Nephros, Inc. (NEPH) Income Statement
NEPH 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsNEPH revenue and net income
Where NEPH's revenue goes
2025Each bar shows an amount and its share of revenue. NEPH kept 6.4% of revenue as net income.
NEPH profit margins
NEPH growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +32.7% | +23.5% | +17.0% | +25.5% |
| Gross profit | +31.7% | +34.4% | +18.5% | +26.9% |
| Operating income | +19,000.0% | — | — | — |
| Net income | +1,513.5% | — | — | — |
| EPS (diluted) | +1,000.0% | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
NEPH quarterly EPS vs estimates
Nephros beat the analyst EPS estimate in 8 of the last 8 quarters. Next report: November 5, 2026 (estimate $0.02).
NEPH income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $18.8M | $14.2M | $14.2M | $10.0M | $10.2M | $8.6M | $10.3M | $5.7M | $3.8M | $2.3M |
| Cost of revenue | $7.3M | $5.4M | $5.8M | $5.2M | $4.6M | $3.6M | $4.2M | $2.5M | $1.5M | $1.0M |
| Gross profit | $11.5M | $8.7M | $8.4M | $4.7M | $5.6M | $4.9M | $6.1M | $3.2M | $2.3M | $1.3M |
| Research & development | $1.3M | $906,000 | $873,000 | $1.3M | $1.5M | $2.8M | $3.1M | $1.5M | $1.0M | $1.1M |
| Sales, general & admin | $9.0M | $7.7M | $8.3M | $7.6M | $7.7M | $6.5M | $6.1M | $4.5M | $3.3M | $2.9M |
| Total operating expenses | $10.3M | $8.7M | $10.0M | $9.1M | $8.9M | $9.2M | $9.2M | $6.2M | $4.5M | $4.2M |
| Operating income | $1.1M | $6,000 | −$1.6M | −$4.3M | −$3.3M | −$4.3M | −$3.2M | −$3.0M | −$2.2M | −$2.9M |
| Interest income | $139,000 | $94,000 | $43,000 | $14,000 | $10,000 | $11,000 | $1,000 | $4,000 | $4,000 | $5,000 |
| Interest expense | $1,000 | $1,000 | $2,000 | $20,000 | $41,000 | $110,000 | $195,000 | $172,000 | $302,000 | $172,000 |
| Income before taxes | $1.2M | $89,000 | −$1.6M | −$4.3M | −$2.8M | −$4.5M | −$3.4M | −$3.4M | −$2.6M | −$3.0M |
| Income taxes | $12,000 | $15,000 | $46,105 | $3.0M | $298,000 | $198,000 | −$225,000 | −$93,000 | −$1.8M | $172,000 |
| Net income | $1.2M | $74,000 | −$1.6M | −$7.4M | −$4.1M | −$4.8M | −$3.4M | −$3.4M | −$809,000 | −$3.0M |
| EBITDA | $1.3M | $227,000 | −$1.4M | −$3.9M | −$2.5M | −$4.2M | −$3.0M | −$3.1M | −$2.1M | −$2.6M |
| EPS (diluted) | $0.11 | $0.01 | −$0.15 | −$0.73 | −$0.46 | −$0.54 | −$0.44 | −$0.14 | −$0.01 | −$0.52 |
| Gross margin | 61.1% | 61.6% | 59.0% | 47.4% | 55.1% | 57.4% | 58.9% | 56.3% | 60.2% | 55.8% |
| Operating margin | 6.1% | 0.0% | −11.2% | −43.5% | −31.8% | −49.9% | −30.5% | −53.0% | −58.4% | −123.7% |
| Net margin | 6.4% | 0.5% | −11.1% | −74.0% | −40.2% | −55.7% | −33.1% | −59.8% | −21.2% | −130.7% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.0M | $5.2M | $4.7M | $4.8M | $4.4M | $4.9M | $3.9M | $3.5M | $3.3M | $3.5M | $3.3M | $3.7M |
| Cost of revenue | $2.0M | $2.2M | $2.1M | $1.8M | $1.6M | $1.7M | $1.4M | $1.4M | $1.3M | $1.3M | $1.2M | $1.5M |
| Gross profit | $4.0M | $3.0M | $2.6M | $2.9M | $2.8M | $3.2M | $2.5M | $2.1M | $1.9M | $2.2M | $2.0M | $2.2M |
| Research & development | $366,000 | $346,000 | $395,000 | $338,000 | $311,000 | $295,000 | $252,000 | $188,000 | $254,000 | $212,000 | $208,000 | $205,000 |
| Sales, general & admin | $2.4M | $2.5M | $2.3M | $2.2M | $2.2M | $2.3M | $1.9M | $1.7M | $1.9M | $2.1M | $2.4M | $2.1M |
| Total operating expenses | $2.8M | $2.9M | $2.6M | $2.6M | $2.5M | $2.6M | $2.2M | $1.9M | $2.2M | $2.4M | $2.7M | $2.4M |
| Operating income | $1.2M | $97,000 | $18,000 | $314,000 | $248,000 | $566,000 | $317,000 | $206,000 | −$317,000 | −$200,000 | −$649,000 | −$203,000 |
| Interest income | $30,000 | $32,000 | $54,000 | $41,000 | $31,000 | $13,000 | $28,000 | $20,000 | $21,000 | $25,000 | $28,000 | $11,000 |
| Interest expense | $1,000 | — | $2,000 | $0 | $1,000 | $0 | $0 | $0 | $0 | $1,000 | $1,000 | $0 |
| Income before taxes | $1.2M | $140,000 | $62,000 | $340,000 | $246,000 | $558,000 | $364,000 | $183,000 | −$289,000 | −$169,000 | −$654,000 | −$182,000 |
| Income taxes | $13,000 | — | −$24,000 | $3,000 | $9,000 | — | $15,000 | $183,000 | — | −$10,276 | −$1,000 | $10,000 |
| Net income | $1.2M | $140,000 | $62,000 | $337,000 | $237,000 | $558,000 | $349,000 | $183,000 | −$289,000 | −$169,000 | −$654,000 | −$182,000 |
| EBITDA | $1.2M | $167,000 | $33,000 | $374,000 | $282,000 | $598,000 | $399,000 | $216,000 | −$255,000 | −$134,000 | −$602,000 | −$126,000 |
| EPS (diluted) | $0.06 | $0.01 | $0.01 | $0.03 | $0.02 | $0.05 | $0.03 | $0.02 | −$0.03 | −$0.02 | −$0.06 | −$0.02 |
| Gross margin | 66.4% | 56.9% | 55.4% | 61.2% | 63.2% | 64.7% | 64.0% | 61.1% | 58.8% | 62.1% | 62.1% | 58.6% |
| Operating margin | 20.2% | 1.9% | 0.4% | 6.6% | 5.6% | 11.6% | 8.2% | 5.9% | −9.7% | −5.7% | −19.9% | −5.4% |
| Net margin | 19.9% | 2.7% | 1.3% | 7.1% | 5.4% | 11.4% | 9.0% | 5.2% | −8.9% | −4.8% | −20.1% | −4.9% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in NEPH's financial statements (latest annual report filed March 12, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
NEPH financial results
In fiscal year 2025 (ended December 31, 2025), Nephros reported revenue of $18.8 million, up 32.7% from the year before. It had net income of $1.2 million (up 1,513.5%), a net profit margin of 6.4%. Diluted earnings per share came to $0.11. Over five years revenue grew at an average rate of 17.0% a year.
See the NEPH stock overview for the latest quote and news, or the NEPH chart for price history and technical indicators.
NEPH income statement FAQ
What is Nephros's annual revenue?
Nephros reported total revenue of $18.8 million for fiscal year 2025, which ended on December 31, 2025. That was up 32.7% from $14.2 million the previous year.
Is Nephros profitable?
Yes. Nephros reported net income of $1.2 million in fiscal 2025, a net profit margin of 6.4%; its operating margin was 6.1%.
What is Nephros's gross margin?
Nephros's gross margin was 61.1% in fiscal 2025: for every $100 of revenue, Nephros kept $61 after the direct cost of its products and services.
How much does Nephros spend on research and development?
Nephros spent $1.3 million on research and development in fiscal 2025, 7.1% of revenue.
How fast is Nephros growing?
Revenue grew 17.0% a year on average over the last five fiscal years, from $8.6 million to $18.8 million.
What are Nephros's earnings per share?
Nephros earned $0.11 per diluted share in fiscal 2025, compared with $0.01 a year earlier.
When will Nephros report its next earnings?
Nephros is expected to report results for the quarter ending September 30, 2026 on November 5, 2026 after the market closes.
When does Nephros's fiscal year end?
Nephros's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 12, 2026.