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Envoy Medical, Inc. (COCH)

Nasdaq: COCH · Orthopedic, Prosthetic & Surgical Appliances & Supplies · White Bear Lake, MN · filing with the SEC since 2021
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Grade2.6
◀ Past 2.0● Present 1.4▶ Future 4.9
2 est.
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The grade of Envoy Medical, Inc.

Nine metrics read from its own filings, by tense
Headline grade
2.6/10
◀ Past2.030% of the headline
● Present1.440% of the headline
▶ Future4.930% of the headline

All three tenses have at least two readings, so the archetype blend applies as printed.

Of the nine metrics, 7 read as filed from the record and 2 are SI estimates, each with its reasoning, its confidence and what would change it on its card.

◀ Past

What did they actually do?

2.0/1030% of the headline grade · 2 of 3 filed, 1 estimated

Surviving crises

as filed
0.2/10

Has it survived what it has been through?

16 warning events since 2021; the latest 2026-05-22.

weight 33% of this tense · 2nd percentile among 29 sector filers · read for itself

From the record

Envoy Medical, Inc.'s filings since 2021 show 16 warning events of 4 kinds: a notice about its exchange listing (8-K item 3.01, 8 times, the latest 2026-05-22); a warning not to rely on past financial statements (8-K item 4.02, 3 times, the latest 2023-12-19); an auditor change (8-K item 4.01, 2 times, the latest 2026-03-31); a late-report notice (Form NT 10-K or NT 10-Q, 3 times, the latest 2023-11-14) (its current reports).

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Track record

as filed
3.1/10

What has it actually done, year after year?

+0.6% a year over 4 filed years; profitable in 0 of 4.

weight 45% of this tense · 32nd percentile among 25 sector filers · read for its customers

From the record

Envoy Medical, Inc.'s 4 filed years say what it did: revenue went from $237 thousand in fiscal 2022 to $241 thousand in fiscal 2025, up 0.6% a year; it rose in 2 of 3 years; the deepest fall was 29% from fiscal 2023 to fiscal 2024; net income was positive in 0 of 4 of those years (its annual reports).

What it rests on

  • revenue growth over the filed span0.6%bottom 26% of its family
  • the share of years revenue rosebottom 36% of its family
  • the share of filed years with a profitbottom 22% of its family
  • the deepest fall from a revenue peak28.8%bottom 42% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Shareholder treatment

SI estimate
2.5/10

How has it treated the people who own it?

SI estimate 2.5/10, confidence 35 of 100 (one part).

weight 22% of this tense · 25th percentile among 26 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate
Read from one part only, the share count over the years, which ranks in the bottom 25% of 26 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
What the record cannot read
Fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
How it was reasoned
one part: the share count over the years, the one part on file, ranked among 26 in its family.
Confidence
35 of 100
What would change it
A filing that carries the missing parts replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: Envoy Medical, Inc.'s shareholder treatment is put at 2.5 of 10 with a confidence of 35 of 100, because read from one part only, the share count over the years, which ranks in the bottom 25% of 26 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income. A filing that carries the missing parts replaces this estimate with the filed reading.

● Present

What are they doing right now?

1.4/1040% of the headline grade · 2 of 3 filed, 1 estimated

Financial health

as filed
1.0/10

Is it financially healthy right now?

Leverage 242%: owes 242¢ per asset dollar.

weight 45% of this tense · 10th percentile among 27 sector filers · read for itself

From the record

Return on equity: in the fiscal year ended 2025-12-31, Envoy Medical, Inc.'s shareholders' equity was below zero, so the profit on it is not read, and gross profitability: its products earned less than nothing, about minus 7 cents per dollar of everything the company owns (revenue less the cost of revenue). Leverage: it owed about 242 cents per dollar of assets, and net share issuance: its share count grew 23.8% over the year (the filed statements).

What it rests on

  • what it owes per dollar of assetsbottom 2% of its family
  • gross profit against assetsbottom 2% of its family
  • the share count against the year beforebottom 25% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Industry position

as filed
1.4/10

How strong is its position in its industry?

bottom 14% of 26 in its family; net margin -9857.3%.

weight 33% of this tense · 14th percentile among 26 sector filers · read for its customers

From the record

Envoy Medical, Inc.'s standing among 26 graded names in its industry family: revenue of $241 thousand in fiscal 2025 ranks in the bottom 6% by size; a net margin of -9857.3% ranks in the bottom 6%; revenue growth of 0.6% a year over the last 3 filed years ranks in the bottom 31% (its annual reports).

What it rests on

  • revenue against the family$241,000bottom 6% of its family
  • net margin-9857.3%bottom 6% of its family
  • three-year revenue growth0.6%bottom 31% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Leadership

SI estimate
2.0/10

What are the people in charge doing?

SI estimate 2.0/10, confidence 35 of 100 (one part).

weight 22% of this tense · 20th percentile among 23 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate
Read from one part only, officer and director changes on Form 8-K over three years, against the people in charge, which ranks in the bottom 20% of 23 in its family; the record of its people begins on 2023-09-29 (a listing, a merger or a first filing under the rules) and its chief executive and most of the people in charge have filed since then, so the record shows a floor of 3.1 years and cannot see past it; a floor under five years is not read as years in charge.
What the record cannot read
The record of its people begins on 2023-09-29 (a listing, a merger or a first filing under the rules) and its chief executive and most of the people in charge have filed since then, so the record shows a floor of 3.1 years and cannot see past it; a floor under five years is not read as years in charge.
How it was reasoned
one part: officer and director changes on Form 8-K, against the people in charge, the one part on file, ranked among 23 in its family.
Confidence
35 of 100
What would change it
A filing that carries the missing parts replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: Envoy Medical, Inc.'s leadership is put at 2.0 of 10 with a confidence of 35 of 100, because read from one part only, officer and director changes on Form 8-K over three years, against the people in charge, which ranks in the bottom 20% of 23 in its family; the record of its people begins on 2023-09-29 (a listing, a merger or a first filing under the rules) and its chief executive and most of the people in charge have filed since then, so the record shows a floor of 3.1 years and cannot see past it; a floor under five years is not read as years in charge. A filing that carries the missing parts replaces this estimate with the filed reading.

▶ Future

What are they set up to do next?

4.9/1030% of the headline grade · 3 of 3 filed

Room to expand

as filed
4.6/10

How much room does it have to grow?

bottom 46% of 25 in its family for room to expand.

weight 45% of this tense · 46th percentile among 25 sector filers · read for itself

From the record

Envoy Medical, Inc.'s room to grow, from the newest filed statements (fiscal 2025): cash of $4 million against no long-term debt tagged leaves 43.7% of its assets as net cash, top 20% of its family; cash from operations less capital spending is -7626.6% of revenue (bottom 6%); a gross margin of -262.7% (bottom 2%); research spending of 5180.9% of revenue (top 2%) (its annual report).

What it rests on

  • cash less debt against assets43.7%top 20% of its family
  • cash from operations less capital spending against revenue-7626.6%bottom 6% of its family
  • gross margin-262.7%bottom 2% of its family
  • research spending against revenue5180.9%top 2% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Growth drivers

as filed
5.4/10

What could actually drive growth from here?

top 46% of 25 in its family for growth drivers.

weight 33% of this tense · 54th percentile among 25 sector filers · read for its customers

From the record

Envoy Medical, Inc.'s growth drivers, from the filed years to fiscal 2025: revenue grew 0.6% a year over the last three filed years against 0.6% over all 4, speeding up (bottom 38% of its family); the newest year grew 7.1% (top 42%); research spending grew 35.9% a year (top 10%); capital spending grew -6.4% a year (bottom 31%) (its annual reports). Envoy Medical, Inc. tags no split of its revenue by line in the annual report on file, so growth by line cannot be read here; research and capital spending are on the trend.

What it rests on

  • three-year growth against the whole span+0.0 points a yearbottom 38% of its family
  • the newest year's revenue growth7.1%top 42% of its family
  • three-year growth of research spending35.9%top 10% of its family
  • three-year growth of capital spending-6.4%bottom 31% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Expectations vs reality

as filed
4.5/10

Did its newest year beat what its own record pointed to?

bottom 44% of 23 in its family for expectations against reality.

weight 22% of this tense · 44th percentile among 23 sector filers · read for its shareholders

From the record

Envoy Medical, Inc.'s newest year against its own record: revenue of $241 thousand in fiscal 2025 came in 9.9% above the $219 thousand its prior three years' pace pointed to (top 19% of its family); net income of $24 million against a prior three-year average of $22 million (bottom 46%); a net margin of a loss larger than its revenue against losses larger than its revenue before (bottom 7%) (its annual reports).

What it rests on

  • revenue against the prior three years' pace9.9%top 19% of its family
  • net income against the prior three years' average-7%bottom 46% of its family
  • net margin against its prior averagedown more than 100 pointsbottom 7% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

The grade is the company against its own industry, from its filings. It is not a view on the share price. How the grade is made

SI Assistanton COCH · research, not advice