Filing Flows › Sanuwave Health (SNWV) › Q3 2025
Sanuwave Health (SNWV) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 6, 2025
Sanuwave Health (SNWV) reported revenue of $11.3M for the third quarter 2025 (Q3 2025), +20% from a year earlier and +12% from the quarter before. Operating margin was 13.0%, net earnings $10.3M (91.6% of revenue).
Sanuwave Health, Q3 2025: revenue $11.3M (+20% year over year), operating margin 13.0%, net earnings $10.3M, operating cash flow $1.1M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $11.3M | +12% | +20% |
| Gross profit | $8.7M | +11% | +24% |
| Operating profit | $1.5M | -22% | -25% |
| Net earnings | $10.3M | +879% | — |
| Operating cash flow | $1.1M | +9% | -16% |
| Free cash flow | $556K | — | -55% |
What changed
Revenue was $11.3M in Q3 2025, up 20% year over year and up 12% from the previous quarter. Consumables and parts revenue was the largest line at 62% of revenue. Consumables and parts revenue added $1.4M year over year (up 25%), 74% of the total change. License fees and other declined 50%.
Gross margin was 77.6%, up 2.1 points from a year earlier. Operating profit was $1.5M, a 13.0% margin (down 7.8 points year over year). Operating profit fell $486K even though revenue rose $1.9M versus a year earlier, so costs grew faster than sales. Operating expenses grew 42% against revenue growth of 20%. The fastest-growing cost line was Research & development (+114%). Net earnings were $10.3M. The effective tax rate was 0.0%. Non-operating items added $8.9M, 86% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $1.1M (down 16% year over year), 10% of net earnings. Non-cash charges added back $246K of depreciation and amortization and $1.4M of share-based compensation. Working capital and other items used $10.9M. Capital expenditures of $525K left free cash flow of $556K.
Questions
What was Sanuwave Health's revenue in the third quarter 2025?
Sanuwave Health (SNWV) reported revenue of $11.3M for the third quarter 2025 (Q3 2025), +20% from a year earlier and +12% from the quarter before.
Was Sanuwave Health profitable in the third quarter 2025?
Operating profit was $1.5M (13.0% of revenue) and net earnings $10.3M.
Source: Sanuwave Health 10-Q on SEC EDGAR.