Executive Summary

Q1 2025 was a transition quarter: revenue fell to $0.369M and EPS was $(1.29), missing S&P Global consensus as the company exited non-core operations and pivoted to medical devices, while materially lowering operating cash burn and shoring up liquidity . Versus consensus, revenue missed ($0.369M vs $0.725M*) and EPS missed ($(1.29) vs $(0.76)*) as estimated by S&P Global. Values retrieved from S&P Global.
Liquidity and runway improved: cash reached $6.5M at 3/31/25, aided by a $5.0M private placement in February; operating cash burn fell to $1.3M in Q1 from $2.7M a year ago .
Strategic repositioning accelerated: sale of TA&T (liabilities reduced ~$0.75M; >$1.7M annual OpEx savings), shutdown of Armor, and a reconstituted Board to support the medical device focus—management emphasized “disciplined transformation” and “stronger balance sheet” .
Near‑term stock reaction catalysts: evidence of commercial traction (OEM partnerships, 510(k) progress), clarity on 2025 OpEx trajectory post-streamlining, and updates on silicon nitride medical pipeline; lack of an earnings call limits near-term narrative momentum .

What Went Well and What Went Wrong

What Went Well
- Cash runway and burn: cash was $6.5M at quarter-end; operating cash outflow improved to $1.3M vs $2.7M in Q1’24 (“reduced operating cash burn”) .
- Strategic focus: divested TA&T and shut down Armor, explicitly reallocating to higher-ROIC medical device growth (“disciplined transformation”) .
- Governance reset: new Board chaired by CEO Eric Olson with medtech veterans brought in; management points to stronger oversight and execution support .
- Management quote: “We are executing a disciplined transformation…aligns our core capabilities…with high-impact healthcare applications” .
What Went Wrong
- Top-line contraction: total revenue declined 46% YoY to $0.369M as grants fell post-TA&T divestiture (grant revenue down ~$0.3M YoY), and revenue missed S&P consensus . Values retrieved from S&P Global.
- Profitability: net loss of $(2.29)M; EPS $(1.29) missed S&P consensus ($(0.76)*) despite lower OpEx, reflecting smaller scale and gross profit compression . Values retrieved from S&P Global.
- Gross margin compression: Q1 gross profit $0.123M on $0.369M revenue (33% GM), down sharply vs recent quarters during the portfolio transition .

Financial Results

Metric	Q3 2024	Q4 2024	Q1 2025
Revenue ($USD Millions)	$0.799	$0.542*	$0.369
Gross Profit ($USD Millions)	$0.589	$0.388*	$0.123
Gross Margin (%)	73.7% (computed from )	71.6%*	33.3% (computed from )
Total Operating Expenses ($USD Millions)	$6.997 (includes Armor exit costs)	$1.888*	$2.506
Net Income ($USD Millions)	$(6.239)	$(1.695)*	$(2.292)
Diluted EPS ($)	$(6.96)	$(1.26)*	$(1.29)

Asterisk indicates values retrieved from S&P Global.

Q1 2025 vs S&P Global Consensus

Metric	Actual (Q1 2025)	S&P Global Consensus	Surprise
Revenue ($USD Millions)	$0.369	$0.725*	Miss
EPS ($)	$(1.29)	$(0.755)*	Miss

Asterisk indicates values retrieved from S&P Global.

Revenue Mix and YoY Drivers

	Q1 2024	Q1 2025	YoY Commentary
Product Revenue ($USD Millions)	$0.309	$0.291	Flat to slightly down as portfolio pivots
Grant & Contract Revenue ($USD Millions)	$0.378	$0.078	Down ~$0.3M YoY; primarily tied to TA&T disposition

KPIs and Liquidity

KPI	Q1 2025
Cash & Equivalents ($USD Millions)	$6.5
Cash from Operations ($USD Millions)	$(1.301)
Shares Outstanding (Basic WAvg)	1,772,732
Private Placement (Feb 2025)	$5.0M gross; warrants exercisable at $3.32
Share Repurchase (Mar 2025)	29,665 shares at $2.91 avg price

Guidance Changes

SINTX did not issue quantitative financial guidance for revenue, margins, OpEx, or EPS in Q1 2025. Management focused on strategic actions (divestiture, cost optimization, and medical device prioritization) without providing formal ranges.

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue	FY/Q2+	None	None	Maintained (no guidance)
Gross Margin	FY/Q2+	None	None	Maintained (no guidance)
Operating Expenses	FY/Q2+	None	None	Maintained (no guidance)
EPS/Net Income	FY/Q2+	None	None	Maintained (no guidance)
Capital Allocation	FY/Q2+	Stock repurchase program authorized Nov 2024	Ongoing; repurchased 29,665 shares in Mar 2025	Executing program

Earnings Call Themes & Trends

Note: No Q1 2025 earnings call transcript was available. Themes are derived from filings/press releases.

Topic	Previous Mentions (Q3 2024 and 10-K FY 2024)	Current Period (Q1 2025)	Trend
Strategic focus/pivot	Evaluating shift to medical device emphasis; Armor exit; workforce reduction	Transformation to “pure-play medical device innovator”; focused pipeline in surgical-grade silicon nitride and antipathogenic applications	Accelerating focus
Portfolio streamlining	Armor impairment/exit; exploring divestitures	Sold TA&T; negotiating lease reductions; shutting underperforming Armor subsidiary	Executed divestiture; further cost actions
Liquidity/runway	ATM usage, equity raises in 2024; going concern warnings improved but persistent	$5.0M private placement in Feb; $6.5M cash at 3/31/25; management asserts no significant uncertainty through at least May 2026	Improved
Governance/board	Ongoing strategic review led by new CEO (Aug 2024)	Board reconstituted; Olson appointed Chairman; adds industry veterans	Strengthened oversight
R&D and pipeline	Silicon nitride platform; AI-designed 3D printed SiN/PEEK highlighted in 10‑K	Continued R&D for implantable and antipathogenic products; OEM licensing discussions	Continuing
Grants/TA&T	Grants meaningful in 2024; TA&T operations active	Grant revenue down with TA&T sale; explicit driver of YoY decline	Negative for near-term revenue

Management Commentary

“We are executing a disciplined transformation that aligns our core capabilities in advanced ceramics with fast-growing, high-impact healthcare applications.” — Eric K. Olson, CEO .
“With a stronger balance sheet, a focused mission, and world-class technology, SINTX is well-positioned for a new era of innovation and impact in healthcare.” — Eric K. Olson .
“This sale [TA&T]…allows the Company to sharpen its focus on high-growth opportunities in the medical device sector…reduces corporate liabilities by $750,000 and lowers annual operating expenses by more than $1.7 million.” — Eric K. Olson .
Governance: retirement of former Chairman, CEO Olson appointed Chairman, and addition of directors with deep medtech/commercial experience .

Q&A Highlights

No Q1 2025 earnings call transcript was filed. As such, there were no public Q&A clarifications on guidance, revenue cadence, or pipeline milestones for the quarter.

Estimates Context

Revenue missed S&P Global consensus ($0.369M actual vs $0.725M estimate*) and EPS missed ($(1.29) actual vs $(0.755) estimate*), reflecting grant revenue declines post-TA&T sale and lower scale during the pivot . Values retrieved from S&P Global.
Forward look: Q2 2025 S&P Global consensus stands at revenue $0.400M* and EPS $(0.79)*, indicating expectations for modest sequential recovery from a low base. Values retrieved from S&P Global.

Key Takeaways for Investors

Liquidity improved but scale is small: $6.5M cash and reduced burn provide time to execute, but current revenue base is sub-$0.5M/quarter; sustained losses persist until device commercialization/OEM deals ramp .
Revenue volatility near term: the TA&T exit and grant decline will pressure total revenue until medical device revenues and licensing/OEM arrangements accelerate .
Execution focus: watch for concrete medical device milestones (regulatory filings/clearances, OEM supply agreements, first commercial shipments) and evidence of margin uplift as mix shifts away from grants .
Governance reset is a positive: Board refresh and leadership consolidation should aid capital allocation and business development in the medical device vertical .
Capital markets optionality: February raise is done; additional capital could come from warrant exercises ($3.32 strike) or future financings—dilution risk remains if timelines extend .
Trading setup: stock likely reacts to tangible commercial progress and cost trajectory clarity; absence of an earnings call reduces near-term narrative catalysts—press releases/filings will drive discovery .

Footnote: Asterisk indicates values retrieved from S&P Global.

Sintx Technologies, Inc. (SINT)·Q1 2025 Earnings Summary