Ratios	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.00	427.99	70.45	119.42	63.80
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	2.24	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	0.00	570.03	58.38	178.24	49.91
Enterprise Value to EBITDA (EV/EBITDA)	4,140.10	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.35	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-
Debt to Equity	0.00	-0.94	-0.23	-0.99	0.00
Long-Term Debt to Equity	0.00	-0.92	-0.23	-0.99	0.00
Financial Leverage	0.00	0.09	-0.78	-0.49	-0.33
Leverage Ratio	1.10	1.22	-0.29	-0.96	-0.66
Compound Leverage Factor	0.96	1.22	-0.29	-1.00	-0.70
Debt to Total Capital	0.00%	-1,440.21%	-29.45%	-14,853.97%	0.00%
Short-Term Debt to Total Capital	0.00%	-19.06%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	-1,421.15%	-29.45%	-14,853.97%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	109.46%	0.00%	0.00%	0.00%	-3.32%
Common Equity to Total Capital	-9.46%	1,540.21%	129.45%	14,953.97%	103.32%
Debt to EBITDA	0.00	-2.14	-0.01	-1.04	0.00
Net Debt to EBITDA	0.00	-2.12	0.13	-0.74	0.00
Long-Term Debt to EBITDA	0.00	-2.11	-0.01	-1.04	0.00
Debt to NOPAT	0.00	-5.55	-0.03	-1.39	0.00
Net Debt to NOPAT	0.00	-5.52	0.30	-0.98	0.00
Long-Term Debt to NOPAT	0.00	-5.48	-0.03	-1.39	0.00
Altman Z-Score	6.81	-143.08	-54.09	-39.57	-60.07
Noncontrolling Interest Sharing Ratio	109.45%	120.71%	0.00%	0.00%	-1.28%
Liquidity Ratios	-	-	-	-	-
Current Ratio	0.32	0.65	1.02	1.18	0.54
Quick Ratio	0.06	0.09	0.61	0.84	0.33
Cash Flow Metrics	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	385	-9.91	-14	-4.99
Operating Cash Flow to CapEx	0.00%	-4,038.99%	-11,170.59%	-1,831.53%	-10,168.16%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	-17.36	-3.14
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	-22.00	-11.45
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	-23.20	-11.56
Efficiency Ratios	-	-	-	-	-
Asset Turnover	0.00	0.00	0.06	0.02	0.02
Accounts Receivable Turnover	0.00	0.00	2.20	0.42	0.55
Inventory Turnover	0.00	0.00	0.58	0.48	0.54
Fixed Asset Turnover	0.00	0.00	0.93	0.28	0.21
Accounts Payable Turnover	0.00	0.61	0.62	0.46	0.38
Days Sales Outstanding (DSO)	0.00	0.00	165.75	863.02	659.57
Days Inventory Outstanding (DIO)	0.00	0.00	624.29	765.42	679.47
Days Payable Outstanding (DPO)	0.00	594.31	591.45	788.54	954.68
Cash Conversion Cycle (CCC)	0.00	-594.31	198.60	839.90	384.36
Capital & Investment Metrics	-	-	-	-	-
Invested Capital	388	-2.65	-5.59	-4.91	-16
Invested Capital Turnover	0.00	0.00	-0.08	-0.04	-0.02
Increase / (Decrease) in Invested Capital	0.00	-391	-2.94	0.68	-11
Enterprise Value (EV)	871	135	18	40	12
Market Capitalization	446	101	22	27	15
Book Value per Share	($0.69)	($0.68)	($0.09)	($1.00)	($0.52)
Tangible Book Value per Share	($0.69)	($0.68)	($0.09)	($1.00)	($0.52)
Total Capital	388	-2.35	-1.37	-0.13	-12
Total Debt	0.00	34	0.40	19	0.00
Total Long-Term Debt	0.00	33	0.40	19	0.00
Net Debt	-0.15	34	-3.81	13	-3.74
Capital Expenditures (CapEx)	0.00	0.22	0.15	0.98	0.18
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-1.96	-0.61	-4.05	-4.13	-9.02
Debt-free Net Working Capital (DFNWC)	-1.82	-0.42	0.17	1.36	-5.28
Net Working Capital (NWC)	-1.82	-0.87	0.17	1.36	-5.28
Net Nonoperating Expense (NNE)	-3.39	9.83	17	7.32	8.17
Net Nonoperating Obligations (NNO)	-0.15	34	-3.81	14	-3.74
Total Depreciation and Amortization (D&A)	0.50	0.08	0.74	2.04	2.86
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-255.70%	-1,280.70%	-1,833.33%	-3,743.57%
Debt-free Net Working Capital to Revenue	0.00%	-178.48%	54.11%	603.56%	-2,192.12%
Net Working Capital to Revenue	0.00%	-367.51%	54.11%	603.56%	-2,192.12%
Earnings Adjustments	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.72	($2.38)	($1.49)	($1.23)
Adjusted Weighted Average Basic Shares Outstanding	0.00	53.13M	12.55M	18.79M	23.26M
Adjusted Diluted Earnings per Share	$0.00	$0.72	($2.38)	($1.49)	($1.23)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	53.13M	12.55M	18.79M	23.26M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	19.60M	21.33M	76.88M
Normalized Net Operating Profit after Tax (NOPAT)	-3.64	-6.09	-13	-13	-16
Normalized NOPAT Margin	0.00%	-2,571.39%	-4,066.87%	-5,990.76%	-6,468.46%
Pre Tax Income Margin	0.00%	-6,718.57%	-9,468.99%	-9,242.22%	-9,857.26%
Debt Service Ratios	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	-24.48	-13.94
NOPAT to Interest Expense	0.00	0.00	0.00	-16.52	-9.80
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	-25.69	-14.05
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	-17.72	-9.92
Payout Ratios	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	-11.77%	-7.66%
Augmented Payout Ratio	-3,630.02%	0.00%	0.00%	-11.77%	-7.92%

This table displays calculated financial ratios and metrics derived from Envoy Medical's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	14,937,774.00	39,099,964.00	39,099,964.00	39,099,964.00	39,099,964.00	39,099,964.00	39,099,964.00	39,099,964.00	39,099,964.00	39,099,964.00	39,099,964.00
DEI Adjusted Shares Outstanding	14,937,774.00	39,099,964.00	39,099,964.00	39,099,964.00	39,099,964.00	39,099,964.00	39,099,964.00	39,099,964.00	39,099,964.00	39,099,964.00	39,099,964.00
DEI Earnings Per Adjusted Shares Outstanding	0.09	-0.16	-0.20	-0.14	-0.19	-0.20	-0.16	-0.18	-0.20	-0.20	-0.15
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	40.35%	-47.22%	-24.36%	7.94%	-30.00%	-55.79%	-22.03%	14.71%	-25.00%	78.57%	-15.22%
EBITDA Growth	218.89%	85.36%	55.16%	74.76%	-421.17%	17.80%	37.61%	-23.26%	-2.13%	-76.09%	-9.49%
EBIT Growth	216.73%	83.18%	52.96%	71.20%	-464.43%	15.08%	27.77%	-32.79%	-5.53%	-55.55%	3.38%
NOPAT Growth	-169.25%	-48.75%	-29.51%	-8.30%	-2.82%	32.35%	-4.57%	-4.49%	-14.80%	-40.39%	-16.68%
Net Income Growth	216.73%	83.46%	52.69%	70.20%	-481.32%	7.38%	20.29%	-44.16%	-8.76%	-42.62%	12.95%
EPS Growth	200.00%	0.00%	68.70%	0.00%	-400.00%	0.00%	29.27%	-10.34%	10.26%	32.50%	72.41%
Operating Cash Flow Growth	120.92%	-368.47%	-85.62%	-15.17%	-338.67%	54.32%	33.35%	4.00%	-65.12%	-11.67%	-62.71%
Free Cash Flow Firm Growth	2,246.74%	-100.45%	-91.21%	-93.10%	-100.71%	-119.49%	-126.01%	-114.59%	48.74%	258.51%	148.01%
Invested Capital Growth	-101.97%	-111.26%	-145.85%	-124.16%	-6.74%	12.24%	43.55%	4.25%	-28.96%	-216.06%	-128.60%
Revenue Q/Q Growth	26.98%	18.75%	-37.89%	15.25%	-17.65%	-25.00%	9.52%	69.57%	-46.15%	78.57%	-48.00%
EBITDA Q/Q Growth	112.05%	-372.36%	-36.76%	43.74%	-53.27%	30.30%	-3.82%	-11.14%	-26.99%	-20.18%	35.45%
EBIT Q/Q Growth	111.80%	-419.00%	-25.03%	38.80%	-49.31%	25.67%	-6.35%	-12.50%	-18.65%	-9.57%	33.94%
NOPAT Q/Q Growth	-7.94%	-39.03%	27.35%	0.66%	-2.47%	8.53%	-12.29%	0.72%	-12.58%	-11.86%	6.67%
Net Income Q/Q Growth	111.80%	-419.00%	-25.75%	37.05%	-51.00%	22.52%	-8.23%	-13.85%	-13.92%	-1.60%	33.94%
EPS Q/Q Growth	0.00%	0.00%	0.00%	29.27%	-34.48%	-2.56%	27.50%	-10.34%	-9.38%	22.86%	70.37%
Operating Cash Flow Q/Q Growth	127.24%	-1,114.10%	49.85%	16.87%	43.54%	-94.09%	26.83%	-19.73%	2.89%	-31.26%	-6.61%
Free Cash Flow Firm Q/Q Growth	9.92%	-100.43%	1,962.01%	-20.77%	-111.30%	-31.67%	-120.68%	55.57%	60.30%	507.18%	-33.16%
Invested Capital Q/Q Growth	-134.02%	30.59%	-103.76%	49.78%	-50.30%	42.93%	-31.06%	14.82%	-102.43%	-39.86%	5.20%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	-136.25%	-176.84%	-159.32%	-260.29%	-233.93%	-273.81%	-391.30%	-200.00%	-383.33%	-181.33%	-702.56%
EBITDA Margin	1,990.00%	-4,564.21%	-10,050.85%	-4,905.88%	-9,130.36%	-8,485.71%	-8,043.48%	-5,271.79%	-12,433.33%	-8,368.00%	-10,387.18%
Operating Margin	-4,231.25%	-7,076.84%	-8,277.97%	-7,135.29%	-8,878.57%	-10,828.57%	-11,102.17%	-6,500.00%	-13,590.48%	-8,513.33%	-15,279.49%
EBIT Margin	1,953.75%	-5,248.42%	-10,566.10%	-5,610.29%	-10,171.43%	-10,080.95%	-9,789.13%	-6,494.87%	-14,311.90%	-8,781.33%	-11,156.41%
Profit (Net Income) Margin	1,953.75%	-5,248.42%	-10,627.12%	-5,804.41%	-10,642.86%	-10,995.24%	-10,865.22%	-7,294.87%	-15,433.33%	-8,781.33%	-11,156.41%
Tax Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Interest Burden Percent	100.00%	100.00%	100.58%	103.46%	104.63%	109.07%	110.99%	112.32%	107.84%	100.00%	100.00%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-8.46%	0.00%	-255.92%	-168.05%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	-83.76%	0.00%	-116.19%	-184.90%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	2.66%	0.00%	27.05%	-105.81%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	-5.80%	157.60%	-228.87%	-273.86%	307.98%	201.72%	123.42%	100.68%	167.21%	155.22%	338.05%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	3.49%	-306.36%	-115.37%	-65.44%	-184.74%	-229.01%	-220.02%	-173.33%	-338.70%	-210.62%	-129.86%
Return on Assets (ROA)	3.49%	-306.36%	-116.04%	-67.71%	-193.30%	-249.78%	-244.20%	-194.68%	-365.24%	-210.62%	-129.86%
Return on Common Equity (ROCE)	0.18%	157.60%	347.75%	795.75%	307.98%	201.72%	123.42%	100.68%	168.05%	157.21%	347.72%
Return on Equity Simple (ROE_SIMPLE)	-1,150.69%	0.00%	309.44%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-3.39	-4.71	-3.42	-3.40	-3.48	-3.18	-3.57	-3.55	-4.00	-4.47	-4.17
NOPAT Margin	-4,231.25%	-4,953.79%	-5,794.58%	-4,994.71%	-6,215.00%	-7,580.00%	-7,771.52%	-4,550.00%	-9,513.33%	-5,959.33%	-10,695.64%
Net Nonoperating Expense Percent (NNEP)	75.30%	1.88%	-139.73%	16.85%	-170.54%	28.34%	20.60%	13.79%	77.99%	41.51%	-4.82%
Return On Investment Capital (ROIC_SIMPLE)	-	343.01%	53.90%	85.47%	83.40%	2,526.67%	319.76%	289.95%	52.16%	36.76%	-41.05%
Cost of Revenue to Revenue	236.25%	276.84%	259.32%	360.29%	333.93%	373.81%	491.30%	300.00%	483.33%	281.33%	802.56%
SG&A Expenses to Revenue	1,283.75%	3,174.74%	3,567.80%	2,333.82%	3,017.86%	3,438.10%	3,958.70%	2,651.28%	5,814.29%	2,133.33%	4,817.95%
R&D to Revenue	2,312.50%	3,185.26%	4,000.00%	3,810.29%	4,923.21%	5,883.33%	5,973.91%	3,185.90%	6,428.57%	6,070.67%	9,338.46%
Operating Expenses to Revenue	4,095.00%	6,900.00%	8,118.64%	6,875.00%	8,644.64%	10,554.76%	10,710.87%	6,300.00%	13,207.14%	8,332.00%	14,576.92%
Earnings before Interest and Taxes (EBIT)	1.56	-4.99	-6.23	-3.82	-5.70	-4.23	-4.50	-5.07	-6.01	-6.59	-4.35
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1.59	-4.34	-5.93	-3.34	-5.11	-3.56	-3.70	-4.11	-5.22	-6.28	-4.05
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	16.44	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	4.51
Price to Tangible Book Value (P/TBV)	16.44	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	4.51
Price to Revenue (P/Rev)	196.19	70.45	245.49	145.35	217.64	119.42	130.78	136.78	81.49	63.80	195.93
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	164.17	58.38	232.45	167.43	253.36	178.24	214.71	241.95	65.02	49.91	89.70
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.16	0.00	3.05	3.26	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.84	-0.23	-0.14	-0.68	-0.77	-0.99	-0.95	-0.96	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	-0.23	-0.14	-0.68	-0.77	-0.99	-0.95	-0.96	0.00	0.00	0.00
Financial Leverage	-0.03	-0.78	-0.23	0.57	0.21	-0.49	-0.44	-0.74	-0.24	-0.33	0.55
Leverage Ratio	1.08	-0.29	3.10	4.53	-2.23	-0.96	-0.60	-0.39	-0.67	-0.66	-2.94
Compound Leverage Factor	1.08	-0.29	3.12	4.69	-2.33	-1.05	-0.66	-0.44	-0.73	-0.66	-2.94
Debt to Total Capital	45.53%	-29.45%	-16.87%	-211.70%	-344.02%	-14,853.97%	-2,066.73%	-2,339.46%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	45.53%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	-29.45%	-16.87%	-211.70%	-344.02%	-14,853.97%	-2,066.73%	-2,339.46%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-1.73%	-3.32%	3.71%
Common Equity to Total Capital	54.47%	129.45%	116.87%	311.70%	444.02%	14,953.97%	2,166.73%	2,439.46%	101.73%	103.32%	96.29%
Debt to EBITDA	-0.07	-0.01	-0.05	-0.63	-0.77	-1.04	-1.47	-1.74	0.00	0.00	0.00
Net Debt to EBITDA	0.24	0.13	0.17	-0.50	-0.53	-0.74	-1.13	-1.42	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	-0.01	-0.05	-0.63	-0.77	-1.04	-1.47	-1.74	0.00	0.00	0.00
Debt to NOPAT	-0.35	-0.03	-0.08	-0.61	-0.96	-1.39	-1.69	-2.08	0.00	0.00	0.00
Net Debt to NOPAT	1.14	0.30	0.28	-0.48	-0.66	-0.98	-1.31	-1.69	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	-0.03	-0.08	-0.61	-0.96	-1.39	-1.69	-2.08	0.00	0.00	0.00
Altman Z-Score	-13.00	-44.14	-43.26	-57.14	-42.27	-35.07	-40.07	-43.40	-54.53	-54.07	-13.40
Noncontrolling Interest Sharing Ratio	103.03%	0.00%	251.94%	390.57%	0.00%	0.00%	0.00%	0.00%	-0.50%	-1.28%	-2.86%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.60	1.02	1.10	0.62	0.79	1.18	1.09	0.94	0.64	0.54	2.27
Quick Ratio	0.67	0.61	0.74	0.24	0.51	0.84	0.71	0.67	0.40	0.33	2.07
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	414	-1.76	33	26	-2.94	-3.87	-8.53	-3.79	-1.51	6.13	4.10
Operating Cash Flow to CapEx	1,772.58%	-53,071.43%	-5,127.52%	-588.10%	-426.50%	0.00%	-62,083.33%	-446,000.00%	0.00%	-3,305.23%	0.00%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	911.40	196.94	-11.13	-10.07	-17.24	-6.08	-3.20	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	-155.25	-35.20	-9.94	-13.26	-7.53	-7.15	-9.20	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	-158.28	-41.18	-12.27	-11.87	-7.54	-7.15	-9.20	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.06	0.01	0.01	0.02	0.02	0.02	0.03	0.02	0.02	0.01
Accounts Receivable Turnover	0.00	2.20	0.00	0.00	0.42	0.42	1.48	1.68	1.47	0.55	4.14
Inventory Turnover	0.00	0.58	0.00	0.00	0.56	0.48	0.52	0.51	0.50	0.54	0.61
Fixed Asset Turnover	0.00	0.93	0.00	0.00	0.35	0.28	0.28	0.25	0.18	0.21	0.21
Accounts Payable Turnover	0.41	0.62	0.62	0.56	0.33	0.46	0.63	0.50	0.37	0.38	0.57
Days Sales Outstanding (DSO)	0.00	165.75	0.00	0.00	878.36	863.02	246.20	217.85	248.31	659.57	88.13
Days Inventory Outstanding (DIO)	0.00	624.29	0.00	0.00	653.81	765.42	696.86	719.33	730.00	679.47	597.64
Days Payable Outstanding (DPO)	885.13	591.45	589.81	648.53	1,105.76	788.54	576.61	728.18	987.73	954.68	638.47
Cash Conversion Cycle (CCC)	-885.13	198.60	-589.81	-648.53	426.42	839.90	366.45	209.00	-9.42	384.36	47.30
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-8.05	-5.59	-11	-5.72	-8.60	-4.91	-6.43	-5.48	-11	-16	-15
Invested Capital Turnover	0.00	-0.08	0.04	0.03	-0.03	-0.04	-0.02	-0.04	-0.02	-0.02	-0.02
Increase / (Decrease) in Invested Capital	-417	-2.94	-36	-29	-0.54	0.68	4.96	0.24	-2.49	-11	-8.27
Enterprise Value (EV)	66	18	69	51	70	40	46	54	14	12	21
Market Capitalization	79	22	73	44	61	27	28	30	17	15	46
Book Value per Share	$0.32	($0.09)	($0.38)	($0.67)	($1.00)	($1.00)	($1.14)	($1.40)	($0.35)	($0.52)	$0.15
Tangible Book Value per Share	$0.32	($0.09)	($0.38)	($0.67)	($1.00)	($1.00)	($1.14)	($1.40)	($0.35)	($0.52)	$0.15
Total Capital	8.79	-1.37	-6.34	-3.97	-4.17	-0.13	-1.12	-1.22	-7.53	-12	11
Total Debt	4.00	0.40	1.07	8.41	14	19	23	29	0.00	0.00	0.00
Total Long-Term Debt	0.00	0.40	1.07	8.41	14	19	23	29	0.00	0.00	0.00
Net Debt	-13	-3.81	-3.88	6.67	9.93	13	18	23	-3.56	-3.74	-25
Capital Expenditures (CapEx)	0.06	0.02	0.11	0.79	0.62	-0.53	0.01	0.00	0.00	0.17	0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-5.19	-4.05	-4.21	-4.81	-6.36	-4.13	-4.60	-5.77	-6.79	-9.02	-9.78
Debt-free Net Working Capital (DFNWC)	12	0.17	0.73	-3.06	-1.94	1.36	0.72	-0.49	-3.23	-5.28	15
Net Working Capital (NWC)	7.65	0.17	0.73	-3.06	-1.94	1.36	0.72	-0.49	-3.23	-5.28	15
Net Nonoperating Expense (NNE)	-4.95	0.28	2.85	0.55	2.48	1.43	1.42	2.14	2.49	2.12	0.18
Net Nonoperating Obligations (NNO)	-13	-3.81	-3.98	6.67	9.93	14	18	24	-3.56	-3.74	-25
Total Depreciation and Amortization (D&A)	0.03	0.65	0.30	0.48	0.58	0.67	0.80	0.95	0.79	0.31	0.30
Debt-free, Cash-free Net Working Capital to Revenue	-1,293.52%	-1,280.70%	-1,417.85%	-1,592.05%	-2,288.49%	-1,833.33%	-2,167.45%	-2,600.90%	-3,262.98%	-3,743.57%	-4,179.49%
Debt-free Net Working Capital to Revenue	2,905.99%	54.11%	247.14%	-1,013.91%	-697.12%	603.56%	338.21%	-219.37%	-1,553.37%	-2,192.12%	6,611.54%
Net Working Capital to Revenue	1,908.48%	54.11%	247.14%	-1,013.91%	-697.12%	603.56%	338.21%	-219.37%	-1,553.37%	-2,192.12%	6,611.54%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.00	($0.27)	($0.37)	($0.40)	($0.29)	($0.32)	($0.35)	($0.27)	($0.08)
Adjusted Weighted Average Basic Shares Outstanding	0.00	12.30M	19.60M	19.60M	19.62M	18.79M	21.33M	21.38M	21.85M	23.26M	68.93M
Adjusted Diluted Earnings per Share	$0.00	$0.00	($0.32)	$0.00	($0.37)	($0.40)	($0.29)	($0.32)	($0.35)	($0.27)	($0.08)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	12.30M	19.60M	19.60M	19.62M	18.79M	21.33M	21.38M	21.85M	23.26M	68.93M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	19.60M	19.60M	19.60M	20.24M	21.33M	21.33M	21.52M	28.79M	76.88M	76.88M
Normalized Net Operating Profit after Tax (NOPAT)	-2.37	-4.71	-3.42	-3.40	-3.48	-3.18	-3.57	-3.55	-4.00	-4.47	-4.17
Normalized NOPAT Margin	-2,961.88%	-4,953.79%	-5,794.58%	-4,994.71%	-6,215.00%	-7,580.00%	-7,771.52%	-4,550.00%	-9,513.33%	-5,959.33%	-10,695.64%
Pre Tax Income Margin	1,953.75%	-5,248.42%	-10,627.12%	-5,804.41%	-10,642.86%	-10,995.24%	-10,865.22%	-7,294.87%	-15,433.33%	-8,781.33%	-11,156.41%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	-173.17	-28.90	-21.58	-11.03	-9.10	-8.12	-12.76	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	-94.97	-25.73	-13.18	-8.29	-7.22	-5.69	-8.48	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	-176.19	-34.89	-23.91	-9.64	-9.11	-8.12	-12.76	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	-97.99	-31.72	-15.51	-6.90	-7.23	-5.69	-8.48	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	-8.66%	-11.77%	-18.75%	-20.06%	-11.17%	-7.66%	-2.62%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	-8.66%	-11.77%	-18.75%	-20.06%	-11.17%	-7.92%	-2.62%

Financials Breakdown Chart

Key Financial Trends

Envoy Medical (NASDAQ: COCH) remains a pre-commercial, cash-burning company with very limited revenue and significant losses, but its latest quarter also shows one important change: a much stronger cash position after a large equity raise.

In Q1 2026, Envoy posted just $39,000 in revenue and a $4.4 million net loss, while operating cash flow was a negative $6.1 million. The company ended the quarter with $25.3 million in cash and equivalents, up sharply from $3.6 million at the end of Q3 2025. That jump was driven by $27.8 million in common equity issuance.

For retail investors, the big picture is that Envoy is still in heavy investment mode. Revenue is tiny relative to expenses, and the business is not yet generating positive operating cash flow. At the same time, the balance sheet improved materially in the latest quarter, which may reduce near-term financing pressure.

Cash balance improved dramatically in Q1 2026 to $25.3 million, giving the company more runway than it had a quarter earlier.
Operating cash burn narrowed versus prior periods, with operating cash outflow of $6.1 million compared with $5.7 million in Q4 2025 and $4.3 million in Q3 2025 on a quarter-to-quarter basis that still remains highly negative.
Debt repayment was modest at $208,000 in Q1 2026, suggesting no immediate debt wall in the quarter.
R&D spending remains elevated at $3.6 million in Q1 2026, which is consistent with a company still developing its products rather than scaling sales.
Quarterly revenue remains very small at $39,000, so there is still no meaningful commercial scale yet.
Recent dilution has been significant, as the company relied on equity issuance to fund operations and rebuild cash.
Net loss remains large at $4.4 million in Q1 2026, showing the business is still far from profitability.
Operating losses continue to dwarf revenue, with $5.7 million in operating expenses against just $39,000 in sales.
Preferred stock dividends pressure the bottom line, with $1.35 million deducted in Q1 2026 before losses attributable to common shareholders.
Historical pattern shows persistent cash consumption, with repeated quarterly operating cash outflows across 2024 and 2025.

Looking at the last four years of reported quarterly data, Envoy’s trend is clear: revenue has stayed minimal, losses have persisted, and cash has periodically been replenished through financing rather than operations. The company’s recent capital raise strengthens liquidity, but investors should view the stock as a high-risk story that still depends on execution and future commercialization to justify long-term value creation.

07/21/26 06:59 PM ETAI Generated. May Contain Errors.

Envoy Medical Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Envoy Medical's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Envoy Medical's net income appears to be on an upward trend, with a most recent value of -$23.76 million in 2025, rising from -$251.63 thousand in 2021. The previous period was -$20.80 million in 2024.

Envoy Medical's total operating income in 2025 was -$22.27 million, based on the following breakdown:

Total Gross Profit: -$633 thousand
Total Operating Expenses: $21.64 million

Over the last 4 years, Envoy Medical's total revenue changed from $0.00 in 2021 to $241 thousand in 2025, a change of 24,100,000.0%.

Envoy Medical's total liabilities were at $20.33 million at the end of 2025, a 33.1% decrease from 2024, and a 21,139.8% increase since 2020.

In the past 5 years, Envoy Medical's cash and equivalents has ranged from $25 thousand in 2020 to $5.48 million in 2024, and is currently $3.74 million as of their latest financial filing in 2025.

Over the last 4 years, Envoy Medical's book value per share changed from -0.69 in 2021 to -0.52 in 2025, a change of -24.4%.

Related Companies

Financial statements for NASDAQ:COCHW last updated on 7/16/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Envoy Medical (COCHW) Financials

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Envoy Medical (COCHW) Financials

Annual Income Statements for Envoy Medical

Quarterly Income Statements for Envoy Medical

Annual Cash Flow Statements for Envoy Medical

Quarterly Cash Flow Statements for Envoy Medical

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Quarterly Balance Sheets for Envoy Medical

Annual Metrics And Ratios for Envoy Medical

Quarterly Metrics And Ratios for Envoy Medical

Financials Breakdown Chart

Key Financial Trends

Envoy Medical Financials - Frequently Asked Questions

When does Envoy Medical's fiscal year end?

How has Envoy Medical's net income changed over the last 4 years?

What is Envoy Medical's operating income?

How has Envoy Medical's revenue changed over the last 4 years?

How much debt does Envoy Medical have?

How much cash does Envoy Medical have?

How has Envoy Medical's book value per share changed over the last 4 years?

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