Nephros(US:NEPH) Prism Media Wire·2026-03-12 20:12Core Insights - Nephros, Inc. reported a 33% year-over-year increase in full-year net revenue, reaching $18.8 million, and a 22% increase in fourth-quarter net revenue to $4.7 million, marking the highest quarterly revenue in the company's history [1][4][3] - The company achieved positive net income for the second consecutive year, with a net income of $1.2 million for the full year and $62,000 for the fourth quarter [1][10] Financial Performance - Full-year net revenue for 2025 was $18.8 million, up from $14.2 million in 2024, representing a 33% increase [4] - Fourth-quarter net revenue was $4.7 million, compared to $3.9 million in the same quarter of 2024, an increase of 22% [4] - Net income for the year was $1.2 million, compared to $74,000 in 2024, while fourth-quarter net income was $62,000, down from $349,000 in the previous year [10] - Adjusted EBITDA for the year was $1.6 million, compared to $548,000 in 2024, while for the fourth quarter, it was approximately $131,000, down from $481,000 in the same period of 2024 [11] Cost and Expenses - Cost of goods sold for the year was $7.2 million, up from $5.4 million in 2024, a 32% increase, while for the fourth quarter, it was $2 million, compared to $1.4 million in the same quarter of 2024, a 41% increase [5] - Selling, general, and administrative expenses for the year were $9 million, up from $7.7 million in 2024, a 17% increase, and for the fourth quarter, these expenses were approximately $2.3 million, compared to $1.9 million in 2024, a 24% increase [7] - Research and development expenses for the year were $1.3 million, compared to $0.9 million in 2024, and for the fourth quarter, they were $0.4 million, up from $0.3 million in the same period of 2024, a 57% increase [8] Strategic Developments - The company has focused on three growth pillars: Products, Service, and Education, which have driven revenue gains [3] - Nephros expanded its service offerings and launched the Nephros Water Institute to enhance its authority in waterborne pathogen mitigation and facility water safety [3] - The company extended its long-term supply agreement with Medica, ensuring continuity of supply and supporting sustained growth [3]