Filing Flows › Sanuwave Health (SNWV) › Q4 2025
Sanuwave Health (SNWV) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 26, 2026
Sanuwave Health (SNWV) reported revenue of $13.4M for the fourth quarter 2025 (Q4 2025), +30% from a year earlier and +19% from the quarter before. Operating margin was 15.0%, net earnings $7.7M (57.4% of revenue).
Sanuwave Health, Q4 2025: revenue $13.4M (+30% year over year), operating margin 15.0%, net earnings $7.7M, operating cash flow $3.3M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $13.4M | +19% | +30% |
| Gross profit | $10.0M | +14% | +24% |
| Operating profit | $2.0M | +122% | -0.4% |
| Net earnings | $7.7M | -21% | — |
| Operating cash flow | $3.3M | +207% | +348% |
| Free cash flow | $3.2M | +480% | +538% |
What changed
Revenue was $13.4M in Q4 2025, up 30% year over year and up 19% from the previous quarter.
Gross margin was 74.7%, down 3.2 points from Q4 2024. Operating profit was $2.0M, a 15.0% margin (down 4.5 points year over year). Operating profit fell $9K even though revenue rose $3.1M versus Q4 2024, so costs grew faster than sales. Operating expenses grew 33% against revenue growth of 30%. The fastest-growing cost line was Research & development (+294%). Net earnings were $7.7M. The effective tax rate was 0.0%. Non-operating items added $5.7M, 74% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $3.3M (up 348% year over year), 43% of net earnings. Non-cash charges added back $340K of depreciation and amortization and $1.3M of share-based compensation. Working capital and other items used $6.0M. Capital expenditures of $96K left free cash flow of $3.2M.
Questions
What was Sanuwave Health's revenue in the fourth quarter 2025?
Sanuwave Health (SNWV) reported revenue of $13.4M for the fourth quarter 2025 (Q4 2025), +30% from a year earlier and +19% from the quarter before.
Was Sanuwave Health profitable in the fourth quarter 2025?
Operating profit was $2.0M (15.0% of revenue) and net earnings $7.7M.
Source: Sanuwave Health 10-K on SEC EDGAR.