Sanuwave (NASDAQ: SNWV) Q1 2026 revenue rises as operating loss returns
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Sanuwave Health reported Q1 2026 results showing modest growth but weaker profitability. Revenue for the quarter ended March 31, 2026 was $9.6 million, up 3.1% from $9.3 million a year earlier and the highest first-quarter revenue in the company’s history. Ultramist® products generated 100% of revenue, with consumables revenue rising 15.0% to $6.7 million.
Gross margin remained strong at 77.3%, slightly below 79.0% last year, mainly due to lower wholesale pricing to resellers. Operating results deteriorated, with a GAAP operating loss of $1.1 million compared to operating income of $0.6 million in Q1 2025, driven by higher selling, marketing, and R&D expenses. Net loss was $1.4 million versus $6.1 million, largely because the prior-year period included a $4.9 million non-cash loss on derivative liabilities.
On a non-GAAP basis, Adjusted EBITDA was $1.1 million, down from $2.3 million in the prior-year quarter. The company ended the quarter with $10.8 million in cash and cash equivalents and stockholders’ equity of $1.8 million. Management forecasts Q2 2026 revenue of $11.1–$11.6 million, a 10–15% increase from Q2 2025, and reiterates full-year 2026 revenue guidance of $51.0–$55.0 million, implying 16–25% growth over 2025.
Positive
- None.
Negative
- None.
Insights
Q1 shows modest growth, margin pressure, and ambitious revenue guidance.
Sanuwave delivered Q1 2026 revenue of $9.6M, up 3.1% year over year, with Ultramist® consumables up 15% to $6.7M. Gross margin stayed high at 77.3%, but mix-shift to lower-priced reseller channels compressed margins slightly.
Operating performance weakened: the company swung to a GAAP operating loss of $1.1M from $0.6M income as selling, marketing, and R&D expenses increased. However, net loss narrowed to $1.4M from $6.1M because last year included a $4.9M non-cash derivative loss, which did not recur.
Management guides Q2 2026 revenue to $11.1–$11.6M and full-year 2026 to $51–$55M, implying 10–15% and 16–25% growth versus 2025, respectively. Actual results will depend on Ultramist utilization trends, reseller channel economics, and expense discipline in upcoming quarters ending on June 30, 2026 and December 31, 2026.
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Q1 2026 Revenue: $9.6 million
Q1 2026 Gross Margin: 77.3%
Q1 2026 Operating Result: $1.1 million operating loss
+5 more
8 metrics
Q1 2026 Revenue
$9.6 million
Three months ended March 31, 2026; up 3.1% YoY
Q1 2026 Gross Margin
77.3%
Versus 79.0% in Q1 2025
Q1 2026 Operating Result
$1.1 million operating loss
Versus $0.6 million operating income in Q1 2025
Q1 2026 Net Loss
$1.4 million
Versus $6.1 million net loss in Q1 2025
Q1 2026 Adjusted EBITDA
$1.1 million
Non-GAAP; versus $2.3 million in Q1 2025
Q2 2026 Revenue Guidance
$11.1–$11.6 million
Forecast 10–15% increase from Q2 2025
Full-Year 2026 Revenue Guidance
$51.0–$55.0 million
Forecast 16–25% increase over full-year 2025
Cash and Cash Equivalents
$10.8 million
Balance as of March 31, 2026
Key Terms
Adjusted EBITDA, gross margin, non-GAAP financial measures, secured term loan, +2 more
6 terms
Adjusted EBITDA financial
"Adjusted EBITDA [1] for the three months ended March 31, 2026, was $1.1 million"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
gross margin financial
"Q1 2026 gross margin was 77.3%, versus 79.0% in Q1 2025."
Gross margin is the difference between how much money a company makes from selling its products and how much it costs to produce them, expressed as a percentage of sales. It shows how efficiently a company is turning sales into profit before other expenses like marketing or salaries. Higher gross margin means the company keeps more money from each sale, which is a good sign of financial health.
non-GAAP financial measures financial
"This press release includes certain financial measures that are not presented... considered "non-GAAP financial measures""
Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.
secured term loan financial
"Current portion of secured term loan | $ 5,585"
A secured term loan is a bank or investor loan with a set repayment schedule and interest, backed by specific company assets that the lender can claim if payments stop—think of it like a mortgage on a business asset. It matters to investors because it sits higher in the company’s payment order than equity, reducing lender risk but adding fixed cash obligations that affect free cash flow, leverage and the likelihood of losses for shareholders if the company struggles.
Right of use assets financial
"Right of use assets, net | 991"
A right-of-use asset is the value recorded on a company’s balance sheet that represents its contracted right to use a rented item—like office space, equipment, or vehicles—for a set period. Investors care because recognizing these assets (and the matching lease obligations) changes reported assets, debt levels, profitability metrics and cash-flow presentation, similar to how switching from short-term renting to showing a long-term commitment would alter a household’s financial snapshot.
change in fair value of derivative liabilities financial
"Net loss... primarily driven by the $4.9 million non-cash loss on the change in fair value of derivative liabilities"
Earnings Snapshot
Revenue: $9.6 million · Guidance included
Q1 2026
Revenue
$9.6 million
+3.1% YoY
Gross Margin
77.3%
-1.7 percentage points YoY
Net Loss
$1.4 million
improved from $6.1 million loss YoY
Adjusted EBITDA
$1.1 million
down from $2.3 million YoY
Guidance
Q2 2026 revenue $11.1–$11.6 million (10–15% YoY); full-year 2026 revenue $51.0–$55.0 million (16–25% above 2025).
1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934
| Date of Report (Date of earliest event reported) | |||||
| (Exact name of registrant as specified in its charter) | ||
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
| (Address of principal executive offices) | (Zip Code) | ||||||||||
| Registrant’s telephone number, including area code | ||||||||
| N/A | ||
| (Former name or former address, if changed since last report) | ||
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
| Common stock, par value $0.001 per share | SNWV | The Nasdaq Stock Market LLC | ||||||
Indicate by check mark whether the registration is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.
Emerging growth company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Item 2.02 Results of Operations and Financial Condition.
On May 12, 2026, Sanuwave Health, Inc., a Nevada corporation (the “Company”), issued a press release announcing its financial results for the first quarter ended March 31, 2026. As previously announced, a business update via conference call will occur on May 13, 2026 at 8:30 am EST. Materials are provided on the Company’s website at www.sanuwave.com/investors.
The information in this Item 2.02 of this Current Report on Form 8-K and the exhibit attached hereto shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d)Exhibits.
Exhibit No. | Description | |||||||
99.1 | Press Release dated | |||||||
| 104 | Cover Page Interactive Data File--the cover page XBRL tags are embedded within the Inline XBRL document. | |||||||
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| SANUWAVE HEALTH, INC. | ||||||||
Dated: | By: | /s/ Peter Sorensen | ||||||
| Name: | Peter Sorensen | |||||||
| Title: | Chief Financial Officer | |||||||
3
Exhibit 99.1
Sanuwave Announces Revenues and Financial Results for Q1 FY2026
Q1 2026 revenues were $9.6 million, up 3.1% from $9.3 million in Q1 2025. This represents the highest Q1 quarterly revenues in Company history.
Q1 2026 gross margin was 77.3%, versus 79.0% in Q1 2025.
GAAP Operating Loss was $1.1 million for Q1 2026, a swing of $1.7 million from operating income of $0.6 million in Q1 2025.
Company provides guidance for revenue growth of 10-15% for Q2 2026 as compared to Q2 2025
EDEN PRAIRIE, MN, May 12, 2026 (GLOBE NEWSWIRE) -- Sanuwave Health, Inc. (the "Company" or "Sanuwave”) (NASDAQ: SNWV), a leading provider of next-generation FDA-approved wound care products, is pleased to provide its financial results for the three months ended March 31, 2026.
Q1 2026 ended March 31, 2026
•Revenue for the three months ended March 31, 2026, totaled $9.6 million, an increase of 3.1%, as compared to $9.3 million for the same period of 2025. This growth is consistent with guidance of 3-10% year on year for the quarter.
•97 Ultramist® systems were sold in Q1 2026 down from 98 in Q1 2025, and down from 255 in Q4 2025.
•Ultramist® consumables revenue increased by 15.0% to $6.7 million in Q1 2026, versus $5.8 million for the same quarter last year and increased 3% sequentially vs Q4 2025.
•Ultramist® revenue represented 100% of Sanuwave’s overall revenues in Q1 2026.
•Gross margin as a percentage of revenue amounted to 77.3% for the three months ended March 31, 2026, versus 79.0% for the same period last year. This decrease in gross margin as a percentage of revenue was largely driven by a decrease in pricing on our Ultramist® systems and applicators resulting from wholesale pricing for sales to resellers.
•For the three months ended March 31, 2026, operating loss totaled $1.1 million, a $1.7 million swing from operating income of $0.6 million in Q1 2025.
•Net loss for the first quarter of 2026 was $1.4 million compared to a net loss of $6.1 million in the first quarter of 2025, which was primarily driven by the $4.9 million non-cash loss on the change in fair value of derivative liabilities recognized in the prior year period.
•Adjusted EBITDA [1] for the three months ended March 31, 2026, was $1.1 million versus Adjusted EBITDA of $2.3 million for the same period last year.
“The seemingly ubiquitous question in advanced wound care during Q1 was ‘When is the turn coming and when will the recovery start?’” said CEO Morgan Frank. “Speaking for Sanuwave, the recovery appears to have begun in February and to have continued thereafter. Q1 started with a sort of “shock pause” as many seemed surprised that the changes in
reimbursement for skin subs had actually taken effect, and this seems to have contributed to a very slow first month of the year which, in turn, had a large effect on the overall quarter. The market appeared somewhat frozen. But, at least from our standpoint, we see the ice starting to break up and the quarter got better each month. Q1 applicator sales were up 3% sequentially from Q4 and 15% year over year (again, suppressed by a very slow January) and very nearly eclipsed the all-time applicator revenue figure from Q3 2025. Unit volumes on consumables for Q1 2026 set a new all-time record by a significant margin which we take to be a good sign with regard to utilization recovering. This was driven by both new placements of systems and by activity picking back up at existing users. Revenues lagged unit growth as a function of lower pricing resulting from more of our applicators sales running through resellers and therefore being priced at wholesale. We’re continuing to hire salespeople and to expand our reseller network. All in all, we exited the quarter with increasing optimism and a robust pipeline and we expect to see 2026 continue to get better from here.”
Financial Outlook
The Company forecasts Q2 2026 revenue of $11.1 to $11.6 million (10-15% increase from Q2 2025) and reiterates full year 2026 revenue guidance of $51.0-55.0 million (16-25% increase as compared to full year 2025 revenue).
As previously announced, a business update will occur via conference call on May 13, 2026 at 8:30 a.m. EST. Materials for the conference call are included on the Company’s website at http://www.sanuwave.com/investors.
Telephone access to the call will be available by dialing the following numbers:
Toll Free:1-833-316-1983
Toll/International: 1-785-838-9310
Conference ID: SANUWAVE
OR click the link below to access the live webcast.
https://viavid.webcasts.com/starthere.jsp?ei=1762392&tp_key=537d7338d6
A replay will be made available through May 27, 2026:
Toll-Free: 1-844-512-2921
Toll/International: 1-412-317-6671
Replay Access ID: 11161765
[1] This is a non-GAAP financial measure. Refer to “Non-GAAP Financial Measures” and the reconciliations in this release for further information.
About Sanuwave
Sanuwave Health is focused on the research, development, and commercialization of its patented, non-invasive and biological response-activating medical systems for the repair and regeneration of skin, musculoskeletal tissue, and vascular structures.
Sanuwave's end-to-end wound care portfolio of regenerative medicine products and product candidates helps restore the body’s normal healing processes. Sanuwave applies and researches its patented energy transfer technologies in wound healing, orthopedic/spine, aesthetic/cosmetic, and cardiac/endovascular conditions.
Non-GAAP Financial Measures
This press release includes certain financial measures that are not presented in our financial statements prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). These financial measures are considered "non-GAAP financial measures" and are intended to supplement, and should not be considered as superior to, or a replacement for, financial measures presented in accordance with U.S. GAAP.
The Company uses Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”) and Adjusted EBITDA to assess its operating performance. Adjusted EBITDA is Earnings before Interest, Taxes, Depreciation and Amortization adjusted for the change in fair value of derivatives and any significant non-cash or infrequent charges. Adjusted Gross Margin Percentage is gross margin percentage adjusted for inventory write-off. Adjusted Operating Income is operating income adjusted for inventory write-off, sales tax expense and release of historical accrual. EBITDA, Adjusted EBITDA, Adjusted Gross Margin Percentage and Adjusted Operating Income should not be considered as alternatives to net income (loss), gross margin percentage or operating income, as applicable, as a measure of financial performance or any other performance measure derived in accordance with U.S. GAAP, and they should not be construed as an inference that the Company’s future results will be unaffected by unusual or infrequent items. These non-GAAP financial measures are presented in a consistent manner for each period, unless otherwise disclosed. The Company uses these measures for the purpose of evaluating its historical and prospective financial performance, as well as its performance relative to competitors. These measures also help the Company to make operational and strategic decisions. The Company believes that providing this information to investors, in addition to U.S. GAAP measures, allows them to see the Company’s results through the eyes of management, and to better understand its historical and future financial performance. These non-GAAP financial measures are also frequently used by analysts, investors, and other interested parties to evaluate companies in our industry, when considered alongside other U.S. GAAP measures.
EBITDA, Adjusted EBITDA, Adjusted Gross Margin Percentage and Adjusted Operating Income have their limitations as analytical tools, and you should not consider them in isolation or as a substitute for analysis of the Company’s results as reported under U.S. GAAP. For example, some of these limitations are that EBITDA and Adjusted EBITDA:
•Do not reflect every expenditure, future requirements for capital expenditures or contractual commitments.
•Do not reflect all changes in our working capital needs.
•Do not reflect interest expense, or the amount necessary to service our outstanding debt.
As presented in the U.S. GAAP to Non-GAAP Reconciliations section below, the Company’s non-GAAP financial measures exclude the impact of certain charges that contribute to our net income (loss), gross margin percentage and operating income, as applicable.
Forward-Looking Statements
This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to future financial results, production expectations, plans for future business development activities and expectations regarding the impact of changes in reimbursement levels and tariff rates. Forward-looking statements include all statements that are not statements of historical fact regarding intent, belief or current expectations of the Company, its directors or its officers. Investors are cautioned that any such forward-looking
statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company’s ability to control. Actual results may differ materially from those projected in the forward-looking statements. Among the key risks, assumptions and factors that may affect operating results, performance and financial condition are risks associated with regulatory oversight, the Company’s ability to manage its capital resources, competition and the other factors discussed in detail in the Company’s periodic filings with the Securities and Exchange Commission. The Company undertakes no obligation to update any forward-looking statement.
Contact: investors@sanuwave.com
SELECTED FINANCIAL DATA
FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025
| (in thousands) | 2026 | 2025 | |||||||||||||||
| Revenue | $ | 9,619 | $ | 9,333 | |||||||||||||
| Cost of Revenues | 2,188 | 1,958 | |||||||||||||||
| Gross Margin | 7,431 | 7,375 | |||||||||||||||
| Gross Margin % | 77.3 | % | 79.0 | % | |||||||||||||
| Total Operating Expenses | 8,555 | 6,774 | |||||||||||||||
| Operating (Loss) Income | $ | (1,124) | $ | 601 | |||||||||||||
| Total Other Expense, net | (315) | (6,719) | |||||||||||||||
| Net Loss | $ | (1,439) | $ | (6,118) | |||||||||||||
NON-GAAP ADJUSTED EBITDA
| Three Months Ended March 31, | |||||||||||
| (in thousands) | 2026 | 2025 (As Restated) | |||||||||
| Net Loss | $ | (1,439) | $ | (6,118) | |||||||
| Non-GAAP Adjustments: | |||||||||||
| Interest expense | 546 | 1,909 | |||||||||
Depreciation and amortization 1 | 294 | 209 | |||||||||
| EBITDA | (599) | (4,000) | |||||||||
| Non-GAAP Adjustments for Adjusted EBITDA: | |||||||||||
| Change in fair value of derivative liabilities | - | 4,901 | |||||||||
| Other non-cash or infrequent charges: | |||||||||||
| Stock-based compensation | 1,472 | 975 | |||||||||
State & local sales tax 2 | 339 | 376 | |||||||||
| Sale of excess inventory | (220) | - | |||||||||
| Shares issued for services | 97 | - | |||||||||
| Adjusted EBITDA | $ | 1,089 | $ | 2,252 | |||||||
1 Depreciation and amortization excludes depreciation of right-of-use (ROU) leases. Prior period amounts have been retroactively revised to conform to this presentation. This change had no effect on previously reported GAAP results.
2 The charges represent a non-recurring state and local sales tax expense related to the restatement of prior period financial statements.
CONDENSED CONSOLIDATED BALANCE SHEETS
| (In thousands, except share data) | March 31, 2026 | December 31, 2025 | |||||||||
| ASSETS | |||||||||||
| Current Assets: | |||||||||||
| Cash and cash equivalents | $ | 10,779 | $ | 11,959 | |||||||
Accounts receivable, net of allowance of $1,305 and $1,265, respectively | 6,000 | 5,422 | |||||||||
| Inventory | 5,903 | 5,934 | |||||||||
| Prepaid expenses and other current assets | 1,274 | 1,312 | |||||||||
| Total Current Assets | 23,956 | 24,627 | |||||||||
| Non-Current Assets: | |||||||||||
| Property and equipment, net | 1,913 | 1,972 | |||||||||
| Right of use assets, net | 991 | 390 | |||||||||
| Intangible assets, net | 2,919 | 3,026 | |||||||||
| Goodwill | 7,260 | 7,260 | |||||||||
| Secured revolving credit facility debt issuance costs, net | 58 | 68 | |||||||||
| Total Non-Current Assets | 13,141 | 12,716 | |||||||||
| Total Assets | $ | 37,097 | $ | 37,343 | |||||||
| LIABILITIES | |||||||||||
| Current Liabilities: | |||||||||||
| Current portion of secured term loan | $ | 5,585 | $ | 5,638 | |||||||
| Accounts payable | 3,320 | 3,251 | |||||||||
| Accrued expenses | 8,584 | 8,382 | |||||||||
| Current portion of operating lease liabilities | 300 | 157 | |||||||||
| Current portion of contract liabilities | 487 | 388 | |||||||||
| Accrued interest | 23 | 24 | |||||||||
| Other | 5 | 7 | |||||||||
| Total Current Liabilities | 18,304 | 17,847 | |||||||||
| Non-Current Liabilities: | |||||||||||
| Secured term loan, net of current portion and debt issuance costs | 14,330 | 15,667 | |||||||||
Secured revolving credit facility | 655 | 655 | |||||||||
| Operating lease liabilities, less current portion | 1,294 | 854 | |||||||||
| Contract liabilities, less current portion | 676 | 701 | |||||||||
| Total Non-Current Liabilities | 16,955 | 17,877 | |||||||||
| Total Liabilities | $ | 35,259 | $ | 35,724 | |||||||
| STOCKHOLDERS’ EQUITY | |||||||||||
Preferred Stock, par value $0.001, 5,000,000 shares authorized; 6,175 shares Series A, 293 shares Series B, 90 shares Series C and 8 shares Series D designated, respectively; no shares issued and outstanding at March 31, 2026 and December 31, 2025 | $ | - | $ | - | |||||||
Common stock, par value $0.001, 2,500,000,000 shares authorized; 8,594,209 and 8,588,876 issued and outstanding at March 31, 2026 and December 31, 2025, respectively | 9 | 9 | |||||||||
| Additional paid-in capital | 245,943 | 244,285 | |||||||||
| Accumulated deficit | (244,124) | (242,685) | |||||||||
| Accumulated other comprehensive loss | 10 | 10 | |||||||||
| Total Stockholders’ Equity | 1,838 | 1,619 | |||||||||
| Total Liabilities and Stockholders’ Equity | $ | 37,097 | $ | 37,343 | |||||||
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
| (In thousands, except share data) | Three Months Ended March 31, | ||||||||||
| 2026 | 2025 (As Restated) | ||||||||||
| Revenue | $ | 9,619 | $ | 9,333 | |||||||
| Cost of Revenues | 2,188 | 1,958 | |||||||||
| Gross Margin | 7,431 | 7,375 | |||||||||
| Operating Expenses: | |||||||||||
| General and administrative | 5,250 | 4,843 | |||||||||
| Selling and marketing | 2,399 | 1,531 | |||||||||
| Research and development | 660 | 208 | |||||||||
| Depreciation and amortization | 246 | 192 | |||||||||
| Total Operating Expenses | 8,555 | 6,774 | |||||||||
| Operating (Loss) Income | (1,124) | 601 | |||||||||
| Other (Expense) Income: | |||||||||||
| Interest expense | (546) | (1,909) | |||||||||
| Change in fair value of derivative liabilities | - | (4,901) | |||||||||
| Other expense | (60) | (1) | |||||||||
Other income | 291 | 92 | |||||||||
| Total Other Expense, net | (315) | (6,719) | |||||||||
| Net Loss | (1,439) | (6,118) | |||||||||
| Other Comprehensive Loss | |||||||||||
| Foreign currency translation adjustments | - | - | |||||||||
| Total Comprehensive Loss | $ | (1,439) | $ | (6,118) | |||||||
| Loss per Share: | |||||||||||
| Basic and Diluted | $ | (0.17) | $ | (0.72) | |||||||
| Weighted average shares outstanding | |||||||||||
| Basic and Diluted | 8,591,098 | 8,547,675 | |||||||||
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)
(In thousands, except share data)
| Three Months Ended March 31, 2026 | ||||||||||||||||||||||||||||||||||||||
| Common Stock | ||||||||||||||||||||||||||||||||||||||
| Number of Shares Issued and Outstanding | Par Value | Additional Paid- in Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss | Total | |||||||||||||||||||||||||||||||||
| Balances as of December 31, 2025 | 8,588,876 | $ | 9 | $ | 244,285 | $ | (242,685) | $ | 10 | $ | 1,619 | |||||||||||||||||||||||||||
| Stock-based compensation | - | - | 1,439 | - | - | 1,439 | ||||||||||||||||||||||||||||||||
| Stock options exercised | 1,333 | - | 19 | - | - | 19 | ||||||||||||||||||||||||||||||||
| Shares issued for services rendered | 4,000 | - | 97 | - | - | 97 | ||||||||||||||||||||||||||||||||
| Shares granted in lieu of board of director fees | - | - | 103 | - | - | 103 | ||||||||||||||||||||||||||||||||
Net loss | - | - | - | (1,439) | - | (1,439) | ||||||||||||||||||||||||||||||||
| Balances as of March 31, 2026 | 8,594,209 | $ | 9 | $ | 245,943 | $ | (244,124) | $ | 10 | $ | 1,838 | |||||||||||||||||||||||||||
| Three Months Ended March 31, 2025 | ||||||||||||||||||||||||||||||||||||||
| Common Stock | ||||||||||||||||||||||||||||||||||||||
| Number of Shares Issued and Outstanding | Par Value | Additional Paid- in Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss | Total | |||||||||||||||||||||||||||||||||
| Balance as of December 31, 2024 (As Restated) | 8,543,686 | $ | 9 | $ | 238,685 | $ | (254,499) | $ | 10 | $ | (15,795) | |||||||||||||||||||||||||||
| Stock-based compensation | 4,787 | - | 1,101 | - | - | 1,101 | ||||||||||||||||||||||||||||||||
| Net loss (As Restated) | - | - | - | (6,118) | - | (6,118) | ||||||||||||||||||||||||||||||||
| Balances as of March 31, 2025 (As Restated) | 8,548,473 | $ | 9 | $ | 239,786 | $ | (260,617) | $ | 10 | $ | (20,812) | |||||||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Three Months Ended March 31, | |||||||||||
| (in thousands) | 2026 | 2025 (As Restated) | |||||||||
| Operating Activities | |||||||||||
| Net loss | $ | (1,439) | $ | (6,118) | |||||||
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities | |||||||||||
| Stock-based compensation | 1,611 | 975 | |||||||||
| Depreciation and amortization | 294 | 209 | |||||||||
| Amortization of right-of-use leases | 18 | 65 | |||||||||
| Provision for credit losses | 40 | 33 | |||||||||
| Shares issued for services | 97 | - | |||||||||
| Change in fair value of derivative liabilities | - | 4,901 | |||||||||
| Amortization of debt issuance and debt discounts | 57 | 530 | |||||||||
| Write-off of inventory | 69 | - | |||||||||
| Loss on disposal of assets | 6 | - | |||||||||
| Changes in operating assets and liabilities | |||||||||||
| Accounts receivable | (617) | (570) | |||||||||
| Inventory | (39) | (1,308) | |||||||||
| Prepaid expenses and other assets | 78 | (325) | |||||||||
| Accounts payable | 54 | 423 | |||||||||
| Accrued expenses and contract liabilities | 205 | (332) | |||||||||
| Operating leases | (37) | - | |||||||||
| Net Cash Provided by (Used in) Operating Activities | 397 | (1,517) | |||||||||
| Investing Activities | |||||||||||
Purchase of property and equipment | (23) | (162) | |||||||||
| Deposits on property and equipment | (66) | - | |||||||||
| Investment in software development | (69) | - | |||||||||
| Net Cash Used in Investing Activities | (158) | (162) | |||||||||
| Financing Activities | |||||||||||
| Proceeds from exercises of stock options | 19 | - | |||||||||
| Repayment of principal secured term loan | (1,438) | - | |||||||||
| Payments of principal on finance leases | - | (57) | |||||||||
| Net Cash Used in Financing Activities | (1,419) | (57) | |||||||||
| Effect of Exchange Rates on Cash and Cash Equivalents | - | - | |||||||||
| Net Change in Cash and Cash Equivalents During Period | (1,180) | (1,736) | |||||||||
Cash and Cash Equivalents at Beginning of Period | 11,959 | 10,237 | |||||||||
Cash and Cash Equivalents at End of Period | $ | 10,779 | $ | 8,501 | |||||||
| Supplemental Information: | |||||||||||
| Cash paid for interest | $ | 401 | $ | 1,118 | |||||||
| Non-cash Investing and Financing Activities: | |||||||||||
| Right-of-use assets obtained in exchange for lease liabilities | $ | 619 | $ | 430 | |||||||
| Shares granted in lieu of board of director fees | 103 | - | |||||||||
| Stock options granted in lieu of cash bonus | 69 | 117 | |||||||||
| Shares issued in exchange for services | 97 | - | |||||||||
| Purchases of property and equipment in accounts payable | 16 | - | |||||||||
| Capitalize interest into senior secured debt | - | 202 | |||||||||
FAQ
How did Sanuwave (SNWV) perform financially in Q1 2026?
Sanuwave reported Q1 2026 revenue of $9.6 million, up 3.1% from $9.3 million in Q1 2025. Gross margin was strong at 77.3%, but higher operating expenses led to a net loss of $1.4 million, compared with a $6.1 million loss a year earlier.
What drove Sanuwave (SNWV) revenue growth in Q1 2026?
Q1 2026 revenue growth to $9.6 million was driven entirely by Ultramist® products. Ultramist consumables revenue rose 15.0% to $6.7 million, while Ultramist revenue represented 100% of total revenue, reflecting higher utilization even as system unit sales were roughly flat year over year.
Why did Sanuwave (SNWV) swing to an operating loss in Q1 2026?
Sanuwave recorded a Q1 2026 GAAP operating loss of $1.1 million versus operating income of $0.6 million in Q1 2025. The shift was mainly due to higher general and administrative, selling and marketing, and research and development expenses, which outpaced modest revenue growth and steady gross margins.
How did Sanuwave’s (SNWV) net loss change compared to Q1 2025?
The Q1 2026 net loss was $1.4 million, significantly improved from a $6.1 million net loss in Q1 2025. The prior-year period included a $4.9 million non-cash loss from the change in fair value of derivative liabilities, which did not recur in 2026.
What is Sanuwave’s (SNWV) revenue guidance for Q2 and full-year 2026?
Sanuwave forecasts Q2 2026 revenue of $11.1–$11.6 million, implying 10–15% growth over Q2 2025. For full-year 2026, the company reiterates revenue guidance of $51.0–$55.0 million, targeting 16–25% growth compared with full-year 2025 revenue.
What is Sanuwave’s (SNWV) Adjusted EBITDA for Q1 2026?
Adjusted EBITDA for Q1 2026 was $1.1 million, down from $2.3 million in Q1 2025. This non-GAAP metric adjusts EBITDA for non-cash items such as stock-based compensation and prior-period derivative fair value changes to better reflect underlying operating performance.
What does Sanuwave’s (SNWV) balance sheet look like after Q1 2026?
As of March 31, 2026, Sanuwave held $10.8 million in cash and cash equivalents and total assets of $37.1 million. Total liabilities were $35.3 million, including secured term loan balances, leaving stockholders’ equity of $1.8 million on the balance sheet.