SINTNasdaqSurgical & Medical Instruments & ApparatusUS GAAP · USD

Sintx Technologies, Inc.

SINTX Technologies is a U.S.-based advanced ceramics company focused on silicon nitride materials and components for biomedical and other technical applications. Its business combines materials research, manufacturing, and commercialization of ceramic products used in medical devices, with additional activity in coatings, aerospace-related materials, toll processing, and government-funded work.

Revenue1.0m USD
−64.7 %y/y
Operating profit (EBIT)-10.7m USD
+23.7 %y/y
EBIT margin-1,053.1%
−566.6 ppy/y
Net income-10.4m USD
+6.0 %y/y
Free cash flow-8.8m USD
+6.2 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-15-10-505m USD2020: 0.59 m USD2020: EBIT -8.5 m USD20202021: 0.61 m USD2021: EBIT -11 m USD20212022: 1.6 m USD2022: EBIT -11 m USD20222023: 2.6 m USD2023: EBIT -13 m USD20232024: 2.9 m USD2024: EBIT -14 m USD20242025: 1.0 m USD2025: EBIT -11 m USD20251.0-11
RevenueOperating profit (EBIT)

Business

Share of revenue
Biomedical silicon nitride products45 %

Medical-grade ceramic materials and components used in implant and device applications.

Aerospace coatings and materials20 %

Advanced ceramic coatings, materials, and related components for aerospace uses.

Toll processing and manufacturing services20 %

Contract processing and manufacturing work performed for third-party customers.

Government contracts and grants15 %

Revenue tied to government-funded research, development, and contract work.

Products

Reported · share of revenue
71.6%28.4%FY2025100 %
  • Products71.6 %
  • Grant and Contract28.4 %

Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

SINTX sells to medical device customers, industrial and aerospace customers, and government counterparties that fund research or contract work. In biomedical markets, buyers are typically device manufacturers seeking ceramic materials with biocompatibility, wear resistance, and antibacterial properties. In non-medical markets, customers use the company’s advanced ceramics capabilities for specialized coatings, components, and processing services.

Medical device OEMs

Buy silicon nitride materials and components for implant and fusion-device applications because of biocompatibility and wear properties.

Aerospace customers

Buy coatings, materials, and components for technical applications where ceramic performance matters.

Government agencies

Fund contract and grant work tied to research, development, and technical programs.

Third-party manufacturers

Use toll processing and manufacturing support to access advanced ceramic capabilities without building them in-house.

Strategy

SINTX’s strategy is to leverage its silicon nitride and advanced ceramics expertise across biomedical, aerospace, and other technical markets. The company is focused on expanding third-party manufacturing opportunities, developing new products, and using research and validation work to broaden commercial adoption of its materials platform.

Commercialize silicon nitride in more device categoriesMedium term

Broader adoption increases the addressable market for the company’s core material platform.

Secure third-party manufacturing and toll processing workShort term

These relationships can convert technical capability into recurring product and service revenue.

Develop non-medical advanced ceramics applicationsMedium term

Diversification can reduce dependence on a single end market and expand customer reach.

Geography

SINTX is headquartered in the United States and serves customers across multiple regions through its biomedical and technical ceramics activities. Its spinal implant materials have been used in humans in the U.S., Europe, South America, and Asia, indicating an international end-market footprint even though the company’s operating base is U.S.-centric. Geography matters because medical device adoption, regulatory pathways, and customer qualification cycles differ by region.

Risks

SINTX faces the typical risks of a development-stage materials company, including dependence on customer adoption, regulatory and validation timelines, and the need for continued funding. Its business also carries concentration risk in a small number of product and contract categories, while technical performance, manufacturing scale-up, and reimbursement or qualification hurdles can delay commercialization.

Sorted by severity
Need for additional capitalHigh

The company states it will require substantial future capital to fund development and commercialization.

Exposure: Operating runway and product development

Commercial adoption riskHigh

Revenue depends on customers qualifying and adopting silicon nitride and related products.

Exposure: Medical device and aerospace sales

Regulatory and clinical validation riskHigh

Biomedical products must clear technical, clinical, and regulatory hurdles before broad use.

Exposure: Implant and fusion-device applications

Revenue concentration and volatilityMedium

Grant and contract revenue can fluctuate materially with award timing and project disposition.

Exposure: Government-funded work and contract revenue

Accounting

Judgemental items
Revenue recognition timing

Product revenue is recognized when control transfers, so shipment timing can shift quarterly results.

Impact: Quarterly revenue comparability

Grant and contract revenue

Government awards can be episodic and depend on project milestones or dispositions.

Impact: Revenue volatility

Derivative liabilities

Fair value changes in derivative instruments can create non-cash gains or losses.

Impact: Net income volatility

Asset impairment and collectability

Small-scale operations increase the importance of testing assets and receivables for recoverability.

Impact: Balance sheet and earnings estimates

Publicly listed companies with a comparable business focus.

Last updated: 24/09/2026