NUWE earnings analysis
What we found in NUWE's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Q2 revenue was $1.969 million and diluted EPS was $(26.64); revenue was modestly below both the prior quarter and prior-year quarter, while the EPS loss improved substantially from $(76.65) and $(2,134.65), respectively. The filing provides no gross margin, operating margin, free cash flow, segment, or quantitative guidance data. The investment profile remains highly risky because disclosure controls were ineffective due to 2 material weaknesses, stockholders’ equity was below Nasdaq’s requirement at quarter-end, and significant warrant dilution and delisting risks remain.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue remained below $2 million
- Q2 revenue was $1.969 million, below approximately $2 million in both 2026 Q1 and 2025 Q2, indicating modest sequential and year-over-year contraction.
- EPS loss improved year over year
- Reported diluted EPS was $(26.64), an improvement from $(76.65) in 2026 Q1 and $(2,134.65) in 2025 Q2, although the quarter still reflected a substantial loss.
- Pro forma equity restored above threshold
- Following warrant reclassifications and exercises, management reported pro forma stockholders’ equity of $4.392 million as of June 30, 2026.
- Financing activity provided capital support
- The June 8 offering included 54,381 common shares, pre-funded warrants for 517,047 shares, Series C Warrants for up to 1,714,286 shares, and Series D Warrants for up to 571,437 shares, supporting near-term financing capacity.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Material weaknesses remain unresolved
- Management concluded disclosure controls were not effective as of June 30, 2026, based on 2 material weaknesses in financial reporting controls, and expects additional analyses, reconciliations, and remediation.
- Nasdaq compliance remains uncertain
- The company stated that stockholders’ equity as of June 30, 2026 was below Nasdaq’s Stockholders’ Equity Requirement; pro forma equity was $4.392 million, and there is no assurance the Nasdaq Hearings Panel will accept the company’s conclusion.
- Substantial warrant dilution exposure
- The June financing included warrants exercisable for up to 1,714,286 Series C shares and 571,437 Series D shares, creating substantial potential dilution; the Series C exercise price reset to $2.72 per share after the 1-for-35 reverse split.
- Potential accelerated delisting risk
- Nasdaq’s adopted rule would require a minimum market value of listed securities of $5 million and could accelerate delisting proceedings after 30 consecutive trading days below that threshold, although the rule was temporarily stayed on July 29, 2026.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-26.64
What they said about what is next.
No quantitative revenue or EPS guidance was provided in the filing; outlook was not disclosed.
The filing reads worse than the one before it.
What came before.
- 10-Q · May 15, 2026
- Nuwellis, Inc. reported Q1 2026 results with a significant revenue increase of 26.2% year-over-year, achieving $2.4 million, primarily driven by a 633% surge in console sales. Despite this revenue growth, the company…
- 10-K · March 11, 2026
- The 2025 Form 10-K positions Nuwellis as a single-product medical device company commercializing the Aquadex System and targeting pediatrics, critical care and heart failure. The filing discloses commercial traction…
- 10-Q · November 12, 2025
- Nuwellis reported Q3 2025 net sales of $2,217,000 (vs $2,367,000 in Q3 2024) and GAAP EPS of $0.56. Revenue was down modestly year-over-year while operating losses widened to $2,697,000; the quarter benefited from a…
- 10-Q · May 13, 2025
- Nuwellis reported Q1 net sales of $1,904 (as reported in thousands) vs $1,857 in Q1 2024, a small revenue increase while gross profit declined to $1,067 from $1,191. Operating expense reductions drove improved operating…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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