Filings/FEED/10-Q

Source document

EDGAR
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KPIsSections19

Income flow

Headline metrics
Revenue — GREEN$892,000
Gross margin — GREEN-36.0%
Net income — GREEN-$34.8M
Net margin — GREEN-3899.7%
Operating margin — RED-1029.7%
Red flags5 red3 orange
Liquidity6
RED
Negative operating cash flowoperating_cf_burn
The company is burning cash from operations — sustainability depends on financing.
RED
Net margin -3899.7%net_margin_sharply_negative
Net income margin below -5% — profitability materially negative vs revenue.
RED
Cash conversion (CFO/Rev) -785.1%cash_conversion_weak
CFO/Revenue below 0 — operating model not generating cash despite revenue.
ORANGE
Current ratio 0.66current_ratio_low
Current assets are below current liabilities — short-term liquidity pressure.
RED
Cash runway ~0.2 yearscash_runway_low
At current burn rate, cash covers less than 2 years — may require near-term financing.
ORANGE
Accumulated deficit / equity 405%accumulated_deficit_high
Accumulated deficit exceeds equity book value — balance sheet technically impaired.
Dilution · capital1
RED
SBC/Revenue 229.6%sbc_revenue_high
Stock-based compensation exceeds 25% of revenue — materially dilutive.
Concentration1
ORANGE
R&D/Revenue 114.8%rd_intensity_high
R&D exceeds 40% of revenue — sustainable only if growth trajectory justifies the investment.
Income Statement
Income Statement
MetricValueFlag
EPS (diluted)$-7.37GREEN
Gross Margin-36.0%GREEN
Net Income-$34.8MGREEN
Net Margin-3899.7%GREEN
Operating Margin-1029.7%RED
R&D % Revenue114.8%GREEN
Revenue$892,000GREEN
Revenue (quarter)$239,000GREEN
Balance Sheet
Balance Sheet
MetricValueFlag
Broad Liquidity$1.1MGREEN
Cash$1.1MGREEN
Current Ratio0.66GREEN
Total Assets$38.4MGREEN
Total Equity$30.8MGREEN
Cash Flow
Cash Flow
MetricValueFlag
Cash Conversion (CFO/Rev)-7.85GREEN
Free Cash Flow-$7.0MGREEN
Operating CF-$7.0MGREEN
SBC % Revenue229.6%GREEN

Sections in this filing

MD&A

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of the results of operations and financial condition of ENvue Medical, Inc. and its subsidiaries (collectively, the “Company”) as of June 30, 2026, should be read in conjunction with our financial statements and the notes to those financial statements that are included elsewhere in this Quarterly Report on Form 10-Q (this “Quarterly Report”). This discussion contains forward-looking statements that involve risks and uncertainties. Any or all of our forward-looking statements in this Quarterly Report may turn out to be incorrect. These forward-looking statements can be affected by inaccurate assumptions we might make or by known or unknown risks and uncertainties. Factors which could cause actual results to differ materially include those set forth in Part II — Item 1A — “Risk Factors” in this Quarterly Report and Part I — Item 1A — “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025, as well as those discussed elsewhere in this Quarterly Report. See “Forward-Looking Statements.” This discussion and analysis should be read in conjunction with the Company’s audited financial statements and related disclosures as of December 31, 2025, and for the year then ended, which are included in our Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on April 15, 2026. There have been no material changes to our critical accounting policies and estimates from those disclosed in our Annual Report on Form 10-K for the year ended December 31, 2025. References in this Management’s Discussion and Analysis of Financial Condition and Results of Operations to “us,” “we,” “our,” and similar terms refer to the Company and its subsidiaries. Overview We were organized as a Delaware corporation in October 2003. On February 14, 2025, we completed the ENvue Merger pursuant to the Merger Agreement, as further described below. Following the consummation of the ENvue Merger, the Company conducts its operations through its two wholly-owned subsidiaries: (i) NanoVibronix Ltd., a private company incorporated under the laws of the State of Israel (“Nano OpCo”), and (ii) ENvue Medical Holdings LLC, a Delaware limited liability company (together with its respective subsidiaries, “ENvue”). Nano OpC