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Envoy Medical cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$5.1M in Q3 2026 · −$22.4M over twelve months

Operating cash flow−$5.0M
Capital spending−$27K
Free cash flow−$5.1M
Cash conversion cycle-30 days

Analysis

In Q3 2026, Envoy Medical generated −$5.0M of operating cash flow and spent $27K on capital projects, leaving free cash flow of −$5.1M. That is $726K less than in Q3 2025 (−$4.3M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$22.2M; the largest uses were operating cash flow ($22.2M), capital spending ($205K); besides operations, cash came from shares issued ($30.2M), other financing ($3.2M); the cash balance rose by $11.0M.

Operating cash flow was −$5.0M against net income of −$3.9M. The largest differences: payables −$433K, stock-based pay +$307K, accrued liabilities +$260K.

Its cash conversion cycle was -30 days (receivables 70 + inventory 582 − payables 682): suppliers fund its working capital.

Free cash flow

Envoy Medical: free cash flow by quarterEnvoy Medical: free cash flow by quarter−$4.6MQ4 2024−$3.7MQ1 2025−$4.5MQ2 2025−$4.3MQ3 2025−$5.9MQ4 2025−$6.1MQ1 2026−$5.5MQ2 2026−$5.1MQ3 2026
Operating cash flow less capital spending.
Envoy Medical: operating cash flow against capital spendingEnvoy Medical: operating cash flow against capital spendingOperating cash flowCapital spending−$5.1M−$534KQ4 2024−$3.7M$6KQ1 2025−$4.5M$1KQ2 2025−$4.3M$0Q3 2025−$5.7M$172KQ4 2025−$6.1M$0Q1 2026−$5.5M$0Q2 2026−$5.0M$27KQ3 2026
Latest (Q3 2026): Operating cash flow −$5.0M, Capital spending $27K.

Capital allocation, year by year

Envoy Medical: where the cash came from (up) and went (down), by fiscal yearEnvoy Medical: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingDividendsFY2021: Operating cash flow −$3.2MFY2021FY2022: Operating cash flow −$8.8MFY2022: Net borrowing $8.0MFY2022: Capital spending −$218K$8.0MFY2022FY2023: Operating cash flow −$17.1MFY2023: Net borrowing $10.0MFY2023: Shares issued $218KFY2023: Capital spending −$153K$10.2MFY2023FY2024: Operating cash flow −$17.9MFY2024: Shares issued $63KFY2024: Capital spending −$980KFY2024: Dividends −$2.4M$63KFY2024FY2025: Operating cash flow −$18.2MFY2025: Net borrowing $414KFY2025: Shares issued $598KFY2025: Capital spending −$179KFY2025: Dividends −$1.8M$1.0MFY2025
Over these 5 years operating cash flow totalled −$65.3M; the largest uses were operating cash flow ($65.3M) and dividends ($4.3M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$14.6M
Debtnone
Net cash$14.6M
Cash runway8 months

Envoy Medical is burning cash: its operations consume cash, a free cash flow of −$22.4M a year at the current rate against $14.6M of cash and investments: a runway of about 8 months before any new financing.

Where the cash came from and went

Envoy Medical: sources (+) and uses (−) of cash, Q3 2026Envoy Medical: sources (+) and uses (−) of cash, Q3 2026Cash drawn (+) / kept (−)$5.1MOperating cash flow−$5.0MOther financing−$51KCapital spending−$27KExchange rates−$1K
Envoy Medical: sources (+) and uses (−) of cash, TTM to Q3 2026Envoy Medical: sources (+) and uses (−) of cash, TTM to Q3 2026Shares issued$30.2MOperating cash flow−$22.2MCash drawn (+) / kept (−)−$11.0MOther financing$3.2MCapital spending−$205KExchange rates−$3K

From profit to cash

Envoy Medical: net income to operating cash flow, Q3 2026Envoy Medical: net income to operating cash flow, Q3 2026Net income−$3.9MDepreciation & amortization$75KStock-based pay$307KReceivables−$2KInventory$85KPayables−$433KAccrued liabilities$260KPrepaid and other assets−$145KOperating cash flow−$5.0M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202670582682-30
Q2 202671502611-38
Q1 202675436664-153
Q4 2025426941221-484
Q3 202585731974-158
Q2 20255063163842
Q1 20257867066088
Q4 2024257981999240

Every quarter

QuarterOperating cash flowCapital spendingDividendsShares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026−$5.0M−$27K——$5.1M−$5.1M
Q2 2026−$5.5M———$5.6M−$5.5M
Q1 2026−$6.1M——$30.0M−$21.5M−$6.1M
Q4 2025−$5.7M−$172K$1K$107K−$183K−$5.9M
Q3 2025−$4.3M——$210K$1.7M−$4.3M
Q2 2025−$4.5M−$1K−$607K—$25K−$4.5M
Q1 2025−$3.7M−$6K−$1.2M—$171K−$3.7M
Q4 2024−$5.1M$534K−$614K—−$1.1M−$4.6M

Envoy Medical: income statement and cash flow

Envoy Medical, Q3 2026: revenue $66K (+57% year over year). The chart follows the revenue to costs, profit and cash.

Envoy Medical: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.