Envoy Medical, Inc.
Financial highlights
| Metric | FY 12/31/25 | FY 12/31/24 | FY 12/31/23 | FY 12/31/22 | FY 12/31/21 |
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | $241,000 | $225,000 | $316,000 | $237,000 | — |
| Cost of revenue | $874,000 | $742,000 | $789,000 | $498,000 | — |
| Selling, general & administrative | — | — | $7.3M | $2.6M | — |
| Research and development | $12.5M | $10.2M | $9.0M | $5.0M | — |
| Operating income | -$22.3M | -$19.3M | -$18.4M | -$8.7M | -$5.2M |
| Interest expense | $1.6M | $816,000 | — | — | — |
| Pretax income | -$23.8M | -$20.8M | — | $20.7M | -$251,633 |
| Income tax expense | — | — | — | $1.5M | — |
| Net income | -$23.8M | -$20.8M | -$29.9M | -$15.9M | -$251,633 |
| Balance Sheet | |||||
| Cash and equivalents | — | — | $4.2M | $183,000 | $149,845 |
| Current assets | $6.3M | $8.9M | $7.5M | $1.6M | $863,167 |
| Total assets | $8.6M | $11.5M | $8.3M | $2.6M | $426.9M |
| Current liabilities | $11.6M | $7.5M | $7.3M | $2.5M | $2.7M |
| Total liabilities | $20.3M | $30.4M | $10.0M | $38.8M | $38.6M |
| Stockholders' equity | -$12.2M | -$18.8M | -$1.8M | -$36.2M | -$45.0M |
| Cash Flow Statement | |||||
| Cash from operations | -$18.2M | -$17.9M | -$17.1M | -$8.8M | -$3.2M |
| Depreciation and amortization | $302,000 | $173,000 | $133,000 | $75,000 | — |
| Stock-based compensation | $657,000 | $562,000 | $1.6M | $0 | — |
| Capital expenditure | $179,000 | $980,000 | $153,000 | $218,000 | — |
| Free cash flow | -$18.4M | -$18.9M | -$17.2M | -$9.0M | — |
| Dividends paid | $1.8M | $2.4M | — | — | — |
| Impairments | — | $0 | — | — | — |
Shares outstanding 76.9M
Annual filing data through FY ended December 31, 2025; float as of July 15, 2026.