Envoy Medical (COCH) Q1 2026 earnings summary

Executive summary

• Achieved full enrollment in pivotal U.S. clinical trial for a fully implanted cochlear implant, with all 56 patients implanted and activated as of March 2026.

• Closed a transformational public offering, raising $30 million at closing with up to $48 million in milestone-linked warrants.

• Presented promising interim six-month clinical data showing improved word recognition and no serious adverse events.

• Expanded global intellectual property portfolio to 47 patents, including three new patents in February 2026.

• Strengthened Board of Directors with the appointment of a medical device industry veteran.

Financial highlights

• Net revenue for Q1 2026 was $39,000, with cost of goods sold at $313,000, up due to higher scrap and materials usage.

• R&D expenses increased to $3.64 million from $2.75 million year-over-year, reflecting higher clinical trial activity.

• Sales and marketing expenses decreased to $164,000 from $358,000 year-over-year, due to resource reallocation.

• General and administrative expenses rose slightly to $1.88 million from $1.82 million year-over-year.

• Net loss for Q1 2026 was $4.35 million, an improvement from $5.00 million in Q1 2025.

Outlook and guidance

• On track to collect 12-month endpoint data from all pivotal trial participants, with PMA submission to the FDA planned.

• Focused on advancing toward commercialization of the Acclaim cochlear implant.