Nuwellis Inc Financials
This page shows Nuwellis Inc (NUWE) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
A decent gross margin business remains externally financed because its operating cost base is larger than its revenue base.
FY2024 suggested stabilization, with free cash burn improving to-$9.7M ; FY2025 reversed that as burn returned to-$10.9M . With revenue still only$8.3M and capital spending just$90K , the funding gap is coming from the ongoing cost structure rather than from capacity build-out or one-time reinvestment.
The business still posts a gross margin of
Liquidity is thinner than the current ratio suggests: cash ended FY2025 at
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Nuwellis Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Nuwellis Inc scores -76.55, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($265K) relative to total liabilities ($3.5M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Nuwellis Inc passes 2 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Nuwellis Inc generates $0.62 in operating cash flow (-$10.8M OCF vs -$17.5M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Key Financial Metrics
Earnings & Revenue
Nuwellis Inc generated $8.3M in revenue in fiscal year 2025. This represents a decrease of 5.4% from the prior year.
Nuwellis Inc's EBITDA was -$10.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 2.1% from the prior year.
Nuwellis Inc reported -$17.5M in net income in fiscal year 2025. This represents a decrease of 56.9% from the prior year.
Cash & Balance Sheet
Nuwellis Inc generated -$10.9M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 12.9% from the prior year.
Nuwellis Inc held $1.1M in cash against $0 in long-term debt as of fiscal year 2025.
Nuwellis Inc had 2M shares outstanding in fiscal year 2025.
Margins & Returns
Nuwellis Inc's gross margin was 62.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 3.0 percentage points from the prior year.
Nuwellis Inc's operating margin was -134.3% in fiscal year 2025, reflecting core business profitability. This is down 8.6 percentage points from the prior year.
Nuwellis Inc's net profit margin was -211.9% in fiscal year 2025, showing the share of revenue converted to profit. This is down 84.1 percentage points from the prior year.
Nuwellis Inc's ROE was -667.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 496.7 percentage points from the prior year.
Capital Allocation
Nuwellis Inc invested $2.7M in research and development in fiscal year 2025. This represents a decrease of 15.5% from the prior year.
Nuwellis Inc invested $90K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 50.0% from the prior year.
NUWE Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $2.4M-0.9% | $2.4M+9.3% | $2.2M+28.5% | $1.7M-9.4% | $1.9M-18.0% | $2.3M-1.9% | $2.4M+7.9% | $2.2M |
| Cost of Revenue | $719K-6.6% | $770K-0.3% | $772K+0.7% | $767K-8.4% | $837K-13.4% | $967K+36.0% | $711K-1.3% | $720K |
| Gross Profit | $1.7M+1.8% | $1.7M+14.5% | $1.4M+50.8% | $958K-10.2% | $1.1M-21.3% | $1.4M-18.2% | $1.7M+12.3% | $1.5M |
| R&D Expenses | $1.7M+95.5% | $884K+46.6% | $603K-10.7% | $675K+22.7% | $550K-33.8% | $831K+71.0% | $486K-12.9% | $558K |
| SG&A Expenses | $4.5M+40.8% | $3.2M-9.2% | $3.5M+11.0% | $3.2M-10.8% | $3.6M+22.9% | $2.9M+7.7% | $2.7M-16.5% | $3.2M |
| Operating Income | -$4.6M-87.0% | -$2.4M+9.4% | -$2.7M+7.2% | -$2.9M+5.0% | -$3.1M-28.2% | -$2.4M-55.8% | -$1.5M+34.0% | -$2.3M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | $0 | $0 | $0-100.0% | $4K+300.0% | $1K0.0% | $1K | $0-100.0% | $2K |
| Net Income | -$4.5M-87.5% | -$2.4M-617.5% | $468K+103.7% | -$12.6M-316.5% | -$3.0M-105.3% | -$1.5M-162.3% | $2.4M+130.5% | -$7.7M |
| EPS (Diluted) | $-2.19 | N/A | $0.56+100.9% | $-60.99 | $-28.93 | N/A | $73.23 | $-791.82 |
NUWE Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $7.0M+13.8% | $6.1M-23.4% | $8.0M-13.2% | $9.2M+31.3% | $7.0M-29.0% | $9.9M+46.6% | $6.7M+8.7% | $6.2M |
| Current Assets | $5.8M+12.4% | $5.2M-28.0% | $7.2M-14.4% | $8.4M+37.4% | $6.1M-30.9% | $8.9M+61.2% | $5.5M+13.8% | $4.8M |
| Cash & Equivalents | $2.1M+92.0% | $1.1M-64.9% | $3.1M-30.5% | $4.5M+74.0% | $2.6M-49.8% | $5.1M+167.2% | $1.9M+86.4% | $1.0M |
| Inventory | $1.8M-6.9% | $1.9M-12.7% | $2.2M+7.9% | $2.0M+15.8% | $1.8M+2.0% | $1.7M-7.8% | $1.9M-5.2% | $2.0M |
| Accounts Receivable | $1.6M+4.4% | $1.5M+30.9% | $1.1M-4.4% | $1.2M-22.5% | $1.5M-10.8% | $1.7M+33.6% | $1.3M+0.1% | $1.3M |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $4.3M+23.1% | $3.5M-14.3% | $4.1M-77.6% | $18.2M+430.2% | $3.4M+2.7% | $3.3M-6.1% | $3.5M-72.7% | $13.0M |
| Current Liabilities | $3.7M+23.0% | $3.0M-13.9% | $3.5M-9.5% | $3.9M+41.6% | $2.7M+7.4% | $2.6M-5.3% | $2.7M-32.7% | $4.0M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $2.7M+1.4% | $2.6M-32.9% | $3.9M+143.6% | -$9.0M-350.4% | $3.6M-45.2% | $6.5M+105.5% | $3.2M+146.5% | -$6.8M |
| Retained Earnings | -$320.9M-1.4% | -$316.3M-0.8% | -$313.9M+0.1% | -$314.4M-4.2% | -$301.8M-1.0% | -$298.8M-0.5% | -$297.3M+0.8% | -$299.7M |
NUWE Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$3.1M-2.7% | -$3.0M+3.7% | -$3.1M-50.1% | -$2.1M+17.3% | -$2.5M-68.6% | -$1.5M+39.1% | -$2.5M+10.3% | -$2.8M |
| Capital Expenditures | $30K+350.0% | -$12K-112.2% | $98K+2350.0% | $4K | $0-100.0% | $23K+243.8% | -$16K-166.7% | $24K |
| Free Cash Flow | -$3.1M-3.3% | -$3.0M+6.3% | -$3.2M-54.5% | -$2.1M+17.2% | -$2.5M-66.1% | -$1.5M+38.6% | -$2.5M+10.5% | -$2.8M |
| Investing Cash Flow | -$284K-2466.7% | $12K+112.2% | -$98K-2350.0% | -$4K | $0+100.0% | -$23K-243.8% | $16K+166.7% | -$24K |
| Financing Cash Flow | $4.4M+317.8% | $1.1M-44.3% | $1.9M-52.8% | $4.0M | $0-100.0% | $4.7M+41.1% | $3.3M+39.1% | $2.4M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
NUWE Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 70.1%+1.8pp | 68.2%+3.0pp | 65.2%+9.6pp | 55.5%-0.5pp | 56.0%-2.3pp | 58.4%-11.6pp | 70.0%+2.8pp | 67.2% |
| Operating Margin | -190.1%-89.3pp | -100.8%+20.9pp | -121.6%+46.8pp | -168.5%-7.8pp | -160.7%-57.9pp | -102.8%-38.1pp | -64.7%+41.0pp | -105.7% |
| Net Margin | -189.0%-89.0pp | -99.9%-121.0pp | 21.1%+748.8pp | -727.7%-569.4pp | -158.3%-95.1pp | -63.2%-162.8pp | 99.6%+451.7pp | -352.1% |
| Return on Equity | -170.6%-78.3pp | -92.3%-104.3pp | 12.0% | N/A | -84.2%-61.8pp | -22.5%-96.7pp | 74.2% | N/A |
| Return on Assets | -65.2%-25.6pp | -39.6%-45.4pp | 5.9%+142.3pp | -136.5%-93.4pp | -43.0%-28.1pp | -14.9%-49.9pp | 35.0%+159.9pp | -124.8% |
| Current Ratio | 1.56-0.1 | 1.71-0.3 | 2.04-0.1 | 2.16-0.1 | 2.23-1.2 | 3.46+1.4 | 2.03+0.8 | 1.20 |
| Debt-to-Equity | 1.61+0.3 | 1.33+0.3 | 1.04+3.1 | -2.03-3.0 | 0.96+0.4 | 0.51-0.6 | 1.12+3.0 | -1.91 |
| FCF Margin | -130.8%-5.3pp | -125.5%+20.9pp | -146.4%-24.6pp | -121.8%+11.4pp | -133.2%-67.4pp | -65.8%+39.3pp | -105.1%+21.6pp | -126.6% |
Similar Companies
Frequently Asked Questions
What is Nuwellis Inc's annual revenue?
Nuwellis Inc (NUWE) reported $8.3M in total revenue for fiscal year 2025. This represents a -5.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Nuwellis Inc's revenue growing?
Nuwellis Inc (NUWE) revenue declined by 5.4% year-over-year, from $8.7M to $8.3M in fiscal year 2025.
Is Nuwellis Inc profitable?
No, Nuwellis Inc (NUWE) reported a net income of -$17.5M in fiscal year 2025, with a net profit margin of -211.9%.
What is Nuwellis Inc's EBITDA?
Nuwellis Inc (NUWE) had EBITDA of -$10.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Nuwellis Inc's gross margin?
Nuwellis Inc (NUWE) had a gross margin of 62.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Nuwellis Inc's operating margin?
Nuwellis Inc (NUWE) had an operating margin of -134.3% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Nuwellis Inc's net profit margin?
Nuwellis Inc (NUWE) had a net profit margin of -211.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Nuwellis Inc's return on equity (ROE)?
Nuwellis Inc (NUWE) has a return on equity of -667.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Nuwellis Inc's free cash flow?
Nuwellis Inc (NUWE) generated -$10.9M in free cash flow during fiscal year 2025. This represents a -12.9% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Nuwellis Inc's operating cash flow?
Nuwellis Inc (NUWE) generated -$10.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Nuwellis Inc's total assets?
Nuwellis Inc (NUWE) had $6.1M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Nuwellis Inc's capital expenditures?
Nuwellis Inc (NUWE) invested $90K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Nuwellis Inc spend on research and development?
Nuwellis Inc (NUWE) invested $2.7M in research and development during fiscal year 2025.
What is Nuwellis Inc's current ratio?
Nuwellis Inc (NUWE) had a current ratio of 1.71 as of fiscal year 2025, which is generally considered healthy.
What is Nuwellis Inc's debt-to-equity ratio?
Nuwellis Inc (NUWE) had a debt-to-equity ratio of 1.33 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Nuwellis Inc's return on assets (ROA)?
Nuwellis Inc (NUWE) had a return on assets of -286.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Nuwellis Inc's cash runway?
Based on fiscal year 2025 data, Nuwellis Inc (NUWE) had $1.1M in cash against an annual operating cash burn of $10.8M. This gives an estimated cash runway of approximately 1 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Nuwellis Inc's Altman Z-Score?
Nuwellis Inc (NUWE) has an Altman Z-Score of -76.55, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Nuwellis Inc's Piotroski F-Score?
Nuwellis Inc (NUWE) has a Piotroski F-Score of 2 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Nuwellis Inc's earnings high quality?
Nuwellis Inc (NUWE) has an earnings quality ratio of 0.62x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Nuwellis Inc?
Nuwellis Inc (NUWE) scores 36 out of 100 on our Financial Health Score, indicating weak standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.