Company: SNWV
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001628280-25-050280
Chunk: 94

Company: SANUWAVE Health, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 8
Chunk 94
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 non-GAAP financial measures are also frequently used by analysts, investors, and other interested parties to evaluate companies in our industry, when considered alongside other U.S. GAAP measures.

EBITDA and Adjusted EBITDA have their limitations as analytical tools, and you should not consider them in isolation or as a substitute for analysis of our results as reported under U.S. GAAP. Some of these limitations are that EBITDA and Adjusted EBITDA:

•Do not reflect every expenditure, future requirements for capital expenditures or contractual commitments.

•Do not reflect all changes in our working capital needs.

•Do not reflect interest expense, or the amount necessary to service our outstanding debt.

As presented in the U.S. GAAP to Non-GAAP Reconciliations section below, our non-GAAP financial measure excludes the impact of certain charges that contribute to our net income (loss).

Three Months Ended September 30,Nine Months Ended September 30,(in thousands)2025202420252024Net Income (Loss)$10,325 $(20,657)$5,704 $(18,624)Non-GAAP Adjustments:Interest expense1,722 3,661 5,448 11,004 Depreciation and amortization329 256 902 736 EBITDA12,376 (16,740)12,054 (6,884)Non-GAAP Adjustments for Adjusted EBITDA:Change in fair value of derivative liabilities(6,097)18,849 (2,186)17,633 Other non-cash or infrequent charges:Stock-based compensation1,397 - 3,513 - Loss (Gain) on extinguishment of debt477 - 477 (5,205)Loss on impairment of assets196 - 196 - Severance agreement and legal settlement113 - 113 585 Release of historical accrued expenses- - - (579)Gain on license and option agreement(5,000)- (5,000)(2,500)Prepaid legal fees expensed from termination of Merger Agreement- - - 457 Adjusted EBITDA$3,462 $2,109 $9,167 $3,507 

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Results of Operations

Three Months Ended September 30,ChangeNine Months Ended September 30,Change(in thousands)20252024$%20252024$%Revenue$11