Company: SNWV
Filing Date: 2025-03-20
Form Type: 10-K
Source: 0001628280-25-014141
Chunk: 82

Company: SANUWAVE Health, Inc.
Filing Date: 2025-03-20
Form: 10-K
Item: Item 7
Chunk 82
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 to our net loss.

For the year ended(in thousands)20242023Net (Loss) Income$(31,372)$(25,807)Non-GAAP Adjustments:Interest expense13,637 15,623 Depreciation and amortization1,145 1,028 EBITDA$(16,590)$(9,156)Non-GAAP Adjustments for Adjusted EBITDA:Change in fair value of derivative liabilities31,413 9,621 Other non-cash or infrequent charges:Gain on extinguishment of debt(6,326)- Severance agreement and legal settlement741 - Release of historical accrued expenses(1,547)(1,866)Stock-based compensation1,514 - Shares issued for services- 224 License and option agreement(2,500)- Prepaid legal fees expensed from termination of Merger Agreement457 - Adjusted EBITDA$7,162 $(1,177)

Results of Operations

The following table sets forth our consolidated statement of operations:

For the Years Ended December 31,Change(in thousands)20242023$%Revenue$32,634 $20,398 $12,236 60 %Cost of revenue8,084 6,035 2,049 34 %Gross margin24,550 14,363 10,187 71 %Gross margin %75 %70 %Operating expenses:General and administrative11,348 8,674 2,674 31 %Selling and marketing6,323 4,898 1,425 29 %Research and development673 579 94 16 %Depreciation and amortization789 752 37 5 %Operating income (loss)5,417 (540)5,957 1103 %Other expense, net(36,762)(25,263)(11,499)46%Income tax expense27 4 23 575 %Net loss$(31,372)$(25,807)$(5,565)22 %

Revenue

Revenues for the year ended December 31, 2024 were $32.6 million, compared to $20.4 million for 2023, an increase of $12.2 million or 60%. The increase in net sales was primarily driven by the growth in quantity of UltraMIST® disposables 

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and systems sold. The quantity