Filing Flows › Nuwellis (NUWE) › Q3 2025
Nuwellis (NUWE) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 12, 2025
Nuwellis (NUWE) reported revenue of $2.2M for the third quarter 2025 (Q3 2025), -6% from a year earlier and +29% from the quarter before. Operating margin was -121.7%, net earnings $468K (21.1% of revenue).
Nuwellis, Q3 2025: revenue $2.2M (-6% year over year), operating margin -121.7%, net earnings $468K, operating cash flow −$3.1M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.2M | +29% | -6% |
| Operating profit | −$2.7M | — | — |
| Net earnings | $468K | — | — |
| Operating cash flow | −$3.1M | — | — |
What changed
Revenue was $2.2M in Q3 2025, down 6% year over year and up 29% from the previous quarter.
Gross margin was 65.2%, down 4.8 points from a year earlier. Operating costs exceeded revenue by $2.7M, an operating margin of -121.7%. Operating expenses grew 30% against a revenue fall of 6%. The fastest-growing cost line was SG&A (+31%). Net earnings were $468K, down 80% year over year. The effective tax rate was 0.0%. Non-operating items added $3.2M, 676% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$3.1M. Non-cash charges added back $43K of depreciation and amortization and $19K of share-based compensation. Working capital and other items used $3.7M. Capital expenditures of $98K exceeded it, leaving free cash flow of −$3.2M.
Questions
What was Nuwellis' revenue in the third quarter 2025?
Nuwellis (NUWE) reported revenue of $2.2M for the third quarter 2025 (Q3 2025), -6% from a year earlier and +29% from the quarter before.
Was Nuwellis profitable in the third quarter 2025?
Operating loss was $2.7M (-121.7% of revenue) and net earnings $468K.
Source: Nuwellis 10-Q on SEC EDGAR.