Significant Revenue Growth
Revenue for Q1 2025 was $2.81 million, marking a 121% increase year-over-year compared to $1.27 million in Q1 2024.
Contract Manufacturing and Consumer Products Surge
Contract manufacturing revenue increased 58% year-over-year, and consumer branded products surged by 189% year-over-year, driven by brands like Silly George.
Improved Gross Margins and Profitability
Gross margins normalized to 42.4% in Q1 2025, up from 12.6% in Q1 2024, with gross profit increasing from $0.16 million to $1.19 million over the same period.
Strategic Partnerships and New Products
NEXGEL's partnerships with companies like Cintas, Owens & Minor, and STADA are progressing well, and multiple new product launches are planned, including products under Medagel, Kenkoderm, and Silly George brands.
Strong Performance in Consumer Products
The consumer product line, including Silly George, is expected to continue growing with new product launches and strategic market positioning.