NEPHROS (NEPH) Company Report

Nephros, Inc. entered into a new License and Supply Agreement with Medica S.p.A. on November 21, 2025, which supersedes and replaces a prior agreement.
Under the agreement, Nephros received an exclusive license to market, promote, distribute, offer for sale, and sell certain filtration products based on Medica's technology in conjunction with Nephros's filtration products.
Nephros has committed to minimum annual aggregate purchases from Medica, totaling €4,976,000 for 2026, €5,349,000 for 2027, €5,750,000 for 2028, €6,000,000 for 2029, and €6,300,000 for 2030.
The License and Supply Agreement is effective through December 31, 2030, unless terminated earlier by either party under specified conditions.

Nov 26, 2025, 9:15 PM

Nephros Reports Strong Q3 2025 Financial Results and Continued Growth

NEPH

Earnings

Revenue Acceleration/Inflection

Product Launch

Nephros delivered Q3 2025 revenue of $4.8 million, a 35% increase over the corresponding period in 2024, marking its fifth consecutive quarter of profitability with net income of $337,000 and adjusted EBITDA of $418,000.
For the nine months ended September 30, 2025, revenue increased 37% to $14.1 million from $10.3 million in the prior year period, with net income of $1.1 million and adjusted EBITDA of $1.4 million.
The company's cash balance increased to $5.2 million as of September 30, 2025, compared to $3.8 million at December 31, 2024, and Nephros remains debt-free.
Growth was significantly driven by the Filtration Installation Program and the launch of a new PFAS removal solution, which is expanding market reach into new verticals such as municipalities, dialysis centers, and labs.
Gross margins for Q3 2025 were 61%, consistent with Q3 2024, and year-to-date gross margins improved to 63%, with the company expecting to maintain 60%+ gross margins going forward.

Nov 6, 2025, 9:30 PM

Nephros Reports Strong Third Quarter 2025 Financial Results

NEPH

Earnings

Product Launch

Revenue Acceleration/Inflection

Nephros announced net revenue of $4.8 million for the third quarter ended September 30, 2025, a 35% increase from $3.5 million in the third quarter of 2024, marking its fourth consecutive quarter of profitability.
For the nine months ended September 30, 2025, net revenue increased 37% to $14.1 million, and the company achieved a net income of $1.1 million, compared to a net loss of ($275,000) in the same period of 2024.
Adjusted EBITDA for Q3 2025 increased 42% to $418,000 compared to $295,000 in Q3 2024, and for the nine months ended September 30, 2025, it was $1.4 million compared to $67,000 in the prior year period.
The company launched a new PFAS filtration solution in early October and reported cash and cash equivalents of $5.2 million as of September 30, 2025, while remaining debt-free.