SANUWAVE Health, Inc. (SNWV) Income Statement
SNWV 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsSNWV revenue and net income
Where SNWV's revenue goes
2025Each bar shows an amount and its share of revenue. SNWV kept 26.8% of revenue as net income.
SNWV profit margins
SNWV growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +35.0% | +38.1% | +61.1% | +46.5% |
| Gross profit | +38.4% | +39.9% | +63.6% | +47.9% |
| Operating income | −8.7% | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
SNWV quarterly EPS vs estimates
SANUWAVE Health beat the analyst EPS estimate in 2 of the last 7 quarters. Next report: November 6, 2026 (estimate $0.01).
SNWV income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $44.1M | $32.6M | $20.4M | $16.7M | $13.0M | $4.1M | $1.0M | $1.9M | $738,527 | $1.4M |
| Cost of revenue | $10.1M | $8.1M | $6.0M | $4.3M | $5.0M | $1.2M | $538,923 | $693,664 | $241,970 | $565,129 |
| Gross profit | $34.0M | $24.6M | $14.4M | $12.4M | $8.0M | $2.9M | $489,807 | $1.2M | $496,557 | $810,934 |
| Research & development | $1.4M | $673,000 | $579,000 | $567,000 | $1.1M | $1.2M | $1.2M | $1.7M | $1.3M | $1.1M |
| Sales, general & admin | $26.8M | $17.7M | $13.6M | $20.0M | $20.3M | $18.9M | $8.0M | $6.8M | $3.0M | $2.7M |
| Total operating expenses | $29.0M | $19.1M | $14.9M | $21.4M | $22.2M | $22.1M | $9.3M | $8.3M | $4.3M | $4.1M |
| Operating income | $4.9M | $5.4M | −$540,000 | −$9.0M | −$14.1M | −$18.0M | −$8.8M | −$7.2M | −$3.8M | −$3.3M |
| Interest expense | $6.2M | $13.6M | $15.6M | $14.1M | $7.1M | $2.5M | $1.8M | $4.5M | $1.1M | $854,980 |
| Income before taxes | $11.9M | −$31.3M | −$25.8M | −$10.3M | −$27.2M | −$30.9M | −$10.4M | −$11.6M | −$5.5M | −$6.4M |
| Income taxes | $86,000 | $27,000 | $4,000 | $2,000 | $28,000 | — | $1.8M | $45,012 | $1.1M | $3.1M |
| Net income | $11.8M | −$31.4M | −$25.8M | −$10.3M | −$27.3M | −$30.9M | −$10.4M | −$11.6M | −$5.5M | −$6.4M |
| EBITDA | $19.4M | −$16.6M | −$9.2M | $4.8M | −$18.9M | −$27.4M | −$8.5M | −$7.1M | −$4.4M | −$3.0M |
| EPS (diluted) | −$0.16 | −$8.01 | −$0.05 | −$0.10 | −$0.10 | −$8.17 | −$18.75 | −$26.26 | −$7.67 | −$7.80 |
| Gross margin | 77.1% | 75.2% | 70.4% | 74.1% | 61.7% | 71.4% | 47.6% | 62.5% | 67.2% | 58.9% |
| Operating margin | 11.2% | 16.6% | −2.6% | −53.5% | −108.7% | −444.0% | −854.9% | −388.1% | −517.8% | −241.0% |
| Net margin | 26.8% | −96.1% | −126.5% | −61.5% | −209.5% | −762.5% | −1,013.9% | −628.7% | −749.9% | −467.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $9.7M | $9.6M | $13.1M | $11.5M | $10.2M | $9.3M | $10.3M | $9.4M | $7.2M | $5.8M | $7.0M | $5.0M |
| Cost of revenue | $2.3M | $2.4M | $3.4M | $2.7M | $2.2M | $2.0M | $2.3M | $2.3M | $1.9M | $1.6M | $2.3M | $1.4M |
| Gross profit | $7.4M | $7.2M | $9.7M | $8.7M | $8.0M | $7.4M | $8.0M | $7.1M | $5.2M | $4.2M | $4.6M | $3.5M |
| Research & development | $628,000 | $660,000 | $606,000 | $345,000 | $194,000 | $208,000 | $154,000 | $161,000 | $195,000 | $163,000 | $143,000 | $165,000 |
| Sales, general & admin | $6.8M | $7.6M | $8.2M | $6.9M | $5.7M | $6.0M | $5.1M | $4.7M | $2.9M | $4.9M | $3.5M | $3.7M |
| Total operating expenses | $7.7M | $8.3M | $9.1M | $7.2M | $6.1M | $6.4M | $5.5M | $5.1M | $3.2M | $5.3M | $3.6M | $4.1M |
| Operating income | −$280,000 | −$1.1M | $615,000 | $1.5M | $1.9M | $986,000 | $2.5M | $2.0M | $2.0M | −$1.1M | $1.0M | −$531,000 |
| Interest expense | $518,000 | $546,000 | $798,000 | $1.7M | $1.9M | $1.9M | $2.6M | $3.7M | $3.8M | $3.6M | $3.1M | $3.8M |
| Income before taxes | −$676,000 | −$1.4M | $6.2M | $10.3M | $1.1M | −$5.7M | −$12.7M | −$20.7M | $6.6M | −$4.5M | $18.2M | −$23.7M |
| Income taxes | $6,000 | — | $86,000 | — | — | — | $27,000 | — | — | $138,724 | $4,000 | $226,586 |
| Net income | −$682,000 | −$1.4M | $6.1M | $10.3M | $1.1M | −$5.7M | −$12.7M | −$20.7M | $6.6M | −$4.5M | $18.2M | −$23.7M |
| EBITDA | $193,000 | −$581,000 | $7.6M | $12.4M | $3.2M | −$3.5M | −$9.7M | −$16.7M | $10.6M | −$750,000 | $21.6M | −$19.6M |
| EPS (diluted) | −$0.08 | −$0.17 | $0.03 | $0.46 | $0.01 | −$0.66 | −$1.52 | −$6.49 | $0.00 | −$0.00 | $0.02 | −$0.03 |
| Gross margin | 76.2% | 74.7% | 74.1% | 76.0% | 78.3% | 79.0% | 77.9% | 75.5% | 73.2% | 72.6% | 66.4% | 71.5% |
| Operating margin | −2.9% | −11.7% | 4.7% | 12.8% | 18.5% | 10.6% | 24.4% | 20.9% | 27.8% | −18.1% | 14.9% | −10.7% |
| Net margin | −7.0% | −15.0% | 46.7% | 90.2% | 10.4% | −60.8% | −123.5% | −220.7% | 91.6% | −78.3% | 260.7% | −478.5% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in SNWV's financial statements (latest annual report filed March 26, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
SNWV financial results
In fiscal year 2025 (ended December 31, 2025), SANUWAVE Health reported revenue of $44.1 million, up 35.0% from the year before. It had net income of $11.8 million, a net profit margin of 26.8%. Diluted earnings per share came to −$0.16. Over five years revenue grew at an average rate of 61.1% a year.
See the SNWV stock overview for the latest quote and news, or the SNWV chart for price history and technical indicators.
SNWV income statement FAQ
What is SANUWAVE Health's annual revenue?
SANUWAVE Health reported total revenue of $44.1 million for fiscal year 2025, which ended on December 31, 2025. That was up 35.0% from $32.6 million the previous year.
Is SANUWAVE Health profitable?
Yes. SANUWAVE Health reported net income of $11.8 million in fiscal 2025, a net profit margin of 26.8%; its operating margin was 11.2%.
What is SANUWAVE Health's gross margin?
SANUWAVE Health's gross margin was 77.1% in fiscal 2025: for every $100 of revenue, SANUWAVE Health kept $77 after the direct cost of its products and services.
How much does SANUWAVE Health spend on research and development?
SANUWAVE Health spent $1.4 million on research and development in fiscal 2025, 3.1% of revenue.
How fast is SANUWAVE Health growing?
Revenue grew 61.1% a year on average over the last five fiscal years, from $4.1 million to $44.1 million.
What are SANUWAVE Health's earnings per share?
SANUWAVE Health earned $-0.16 per diluted share in fiscal 2025, compared with $-8.01 a year earlier.
When will SANUWAVE Health report its next earnings?
SANUWAVE Health is expected to report results for the quarter ending September 30, 2026 on November 6, 2026 after the market closes.
When does SANUWAVE Health's fiscal year end?
SANUWAVE Health's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 26, 2026.