Filing Flows › Nephros (NEPH) › Q2 2025
Nephros (NEPH) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 7, 2025
Nephros (NEPH) reported revenue of $4.4M for the second quarter 2025 (Q2 2025), +36% from a year earlier and -9% from the quarter before. Operating margin was 5.6%, net earnings $237K (5.4% of revenue).
Nephros, Q2 2025: revenue $4.4M (+36% year over year), operating margin 5.6%, net earnings $237K, operating cash flow $994K. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $4.4M | -9% | +36% |
| Gross profit | $2.8M | -11% | +46% |
| Operating profit | $248K | -56% | — |
| Net earnings | $237K | -58% | — |
| Operating cash flow | $994K | +209% | — |
What changed
Revenue was $4.4M in Q2 2025, up 36% year over year and down 9% from the previous quarter. Product was the largest line at 98% of revenue. Product added $1.1M year over year (up 34%), 95% of the total change.
Gross margin was 63.2%, up 4.5 points from a year earlier. Operating profit was $248K, a 5.6% margin (up 15.4 points year over year). Operating expenses grew 14% against revenue growth of 36%. The fastest-growing cost line was Research & development (+22%). Net earnings were $237K. The effective tax rate was 3.7%.
Operating cash flow was $1.0M, 419% of net earnings. Non-cash charges added back $35K of depreciation and amortization and $71K of share-based compensation. Working capital and other items added $651K.
Questions
What was Nephros' revenue in the second quarter 2025?
Nephros (NEPH) reported revenue of $4.4M for the second quarter 2025 (Q2 2025), +36% from a year earlier and -9% from the quarter before.
Was Nephros profitable in the second quarter 2025?
Operating profit was $248K (5.6% of revenue) and net earnings $237K.
Source: Nephros 10-Q on SEC EDGAR.