Filing Flows › Tenon Medical (TNON) › Q4 2025
Tenon Medical (TNON) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 27, 2026
Tenon Medical (TNON) reported revenue of $1.5M for the fourth quarter 2025 (Q4 2025), +92% from a year earlier and +26% from the quarter before. Operating margin was -193.5%, net loss $2.8M (191.2% of revenue).
Tenon Medical, Q4 2025: revenue $1.5M (+92% year over year), operating margin -193.5%, net loss $2.8M, operating cash flow −$2.2M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.5M | +26% | +92% |
| Operating profit | −$2.9M | — | — |
| Net earnings | −$2.8M | — | — |
| Operating cash flow | −$2.2M | — | — |
What changed
Revenue was $1.5M in Q4 2025, up 92% year over year and up 26% from the previous quarter.
Gross margin was 68.7%, up 22.8 points from Q4 2024. Operating costs exceeded revenue by $2.9M, an operating margin of -193.5%. Operating expenses grew 10% against revenue growth of 92%. The fastest-growing cost line was Sales & marketing (+61%). The quarter ended with a net loss of $2.8M, narrower than the previous quarter's $3.3M loss.
Operating cash flow was −$2.2M. Non-cash charges added back $95K of depreciation and amortization and $344K of share-based compensation. Working capital and other items added $169K. Capital expenditures of $192K exceeded it, leaving free cash flow of −$2.4M.
Questions
What was Tenon Medical's revenue in the fourth quarter 2025?
Tenon Medical (TNON) reported revenue of $1.5M for the fourth quarter 2025 (Q4 2025), +92% from a year earlier and +26% from the quarter before.
Was Tenon Medical profitable in the fourth quarter 2025?
Operating loss was $2.9M (-193.5% of revenue) and net loss $2.8M.
Source: Tenon Medical 10-K on SEC EDGAR.