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.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $53.3M | $57.3M | $63.4M | $61.3M | $62.2M | $61.9M | $72.8M | $83.6M | $101.5M | $69.3M |
| Gross profit | $6.8M | $3.7M | -$1.6M | $2.8M | $2.7M | -$2.4M | $4.1M | $8.7M | $17.5M | $11.7M |
| Net income | -$19.8M | -$25.9M | -$32.1M | -$34.1M | -$30.9M | -$32.7M | -$18.7M | -$8.4M | -$480.0K | -$5.3M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Shareholder rights changed The terms attaching to the shares themselves have changed. Item 3.03
- Charter or fiscal year changed A change to the company's governing documents, or to when its year ends. Item 5.03
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Delisting notice The exchange has told the company it no longer meets the rules for staying listed - usually price, market cap, or filings that are late. Item 3.01
- Results announced Item 2.02
- Regulation FD disclosure Item 7.01
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
- Regulation FD disclosure Item 7.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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