Envoy Medical (COCH) Q3 2026 earnings summary

Executive summary

• Q3 revenue was $66,000; net loss narrowed to $3.932 million from $6.482 million, while operating loss widened to $5.537 million from $5.265 million.

• Acclaim CI pivotal-trial follow-up advanced, with all 56 participants reaching the six-month milestone after quarter end; a second modular PMA submission was also made after quarter end.

Financial highlights

• Q3 revenue rose to $66,000 from $42,000; cost of goods sold was $244,000 versus $203,000. 9M revenue was $156,000 versus $166,000.

• Q3 operating expenses rose 5.6% to $5.603 million; R&D increased 14.0% to $3.077 million, while sales and marketing fell 61.2% to $157,000.

• 9M operating expenses increased 10.3% to $17.221 million; R&D rose 24.2% to $9.851 million, partly offset by a 55.3% decline in sales and marketing to $502,000. Operating loss was $17.065 million versus $15.442 million.

• Q3 net loss attributable to common stockholders narrowed to $5.240 million from $7.747 million; 9M net loss attributable to common stockholders was $18.213 million versus $20.925 million.

• Q3 net loss narrowed to $3.932 million from $6.482 million; 9M net loss narrowed to $14.265 million from $17.170 million, aided by private warrant fair-value gains and no related-party interest expense.

Outlook and guidance

• Cash of $14.570 million at September 30, 2026, is expected to fund operations into Q2 2027, assuming no new warrant proceeds and no material operating-expense change.

• All Stage 2 participants are expected to complete 12-month data collection by early Q2 2027; the final PMA module is planned for submission a few months later.

• FDA decision is anticipated as early as late Q4 2027, potentially extending to H1 2028 if review pauses or a panel review is requested.

• R&D and other operating expenses are expected to rise as clinical development, regulatory work and preparations for potential commercialization continue.