In fiscal 2025, which ended Dec 31, 2025, Envoy Medical, Inc. reported revenue of $241,000, up 7.1% from the year before. It recorded a net loss of $23.8 million. The operating loss came to $22.3 million, an operating margin of -9240.7%. Diluted earnings per share were -$1.23. Over the twelve months ended Sep 30, 2026, revenue was $231,000 and the net loss was $20.9 million.
USD in millions, except per-share amounts and margins. The percent under a figure is the change from the year before.
| Line |
FY 2026
Sep 30, 2026
|
FY 2025
Dec 31, 2025
|
FY 2024
Dec 31, 2024
|
FY 2023
Dec 31, 2023
|
FY 2022
Dec 31, 2022
|
FY 2021
Dec 31, 2021
|
|---|---|---|---|---|---|---|
| Revenue |
0
+11.1%
|
0
+7.1%
|
0
-28.8%
|
0
|
—
|
—
|
| Cost of revenue |
1
+27.6%
|
1
+17.8%
|
1
-6.0%
|
1
|
—
|
—
|
| Gross profit |
-1
-33.2%
|
-1
-22.4%
|
-1
-9.3%
|
-0
|
—
|
—
|
| Research and development |
14
+38.4%
|
12
+22.7%
|
10
+13.7%
|
9
|
—
|
—
|
| Selling, general and administrative |
9
-3.4%
|
9
+6.9%
|
9
+17.6%
|
7
|
—
|
—
|
| Operating expenses |
23
+19.1%
|
22
+15.5%
|
19
|
—
|
—
|
—
|
| Operating income |
-24
-19.5%
|
-22
-15.7%
|
-19
-4.9%
|
-18
-110.9%
|
-9
-67.3%
|
-5
|
| Other non-operating income (expense) |
0
+1347.8%
|
-0
+11.5%
|
-0
-148.1%
|
0
|
—
|
—
|
| Other income (expense) |
3
+269.3%
|
-1
+3.4%
|
-2
+86.7%
|
-12
|
—
|
—
|
| Pretax income |
—
|
-24
|
—
|
—
|
21
|
—
|
| Income tax |
—
|
—
|
—
|
—
|
2
|
—
|
| Net income |
-21
+4.3%
|
-24
-14.2%
|
-21
+30.5%
|
-30
-87.9%
|
-16
-6227.9%
|
-0
|
| Net income to common |
-26
+9.3%
|
-29
-2.5%
|
-28
+10.5%
|
-31
|
—
|
—
|
| Basic EPS |
-0.91
+79.4%
|
-1.23
+17.4%
|
-1.49
+41.3%
|
-2.54
|
—
|
—
|
| Diluted EPS |
-0.91
+79.4%
|
-1.23
+17.4%
|
-1.49
+41.3%
|
-2.54
|
—
|
—
|
| Weighted average shares, basic |
29
+339.8%
|
23
+23.8%
|
19
+52.8%
|
12
|
—
|
—
|
| Weighted average shares, diluted |
29
+339.8%
|
23
+23.8%
|
19
+52.8%
|
12
|
—
|
—
|
| Other measures | ||||||
| Depreciation and amortization |
0
+11.9%
|
0
+74.6%
|
0
+30.1%
|
0
|
—
|
—
|
| EBITDA |
-24
-19.6%
|
-22
-15.1%
|
-19
-4.7%
|
-18
|
—
|
—
|
| Interest coverage |
—
|
-14.01x
|
-23.60x
|
—
|
—
|
—
|
| Margins | ||||||
| Gross margin |
-352.81%
|
-262.66%
|
-229.78%
|
-149.68%
|
—
|
—
|
| Operating margin |
-10,343.29%
|
-9,240.66%
|
-8,558.22%
|
-5,809.81%
|
—
|
—
|
| Pretax margin |
—
|
-9,857.26%
|
—
|
—
|
—
|
—
|
| Profit margin |
-9,026.41%
|
-9,857.26%
|
-9,242.22%
|
-9,468.99%
|
—
|
—
|
| EBITDA margin |
-10,212.55%
|
-9,115.35%
|
-8,481.33%
|
-5,767.72%
|
—
|
—
|
| Effective tax rate |
—
|
—
|
—
|
—
|
7.24%
|
—
|
How these figures are calculated
Annual columns are full-year amounts from the annual report (Form 10-K, 20-F, or 40-F). If a company restates a year, the latest filed number is shown. USD in millions, except per-share amounts and margins. Weighted average shares are in millions. Interest expense and finance costs are positive costs. A negative amount on a gain (loss) or income (expense) line is a loss or an expense. EBITDA is operating income plus depreciation and amortization. Interest coverage is operating income divided by interest expense. The first column is the trailing twelve months through the latest quarter. More on our methodology.
New to this? Read How to Read an Income Statement, With a Real Example.
Company profile
- Industry
- Orthopedic, Prosthetic & Surgical Appliances & Supplies (SIC 3842)
- Listed as
- COCH (Nasdaq), COCHW (Nasdaq)
- Fiscal year ends
- December 31
- Headquarters
- White Bear Lake, MN
- SEC filer status
- , Emerging growth company
- SEC CIK
- 1840877
- Former names
- Anzu Special Acquisition Corp I (until Sep 29, 2023)
Other Orthopedic, Prosthetic & Surgical Appliances & Supplies companies
- Intuitive Surgical Inc ISRG
- Edwards Lifesciences Corp EW
- STERIS plc STE
- Zimmer Biomet Holdings, Inc. ZBH
- Smith & Nephew PLC SNN
- Align Technology Inc ALGN
- MSA Safety Inc MSA
- Establishment Labs Holdings Inc. ESTA
All 29 Orthopedic, Prosthetic & Surgical Appliances & Supplies companies
Source: SEC EDGAR filings. This is company-reported data, not investment advice.