Slides
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Q3 FY 2025 November 7, 2025
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Live Presentation Friday, November 7, 2025, 8:30 AM (ET) Participant Dial-in Information Toll Free: 1-800-274-8461 Toll/International:1-203-518-9814 Conference ID: SANUWAVE OR click the link for instant telephone access to the event. https://viavid.webcasts.com/starthere.jsp?ei=1741017&tp_key=73ef3b515a Replay Dial-in Information Toll Free: 1-844-512-2921 or 1-412-317-6671 Replay Pin Number: 11160405 Replay Expiry: November 28, 2025 22
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3 Forward Looking Statements and Non-GAAP Financial Measures Forward-Looking Statements This presentation may contain“forward-lookingstatements” within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to future financial results, production expectations, and plans for future business development activities. Forward-looking statements include all statements that are not statements of historical fact regarding intent, belief or current expectations of the Company, its directors or its officers. Investors are cautioned that any such forward- looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company’s ability to control. Actual results may differ materially from those projected in the forward-looking statements. Among the key risks, assumptions and factors that may affect operating results, performance and financial condition are risks associated with regulatory oversight, the Company’s ability to manage its capital resources, competition, and the other factors discussed in detail in the Company’s periodic filings with the Securities and Exchange Commission. The Company undertakes no obligation to update any forward-looking statement. Non-GAAP Financial Measures This presentation includes certain financial measures that are not presented in our financial statements prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). These financial measures are considered "non-GAAP financial measures" and are intended to supplement, and should not be considered as superior to, or a replacement for, financial measures presented in accordance with U.S. GAAP. The Company uses Earnings Before Interest, Taxes, Depreciation and Amortization(“EBITDA”) and Adjusted EBITDA to assess its operating performance. Adjusted EBITDA is Earnings before Interest, Taxes, Depreciation and Amortization adjusted for the change in fair value of derivatives and any significant non-cash or infrequent charges. EBITDA and Adjusted EBITDA should not be considered as alternatives to net loss as a measure of financial performance or any other performance measure derived in accordance with U.S. GAAP, and they should not be construed as an inference that theCompany’s future results will be unaffected by unusual or infrequent items. These non-GAAP financial measures are presented in a consistent manner for each period, unless otherwise disclosed. The Company uses these measures for the purpose of evaluating its historical and prospective financial performance, as well as its performance relative to competitors. These measures also help the Company to make operational and strategic decisions. The Company believes that providing this information to investors, in addition to U.S. GAAP measures, allows them to see theCompany’s results through the eyes of management, and to better understand its historical and future financial performance. These 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.
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4 Financials Q3 2025 Q3 2025 Q3 2024 YoY Revenue $11.5 $9.4 + 22% Gross Profit $8.9 $7.1 + 25% Gross Margin 77.9% 75.5% +244 bp Operating Expense $7.5* $5.1 +47% Operating Income $1.5* $2.0 -25% Revenue Operating IncomeGross Profit (in millions) Consistent topline growth while managing operating costs. 2025 Q3 2024 Q3*Includes $1.4 million of stock-based compensation costs in Q3 2025 vs $0 in same period of 2024
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5 Improved operational results See Non-GAAP Financial Measures disclosure included on slide 3
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6 Growing UltraMist Systems & Consumables Sales $0.0 $1.0 $2.0 $3.0 $4.0 $5.0 $6.0 $7.0 $8.0 CONSUMABLES SYSTEMS Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 +20% yoy +27% seq + 27% yoy + 6% seq Growth in UltraMIST systems and Applicators both sequentially year on year. Record quarter for both. Revenue in millions • 1,416 systems in the field at end of Q3 2025 • In Q3 2025: 155 systems sold (vs 124 in Q3 2024 and 116 in Q2 2025)
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7 Q4 and FY 2025 Revenue Guidance Q4 2025 REVENUE $13-14 Million FY 2025 REVENUE TARGET $44-45 million (+35-39%) vs Q4 2024 REVENUE of $10.3 million vs FY 2024 REVENUE of $32.6 million
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8 Wound care is undergoing a payor led shift to evidence based medicine and reimbursement. This has aligned incentives for patients, payors, and providers. SANUWAVE is in a prime position to benefit: ▪ Approved products protected by strong IP ▪ Strong existing reimbursement with room to improve ▪ Strong, focused sales force ▪ Expanded manufacturing driving greater capacity and improved margins ▪ Capital light model with high operating leverage Summary Focus on Rapid, Profitable Growth.