Tenon Medical, Inc. Financials
This page shows Tenon Medical, Inc. (TNON) financial statements, including the 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).
Financial Health Signals
For every $1 of reported earnings, Tenon Medical, Inc. generates $0.86 in operating cash flow (-$10.7M OCF vs -$12.6M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Tenon Medical, Inc. earns $-376.2 in operating income for every $1 of interest expense (-$12.8M vs $34K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
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.
Tenon Medical, Inc. earned $-1.70 per diluted share (EPS) in fiscal year 2025. This represents an increase of 84.9% from the prior year.
Cash & Balance Sheet
Tenon Medical, Inc. generated -$11.0M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 9.5% from the prior year.
Tenon Medical, Inc. had 11M shares outstanding in fiscal year 2025. This represents an increase of 259.9% from the prior year.
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 operating margin was -324.3% in fiscal year 2025, reflecting core business profitability. This is up 95.7 percentage points from the prior year.
Tenon Medical, Inc.'s net profit margin was -318.4% in fiscal year 2025, showing the share of revenue converted to profit. This is up 98.9 percentage points from the prior year.
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.
TNON Income Statement
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.2M+108.0% | $564K-22.3% | $726K-5.7% | $770K-13.2% | $887K-1.6% | $901K+25.3% | $719K+453.1% | $130K |
| Cost of Revenue | $400K+25.4% | $319K-20.8% | $403K-3.4% | $417K-11.1% | $469K+8.8% | $431K+73.1% | $249K0.0% | $249K |
| Gross Profit | $773K+215.5% | $245K-24.1% | $323K-8.5% | $353K-15.6% | $418K-11.1% | $470K0.0% | $470K+495.0% | -$119K |
| R&D Expenses | $428K-14.9% | $503K-27.2% | $691K+21.4% | $569K-13.4% | $657K-7.2% | $708K+5.8% | $669K-3.2% | $691K |
| SG&A Expenses | $2.2M+48.6% | $1.5M-11.0% | $1.7M-12.0% | $1.9M+7.1% | $1.8M-19.3% | $2.2M+13.5% | $1.9M+15.5% | $1.7M |
| Operating Income | -$3.4M-18.7% | -$2.9M+22.3% | -$3.7M-15.9% | -$3.2M+1.3% | -$3.2M+17.0% | -$3.9M-10.4% | -$3.5M-11.6% | -$3.1M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | $34K | N/A |
| Income Tax | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Income | -$3.3M-20.6% | -$2.8M+23.4% | -$3.6M-17.1% | -$3.1M+3.0% | -$3.2M+16.8% | -$3.8M-7.0% | -$3.6M-14.1% | -$3.1M |
| EPS (Diluted) | $-0.40-11.1% | $-0.36+64.4% | $-1.01 | N/A | $-3.63+55.5% | $-8.16+18.6% | $-10.02 | N/A |
TNON Balance Sheet
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $10.4M-6.7% | $11.1M-17.0% | $13.4M+36.1% | $9.8M-24.5% | $13.0M+117.1% | $6.0M-25.1% | $8.0M+26.4% | $6.3M |
| Current Assets | $6.5M-33.8% | $9.9M-17.6% | $12.0M+46.0% | $8.2M-26.6% | $11.2M+173.7% | $4.1M-31.3% | $6.0M+53.0% | $3.9M |
| Cash & Equivalents | $3.4M-56.1% | $7.8M-23.9% | $10.3M+57.8% | $6.5M-28.7% | $9.2M+365.5% | $2.0M-55.2% | $4.4M+80.7% | $2.4M |
| Inventory | $1.4M+98.3% | $688K+13.3% | $607K+0.2% | $606K-0.2% | $607K-0.3% | $609K-3.6% | $632K+14.1% | $554K |
| Accounts Receivable | $1.3M+70.3% | $770K-13.1% | $886K+2.7% | $863K-1.5% | $876K+29.0% | $679K+18.9% | $571K+10.2% | $518K |
| Goodwill | $2.4M | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $5.6M+26.5% | $4.4M+9.5% | $4.0M+3.8% | $3.9M-20.1% | $4.8M-6.3% | $5.2M+17.7% | $4.4M-21.0% | $5.6M |
| Current Liabilities | $3.0M+18.7% | $2.6M+16.8% | $2.2M+17.4% | $1.9M-41.2% | $3.2M-6.6% | $3.4M+50.4% | $2.3M-28.0% | $3.1M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $4.8M-28.5% | $6.7M-28.4% | $9.4M+57.0% | $6.0M-27.1% | $8.2M+884.5% | $832K-77.0% | $3.6M+365.8% | $778K |
| Retained Earnings | -$78.5M-4.4% | -$75.1M-3.8% | -$72.4M-5.3% | -$68.7M-4.7% | -$65.7M-5.1% | -$62.5M-6.5% | -$58.6M-6.5% | -$55.1M |
TNON Cash Flow Statement
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$3.8M-72.7% | -$2.2M+10.8% | -$2.5M+10.6% | -$2.8M-18.5% | -$2.3M+3.2% | -$2.4M-3.5% | -$2.3M-2.6% | -$2.3M |
| Capital Expenditures | -$111K | N/A | N/A | -$37K-135.6% | $104K | $0-100.0% | $119K+29.3% | $92K |
| Free Cash Flow | -$3.9M | N/A | N/A | -$2.8M-15.0% | -$2.4M-1.1% | -$2.4M+1.5% | -$2.5M-3.7% | -$2.4M |
| Investing Cash Flow | -$639K | N/A | N/A | $37K+135.6% | -$104K | $0+100.0% | -$119K-29.3% | -$92K |
| Financing Cash Flow | $59K+200.0% | -$59K-100.9% | $6.3M+5438.9% | $113K-98.8% | $9.6M | $0-100.0% | $4.4M+218.8% | $1.4M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
TNON Financial Ratios
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 65.9%+22.5pp | 43.4%-1.1pp | 44.5%-1.3pp | 45.8%-1.3pp | 47.1%-5.0pp | 52.2%-13.2pp | 65.4%+156.9pp | -91.5% |
| Operating Margin | -289.2%+217.4pp | -506.6%-0.1pp | -506.5%-94.4pp | -412.1%-49.6pp | -362.5%+67.3pp | -429.7%+57.9pp | -487.6%+1928.5pp | -2416.2% |
| Net Margin | -284.6%+206.3pp | -491.0%+7.1pp | -498.1%-97.2pp | -400.9%-42.0pp | -359.0%+65.7pp | -424.6%+72.7pp | -497.4%+1913.4pp | -2410.8% |
| Return on Equity | -69.6%-28.3pp | -41.3%-2.7pp | -38.6%+13.1pp | -51.7%-12.8pp | -38.9%+421.0pp | -459.9%-361.2pp | -98.7%+304.1pp | -402.8% |
| Return on Assets | -32.2%-7.3pp | -24.9%+2.1pp | -27.0%+4.4pp | -31.4%-6.9pp | -24.4%+39.3pp | -63.7%-19.1pp | -44.6%+4.8pp | -49.4% |
| Current Ratio | 2.15-1.7 | 3.86-1.6 | 5.46+1.1 | 4.39+0.9 | 3.52+2.3 | 1.20-1.4 | 2.63+1.4 | 1.24 |
| Debt-to-Equity | 1.16+0.5 | 0.66+0.2 | 0.43-0.2 | 0.65+0.1 | 0.59-5.6 | 6.22+5.0 | 1.21-5.9 | 7.16 |
| FCF Margin | -335.5% | N/A | N/A | -365.4%-89.6pp | -275.9%-7.3pp | -268.6%+73.1pp | -341.7%+1481.4pp | -1823.1% |
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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, with a net profit margin of -318.4%.
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 operating margin?
Tenon Medical, Inc. (TNON) had an operating margin of -324.3% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Tenon Medical, Inc.'s net profit margin?
Tenon Medical, Inc. (TNON) had a net profit margin of -318.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Tenon Medical, Inc.'s free cash flow?
Tenon Medical, Inc. (TNON) generated -$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) generated -$10.7M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
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.
Are Tenon Medical, Inc.'s earnings high quality?
Tenon Medical, Inc. (TNON) has an earnings quality ratio of 0.86x, considered low quality (accrual-driven). 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.
Can Tenon Medical, Inc. cover its interest payments?
Tenon Medical, Inc. (TNON) has an interest coverage ratio of -376.2x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.