Successfully navigated a defining transition year by aligning manufacturing infrastructure with shifting customer demand to maintain adjusted EBITDA profitability.

Reduced customer concentration risk by expanding to approximately 300 customers, including all five leading U.S. dialysis providers and 30 international markets.

Secured a critical multi-year agreement with Innovative Renal Care (IRC) to supply 70% of their clinics, driven by Rockwell's supply chain reliability.

Capitalized on a major Western U.S. supply disruption by rapidly scaling production to onboard 30 new customers, establishing a stronger regional foothold.

Achieved structural margin expansion through improved pricing discipline and optimized resource deployment rather than temporary cost-cutting measures.

Appointed new leadership in manufacturing to drive improved execution and consistency in regulated hemodialysis concentrate production.

Diversified the product portfolio with the launch of FDA-approved single-use bicarbonate cartridges to meet increasing demand for disposable dialysis components.

Projecting 2026 adjusted EBITDA between $1,000,000 and $2,000,000 with expectations for positive operating cash flow.

Anticipating growth in the Fresenius business for 2026 based on their current projections and reliable supply history.

Targeting annual net sales above $100,000,000 by 2029 through a mix of core concentrate growth and new renal care product integrations.

Aiming for long-term gross margins approaching 30% by shifting the revenue mix toward higher-margin ancillary dialysis products.

Evaluating business development opportunities for blood tubing sets and dialyzers to leverage existing commercial and logistics infrastructure.

Extended the DaVita agreement through 2026 with increased product pricing, despite their original intent to transition away from Rockwell.

Incurred $1,200,000 in severance and restructuring costs during 2025 related to facility transitions and infrastructure rightsizing.

Maintained a $25,000,000 cash balance to provide a stable foundation and growth capital for future strategic acquisitions.

Recognized $4,000,000 in non-cash expenses including depreciation and stock compensation as part of the full-year 2025 net loss.

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Management expects consistent volumes based on DaVita's current forecasts, which are currently tracking slightly above projections.

The relationship remains strong, and Rockwell believes high-quality service may lead to regaining clinics that previously transitioned away.

Rockwell differentiates itself through a proprietary transportation system that reduces third-party logistics costs for clinics.

Management noted that competitor Nipro continues to face challenges bringing products to market due to historical quality and compliance issues.

The at-home market is trending toward 10% of the total hemodialysis market, and Rockwell is providing specific product configurations tailored for home use.

Rockwell currently works with some of the largest players in the at-home space and expects to benefit as the segment matures.

The company is designing a commercial strategy to expand further in the West following the acquisition of 30 new accounts.

The partnership with B. Braun is expected to be a key driver for targeting Western dialysis centers not previously served by Rockwell.

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