Rockwell Medical, Inc.

in our annual report on Form 10-K and our subsequent periodic reports filed with the FCC. These statements are subject to risks and uncertainties that could cause actual results to differ. Please note that these forward-looking statements reflect our opinions and expectations only as of today. Except as required by law, we specifically disclaim any obligation to update or revise these forward-looking statements in light of new information or future events. Factors that could cause actual results or outcomes to differ materially from those expressed in or implied by such forward-looking statements are discussed in greater detail in our periodic reports filed with the SEC. Rockwell Medical's quarterly report on Form 10-Q for the three months ended June 30, 2025 was filed prior to this call and provides a full analysis of the company's business strategy as well as the company's second quarter 2025 results. The reconciliation of non-GAAP measures we discuss on today's call can also be found in today's press release. Our Form 10-Q and other reports filed with the SBC along with today's press release and a replay of today's conference call and webcast can be found on Rockwell Medical's website under the Investors section. Now I would like to turn the conference call over to Rockwell Medical's President and CEO, Dr. Mark Strobeck.

Thank you, Heather. Good morning and thank you for joining us today for Rockwell Medical's second quarter 2025 earnings conference call and webcast. We are past the midpoint of what we recognize as a transition year for Rockwell Medical. Our core objectives for 2025 have been to secure our base business with long-term contracts, right-size our organization while meeting the demand of our customers, and fill the revenue gap in the wake of our largest customer moving to another supplier. We believe that we are successfully managing through this transition. For the second quarter, we improved our cash position, our gross margin was consistent with quarter one, and in line with guidance. We were only slightly negative on an adjusted EBITDA basis and were cash flow positive from operations. We continue to work on a number of significant opportunities with new and existing customers that, if successful, could be transformational for Rockwell. We find ourselves in the back half of the year in a steady state and are well positioned for continued growth. Our longstanding reputation for high quality products, a reliable supply chain, and a customer-centric approach continue to differentiate us in the hemodialysis concentrates marketplace. We remain a leading supplier that has the scalability to manufacture and deliver to the more than 12,000 individual purchasing facilities, including outpatient dialysis clinics and hospitals in the U.S., along with select international markets. Additionally, we remain the leading manufacturer and supplier of liquid bicarbonate products in the United States, which continues to hold strategic value for us. Year to date, we have signed several contracts with new customers and have renewed contracts with existing customers. Today, more than 80% of our customers are under long-term contracts, which is in stark contrast to where we were just a few years ago. This stickiness is important for Rockwell as it demonstrates stability, and predictability in our business and offer strong growth opportunities in the coming years. During the second quarter, we entered into a new product purchase agreement with Innovative Renal Care, formerly American Renal Associates, one of the largest dialysis service providers in the U.S. Under the terms of the agreement, we are supplying IRC with liquid and dry acid and bicarbonate hemodialysis concentrates, as well as our dry acid concentrate mix system which is 510K approved, only to be used with our dry acid concentrate powders. This represents a multimillion-dollar purchase agreement with utilization commitments and will remain in effect for three years with the option to extend an additional one-year period. Other customer wins include a product purchase agreement with the largest rural health system in the U.S. with a two-year agreement with minimums that has the option to renew for two additional 12-month periods. We have also contracted with the largest provider of inpatient dialysis in South Florida and a provider of specialized home care services to ill, disabled, and vulnerable individuals in their home and places of residence. Both of these agreements are multi-year long-term contracts with purchase minimums and renewal options. As for our largest customer, we are continuing to supply them well past their June 30th transition date and are working with them to find additional ways to support their business going forward. We are still in active discussions about terms for a new contract. To remain on the conservative side, we are reiterating our guidance for 2025 as follows. Net sales will be $65 million and $70 million. Gross margin will be between 16% and 18%, and adjusted EBITDA will be between negative $500,000 and positive $500,000. I will now turn the call over to Jesse to review our second quarter 2025 financial results in further detail. Jesse?

Thank you, Mark. Good morning, everyone. I will now review our second quarter 2025 financial results in greater detail. Net sales for the second quarter were $16.1 million, representing a 38% decrease over net sales of $25.8 million for the same period in 2024. The decrease in net sales was driven by our largest customer transitioning to another supplier. Net sales for the six months ended June 30th, 2025 were 35 million, which represents 28% decrease over net sales of 48.5 million for the same period in 2024. Gross profit for the second quarter was 2.5 million, which represents a 45% decrease over 4.6 million for the same period in 2024. Gross profit for the six months ended June 30th was 5.5 million, which represents 27% decrease over 7.6 million for the same period in 2024. Gross margin for the second quarter of 2025 was 16%, which was consistent with the first quarter of 2025 and represents a slight decrease from 18% for the same period in 2024. Gross margin for the six months ended June 30th, 2025 with 16%, which is also consistent with the same period in 2024. Net loss for the second quarter of 2025 was $1.5 million, which was consistent with the first quarter of 2025 and represents a decrease from net income of $300,000 for the same period in 2024. Net loss for the six months ended June 30th, 2025 was $3 million compared to a net loss of $1.4 million for the same period in 2024. Adjusted EBITDA for Q2 2025 was a negative $200,000 which represents an improvement over adjusted EBITDA of negative 400,000 in Q1 of 2025 and compared to a positive adjusted EBITDA of 1.4 million for Q2 2024. Adjusted EBITDA for the six months ended June 30th, 2025 was a negative $700,000 compared with a positive adjusted EBITDA of $900,000 for the same period in 2024. Cash, cash equivalents, and investments available for sale at June 30, 2025 was $18.4 million, an increase from $17.3 million at the end of Q1. The increase in cash was driven by $1.8 million in cash flow from operations. Now I'll turn the call back over to Mark.