What is Sanuwave Health's operating income?

Sanuwave Health's total operating income in 2025 was $4.95 million, based on the following breakdown: Total Gross Profit: $33.97 million Total Operating Expenses: $29.22 million

Sanuwave Health (SNWV) Financials

$11.26 -0.42 (-3.60%)

Closing price 07/13/2026 04:00 PM Eastern

Extended Trading

$12.42 +1.17 (+10.35%)

As of 09:02 AM Eastern

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Annual Income Statements for Sanuwave Health

This table shows Sanuwave Health's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-4.81	-6.44	-5.54	-12	-10	-31	-27	-10	-26	-32	12
Consolidated Net Income / (Loss)	-4.81	-6.44	-5.54	-12	-10	-31	-27	-10	-26	-33	12
Net Income / (Loss) Continuing Operations	-4.81	-6.44	-5.54	-12	-10	-31	-27	-10	-26	-32	12
Total Pre-Tax Income	-4.81	-6.44	-5.54	-12	-10	-31	-27	-10	-26	-32	12
Total Operating Income	-4.44	-3.32	-3.82	-7.18	-8.79	-25	-14	-8.95	-0.54	3.85	4.95
Total Gross Profit	0.68	0.81	0.50	1.16	0.49	2.90	8.02	12	14	25	34
Total Revenue	0.97	1.38	0.74	1.85	1.03	4.06	13	17	20	33	44
Operating Revenue	0.97	1.38	0.74	1.85	1.03	4.06	13	17	20	33	44
Total Cost of Revenue	0.28	0.57	0.24	0.69	0.54	1.16	4.99	4.33	6.04	8.08	10
Operating Cost of Revenue	0.28	0.57	0.24	0.69	0.54	1.16	4.99	4.33	6.04	8.08	10
Total Operating Expenses	5.12	4.13	4.32	8.34	9.28	28	22	21	15	21	29
Selling, General & Admin Expense	2.74	2.67	3.00	6.81	6.44	14	12	13	8.67	13	19
Marketing Expense	-	-	-	0.52	1.59	5.16	8.59	7.47	4.90	6.32	7.42
Research & Development Expense	2.17	1.13	1.29	0.98	1.18	1.25	1.10	0.57	0.58	0.67	1.35
Depreciation Expense	0.00	0.02	0.02	0.02	0.07	0.78	0.78	0.77	0.75	0.79	0.88
Impairment Charge	-	-	-	-	0.00	7.19	-	-	-	0.00	0.20
Total Other Income / (Expense), net	-0.37	-3.12	-1.71	-4.45	-1.64	-5.74	-13	-1.34	-25	-36	7.15
Interest Expense	0.41	0.89	1.14	4.50	1.84	3.11	6.89	15	16	6.24	6.72
Other Income / (Expense), net	0.04	-2.24	-0.57	0.05	0.20	-2.63	-6.20	13	-9.64	-29	14
Income Tax Expense	-	-	-	-	-	0.00	0.03	0.00	0.00	0.03	0.09
Basic Earnings per Share	($0.08)	($0.06)	($0.04)	($0.08)	($0.05)	($0.08)	($0.05)	($0.02)	($12.19)	($7.41)	$1.38
Weighted Average Basic Shares Outstanding	63.03M	107.62M	138.84M	149.54M	203.59M	378.13M	518.36M	549.47M	2.12M	4.46M	8.56M
Diluted Earnings per Share	($0.08)	($0.06)	($0.04)	($0.08)	($0.05)	($0.08)	($0.05)	($0.02)	($12.19)	($7.41)	$0.41
Weighted Average Diluted Shares Outstanding	63.03M	107.62M	138.84M	149.54M	203.59M	378.13M	518.36M	549.47M	2.12M	4.46M	9.08M
Weighted Average Basic & Diluted Shares Outstanding	63.03M	107.62M	138.84M	149.54M	203.04M	-	-	558.64M	1.14B	8.55M	8.59M

This table shows Sanuwave Health's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-24	18	-4.53	6.56	-21	-13	-6.12	1.06	10	6.11	-1.44
Consolidated Net Income / (Loss)	-24	18	-4.53	6.56	-21	-13	-6.12	1.06	10	6.11	-1.44
Net Income / (Loss) Continuing Operations	-24	18	-4.53	6.56	-21	-13	-6.12	1.06	10	6.11	-1.44
Total Pre-Tax Income	-24	18	-4.53	6.56	-21	-13	-6.12	1.06	10	6.20	-1.44
Total Operating Income	-0.53	1.04	-1.05	1.99	1.95	2.52	0.60	1.88	1.47	0.62	-1.12
Total Gross Profit	3.54	4.84	4.20	5.24	7.07	8.04	7.38	7.96	8.93	9.70	7.43
Total Revenue	4.95	7.00	5.79	7.16	9.36	10	9.33	10	11	13	9.62
Operating Revenue	4.95	7.00	5.79	7.16	9.36	10	9.33	10	11	13	9.62
Total Cost of Revenue	1.41	2.16	1.58	1.92	2.29	2.29	1.96	2.21	2.53	3.39	2.19
Operating Cost of Revenue	1.41	2.16	1.58	1.92	2.29	2.29	1.96	2.21	2.53	3.39	2.19
Total Operating Expenses	4.07	3.80	5.25	3.25	5.11	5.52	6.77	6.08	7.65	9.09	8.56
Selling, General & Admin Expense	2.68	2.00	3.68	1.84	2.55	3.29	4.84	4.04	4.81	6.06	5.25
Marketing Expense	1.04	1.47	1.23	1.03	2.20	1.86	1.53	1.67	2.08	2.13	2.40
Research & Development Expense	0.17	0.14	0.16	0.20	0.16	0.15	0.21	0.19	0.35	0.61	0.66
Depreciation Expense	0.19	0.19	0.18	0.18	0.21	0.22	0.19	0.17	0.22	0.29	0.25
Total Other Income / (Expense), net	-23	17	-3.48	4.57	-23	-15	-6.72	-0.82	9.05	5.58	-0.32
Interest Expense	3.85	3.12	3.67	-1.53	3.66	1.51	1.91	1.87	2.20	0.80	0.55
Other Income / (Expense), net	-19	20	0.19	3.04	-19	-14	-4.81	1.05	11	6.38	0.23
Basic Earnings per Share	($9.95)	($2.21)	($1.46)	$2.08	($6.49)	($0.55)	($0.72)	$0.12	$1.20	$0.72	($0.17)
Weighted Average Basic Shares Outstanding	2.38M	2.12M	3.10M	3.15M	3.19M	4.46M	8.55M	8.56M	8.57M	8.56M	8.59M
Diluted Earnings per Share	($9.95)	($2.21)	($1.46)	$1.77	($6.49)	($0.54)	($0.72)	$0.01	$0.46	$0.60	($0.17)
Weighted Average Diluted Shares Outstanding	2.38M	2.12M	3.10M	3.70M	3.19M	4.46M	8.55M	9.17M	9.14M	9.08M	8.59M
Weighted Average Basic & Diluted Shares Outstanding	1.03B	1.14B	1.15B	1.18B	8.53M	8.55M	8.56M	8.57M	8.58M	8.59M	8.60M

This table details how cash moves in and out of Sanuwave Health's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-3.39	-0.02	0.60	-0.37	1.40	0.68	-1.82	0.53	0.69	8.44	1.72
Net Cash From Operating Activities	-3.47	-3.20	-1.53	-3.62	-6.41	-13	-6.41	-17	-4.54	2.46	3.88
Net Cash From Continuing Operating Activities	-3.47	-3.76	-1.89	-5.28	-6.41	-13	-6.41	-17	-4.54	2.46	3.88
Net Income / (Loss) Continuing Operations	-4.81	-6.44	-5.54	-12	-10	-31	-27	-10	-26	-33	12
Consolidated Net Income / (Loss)	-4.81	-6.44	-5.54	-12	-10	-31	-27	-10	-26	-33	12
Depreciation Expense	0.00	0.02	0.02	0.02	0.07	0.30	1.24	0.95	1.03	0.79	0.97
Amortization Expense	0.32	0.56	0.54	2.92	0.00	1.20	3.23	4.95	6.91	5.88	1.77
Non-Cash Adjustments To Reconcile Net Income	0.34	3.02	2.16	4.04	2.28	15	8.15	-12	11	27	-6.82
Changes in Operating Assets and Liabilities, net	0.67	-0.37	1.28	1.03	1.67	1.37	8.24	-1.05	2.70	2.20	-3.86
Net Cash From Investing Activities	0.10	-0.01	0.00	-0.04	-0.05	-20	-0.53	0.33	0.02	-0.49	3.43
Net Cash From Continuing Investing Activities	0.10	-0.01	0.00	-0.04	-0.05	-20	-0.53	0.33	0.02	-0.49	3.43
Purchase of Property, Plant & Equipment	0.00	-0.01	0.00	-0.04	-0.05	-0.05	-0.53	0.33	0.00	-0.49	-1.94
Divestitures	-	-	-	-	-	-	-	-	-	0.00	5.38
Net Cash From Financing Activities	0.00	3.21	2.12	3.32	7.86	33	5.12	17	5.21	6.35	-5.59
Net Cash From Continuing Financing Activities	0.00	3.21	2.12	3.32	7.86	33	5.12	17	5.21	6.35	-5.59
Repayment of Debt	0.00	-0.37	-0.04	-0.24	0.00	-5.46	-0.49	-2.98	0.00	-4.05	-30
Issuance of Debt	0.00	0.38	1.75	3.52	3.36	14	3.04	20	6.02	1.80	24
Issuance of Common Equity	0.00	3.13	-	-	-	-	-	-	0.00	10	0.00
Other Financing Activities, net	0.00	0.07	0.40	0.04	4.50	22	2.57	0.56	-0.81	-1.70	0.31
Effect of Exchange Rate Changes	-0.02	-0.02	0.01	-0.02	0.00	0.00	-0.00	-0.01	-	0.12	0.00
Cash Interest Paid	0.24	0.63	0.00	0.15	0.00	0.44	2.58	3.71	1.96	4.31	3.74
Cash Income Taxes Paid	-	-	-	-	-	-	-	-	-	-	0.03

This table details how cash moves in and out of Sanuwave Health's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-0.09	0.75	1.14	-0.48	0.68	6.98	-1.74	-0.01	1.11	2.36	-1.18
Net Cash From Operating Activities	-2.04	-1.29	1.10	-0.67	1.28	0.74	-1.52	0.99	1.08	3.32	0.40
Net Cash From Continuing Operating Activities	-2.04	-1.29	1.10	-0.67	1.28	0.74	-1.52	0.99	1.08	3.32	0.40
Net Income / (Loss) Continuing Operations	-24	18	-4.53	6.56	-21	-13	-6.12	1.06	10	6.11	-1.44
Consolidated Net Income / (Loss)	-24	18	-4.53	6.56	-21	-13	-6.12	1.06	10	6.11	-1.44
Depreciation Expense	0.27	0.25	0.14	0.26	0.18	0.41	0.21	0.18	0.25	0.34	0.29
Amortization Expense	1.70	1.26	1.64	1.73	1.70	0.73	0.60	0.65	0.44	0.09	0.08
Non-Cash Adjustments To Reconcile Net Income	21	-26	2.75	-9.08	19	11	5.91	0.67	-8.95	-4.45	1.79
Changes in Operating Assets and Liabilities, net	-1.79	4.59	1.10	-0.14	1.40	0.87	-2.11	-1.56	-0.98	1.23	-0.32
Net Cash From Investing Activities	0.01	0.18	-0.11	-0.09	-0.05	-0.24	-0.16	-1.16	4.48	0.28	-0.16
Net Cash From Continuing Investing Activities	0.01	0.18	-0.11	-0.09	-0.05	-0.24	-0.16	-1.16	4.48	0.28	-0.16
Purchase of Property, Plant & Equipment	-	0.17	-0.11	-0.09	-0.05	-0.24	-0.16	-1.16	-0.53	-0.10	-0.09
Other Investing Activities, net	-	-	-	-	-	-	0.00	-	-	-	-0.07
Net Cash From Financing Activities	1.93	1.86	0.04	0.27	-0.44	6.47	-0.06	0.16	-4.45	-1.24	-1.42
Net Cash From Continuing Financing Activities	1.93	1.86	0.04	0.27	-0.44	6.47	-0.06	0.16	-4.45	-1.24	-1.42
Repayment of Debt	-	-	-	-	-	-1.87	0.00	-	-28	-1.20	-1.44
Other Financing Activities, net	0.41	0.03	0.04	0.65	-0.44	-1.95	-0.06	0.16	0.26	-0.05	0.02
Effect of Exchange Rate Changes	0.01	-	0.11	0.01	-	-	0.00	-	-	-	0.00
Cash Interest Paid	0.08	0.97	0.97	1.08	1.13	1.12	1.12	1.14	1.04	0.45	0.40

This table presents Sanuwave Health's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	0.96	1.00	1.28	1.18	3.38	23	19	20	22	30	37
Total Current Assets	0.64	0.91	1.20	1.08	2.50	7.93	4.40	6.62	9.78	18	25
Cash & Equivalents	0.15	0.13	0.73	0.36	1.76	2.44	0.62	1.15	1.80	10	12
Accounts Receivable	0.07	0.46	0.15	0.24	0.08	2.36	2.42	4.03	3.31	3.33	5.42
Inventories, net	0.28	0.23	0.23	0.36	0.54	2.96	1.04	0.87	2.95	4.15	5.93
Prepaid Expenses	0.12	0.09	0.09	0.13	0.13	0.18	0.33	0.57	1.72	0.68	1.31
Plant, Property, & Equipment, net	0.00	0.08	0.06	0.08	0.09	0.47	1.01	0.86	0.94	0.30	1.97
Total Noncurrent Assets	0.32	0.01	0.01	0.02	0.78	15	13	12	12	11	11
Goodwill	-	-	-	-	0.00	7.26	7.26	7.26	7.26	7.26	7.26
Intangible Assets	0.31	-	-	-	0.00	6.55	5.84	5.14	4.43	3.73	3.03
Other Noncurrent Operating Assets	0.01	0.01	0.01	0.02	0.78	0.82	0.11	-	-	0.43	0.39
Other Noncurrent Nonoperating Assets	-	-	-	-	-	-	-	-	-	0.00	0.07
Total Liabilities & Shareholders' Equity	0.96	1.00	1.28	1.18	3.38	23	19	20	22	30	37
Total Liabilities	6.84	7.92	11	17	13	37	58	61	66	46	36
Total Current Liabilities	1.49	7.92	11	16	12	36	56	60	65	45	18
Short-Term Debt	0.00	5.41	5.68	9.91	5.96	15	23	39	30	25	5.64
Accounts Payable	0.51	0.71	1.81	1.59	1.44	4.45	7.64	4.40	5.71	3.73	3.25
Accrued Expenses	0.36	0.38	0.67	0.69	2.82	2.20	8.93	9.30	6.00	7.76	8.38
Other Current Liabilities	0.38	1.24	2.31	2.78	0.59	11	14	3.93	17	8.63	0.55
Other Current Nonoperating Liabilities	-	0.11	0.69	1.17	0.00	1.02	2.52	4.05	6.11	0.00	0.02
Total Noncurrent Liabilities	5.35	0.00	0.00	0.05	1.03	0.57	1.31	0.67	0.84	0.49	18
Long-Term Debt	5.35	-	-	-	0.00	0.14	0.88	-	-	0.00	16
Other Noncurrent Operating Liabilities	-	-	0.00	0.05	1.03	0.43	0.41	0.67	0.84	0.49	1.56
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-5.88	-6.91	-9.88	-15	-10	-14	-39	-41	-43	-16	1.62
Total Preferred & Common Equity	-5.88	-6.91	-9.88	-15	-10	-14	-39	-41	-43	-16	1.62
Preferred Stock	0.06	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	-5.94	-6.91	-9.88	-15	-10	-14	-39	-41	-43	-16	1.62
Common Stock	-5.91	93	95	101	116	143	145	153	177	239	244
Retained Earnings	-	-99	-105	-117	-126	-157	-184	-194	-220	-254	-243
Accumulated Other Comprehensive Income / (Loss)	-0.03	-0.05	-0.04	-0.06	-0.06	-0.06	-0.07	-0.07	-0.11	0.01	0.01

This table presents Sanuwave Health's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	20	23	21	22	31	33	36	37
Total Current Assets	7.39	11	8.72	9.90	19	20	23	24
Cash & Equivalents	1.10	2.94	2.46	3.26	8.50	8.50	9.60	11
Accounts Receivable	3.23	3.01	3.15	2.84	3.87	3.85	4.62	6.00
Inventories, net	1.71	2.46	2.73	3.43	5.46	5.91	6.81	5.90
Prepaid Expenses	1.36	2.43	0.38	0.38	1.01	1.91	1.60	1.27
Plant, Property, & Equipment, net	1.08	0.98	0.95	0.77	0.45	1.59	1.99	1.91
Total Noncurrent Assets	12	12	11	11	12	11	11	11
Goodwill	7.26	7.26	7.26	7.26	7.26	7.26	7.26	7.26
Intangible Assets	4.61	4.26	4.08	3.91	3.55	3.38	3.20	2.92
Other Noncurrent Operating Assets	-	-	-	-	0.76	0.65	0.43	0.99
Other Noncurrent Nonoperating Assets	-	-	-	-	-	-	0.08	0.06
Total Liabilities & Shareholders' Equity	20	23	21	22	31	33	36	37
Total Liabilities	86	71	61	82	48	48	39	35
Total Current Liabilities	85	70	60	82	47	47	20	18
Short-Term Debt	37	29	30	32	26	27	5.63	5.59
Accounts Payable	4.62	5.06	3.89	4.14	4.15	4.00	3.99	3.32
Accrued Expenses	6.36	6.85	4.79	5.24	3.58	3.29	3.59	8.58
Other Current Liabilities	31	22	20	38	13	12	6.37	0.79
Other Current Nonoperating Liabilities	6.10	6.90	1.24	1.60	-	-	-	0.02
Total Noncurrent Liabilities	0.86	0.74	0.65	0.59	0.88	1.32	19	17
Long-Term Debt	-	-	-	-	-	-	18	15
Other Noncurrent Operating Liabilities	0.83	0.74	0.65	0.59	0.88	1.32	1.22	1.97
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-66	-48	-40	-60	-17	-15	-2.93	1.84
Total Preferred & Common Equity	-66	-48	-40	-60	-17	-15	-2.93	1.84
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	-66	-48	-40	-60	-17	-15	-2.93	1.84
Common Stock	172	177	178	178	240	241	243	246
Retained Earnings	-238	-225	-218	-239	-257	-256	-246	-244
Accumulated Other Comprehensive Income / (Loss)	-0.07	0.00	0.01	0.01	0.01	0.01	0.01	0.01

This table displays calculated financial ratios and metrics derived from Sanuwave Health's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	63,056,519.00	137,102,458.00	139,249,926.00	155,533,303.00	195,892,098.00	467,194,621.00	481,619,621.00	548,737,651.00	1,026,078,464.00	-	8,576,164.00
DEI Adjusted Shares Outstanding	63,056,519.00	137,102,458.00	139,249,926.00	155,533,303.00	195,892,098.00	467,194,621.00	481,619,621.00	548,737,651.00	1,026,078,464.00	-	8,576,164.00
DEI Earnings Per Adjusted Shares Outstanding	-0.08	-0.05	-0.04	-0.07	-0.05	-0.07	-0.06	-0.02	-0.03	-	1.38
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	13.94%	42.52%	-46.33%	150.51%	-44.39%	294.37%	220.68%	28.69%	21.84%	59.99%	34.99%
EBITDA Growth	21.81%	-21.92%	22.86%	-9.45%	-103.15%	-209.01%	39.71%	163.99%	-122.05%	-675.06%	213.86%
EBIT Growth	20.51%	-26.25%	20.79%	-62.23%	-20.44%	-223.86%	26.92%	120.94%	-339.02%	-136.09%	173.50%
NOPAT Growth	25.58%	25.27%	-15.32%	-87.75%	-22.48%	-186.55%	43.88%	36.70%	93.97%	1,103.15%	82.26%
Net Income Growth	19.48%	-33.86%	13.99%	-110.03%	10.33%	-196.62%	11.89%	62.24%	-150.72%	-21.56%	135.71%
EPS Growth	33.33%	25.00%	33.33%	-100.00%	37.50%	-60.00%	37.50%	60.00%	-60,850.00%	42.33%	105.53%
Operating Cash Flow Growth	47.99%	7.89%	52.21%	-136.84%	-77.04%	-98.39%	49.61%	-167.89%	73.57%	154.10%	57.88%
Free Cash Flow Firm Growth	58.22%	31.13%	103.13%	-10,085.90%	-6.47%	-376.63%	112.52%	-763.68%	145.82%	-183.35%	-34.94%
Invested Capital Growth	-348.90%	-123.21%	-178.74%	-9.26%	-26.37%	100.10%	-214,033.33%	103.33%	-2,184.31%	126.42%	1,692.30%
Revenue Q/Q Growth	16.23%	25.11%	-30.97%	8.22%	-10.50%	109.76%	16.07%	7.99%	7.91%	11.37%	6.70%
EBITDA Q/Q Growth	-13.01%	-28.35%	7.57%	1.54%	-11.87%	-36.47%	24.00%	110.29%	90.78%	-211.60%	443.26%
EBIT Q/Q Growth	-12.10%	-28.51%	1.23%	6.54%	-11.80%	-39.14%	15.66%	562.43%	69.11%	-381.66%	2,954.87%
NOPAT Q/Q Growth	-1.47%	5.91%	-14.06%	-0.28%	-16.75%	-68.37%	42.36%	9.17%	82.24%	37.73%	2.35%
Net Income Q/Q Growth	-22.37%	-26.52%	-6.23%	5.80%	-7.07%	-40.48%	7.50%	26.75%	48.12%	-7,964.78%	267.70%
EPS Q/Q Growth	-33.33%	0.00%	0.00%	11.11%	0.00%	-33.33%	28.57%	0.00%	-22.02%	-303.18%	139.42%
Operating Cash Flow Q/Q Growth	16.18%	-0.78%	-6.53%	-26.80%	-6.24%	-10.53%	32.14%	-31.27%	37.37%	472.26%	198.61%
Free Cash Flow Firm Q/Q Growth	9.99%	-145.67%	100.99%	-39.43%	-10.40%	-34.14%	127.78%	-53.71%	-58.30%	-182.78%	79.35%
Invested Capital Q/Q Growth	-66.75%	75.09%	-12.36%	15.16%	6.54%	-99.23%	-121.08%	0.00%	62.27%	107.88%	7.67%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	70.49%	58.93%	67.24%	62.51%	47.61%	71.36%	61.68%	74.13%	70.41%	75.23%	77.11%
EBITDA Margin	-422.10%	-361.08%	-518.98%	-226.75%	-828.44%	-649.13%	-122.04%	60.69%	-10.99%	-53.22%	48.95%
Operating Margin	-459.63%	-241.01%	-517.85%	-388.11%	-854.87%	-621.15%	-108.70%	-53.47%	-2.65%	16.60%	11.23%
EBIT Margin	-455.52%	-403.51%	-595.54%	-385.68%	-835.37%	-686.00%	-156.34%	25.44%	-49.91%	-73.65%	42.72%
Profit (Net Income) Margin	-498.22%	-467.93%	-749.86%	-628.70%	-1,013.86%	-762.56%	-209.52%	-61.48%	-126.52%	-96.13%	26.82%
Tax Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.10%	100.02%	100.02%	100.09%	99.28%
Interest Burden Percent	109.37%	115.97%	125.91%	163.01%	121.37%	111.16%	133.88%	-241.63%	253.47%	130.42%	63.23%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.72%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	90.50%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	145.68%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-257.16%
Return on Equity (ROE)	129.50%	100.69%	65.96%	92.18%	82.06%	260.18%	103.50%	25.74%	61.31%	112.25%	-166.66%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	-391,834.67%	0.00%	-4,573.63%	0.00%	-317.27%	-63.87%
Operating Return on Assets (OROA)	-156.38%	-565.65%	-385.19%	-580.92%	-376.94%	-210.77%	-97.68%	22.13%	-48.14%	-91.50%	55.79%
Return on Assets (ROA)	-171.04%	-655.96%	-485.00%	-946.97%	-457.48%	-234.29%	-130.91%	-53.48%	-122.05%	-119.43%	35.02%
Return on Common Equity (ROCE)	130.60%	101.19%	65.96%	92.18%	82.06%	260.18%	103.50%	25.74%	61.31%	112.25%	-166.66%
Return on Equity Simple (ROE_SIMPLE)	81.84%	93.16%	56.05%	75.74%	103.64%	225.52%	69.97%	25.10%	59.77%	246.69%	0.00%
Net Operating Profit after Tax (NOPAT)	-3.11	-2.32	-2.68	-5.03	-6.16	-18	-9.90	-6.27	-0.38	3.79	4.91
NOPAT Margin	-321.74%	-168.71%	-362.49%	-271.68%	-598.41%	-434.80%	-76.09%	-37.43%	-1.85%	11.62%	11.14%
Net Nonoperating Expense Percent (NNEP)	48.54%	77.81%	51.91%	80.80%	57.31%	148.37%	87.13%	11.92%	67.17%	142.52%	-55.17%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	2.86%	30.12%	20.82%
Cost of Revenue to Revenue	29.51%	41.07%	32.76%	37.49%	52.39%	28.64%	38.32%	25.87%	29.59%	24.77%	22.89%
SG&A Expenses to Revenue	283.29%	194.31%	406.81%	368.16%	626.02%	338.25%	89.85%	75.00%	42.52%	34.77%	43.98%
R&D to Revenue	225.05%	82.02%	175.01%	53.06%	114.89%	30.71%	8.46%	3.39%	2.84%	2.06%	3.07%
Operating Expenses to Revenue	530.12%	299.95%	585.08%	450.62%	902.49%	692.51%	170.38%	127.60%	73.06%	58.63%	66.33%
Earnings before Interest and Taxes (EBIT)	-4.40	-5.55	-4.40	-7.14	-8.59	-28	-20	4.26	-10	-24	19
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-4.08	-4.97	-3.83	-4.20	-8.52	-26	-16	10	-2.24	-17	22
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	167.40
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	4.24	13.68	45.49	18.59	31.66	17.24	6.77	0.75	0.51	3.15	6.15
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	22.94
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	4.36%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	13,776.13	0.00	116.89	0.00	50.07	24.28
Enterprise Value to Revenue (EV/Rev)	9.69	17.51	52.19	23.75	35.75	20.37	8.59	2.98	1.89	3.61	6.38
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	4.91	0.00	0.00	13.03
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	11.72	0.00	0.00	14.93
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	31.04	57.24
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	47.95	72.50
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	830.86	0.00	0.00	0.00	37.97	0.00	4.30	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	-0.91	-0.78	-0.57	-0.65	-0.59	-1.10	-0.62	-0.94	-0.69	-1.99	13.56
Long-Term Debt to Equity	-0.91	0.00	0.00	0.00	0.00	-0.01	-0.02	0.00	0.00	0.00	10.08
Financial Leverage	-0.95	-0.83	-0.66	-0.65	-0.59	-0.75	-0.76	-0.84	-0.90	-0.88	-1.77
Leverage Ratio	-0.76	-0.15	-0.14	-0.10	-0.18	-1.11	-0.79	-0.48	-0.50	-0.94	-4.76
Compound Leverage Factor	-0.83	-0.18	-0.17	-0.16	-0.22	-1.23	-1.06	1.16	-1.27	-1.23	-3.01
Debt to Total Capital	-1,009.60%	-360.90%	-135.09%	-181.88%	-145.24%	1,064.70%	-164.34%	-1,558.98%	-226.71%	201.02%	93.13%
Short-Term Debt to Total Capital	0.00%	-360.90%	-135.09%	-181.88%	-145.24%	1,054.64%	-158.40%	-1,558.98%	-226.71%	201.02%	23.91%
Long-Term Debt to Total Capital	-1,009.60%	0.00%	0.00%	0.00%	0.00%	10.06%	-5.94%	0.00%	0.00%	0.00%	69.22%
Preferred Equity to Total Capital	-11.90%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	1,121.51%	460.90%	235.09%	281.88%	245.24%	-964.70%	264.34%	1,658.98%	326.71%	-101.02%	6.87%
Debt to EBITDA	-1.31	-1.09	-1.48	-2.36	-0.70	-0.57	-1.53	3.79	-13.37	-1.46	1.02
Net Debt to EBITDA	-1.27	-1.06	-1.29	-2.28	-0.49	-0.48	-1.49	3.68	-12.57	-0.87	0.46
Long-Term Debt to EBITDA	-1.31	0.00	0.00	0.00	0.00	-0.01	-0.06	0.00	0.00	0.00	0.76
Debt to NOPAT	-1.72	-2.33	-2.12	-1.97	-0.97	-0.86	-2.45	-6.15	-79.26	6.67	4.47
Net Debt to NOPAT	-1.67	-2.27	-1.85	-1.90	-0.68	-0.72	-2.38	-5.97	-74.51	3.97	2.04
Long-Term Debt to NOPAT	-1.72	0.00	0.00	0.00	0.00	-0.01	-0.09	0.00	0.00	0.00	3.32
Altman Z-Score	-14.84	-162.33	-133.23	-171.48	-62.20	-13.67	-19.16	-15.25	-17.18	-12.75	-1.49
Noncontrolling Interest Sharing Ratio	-0.85%	-0.49%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.43	0.12	0.11	0.07	0.20	0.22	0.08	0.11	0.15	0.43	1.38
Quick Ratio	0.15	0.08	0.08	0.04	0.15	0.13	0.05	0.09	0.08	0.32	0.97
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-2.15	-1.48	0.05	-4.63	-4.93	-24	2.94	-20	8.95	-7.46	-7.39
Operating Cash Flow to CapEx	0.00%	-36,481.79%	0.00%	-8,443.32%	-11,885.20%	-23,996.23%	-1,211.53%	0.00%	0.00%	501.02%	199.59%
Free Cash Flow to Firm to Interest Expense	-5.21	-1.67	0.04	-1.03	-2.69	-7.57	0.43	-1.34	0.57	-1.02	-1.10
Operating Cash Flow to Interest Expense	-8.43	-3.61	-1.34	-0.81	-3.49	-4.09	-0.93	-1.18	-0.29	0.34	0.58
Operating Cash Flow Less CapEx to Interest Expense	-8.18	-3.62	-1.34	-0.81	-3.52	-4.11	-1.01	-1.16	-0.29	0.27	0.29
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.34	1.40	0.65	1.51	0.45	0.31	0.62	0.87	0.96	1.24	1.31
Accounts Receivable Turnover	12.00	5.14	2.41	9.52	6.60	3.34	5.45	5.20	5.56	9.83	10.07
Inventory Turnover	1.02	2.19	1.04	2.35	1.20	0.66	2.50	4.54	3.16	2.28	2.00
Fixed Asset Turnover	160.01	33.91	10.76	26.79	11.98	14.36	17.55	17.93	22.74	39.08	38.73
Accounts Payable Turnover	0.77	0.92	0.19	0.41	0.36	0.39	0.82	0.72	1.19	1.71	2.89
Days Sales Outstanding (DSO)	30.41	70.99	151.56	38.33	55.27	109.38	66.93	70.24	65.70	37.15	36.25
Days Inventory Outstanding (DIO)	356.58	166.91	349.57	155.06	305.04	549.53	146.26	80.40	115.49	160.29	182.52
Days Payable Outstanding (DPO)	474.63	394.70	1,900.26	894.31	1,026.77	925.60	442.82	507.51	305.58	212.95	126.33
Cash Conversion Cycle (CCC)	-87.64	-156.80	-1,399.13	-700.92	-666.46	-266.69	-229.63	-356.87	-124.39	-15.52	92.44
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-0.68	-1.52	-4.25	-4.64	-5.86	0.01	-13	0.43	-8.90	2.35	12
Invested Capital Turnover	-4.73	-1.25	-0.26	-0.42	-0.20	-1.39	-2.03	-2.70	-4.81	-9.97	8.12
Increase / (Decrease) in Invested Capital	-0.96	-0.84	-2.72	-0.39	-1.22	5.87	-13	13	-9.33	11	12
Enterprise Value (EV)	9.35	24	39	44	37	83	112	50	38	118	281
Market Capitalization	4.10	19	34	34	33	70	88	13	10	103	271
Book Value per Share	($0.09)	($0.05)	($0.07)	($0.10)	($0.05)	($0.03)	($0.08)	($0.07)	($0.04)	($1.49)	$0.19
Tangible Book Value per Share	($0.10)	($0.05)	($0.07)	($0.10)	($0.05)	($0.06)	($0.11)	($0.10)	($0.05)	($2.78)	($1.01)
Total Capital	-0.53	-1.50	-4.20	-5.45	-4.10	1.42	-15	-2.47	-13	13	24
Total Debt	5.35	5.41	5.68	9.91	5.96	15	24	39	30	25	22
Total Long-Term Debt	5.35	0.00	0.00	0.00	0.00	0.14	0.88	0.00	0.00	0.00	16
Net Debt	5.20	5.28	4.95	9.54	4.20	13	24	37	28	15	10
Capital Expenditures (CapEx)	-0.10	0.01	0.00	0.04	0.05	0.05	0.53	-0.33	-0.02	0.49	1.94
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-1.00	-1.72	-5.01	-5.86	-5.71	-16	-29	-16	-27	-8.88	0.46
Debt-free Net Working Capital (DFNWC)	-0.85	-1.59	-4.28	-5.50	-3.95	-13	-29	-15	-25	1.36	12
Net Working Capital (NWC)	-0.85	-7.00	-9.96	-15	-9.91	-28	-52	-54	-55	-24	6.78
Net Nonoperating Expense (NNE)	1.70	4.12	2.86	6.61	4.27	13	17	4.03	25	35	-6.90
Net Nonoperating Obligations (NNO)	5.20	5.39	5.63	11	4.20	14	26	41	34	15	9.96
Total Depreciation and Amortization (D&A)	0.32	0.58	0.57	2.94	0.07	1.50	4.46	5.90	7.94	6.67	2.74
Debt-free, Cash-free Net Working Capital to Revenue	-104.06%	-125.28%	-678.03%	-316.74%	-555.20%	-386.64%	-223.96%	-96.82%	-131.41%	-27.21%	1.04%
Debt-free Net Working Capital to Revenue	-88.22%	-115.57%	-579.16%	-297.04%	-384.07%	-326.57%	-219.20%	-89.94%	-122.61%	4.16%	28.19%
Net Working Capital to Revenue	-88.22%	-508.87%	-1,347.97%	-832.60%	-963.42%	-696.23%	-398.64%	-320.12%	-269.49%	-73.38%	15.39%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.08)	($0.06)	($0.04)	($0.08)	($0.05)	($0.08)	($0.05)	$0.00	($11.25)	($7.03)	$1.38
Adjusted Weighted Average Basic Shares Outstanding	96.00M	138.82M	140.97M	160.32M	297.34M	378.13M	518.36M	0.00	2.12M	4.46M	8.56M
Adjusted Diluted Earnings per Share	($0.08)	($0.06)	($0.04)	($0.08)	($0.05)	($0.08)	($0.05)	$0.00	($11.25)	($7.03)	$0.41
Adjusted Weighted Average Diluted Shares Outstanding	96.00M	138.82M	140.97M	160.32M	297.34M	378.13M	518.36M	0.00	2.12M	4.46M	9.08M
Adjusted Basic & Diluted Earnings per Share	($0.08)	($0.06)	($0.04)	($0.08)	($0.05)	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	63.03M	107.62M	138.84M	149.54M	203.04M	0.00	0.00	0.00	3.04M	8.55M	8.59M
Normalized Net Operating Profit after Tax (NOPAT)	-3.18	-2.32	-2.68	-5.03	-6.16	-13	-9.90	-6.27	-0.38	3.79	5.10
Normalized NOPAT Margin	-328.99%	-168.79%	-362.49%	-271.68%	-598.41%	-310.83%	-76.09%	-37.43%	-1.85%	11.62%	11.59%
Pre Tax Income Margin	-498.22%	-467.93%	-749.86%	-628.70%	-1,013.86%	-762.56%	-209.31%	-61.47%	-126.50%	-96.05%	27.01%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-10.67	-6.26	-3.86	-1.59	-4.68	-8.96	-2.95	0.29	-0.65	-3.29	2.80
NOPAT to Interest Expense	-7.54	-2.62	-2.35	-1.12	-3.35	-5.68	-1.44	-0.43	-0.02	0.52	0.73
EBIT Less CapEx to Interest Expense	-10.43	-6.27	-3.86	-1.60	-4.71	-8.98	-3.03	0.32	-0.65	-3.35	2.51
NOPAT Less CapEx to Interest Expense	-7.29	-2.63	-2.35	-1.13	-3.38	-5.70	-1.51	-0.41	-0.02	0.45	0.44
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from Sanuwave Health's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	1,026,078,464.00	1,026,078,464.00	1,140,559,527.00	1,145,974,342.00	1,181,272,961.00	-	8,548,473.00	8,555,616.00	8,568,005.00	8,576,164.00	8,594,209.00
DEI Adjusted Shares Outstanding	1,026,078,464.00	1,026,078,464.00	1,140,559,527.00	1,145,974,342.00	1,181,272,961.00	-	8,548,473.00	8,555,616.00	8,568,005.00	8,576,164.00	8,594,209.00
DEI Earnings Per Adjusted Shares Outstanding	-0.02	0.02	0.00	0.01	-0.02	-	-0.72	0.12	1.21	0.71	-0.17
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	18.89%	27.20%	53.27%	53.20%	88.98%	47.62%	61.30%	41.92%	22.34%	26.81%	3.06%
EBITDA Growth	-480.86%	2,725.83%	113.73%	1,267.55%	15.48%	-144.06%	-475.00%	-46.42%	188.64%	163.18%	84.61%
EBIT Growth	-817.30%	1,610.47%	90.20%	274.73%	14.40%	-152.48%	-387.72%	-41.82%	174.84%	154.73%	78.78%
NOPAT Growth	78.63%	201.36%	46.92%	205.66%	467.80%	70.08%	157.24%	-5.77%	7.31%	-7.81%	-287.02%
Net Income Growth	-1,980.77%	420.08%	65.38%	190.35%	12.84%	-169.91%	-35.11%	-83.92%	149.98%	142.25%	76.48%
EPS Growth	0.00%	-22,000.00%	-7,200.00%	17,800.00%	34.77%	75.57%	50.68%	-99.44%	107.09%	148.78%	76.39%
Operating Cash Flow Growth	74.45%	67.82%	396.50%	20.85%	162.90%	157.67%	-237.91%	248.65%	-15.68%	347.91%	126.17%
Free Cash Flow Firm Growth	407.68%	172.55%	244.41%	-70.30%	-67.16%	-191.52%	-414.30%	-1,754.52%	-613.17%	-55.72%	16.51%
Invested Capital Growth	0.00%	-2,184.31%	-57.31%	10.05%	-26.53%	126.42%	101.66%	131.85%	136.02%	1,692.30%	4,651.64%
Revenue Q/Q Growth	5.95%	41.23%	-17.28%	23.78%	30.69%	10.32%	-9.62%	8.80%	12.66%	14.35%	-26.54%
EBITDA Q/Q Growth	-2,876.54%	227.79%	-96.03%	672.80%	-315.48%	33.83%	71.00%	224.50%	256.46%	-44.65%	-107.06%
EBIT Q/Q Growth	-589.17%	207.57%	-104.04%	683.31%	-437.62%	34.05%	67.06%	176.60%	334.28%	-45.02%	-112.77%
NOPAT Q/Q Growth	-157.04%	379.26%	-170.81%	371.02%	-31.37%	29.13%	-36.94%	171.95%	-21.84%	-58.08%	-227.94%
Net Income Q/Q Growth	-226.36%	176.94%	-124.83%	244.90%	-414.85%	38.29%	57.69%	118.59%	878.67%	-40.83%	-123.56%
EPS Q/Q Growth	-99,400.00%	77.79%	33.94%	221.23%	-466.67%	91.68%	41.46%	101.52%	4,500.00%	30.43%	-128.33%
Operating Cash Flow Q/Q Growth	-141.47%	36.95%	185.60%	-160.73%	291.92%	-42.20%	-304.72%	165.46%	8.86%	207.03%	-88.04%
Free Cash Flow Firm Q/Q Growth	803.82%	-55.35%	-55.38%	-83.50%	899.36%	-224.40%	-93.67%	11.51%	-209.97%	70.13%	-3.84%
Invested Capital Q/Q Growth	-92.92%	62.27%	-65.31%	25.25%	-171.38%	107.88%	133.56%	1,335.66%	206.91%	7.67%	0.16%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	71.49%	69.14%	72.62%	73.16%	75.50%	77.87%	79.02%	78.30%	77.94%	74.10%	77.25%
EBITDA Margin	-361.18%	326.82%	15.69%	97.98%	-161.54%	-97.54%	-36.48%	36.99%	117.05%	56.66%	-5.45%
Operating Margin	-10.72%	14.84%	-18.15%	27.81%	20.87%	24.42%	6.44%	18.47%	12.81%	4.70%	-11.69%
EBIT Margin	-400.87%	305.33%	-14.92%	70.29%	-181.58%	-108.55%	-45.10%	28.82%	111.08%	53.41%	-9.28%
Profit (Net Income) Margin	-478.50%	260.69%	-78.26%	91.61%	-220.69%	-123.46%	-65.55%	10.38%	90.17%	46.66%	-14.96%
Tax Burden Percent	100.00%	99.98%	100.00%	100.00%	100.00%	100.21%	100.00%	100.00%	100.00%	98.61%	100.00%
Interest Burden Percent	119.37%	85.40%	524.68%	130.33%	121.54%	113.49%	145.36%	36.02%	81.17%	88.59%	161.14%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	38.14%	-61.27%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	82.05%	-66.05%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-144.84%	116.65%
Return on Equity (ROE)	75.41%	61.31%	34.04%	6.83%	0.62%	112.25%	106.87%	139.85%	22.29%	-106.70%	55.37%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	-317.27%	-4,552.34%	-267.33%	-333.00%	-63.87%	-137.35%
Operating Return on Assets (OROA)	-372.49%	294.55%	-16.38%	87.04%	-252.26%	-134.86%	-60.23%	41.78%	159.66%	69.75%	-12.11%
Return on Assets (ROA)	-444.63%	251.48%	-85.92%	113.44%	-306.60%	-153.38%	-87.55%	15.05%	129.60%	60.93%	-19.52%
Return on Common Equity (ROCE)	75.41%	61.31%	34.04%	6.83%	0.62%	112.25%	106.87%	139.85%	22.29%	-106.70%	55.37%
Return on Equity Simple (ROE_SIMPLE)	75.41%	0.00%	36.25%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-0.37	1.04	-0.74	1.99	1.37	1.77	0.42	1.88	1.47	0.62	-0.79
NOPAT Margin	-7.50%	14.84%	-12.70%	27.81%	14.61%	17.10%	4.51%	18.47%	12.81%	4.70%	-8.18%
Net Nonoperating Expense Percent (NNEP)	110.13%	-45.43%	9.81%	-11.83%	60.52%	58.82%	25.94%	3.51%	-40.17%	-43.91%	4.78%
Return On Investment Capital (ROIC_SIMPLE)	-	-7.85%	3.93%	-20.38%	-4.85%	14.02%	4.81%	15.64%	7.18%	2.61%	-3.51%
Cost of Revenue to Revenue	28.51%	30.86%	27.38%	26.84%	24.50%	22.13%	20.98%	21.70%	22.06%	25.91%	22.75%
SG&A Expenses to Revenue	54.13%	28.53%	63.52%	25.68%	27.19%	31.85%	51.89%	39.74%	42.01%	46.25%	54.58%
R&D to Revenue	3.33%	2.06%	2.82%	2.72%	1.72%	1.49%	2.23%	1.91%	3.01%	4.63%	6.86%
Operating Expenses to Revenue	82.21%	54.30%	90.77%	45.35%	54.64%	53.45%	72.58%	59.83%	66.84%	69.40%	88.94%
Earnings before Interest and Taxes (EBIT)	-20	21	-0.86	5.03	-17	-11	-4.21	2.93	13	6.99	-0.89
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-18	23	0.91	7.02	-15	-10	-3.41	3.76	13	7.42	-0.52
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	167.40	80.82
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	1.00	0.51	1.12	0.00	0.00	3.15	8.36	7.69	8.30	6.15	3.35
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	22.94	9.01
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	4.36%	11.10%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	50.07	1,310.93	91.22	33.15	24.28	13.66
Enterprise Value to Revenue (EV/Rev)	2.92	1.89	2.28	1.10	0.99	3.61	8.84	8.15	8.63	6.38	3.57
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	9.67	2.13	1.84	0.00	0.00	0.00	89.78	13.03	6.48
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	4.84	3.39	0.00	0.00	0.00	578.50	14.93	7.15
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	187.87	27.06	10.49	31.04	83.10	62.21	74.30	57.24	49.17
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	67.34	47.95	0.00	213.16	274.54	72.50	27.35
Enterprise Value to Free Cash Flow (EV/FCFF)	2.57	4.30	9.06	0.00	3.21	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	-0.57	-0.69	-0.61	-0.75	-0.53	-1.99	-1.51	-1.81	-7.97	13.56	11.19
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-6.05	10.08	8.15
Financial Leverage	-0.64	-0.90	-0.76	-0.77	-0.58	-0.88	-0.78	-0.86	-0.70	-1.77	-1.77
Leverage Ratio	-0.31	-0.50	-0.40	-0.40	-0.33	-0.94	-0.84	-0.99	-0.91	-4.76	-4.40
Compound Leverage Factor	-0.37	-0.43	-2.11	-0.52	-0.41	-1.07	-1.21	-0.36	-0.74	-4.22	-7.09
Debt to Total Capital	-130.68%	-226.71%	-154.78%	-305.18%	-113.84%	201.02%	297.74%	223.14%	114.35%	93.13%	91.80%
Short-Term Debt to Total Capital	-130.68%	-226.71%	-154.78%	-305.18%	-113.84%	201.02%	297.74%	223.14%	27.55%	23.91%	24.92%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	86.80%	69.22%	66.87%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	230.68%	326.71%	254.78%	405.18%	213.84%	-101.02%	-197.74%	-123.14%	-14.35%	6.87%	8.20%
Debt to EBITDA	-1.54	-13.37	5.48	2.31	2.05	-1.46	-1.12	-1.09	5.89	1.02	0.84
Net Debt to EBITDA	-1.49	-12.57	4.92	2.12	1.84	-0.87	-0.75	-0.74	3.47	0.46	0.40
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	4.47	0.76	0.61
Debt to NOPAT	-17.55	-79.26	106.46	29.41	11.65	6.67	6.76	5.21	4.87	4.47	6.39
Net Debt to NOPAT	-17.04	-74.51	95.65	26.99	10.47	3.97	4.56	3.56	2.87	2.04	3.04
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	3.70	3.32	4.65
Altman Z-Score	-23.16	-12.54	-15.48	-15.48	-20.46	-11.35	-8.28	-6.55	-1.89	-2.53	-5.39
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.09	0.15	0.15	0.15	0.12	0.43	0.40	0.43	1.16	1.38	1.31
Quick Ratio	0.05	0.08	0.08	0.09	0.07	0.32	0.26	0.27	0.73	0.97	0.92
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	23	10	4.63	0.76	7.63	-9.49	-15	-13	-39	-12	-12
Operating Cash Flow to CapEx	0.00%	0.00%	964.91%	-726.09%	2,670.83%	313.98%	-936.42%	85.68%	205.90%	3,457.29%	431.52%
Free Cash Flow to Firm to Interest Expense	6.04	3.32	1.26	0.00	2.08	-6.27	-7.61	-6.74	-17.79	-14.65	-22.23
Operating Cash Flow to Interest Expense	-0.53	-0.41	0.30	0.00	0.35	0.49	-0.79	0.53	0.49	4.16	0.73
Operating Cash Flow Less CapEx to Interest Expense	-0.53	-0.36	0.27	0.00	0.34	0.33	-0.88	-0.09	0.25	4.04	0.56
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.93	0.96	1.10	1.24	1.39	1.24	1.34	1.45	1.44	1.31	1.31
Accounts Receivable Turnover	5.85	5.56	7.50	8.34	9.66	9.83	10.53	11.19	11.07	10.07	8.99
Inventory Turnover	2.96	3.16	3.60	3.90	3.09	2.28	2.14	2.02	1.75	2.00	1.82
Fixed Asset Turnover	17.52	22.74	25.86	24.93	31.63	39.08	50.82	30.93	29.83	38.73	37.54
Accounts Payable Turnover	1.10	1.19	1.23	1.62	1.82	1.71	1.84	2.22	2.21	2.89	2.76
Days Sales Outstanding (DSO)	62.39	65.70	48.68	43.78	37.79	37.15	34.67	32.61	32.96	36.25	40.61
Days Inventory Outstanding (DIO)	123.44	115.49	101.40	93.64	117.97	160.29	170.85	180.41	208.32	182.52	201.05
Days Payable Outstanding (DPO)	333.15	305.58	296.44	225.64	200.89	212.95	198.79	164.78	165.30	126.33	132.22
Cash Conversion Cycle (CCC)	-147.31	-124.39	-146.37	-88.23	-45.14	-15.52	6.73	48.24	75.99	92.44	109.44
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-24	-8.90	-15	-11	-30	2.35	0.24	3.50	11	12	12
Invested Capital Turnover	-1.60	-4.81	-1.86	-2.14	-1.10	-9.97	-5.00	-10.46	-4.32	8.12	7.49
Increase / (Decrease) in Invested Capital	-24	-9.33	-5.36	1.23	-6.26	11	15	15	41	12	11
Enterprise Value (EV)	55	38	51	27	29	118	320	320	356	281	158
Market Capitalization	19	10	25	0.08	0.06	103	302	301	343	271	149
Book Value per Share	($0.06)	($0.04)	($0.04)	($0.03)	($0.05)	($1.49)	($2.02)	($1.73)	($0.34)	$0.19	$0.21
Tangible Book Value per Share	($0.08)	($0.05)	($0.05)	($0.04)	($0.06)	($2.78)	($3.29)	($2.97)	($1.56)	($1.01)	($0.97)
Total Capital	-29	-13	-19	-9.78	-28	13	8.75	12	20	24	22
Total Debt	37	30	29	30	32	25	26	27	23	22	21
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	18	16	15
Net Debt	36	28	26	27	29	15	18	18	14	10	9.79
Capital Expenditures (CapEx)	0.00	-0.18	0.11	0.09	0.05	0.24	0.16	1.16	0.53	0.10	0.09
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-42	-27	-33	-24	-43	-8.88	-11	-8.06	-0.92	0.46	0.46
Debt-free Net Working Capital (DFNWC)	-41	-25	-30	-21	-40	1.36	-2.40	0.44	8.69	12	11
Net Working Capital (NWC)	-78	-55	-59	-51	-72	-24	-28	-26	3.06	6.78	5.65
Net Nonoperating Expense (NNE)	23	-17	3.79	-4.57	22	15	6.54	0.82	-8.86	-5.49	0.65
Net Nonoperating Obligations (NNO)	42	34	33	29	30	15	18	18	14	9.96	9.76
Total Depreciation and Amortization (D&A)	1.97	1.50	1.77	1.98	1.88	1.14	0.80	0.83	0.68	0.43	0.37
Debt-free, Cash-free Net Working Capital to Revenue	-220.99%	-131.41%	-148.94%	-95.88%	-146.02%	-27.21%	-30.13%	-20.55%	-2.22%	1.04%	1.03%
Debt-free Net Working Capital to Revenue	-215.20%	-122.61%	-135.83%	-86.00%	-134.89%	4.16%	-6.63%	1.13%	21.04%	28.19%	25.34%
Net Working Capital to Revenue	-412.87%	-269.49%	-264.86%	-205.82%	-244.37%	-73.38%	-78.60%	-67.19%	7.40%	15.39%	12.75%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($11.25)	($828.75)	$0.00	$0.01	($6.49)	($0.55)	($0.66)	$0.12	$1.20	$0.72	($0.17)
Adjusted Weighted Average Basic Shares Outstanding	2.38M	5.65K	3.10M	1.18B	3.19M	4.46M	8.55M	8.56M	8.57M	8.56M	8.59M
Adjusted Diluted Earnings per Share	($11.25)	($828.75)	$0.00	$0.00	($6.49)	($0.54)	($0.66)	$0.01	$0.46	$0.60	($0.17)
Adjusted Weighted Average Diluted Shares Outstanding	2.38M	5.65K	3.10M	1.39B	3.19M	4.46M	8.55M	9.17M	9.14M	9.08M	8.59M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	2.74M	3.04M	3.06M	1.18B	8.53M	8.55M	8.56M	8.57M	8.58M	8.59M	8.60M
Normalized Net Operating Profit after Tax (NOPAT)	-0.37	0.73	-0.74	1.39	1.37	1.77	0.42	1.31	1.16	0.43	-0.79
Normalized NOPAT Margin	-7.50%	10.39%	-12.70%	19.47%	14.61%	17.10%	4.51%	12.93%	10.17%	3.29%	-8.18%
Pre Tax Income Margin	-478.50%	260.74%	-78.26%	91.61%	-220.69%	-123.19%	-65.55%	10.38%	90.17%	47.31%	-14.96%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-5.16	6.85	-0.24	0.00	-4.64	-7.41	-2.20	1.56	5.78	8.76	-1.64
NOPAT to Interest Expense	-0.10	0.33	-0.20	0.00	0.37	1.17	0.22	1.00	0.67	0.77	-1.44
EBIT Less CapEx to Interest Expense	-5.16	6.90	-0.27	0.00	-4.66	-7.57	-2.29	0.94	5.55	8.64	-1.80
NOPAT Less CapEx to Interest Expense	-0.10	0.39	-0.23	0.00	0.36	1.01	0.14	0.38	0.43	0.65	-1.61
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

SANUWAVE Health, Inc. (NASDAQ: SNWV) showed a sharp improvement in revenue and operating performance in recent quarters, but the balance sheet still reflects meaningful leverage and a history of volatile results. The latest quarter suggests the business is moving in a better direction, though investors should keep an eye on debt, working capital, and whether profits can stay positive without help from one-time items.

Q1 2026 revenue rose to $9.6 million, up from $8.5 million in Q1 2025, showing continued top-line growth year over year.
Gross profit improved to $7.4 million in Q1 2026, with gross margin staying strong at roughly 77%.
Operating cash flow turned positive in Q1 2026 at $397,000, after being negative in Q1 2025, which is an encouraging sign for liquidity.
The company ended Q1 2026 with $10.8 million in cash and equivalents, up from $9.6 million in Q3 2025.
Balance sheet equity improved to $1.8 million in Q1 2026 from a deficit in prior periods, indicating some repair in the capital structure.
R&D spending remains modest, leaving room for operating leverage if revenue continues to scale.
Q4 2025 was unusually strong, with reported net income of $6.1 million, but much of the quarter’s profitability appears tied to other income items rather than core operations.
Revenue has been trending upward over the last year, with quarterly revenue moving from $5.8 million in Q1 2024 to $9.6 million in Q1 2026.
The company’s share count has stayed relatively stable in recent quarters, which limits dilution pressure for now.
SNWV still carries significant debt, including $5.6 million of short-term debt and $15.0 million of long-term debt in Q1 2026.
Q1 2026 posted a net loss of $1.4 million, so profitability remains inconsistent quarter to quarter.
Operating income was negative in Q1 2026 at -$1.1 million, showing the core business is not yet consistently covering operating costs.
The company’s balance sheet has been highly volatile, with equity swinging from deeply negative to slightly positive over the last several quarters.
Interest expense remains a meaningful drag, and the company also had to repay $1.4 million of debt in Q1 2026, which reduces financial flexibility.

Overall, SANUWAVE looks like a turnaround story with improving revenue and better cash generation, but the investment case still depends on sustained execution. For retail investors, the key question is whether recent progress in sales and operating cash flow can outpace the company’s debt burden and ongoing quarterly volatility.

07/14/26 09:14 AM ETAI Generated. May Contain Errors.

Sanuwave Health Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Sanuwave Health's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Sanuwave Health's net income appears to be on an upward trend, with a most recent value of $11.81 million in 2025, falling from -$4.81 million in 2015. The previous period was -$33.08 million in 2024. Find out what analysts predict for Sanuwave Health in the coming months.

Sanuwave Health's total operating income in 2025 was $4.95 million, based on the following breakdown:

Total Gross Profit: $33.97 million
Total Operating Expenses: $29.22 million

Over the last 10 years, Sanuwave Health's total revenue changed from $965.50 thousand in 2015 to $44.05 million in 2025, a change of 4,462.5%.

Sanuwave Health's total liabilities were at $35.72 million at the end of 2025, a 22.2% decrease from 2024, and a 422.6% increase since 2015.

In the past 10 years, Sanuwave Health's cash and equivalents has ranged from $133.57 thousand in 2016 to $11.96 million in 2025, and is currently $11.96 million as of their latest financial filing in 2025.

Over the last 10 years, Sanuwave Health's book value per share changed from -0.09 in 2015 to 0.19 in 2025, a change of -300.4%.

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Financial statements for NASDAQ:SNWV last updated on 7/9/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Sanuwave Health (SNWV) Financials

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Sanuwave Health (SNWV) Financials

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When does Sanuwave Health's financial year end?

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How has Sanuwave Health's revenue changed over the last 10 years?

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