Every 10-Q that Nephros Inc. (NEPH) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow NEPH and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full NEPH filings page.
Nephros, Inc. reported stronger results for the quarter and six months ended June 30, 2026. Q2 net revenue rose 36% to $6.0 million, and six‑month net revenue grew 21% to $11.2 million, driven mainly by programmatic product growth, commercial products, and higher service revenue.
Q2 net income increased to $1.2 million from $0.2 million a year earlier, while six‑month net income rose to $1.3 million from $0.8 million. Q2 gross margin expanded to 67%, aided by a $0.6 million IEEPA tariff refund recorded as a reduction of cost of goods sold; underlying costs faced pressure from a weaker U.S. dollar, higher shipping, and mix shift toward lower‑margin services and commercial offerings.
Cash and cash equivalents were $4.7 million with working capital of $10.3 million, and management believes existing cash and projected cash flows will fund operations for at least 12 months, despite $1.0 million of operating cash outflows in the first half from increases in receivables and inventory. The company highlights customer and supplier concentration, significant minimum purchase commitments under its Medica license and supply agreement, ongoing tariff headwinds, and discloses a material weakness in internal control over financial reporting as of June 30, 2026.
Nephros, Inc. reported net income of $140,000 for the three months ended March 31, 2026, down from $558,000 a year earlier, as profitability was pressured by higher costs. Total net revenue rose to $5.2 million from $4.9 million, driven mainly by programmatic product sales, while emergency response revenue declined.
Gross margin narrowed to 57% from 65%, primarily due to higher product costs tied to a weaker U.S. dollar versus the Euro, tariffs implemented in May 2025, and a higher mix of lower-margin commercial revenues. Operating income fell to $97,000 from $566,000.
Cash used in operating activities was $1.7 million in the quarter, compared with $0.3 million provided a year earlier, mainly reflecting higher accounts receivable and inventory and lower accrued expenses. Cash and cash equivalents were $4.0 million as of March 31, 2026, and working capital was $9.0 million.
The company continues to carry an accumulated deficit of about $143 million but remained profitable for both Q1 2026 and full-year 2025 and believes existing cash will fund its operating plan for at least the next 12 months. Nephros also applied in April 2026 for a potential refund of $646,698 in tariffs paid under now-invalidated IEEPA-based programs, though no asset or gain has been recorded.
Nephros maintains an exclusive license and supply agreement with Medica S.p.A. that includes minimum annual purchase commitments through 2030; failure to meet these euro-denominated purchase levels could allow Medica to terminate the agreement. The company also continues to remediate a previously identified material weakness in internal control over revenue recognition for contracts with multiple performance obligations, although management believes the financial statements are fairly presented.
Nephros (NEPH) reported strong Q3 2025 results, driven by higher programmatic activity and service growth. Net revenue rose to $4.764M (up 35% year over year), with gross margin steady at 61%. Operating income improved to $0.314M, and net income reached $0.337M (basic and diluted EPS $0.03).
For the nine months, revenue increased to $14.060M (up 37%), gross margin expanded to 63%, and the company swung to $1.132M in net income from a prior loss. Operating cash flow was $1.415M, lifting cash to $5.171M and working capital to $8.239M. SG&A and R&D rose with higher commissions, bonus accruals, and salaries, while interest income increased.
The company notes customer concentration (top accounts comprised 46% of Q3 revenue) and continues to remediate a previously identified revenue recognition control weakness under ASC 606. As of November 3, 2025, 10,626,683 common shares were outstanding.