Sanuwave Q2 revenue $10.2M (+42% YoY), adjusted EBITDA $3.4M; guides Q3 $12-12.7M

SANUWAVE Health, Inc.

2025-Q2 EPS reported -$0.54 vs consensus -$0.09 ▼ miss (-508.8%)

Q2 2025 revenue $10.2M, +42% YoY from $7.2M; gross margin 78.3% vs 73.2%.
GAAP operating income $1.9M (incl $1.1M stock comp) vs $2.0M prior; adjusted EBITDA $3.4M vs $1.5M.
Sold 116 UltraMist systems in Q2 (vs 72 Q2 2024); consumables revenue $6.4M, +37% YoY.
Q3 2025 revenue guidance $12-12.7M; full-year 2025 reaffirmed $48-50M (47-53% growth).
CEO says full national sales coverage achieved mid-July, aiming for breakout performance in Q4 2025 and 2026.

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