Rockwell Medical (NASDAQ: RMTI) targets 2026 profitability and positive cash flow
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Rockwell Medical reported first quarter 2026 results showing mixed top-line but improving profitability metrics. Net sales were $17.3 million, down 8% from $18.9 million a year earlier, mainly due to lower purchasing by one customer. Gross profit was $2.9 million and gross margin improved slightly to 17% from 16%.
The company posted a net loss of $1.6 million, similar to the prior year, while Adjusted EBITDA improved to a loss of $0.3 million from a $0.4 million loss. Cash, cash equivalents and investments were $23.9 million. For 2026, Rockwell guides to net sales of $70–$75 million, gross margin of 18%–22%, Adjusted EBITDA of $1–$2 million, and positive operating cash flow, supported by pricing actions and operational changes expected to add over $3 million in annualized gross profit.
Positive
- Shift toward profitability with concrete 2026 targets: Guidance calls for 2026 net sales of $70–$75 million, gross margin of 18%–22%, Adjusted EBITDA of $1–$2 million, and positive operating cash flow, supported by pricing actions and over $3 million in expected annualized gross profit improvements.
Negative
- None.
Insights
Rockwell trades some Q1 revenue softness for better margins and a profitability-focused 2026 outlook.
Rockwell Medical delivered Q1 2026 net sales of $17.3 million, an 8% year-over-year decline driven by lower volume from one customer. Despite this, gross profit held at $2.9 million and gross margin ticked up to 17% from 16%, indicating better pricing and cost control.
Net loss was $1.6 million, close to last year’s $1.5 million, while Adjusted EBITDA improved modestly to negative $0.3 million. The company ended March 31, 2026 with $23.9 million in cash, cash equivalents and investments, providing some flexibility to execute its plan.
Management’s updated 2026 guidance is more meaningful: net sales of $70–$75 million, gross margin of 18%–22%, Adjusted EBITDA of $1–$2 million, and positive operating cash flow. Expected pricing-driven revenue of over $1 million annually and more than $2 million in annualized savings from operational changes underpin this profitability focus. Actual outcomes will depend on execution and customer onboarding over the rest of the year.
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Q1 2026 net sales: $17.3 million
Q1 2026 gross margin: 17%
Q1 2026 net loss: $1.6 million
+5 more
8 metrics
Q1 2026 net sales
$17.3 million
Three months ended March 31, 2026; 8% decrease vs. 2025
Q1 2026 gross margin
17%
Three months ended March 31, 2026; up from 16% in 2025
Q1 2026 net loss
$1.6 million
Three months ended March 31, 2026; slightly higher than $1.5 million in 2025
Q1 2026 Adjusted EBITDA
($0.3 million)
Improved from Adjusted EBITDA of ($0.4 million) in Q1 2025
Cash and investments
$23.9 million
Cash, cash equivalents and investments available-for-sale at March 31, 2026
2026 net sales guidance
$70–$75 million
Full-year 2026 guidance range provided by the company
2026 gross margin guidance
18%–22%
Full-year 2026 expected gross margin range
2026 Adjusted EBITDA guidance
$1–$2 million
Full-year 2026 target Adjusted EBITDA; company also targets positive operating cash flow
Key Terms
Adjusted EBITDA, Adjusted EPS, non-GAAP financial measures, operating cash flow, +2 more
6 terms
Adjusted EBITDA financial
"Adjusted EBITDA for the three months ended March 31, 2026 was ($0.3) million, an improvement over Adjusted EBITDA of ($0.4) million"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
Adjusted EPS financial
"Adjusted EPS, a non-GAAP financial measure that is defined as Adjusted EBITDA divided by the weighted average number of shares outstanding"
Adjusted earnings per share (adjusted eps) is a measure of a company's profit per share that has been modified to exclude certain one-time or unusual items, such as costs from restructuring or asset sales. It provides a clearer picture of the company’s core performance by removing events that may distort the usual earnings. Investors use adjusted eps to better understand a company's ongoing profitability and compare it more accurately over time.
non-GAAP financial measures financial
"this press release also includes references to Adjusted EBITDA, a non-GAAP financial measure"
Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.
operating cash flow financial
"Rockwell Medical updates its 2026 annual guidance as follows ... Operating Cash Flow | Positive"
Operating cash flow is the amount of money a company earns from its main business activities, like selling products or services. It shows how well the company can generate cash to pay bills, invest in growth, or return money to shareholders. This figure helps investors understand if the company’s core operations are healthy and sustainable.
hemodialysis products technical
"a healthcare company that develops, manufactures, commercializes, and distributes a portfolio of hemodialysis products to dialysis providers worldwide"
stock-based compensation financial
"Stock-based compensation | 480 | | | 445 |"
Stock-based compensation is when a company pays employees, directors or consultants with shares or the right to buy shares instead of or in addition to cash. It matters to investors because issuing stock or options spreads ownership thinner (like cutting a pie into more slices), which can reduce each existing share’s claim on profits and can also change reported earnings; investors watch it to assess true cost of running the business and how management is incentivized.
Earnings Snapshot
Net Sales: $17.3 million · Guidance included
Q1 2026
Net Sales
$17.3 million
-8% YoY
Gross Margin
17%
from 16% in prior-year quarter
Net Loss
$1.6 million
slightly higher than $1.5 million in prior-year quarter
Adjusted EBITDA
($0.3 million)
improved from ($0.4 million) in prior-year quarter
Guidance
For 2026, the company guides to net sales of $70–$75 million, gross margin of 18%–22%, Adjusted EBITDA of $1–$2 million, and positive operating cash flow.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 7, 2026
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
(Address of principal executive offices, including zip code)
(248 ) 960-9009
(Registrant’s telephone number, including area code)
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||||||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||||||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||||||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c) | ||||||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of Each Class | Trading Symbol | Name of Each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On May 7, 2026, Rockwell Medical, Inc. issued a press release announcing its financial results for the quarter ended March 31, 2026. The press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
As provided in General Instruction B.2 of Form 8-K, the information in this Item 2.02 and Exhibit 99.1 incorporated in this Form 8-K shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall such information or Exhibit 99.1 be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits The following exhibit is being furnished herewith:
EXHIBIT INDEX
| Exhibit No. | Description | |||||||
| 99.1 | Press release dated May 7, 2026 | |||||||
| 104 | Cover Page Interactive Data File, formatted in INline XBRL and included as Exhibit 101. | |||||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| ROCKWELL MEDICAL, INC. | ||||||||
| Date: May 7, 2026 | By: | /s/ Mark Strobeck | ||||||
| Mark Strobeck | ||||||||
| Chief Executive Officer | ||||||||
Rockwell Medical Announces First Quarter 2026 Results and Additional 2026 Guidance with Focus on Profitability
•Reports $17.3 million in net sales, $2.9 million in gross profit, and 17% gross margin in the first quarter 2026.
•Announces operational changes that are expected to generate more than $3 million in additional gross profit on an annualized basis.
•2026 guidance reflects the Company's emphasis on growth, improved gross margin, and generating positive cash flow.
Wixom, Michigan, May 7, 2026 – Rockwell Medical, Inc. (the "Company") (Nasdaq: RMTI), a healthcare company that develops, manufactures, commercializes, and distributes a portfolio of hemodialysis products to dialysis providers worldwide, today announced financial and operational results for the three months ended March 31, 2026.
"Our financial and operational performance in the first quarter 2026 builds on the positive trajectory we have established across our key financial metrics, which we expect to continue throughout the remainder of the year," said Mark Strobeck, Ph.D., Rockwell Medical’s President and CEO. "By streamlining our operations, we are on track to generate meaningful cost savings that we believe will support sustained profitability. Our 2026 guidance is centered around strengthening revenue, expanding gross margin, and generating positive Adjusted EBITDA and cash flow."
FIRST QUARTER 2026 FINANCIAL HIGHLIGHTS
•Net sales for the three months ended March 31, 2026 were $17.3 million, which represents a 8% decrease over net sales of $18.9 million for the same period in 2025. The decrease in net sales was driven by a reduction in purchase volume by one of the Company's customers.
•Gross profit for the three months ended March 31, 2026 was $2.9 million, which was in line with gross profit for the same period in 2025.
•Gross margin for the three months ended March 31, 2026 was 17%, representing a slight improvement over gross margin of 16% for the same period in 2025.
•Net loss for the three months ended March 31, 2026 was $1.6 million, representing a slight increase over a net loss of $1.5 million for the same period in 2025.
•Adjusted EBITDA for the three months ended March 31, 2026 was ($0.3) million, an improvement over Adjusted EBITDA of ($0.4) million for the same period in 2025.
•Cash and cash equivalents and investments available-for-sale at March 31, 2026 was $23.9 million compared to cash and cash equivalents and investments available-for-sale of $25.0 million at December 31, 2025. The decrease in cash of approximately $1.1 million was driven by seasonal items historically incurred in the first quarter, as well as a $500,000 payment associated
with our acquisition of the hemodialysis concentrates business from Evoqua Water Technologies, which occurred in July 2023. The final Evoqua payment was made in April 2026.
Three Months Ended March 31, | |||||||||||
(In Millions, Except Per Share Amounts) | 2026 | 2025(a) | |||||||||
Net Sales | $ | 17.3 | $ | 18.9 | |||||||
Gross Profit | 2.9 | 3.0 | |||||||||
Operating Income (Loss) | (1.5) | (1.4) | |||||||||
Net Income (Loss) | (1.6) | (1.5) | |||||||||
Adjusted EBITDA(c) | (0.3) | (0.4) | |||||||||
Basic and Diluted Net Loss per Share(b) | $ | (0.04) | $ | (0.04) | |||||||
Adjusted EPS(c) | $ | (0.01) | $ | (0.01) | |||||||
(a) Three months ended March 31, 2025 includes $0.3 million of deferred revenue related to the distribution and license agreements with Sun Pharmaceuticals Industries Ltd., Jeil Pharmaceutical Co., Ltd. and Drogsan Pharmaceuticals.
(b) See Note 3 for more details related to Basic and Diluted Weighted Average Shares Outstanding on Form 10-Q filed May 7, 2026.
(c) See reconciliation to GAAP financial measures in the tables below.
2026 GUIDANCE
In 2026, Rockwell Medical continues to focus on growing revenue, improving operational efficiencies, and achieving sustained profitability. The Company is implementing pricing adjustments to better align product value with market dynamics, which are expected to generate more than $1 million in annualized revenue in addition to net sales anticipated from onboarding new customers. Additionally, the Company is further streamlining and enhancing its operational efficiencies and distribution footprint, initiatives expected to generate more than $2 million in annualized savings.
Rockwell Medical updates its 2026 annual guidance as follows:
2026 Annual Guidance | |||||
Net Sales | $70.0M to $75.0M | ||||
Gross Margin | 18% to 22% | ||||
Adjusted EBITDA | $1.0M to $2.0M | ||||
Operating Cash Flow | Positive | ||||
WEBCAST DETAILS
Date: Thursday, May 7, 2026
Time: 8:00am ET
Webcast and Replay: www.RockwellMed.com/Results
Speakers:
•Mark Strobeck, Ph.D. — President and Chief Executive Officer
•Jesse Neri — SVP, Chief Financial Officer
Format: Discussion of first quarter 2026 financial and operational results followed by Q&A.
NON-GAAP FINANCIAL MEASURES
To supplement Rockwell Medical’s unaudited condensed consolidated statements of operations and unaudited condensed consolidated balance sheets, which are prepared in conformity with generally accepted accounting principles in the United States of America (“GAAP”), this press release also includes references to Adjusted EBITDA, a non-GAAP financial measure that is defined as net income (loss) before net interest income (expense), net other income (expense), income tax expenses (benefit), depreciation and amortization, impairment charges, stock-based compensation expense, and other items that are considered unusual or not representative of underlying trends of our business, including but not limited to one-time severance costs, deferred revenue and inventory reserve amounts, if applicable for the periods presented. The Company has provided a reconciliation of net loss, the most directly comparable GAAP financial measure, to Adjusted EBITDA. In addition, this press release includes a reference to Adjusted EPS, a non-GAAP financial measure that is defined as Adjusted EBITDA divided by the weighted average number of shares outstanding. The Company has also provided a reconciliation to EPS, or net income divided by the weighted average number of shares outstanding, which is the most directly comparable GAAP financial measure. Each of these adjusted measures is a non-GAAP financial measure. The Company has provided reconciliations to the GAAP measures at the end of this press release.
Adjusted EBITDA and Adjusted EPS are key measures used by Rockwell Medical to understand and evaluate operating performance and trends, to prepare and approve its annual budget and to develop short- and long-term operating plans. The Company provides Adjusted EBITDA because it believes the metric is helpful in highlighting trends in its operating results because it excludes items that are not indicative of Rockwell Medical’s core operating performance. In particular, the Company believes that the exclusion of the items eliminated in calculating Adjusted EBITDA provides useful measures for period-to-period comparisons of Rockwell Medical’s business. This is also true for Adjusted EPS, which is derived from Adjusted EBITDA.
Adjusted EBITDA and Adjusted EPS should not be considered in isolation of, or as an alternative to, measures prepared in accordance with GAAP. Other companies, including companies in the same industry, may calculate similarly titled non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of Adjusted EBITDA and Adjusted EPS as tools for comparison. There are a number of limitations related to the use of these non-GAAP financial measures rather than the most directly comparable financial measure calculated in accordance with GAAP. When evaluating the Company’s performance, you should consider Adjusted EBITDA and Adjusted EPS alongside other financial performance measures, including net loss, EPS and other GAAP results.
ABOUT ROCKWELL MEDICAL
Rockwell Medical, Inc. (Nasdaq: RMTI) is a healthcare company that develops, manufactures, commercializes, and distributes a portfolio of hemodialysis products for dialysis providers worldwide. Rockwell Medical's mission is to provide dialysis clinics and the patients they serve with the highest quality products supported by the best customer service in the industry. Rockwell is focused on innovative, long-term growth strategies that enhance its products, its processes, and its people, enabling the Company to deliver exceptional value to the healthcare system and provide a positive impact on the lives of hemodialysis patients. Hemodialysis is the most common form of end-stage kidney disease treatment and is typically performed in freestanding outpatient dialysis centers, hospital-based outpatient centers, skilled nursing facilities, or a patient’s home. Rockwell Medical's products are vital to vulnerable patients with end-stage kidney disease, and the Company is relentless in providing unmatched reliability and customer service. Certified as a Great Place to Work® four years in a row (2023-2026) and named Fortune Best Workplaces in Manufacturing & Production™ in 2024 and 2025, Rockwell Medical is Driven to Deliver Life-Sustaining Dialysis Solutions™. For more information, visit www.rockwellmed.com.
FORWARD-LOOKING STATEMENTS
Certain statements in this press release may constitute "forward-looking statements" within the meaning of the federal securities laws. Words such as, "may," "might," "will," "should," "believe," "expect," "anticipate," "estimate," "continue," "could," "can," "would," "develop," "plan," "potential," "predict," "forecast," "project," "intend," "look forward to," "remain confident," “remain steadfast,” “guidance,” “working to,” “goal” or the negative of these terms, and similar expressions, or statements regarding intent, belief, or current expectations, are forward looking statements. Such statements include without limitation statements relating to: our financial guidance, including projections regarding net sales, gross margin, Adjusted EBITDA and operating cash flow; and our expectations regarding the outcome of further streamlining and enhancing operational efficiencies and distribution footprint initiatives; the results of anticipated pricing adjustments; and net sales anticipated from onboarding new customers. While Rockwell Medical believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward-looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties (including, without limitation, those set forth in Rockwell Medical's SEC filings), many of which are beyond our control and subject to change. Actual results could be materially different. Risks and uncertainties include but are not limited to those risks more fully discussed in the "Risk Factors" section of our Annual Report on Form 10-K for the year ended December 31, 2025, as such description may be amended or updated in any subsequent reports filed with the SEC. Rockwell Medical expressly disclaims any obligation to update our forward-looking statements, except as may be required by law.
###
CONTACT:
(248) 432-1362
IR@rockwellmed.com
Financial Tables Follow
###
| ROCKWELL MEDICAL, INC. AND SUBSIDIARIES | |||||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||
| (Dollars In Thousands) | |||||||||||
| March 31, | March 31, | ||||||||||
| 2026 | 2025 | ||||||||||
| Cash, Cash Equivalents & Investments available-for-sale | $ | 23,890 | $ | 17,331 | |||||||
| Total Assets | $ | 57,423 | $ | 53,961 | |||||||
| Total Liabilities | $ | 21,566 | $ | 22,439 | |||||||
| Total Stockholders’ Equity | $ | 35,857 | $ | 31,522 | |||||||
| Common Stock Outstanding | 39,470,299 | 34,257,903 | |||||||||
| Common stock and common stock equivalents* | 49,850,163 | 41,902,125 | |||||||||
| *Common stock and common stock equivalents: | |||||||||||
| Common stock | 39,470,299 | 34,257,903 | |||||||||
| Options to purchase common stock | 3,200,049 | 1,884,476 | |||||||||
| Restricted stock awards | — | 891 | |||||||||
| Restricted stock units | 1,073,330 | 383,326 | |||||||||
| Preferred stock converted | 1,405,001 | 1,391,045 | |||||||||
| Restricted stock units - Market Condition | 717,000 | — | |||||||||
| Common stock warrants | 3,984,484 | 3,984,484 | |||||||||
| Total common stock and common stock equivalents | 49,850,163 | 41,902,125 | |||||||||
| ROCKWELL MEDICAL, INC. AND SUBSIDIARIES | ||||||||||||||
| UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS | ||||||||||||||
| (In Thousands, Except Shares and Per Share Amounts) | ||||||||||||||
| Three Months Ended March 31, 2026 | Three Months Ended March 31, 2025 | |||||||||||||
| Net Sales | $ | 17,336 | $ | 18,914 | ||||||||||
| Cost of Sales | 14,439 | 15,872 | ||||||||||||
| Gross Profit | 2,897 | 3,042 | ||||||||||||
| Selling and Marketing | 567 | 711 | ||||||||||||
| General and Administrative | 3,810 | 3,691 | ||||||||||||
| Operating Income (Loss) | (1,480) | (1,360) | ||||||||||||
| Other (Expense) Income | ||||||||||||||
| Realized Gain on Investments | 120 | 56 | ||||||||||||
| Interest Expense | (282) | (277) | ||||||||||||
| Interest Income | 37 | 66 | ||||||||||||
| Total Other Expense | (125) | (155) | ||||||||||||
| Net Income (Loss) | $ | (1,605) | $ | (1,515) | ||||||||||
| Basic and Diluted Net Loss per Share | $ | (0.04) | $ | (0.04) | ||||||||||
| Basic and Diluted Weighted Average Shares Outstanding | $ | 39,418,302 | $ | 34,107,640 | ||||||||||
| Reconciliation to GAAP Financial Measures | ||||||||||||||
| (In Thousands, Except Shares and Per Share Amounts) | ||||||||||||||
| Three Months Ended | ||||||||||||||
| March 31 | ||||||||||||||
| 2026 | 2025 | |||||||||||||
| Net Income (Loss) | $ | (1,605) | $ | (1,515) | ||||||||||
| Income taxes | — | — | ||||||||||||
| Other Expense, net | 125 | 155 | ||||||||||||
| Depreciation and amortization | 508 | 537 | ||||||||||||
| EBITDA | (972) | (823) | ||||||||||||
| Severance costs | 21 | 48 | ||||||||||||
| Stock-based compensation | 480 | 445 | ||||||||||||
| Facility transition | 178 | 39 | ||||||||||||
| Deferred license revenue | — | (325) | ||||||||||||
| Triferic inventory write-off | — | 178 | ||||||||||||
| Adjusted EBITDA | $ | (294) | $ | (439) | ||||||||||
| Adjusted EPS | $ | (0.01) | $ | (0.01) | ||||||||||
| Basic Weighted Average Shares Outstanding | 39,418,302 | 34,107,640 | ||||||||||||
FAQ
How did Rockwell Medical (RMTI) perform in Q1 2026?
Rockwell Medical reported Q1 2026 net sales of $17.3 million, down 8% from $18.9 million a year earlier. Gross profit was $2.9 million with a 17% margin, and the company recorded a net loss of $1.6 million and Adjusted EBITDA of negative $0.3 million.
What 2026 financial guidance did Rockwell Medical (RMTI) provide?
For 2026, Rockwell Medical expects net sales between $70 million and $75 million and gross margin of 18% to 22%. Management also targets Adjusted EBITDA of $1 million to $2 million and positive operating cash flow, reflecting a strong focus on profitability and operational efficiency.
How are Rockwell Medical’s margins and profitability trending?
Rockwell Medical’s Q1 2026 gross margin improved to 17% from 16% in Q1 2025, while gross profit stayed near $2.9 million. Net loss was $1.6 million, slightly higher than last year, but Adjusted EBITDA improved to a $0.3 million loss from a $0.4 million loss.
What operational changes is Rockwell Medical (RMTI) implementing for 2026?
The company is implementing pricing adjustments expected to add over $1 million in annualized revenue and further streamlining operations and its distribution footprint. These initiatives are expected to generate more than $2 million in annualized savings, supporting improved gross margin and profitability in 2026.
What is Rockwell Medical’s cash position and balance sheet strength?
As of March 31, 2026, Rockwell Medical held $23.9 million in cash, cash equivalents and investments available-for-sale. Total assets were $57.4 million, total liabilities were $21.6 million, and stockholders’ equity was $35.9 million, indicating a positive equity base and liquidity to support operations.