SINTX科技 (SINT) 2026年第三季度财报电话会：营收激增953%

核心要点

• 2026年第三季度营收同比增长953%至220万美元，主要受航空航天技术制造产品销量增加的推动。
• 毛利润从9.3万美元增至约140万美元；受价格调整、有利的产品结构、产量提升以及固定成本分摊改善推动，毛利率从45%扩大至62%。
• 净亏损收窄55%至160万美元。运营费用下降13%至300万美元。
• SINTX在2026年期间开始从其获得美国FDA 510(k)许可的SiNAPTIC足踝楔形假体系统中确认商业化收入，并已从有限市场投放转向全面商业化。
• 截至2026年9月30日，现金及现金等价物总计200万美元。季度末后，已出资的B类认股权证行权及相关置换带来了约200万美元的募集资金总额。
• 管理层未能就6月份收到的320万美元采购订单中剩余部分的第四季度交付提供最新预期，理由是生产和发货时间存在不确定性。

主要财务业绩

2026年前九个月，营收同比增长315%至300万美元，其中产品营收增长424%至280万美元。毛利润增长553%至180万美元，净亏损从810万美元收窄至710万美元。

截至季度末，SINTX持有现金及现金等价物200万美元，而截至2025年12月31日为410万美元。流动资产为550万美元，流动负债为300万美元，股东权益为340万美元。存货从100万美元增至260万美元，原因是公司增加了原材料、在制品和产成品，以支持生产制造和预期需求。

业务与运营表现

工业和航空航天陶瓷制造仍是主要营收贡献来源。管理层表示，SINTX制造和交付的氮化硅零部件数量超过以往任何季度。第三季度营收还达到了公司此前90万至110万美元业绩指引区间上限的两倍。

公司将这一执行力归功于更牢固的客户关系、制造工艺的改进以及对《财富》500强航空航天公司采购订单的加速交付。管理层旨在通过扩大产能、复购订单以及需要专用陶瓷制造能力的合作伙伴关系，建立更持久的工业收入基础。

在医疗器械领域，SiNAPTIC氮化硅足踝楔形假体系统已展开全面商业化。分销商正瞄准美国顶尖足踝外科医生，而SINTX正在评估利用现有医生和医疗机构关系的合作伙伴关系。管理层表示，临床采用率、产品供应保障、复购手术量及营收将是衡量商业化进展的主要指标。

SINTX还在推进其SiNERGY氮化硅-PEEK生物复合材料平台。赢创（Evonik）根据SINTX的专利，使用该公司供应的材料生产商业规模的PEEK和氮化硅长丝。SINTX已建立3D打印制造基地，并开始开发定制化及患者专属骨科植入物的工作流程。

大型动物体内研究正在评估经氮化硅处理的缝合线和伤口敷料的抗菌及防粘连、减少疤痕特性。管理层预计这些研究将于下一个自然季度完成。任何商业化或授权许可仍取决于进一步测试以及适用的监管许可或批准。

管理层指引

管理层预计技术制造需求将保持在历史水平之上，但也提醒称，季度营收可能会随客户订单规模、生产计划和发货时间的不同而出现波动。

公司此前传达的2026年第四季度营收指引基于6月份收到的320万美元采购订单的预期交付情况。SINTX表示，目前无法对第四季度将交付并确认多少剩余订单提供预期。

管理层预计短期内仍将持续出现运营亏损。其明确的优先事项包括实现可持续的毛利润、改善经营现金流、严谨的费用与营运资金管理、SiNAPTIC商业化、推进3D打印氮化硅复合材料以及医用纺织品授权许可机会。

风险与关注事项

• SINTX持续出现运营亏损并消耗现金。2026年前九个月经营活动所用现金净额为660万美元。
• 公司正在评估额外的股权和债务融资。截至季度末，其市价发行（ATM）额度还剩约500万美元，具体取决于市场状况和发行限制。
• 营收集中于大型工业订单，可能会因生产和发货时间而导致各季度业绩出现大幅波动。
• 随着SINTX对制造和商业化产能进行投资，存货增至260万美元，这凸显了将需求转化为发货量和现金的重要性。
• 医用纺织品及其他在研产品在潜在商业化之前，需要进行额外的测试并获得适用的监管许可或批准。

业绩电话会完整纪要

完整财报电话会议逐字稿

管理层陈述

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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