Nephros Inc

nephros.com

What Do They Do?

Sells point-of-use water filters for medical infection control and dialysis treatment, as well as commercial water-quality filters for healthcare, food service and industrial customers.

How Do They Make Money?

Customers buy filters, with sales tied to shipment; Nephros also earns royalties as licensed sales occur and service fees when each service is completed.

revenue

Segment	Share	Revenue	How money arrives
Product Sold outright	97% FY2022: 100%		Sold outright
Royalty and Other Revenues Sold outright	3.0% FY2022: 0.5%		Sold outright

Who Are Their Customers?

Hospitals and dialysis customers are reached mainly through distributors, with a direct sales team also targeting them. Commercial filters are sold directly and through distributors, including one focused on food service and hospitality.

Customers above 10% of revenue, FY2025

of revenue from three customers (22%, 12%, 10%)

FY2024: 36% from three customers

Do Revenues Turn Into Profits?

Yes. It kept 6 cents of every revenue dollar as net income in FY2025.

Operating income, FY2025

6% of revenue

▲ +19000% vs FY2024 ($6K, 0%)

Net income, FY2025

6% of revenue

▲ +1514% vs FY2024 ($74K, 1%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +36%; vs $4.4M in Q2 FY2025
Net income: ▲ +405%; vs $237K in Q2 FY2025

Product share of revenue vs 97.6% in Q2 FY2025

Growing. Revenue grew 84% in 4 years, from $10.2M in FY2021 to $18.8M in FY2025, about 16% a year.

Broader commercial filtration The older report describes commercial filters for taste, odor, biofilm and scale; the latest report adds a solution validated to reduce Total PFAS.

Revenue over time

Product Royalty and Other Revenues

$20M$10M$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Cytiva, Aquatools, Aquamedix, i3, 3M, and Pentair

Comments