Nuwellis, Inc. Announces Fourth Quarter and Full Year 2025 Financial Results

Rhea-AI Summary

Nuwellis (Nasdaq: NUWE) reported Q4 2025 revenue of $2.4 million, up 4% year-over-year and 9% sequentially, driven by a 208% increase in U.S. console sales and higher ASPs. Q4 gross margin rose to 68.2% from 58.4% a year earlier.

Full year 2025 revenue was $8.3 million, down 5% versus 2024. Operating loss for Q4 was about $2.4 million; full-year net loss attributable to common shareholders was $17.5 million, which included a $6.4 million non-cash warrant valuation expense. The company closed a $5.0 million private placement in January 2026, appointed a new CFO, and executed a definitive agreement to acquire Rendiatech.

Positive

• Q4 revenue growth of 4% YoY and 9% sequential
• Gross margin expansion of ~980 bps YoY in Q4 to 68.2%
• Closed $5.0 million private placement strengthening liquidity
• Executed definitive agreement to acquire Rendiatech to expand cardiorenal portfolio

Negative

• Full-year revenue declined 5% YoY to $8.3 million
• Full-year net loss of $17.5 million, including a $6.4 million non-cash warrant expense
• Cash, cash equivalents and restricted cash of approximately $1.2 million at 12/31/2025

News Market Reaction – NUWE

+0.78%

9 alerts

+0.78% News Effect

+15.2% Peak Tracked

-12.9% Trough Tracked

+$21K Valuation Impact

$2.72M Market Cap

1.2x Rel. Volume

On the day this news was published, NUWE gained 0.78%, reflecting a mild positive market reaction. Argus tracked a peak move of +15.2% during that session. Argus tracked a trough of -12.9% from its starting point during tracking. Our momentum scanner triggered 9 alerts that day, indicating moderate trading interest and price volatility. This price movement added approximately $21K to the company's valuation, bringing the market cap to $2.72M at that time.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Q4 2025 revenue: $2.4 million U.S. console sales growth: 208% Q4 2025 gross margin: 68.2% +5 more

8 metrics

Q4 2025 revenue $2.4 million Fourth quarter 2025 revenue, 4% YoY and 9% sequential growth

U.S. console sales growth 208% Increase in U.S. console unit sales in Q4 vs prior-year quarter

Q4 2025 gross margin 68.2% Gross margin in Q4 2025 vs 58.4% in prior-year quarter

Q4 2025 operating expenses $4.1 million Operating expenses in Q4 2025 vs $3.7 million prior-year

Q4 2025 operating loss $2.4 million Operating loss for the fourth quarter of 2025, flat year-over-year

Full-year 2025 revenue $8.3 million 2025 revenue, a 5% decrease compared to prior year

Full-year 2025 gross margin 62.0% Gross margin as percent of revenue vs 64.9% in prior year

Cash at 12/31/2025 $1.2 million Cash, cash equivalents and restricted cash; company reported no debt

Market Reality Check

Price: $1.0900 Vol: Volume 189,741 is 2.73x t...

high vol

$1.0900 Last Close

Volume Volume 189,741 is 2.73x the 20-day average of 69,385, indicating elevated trading activity ahead of the release. high

Technical Shares at $1.29 are trading below the 200-day MA of $6.47, reflecting a prolonged downtrend before this report.

Peers on Argus

NUWE was down 9.79% pre-release while peers showed mixed moves: BBLG up 3.57%, T...

1 Up 1 Down

NUWE was down 9.79% pre-release while peers showed mixed moves: BBLG up 3.57%, TIVC up 5.88%, VTAK and VERO down modestly. This pattern points to stock-specific dynamics rather than a uniform Medical Devices move.

Common Catalyst Only one close peer, VTAK, had same-day news tied to an acquisition, suggesting isolated corporate events rather than a sector-wide catalyst.

Previous Earnings Reports

5 past events · Latest: Nov 12 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Nov 12	Q3 2025 earnings	Positive	-4.0%	Q3 2025 revenue $2.2M, 65.2% margin and multiple operational milestones.
Aug 14	Q2 2025 earnings	Negative	+2.5%	Q2 2025 revenue fell to $1.7M and gross margin contracted to 55.5%.
May 13	Q1 2025 earnings	Positive	+0.9%	Q1 2025 revenue $1.9M with strong pediatric growth and lower expenses.
Mar 11	Q4 2024 earnings	Positive	-4.0%	Q4 2024 margin expanded to 58.4% and operating loss improved.
Nov 11	Q3 2024 earnings	Positive	+13.3%	Q3 2024 saw 70% gross margin and net income of $2.4M.

Pattern Detected

Earnings releases often highlighted operational progress, yet share reactions skewed negative even on largely positive updates, indicating a history of skepticism around results.

Recent Company History

Across five prior earnings releases from Nov 2024 through Nov 2025, Nuwellis reported revenue in the $1.7–$2.4 million range per quarter, with gross margin generally improving but profitability remaining a challenge. Cash levels stayed modest and the company repeatedly emphasized cost controls and pediatric/cardiorenal growth. Market reactions were mixed, with several positive-sounding reports followed by negative price moves, underscoring cautious sentiment into today’s Q4 and full-year 2025 results.

Historical Comparison

+1.8% avg move · Over the last 5 earnings releases, NUWE’s average next-day move was 1.76%, with reactions split betw...

earnings

+1.8%

Average Historical Move earnings

Over the last 5 earnings releases, NUWE’s average next-day move was 1.76%, with reactions split between sharp gains and notable selloffs despite recurring operational progress.

Same-tag earnings updates show revenue fluctuating around low-single-digit millions, with improving gross margins, ongoing operating losses, and repeated emphasis on pediatrics, cardiorenal focus, and cost controls.

Regulatory & Risk Context

Active S-3 Shelf · $28 million

Shelf Active

Active S-3 Shelf Registration 2026-02-03

$28 million registered capacity

An effective S-3 resale registration filed on 2026-02-03 covers 4,279,325 warrant-related shares. Nuwellis will not sell shares directly in this offering but could receive up to $28 million in cash if all registered warrants are exercised, which may introduce additional share overhang from potential resales by existing holders.

Market Pulse Summary

This announcement highlights mixed fundamentals: Q4 2025 revenue grew to $2.4 million with a stronge...

Analysis

This announcement highlights mixed fundamentals: Q4 2025 revenue grew to $2.4 million with a stronger 68.2% gross margin and a 208% rise in U.S. console sales, yet full-year revenue declined to $8.3 million and net loss reached $17.5 million. Cash stood at only $1.2 million at year-end, alongside recent equity and warrant financing. Investors may watch execution on the Rendiatech acquisition, pediatric pipeline progress, and future earnings for signs of sustainable growth and cost discipline.

Key Terms

private placement, warrant inducement, stock purchase agreement

3 terms

private placement financial

"Closed a $5.0 million private placement and warrant inducement transaction"

A private placement is a way for companies to raise money by selling securities directly to a small group of investors instead of through a public offering. This process is often quicker and less regulated, making it similar to offering a special, exclusive investment opportunity to select individuals or institutions. For investors, it can provide access to unique investment options that are not available on public markets.

warrant inducement financial

"Closed a $5.0 million private placement and warrant inducement transaction"

Warrant inducement is when a company offers new warrants—options to buy shares at a set price—as a sweetener to persuade investors, lenders, or shareholders to approve a deal or provide financing. Investors should care because these extra warrants can dilute existing ownership if exercised, change the company’s future share supply and potential upside, and alter the risk/reward balance much like giving a coupon that could reduce future prices for original buyers.

stock purchase agreement financial

"Executed a definitive stock purchase agreement to acquire Rendiatech"

A stock purchase agreement is a legal contract that sets the terms for buying or selling shares, specifying the price, number of shares, how payment is made, and any conditions or promises each side must meet. It matters to investors because it defines who owns what, when ownership changes, and what protections or obligations attach to the deal—think of it as a detailed receipt plus the house rules that determine the financial risks and benefits of the transaction.

AI-generated analysis. Not financial advice.

MINNEAPOLIS, March 10, 2026 (GLOBE NEWSWIRE) -- Nuwellis, Inc. (Nasdaq: NUWE), a medical technology company committed to delivering solutions for patients with cardiorenal conditions, today reported financial results for the fourth quarter and full year ended December 31, 2025.

Fourth Quarter and Recent Highlights:

• Fourth quarter revenue of $2.4 million, a 4% increase compared to the prior-year quarter and 9% increase sequentially.
• 208% increase in U.S. console sales in Q4 versus prior year quarter.
• Heart Failure revenue increased 48% and Pediatrics increased 16% year-over-year in Q4.
• Gross margin of 68.2% in Q4, compared to 58.4% in the prior-year quarter.
• Closed a $5.0 million private placement and warrant inducement transaction in January 2026, strengthening the Company's capital position.
• Appointed Carisa Schultz as Chief Financial Officer, effective February 2, 2026.
• Executed a definitive stock purchase agreement to acquire Rendiatech, expanding the Company's cardiorenal portfolio.
  
  

“2025 was a year of structural change and strategic re-focus for Nuwellis,” said John Erb, Chief Executive Officer of Nuwellis. “While full year revenue declined compared to 2024, fourth quarter results reflected stronger utilization trends and meaningful gross margin expansion. Throughout the year, we prioritized operational discipline, refined our commercial focus around the cardiorenal continuum, and strengthened the underlying foundation of the business.”

“Additionally, we are entering 2026 with new momentum,” Mr. Erb added, “including the execution of our agreement to acquire Rendiatech and the pending expansion of our portfolio, the appointment of a new Chief Financial Officer, and additional capital to support operations. As we look ahead, we remain focused on integrating the Rendiatech acquisition, progressing development of Vivian, our novel pediatric solution supported by NIH grant funding, and driving more consistent commercial execution and deeper utilization within targeted accounts.”

Fourth Quarter 2025 Financial Results

Revenue for the fourth quarter of 2025 was $2.4 million, a 4% increase compared to the prior-year quarter and a 9% increase sequentially. The year-over-year increase was attributable to a 208% increase in U.S. console sales (8 units vs. 3), an 11% circuit average selling price increase, and a non-recurring 59% increase in international sales, reflecting customer last-time buys. Growth in Heart Failure and Pediatrics was partially offset by lower Critical Care revenue compared to the prior-year quarter.

Gross margin for the fourth quarter of 2025 was 68.2%, compared to 58.4% in the prior-year quarter. The gross margin improvement reflects improved pricing and product mix, partially offset by unfavorable manufacturing variances.

Operating expenses for the fourth quarter of 2025 were approximately $4.1 million, compared to approximately $3.7 million in the prior-year quarter.

Operating loss for the fourth quarter of 2025 was approximately $2.4 million, flat with the prior-year quarter.

Net loss attributable to common shareholders for the fourth quarter of 2025 was approximately $2.4 million.

Full Year 2025 Financial Results

Revenue for the full year ended December 31, 2025, was $8.3 million, a 5% decrease compared to the prior year. Heart Failure revenue increased 8% year-over-year, and Pediatrics increased 14%, while Critical Care declined 19%.

Gross margin as a percent of revenue for the full year was 62.0%, compared to 64.9% in the prior year.

Operating expenses for the full year were $16.2 million, $0.4 million lower than the prior year.

Net loss attributable to common shareholders for the full year was $17.5 million, which includes a $6.4 million non-cash warrant valuation expense and approximately $0.3 million in executive severance expense.

On December 31, 2025, the Company had no debt and cash, cash equivalents and restricted cash of approximately $1.2 million.

Webcast and Conference Call Information

The Company will host a conference call and webcast at 9:00 AM ET today to discuss its financial results and provide an update on the Company's performance.

To access the live webcast, please visit the Investors page of the Nuwellis website at https://ir.nuwellis.com.

Alternatively, you may access the live conference call by dialing 1-800-343-4885 (U.S.) or 1-203-518-9851 (international) and using the conference ID: NUWEQ4. An audio archive of the webcast will be available following the call on the Investors page.

For more information, visit www.nuwellis.com.

About Nuwellis Nuwellis, Inc. (Nasdaq: NUWE) is a medical technology company advancing precision fluid management technologies across the cardiorenal continuum. The Company develops solutions designed to support patient care through monitoring, therapy, and data-informed clinical decision-making across acute and chronic care settings. Nuwellis’ portfolio includes commercially available and development-stage technologies addressing complex cardiorenal conditions, with a focus on safety, precision, and scalability across patient populations.

About the Aquadex SmartFlow® System The Aquadex SmartFlow system delivers clinically proven therapy using a simple, flexible and smart method of removing excess fluid from patients suffering from hypervolemia (fluid overload). The Aquadex SmartFlow system is indicated for temporary (up to 8 hours) or extended (longer than 8 hours in patients who require hospitalization) use in adult and pediatric patients weighing 20 kg or more whose fluid overload is unresponsive to medical management, including diuretics. All treatments must be administered by a health care provider, within an outpatient or inpatient clinical setting, under physician prescription, both having received training in extracorporeal therapies.

Forward-Looking Statements Certain statements in this release may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including without limitation, statements regarding the new market opportunities and anticipated growth in 2026 and beyond. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this release, including, without limitation, those risks associated with our ability to execute on our commercialization strategy, the possibility that we may be unable to raise sufficient funds necessary for our anticipated operations, our post-market clinical data collection activities, benefits of our products to patients, our expectations with respect to product development and commercialization efforts, our ability to increase market and physician acceptance of our products, potentially competitive product offerings, intellectual property protection, our ability to integrate acquired businesses, our expectations regarding anticipated synergies with and benefits from acquired businesses, and other risks and uncertainties described in our filings with the SEC. Forward-looking statements speak only as of the date when made. Nuwellis does not assume any obligation to publicly update or revise any forward-looking statements, whether due to new information, future events or otherwise.

For further information, please contact:

Investor Relations:
ir@nuwellis.com

Media Contact:
Leah McMullen
Director of Communications
Leah.mcmullen@nuwellis.com

NUWELLIS, INC. AND SUBSIDIARY Condensed Consolidated Balance Sheets (in thousands, except share and per share amounts)
		December 31, 2025				December 31, 2024
ASSETS
Current assets
Cash and cash equivalents	$	1,085			$	5,095
Accounts receivable		1,493				1,727
Inventories, net		1,910				1,718
Other current assets		698				315
Total current assets		5,186				8,855
Property, plant and equipment, net		368				478
Operating lease right-of-use asset		293				510
Other assets		271				21
TOTAL ASSETS	$	6,118			$	9,864
LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable and accrued liabilities	$	2,226			$	1,640
Accrued compensation		460				640
Current portion of operating lease liability		261				238
Other current liabilities		85				41
Total current liabilities		3,032				2,559
Warrant liabilities		389				468
Operating lease liability		67				307
Total liabilities		3,488				3,334
Commitments and contingencies
Mezzanine Equity Series J Convertible Preferred Stock as of December 31, 2025 and December 31, 2024, par value $0.0001 per share; authorized 600,000 shares, issued and outstanding 127 and 102, respectively		6				2
Stockholders’ equity
Series A junior participating preferred stock as of December 31, 2025 and December 31, 2024, par value $0.0001 per share; authorized 30,000 shares, none outstanding		—				—
Series F convertible preferred stock as of December 31, 2025 and December 31, 2024, par value $0.0001 per share; authorized 18,000 shares, issued and outstanding 27 and 127 shares, respectively.		—				—
Series F-1 convertible preferred stock as of December 31, 2025 and December 31,2024, par value $0.0001 per share; authorized 100 shares, issued and outstanding 34 and 0 shares, respectively		—				—
Preferred stock as of December 31, 2025 and December 31, 2024, par value $0.0001 per share; authorized 39,352,000 shares, none outstanding		—				—
Common stock as of December 31, 2025 and December 31, 2024, par value $0.0001 per share; authorized 100,000,000 shares, issued and outstanding 1,686,217 and 104,142, respectively		—			—
Additional paid‑in capital		318,928				305,366
Accumulated other comprehensive income:
Foreign currency translation adjustment		8				(47	)
Accumulated deficit		(316,312	)			(298,791	)
Total stockholders’ equity		2,624				6,528
TOTAL LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY	$	6,118			$	9,864

NUWELLIS, INC. AND SUBSIDIARY Condensed Consolidated Statements of Operations and Comprehensive Loss  (in thousands, except per share amounts and weighted average shares outstanding)
		Three months ended December 31								Twelve months ended December 31
		2025				2024				2025				2024
Net sales	$	2,424			$	2,322			$	8,270			$	8,740
Cost of goods sold		770				967				3,146				3,064
Gross profit		1,654				1,355				5,124				5,676
Operating expenses:
Selling, general and administrative		3,213				2,911				13,518				13,455
Research and development		884				831				2,712				3,209
Total operating expenses		4,097				3,742				16,230				16,664
Loss from operations		(2,443	)			(2,387	)			(11,106	)			(10,988	)
Other income (expense), net		(11	)			7				10				(80	)
Gain on settlement		—				900				—				900
Financing expense		—				—				(10,553	)			(5,607	)
Change in fair value of warrant liabilities		32				13				4,133				4,615
Income (loss) before income taxes		(2,422	)			(1,467	)			(17,516	)			(11,160	)
Income tax expense		—				(1	)			(5	)			(5	)
Net income (loss)	$	(2,422	)		$	(1,468	)		$	(17,521	)		$	(11,165	)
Deemed dividend attributable to Series J Convertible Preferred Stock		1				—				4				541
Net income (loss) attributable to common shareholders	$	(2,421	)		$	(1,468	)		$	(17,517	)		$	(10,624	)
Basic and diluted income (loss) per share	$	(1.50	)		$	(18.30	)		$	(25.39	)		$	(353.30	)
Weighted average shares outstanding – basic and diluted		1,614,214				80,015				690,145				31,601
Other comprehensive loss:
Net income (loss)	$	(2,422	)		$	(1,468	)		$	(17,521	)		$	(11,165	)
Foreign currency translation adjustments	$	62			$	(1	)		$	55			$	(16	)
Total comprehensive income (loss)	$	(2,360	)		$	(1,469	)		$	(17,466	)		$	(11,181	)

NUWELLIS, INC. AND SUBSIDIARY Condensed Consolidated Statements of Cash Flows (in thousands)
		Twelve months ended December 31
		2025				2024
Operating Activities:
Net loss	$	(17,521	)		$	(11,165	)
Adjustments to reconcile net loss to cash flows used in operating activities:
Depreciation and amortization		200				310
Stock-based compensation expense		127				478
Change in fair value of warrant liabilities		(4,133	)			(4,615	)
Loss on disposal of intangible asset		—				99
Financing expense		10,553				5,607
Amortization of operating lease right-of-use asset		217				—
Changes in operating assets and liabilities:
Accounts receivable		234				224
Inventory, net		(192	)			279
Other current assets		(528	)			(160	)
Other assets and liabilities		(173	)			(22	)
Accounts payable and accrued expenses		406				(626	)
Net cash used in operating activities		(10,810	)			(9,591	)
Investing Activities:
Purchases of property and equipment		(90	)			(60	)
Net cash used in investing activities		(90	)			(60	)
Financing Activities:
Issuance of common stock and warrants from offering, net		3,999				2,403
Issuance of common stock from ATM, net		2,941				—
Proceeds from the exercise of Series J Convertible Preferred Warrants		—				501
Proceeds from the exercise of April 2024 Warrants		—				2,246
Issuance of July and August 2024 Common Stock and Warrants		—				2,160
Proceeds from warrant inducement in November 2024, net		—				3,364
Proceeds from the exercise of warrants, net		—				288
Net cash provided by financing activities		6,940				10,962
Effect of exchange rate changes on cash		55				(16	)
Net decrease in cash, cash equivalents and restricted cash		(3,905	)			1,295
Cash, cash equivalents and restricted cash - beginning of period		5,095				3,800
Cash, cash equivalents and restricted cash - end of period	$	1,190			$	5,095

Supplemental schedule of non-cash activities
Reclassification of April 2024 warrants to equity	$	—			$	4,217
Issuance of Series J Preferred Stock for exercise of Warrants	$	—			$	1,857
Series A warrants conversion to equity	$	8,440			$	—
Series B warrant exercises	$	2,055			$	—
Issuance of Common Stock for conversion of Series J Preferred Stock	$	—			$	1,535
Issuance of Common Stock for conversion of Series F-1 Preferred Stock	$	1,100			$	—
Deemed dividend on Series J Preferred Stock	$	4			$	541
Supplemental cash flow information
Cash paid for income taxes	$	7			$	7

FAQ

What were Nuwellis (NUWE) Q4 2025 revenues and growth drivers?

Nuwellis reported $2.4 million in Q4 2025 revenue, up 4% year-over-year. According to Nuwellis, growth was driven by a 208% increase in U.S. console sales, an 11% uplift in circuit ASPs, and a 59% non-recurring jump in international sales.

How did Nuwellis' gross margin change in Q4 2025 and why does it matter?

Gross margin improved to 68.2% in Q4 2025, up from 58.4% a year earlier. According to Nuwellis, the improvement reflected better pricing and product mix, partially offset by unfavorable manufacturing variances, which supports improved unit economics.

What is the financial impact of Nuwellis' full-year 2025 results on profitability?

Nuwellis reported a full-year net loss of $17.5 million for 2025, which included a $6.4 million non-cash warrant valuation expense. According to Nuwellis, operating expenses were modestly lower year-over-year but losses remained driven by valuation and operating shortfalls.

What liquidity and capital actions did Nuwellis (NUWE) take after year-end 2025?

In January 2026 Nuwellis closed a $5.0 million private placement and warrant inducement transaction. According to Nuwellis, this financing strengthened the company's capital position while cash at 12/31/2025 was approximately $1.2 million.

What strategic moves did Nuwellis announce to support growth in 2026?

Nuwellis executed a definitive agreement to acquire Rendiatech and appointed a new CFO effective February 2, 2026. According to Nuwellis, these actions aim to expand the cardiorenal portfolio and improve commercial execution and utilization.