Nuwellis, Inc. (NUWE) Financial Statements
Industry: Electromedical & Electrotherapeutic Apparatus
In fiscal 2025, Nuwellis reported revenue of $8.3M, down 5.4% from $8.7M the year before. Net income was -$17.5M (a -211.9% net margin), or -$888.65 per diluted share. Gross margin was 62.0% and operating margin was -134.3%. Operating activities generated -$10.8M of cash, leaving -$10.9M of free cash flow. At fiscal year end, Nuwellis held $6.1M in total assets against $3.5M in total liabilities, including $1.1M of cash and equivalents.
Open the full interactive Nuwellis financials → Quarterly statements, key ratios, valuation history and price charts.
Nuwellis Key Stats
| Share Price | $0.62 |
|---|---|
| Market Cap | $112,371 |
| Revenue YoY Growth | -5.4% |
| 52-Week Range | $0.62 – $146.65 |
| Shares Outstanding | 181,243 (basic, 2026 Q2) |
Nuwellis Income Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Revenue | $7.4M | $7.9M | $8.5M | $8.9M | $8.7M | $8.3M |
| Cost of Goods Sold | $3.4M | $3.4M | $3.8M | $3.9M | $3.1M | $3.1M |
| Gross Profit | $4.1M | $4.5M | $4.8M | $5.0M | $5.7M | $5.1M |
| Operating Income | -$17.0M | -$19.5M | -$17.2M | -$17.6M | -$11.0M | -$11.1M |
| Pre-Tax Income | -$15.8M | -$19.6M | -$14.5M | -$20.2M | -$11.2M | -$17.5M |
| Income Tax | $9,000 | $9,000 | $9,000 | $8,000 | $5,000 | $5,000 |
| Net Income | -$15.8M | -$19.6M | -$14.5M | -$20.2M | -$11.2M | -$17.5M |
| Diluted EPS | -$54897150.00 | -$14766150.00 | -$4298647.50 | -$592704.00 | -$12362.70 | -$888.65 |
Nuwellis Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $2.2M | $2.4M | $2.4M | $2.0M |
| Net Income | $468,000 | -$2.4M | -$4.5M | -$4.8M |
| Diluted EPS | $19.60 | -$3.51 | -$76.65 | -$26.64 |
Nuwellis Balance Sheet
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $14.4M | $24.2M | $17.7M | $3.8M | $5.1M | $1.1M |
| Current Assets | $18.5M | $28.1M | $22.8M | $8.2M | $8.9M | $5.2M |
| Total Assets | $20.0M | $30.4M | $24.7M | $9.8M | $9.9M | $6.1M |
| Current Liabilities | $3.6M | $3.3M | $4.7M | $3.2M | $2.6M | $3.0M |
| Total Liabilities | $3.7M | $4.5M | $12.3M | $6.6M | $3.3M | $3.5M |
| Shareholders' Equity | $16.3M | $25.9M | $12.4M | $3.0M | $6.5M | $2.6M |
Nuwellis Cash Flow Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | -$16.6M | -$17.9M | -$15.1M | -$17.9M | -$9.6M | -$10.8M |
| Cash From Investing | -$267,000 | -$219,000 | $14.7M | $330,000 | -$60,000 | -$90,000 |
| Cash From Financing | $30.0M | $27.9M | $9.4M | $3.7M | $11.0M | $6.9M |
| Free Cash Flow | -$16.9M | -$18.1M | -$15.3M | -$18.1M | -$9.7M | -$10.9M |
Figures from Nuwellis' 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full Nuwellis financials page for every line item.
Nuwellis Company Profile
| Ticker | NUWE |
|---|---|
| Exchange | Nasdaq |
| Industry | Electromedical & Electrotherapeutic Apparatus |
| Headquarters | Eden Prairie, Minnesota |
| Incorporated in | Delaware |
| Fiscal Year End | December 31 |
| SEC Filer Category | Non-accelerated filer, smaller reporting company |
| SEC CIK | 0001506492 |
Frequently Asked Questions
What was Nuwellis' revenue in fiscal 2025?
Nuwellis (NUWE) reported revenue of $8.3M for fiscal 2025.
What is Nuwellis' annual revenue history?
Nuwellis' annual revenue by fiscal year: 2020: $7.4M; 2021: $7.9M; 2022: $8.5M; 2023: $8.9M; 2024: $8.7M; 2025: $8.3M.
What was Nuwellis' net income in fiscal 2025?
Nuwellis reported net income of -$17.5M for fiscal 2025.
What was Nuwellis' earnings per share (EPS) in fiscal 2025?
Nuwellis' diluted EPS was -$888.65 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did Nuwellis generate in fiscal 2025?
Nuwellis generated -$10.9M of free cash flow in fiscal 2025.
What was Nuwellis' revenue last quarter?
In its most recent reported quarter (2026 Q2), Nuwellis reported revenue of $2.0M.
How many shares of Nuwellis are outstanding?
Nuwellis reported a weighted average of 181,243 basic shares outstanding in 2026 Q2.
What is Nuwellis' market cap?
Based on its latest closing price, Nuwellis (NUWE) has a market capitalization of about $112,371.
When does Nuwellis' fiscal year end?
Nuwellis' fiscal year end, as registered with the SEC, is December 31.
Where is Nuwellis headquartered?
Nuwellis lists its business address in Eden Prairie, Minnesota in its SEC filings.
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