Slides
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sanuwave Q2 2026 Business Update Quarterly results , live presentation Friday , August 7 , 2026 . SANUWAVE Q2 2026
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L I V E P R E S E N T A T I O N 0 2 / 0 6 Join us Friday, August 7, 2026 at 8:30 AM (ET) 01 P A R T I C I P A N T D I A L - IN Toll free 1-800-274-8461 Toll / international 1-203-518-9814 Conference ID SANUWAVE 02 I N S T A N T T E L E P H O N E A C C E S S Click the link for instant telephone access to the event: viavid.webcasts.com/starthere.jsp?ei=1771327tp_key=110b588de5 viavid.webcasts.com/starthere.jsp?ei=1771327&tp_key=110b 588de5 03 R E P L A Y D I A L - IN Toll free 1-844-512-2921 Toll / international 1-412-317-6671 Replay PIN 11162356 Replay expiry August 21, 2026 sanuwave Q 2 2 0 2 6 B U S I N E S S U P D A T E
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D I S C L O S U R E S 0 3 / 0 6 Forward-Looking Statements & Non-GAAP Financial Measures F O R W A R D - L O O K I N G S T A T E M E N T S This presentation may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to future financial results, production expectations, plans for future business development activities, and expectations regarding the impact of changes in reimbursement levels and tariff rates. 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: reductions, clawbacks, or recoupments of CMS reimbursement for skin substitutes, allografts, or other advanced wound care products, and their effect on customer behavior and capital budgets; the financial distress, closure, or liquidation of wound care practices and the resulting impact on demand for the Company's systems; the emergence and growth of a secondary market for used Ultramist systems and the cannibalizing effect of such resales on sales of new systems; the Company's ability to qualify, train, and support new users acquiring systems through the secondary market, and the related regulatory, quality, and product-liability considerations; the Company's ability to sustain applicator and consumable volumes and convert system placements into recurring consumable revenue; 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 - G A A P F I N A N C I A L M E A S U R E S 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 income (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 the Company’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 the Company’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. sanuwave Q 2 2 0 2 6 B U S I N E S S U P D A T E
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F I N A N C I A L S 0 4 / 0 6 Selected Financials — Q2 2026 ( I N M I L L I O N S ) Q 2 2 0 2 6 Q 2 2 0 2 5 Y O Y Revenue $9.7 $10.1 −3% Gross profit $7.4 $7.8 −5% Gross margin % 76.2% 78.1% −190 bp Operating expense $7.7 $6.4 +20% Operating (loss) income ($0.3) $1.4 −121% $9.7 $7.4 ($0.3) $10.1 $7.8 $1.4 Revenue Gross profit Operating (loss) income Q2 2026 Q2 2025 sanuwave Q 2 2 0 2 6 B U S I N E S S U P D A T E
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N O N - G A A P R E C O N C I L I A T I O N S 0 5 / 0 6 EBITDA/Adjusted EBITDA Reconciliations ( I N T H O U S A N D S ) T H R E E M O N T H S E N D E D J U N E 3 0 , S I X M O N T H S E N D E D J U N E 3 0 , 2026 2025 2026 2025 Net (loss) income $ (682) $ 551 $ (2,121) $ (5,567) N O N- G A A P A D J U S T M E N T S Interest expense 518 1,939 1,064 3,848 Depreciation and amortization ¹ 313 226 607 493 EBITDA 149 2,716 (450) (1,226) A D J U S T M E N T S F O R A D J U S T E D E B I T D A Change in fair value of derivative liabilities – (990) – 3,911 Stock-based compensation 1,572 1,132 3,143 2,116 State & local sales tax ² (532) 329 (194) 705 Sale of excess inventory – – (220) – Adjusted EBITDA $ 1,189 $ 3,188 $ 2,279 $ 5,506 See non-GAAP financial measures disclosure included on slide 3. 1 Depreciation and amortization excludes amortization of right -of-use (ROU) leases. Prior period amounts have been retroactivel y revised to conform to this presentation; this change had no effect on previously reported GAAP results. 2 The charges represent a non-recurring state and local sales tax expense related to the restatement of prior period financial statements. sanuwave Q 2 2 0 2 6 B U S I N E S S U P D A T E
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C O M M E R C I A L 0 6 / 0 6 Ultramist Systems & Consumables Sales Change in sales of Ultramist systems and applicators, year on year 1,411 active systems in the field at end of Q2 2026, vs 1,382 at end of Q1 2026 82 systems sold in Q2 2026, vs 116 in Q2 2025 and 97 in Q1 2026 * In Q4 2025 we transitioned to tracking “active systems” — systems owned by customers who have ordered consumable applicators within the last 6 months, or within their expected ordering timeframe for those who order infrequently. sanuwave Q 2 2 0 2 6 B U S I N E S S U P D A T E $0.0 $1.0 $2.0 $3.0 $4.0 $5.0 $6.0 $7.0 $8.0 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Consumables Systems Revenue in millions *
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ultramist® Technology for healing. S A N U W A V E · U L T R A M I S T · Q 2 2 0 2 6