TNON

MKT CAP:$6M

Tenon Medical, Inc.

Market Cap

$6M

Healthcare·Medical - Devices·🇺🇸 United States·NASDAQ

Healthcare·Medical - Devices·🇺🇸·NASDAQ

Stock Price

$0.79-$0.18 (-18.78%)

Apr 22, 2026

Company Details

Tenon Medical, Inc., a medical device company, develops surgical implant systems to optimize sacroiliac joint fixation/fusion surgery and corresponding outcomes. It sells The CATAMARAN SIJ Fusion System that includes instruments and implant...

CEO

Steven Foster

IPO Date

Apr 27, 2022

Website

www.tenonmed.com

Key Metrics TTM

Revenue

$3M

-2.5% YoY

Net Income

-$13M

EPS (Diluted)

-$4.31

Free Cash Flow

-$11M

Revenue / Share

$0.39

Gross Margin

52.4%

Operating Margin

-405.2%

Net Margin

-396.3%

FCF Margin

-350.8%

P/S

1.8x

P/E

—

Earnings Reports

Q4 2025

May 12, 2026

PENDING

FY 2025

Mar 27, 2026

$4M+20.4%EPS -$1.70

Q3 2025

Nov 13, 2025

$1M+32.2%EPS -$0.40

Q2 2025

Aug 13, 2025

$564.0K-37.4%EPS -$0.36

Q1 2025

May 13, 2025

$726.0K+1.0%EPS -$1.01

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$52.8K	$36.0K	-$3M
Q1 22	$71.0K	-$204.0K	-$2M
Q2 22	$135.0K	-$136.0K	-$5M
Q3 22	$208.0K	-$94.0K	-$3M
Q4 22	$277.0K	-$207.0K	-$8M
Q1 23	$433.0K	-$47.0K	-$5M
Q2 23	$743.0K	$194.0K	-$4M
Q3 23	$944.0K	$535.0K	-$3M
Q4 23	$808.0K	$408.0K	-$3M
Q1 24	$719.0K	$470.0K	-$4M
Q2 24	$901.0K	$470.0K	-$4M
Q3 24	$887.0K	$418.0K	-$3M
Q4 24	$770.0K	$353.0K	-$3M
Q1 25	$726.0K	$323.0K	-$4M
Q2 25	$564.0K	$245.0K	-$3M
Q3 25	$1M	$773.0K	-$3M

Valuation

Quarter	P/S	P/E
Q4 21	38.5x	—
Q1 22	27.9x	—
Q2 22	17.7x	—
Q3 22	12.5x	—
Q4 22	8.4x	—
Q1 23	5.5x	—
Q2 23	3.5x	—
Q3 23	2.4x	—
Q4 23	2.0x	—
Q1 24	1.8x	—
Q2 24	1.7x	—
Q3 24	1.8x	—
Q4 24	1.8x	—
Q1 25	1.8x	—
Q2 25	2.0x	—
Q3 25	1.8x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	-$2M	-$2M
Q1 22	-$2M	-$3M
Q2 22	-$3M	-$3M
Q3 22	-$3M	-$3M
Q4 22	-$3M	-$4M
Q1 23	-$4M	-$4M
Q2 23	-$3M	-$3M
Q3 23	-$3M	-$3M
Q4 23	-$2M	-$2M
Q1 24	-$2M	-$2M
Q2 24	-$2M	-$2M
Q3 24	-$2M	-$2M
Q4 24	-$3M	-$3M
Q1 25	-$2M	-$2M
Q2 25	-$2M	-$2M
Q3 25	-$4M	-$4M

Capital Expenditures

Quarter	CapEx
Q4 21	$84.7K
Q1 22	$128.0K
Q2 22	$41.0K
Q3 22	$77.0K
Q4 22	$601.0K
Q1 23	$84.0K
Q2 23	$128.0K
Q3 23	$57.0K
Q4 23	$92.0K
Q1 24	$119.0K
Q2 24	$0
Q3 24	$104.0K
Q4 24	$37.0K
Q1 25	$0
Q2 25	$192.0K
Q3 25	$111.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	+1550.0%	+2255.3%
Q1 22	+428.3%	+915.3%
Q2 22	+800.0%	+2640.7%
Q3 22	+197.1%	+60.1%
Q4 22	+424.6%	+213.8%
Q1 23	+509.9%	+147.4%
Q2 23	+450.4%	-9.4%
Q3 23	+353.8%	+24.6%
Q4 23	+191.7%	-51.9%
Q1 24	+66.1%	-20.6%
Q2 24	+21.3%	-5.8%
Q3 24	-6.0%	-5.1%
Q4 24	-4.7%	-0.2%
Q1 25	+1.0%	+4.2%
Q2 25	-37.4%	-28.3%
Q3 25	+32.2%	+11.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$0	0.0%
Q1 22	$169.0K	238.0%
Q2 22	$552.0K	408.9%
Q3 22	$1M	497.1%
Q4 22	$1M	412.3%
Q1 23	$1M	240.2%
Q2 23	$1M	141.9%
Q3 23	$1M	113.3%
Q4 23	$0	0.0%
Q1 24	$1M	141.6%
Q2 24	$1M	114.8%
Q3 24	$910.0K	102.6%
Q4 24	$883.0K	114.7%
Q1 25	$872.0K	120.1%
Q2 25	$417.0K	73.9%
Q3 25	$58.0K	4.9%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q4 21	$793.0K	$1M	$667.6K
Q1 22	$562.0K	$1M	$276.0K
Q2 22	$657.0K	$3M	$2M
Q3 22	$797.0K	$2M	$645.0K
Q4 22	$812.0K	$2M	$5M
Q1 23	$834.0K	$2M	$2M
Q2 23	$901.0K	$2M	$2M
Q3 23	$737.0K	$2M	$2M
Q4 23	$691.0K	$2M	$1M
Q1 24	$669.0K	$2M	$1M
Q2 24	$708.0K	$2M	$1M
Q3 24	$657.0K	$2M	$1M
Q4 24	$569.0K	$2M	$1M
Q1 25	$691.0K	$2M	$2M
Q2 25	$503.0K	$1M	$1M
Q3 25	$428.0K	$2M	$2M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$5M	$0	$5M
Q2 22	$8M	$8M	$16M
Q3 22	$3M	$9M	$13M
Q4 22	$2M	$6M	$9M
Q1 23	$3M	$2M	$5M
Q2 23	$6M	$493.0K	$6M
Q3 23	$3M	$0	$3M
Q4 23	$2M	$0	$2M
Q1 24	$4M	$0	$4M
Q2 24	$2M	$0	$2M
Q3 24	$9M	$0	$9M
Q4 24	$7M	$0	$7M
Q1 25	$10M	$0	$10M
Q2 25	$8M	$0	$8M
Q3 25	$3M	$0	$3M
Q4 25	$4M	$0	$4M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	13K	+9.7%	+21.5%
Q1 22	12K	-1.8%	+19.3%
Q2 22	105K	+750.7%	+914.7%
Q3 22	141K	+33.5%	+1123.0%
Q4 22	140K	-0.0%	+1014.6%
Q1 23	141K	+0.0%	+1035.4%
Q2 23	163K	+16.1%	+55.0%
Q3 23	285K	+74.7%	+102.8%
Q4 23	318K	+11.6%	+126.5%
Q1 24	357K	+12.1%	+153.8%
Q2 24	469K	+31.4%	+187.3%
Q3 24	877K	+87.1%	+207.7%
Q4 24	1M	+38.4%	+281.6%
Q1 25	4M	+196.3%	+908.6%
Q2 25	8M	+111.0%	+1519.8%
Q3 25	8M	+8.7%	+840.7%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	—	—
Q1 22	—	—
Q2 22	—	—
Q3 22	—	—
Q4 22	$12.6K	22
Q1 23	$19.7K	22
Q2 23	$33.8K	22
Q3 23	$42.9K	22
Q4 23	$36.7K	22
Q1 24	$32.7K	22
Q2 24	$41.0K	22
Q3 24	$40.3K	22
Q4 24	$35.0K	22
Q1 25	$33.0K	22
Q2 25	$25.6K	22
Q3 25	$53.3K	22

Revenue / Employee