10-K · March 26, 2026
Sanuwave reported record 2025 revenue of $44.1 million, a 35% increase from $32.6 million in 2024, driven by UltraMIST systems and consumables which represented ~99% of 2025 revenues. The Company touts a growing…
Earnings analysis · 10-Q
SNWV earnings analysis
Filed May 12, 2026 · Our reading of the company's report
The latest report
Sanuwave Health, Inc. reported Q1 2026 revenues of $9.6 million, a modest 3% increase compared to $9.3 million in Q1 2025. The company achieved a significant reduction in net loss to $1.4 million from $6.1 million in…
Read full summary
Sanuwave Health, Inc. reported Q1 2026 revenues of $9.6 million, a modest 3% increase compared to $9.3 million in Q1 2025. The company achieved a significant reduction in net loss to $1.4 million from $6.1 million in the prior year, largely due to absence of prior non-cash losses related to derivative liabilities. Despite these improvements, they experienced an operating loss of $1.1 million, reflecting increased operational expenses, especially in sales and marketing.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.03
- Gross margin
- 77%
- Segment
- UltraMIST
What stood out
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Q1 2026 Revenue Growth
Sanuwave's revenue for Q1 2026 increased by 3% to $9.6 million from $9.3 million in Q1 2025.
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Reduced Net Loss
The net loss in Q1 2026 was $1.4 million, significantly lower than $6.1 million in Q1 2025.
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Improved Cash Flow from Operations
Operating cash flow improved to $397,000 in Q1 2026, up from a cash outflow of $1.5 million in the prior year.
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Decrease in Interest Expense
Interest expense dropped to $546,000 in Q1 2026 compared to $1.9 million in Q1 2025.
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Segment Revenue from UltraMIST
UltraMIST® generated 100% of total revenue in Q1 2026, up from 99% in the prior year.
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Growth in Disposable Sales
Sales quantity of UltraMIST® disposables increased by 22% year-over-year, driving some revenue growth.
What to watch
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High Operating Expenses
Operating expenses rose to $8.3 million in Q1 2026, compared to $6.8 million in Q1 2025, primarily in marketing.
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Material Weakness in Internal Controls
The company continues to identify material weaknesses in internal controls over financial reporting as of March 31, 2026.
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Dependence on UltraMIST Sales
Revenue heavily relies on UltraMIST sales, with potential risks in pricing and market demand.
Management's outlook
Management did not provide specific quantitative forward guidance in this filing.
Earlier filings 4
10-Q · November 6, 2025
SANUWAVE reported Q3 revenue of $11.451 million (up from $9.360 million YoY) and achieved GAAP net income of $10.325 million, producing diluted EPS of $0.46. Management executed a comprehensive debt refinancing in Q3…
10-Q · August 7, 2025
SANUWAVE reported quarterly revenue of $10.164 million (up $3.002 million or 41.9% YoY) and generated operating income of $1.877 million in Q2 2025. Gross margin expanded to 78.3%, but net income fell to $1.055 million…
10-K · March 20, 2025
SANUWAVE’s 10-K highlights material top-line recovery: total revenue was $32.6 million in 2024, a 60% increase from $20.4 million in 2023. The business is highly concentrated in its UltraMIST product (98% of 2024…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.