Sanuwave Q3 record revenue $11.5M (+22% YoY); guides Q4 $13-14M

SANUWAVE Health, Inc.

2025-Q3 EPS reported $0.38 vs consensus $0.32 ▲ beat (+17.1%)

Revenue of $11.5M, up 22% YoY and 13% sequentially; highest quarterly revenue in company history.
GAAP operating income $1.5M vs $2.0M YoY, impacted by $1.4M stock-based compensation (none in Q3 2024).
Net income $10.3M vs net loss of $20.7M YoY, driven by $6.1M non-cash derivative gain and $5.0M patent sale.
Adjusted EBITDA grew to $3.5M from $2.1M YoY.
Q4 2025 revenue guidance $13-14M; full-year FY2025 revenue guidance $44-45M (35-39% growth over FY2024).

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