---
schema_version: "secwatch.filing_event.v1"
accession: "0001493152-26-021734"
form_type: "8-K"
ticker: "NEPH"
cik: "0001196298"
company_name: "NEPHROS INC"
filed_at: "2026-05-07T23:59:59+00:00"
generated_at: "2026-05-14T21:25:09.253849+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# Nephros Q1 net revenue up 7% to $5.2M; net income falls to $140K; tariffs hit margins

## Summary
- Net revenue $5.2M (+7% YoY); programmatic revenue up 23% YoY.
- Net income of $140K vs $558K in Q1 2025; adjusted EBITDA $206K vs $667K.
- Gross margin fell to 57% from 65%, pressured by ~$200K in tariffs and Euro strength.
- Commercial mix shift (ice machines, fountains) expands addressable market but lowers near-term margins.
- Cash $4.0M, no debt; conference call at 4:30pm ET today.

## SEC filing metadata
- accession: 0001493152-26-021734
- form_type: 8-K
- ticker: NEPH
- cik: 0001196298
- company_name: NEPHROS INC
- filed_at: 2026-05-07T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1196298/000149315226021734/0001493152-26-021734-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1196298/000149315226021734/form8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001493152-26-021734
- JSON: https://secwatch.observer/filing/0001493152-26-021734.json
- Plain text: https://secwatch.observer/filing/0001493152-26-021734.txt

## Source-grounded claims
- claim_id: d8a024424a13be31561b0fc5460f7b0b6130e25c
  claim: NEPHROS INC reported first quarter ended March 31, 2026 results: revenue $5.2 million, net income $140,000.
  evidence_excerpt: Net revenue was $5.2 million, compared to $4.9 million in the first quarter of 2025, up 7% ● Net income was $140,000, compared to a net income of $558,000 in the first quarter of 2025
  evidence_url: https://www.sec.gov/Archives/edgar/data/1196298/000149315226021734/0001493152-26-021734-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.