REVENUE

6 Months Ended

Jun. 30, 2026

REVENUE

REVENUE

5. REVENUE

The following table disaggregates the Company’s revenue by customer type and geographic area for the three months ended June 30, 2026:

			Distributors/
	Direct		Strategic Partners		Total
	(amounts, in thousands)
Revenue:
United States	$	200	$	—	$	200
Germany		2,541		—		2,541
All other countries		2,273		4,619		6,892
Revenue	$	5,014	$	4,619	$	9,633

The following table disaggregates the Company’s revenue by customer type and geographic area for the three months ended June 30, 2025:

			Distributors/
	Direct		Strategic Partners		Total
	(amounts, in thousands)
Revenue:
United States	$	61	$	—	$	61
Germany		3,355		—		3,355
All other countries		2,208		3,993		6,201
Revenue	$	5,624	$	3,993	$	9,617

The following table disaggregates the Company’s revenue by customer type and geographic area for the six months ended June 30, 2026:

			Distributors/
	Direct		Strategic Partners		Total
	(amounts, in thousands)
Revenue:
United States	$	318	$	—	$	318
Germany		5,154		—		5,154
All other countries		4,398		8,627		13,025
Revenue	$	9,870	$	8,627	$	18,497

The following table disaggregates the Company’s revenue by customer type and geographic area for the six months ended June 30, 2025:

			Distributors/
	Direct		Strategic Partners		Total
	(amounts, in thousands)
Revenue:
United States	$	124	$	—	$	124
Germany		6,151		—		6,151
All other countries		4,098		7,971		12,069
Revenue	$	10,373	$	7,971	$	18,344

CytoSorb Sales

The Company sells its CytoSorb device using both its own sales force (direct sales) and through the use of distributors and/or strategic partners. CytoSorb is not yet approved for commercial sale in the United States. The Company’s United States sales relate to its VetResQ related products for emergency and critical care in animals. Direct sales outside the United States include sales to hospitals located primarily in Germany, Austria, Poland, Switzerland, the Netherlands, and the United Kingdom. Direct sales are fulfilled from the Company’s warehouse facility in Berlin, Germany. There are no formal sales contracts with any direct customers relating to product price or minimum purchase requirements. However, there are agreements in place with certain direct customers that provide for either free of charge product or rebate credits based upon achieving minimum purchase levels. The Company records the value of these items earned as a reduction of revenue, estimated at the time of sale. These customers submit purchase orders and the order is fulfilled and shipped directly to the customer. Prices to all direct customers are based on a standard price list based on the packaged quantity.

Distributor and strategic partner sales make up the remaining product sales. These distributors are located in various countries throughout the world, including Italy, India, and other countries across Europe, Central and South America, the Middle East, and South East Asia. The Company has a formal written contract with each of its distributor/strategic partner. These contracts have terms ranging from 1-5 years in length, with three years being the typical term. In addition, certain distributors are eligible for volume discount pricing if their unit sales are in excess of the base amount in the contract.

Most distributor’s/strategic partner’s contracts have minimum annual purchase requirements in order to maintain exclusivity in their respective territories.

There is no additional consideration or monetary penalty that would be required to be paid to CytoSorbents if a distributor does not meet the minimum purchase commitments included in the contract; however, at the discretion of the Company, the distributor may lose its exclusive rights in the territory if such commitments are not met.

In summary, the contracts the Company has with customers are the distributor/strategic partner contracts related to CytoSorb product sales, agreements with direct customers related to free-of-charge product and credit rebates based upon achieving minimum purchase levels. The Company does not currently incur any outside third-party incremental costs to obtain any of these contracts.

The following table provides information about receivables and contract liabilities from contracts with customers:

	June 30, 2026		December 31, 2025
	​ ​ ​(amounts in thousands)
Contract receivables	$	6,481	$	7,125
Contract liabilities	$	1,128	$	182

Contract receivables represent unconditional rights to consideration for goods delivered or services performed under contracts with customers, including purchase orders, and are included in accounts receivable on the condensed consolidated balance sheets.

Contract liabilities are included in accrued expenses and other current liabilities on the condensed consolidated balance sheets. As of June 30, 2026 and December 31, 2025, contract liabilities consisted of $1.1 million primarily representing advance payments received for orders for which revenue has not yet been recognized and $0.2 million representing the value of free-of-charge goods and credit rebates earned under the terms of certain customer agreements, respectively. The Company classifies these amounts as current, as it expects to satisfy the related performance obligations and recognize the associated revenue within the next twelve months.