Nuwellis exhibits a consistent cash burn, evidenced by a negative free cash flow margin of -130.8% in 2026Q1 and a persistent disconnect where operating cash outflows frequently exceed net income.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Jun'11 | Jun'09 | Jun'08 | Jun'07 | Jun'06 | Jun'05 | Jun'04 |
|---|
| Cash from Operations | -11.39M | -10.81M | -9.59M | -17.94M | -15.15M | -17.84M | -16.57M | -16.37M | -14.56M | -11.92M | -16.29M | -22.99M | -22.64M | -17.36M | -13.08M | -13.09M | -6.18M | -6.25M | -8.76M | -8.48M | -4.7M | -4.84M | -1.24M |
| Operating CF Margin % | - | -130.71% | -109.74% | -202.36% | -177.33% | -225.26% | -222.71% | -296.99% | -291.32% | -335.49% | -1263.93% | -38964.41% | -7675.93% | -29427.12% | - | - | -1543.89% | -5773.23% | -2074.69% | -310.41% | -374.97% | -1268.78% | -5289.47% |
| Operating CF Growth % | -127.68% | -12.71% | 46.53% | -18.4% | 15.1% | -7.67% | -1.25% | -12.41% | -22.15% | 26.84% | 29.13% | -1.52% | -30.42% | -32.71% | 0.05% | -111.94% | 1.22% | 28.59% | -3.26% | -80.46% | 2.99% | -290.82% | - |
| Net Income | -18.84M | -17.52M | -11.16M | -20.21M | -14.53M | -19.55M | -15.84M | -18.11M | -17.03M | -13.38M | -15.79M | -26.58M | -25.59M | -21.76M | -14.06M | -16.2M | -5.55M | -6.52M | -9.32M | -9.79M | -5.22M | -3.82M | -1.01M |
| Depreciation & Amortization | 382K | 417K | 310K | 362K | 372K | 488K | 376K | 239K | 232K | 769K | 697K | 325K | 277K | 185K | 138K | 50K | 51.17K | 56.26K | 74.89K | 54.51K | 34.36K | 28.49K | 23.48K |
| Stock-Based Compensation | 85K | 127K | 478K | 670K | 862K | 1.31M | 1.35M | 1.51M | 2.09M | 499K | 949K | 2.15M | 2.68M | 2.95M | 1.25M | 939K | 485.72K | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.05M | 0 | 0 | -318K | 0 | -2.68M | -2.95M | -1.19M | -50K | 0 | -51.85K | 35.2K | 11.14K | -243.82K | 0 | 0 |
| Other Non-Cash Items | 6.99M | 6.42M | 1.09M | 2.66M | -2.46M | 13K | -1.16M | 2.05M | 2.32M | 2.54M | 187K | 263K | 2.68M | 3.19M | 1.53M | 50K | 39.08K | 56.26K | 4.44K | 54.51K | 217.14K | 0 | 0 |
| Working Capital Changes | 6K | -253K | -305K | -1.42M | 598K | -104K | -1.3M | -4K | 153K | -2.35M | -2.02M | 852K | -12K | 1.02M | -747K | 2.12M | -701.22K | 67.39K | 130.86K | 916.44K | 297.03K | -1.06M | -249.5K |
| Change in Receivables | -19K | 234K | 224K | -545K | -656K | 155K | -106K | -13K | -241K | -263K | -282K | 59K | 0 | -59K | 0 | 258K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 23K | -192K | 279K | 697K | 140K | -143K | -1.42M | -343K | -70K | -911K | -677K | -181K | 0 | -1.1M | 0 | -2.03M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 1.15M | 406K | 0 | -1.5M | 0 | 0 | 115K | 334K | 545K | -1.18M | -934K | 1.07M | -7K | 1.1M | -760K | 2.03M | 94.71K | 0 | -35.2K | -224.01K | 33.09K | 0 | 140.59K |
| Cash from Investing | -374K | -90K | -60K | 330K | 14.73M | -15.72M | -267K | -490K | -198K | -259K | -4.12M | -199K | -351K | -293K | -158K | -451K | -4.34K | -6.91K | -8.5K | -147.79K | -90.09K | -77.97K | -9.55K |
| Capital Expenditures | -210K | -90K | -60K | -149K | -122K | -219K | -298K | -490K | -198K | -259K | -117K | -199K | -351K | -293K | -158K | -451K | -4.34K | -6.91K | -8.5K | -147.79K | -90.09K | -77.97K | -9.55K |
| CapEx % of Revenue | 2.39% | 1.09% | 0.69% | 1.68% | 1.43% | 2.76% | 4% | 8.89% | 3.96% | 7.29% | 9.08% | 337.29% | 118.98% | 496.61% | - | - | 1.09% | 6.38% | 2.01% | 5.41% | 7.19% | 20.42% | 40.75% |
| Acquisitions | -164K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | -99K | 0 | 0 | 31K | 0 | 0 | 0 | -4.95M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 11.34M | 6.94M | 10.96M | 3.68M | 9.42M | 27.87M | 30.02M | 12.66M | 4.65M | 26.45M | -1.36M | 15.05M | 89K | 57.57M | 20.84M | 7.63M | 7.86M | 0 | 10.73M | 11.4M | 2.28M | 9.92M | 964.88K |
| Debt Issued (Net) | 0 | 0 | 0 | -28K | -26K | -26K | -20K | 0 | 0 | 0 | -8M | 8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 11.33M | 6.94M | 8.43M | 3.59M | 9.45M | 27.9M | 25.92M | 12.66M | 4.65M | 24.46M | 6.64M | 0 | 89K | 57.57M | 20.84M | 7.63M | 14.37M | 8.14M | 0 | 10.95M | 11.4M | 2.45M | 11.44M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -216.25K | 0 | -311.05K | 0 | 0 |
| Other Financing | 2K | 0 | 2.53M | 120K | 0 | 1K | 4.12M | 0 | 0 | 1.99M | 0 | 7.05M | 0 | 0 | 0 | 0 | -1.3M | -280.57K | 0 | -216.25K | 0 | -168.81K | -1.52M |
| Net Change in Cash | -369K | -3.9M | 1.29M | -13.94M | 8.99M | -5.7M | 13.16M | -4.2M | -10.12M | 14.27M | -21.79M | -8.18M | -22.84M | 39.91M | 7.66M | -5.79M | 1.64M | -6.26M | 1.97M | 2.7M | -2.48M | 4.99M | -287.44K |
| Free Cash Flow | -11.51M | -10.9M | -9.65M | -18.18M | -15.27M | -18.06M | -16.87M | -16.86M | -14.76M | -12.18M | -16.41M | -23.19M | -23M | -17.66M | -13.24M | -13.54M | -6.18M | -6.26M | -8.76M | -8.63M | -4.79M | -4.92M | -1.25M |
| FCF Margin % | -131.21% | -131.8% | -110.42% | -205.16% | -178.75% | -228.03% | -226.72% | -305.88% | -295.28% | -342.78% | -1273% | -39301.69% | -7794.92% | -29923.73% | - | - | -1544.97% | -5779.61% | -2076.7% | -315.82% | -382.16% | -1289.2% | -5330.22% |
| FCF Growth % | -23.77% | -12.94% | 46.93% | -19.08% | 15.45% | -7.07% | -0.08% | -14.22% | -21.18% | 25.78% | 29.23% | -0.84% | -30.25% | -33.34% | 2.21% | -119.08% | 1.26% | 28.58% | -1.59% | -80.16% | 2.7% | -294.07% | - |
| FCF per Share | -194.08 | -55.28 | -254.50 | -11340.31 | -107520.62 | -323030.15 | -756017.93 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 |
| FCF Conversion (FCF/Net Income) | 0.61x | 0.62x | 0.86x | 0.89x | 1.04x | 0.91x | 1.05x | 0.90x | 0.85x | 0.89x | 1.03x | 0.86x | 0.88x | 0.80x | 0.93x | 0.81x | 1.11x | 0.96x | 0.94x | 0.87x | 0.90x | 1.27x | 1.22x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 840K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 7K | 12K | 9K | 11K | 10K | 4K | 2K | 6K | 47K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity shortfall
According to historical cash flow statements, Nuwellis consistently reports operating cash outflows that bear little correlation to net income, as evidenced by the 2025Q3 period where the company recorded a net profit of $0.47M while simultaneously burning $3.1M in cash from core operations.
The wide divergence between net income and operating cash flow suggests that reported earnings are heavily influenced by non-cash items or accounting adjustments rather than actual cash generation. Investors should monitor this gap closely, as it indicates that the company's operational model remains fundamentally unable to convert its reported revenue into sustainable liquidity.
As reported in financial filings, Nuwellis has maintained a negative free cash flow trajectory for ten consecutive quarters, with margins consistently hovering between -65% and -155%, underscoring the company's inability to achieve self-sustaining operations despite its specialized medical device product portfolio.
The persistent negative free cash flow margin suggests that the company is trapped in a cycle of high cash burn to support its sales infrastructure. This trend appears to be worsening relative to the company's limited cash reserves, which warrants significant concern regarding the firm's long-term viability without external capital injections.
Based on the provided data, Nuwellis exhibits erratic working capital fluctuations, with changes ranging from a $1.8M inflow in 2024Q1 to a $1.1M outflow in 2024Q3, suggesting that the company lacks a stable mechanism for managing its inventory and accounts receivable cycles.
These swings in working capital appear to be a primary driver of the company's unpredictable cash flow profile. The lack of consistency in these movements may indicate challenges in aligning inventory procurement with actual hospital demand, further complicating the company's efforts to reach a cash-flow break-even point.
Data from recent SEC filings suggests that Nuwellis's cash flow statement obscures the true extent of its operational distress, as the company relies on minimal capital expenditure to mask the underlying cash burn required to maintain its direct sales force and administrative overhead.
The low levels of reported capital expenditure may suggest that the company is under-investing in its own infrastructure or relying on consignment models that defer cash recognition. This strategy appears to prioritize short-term survival over the necessary investment required to scale the Aquadex system effectively in a competitive market.
Quick answers to the most common questions about buying NUWE stock.
Nuwellis, Inc. (NUWE) generated $-10.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Nuwellis, Inc. (NUWE) reported negative free cash flow of $10.9M in 2025, indicating capital requirements exceeded cash from operations.
Nuwellis, Inc. (NUWE) spent $0.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.