Sanuwave Q1 Revenue Hits $9.6M; Operating Loss of $1.1M
Sanuwave reported Q1 FY2026 revenue of $9.6 million, up 3.1% year-over-year, marking its highest-ever Q1 revenue. Gross margin fell to 77.3% from 79.0%, while GAAP operating loss was $1.1 million, and the company forecasts Q2 revenue growth of 10–15% from Q2 2025.
1. Q1 Financial Results
For the quarter ended March 31, 2026, Sanuwave generated $9.6 million in revenue, a 3.1% increase over $9.3 million in Q1 2025, representing its highest first-quarter revenue in company history.
2. Product Sales Breakdown
Sanuwave sold 97 Ultramist systems in Q1 FY2026, down slightly from 98 units a year earlier and from 255 units in Q4 2025, while Ultramist consumables revenue rose 15% to $6.7 million year-over-year.
3. Profitability and Margins
Gross margin decreased to 77.3% from 79.0% due to lower wholesale pricing on systems, GAAP operating loss widened to $1.1 million from operating income of $0.6 million, and adjusted EBITDA fell to $1.1 million from $2.3 million.
4. Q2 Outlook and Guidance
The company projects Q2 FY2026 revenue of $11.1–$11.6 million, a 10–15% increase over Q2 2025, and reiterates full-year 2026 revenue guidance of $51.0–$55.0 million, reflecting 16–25% growth.