Tenon Medical, Inc. (TNON) Income Statement
TNON 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsTNON revenue and net income
Where TNON's revenue goes
2025Each bar shows an amount and its share of revenue. TNON kept −318.4% of revenue as net income.
TNON profit margins
TNON growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +20.4% | +78.7% | +146.0% | — |
| Gross profit | +37.8% | — | +147.2% | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
TNON quarterly EPS vs estimates
Tenon Medical beat the analyst EPS estimate in 4 of the last 8 quarters. Next report: November 12, 2026 (estimate $-5.62).
TNON income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|
| Revenue | $3.9M | $3.3M | $2.9M | $691,000 | $160,000 | $43,820 | $53,640 |
| Cost of revenue | $1.6M | $1.6M | $1.7M | $1.3M | $55,000 | $18,257 | $18,257 |
| Gross profit | $2.4M | $1.7M | $1.2M | −$641,000 | $105,000 | $25,563 | $35,383 |
| Research & development | $2.1M | $2.6M | $3.2M | $2.8M | $1.7M | $220,884 | $371,545 |
| Sales, general & admin | $13.0M | $12.9M | $13.8M | $15.3M | $4.8M | $340,968 | $197,280 |
| Total operating expenses | $15.2M | $15.5M | $17.0M | $18.1M | $6.6M | $561,852 | $568,825 |
| Operating income | −$12.8M | −$13.8M | −$15.7M | −$18.7M | −$6.5M | −$536,289 | −$533,440 |
| Interest expense | $0 | $34,000 | $21,000 | $354,000 | $621,000 | $167,846 | $52,358 |
| Income before taxes | −$12.6M | −$13.7M | −$15.6M | −$18.9M | −$7.1M | −$705,365 | −$585,828 |
| Income taxes | — | −$13.7M | — | $192,000 | $587,239 | $47,659 | −$609,690 |
| Net income | −$12.6M | −$13.7M | −$15.6M | −$18.9M | −$7.0M | −$585,178 | −$509,580 |
| EBITDA | −$12.0M | −$13.0M | −$15.1M | −$18.3M | −$6.3M | −$537,519 | −$30 |
| EPS (diluted) | −$1.99 | −$15.63 | −$39.19 | −$117.91 | — | — | — |
| Gross margin | 59.8% | 52.2% | 42.4% | −92.8% | 65.6% | 58.3% | 66.0% |
| Operating margin | −324.3% | −420.1% | −537.1% | −2,709.8% | −4,038.1% | −1,223.8% | −994.5% |
| Net margin | −318.4% | −417.2% | −532.1% | −2,737.6% | −4,405.0% | −1,335.4% | −950.0% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.3M | $1.4M | $1.5M | $1.2M | $564,000 | $726,000 | $770,000 | $887,000 | $901,000 | $719,000 | $808,000 | $944,000 |
| Cost of revenue | $465,000 | $434,000 | $500,000 | $400,000 | $319,000 | $403,000 | $417,000 | $469,000 | $431,000 | $249,000 | $400,000 | $409,000 |
| Gross profit | $814,000 | $945,000 | $1.0M | $773,000 | $245,000 | $323,000 | $353,000 | $418,000 | $470,000 | $470,000 | $408,000 | $535,000 |
| Research & development | $768,000 | $662,000 | $527,000 | $428,000 | $503,000 | $691,000 | $569,000 | $657,000 | $708,000 | $669,000 | $691,000 | $737,000 |
| Sales, general & admin | $3.4M | $3.6M | $3.4M | $3.7M | $2.6M | $3.3M | $3.0M | $3.0M | $3.6M | $3.3M | $1.7M | $3.2M |
| Total operating expenses | $4.2M | $4.2M | $3.9M | $4.2M | $3.1M | $4.0M | $3.5M | $3.6M | $4.3M | $4.0M | $3.5M | $3.9M |
| Operating income | −$3.4M | −$3.3M | −$2.9M | −$3.4M | −$2.9M | −$3.7M | −$3.2M | −$3.2M | −$3.9M | −$3.5M | −$3.1M | −$3.4M |
| Interest expense | $852,000 | $176,000 | $0 | $0 | $0 | $0 | $68,000 | $0 | $0 | $34,000 | $17,000 | $4,000 |
| Income before taxes | −$4.0M | −$3.5M | −$2.8M | −$3.3M | −$2.8M | −$3.6M | −$3.1M | −$3.2M | −$3.8M | −$3.6M | −$3.1M | −$3.3M |
| Income taxes | — | — | — | — | — | — | −$116,724 | — | — | $116,724 | $52,000 | $4,000 |
| Net income | −$4.0M | −$3.5M | −$2.8M | −$3.3M | −$2.8M | −$3.6M | −$3.1M | −$3.2M | −$3.8M | −$3.6M | −$3.1M | −$3.3M |
| EBITDA | −$3.4M | −$3.1M | −$2.6M | −$3.2M | −$2.7M | −$3.5M | −$3.0M | −$3.0M | −$3.7M | −$3.4M | −$3.0M | −$3.2M |
| EPS (diluted) | −$12.35 | −$10.85 | −$0.22 | −$0.40 | −$0.36 | −$1.01 | −$0.98 | −$3.63 | −$1.02 | −$10.00 | −$0.68 | −$11.68 |
| Gross margin | 63.6% | 68.5% | 66.7% | 65.9% | 43.4% | 44.5% | 45.8% | 47.1% | 52.2% | 65.4% | 50.5% | 56.7% |
| Operating margin | −262.2% | −237.9% | −193.3% | −289.2% | −506.6% | −506.5% | −412.1% | −362.5% | −429.7% | −487.6% | −388.7% | −357.8% |
| Net margin | −316.7% | −252.1% | −186.7% | −284.7% | −491.0% | −498.1% | −400.9% | −359.0% | −424.6% | −497.4% | −387.9% | −353.0% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in TNON's financial statements (latest annual report filed March 27, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
TNON financial results
In fiscal year 2025 (ended December 31, 2025), Tenon Medical reported revenue of $3.9 million, up 20.4% from the year before. It had a net loss of $12.6 million, a net profit margin of −318.4%. Diluted earnings per share came to −$1.99. Over five years revenue grew at an average rate of 146.0% a year.
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TNON income statement FAQ
What is Tenon Medical's annual revenue?
Tenon Medical reported total revenue of $3.9 million for fiscal year 2025, which ended on December 31, 2025. That was up 20.4% from $3.3 million the previous year.
Is Tenon Medical profitable?
No. Tenon Medical reported a net loss of $12.6 million in fiscal 2025, a net profit margin of −318.4%; its operating margin was −324.3%.
What is Tenon Medical's gross margin?
Tenon Medical's gross margin was 59.8% in fiscal 2025: for every $100 of revenue, Tenon Medical kept $60 after the direct cost of its products and services.
How much does Tenon Medical spend on research and development?
Tenon Medical spent $2.1 million on research and development in fiscal 2025, 54.5% of revenue.
How fast is Tenon Medical growing?
Revenue grew 146.0% a year on average over the last five fiscal years, from $0.0 million to $3.9 million.
What are Tenon Medical's earnings per share?
Tenon Medical earned $-1.99 per diluted share in fiscal 2025, compared with $-15.63 a year earlier.
When will Tenon Medical report its next earnings?
Tenon Medical is expected to report results for the quarter ending September 30, 2026 on November 12, 2026 after the market closes.
When does Tenon Medical's fiscal year end?
Tenon Medical's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 27, 2026.