Filing Flows › Nephros (NEPH) › Q2 2026 › vs Q2 2025
Nephros (NEPH) Q2 2026 vs Q2 2025 (year over year)
Nephros's revenue rose $1.6M (+36%) from $4.4M in Q2 2025 to $6.0M in Q2 2026. The biggest changes: Product +$1.4M (+32%); Service Royalty and Other Revenues +$208K (+193%). Gross margin 66.9% against 63.2% (+3.7 pts).
Nephros, Q2 2026: revenue $6.0M (+36% year over year), operating margin 20.2%, net earnings $1.2M, operating cash flow $681K. The chart draws each line against Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Gross margin | 66.9% | 63.2% | +3.7 pts |
| Operating margin | 20.2% | 5.6% | +14.5 pts |
| Net margin | 19.9% | 5.4% | +14.5 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Product | $5.7M | $4.3M | $1.4M | +32% |
| Service Royalty and Other Revenues | $316K | $108K | $208K | +193% |
| Revenue | $6.0M | $4.4M | $1.6M | +36% |
| Gross profit | $4.0M | $2.8M | $1.2M | +44% |
| Cost of revenue | $2.0M | $1.6M | $367K | +23% |
| Operating profit | $1.2M | $248K | $965K | +389% |
| Operating expenses | $2.8M | $2.5M | $266K | +10% |
| Pre-tax earnings | $1.2M | $246K | $964K | +392% |
| Research & development | $366K | $311K | $55K | +18% |
| SG&A | $2.4M | $2.2M | $217K | +10% |
| Other operating costs | $29K | $35K | −$6K | -17% |
| Net earnings | $1.2M | $237K | $960K | +405% |
| Income tax | $13K | $9K | $4K | +44% |
| Depreciation & amortization | $29K | $35K | −$6K | -17% |
| Share-based compensation | $61K | $71K | −$10K | -14% |
| Working capital & other | $606K | −$651K | $1.3M | — |
| Operating cash flow | $681K | $994K | −$313K | -31% |
Questions
How much did Nephros's revenue grow year over year in Q2 2026?
Nephros's revenue rose $1.6M (+36%) from $4.4M in Q2 2025 to $6.0M in Q2 2026.
What drove Nephros's revenue change in Q2 2026?
Product +$1.4M (+32%); Service Royalty and Other Revenues +$208K (+193%).