SofWave Medical (SOFW) Q3 2025 earnings summary

Executive summary

• Q3 sales were $21.074M, up 56% YoY; recurring pulse revenue reached $8.3M, up 55% YoY.

• Nine-month sales were $58.735M, up 42% YoY, with net income of $1.387M versus a $3.843M loss in 9M 2024.

• More than 667,000 pulse treatments have been administered since commercialization.

• Brand share of voice in the GLP-1 segment rose to 41% from 34% quarter-over-quarter; social engagement reached 8.6% in Q3.

Financial highlights

• Q3 gross profit was $15.529M versus $10.156M a year earlier; IFRS gross margin was 73.7%.

• Q3 IFRS net income was $982K versus a $1.330M loss in Q3 2024; IFRS operating income was $1.488M.

• Nine-month gross profit was $44.105M; gross margin was 75.1%, and IFRS operating income was $2.711M versus a $3.484M loss in 9M 2024.

• Cash and cash equivalents were $26.002M at September 30, 2025; operating cash flow was $2.485M in Q3 and $4.816M for 9M.

• Q3 non-IFRS operating income margin was ~9%; non-IFRS net income was $1.4M for 9M, versus a $2.1M loss in 9M 2024.

Outlook and guidance

• Management expects to achieve net profitability in 2025 and anticipates continued momentum from energy-based volumization demand and GLP-1 adoption.

• The estimated effect of the 15% U.S. tariff on goods imported from Israel is a ~1% reduction in 2025 gross profit.

• FDA safety communication on RF microneedling is viewed as an opportunity to position the technology as a safe, FDA-cleared alternative.