NXGLWNasdaqSurgical & Medical Instruments & ApparatusUS GAAP · USD

NexGel, Inc

NEXGEL, Inc. develops and manufactures aqueous polymer hydrogel products used in wound care, medical diagnostics, transdermal drug delivery, and cosmetics. The company operates through contract manufacturing, custom and white-label products, consumer branded products, and medical devices/other, serving customers in the United States and through online and retail channels.

Ask about the company
Revenue11.4m USD
+31.5 %y/y
Operating profit (EBIT)-3.4m USD
+5.7 %y/y
EBIT margin-29.3%
+11.6 ppy/y
Net income-3.0m USD
+8.6 %y/y
Free cash flow-1.4m USD
+68.0 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-5051015m USD2020: 0.67 m USD2020: EBIT -2.3 m USD20202021: 1.6 m USD2021: EBIT -2.6 m USD20212022: 2.0 m USD2022: EBIT -3.3 m USD20222023: 4.1 m USD2023: EBIT -3.5 m USD20232024: 8.7 m USD2024: EBIT -3.6 m USD20242025: 11 m USD2025: EBIT -3.4 m USD202511-3.4
RevenueOperating profit (EBIT)

Business

Share of revenue
Contract Manufacturing35 %

Rollstock gel manufactured for third parties that package it into finished goods.

Custom & White Label25 %

Customized gel products developed, converted, and packaged for branding partners.

Consumer Branded Products35 %

Finished goods sold directly to consumers under MedaGel, Kenkoderm, and Silly George.

Medical Devices/Other5 %

Development-stage medical devices and ancillary freight or other revenue items.

Customers

NEXGEL sells to industrial and brand-owner customers that need gel rollstock or finished private-label products, as well as end consumers buying branded products online and through retail channels. Its customer base also includes strategic partners for future medical device commercialization and distributors that can bring niche products to market.

Contract manufacturing customers

Buy gel rollstock and package it into their own finished products.

Custom and white-label brand partners

Buy tailored gel formulations and finished goods for their brands.

Direct-to-consumer shoppers

Buy MedaGel, Kenkoderm, and Silly George products through online and retail channels.

Medical device partners

Work with the company on future device and drug-delivery products.

Strategy

NEXGEL is building a multi-channel model that combines contract manufacturing, custom product development, and consumer brands. Management is also pursuing new product channels, additional branded acquisitions, and proprietary medical device and drug-delivery opportunities to broaden the revenue base and reduce reliance on any single line of business.

Expand consumer branded productsShort term

Branded products can improve control over pricing, marketing, and distribution.

Maintain and grow contract manufacturingShort term

Rollstock production remains a core industrial revenue stream and supports utilization.

Pursue acquisitions and new product channelsMedium term

Acquisitions and channel expansion can diversify the customer base and product mix.

Develop proprietary medical devicesMedium term

Higher-value device and drug-delivery products could extend the technology platform.

Geography

NEXGEL is a U.S.-based business with manufacturing and commercial activity centered in the United States. The company also operates through a joint venture in Granbury, Texas, and sells consumer products through online marketplaces and retail channels, which can broaden reach beyond its manufacturing footprint.

Risks

NEXGEL faces execution risk from its dependence on a small set of product lines, customer development cycles, and the need to scale new brands and devices. As a development- and acquisition-oriented company, it also carries financing, going-concern, and valuation risk, while consumer and medical products expose it to regulatory, commercialization, and demand variability.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Going-concern and financing dependence1Commercialization risk on consumer brands3
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Going-concern and financing dependenceImpact: HighLikelihood: High

    The company may need additional debt or equity to fund growth and acquisitions.

    Exposure: Corporate funding and expansion plans

  2. Customer concentration and order volatilityImpact: High

    Contract manufacturing and custom products can be lumpy and customer-specific.

    Exposure: Rollstock and white-label orders

  3. Commercialization risk on consumer brandsImpact: MediumLikelihood: Low

    Branded products depend on marketing, channel execution, and repeat demand.

    ExposureMedaGelKenkodermSilly George
  4. Medical device development riskImpact: Medium

    New devices may not reach market or may require partner support to scale.

    Exposure: Proprietary medical devices and drug delivery

  5. Regulatory and product liability riskImpact: Medium

    Healthcare, OTC, and cosmetic products face quality, labeling, and compliance requirements.

    ExposureWound careOTC remediesSkincareBeauty products

Accounting

Judgemental items
Revenue recognition across multiple business lines

Different lines may recognize revenue at shipment, delivery, or fulfillment completion.

Impact: Affects quarterly comparability and reported mix between contract and branded sales

Warrant liability fair value

Outstanding warrants are remeasured using valuation assumptions.

Impact: Can create non-cash gains or losses in other income/expense

Share-based compensation

Option grants are valued with Black-Scholes and expensed over vesting.

Impact: Affects operating expenses and earnings volatility

Long-lived asset and acquisition impairment

Growth investments and acquired brands require recoverability testing.

Impact: Could lead to impairment charges if expected cash flows weaken

Similar listed companies

Publicly listed companies with a comparable business focus.

Vericel Corp

VCEL · Biological Products, (No Diagnostic Substances)

Nexalin Technology, Inc.

NXL · Electromedical & Electrotherapeutic Apparatus

XCel Brands, Inc.

XELB · Patent Owners & Lessors

Regenerex Pharma, Inc.

Pharmaceutical Preparations

HEXPOL B

HPOL-B · Basic Materials

NextNRG, Inc

NXXT · Retail-Auto Dealers & Gasoline Stations

Last updated: 24/09/2026