Revenue has experienced a sharp decline, dropping from $28.3 million in 2024Q3 to $18.3 million in 2025Q4, while gross margins remain constrained, failing to consistently exceed 22%.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 |
|---|
| Sales/Revenue | 17.39B | 69.26M | 101.49M | 83.61M | 72.81M | 61.93M | 62.2M | 61.3M | 63.39M | 57.3M | 53.28M | 55.35M | 54.19M | 52.38M | 49.84M | 48.97M | 59.55M | 54.73M | 51.67M | 43.05M | 28.64M | 27.69M | 17.94M | 14.97M | 11.5M | 9.02M | 7.46M | 6.7M | 5.3M | 3.3M |
| Revenue Growth % | 17690.73% | -31.76% | 21.38% | 14.84% | 17.57% | -0.43% | 1.46% | -3.29% | 10.63% | 7.54% | -3.73% | 2.14% | 3.45% | 5.09% | 1.79% | -17.78% | 8.82% | 5.93% | 20.03% | 50.3% | 3.41% | 54.33% | 19.87% | 30.22% | 27.51% | 20.9% | 11.3% | 26.42% | 60.61% | - |
| Cost of Goods Sold | 14.48B | 57.56M | 84M | 74.91M | 68.73M | 64.35M | 59.47M | 58.46M | 64.97M | 53.6M | 46.53M | 46.41M | 45.64M | 45.72M | 43.15M | 43.32M | 49.69M | 46.84M | 48.65M | 40.02M | 25.84M | 24.69M | 15.14M | 12.41M | 10.04M | 8.1M | 6.1M | 5.4M | 5M | 3.5M |
| COGS % of Revenue | - | 83.11% | 82.77% | 89.59% | 94.4% | 103.91% | 95.62% | 95.37% | 102.5% | 93.54% | 87.33% | 83.85% | 84.23% | 87.29% | 86.57% | 88.48% | 83.44% | 85.59% | 94.16% | 92.96% | 90.22% | 89.15% | 84.37% | 82.93% | 87.35% | 89.88% | 81.78% | 80.6% | 94.34% | 106.06% |
| Gross Profit | 2.91B | 11.7M | 17.48M | 8.7M | 4.08M | -2.42M | 2.73M | 2.84M | -1.58M | 3.7M | 6.75M | 8.94M | 8.55M | 6.66M | 6.69M | 5.64M | 9.86M | 7.89M | 3.02M | 3.03M | 2.8M | 3.01M | 2.81M | 2.56M | 1.45M | 912.2K | 1.36M | 1.3M | 300K | -200K |
| Gross Margin % | 16.71% | 16.89% | 17.23% | 10.41% | 5.6% | -3.91% | 4.38% | 4.63% | -2.5% | 6.46% | 12.67% | 16.15% | 15.77% | 12.71% | 13.43% | 11.52% | 16.56% | 14.41% | 5.84% | 7.04% | 9.78% | 10.85% | 15.63% | 17.07% | 12.65% | 10.12% | 18.22% | 19.4% | 5.66% | -6.06% |
| Gross Profit Growth % | - | -33.11% | 100.87% | 113.49% | 268.47% | -188.81% | -4.01% | 279.17% | -142.8% | -45.18% | -24.45% | 4.59% | 28.32% | -0.51% | 18.62% | -42.77% | 25.02% | 161.46% | -0.44% | 8.15% | -6.77% | 7.11% | 9.77% | 75.8% | 59.37% | -32.87% | 4.52% | 333.33% | 250% | - |
| Operating Expenses | 4.39B | 16.39M | 16.88M | 15.37M | 20.86M | 27.92M | 31.14M | 36.93M | 29.82M | 29.62M | 26.96M | 24.04M | 26.1M | 53.72M | 60.96M | 27.33M | 12.73M | 13.37M | 11.1M | 6.64M | 7.44M | 2.87M | 2.4M | 2.37M | 2.32M | 2.35M | 2.4M | 2.4M | 2.3M | 1.7M |
| OpEx % of Revenue | - | 23.66% | 16.63% | 18.39% | 28.65% | 45.08% | 50.07% | 60.25% | 47.05% | 51.7% | 50.6% | 43.43% | 48.17% | 102.56% | 122.3% | 55.81% | 21.37% | 24.43% | 21.49% | 15.42% | 25.98% | 10.35% | 13.35% | 15.82% | 20.15% | 26.09% | 32.23% | 35.82% | 43.4% | 51.52% |
| Selling, General & Admin | 4.39B | 16.39B | 16.86M | 14.27M | 17.74M | 21.08M | 24.05M | 30.05M | 23.08M | 23.3M | 21.12M | 19.08M | 18.32M | 14.34M | 12.68M | 9.52M | 9.31M | 6.91M | 7.27M | 3.37M | 2.66M | 2.87M | 2.4M | 2.37M | 2.32M | 2.35M | 2.02M | 2M | 1.9M | 1.4M |
| SG&A % of Revenue | - | 23659.36% | 16.61% | 17.06% | 24.36% | 34.04% | 38.67% | 49.02% | 36.41% | 40.67% | 39.64% | 34.47% | 33.81% | 27.37% | 25.45% | 19.45% | 15.63% | 12.63% | 14.07% | 7.84% | 9.29% | 10.35% | 13.35% | 15.82% | 20.17% | 26.09% | 27.15% | 29.85% | 35.85% | 42.42% |
| Research & Development | 0 | 0 | 19K | 1.11M | 3.12M | 6.83M | 7.09M | 6.89M | 6.74M | 6.32M | 5.84M | 4.96M | 7.78M | 39.38M | 48.27M | 17.81M | 3.42M | 6.45M | 3.83M | 3.26M | 4.78M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | 0.02% | 1.32% | 4.28% | 11.04% | 11.4% | 11.23% | 10.64% | 11.03% | 10.96% | 8.96% | 14.36% | 75.19% | 96.85% | 36.36% | 5.75% | 11.79% | 7.41% | 7.58% | 16.68% | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | -16.37B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3K | 0 | 379.13K | 400K | 400K | 300K |
| Operating Income | -1.48B | -4.69M | 608K | -6.67M | -16.78M | -30.34M | -28.42M | -34.1M | -32.44M | -25.92M | -20.21M | -15.1M | -17.56M | -47.06M | -54.26M | -21.68M | -2.87M | -5.48M | -8.09M | -3.61M | -4.64M | 137.44K | 409.18K | 187.91K | -862.18K | -1.44M | -1.04M | -1.1M | -2M | -1.9M |
| Operating Margin % | -8.53% | -6.77% | 0.6% | -7.98% | -23.05% | -48.98% | -45.69% | -55.62% | -51.18% | -45.24% | -37.93% | -27.28% | -32.4% | -89.84% | -108.87% | -44.29% | -4.82% | -10.02% | -15.65% | -8.38% | -16.19% | 0.5% | 2.28% | 1.26% | -7.5% | -15.98% | -14.01% | -16.42% | -37.74% | -57.58% |
| Operating Income Growth % | - | -871.55% | 109.12% | 60.25% | 44.69% | -6.74% | 16.65% | -5.11% | -25.14% | -28.28% | -33.81% | 13.99% | 62.69% | 13.27% | -150.23% | -655.85% | 47.66% | 32.2% | -124.07% | 22.2% | -3474.56% | -66.41% | 117.75% | 121.79% | 40.14% | -37.87% | 5.02% | 45% | -5.26% | - |
| EBITDA | -1.48B | -2.5M | 2.79M | -5.23M | -16.2M | -27.82M | -26.13M | -31.44M | -31.79M | -25.41M | -19.45M | -14.28M | -16.56M | -46.05M | -53.17M | -20.51M | -1.48M | -4.25M | -7.17M | -2.66M | -3.88M | 853.75K | 1.04M | 641.84K | -470.34K | -1.06M | -665.61K | -700K | -1.6M | -1.6M |
| EBITDA Margin % | -8.52% | -3.61% | 2.75% | -6.25% | -22.26% | -44.92% | -42.01% | -51.29% | -50.15% | -44.34% | -36.5% | -25.8% | -30.57% | -87.92% | -106.69% | -41.88% | -2.48% | -7.76% | -13.88% | -6.18% | -13.55% | 3.08% | 5.79% | 4.29% | -4.09% | -11.71% | -8.93% | -10.45% | -30.19% | -48.48% |
| EBITDA Growth % | -54056.66% | -189.63% | 153.35% | 67.75% | 41.76% | -6.47% | 16.89% | 1.09% | -25.11% | -30.66% | -36.18% | 13.78% | 64.03% | 13.4% | -159.28% | -1285.95% | 65.16% | 40.79% | -169.82% | 31.5% | -554.58% | -17.82% | 61.86% | 236.46% | 55.46% | -58.64% | 4.91% | 56.25% | 0% | - |
| D&A (Non-Cash Add-back) | 1.68M | 2.19M | 2.18M | 1.44M | 576K | 2.52M | 2.29M | 2.65M | 650.14K | 514.36K | 762.37K | 822.29K | 996.32K | 1.01M | 1.09M | 1.18M | 1.39M | 1.23M | 911.72K | 949.74K | 756.87K | 716.31K | 629.7K | 453.93K | 391.84K | 384.43K | 379.13K | 400K | 400K | 300K |
| EBIT | -1.48B | -4.69M | 774K | -6.14M | -16.74M | -30.31M | -29.01M | -34.1M | -31.41M | -25.92M | -19.4M | -14.42M | -17.17M | -46.96M | -54.02M | -21.44M | -2.67M | -5.48M | -8.09M | -3.61M | -4.64M | 137.44K | 409.18K | 187.91K | -862.18K | -1.44M | -1.04M | -1.1M | -1.8M | -1.9M |
| Net Interest Income | -924K | -890K | -1.16M | -2.09M | -1.9M | -2.34M | -1.64M | 367K | 535.64K | 790.23K | 810.34K | 681.88K | -3.77M | -1.72M | 240.57K | 242.21K | 185.52K | -19.86K | 221.14K | -110.54K | 62.85K | -198.09K | -197.66K | -183.06K | -115.53K | -90K | 27.93K | 0 | -100K | 0 |
| Interest Income | 205K | 234K | 92K | 211K | 33K | 22K | 238K | 367.08K | 535.33K | 790.23K | 810.34K | 681.88K | 386.26K | 98.1K | 241.52K | 244.05K | 204.92K | 0 | 221.14K | 0 | 62.85K | 0 | 0 | 0 | 0 | 0 | 27.93K | 0 | 0 | 0 |
| Interest Expense | 1.13M | 1.12M | 1.25M | 2.3M | 1.94M | 2.36M | 1.88M | 0 | 0 | 0 | 0 | 0 | 4.15M | 1.82M | 951 | 1.84K | 9.7K | 19.86K | 0 | 110.54K | 0 | 198.09K | 197.66K | 183.06K | 115.53K | 90K | 0 | 0 | 100K | 0 |
| Other Income/Expense | -125.47M | -623K | -1.09M | -1.77M | -1.9M | -2.34M | -2.47M | -3.08M | -716.7K | 1.63K | 810.34K | 681.88K | -3.77M | -1.72M | 240.57K | 242.21K | 185.52K | -19.86K | -703.86K | -110.54K | 62.85K | -60.63K | -197.66K | -183.06K | -118.53K | -138.74K | 0 | 0 | 0 | 0 |
| Pretax Income | -1.61B | -5.31M | -480K | -8.44M | -18.68M | -32.67M | -30.89M | -37.18M | -32.13M | -25.92M | -19.4M | -14.42M | -21.33M | -48.78M | -54.02M | -21.44M | -2.68M | -5.5M | -7.86M | -3.72M | -4.57M | 76.81K | 211.52K | 4.85K | -980.71K | -1.58M | 0 | 0 | 0 | 0 |
| Pretax Margin % | -9.25% | -7.67% | -0.47% | -10.09% | -25.65% | -52.76% | -49.66% | -60.65% | -50.68% | -45.24% | -36.41% | -26.05% | -39.36% | -93.13% | -108.38% | -43.79% | -4.51% | -10.05% | -15.22% | -8.64% | -15.97% | 0.28% | 1.18% | 0.03% | -8.53% | -17.52% | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3.05M | 313.3K | -1.63K | 404.53K | 0 | 0 | 98.1K | 241.52K | 2K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -27.93K | 0 | -100K | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 8.2% | -0.98% | 0.01% | -2.09% | 0% | 0% | -0.2% | -0.45% | -0.01% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | - | - | - | - |
| Net Income | -1.61B | -5.31M | -480K | -8.44M | -18.68M | -32.67M | -30.89M | -34.13M | -32.13M | -25.92M | -19.8M | -14.42M | -21.33M | -48.78M | -54.02M | -21.44M | -2.68M | -5.5M | -7.86M | -3.72M | -4.57M | 76.81K | 211.52K | 4.85K | -980.71K | -1.58M | -1.02M | -1.1M | -1.9M | -1.9M |
| Net Margin % | -9.25% | -7.67% | -0.47% | -10.09% | -25.65% | -52.76% | -49.66% | -55.67% | -50.68% | -45.24% | -37.16% | -26.05% | -39.36% | -93.13% | -108.38% | -43.79% | -4.51% | -10.05% | -15.22% | -8.64% | -15.97% | 0.28% | 1.18% | 0.03% | -8.53% | -17.52% | -13.64% | -16.42% | -35.85% | -57.58% |
| Net Income Growth % | -609293.56% | -1007.08% | 94.31% | 54.82% | 42.83% | -5.78% | 9.49% | -6.23% | -23.94% | -30.9% | -37.33% | 32.38% | 56.28% | 9.7% | -151.91% | -699.16% | 51.22% | 30.05% | -111.46% | 18.71% | -6056.38% | -63.69% | 4258.58% | 100.49% | 37.89% | -55.3% | 7.56% | 42.11% | 0% | - |
| Net Income (Continuing) | -1.61B | -5.31M | -480K | -8.44M | -18.68M | -32.67M | -30.89M | -34.13M | -32.13M | -25.92M | -19.8M | -14.42M | -21.33M | -48.78M | -54.02M | -21.44M | -2.68M | -5.5M | -7.86M | -3.72M | -4.57M | 76.81K | 211.52K | 4.85K | -980.71K | -1.58M | -1.02M | -1.1M | -1.9M | -1.9M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -40.81 | -0.15 | -0.03 | -0.36 | -1.89 | -3.83 | -4.49 | -5.61 | -6.69 | -5.61 | -4.29 | -3.19 | -5.67 | -16.28 | -29.14 | -13.31 | -1.76 | -4.07 | -6.25 | -3.52 | -4.51 | 0.11 | 0.22 | 0.00 | -1.40 | -3.01 | -2.30 | -2.42 | -4.31 | -4.23 |
| EPS Growth % | -1959.72% | -495.24% | 93% | 80.95% | 50.65% | 14.7% | 19.96% | 16.14% | -19.25% | -30.77% | -34.48% | 43.74% | 65.17% | 44.13% | -118.93% | -656.25% | 56.76% | 34.88% | -77.56% | 21.95% | -4200% | -50% | - | 100.31% | 53.49% | -30.87% | 4.96% | 43.85% | -1.89% | - |
| EPS (Basic) | - | -0.15 | -0.03 | -0.36 | -1.89 | -3.83 | -4.49 | -5.61 | -6.69 | -5.61 | -4.30 | -3.19 | -5.72 | -16.32 | -29.15 | -13.31 | -1.76 | -4.07 | -6.25 | -3.52 | -4.51 | 0.11 | 0.22 | 0.00 | -1.40 | -3.01 | -2.30 | -2.42 | -4.31 | -4.23 |
| Diluted Shares Outstanding | 39.42M | 35.97M | 31.06M | 23.32M | 9.87M | 8.53M | 6.87M | 5.54M | 4.8M | 4.62M | 4.62M | 4.52M | 3.76M | 3M | 1.85M | 1.61M | 1.52M | 1.35M | 1.26M | 1.06M | 1.01M | 797.38K | 961.46K | 865.2K | 701.87K | 523.82K | 441.35K | 454.55K | 440.77K | 449K |
| Basic Shares Outstanding | 39.42M | 35.97M | 31.06M | 23.32M | 9.87M | 8.53M | 6.87M | 5.54M | 4.8M | 4.62M | 4.61M | 4.52M | 3.73M | 2.99M | 1.85M | 1.61M | 1.52M | 1.35M | 1.26M | 1.06M | 1.01M | 698.25K | 961.46K | 865.2K | 701.87K | 523.82K | 441.35K | 454.55K | 440.77K | 449K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Liquidity and Revenue Erosion
As reported in recent financial statements, RMTI has experienced a significant revenue decline, with quarterly figures dropping from $28.3 million in 2024Q3 to $18.3 million by 2025Q4, signaling a challenging environment for maintaining its core dialysis concentrate volume against competitive pressures and potential contract losses.
The consistent quarter-over-quarter revenue erosion suggests that the company is struggling to retain its market share among independent dialysis providers. This downward trajectory implies that the firm's value proposition may be losing traction, necessitating a strategic pivot to stabilize the top line before the current cash runway is exhausted.
Based on the provided income statement data, RMTI's gross margin has fluctuated significantly, reaching a low of 13.0% in 2023Q4 and failing to sustain levels above 22%, which highlights the inherent difficulty in achieving profitability within the low-margin, logistics-heavy dialysis concentrate market.
The inability to consistently expand gross margins suggests that the company lacks the pricing power required to pass through rising freight and raw material costs to its customers. Investors should monitor whether management can optimize its regional distribution footprint to improve these thin margins, as current levels appear insufficient to cover fixed operating expenses.
According to the company's historical income statements, RMTI has struggled to achieve positive operating leverage, as evidenced by operating margins remaining negative in most recent quarters despite efforts to control SG&A expenses, which have hovered between $3.9 million and $4.4 million per quarter.
The persistence of negative operating income indicates that the company's current revenue scale is insufficient to absorb its fixed corporate overhead. This lack of operating leverage suggests that the business model may require a fundamental restructuring or a significant increase in high-margin product sales to reach a sustainable breakeven point.
As indicated by the quarterly filings, RMTI's net income has remained consistently negative, with the company reporting a net loss of $554,000 in 2025Q4, a trend that is further complicated by the ongoing issuance of stock-based compensation that dilutes existing shareholders without offsetting operational gains.
The recurring net losses suggest that the company's earnings quality is currently poor, as the bottom line is driven by operational deficits rather than non-recurring items. The reliance on equity-based incentives during a period of cash burn warrants caution, as it may indicate a misalignment between management compensation and the creation of tangible shareholder value.
Based on the reported figures, the company's cash balance of $15.6 million appears increasingly precarious given the ongoing quarterly net losses, suggesting that RMTI may face significant liquidity constraints in the near term if it cannot reverse its current revenue and margin trajectory.
Short-term observers might argue that the company's focus on independent clinics provides a defensible niche, yet the financial data suggests this strategy is currently failing to generate self-sustaining cash flow. The risk of future dilutive financing appears high, which could further impair shareholder returns if the underlying operational performance does not improve rapidly.
Quick answers to the most common questions about buying RMTI stock.
For fiscal year 2025, Rockwell Medical, Inc. (RMTI) reported total revenue of $69.3M. This represents a 1998.7% increase compared to $3.3M in 1997.
Rockwell Medical, Inc. (RMTI) reported a net loss of $5.3M for the fiscal year ending 2025.
Rockwell Medical, Inc. (RMTI) reported an operating income of $-4.7M, resulting in an operating profit margin of -6.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Rockwell Medical, Inc. (RMTI) generated $11.7M in gross profit for the year, representing a gross profit margin of 16.9%. This demonstrates the company's core pricing power and production efficiency.