Revenue remains highly volatile with a 15.2% year-over-year decline in 2026Q1, while negative gross margins of -7.0% indicate that production costs continue to exceed unit sales revenue.
| Sales/Revenue | 234K | 241K | 225K | 316K | 237K | 310K |
| Revenue Growth % | 10.38% | 7.11% | -28.8% | 33.33% | -23.55% | - |
| Cost of Goods Sold | 961K | 874K | 742K | 789K | 498K | 769K |
| COGS % of Revenue | - | 362.66% | 329.78% | 249.68% | 210.13% | 248.06% |
| Gross Profit | -727K | -633K | -517K | -473K | -261K | -459K |
| Gross Margin % | -310.68% | -262.66% | -229.78% | -149.68% | -110.13% | -148.06% |
| Gross Profit Growth % | - | -22.44% | -9.3% | -81.23% | 43.14% | - |
| Operating Expenses | 22.39M | 21.64M | 18.74M | 17.89M | 8.45M | 6.41M |
| OpEx % of Revenue | - | 8978.01% | 8328.44% | 5660.13% | 3563.29% | 2068.39% |
| Selling, General & Admin | 9.02M | 9.15M | 8.56M | 8.93M | 3.47M | 2.47M |
| SG&A % of Revenue | - | 3797.1% | 3804.44% | 2825.95% | 1464.13% | 797.74% |
| Research & Development | 13.38M | 12.49M | 10.18M | 8.96M | 4.97M | 3.94M |
| R&D % of Revenue | - | 5180.91% | 4524% | 2834.18% | 2099.16% | 1270.65% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -23.12M | -22.27M | -19.26M | -18.36M | -8.71M | -6.87M |
| Operating Margin % | -9881.2% | -9240.66% | -8558.22% | -5809.81% | -3673.42% | -2216.45% |
| Operating Income Growth % | - | -15.65% | -4.89% | -110.88% | -26.71% | - |
| EBITDA | -22.81M | -21.97M | -19.08M | -18.23M | -8.63M | -6.8M |
| EBITDA Margin % | -9747.01% | -9115.35% | -8481.33% | -5767.72% | -3641.77% | -2193.55% |
| EBITDA Growth % | -18.39% | -15.12% | -4.7% | -111.17% | -26.93% | - |
| D&A (Non-Cash Add-back) | 314K | 302K | 173K | 133K | 75K | 71K |
| EBIT | -23.62M | -22.27M | -19.98M | -29.92M | -8.71M | -6.87M |
| Net Interest Income | -1.09M | -1.59M | -816K | 0 | 0 | 37.66K |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 37.66K |
| Interest Expense | 1.09M | 1.59M | 816K | 0 | 0 | 0 |
| Other Income/Expense | 13K | -1.49M | -1.54M | -11.56M | -7.22M | -1.8M |
| Pretax Income | -23.11M | -23.76M | -20.8M | -29.92M | -15.92M | -8.68M |
| Pretax Margin % | -9875.64% | -9857.26% | -9242.22% | -9468.99% | -6718.57% | -2798.39% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -23.11M | -23.76M | -20.8M | -29.92M | -15.92M | -8.68M |
| Net Margin % | -9875.64% | -9857.26% | -9242.22% | -9468.99% | -6718.57% | -2798.39% |
| Net Income Growth % | -18.37% | -14.24% | 30.5% | -87.92% | -83.55% | - |
| Net Income (Continuing) | -23.11M | -23.76M | -20.8M | -29.92M | -15.92M | -8.68M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.34 | -1.23 | -1.49 | -2.54 | -1.57 | -1.05 |
| EPS Growth % | 20.72% | 17.45% | 41.34% | -61.78% | -49.52% | - |
| EPS (Basic) | - | -1.23 | -1.49 | -2.54 | -1.57 | -1.05 |
| Diluted Shares Outstanding | 68.93M | 19.6M | 18.79M | 12.55M | 10.15M | 10.15M |
| Basic Shares Outstanding | 68.93M | 19.6M | 18.79M | 12.55M | 10.15M | 10.15M |
| Dividend Payout Ratio | - | - | - | - | - | - |
Imminent liquidity and dilution
According to quarterly financial disclosures, Envoy Medical's revenue remains highly erratic, with the most recent 2026Q1 figure of $39,000 representing a 15.2% year-over-year decline, underscoring the company's inability to establish a consistent commercial footprint for its Esteem fully implanted hearing system in the current market.
The lack of a clear growth trajectory suggests that the company is struggling to move beyond early-stage, sporadic device sales. Investors should monitor whether this volatility reflects genuine market rejection or simply the limitations of a pre-commercial clinical phase that has yet to achieve meaningful scale.
As reported in recent income statements, the company's gross margin has consistently remained in negative territory, reaching -7.0% in 2026Q1, which indicates that the direct costs of manufacturing and surgical support currently exceed the revenue generated by each unit sold by a significant margin.
This structural margin deficit implies that the current business model is not yet viable without a substantial increase in volume to amortize fixed production costs. The persistent negative gross margin suggests that the company is effectively subsidizing every device implantation, a trend that appears unsustainable without a fundamental shift in pricing or manufacturing efficiency.
Based on the provided financial data, Envoy Medical's R&D expenditure of $3.6 million in 2026Q1 dwarfs its total revenue of $39,000, highlighting a cost structure that is heavily weighted toward long-term clinical development rather than immediate commercialization or operational self-sufficiency.
The company's expense discipline appears secondary to the necessity of funding the FDA's Premarket Approval pathway for the Acclaim system. This heavy reliance on R&D spending suggests that the firm's survival is tied to binary regulatory outcomes rather than the optimization of its current operating expenses.
Data from recent filings indicates that with a cash balance of only $3.7 million and quarterly net losses frequently exceeding $5 million, the company faces a severe liquidity crunch that may necessitate highly dilutive equity financing to maintain its ongoing clinical and regulatory operations.
The disconnect between the company's cash runway and its burn rate suggests that the current financial position is precarious. Investors should consider the high probability that the company will be forced to raise capital under unfavorable terms, which would significantly impact the equity value for existing shareholders.
Quick answers to the most common questions about buying COCH stock.
For fiscal year 2025, Envoy Medical, Inc. (COCH) reported total revenue of $0.2M. This represents a 22.3% decline compared to $0.3M in 2021.
Envoy Medical, Inc. (COCH) reported a net loss of $23.8M for the fiscal year ending 2025.
Envoy Medical, Inc. (COCH) reported an operating income of $-22.3M, resulting in an operating profit margin of -9240.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Envoy Medical, Inc. (COCH) generated $-0.6M in gross profit for the year, representing a gross profit margin of -262.7%. This demonstrates the company's core pricing power and production efficiency.