ROCKWELL MEDICAL, INC. RMTI
Unless otherwise indicated in this Annual Report on Form 10-K "we," "our," "us," "the Company," "Rockwell," "Rockwell Medical," and other similar terms refer to Rockwell Medical, Inc., together with its consolidated subsidiaries. You are advised to read this Annual Report on Form 10-K in conjunction with other reports and documents that we file from time to time with the Securities and Exchange Commission ("SEC"). In particular, please read our definitive proxy statement, which will be filed with the SEC in connection with our 2026 annual meeting of stockholders, our quarterly reports on Form 10-Q and any current reports on Form 8-K that we may file from time to time. You can access free of charge on our website copies of these reports as soon as practicable after they are electronically filed with the SEC. The SEC also maintains a website on the internet that contains reports, proxy and information statements and other information regarding issuers, such as us, that file electronically with the SEC.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $69.3M | $101.5M | $83.6M | $72.8M | $61.9M | $62.2M | $61.3M | $63.4M | $57.3M | $53.3M |
| Cost of revenue | $57.6M | $84.0M | $74.9M | $68.7M | $64.4M | $59.5M | $58.5M | $65.0M | $53.6M | $46.5M |
| Gross profit | $11.7M | $17.5M | $8.7M | $4.1M | -$2.4M | $2.7M | $2.8M | -$1.6M | $3.7M | $6.8M |
| R&D | $0 | $19.0K | $1.1M | — | — | — | — | $5.6M | $6.3M | $5.8M |
| SG&A | $14.0M | $14.1M | $12.1M | $15.6M | $15.3M | $16.2M | $21.0M | $22.1M | $23.3M | $21.1M |
| Operating income | -$4.7M | $608.0K | -$6.7M | -$16.8M | -$30.3M | -$28.4M | -$34.5M | -$32.4M | -$25.9M | -$20.2M |
| Interest expense | $1.1M | $1.3M | $2.3M | $1.9M | $2.4M | $1.9M | $25.0K | $535.6K | $790.2K | — |
| Pre-tax income | -$5.3M | -$480.0K | -$8.4M | -$18.7M | -$32.7M | -$30.9M | -$34.1M | -$32.1M | -$25.9M | -$19.4M |
| Income tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $404.5K |
| Net income | -$5.3M | -$480.0K | -$8.4M | -$18.7M | -$32.7M | -$30.9M | -$34.1M | -$32.1M | -$25.9M | -$19.8M |
| EPS, basic | -0.15 | -0.03 | -0.37 | -1.31 | -3.83 | -0.41 | — | — | -0.51 | -0.39 |
| EPS, diluted | -0.15 | -0.03 | -0.37 | -1.31 | -3.83 | -0.41 | -0.56 | -0.61 | -0.51 | -0.39 |
| Shares, diluted (wtd. avg.) | $36.0M | $31.1M | $23.3M | $14.3M | $8.5M | $75.6M | — | — | $51.1M | $50.7M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $10.7M | $15.7M | $9.0M | $10.1M | $13.3M | $48.7M | $11.8M | $22.7M | $8.4M | $17.2M |
| Short-term investments | $14.3M | $5.9M | $2.0M | $11.4M | $9.2M | $10.0M | $14.2M | $10.8M | — | — |
| Receivables | $8.1M | $8.3M | $10.9M | $6.3M | $5.9M | $4.2M | $4.2M | $7.0M | $6.4M | $6.4M |
| Inventory | $3.4M | $5.8M | $5.9M | $5.8M | $4.1M | $3.9M | $3.6M | $4.0M | $7.6M | $12.1M |
| Total current assets | $38.2M | $37.0M | $28.8M | $35.3M | $35.3M | $69.5M | $36.9M | $46.8M | $48.8M | $78.5M |
| Property, plant and equipment | $4.6M | $5.8M | $6.4M | $2.2M | $2.5M | $2.6M | $2.4M | $2.6M | $2.5M | $1.4M |
| Goodwill | $921.0K | $921.0K | $921.0K | $921.0K | $921.0K | $921.0K | $921.0K | $920.7K | $920.7K | $920.7K |
| Other intangibles | $9.7M | $10.2M | $10.8M | $0 | — | — | — | — | $4.0K | $4.4K |
| Total assets | $57.1M | $59.2M | $52.2M | $46.6M | $48.6M | $77.7M | $44.3M | $52.6M | $58.8M | $83.2M |
| Accounts payable | $2.0M | $2.9M | $4.5M | $4.1M | $3.7M | $4.2M | $3.0M | $4.5M | $4.2M | $5.9M |
| Short-term debt | — | — | $0 | $1.6M | $7.4M | $0 | — | — | — | — |
| Total current liabilities | $9.6M | $14.1M | $16.6M | $17.7M | $21.0M | $12.8M | $12.4M | $13.2M | $9.1M | $10.1M |
| Long-term debt | $8.8M | $8.5M | $8.3M | $7.6M | $13.2M | $20.9M | $0 | — | — | — |
| Total liabilities | $20.2M | $26.6M | $30.9M | $32.5M | $46.0M | $43.6M | $24.0M | $25.3M | $25.9M | — |
| Retained earnings | -$403.0M | -$397.7M | -$397.2M | -$388.8M | -$370.1M | -$337.4M | -$306.5M | -$272.4M | -$240.3M | -$214.3M |
| Total equity | $37.0M | $32.6M | $21.3M | $14.1M | $2.5M | $34.2M | $20.3M | $27.3M | $32.9M | $53.0M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$659.0K | $4.2M | -$9.4M | -$16.9M | -$33.5M | -$29.6M | -$27.3M | -$20.4M | -$21.1M | -$12.5M |
| Depreciation and amortisation | $2.2M | $2.2M | $1.4M | $576.0K | $668.0K | $834.0K | $788.0K | $650.1K | $514.4K | $762.4K |
| Stock-based compensation | $1.8M | $1.3M | $932.0K | $315.0K | $943.0K | $475.0K | $5.0M | $4.4M | $7.2M | $10.3M |
| Capital expenditure | $542.0K | $1.0M | $284.0K | — | — | — | — | — | — | — |
| Investing cash flow | -$8.5M | -$4.9M | -$3.0M | -$2.4M | $311.0K | $3.2M | -$4.8M | $12.7M | $14.5M | -$1.6M |
| Financing cash flow | $4.3M | $7.3M | $11.3M | $16.1M | -$2.2M | $63.3M | $21.1M | $22.0M | -$2.2M | $80.2K |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-028571.
Others in SIC 2834
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| AKTX | Akari Therapeutics Plc | $1.79T | — | — |
| LLY | ELI LILLY & Co | $1.08T | 50.1x | 44.7% |
| JNJ | JOHNSON & JOHNSON | $663.28B | 25.0x | 6.0% |
| ONC | BeOne Medicines Ltd. | $529.55B | 1,885.6x | 40.2% |
| ABBV | AbbVie Inc. | $453.19B | 108.7x | 8.6% |
| MRK | Merck & Co., Inc. | $370.89B | 20.6x | 1.3% |
| ABT | ABBOTT LABORATORIES | $188.69B | 29.1x | 5.7% |
| PFE | PFIZER INC | $162.16B | 20.9x | -1.6% |