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- **Profitability milestone**: Q3 2025 adjusted EBITDA turned positive ($50K vs. -$200K Q2). 
- **Customer diversification**: Reduced reliance on largest customer to 12% of sales (from prior dominance). 
- **Cash strength**: $23.7M cash (34% QoQ increase) fuels 2026 M&A and growth initiatives. 
- **High-margin growth**: Bicarbonate cartridge adoption could add $1M+ annually, home dialysis market poised for 10-15% penetration. 
- **Operational efficiency**: 2025 restructuring saves $1.2M+ through plant closures and labor optimization.

**【CEO Summary Section】**
- Rockwell Medical achieved profitability on an adjusted EBITDA basis in Q3 2025, with $50,000 compared to negative $200,000 in Q2. 
- Despite a 44% YoY decline in net sales to $15.9 million due to the largest customer transition, gross margin stabilized at 14% (18% excluding restructuring costs). 
- Secured new contracts including a 3-year $1M+ annualized deal in Florida and expanded agreement with the largest dialysis provider, reducing reliance on any single customer to 12% of Q3 sales. 
- Bicarbonate cartridge launch is driving high-margin growth, with major customer adoption expected to accelerate in 2026. 
- West Coast expansion and home dialysis market (currently single-digit penetration) are key growth areas.

**【CFO Financial Commentary】**
- Cash position strengthened to $23.7 million (up 34% QoQ) from stock issuance and asset acquisition. 
- 2026 guidance expected in Q1 2026, with focus on labor cost efficiency and facility closures (e.g., $1.2M savings from plant consolidation). 
- Gross margin improved sequentially to 18% (non-restructured basis), with EBITDA trending positive despite 34% YoY revenue decline. 
- Acquisitions and customer base expansions are priorities for 2026 growth.

**【Q&A Key Highlights】**
- Largest customer transition expected to resolve in Q4 2025, with Rockwell maintaining 12% sales contribution despite supplier recall challenges. 
- 2026 guidance will include acquisitions and customer base expansions, targeting labor and distribution cost reductions. 
- Home dialysis market potential at 10-15% of total, with Rockwell's new product configurations driving higher-margin opportunities. 
- West Coast expansion plans include facility consideration for critical mass of new customers.

Rockwell Medical, Inc. (RMTI) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

RMTI

RMTI fundamentals

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