Rockwell Medical Q4 Revenue Up 15% to $18.3M, EBITDA $1M
Rockwell Medical’s Q4 2025 revenue rose 15% sequentially to $18.3 million but full-year sales fell 32% to $69.3 million, driving a net loss of $600,000 in Q4 and $5.2 million for 2025. Q4 gross margin hit 21%, adjusted EBITDA was positive $1 million, and year-end cash totaled $25 million.
1. Revenue Trends
Rockwell Medical’s Q4 2025 revenue reached $18.3 million, a 15% increase from Q3 but down 26% year-over-year, while full-year sales totaled $69.3 million, marking a 32% decline from 2024 as purchase volumes from a major customer contracted.
2. Improved Profitability Metrics
Gross margin expanded to 21% in Q4, up from 14% in Q3 and 15% in Q4 2024, one of the strongest quarterly margins in company history. Net loss narrowed to $600,000 from $1.8 million in Q3, and adjusted EBITDA swung positive to $1 million compared with a $900,000 gain sequentially.
3. Strengthened Cash Position
Year-end cash balance rose to $25 million, up $1.3 million from Q3, supported by $2.3 million of operating cash flow in Q4. Despite a full-year adjusted EBITDA of $300,000, the company delivered its second consecutive year of positive EBITDA.
4. Customer Diversification and Outlook
Rockwell Medical expanded relationships with Fresenius, DaVita, Innovative Renal Care and Concerto Reno Services, reducing customer concentration risk. DaVita has committed to purchase volumes at or above its forecasts for 2026, indicating potential for sustained revenue stability.