Filing Flows › Nephros (NEPH) › Q3 2025
Nephros (NEPH) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 6, 2025
Nephros (NEPH) reported revenue of $4.8M for the third quarter 2025 (Q3 2025), +35% from a year earlier and +8% from the quarter before. Operating margin was 6.6%, net earnings $337K (7.1% of revenue).
Nephros, Q3 2025: revenue $4.8M (+35% year over year), operating margin 6.6%, net earnings $337K, operating cash flow $99K. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $4.8M | +8% | +35% |
| Gross profit | $2.9M | +4% | +36% |
| Operating profit | $314K | +27% | +52% |
| Net earnings | $337K | +42% | +84% |
| Operating cash flow | $99K | -90% | — |
What changed
Revenue was $4.8M in Q3 2025, up 35% year over year and up 8% from the previous quarter. Product was the largest line at 96% of revenue. Product added $1.1M year over year (up 32%), 90% of the total change.
Gross margin was 61.2%, up 0.1 points from a year earlier. Operating profit was $314K, a 6.6% margin (up 0.7 points year over year). Of the extra revenue versus a year earlier, 9% reached operating profit, above the 6% margin then. Operating expenses grew 34% against revenue growth of 35%. The fastest-growing cost line was Research & development (+80%). Net earnings were $337K, up 84% year over year. The effective tax rate was 0.9%.
Operating cash flow was $99K, 29% of net earnings. Non-cash charges added back $34K of depreciation and amortization and $70K of share-based compensation. Working capital and other items used $342K.
Questions
What was Nephros' revenue in the third quarter 2025?
Nephros (NEPH) reported revenue of $4.8M for the third quarter 2025 (Q3 2025), +35% from a year earlier and +8% from the quarter before.
Was Nephros profitable in the third quarter 2025?
Operating profit was $314K (6.6% of revenue) and net earnings $337K.
Source: Nephros 10-Q on SEC EDGAR.