Tenon Medical, Inc. Financials
Tenon Medical, Inc. (TNON) reported $5.3M in revenue over the twelve months to Jun 30, 2026, up 80.3% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 5 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Revenue expansion is improving gross economics, but the business still relies on external financing to fund a cash-consuming operating model.
From FY2024 to FY2025, revenue rose20.3% while operating loss narrowed only7.1% , showing that growth is improving results but not yet producing proportional operating leverage. Gross margin expanded from52.2% to59.8% , yet operating profit remained negative, so improved product-level economics were largely absorbed by operating expenses.
Cash conversion remains the central constraint: FY2025 operating cash flow was
Despite
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Tenon Medical, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Tenon Medical, Inc. scores -13.39, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($3.3M) relative to total liabilities ($5.7M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Tenon Medical, Inc. passes 4 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
Tenon Medical, Inc. reported a net loss of $12.6M while operations used $10.7M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
Tenon Medical, Inc. generated $3.9M in revenue in fiscal year 2025. This represents an increase of 20.4% from the prior year.
Tenon Medical, Inc.'s EBITDA was -$12.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 6.2% from the prior year.
Tenon Medical, Inc. reported -$12.6M in net income in fiscal year 2025. This represents an increase of 8.2% from the prior year.
Cash & Balance Sheet
Tenon Medical, Inc. recorded an outflow of $11.0M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents a decrease of 9.5% from the prior year.
Tenon Medical, Inc. held $3.8M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Margins & Returns
Tenon Medical, Inc.'s gross margin was 59.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 7.6 percentage points from the prior year.
Tenon Medical, Inc.'s ROE was -249.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 20.1 percentage points from the prior year.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
Tenon Medical, Inc. invested $2.1M in research and development in fiscal year 2025. This represents a decrease of 17.4% from the prior year.
Tenon Medical, Inc. invested $273K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 46.8% from the prior year.
Not reported for fiscal year 2025.
TNON Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.3M-7.3% | $1.4M-6.9% | $1.5M+26.3% | $1.2M+108.0% | $564K-22.3% | $726K-5.7% | $770K-13.2% | $887K |
| Cost of Revenue | $465K+7.1% | $434K-6.5% | $464K+16.0% | $400K+25.4% | $319K-20.8% | $403K-3.4% | $417K-11.1% | $469K |
| Gross Profit | $814K-13.9% | $945K-7.1% | $1.0M+31.6% | $773K+215.5% | $245K-24.1% | $323K-8.5% | $353K-15.6% | $418K |
| R&D Expenses | $768K+16.0% | $662K+25.6% | $527K+23.1% | $428K-14.9% | $503K-27.2% | $691K+21.4% | $569K-13.4% | $657K |
| SG&A Expenses | $1.5M-10.2% | $1.7M+4.3% | $1.6M-25.7% | $2.2M+48.6% | $1.5M-11.0% | $1.7M-12.0% | $1.9M+7.1% | $1.8M |
| Operating Income | -$3.4M-2.3% | -$3.3M-14.4% | -$2.9M+15.5% | -$3.4M-18.7% | -$2.9M+22.3% | -$3.7M-15.9% | -$3.2M+1.3% | -$3.2M |
| Interest Expense | $852K+384.1% | $176K | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Income | -$4.0M-16.5% | -$3.5M-22.7% | -$2.8M+15.2% | -$3.3M-20.6% | -$2.8M+23.4% | -$3.6M-17.1% | -$3.1M+3.0% | -$3.2M |
| EPS (Diluted) | -$12.35 | $0.31+240.9% | -$0.22 | -$0.40 | -$12.76-1363.4% | $1.01-86.2% | $7.34+302.2% | -$3.63 |
Not reported in any period shown, so not listed: Income Tax.
TNON Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $9.9M-22.7% | $12.8M+19.3% | $10.8M+3.8% | $10.4M-6.7% | $11.1M-17.0% | $13.4M+36.1% | $9.8M-24.5% | $13.0M |
| Current Assets | $4.8M-36.9% | $7.6M+12.6% | $6.8M+3.4% | $6.5M-33.8% | $9.9M-17.6% | $12.0M+46.0% | $8.2M-26.6% | $11.2M |
| Cash & Equivalents | $1.7M-63.6% | $4.6M+22.7% | $3.8M+9.1% | $3.4M-56.1% | $7.8M-23.9% | $10.3M+57.8% | $6.5M-28.7% | $9.2M |
| Inventory | $783K-2.9% | $806K-23.5% | $1.1M-22.7% | $1.4M+98.3% | $688K+13.3% | $607K+0.2% | $606K-0.2% | $607K |
| Accounts Receivable | $1.9M-1.1% | $2.0M+16.0% | $1.7M+29.5% | $1.3M+70.3% | $770K-13.1% | $886K+2.7% | $863K-1.5% | $876K |
| Goodwill | $2.4M0.0% | $2.4M0.0% | $2.4M0.0% | $2.4M | N/A | N/A | N/A | N/A |
| Total Liabilities | $11.7M+6.6% | $10.9M+91.3% | $5.7M+2.7% | $5.6M+26.5% | $4.4M+9.5% | $4.0M+3.8% | $3.9M-20.1% | $4.8M |
| Current Liabilities | $8.3M+12.2% | $7.4M+130.5% | $3.2M+5.7% | $3.0M+18.7% | $2.6M+16.8% | $2.2M+17.4% | $1.9M-41.2% | $3.2M |
| Total Equity | -$1.7M-192.0% | $1.9M-62.4% | $5.0M+5.0% | $4.8M-28.5% | $6.7M-28.4% | $9.4M+57.0% | $6.0M-27.1% | $8.2M |
| Retained Earnings | -$88.8M-4.8% | -$84.8M-4.3% | -$81.3M-3.6% | -$78.5M-4.4% | -$75.1M-3.8% | -$72.4M-5.3% | -$68.7M-4.7% | -$65.7M |
Not reported in any period shown, so not listed: Long-Term Debt.
TNON Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$2.8M+6.8% | -$3.0M-33.1% | -$2.2M+41.8% | -$3.8M-72.7% | -$2.2M+10.8% | -$2.5M+10.6% | -$2.8M-18.5% | -$2.3M |
| Capital Expenditures | $172K+207.1% | $56K-70.8% | $192K+73.0% | -$111K | N/A | N/A | -$37K-64.4% | $104K |
| Free Cash Flow | -$2.9M+2.9% | -$3.0M-24.8% | -$2.4M+38.6% | -$3.9M | N/A | N/A | -$2.8M-15.0% | -$2.4M |
| Investing Cash Flow | -$172K-207.1% | -$56K+70.8% | -$192K+70.0% | -$639K | N/A | N/A | $37K+135.6% | -$104K |
| Financing Cash Flow | $0-100.0% | $3.9M+41.6% | $2.7M+4527.1% | $59K+200.0% | -$59K-100.9% | $6.3M+5438.9% | $113K-98.8% | $9.6M |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
TNON Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 63.6%-4.9pp | 68.5%-0.1pp | 68.7%+2.8pp | 65.9%+22.5pp | 43.4%-1.1pp | 44.5%-1.3pp | 45.8%-1.3pp | 47.1% |
| Operating Margin | -262.2% | -237.8% | -193.5% | -289.2% | -506.6% | -506.5% | -412.1% | -362.5% |
| Net Margin | -316.7% | -252.1% | -191.2% | -284.6% | -491.0% | -498.1% | -400.9% | -359.0% |
| Return on Equity | N/A | -183.4%-127.2pp | -56.2%+13.4pp | -69.6%-28.3pp | -41.3%-2.7pp | -38.6%+13.1pp | -51.7%-12.8pp | -38.9% |
| Return on Assets | -40.8%-13.7pp | -27.1%-0.8pp | -26.3%+5.9pp | -32.2%-7.3pp | -24.9%+2.1pp | -27.0%+4.4pp | -31.4%-6.9pp | -24.4% |
| Current Ratio | 0.58-0.5x | 1.03-1.1x | 2.110.0x | 2.15-1.7x | 3.86-1.6x | 5.46+1.1x | 4.39+0.9x | 3.52 |
| Debt-to-Equity | N/A | 5.77+4.6x | 1.130.0x | 1.16+0.5x | 0.66+0.2x | 0.43-0.2x | 0.65+0.1x | 0.59 |
| FCF Margin | -229.1% | -218.7% | -163.1% | -335.5% | N/A | N/A | -365.4% | -275.9% |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
Similar Companies
Where Tenon Medical, Inc. Ranks
Frequently Asked Questions
What is Tenon Medical, Inc.'s annual revenue?
Tenon Medical, Inc. (TNON) reported $3.9M in total revenue for fiscal year 2025. This represents a 20.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Tenon Medical, Inc.'s revenue growing?
Tenon Medical, Inc. (TNON) revenue grew by 20.4% year-over-year, from $3.3M to $3.9M in fiscal year 2025.
Is Tenon Medical, Inc. profitable?
No, Tenon Medical, Inc. (TNON) reported a net income of -$12.6M in fiscal year 2025.
What is Tenon Medical, Inc.'s EBITDA?
Tenon Medical, Inc. (TNON) had EBITDA of -$12.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Tenon Medical, Inc.'s gross margin?
Tenon Medical, Inc. (TNON) had a gross margin of 59.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Tenon Medical, Inc.'s return on equity (ROE)?
Tenon Medical, Inc. (TNON) has a return on equity of -249.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Tenon Medical, Inc.'s free cash flow?
Tenon Medical, Inc. (TNON) recorded an outflow of $11.0M in free cash flow during fiscal year 2025. This represents a -9.5% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Tenon Medical, Inc.'s operating cash flow?
Tenon Medical, Inc. (TNON) recorded an outflow of $10.7M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Tenon Medical, Inc.'s total assets?
Tenon Medical, Inc. (TNON) had $10.8M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Tenon Medical, Inc.'s capital expenditures?
Tenon Medical, Inc. (TNON) invested $273K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Tenon Medical, Inc. spend on research and development?
Tenon Medical, Inc. (TNON) invested $2.1M in research and development during fiscal year 2025.
What is Tenon Medical, Inc.'s current ratio?
Tenon Medical, Inc. (TNON) had a current ratio of 2.11 as of fiscal year 2025, which is generally considered healthy.
What is Tenon Medical, Inc.'s debt-to-equity ratio?
Tenon Medical, Inc. (TNON) had a debt-to-equity ratio of 1.13 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Tenon Medical, Inc.'s return on assets (ROA)?
Tenon Medical, Inc. (TNON) had a return on assets of -116.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
How does Tenon Medical, Inc.'s liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Tenon Medical, Inc. (TNON) held $3.8M in cash, cash equivalents and investments, and reported an operating cash outflow of $10.7M over that year. Dividing the one by the other, the reported balance equals about 4 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is Tenon Medical, Inc.'s Altman Z-Score?
Tenon Medical, Inc. (TNON) has an Altman Z-Score of -13.39, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Tenon Medical, Inc.'s Piotroski F-Score?
Tenon Medical, Inc. (TNON) has a Piotroski F-Score of 4 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Tenon Medical, Inc.'s earnings high quality?
Tenon Medical, Inc. (TNON) reported a net loss of $12.6M while operations used $10.7M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Tenon Medical, Inc.?
Tenon Medical, Inc. (TNON) scores 41 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.