Filing Flows › Nephros (NEPH) › Q3 2026 › vs Q2 2026
Nephros (NEPH) Q3 2026 vs Q2 2026 (quarter over quarter)
Nephros's revenue fell $395K (-7%) from $6.0M in Q2 2026 to $5.6M in Q3 2026. The biggest changes: Product −$270K (-5%); Service Royalty and Other Revenues −$125K (-40%). Gross margin 58.4% against 66.9% (-8.5 pts).
Nephros, Q3 2026: revenue $5.6M (+18% year over year), operating margin 8.9%, net earnings $512K, operating cash flow −$150K. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Gross margin | 58.4% | 66.9% | -8.5 pts |
| Operating margin | 8.9% | 20.2% | -11.2 pts |
| Net margin | 9.1% | 19.9% | -10.8 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| Product | $5.4M | $5.7M | −$270K | -5% |
| Service Royalty and Other Revenues | $191K | $316K | −$125K | -40% |
| Revenue | $5.6M | $6.0M | −$395K | -7% |
| Gross profit | $3.3M | $4.0M | −$740K | -18% |
| Cost of revenue | $2.3M | $2.0M | $345K | +17% |
| Operating profit | $501K | $1.2M | −$712K | -59% |
| Operating expenses | $2.8M | $2.8M | −$28K | -1% |
| Pre-tax earnings | $512K | $1.2M | −$698K | -58% |
| Research & development | $331K | $366K | −$35K | -10% |
| SG&A | $2.4M | $2.4M | $7K | +0.3% |
| Other operating costs | $29K | $29K | $0 | 0% |
| Net earnings | $512K | $1.2M | −$685K | -57% |
| Operating cash sources | $751K | $606K | $145K | +24% |
| Depreciation & amortization | $29K | $29K | $0 | 0% |
| Share-based compensation | $60K | $61K | −$1K | -2% |
| Cash used in operations | $150K | −$681K | $831K | — |
| Working capital & other | $751K | $606K | $145K | +24% |
Questions
How much did Nephros's revenue grow quarter over quarter in Q3 2026?
Nephros's revenue fell $395K (-7%) from $6.0M in Q2 2026 to $5.6M in Q3 2026.
What drove Nephros's revenue change in Q3 2026?
Product −$270K (-5%); Service Royalty and Other Revenues −$125K (-40%).