RMTI

MKT CAP:$34M

Rockwell Medical, Inc.

Market Cap

$34M

Healthcare·Drug Manufacturers - Specialty & Generic·🇺🇸 United States·NASDAQ

Healthcare·Drug·🇺🇸·NASDAQ

Stock Price

$0.86-$0.00 (-0.39%)

Apr 23, 2026

Company Details

Rockwell Medical, Inc., together with its subsidiaries, operates as a biopharmaceutical company that targets end-stage renal disease and chronic kidney disease with therapies and products for the treatment of iron deficiency and hemodialysi...

CEO

Mark Strobeck

IPO Date

Jan 27, 1998

Website

www.rockwellmed.com

Key Metrics TTM

Revenue

$69M

-31.8% YoY

Net Income

-$5M

EPS (Diluted)

-$0.15

Free Cash Flow

-$1M

Revenue / Share

$1.76

Gross Margin

16.9%

Operating Margin

-6.8%

Net Margin

-7.7%

FCF Margin

-1.7%

P/S

0.5x

P/E

—

Earnings Reports

Q1 2026

May 11, 2026

PENDING

FY 2025

Mar 26, 2026

$69M-31.8%EPS -$0.15

Q4 2025

Mar 26, 2026

$18M-25.6%EPS -$0.01

Q3 2025

Nov 12, 2025

$16M-43.8%EPS -$0.05

Q2 2025

Aug 14, 2025

$16M-37.8%EPS -$0.04

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$16M	-$786.0K	-$7M
Q2 22	$19M	$2M	-$4M
Q3 22	$19M	$777.0K	-$4M
Q4 22	$19M	$2M	-$2M
Q1 23	$20M	$3M	-$1M
Q2 23	$18M	$1M	-$3M
Q3 23	$24M	$2M	-$2M
Q4 23	$22M	$3M	-$547.0K
Q1 24	$23M	$3M	-$1M
Q2 24	$26M	$5M	$515.0K
Q3 24	$28M	$6M	$2M
Q4 24	$25M	$4M	-$519.0K
Q1 25	$19M	$3M	-$1M
Q2 25	$16M	$3M	-$1M
Q3 25	$16M	$2M	-$2M
Q4 25	$18M	$4M	-$398.0K

Valuation

Quarter	P/S	P/E
Q1 22	0.7x	—
Q2 22	0.2x	—
Q3 22	0.2x	—
Q4 22	0.3x	—
Q1 23	0.4x	—
Q2 23	2.0x	—
Q3 23	0.7x	—
Q4 23	0.6x	—
Q1 24	0.6x	—
Q2 24	0.5x	—
Q3 24	1.2x	—
Q4 24	0.6x	—
Q1 25	0.4x	—
Q2 25	0.3x	—
Q3 25	0.6x	—
Q4 25	0.4x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$10M	-$10M
Q2 22	-$6M	-$6M
Q3 22	-$1M	-$1M
Q4 22	-$594.0K	-$678.0K
Q1 23	-$4M	-$4M
Q2 23	-$2M	-$2M
Q3 23	-$4M	-$4M
Q4 23	-$43.0K	-$86.0K
Q1 24	-$2M	-$3M
Q2 24	$1M	$1M
Q3 24	$4M	$4M
Q4 24	$865.0K	$470.0K
Q1 25	-$3M	-$4M
Q2 25	$2M	$2M
Q3 25	-$1M	-$2M
Q4 25	$2M	$2M

Capital Expenditures

Quarter	CapEx
Q1 22	$29.0K
Q2 22	$51.0K
Q3 22	$117.0K
Q4 22	$84.0K
Q1 23	$145.0K
Q2 23	$80.0K
Q3 23	$16.0K
Q4 23	$43.0K
Q1 24	$139.0K
Q2 24	$286.0K
Q3 24	$191.0K
Q4 24	$395.0K
Q1 25	$63.0K
Q2 25	$164.0K
Q3 25	$229.0K
Q4 25	$86.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+4.2%	+0.4%
Q2 22	+23.4%	+0.9%
Q3 22	+16.9%	-2.4%
Q4 22	+26.0%	-10.2%
Q1 23	+22.0%	-7.3%
Q2 23	-3.2%	-9.2%
Q3 23	+27.2%	+13.9%
Q4 23	+14.4%	+6.4%
Q1 24	+15.3%	+13.8%
Q2 24	+42.9%	+20.3%
Q3 24	+19.1%	+3.4%
Q4 24	+11.6%	+11.2%
Q1 25	-16.6%	-15.5%
Q2 25	-37.8%	-31.2%
Q3 25	-43.8%	-33.6%
Q4 25	-25.6%	-25.6%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	-$179.0K	-1.1%
Q2 22	$97.0K	0.5%
Q3 22	$177.0K	0.9%
Q4 22	$220.0K	1.1%
Q1 23	$193.0K	1.0%
Q2 23	$309.0K	1.7%
Q3 23	$212.0K	0.9%
Q4 23	$218.0K	1.0%
Q1 24	$251.0K	1.1%
Q2 24	$338.0K	1.3%
Q3 24	$321.0K	1.1%
Q4 24	$382.0K	1.5%
Q1 25	$445.0K	2.4%
Q2 25	$382.0K	2.4%
Q3 25	$532.0K	3.3%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 22	$2M	$4M	$455.0K
Q2 22	$926.0K	$5M	$526.0K
Q3 22	$469.0K	$3M	$762.0K
Q4 22	$156.0K	$4M	$352.0K
Q1 23	$278.0K	$3M	$498.0K
Q2 23	$167.0K	$3M	$530.0K
Q3 23	$494.0K	$3M	$556.0K
Q4 23	$168.0K	$3M	$541.0K
Q1 24	$18.0K	$4M	$594.0K
Q2 24	—	$3M	$586.0K
Q3 24	—	$4M	$726.0K
Q4 24	$1.0K	$3M	$843.0K
Q1 25	—	$4M	$711.0K
Q2 25	—	$3M	$572.0K
Q3 25	—	$3M	$531.0K
Q4 25	—	$14.0B	$2.4B

Revenue Segments

Quarter	Concentrate Products	Drug Revenue
Q3 23	$22M	$2M
Q1 24	$23M	$11.0K
Q2 24	$26M	$12.0K
Q3 24	$28M	$11.0K
Q1 25	$19M	$325.0K
Q2 25	$16M	—
Q3 25	$16M	—

Revenue by Geography

Quarter	Non-US	United States
Q3 23	$4M	$20M
Q1 24	$2M	$21M
Q2 24	$3M	$23M
Q3 24	$2M	$26M
Q1 25	$2M	$16M
Q2 25	$2M	$14M
Q3 25	$2M	$14M
Q4 25	$2M	$16M

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 21	$13M	$9M	$22M
Q1 22	$10M	$0	$10M
Q2 22	$31M	$0	$31M
Q3 22	$13M	$15M	$28M
Q4 22	$10M	$11M	$21M
Q1 23	$11M	$6M	$17M
Q2 23	$9M	$6M	$15M
Q3 23	$8M	$4M	$12M
Q4 23	$9M	$2M	$11M
Q1 24	$7M	$2M	$9M
Q2 24	$12M	$0	$12M
Q3 24	$12M	$6M	$18M
Q4 24	$16M	$6M	$22M
Q1 25	$11M	$6M	$17M
Q2 25	$12M	$6M	$18M
Q3 25	$14M	$10M	$24M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	9M	+0.1%	+0.4%
Q2 22	9M	+3.0%	+3.4%
Q3 22	11M	+19.6%	+23.4%
Q4 22	12M	+9.7%	+35.3%
Q1 23	18M	+59.0%	+114.9%
Q2 23	18M	+0.7%	+110.1%
Q3 23	28M	+48.8%	+161.4%
Q4 23	29M	+4.1%	+148.1%
Q1 24	29M	+2.4%	+59.7%
Q2 24	32M	+9.2%	+73.2%
Q3 24	32M	+1.2%	+17.8%
Q4 24	33M	+1.4%	+14.7%
Q1 25	34M	+3.7%	+16.3%
Q2 25	34M	+0.6%	+7.1%
Q3 25	36M	+5.0%	+11.1%
Q4 25	39M	+9.4%	+19.9%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$53.7K	300
Q2 22	$62.3K	300
Q3 22	$62.3K	300
Q4 22	$76.3K	253
Q1 23	$77.7K	253
Q2 23	$71.5K	253
Q3 23	$94.0K	253
Q4 23	$93.2K	237
Q1 24	$95.7K	237
Q2 24	$109.0K	237
Q3 24	$119.5K	237
Q4 24	$101.1K	244
Q1 25	$77.5K	244
Q2 25	$65.9K	244
Q3 25	$65.3K	244
Q4 25	$116.9K	157

Revenue / Employee