Filing Flows › Nephros (NEPH) › Q4 2025
Nephros (NEPH) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 12, 2026
Nephros (NEPH) reported revenue of $4.7M for the fourth quarter 2025 (Q4 2025), +22% from a year earlier and -0.7% from the quarter before. Operating margin was 0.4%, net earnings $62K (1.3% of revenue).
Nephros, Q4 2025: revenue $4.7M (+22% year over year), operating margin 0.4%, net earnings $62K, operating cash flow $185K. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $4.7M | -0.7% | +22% |
| Gross profit | $2.8M | -5% | +12% |
| Operating profit | $18K | -94% | -94% |
| Net earnings | $62K | -82% | -82% |
| Operating cash flow | $185K | +87% | -86% |
What changed
Revenue was $4.7M in Q4 2025, up 22% year over year and down 1% from the previous quarter.
Gross margin was 58.4%, down 5.6 points from a year earlier. Operating profit was $18K, a 0.4% margin (down 7.8 points year over year). Operating profit fell $299K even though revenue rose $859K versus a year earlier, so costs grew faster than sales. Operating expenses grew 27% against revenue growth of 22%. The fastest-growing cost line was Research & development (+57%). Net earnings were $62K, down 82% year over year. The effective tax rate was 0.0%. Non-operating items added $44K, 71% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $185K (down 86% year over year), 298% of net earnings. Non-cash charges added back $32K of depreciation and amortization and $79K of share-based compensation. Working capital and other items added $12K.
Questions
What was Nephros' revenue in the fourth quarter 2025?
Nephros (NEPH) reported revenue of $4.7M for the fourth quarter 2025 (Q4 2025), +22% from a year earlier and -0.7% from the quarter before.
Was Nephros profitable in the fourth quarter 2025?
Operating profit was $18K (0.4% of revenue) and net earnings $62K.
Source: Nephros 10-K on SEC EDGAR.