Nuwellis, Inc.
Financial highlights
| Metric | FY 12/31/25 | FY 12/31/24 | FY 12/31/23 | FY 12/31/22 | FY 12/31/21 |
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | $8.3M | $8.7M | $8.9M | $8.5M | $7.9M |
| Cost of revenue | $3.1M | $3.1M | $3.9M | $3.8M | $3.4M |
| Gross profit | $5.1M | $5.7M | $5.0M | $4.8M | $4.5M |
| Selling, general & administrative | $13.5M | $13.5M | $17.2M | $17.6M | $19.0M |
| Research and development | $2.7M | $3.2M | $5.4M | $4.3M | $5.0M |
| Operating expenses | $16.2M | $16.7M | $22.6M | $21.9M | $24.0M |
| Operating income | -$11.1M | -$11.0M | -$17.6M | -$17.2M | -$19.5M |
| Pretax income | -$17.5M | -$11.2M | -$20.2M | -$14.5M | -$19.5M |
| Income tax expense | $5,000 | $5,000 | $8,000 | $9,000 | $9,000 |
| Net income | -$17.5M | -$11.2M | -$20.2M | -$14.5M | -$19.6M |
| Balance Sheet | |||||
| Cash and equivalents | $1.1M | $5.1M | $3.8M | $17.7M | $8.7M |
| Current assets | $5.2M | $8.9M | $8.2M | $22.8M | $28.1M |
| Total assets | $6.1M | $9.9M | $9.8M | $24.7M | $30.4M |
| Current liabilities | $3.0M | $2.6M | $3.2M | $4.7M | $3.3M |
| Total liabilities | $3.5M | $3.3M | $6.6M | $12.3M | $4.5M |
| Stockholders' equity | $2.6M | $6.5M | $3.0M | $12.4M | $25.9M |
| Cash Flow Statement | |||||
| Cash from operations | -$10.8M | -$9.6M | -$17.9M | -$15.1M | -$17.8M |
| Depreciation and amortization | $200,000 | $310,000 | $362,000 | $372,000 | $488,000 |
| Stock-based compensation | $127,000 | $478,000 | $670,000 | $862,000 | $1.3M |
| Capital expenditure | $90,000 | $60,000 | $149,000 | $122,000 | $219,000 |
| Free cash flow | -$10.9M | -$9.7M | -$18.1M | -$15.3M | -$18.1M |
| Impairments | $0 | $0 | $0 | $0 | $0 |
Shares outstanding 2.7M · Free float 35.3%
Annual filing data through FY ended December 31, 2025; float as of July 14, 2026.