Sanuwave Health (SNWV) Q4 2025 earnings summary

Executive summary

• Achieved record Q4 2025 revenue of $13.4M, up 30% year-over-year, and full-year revenue of $44.1M, up 35% from 2024.

• Adjusted EBITDA for Q4 2025 was $4.8M, up from $3.7M in Q4 2024; full-year Adjusted EBITDA rose to $13.6M.

• Sold 624 UltraMIST systems in 2025, with 255 in Q4, the highest quarterly total ever.

• Net income for Q4 2025 was $7.7M, reversing a net loss of $13.3M in Q4 2024, primarily due to changes in derivative liabilities.

• Company is capitalizing on new opportunities by expanding reseller partnerships and targeting emerging customer segments.

Financial highlights

• Q4 2025 gross margin was 74.7%, down 320 bps year-over-year due to a $486K inventory write-off; adjusted gross margin was 78.3%.

• Q4 2025 operating income was $2M; adjusted operating income (excluding one-time items) was $3M.

• Q4 2025 net income was $7.7M, compared to a net loss of $13.3M in Q4 2024, driven by a $5.9M non-cash gain from derivative liabilities.

• Cash and equivalents at year-end 2025 were $12M; total current assets were $24.6M.

• Q4 2025 EPS: $1.38 basic, $0.41 diluted (vs. $(7.41) in 2024).

Outlook and guidance

• Q1 2026 revenue guidance is $9.6M–$10.3M, up 3%–10% year-over-year.

• Full-year 2026 revenue guidance is $51.0M–$55.0M, a 16%–25% increase over 2025.

• Management expects stronger performance in the second half of 2026 as industry disruption stabilizes.