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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d)
of
the Securities Exchange Act of 1934
Date
of report (Date of earliest event reported): January 23, 2024
SINTX
Technologies, Inc.
(Exact
name of registrant as specified in its charter)
Delaware |
|
001-33624 |
|
84-1375299 |
(State
or other jurisdiction
of
incorporation) |
|
(Commission
File
Number) |
|
(IRS
Employer
Identification
No.) |
1885
West 2100 South
Salt
Lake City, UT |
|
84119 |
(Address
of principal executive offices) |
|
(Zip
Code) |
Registrant’s
telephone number, including area code: (801) 839-3500
(Former
Name or Former Address, if Changed Since Last Report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions (see General Instruction A.2. below):
☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class: |
|
Trading
Symbol(s): |
|
Name
of each exchange on which registered: |
Common
Stock, par value $0.01 per share |
|
SINT |
|
The
Nasdaq Capital Market |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging
growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item
2.02 Results of Operations and Financial Condition.
On
January 23, 2024, SINTX Technologies, Inc. issued a press release announcing its preliminary revenue results for the fourth quarter
and full year ended December 31, 2023. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein in its
entirety by reference.
Limitation
on Incorporation by Reference. The information furnished in this Item 2.02, including the press release attached hereto as Exhibit
99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference
in any filing under the Securities Act of 1933, as amended, or the Exchange Act except as set forth by specific reference in such a filing.
Cautionary
Note Regarding Forward-Looking Statements. Except for historical information contained in the press release attached as an exhibit
hereto, the press release contains forward-looking statements that involve certain risks and uncertainties that could cause actual results
to differ materially from those expressed or implied by these statements. Please refer to the cautionary note in the press release regarding
these forward-looking statements.
Item
9.01 Financial Statements and Exhibits.
The
following exhibits are filed herewith:
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
|
SINTX
TECHNOLOGIES, INC. |
|
|
Date:
January 23, 2024 |
/s/
B Sonny Bal |
|
B.
Sonny Bal |
|
Chief
Executive Officer |
Exhibit 99.1
SINTX TECHNOLOGIES SHARES SELECT PRELIMINARY Q4
2023 AND FULL YEAR 2023 REVENUE UPDATE
SALT LAKE CITY, Jan. 23, 2024 (GLOBE NEWSWIRE)
— SINTX Technologies, Inc. (www.sintx.com) (NASDAQ: SINT) (“SINTX” or the “Company”), an original
equipment manufacturer of advanced ceramics, announced that its estimated unaudited revenues were approximately $902k in Q4 2023, and
$2.6 million for the year ended December 31, 2023. These preliminary results are subject to the Company’s standard year-end financial
reporting processes, reviews, and audits.
SINTX acquired Maryland-based Technology Assessment
and Transfer (TA&T) in June 2022. Since that time, the Company has experienced an 18% increase in Q4 2023 revenue versus Q4 2022,
and a 68% increase in 2023 revenue compared to 2022 revenue. Notably, 2023 revenue figures reflect a 333% increase in revenues
for the year that ended December 31, 2021.
Commercial revenues of $582K in Q4 2023 and $1.2 million for the full year 2023 were
achieved primarily by the sale of products in the aerospace, biomedical, and energy markets. Government contracts in these markets made
up $320K in Q4 and $1.4 million for the full year. Customer adoption of new product offerings led to commercial revenue exceeding government
contracts in Q4 2023 - for the first time since acquisition of TA&T. The Company continued its successful restructuring and expansion
into the defense, aerospace, and industrial markets for advanced ceramic materials and related technologies.
SINTX anticipates continued revenue growth in 2024
driven primarily by new commercial product adoption, innovative technology development, and government contract opportunities. Given
the underlying growth in the aerospace, biomedical, and energy markets, these represent significant target opportunities for SINTX
- both for commercial and government contract revenue streams. The Company also expects to re-engage the ballistic and body armor
market during 2024, as armor operations come back online, and demand for these products remains strong.
About SINTX
Technologies, Inc.
SINTX Technologies is an advanced ceramics company
that develops and commercializes materials, components, and technologies for medical and technical applications. SINTX is a global leader
in the research, development, and manufacturing of silicon nitride, and its products have been implanted in humans since 2008. Over the
past two years, SINTX has utilized strategic acquisitions and alliances to enter into new markets. The Company has manufacturing facilities
in Utah and Maryland.
For more information on SINTX Technologies or its
silicon nitride material platform, please visit www.sintx.com.
Preliminary and Unaudited Nature of Reported
Results
We have not yet completed the preparation of our financial
statements for the fourth quarter and full year ended 2023. Our revenue expectations for the fourth quarter and full year ended 2023,
are preliminary, unaudited and are subject to change based on the completion of ongoing internal control, review, and audit procedures.
As a result, these amounts may differ materially from the amounts that will be reflected in the Company’s consolidated financial
statements for the year ended December 31, 2023. Accordingly, you should not place undue reliance on this preliminary estimate.
Forward-Looking
Statements
This press release contains forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995 (PSLRA) that are subject to a number of risks and uncertainties,
including statements relating to revenue growth from new commercial product adoption, innovative technology development, and government
contract opportunities, new revenue sources in 2024 via continued growth in the aerospace and energy markets, and the Company’s
expectation that it will re-engage the ballistic and body armor market during 2024. These risks and uncertainties, many of which are beyond
our control, include, among other things: our products may not prove to be as effective as other products currently being commercialized
or to be commercialized in the future by competitors; risks inherent in manufacturing and scaling up to commercial quantities while maintaining
quality controls; volatility in the price of SINTX’s common stock; the uncertainties inherent in new product development, including
the cost and time required to commercialize such product(s); market acceptance of our products once commercialized; SINTX’s ability
to raise funding and other competitive developments. Readers are cautioned not to place undue reliance on the forward-looking statements,
which speak only as of the date on which they are made and reflect management’s current estimates, projections, expectations, and
beliefs. There can be no assurance that any of the anticipated results will occur on a timely basis or at all due to certain risks and
uncertainties, a discussion of which can be found in SINTX’s Risk Factors disclosure in its Annual Report on Form 10-K, filed with
the Securities and Exchange Commission (SEC) on March 29, 2023, and in SINTX’s other filings with the SEC. SINTX undertakes no obligation
to publicly revise or update the forward-looking statements to reflect events or circumstances that arise after the date of this report.
Business or Media Inquiries for SINTX
SINTX Technologies
801.839.3502
IR@sintx.com
Source: SINTX Technologies, Inc.
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