Sintx Technologies (NASDAQ:SINT) reported sharply higher second-quarter revenue and gross profit as sales from its OEM industrial manufacturing business increased, while management emphasized that execution, liquidity and the conversion of purchase orders into recognized revenue remain central challenges.
Total revenue for the quarter ended June 30 rose 199% from a year earlier to $452,000. Product revenue increased 347% to $447,000, while grant and contract revenue declined to $5,000 from $51,000. Gross profit rose 388% to $278,000, producing a gross margin of 61.5%, compared with 37.7% in the prior-year quarter.
OEM Orders Provide Revenue Visibility
Olson said product revenue growth was driven primarily by increased sales in the company’s OEM industrial manufacturing operations. The company views contract manufacturing as a commercial foundation that can support near-term revenue, customer validation and manufacturing utilization, while its proprietary silicon nitride medical platform is intended to create longer-term value through products, licensing, distribution and strategic partnerships.
In June, SINTX announced purchase orders from multiple existing contract manufacturing customers with an aggregate value exceeding $3.2 million. Production and shipment activities tied to those orders have begun and are expected to continue into 2027, subject to customer requirements, manufacturing schedules and commercial terms.
Management said the orders do not equate to completed revenue. Olson said the company must manage qualified production, material availability, manufacturing yields, quality releases, on-time shipments, customer acceptance, cash collection and repeat orders. SINTX also said it would distinguish between order value and recognized revenue in future updates.
Chief Financial Officer Kevin Trask said the company expects third-quarter revenue of approximately $900,000 to $1.1 million and fourth-quarter revenue of about $1 million to $1.3 million. He said the outlook remains subject to uncertainty around production timing, customer scheduling, manufacturing execution and revenue-recognition timing.
Medical Product Commercialization Continues
SINTX’s lead proprietary medical product is the SINAPTIC Foot and Ankle Osteotomy Wedge System, which received FDA 510(k) clearance in late 2025. The company said its first SINAPTIC wedges were used in a U.S. reconstructive foot and ankle procedure in March 2026, and that it recognized initial commercial revenue during a limited-use review.
Olson said FDA clearance and initial clinical use alone do not establish a durable medical-device business. The company is focused on surgeon education, case support, channel development, inventory management, reliable manufacturing, reimbursement awareness and clinical feedback.
SINTX is evaluating capital-efficient routes to market, including direct engagement with surgeons, distributor relationships and broader strategic partnerships. The company has also engaged board member Chris Lyons and his company, Southern Metrics, to help coordinate and evaluate inbound strategic opportunities involving potential commercial partnerships, licensing arrangements and other business-development initiatives. Management said the engagement does not mean a transaction is pending or assured.
The company is prioritizing three areas: converting contract manufacturing demand into revenue and repeat business, establishing a commercial path for the foot and ankle wedge system, and advancing OEM licensing and strategic discussions where partners can provide market access, development funding, manufacturing volume or other value.
Expenses, Loss and Liquidity
Second-quarter operating expenses rose 16% to $3.2 million. Research and development expense fell 54% to $573,000, primarily because approximately $700,000 of overhead costs were reallocated to general and administrative expense. Trask said the reported R&D decline should not be viewed as an equivalent reduction in underlying technical activity.
General and administrative expense increased 64% to $2.3 million, reflecting higher headcount costs, non-cash stock-based compensation and the overhead reallocation. Sales and marketing expense rose to $273,000 from $21,000, driven by commercial headcount and launch-related activity for the SINAPTIC portfolio.
Net loss totaled $2.7 million, compared with a $2.3 million loss a year earlier. For the first six months of 2026, revenue was $832,000, up 60%, while net loss widened to $5.5 million from $4.6 million.
- Cash and cash equivalents were $3.6 million at June 30, compared with $4.1 million at Dec. 31, 2025.
- Inventory increased to $2.3 million from $1 million at year-end, reflecting purchases and production activity intended to support anticipated demand and commercialization.
- Net cash used in operating activities was $5.3 million during the first half, compared with $3.7 million in the prior-year period.
- Net cash provided by financing activities was $4.8 million during the first six months, including proceeds from a June private placement and at-the-market stock sales, partially offset by debt payments.
The company completed financing transactions that generated about $5 million in gross proceeds during the quarter. As of June, SINTX had sold about $1.3 million under its 2025 at-the-market program and had approximately $5.1 million of remaining capacity.
Despite those measures, management said substantial doubt remains about the company’s ability to continue as a going concern, as disclosed in its quarterly filing. Trask said the financing, remaining ATM capacity, an Armor facility sublease, pricing improvements, divestiture of non-core operations and growth initiatives provide tools but do not eliminate the underlying liquidity risk. The company said it expects to continue seeking additional equity and/or debt financing.
Remainder-of-Year Priorities
For the remainder of 2026, Olson said SINTX plans to focus on executing existing manufacturing orders with quality and working-capital discipline, building commercial adoption for the SINAPTIC wedge system, pursuing strategic relationships with credible paths to revenue or funded development, and aligning spending, staffing, inventory and financing with milestones most likely to create shareholder value.
“The standard now is purely execution,” Olson said, citing customer shipments, revenue growth, gross profit, surgeon adoption, partner conversion and cash discipline as the measures management expects investors to use in evaluating the company’s progress.
About Sintx Technologies (NASDAQ:SINT)
Sintx Technologies, Inc (NASDAQ: SINT) is a medical materials company specializing in the development and manufacture of silicon nitride-based biomaterials for surgical and implantable medical devices. Its proprietary silicon nitride ceramic combines mechanical strength, biocompatibility and intrinsic antimicrobial properties, positioning it as an alternative to traditional metal and polymer implant materials. Sintx’s primary focus is on applications in spinal fusion, trauma fixation and dental implantology, where device performance and long-term biological response are critical.
The company’s core product offerings include silicon nitride powders for advanced implant fabrication and finished implantable components designed for interbody spinal fusion cages, spinal fixation hardware and trauma plates and screws.
