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Tenon Medical cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$2.9M in Q2 2026 · −$12.1M over twelve months

Operating cash flow−$2.8M
Capital spending−$172K
Free cash flow−$2.9M
Cash conversion cycle170 days

Analysis

In Q2 2026, Tenon Medical generated −$2.8M of operating cash flow and spent $172K on capital projects, leaving free cash flow of −$2.9M. That is $716K less than in Q2 2025 (−$2.2M).

Over the twelve months to Jun 30, 2026, operating cash flow was −$11.8M; the largest uses were operating cash flow ($11.8M), other investing ($750K), capital spending ($309K); besides operations, cash came from other financing ($6.7M); the cash balance fell by $6.2M.

Operating cash flow was −$2.8M against net income of −$4.0M. The largest differences: stock-based pay +$412K, inventory +$280K, prepaid and other assets −$272K.

Its cash conversion cycle was 170 days (receivables 139 + inventory 155 − payables 125).

Free cash flow

Tenon Medical: free cash flow by quarterTenon Medical: free cash flow by quarter−$2.4MQ3 2024−$2.7MQ4 2024−$2.5MQ1 2025−$2.2MQ2 2025−$3.7MQ3 2025−$2.4MQ4 2025−$3.0MQ1 2026−$2.9MQ2 2026
Operating cash flow less capital spending.
Tenon Medical: operating cash flow against capital spendingTenon Medical: operating cash flow against capital spendingOperating cash flowCapital spending−$2.3M$104KQ3 2024−$2.8M−$37KQ4 2024−$2.5M$0Q1 2025−$2.2M$0Q2 2025−$3.8M−$111KQ3 2025−$2.2M$192KQ4 2025−$3.0M$56KQ1 2026−$2.8M$172KQ2 2026
Latest (Q2 2026): Operating cash flow −$2.8M, Capital spending $172K.

Capital allocation, year by year

Tenon Medical: where the cash came from (up) and went (down), by fiscal yearTenon Medical: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingFY2021: Operating cash flow −$4.3MFY2021: Net borrowing $11.8MFY2021: Capital spending −$102K$11.8MFY2021FY2022: Operating cash flow −$12.0MFY2022: Shares issued $14.1MFY2022: Capital spending −$847K$14.1MFY2022FY2023: Operating cash flow −$12.2MFY2023: Net borrowing $495KFY2023: Shares issued $495KFY2023: Capital spending −$361K$990KFY2023FY2024: Operating cash flow −$9.9MFY2024: Shares issued $4.7MFY2024: Capital spending −$186K$4.7MFY2024FY2025: Operating cash flow −$10.7MFY2025: Capital spending −$273KFY2025
Over these 5 years operating cash flow totalled −$49.1M; the largest uses were operating cash flow ($49.1M) and capital spending ($1.8M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.7M
Debtnone
Net cash$1.7M
Cash runway2 months

Tenon Medical is burning cash: its operations consume cash, a free cash flow of −$12.1M a year at the current rate against $1.7M of cash and investments: a runway of about 2 months before any new financing.

Where the cash came from and went

Tenon Medical: sources (+) and uses (−) of cash, Q2 2026Tenon Medical: sources (+) and uses (−) of cash, Q2 2026Cash drawn (+) / kept (−)$2.9MOperating cash flow−$2.8MCapital spending−$172K
Tenon Medical: sources (+) and uses (−) of cash, TTM to Q2 2026Tenon Medical: sources (+) and uses (−) of cash, TTM to Q2 2026Operating cash flow−$11.8MOther financing$6.7MCash drawn (+) / kept (−)$6.2MOther investing−$750KCapital spending−$309K

From profit to cash

Tenon Medical: net income to operating cash flow, Q2 2026Tenon Medical: net income to operating cash flow, Q2 2026Net income−$4.0MDepreciation & amortization$60KStock-based pay$412KGains on investments−$24KReceivables$27KInventory$280KPayables−$18KAccrued liabilities$72KPrepaid and other assets−$272KOperating cash flow−$2.8M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 2026139155125170
Q1 2026120193155158
Q4 202593240146187
Q3 202582236175143
Q2 2025134185198120
Q1 202510813597147
Q4 202410413416176
Q3 202481119216-16

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026−$2.8M−$172K——$2.9M−$2.9M
Q1 2026−$3.0M−$56K$4.3M—−$851K−$3.0M
Q4 2025−$2.2M−$192K——−$314K−$2.4M
Q3 2025−$3.8M$111K——$4.4M−$3.7M
Q2 2025−$2.2M———$2.5M−$2.2M
Q1 2025−$2.5M——$4.0M−$3.8M−$2.5M
Q4 2024−$2.8M$37K—−$57K$2.6M−$2.7M
Q3 2024−$2.3M−$104K—$173K−$7.2M−$2.4M

Tenon Medical: income statement and cash flow

Tenon Medical, Q2 2026: revenue $1.3M (+127% year over year), operating margin -262.2%. The chart follows the revenue to costs, profit and cash.

Tenon Medical: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.