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NEPH

Nephros, Inc.

NEPH

Nephros, Inc. • NASDAQ
$4.88 ▼ -9.80% (-0.53)
Market Cap $51.68 M
52w High $6.42
52w Low $1.39
Dividend Yield 0%
P/E 34.86
Volume 90.26K
Outstanding Shares 10.59M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $4.764M ▲ $2.601M ▲ $337K ▲ 7.074% ▲ $0.03 ▲ $374K ▲
Q2-2025 $4.419M ▼ $2.547M ▼ $237K ▼ 5.363% ▼ $0.022 ▼ $282K ▼
Q1-2025 $4.877M ▲ $2.588M ▲ $558K ▲ 11.441% ▲ $0.053 ▲ $598K ▲
Q4-2024 $3.87M ▲ $2.158M ▲ $349K ▲ 9.018% ▲ $0.033 ▲ $400K ▲
Q3-2024 $3.518M $1.943M $183K 5.202% $0.017 $217K

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $5.171M ▲ $13.247M ▲ $3.241M ▲ $10.006M ▲
Q2-2025 $5.074M ▲ $12.243M ▲ $2.644M ▲ $9.599M ▲
Q1-2025 $4.081M ▲ $11.778M ▲ $2.487M ▼ $9.291M ▲
Q4-2024 $3.76M ▲ $11.21M ▲ $2.625M ▲ $8.585M ▲
Q3-2024 $2.457M $10.386M $2.212M $8.174M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $337K ▲ $99K ▼ $0 $-2K ▼ $97K ▼ $99K ▼
Q2-2025 $237K ▼ $994K ▲ $0 $-1K $993K ▲ $994K ▲
Q1-2025 $558K ▲ $322K ▼ $0 $-1K $321K ▼ $322K ▼
Q4-2024 $349K ▲ $1.304M ▲ $0 $-1K ▼ $1.303M ▲ $1.304M ▲
Q3-2024 $183K $-623K $0 $0 $-623K $-623K

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Product
Product
 $0 ▲$0 ▲$0 ▲$0 ▲
Royalty and Other Revenues
Royalty and Other Revenues
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Nephros’s income statement shows a very small but gradually improving business. Revenue has been modest and fairly steady over the last several years, with slim but positive gross profit most years. Operating results have hovered around break-even, with one clearly loss-making year in the recent past. Earnings per share have jumped around a lot, which mainly reflects how sensitive a small company’s results are to even minor changes in sales or costs. The separate commentary suggesting recent profitability and stronger growth points to a positive turn, but the historical track record is one of tiny scale and only recently emerging profitability, not a long history of strong earnings.

Balance Sheet

Balance Sheet The balance sheet reflects a lean, asset-light company. Total assets are small, and the cash position has declined from earlier years, which means the financial cushion is not especially thick. On the positive side, the company reports no debt, reducing financial risk from lenders and interest costs. Shareholders’ equity has been relatively stable, which suggests past losses have not aggressively eroded the capital base. Overall, the company appears conservatively financed but operates with limited resources, so maintaining or rebuilding a stronger cash buffer will likely matter if growth investments rise or business conditions weaken.

Cash Flow

Cash Flow Cash flow from operations has been close to flat over the period shown, with one clearly negative year and otherwise results that are near break-even. Free cash flow follows a similar pattern, as capital spending appears minimal. This indicates the business has not been burning large amounts of cash recently, but it also has not generated strong, consistent surplus cash to fund expansion on its own. The model is capital-light, which helps, but future growth will depend on turning recent revenue momentum into steadier positive cash generation rather than relying on a very thin margin for error.

Competitive Edge

Competitive Edge Nephros competes in a focused niche: high-performance water filtration for medical and commercial uses. Its key strengths are specialized ultrafiltration technology, very fine pore size, and FDA-cleared medical-grade products, which together create meaningful differentiation in critical settings like dialysis and hospital infection control. Regulatory approvals, intellectual property, and the hassle and risk of switching filters give the company a “sticky” customer base once installed. At the same time, Nephros is small compared with major medical device and water treatment players, which limits its brand reach, sales muscle, and marketing budget. As it expands into broader commercial and PFAS-related markets, it faces more and larger competitors, making execution in sales partnerships and distribution especially important.

Innovation and R&D

Innovation and R&D Innovation is a core part of Nephros’s story. The company has built its business around hollow-fiber ultrafiltration with extremely fine pores, achieving strong removal of bacteria, viruses, and endotoxins and earning medical-device clearances. It is extending this platform through products like the HydraGuard line for hospitals and labs, dialysis water solutions, and newer offerings that target PFAS and other emerging contaminants. The strategy emphasizes recurring revenue from scheduled filter replacements, which can smooth results over time. As a small firm, Nephros likely operates with a tighter R&D budget than large rivals, so its main challenge is to keep prioritizing the most commercially promising innovations while defending its technological lead and regulatory advantages.

Summary

Overall, Nephros looks like a tiny, specialized filtration company that has been operating near break-even historically and, according to more recent commentary, may be turning the corner toward sustained profitability and growth. Its financial statements show modest scale, limited but improving earnings power, and a thin cash cushion, offset by the comfort of having no debt. Strategically, the company’s strength lies in its niche focus, advanced filtration technology, medical regulatory approvals, and the inherently recurring nature of filter replacement sales. The main uncertainties relate to scale: can a small, resource-constrained company keep growing in the face of much larger competitors, maintain its innovation pace, and convert recent momentum into durable cash generation? Monitoring revenue growth, cash balances, and the adoption of its newer PFAS and high-volume products will be key to gauging how this story develops from here.

NEWS

November 6, 2025 · 4:15 PM UTC

Nephros Announces Strong Third Quarter Financial Results; Achieving Highest Level of Programmatic Sales in Company History

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November 6, 2025 · 4:10 PM UTC

Nephros Announces Strong Third Quarter Financial Results; Achieving Highest Level of Programmatic Sales in Company History

Read more

October 30, 2025 · 4:04 PM UTC

�Nephros Schedules Third Quarter 2025 Financial Results Conference Call

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October 8, 2025 · 9:11 AM UTC

Nephros Launches New PFAS Filter for Point-of-Use Protection of Potable Water

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October 8, 2025 · 9:00 AM UTC

Nephros Launches New PFAS Filter for Point-of-Use Protection of Potable Water

Read more