Tenon Medical, Inc. (TNON) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 10, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 13, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the TNON SEC filings page.
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 is expanding and gross margins are improving, but the company still finances a large operating deficit through outside capital.
The less obvious tension is that the FY2025 net loss narrowed to$12.6M from$13.7M , yet operating cash flow deteriorated to-$10.7M from-$9.9M . That divergence is consistent with working capital absorbing cash: receivables and inventory both increased during the year, even as reported earnings improved.
Gross margin climbed from
Short-term balance-sheet cushion narrowed as the current ratio fell from 4.4x to 2.1x. The reported liquidity comparison was
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. held $3.8M in cash, cash equivalents and investments at the end of fiscal year 2025, and its operations used $10.7M of cash that year. Cash Runway ranks emerging companies on the size of that balance against the outflow behind it, and Tenon Medical, Inc. scores 16/100 among other emerging companies.
Tenon Medical, Inc. had 11M shares outstanding at the end of fiscal year 2025. Dilution ranks emerging companies on how fast that count has grown over three years, where a slower rise is the better one, and Tenon Medical, Inc. scores 14/100 among other emerging companies.
Tenon Medical, Inc. spent $2.1M on research and development in fiscal year 2025, which was 12.8% of its operating costs that year. R&D Intensity ranks emerging companies on the share of operating costs that goes into research, and Tenon Medical, Inc. scores 41/100 among other emerging companies.
Tenon Medical, Inc. reported revenue of $3.9M in fiscal year 2025, against $3.3M in fiscal year 2024. Revenue Progress ranks emerging companies on the three-year path of that line, and Tenon Medical, Inc. scores 73/100 among other emerging companies.
Tenon Medical, Inc.'s operations used $10.7M of cash in fiscal year 2025, against $9.9M used in fiscal year 2024. Burn Trend ranks emerging companies on which way that figure has moved over three years, and Tenon Medical, Inc. scores 51/100 among other emerging companies.
Tenon Medical, Inc.'s cash, cash equivalents and investments came to $3.8M at the end of fiscal year 2025, against $5.7M of total liabilities. Balance Sheet ranks emerging companies on that comparison, and Tenon Medical, Inc. scores 48/100 among other emerging companies.
Tenon Medical, Inc. scores -13.50, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($2.3M) 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 $1.3M in revenue in Q2 2026. This represents an increase of 126.8% from the same quarter a year earlier. Against the prior quarter it is down 7.3%.
Tenon Medical, Inc.'s EBITDA was -$3.3M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 17.8% from the same quarter a year earlier. Against the prior quarter it is down 3.7%.
Tenon Medical, Inc. reported -$4.0M in net income in Q2 2026. This represents a decrease of 46.3% from the same quarter a year earlier. Against the prior quarter it is down 16.5%.
Cash & Balance Sheet
Tenon Medical, Inc. recorded an outflow of $2.9M in free cash flow in Q2 2026, representing a cash shortfall after capex. Against the prior quarter it is up 2.9%.
Tenon Medical, Inc. held $1.7M in cash as of Q2 2026; long-term debt is not reported for that period.
Not reported for Q2 2026.
Margins & Returns
Tenon Medical, Inc.'s gross margin was 63.6% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is up 20.2 percentage points from the same quarter a year earlier. Against the prior quarter it is down 4.9 percentage points.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not reported for Q2 2026.
Capital Allocation
Tenon Medical, Inc. invested $768K in research and development in Q2 2026. This represents an increase of 52.7% from the same quarter a year earlier. Against the prior quarter it is up 16.0%.
Tenon Medical, Inc. invested $172K in capex in Q2 2026, funding long-term assets and infrastructure. Against the prior quarter it is up 207.1%.
Not reported for Q2 2026.
TNON Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.3M+126.8% | $1.4M+89.9% | $1.5M+92.3% | $1.2M+32.2% | $564K-37.4% | $726K+1.0% | $770K+492.3% | $887K-6.0% |
| Cost of Revenue | $465K+45.8% | $434K+7.7% | $464K+11.3% | $400K-14.7% | $319K-26.0% | $403K+61.8% | $417K+67.5% | $469K+14.7% |
| Gross Profit | $814K+232.2% | $945K+192.6% | $1.0M+188.1% | $773K+84.9% | $245K-47.9% | $323K-31.3% | $353K+396.6% | $418K-21.9% |
| R&D Expenses | $768K+52.7% | $662K-4.2% | $527K-7.4% | $428K-34.9% | $503K-29.0% | $691K+3.3% | $569K-17.7% | $657K-10.9% |
| SG&A Expenses | $1.5M+3.4% | $1.7M+2.6% | $1.6M-13.5% | $2.2M+24.7% | $1.5M-32.3% | $1.7M-13.7% | $1.9M+13.3% | $1.8M+7.0% |
| Operating Income | -$3.4M-17.4% | -$3.3M+10.8% | -$2.9M+9.7% | -$3.4M-5.5% | -$2.9M+26.2% | -$3.7M-4.9% | -$3.2M-1.0% | -$3.2M+4.8% |
| EBITDA | -$3.3M-17.8% | -$3.2M+12.2% | -$2.8M+9.6% | -$3.3M-6.9% | -$2.8M+25.8% | -$3.6M-6.7% | -$3.1M-0.3% | -$3.1M+6.7% |
| Interest Expense | $852K | $176K | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Income | -$4.0M-46.3% | -$3.5M+3.9% | -$2.8M+8.3% | -$3.3M-4.9% | -$2.8M+27.6% | -$3.6M-1.1% | -$3.1M+1.5% | -$3.2M+4.4% |
| EPS (Basic) | -$12.35+3.2% | -$0.31+69.3% | -$0.22-103.0% | -$0.40+89.0% | -$12.76-56.4% | -$1.01+89.9% | $7.34+234.4% | -$3.63+68.9% |
| EPS (Diluted) | -$12.35 | $0.31-69.3% | -$0.22 | -$0.40 | -$12.76 | $1.01 | $7.34+234.4% | -$3.63 |
| Diluted Shares (Avg) | 328 | 11,268+213.3% | N/A | 8,250 | 217 | 3,597 | N/A | 877 |
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. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $9.9M-10.7% | $12.8M-4.2% | $10.8M+9.3% | $10.4M-20.5% | $11.1M+85.0% | $13.4M+67.0% | $9.8M+55.1% | $13.0M+78.2% |
| Current Assets | $4.8M-51.4% | $7.6M-36.4% | $6.8M-17.6% | $6.5M-41.5% | $9.9M+141.8% | $12.0M+101.5% | $8.2M+111.1% | $11.2M+125.4% |
| Cash & Equivalents | $1.7M-78.6% | $4.6M-55.3% | $3.8M-42.5% | $3.4M-62.4% | $7.8M+298.7% | $10.3M+135.0% | $6.5M+169.2% | $9.2M+171.8% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $783K+13.8% | $806K+32.8% | $1.1M+73.9% | $1.4M+124.7% | $688K+13.0% | $607K-4.0% | $606K+9.4% | $607K+28.1% |
| Accounts Receivable | $1.9M+152.9% | $2.0M+122.2% | $1.7M+96.8% | $1.3M+49.7% | $770K+13.4% | $886K+55.2% | $863K+66.6% | $876K+13.3% |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | $2.4M | $2.4M | $2.4M | $2.4M | N/A | N/A | N/A | N/A |
| Total Liabilities | $11.7M+165.1% | $10.9M+172.3% | $5.7M+47.7% | $5.6M+14.9% | $4.4M-14.9% | $4.0M-8.6% | $3.9M-30.4% | $4.8M+1.0% |
| Current Liabilities | $8.3M+224.0% | $7.4M+237.4% | $3.2M+71.9% | $3.0M-4.3% | $2.6M-24.7% | $2.2M-3.0% | $1.9M-40.5% | $3.2M+3.0% |
| Non-Current Liabilities | $3.4M+82.8% | $3.5M+94.1% | $2.5M+25.2% | $2.5M+51.3% | $1.8M+3.8% | $1.8M-14.6% | $2.0M-17.5% | $1.7M-2.7% |
| Total Equity | -$1.7M-126.0% | $1.9M-79.8% | $5.0M-15.6% | $4.8M-41.4% | $6.7M+706.9% | $9.4M+158.7% | $6.0M+667.5% | $8.2M+225.4% |
| Retained Earnings | -$88.8M-18.2% | -$84.8M-17.2% | -$81.3M-18.3% | -$78.5M-19.5% | -$75.1M-20.3% | -$72.4M-23.4% | -$68.7M-24.8% | -$65.7M-26.4% |
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. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$2.8M-24.6% | -$3.0M-19.2% | -$2.2M+19.9% | -$3.8M-63.2% | -$2.2M+8.5% | -$2.5M-6.2% | -$2.8M-21.9% | -$2.3M+25.7% |
| Depreciation & Amortization | $45K-6.3% | $88K+109.5% | $95K-18.8% | $68K-35.2% | $48K-44.2% | $42K-58.0% | $117K+25.8% | $105K+128.3% |
| Stock-Based Compensation | $412K-1.2% | $331K-62.0% | N/A | $58K-93.6% | $417K-59.7% | $872K-14.3% | N/A | $910K+84946.7% |
| Capital Expenditures | $172K | $56K | $192K+418.9% | -$111K+6.7% | N/A | N/A | -$37K-59.8% | $104K+82.5% |
| Free Cash Flow | -$2.9M | -$3.0M | -$2.4M+14.1% | -$3.9M-60.8% | N/A | N/A | -$2.8M-18.7% | -$2.4M+23.8% |
| Investing Cash Flow | -$172K | -$56K | -$192K-618.9% | -$639K-514.4% | N/A | N/A | $37K+140.2% | -$104K-123.9% |
| Financing Cash Flow | $0+100.0% | $3.9M-38.2% | $2.7M+2315.9% | $59K-99.4% | -$59K | $6.3M+43.2% | $113K-91.8% | $9.6M+3524.4% |
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. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 63.6%+20.2pp | 68.5%+24.0pp | 68.7%+22.8pp | 65.9%+18.8pp | 43.4%-8.7pp | 44.5%-20.9pp | 45.8%+137.4pp | 47.1%-9.5pp |
| 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%-144.9pp | -56.2%-4.5pp | -69.6%-30.7pp | -41.3%+418.6pp | -38.6%+60.1pp | -51.7%+351.1pp | -38.9%+93.5pp |
| Return on Assets | -40.8%-15.9pp | -27.1%-0.1pp | -26.3%+5.0pp | -32.2%-7.8pp | -24.9%+38.8pp | -27.0%+17.6pp | -31.4%+18.0pp | -24.4%+21.1pp |
| Current Ratio | 0.58-3.3x | 1.03-4.4x | 2.11-2.3x | 2.15-1.4x | 3.86+2.7x | 5.46+2.8x | 4.39+3.2x | 3.52+1.9x |
| Debt-to-Equity | N/A | 5.77+5.3x | 1.13+0.5x | 1.16+0.6x | 0.66-5.6x | 0.43-0.8x | 0.65-6.5x | 0.59-1.3x |
| Asset Turnover | 0.13+0.1x | 0.11+0.1x | 0.14+0.1x | 0.110.0x | 0.05-0.1x | 0.050.0x | 0.08+0.1x | 0.07-0.1x |
| 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
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Tenon Medical, Inc. TNON | FY2025 | $3.9M | -$12.6M | N/A | $2.3M | 41/100 |
| DIH HOLDINGS US INC A DHAI | FY2025 | $62.9M | -$8.7M | -13.8% | $1.6M | — |
| ReShape Lifesciences, Inc. RSLS | FY2025 | $320K | -$10.3M | N/A | $7.6M | — |
| SiNtx Technologies, Inc. SINT | FY2025 | $1.0M | -$10.4M | N/A | $14.1M | 51/100 |
| Beyond Air, Inc. XAIR | FY2026 | $7.7M | -$33.2M | N/A | $2.2M | 63/100 |
| PAVmed Inc. PAVM | FY2025 | $71K | -$3.8M | N/A | $22.3M | — |
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.
What is Tenon Medical, Inc.'s P/E ratio?
Tenon Medical, Inc. (TNON) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to June 30, 2026). The market capitalization is $2.3M as of Oct 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Tenon Medical, Inc.'s price-to-sales ratio?
Tenon Medical, Inc. (TNON) trades at 0.4x sales, its market capitalization divided by revenue of $5.3M revenue, trailing 12 months to June 30, 2026. The market capitalization is $2.3M as of Oct 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
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 -13.50, 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.