Gross margin trajectory is the key variable — watch Q2 for tariff mitigation progress and commercial mix stabilization. Programmatic revenue strength supports revenue growth but earnings need to recover to regain investor confidence.
Price Chart
Executive Summary
Nephros reported Q1 2026 revenue of $5.2M, up 7% YoY, but net income fell sharply to $140k from $558k due to tariff costs, FX headwinds, and a shift toward lower-margin commercial products. Gross margin contracted to 57% from 65%, though core programmatic revenue grew 23%.
Key Financial Metrics
Key Facts
- Q1 2026 revenue: $5.2M vs $4.9M YoY, +7%
- Net income: $140k vs $558k YoY, down 75%
- Gross margin: 57% vs 65% YoY, down 800 bps
- Programmatic revenue grew 23% YoY
- Cash: $4.0M at Mar 31, 2026 vs $5.4M at Dec 31, 2025
Financial Impact
Net income decreased $418k YoY; gross margin compressed 8 percentage points to 57%
Risk Factors
- Tariff exposure (~$200k impact in Q1) and Euro strength continue to pressure margins
- Commercial mix shift may structurally lower gross margins
- Cash burn of $1.4M in Q1 may require financing if not reversed
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001493152-26-021734 |
| Document: form8-k.htm | 0001493152-26-021734 |
| Document: 0001493152-26-021734-index-headers.html | 0001493152-26-021734 |
| Document: 0001493152-26-021734-index.html | 0001493152-26-021734 |
| Document: 0001493152-26-021734.txt | 0001493152-26-021734 |
| 8-K Data (Synthetic) | 0001493152-26-021734 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 14, 2026 12d ago | DEF 14A | $3.51 | awaiting T+20 | — | $3.63 (+3.42%) |
Oct 13, 2026 13d ago | 8-K | $3.52 | awaiting T+20 | — | $3.63 (+3.13%) |
Sep 16, 2026 5w ago | SC 13D/A | $4.23 $3.51 | ▲ +17.02% | ▲ +18.23% | $3.63 (+14.18%) |
Sep 16, 2026 5w ago | SC 13G | $4.23 $3.51 | ▼ −17.02% | ▼ −18.23% | $3.63 (−14.18%) |
Aug 6, 2026 11w ago | 8-K | $4.21 $4.06 | ▼ −3.56% | ▼ −3.17% | $3.63 (−13.78%) |
May 7, 2026 24w ago | 8-K | $3.52 $3.42 | ▼ −2.84% | ▼ −2.86% | $3.63 (+3.13%) |
Apr 30, 2026 25w ago | Press Release | $3.11 $3.69 | ▲ +18.65% | ▲ +13.38% | $3.63 (+16.72%) |
Mar 12, 2026 32w ago | Press Release | $3.50 $2.91 | ▼ −16.86% | ▼ −20.45% | $3.63 (+3.71%) |
Mar 5, 2026 33w ago | Press Release | $3.89 $2.87 | ▼ −26.22% | ▼ −22.43% | $3.63 (−6.68%) |
US Market Status
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