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Sintx Technologies, Inc. (SINT)·Q3 2025 Earnings Summary

Executive Summary

  • Q3 revenue was $0.208M, roughly in line with S&P Global consensus $0.200M; EPS to common was -$3.46 vs consensus -$0.55, a significant miss driven primarily by a $6.7M deemed dividend from warrant inducement rather than core operations . Values for consensus retrieved from S&P Global.*
  • Operating expenses fell 51% YoY to $3.448M and operating loss improved to -$3.355M from -$6.408M, reflecting restructuring actions; gross margin was ~44.7% on $93k gross profit .
  • Strategic catalysts advanced: FDA 510(k) clearance for the SINAPTIC Foot & Ankle Osteotomy Wedge System (US launch planned Q1 2026), initial product revenue from OsseoSculpt biologic, IP expansion, and Armor facility sublease expected to save up to ~$0.95M .
  • Liquidity improved: cash was $6.25M at 9/30/25 (vs $3.60M at 12/31/24), augmented by ~$4.3M gross proceeds from warrant inducement/exercises in Q3/Q4-to-date .

What Went Well and What Went Wrong

  • What Went Well

    • FDA clearance for SINAPTIC Foot & Ankle Osteotomy Wedge System; CEO: “a pivotal milestone that validates our technology and establishes a scalable platform for future growth” with U.S. launch planned Q1 2026 .
    • First commercial revenue from OsseoSculpt biologic; CCO: “recorded Q3 revenue from early evaluations… expect biologic utilization will improve the overall economic profile” .
    • Cost structure improved materially: operating expenses -51% YoY to $3.448M, operating loss improved to -$3.355M vs -$6.408M YoY; adjusted EBITDA loss improved to -$2.308M vs -$6.085M YoY .

  • What Went Wrong

    • EPS miss vs consensus due largely to a $6.719M deemed dividend from warrant inducement, taking EPS to common to -$3.46 (vs -$0.55 consensus) despite core net loss of -$3.539M (-$1.19/sh) . Values for consensus retrieved from S&P Global.*
    • Revenue fell YoY to $0.208M from $0.799M, primarily due to lower grant revenue; gross profit decreased to $93k (gross margin ~44.7%) vs $589k (~73.7%) in Q3 2024 .
    • Product ramp is still early; no formal quantitative guidance provided to frame near-term revenue trajectory; commercialization execution, adoption, and manufacturing scale-up remain key risks cited in forward-looking statements .

Financial Results

Q3 2025 vs Estimates

MetricQ3 2025 ActualQ3 2025 ConsensusSurprise
Revenue ($USD Millions)$0.208 $0.200*+$0.008 (+4%)*
EPS (Primary/GAAP to common)-$3.46 -$0.55*-$2.91*

Note: Consensus values and surprises retrieved from S&P Global.*

Quarterly Trend (oldest → newest)

MetricQ1 2025Q2 2025Q3 2025
Revenue ($USD Millions)$0.369*$0.151*$0.208
Net Income ($USD Millions)-$2.292*-$2.318*-$3.539
EPS (Primary/GAAP to common)-$1.294*-$0.914*-$3.46
Total Operating Expenses ($USD Millions)$2.701*$2.768*$3.448
Cash and Equivalents (period-end, $USD Millions)$6.50*$4.32*$6.25

Values with asterisks (*) retrieved from S&P Global.

Year-over-Year (Q3 2025 vs Q3 2024)

MetricQ3 2024Q3 2025YoY Change
Revenue ($USD Millions)$0.799 $0.208 -$0.591
Gross Profit ($USD Millions)$0.589 $0.093 -$0.496
Gross Margin (%)~73.7% (589/799) ~44.7% (93/208) -29.0 pp
Total Operating Expenses ($USD Millions)$6.997 $3.448 -$3.549
Net Loss ($USD Millions)-$6.239 -$3.539 +$2.700
EPS (GAAP to common)-$6.96 -$3.46 +$3.50

Revenue Mix (Q3 2025)

CategoryAmount ($USD Millions)Mix
Product revenue$0.150 72.1%
Grant & contract revenue$0.058 27.9%
Total$0.208 100%

KPIs and Other Metrics

KPIQ3 2025Reference
Cash & cash equivalents$6.25M at 9/30/25
Total operating expenses$3.448M (Q3)
Adjusted EBITDA-$2.308M (Q3) vs -$6.085M (Q3’24)
Facility sublease expected savingsUp to ~$0.95M over term
Warrant inducement/exercises~$4.3M gross proceeds

Guidance Changes

SINT did not provide formal quantitative guidance in the Q3 2025 press materials or filings; management outlined near-term priorities instead (e.g., preparing SINAPTIC wedge launch, KOL engagement, and platform leverage). The table below summarizes:

MetricPeriodPrevious GuidanceCurrent GuidanceChange
RevenueQ4 2025 / FY 2025None providedNone providedMaintained (no formal guidance)
Gross MarginQ4 2025 / FY 2025None providedNone providedMaintained (no formal guidance)
OpExQ4 2025 / FY 2025None providedNone providedMaintained (no formal guidance)
EPS / Adjusted EBITDAQ4 2025 / FY 2025None providedNone providedMaintained (no formal guidance)
Product launch timingSINAPTIC WedgeN/AU.S. launch planned Q1 2026New timing detail

Earnings Call Themes & Trends

Note: We did not find a Q3 2025 earnings call transcript in company documents or common aggregators as of this writing (company press page lists releases; no call transcript posted) . Thematic evolution is inferred from Q1/Q2 updates and Q3 releases.

TopicPrevious Mentions (Q-2 and Q-1)Current Period (Q3 2025)Trend
Commercialization focusQ1: Strategic refocus on medical devices; cost reductions; cash improved; sale of TA&T; armor shutdown . Q2: SiNAPTIC acquisition; rebuild leadership; exit low-margin OEM; 510(k) submitted for foot/ankle wedges .FDA 510(k) clearance for SINAPTIC wedge; first OsseoSculpt revenue; launch planning underway .Accelerating toward launch
Supply chain/footprintQ1: Negotiations to reduce lease liabilities; operational streamlining . Q2: Continued streamlining .Armor facility sublease with up to ~$0.95M savings .Cost base structurally lower
Liquidity/capitalQ1: $6.5M cash at 3/31/25; Feb placement; warrant potential .~$4.3M gross from warrant activity; cash $6.25M at 9/30/25 .Improved access to liquidity
IP/regulatoryQ2: New patents, clinical validation plans .Patent Notice of Allowance (antipathogenic fabric method); reinforces licensing opportunities .Broader IP coverage
Revenue mixQ2: Exit low-margin OEM, slight revenue decrease noted .Product revenue initiated (OsseoSculpt); total revenue still modest .Early product traction

Management Commentary

  • “We have aligned SINTX squarely behind near-term commercial milestones with our advanced biomaterial products… [SINAPTIC] represents a pivotal milestone that validates our technology and establishes a scalable platform for future growth.” — Eric Olson, President & CEO .
  • “FDA clearance of our SINAPTIC portfolio is a defining commercial milestone for the Company… entering the high-value, procedure-driven market with a differentiated biomaterial and surgeon-validated designs.” — Eric Olson .
  • “Pairing our SINAPTIC wedges with a custom-built biologic closes a critical gap at the point of care… we recorded Q3 revenue from early evaluations.” — Lisa Marie Del Re, Chief Commercial Officer .
  • “This newly allowed [antipathogenic fabric method] patent… complements the recently issued… composition patent… significantly enhances the licensing and commercialization potential of our platform.” — Eric Olson .

Q&A Highlights

  • No Q3 2025 earnings call transcript was identified in company materials or common transcript aggregators as of the report date; therefore, no Q&A disclosures are available .
  • Key clarifications from filings: the large variance in EPS to common vs consensus reflects a $6.719M deemed dividend from warrant inducement, not a deterioration in operating performance (net loss was -$3.539M; operating loss -$3.355M) .
  • Management emphasized near-term priorities (launch prep, KOL engagement, platform leverage) rather than quantitative guidance .

Estimates Context

  • Q3 2025 results vs S&P Global consensus: Revenue $0.208M vs $0.200M; EPS (to common) -$3.46 vs -$0.55 (1 estimate for both) . Values for consensus retrieved from S&P Global.*
  • Given the deemed dividend impact, consensus models likely need to adjust one-time/non-operating items while focusing on operating expense run-rate and commercialization timing (Q1 2026 launch window) .

Key Takeaways for Investors

  • EPS miss (-$3.46 vs -$0.55) was driven primarily by a $6.7M deemed dividend from warrant inducement; core operating loss improved YoY with opex down 51% . Values for consensus retrieved from S&P Global.*
  • Revenue was in line/slightly ahead ($0.208M vs $0.200M), but remains modest; early product revenue (OsseoSculpt) is a positive leading indicator . Values for consensus retrieved from S&P Global.*
  • FDA clearance de-risks the regulatory path for the SINAPTIC wedge platform; commercialization execution in Q4 2025–Q1 2026 (training, attach rates, evidence capture) is the key near-term stock driver .
  • Structural cost actions (Armor sublease) and capital raised (~$4.3M gross) have extended runway; monitor cash burn into launch .
  • IP expansion (antipathogenic fabric composition + method) opens optionality for licensing and non-dilutive monetization .
  • Near-term model focus: operating expense cadence, gross margin evolution as mix shifts to product revenue, and milestones for U.S. launch readiness (instrument kits, training, early adopter sites) .
  • Risk checklist: adoption pace, manufacturing scale-up/quality, pricing/reimbursement dynamics, and additional financing needs if ramp is slower than planned .

Values marked with an asterisk (*) were retrieved from S&P Global.