Nuwellis, Inc. (NUWE) Income Statement
NUWE 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsNUWE revenue and net income
Where NUWE's revenue goes
2025Each bar shows an amount and its share of revenue. NUWE kept −211.9% of revenue as net income.
NUWE profit margins
NUWE growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −5.4% | −1.1% | +2.1% | +63.9% |
| Gross profit | −12.0% | +2.5% | +4.8% | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
NUWE quarterly EPS vs estimates
Nuwellis beat the analyst EPS estimate in 3 of the last 8 quarters. Next report: November 11, 2026 (estimate $-13.65).
NUWE income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $8.3M | $8.7M | $8.9M | $8.5M | $7.9M | $7.4M | $5.5M | $5.0M | $3.6M | $1.3M |
| Cost of revenue | $3.1M | $2.9M | $3.9M | $3.8M | $3.4M | $3.4M | $2.7M | $3.7M | $2.8M | $713,000 |
| Gross profit | $5.1M | $5.8M | $5.0M | $4.8M | $4.5M | $4.1M | $2.9M | $1.3M | $790,000 | $576,000 |
| Research & development | $2.7M | $3.2M | $5.4M | $4.3M | $5.0M | $3.7M | $4.7M | $3.1M | $1.5M | $8.1M |
| Sales, general & admin | $13.5M | $13.5M | $18.2M | $17.6M | $19.0M | $17.4M | $16.3M | $15.3M | $10.2M | — |
| Total operating expenses | $16.2M | $16.8M | $22.6M | $21.9M | $24.0M | $21.1M | $21.0M | $18.4M | $11.7M | $16.2M |
| Operating income | −$11.1M | −$11.0M | −$17.6M | −$17.2M | −$19.5M | −$17.0M | −$18.1M | −$17.0M | −$14.8M | −$15.7M |
| Interest expense | $10.6M | $5.6M | $3.5M | $9.2M | $43,000 | $2.4M | $0 | $10,000 | $2.5M | $504,000 |
| Income before taxes | −$17.5M | −$11.2M | −$20.2M | −$14.5M | −$19.5M | −$15.8M | −$18.1M | −$17.0M | −$13.4M | −$15.8M |
| Income taxes | $5,000 | $5,000 | $8,000 | $9,000 | $9,000 | $9,000 | $8,000 | $6,000 | $6,000 | −$54,000 |
| Net income | −$17.5M | −$11.2M | −$20.2M | −$14.5M | −$19.6M | −$15.8M | −$18.1M | −$17.0M | −$13.4M | −$15.8M |
| EBITDA | −$6.5M | −$10.5M | −$16.4M | −$4.9M | −$19.1M | −$16.7M | −$17.9M | −$16.8M | −$10.1M | −$14.6M |
| EPS (diluted) | −$3130.85 | −$25152.79 | −$657986.25 | −$3000005.00 | −$3000041.00 | −$3000157.00 | −$3003360.00 | −$3025110.00 | −$3187320.00 | −$3038976.00 |
| Gross margin | 62.0% | 66.7% | 56.2% | 55.7% | 56.7% | 54.5% | 51.7% | 26.6% | 22.2% | 44.7% |
| Operating margin | −134.3% | −125.7% | −198.9% | −201.0% | −246.5% | −228.8% | −328.5% | −340.9% | −416.9% | −1,215.1% |
| Net margin | −211.9% | −127.7% | −228.0% | −170.0% | −246.9% | −212.8% | −328.7% | −340.8% | −376.6% | −1,225.1% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.0M | $2.4M | $2.4M | $2.2M | $1.7M | $1.9M | $2.3M | $2.4M | $2.2M | $1.9M | $2.6M | $2.4M |
| Cost of revenue | $471,000 | $719,000 | $770,000 | $772,000 | $767,000 | $837,000 | $817,000 | $711,000 | $720,000 | $666,000 | $1.2M | $1.0M |
| Gross profit | $1.5M | $1.7M | $1.7M | $1.4M | $958,000 | $1.1M | $1.5M | $1.7M | $1.5M | $1.2M | $1.4M | $1.4M |
| Research & development | $942,000 | $1.5M | $884,000 | $603,000 | $675,000 | $550,000 | $831,000 | $486,000 | $558,000 | $1.3M | $1.4M | $1.1M |
| Sales, general & admin | $3.7M | $4.5M | $3.2M | $3.5M | $3.2M | $3.6M | $2.9M | $2.7M | $3.2M | $4.6M | $3.6M | $3.4M |
| Total operating expenses | $4.7M | $6.0M | $4.1M | $4.1M | $3.9M | $4.1M | $3.9M | $3.2M | $3.8M | $5.9M | $5.0M | $4.5M |
| Operating income | −$3.2M | −$4.4M | −$2.4M | −$2.7M | −$2.9M | −$3.1M | −$2.4M | −$1.5M | −$2.3M | −$4.7M | −$3.6M | −$3.2M |
| Interest expense | $6.1M | — | $0 | $0 | $10.6M | — | $5.6M | $0 | $5.6M | — | $3.5M | $0 |
| Income before taxes | −$4.8M | −$4.3M | −$2.4M | $468,000 | −$12.5M | −$3.0M | −$1.5M | $2.4M | −$7.7M | −$4.3M | −$5.5M | −$3.4M |
| Income taxes | — | — | −$1,000 | −$1,000 | $4,000 | $1,000 | $1,000 | $4,000 | $2,000 | $2,000 | $2,000 | $2,000 |
| Net income | −$4.8M | −$4.3M | −$2.4M | $468,000 | −$12.6M | −$3.0M | −$1.5M | $2.4M | −$7.7M | −$4.3M | −$5.5M | −$3.4M |
| EBITDA | −$1.5M | −$4.3M | −$2.3M | $672,000 | −$1.9M | −$2.9M | −$2.2M | $2.4M | −$2.0M | −$4.3M | −$2.6M | −$3.3M |
| EPS (diluted) | −$26.64 | −$73.15 | −$1.50 | $19.60 | −$2134.65 | −$1014.30 | −$0.44 | $2557.81 | −$27709.56 | −$0.60 | −$115248.35 | −$93124.78 |
| Gross margin | 76.1% | 70.1% | 68.2% | 65.2% | 55.5% | 56.0% | 64.8% | 70.0% | 67.2% | 64.1% | 54.4% | 57.3% |
| Operating margin | −160.9% | −181.6% | −100.8% | −121.7% | −168.5% | −160.7% | −102.8% | −64.7% | −105.7% | −255.7% | −140.8% | −131.2% |
| Net margin | −245.2% | −180.5% | −99.9% | 21.1% | −727.7% | −158.3% | −63.2% | 99.6% | −352.1% | −233.2% | −216.0% | −139.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in NUWE's financial statements (latest annual report filed March 11, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
NUWE financial results
In fiscal year 2025 (ended December 31, 2025), Nuwellis reported revenue of $8.3 million, down 5.4% from the year before. It had a net loss of $17.5 million, a net profit margin of −211.9%. Diluted earnings per share came to −$3130.85. Over five years revenue grew at an average rate of 2.1% a year.
See the NUWE stock overview for the latest quote and news, or the NUWE chart for price history and technical indicators.
NUWE income statement FAQ
What is Nuwellis's annual revenue?
Nuwellis reported total revenue of $8.3 million for fiscal year 2025, which ended on December 31, 2025. That was down 5.4% from $8.7 million the previous year.
Is Nuwellis profitable?
No. Nuwellis reported a net loss of $17.5 million in fiscal 2025, a net profit margin of −211.9%; its operating margin was −134.3%.
What is Nuwellis's gross margin?
Nuwellis's gross margin was 62.0% in fiscal 2025: for every $100 of revenue, Nuwellis kept $62 after the direct cost of its products and services.
How much does Nuwellis spend on research and development?
Nuwellis spent $2.7 million on research and development in fiscal 2025, 32.8% of revenue.
How fast is Nuwellis growing?
Revenue grew 2.1% a year on average over the last five fiscal years, from $7.4 million to $8.3 million.
What are Nuwellis's earnings per share?
Nuwellis earned $-3130.85 per diluted share in fiscal 2025, compared with $-25152.79 a year earlier.
When will Nuwellis report its next earnings?
Nuwellis is expected to report results for the quarter ending September 30, 2026 on November 11, 2026 before the market opens.
When does Nuwellis's fiscal year end?
Nuwellis's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 11, 2026.