XTNT · Xtant Medical Holdings, Inc.

Summary

Q1 2026 delivered sharp revenue decline of 36.5% to $20.9M, driving operating loss of $2.9M despite resilient 57.3% gross margin, as lower scale and sales mix changes pressured profitability amid strategic shifts.

Key takeaways

• Revenue declined 36.5% to $20.9M from $32.9M, primarily due to lower volume in the current period.
• Gross profit fell 40.9% to $12.0M from $20.2M, with cost of sales decreasing in line with reduced revenue.
• Gross margin of 57.3% reflected pressure from reduced scale and sales mix changes, including lower license revenue contribution.
• Operating income swung to -$2.9M loss from $1.1M profit, as revenue drop outpaced cost reductions.
• Net income was -$3.1M with diluted EPS of -$0.02, versus $58K profit last year.
• Free cash flow was -$2.3M, with operating cash use of -$2.1M versus prior $1.3M inflow, tied to net loss.