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Nuwellis cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$3.2M in Q2 2026 · −$12.6M over twelve months

Operating cash flow−$3.2M
Capital spending−$9K
Free cash flow−$3.2M
Cash conversion cycle-103 days

Analysis

In Q2 2026, Nuwellis generated −$3.2M of operating cash flow and spent $9K on capital projects, leaving free cash flow of −$3.2M. That is $1.1M less than in Q2 2025 (−$2.1M).

Over the twelve months to Jun 30, 2026, operating cash flow was −$12.5M; the largest uses were operating cash flow ($12.5M), other investing ($254K), capital spending ($125K); besides operations, cash came from other financing ($9.4M), shares issued ($3.0M); the cash balance fell by $422K.

Operating cash flow was −$3.2M against net income of −$4.8M. The largest differences: payables +$348K, prepaid and other assets −$285K, depreciation & amortization +$37K.

Its cash conversion cycle was -103 days (receivables 72 + inventory 340 − payables 514): suppliers fund its working capital.

Free cash flow

Nuwellis: free cash flow by quarterNuwellis: free cash flow by quarter−$2.5MQ3 2024−$1.5MQ4 2024−$2.5MQ1 2025−$2.1MQ2 2025−$3.2MQ3 2025−$3.0MQ4 2025−$3.1MQ1 2026−$3.2MQ2 2026
Operating cash flow less capital spending.
Nuwellis: operating cash flow against capital spendingNuwellis: operating cash flow against capital spendingOperating cash flowCapital spending−$2.5M−$16KQ3 2024−$1.5M$23KQ4 2024−$2.5M$0Q1 2025−$2.1M$4KQ2 2025−$3.1M$98KQ3 2025−$3.0M−$12KQ4 2025−$3.1M$30KQ1 2026−$3.2M$9KQ2 2026
Latest (Q2 2026): Operating cash flow −$3.2M, Capital spending $9K.

Capital allocation, year by year

Nuwellis: where the cash came from (up) and went (down), by fiscal yearNuwellis: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingFY2021: Operating cash flow −$17.8MFY2021: Net borrowing −$26KFY2021: Shares issued $27.9MFY2021: Capital spending −$219K$27.9MFY2021FY2022: Operating cash flow −$15.1MFY2022: Net borrowing −$26KFY2022: Shares issued $9.4MFY2022: Capital spending −$122K$9.4MFY2022FY2023: Operating cash flow −$17.9MFY2023: Net borrowing −$28KFY2023: Shares issued $2.1MFY2023: Capital spending −$149K$2.1MFY2023FY2024: Operating cash flow −$9.6MFY2024: Shares issued $2.4MFY2024: Capital spending −$60K$2.4MFY2024FY2025: Operating cash flow −$10.8MFY2025: Shares issued $4.0MFY2025: Capital spending −$90K$4.0MFY2025
Over these 5 years operating cash flow totalled −$71.3M; the largest uses were operating cash flow ($71.3M) and capital spending ($640K). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$3.9M
Debtnone
Net cash$3.9M
Cash runway4 months

Nuwellis is burning cash: its operations consume cash, a free cash flow of −$12.6M a year at the current rate against $3.9M of cash and investments: a runway of about 4 months before any new financing.

Where the cash came from and went

Nuwellis: sources (+) and uses (−) of cash, Q2 2026Nuwellis: sources (+) and uses (−) of cash, Q2 2026Other financing$5.0MOperating cash flow−$3.2MCash drawn (+) / kept (−)−$1.8MCapital spending−$9K
Nuwellis: sources (+) and uses (−) of cash, TTM to Q2 2026Nuwellis: sources (+) and uses (−) of cash, TTM to Q2 2026Operating cash flow−$12.5MOther financing$9.4MShares issued$3.0MCash drawn (+) / kept (−)$422KOther investing−$254KCapital spending−$125KExchange rates$62K

From profit to cash

Nuwellis: net income to operating cash flow, Q2 2026Nuwellis: net income to operating cash flow, Q2 2026Net income−$4.8MDepreciation & amortization$37KStock-based pay$22KReceivables$14KInventory$37KPayables$348KPrepaid and other assets−$285KOperating cash flow−$3.2M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 202672340514-103
Q1 202657231291-3
Q4 2025502452922
Q3 202548251338-39
Q2 20257222428115
Q1 20257718718183
Q4 20246017016566
Q3 202450248314-16

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsShares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026−$3.2M−$9K——−$1.8M−$3.2M
Q1 2026−$3.1M−$30K−$164K$4.4M−$999K−$3.1M
Q4 2025−$3.0M$12K——$1.9M−$3.0M
Q3 2025−$3.1M−$98K——$1.4M−$3.2M
Q2 2025−$2.1M−$4K—$4.0M−$1.9M−$2.1M
Q1 2025−$2.5M———$2.5M−$2.5M
Q4 2024−$1.5M−$23K——−$3.2M−$1.5M
Q3 2024−$2.5M$16K——−$884K−$2.5M

Nuwellis: income statement and cash flow

Nuwellis, Q2 2026: revenue $2.0M (+14% year over year), operating margin -160.9%. The chart follows the revenue to costs, profit and cash.

Nuwellis: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.