Cash flow generation remains inconsistent, evidenced by a 2025Q3 net income of $10.3M that translated into only $1.1M of operating cash flow, highlighting a persistent disconnect between accounting profits and liquidity.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 |
|---|
| Cash from Operations | 5.79M | 3.88M | 2.46M | -4.54M | -17.17M | -6.41M | -12.72M | -6.41M | -3.62M | -1.53M | -3.2M | -3.47M | -6.68M | -3.92M | -4.29M | -8.83M | -5.87M | -6.27M | -41.92K | -22.07K | -4.07K |
| Operating CF Margin % | - | 8.8% | 7.52% | -22.25% | -102.55% | -49.26% | -313.48% | -623.17% | -195.73% | -207.03% | -232.51% | -359.76% | -788.13% | -490.51% | -557.73% | -1100.42% | -805.45% | -949.25% | - | - | - |
| Operating CF Growth % | 707.05% | 57.88% | 154.1% | 73.57% | -167.89% | 49.61% | -98.39% | -77.04% | -136.84% | 52.21% | 7.89% | 47.99% | -70.18% | 8.53% | 51.42% | -50.52% | 6.45% | -14860.6% | -89.94% | -442.04% | - |
| Net Income | 16.05M | 0 | -31.37M | -25.81M | -10.29M | -27.26M | -30.94M | -10.43M | -11.63M | -5.54M | -6.44M | -4.81M | -5.97M | -11.95M | -6.4M | -10.24M | -14.92M | -7.98M | -26.55K | -35.69K | 21.99K |
| Depreciation & Amortization | 103K | 0 | 1.15M | 1.03M | 952K | 1.24M | 1.01M | 71.21K | 22.33K | 24.07K | 326.61K | 310.37K | 321.04K | 326.33K | 327.13K | 325.79K | 1.14M | 671.86K | 0 | 0 | 0 |
| Stock-Based Compensation | -2.38M | 0 | 1.51M | 0 | 0 | 0 | 22K | 333.42K | 2.48M | 768.11K | 547.84K | 504.53K | 135.01K | 792.16K | 1.39M | 1.12M | 3.04M | 1.08M | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 4K | 2K | 28K | 0 | -188.34K | -115.13K | 57.6K | 2.51M | 0 | -474.35K | 3.44M | -30.73K | 1.36M | 2.87M | -5.29K | 0 | 0 | 0 |
| Other Non-Cash Items | 5.22M | 7.89M | 34.07M | 23.84M | -6.71M | 9.66M | 15.82M | 2.09M | 4.82M | 1.3M | 355.47K | -152.21K | 750.32K | 3.19M | 8.52K | 166.62K | 799.71K | -43.73K | 0 | 0 | 0 |
| Working Capital Changes | -1.39M | -4.01M | -2.9M | -3.61M | -1.12M | 9.93M | 1.37M | 1.71M | 797.85K | 1.86M | -496K | 674.14K | -1.44M | 280.39K | 415.14K | -1.56M | 1.21M | 10.67K | -15.37K | 13.62K | -26.06K |
| Change in Receivables | -2.34M | -2.3M | -486K | -53K | -1.75M | -395K | -2.58M | -8.6K | -22.5K | 250.68K | -412.58K | 18K | 81.6K | -51.07K | 24.47K | -23.96K | -63.72K | 48.18K | 0 | 0 | 0 |
| Change in Inventory | -1.01M | -2.28M | -1.2M | -2.8M | -72K | 1.69M | -553K | -185.13K | -123.12K | -7.08K | -29.25K | -13.04K | -25.86K | 46.66K | 103.62K | 67.36K | 128.95K | 92.16K | 0 | 0 | 0 |
| Change in Payables | -890K | -521K | -1.42M | 1.55M | -2.55M | 3.18M | 3.02M | -138.73K | 276.12K | 783.56K | 203.7K | 277.43K | -703.19K | 379.13K | -200.76K | -1.07M | 760.39K | 93.61K | -14.01K | 13.96K | -27.9K |
| Cash from Investing | 3.44M | 3.43M | -490K | 21K | 332K | -529K | -20.05M | -53.94K | -42.89K | 0 | -8.77K | 100K | -8.86K | 7.5K | -2.01K | -42.3K | 7K | 3.6M | 0 | 0 | 0 |
| Capital Expenditures | 4K | 0 | -490K | 0 | 1.02M | -529K | -53K | -53.94K | -42.89K | 0 | -10.36K | 0 | -8.86K | 0 | -2.01K | -42.3K | 0 | -10.36K | 0 | 0 | 0 |
| CapEx % of Revenue | 0.01% | 4.41% | 1.5% | - | 6.1% | 4.07% | 1.31% | 5.24% | 2.32% | - | 0.75% | - | 1.05% | - | 0.26% | 5.27% | - | 1.57% | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 332K | 0 | -20M | 0 | 0 | 0 | 1.59K | 100K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 3.43M | 3.43M | 0 | 21K | -1.02M | 0 | 0 | 0 | 0 | 0 | 1.59K | 100K | 0 | 7.5K | 0 | 0 | 7K | 3.61M | 0 | 0 | 0 |
| Cash from Financing | -6.95M | -5.59M | 6.35M | 5.21M | 17.38M | 5.12M | 33.45M | 7.86M | 3.32M | 2.12M | 3.21M | 0 | 10.07M | 4.04M | 450.42K | 12.37M | 4.5M | 3.69M | 40K | -3K | 32K |
| Debt Issued (Net) | -7.52M | -6.14M | -2.46M | 5.85M | 16.59M | 3.38M | 9.46M | 1.25M | 3.28M | 1.71M | 15.25K | 0 | 596.05K | 1.78M | 425.42K | -1.09K | 2.45M | 2.13M | 1.07M | -3K | 0 |
| Equity Issued (Net) | 322K | 556K | 10.3M | 0 | 100K | 0 | 23.91M | 2.8M | 0 | 0 | 0 | 0 | 0 | 0 | 25K | 8.47M | 2.05M | 1.64M | 5.76M | 0 | 32K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -180K | 0 | 0 | 0 |
| Other Financing | 253K | 0 | -1.49M | -639K | 695K | 1.74M | 81K | 3.81M | 40.73K | 403.07K | 3.19M | 0 | 9.48M | 2.26M | 0 | 3.9M | 0 | -69.92K | 0 | 0 | 0 |
| Net Change in Cash | 2.28M | 1.72M | 8.44M | 644K | 534K | -1.82M | 676K | 1.4M | -365.63K | 596.61K | -19.36K | -3.39M | 3.36M | 111.99K | -3.84M | 3.49M | -1.37M | 1.24M | -1.92K | -25.07K | 27.93K |
| Free Cash Flow | 5.86M | 1.93M | 1.97M | -4.54M | -16.15M | -6.94M | -12.77M | -6.46M | -3.66M | -1.53M | -3.21M | -3.47M | -6.69M | -3.92M | -4.29M | -8.87M | -5.87M | -6.28M | -41.92K | -22.07K | -4.07K |
| FCF Margin % | 13.23% | 4.39% | 6.02% | -22.25% | -96.45% | -53.33% | -314.79% | -628.42% | -198.05% | -207.03% | -233.26% | -359.76% | -789.18% | -490.51% | -557.99% | -1105.7% | -805.45% | -950.82% | - | - | - |
| FCF Growth % | 937.57% | -1.58% | 143.3% | 71.9% | -132.73% | 45.67% | -97.55% | -76.44% | -139.64% | 52.37% | 7.59% | 48.06% | -70.41% | 8.57% | 51.63% | -51.25% | 6.61% | -14885.32% | -89.94% | -442.04% | - |
| FCF per Share | 0.68 | 0.21 | 0.44 | -2.14 | -11.02 | -5.02 | -12.67 | -11.94 | -9.19 | -4.13 | -11.18 | -20.67 | -52.01 | -52.31 | -76.95 | -169.58 | -170.23 | -206.56 | -1.26 | -0.66 | -0.15 |
| FCF Conversion (FCF/Net Income) | 0.37x | 0.33x | -0.08x | 0.18x | 1.67x | 0.24x | 0.41x | 0.61x | 0.31x | 0.28x | 0.50x | 0.72x | 1.12x | 0.35x | 0.67x | 0.86x | 0.39x | 1.02x | 1.58x | 0.62x | -0.19x |
| Interest Paid | 1.14M | 3.74M | 4.31M | 1.96M | 0 | 2.58M | 436K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 27K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Reimbursement and regulatory dependency
Based on reported financial statements, the persistent disconnect between net income and operating cash flow, highlighted by a 2025Q3 net income of $10.3M against only $1.1M in operating cash, suggests that reported profitability is heavily influenced by non-cash items rather than core operational efficiency.
The wide variance between accounting profits and actual cash generation indicates that investors should be cautious regarding the quality of earnings. This divergence often points to significant non-operating adjustments or deferred tax benefits that do not contribute to the company's liquidity position.
As reported in recent filings, SNWV's free cash flow trajectory has been erratic, swinging from a peak of $5.2M in 2025Q4 to a negative $1.7M in 2025Q1, which underscores the difficulty in maintaining consistent cash generation despite the company's high-margin consumable business model.
The lack of a stable free cash flow trend suggests that the business model is still in a transition phase where operational costs frequently outpace cash inflows. Analysts should monitor whether the company can achieve sustained positive FCF as the installed base of devices matures.
According to quarterly data, working capital changes have been highly inconsistent, ranging from a $4.6M inflow in 2023Q4 to a $2.6M outflow in 2025Q1, indicating that the company's cash conversion cycle is subject to significant fluctuations that complicate short-term liquidity planning.
These sharp swings in working capital suggest potential inefficiencies in inventory management or delays in collecting receivables from clinical partners. Such volatility may indicate that the company is struggling to align its cash collection with the rapid deployment of its medical device consoles.
Analysis of the cash flow statement reveals that non-cash adjustments, including stock-based compensation and fluctuating depreciation, frequently mask the underlying cash burn, as evidenced by the $1.1M in SBC recorded in 2025Q2 which artificially bolstered the reported cash flow figures during a period of operational weakness.
The reliance on non-cash add-backs to present a more favorable cash flow picture warrants further investigation into the company's true operational sustainability. Investors should focus on the raw operating cash flow before these adjustments to better understand the company's actual ability to fund its own growth.
Quick answers to the most common questions about buying SNWV stock.
SANUWAVE Health, Inc. (SNWV) generated $3.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
SANUWAVE Health, Inc. (SNWV) generated $1.9M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
SANUWAVE Health, Inc. (SNWV) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.