SNWV earnings analysis
What we found in SNWV's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Q1 2026 Revenue Growth
- Sanuwave's revenue for Q1 2026 increased by 3% to $9.6 million from $9.3 million in Q1 2025.
- Reduced Net Loss
- The net loss in Q1 2026 was $1.4 million, significantly lower than $6.1 million in Q1 2025.
- 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.
- Decrease in Interest Expense
- Interest expense dropped to $546,000 in Q1 2026 compared to $1.9 million in Q1 2025.
- Segment Revenue from UltraMIST
- UltraMIST® generated 100% of total revenue in Q1 2026, up from 99% in the prior year.
- Growth in Disposable Sales
- Sales quantity of UltraMIST® disposables increased by 22% year-over-year, driving some revenue growth.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- High Operating Expenses
- Operating expenses rose to $8.3 million in Q1 2026, compared to $6.8 million in Q1 2025, primarily in marketing.
- Material Weakness in Internal Controls
- The company continues to identify material weaknesses in internal controls over financial reporting as of March 31, 2026.
- Dependence on UltraMIST Sales
- Revenue heavily relies on UltraMIST sales, with potential risks in pricing and market demand.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.03
- Gross margin
- 77%
- Segment
- UltraMIST
What they said about what is next.
Management did not provide specific quantitative forward guidance in this filing.
The filing reads about the same as the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
Read the next one first.
We read every filing SNWV makes the day it lands, and put it next to what the options market did about it. Members get both, and an alert when a filing arrives.
Cancel anytime · Month to month · Switch tiers whenever