Revenue volatility remains a critical concern, highlighted by a 37.1% year-over-year decline in 2025Q4 and gross margins that fluctuated to a negative 124% in the same period.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 |
|---|
| Sales/Revenue | 1.03M | 1.02M | 1.25M | 2.63M | 601K | 606K | 594K | 689K | 95K | 11.23M | 15.23M | 19.45M | 22.77M | 22.31M | 23.07M | 20.26M |
| Revenue Growth % | -37.86% | -18.3% | -52.57% | 337.1% | -0.83% | 2.02% | -13.79% | 625.26% | -99.15% | -26.26% | -21.73% | -14.55% | 2.02% | -3.26% | 13.84% | - |
| Cost of Goods Sold | 1.36M | 1.22M | 811K | 784K | 265K | 449K | 475K | 551K | 56K | 6.35M | 3.78M | 6.25M | 7.91M | 7.04M | 6.47M | 4.09M |
| COGS % of Revenue | - | 119.74% | 65.09% | 29.84% | 44.09% | 74.09% | 79.97% | 79.97% | 58.95% | 56.58% | 24.81% | 32.13% | 34.75% | 31.57% | 28.03% | 20.18% |
| Gross Profit | -336K | -201K | 435K | 1.84M | 336K | 157K | 119K | 138K | 39K | 4.88M | 11.45M | 13.2M | 14.86M | 15.27M | 16.6M | 16.17M |
| Gross Margin % | -32.65% | -19.74% | 34.91% | 70.16% | 55.91% | 25.91% | 20.03% | 20.03% | 41.05% | 43.42% | 75.19% | 67.87% | 65.25% | 68.43% | 71.97% | 79.82% |
| Gross Profit Growth % | - | -146.21% | -76.4% | 448.51% | 114.01% | 31.93% | -13.77% | 253.85% | -99.2% | -57.42% | -13.28% | -11.12% | -2.71% | -8.02% | 2.64% | - |
| Operating Expenses | 11.21M | 10.52M | 14.48M | 15.2M | 11.67M | 10.78M | 8.62M | 6.73M | 7.67M | 15.93M | 22.98M | 25.24M | 39.02M | 25.6M | 30.42M | 32.2M |
| OpEx % of Revenue | - | 1033.4% | 1162.28% | 578.64% | 1941.93% | 1778.38% | 1451.68% | 977.07% | 8077.89% | 141.88% | 150.95% | 129.77% | 171.41% | 114.74% | 131.89% | 158.91% |
| Selling, General & Admin | 8.03M | 6.44M | 4.61M | 5.36M | 5.33M | 4.89M | 5.06M | 3.34M | 4.68M | 10.85M | 16.64M | 18.86M | 32.28M | 22.14M | 24.41M | 24.41M |
| SG&A % of Revenue | - | 632.51% | 370.06% | 204% | 886.19% | 807.1% | 852.02% | 484.47% | 4929.47% | 96.66% | 109.28% | 96.94% | 141.8% | 99.23% | 105.82% | 120.47% |
| Research & Development | 3.83M | 4.59M | 5.2M | 8.71M | 6.45M | 5.89M | 4.81M | 3.39M | 2.99M | 5.08M | 6.34M | 6.39M | 6.74M | 3.46M | 6.01M | 7.79M |
| R&D % of Revenue | - | 450.59% | 417.42% | 331.67% | 1073.21% | 971.29% | 809.43% | 492.6% | 3148.42% | 45.22% | 41.67% | 32.83% | 29.62% | 15.51% | 26.07% | 38.44% |
| Other Operating Expenses | -660K | -506K | 4.67M | 1.13M | -105K | 0 | -1.25M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -11.54M | -10.72M | -14.05M | -13.36M | -11.34M | -10.62M | -8.5M | -6.59M | -13.12M | -11.05M | -11.54M | -12.04M | -24.17M | -10.34M | -29.1M | -20.86M |
| Operating Margin % | -1121.96% | -1053.14% | -1127.37% | -508.49% | -1886.02% | -1752.48% | -1431.65% | -957.04% | -13806.32% | -98.45% | -75.76% | -61.9% | -106.16% | -46.32% | -126.17% | -102.93% |
| Operating Income Growth % | - | 23.68% | -5.16% | -17.85% | -6.73% | -24.88% | -28.97% | 49.73% | -18.66% | 4.18% | 4.2% | 50.18% | -133.84% | 64.49% | -39.54% | - |
| EBITDA | -10.93M | -10.06M | -12.66M | -11.7M | -10.37M | -9.97M | -8.01M | -6.12M | -13.01M | -10.95M | -9.6M | -9.89M | -21.83M | -8.13M | -24.84M | -15.15M |
| EBITDA Margin % | -1062% | -988.11% | -1016.29% | -445.41% | -1725.79% | -1645.21% | -1347.81% | -888.82% | -13691.58% | -97.51% | -63.04% | -50.83% | -95.88% | -36.43% | -107.69% | -74.76% |
| EBITDA Growth % | 9.53% | 20.56% | -8.22% | -12.81% | -4.03% | -24.53% | -30.73% | 52.92% | -18.81% | -14.05% | 2.92% | 54.7% | -168.54% | 67.28% | -63.98% | - |
| D&A (Non-Cash Add-back) | 617K | 662K | 1.38M | 1.66M | 963K | 650K | 498K | 470K | 109K | 105K | 1.94M | 2.15M | 2.34M | 2.21M | 4.26M | 5.71M |
| EBIT | -11.36M | -10.72M | -10.99M | -8.26M | -12.02M | -9.28M | -7.03M | -4.79M | -8.3M | -7.49M | -10.25M | -19.57M | -28.93M | -6.43M | -30.15M | -20.3M |
| Net Interest Income | 105K | 123K | 78K | 133K | 6K | 76K | 328K | 446K | -1.39M | 0 | -4.51M | -4.34M | -3.64M | -1.83M | -5.55M | -3.38M |
| Interest Income | 156K | 175K | 107K | 135K | 23K | 101K | 330K | 450K | 0 | 0 | 0 | 0 | 12K | 16K | 57.44K | 71.78K |
| Interest Expense | 51K | 52K | 29K | 2K | 17K | 25K | 2K | 4K | 1.39M | 1.26M | 4.51M | 4.34M | 3.65M | 1.85M | 5.61M | 3.46M |
| Other Income/Expense | 652K | 357K | 3.02M | 5.1M | -704K | 1.31M | 1.48M | 1.8M | 3.43M | 1.72M | -3.23M | -11.87M | -8.41M | 2.05M | -21.94M | -7.73M |
| Pretax Income | -10.89M | -10.36M | -11.02M | -8.26M | -12.04M | -9.31M | -7.03M | -4.8M | -9.69M | -9.33M | -16.6M | -23.91M | -32.58M | -8.29M | -35.76M | -23.75M |
| Pretax Margin % | -1058.6% | -1018.07% | -884.75% | -314.39% | -2003.16% | -1536.14% | -1183.33% | -696.23% | -10198.95% | -83.09% | -109.01% | -122.92% | -143.12% | -37.13% | -155.04% | -117.22% |
| Income Tax | 6.72M | 6.72M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.26M | 6.28M | 0 | 0 | 0 | -726K | 3.46M |
| Effective Tax Rate % | -61.68% | -64.83% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -13.54% | -37.82% | 0% | 0% | 0% | 2.03% | -14.55% |
| Net Income | -17.61M | -17.08M | -11.02M | -8.26M | -12.04M | -9.31M | -7.03M | -4.8M | -8.65M | -9.33M | -16.6M | -23.91M | -32.58M | -8.29M | -35.03M | -23.75M |
| Net Margin % | -1711.56% | -1678.09% | -884.75% | -314.39% | -2003.16% | -1536.14% | -1183.33% | -696.23% | -9107.37% | -83.09% | -109.01% | -122.92% | -143.12% | -37.13% | -151.89% | -117.22% |
| Net Income Growth % | -41.69% | -54.96% | -33.48% | 31.4% | -29.33% | -32.44% | -46.53% | 44.56% | 7.26% | 43.79% | 30.59% | 26.61% | -293.22% | 76.35% | -47.51% | - |
| Net Income (Continuing) | -17.61M | -17.08M | -11.02M | -8.26M | -12.04M | -9.31M | -7.03M | -4.8M | -9.69M | -5.76M | -14.76M | -23.91M | -32.58M | -8.29M | -35.03M | -23.75M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.04M | -3.57M | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -4.39 | -6.16 | -15.19 | -19.42 | -51.96 | -39.75 | -41.92 | -311.65 | -2253.98 | -9395.07 | -32255.41 | -106750.00 | -678791.67 | -376636.36 | -999999.00 | -999999.00 |
| EPS Growth % | 56% | 59.45% | 21.78% | 62.63% | -30.72% | 5.18% | 86.55% | 86.17% | 76.01% | 70.87% | 69.78% | 84.27% | -80.22% | 76.35% | -47.51% | - |
| EPS (Basic) | - | -6.16 | -14.87 | -35.43 | -54.67 | -47.59 | -44.57 | -311.65 | -2373.00 | -9395.07 | -32255.41 | -103068.97 | -678791.67 | -376636.36 | -999999.00 | -999999.00 |
| Diluted Shares Outstanding | 4.01M | 2.77M | 744.78K | 425.21K | 317.32K | 247.1K | 174.46K | 15.56K | 3.84K | 993 | 515 | 224 | 48 | 22 | 22 | 22 |
| Basic Shares Outstanding | 4.01M | 2.77M | 744.78K | 384.01K | 301.61K | 206.39K | 164.06K | 15.56K | 3.65K | 993 | 515 | 232 | 48 | 22 | 22 | 22 |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Imminent liquidity and dilution risk
As reported in recent financial statements, SINT's revenue has experienced significant volatility, culminating in a 37.1% year-over-year decline in 2025Q4, which underscores the company's inability to establish a consistent, scalable commercial footprint within the highly competitive medical device and industrial ceramic markets.
The erratic revenue performance suggests that the company's transition between product applications, such as spinal implants and antipathogenic coatings, has failed to generate a sustainable sales pipeline. Investors should monitor whether the current pivot to industrial applications can provide the volume necessary to stabilize the top line, as the current transactional model lacks recurring revenue characteristics.
Based on the company's reported figures, gross margins have fluctuated wildly from a peak of 71.6% in 2024Q4 to a negative 124% in 2025Q4, highlighting the extreme sensitivity of the firm's high-fixed-cost manufacturing infrastructure to even minor variations in production throughput.
The inability to maintain positive gross margins suggests that the Salt Lake City facility is significantly underutilized, preventing the amortization of fixed sintering costs. This structural inefficiency implies that the company may struggle to achieve competitive pricing power against established ceramic manufacturers until it reaches a much higher scale of operations.
According to SEC filings, the company's operating expenses, particularly SG&A and R&D, consistently dwarf revenue, resulting in an operating margin of -1053% in recent periods, which indicates a cost structure that is fundamentally misaligned with the current level of commercial output.
The persistent reliance on heavy R&D and administrative spending without a corresponding increase in revenue suggests a 'zombie' cost structure that requires urgent rationalization. Without a significant reduction in fixed overhead or a massive surge in product demand, the current expense discipline appears insufficient to prevent further erosion of the company's limited cash reserves.
As evidenced by the company's historical financial performance, the persistent net losses and reliance on dilutive financing suggest that the current business model may be fundamentally unsustainable, posing a significant risk of permanent capital impairment for shareholders in the absence of a major commercial breakthrough.
Short-sellers would likely focus on the company's inability to convert its proprietary silicon nitride IP into a self-sustaining business after years of operation. The recurring need for capital raises to fund ongoing losses warrants extreme caution, as the company's valuation appears increasingly untethered from its actual commercial performance.
Quick answers to the most common questions about buying SINT stock.
For fiscal year 2025, Sintx Technologies, Inc. (SINT) reported total revenue of $1.0M. This represents a 95.0% decline compared to $20.3M in 2011.
Sintx Technologies, Inc. (SINT) reported a net loss of $17.1M for the fiscal year ending 2025.
Sintx Technologies, Inc. (SINT) reported an operating income of $-10.7M, resulting in an operating profit margin of -1053.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Sintx Technologies, Inc. (SINT) generated $-0.2M in gross profit for the year, representing a gross profit margin of -19.7%. This demonstrates the company's core pricing power and production efficiency.