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).
Tenon Medical’s core mechanic is equity-funded commercialization: sales are rising, but the operating cost base still overwhelms self-funded growth.
Revenue nearly doubled over the last two valid years and gross margin widened, yet operating cash burn only improved from-$12.2M to-$10.7M . That gap shows the company has some unit-level margin, but SG&A plus R&D still ran at 2.3x revenue, so scale has not reached the point where growth meaningfully reduces cash burn.
The balance sheet is not debt-led; cash needs are being met through new equity rather than a growing lending stack. Shares outstanding jumped from 3.1M to 10.9M in the latest year, showing the company financed ongoing losses by expanding the share base instead of layering on long-term obligations.
The latest year ended with
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 -13.32, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($4.0M) 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.
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.
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. 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. held $3.8M in cash against $0 in long-term debt as of fiscal year 2025.
Tenon Medical, Inc. had 11M shares outstanding in 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 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.
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.
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 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.4M-6.9% | $1.5M+26.3% | $1.2M+108.0% | $564K-22.3% | $726K-5.7% | $770K-13.2% | $887K-1.6% | $901K |
| Cost of Revenue | $434K-6.5% | $464K+16.0% | $400K+25.4% | $319K-20.8% | $403K-3.4% | $417K-11.1% | $469K+8.8% | $431K |
| Gross Profit | $945K-7.1% | $1.0M+31.6% | $773K+215.5% | $245K-24.1% | $323K-8.5% | $353K-15.6% | $418K-11.1% | $470K |
| R&D Expenses | $662K+25.6% | $527K+23.1% | $428K-14.9% | $503K-27.2% | $691K+21.4% | $569K-13.4% | $657K-7.2% | $708K |
| SG&A Expenses | $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-19.3% | $2.2M |
| Operating Income | -$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+17.0% | -$3.9M |
| Interest Expense | $176K | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Income | -$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+16.8% | -$3.8M |
| EPS (Diluted) | $0.31 | N/A | $-0.40-11.1% | $-0.36-135.6% | $1.01 | N/A | $-3.63+55.5% | $-8.16 |
TNON Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $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+117.1% | $6.0M |
| Current Assets | $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+173.7% | $4.1M |
| Cash & Equivalents | $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+365.5% | $2.0M |
| Inventory | $806K-23.5% | $1.1M-22.7% | $1.4M+98.3% | $688K+13.3% | $607K+0.2% | $606K-0.2% | $607K-0.3% | $609K |
| Accounts Receivable | $2.0M+16.0% | $1.7M+29.5% | $1.3M+70.3% | $770K-13.1% | $886K+2.7% | $863K-1.5% | $876K+29.0% | $679K |
| Goodwill | $2.4M0.0% | $2.4M0.0% | $2.4M | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $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-6.3% | $5.2M |
| Current Liabilities | $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-6.6% | $3.4M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $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+884.5% | $832K |
| Retained Earnings | -$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-5.1% | -$62.5M |
TNON Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$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+3.2% | -$2.4M |
| Capital Expenditures | $56K-70.8% | $192K+273.0% | -$111K | N/A | N/A | -$37K-135.6% | $104K | $0 |
| Free Cash Flow | -$3.0M-24.8% | -$2.4M+38.6% | -$3.9M | N/A | N/A | -$2.8M-15.0% | -$2.4M-1.1% | -$2.4M |
| Investing Cash Flow | -$56K+70.8% | -$192K+70.0% | -$639K | N/A | N/A | $37K+135.6% | -$104K | $0 |
| Financing Cash Flow | $3.9M+41.6% | $2.7M+4527.1% | $59K+200.0% | -$59K-100.9% | $6.3M+5438.9% | $113K-98.8% | $9.6M | $0 |
| 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 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 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%-5.0pp | 52.2% |
| Operating Margin | -237.8%-44.3pp | -193.5%+95.7pp | -289.2%+217.4pp | -506.6%-0.1pp | -506.5%-94.4pp | -412.1%-49.6pp | -362.5%+67.3pp | -429.7% |
| Net Margin | -252.1%-60.9pp | -191.2%+93.4pp | -284.6%+206.3pp | -491.0%+7.1pp | -498.1%-97.2pp | -400.9%-42.0pp | -359.0%+65.7pp | -424.6% |
| Return on Equity | -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%+421.0pp | -459.9% |
| Return on Assets | -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%+39.3pp | -63.7% |
| Current Ratio | 1.03-1.1 | 2.11-0.0 | 2.15-1.7 | 3.86-1.6 | 5.46+1.1 | 4.39+0.9 | 3.52+2.3 | 1.20 |
| Debt-to-Equity | 5.77+4.6 | 1.13-0.0 | 1.16+0.5 | 0.66+0.2 | 0.43-0.2 | 0.65+0.1 | 0.59-5.6 | 6.22 |
| FCF Margin | -218.7%-55.6pp | -163.1%+172.3pp | -335.5% | N/A | N/A | -365.4%-89.6pp | -275.9%-7.3pp | -268.6% |
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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 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) 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 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 cash runway?
Based on fiscal year 2025 data, Tenon Medical, Inc. (TNON) had $3.8M in cash against an annual operating cash burn of $10.7M. This gives an estimated cash runway of approximately 4 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Tenon Medical, Inc.'s Altman Z-Score?
Tenon Medical, Inc. (TNON) has an Altman Z-Score of -13.32, 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) 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.
How financially healthy is Tenon Medical, Inc.?
Tenon Medical, Inc. (TNON) scores 44 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.