SofWave Medical (SOFW) Q1 2026 earnings summary

Executive summary

• Achieved first quarter revenue of $24.4M, representing 46% year-over-year growth.

• Recurring usage fee revenue reached $11.0M, up 56% year-over-year, now 45% of total revenue.

• IFRS and non-IFRS net income were $1.3M and $1.7M, respectively, compared to net losses in the prior year.

• Over 2,900 systems sold and more than 865,000 treatments administered since commercialization.

• Brand awareness continues to grow, with over 1.2M social media followers.

Financial highlights

• Gross profit for Q1 2026 was $18.3M, a 44% increase year-over-year.

• IFRS gross margin was 75.0%, slightly down from 76.3% in Q1 2025.

• IFRS operating income was $1.6M, compared to a loss of $1.0M in Q1 2025; non-IFRS operating income was $2.0M.

• Cash and cash equivalents stood at $35.1M as of March 31, 2026, with minimal cash used in the quarter.

Outlook and guidance

• Management expects continued strong momentum in system placements and utilization.

• Focus remains on maximizing efficiencies and increasing operating leverage as the business grows.

• Positioned to capitalize on global demand for non-invasive regenerative aesthetic solutions.