Filing Flows › Nephros (NEPH) › Q1 2026
Nephros (NEPH) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 7, 2026
Nephros (NEPH) reported revenue of $5.2M for the first quarter 2026 (Q1 2026), +7% from a year earlier and +10% from the quarter before. Operating margin was 1.9%, net earnings $140K (2.7% of revenue).
Nephros, Q1 2026: revenue $5.2M (+7% year over year), operating margin 1.9%, net earnings $140K, operating cash flow −$1.7M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $5.2M | +10% | +7% |
| Gross profit | $3.0M | +8% | -5% |
| Operating profit | $97K | +439% | -83% |
| Net earnings | $140K | +126% | -75% |
| Operating cash flow | −$1.7M | -1003% | -619% |
What changed
Revenue was $5.2M in Q1 2026, up 7% year over year and up 10% from the previous quarter. Product was the largest line at 97% of revenue. Product added $334K year over year (up 7%), 100% of the total change.
Gross margin was 57.4%, down 7.2 points from Q1 2025. Operating profit was $97K, a 1.9% margin (down 9.7 points year over year). Operating profit fell $469K even though revenue rose $335K versus Q1 2025, so costs grew faster than sales. Operating expenses grew 12% against revenue growth of 7%. The fastest-growing cost line was Research & development (+17%). Net earnings were $140K, down 75% year over year. The effective tax rate was 0.0%. Non-operating items added $43K, 31% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$1.7M. Non-cash charges added back $29K of depreciation and amortization and $60K of share-based compensation. Working capital and other items used $1.9M.
Questions
What was Nephros' revenue in the first quarter 2026?
Nephros (NEPH) reported revenue of $5.2M for the first quarter 2026 (Q1 2026), +7% from a year earlier and +10% from the quarter before.
Was Nephros profitable in the first quarter 2026?
Operating profit was $97K (1.9% of revenue) and net earnings $140K.
Source: Nephros 10-Q on SEC EDGAR.