TNON · Tenon Medical, Inc.

Summary

Tenon Medical, Inc. reported fourth quarter 2025 revenue of $1.5 million, up 92% from $0.8 million in Q4 2024, and full year 2025 revenue of $3.9 million, up 20% from $3.3 million in 2024, with gross margins improving to 69% in Q4 and 60% for the year. The company secured FDA 510(k) clearance for its next-generation SImmetry+ SI Joint Fusion System and completed $2.85 million ATM PIPE financing in Q4 2025.

Key takeaways

• Q4 2025 revenue $1.5 million, +92% vs $0.8 million Q4 2024
• FY 2025 revenue $3.9 million, +20% vs $3.3 million 2024
• Q4 2025 gross margin 69%, +23 points vs 46% Q4 2024
• FY 2025 gross margin 60%, +8 points vs 52% 2024
• FDA 510(k) clearance for SImmetry+ SI Joint Fusion System
• $2.85 million At-The-Market PIPE financing completed Q4 2025
• $4.3 million senior convertible notes private placement closed March 2026