Nephros Inc (NEPH) Financial Statements
Industry: Surgical & Medical Instruments & Apparatus
In fiscal 2025, Nephros reported revenue of $18.8M, up 32.7% from $14.2M the year before. Net income was $1.2M (a 6.4% net margin), or $0.11 per diluted share. Gross margin was 61.9% and operating margin was 6.1%. Operating activities generated $1.6M of cash, leaving $1.6M of free cash flow. At fiscal year end, Nephros held $13.6M in total assets against $3.4M in total liabilities, including $5.4M of cash and equivalents.
Open the full interactive Nephros financials → Quarterly statements, key ratios, valuation history and price charts.
Nephros Key Stats
| Share Price | $3.59 |
|---|---|
| Market Cap | $39.9M |
| P/E Ratio | 32.6 |
| Revenue YoY Growth | +32.7% |
| 52-Week Range | $2.78 – $5.79 |
| Shares Outstanding | 10.9 million (basic, 2026 Q2) |
Nephros Income Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Revenue | $8.6M | $10.4M | $10.0M | $14.2M | $14.2M | $18.8M |
| Cost of Goods Sold | $3.6M | $4.7M | $5.2M | $5.8M | $5.4M | $7.2M |
| Gross Profit | $4.9M | $5.7M | $4.7M | $8.4M | $8.7M | $11.6M |
| Operating Income | -$4.3M | -$4.3M | -$4.3M | -$1.6M | $6,000 | $1.1M |
| Pre-Tax Income | -$4.5M | -$3.9M | -$7.4M | -$1.6M | $89,000 | $1.2M |
| Income Tax | — | — | $0 | $0 | $15,000 | $12,000 |
| Net Income | -$4.5M | -$3.9M | -$7.4M | -$1.6M | $74,000 | $1.2M |
| Diluted EPS | -$0.52 | -$0.41 | — | -$0.15 | $0.01 | $0.11 |
Nephros Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $4.8M | $4.7M | $5.2M | $6.0M |
| Net Income | $337,000 | $62,000 | $140,000 | $1.2M |
| Diluted EPS | $0.03 | $0.01 | $0.01 | $0.11 |
Nephros Balance Sheet
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $8.2M | $7.0M | $3.6M | $4.3M | $3.8M | $5.4M |
| Current Assets | $15.2M | $13.6M | $8.3M | $8.4M | $8.3M | $11.2M |
| Total Assets | $18.5M | $17.6M | $11.0M | $11.9M | $11.2M | $13.6M |
| Current Liabilities | $1.3M | $2.4M | $1.4M | $2.1M | $1.6M | $2.8M |
| Total Long-Term Debt | $593,000 | $343,000 | $71,000 | — | — | — |
| Total Liabilities | $2.9M | $2.9M | $2.1M | $3.5M | $2.6M | $3.4M |
| Shareholders' Equity | $12.5M | $11.7M | $5.6M | $8.4M | $8.6M | $10.2M |
Nephros Cash Flow Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | -$6.9M | -$1.4M | -$3.2M | $827,000 | -$500,000 | $1.6M |
| Cash From Investing | -$239,000 | -$85,000 | -$137,000 | -$75,000 | -$50,000 | $0 |
| Cash From Financing | $11.2M | $237,000 | $34,000 | -$79,000 | -$5,000 | -$5,000 |
| Free Cash Flow | -$7.1M | -$1.5M | -$3.4M | $725,000 | -$555,000 | $1.6M |
Figures from Nephros' 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full Nephros financials page for every line item.
Nephros Company Profile
| Ticker | NEPH |
|---|---|
| Exchange | Nasdaq |
| Industry | Surgical & Medical Instruments & Apparatus |
| Headquarters | South Orange, New Jersey |
| Incorporated in | Delaware |
| Fiscal Year End | December 31 |
| SEC Filer Category | Non-accelerated filer, smaller reporting company |
| SEC CIK | 0001196298 |
Frequently Asked Questions
What was Nephros' revenue in fiscal 2025?
Nephros (NEPH) reported revenue of $18.8M for fiscal 2025.
What is Nephros' annual revenue history?
Nephros' annual revenue by fiscal year: 2020: $8.6M; 2021: $10.4M; 2022: $10.0M; 2023: $14.2M; 2024: $14.2M; 2025: $18.8M.
What was Nephros' net income in fiscal 2025?
Nephros reported net income of $1.2M for fiscal 2025.
What was Nephros' earnings per share (EPS) in fiscal 2025?
Nephros' diluted EPS was $0.11 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did Nephros generate in fiscal 2025?
Nephros generated $1.6M of free cash flow in fiscal 2025.
What was Nephros' revenue last quarter?
In its most recent reported quarter (2026 Q2), Nephros reported revenue of $6.0M.
How many shares of Nephros are outstanding?
Nephros reported a weighted average of 10.9 million basic shares outstanding in 2026 Q2.
What is Nephros' market cap?
Based on its latest closing price, Nephros (NEPH) has a market capitalization of about $39.9M.
When does Nephros' fiscal year end?
Nephros' fiscal year end, as registered with the SEC, is December 31.
Where is Nephros headquartered?
Nephros lists its business address in South Orange, New Jersey in its SEC filings.