Rockwell Medical (Nasdaq: RMTI) grows Q2 2026 sales, tightens loss and reaffirms 2026 outlook
Rhea-AI Filing Summary
Rockwell Medical, Inc. reported second quarter 2026 net sales of $17.8 million, up 11% from $16.1 million a year earlier, driven by new customers in the Western U.S. and higher purchasing from existing customers. Gross profit rose to $3.2 million, a 30% increase, and gross margin expanded to 18% from 16% as lower manufacturing costs and higher volume improved profitability.
The company recorded a net loss of $1.2 million for the quarter, improving from a $1.5 million loss a year ago and $1.6 million in the first quarter of 2026. Adjusted EBITDA was a loss of $0.2 million, similar to the prior year period, while operating cash flow turned positive at $2.1 million, lifting cash, cash equivalents and investments to $24.8 million as of June 30, 2026.
For full-year 2026, Rockwell Medical reiterates guidance of $70–$75 million in net sales, gross margin of 18%–22%, Adjusted EBITDA of $1–$2 million, and positive operating cash flow. During the quarter it signed and extended multi-year product purchase agreements with dialysis providers and completed a 1-for-10 reverse stock split, after which it regained compliance with Nasdaq’s minimum bid price requirement.
Positive
- Net sales grew 11% year-over-year in Q2 2026 to $17.8 million, reflecting new customers and increased purchasing from existing accounts.
- Gross profit increased 30% to $3.2 million, with gross margin widening to 18% from 16% year-over-year, indicating improved cost structure and pricing.
- The company generated $2.1 million of operating cash flow in Q2 2026, increasing its cash and investments balance to $24.8 million.
- Rockwell Medical reaffirmed 2026 guidance targeting $70–$75 million in net sales, 18%–22% gross margin, and $1–$2 million in Adjusted EBITDA with positive operating cash flow.
Negative
- Despite improvements, Rockwell Medical still reported a net loss of $1.2 million in Q2 2026 and a $2.8 million net loss for the first half of 2026.
- Adjusted EBITDA remained negative at ($0.2) million in Q2 2026 and ($0.4) million for the first half, showing the company has not yet reached sustained profitability.
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
Net Sales Q2 2026: $17.8 million
Net Sales Q2 2025: $16.1 million
Gross Margin Q2 2026: 18%
+5 more
8 metrics
Net Sales Q2 2026
$17.8 million
Net sales for the three months ended June 30, 2026
Net Sales Q2 2025
$16.1 million
Net sales for the three months ended June 30, 2025
Gross Margin Q2 2026
18%
Gross margin for the three months ended June 30, 2026
Net Loss Q2 2026
$1.2 million
Net loss for the three months ended June 30, 2026
Adjusted EBITDA Q2 2026
($0.2) million
Adjusted EBITDA for the three months ended June 30, 2026
Cash & Investments
$24.8 million
Cash, cash equivalents and investments available-for-sale at June 30, 2026
2026 Net Sales Guidance
$70 to $75
Guided range of 2026 annual net sales in millions of dollars
Common Stock Outstanding
3,972,029 shares
Common stock outstanding as of June 30, 2026, post reverse split adjustment
Key Terms
Adjusted EBITDA, Adjusted EPS, reverse stock split, Nasdaq Listing Rule 5550(a)(2), +2 more
6 terms
Adjusted EBITDA financial
"Adjusted EBITDA for the three months ended June 30, 2026 was ($0.2) 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 ** | $ (0.04) | | $ (0.07)"
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.
reverse stock split financial
"the Company announced a 1-for-10 reverse stock split of its issued and outstanding common stock"
A reverse stock split reduces a company's number of outstanding shares while raising the price per share proportionally, so the total value of each investor's holding is unchanged; a 1-for-10 split turns 100 shares worth $1 each into 10 shares worth $10 each. Companies often do this to regain compliance with an exchange's minimum price rule or to attract investors who avoid very low-priced stocks.
Nasdaq Listing Rule 5550(a)(2) regulatory
"received notice from Nasdaq that the Company regained compliance with the minimum bid requirement under Nasdaq Listing Rule 5550(a)(2)"
hemodialysis medical
"distributes a portfolio of hemodialysis products to dialysis providers worldwide"
Hemodialysis is a medical treatment that cleans a person’s blood when their kidneys can no longer do the job, by routing blood through a machine that filters out waste, excess fluid and adjusts salt levels—think of it as an external, mechanical kidney. It matters to investors because it drives demand for specialized machines, replacement filters, clinics, trained staff and related drugs, and is sensitive to reimbursement rules, treatment volumes and advances that can change costs or market share.
non-GAAP financial measure financial
"this press release also includes references to Adjusted EBITDA, a non-GAAP financial measure"
A non-GAAP financial measure is a way companies present their financial results that excludes certain expenses or income to show how they believe their core business is performing. It matters because it can give a clearer picture of how the company is really doing, but it can also be used to make results look better than they actually are.
Earnings Snapshot
Net Sales: $17.8 million Q2 2026; $35.1 million first half · Guidance included
Quarter and six months ended June 30, 2026
Net Sales
$17.8 million Q2 2026; $35.1 million first half
Q2 up 11% year-over-year; first half slightly above 2025
Gross Margin
18% Q2 2026; 17% first half
Q2 up from 16%; first half up from 16%
Net Income (Loss)
($1.2) million Q2 2026; ($2.8) million first half
Improved from ($1.5) million and ($3.0) million in 2025
Adjusted EBITDA
($0.2) million Q2 2026; ($0.4) million first half
In-line in Q2; improved from ($0.7) million first half 2025
Guidance
For 2026, the company reiterates net sales of $70–$75 million, gross margin of 18%–22%, Adjusted EBITDA of $1–$2 million, and positive operating cash flow.
FAQ
How did Rockwell Medical (RMTI) perform financially in Q2 2026?
Rockwell Medical reported Q2 2026 net sales of $17.8 million, up 11% year-over-year, and a net loss of $1.2 million, improved from a $1.5 million loss. Gross margin reached 18%, and Adjusted EBITDA was a loss of $0.2 million.
What is Rockwell Medical’s 2026 guidance for revenue and profitability?
For 2026, Rockwell Medical guides to $70–$75 million in net sales, 18%–22% gross margin, $1–$2 million in Adjusted EBITDA, and positive operating cash flow. This outlook assumes continued revenue growth and ongoing efficiency improvements.
Is Rockwell Medical (RMTI) still losing money, and is the loss improving?
Rockwell Medical remains unprofitable but is improving. Q2 2026 showed a net loss of $1.2 million, better than $1.5 million a year earlier and $1.6 million in Q1 2026, reflecting higher margins and cost controls.
What is Rockwell Medical’s cash position as of June 30, 2026?
As of June 30, 2026, Rockwell Medical held $24.8 million in cash, cash equivalents and investments available-for-sale, up from $23.9 million at the end of Q1 2026, supported by $2.1 million of operating cash flow in Q2 2026.
Did Rockwell Medical complete a reverse stock split and regain Nasdaq compliance?
Yes. Rockwell Medical executed a 1-for-10 reverse stock split effective July 1, 2026 to address Nasdaq’s $1.00 minimum bid price requirement. Subsequently, Nasdaq notified the company it had regained compliance, and the matter was closed.
What new or renewed contracts did Rockwell Medical (RMTI) secure in 2026?
In May 2026, Rockwell Medical entered a three-year product purchase agreement with Heritage Dialysis and renewed its agreement with aQua Dialysis for two years, each with additional renewal options, supporting ongoing hemodialysis product sales.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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): August 13, 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 August 13, 2026, Rockwell Medical, Inc. issued a press release announcing its financial results for the quarter ended June 30, 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 August 13, 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: August 13, 2026 | By: | /s/ Mark Strobeck | ||||||
| Mark Strobeck | ||||||||
| Chief Executive Officer | ||||||||
Rockwell Medical Announces Second Quarter 2026 Results
•Net Sales for the second quarter 2026 were $17.8 million, an increase over net sales for the first quarter 2026 and an 11% increase over the same period in 2025
•Gross Profit for the second quarter 2026 increased 30% over the same period in 2025 and Gross Margin expanded to 18% primarily driven by lower manufacturing costs and higher volume
•Generated $2.1 million of Cash Flow from Operations in the second quarter 2026, increasing cash position at June 30, 2026 to $24.8 million
•On track to achieve full-year guidance with emphasis on top line growth, improving gross margins and positive cash flow
Wixom, Michigan, August 13, 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 and six months ended June 30, 2026.
"The momentum in our business continues to build. Our second quarter results reflect the outcome of the actions we have taken to strengthen our commercial position, improve operational efficiency, and enhance profitability," said Mark Strobeck, Ph.D., Rockwell Medical’s President and CEO. "We are a fundamentally stronger company today, with a growing customer base, improving margins, a solid cash position, and a clear path toward achieving our 2026 guidance. As we enter the second half of the year, we remain focused on executing our growth strategy, expanding profitability, generating positive cash flow, and delivering long-term value for shareholders."
FINANCIAL HIGHLIGHTS
Net Sales
•Net sales for the three months ended June 30, 2026 were $17.8 million, which represents an 11% increase over net sales of $16.1 million for the same period in 2025 primarily driven by additional sales to new customers in the Western United States and greater purchasing from our existing customers.
•Net sales for the six months ended June 30, 2026 were $35.1 million, representing a slight increase over the same period in 2025.
Gross Profit
•Gross profit for the three months ended June 30, 2026 was $3.2 million, which represents an increase of 30% over $2.5 million for the same period in 2025 primarily driven by lower manufacturing costs and higher volume.
•Gross profit for the six months ended June 30, 2026 was $6.1 million, which represents an 11% increase over the same period in 2025.
Gross Margin
•Gross margin for the three months ended June 30, 2026 was 18%, up from 16% for the same period in 2025.
•Gross margin for the six months ended June 30, 2026 was 17%, up from 16% for the same period in 2025.
Net Income (Loss)
•Net loss for the three months ended June 30, 2026 was $1.2 million, which represents an improvement over a net loss of $1.5 million for the same period in 2025, and an improvement over a net loss of $1.6 million in the first quarter of 2026.
•Net loss for the six months ended June 30, 2026 was $2.8 million, which represents an improvement over a net loss of $3.0 million for the same period in 2025.
Adjusted EBITDA
•Adjusted EBITDA for the three months ended June 30, 2026 was ($0.2) million, which was in-line with Adjusted EBITDA of ($0.2) million for the same period in 2025.
•Adjusted EBITDA for the six months ended June 30, 2026 was ($0.4) million, which represents an improvement compared to Adjusted EBITDA of ($0.7) million for the same period in 2025.
Cash, Cash Equivalents and Investments Available-for-Sale
•Cash and cash equivalents and investments available-for-sale at June 30, 2026 was $24.8 million, which represents an increase over $23.9 million at the end of the first quarter 2026 and in line with the Company's cash position at year-end 2025.
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| (In Millions, Except Per Share Amounts) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| Net Sales | $ 17.8 | $ 16.1 | $ 35.1 | $ 35.0 | |||||||||||||||||||
| Gross Profit | 3.2 | 2.5 | 6.1 | 5.5 | |||||||||||||||||||
| Operating Income (Loss) | (1.1) | (1.3) | (2.5) | (2.7) | |||||||||||||||||||
| Net Income (Loss) | (1.2) | (1.5) | (2.8) | (3.0) | |||||||||||||||||||
| Adjusted EBITDA** | (0.2) | (0.2) | (0.4) | (0.7) | |||||||||||||||||||
| Basic and Diluted Net Income (Loss) per Share * | $ (0.34) | $ (0.48) | $ (0.74) | $ (0.92) | |||||||||||||||||||
| Adjusted EPS ** | $ (0.04) | $ (0.07) | $ (0.11) | $ (0.20) | |||||||||||||||||||
* See Note 3 for more details related to Basic and Diluted Weighted Average Shares Outstanding on Form 10-Q filed August 13, 2026.
** See reconciliation to GAAP financial measures in the tables below.
OPERATING HIGHLIGHTS
•In May 2026, the Company announced that it entered into a three-year product purchase agreement with Heritage Dialysis, with options to renew for three additional one-year periods.
•In May 2026, the Company announced that it renewed and extended its product purchase agreement with aQua Dialysis for two years with options to renew for two additional one-year periods.
•In June 2026, the Company announced a 1-for-10 reverse stock split of its issued and outstanding common stock to regain compliance with the Nasdaq Capital Market's $1.00 minimum bid price requirement. The reverse stock split became effective at 12:01am EDT on July 1, 2026. The Company's common stock continues to trade under the symbol "RMTI" on the Nasdaq Capital Market. The new CUSIP number following the reverse stock split is 774374409. All share and per-share amounts in this press release have been retrospectively adjusted to reflect the split for all periods presented.
•Subsequent to the end of the second quarter 2026, the Company announced that it received notice from Nasdaq that the Company regained compliance with the minimum bid requirement under Nasdaq Listing Rule 5550(a)(2). Nasdaq has closed the matter.
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, and is further streamlining and enhancing its operational efficiencies and distribution footprint to generate additional savings. Rockwell Medical reiterates 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 | ||||
Rockwell Medical's Profitability Trend (2021-2026)
WEBCAST DETAILS
Date: Thursday, August 13, 2026
Time: 8:00 a.m. 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 second 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 our focus on executing our growth strategy, expanding profitability, generating positive cash flow, and delivering long-term value for shareholders. 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.
###
Financial Tables Follow
###
| ROCKWELL MEDICAL, INC. AND SUBSIDIARIES | |||||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||
| (Dollars In Thousands) | |||||||||||
| June 30, | June 30, | ||||||||||
| 2026 | 2025 | ||||||||||
| Cash, Cash Equivalents & Investments available-for-sale | $ | 24,797 | $ | 18,422 | |||||||
| Total Assets | $ | 56,526 | $ | 52,625 | |||||||
| Total Liabilities | $ | 21,441 | $ | 22,216 | |||||||
| Total Stockholders’ Equity | $ | 35,085 | $ | 30,409 | |||||||
| Common Stock Outstanding | 3,972,029 | 3,443,034 | |||||||||
| Common stock and common stock equivalents* | 4,979,904 | 4,504,626 | |||||||||
| *Common stock and common stock equivalents: | |||||||||||
| Common stock | 3,972,029 | 3,443,034 | |||||||||
| Options to purchase common stock | 318,493 | 334,189 | |||||||||
| Restricted stock awards | — | 89 | |||||||||
| Restricted stock units | 77,334 | 116,666 | |||||||||
| Preferred stock converted | 141,900 | 140,500 | |||||||||
| Restricted stock units - Market Condition | 71,700 | 71,700 | |||||||||
| Common stock warrants | 398,448 | 398,448 | |||||||||
| Total common stock and common stock equivalents | 4,979,904 | 4,504,626 | |||||||||
| ROCKWELL MEDICAL, INC. AND SUBSIDIARIES | ||||||||||||||||||||||||||
| UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS | ||||||||||||||||||||||||||
| (In Thousands, Except Shares and Per Share Amounts) | ||||||||||||||||||||||||||
| Three Months Ended June 30, 2026 | Three Months Ended June 30, 2025 | Six Months Ended June 30, 2026 | Six Months Ended June 30, 2025 | |||||||||||||||||||||||
| Net Sales | $ | 17,780 | $ | 16,071 | $ | 35,116 | $ | 34,985 | ||||||||||||||||||
| Cost of Sales | 14,537 | 13,568 | 28,976 | 29,440 | ||||||||||||||||||||||
| Gross Profit | 3,243 | 2,503 | 6,140 | 5,545 | ||||||||||||||||||||||
| Research and Product Development | 40 | — | 40 | — | ||||||||||||||||||||||
| Selling and Marketing | 577 | 572 | 1,144 | 1,283 | ||||||||||||||||||||||
| General and Administrative | 3,687 | 3,280 | 7,497 | 6,971 | ||||||||||||||||||||||
| Operating Income (Loss) | (1,061) | (1,349) | (2,541) | (2,709) | ||||||||||||||||||||||
| Other (Expense) Income | ||||||||||||||||||||||||||
| Realized Gain on Investments | 130 | 64 | 250 | 120 | ||||||||||||||||||||||
| Interest Expense | (281) | (276) | (563) | (553) | ||||||||||||||||||||||
| Interest Income | 40 | 69 | 77 | 135 | ||||||||||||||||||||||
| Total Other Expense | (111) | (143) | (236) | (298) | ||||||||||||||||||||||
| Net Income (Loss) | $ | (1,172) | $ | (1,492) | $ | (2,777) | $ | (3,007) | ||||||||||||||||||
| Basic and Diluted Net Loss per Share | $ | (0.34) | $ | (0.48) | $ | (0.74) | $ | (0.92) | ||||||||||||||||||
| Basic and Diluted Weighted Average Shares Outstanding | $ | 3,958,568 | $ | 3,431,130 | $ | 3,950,245 | $ | 3,420,448 | ||||||||||||||||||
| Reconciliation to GAAP Financial Measures | ||||||||||||||||||||||||||
| (In Thousands, Except Shares and Per Share Amounts) | ||||||||||||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
| June 30 | June 30 | |||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
| Net Income (Loss) | $ | (1,172) | $ | (1,492) | $ | (2,777) | $ | (3,007) | ||||||||||||||||||
| Income taxes | — | — | — | — | ||||||||||||||||||||||
| Other Expense, net | 111 | 143 | 236 | 298 | ||||||||||||||||||||||
| Depreciation and amortization | 490 | 561 | 997 | 1,098 | ||||||||||||||||||||||
| EBITDA | (571) | (788) | (1,544) | (1,611) | ||||||||||||||||||||||
| Severance costs | 16 | 163 | 38 | 210 | ||||||||||||||||||||||
| Stock-based compensation | 402 | 383 | 882 | 828 | ||||||||||||||||||||||
| Facility transition | — | — | 178 | 39 | ||||||||||||||||||||||
| Deferred license revenue | — | — | — | (325) | ||||||||||||||||||||||
| Triferic inventory write-off | — | — | — | 178 | ||||||||||||||||||||||
| Adjusted EBITDA | $ | (153) | $ | (242) | $ | (447) | $ | (681) | ||||||||||||||||||
| Adjusted EPS | $ | (0.04) | $ | (0.07) | $ | (0.11) | $ | (0.20) | ||||||||||||||||||
| Basic Weighted Average Shares Outstanding | 3,958,568 | 3,431,130 | 3,950,245 | 3,420,448 | ||||||||||||||||||||||