Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.38M | $739K | $1.85M | $1.53M | $4.06M | $13.0M | $16.7M | $20.4M | $32.6M | $44.1M |
| Revenue growth | — | -46.3% | 150.5% | -17.4% | 165.4% | 220.7% | 28.7% | 21.8% | 60.0% | 35.0% |
| Gross profit | — | $497K | $1.16M | $490K | $2.90M | $8.02M | $12.4M | $14.4M | $24.6M | $34.0M |
| Gross margin | — | 67.2% | 62.5% | 32.0% | 71.4% | 61.7% | 74.1% | 70.4% | 75.2% | 77.1% |
| Operating income | -$3.32M | -$3.82M | -$7.18M | -$8.79M | -$25.2M | -$14.1M | -$8.95M | -$540K | $3.85M | $4.95M |
| Operating margin | -241.0% | -517.8% | -388.1% | -575.3% | -621.1% | -108.7% | -53.5% | -2.6% | 11.8% | 11.2% |
| Net income | -$6.44M | -$5.54M | -$11.6M | -$10.4M | -$30.9M | -$27.3M | -$10.3M | -$25.8M | -$33.1M | $11.8M |
| Net margin | -467.9% | -749.9% | -628.7% | -682.3% | -762.6% | -209.5% | -61.5% | -126.5% | -101.4% | 26.8% |
| EPS (diluted) | -$0.06 | -$0.04 | -$0.08 | -$0.05 | -$0.08 | -$0.05 | -$0.02 | -$12.19 | -$7.41 | $0.41 |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$3.20M | -$1.53M | -$3.62M | -$6.41M | -$12.7M | -$6.41M | -$17.2M | -$4.54M | $2.46M | $3.88M |
| Capital expenditures | $10.4K | $0.00 | $42.9K | $53.9K | $53.0K | $529K | — | $0.00 | $490K | $1.94M |
| Free cash flow | -$3.21M | -$1.53M | -$3.66M | -$6.46M | -$12.8M | -$6.94M | — | -$4.54M | $1.97M | $1.93M |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $134K | $730K | $365K | $1.76M | $2.44M | $619K | $1.15M | $1.80M | $10.2M | $12.0M |
| Total assets | $1.00M | $1.28M | $1.18M | $3.38M | $23.0M | $18.6M | $19.9M | $22.4M | $30.1M | $37.3M |
| Total liabilities | $7.92M | $11.2M | $16.5M | $13.4M | $36.7M | $57.6M | $60.9M | $65.6M | $67.0M | $51.7M |
| Long-term debt | $5.37M | — | — | — | $143K | $875K | — | — | — | $16.1M |
| Shareholders' equity | -$6.91M | -$9.88M | -$15.4M | -$10.1M | -$13.7M | -$39.0M | -$41.0M | -$44.5M | -$44.5M | -$20.8M |
| Retained earnings | -$99.4M | -$105M | -$117M | -$126M | -$157M | -$184M | -$194M | -$220M | -$221M | -$261M |
| Shares (wtd avg diluted) | 137M | 139M | 156M | 204M | 378M | 518M | 549M | 2.12M | 4.46M | 9.08M |
Every figure is extracted from SANUWAVE Health, Inc.’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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