Nephros, Inc. · NASDAQ:NEPH
Nephros — Investor Presentation (March 2026)
32 slides from Nephros's investor presentation, March 2026
Slide 1: Advanced Technology That Makes Water Better
2026 Corporate Presentation Advanced Technology That Makes Water Better Robert Banks, President and CEO
Slide 2: Safe Harbor Statement
2 Safe Harbor Statement Certain statements in this management presentation constitute “forward-looking statements.” Such statements include those regarding our ability to execute on our growth strategy, our plans to develop new products and technologies, including the efficacy and intended use of su
Slide 3: Overview and Market Data
3 Overview Market Data Nephros provides leading filtration solutions to a variety of industries including healthcare, hospitality, institutions, NEPH government, and manufacturing Nephros water filters support medical and commercial As of Mar 13, 2026 use, with options for contaminants like scale or
Slide 4: Investment Highlights
4 Investment Highlights • New executive team rationalizing and re-energizing leading water filtration provider • Proprietary technology with multiple competitive advantages • Growing demand fueled by regulatory tailwinds • ASHRAE 514 - infection control • ST108 - sterile processing • AAMI standards
Slide 5: Professional Executive Team
5 Professional Executive Team ROBERT BANKS JUDY KRANDEL Chief Financial Officer President & CEO Robert has a proven track record of delivering value With more than 20 years of experience in asset through innovation and aligning the strengths of his management, investment, operations, reporting and o
Slide 6: Board Of Directors
6 Board Of Directors ARTHUR AMRON Chairman of the Board ROBERT BANKS President & Chief Executive Officer Arthur was for more than 20 years a partner and General Counsel of Wexford Capital until December 2023, and he continues as a special limited partner of, and consultant to, Wexford. Responsible f
Slide 7: Water Filtration Business
7 Water MEDICAL FILTRATION COMMERCIAL Filtration Infection Control Dialysis FILTRATION Business Segments Nephros water filtration business is comprised of lines of business: medical water filtration and commercial water filtration We offer a robust line-up of solutions that support an array of insta
Slide 8: Medical Filtration
8 Medical Filtration Medical water filtration is our core business, and within this product line we focus on two areas: Infection Control and Dialysis These solutions are FDA 510(k)- cleared as Class II medical devices for effective retention of waterborne pathogens 2026 CORPORATE PRESENTATION
Slide 9: Superior Technology
9 MEDICAL FILTRATION Superior Technology Our FDA Class II water filters are capable of effectively retaining bacteria, viruses, and endotoxins with proprietary, hollow-fiber media. This exceptional filtration technology is born from years of service in the field of dialysis, arguably the gold standa
Slide 10: Infection Control
10 MEDICAL FILTRATION INFECTION CONTROL Infection Control BENEFITS AND CAPABILITIES Purify EPA-quality water to be suitable for drinking, surgical handwashing, and medical equipment cleaning Aid in infection control while supporting facility safety and continuity of operations Provide effective barr
Slide 11: Infection Control Business Drivers
11 MEDICAL FILTRATION INFECTION CONTROL Infection Control Business Drivers INFLUENCES CUSTOMERS SALE TYPES • CMS, TJC, • Healthcare facilities • Programmatic ASHRAE (recurring • Government replacement orders) • ASHRAE 188 • Manufacturing and (new) 514 • Emergency detail water • Schools (outbreaks /
Slide 12: Dialysis
12 MEDICAL FILTRATION DIALYSIS Dialysis BENEFITS AND CAPABILITIES Offer sub-micron purification of water and bicarbonate concentrate following other water treatment equipment, such as reverse osmosis Ideal for a variety of configurations throughout the dialysis water loop Long, continuous 12-month (
Slide 13: Dialysis Business Drivers
13 MEDICAL FILTRATION DIALYSIS Dialysis Business Drivers INFLUENCES CUSTOMERS SALE TYPES • ISO and • Dialysis clinics and • Large accounts ANSI/AAMI dialysis wings within (fewer players) (new standard healthcare facilities • New product ST108) • OEM partners development • Dedicated national sales co
Slide 14: Commercial
14 COMMERCIAL FILTRATION Commercial BENEFITS AND CAPABILITIES High-quality reduction of water contaminants like lead, scale, total PFAS, and sediment Improved equipment performance and efficiency Reduced machine maintenance Available in multiple keys and sizes to fit a variety of manifold configurat
Slide 15: Commercial Business Drivers
15 COMMERCIAL FILTRATION Commercial Business Drivers INFLUENCES CUSTOMERS SALE TYPES • IAPMO, NSF, and • Restaurants and • Programmatic ANSI standards quick-service (recurring restaurants (QSR) replacement orders) • Convenience stores • Hospitality • Facilities with cafeterias and/or staff kitchens
Slide 16: Looking Ahead
Looking Ahead
Slide 17: Growth Strategy
17 Growth Strategy • Continue expansion of sales coverage • Expanding sales team to further capitalize national opportunities • Expanding relationship with key distributors to help market coverage • Increase cross selling between products and applications • Continue converting one-time customers to
Slide 18: New Developments
18 New Developments PRODUCTS AND SERVICES • Digital tools to enhance Nephros value • Deploying a filter tracker to drive reorders and support field installations • Development of a “digital twin” to monitor environmental inputs, anticipate usage, drive strategy, and replacements • Release of a dedic
Slide 19: Nano- And Microplastics
19 NEW DEVELOPMENT Nano- And Microplastics Because we have the smallest pore size in the Human exposure presents multiple health concerns market… we are the best • Nanoplastics penetrate biological barriers filter company to address • Leaches toxic chemicals NMPs.” • Results: cellular toxicity, infl
Slide 20: Digital Tools
20 NEW DEVELOPMENT Digital Tools “We have taken an exciting step Enhanced Customer Experience towards digitizing • Documentation of filter installations with the launch of • Captures critical data points a filter tracker.” • Digital tools increase Nephros value • Tracker drives reorders • Coming “di
Slide 21: Growing Customer Base Driving Increasing Revenue Momentum
21 Growing Customer Base Driving Increasing Revenue Momentum Reported Revenue Active Customer Sites 6000 1600 1400 5000 1200 4000 1000 3000 800 600 2000 400 1000 200 0 0 Q1 2018 Q4 2025 Q1 2021 Q4 2025 2026 CORPORATE PRESENTATION
Slide 22: Nephros, Inc. — Financial Highlights
22 Nephros, Inc. — Financial Highlights Consolidated 2025Q4 2024Q4 FY 2025 FY 2024 REVENUE 4,729 3,870 18,789 14,162 Gross Margin 58% 64% 62% 62% EBITDA 40 371 1,207 133 Adjusted EBITDA 131 481 1,571 548 Operating Income (Loss) 18 317 1,146 6 Net Cash Flow From Operations 230 1,304 1,645 (492) EPS,
Slide 23: Selected Balance Sheet Information
23 Nephros Inc. — Selected Balance Sheet Information Assets September 30, 2025 December 31, 2024 December 31, 2025 Current Assets: Cash And Cash Equivalents 5,171 3,760 5,400 Accounts Receivable, Net 2,661 1,781 2,414 Inventory 2,738 2,615 3,232 Other Current Assets 136 142 177 Total Current Assets
Slide 24: Cap Table
24 Cap Table Cap Table as of 12/31/25 $5.4 MM 10.6 MM Cash Shares o/s 1.3 MM $0 Total equity grants Debt outstanding 2026 CORPORATE PRESENTATION
Slide 25: Key Takeaways
25 Key Takeaways • Experienced management team driving growth of leading water filtration provider • Proprietary technology with multiple competitive advantages • Growing demand fueled by regulatory tailwinds • ASHRAE 514 - infection control • ST108 - sterile processing • AAMI standards - dialysis •
Slide 26: Thank You!
Thank You! Investor Relations Contacts: Kirin Smith Robert Banks President, PCG Advisory President & CEO, Nephros, Inc. (646) 823-8656 ksmith@pcgadvisory.com (201) 343-5202 x110 robert.banks@nephros.com
Slide 27: Appendix
27 Appendix 2026 CORPORATE PRESENTATION
Slide 28: EBITDA And Adjusted EBITDA
28 EBITDA And Adjusted EBITDA EBITDA and Adjusted EBITDA Definitions and Reconciliation to GAAP Financial Measures EBITDA is calculated by taking net income (loss) calculated in accordance with generally accepted accounting principles (“GAAP”) and excluding all interest-related expenses and income,
Slide 29: EBITDA And Adjusted EBITDA Reconciliation
29 EBITDA And Adjusted EBITDA Reconciliation 12 Months 12 Months Ended Ended 2025 Q4 2025 12/31/2025 2024 Q4 2024 12/31/2024 audited (in thousands) audited (in thousands) Reconciliation of Net Income: Reconciliation of Net Loss: Net Profit 62 1,194 Net Loss 349 74 Adjustments: Adjustments: Depreciat
Slide 30: Corporate Milestones
30 Nephros founded as spin-off from Columbia University Corporate 1997 research group to develop a new type of dialysis machine that allows existing Hemodialysis (HD) machines to also deliver Milestones Hemodiafiltration (HDF) dialysis to patients in the US. 2003 IPO at pre-revenue stage 2008 Wexfor
Slide 31: Corporate Milestones
31 Acquired Aether Water Systems to establish a presence in Corporate 2018 non-medical filtration for diversification. Also formed Specialty Renal Products (SRP) subsidiary, to re-start the Milestones HDF product market. Also started Pathogen Detection Systems group (PDS), a new business focused on
Slide 32: nephros.com
NEPHROS because water matters™ nephros.com