Sanuwave Health (SNWV) Q3 2026 earnings summary

Executive summary

• Q3 revenue fell 24% YoY to $8.579M as Ultramist system sales weakened; applicator revenue grew 2% to $6.9M.

• Operating results shifted to a $1.072M loss from $0.903M income; net loss was $1.416M versus net income of $9.688M.

Financial highlights

• Q3 revenue was $8.579M versus $11.270M; nine-month revenue was $27.937M versus $30.657M.

• Q3 gross profit was $6.629M and gross margin 77.3%, versus $8.744M and 77.6%; nine-month margin was 76.9% versus 78.2%.

• Q3 operating loss was $1.072M versus operating income of $0.903M; nine-month operating loss was $2.476M versus income of $2.942M.

• Q3 net loss was $1.416M versus net income of $9.688M; nine-month net loss was $3.537M versus income of $4.121M.

• Q3 Adjusted EBITDA was $0.698M versus $3.216M; nine-month Adjusted EBITDA was $2.994M versus $8.722M.

Outlook and guidance

• Forecasts indicate resources for working capital, capital expenditures and debt service for at least 12 months, based on cash, operating cash flows and Revolver availability.

• Management expects covenant compliance over the next 12 months, contingent on forecast operating results and cash flows.

• Hospital and facility placements are a focus; sales cycles are lengthy, while management plans to engage CMS and the AMA RUC on potential 97610 code restructuring.