Exhibit 99.1

Nuwellis, Inc. Announces Fourth Quarter and Full Year 2025 Financial Results

MINNEAPOLIS – March 10, 2026 –Nuwellis, Inc. (Nasdaq: NUWE), a medical technology company committed to delivering solutions for patients with cardiorenal conditions, today reported financial results for the fourth quarter and full year ended December 31, 2025.

Fourth Quarter and Recent Highlights:


 •
Fourth quarter revenue of $2.4 million, a 4% increase compared to the prior-year quarter and 9% increase sequentially.

•
208% increase in U.S. console sales in Q4 versus prior year quarter.

•
Heart Failure revenue increased 48% and Pediatrics increased 16% year-over-year in Q4.

•
Gross margin of 68.2% in Q4, compared to 58.4% in the prior-year quarter.

•
Closed a $5.0 million private placement and warrant inducement transaction in January 2026, strengthening the Company’s capital position.

•
Appointed Carisa Schultz as Chief Financial Officer, effective February 2, 2026.

•
Executed a definitive stock purchase agreement to acquire Rendiatech, expanding the Company’s cardiorenal portfolio.

“2025 was a year of structural change and strategic re-focus for Nuwellis,” said John Erb, Chief Executive Officer of Nuwellis. “While full year revenue declined compared to 2024, fourth quarter results reflected stronger utilization trends and meaningful gross margin expansion. Throughout the year, we prioritized operational discipline, refined our commercial focus around the cardiorenal continuum, and strengthened the underlying foundation of the business.”

“Additionally, we are entering 2026 with new momentum,” Mr. Erb added, “including the execution of our agreement to acquire Rendiatech and the pending expansion of our portfolio, the appointment of a new Chief Financial Officer, and additional capital to support operations. As we look ahead, we remain focused on integrating the Rendiatech acquisition, progressing development of Vivian, our novel pediatric solution supported by NIH grant funding, and driving more consistent commercial execution and deeper utilization within targeted accounts.”

Fourth Quarter 2025 Financial Results

Revenue for the fourth quarter of 2025 was $2.4 million, a 4% increase compared to the prior-year quarter and a 9% increase sequentially. The year-over-year increase was attributable to a 208% increase in U.S. console sales (8 units vs. 3), an 11% circuit average selling price increase, and a non-recurring 59% increase in international sales, reflecting customer last-time buys. Growth in Heart Failure and Pediatrics was partially offset by lower Critical Care revenue compared to the prior-year quarter.

Gross margin for the fourth quarter of 2025 was 68.2%, compared to 58.4% in the prior-year quarter. The gross margin improvement reflects improved pricing and product mix, partially offset by unfavorable manufacturing variances.

Operating expenses for the fourth quarter of 2025 were approximately $4.1 million, compared to approximately $3.7 million in the prior-year quarter.

Operating loss for the fourth quarter of 2025 was approximately $2.4 million, flat with the prior-year quarter.

Net loss attributable to common shareholders for the fourth quarter of 2025 was approximately $2.4 million.

Full Year 2025 Financial Results

Revenue for the full year ended December 31, 2025, was $8.3 million, a 5% decrease compared to the prior year. Heart Failure revenue increased 8% year-over-year, and Pediatrics increased 14%, while Critical Care declined 19%.

Gross margin as a percent of revenue for the full year was 62.0%, compared to 64.9% in the prior year.

Operating expenses for the full year were $16.2 million, $0.4 million lower than the prior year.

Net loss attributable to common shareholders for the full year was $17.5 million, which includes a $6.4 million non-cash warrant valuation expense and approximately $0.3 million in executive severance expense.

On December 31, 2025, the Company had no debt and cash, cash and restricted cash equivalents of approximately $1.2 million.

Webcast and Conference Call Information

The Company will host a conference call and webcast at 9:00 AM ET today to discuss its financial results and provide an update on the Company’s performance.

To access the live webcast, please visit the Investors page of the Nuwellis website at https://ir.nuwellis.com.

Alternatively, you may access the live conference call by dialing 1-800-343-4885 (U.S.) or 1-203-518-9851 (international) and using the conference ID: NUWEQ4. An audio archive of the webcast will be available following the call on the Investors page.

For more information, visit www.nuwellis.com.
 
About Nuwellis Nuwellis, Inc. (Nasdaq: NUWE) is a medical technology company advancing precision fluid management technologies across the cardiorenal continuum. The Company develops solutions designed to support patient care through monitoring, therapy, and data-informed clinical decision-making across acute and chronic care settings. Nuwellis’ portfolio includes commercially available and development-stage technologies addressing complex cardiorenal conditions, with a focus on safety, precision, and scalability across patient populations.
 
About the Aquadex SmartFlow® System The Aquadex SmartFlow system delivers clinically proven therapy using a simple, flexible and smart method of removing excess fluid from patients suffering from hypervolemia (fluid overload). The Aquadex SmartFlow system is indicated for temporary (up to 8 hours) or extended (longer than 8 hours in patients who require hospitalization) use in adult and pediatric patients weighing 20 kg or more whose fluid overload is unresponsive to medical management, including diuretics. All treatments must be administered by a health care provider, within an outpatient or inpatient clinical setting, under physician prescription, both having received training in extracorporeal therapies.
 
Forward-Looking Statements Certain statements in this release may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including without limitation, statements regarding the new market opportunities and anticipated growth in 2026 and beyond. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this release, including, without limitation, those risks associated with our ability to execute on our commercialization strategy, the possibility that we may be unable to raise sufficient funds necessary for our anticipated operations, our post-market clinical data collection activities, benefits of our products to patients, our expectations with respect to product development and commercialization efforts, our ability to increase market and physician acceptance of our products, potentially competitive product offerings, intellectual property protection, our ability to integrate acquired businesses, our expectations regarding anticipated synergies with and benefits from acquired businesses, and other risks and uncertainties described in our filings with the SEC. Forward-looking statements speak only as of the date when made. Nuwellis does not assume any obligation to publicly update or revise any forward-looking statements, whether due to new information, future events or otherwise.
 
For further information, please contact:
 
Investor Relations:
ir@nuwellis.com

Media Contact:
Leah McMullen
Director of Communications
Leah.mcmullen@nuwellis.com

NUWELLIS, INC. AND SUBSIDIARY
Condensed Consolidated Balance Sheets
(in thousands, except share and per share amounts)

   
December 31,
2025
    
December 31, 2024
  
ASSETS
            
Current assets
            
Cash and cash equivalents
  
$
1,085
    
$
5,095
  
Accounts receivable
    
1,493
      
1,727
  
Inventories, net
    
1,910
      
1,718
  
Other current assets
    
698
      
315
  
Total current assets
    
5,186
      
8,855
  
Property, plant and equipment, net
    
368
      
478
  
Operating lease right-of-use asset
    
293
      
510
  
Other assets
    
271
      
21
  
TOTAL ASSETS
  
$
6,118
    
$
9,864
  
                 
LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY
                
Current liabilities
                
Accounts payable and accrued liabilities
  
$
2,226
    
$
1,640
  
Accrued compensation
    
460
      
640
  
Current portion of operating lease liability
    
261
      
238
  
Other current liabilities
    
85
      
41
  
Total current liabilities
    
3,032
      
2,559
  
Warrant liabilities
    
389
      
468
  
Operating lease liability
    
67
      
307
  
Total liabilities
    
3,488
      
3,334
  
Commitments and contingencies
                
                 
Mezzanine Equity
Series J Convertible Preferred Stock as of December 31, 2025 and December 31, 2024, par value $0.0001 per share; authorized 600,000 shares, issued and outstanding 127 and 102, respectively
    
6
      
2
  
                 
Stockholders’ equity
                
Series A junior participating preferred stock as of December 31, 2025 and December 31, 2024, par value $0.0001 per share; authorized 30,000 shares, none outstanding
    
—
      
—
  
Series F convertible preferred stock as of December 31, 2025 and December 31, 2024, par value $0.0001 per share; authorized 18,000 shares, issued and outstanding 27 and 127 shares, respectively.
    
—
      
—
  
Series F-1 convertible preferred stock as of December 31, 2025 and December 31,2024, par value $0.0001 per share; authorized 100 shares, issued and outstanding 34 and 0 shares, respectively
    
—
      
—
  
Preferred stock as of December 31, 2025 and December 31, 2024, par value $0.0001 per share; authorized 39,352,000 shares, none outstanding
    
—
      
—
  
Common stock as of December 31, 2025 and December 31, 2024, par value $0.0001 per share; authorized 100,000,000 shares, issued and outstanding 1,686,217 and 104,142, respectively
    
—
      
—
  
Additional paid‑in capital
    
318,928
      
305,366
  
Accumulated other comprehensive income:
                
Foreign currency translation adjustment
    
8
      
(47
)
Accumulated deficit
    
(316,312
)
    
(298,791
)
Total stockholders’ equity
    
2,624
      
6,528
  
TOTAL LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY
  
$
6,118
    
$
9,864
  

NUWELLIS, INC. AND SUBSIDIARY
Condensed Consolidated Statements of Operations and Comprehensive Loss

(in thousands, except per share amounts and weighted average shares outstanding)

   
Three months ended
December 31
    
Twelve months ended
December 31
  
   
2025
    
2024
    
2025
    
2024
  
Net sales
  
$
2,424
    
$
2,322
    
$
8,270
    
$
8,740
  
Cost of goods sold
    
770
      
967
      
3,146
      
3,064
  
Gross profit
    
1,654
      
1,355
      
5,124
      
5,676
  
Operating expenses:
                                
Selling, general and administrative
    
3,213
      
2,911
      
13,518
      
13,455
  
Research and development
    
884
      
831
      
2,712
      
3,209
  
Total operating expenses
    
4,097
      
3,742
      
16,230
      
16,664
  
Loss from operations
     (2,443 )     (2,387 )    
(11,106
 )
    (10,988 )
Other income (expense), net
    
(11
)
    
7
      
10
      
(80
)
Gain on settlement
    
—
      
900
      
—
      
900
  
Financing expense
    
—
      
—
      
(10,553
)
    
(5,607
)
Change in fair value of warrant liabilities
    
32
      
13
      
4,133
      
4,615
  
Income (loss) before income taxes
     (2,422
)
     (1,467 )     (17,516 )
    
(11,160
 )
Income tax expense
     —       (1 )
    
(5
 )
    
(5
 )
Net income (loss)
   $
(2,422
 )   $ (1,468 )
   $ (17,521 )
   $ (11,165 )
Deemed dividend attributable to Series J Convertible Preferred Stock
    
1
      
—
      
4
      
541
  
Net income (loss) attributable to common shareholders
   $
 (2,421 )
   $
(1,468
 )
  $
(17,517
 )
  $
(10,624
 )
                                 
Basic and diluted income (loss) per share   $
(1.50
 )
   $
(18.30
 )   $
 (25.39 )
   $ (353.30 )
                                 
Weighted average shares outstanding – basic and diluted
    
1,614,214
      
80,015
      
690,145
      
31,601
  
                                 
Other comprehensive loss:
                                
Net income (loss)
   $
 (2,422 )
   $
(1,468
 )
  $
(17,521
 )
   $
(11,165
 )
Foreign currency translation adjustments
  
$
62
    
$
(1
)
  
$
55
)
  
$
(16
)
Total comprehensive income (loss)   $
(2,360
     $
(1,469
 )   $
(17,466
 )
   $
(11,181
 )

NUWELLIS, INC. AND SUBSIDIARY
 Condensed Consolidated Statements of Cash Flows
(in thousands)
   
Twelve months ended
December 31
  
   
2025
    
2024
  
Operating Activities:
            
Net loss
  
$
(17,521
)
  
$
(11,165
)
Adjustments to reconcile net loss to cash flows used in operating activities:
                
Depreciation and amortization
    
200
      
310
  
Stock-based compensation expense
    
127
      
478
  
Change in fair value of warrant liabilities
    
(4,133
)
    
(4,615
)
Loss on disposal of intangible asset
    
—
      
99
  
Financing expense
    
10,553
      
5,607
  
Amortization of operating lease right-of-use asset
    
217
      
—
  
Changes in operating assets and liabilities:
                
Accounts receivable
    
234
      
224
  
Inventory, net
    
(192
)
    
279
  
Other current assets
    
(528
)
    
(160
)
Other assets and liabilities
    
(173
)
    
(22
)
Accounts payable and accrued expenses
    
406
      
(626
)
Net cash used in operating activities
    
(10,810
)
    
(9,591
)
                 
Investing Activities:
                
Purchases of property and equipment
    
(90
)
    
(60
)
Net cash used in investing activities
    
(90
)
    
(60
)
                 
Financing Activities:
                
Issuance of common stock and warrants from offering, net
    
3,999
      
2,403
  
Issuance of common stock from ATM, net
    
2,941
      
—
  
Proceeds from the exercise of Series J Convertible Preferred Warrants
    
—
      
501
  
Proceeds from the exercise of April 2024 Warrants
    
—
      
2,246
  
Issuance of July and August 2024 Common Stock and Warrants
    
—
      
2,160
  
Proceeds from warrant inducement in November 2024, net
    
—
      
3,364
  
Proceeds from the exercise of warrants, net
    
—
      
288
  
Net cash provided by financing activities
    
6,940
      
10,962
  
                 
Effect of exchange rate changes on cash
    
55
      
(16
)
Net decrease in cash, cash equivalents and restricted cash
    
(3,905
)
    
1,295
  
Cash, cash equivalents and restricted cash - beginning of period
    
5,095
      
3,800
  
Cash, cash equivalents and restricted cash - end of period
  
$
1,190
    
$
5,095
  

Supplemental schedule of non-cash activities
Reclassification of April 2024 warrants to equity
  
$
—
    
$
4,217
  
Issuance of Series J Preferred Stock for exercise of Warrants
  
$
—
    
$
1,857
  
Series A warrants conversion to equity
  
$
8,440
    
$
—
  
Series B warrant exercises
  
$
2,055
    
$
—
  
Issuance of Common Stock for conversion of Series J Preferred Stock
  
$
—
    
$
1,535
  
Issuance of Common Stock for conversion of Series F-1 Preferred    Stock
  
$
1,100
    
$
—
  
Deemed dividend on Series J Preferred Stock
  
$
4
    
$
541
  

Supplemental cash flow information
Cash paid for income taxes
  
$
7
    
$
7