Earnings Releases·Nov 5, 2026, 4:06 PM ET

Nephros, Inc. — Third Quarter 2026 Earnings Summary

Net revenue grew 18% year-over-year to $5.6 million for Q3 2026 and 20% to $16.9 million for the nine-month period, while net income rose to $0.5 million for the quarter and $1.8 million for the nine months.
Adjusted EBITDA increased to $0.6 million in Q3 and $2.0 million for the nine months, though gross margin compressed to 58% in the quarter and 61% for the nine months due to lower-margin commercial growth and currency headwinds, partially offset by a $0.6 million IEEPA tariff refund.
The company expanded its active installed base to a record 1,766 sites with 31 new additions in Q3, maintaining a debt-free status with $4.5 million in cash and cash equivalents.
Management expressed confidence in the business's durability and outlined a strategy to deepen investments in education and expand into new commercial and industrial applications beyond traditional healthcare markets.