신텍스 테크놀로지스(SINT) 2026년 3분기 실적 콘퍼런스콜: 매출 953% 급증

핵심 요약

• 2026년 3분기 매출은 항공우주 전문 제조 제품의 판매 호조에 힘입어 전년 동기 대비 953% 증가한 220만 달러를 기록했다.
• 매출총이익은 가격 조정, 유리한 제품 믹스, 생산량 증가 및 고정비 분산 효과 개선에 힘입어 9만 3,000달러에서 약 140만 달러로 증가했으며, 매출총이익률은 45%에서 62%로 확대됐다.
• 순손실은 55% 축소된 160만 달러를 기록했다. 영업비용은 13% 감소한 300만 달러였다.
• SINTX는 2026년 중 FDA 510(k) 승인을 받은 족부 및 발목 웨지 시스템 'SiNAPTIC'의 상업적 매출을 인식하기 시작했으며, 제한적 출시 단계에서 전면적인 상용화 단계로 전환했다.
• 2026년 9월 30일 기준 현금 및 현금성 자산은 총 200만 달러였다. 분기 종료 후 납입된 클래스 B 워런트 행사 및 관련 교환을 통해 약 200만 달러의 총조달액이 유입됐다.
• 경영진은 생산 및 출하 시점의 불확실성을 이유로 지난 6월 수주한 320만 달러 규모의 구매주문 중 잔여 물량의 4분기 인도에 대한 수정 전망치를 제시하지 못했다.

주요 재무 실적

2026년 1~3분기 누적 매출은 315% 증가한 300만 달러, 제품 매출은 424% 증가한 280만 달러를 기록했다. 매출총이익은 553% 증가한 180만 달러였으며, 순손실은 810만 달러에서 710만 달러로 축소됐다.

분기 말 기준 SINTX의 현금 및 현금성 자산은 2025년 12월 31일의 410만 달러에서 감소한 200만 달러였다. 유동자산은 550만 달러, 유동부채는 300만 달러, 자기자본은 340만 달러를 기록했다. 재고자산은 생산 지원 및 예상 수요 대응을 위해 원자재, 재공품, 완제품을 확충함에 따라 100만 달러에서 260만 달러로 증가했다.

사업 및 영업 실적

산업 및 항공우주용 세라믹 제조 부문이 여전히 최대 매출 기여처로 남았다. 경영진은 SINTX가 과거 어느 분기보다 많은 질화규소 부품을 제조해 인도했다고 밝혔다. 3분기 매출은 또한 회사가 기존에 제시했던 가이던스 범위인 90만~110만 달러 상단의 두 배에 달했다.

회사는 이러한 성과의 배경으로 고객사와의 관계 강화, 제조 공정 개선, 포춘 500대 항공우주 기업들의 구매주문에 대한 인도 가속화를 꼽았다. 경영진은 추가 생산능력 확보, 반복 주문, 특수 세라믹 제조가 필요한 파트너십을 통해 보다 안정적인 산업 부문 매출 기반을 구축하는 것을 목표로 하고 있다.

의료기기 부문에서는 질화규소 소재의 족부 및 발목 웨지 시스템인 SiNAPTIC의 본격적인 상용화가 시작됐다. 유통사들은 미국의 주요 족부 및 발목 외과의들을 공략하고 있으며, SINTX는 기존의 외과의 및 의료시설 네트워크와의 파트너십을 검토 중이다. 경영진은 도입률, 제품 가용성, 반복 시술, 매출 등이 상업적 성과의 주요 척도가 될 것이라고 밝혔다.

SINTX는 질화규소-PEEK 생체복합소재 플랫폼인 SiNERGY 개발도 진전시키고 있다. 에보닉(Evonik)은 SINTX가 공급한 소재를 사용해 SINTX의 특허에 기반한 상업적 규모의 PEEK 및 질화규소 필라멘트를 제조하고 있다. SINTX는 3D 프린팅 제조 시설을 구축하고 맞춤형 및 환자 맞춤형 정형외과 임플란트를 위한 워크플로 개발에 착수했다.

대형 동물을 대상으로 한 생체 내(in vivo) 연구를 통해 질화규소 처리된 봉합사와 상처 드레싱의 항균, 유착 방지 및 흉터 감소 특성을 평가하고 있다. 경영진은 해당 연구가 다음 분기 내에 완료될 것으로 예상하고 있다. 향후 상용화나 라이선싱은 추가 시험과 관련 규제 당국의 허가 또는 승인을 거쳐야 한다.

경영진 가이던스

경영진은 전문 제조 수요가 과거 수준을 상회할 것으로 예상하면서도, 고객사 주문 규모와 생산 일정, 출하 시점에 따라 분기별 매출이 변동될 수 있다고 주의를 당부했다.

회사가 앞서 제시한 2026년 4분기 매출 가이던스는 지난 6월에 접수한 320만 달러 규모의 구매주문에 대한 예상 인도 물량을 기반으로 했다. SINTX는 잔여 주문 중 4분기에 인도되어 매출로 인식될 물량 규모에 대해 현재로서는 전망치를 제시할 수 없다고 밝혔다.

경영진은 단기적으로 영업손실이 지속될 것으로 예상하고 있다. 경영진이 밝힌 우선순위 과제로는 지속 가능한 매출총이익 창출, 영업현금흐름 개선, 엄격한 비용 및 운전자본 관리, SiNAPTIC 상용화, 3D 프린팅 질화규소 복합소재 개발 진전, 의료용 섬유 라이선싱 기회 확보 등이 포함된다.

리스크 및 주목할 요소

• SINTX는 지속적으로 영업손실을 기록하며 현금을 소진하고 있다. 2026년 1~3분기 누적 영업활동 현금유출액은 660만 달러였다.
• 회사는 추가적인 지분 및 부채 조달을 검토하고 있다. 분기 말 기준 ATM(장내 유상증자) 방식을 통한 발행 가능 한도는 약 500만 달러가 남아 있었으나, 이는 시장 상황과 공모 제한 규정에 영향을 받는다.
• 대규모 산업 주문에 대한 매출 집중은 생산 및 출하 시점에 따라 분기별 실적에 상당한 변동을 초래할 수 있다.
• SINTX가 제조 및 상용화 역량에 투자함에 따라 재고자산이 260만 달러로 증가했으며, 이에 따라 수요를 출하와 현금으로 전환하는 능력의 중요성이 더욱 커졌다.
• 의료용 섬유 및 기타 파이프라인 제품은 상용화 가능성에 앞서 추가적인 시험과 관련 규제 당국의 허가 또는 승인이 필요하다.

실적 발표 컨퍼런스콜 전문

전체 실적 발표 컨퍼런스 콜 녹취록

경영진 발표

Operator

[Operator Instructions] As a reminder, today's call is being recorded. I would now like to turn the call over to SINTX Technologies Chief Legal Officer, Kevin Ontiveros.

Kevin Ontiveros

Thank you, operator, and good afternoon, everyone. Earlier today, SINTX Technologies released its financial results for the quarter ended September 30, 2026, and filed its quarterly report on Form 10-Q with the Securities and Exchange Commission. These materials, together with a replay of this call, will be available through the Investor Relations section of the SINTX Technologies website.

Before we begin, I want to remind listeners that statements on today's call, other than historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These include statements about customer orders, production, and shipment schedules, future revenue and guidance, gross margins, medical device commercialization, surgeon and distributor adoption, research and development, intellectual property, strategic relationships, potential financing and warrant exercises, liquidity and business outlook. They reflect current expectations, involve risks and uncertainties, and actual results may differ materially. Please review the risk factors and other disclosures in our latest Form 10-K and 10-Q and subsequent SEC filings.

SINTX undertakes no duty to update these statements except as required by law. Unless otherwise noted, financial measures discussed today are presented on a U.S. GAAP basis. Joining me are Eric Olson, our Chairman and Chief Executive Officer, and Kevin Trask, our Chief Financial Officer. Eric will provide the business and strategic update. Kevin will review financial results and liquidity. And Eric will close with our near-term priorities. At this time, I would like to turn the call over to Eric Olson. Eric?

Eric Olson

Thank you, Kevin. And thank you to everyone for joining today's call. Our third quarter performance marks an important step in SINTX's transition into a commercially driven advanced biomaterials company. For many years, the strength of SINTX has been its silicon nitride technology, manufacturing expertise, and research and development capabilities. Today we can announce that we have translated these strengths into sustainable commercial revenue and gross profits.

I would like to highlight several third quarter takeaways. First, SINTX has manufactured and delivered more silicon nitride parts than in any other quarter in the company's history. Third quarter revenue grew 953%, reaching approximately $2.2 million compared with $208,000 a year earlier. This represents a meaningful step up in demonstrating commercial scale, driven primarily by our industrial and aerospace ceramics manufacturing operations. Second, gross profits reached approximately $1.4 million, while our net loss narrowed by 55% year-over-year. Third, achieving the Q3 revenue milestone allowed us to execute a warrant call which resulted in gross capital proceeds of approximately $2 million, as well as the expiration of unexercised warrants that would have covered the issuance of an additional 941,000 shares, reducing the dilution to existing shareholders. We anticipate the revenue from the industrial sales vertical will support us as we continue our transition to addressing unmet needs in medical devices and medical textiles, while also working to bring our cost structure more in line with our revenue.

The update we will discuss today reinforces both our short- and long-term business strategies focused on: first, industrial and aerospace revenue growth; second, commercialization of our FDA 510(k)-cleared SiNAPTIC silicon nitride system for foot and ankle procedures; third, moving our silicon nitride PEEK 3D-printed orthopedic implants closer to commercialization; and fourth, the licensing of silicon nitride-treated medical textiles for wound closure and wound care applications. These strategies are possible thanks to our one-of-a-kind vertically integrated manufacturing facility, the only facility registered with the FDA to manufacture medical-grade silicon nitride biomaterials. This manufacturing capability, combined with our recent patents for integrating silicon nitride into composites and textiles, has allowed our platform to begin moving forward beyond traditional orthopedic devices into other exciting biotech applications.

As the only global manufacturer of medical-grade silicon nitride, we believe our priorities reflect a business that is not just about a single quarter's growth. It is about our ability to leverage a biomaterial platform to convert customer demand into delivered products and overall revenue growth. With that context in mind, I'd like to begin discussing our revenue growth in Q3 and what that means for the future of our silicon nitride business. Industrial manufacturing remained the primary contributor to third quarter revenue. Our experience in material formulation, precision manufacturing, and repeatable processing gives us an opportunity to deepen relationships with established industrial customers who need reliable components that perform in demanding environments. Purchase orders received this year from Fortune 500 aerospace companies informed the guidance we offered in our second quarter earnings call, where we indicated an expected revenue range of $900,000 to $1.1 million for the third quarter. Our ability to double the high end of these expectations is not only a testament of customer satisfaction, it is also a reflection of improvements in our manufacturing and operational efficiencies.

Importantly, this execution demonstrated our capacity to manufacture at scale, which will become even more critical when applied to our medical device manufacturing throughput. As we discussed in our previous calls, receipt of these purchase orders represented the beginning of the work, not the completion of it. We indicated then that the important milestones included repeatable production, manufacturing yield, on-time delivery, and recognized revenue. We are pleased to report that we have demonstrated objective success in achieving these milestones and on an accelerated basis. Our ambition is to turn the success into a durable commercial foundation—that is, increasing capacity, obtaining repeat orders, and generating revenue that can support further development of our proprietary biomaterial platform. We are also expanding our dialogue with prospective manufacturing partners where our ceramic expertise can help solve specific technical challenges. The revenue from industrial sales provides an important source of growth and operational leverage as we expand our medical device biomaterial platforms.

To provide some quick background for listeners new to the SINTX story, the unique molecular properties of silicon nitride make it the ideal biomaterial for medical devices. Silicon nitride has several material characteristics that we believe make it attractive for medical device applications. These properties include being naturally antipathogenic and antimicrobial, which may decrease the likelihood of revision surgery during or due to infection; and osteoconduction, or the ability to stimulate bone growth, which could accelerate natural healing and help to prevent implant failures in the future. Implant-associated infections cost the U.S. healthcare system approximately $3 billion to $5 billion every year. Once bacteria adhere to implants made of other materials such as metal or plastic, the bacteria becomes more resistant to antibiotics. Silicon nitride, on the other hand, has been shown to not only inhibit the bacterial attachment in the first place, but to actually kill the bacteria as well. Published studies regarding silicon nitride have shown that these features may help to accelerate patient healing while also being less likely to cause allergic reactions and also provide more clear radiographic visibility than any other material, allowing for precise placement of implants in critical anatomic locations.

Our lead proprietary silicon nitride product in this vertical remains the FDA 510(k)-cleared SiNAPTIC foot and ankle wedge system. This implant system entered clinical use in the United States earlier this year, and we have begun the process of building a commercial channel around it. As you may recall, the SiNAPTIC system consists of silicon nitride wedges, which are being used in reconstructive procedures, including those to correct mid- and hindfoot pathologies, and potentially for sports medicine applications as well. Following the completion of our limited market release that we have discussed in our previous call, full commercialization has now begun with distributors targeting the lead foot and ankle surgeons in the United States, while we also explore other strategic opportunities with partners that have existing relationships with facilities and foot and ankle surgeons. Commercial success of the system will be measured through surgeon adoption, product availability, repeat procedures or stickiness, and meaningful revenue. We are also evaluating capital-efficient routes to market, and we intend to build effective distribution and clinical support models, maintaining manufacturing and quality discipline.

Beyond monolithic silicon nitride implants, our technology initiatives are intended to extend silicon nitride into new material formats and applications, including polymer composites and 3D manufacturing. We are pursuing commercialization strategies for patient-specific and custom implants, and we are entering into collaboration with partners who have the design, regulatory, and distribution capabilities needed to bring advanced products to market. We also continue to assess applications involving medical textiles, wound care, wound management, and other potential antipathogenic applications. 3D printing of orthopedic implants allows us to distribute a vast array of AI-assisted custom and patient-specific implants with complex geometries and patient-specific designs that may be difficult to achieve using traditional manufacturing methods.

We believe these capabilities create new opportunities for our silicon nitride PEEK biocomposite platform. Last year, we announced the manufacturing agreement with Evonik, a leading global manufacturer of PEEK and PEEK-based filaments for 3D printing applications. Operating under our patent and using silicon nitride material provided by SINTX, Evonik produces a commercial-scale composite filament of PEEK and silicon nitride for these 3D-printed devices. Our patented silicon nitride PEEK biocomposite, which will be marketed as part of our SiNERGY biocomposite platform, combines the characteristics of these two materials and may offer advantages for certain orthopedic applications. We anticipate that 3D printing using the filament provided by Evonik may result in greater manufacturing yields, lower cost of goods, and less waste material than other manufacturing processes. Already, SINTX manufacturing and innovation teams have created a new 3D printing manufacturing facility and have also begun developing the custom workflows for these 3D-printed implant applications.

SINTX is also currently conducting large-animal in vivo studies to evaluate the effectiveness of medical textiles treated with silicon nitride and to advance preclinical work evaluating the antimicrobial and anti-adhesion scar reduction properties of silicon nitride-treated sutures and wound dressings for various wound healing and wound management applications. We anticipate that these studies will be completed in the next calendar quarter. These large-animal studies are intended to help generate data regarding the healing performance of these materials in relevant wound environments and to inform future development and potential commercial partnering activities. We believe this represents a promising opportunity to extend our silicon nitride technology platform beyond traditional orthopedic implants. Ongoing testing and applicable regulatory clearances or approvals will be required before the commercialization or licensing of any resulting medical devices. The long-term vision is to create a licensing platform that would allow partners to integrate patented silicon nitride technologies into their own medical textiles. We expect the outcome of these studies to inform the commercial strategy for these particular wound care and wound management applications and look forward to providing updates on this study's progress.

To conclude, the milestones we have discussed today reflect a record quarter of meaningful execution across all of our core strategic priorities. While each of these initiatives are important on their own, together they demonstrate the progress we are making towards commercialization and the long-term strategy we have previously outlined. With that, I will turn the call over to our Chief Financial Officer, Kevin Trask, for more details on the quarter's financial results.

Kevin Trask

Thank you, Eric, and good afternoon, everyone. Total revenue for the three months ended September 30, 2026 was $2.2 million, an increase of 953% compared with $208,000 in the prior year period. Product revenue was $2.1 million compared with $150,000 in the third quarter last year. The increase in revenue was primarily driven by higher sales of our aerospace technical manufacturing products. These results reflect the progress we have made in strengthening customer relationships, improving our manufacturing capabilities, and executing on customer orders. While the timing and size of customer orders may result in fluctuations in quarterly revenue, we expect continued demand for our products at levels above those experienced in prior periods. Grant and contract revenue was $100,000 compared with $58,000 in the prior year period.

Gross profit for the quarter increased to approximately $1.4 million compared with $93,000 in the prior year period. Gross margins were 62% compared with 45% in Q3 2025. The improvement in gross margin was primarily driven by pricing adjustments implemented earlier this year, favorable product mix, and increased production volumes, which contributed to improved manufacturing efficiencies and better absorption of fixed manufacturing costs.

Total operating expenses for the quarter were $3 million compared with $3.4 million in the prior year period, a decrease of 13%. Net loss decreased 55% to $1.6 million compared with $3.5 million in the prior year period. Research and development expenses were $548,000 compared with $1.3 million in the same period in 2025. The decrease in reported R&D expenses primarily reflects the reallocation of certain overhead costs from research and development to general and administrative expenses as our operations have evolved towards increased commercial manufacturing activity. While these changes have reduced reported R&D expenses, they do not represent a corresponding reduction in our underlying research and development efforts. General and administrative expenses for the third quarter were $2.5 million to $3 million compared with $2.1 million in the prior year period, a 7% increase. Sales and marketing expenses for the quarter were $140,000 compared with $59,000 in the prior year quarter. The increase reflects greater commercialization activities with the launch of new products.

Turning to year-to-date results, total revenue for the nine months ended September 30, 2026 was $3 million, an increase of 315% compared with $728,000 in the same period last year. Product revenue for the first nine months of 2026 was $2.8 million compared with $541,000 in the prior year period, an increase of 424%. The increase in year-to-date revenue was primarily driven by higher OEM technical manufacturing sales, particularly in the third quarter of the year. During the quarter, we also began recognizing commercial revenue from our SiNAPTIC foot and ankle wedge system during 2026, marking an important milestone in our medical device commercialization efforts.

Gross profit for the first nine months of 2026 was $1.8 million compared with $273,000 in the prior year period, an increase of 553%. Net loss for the first nine months of 2026 decreased to $7.1 million compared with $8.1 million in the prior year period. The reduction in our year-to-date net loss reflects improved gross profitability and our continued focus on operating efficiencies and disciplined expense management.

Turning to our balance sheet, cash and cash equivalents were $2 million at September 30, 2026, compared with $4.1 million at December 31, 2025. The decrease in cash primarily reflects cash used in operating activities and investments in working capital to support increased manufacturing and commercialization activities, partially offset by proceeds from financing activities. At September 30, 2026, we had current assets of $5.5 million, current liabilities of $3 million, and total stockholders' equity of $3.4 million. Inventory at quarter-end was $2.6 million compared with $1 million at year-end 2025. The increase in inventory primarily reflects additional raw materials, work-in-process, and finished goods to support increased manufacturing activity and anticipated customer demand. These investments are intended to support our expanding commercialization operations, including our industrial manufacturing activities and medical device commercialization efforts.

Net cash used in operating activities was $6.6 million for the first nine months of 2026, compared with $6.2 million in the prior year period. Net cash provided by financing activities for the first nine months of 2026 was $4.7 million, compared with $7.9 million in the same period last year. At quarter-end, we had approximately $5 million of remaining capacity under our at-the-market offering, subject to market conditions and applicable offering limitations.

Subsequent to quarter-end, we exercised our right to call the Class B warrants issued in connection with our June 2026 financing after achieving the required quarterly revenue milestone. As announced on October 9, 2026, we received approximately $2 million in aggregate gross proceeds from funded warrant exercises and related exchanges covering approximately 941,000 Class B warrant shares. The remaining unexercised Class B warrants covering approximately 941,000 additional shares expired without consideration, eliminating the potential dilution associated with those unexercised Class B warrants.

Although our improved third quarter financial performance and the proceeds from the Class B warrant exercises have strengthened our liquidity position, we continue to incur operating losses and use cash in our operations. We remain focused on improving operating cash flow, managing working capital and expenses, and evaluating additional sources of capital to support our business objectives. We continue to evaluate opportunities to raise additional capital through equity and debt financing to support our ongoing operations and commercialization initiatives.

Although we anticipate continued operating losses in the near term, we are encouraged by the progress made in increasing revenue, improving gross margins, and managing operating expenses. We believe these improvements provide a stronger operational foundation as we continue to execute our growth strategy. We are particularly pleased with our third quarter revenue performance, which exceeded by 2x the high end of the revenue guidance range provided during our previous earnings call. And we continue to expect technical manufacturing demand to remain above historical levels.

Quarterly revenue may fluctuate based on the timing and size of customer orders, production schedules, and shipment timing, but we remain focused on sustainable gross profit generation and converting demand into cash rather than treating a single strong quarter as a guaranteed future run rate. Looking ahead, our previously communicated revenue guidance for the fourth quarter of 2026 was based on expected timing of delivery against the $3.2 million in purchase orders received in June. As mentioned earlier, the timing and delivery of those orders may result in revenue fluctuations, and at this time we are unable to offer an expectation related to order delivery for the remainder of those purchase orders relative to the fourth quarter of 2026. We look forward to greater visibility on the matter as information becomes available. With that, I will turn the call back to Eric for closing remarks.

Eric Olson

Thank you, Kevin. This quarter, SINTX has clearly demonstrated our ability to translate commercial activity into financial progress. While there is still important work ahead, our third quarter results show what our team can accomplish when customer demand, technical manufacturing, and commercial execution come together.

In closing, I'd like to reemphasize our four priorities as we move through the remainder of 2026 and into 2027: first, reliable manufacturing and commercial execution of our industrial and aerospace products; second, commercialization of the SINTX foot and ankle implant system; third, advancement of silicon nitride composites for 3D manufacturing; fourth, identifying licensing opportunities of our silicon nitride textiles alongside strategic partners; and finally, disciplined management of our costs and working capital.

We believe the company is well positioned to execute on the opportunities in front of us and to continue advancing toward commercialization across multiple verticals. As we prepare for further growth in 2027, our commitment is to report measurable milestones and to keep converting the technology we have built into products that customers value. We look forward to updating you on our continued progress in the quarters ahead. Thank you to our employees, customers, clinical collaborators, and shareholders for the success of this quarter.

Operator

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

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