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COCHW

Envoy Medical, Inc.

COCHW

Envoy Medical, Inc. • NASDAQ
$0.05 ▲ 1.40% (+0.00)
Market Cap $1.05 M
52w High $0.05
52w Low $0.04
Dividend Yield 0%
P/E 0
Volume 14.06K
Outstanding Shares 20.80M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $42K ▼ $5.547M ▲ $-6.482M ▼ -15.433K% ▼ $-0.35 ▼ $-5.935M ▼
Q2-2025 $78K ▲ $4.914M ▼ $-5.69M ▼ -7.295K% ▲ $-0.32 ▼ $-4.981M ▼
Q1-2025 $46K ▲ $4.927M ▲ $-4.998M ▼ -10.865K% ▲ $-0.29 ▲ $-4.442M ▼
Q4-2024 $42K ▼ $4.409M ▼ $-4.618M ▲ -10.995K% ▼ $-0.36 ▲ $-4.186M ▲
Q3-2024 $56K $4.843M $-5.96M -10.643K% $-0.37 $-5.647M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $3.556M ▼ $8.181M ▼ $15.712M ▼ $-7.531M ▲
Q2-2025 $5.287M ▼ $9.9M ▼ $39.759M ▲ $-29.859M ▼
Q1-2025 $5.312M ▼ $10.385M ▼ $34.609M ▲ $-24.224M ▼
Q4-2024 $5.483M ▲ $11.538M ▲ $30.38M ▲ $-18.842M ▼
Q3-2024 $4.424M $9.397M $27.926M $-18.529M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-6.482M ▼ $-4.331M ▲ $0 ▲ $2.601M ▼ $-1.731M ▼ $-4.331M ▲
Q2-2025 $-5.69M ▼ $-4.46M ▼ $-1K ▲ $4.438M ▲ $-25K ▲ $-4.461M ▼
Q1-2025 $-4.998M ▲ $-3.725M ▲ $-6K ▼ $3.554M ▼ $-171K ▼ $-3.731M ▲
Q4-2024 $-6.275M ▼ $-4.388M ▼ $534K ▲ $4.914M ▼ $1.059M ▼ $-3.854M ▼
Q3-2024 $-5.96M $-2.807M $-615K $6.101M $2.678M $-3.422M

Five-Year Company Overview

Income Statement

Income Statement Envoy Medical is essentially a pure R&D story at this stage, with no product revenue showing up in the reported numbers yet. The income statement is dominated by development and operating expenses, leading to steady losses each year. While the scale of the losses is modest in absolute terms, the company is not currently generating any sales to offset its costs. This is typical for an early-stage medical device company in clinical and regulatory phases, but it also means the business model and pricing power are still unproven in practice.

Balance Sheet

Balance Sheet The balance sheet is very thin, with only a small base of assets and cash, some debt, and negative equity. Negative equity indicates that accumulated losses have more than offset the capital put into the business so far. The limited asset cushion and reliance on borrowing or new capital injections leave the company financially fragile. Envoy’s ability to continue advancing its pipeline will likely depend on outside funding rather than internally generated resources for the foreseeable future.

Cash Flow

Cash Flow Cash flows reflect a company spending steadily on development and operations without bringing in cash from customers. Operating cash flow is consistently negative, and free cash flow is also negative, although there is little to no spending on physical assets. This pattern underscores that the main cash use is people, trials, and technology development. Taken together with the small cash position, it suggests that fundraising, partnerships, or other external support will remain crucial to sustain progress.

Competitive Edge

Competitive Edge Envoy’s competitive position rests on a clear technological and lifestyle differentiation rather than on current market share. The fully implanted, “invisible” design of its hearing devices sets it apart from established players whose products still require external components. This approach directly targets patients who are reluctant to use visible devices, which could be a meaningful underserved group. However, Envoy is a small player facing large, well-funded competitors with deep clinician relationships and established reimbursement pathways. Its future competitive strength will hinge on clinical outcomes, regulatory approvals, pricing and reimbursement success, and the company’s ability to build trust with surgeons and patients from a very small starting base.

Innovation and R&D

Innovation and R&D Innovation is the core of Envoy’s identity. Its piezoelectric sensor approach, using the ear’s own mechanics as a microphone, is a distinctive platform technology. The company already has a fully implanted middle ear device on the market and is pushing forward with a fully implanted cochlear implant that has received a favorable regulatory designation and is in pivotal trials. A growing patent portfolio and exploration of hybrid systems suggest a deliberate effort to build a long-term technology moat. At the same time, the heavy emphasis on novel implants brings meaningful clinical, regulatory, and adoption risk: outcomes, safety, long-term reliability, and surgeon uptake all need to be proven at scale before the R&D story can translate into durable commercial returns.

Summary

Envoy Medical is a pre-revenue, highly specialized hearing device developer built around a bold, fully implanted technology vision. Financially, it operates with a light but fragile structure: no sales yet, recurring losses, a thin balance sheet, and ongoing cash burn that likely requires periodic external funding. Strategically, it aims to carve out a differentiated niche by solving aesthetic and lifestyle pain points that traditional hearing aids and cochlear implants leave unaddressed, supported by a focused patent estate and advanced clinical program. The company’s future hinges on a few key uncertainties: successful completion of trials, regulatory approval for its flagship cochlear implant, real-world clinical performance, reimbursement and pricing acceptance, and the ability to scale commercialization from a very small base. The upside is tied to the success of these innovations; the risk lies in their technical, regulatory, and commercial execution and in the company’s constrained financial resources during this process.