What is NexGel's operating income?

NexGel's total operating income in 2025 was -$3.35 million, based on the following breakdown: Total Gross Profit: $4.51 million Total Operating Expenses: $7.86 million

NexGel (NXGL) Financials

$5.46 +1.41 (+34.81%)

Closing price 10/14/2026 04:00 PM Eastern

Extended Trading

$4.97 -0.49 (-8.99%)

As of 07:17 AM Eastern

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Annual Income Statements for NexGel

This table shows NexGel's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-3.78	-1.92	-2.26	-4.31	-4.75	-3.16	-3.28	-3.00
Consolidated Net Income / (Loss)	-3.78	-1.92	-2.26	-4.31	-4.75	-3.19	-3.46	-2.89
Net Income / (Loss) Continuing Operations	0.00	-1.92	-2.26	-4.31	-4.75	-3.19	-3.46	-2.89
Total Pre-Tax Income	0.00	-1.92	0.00	-4.31	-4.75	-3.19	-3.46	-2.89
Total Operating Income	-1.89	-1.92	-2.26	-2.57	-3.35	-3.48	-3.55	-3.35
Total Gross Profit	0.51	-0.14	-0.29	0.01	0.26	0.37	2.75	4.51
Total Revenue	2.21	0.72	0.67	1.55	2.05	4.09	8.69	11
Operating Revenue	2.21	0.72	0.67	1.55	2.05	4.09	8.69	11
Total Cost of Revenue	1.70	0.85	0.97	1.54	1.79	3.72	5.94	6.91
Operating Cost of Revenue	1.70	0.85	0.97	1.54	1.79	3.72	5.94	6.91
Total Operating Expenses	2.40	1.79	1.97	2.58	3.60	3.85	6.32	7.86
Selling, General & Admin Expense	2.40	1.79	1.97	2.55	3.24	3.75	6.22	7.86
Research & Development Expense	-	-	0.00	0.03	0.37	0.10	0.08	0.00
Total Other Income / (Expense), net	-1.89	0.00	-0.00	-1.74	-1.40	0.29	0.11	0.46
Interest Expense	-	-	0.01	1.96	1.49	0.02	0.08	0.03
Other Income / (Expense), net	1.89	0.00	0.01	0.22	0.09	0.30	0.19	0.49
Income Tax Expense	-	-	-	-	0.00	0.00	0.00	0.00
Net Income / (Loss) Attributable to Noncontrolling Interest	-	-	-	-	0.00	-0.03	-0.18	0.11
Basic Earnings per Share	($0.38)	($0.14)	($1.05)	($1.45)	($0.85)	($0.56)	($0.50)	($0.38)
Weighted Average Basic Shares Outstanding	5.01M	13.57M	2.25M	2.98M	5.57M	5.67M	6.51M	7.85M
Diluted Earnings per Share	($0.38)	($0.14)	($1.05)	-	($0.85)	($0.56)	($0.50)	($0.38)
Weighted Average Diluted Shares Outstanding	5.01M	13.57M	2.25M	5.57M	5.57M	5.67M	6.51M	7.85M
Weighted Average Basic & Diluted Shares Outstanding	-	73.01M	102.89M	5.57M	5.61M	-	7.65M	8.48M

This table shows NexGel's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Income / (Loss) Attributable to Common Shareholders	-1.10	-0.85	-0.89	-0.69	-0.85	-0.71	-0.67	-0.65	-0.97	-0.93	-3.64
Consolidated Net Income / (Loss)	-1.19	-0.91	-0.98	-0.75	-0.83	-0.68	-0.64	-0.65	-0.93	-0.87	-3.61
Net Income / (Loss) Continuing Operations	-1.19	-0.91	-0.98	-0.75	-0.83	-0.68	-0.64	-0.65	-0.93	-0.87	-3.61
Total Pre-Tax Income	-1.19	-0.91	-0.98	-0.75	-0.83	-0.68	-0.64	-0.65	-0.93	-0.87	-3.61
Total Operating Income	-1.22	-0.87	-1.05	-0.79	-0.84	-0.78	-0.64	-0.73	-1.21	-0.96	-2.51
Total Gross Profit	-0.09	0.16	0.29	1.16	1.14	1.19	1.26	1.24	0.82	1.06	1.11
Total Revenue	1.08	1.27	1.44	2.94	3.04	2.81	2.88	2.93	2.80	2.65	3.69
Operating Revenue	1.08	1.27	1.44	2.94	3.04	2.81	2.88	2.93	2.80	2.65	3.69
Total Cost of Revenue	1.17	1.11	1.15	1.79	1.90	1.62	1.63	1.69	1.98	1.59	2.58
Operating Cost of Revenue	1.17	1.11	1.15	1.79	1.90	1.62	1.63	1.69	1.98	1.59	2.58
Total Operating Expenses	1.13	1.03	1.35	1.94	2.00	1.97	1.89	1.97	2.03	2.02	3.61
Selling, General & Admin Expense	1.12	1.03	1.27	1.94	1.98	1.96	1.89	1.96	2.04	2.02	3.59
Research & Development Expense	0.01	0.00	0.08	0.00	-	0.00	0.00	0.01	-0.01	0.00	0.02
Total Other Income / (Expense), net	0.03	-0.03	0.08	0.03	0.03	0.10	-0.00	0.08	0.29	0.09	-1.10
Interest & Investment Income	-	-0.02	-0.03	-0.02	-	-0.02	-0.02	0.01	-	-0.04	-2.23
Other Income / (Expense), net	0.20	-0.02	0.10	0.05	0.05	0.12	0.02	0.07	0.29	0.13	1.13
Income Tax Expense	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00	0.00
Net Income / (Loss) Attributable to Noncontrolling Interest	-0.09	-0.05	-0.09	-0.06	0.03	0.03	0.03	0.01	0.04	0.06	0.03
Basic Earnings per Share	($0.19)	($0.14)	($0.14)	($0.11)	($0.11)	($0.09)	($0.09)	($0.08)	($0.12)	($0.11)	($0.40)
Weighted Average Basic Shares Outstanding	5.67M	5.98M	6.25M	6.57M	6.51M	7.65M	7.65M	7.97M	7.85M	8.20M	9.01M
Diluted Earnings per Share	($0.19)	($0.14)	($0.14)	($0.11)	($0.11)	($0.09)	($0.09)	($0.08)	($0.12)	($0.11)	($0.40)
Weighted Average Diluted Shares Outstanding	5.67M	5.98M	6.25M	6.57M	6.51M	7.65M	7.65M	7.97M	7.85M	8.20M	9.01M
Weighted Average Basic & Diluted Shares Outstanding	0.00	6.23M	6.32M	6.79M	7.65M	7.65M	8.07M	8.14M	8.48M	9.13M	9.75M

This table details how cash moves in and out of NexGel's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	0.00	0.26	-0.23	13	-12	1.60	-0.89	-0.75
Net Cash From Operating Activities	-1.54	-1.81	-1.80	-2.75	-2.99	-3.24	-3.87	-1.31
Net Cash From Continuing Operating Activities	-1.54	-1.81	-1.80	-2.75	-2.99	-3.24	-3.87	-1.31
Net Income / (Loss) Continuing Operations	-1.89	-1.92	-2.26	-4.31	-4.75	-3.16	-3.46	-2.89
Consolidated Net Income / (Loss)	-1.89	-1.92	-2.26	-4.31	-4.75	-3.16	-3.46	-2.89
Depreciation Expense	0.32	0.07	0.05	0.11	0.11	0.23	0.44	0.45
Amortization Expense	-0.01	0.00	0.00	1.96	1.51	0.22	0.23	0.29
Non-Cash Adjustments To Reconcile Net Income	-0.01	0.00	0.23	0.08	0.36	0.55	0.15	0.88
Changes in Operating Assets and Liabilities, net	0.04	0.04	0.18	-0.59	-0.23	-1.08	-1.22	-0.04
Net Cash From Investing Activities	0.00	0.00	-0.31	-0.27	-5.60	4.46	-0.78	-0.07
Net Cash From Continuing Investing Activities	0.00	0.00	-0.31	-0.27	-5.60	4.46	-0.78	-0.07
Purchase of Property, Plant & Equipment	-	-	-0.31	-0.27	-0.10	-0.70	-0.44	-0.07
Purchase of Investments	-	-	-	0.00	-7.00	-0.55	-0.40	0.00
Sale and/or Maturity of Investments	-	-	-	0.00	1.50	5.70	0.07	0.00
Net Cash From Financing Activities	1.54	2.08	1.88	16	-3.66	0.38	3.75	0.63
Net Cash From Continuing Financing Activities	1.54	2.08	1.88	16	-3.66	0.38	3.75	0.63
Repayment of Debt	-	-	0.00	-0.12	-3.51	-0.18	-0.08	-0.10
Issuance of Debt	-	0.00	0.51	2.97	0.00	0.56	0.35	0.00
Issuance of Common Equity	0.00	0.73	1.37	13	-	0.00	3.81	0.96
Other Financing Activities, net	1.54	1.35	0.00	0.01	-0.15	0.00	-0.33	-0.24

This table details how cash moves in and out of NexGel's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Change in Cash & Equivalents	-0.57	-0.28	-1.35	-0.01	0.75	-0.62	-0.47	1.13	-0.80	1.06	-0.42
Net Cash From Operating Activities	-0.59	-1.09	-0.70	-1.22	-0.86	-0.40	-0.41	-0.79	0.28	-0.50	-2.20
Net Cash From Continuing Operating Activities	-0.59	-1.09	-0.70	-1.22	-0.86	-0.40	-0.41	-0.79	0.28	-0.50	-2.20
Net Income / (Loss) Continuing Operations	-1.10	-0.85	-0.89	-0.69	-1.03	-0.68	-0.64	-0.65	-0.86	-0.87	-3.61
Consolidated Net Income / (Loss)	-1.10	-0.85	-0.89	-0.69	-1.03	-0.68	-0.64	-0.65	-0.86	-0.87	-3.61
Depreciation Expense	0.12	0.06	0.08	0.18	0.11	0.11	0.11	0.11	0.11	0.10	0.83
Amortization Expense	-	0.01	-	-	-	0.06	0.06	-	-	0.08	2.06
Non-Cash Adjustments To Reconcile Net Income	0.27	-0.08	-0.11	0.19	0.15	0.04	0.06	0.18	0.52	0.18	-0.92
Changes in Operating Assets and Liabilities, net	-0.10	-0.22	0.22	-0.90	-0.32	0.06	0.00	-0.42	0.22	0.00	-0.55
Net Cash From Investing Activities	-0.27	-0.12	-0.59	-0.01	-0.06	0.00	-0.02	-0.01	-0.04	-0.01	-6.58
Net Cash From Continuing Investing Activities	-0.27	-0.12	-0.59	-0.01	-0.06	0.00	-0.02	-0.01	-0.04	-0.01	-6.58
Purchase of Property, Plant & Equipment	-0.09	-0.15	-0.21	-0.01	-0.07	0.00	-0.02	-0.01	-0.04	-0.01	-0.08
Net Cash From Financing Activities	0.29	0.93	-0.06	1.21	1.67	-0.22	-0.04	1.93	-1.04	1.58	8.36
Net Cash From Continuing Financing Activities	0.29	0.93	-0.06	1.21	1.67	-0.22	-0.04	1.93	-1.04	1.58	8.36
Repayment of Debt	-0.18	-0.01	-0.02	-0.03	-0.02	-0.02	-0.03	-0.02	-0.03	-0.03	-0.21
Issuance of Debt	0.47	-	-	-	-	0.00	-	-	-	1.62	8.59
Other Financing Activities, net	-	-0.01	-0.05	-0.11	-0.17	-0.19	-0.02	0.99	-1.02	-0.02	-0.02
Cash Interest Paid	-	0.01	0.02	0.04	-	0.02	-	0.04	-	0.02	-0.02

This table presents NexGel's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	0.74	1.89	2.26	17	10	9.96	11	10
Total Current Assets	0.36	0.51	0.36	14	7.51	5.05	5.11	4.34
Cash & Equivalents	0.00	0.26	0.03	13	1.10	2.70	1.81	0.32
Restricted Cash	-	-	-	-	-	-	0.00	0.74
Accounts Receivable	0.03	0.10	0.07	0.21	0.22	0.63	0.93	0.67
Inventories, net	0.10	0.11	0.23	0.29	0.50	1.32	1.75	2.11
Prepaid Expenses	0.23	0.04	0.03	0.08	0.17	0.40	0.62	0.50
Plant, Property, & Equipment, net	0.20	0.28	0.55	0.72	0.72	1.50	2.21	1.96
Total Noncurrent Assets	0.18	1.10	1.34	2.33	2.13	3.40	3.66	4.17
Goodwill	-	-	0.31	0.31	0.31	1.13	1.13	1.13
Intangible Assets	-	-	0.05	0.03	0.02	0.33	0.81	0.68
Other Noncurrent Operating Assets	0.18	1.10	0.98	1.99	1.80	1.95	1.72	2.36
Total Liabilities & Shareholders' Equity	0.74	1.89	2.26	17	10	9.96	11	10
Total Liabilities	0.46	1.51	2.19	4.90	2.72	4.79	4.90	5.57
Total Current Liabilities	0.41	0.80	1.33	2.89	0.86	2.55	2.47	2.96
Short-Term Debt	0.00	0.00	0.06	2.05	0.02	0.08	0.10	0.10
Accounts Payable	0.16	0.51	0.66	0.25	0.27	1.23	1.29	1.29
Accrued Expenses	0.25	0.03	0.09	0.06	0.13	0.40	0.31	1.19
Other Current Liabilities	0.00	0.26	0.49	0.53	0.45	0.82	0.59	0.38
Total Noncurrent Liabilities	0.05	0.71	0.85	2.01	1.86	2.24	2.43	2.61
Long-Term Debt	-	-	0.26	0.27	0.27	0.51	0.59	0.49
Capital Lease Obligations	-	-	-	-	-	0.00	0.31	0.24
Other Noncurrent Operating Liabilities	0.05	0.71	0.60	1.74	1.59	1.73	1.54	1.88
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	0.28	0.38	0.07	12	7.64	5.17	6.08	4.89
Total Preferred & Common Equity	0.28	0.38	0.07	12	7.64	4.70	5.76	4.46
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	0.28	0.38	0.07	12	7.64	4.70	5.76	4.46
Common Stock	0.28	0.62	2.57	19	19	19	24	25
Retained Earnings	0.00	-0.24	-2.50	-6.81	-12	-15	-18	-21
Noncontrolling Interest	-	-	-	-	0.00	0.47	0.33	0.43

This table presents NexGel's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026	6/30/2026
Total Assets	10	9.78	11	10	9.71	12	12	26
Total Current Assets	4.86	3.59	4.61	4.74	4.16	5.60	5.64	6.17
Cash & Equivalents	2.42	1.07	1.06	1.19	0.73	0.94	0.21	0.49
Restricted Cash	-	-	-	-	-	0.92	1.91	1.21
Accounts Receivable	0.74	0.61	0.89	0.93	0.75	0.84	0.66	1.08
Inventories, net	1.37	1.45	1.78	1.85	1.82	2.02	2.26	2.30
Prepaid Expenses	0.34	0.47	0.88	0.78	0.86	0.89	0.59	1.08
Plant, Property, & Equipment, net	2.19	2.37	2.22	2.13	2.07	2.00	1.89	1.91
Total Noncurrent Assets	3.33	3.82	3.74	3.57	3.48	4.02	4.07	18
Goodwill	1.13	1.13	1.12	1.13	1.13	1.13	1.13	1.13
Intangible Assets	0.30	0.86	0.84	0.78	0.74	0.71	0.66	13
Other Noncurrent Operating Assets	1.90	1.84	1.78	1.67	1.61	2.18	2.29	3.75
Total Liabilities & Shareholders' Equity	10	9.78	11	10	9.71	12	12	26
Total Liabilities	5.18	5.25	5.59	4.87	4.66	6.04	7.12	21
Total Current Liabilities	2.48	2.63	3.05	2.52	2.40	3.31	3.31	14
Short-Term Debt	0.09	0.09	0.08	0.10	0.10	0.10	0.10	0.10
Accounts Payable	1.05	1.25	1.51	1.48	1.27	1.22	1.81	3.92
Accrued Expenses	0.11	0.28	0.61	0.33	0.53	1.45	1.02	0.94
Other Current Liabilities	0.98	0.84	0.67	0.32	0.31	0.36	0.38	9.48
Total Noncurrent Liabilities	2.70	2.62	2.54	2.35	2.26	2.74	3.80	6.54
Long-Term Debt	0.66	0.65	0.63	0.56	0.54	0.52	1.78	3.49
Capital Lease Obligations	0.35	0.34	0.32	0.29	0.28	0.26	0.23	0.20
Other Noncurrent Operating Liabilities	1.68	1.63	1.59	1.49	1.45	1.96	1.80	2.85
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	5.21	4.53	4.99	5.57	5.06	5.58	4.48	5.47
Total Preferred & Common Equity	4.79	4.17	4.69	5.21	4.67	5.19	3.99	4.95
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	4.79	4.17	4.69	5.21	4.67	5.19	3.99	4.95
Common Stock	20	21	22	24	24	25	26	31
Retained Earnings	-16	-16	-17	-19	-19	-20	-22	-26
Noncontrolling Interest	0.42	0.36	0.30	0.36	0.38	0.39	0.49	0.52

This table displays calculated financial ratios and metrics derived from NexGel's official financial filings.

Metric	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	0.00	5,005,211.00	94,894,079.00	104,277,112.00	5,572,234.00	5,717,629.00	6,790,777.00	8,143,133.00
DEI Adjusted Shares Outstanding	0.00	5,005,211.00	94,894,079.00	104,277,112.00	5,572,234.00	5,717,629.00	6,790,777.00	8,143,133.00
DEI Earnings Per Adjusted Shares Outstanding	0.00	-0.38	-0.02	-0.04	-0.85	-0.55	-0.48	-0.37
Growth Metrics	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	-67.60%	-6.00%	130.12%	32.04%	99.66%	112.47%	31.46%
EBITDA Growth	0.00%	-690.76%	-18.71%	87.10%	-475.70%	-66.97%	1.06%	21.55%
EBIT Growth	0.00%	0.00%	-17.27%	-4.48%	-38.43%	2.67%	-6.02%	15.01%
NOPAT Growth	0.00%	-1.91%	-17.46%	-13.72%	-30.27%	-3.85%	-2.21%	5.68%
Net Income Growth	0.00%	49.07%	-17.73%	-90.37%	-10.12%	32.83%	-8.63%	16.46%
EPS Growth	0.00%	63.16%	-650.00%	0.00%	0.00%	34.12%	10.71%	24.00%
Operating Cash Flow Growth	0.00%	-17.49%	0.72%	-52.86%	-8.68%	-8.16%	-19.50%	66.10%
Free Cash Flow Firm Growth	0.00%	0.00%	-53.36%	-37.20%	-4.56%	-60.44%	-12.24%	62.84%
Invested Capital Growth	0.00%	-57.65%	197.48%	196.05%	25.10%	133.33%	72.12%	-11.43%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	38.48%	-0.44%	15.80%	29.15%	-2.10%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	70.29%	-32.71%	-2.59%	14.12%	6.94%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	-6.95%	5.45%	-13.65%	6.45%	-4.99%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	-8.94%	3.07%	-14.45%	9.64%	-12.52%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	-28.54%	17.26%	-20.35%	9.46%	-3.69%
EPS Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	-16.67%	13.79%	-2.70%
Operating Cash Flow Q/Q Growth	0.00%	-56.38%	-2.04%	-39.11%	15.48%	1.88%	-7.57%	46.51%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	21.72%	2.90%	-5.64%	-1.58%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	492.09%	20.39%	-6.42%	6.17%	1.57%
Profitability Metrics	-	-	-	-	-	-	-	-
Gross Margin	23.23%	-19.11%	-43.18%	0.52%	12.50%	9.15%	31.63%	39.48%
EBITDA Margin	14.19%	-258.72%	-326.71%	-18.31%	-79.83%	-66.76%	-31.09%	-18.55%
Operating Margin	-85.31%	-268.34%	-335.31%	-165.70%	-163.48%	-85.03%	-40.91%	-29.35%
EBIT Margin	0.00%	-268.06%	-334.42%	-151.84%	-159.18%	-77.60%	-38.72%	-25.03%
Profit (Net Income) Margin	-170.63%	-268.20%	-335.91%	-277.89%	-231.74%	-77.97%	-39.86%	-25.33%
Tax Burden Percent	0.00%	100.05%	0.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Interest Burden Percent	0.00%	100.00%	0.00%	183.01%	145.58%	100.47%	102.94%	101.19%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-470.32%	-673.40%	-668.92%	-256.63%	-198.69%	-111.39%	-59.77%	-47.27%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	-231.87%	-6,868.92%	-209.93%	-171.02%	-93.51%	6.97%	57.54%
Return on Net Nonoperating Assets (RNNOA)	0.00%	91.55%	-335.07%	185.72%	150.57%	61.59%	-1.81%	-5.47%
Return on Equity (ROE)	0.00%	-581.85%	-1,003.99%	-70.91%	-48.13%	-49.80%	-61.59%	-52.74%
Cash Return on Invested Capital (CROIC)	0.00%	-592.40%	-768.29%	-355.63%	-220.99%	-191.39%	-112.78%	-35.14%
Operating Return on Assets (OROA)	0.00%	-146.22%	-108.71%	-24.48%	-23.85%	-31.24%	-32.13%	-26.66%
Return on Assets (ROA)	-510.96%	-146.29%	-109.19%	-44.80%	-34.72%	-31.39%	-33.08%	-26.98%
Return on Common Equity (ROCE)	0.00%	-581.85%	-1,003.99%	-70.91%	-48.13%	-47.98%	-57.24%	-49.10%
Return on Equity Simple (ROE_SIMPLE)	-1,343.77%	-506.05%	-3,188.73%	-35.66%	-62.14%	-67.87%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-1.32	-1.35	-1.58	-1.80	-2.34	-2.43	-2.49	-2.35
NOPAT Margin	-59.72%	-187.84%	-234.72%	-115.99%	-114.43%	-59.52%	-28.63%	-20.54%
Net Nonoperating Expense Percent (NNEP)	0.00%	-441.53%	6,200.00%	-46.70%	-27.67%	-17.88%	-66.75%	-104.81%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-42.26%	-35.18%	-41.01%
Cost of Revenue to Revenue	76.77%	119.11%	143.18%	99.48%	87.50%	90.85%	68.37%	60.52%
SG&A Expenses to Revenue	108.54%	249.23%	292.14%	164.22%	158.06%	91.66%	71.64%	68.81%
R&D to Revenue	0.00%	0.00%	0.00%	2.00%	17.92%	2.52%	0.90%	0.02%
Operating Expenses to Revenue	108.54%	249.23%	292.14%	166.22%	175.98%	94.18%	72.74%	68.83%
Earnings before Interest and Taxes (EBIT)	0.00	-1.92	-2.25	-2.36	-3.26	-3.17	-3.36	-2.86
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	0.31	-1.86	-2.20	-0.28	-1.64	-2.73	-2.70	-2.12
Valuation Ratios	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	50.60	0.00	0.00	22.52	0.91	2.59	5.26	2.94
Price to Tangible Book Value (P/TBV)	50.60	0.00	0.00	23.18	0.95	3.76	7.93	4.95
Price to Revenue (P/Rev)	6.42	0.00	0.00	175.48	3.40	2.98	3.49	1.15
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	50.60	0.00	0.00	249.17	0.49	3.45	5.66	2.86
Enterprise Value to Revenue (EV/Rev)	6.42	0.00	0.00	168.36	0.31	2.58	3.43	1.17
Enterprise Value to EBITDA (EV/EBITDA)	45.28	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	4.44	0.19	0.04	0.11	0.16	0.17
Long-Term Debt to Equity	0.00	0.00	3.61	0.02	0.04	0.10	0.15	0.15
Financial Leverage	0.00	-0.39	0.05	-0.88	-0.88	-0.66	-0.26	-0.10
Leverage Ratio	2.63	3.98	9.20	1.58	1.39	1.59	1.86	1.95
Compound Leverage Factor	0.00	3.98	0.00	2.90	2.02	1.59	1.92	1.98
Debt to Total Capital	0.00%	0.00%	81.61%	16.06%	3.57%	10.30%	14.03%	14.51%
Short-Term Debt to Total Capital	0.00%	0.00%	15.29%	14.22%	0.19%	1.39%	1.37%	1.73%
Long-Term Debt to Total Capital	0.00%	0.00%	66.32%	1.85%	3.38%	8.91%	12.66%	12.78%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	8.14%	4.60%	7.53%
Common Equity to Total Capital	100.00%	100.00%	18.39%	83.94%	96.43%	81.56%	81.38%	77.96%
Debt to EBITDA	0.00	0.00	-0.14	-8.14	-0.17	-0.22	-0.37	-0.39
Net Debt to EBITDA	0.00	0.00	-0.13	38.86	3.87	0.77	0.30	0.11
Long-Term Debt to EBITDA	0.00	0.00	-0.12	-0.94	-0.16	-0.19	-0.33	-0.35
Debt to NOPAT	0.00	0.00	-0.20	-1.29	-0.12	-0.24	-0.40	-0.35
Net Debt to NOPAT	0.00	0.00	-0.18	6.14	2.70	0.87	0.33	0.10
Long-Term Debt to NOPAT	0.00	0.00	-0.16	-0.15	-0.11	-0.21	-0.36	-0.31
Altman Z-Score	21.55	0.00	0.00	33.19	-0.10	-0.88	1.48	-1.05
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	3.66%	7.06%	6.89%
Liquidity Ratios	-	-	-	-	-	-	-	-
Current Ratio	0.89	0.64	0.27	4.82	8.74	1.98	2.07	1.47
Quick Ratio	0.08	0.45	0.08	4.69	7.95	1.31	1.11	0.33
Cash Flow Metrics	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-1.18	-1.82	-2.49	-2.61	-4.18	-4.69	-1.74
Operating Cash Flow to CapEx	0.00%	0.00%	-577.24%	-1,023.42%	-3,116.67%	-464.94%	-872.91%	-1,927.94%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	-181.70	-1.28	-1.75	-278.79	-57.95	-51.31
Operating Cash Flow to Interest Expense	0.00	0.00	-180.10	-1.41	-2.01	-215.73	-47.74	-38.56
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	-211.30	-1.55	-2.08	-262.13	-53.21	-40.56
Efficiency Ratios	-	-	-	-	-	-	-	-
Asset Turnover	2.99	0.55	0.33	0.16	0.15	0.40	0.83	1.07
Accounts Receivable Turnover	65.09	10.54	7.70	11.00	9.50	9.56	11.10	14.22
Inventory Turnover	16.82	7.98	5.58	5.89	4.52	4.08	3.87	3.58
Fixed Asset Turnover	11.07	2.98	1.61	2.43	2.84	3.68	4.68	5.48
Accounts Payable Turnover	10.82	2.56	1.65	3.38	6.91	4.96	4.71	5.36
Days Sales Outstanding (DSO)	5.61	34.62	47.39	33.18	38.41	38.16	32.90	25.66
Days Inventory Outstanding (DIO)	21.70	45.73	65.44	61.98	80.76	89.46	94.32	101.97
Days Payable Outstanding (DPO)	33.73	142.54	220.89	107.87	52.86	73.59	77.58	68.15
Cash Conversion Cycle (CCC)	-6.42	-62.19	-108.07	-12.71	66.31	54.03	49.64	59.49
Capital & Investment Metrics	-	-	-	-	-	-	-	-
Invested Capital	0.28	0.12	0.35	1.05	1.31	3.06	5.27	4.66
Invested Capital Turnover	7.88	3.59	2.85	2.21	1.74	1.87	2.09	2.30
Increase / (Decrease) in Invested Capital	0.00	-0.16	0.24	0.69	0.26	1.75	2.21	-0.60
Enterprise Value (EV)	14	0.00	0.00	261	0.64	11	30	13
Market Capitalization	14	0.00	0.00	272	6.97	12	30	13
Book Value per Share	$0.06	$0.08	$0.00	$0.12	$1.37	$0.82	$0.85	$0.55
Tangible Book Value per Share	$0.06	$0.08	$0.00	$0.11	$1.31	$0.57	$0.56	$0.33
Total Capital	0.28	0.38	0.39	14	7.92	5.76	7.07	5.72
Total Debt	0.00	0.00	0.32	2.31	0.28	0.59	0.99	0.83
Total Long-Term Debt	0.00	0.00	0.26	0.27	0.27	0.51	0.90	0.73
Net Debt	0.00	-0.26	0.28	-11	-6.33	-2.11	-0.82	-0.23
Capital Expenditures (CapEx)	0.00	0.00	0.31	0.27	0.10	0.70	0.44	0.07
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-0.05	-0.55	-0.94	-0.26	0.05	-0.12	0.93	0.42
Debt-free Net Working Capital (DFNWC)	-0.05	-0.29	-0.91	13	6.66	2.58	2.74	1.48
Net Working Capital (NWC)	-0.05	-0.29	-0.97	11	6.65	2.50	2.64	1.38
Net Nonoperating Expense (NNE)	2.45	0.58	0.68	2.51	2.40	0.75	0.98	0.55
Net Nonoperating Obligations (NNO)	0.00	-0.26	0.28	-11	-6.33	-2.11	-0.82	-0.23
Total Depreciation and Amortization (D&A)	0.31	0.07	0.05	2.07	1.63	0.44	0.66	0.74
Debt-free, Cash-free Net Working Capital to Revenue	-2.08%	-76.43%	-139.76%	-17.02%	2.54%	-2.86%	10.75%	3.70%
Debt-free Net Working Capital to Revenue	-2.08%	-40.03%	-135.01%	843.71%	325.24%	63.17%	31.55%	12.97%
Net Working Capital to Revenue	-2.08%	-40.03%	-143.77%	711.73%	324.51%	61.21%	30.43%	12.10%
Earnings Adjustments	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	($0.03)	($1.45)	($0.85)	($0.56)	($0.50)	($0.38)
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	78.90M	2.98M	5.57M	5.67M	6.51M	7.85M
Adjusted Diluted Earnings per Share	$0.00	$0.00	($0.03)	($1.45)	$0.00	($0.56)	($0.50)	($0.38)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	78.90M	2.98M	5.61M	5.67M	6.51M	7.85M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	102.89M	5.57M	5.61M	0.00	7.65M	8.48M
Normalized Net Operating Profit after Tax (NOPAT)	-1.32	-1.35	-1.58	-1.80	-2.34	-2.43	-2.49	-2.35
Normalized NOPAT Margin	-59.72%	-187.84%	-234.72%	-115.99%	-114.43%	-59.52%	-28.63%	-20.54%
Pre Tax Income Margin	0.00%	-268.06%	0.00%	-277.89%	-231.74%	-77.97%	-39.86%	-25.33%
Debt Service Ratios	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	-225.40	-1.20	-2.19	-211.53	-41.53	-84.09
NOPAT to Interest Expense	0.00	0.00	-158.20	-0.92	-1.58	-162.26	-30.71	-69.01
EBIT Less CapEx to Interest Expense	0.00	0.00	-256.60	-1.34	-2.26	-257.93	-47.00	-86.09
NOPAT Less CapEx to Interest Expense	0.00	0.00	-189.40	-1.06	-1.64	-208.66	-36.18	-71.01
Payout Ratios	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from NexGel's official financial filings.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
DEI Shares Outstanding	5,717,629.00	5,717,629.00	6,227,624.00	6,324,266.00	6,790,777.00	7,654,037.00	7,654,537.00	8,067,580.00	8,143,133.00	8,475,693.00	9,131,055.00
DEI Adjusted Shares Outstanding	5,717,629.00	5,717,629.00	6,227,624.00	6,324,266.00	6,790,777.00	7,654,037.00	7,654,537.00	8,067,580.00	8,143,133.00	8,475,693.00	9,131,055.00
DEI Earnings Per Adjusted Shares Outstanding	-0.19	-0.15	-0.14	-0.11	-0.13	-0.09	-0.09	-0.08	-0.12	-0.11	-0.40
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	106.69%	104.19%	23.39%	140.79%	181.41%	121.64%	100.28%	-0.20%	-8.05%	-5.56%	27.81%
EBITDA Growth	-111.53%	-13.09%	-21.57%	1.61%	24.14%	40.93%	48.16%	1.09%	-19.35%	-33.20%	434.44%
EBIT Growth	-59.44%	-10.42%	-26.50%	-23.57%	22.70%	26.18%	34.84%	10.49%	-17.22%	-26.18%	-122.94%
NOPAT Growth	-56.21%	1.36%	-38.32%	-28.76%	31.07%	10.79%	39.66%	7.99%	-44.35%	-23.29%	-293.87%
Net Income Growth	-83.18%	-12.14%	-52.49%	-36.59%	30.50%	25.08%	34.63%	14.19%	-12.48%	-28.47%	-463.44%
EPS Growth	-72.73%	6.67%	-16.67%	-10.00%	42.11%	35.71%	35.71%	27.27%	-9.09%	-22.22%	-344.44%
Operating Cash Flow Growth	9.55%	-54.02%	42.48%	-68.19%	-46.34%	63.37%	41.86%	35.44%	132.71%	-26.00%	-439.80%
Free Cash Flow Firm Growth	-221.35%	-76.88%	-16.31%	14.06%	-7.41%	25.46%	54.52%	93.78%	91.13%	110.04%	-250.80%
Invested Capital Growth	133.33%	112.23%	66.63%	51.70%	72.12%	37.11%	15.77%	-7.42%	-11.43%	-16.32%	44.12%
Revenue Q/Q Growth	-11.47%	17.11%	13.74%	104.17%	3.47%	-7.76%	2.78%	1.73%	-4.67%	-5.26%	39.09%
EBITDA Q/Q Growth	-60.82%	8.68%	-5.72%	36.64%	-24.00%	28.89%	7.22%	-7.09%	-49.63%	20.64%	332.97%
EBIT Q/Q Growth	-72.05%	12.92%	-6.74%	22.74%	-7.63%	16.84%	5.78%	-6.14%	-40.94%	10.48%	-66.47%
NOPAT Q/Q Growth	-99.35%	28.61%	-21.01%	25.24%	-6.73%	7.61%	18.15%	-13.99%	-67.45%	21.09%	-161.48%
Net Income Q/Q Growth	-115.04%	23.76%	-8.18%	22.98%	-9.42%	17.82%	5.60%	-1.09%	-43.43%	6.14%	-314.01%
EPS Q/Q Growth	-90.00%	26.32%	0.00%	21.43%	0.00%	18.18%	0.00%	11.11%	-50.00%	8.33%	-263.64%
Operating Cash Flow Q/Q Growth	18.81%	-86.03%	35.90%	-73.71%	29.36%	53.43%	-1.75%	-92.87%	135.80%	-279.36%	-335.91%
Free Cash Flow Firm Q/Q Growth	0.25%	-2.45%	4.39%	12.05%	-24.67%	28.90%	41.66%	87.97%	-77.63%	180.47%	-2,139.37%
Invested Capital Q/Q Growth	-6.42%	27.10%	16.49%	9.49%	6.17%	1.25%	-1.65%	-12.44%	1.57%	-4.33%	69.38%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	-8.14%	12.64%	20.35%	39.29%	37.48%	42.34%	43.62%	42.37%	29.32%	40.04%	30.09%
EBITDA Margin	-83.16%	-64.85%	-60.28%	-18.71%	-22.42%	-17.28%	-15.60%	-18.54%	-29.10%	-24.38%	40.83%
Operating Margin	-112.86%	-68.80%	-73.19%	-26.80%	-27.65%	-27.69%	-22.05%	-24.71%	-43.40%	-36.15%	-67.96%
EBIT Margin	-94.54%	-70.30%	-65.97%	-24.97%	-25.97%	-23.41%	-21.46%	-22.39%	-33.11%	-31.28%	-37.44%
Profit (Net Income) Margin	-109.81%	-71.49%	-67.99%	-25.65%	-27.12%	-24.16%	-22.19%	-22.05%	-33.18%	-32.87%	-97.83%
Tax Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Interest Burden Percent	116.14%	101.69%	103.05%	102.72%	104.43%	103.20%	103.39%	98.48%	100.22%	105.07%	261.30%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-147.84%	-79.73%	-70.81%	-30.68%	-40.40%	-43.01%	-36.88%	-42.26%	-69.90%	-58.22%	-89.70%
ROIC Less NNEP Spread (ROIC-NNEP)	-139.94%	-71.10%	-58.82%	-17.25%	-24.22%	-25.75%	-241.93%	-14.69%	-54.91%	97.12%	-252.35%
Return on Net Nonoperating Assets (RNNOA)	92.18%	38.72%	20.99%	4.62%	6.29%	3.71%	-4.80%	1.41%	5.22%	-2.49%	-54.64%
Return on Equity (ROE)	-55.66%	-41.02%	-49.82%	-26.05%	-34.10%	-39.30%	-41.67%	-40.85%	-64.68%	-60.72%	-144.34%
Cash Return on Invested Capital (CROIC)	-191.39%	-156.70%	-122.56%	-108.00%	-112.78%	-83.85%	-58.19%	-35.96%	-35.14%	-32.74%	-95.23%
Operating Return on Assets (OROA)	-38.06%	-31.12%	-32.59%	-16.37%	-21.55%	-23.00%	-25.71%	-23.54%	-35.27%	-31.99%	-24.99%
Return on Assets (ROA)	-44.21%	-31.65%	-33.59%	-16.82%	-22.51%	-23.74%	-26.58%	-23.18%	-35.34%	-33.61%	-65.30%
Return on Common Equity (ROCE)	-53.63%	-38.00%	-45.76%	-24.07%	-31.70%	-36.46%	-38.44%	-38.19%	-60.23%	-55.60%	-131.98%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-68.63%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-0.85	-0.61	-0.74	-0.55	-0.59	-0.54	-0.45	-0.51	-0.85	-0.67	-1.75
NOPAT Margin	-79.00%	-48.16%	-51.24%	-18.76%	-19.35%	-19.38%	-15.44%	-17.30%	-30.38%	-25.31%	-47.57%
Net Nonoperating Expense Percent (NNEP)	-7.90%	-8.64%	-12.00%	-13.43%	-16.17%	-17.26%	205.05%	-27.57%	-15.00%	-155.35%	162.64%
Return On Investment Capital (ROIC_SIMPLE)	-14.83%	-9.67%	-13.18%	-9.17%	-8.32%	-8.34%	-7.46%	-7.87%	-14.85%	-10.19%	-18.93%
Cost of Revenue to Revenue	108.14%	87.36%	79.65%	60.71%	62.52%	57.66%	56.38%	57.63%	70.68%	59.96%	69.91%
SG&A Expenses to Revenue	103.52%	81.28%	88.26%	66.09%	65.12%	69.99%	65.67%	66.84%	72.94%	76.19%	97.50%
R&D to Revenue	1.20%	0.16%	5.28%	0.00%	0.00%	0.04%	0.00%	0.24%	-0.21%	0.00%	0.54%
Operating Expenses to Revenue	104.72%	81.44%	93.54%	66.09%	65.71%	70.03%	65.67%	67.08%	72.72%	76.19%	98.05%
Earnings before Interest and Taxes (EBIT)	-1.02	-0.89	-0.95	-0.73	-0.79	-0.66	-0.62	-0.66	-0.93	-0.83	-1.38
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-0.90	-0.82	-0.87	-0.55	-0.68	-0.49	-0.45	-0.54	-0.81	-0.65	1.51
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.59	3.26	3.23	3.48	5.26	4.38	4.23	3.80	2.94	1.34	0.92
Price to Tangible Book Value (P/TBV)	3.76	4.65	6.16	5.99	7.93	6.90	7.06	5.88	4.95	2.43	0.00
Price to Revenue (P/Rev)	2.98	3.30	2.69	2.43	3.49	2.23	1.69	1.69	1.15	0.48	0.38
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	3.45	3.78	3.05	3.35	5.66	4.30	3.88	4.16	2.86	1.31	0.95
Enterprise Value to Revenue (EV/Rev)	2.58	3.11	2.76	2.47	3.43	2.24	1.74	1.64	1.17	0.52	0.60
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.11	0.21	0.24	0.21	0.16	0.17	0.18	0.16	0.17	0.47	0.69
Long-Term Debt to Equity	0.10	0.20	0.22	0.19	0.15	0.15	0.16	0.14	0.15	0.45	0.68
Financial Leverage	-0.66	-0.54	-0.36	-0.27	-0.26	-0.14	0.02	-0.10	-0.10	-0.03	0.22
Leverage Ratio	1.59	1.70	1.80	1.83	1.86	1.93	2.03	2.10	1.95	2.19	3.44
Compound Leverage Factor	1.84	1.73	1.85	1.87	1.94	1.99	2.10	2.07	1.96	2.30	8.98
Debt to Total Capital	10.30%	17.47%	19.13%	17.15%	14.03%	14.64%	15.30%	13.54%	14.51%	31.92%	40.98%
Short-Term Debt to Total Capital	1.39%	1.38%	1.55%	1.38%	1.37%	1.52%	1.66%	1.54%	1.73%	1.52%	1.10%
Long-Term Debt to Total Capital	8.91%	16.09%	17.58%	15.77%	12.66%	13.12%	13.64%	12.00%	12.78%	30.40%	39.88%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	8.14%	6.61%	6.43%	4.97%	4.60%	5.50%	6.43%	6.05%	7.53%	7.41%	5.58%
Common Equity to Total Capital	81.56%	75.92%	74.44%	77.88%	81.38%	79.86%	78.27%	80.42%	77.96%	60.67%	53.43%
Debt to EBITDA	-0.22	-0.39	-0.34	-0.33	-0.37	-0.40	-0.40	-0.38	-0.39	-0.92	-11.68
Net Debt to EBITDA	0.77	0.47	0.00	0.01	0.30	0.10	-0.08	0.43	0.11	0.01	-6.43
Long-Term Debt to EBITDA	-0.19	-0.36	-0.31	-0.30	-0.33	-0.36	-0.36	-0.34	-0.35	-0.88	-11.37
Debt to NOPAT	-0.24	-0.45	-0.41	-0.37	-0.40	-0.39	-0.43	-0.42	-0.35	-0.85	-1.00
Net Debt to NOPAT	0.87	0.54	0.00	0.01	0.33	0.10	-0.09	0.47	0.10	0.01	-0.55
Long-Term Debt to NOPAT	-0.21	-0.42	-0.37	-0.34	-0.36	-0.35	-0.38	-0.37	-0.31	-0.81	-0.98
Altman Z-Score	-0.17	0.16	-0.51	0.07	2.25	1.33	0.96	0.60	-0.44	-1.22	-1.31
Noncontrolling Interest Sharing Ratio	3.66%	7.36%	8.16%	7.62%	7.06%	7.20%	7.76%	6.52%	6.89%	8.43%	8.56%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.98	1.96	1.36	1.51	2.07	1.88	1.74	1.69	1.47	1.70	0.43
Quick Ratio	1.31	1.27	0.64	0.64	1.11	0.84	0.62	0.54	0.33	0.26	0.11
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-2.60	-2.67	-2.55	-2.24	-2.79	-1.99	-1.16	-0.14	-0.25	0.20	-4.07
Operating Cash Flow to CapEx	-690.59%	-718.42%	-334.93%	-9,353.85%	-1,244.93%	0.00%	-2,035.00%	-9,812.50%	702.50%	-5,600.00%	-2,890.79%
Free Cash Flow to Firm to Interest Expense	-1,301.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	-293.50	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	-336.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.40	0.44	0.49	0.66	0.83	0.98	1.20	1.05	1.07	1.02	0.67
Accounts Receivable Turnover	9.56	8.46	6.44	6.56	11.10	12.29	17.19	13.46	14.22	14.19	13.17
Inventory Turnover	4.08	3.55	3.41	3.63	3.87	4.01	4.24	3.60	3.58	3.35	3.80
Fixed Asset Turnover	3.68	2.72	2.65	3.40	4.68	4.73	5.26	5.54	5.48	5.60	6.07
Accounts Payable Turnover	4.96	4.06	3.73	4.04	4.71	5.10	5.51	5.03	5.36	4.19	3.02
Days Sales Outstanding (DSO)	38.16	43.13	56.67	55.67	32.90	29.71	21.23	27.11	25.66	25.73	27.71
Days Inventory Outstanding (DIO)	89.46	102.92	107.19	100.52	94.32	90.94	86.02	101.35	101.97	108.95	96.07
Days Payable Outstanding (DPO)	73.59	89.84	97.77	90.36	77.58	71.62	66.30	72.63	68.15	87.10	120.95
Cash Conversion Cycle (CCC)	54.03	56.21	66.09	65.83	49.64	49.03	40.96	55.83	59.49	47.57	2.83
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	3.06	3.89	4.53	4.96	5.27	5.33	5.24	4.59	4.66	4.46	7.56
Invested Capital Turnover	1.87	1.66	1.38	1.64	2.09	2.22	2.39	2.44	2.30	2.30	1.89
Increase / (Decrease) in Invested Capital	1.75	2.06	1.81	1.69	2.21	1.44	0.71	-0.37	-0.60	-0.87	2.31
Enterprise Value (EV)	11	15	14	17	30	23	20	19	13	5.83	7.18
Market Capitalization	12	16	13	16	30	23	20	20	13	5.37	4.57
Book Value per Share	$0.82	$0.84	$0.67	$0.74	$0.85	$0.68	$0.61	$0.64	$0.55	$0.49	$0.54
Tangible Book Value per Share	$0.57	$0.59	$0.35	$0.43	$0.56	$0.43	$0.37	$0.41	$0.33	$0.27	($1.06)
Total Capital	5.76	6.31	5.60	6.02	7.07	6.52	5.97	6.45	5.72	6.58	9.26
Total Debt	0.59	1.10	1.07	1.03	0.99	0.96	0.91	0.87	0.83	2.10	3.80
Total Long-Term Debt	0.51	1.02	0.98	0.95	0.90	0.86	0.81	0.77	0.73	2.00	3.69
Net Debt	-2.11	-1.32	0.00	-0.03	-0.82	-0.24	0.19	-0.99	-0.23	-0.02	2.09
Capital Expenditures (CapEx)	0.09	0.15	0.21	0.01	0.07	0.00	0.02	0.01	0.04	0.01	0.08
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-0.12	0.05	-0.03	0.59	0.93	1.13	1.14	0.54	0.42	0.30	-9.87
Debt-free Net Working Capital (DFNWC)	2.58	2.47	1.04	1.65	2.74	2.32	1.87	2.39	1.48	2.42	-8.17
Net Working Capital (NWC)	2.50	2.38	0.96	1.56	2.64	2.22	1.77	2.29	1.38	2.32	-8.27
Net Nonoperating Expense (NNE)	0.33	0.30	0.24	0.20	0.24	0.13	0.19	0.14	0.08	0.20	1.85
Net Nonoperating Obligations (NNO)	-2.11	-1.32	0.00	-0.03	-0.82	-0.24	0.19	-0.99	-0.23	-0.02	2.09
Total Depreciation and Amortization (D&A)	0.12	0.07	0.08	0.18	0.11	0.17	0.17	0.11	0.11	0.18	2.89
Debt-free, Cash-free Net Working Capital to Revenue	-2.86%	1.01%	-0.54%	8.71%	10.75%	11.03%	9.77%	4.59%	3.70%	2.68%	-81.83%
Debt-free Net Working Capital to Revenue	63.17%	52.10%	20.81%	24.45%	31.55%	22.68%	15.98%	20.51%	12.97%	21.52%	-67.69%
Net Working Capital to Revenue	61.21%	50.26%	19.07%	23.22%	30.43%	21.71%	15.13%	19.66%	12.10%	20.63%	-68.53%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.19)	($0.14)	($0.14)	($0.11)	($0.11)	($0.09)	($0.09)	($0.08)	($0.12)	($0.11)	($0.40)
Adjusted Weighted Average Basic Shares Outstanding	5.67M	5.98M	6.25M	6.57M	6.51M	7.65M	7.65M	7.97M	7.85M	8.20M	9.01M
Adjusted Diluted Earnings per Share	($0.19)	($0.14)	($0.14)	($0.11)	($0.11)	($0.09)	($0.09)	($0.08)	($0.12)	($0.11)	($0.40)
Adjusted Weighted Average Diluted Shares Outstanding	5.67M	5.98M	6.25M	6.57M	6.51M	7.65M	7.65M	7.97M	7.85M	8.20M	9.01M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	6.23M	6.32M	6.79M	7.65M	7.65M	8.07M	8.14M	8.48M	9.13M	9.75M
Normalized Net Operating Profit after Tax (NOPAT)	-0.85	-0.61	-0.74	-0.55	-0.59	-0.54	-0.45	-0.51	-0.85	-0.67	-1.75
Normalized NOPAT Margin	-79.00%	-48.16%	-51.24%	-18.76%	-19.35%	-19.38%	-15.44%	-17.30%	-30.38%	-25.31%	-47.57%
Pre Tax Income Margin	-109.81%	-71.49%	-67.99%	-25.65%	-27.12%	-24.16%	-22.19%	-22.05%	-33.18%	-32.87%	-97.83%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-511.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	-427.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	-553.50	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	-469.50	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

NEXGEL’s Q2 2026 results show strong top-line growth but materially weaker profitability and cash generation. Revenue increased to $3.7 million from $2.7 million in Q1 2026 and $2.9 million in Q2 2025. However, the company remained deeply unprofitable, with a $3.6 million net loss and a $0.40 loss per share attributable to common shareholders.

Revenue accelerated: Q2 2026 revenue rose approximately 39% sequentially and 28% year over year, reaching the highest quarterly level in the supplied period.
Gross profit remained positive: The company generated $1.1 million of gross profit in Q2, compared with $1.1 million in Q1 and $1.3 million in Q2 2025.
Access to financing improved liquidity in the short term: NEXGEL raised $8.6 million of debt during Q2, producing $8.4 million of net cash from financing activities.
Accounts receivable and inventory increased alongside revenue: Accounts receivable rose to $1.1 million and inventory to $2.3 million, potentially supporting higher sales activity if these balances convert efficiently into cash.
Reported assets expanded sharply: Total assets increased to $26.4 million from $11.6 million in Q1 2026, driven primarily by intangible assets rising from $655,000 to $13.5 million. Investors should review the related transaction and valuation details before assigning economic value to this increase.
Gross margin deteriorated: Gross margin fell to approximately 30% in Q2 2026 from 40% in Q1 and 44% in Q2 2025, indicating that the revenue growth came with substantially higher production or product costs.
Share count continued to rise: Weighted-average basic shares increased to 9.0 million in Q2 from 8.2 million in Q1 2026 and 7.7 million in Q2 2025, creating potential dilution for existing shareholders.
Operating expenses overwhelmed gross profit: Selling, general and administrative expense surged to $3.6 million from $2.0 million in both Q1 2026 and Q2 2025. Total operating expenses exceeded gross profit by approximately $2.5 million.
Cash burn worsened substantially: Cash flow from operating activities was negative $2.2 million in Q2, compared with negative $504,000 in Q1 and negative $407,000 in Q2 2025. The company also reported negative $6.6 million of investing cash flow, resulting in a $416,000 quarterly decline in cash despite the debt financing.
Liquidity and leverage remain significant risks: NEXGEL had only $492,000 of unrestricted cash at quarter-end, versus $14.4 million of current liabilities. Total liabilities rose to $21.0 million from $7.1 million in Q1, while retained earnings remained deeply negative at $25.6 million.

The broader trend remains challenging. NEXGEL’s quarterly revenue has improved significantly from $1.1 million in Q4 2023 and $1.3 million in Q1 2024, but every reported quarter in the supplied period produced a net loss. Operating cash flow was negative in most quarters, with Q4 2025 the only recent quarter showing positive operating cash flow at $281,000.

For investors, the key issue is whether the recent revenue growth can eventually produce enough gross profit to cover the company’s expanded operating structure. Until operating losses and cash burn improve, NEXGEL appears dependent on additional debt, equity financing or other capital transactions to fund operations. The substantial increase in intangible assets, liabilities and financing activity in Q2 2026 also warrants close examination in the company’s filings.

10/15/26 06:25 AM ETAI Generated. May Contain Errors.

NexGel Financials - Frequently Asked Questions

According to the most recent income statement we have on file, NexGel's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

In the past 7 years, NexGel's net income has ranged from -$4.75 million in 2022 to -$1.92 million in 2019, and is currently -$2.89 million as of their latest financial filing in 2025. See where experts think NexGel is headed by visiting NexGel's forecast page.

NexGel's total operating income in 2025 was -$3.35 million, based on the following breakdown:

Total Gross Profit: $4.51 million
Total Operating Expenses: $7.86 million

Over the last 7 years, NexGel's total revenue changed from $2.21 million in 2018 to $11.42 million in 2025, a change of 416.1%.

In the past 9 quarters, NexGel's cash and equivalents has ranged from $208 thousand in Q1 2026 to $2.42 million in Q1 2024, and is currently $492 thousand as of their latest financial filing in Q2 2026.

NexGel had total debt of $830 thousand at the end of 2025, a 16.3% decrease from 2024, and none in 2018.

Over the last 7 years, NexGel's book value per share changed from 0.06 in 2018 to 0.55 in 2025, a change of 876.3%.

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Financial statements for NASDAQ:NXGL last updated on 10/12/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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NexGel (NXGL) Financials

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NexGel (NXGL) Financials

Annual Income Statements for NexGel

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Quarterly Cash Flow Statements for NexGel

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When does NexGel's financial year end?

How has NexGel's net income changed over the last 7 years?

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How has NexGel's revenue changed over the last 7 years?

How much cash does NexGel have?

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How has NexGel's book value per share changed over the last 7 years?

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