Sofwave Medical Reports Second Quarter and First Half 2024 Financial Results and Business Highlights

Second quarter revenue of $14.6M, +18% year-over-year growth; IFRS gross margin of 76.1%

Second quarter pulse recurring revenue of $6.0M, +83% year-over-year growth

First half revenue of $27.8M, +22% year-over-year growth, IFRS gross margin of 75.7%

First half IFRS and Non-IFRS operating loss continues to narrow substantially and decreased YoY by 66% and 80%, respectively

Sofwave continues to expect to achieve operating break-even in 2024

Second Quarter Revenue of $14.6M; representing 18% year-over-year growth

• Recurring Revenue of $6.0M, a year-over- year increase of 83%, representing 41% of total revenue

• Gross Profit was $11.1M, a year-over-year increase of 21%

• IFRS Gross Margin: 1%; *Non-IFRS 76.3%

• IFRS Operating Loss: $1.2M; down from $2.9M in second quarter of 2024; *Non-IFRS: $0.6M

First Half Revenue of $27.8M, representing 22% year-over-year growth

• Recurring Revenue of $27.8M, a year-over-year increase of 65%, representing 39% of total revenue

• Gross Profit was $21.1M, a year-over-year increase of 25%

• IFRS Gross Margin: 7%; *Non-IFRS 75.8%

• IFRS Operating Loss: $2.2M; *Non-IFRS: $1.0M

Cash and Cash Equivalents as of June 30, 2024: $21.1M

In the U.S., six regionally based Practice Development Managers (PDMs) were added to help customers in the field and drive pulse utilization.

National “Got Lift Day” campaign in June received unprecedented engagement from both B2B and B2C, including 45,000+ social media interactions and 44,000+ likes.

Social media grew to over 930,000 followers.