Sintx Technologies, Inc.

Previous wording

Our product revenue is derived from the manufacture and sale of products. These revenue sources primarily include coatings, materials, and components for aerospace and medical device markets, toll processing services, and government contracts and grants. We generally recognize revenue from sales where control transfers at a point in time as the title and risk of loss passes to the customer, which is at the time the product is shipped. In general, our customer does not have rights of return or exchange.

Current wording

Our product revenue is derived from the manufacture and sale of products. These revenue sources primarily include coatings, materials, and components for aerospace and medical device markets, toll processing services, and government contracts and grants. We generally recognize revenue from sales where control transfers at a point in time as the title and risk of loss passes to the customer, which is at the time the product is shipped. In general, our customers do not have rights of return or exchange.

Previous wording

The following is a tabular presentation of our unaudited condensed consolidated operating results for the three months ended March 31, 2026 and 2025 (in thousands):

Current wording

The following is a tabular presentation of our unaudited condensed consolidated operating results for the three and six months ended June 30, 2026 and 2025 (in thousands):

Previous wording

For the three months ended March 31, 2026, total revenue increased $11,000, or 3%, compared to the same period in 2025. When excluding the total revenue decrease of $109,000 due to the sale of the TA&T subsidiary, the remaining total revenue increased by $120,000, or 46%.

Current wording

For the three months ended June 30, 2026, total revenue increased $0.3 million, or 199%, compared to the same period in 2025. For the six months ended June 30, 2026, total revenue increased $0.3 million, or 60%, compared to the same period in 2025. When excluding the total revenue decrease of $0.1 million due to the sale of the TA&T subsidiary, the remaining total revenue for the six months ended June 30, 2026 increased by $0.4 million, or 102%.

Previous wording

For the three months ended March 31, 2026, product revenue increased $9,000, or 3%, compared to the same period in 2025. When excluding the product revenue decrease of $64,000 due to the sale of the TA&T subsidiary, the remaining product revenue increased by $73,000, or 32%.

Current wording

For the three months ended June 30, 2026, product revenue increased $0.3 million, or 347%, compared to the same period in 2025. For the six months ended June 30, 2026, product revenue increased $0.4 million, or 91%, compared to the same period in 2025. When excluding the product revenue decrease of $0.1 million due to the sale of the TA&T subsidiary, the remaining product revenue for the six months ended June 30, 2026 increased by $0.4 million, or 128%.

Previous wording

During the three months ended March 31, 2026, grant and contract revenue increased $2,000, or 3%, as compared to the same period in 2025. When excluding the grant and contract revenue decrease of $45,000 due to the sale of the TA&T subsidiary, the remaining grant and contract revenue increased by $47,000, or 142%.

Current wording

During the three months ended June 30, 2026, grant and contract revenue decreased $46,000, or 90%, as compared to the same period in 2025. During the six months ended June 30, 2026, grant and contract revenue decreased $44,000, or 34%, as compared to the same period in 2025. When excluding the grant and contract revenue decrease of $45,000 due to the sale of the TA&T subsidiary, the remaining grant and contract revenue for the six months ended June 30, 2026 increased by $1,000, or 1%.

Previous wording

The Company continues to support its OEM technical manufacturing operations as a source of revenue and cash flow, with recent, meaningful pricing actions improving the profitability of this segment. At the same time, the Company remains focused on the long-term commercialization of proprietary silicon nitride-based biomedical devices, including its orthopedic product portfolio.

Current wording

The Company continues to support its OEM technical manufacturing product line as an important source of revenue and cash flow. Recent pricing initiatives have improved the profitability of this product line while allowing the Company to continue investing in the commercialization of its proprietary silicon nitride-based biomedical devices, including its orthopedic product portfolio. Management expects the OEM product line and its proprietary medical technology initiatives to remain complementary components of the Company’s long-term growth strategy.

Previous wording

For the three months ended March 31, 2026, cost of revenue decreased by $10,000, or 4%, compared to the same period in 2025, primarily due to a continued focus on higher-margin sales.

Current wording

For the three months ended June 30, 2026, cost of revenue increased by $0.1 million, or 85%, compared to the same period in 2025. For the six months ended June 30, 2026, cost of revenue increased by $0.1 million, or 21%, compared to the same period in 2025. Cost of revenue increased at a lower rate than revenue primarily due to the Company’s continued focus on higher-margin sales and a favorable sales mix, with improved pricing on certain OEM products, during the current period. Although the Company expects this strategy to continue to support profitability, gross margin may fluctuate from period to period based on product mix, pricing, manufacturing efficiencies, customer demand, and the mix of product and grant and contract revenue.

Previous wording

For the three months ended March 31, 2026, research and development expenses decreased by $0.8 million, or 67%, compared to the same period in 2025. The decrease was primarily due to a $0.3 million reduction in headcount-related costs and $0.5 million due to the reallocation of certain overhead costs to general and administrative expenses. Historically, a significant portion of our operations was focused on research and development, resulting in the majority of overhead costs being allocated to research and development. As our focus has shifted toward commercialization, a greater portion of these costs is now classified as general and administrative.

Current wording

Historically, a significant portion of our operations was focused on research and development, resulting in the majority of overhead costs being allocated to research and development. As our focus has shifted toward commercialization, a greater portion of these costs is now classified as general and administrative.

Previous wording

For the three months ended March 31, 2026, general and administrative expenses increased by $1.2 million, or 92%, compared to the same period in 2025. The increase was primarily due to $1.1 million in higher headcount-related costs, including $0.4 million of non-cash stock-based compensation, as well as the reallocation of certain overhead costs of $0.5 million, as discussed above. These increases were partially offset by decreases of $0.2 million in non-employee stock-based compensation, $0.1 million in impairment cost recognized in 2025, and $0.1 million in other general expenses.

Current wording

For the six months ended June 30, 2026, general and administrative expenses increased by $2.1 million, or 78%, compared to the same period in 2025. The increase was primarily due to $1.1 million in higher headcount-related costs, including $0.5 million of non-cash stock-based compensation, as well as the reallocation of certain overhead costs of $1.4 million, as discussed above, and $0.1 million in other general expenses. These increases were partially offset by decreases of $0.3 million in non-employee stock-based compensation and $0.2 million in board of directors fees.

Previous wording

For the three months ended March 31, 2026, sales and marketing expenses increased by $0.4 million, or 1,895%, compared to the same period in 2025. The increase was primarily due to $0.2 million in higher headcount-related costs, including $0.1 million of non-cash stock-based compensation, as well as a $0.2 million increase in other sales and marketing related costs associated with our product launch.

Current wording

For the three months ended June 30, 2026, sales and marketing expenses increased by $0.3 million, or 1,200%, compared to the same period in 2025. The increase was primarily due to $0.2 million in higher headcount-related costs, including $34,000 of non-cash stock-based compensation, as well as a $0.1 million increase in other sales and marketing related costs associated with our product launch.

Previous wording

For the three months ended March 31, 2026, other income increased by $0.3 million, or 324%, compared to the same period in 2025, primarily due to a $0.3 million increase in other income from the change in value of derivative liabilities.

Current wording

For the six months ended June 30, 2026, other income, net increased by $0.1 million, or 30%, compared to the same period in 2025, primarily due to a $0.4 million increase from the change in value of derivative liabilities, partially offset by a $0.3 million decrease in gain on disposal of equipment.

Previous wording

For the three months ended March 31, 2026, and 2025, we incurred a net loss of $2.8 million and $2.3 million, respectively, and used cash in operating activities of $2.5 million and $1.3 million, respectively. We had an accumulated deficit of $295 million and $292 million as of March 31, 2026, and December 31, 2025, respectively.

Current wording

For the six months ended June 30, 2026, and 2025, we incurred a net loss of $5.5 million and $4.6 million, respectively, and used cash in operating activities of $5.3 million and $3.7 million, respectively. We had an accumulated deficit of $298 million and $292 million as of June 30, 2026, and December 31, 2025, respectively.

Previous wording

The board of directors and management remain aligned in advancing the Company’s strategic direction and business objectives. While we expect to continue generating a significant portion of our revenues from our industrial business operations, management is increasingly concentrating resources on high-growth areas within the healthcare sector where our proprietary materials and technologies—such as silicon nitride—provide a distinct competitive advantage due to their unique strength, durability, and biocompatibility. We believe our established industrial activities provide an important operational and revenue foundation that supports the continued development and commercialization of our medical technologies. Building upon our established advanced materials expertise and recent FDA 510(k) clearance of the SiNAPTIC Foot & Ankle Osteotomy Wedge System, we are focused on commercializing our medical technologies and advancing additional silicon nitride-based compositions and applications for orthopedic, spinal, wound care, and other medical markets in order to expand our footprint in the medical device sector and support long-term shareholder value creation.

Current wording

The board of directors and management remain aligned in advancing the Company’s strategic direction and business objectives. While we expect to continue generating a significant portion of our revenues from our industrial business product line, management is increasingly concentrating resources on high-growth areas within the healthcare sector where our proprietary materials and technologies—such as silicon nitride—provide a distinct competitive advantage due to their unique strength, durability, and biocompatibility. We believe our established industrial activities provide an important operational and revenue foundation that supports the continued development and commercialization of our medical technologies. Building upon our established advanced materials expertise and FDA 510(k) clearance of the SiNAPTIC Foot & Ankle Osteotomy Wedge System, we are focused on commercializing our medical technologies and advancing additional silicon nitride-based compositions and applications for orthopedic, spinal, wound care, and other medical markets in order to expand our footprint in the medical device sector and support creation of long-term shareholder value.

Previous wording

As discussed in further detail above, in October 2025, we received FDA 510(k) clearance for a new foot and ankle osteotomy wedge system, enabling SINTX’s commercial entry into reconstructive foot and ankle surgery in the United States. Revenue was recognized during Q1 2026 and is expected to increase throughout 2026.

Current wording

As discussed in further detail above, in October 2025, we received FDA 510(k) clearance for a new foot and ankle osteotomy wedge system, enabling SINTX’s commercial entry into reconstructive foot and ankle surgery in the United States. We recognized initial revenue from the system during the first and second quarters of 2026. The timing and amount of future revenue will depend on, among other matters, physician adoption, customer ordering patterns, distributor performance, manufacturing capacity and reimbursement and market conditions.

Previous wording

As discussed in Note 9 to the condensed consolidated financial statements, in October 2025, we entered into the 2025 ATM Agreement to sell shares of our common stock from time to time, through an “at the market offering” program, having an aggregate offering price of $6.4 million. Through March 31, 2026, we have sold $0.7 million under the ATM, leaving a remaining balance of $5.7 million available under the ATM. Subsequent to March 31, 2026, we sold an additional $0.5 million under the ATM.

Current wording

As discussed in Note 9 to the condensed consolidated financial statements, in October 2025, we entered into the 2025 ATM Agreement to sell shares of our common stock from time to time, through an “at the market offering” program, having an aggregate offering price of $6.4 million. Through June 30, 2026, we have sold $1.3 million under the ATM, leaving a remaining balance of $5.1 million available under the ATM. Sales under the ATM depend on market conditions, eligibility to use the registration statement, trading volume and compliance with applicable offering limitations.

Previous wording

Despite the actions undertaken by management to improve liquidity and operating costs—including the divestiture of non-core operations, implementation of cost improvement initiatives, commercialization of newly cleared medical products, access to capital through our ATM program, and execution of the Armor facility sublease—management has concluded that substantial doubt remains regarding our ability to continue as a going concern for a period of at least 12 months from the date these condensed consolidated financial statements are issued. Our ability to continue as a going concern will depend on our ability to generate increased revenues, achieve profitability, obtain additional financing, and successfully execute our strategic business objectives. The condensed consolidated financial statements do not include any adjustments that might result from the outcome of these uncertainties.

Current wording

Despite the actions undertaken by management to improve liquidity and operating costs—including the divestiture of non-core operations, implementation of cost and pricing improvement initiatives, commercialization of newly cleared medical products, access to capital through our ATM program, and execution of the Armor facility sublease—management has concluded that substantial doubt remains regarding our ability to continue as a going concern for a period of at least 12 months from the date these condensed consolidated financial statements are issued. Our ability to continue as a going concern will depend on our ability to generate increased revenues, achieve profitability, obtain additional financing, and successfully execute our strategic business objectives. The condensed consolidated financial statements do not include any adjustments that might result from the outcome of these uncertainties.

Previous wording

Net cash used in operating activities was $2.5 million during the three months ended March 31, 2026, compared to $1.3 million used during the same period in 2025, an increase of $1.2 million. The increase was primarily due to an increase in net loss of $0.5 million, combined with increases in inventories of $0.4 million, change in fair value of derivative liabilities of $0.3 million, accounts receivable of $0.2 million and decreases in non-cash adjustments of $0.2 million for non-employee stock based compensation and $0.1 million in impairment cost. These changes were partially offset by an increase of $0.5 million in employee stock based compensation.

Current wording

Net cash used in operating activities was $5.3 million during the six months ended June 30, 2026, compared to $3.7 million used during the same period in 2025, an increase of $1.6 million. The increase was primarily due to an increase in net loss of $0.9 million, combined with net outflow from the change in inventories of $1.4 million, other liabilities of $0.8 million, and accounts receivable of $0.2 million. These changes were partially offset by net inflow from the change in accounts payable and accrued expenses of $1.5 million and non-cash adjustments of $0.2 million.

Previous wording

Net cash used in investing activities was $7,000 during the three months ended March 31, 2026, compared to $63,000 during the same period in 2025, a decrease of $56,000, primarily due to a decrease in purchases of property and equipment.

Current wording

Net cash used in investing activities was $0.1 million during the six months ended June 30, 2026, compared to net cash provided by investing activities of $0.3 million during the same period in 2025, a decrease of $0.4 million, primarily due to a decrease in proceeds from sale of property and equipment.

Previous wording

Net cash provided by financing activities was $0.2 million during the three months ended March 31, 2026, compared to $4.3 million provided during the same period in 2025. The $4.0 million decrease to net cash provided by financing activities was primarily due to a decrease in proceeds from issuance of common stock and prefunded warrants of $4.4 million, partially offset by an increase in proceeds from issuance of common stock in connection with ATM of $0.3 million and a decrease in repurchases of common stock into treasury of $0.1 million.

Current wording

Net cash provided by financing activities was $4.8 million during the six months ended June 30, 2026, compared to $4.1 million provided during the same period in 2025. The $0.7 million increase was primarily due to an increase in proceeds from issuance of common stock in connection with ATM of $0.8 million, a decrease in repurchases of common stock into treasury of $0.1 million, and a decrease in payment on debt of $0.1 million. These changes were partially offset by a decrease in proceeds from issuance of common stock and warrants of $0.3 million.

Previous wording

We do not have any off-balance sheet arrangements, as defined in Item 303(a)(4) of Regulation S-K.

Current wording

We do not have any off-balance sheet arrangements.

Previous wording

A summary of our significant accounting policies and estimates is discussed in Management’s Discussion and Analysis of Financial Condition and Results of Operations and in Note 1 to our consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2025. There have been no material changes to those policies for the three months ended March 31, 2026.

Current wording

A summary of our significant accounting policies and estimates is discussed in Management’s Discussion and Analysis of Financial Condition and Results of Operations and in Note 1 to our consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2025. There have been no material changes to those policies for the three and six months ended June 30, 2026.