SofWave Medical (SOFW) Q4 2025 earnings summary

Executive summary

• Achieved record revenue growth in Q4 2025 ($28.9M, up 58% YoY) and FY 2025 ($87.6M, up 47% YoY), with IFRS profitability and strong expansion in utilization and recurring revenue streams.

• IFRS net income was $4.1M in Q4 and $5.5M for FY 2025, reversing prior year losses and reflecting improved operational efficiency.

• Over 770,000 treatments performed globally and installed base grew to approximately 2,700 systems sold in more than 50 countries.

Financial highlights

• Q4 2025 recurring/usage fee revenue was $13.2M (+83% YoY), representing 43%–46% of total revenue; full-year recurring revenue was $37.7M (+62% YoY).

• IFRS gross margin was 75.6% in Q4 and 75.3% for FY 2025; Q4 gross profit was $21.9M, full-year gross profit $66.0M.

• Cash and equivalents at year-end totaled $35.3M, with $8.5M–$8.7M cash generated in Q4.

• All operating expenses decreased as a percentage of revenue year-over-year.

Outlook and guidance

• Positioned for continued global growth and profitability, supported by scalable infrastructure, expanding commercial footprint, and ongoing innovation in new product launches and body treatments.

• Management anticipates ongoing demand from new patient segments, especially those using GLP-1 weight loss medications, and a strategic focus on muscle strengthening and regenerative solutions.