Form 8-K

8-K — Xtant Medical Holdings, Inc.

Accession: 0001493152-26-036979

Filed: 2026-08-11

Period: 2026-08-11

CIK: 0001453593

SIC: 3841 (SURGICAL & MEDICAL INSTRUMENTS & APPARATUS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — form8-k.htm (Primary)

EX-99.1 (ex99-1.htm)

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0001453593

2026-08-11

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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): August 11, 2026

XTANT

MEDICAL HOLDINGS, INC.

(Exact

name of registrant as specified in its charter)

Delaware

001-34951

20-5313323

(State

or other jurisdiction

incorporation)

(Commission

File

Number)

(IRS

Employer

Identification

No.)

664

Cruiser Lane

Belgrade,

Montana

59714

(Address

of principal executive offices)

(Zip

Code)

(406)

388-0480

(Registrant’s

telephone number, including area code)

Not

Applicable

(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:

☐ 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 $0.000001 per share

XTNT

NYSE

American LLC

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 ☐

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.

August 11, 2026, Xtant Medical Holdings, Inc. (the “Company”) announced its financial results for the second quarter of 2026.

The full text of the press release issued in connection with the announcement is furnished as Exhibit 99.1 to this Current Report on

Form 8-K.

The

information in Item 2.02 of this report (including 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 it be deemed incorporated by reference in any registration statement or other document filed by the Company under the Securities

Act of 1933, as amended, or the Exchange Act, except as expressly provided by specific reference in such a filing.

supplement its consolidated financial statements prepared in accordance with United States generally accepted accounting principles (“GAAP”),

the Company uses certain non-GAAP financial measures, such as non-GAAP adjusted EBITDA, which are included in the press release furnished

as Exhibit 99.1 to this report. The Company defines non-GAAP adjusted EBITDA as net income (loss) from operations before depreciation

and amortization expense; interest expense, net; and tax benefit (expense), and as further adjusted to add back in or exclude, non-cash

compensation and unrealized foreign currency translation losses or gains and other special items, including write-off of distribution

agreement deposit, divestiture/acquisition-related income and expenses and income related to transition services agreements, acquisition-related

fair value adjustments, and separation-related expenses, in each case as applicable.

The

Company uses non-GAAP adjusted EBITDA in making operating decisions because it believes this measure provides meaningful supplemental

information regarding its core operational performance. Additionally, this measure gives the Company a better understanding of how it

should invest in sales and marketing and research and development activities and how it should allocate resources to both ongoing and

prospective business initiatives. The Company also uses non-GAAP adjusted EBITDA to help make budgeting and spending decisions, for example,

among sales and marketing expenses, general and administrative expenses, and research and development expenses. Additionally, the Company

believes its use of non-GAAP adjusted EBITDA facilitates management’s internal comparisons to historical operating results by factoring

out potential differences caused by charges not related to its regular, ongoing business, including, without limitation, non-cash charges

and certain large and unpredictable charges or gains.

described above, the Company excludes the effect of the following items from its non-GAAP adjusted EBITDA for the following reasons:

Non-cash

compensation. The Company excludes non-cash compensation, which is a non-cash charge related to equity awards granted by the Company.

Although non-cash compensation is a recurring charge to the Company’s operations, management has excluded it because it relies

on valuations based on future events, such as the market price of the Company’s common stock, that are difficult to predict and

are affected by market factors that are largely not within the control of the Company. Thus, management believes that excluding non-cash

compensation facilitates comparisons of the Company’s operational performance in different periods, as well as with similarly determined

non-GAAP financial measures of comparable companies.

Unrealized

foreign currency translation gains or losses. The Company excludes unrealized foreign currency translation gains or losses, as applicable,

from non-GAAP adjusted EBITDA primarily because such gains or losses are not reflective of the Company’s ongoing operating results

and are not used by management to assess the core profitability of the Company’s business operations. The Company further believes

that excluding this item from its non-GAAP results is useful to investors in that it allows for period-over-period comparability.

Write-off

of distribution agreement deposit. The Company excludes the write-off of a distribution deposit from non-GAAP adjusted EBITDA primarily

because such write-off is not reflective of the Company’s ongoing operating results and is not used by management to assess the

core profitability of the Company’s business operations. The Company further believes that excluding this item from its non-GAAP

results is useful to investors in that it allows for period-over-period comparability.

Divestiture/acquisition-related

expenses and income related to transition services agreements. The Company excludes expenses and income directly related to the Company’s

divestitures and acquisitions and subsequent integration and transition activities from non-GAAP adjusted EBITDA primarily because such

expenses and income are not reflective of the Company’s ongoing operating results and are not used by management to assess the

core profitability of the Company’s business operations. These expenses and income include legal and accounting fees, as well fees

charged by the Company in connection with post-divestiture transition services performed for divested operations. These expenses and

income are not considered normal, recurring, cash operating expenses/income necessary to operate the Company’s business. The Company

further believes that excluding these expenses and income from its non-GAAP results is useful to investors in that it allows for period-over-period

comparability.

Acquisition-related

fair value adjustments. The Company excludes acquisition-related fair value adjustments from non-GAAP adjusted EBITDA primarily because

such adjustments are not reflective of the Company’s ongoing operating results and are not used by management to assess the core

profitability of the Company’s business operations. The Company further believes that excluding this item from its non-GAAP results

is useful to investors in that it allows for period-over-period comparability.

Separation-related

expenses. The Company excludes separation-related expenses primarily because such expenses are not reflective of the Company’s

ongoing operating results and are not used by management to assess the core profitability of the Company’s business operations.

The Company further believes that excluding this item from its non-GAAP results is useful to investors in that it allows for period over-period

comparability.

Non-GAAP

adjusted EBITDA is reconciled to net income (loss), the most directly comparable GAAP measure in the press release. The Company also

presents in the press release EBITDA as a percentage of total revenue and adjusted EBITDA as a percentage of total revenue and reconciles

these two non-GAAP measures in the press release to net income (loss) as a percentage of total revenue.

Non-GAAP

financial measures are not in accordance with, or an alternative for, GAAP measures and may be different from non-GAAP financial measures

used by other companies. In addition, non-GAAP financial measures are not based on any comprehensive or standard set of accounting rules

or principles. Accordingly, the calculation of the Company’s non-GAAP financial measures may differ from the definitions of other

companies using the same or similar names, limiting, to some extent, the usefulness of such measures for comparison purposes. Non-GAAP

financial measures have limitations in that they do not reflect all of the amounts associated with the Company’s financial results

as determined in accordance with GAAP. Non-GAAP financial measures should only be used to evaluate the Company’s financial results

in conjunction with the corresponding GAAP measures. Accordingly, the Company qualifies its use of non-GAAP financial information in

a statement when non-GAAP financial information is presented.

Item 9.01

Financial Statements and

Exhibits.

(d)

Exhibits.

Exhibit

No.

Description

99.1

Press Release of Xtant Medical Holdings, Inc. dated August 11, 2026 entitled “Xtant Medical Reports Second Quarter 2026 Financial Results” (furnished herewith)

104

Cover

Page Interactive Data File (embedded within the Inline XBRL document)

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.

XTANT

MEDICAL HOLDINGS, INC.

By:

/s/

Scott C. Neils

Scott

C. Neils

Chief

Financial Officer

Date:

August 11, 2026

EX-99.1

Filename: ex99-1.htm · Sequence: 2

Exhibit

99.1

Xtant

Medical Reports Second Quarter 2026 Financial Results

Launched

Trivium™ Shaped, an extension of its Trivium line of premium, next-generation demineralized bone matrix allograft for bone grafting

procedures

Company

to host investor conference call and webcast today, August 11th, at 8:30am ET

BELGRADE,

Mont., August 11, 2026 — Xtant Medical Holdings, Inc. (NYSE American: XTNT), a medical technology company focused on surgical

solutions for spinal and other orthopedic conditions, today reported financial and operating results for the second quarter ended June

30, 2026.

Second

Quarter 2026 Financial Highlights

● Generated

total revenue of $23.0 million for the second quarter of 2026, as compared to $35.4 million

for the second quarter of 2025. The decline in revenue relates primarily to the sale of the

non-core Coflex/CoFix assets and international hardware business to Companion Spine in December

2025 as well as license revenue that ceased at the end of 2025 due to changes in the reimbursement

environment.

Second

Quarter 2026 and Recent Business Highlights

● Announced

an exclusive U.S. distribution agreement with privately held Dilon Technologies whereby Xtant

has acquired the exclusive U.S. commercial rights to Dilon’s HEMOBLAST® Bellows

product for high-performance hemostasis following certain surgical procedures. As part of

the transaction, Xtant has hired Dilon’s approximately 20-person U.S. sales team, who

will support Xtant’s entire biologics portfolio.

● Launched

Trivium™ Shaped, an extension of its Trivium line of premium, next-generation demineralized

bone matrix allograft for bone grafting procedures. Trivium™ Shaped is available in

pre-shaped configurations designed to support handling, preparation, and placement across

a range of surgical applications.

Sean

Browne, President and CEO of Xtant Medical, stated, “The second quarter reflected continued execution of our strategy to broaden

our core biologics portfolio while expanding access to more hospitals and surgeons. The Dilon distribution agreement added a complementary

hemostatic technology and significant commercial resources, which, together with the introduction of Trivium Shaped, strengthen our platform

and position us for sustained long-term growth.”

Second

Quarter 2026 Financial Results

Revenue

for the second quarter of 2026 was $23.0 million, compared to $35.4 million for the same period in 2025. The year-over-year decline is

primarily due to the sale of the Company’s non-core Coflex/CoFix assets and international hardware business to Companion Spine

in December of 2025, as well as license revenue from Xtant’s Q-code and amniotic membrane agreements in the second quarter of 2025

that did not repeat in the second quarter of 2026 due to changes in the reimbursement environment.

Gross

margin for the second quarter of 2026 was 57.9%, compared to 68.6% for the same period in 2025. The decrease was primarily due to the

cessation of Q-code high-margin license revenue from the amniotic membrane agreements that ceased at the end of 2025, together with reduced

production efficiencies and increased charges for excess and obsolete inventory.

Operating

expenses for the second quarter of 2026 totaled $22.5 million, compared to $19.7 million for the second quarter of 2025. The increase

was primarily due to a $5.0 million exclusivity fee paid to Dilon Technologies in connection with the Company’s distribution agreement,

partially offset by lower general and administrative and sales and marketing expenses following the Company’s December 2025 sale

of its Coflex/CoFix assets and international hardware business to Companion Spine.

Second

quarter 2026 net loss was $9.4 million, compared to net income of $3.6 million for the second quarter of 2025.

Non-GAAP

adjusted EBITDA loss for the second quarter of 2026 totaled $2.7 million, compared to positive adjusted EBITDA of $6.9 million for the

same period in 2025.

The

Company defines adjusted EBITDA as net income/loss from operations before depreciation, amortization and interest income/expense and

provision for income tax/benefit, and as further adjusted to add back in or exclude, as applicable, non-cash compensation, the write-off

of the distribution agreement deposit, disposition/acquisition-related income and expenses, acquisition-related fair value adjustments,

unrealized foreign currency translation gain or loss, and separation-related expenses. A calculation and reconciliation of adjusted EBITDA

to net income (loss) can be found in the attached financial tables.

of June 30, 2026, the Company had $9.9 million of cash and cash equivalents, total indebtedness of $23.0 million, and availability under

its revolving credit facility of $0.7 million, compared to $17.3 million of cash and cash equivalents, total indebtedness of $25.4 million,

and availability under its revolving credit facility of $3.8 million as of December 31, 2025. The decrease in total indebtedness reflects

a $3.8 million reduction in term loan principal, including $2.8 million from proceeds received from Companion Spine in the first quarter

of 2026, partially offset by net borrowings of $1.1 million under the Company’s revolving credit facility during the first half

of 2026, used primarily to fund the $5.0 million exclusivity fee paid to Dilon Technologies and for working capital.

The

Company believes its current cash and availability under its credit facility are sufficient to fund operations, as currently planned,

for at least the next 12 months.

2026

Financial Guidance

Reflecting

lower-than-expected biologics revenue in the second quarter, as well as ongoing headwinds related to its amnio product line directly

tied to the advanced wound care market, Xtant is today modestly reducing its full-year guidance to a range of $99 million to $103 million,

from $101 million to $105 million previously.

Conference

Call

Xtant

Medical will host a webcast and conference call to discuss its second quarter 2026 financial and operating results at 8:30 am ET today,

August 11, 2026.

access the webcast: https://www.webcaster5.com/Webcast/Page/3039/54128

access the conference call, dial 888-506-0062 (US) or 973-528-0011 (International) and reference Participant Access Code 844793.

replay of the call will be available on the Investor section of the Company’s website at www.xtantmedical.com for a period of one

year.

About

Xtant Medical Holdings, Inc.

Xtant

Medical’s mission of honoring the gift of donation so that our patients can live as full and complete a life as possible, is the

driving force behind our company. Xtant Medical Holdings, Inc. (www.xtantmedical.com) is a medical technology company focused on the

design, development, and commercialization of a comprehensive portfolio of orthobiologics serving the chronic and surgical wound care

and sports medicine markets, as well as spinal implant systems. Xtant people are dedicated and talented, operating with the highest integrity

to serve our customers.

The

symbols ™ and ® denote trademarks and registered trademarks of Xtant Medical Holdings, Inc. or its affiliates, registered as

indicated in the United States, and in other countries. All other trademarks and trade names referred to in this release are the property

of their respective owners.

Non-GAAP

Financial Measures

supplement the Company’s consolidated financial statements prepared in accordance with U.S. generally accepted accounting principles

(GAAP), the Company uses certain non-GAAP financial measures in this release, including adjusted EBITDA, adjusted EBITDA as a percentage

of total revenue. Reconciliations of the non-GAAP financial measures used in this release to the most comparable GAAP measures for the

respective periods can be found in this release or tables later in this release. The Company’s management believes that the presentation

of these measures provides useful information to investors. These measures may assist investors in evaluating the Company’s operations,

period over period. Management uses the non-GAAP measures in this release internally for evaluation of the performance of the business,

including the allocation of resources. Investors should consider non-GAAP financial measures only as a supplement to, not as a substitute

for or as superior to, measures of financial performance prepared in accordance with GAAP.

Cautionary

Statement Regarding Forward-Looking Statements

This

press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking

statements include statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include

words such as “intends,” ‘‘expects,’’ ‘‘anticipates,’’ ‘‘plans,’’

‘‘believes,’’ “continue,” “future,” ‘‘will,’’ “potential,”

“guidance,” similar expressions or the negative thereof, and the use of future dates. Forward-looking statements in this

release include the Company’s full year 2026 revenue guidance. The Company cautions that its forward-looking statements by their

nature involve risks and uncertainties, and actual results may differ materially depending on a variety of important factors, including,

among others: the Company’s future operating results, financial performance and need for additional capital; the Company’s

ability to achieve sustained long-term growth; the success of the distribution arrangement and the HEMOBLAST® Bellows product, including

future U.S. sales and the additional U.S. sales personnel and their impact on the Company’s business and operating results; the

possibility that the distribution agreement may be terminated by either party and the effect of any such termination on the Company and

its ability to recapture the $5.0 million exclusivity fee it paid Dilon; the effect of the distribution agreement on the Company’s

business, including its relationships with other distributors, independent sales representatives and personnel, and its business and

operating results; the ability of Dilon to continue to manufacture and supply the Company the HEMOBLAST® Bellows product and the

effect of any such non-performance on the Company and its business and operating results; the success of the Company’s expanded

field sales force to improve the Company’s reach and leverage its contract portfolio and independent agent network; the Company’s

ability to become operationally self-sustaining and less reliant on third-party manufacturers and suppliers; risks associated with acquisitions

and dispositions; its ability to implement successfully its future growth initiatives and risks associated therewith; possible future

impairment charges to long-lived assets and goodwill and write-downs of excess and obsolete inventory; its ability to continue to innovate,

develop and introduce new products and the success of those products; its ability to remain competitive; its ability to engage and retain

new and existing independent distributors and agents and qualified sales and other personnel and its dependence on key independent agents

for a significant portion of its revenue; the effect of inflation, elevated interest rates and other recessionary factors and supply

chain disruptions; the effect of product sales mix changes on its financial results; the effect of government and third-party coverage

and reimbursement for its products; its ability to obtain and maintain regulatory approvals and comply with government regulations; the

effect of product liability claims and other litigation to which the Company may be subject; the effect of product recalls and defects;

its ability to license intellectual property on commercially reasonable terms and to maintain any such licenses and its ability to obtain

and protect its intellectual property and proprietary rights and operate without infringing the rights of others; its ability to service

its debt, comply with debt covenants, and access additional indebtedness or financing on favorable terms or at all, if and when needed;

and other factors described in its Annual Report on Form 10-K for the year ended December 31, 2025 filed with the Securities and Exchange

Commission (SEC) on March 30, 2026 and subsequent SEC reports, including its Quarterly Report on Form 10-Q for the quarterly period ended

June 30, 2026 to be filed with the SEC on or about August 11, 2026. Investors are encouraged to read the Company’s filings with

the SEC, available at www.sec.gov, for a discussion of these and other risks and uncertainties. The Company undertakes no obligation

to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date hereof or to reflect

the occurrence of unanticipated events, except as required by law. All forward-looking statements attributable to the Company or persons

acting on its behalf are expressly qualified in their entirety by this cautionary statement.

Investor

Relations Contact:

Kevin

Gardner

LifeSci

Advisors

kgardner@lifesciadvisors.com

– Tables

Follow –

XTANT

MEDICAL HOLDINGS, INC.

Consolidated

Balance Sheets

(In

thousands, except number of shares and par value)

As of

June 30, 2026

As of

December 31, 2025

(Unaudited)

ASSETS

Current Assets:

Cash and cash equivalents

$ 9,870

$ 17,053

Restricted cash

347

275

Trade accounts receivable, net of allowance for credit losses and doubtful accounts of $2,234 and $2,165, respectively

19,416

17,803

Inventories

33,287

30,263

Note receivable

—

10,462

Prepaid and other current assets

1,857

2,389

Total current assets

64,777

78,245

Property and equipment, net

5,542

6,202

Right-of-use asset, net

2,894

3,192

Goodwill

6,074

Intangible assets, net

252

299

Other assets

128

133

Total Assets

$ 79,667

$ 94,145

LIABILITIES & STOCKHOLDERS’ EQUITY

Current Liabilities:

Accounts payable

$ 6,154

$ 3,844

Accrued liabilities

7,481

10,626

Current portion of long-term debt

3,720

3,500

Current portion of lease liability

594

622

Current portion of finance lease obligations

Line of credit

11,985

10,857

Total current liabilities

29,963

29,484

Long-term Liabilities:

Lease liability, less current portion

2,397

2,665

Finance lease obligation, less current portion

—

Long-term debt, plus premium and less issuance costs

7,287

11,026

Other liabilities

Total Liabilities

39,652

43,192

Commitments and Contingencies

Stockholders’ Equity:

Preferred stock, $0.000001 par value; 10,000,000 shares authorized; no shares issued and outstanding

—

Common stock, $0.000001 par value; 300,000,000 shares authorized; 140,262,960 shares issued and outstanding as of June 30, 2026 and 140,039,557 shares issued and outstanding as of December 31, 2025

—

Additional paid-in capital

307,004

305,439

Accumulated other comprehensive loss

(1 )

—

Accumulated deficit

(266,988 )

(254,486 )

Total Stockholders’ Equity

40,015

50,953

Total Liabilities & Stockholders’ Equity

$ 79,667

$ 94,145

XTANT

MEDICAL HOLDINGS, INC.

Consolidated

Statements of Operations

(Unaudited,

in thousands, except number of shares and per share amounts)

Three Months Ended

June 30,

Six Months Ended

June 30,

2026

2025

2026

2025

Revenue

Product revenue

$ 23,031

$ 30,436

$ 43,915

$ 59,720

License revenue

—

4,975

—

8,595

Total Revenue

23,031

35,411

43,915

68,315

Cost of sales

9,701

11,127

18,614

23,788

Gross Profit

13,330

24,284

25,301

44,527

Operating Expenses

General and administrative

6,436

7,478

12,709

15,011

Sales and marketing

10,368

11,616

18,554

22,820

Research and development

695

566

1,130

1,009

Write-off of distribution agreement deposit

5,000

—

5,000

—

Total Operating Expenses

22,499

19,660

37,393

38,840

(Loss) Income from Operations

(9,169 )

4,624

(12,092 )

5,687

Other Expense

Interest expense

(542 )

(1,004 )

(1,141 )

(2,049 )

Interest income

—

220

—

Unrealized foreign currency translation gain

178

202

Other income (expense)

347

589

(2 )

Total Other Expense

(171 )

(819 )

(310 )

(1,849 )

Net (Loss) Income from Operations Before Provision for Income Taxes

(9,340 )

3,805

(12,402 )

3,838

Provision for Income Taxes Current and Deferred

(73 )

(255 )

(100 )

(230 )

Net (Loss) Income

$ (9,413 )

$ 3,550

$ (12,502 )

$ 3,608

Net (Loss) Income Per Share:

Basic

$ (0.07 )

$ 0.03

$ (0.09 )

$ 0.03

Dilutive

$ (0.07 )

$ 0.02

$ (0.09 )

$ 0.02

Shares used in the computation:

Basic

140,258,667

139,310,589

140,159,255

139,190,378

Dilutive

140,258,667

148,574,242

140,159,255

148,339,423

XTANT

MEDICAL HOLDINGS, INC.

Consolidated

Statements of Cash Flows

(Unaudited,

in thousands)

Six Months Ended

June 30,

2026

2025

Operating activities:

Net (loss) income

$ (12,502 )

$ 3,608

Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:

Depreciation and amortization

1,042

2,243

Loss (gain) on sale of fixed assets

(49 )

Non-cash interest

251

289

Stock-based compensation

1,621

1,524

Provision for reserve on accounts receivable

463

395

Provision for excess and obsolete inventory

1,496

490

Write-off of distribution agreement deposit

5,000

—

Other

Changes in operating assets and liabilities:

Accounts receivable

(2,076 )

(6,873 )

Inventories

(3,591 )

(1,349 )

Prepaid and other assets

(298 )

347

Accounts payable

2,309

(880 )

Accrued liabilities

(3,145 )

2,763

Net cash (used in) provided by operating activities

(9,422 )

2,554

Investing activities:

Purchases of property and equipment

(441 )

(1,557 )

Proceeds from sale of fixed assets

102

Distribution agreement deposit

(5,000 )

—

Proceeds from divestitures

10,368

—

Net cash provided by (used in) investing activities

5,029

(1,460 )

Financing activities:

Borrowings on line of credit

27,895

51,812

Repayments on line of credit

(26,767 )

(51,925 )

Payments on long-term debt

(3,771 )

—

Debt issuance costs

—

(49 )

Payments on financing leases

(18 )

(34 )

Payment of taxes from withholding of common stock on settlement of restricted stock units

(56 )

(61 )

Net cash used in financing activities

(2,717 )

(257 )

Effect of exchange rate changes on cash and cash equivalents and restricted cash

(1 )

(21 )

Net change in cash and cash equivalents and restricted cash

(7,111 )

816

Cash and cash equivalents and restricted cash at beginning of period

17,328

6,221

Cash and cash equivalents and restricted cash at end of period

$ 10,217

$ 7,037

Reconciliation of cash and cash equivalents and restricted cash reported in the condensed consolidated balance sheets

Cash and cash equivalents

$ 9,870

$ 6,923

Restricted cash

347

114

Total cash and restricted cash reported in condensed consolidated balance sheets

$ 10,217

$ 7,037

XTANT

MEDICAL HOLDINGS, INC.

CALCULATION

OF NON-GAAP CONSOLIDATED EBITDA AND ADJUSTED EBITDA

(in

thousands)

Three Months Ended

June 30,

Six Months Ended

June 30,

2026

2025

2026

2025

Net (Loss) Income

$ (9,413 )

$ 3,550

$ (12,502 )

$ 3,608

Depreciation and amortization

508

1,169

1,042

2,243

Interest expense, net

541

1,004

921

2,049

Tax expense

255

100

230

Non-GAAP EBITDA

(8,291 )

5,978

(10,439 )

8,130

Net (Loss) Income/Total Revenue

(40.9 )%

10.0 %

(28.5 )%

5.3 %

Non-GAAP EBITDA/Total Revenue

(36.0 )%

16.9 %

(23.8 )%

11.9 %

NON-GAAP ADJUSTED EBITDA CALCULATION

Non-cash compensation

875

766

1,621

1,524

Write-off of distribution agreement deposit

5,000

—

5,000

—

Divestiture/acquisition-related expenses

(283 )

295

(518 )

295

Acquisition-related fair value adjustments

171

Unrealized foreign currency translation gain

(23 )

(178 )

(22 )

(202 )

Separation related expenses

—

(17 )

—

Non-GAAP Adjusted EBITDA

$ (2,678 )

$ 6,904

$ (4,263 )

$ 9,941

Non-GAAP Adjusted EBITDA/Total Revenue

(11.6 )%

19.5 %

(9.7 )%

14.6 %

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v3.26.1

Cover

Aug. 11, 2026

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Aug. 11, 2026

Entity File Number

001-34951

Entity Registrant Name

XTANT

MEDICAL HOLDINGS, INC.

Entity Central Index Key

0001453593

Entity Tax Identification Number

20-5313323

Entity Incorporation, State or Country Code

Entity Address, Address Line One

664

Cruiser Lane

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Belgrade

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59714

City Area Code

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Local Phone Number

388-0480

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