SNWV · SANUWAVE Health, Inc.

SANUWAVE Health reported Q1 2026 revenue of $9.6 million, a 3.1% increase from $9.3 million in Q1 2025, marking the highest Q1 revenue in company history. The growth was driven by a 15% increase in Ultramist consumables revenue to $6.7 million, which set a new unit volume record. However, gross margin declined to 77.3% from 79.0% due to lower pricing on systems and applicators sold through resellers. GAAP operating loss was $1.1 million, a $1.7 million swing from operating income of $0.6 million in the prior year, primarily due to higher operating expenses (general and administrative, selling and marketing, and R&D). Net loss improved significantly to $1.4 million from $6.1 million, as the prior year included a $4.9 million non-cash loss on derivative liabilities. Adjusted EBITDA fell to $1.1 million from $2.3 million. Management noted a slow start to the quarter due to reimbursement changes, but saw improvement each month, with February marking a recovery. The company guided Q2 2026 revenue of $11.1-$11.6 million (10-15% YoY growth) and reiterated full-year 2026 revenue guidance of $51-$55 million (16-25% growth). The results reflect a mixed quarter: strong consumables growth and record unit volumes offset by margin pressure and higher costs, with forward guidance indicating expected acceleration.