Sanuwave reports 29.7% revenue growth in Q4 2025 but faces tax-related restatements

Sanuwave Health, Inc. has released its financial results for Q4 and the full year 2025. The company reported a 29.7% revenue increase in the last quarter, reaching $13.4 million. However, a recent announcement revealed the need to restate previous financial statements due to unrecorded tax liabilities. For Q4 2025, Sanuwave's revenue climbed to $13.4 million, up from $10.3 million in the same period last year. UltraMist consumables contributed $6.5 million, a 10.6% rise. The company sold 255 UltraMist systems in the quarter, nearly doubling the 135 units sold in Q4 2024.

Adjusted EBITDA improved by $1.1 million, reaching $4.8 million. Net income stood at $7.7 million, largely due to changes in the fair value of derivative liabilities. Operating income remained flat at $2.0 million, while gross margin dipped to 74.7% from 77.9% after a $486,000 inventory write-off.

Full-year revenue for 2025 hit $44.1 million, a 35% increase from 2024. UltraMist system sales rose to 624 units, up from 374 the previous year. Operating income for the year grew by $1.1 million, totaling $4.9 million.

On March 13, 2026, the company announced it must restate its 2024 annual and 2024–2025 interim financial statements. The adjustment follows the discovery of unrecorded state sales and use tax liabilities, estimated at $4.9–$5.2 million. Additional expenses of $1.6–$1.8 million in 2024 and $1.7–$1.9 million in 2025 were also identified. The financial restatement will affect previously reported figures for 2024 and 2025. Sanuwave's revenue and sales growth in 2025 remains strong, but the tax-related adjustments will require revisions to past statements. The company has not indicated any changes to its market position in mobile wound care.