Envoy Medical, Inc. income statement
In fiscal 2025, Envoy Medical, Inc. reported revenue of $241,000, up 7.1% on the year before, operating income of −$22.3m (a -9240.7% margin) and net income of −$23.8m, or −$1.23 per diluted share. Every line below comes from the company's 10-K and 10-Q filings; column headings link to the filing.
Income statement
| Fiscal year | 2022Dec 2022 | 2023Dec 2023 | 2024Dec 2024 | 2025Dec 2025 | LTMJun 2026 |
|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 0 |
| Cost of revenue | 0 | 1 | 1 | 1 | 1 |
| Gross profit | −0 | −0 | −1 | −1 | −1 |
| Research and development | 5 | 9 | 10 | 12 | 14 |
| Selling, general and administrative | 3 | 7 | — | — | — |
| Selling and marketing | — | — | 2 | 1 | 1 |
| General and administrative | — | — | 7 | 8 | 8 |
| Operating income | −9 | −18 | −19 | −22 | −24 |
| Interest expense | — | — | 1 | 2 | — |
| Income before tax | 21 | — | −21 | −24 | — |
| Income tax | 2 | — | — | — | — |
| Net income | −16 | −30 | −21 | −24 | −23 |
| Diluted EPS | −$1.57 | −$2.54 | −$1.49 | −$1.23 | −$0.42 |
| Diluted shares (average) | 10m | 12m | 19m | 23m | 56m |
| EBITDA | −9 | −18 | −19 | −22 | −23 |
| Quarter | 2024 Q3Sept 2024 | 2024 Q4Dec 2024 | 2025 Q1Mar 2025 | 2025 Q2Jun 2025 | 2025 Q3Sept 2025 | 2025 Q4Dec 2025 | 2026 Q1Mar 2026 | 2026 Q2Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 56 | 42 | 46 | 78 | 42 | 75 | 39 | 51 |
| Cost of revenue | 187 | 157 | 226 | 234 | 203 | 211 | 313 | 278 |
| Gross profit | −131 | −115 | −180 | −156 | −161 | −136 | −274 | −227 |
| Research and development | 2,757 | 2,471 | 2,748 | 2,485 | 2,700 | 4,553 | 3,642 | 3,132 |
| Selling and marketing | 394 | 518 | 358 | 361 | 405 | 96 | 164 | 181 |
| General and administrative | 1,690 | 1,445 | 1,821 | 2,068 | 2,442 | 1,600 | 1,879 | 2,029 |
| Operating income | −4,972 | −4,549 | −5,107 | −5,070 | −5,708 | −6,385 | −5,959 | −5,569 |
| Interest expense | 264 | 384 | 495 | 624 | 471 | 0 | — | — |
| Net income | −5,960 | −4,618 | −4,998 | −5,690 | −6,482 | −6,586 | −4,351 | −5,982 |
| Diluted EPS | −$0.39 | −$0.40 | −$0.29 | −$0.32 | −$0.35 | −$0.26 | −$0.08 | −$0.07 |
| EBITDA | −4,923 | −4,501 | −5,046 | −4,985 | −5,632 | −6,305 | −5,886 | −5,495 |
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