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…
Earnings analysis · 10-Q
NUWE earnings analysis
Filed August 13, 2026 · Our reading of the company's report
The latest report
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),…
Read full summary
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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-26.64
What stood out
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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.
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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.
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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.
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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.
What to watch
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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.
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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.
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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.
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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.
Management's outlook
No quantitative revenue or EPS guidance was provided in the filing; outlook was not disclosed.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.