Nuwellis (NUWE) Q4 2025 earnings summary

Executive summary

• 2025 was a year of structural change, with deliberate repositioning, operational strengthening, and a focus on the cardiorenal continuum and pediatric programs.

• Transitioned manufacturing to KDI Precision Manufacturing for long-term reliability and improved margins.

• Exited underperforming international markets, especially the EU, to concentrate on geographies with predictable demand.

• Acquired Rendiatech to enhance ICU offerings, particularly in renal output measurement and analyte detection.

• Ended the year with $1.2 million in cash and no debt, maintaining operational continuity through $7 million in new financing.

Financial highlights

• Q4 2025 revenue was $2.4 million, up 4% year-over-year and 9% sequentially.

• Full-year 2025 revenue was $8.3 million, a 5% decrease from 2024.

• Q4 gross margin expanded to 68.2% from 58.4% in the prior year quarter; full-year gross margin was 62%.

• Net loss for the year was $17.5 million, including $6.4 million in non-cash warrant expense and $0.3 million in executive severance.

• Q4 operating expenses were $4.1 million, up from $3.7 million year-over-year.

Outlook and guidance

• 2026 priorities include gross margin consistency, disciplined expense management, and capital efficiency.

• Focus on deeper penetration in cardiorenal populations, relaunch of the Clarity product mid-year, and integrating the Rendiatech acquisition.

• Continued development of the Vivian pediatric solution, supported by NIH funding.

• Management anticipates new momentum from portfolio expansion, new CFO appointment, and strengthened capital position.