Envoy Medical (COCH) Q2 2026 earnings summary

Executive summary

• Fully enrolled pivotal clinical trial for Acclaim CI, with all 56 patients past the 3-month milestone and first PMA module submitted; remaining modules planned through Q2 2027.

• Achieved positive 12-month clinical data showing significant improvement in speech perception; full trial cohort completed three-month follow-up.

• Net loss for Q2 2026 was $5.98M, with a six-month net loss of $10.33M; accumulated deficit reached $326.4M as of June 30, 2026.

• Cash balance at June 30, 2026, was $19.7M, primarily funded by $27.8M net proceeds from a February 2026 public offering.

• Expanded intellectual property portfolio with four new patents granted in Australia and Europe.

Financial highlights

• Q2 2026 net revenues were $51K, down 34.6% year-over-year; six-month revenues were $90K, down 27.4%.

• Operating loss for Q2 2026 was $5.57M, up 9.8% year-over-year; six-month operating loss was $11.53M, up 13.3%.

• Research and development expenses rose 26% to $3.13M in Q2, reflecting expanded clinical trial activity and PMA submission costs.

• Sales and marketing expenses decreased to $181K due to resource reallocation to R&D.

• Cash used in operations was $11.5M for the six months; net cash provided by financing activities was $27.5M.

Outlook and guidance

• Cash runway expected through Q1 2027, assuming no additional warrant exercises or material expense changes.

• PMA submission for Acclaim CI planned after all 12-month trial data collected in early Q2 2027; FDA decision anticipated in H2 2027 or H1 2028.

• Expects substantial demand upon potential FDA approval and is preparing operationally for market launch.

• Ongoing need for additional capital; failure to raise funds may require cost reductions or delay in development.