Filing Flows › Nephros (NEPH) › Q3 2026 › vs Q3 2025
Nephros (NEPH) Q3 2026 vs Q3 2025 (year over year)
Nephros's revenue rose $858K (+18%) from $4.8M in Q3 2025 to $5.6M in Q3 2026. The biggest changes: Product +$835K (+18%); Service Royalty and Other Revenues +$23K (+14%). Gross margin 58.4% against 61.2% (-2.7 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 Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Gross margin | 58.4% | 61.2% | -2.7 pts |
| Operating margin | 8.9% | 6.6% | +2.3 pts |
| Net margin | 9.1% | 7.1% | +2.0 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Product | $5.4M | $4.6M | $835K | +18% |
| Service Royalty and Other Revenues | $191K | $168K | $23K | +14% |
| Revenue | $5.6M | $4.8M | $858K | +18% |
| Gross profit | $3.3M | $2.9M | $371K | +13% |
| Cost of revenue | $2.3M | $1.8M | $487K | +26% |
| Operating profit | $501K | $314K | $187K | +60% |
| Operating expenses | $2.8M | $2.6M | $184K | +7% |
| Pre-tax earnings | $512K | $340K | $172K | +51% |
| Research & development | $331K | $338K | −$7K | -2% |
| SG&A | $2.4M | $2.2M | $196K | +9% |
| Other operating costs | $29K | $34K | −$5K | -15% |
| Net earnings | $512K | $337K | $175K | +52% |
| Operating cash sources | $751K | $342K | $409K | +120% |
| Depreciation & amortization | $29K | $34K | −$5K | -15% |
| Share-based compensation | $60K | $70K | −$10K | -14% |
| Cash used in operations | $150K | −$99K | $249K | — |
| Working capital & other | $751K | $342K | $409K | +120% |
Questions
How much did Nephros's revenue grow year over year in Q3 2026?
Nephros's revenue rose $858K (+18%) from $4.8M in Q3 2025 to $5.6M in Q3 2026.
What drove Nephros's revenue change in Q3 2026?
Product +$835K (+18%); Service Royalty and Other Revenues +$23K (+14%).