Tenon Medical (TNONW) Financials
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 TNONW SEC filings page.
Tenon Medical (TNONW) 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).
Tenon’s dominant mechanic is commercial growth without operating break-even, as improved product economics remain outweighed by operating costs.
By FY2025, gross margin reached59.8% while operating margin remained-3.2% , showing that product-level profitability has recovered but still does not absorb the broader cost structure.
Revenue reached
Financing provided
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'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 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 scores 16/100 among other emerging companies.
Tenon Medical 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 scores 14/100 among other emerging companies.
Tenon Medical 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 scores 41/100 among other emerging companies.
Tenon Medical 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 scores 73/100 among other emerging companies.
Tenon Medical'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 scores 51/100 among other emerging companies.
Tenon Medical'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 scores 48/100 among other emerging companies.
Tenon Medical 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 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 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'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 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 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 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'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 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 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.
TNONW 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.
TNONW 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.
TNONW 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.
TNONW 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.
Where Tenon Medical Ranks
Frequently Asked Questions
What is Tenon Medical's annual revenue?
Tenon Medical (TNONW) 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's revenue growing?
Tenon Medical (TNONW) revenue grew by 20.4% year-over-year, from $3.3M to $3.9M in fiscal year 2025.
Is Tenon Medical profitable?
No, Tenon Medical (TNONW) reported a net income of -$12.6M in fiscal year 2025.
What is Tenon Medical's EBITDA?
Tenon Medical (TNONW) had EBITDA of -$12.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Tenon Medical's gross margin?
Tenon Medical (TNONW) 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's return on equity (ROE)?
Tenon Medical (TNONW) 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's free cash flow?
Tenon Medical (TNONW) 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's operating cash flow?
Tenon Medical (TNONW) 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's total assets?
Tenon Medical (TNONW) had $10.8M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Tenon Medical's capital expenditures?
Tenon Medical (TNONW) invested $273K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Tenon Medical spend on research and development?
Tenon Medical (TNONW) invested $2.1M in research and development during fiscal year 2025.
What is Tenon Medical's current ratio?
Tenon Medical (TNONW) had a current ratio of 2.11 as of fiscal year 2025, which is generally considered healthy.
What is Tenon Medical's debt-to-equity ratio?
Tenon Medical (TNONW) 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's return on assets (ROA)?
Tenon Medical (TNONW) 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's Piotroski F-Score?
Tenon Medical (TNONW) 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's earnings high quality?
Tenon Medical (TNONW) 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?
Tenon Medical (TNONW) 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.