What is Tenon Medical's operating income?

Tenon Medical's total operating income in 2025 was -$12.79 million, based on the following breakdown: Total Gross Profit: $2.36 million Total Operating Expenses: $15.15 million

Tenon Medical (TNON) Financials

$5.96 +0.32 (+5.67%)

Closing price 04:00 PM Eastern

Extended Trading

$5.90 -0.06 (-1.02%)

As of 05:40 PM Eastern

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Annual Income Statements for Tenon Medical

This table shows Tenon Medical's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2021	2022	2023	2024	2025
Period end date	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-7.05	-19	-16	-14	-13
Consolidated Net Income / (Loss)	-7.08	-19	-16	-14	-13
Net Income / (Loss) Continuing Operations	-7.08	-19	-16	-14	-13
Total Pre-Tax Income	-7.08	-19	-16	-14	-13
Total Operating Income	-6.46	-19	-16	-14	-13
Total Gross Profit	0.11	-0.64	1.24	1.71	2.36
Total Revenue	0.16	0.69	2.93	3.28	3.94
Operating Revenue	0.16	0.69	2.93	3.28	3.94
Total Cost of Revenue	0.06	1.33	1.69	1.57	1.59
Operating Cost of Revenue	0.06	1.33	1.69	1.57	1.59
Total Operating Expenses	6.57	18	17	15	15
Selling, General & Admin Expense	2.71	7.42	7.03	7.77	6.98
Marketing Expense	2.14	7.83	6.78	5.11	6.03
Research & Development Expense	1.72	2.83	3.16	2.60	2.15
Total Other Income / (Expense), net	-0.62	-0.19	0.15	0.09	0.24
Interest Expense	0.62	0.35	0.02	0.03	0.00
Interest & Investment Income	0.00	0.18	0.17	0.18	0.24
Other Income / (Expense), net	-0.00	-0.02	0.00	-0.06	0.00
Basic Earnings per Share	($7.81)	($23.62)	($68.64)	($11.26)	($1.70)
Weighted Average Basic Shares Outstanding	903K	801K	227.00	1.21M	7.38M
Diluted Earnings per Share	($7.81)	-	($68.64)	($11.26)	($1.70)
Weighted Average Diluted Shares Outstanding	903K	11.25M	227.00	1.21M	7.38M
Weighted Average Basic & Diluted Shares Outstanding	-	11.25M	3.73M	5.58M	11.30M

This table shows Tenon Medical's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-3.33	-3.13	-3.58	-3.83	-3.18	-3.09	-3.62	-2.77	-3.34	-2.83	-3.48
Consolidated Net Income / (Loss)	-3.33	-3.13	-3.58	-3.83	-3.18	-3.09	-3.62	-2.77	-3.34	-2.83	-3.48
Net Income / (Loss) Continuing Operations	-3.33	-3.13	-3.58	-3.83	-3.18	-3.09	-3.62	-2.77	-3.34	-2.83	-3.48
Total Pre-Tax Income	-3.33	-3.13	-3.58	-3.83	-3.18	-3.09	-3.62	-2.77	-3.34	-2.83	-3.48
Total Operating Income	-3.38	-3.14	-3.51	-3.87	-3.22	-3.17	-3.68	-2.86	-3.39	-2.87	-3.28
Total Gross Profit	0.54	0.56	0.47	0.47	0.42	0.35	0.32	0.25	0.77	1.02	0.95
Total Revenue	0.94	0.81	0.72	0.90	0.89	0.77	0.73	0.56	1.17	1.48	1.38
Operating Revenue	0.94	0.81	0.72	0.90	0.89	0.77	0.73	0.56	1.17	1.48	1.38
Total Cost of Revenue	0.41	0.25	0.25	0.43	0.47	0.42	0.40	0.32	0.40	0.46	0.43
Operating Cost of Revenue	0.41	0.25	0.25	0.43	0.47	0.42	0.40	0.32	0.40	0.46	0.43
Total Operating Expenses	3.91	3.70	3.98	4.34	3.63	3.53	4.00	3.10	4.17	3.88	4.23
Selling, General & Admin Expense	1.65	1.67	1.93	2.19	1.76	1.89	1.66	1.48	2.20	1.63	1.71
Marketing Expense	1.53	1.34	1.38	1.45	1.21	1.07	1.65	1.12	1.54	1.72	1.86
Research & Development Expense	0.74	0.69	0.67	0.71	0.66	0.57	0.69	0.50	0.43	0.53	0.66
Total Other Income / (Expense), net	0.05	0.01	-0.07	0.05	0.03	0.09	0.06	0.09	0.05	0.03	-0.20
Interest Expense	0.00	0.02	0.03	0.00	0.00	-	0.00	0.00	0.00	-	0.18
Interest & Investment Income	0.05	0.02	0.03	0.04	0.03	0.09	0.06	0.09	0.05	0.03	0.03
Other Income / (Expense), net	0.00	-	-0.06	0.01	0.00	-	0.00	0.00	0.00	-	-0.05
Basic Earnings per Share	($11.69)	($13,806.17)	($10.02)	($8.16)	($3.63)	($2.54)	($1.01)	($0.36)	($0.40)	($0.38)	($0.31)
Weighted Average Basic Shares Outstanding	285K	227.00	357.00	469K	877K	1.21M	3.60M	7.59M	8.25M	7.38M	11.27M
Diluted Earnings per Share	($11.69)	($13,806.17)	($10.02)	($8.16)	($3.63)	($2.54)	$1.01	($0.36)	($0.40)	($0.38)	$0.31
Weighted Average Diluted Shares Outstanding	285K	227.00	357.00	469K	877K	1.21M	3.60K	7.59M	8.25M	7.38M	11.27K
Weighted Average Basic & Diluted Shares Outstanding	-	3.73M	3.73M	3.95M	-	5.58M	7.59M	8.88M	8.61M	11.30M	11.57M

This table details how cash moves in and out of Tenon Medical's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2021	2022	2023	2024	2025
Period end date	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	2.67	-0.79	0.30	4.11	-2.78
Net Cash From Operating Activities	-4.29	-12	-12	-9.88	-11
Net Cash From Continuing Operating Activities	-4.29	-12	-12	-9.88	-11
Net Income / (Loss) Continuing Operations	-7.08	-19	-16	-14	-13
Consolidated Net Income / (Loss)	-7.08	-19	-16	-14	-13
Depreciation Expense	0.00	0.08	0.20	0.41	0.26
Amortization Expense	0.11	0.21	0.23	0.25	0.27
Non-Cash Adjustments To Reconcile Net Income	2.22	4.88	4.15	3.63	1.42
Changes in Operating Assets and Liabilities, net	0.45	1.72	-1.17	-0.49	-0.14
Net Cash From Investing Activities	-4.50	-2.88	6.14	-0.19	-1.02
Net Cash From Continuing Investing Activities	-4.50	-2.88	6.14	-0.19	-1.02
Purchase of Property, Plant & Equipment	-0.10	-0.85	-0.36	-0.19	-0.27
Other Investing Activities, net	-	-	-	0.00	-0.75
Net Cash From Financing Activities	11	14	6.30	14	8.99
Net Cash From Continuing Financing Activities	11	14	6.30	14	8.99
Repurchase of Preferred Equity	-	-	-	0.55	0.00
Repurchase of Common Equity	-	-	-	-1.10	-0.93
Issuance of Preferred Equity	-	-	0.00	2.61	0.00
Issuance of Common Equity	0.00	14	5.30	6.61	6.86
Other Financing Activities, net	-0.29	0.00	0.26	5.46	3.06
Other Net Changes in Cash	-	-	-	0.05	0.00

This table details how cash moves in and out of Tenon Medical's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-2.48	-0.94	1.96	-2.42	7.19	-2.63	3.78	-2.47	-4.40	0.31	0.85
Net Cash From Operating Activities	-3.15	-2.28	-2.34	-2.42	-2.34	-2.78	-2.48	-2.21	-3.82	-2.22	-2.96
Net Cash From Continuing Operating Activities	-3.15	-2.28	-2.34	-2.42	-2.34	-2.78	-2.48	-2.21	-3.82	-2.22	-2.96
Net Income / (Loss) Continuing Operations	-3.33	-3.13	-3.58	-3.83	-3.18	-3.09	-3.62	-2.77	-3.34	-2.83	-3.48
Consolidated Net Income / (Loss)	-3.33	-3.13	-3.58	-3.83	-3.18	-3.09	-3.62	-2.77	-3.34	-2.83	-3.48
Depreciation Expense	0.05	0.09	0.10	0.09	0.10	0.12	0.04	0.05	0.08	0.10	0.09
Amortization Expense	0.06	0.06	0.06	0.06	0.06	0.06	0.07	0.07	0.07	0.07	0.24
Non-Cash Adjustments To Reconcile Net Income	1.07	0.98	1.03	1.07	0.91	0.62	0.87	0.42	0.06	0.07	0.39
Changes in Operating Assets and Liabilities, net	-1.00	-0.28	0.05	0.19	-0.23	-0.49	0.15	0.02	-0.69	0.37	-0.20
Net Cash From Investing Activities	0.44	-0.09	-0.12	-	-0.10	0.04	0.00	-0.19	-0.64	-0.19	-0.06
Net Cash From Continuing Investing Activities	0.44	-0.09	-0.12	-	-0.10	0.04	0.00	-0.19	-0.64	-0.19	-0.06
Purchase of Property, Plant & Equipment	-0.06	-0.09	-0.12	-	-0.10	0.04	0.00	-0.19	0.11	-0.19	-0.06
Net Cash From Financing Activities	0.27	1.37	4.37	-	9.64	0.11	6.26	-0.06	0.06	2.73	3.87
Net Cash From Continuing Financing Activities	0.27	1.37	4.37	-	9.64	0.11	6.26	-0.06	0.06	2.73	3.87
Repurchase of Common Equity	-	-	-0.22	-	-1.04	0.17	-0.81	-0.06	0.06	-0.12	-0.43
Issuance of Debt	-	-	-	-	-	-	0.00	-	-	-	4.30
Issuance of Common Equity	0.45	0.04	1.99	-	10	-5.52	4.01	-	-	-0.21	0.00
Other Financing Activities, net	-0.19	0.59	-	-	-	-	3.06	-	-	-	0.00

This table presents Tenon Medical's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2021	2022	2023	2024	2025
Period end date	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	9.27	11	6.35	9.84	11
Total Current Assets	7.67	9.35	3.89	8.21	6.77
Cash & Equivalents	2.92	2.13	2.43	6.54	3.76
Accounts Receivable	0.08	0.23	0.52	0.86	1.70
Inventories, net	0.19	0.42	0.55	0.61	1.05
Prepaid Expenses	0.09	0.13	0.39	0.21	0.26
Plant, Property, & Equipment, net	0.10	0.79	0.96	0.75	0.92
Total Noncurrent Assets	1.50	0.95	1.50	0.88	3.07
Goodwill	-	-	-	0.00	2.41
Intangible Assets	-	-	-	0.00	0.49
Other Noncurrent Operating Assets	1.50	0.95	1.50	0.88	0.18
Total Liabilities & Shareholders' Equity	9.27	11	6.35	9.84	11
Total Liabilities	16	4.84	5.57	3.87	5.72
Total Current Liabilities	15	2.53	3.14	1.87	3.21
Short-Term Debt	13	0.00	1.17	-	0.00
Accounts Payable	0.48	0.55	0.43	0.37	0.85
Accrued Expenses	1.09	1.75	1.28	1.21	2.23
Other Current Liabilities	0.85	0.23	0.26	0.29	0.14
Total Noncurrent Liabilities	0.91	2.31	2.43	2.00	2.51
Other Noncurrent Operating Liabilities	0.91	2.31	2.43	2.00	2.51
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-21	6.25	0.78	5.97	5.04
Total Preferred & Common Equity	-21	6.25	0.78	5.97	5.04
Preferred Stock	-	-	0.00	3.75	3.07
Total Common Equity	-21	6.25	0.78	2.22	1.97
Common Stock	0.11	46	56	71	83
Retained Earnings	-21	-39	-55	-69	-81

This table presents Tenon Medical's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	8.02	6.01	13	13	11	10	13
Total Current Assets	5.95	4.09	11	12	9.88	6.55	7.62
Cash & Equivalents	4.39	1.97	9.16	10	7.85	3.44	4.61
Accounts Receivable	0.57	0.68	0.88	0.89	0.77	1.31	1.97
Inventories, net	0.63	0.61	0.61	0.61	0.69	1.36	0.81
Prepaid Expenses	0.36	0.83	0.54	0.19	0.58	0.43	0.24
Plant, Property, & Equipment, net	0.99	0.90	0.91	0.70	0.84	0.66	0.90
Total Noncurrent Assets	1.08	1.02	0.95	0.71	0.39	3.16	4.32
Goodwill	-	-	-	-	-	2.41	2.41
Intangible Assets	-	-	-	-	-	0.50	0.47
Other Noncurrent Operating Assets	1.08	1.02	0.95	0.71	0.39	0.25	1.44
Total Liabilities & Shareholders' Equity	8.02	6.01	13	13	11	10	13
Total Liabilities	4.40	5.17	4.85	4.02	4.40	5.57	11
Total Current Liabilities	2.26	3.40	3.18	2.20	2.56	3.04	7.41
Short-Term Debt	0.00	0.00	0.00	-	-	-	3.48
Accounts Payable	0.27	1.11	1.09	0.50	0.89	0.63	0.65
Accrued Expenses	1.73	2.02	1.81	1.40	1.38	2.20	2.46
Other Current Liabilities	0.26	0.27	0.28	0.30	0.29	0.22	0.82
Total Noncurrent Liabilities	2.13	1.77	1.67	1.82	1.84	2.53	3.54
Other Noncurrent Operating Liabilities	2.13	1.77	1.67	1.82	1.84	2.53	3.54
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	3.62	0.83	8.19	9.38	6.71	4.80	1.90
Total Preferred & Common Equity	3.62	0.83	8.19	9.38	6.71	4.80	1.90
Preferred Stock	3.30	3.30	3.75	3.75	3.75	3.07	3.07
Total Common Equity	0.32	-2.47	4.44	5.62	2.96	1.72	-1.18
Common Stock	59	60	70	78	78	80	84
Retained Earnings	-59	-62	-66	-72	-75	-78	-85

This table displays calculated financial ratios and metrics derived from Tenon Medical's official financial filings.

Metric	2021	2022	2023	2024	2025
Period end date	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	0.00	11,236,801.00	22,612,856.00	22,612,856.00	22,612,856.00
DEI Adjusted Shares Outstanding	0.00	140,460.00	282,661.00	282,661.00	282,661.00
DEI Earnings Per Adjusted Shares Outstanding	0.00	-134.68	-55.12	-48.37	-44.42
Growth Metrics	-	-	-	-	-
Revenue Growth	0.00%	331.88%	323.73%	11.92%	20.35%
EBITDA Growth	0.00%	-190.71%	17.09%	13.95%	6.87%
EBIT Growth	0.00%	-190.05%	16.09%	12.11%	7.45%
NOPAT Growth	0.00%	-189.82%	16.01%	12.47%	7.08%
Net Income Growth	0.00%	-167.15%	17.63%	12.25%	8.17%
EPS Growth	0.00%	0.00%	0.00%	83.60%	84.90%
Operating Cash Flow Growth	0.00%	-180.17%	-1.31%	18.92%	-8.78%
Free Cash Flow Firm Growth	0.00%	0.00%	-5.62%	25.69%	-13.12%
Invested Capital Growth	0.00%	-68.34%	79.42%	-18.24%	327.66%
Revenue Q/Q Growth	0.00%	47.97%	22.15%	-1.15%	21.99%
EBITDA Q/Q Growth	0.00%	-41.44%	24.32%	-0.02%	2.31%
EBIT Q/Q Growth	0.00%	-40.84%	23.55%	-0.23%	2.34%
NOPAT Q/Q Growth	0.00%	-40.17%	23.34%	-0.23%	2.34%
Net Income Q/Q Growth	0.00%	-36.55%	23.44%	0.34%	1.99%
EPS Q/Q Growth	0.00%	0.00%	23.44%	28.01%	-9.68%
Operating Cash Flow Q/Q Growth	0.00%	-16.41%	8.33%	-5.32%	4.89%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	7.86%	-10.49%	6.04%
Invested Capital Q/Q Growth	0.00%	-661.26%	0.00%	41.92%	-5.31%
Profitability Metrics	-	-	-	-	-
Gross Margin	65.63%	-92.76%	42.38%	52.21%	59.79%
EBITDA Margin	-3,967.50%	-2,670.62%	-522.58%	-401.80%	-310.90%
Operating Margin	-4,038.13%	-2,709.84%	-537.12%	-420.08%	-324.34%
EBIT Margin	-4,038.75%	-2,712.45%	-537.12%	-421.79%	-324.34%
Profit (Net Income) Margin	-4,425.63%	-2,737.63%	-532.14%	-417.24%	-318.36%
Tax Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%
Interest Burden Percent	109.58%	100.93%	99.07%	98.92%	98.16%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	-2,487.33%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	-2,417.34%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	2,259.27%
Return on Equity (ROE)	102.43%	5,723.75%	-443.27%	-405.19%	-228.06%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	-841.31%
Operating Return on Assets (OROA)	-69.69%	-184.11%	-180.42%	-170.77%	-124.18%
Return on Assets (ROA)	-76.37%	-185.82%	-178.74%	-168.93%	-121.89%
Return on Common Equity (ROCE)	304.52%	123,827.01%	-443.27%	-179.93%	-86.68%
Return on Equity Simple (ROE_SIMPLE)	34.45%	-302.58%	-2,002.70%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-4.52	-13	-11	-9.64	-8.95
NOPAT Margin	-2,826.69%	-1,896.89%	-375.99%	-294.06%	-227.04%
Net Nonoperating Expense Percent (NNEP)	46.21%	-382.96%	-93.07%	-103.64%	-70.00%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-564.27%	-161.38%	-177.67%
Cost of Revenue to Revenue	34.38%	192.76%	57.62%	47.79%	40.21%
SG&A Expenses to Revenue	1,691.88%	1,074.24%	239.99%	236.95%	176.85%
R&D to Revenue	1,073.75%	409.26%	108.03%	79.43%	54.49%
Operating Expenses to Revenue	4,103.75%	2,617.08%	579.51%	472.29%	384.13%
Earnings before Interest and Taxes (EBIT)	-6.46	-19	-16	-14	-13
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-6.35	-18	-15	-13	-12
Valuation Ratios	-	-	-	-	-
Price to Book Value (P/BV)	0.00	28.43	0.00	1.03	3.57
Price to Tangible Book Value (P/TBV)	0.00	28.43	0.00	1.03	0.00
Price to Revenue (P/Rev)	100.00	257.27	0.00	0.70	1.78
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	4.94
Enterprise Value to Revenue (EV/Rev)	219.84	244.86	0.00	0.00	1.61
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-
Debt to Equity	-1.86	0.00	1.51	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-0.80	4.59	-1.40	-1.15	-0.93
Leverage Ratio	-1.34	-30.80	2.48	2.40	1.87
Compound Leverage Factor	-1.47	-31.09	2.46	2.37	1.84
Debt to Total Capital	216.30%	0.00%	60.12%	0.00%	0.00%
Short-Term Debt to Total Capital	216.30%	0.00%	60.12%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	62.84%	60.99%
Noncontrolling Interests to Total Capital	229.46%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	-345.76%	100.00%	39.88%	37.16%	39.01%
Debt to EBITDA	-2.03	0.00	-0.08	0.00	0.00
Net Debt to EBITDA	-0.87	0.00	0.08	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	-2.84	0.00	-0.11	0.00	0.00
Net Debt to NOPAT	-1.22	0.00	0.11	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	-5.78	12.29	-19.73	-12.95	-13.00
Noncontrolling Interest Sharing Ratio	-197.30%	-2,063.39%	0.00%	55.59%	61.99%
Liquidity Ratios	-	-	-	-	-
Current Ratio	0.50	3.69	1.24	4.39	2.11
Quick Ratio	0.48	3.48	0.94	3.96	1.70
Cash Flow Metrics	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-12	-13	-9.55	-11
Operating Cash Flow to CapEx	-4,207.84%	-1,419.72%	-3,374.79%	-5,310.75%	-3,935.90%
Free Cash Flow to Firm to Interest Expense	0.00	-34.37	-611.90	-280.86	0.00
Operating Cash Flow to Interest Expense	-6.91	-33.97	-580.14	-290.53	0.00
Operating Cash Flow Less CapEx to Interest Expense	-7.08	-36.36	-597.33	-296.00	0.00
Efficiency Ratios	-	-	-	-	-
Asset Turnover	0.02	0.07	0.34	0.40	0.38
Accounts Receivable Turnover	2.11	4.55	7.85	4.75	3.08
Inventory Turnover	0.29	4.42	3.48	2.70	1.91
Fixed Asset Turnover	1.58	1.55	3.34	3.83	4.72
Accounts Payable Turnover	0.12	2.59	3.43	3.91	2.61
Days Sales Outstanding (DSO)	173.38	80.29	46.50	76.91	118.50
Days Inventory Outstanding (DIO)	1,247.64	82.62	104.83	135.19	191.02
Days Payable Outstanding (DPO)	3,172.18	140.85	106.34	93.46	139.69
Cash Conversion Cycle (CCC)	-1,751.17	22.06	44.98	118.63	169.83
Capital & Investment Metrics	-	-	-	-	-
Invested Capital	-1.38	-2.32	-0.48	-0.56	1.28
Invested Capital Turnover	-0.12	-0.37	-2.10	-6.30	10.96
Increase / (Decrease) in Invested Capital	0.00	-0.94	1.84	-0.09	1.85
Enterprise Value (EV)	35	169	-1.25	-0.50	6.34
Market Capitalization	16	178	0.00	2.28	7.03
Book Value per Share	($22.76)	$0.56	$0.03	$1.83	$0.27
Tangible Book Value per Share	($22.76)	$0.56	$0.03	$1.83	($0.13)
Total Capital	5.94	6.25	1.95	5.97	5.04
Total Debt	13	0.00	1.17	0.00	0.00
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00
Net Debt	5.54	-8.57	-1.26	-6.54	-3.76
Capital Expenditures (CapEx)	0.10	0.85	0.36	0.19	0.27
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-2.07	-1.75	-0.51	-0.19	-0.20
Debt-free Net Working Capital (DFNWC)	5.26	6.82	1.92	6.34	3.56
Net Working Capital (NWC)	-7.60	6.82	0.75	6.34	3.56
Net Nonoperating Expense (NNE)	2.56	5.81	4.57	4.04	3.60
Net Nonoperating Obligations (NNO)	5.54	-8.57	-1.26	-6.54	-3.76
Total Depreciation and Amortization (D&A)	0.11	0.29	0.43	0.66	0.53
Debt-free, Cash-free Net Working Capital to Revenue	-1,291.25%	-253.69%	-17.28%	-5.92%	-5.10%
Debt-free Net Working Capital to Revenue	3,284.38%	986.54%	65.64%	193.50%	90.14%
Net Working Capital to Revenue	-4,751.25%	986.54%	25.58%	193.50%	90.14%
Earnings Adjustments	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	($23.60)	($68.72)	($11.26)	($1.70)
Adjusted Weighted Average Basic Shares Outstanding	0.00	800.80K	226.75K	1.21M	7.38M
Adjusted Diluted Earnings per Share	$0.00	($23.60)	$0.00	($11.26)	($1.70)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	800.80K	465.87K	1.21M	7.38M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	1.13M	465.87K	5.58M	11.30M
Normalized Net Operating Profit after Tax (NOPAT)	-4.52	-13	-11	-9.64	-8.95
Normalized NOPAT Margin	-2,826.69%	-1,896.89%	-375.99%	-294.06%	-227.04%
Pre Tax Income Margin	-4,425.63%	-2,737.63%	-532.14%	-417.24%	-318.36%
Debt Service Ratios	-	-	-	-	-
EBIT to Interest Expense	-10.41	-52.95	-748.90	-406.53	0.00
NOPAT to Interest Expense	-7.28	-37.03	-524.23	-283.42	0.00
EBIT Less CapEx to Interest Expense	-10.57	-55.34	-766.10	-412.00	0.00
NOPAT Less CapEx to Interest Expense	-7.45	-39.42	-541.42	-288.89	0.00
Payout Ratios	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	-8.02%	-7.39%

This table displays calculated financial ratios and metrics derived from Tenon Medical's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	22,612,856.00	22,612,856.00	22,612,856.00	22,612,856.00	22,612,856.00	22,612,856.00	22,612,856.00	22,612,856.00	22,612,856.00	22,612,856.00	11,296,378.00
DEI Adjusted Shares Outstanding	282,661.00	282,661.00	282,661.00	282,661.00	282,661.00	282,661.00	282,661.00	282,661.00	282,661.00	282,661.00	11,296,378.00
DEI Earnings Per Adjusted Shares Outstanding	-11.79	-11.09	-12.65	-13.54	-11.26	-10.92	-12.79	-9.80	-11.81	-10.02	-0.31
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	353.85%	191.70%	66.05%	21.27%	-6.04%	-4.70%	0.97%	-37.40%	32.24%	92.34%	89.94%
EBITDA Growth	-3.44%	62.18%	29.07%	12.20%	6.81%	-0.07%	-4.72%	26.16%	-6.42%	9.69%	16.08%
EBIT Growth	-4.16%	60.66%	26.95%	10.57%	4.83%	-1.02%	-3.03%	26.08%	-5.51%	9.68%	9.57%
NOPAT Growth	-3.56%	60.38%	28.24%	10.41%	4.83%	-1.02%	-4.88%	26.21%	-5.51%	9.68%	10.80%
Net Income Growth	-5.08%	60.35%	25.96%	10.71%	4.44%	1.50%	-1.12%	27.63%	-4.87%	8.26%	3.87%
EPS Growth	-5.08%	60.35%	0.00%	0.00%	68.95%	99.98%	110.08%	95.59%	88.98%	85.04%	-69.31%
Operating Cash Flow Growth	7.62%	32.70%	34.62%	23.80%	25.69%	-21.91%	-6.20%	8.51%	-63.21%	19.91%	-19.21%
Free Cash Flow Firm Growth	27.62%	12.34%	-153.01%	-563.56%	34.44%	47.17%	41.85%	71.45%	-267.44%	-80.60%	-66.42%
Invested Capital Growth	0.00%	79.42%	68.71%	79.13%	0.00%	-18.24%	-22.38%	0.26%	239.65%	327.66%	182.14%
Revenue Q/Q Growth	27.05%	-14.41%	-11.01%	25.31%	-1.55%	-13.19%	-5.71%	-22.31%	107.98%	26.26%	-6.89%
EBITDA Q/Q Growth	22.62%	8.67%	-14.01%	-8.98%	17.87%	1.93%	-19.32%	23.17%	-18.37%	16.78%	-10.88%
EBIT Q/Q Growth	21.84%	7.02%	-13.63%	-8.29%	16.82%	1.31%	-15.88%	22.30%	-18.73%	15.51%	-16.02%
NOPAT Q/Q Growth	21.84%	7.02%	-11.62%	-10.44%	16.97%	1.31%	-15.88%	22.30%	-18.73%	15.51%	-14.45%
Net Income Q/Q Growth	22.24%	5.94%	-14.10%	-6.99%	16.78%	3.05%	-17.14%	23.42%	-20.59%	15.18%	-22.74%
EPS Q/Q Growth	0.00%	5.94%	-14.10%	-6.99%	55.51%	30.03%	139.76%	64.36%	-11.11%	5.00%	181.58%
Operating Cash Flow Q/Q Growth	0.72%	27.75%	-2.63%	-3.51%	3.18%	-18.52%	10.59%	10.83%	-72.72%	41.84%	-33.09%
Free Cash Flow Firm Q/Q Growth	-228.94%	-106.99%	-2.29%	-69.80%	81.76%	-66.79%	-12.60%	16.65%	-134.73%	18.02%	-3.76%
Invested Capital Q/Q Growth	100.00%	0.00%	-60.17%	-48.69%	14.52%	41.92%	-65.78%	-21.18%	219.68%	-5.31%	-40.19%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	56.67%	69.18%	65.37%	52.16%	47.13%	45.84%	44.49%	43.44%	65.90%	68.67%	68.53%
EBITDA Margin	-346.82%	-370.05%	-474.13%	-412.32%	-343.97%	-388.57%	-491.74%	-486.35%	-276.81%	-182.44%	-217.26%
Operating Margin	-357.84%	-388.74%	-487.62%	-429.74%	-362.46%	-412.08%	-506.47%	-506.56%	-289.17%	-193.52%	-237.85%
EBIT Margin	-357.84%	-388.74%	-496.38%	-428.97%	-362.46%	-412.08%	-506.47%	-506.56%	-289.17%	-193.52%	-241.12%
Profit (Net Income) Margin	-352.97%	-387.87%	-497.36%	-424.64%	-358.96%	-400.91%	-498.07%	-490.96%	-284.65%	-191.22%	-252.07%
Tax Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Interest Burden Percent	98.64%	99.78%	100.20%	98.99%	99.04%	97.29%	98.34%	96.92%	98.44%	98.81%	104.54%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-3,399.62%	-1,484.07%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-3,384.32%	-1,468.02%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	3,284.00%	1,372.03%	0.00%
Return on Equity (ROE)	0.00%	-443.27%	-469.89%	-1,598.62%	-167.50%	-405.19%	-210.97%	-335.48%	-115.62%	-112.04%	-220.32%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-847.81%	-841.31%	-1,351.50%
Operating Return on Assets (OROA)	0.00%	-130.58%	-203.90%	-182.39%	-92.15%	-166.84%	-155.34%	-174.40%	-79.89%	-74.09%	-84.51%
Return on Assets (ROA)	0.00%	-130.28%	-204.30%	-180.55%	-91.26%	-162.32%	-152.77%	-169.02%	-78.64%	-73.21%	-88.35%
Return on Common Equity (ROCE)	0.00%	-443.27%	-215.60%	1,441.98%	-90.77%	-179.93%	-96.53%	-21.92%	-54.86%	-42.58%	-86.89%
Return on Equity Simple (ROE_SIMPLE)	0.00%	0.00%	-395.34%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-2.36	-2.20	-2.45	-2.71	-2.25	-2.22	-2.57	-2.00	-2.37	-2.01	-2.30
NOPAT Margin	-250.49%	-272.12%	-341.34%	-300.82%	-253.72%	-288.45%	-354.53%	-354.59%	-202.42%	-135.46%	-166.50%
Net Nonoperating Expense Percent (NNEP)	0.00%	-19.04%	-24.11%	-26.84%	-20.38%	-22.23%	-14.18%	-15.67%	-15.31%	-16.05%	-20.63%
Return On Investment Capital (ROIC_SIMPLE)	-	-112.70%	-67.72%	-325.77%	-27.48%	-37.20%	-27.45%	-29.79%	-49.49%	-39.81%	-42.72%
Cost of Revenue to Revenue	43.33%	30.82%	34.63%	47.84%	52.87%	54.16%	55.51%	56.56%	34.10%	31.33%	31.47%
SG&A Expenses to Revenue	174.68%	206.31%	267.87%	242.62%	198.87%	245.32%	228.93%	262.41%	187.47%	110.33%	123.64%
R&D to Revenue	78.07%	85.52%	93.05%	78.58%	74.07%	73.90%	95.18%	89.18%	36.49%	35.58%	48.01%
Operating Expenses to Revenue	414.51%	457.92%	552.99%	481.91%	409.58%	457.92%	550.96%	550.00%	355.07%	262.19%	306.38%
Earnings before Interest and Taxes (EBIT)	-3.38	-3.14	-3.57	-3.87	-3.22	-3.17	-3.68	-2.86	-3.39	-2.87	-3.33
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-3.27	-2.99	-3.41	-3.72	-3.05	-2.99	-3.57	-2.74	-3.25	-2.70	-3.00
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.01	0.00	0.84	1.03	0.00	2.51	5.65	3.57	0.00
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.01	0.00	0.84	1.03	0.00	2.51	0.00	0.00	0.00
Price to Revenue (P/Rev)	1.48	0.00	0.00	0.68	1.12	0.70	0.00	2.52	3.01	1.78	0.00
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	6.91	4.94	2.55
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.00	1.07	0.00	0.00	0.00	1.13	2.90	1.61	0.43
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	1.51	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	1.84
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	0.00	-1.40	-1.53	-4.79	-1.12	-1.15	-1.13	-1.30	-0.97	-0.93	-1.01
Leverage Ratio	0.00	2.48	2.57	9.14	1.59	2.40	1.65	2.27	1.80	1.87	2.33
Compound Leverage Factor	0.00	2.47	2.57	9.05	1.58	2.33	1.62	2.20	1.77	1.85	2.43
Debt to Total Capital	0.00%	60.12%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	64.74%
Short-Term Debt to Total Capital	0.00%	60.12%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	64.74%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	91.06%	396.63%	45.81%	62.84%	40.02%	55.89%	64.07%	60.99%	57.19%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	0.00%	39.88%	8.94%	-296.63%	54.19%	37.16%	59.98%	44.11%	35.93%	39.01%	-21.93%
Debt to EBITDA	0.00	-0.08	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-0.30
Net Debt to EBITDA	0.00	0.08	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.10
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	-0.11	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-0.40
Net Debt to NOPAT	0.00	0.11	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.13
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	0.00	-13.18	-10.75	-15.72	-6.41	-9.38	-7.35	-8.25	-9.91	-9.96	-9.72
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	54.12%	190.20%	45.81%	55.59%	54.25%	93.47%	52.55%	61.99%	60.56%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.00	1.24	2.63	1.20	3.52	4.39	5.46	3.86	2.15	2.11	1.03
Quick Ratio	0.00	0.94	2.19	0.78	3.16	3.96	5.10	3.36	1.56	1.70	0.89
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-1.95	-4.04	-4.13	-7.02	-1.28	-2.13	-2.40	-2.00	-4.70	-3.85	-4.00
Operating Cash Flow to CapEx	-5,531.58%	-2,476.09%	-1,964.71%	0.00%	-2,252.88%	0.00%	0.00%	-1,153.13%	0.00%	-1,158.33%	-5,285.71%
Free Cash Flow to Firm to Interest Expense	-487.90	-237.63	-121.54	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-22.72
Operating Cash Flow to Interest Expense	-788.25	-134.00	-68.76	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-16.82
Operating Cash Flow Less CapEx to Interest Expense	-802.50	-139.41	-72.26	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-17.14
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.34	0.41	0.43	0.25	0.40	0.31	0.34	0.28	0.38	0.35
Accounts Receivable Turnover	0.00	7.85	7.25	5.27	3.78	4.75	4.51	4.07	2.96	3.08	3.22
Inventory Turnover	0.00	3.48	2.78	2.27	2.30	2.70	2.78	2.48	1.56	1.91	2.29
Fixed Asset Turnover	0.00	3.34	3.48	3.65	3.66	3.83	3.88	3.38	4.12	4.72	5.75
Accounts Payable Turnover	0.00	3.43	2.44	1.32	1.28	3.91	4.51	1.60	1.79	2.61	2.83
Days Sales Outstanding (DSO)	0.00	46.50	50.37	69.28	96.45	76.91	80.97	89.73	123.45	118.50	113.34
Days Inventory Outstanding (DIO)	0.00	104.83	131.36	160.81	158.48	135.19	131.46	147.20	233.73	191.02	159.48
Days Payable Outstanding (DPO)	0.00	106.34	149.66	275.93	285.37	93.46	80.85	227.56	203.73	139.69	128.89
Cash Conversion Cycle (CCC)	0.00	44.98	32.07	-45.84	-30.44	118.63	131.58	9.38	153.46	169.83	143.93
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	0.00	-0.48	-0.76	-1.14	-0.97	-0.56	-0.94	-1.13	1.36	1.28	0.77
Invested Capital Turnover	0.00	-2.10	-2.01	-1.03	-6.83	-6.30	-3.87	-2.60	16.79	10.96	-55.05
Increase / (Decrease) in Invested Capital	-0.41	1.84	1.68	4.31	-0.97	-0.09	-0.17	0.00	2.33	1.85	1.70
Enterprise Value (EV)	0.00	-1.25	-1.09	3.62	-1.69	-0.50	-6.55	3.33	9.37	6.34	1.96
Market Capitalization	3.54	0.00	0.00	2.29	3.72	2.28	0.01	7.42	9.74	7.03	0.01
Book Value per Share	$0.00	$0.03	$907.56	($5.26)	$5.06	$1.83	$1.56	$0.39	$0.21	$0.27	($0.10)
Tangible Book Value per Share	$0.00	$0.03	$907.56	($5.26)	$5.06	$1.83	$1.56	$0.39	($0.14)	($0.13)	($0.36)
Total Capital	0.00	1.95	3.62	0.83	8.19	5.97	9.38	6.71	4.80	5.04	5.38
Total Debt	0.00	1.17	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	3.48
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	0.00	-1.26	-4.39	-1.97	-9.16	-6.54	-10	-7.85	-3.44	-3.76	-1.13
Capital Expenditures (CapEx)	0.06	0.09	0.12	0.00	0.10	-0.04	0.00	0.19	-0.11	0.19	0.06
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-0.51	-0.70	-1.28	-1.15	-0.19	-0.52	-0.53	0.06	-0.20	-0.91
Debt-free Net Working Capital (DFNWC)	0.00	1.92	3.69	0.68	8.01	6.34	9.80	7.32	3.50	3.56	3.70
Net Working Capital (NWC)	0.00	0.75	3.69	0.68	8.01	6.34	9.80	7.32	3.50	3.56	0.22
Net Nonoperating Expense (NNE)	0.97	0.94	1.12	1.12	0.93	0.87	1.04	0.77	0.96	0.83	1.18
Net Nonoperating Obligations (NNO)	0.00	-1.26	-4.39	-1.97	-9.16	-6.54	-10	-7.85	-3.44	-3.76	-1.13
Total Depreciation and Amortization (D&A)	0.10	0.15	0.16	0.15	0.16	0.18	0.11	0.11	0.15	0.16	0.33
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-17.28%	-21.75%	-38.08%	-34.75%	-5.92%	-15.71%	-17.81%	1.92%	-5.10%	-19.84%
Debt-free Net Working Capital to Revenue	0.00%	65.64%	114.78%	20.28%	241.63%	193.50%	298.26%	248.42%	108.38%	90.14%	80.38%
Net Working Capital to Revenue	0.00%	25.58%	114.78%	20.28%	241.63%	193.50%	298.26%	248.42%	108.38%	90.14%	4.68%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	($110,449.36)	($10.00)	($8.16)	($3.63)	($2.54)	($1.01)	($0.36)	($0.40)	($0.38)	($0.31)
Adjusted Weighted Average Basic Shares Outstanding	0.00	28.00	356.63K	468.63K	877K	1.21M	3.60M	7.59M	8.25M	7.38M	11.27M
Adjusted Diluted Earnings per Share	$0.00	($110,449.36)	$0.00	$0.00	($3.63)	($2.54)	($1.01)	($0.36)	($0.40)	($0.38)	$0.31
Adjusted Weighted Average Diluted Shares Outstanding	0.00	28.00	466.18K	493.97K	877K	1.21M	3.60M	7.59M	8.25M	7.38M	11.27K
Adjusted Basic & Diluted Earnings per Share	$0.00	($110,449.36)	$0.00	$0.00	$0.00	($2.54)	$0.00	$0.00	$0.00	($0.38)	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	465.87K	466.18K	493.97K	0.00	5.58M	7.59M	8.88M	8.61M	11.30M	11.57M
Normalized Net Operating Profit after Tax (NOPAT)	-2.36	-2.20	-2.45	-2.71	-2.25	-2.22	-2.57	-2.00	-2.37	-2.01	-2.30
Normalized NOPAT Margin	-250.49%	-272.12%	-341.34%	-300.82%	-253.72%	-288.45%	-354.53%	-354.59%	-202.42%	-135.46%	-166.50%
Pre Tax Income Margin	-352.97%	-387.87%	-497.36%	-424.64%	-358.96%	-400.91%	-498.07%	-490.96%	-284.65%	-191.22%	-252.07%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-844.50	-184.76	-104.97	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-18.89
NOPAT to Interest Expense	-591.15	-129.34	-72.18	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-13.05
EBIT Less CapEx to Interest Expense	-858.75	-190.18	-108.47	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-19.21
NOPAT Less CapEx to Interest Expense	-605.40	-134.75	-75.68	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-13.36
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	-8.02%	-12.25%	0.00%	0.00%	-7.39%	-4.45%

Financials Breakdown Chart

Key Financial Trends

Tenon Medical’s latest results show improving revenue momentum but continued heavy losses and cash burn. Revenue reached $1.38 million in Q1 2026, up from $1.17 million in Q3 2025 and just below the $1.48 million reported in Q4 2025. This represents a substantial recovery from the $564,000 recorded in Q2 2025. However, the company remains far from profitability, with a $3.48 million net loss and $2.96 million in operating cash outflow during the quarter.

Revenue has recovered significantly. Quarterly revenue increased from $564,000 in Q2 2025 to $1.17 million in Q3, $1.48 million in Q4 and $1.38 million in Q1 2026. The latest result was also approximately 91% above Q1 2024 revenue of $719,000.
Gross margins remain relatively strong at higher sales levels. Q1 2026 gross profit was $945,000, representing a gross margin of approximately 68.5%. This was broadly consistent with Q4 2025 and materially better than the 43.4% margin recorded in Q2 2025.
Cash increased during Q1 2026. Cash and equivalents rose to $4.61 million from $3.44 million at the end of Q3 2025, supported by $4.30 million of debt issuance. The company reported an $851,000 net increase in cash during the quarter despite negative operating cash flow.
Capital investment requirements appear modest. Tenon used $56,000 for property and equipment purchases in Q1 2026, down from $192,000 in Q4 2025 and $639,000 of total investing outflows in Q3 2025.
Operating losses have improved from some prior periods but remain substantial. The Q1 2026 operating loss was $3.28 million, better than the $3.92 million loss in Q2 2025 and the $3.51 million loss in Q1 2024, but worse than the $2.87 million loss in Q4 2025.
Accounts receivable increased alongside revenue. Receivables reached $1.97 million at March 31, 2026, compared with $770,000 at June 30, 2025. This may reflect stronger sales, but investors should monitor collections and whether receivables convert to cash.
Tenon has not yet demonstrated a path to profitability. The company has reported recurring quarterly net losses throughout the supplied period, including losses of $3.33 million in Q3 2025, $2.83 million in Q4 2025 and $3.48 million in Q1 2026.
Operating expenses continue to exceed gross profit by a wide margin. Q1 2026 selling, general and administrative, marketing, and research and development expenses totaled $4.23 million, more than four times the company’s $945,000 gross profit. Marketing expense alone was $1.86 million.
Operating cash burn remains elevated. Tenon used $2.96 million in operating cash during Q1 2026, compared with $2.22 million in Q4 2025 and $3.82 million in Q3 2025. At the latest quarterly burn rate, the company would need continued financing or significant operating improvements to sustain its business.
Liquidity and leverage have deteriorated. Current liabilities rose to $7.41 million, including $3.48 million of short-term debt, while current assets totaled $7.62 million. This produced a current ratio of approximately 1.0, down sharply from roughly 3.9 in Q2 2025 and 2.2 in Q3 2025. Total liabilities also increased to $10.94 million from $5.57 million in Q3 2025.

Investor takeaway: The revenue trend is the clearest positive development, and the latest gross margin suggests Tenon’s products may generate attractive unit economics as sales scale. Nevertheless, the company’s cost structure remains too large relative to revenue, and Q1 financing relied heavily on new debt rather than internally generated cash. Investors should focus on whether revenue growth continues, operating expenses begin to decline as a percentage of sales, and operating cash burn narrows before viewing the recent sales recovery as a sustainable turnaround.

08/13/26 07:42 PM ETAI Generated. May Contain Errors.

Tenon Medical Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Tenon Medical's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Tenon Medical's net income appears to be on an upward trend, with a most recent value of -$12.56 million in 2025, rising from -$7.08 million in 2021. The previous period was -$13.67 million in 2024. See where experts think Tenon Medical is headed by visiting Tenon Medical's forecast page.

Tenon Medical's total operating income in 2025 was -$12.79 million, based on the following breakdown:

Total Gross Profit: $2.36 million
Total Operating Expenses: $15.15 million

Over the last 4 years, Tenon Medical's total revenue changed from $160 thousand in 2021 to $3.94 million in 2025, a change of 2,365.0%.

Tenon Medical's total liabilities were at $5.72 million at the end of 2025, a 47.7% increase from 2024, and a 64.7% decrease since 2021.

In the past 4 years, Tenon Medical's cash and equivalents has ranged from $2.13 million in 2022 to $6.54 million in 2024, and is currently $3.76 million as of their latest financial filing in 2025.

Over the last 4 years, Tenon Medical's book value per share changed from -22.76 in 2021 to 0.27 in 2025, a change of -101.2%.

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Financial statements for NASDAQ:TNON last updated on 8/10/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Tenon Medical (TNON) Financials

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Tenon Medical (TNON) Financials

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Tenon Medical Financials - Frequently Asked Questions

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How has Tenon Medical's revenue changed over the last 4 years?

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