TNON Tenon Medical, Inc.

Overview and Growth

In fiscal 2025, Tenon Medical, Inc. recorded $3.94M of revenue, net loss of $12.56M, and an operating cash outflow of $10.74M. The $3.94M revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. Compared with $3.28M in fiscal 2024, revenue recorded a 20.4% year-over-year increase. Diluted earnings per share were -$1.70, translating the period’s attributable earnings into the amount reported for each diluted share. The diluted weighted-average share count was 7.38K, linking total earnings with the per-share result received by shareholders. The diluted share count was 508.2% higher than fiscal 2024, when diluted shares averaged 1.21K, adding context to the EPS comparison. Total assets stood at $10.76M, showing the scale of resources supporting revenue, earnings, liquidity, and financing. The revenue-to-assets relationship was 0.37x, showing the sales generated relative to the resources carried on the balance sheet.

Profitability

After reported cost of revenue, the company retained $2.36M as gross profit before recognizing operating expenses and other items. The gross-profit relationship equaled 59.8% of revenue, quantifying the portion retained before operating expenses were recognized. The reported operating result was an operating loss of $12.79M, reflecting costs that exceeded gross profit. The operating loss equaled 324.3% of revenue, showing the scale of the operating deficit relative to sales. The company ended the period with a net loss of $12.56M, extending the operating result through all remaining items. The net loss equaled 318.4% of revenue, showing the bottom-line deficit relative to the company’s sales base. The company reported negative EBITDA of $12.53M, adding a pre-interest, tax, depreciation, and amortization view of the operating shortfall. Relative to period-end equity, the net loss represented 249.1%. Relative to total assets, the net loss represented 116.7%. Compared with a $13.67M net loss in fiscal 2024, the current loss improved to $12.56M.

Liquidity and Capital Structure

Total assets were $10.76M, supported by $5.72M of liabilities and $5.04M of shareholder equity. Current assets were $6.77M against $3.21M of current liabilities, framing the resources and obligations classified within the near-term balance-sheet horizon. Current assets covered current liabilities by 2.11x, leaving a positive buffer for near-term obligations. The company held $3.76M in cash and equivalents, a narrower liquidity measure than total current assets. The cash balance equaled 116.9% of current liabilities, showing how much near-term coverage came from cash alone. Book equity represented 46.8% of total assets, quantifying the balance-sheet share supported by shareholder capital. The liabilities-to-assets relationship was 53.2%, placing reported obligations against the full positive asset balance. Cash and equivalents equaled 34.9% of total assets, showing the liquid cash component within the company’s broader resource base. The asset base changed 9.3% from $9.84M in fiscal 2024, leaving current total assets higher year over year. Against $5.97M of equity in fiscal 2024, the current book-equity balance moved 15.6% and ended lower. The reported cash balance changed 42.5% from $6.54M in fiscal 2024, ending lower year over year.

Cash Flow and Earnings Quality

The company reported an operating cash outflow of $10.74M, rather than cash generation from operations. Capital spending of $273.00K added to the period’s operating cash use, reinforcing the overall cash deficit after investment for the year. Negative free cash flow was $11.02M, leaving a cash deficit after capital spending and reducing financial flexibility. Relative to revenue, the post-investment cash deficit represented 279.4%. Relative to total assets, the post-investment cash deficit measured 102.4%. The operating cash outflow widened to $10.74M from $9.88M in fiscal 2024.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.