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Sanuwave Health cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow$91K in Q2 2026 · $4.2M over twelve months

Operating cash flow$425K
Capital spending−$334K
Free cash flow+$91K
Cash conversion cycle180 days

Analysis

In Q2 2026, Sanuwave Health generated $425K of operating cash flow and spent $334K on capital projects, leaving free cash flow of $91K. That is $257K more than in Q2 2025 (−$166K).

Over the twelve months to Jun 30, 2026, operating cash flow was $5.2M; the largest uses were other financing ($4.5M), net borrowing (+) / repaid (−) ($4.4M), capital spending ($978K); besides operations, cash came from other investing ($5.1M), shares issued ($380K); the cash balance rose by $880K.

Operating cash flow was $425K against net income of −$682K. The largest differences: stock-based pay +$1.5M, inventory −$1.2M, depreciation & amortization +$313K.

Its cash conversion cycle was 180 days (receivables 55 + inventory 255 − payables 130).

Free cash flow

Sanuwave Health: free cash flow by quarterSanuwave Health: free cash flow by quarter$1.2MQ3 2024$505KQ4 2024−$1.7MQ1 2025−$166KQ2 2025$556KQ3 2025$3.2MQ4 2025$374KQ1 2026$91KQ2 2026
Operating cash flow less capital spending.
Sanuwave Health: operating cash flow against capital spendingSanuwave Health: operating cash flow against capital spendingOperating cash flowCapital spending$1.3M$48KQ3 2024$741K$236KQ4 2024−$1.5M$162KQ1 2025$993K$1.2MQ2 2025$1.1M$525KQ3 2025$3.3M$96KQ4 2025$397K$23KQ1 2026$425K$334KQ2 2026
Latest (Q2 2026): Operating cash flow $425K, Capital spending $334K.

Capital allocation, year by year

Sanuwave Health: where the cash came from (up) and went (down), by fiscal yearSanuwave Health: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingFY2021: Operating cash flow −$6.4MFY2021: Net borrowing $423KFY2021: Capital spending −$529K$423KFY2021FY2022: Operating cash flow −$17.2MFY2022: Net borrowing $16.9M$16.9MFY2022FY2023: Operating cash flow −$4.5MFY2023: Net borrowing −$170KFY2023: Asset sales $21K$21KFY2023FY2024: Operating cash flow $2.5MFY2024: Net borrowing −$3.5MFY2024: Shares issued $10.3MFY2024: Capital spending −$490K$12.8MFY2024FY2025: Operating cash flow $3.9MFY2025: Net borrowing −$6.2MFY2025: Shares issued $556KFY2025: Capital spending −$1.9M$4.4MFY2025
Over these 5 years operating cash flow totalled −$21.8M; the largest uses were operating cash flow ($28.1M) and net borrowing ($9.9M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$9.4M
Debt$20.5M
Net debt$11.1M
Due within a year$5.8M

Sanuwave Health funds itself: free cash flow was $4.2M over the last twelve months, and $9.4M of cash and investments stands against $20.5M of debt ($5.8M due within a year, 1.6× covered by cash).

Sanuwave Health: debt maturities by year (FY2025)Sanuwave Health: debt maturities by year (FY2025)$5.8MYear 1$6.4MYear 2$5.8MYear 3$4.3MYear 4
Principal due in each year as disclosed in the annual report, against $9.4M of cash and investments now.

Where the cash came from and went

Sanuwave Health: sources (+) and uses (−) of cash, Q2 2026Sanuwave Health: sources (+) and uses (−) of cash, Q2 2026Net borrowing (+) / repaid (−)−$1.4MCash drawn (+) / kept (−)$1.4MOperating cash flow$425KCapital spending−$334KOther investing−$114KShares issued$58KNot reconciled−$1K
Sanuwave Health: sources (+) and uses (−) of cash, TTM to Q2 2026Sanuwave Health: sources (+) and uses (−) of cash, TTM to Q2 2026Operating cash flow$5.2MOther investing$5.1MOther financing−$4.5MNet borrowing (+) / repaid (−)−$4.4MCapital spending−$978KCash drawn (+) / kept (−)−$880KShares issued$380KNot reconciled−$1K

From profit to cash

Sanuwave Health: net income to operating cash flow, Q2 2026Sanuwave Health: net income to operating cash flow, Q2 2026Net income−$682KDepreciation & amortization$313KStock-based pay$1.5MGains on disposals$12KReceivables−$140KInventory−$1.2MPayables−$187KAccrued liabilities$165KPrepaid and other assets$307KOperating cash flow$425K
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 202655255130180
Q1 202653243135162
Q4 20253417398109
Q3 202535232146121
Q2 202535234168101
Q1 20253522118174
Q4 20242715315822
Q3 202429124161-8

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026$425K−$334K−$1.4M$58K$1.4M$91K
Q1 2026$397K−$23K−$1.4M$19K$1.2M$374K
Q4 2025$3.3M−$96K—$197K−$2.4M$3.2M
Q3 2025$1.1M−$525K−$27.7M$106K−$1.1M$556K
Q2 2025$993K−$1.2M−$92K$253K$5K−$166K
Q1 2025−$1.5M−$162K−$57K—$1.7M−$1.7M
Q4 2024$741K−$236K−$1.4M—−$7.0M$505K
Q3 2024$1.3M−$48K−$53K—−$799K$1.2M

Sanuwave Health: income statement and cash flow

Sanuwave Health, Q2 2026: revenue $9.7M (-3% year over year), operating margin -2.9%. The chart follows the revenue to costs, profit and cash.

Sanuwave Health: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.