Sanuwave Health (SNWV) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue reached $9.3 million, up 61% year-over-year, marking the highest Q1 revenue in company history, driven by UltraMIST system and consumables sales.

• 98 UltraMIST systems were placed, a 128% increase from Q1 2024, with 1,145 systems in the field at quarter-end.

• Net loss increased to $5.7 million from $4.5 million, mainly due to non-cash changes in derivative liabilities.

• Operating income was $1.0 million, a $2.0 million improvement over the prior year.

• Company expanded sales and clinical teams, increased inventory, and remains optimistic for 2025.

Financial highlights

• Gross margin improved to 79% from 72.6% year-over-year, driven by reduced production costs and strategic pricing.

• Adjusted EBITDA was $2.3 million, up from negative $59,000 in Q1 2024.

• Operating expenses increased to $6.4 million, including $295,000 in Nasdaq listing fees and $1 million in stock-based compensation.

• Cash and cash equivalents stood at $8.5 million at quarter end.

• General and administrative expenses rose 22% to $4.5 million, mainly due to stock-based compensation.

Outlook and guidance

• Q2 2025 revenue guidance is $10.0–$10.7 million, a 40–50% increase over Q2 2024.

• Full-year 2025 revenue guidance is $48–$50 million, representing 47–53% year-over-year growth.

• Management is seeking to refinance senior secured debt maturing in September 2025.