NexGel, Inc. reported a significant increase in its financial performance for the fiscal year ending December 31, 2025, with revenues reaching $11.4 million, a 31.5% increase from $8.7 million in 2024. This growth was primarily driven by a surge in sales of branded consumer products, particularly following the acquisition of the Silly George brand in May 2024. The company's gross profit also improved, rising to $4.5 million, compared to $2.7 million in the previous year, resulting in a gross margin of approximately 39.5%, up from 31.6% in 2024.
Despite the revenue growth, NexGel reported a net loss of $3.0 million for 2025, slightly better than the $3.3 million loss recorded in 2024. The increase in selling, general, and administrative expenses, which rose by 26.3% to $7.9 million, was a contributing factor to the continued losses. The company attributed these higher expenses to increased compensation, advertising, and professional fees. Research and development costs decreased significantly to $2, down from $78, indicating a shift in focus towards product commercialization rather than development.
Operationally, NexGel has made strategic moves to enhance its market presence, including the formation of a joint venture with CG Laboratories, Inc. in May 2023, which aims to expand its capabilities in converting and packaging. The company also continues to explore additional acquisitions as part of its consumer product strategy. As of December 31, 2025, NexGel had 19 full-time employees and reported no significant customer concentration, with no single customer accounting for 10% or more of its revenue.
Looking ahead, NexGel's management expressed a cautious outlook, indicating that the company expects to continue incurring losses in the near term. The ability to operate as a going concern is contingent upon successfully managing and growing its product lines and achieving profitable operations. The company is actively seeking to raise additional capital to support its strategic initiatives, including potential acquisitions and the development of proprietary medical devices. The financial statements reflect substantial doubt about the company's ability to continue as a going concern, emphasizing the need for effective capital management and operational execution.
About NEXGEL, INC.
NexGel, Inc. manufactures high water content, electron beam cross-linked hydrogels used in wound care, drug delivery, diagnostics, and cosmetics. The company supplies contract manufacturing services, develops consumer health and skincare products, and explores medical device innovations. Its proprietary technology emphasizes gentle, customizable gels for medical and consumer markets, leveraging strategic partnerships and white label opportunities to expand its reach in healthcare, beauty, and medical device sectors.
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