Sanuwave Health (SNWV) Q4 2025 earnings summary

Executive summary

• Achieved record quarterly and annual revenues in Q4 and full year 2025, with Q4 revenue up 29.7% year-over-year and full year revenue up 35.0% year-over-year.

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

• Adjusted EBITDA for Q4 2025 was $4.8 million, up from $3.7 million in Q4 2024; full year Adjusted EBITDA was $13.6 million, up from $7.2 million in 2024.

Financial highlights

• Q4 2025 revenue: $13.4 million (+29.7% YoY); full year 2025 revenue: $44.1 million (+35.0% YoY).

• Q4 2025 gross margin: 74.7% (down from 77.9% in Q4 2024); full year 2025 gross margin: 77.1% (up from 75.2% in 2024).

• Q4 2025 operating income: $2.0 million; full year 2025 operating income: $4.9 million (+$1.1 million YoY).

• Q4 2025 net income: $7.7 million (vs. net loss of $13.3 million in Q4 2024); full year 2025 net income: $11.8 million (vs. net loss of $33.1 million in 2024).

• Adjusted EBITDA for Q4 2025: $4.8 million (+$1.1 million YoY); full year: $13.6 million (+$6.5 million YoY).

Outlook and guidance

• Q1 2026 revenue guidance: $9.6–10.3 million (3–10% YoY growth).

• Full year 2026 revenue guidance: $51.0–55.0 million (16–25% YoY growth).