**Louis Scafuri, Chief Executive Officer**
Thank you, Shimon. Good afternoon, everyone. We are very pleased to report our Q3 2025 results and share our momentum with everyone on the call.
For Q3 2025, we achieved $21.1 million in revenue, which represents a 56% year-over-year growth. Of this revenue, $8.3 million came on a recurring basis, reflecting a 55% year-over-year increase. Our gross margins were 73.7%, and we achieved an IFRS net income of $1 million.
For the year, from Q1 to Q3, we’ve reached $58.7 million in revenue, representing a 42% year-over-year growth, along with an IFRS net income of $1.4 million. We ended the quarter on September 30 with $26.5 million in cash, and we have performed over 667,000 treatments since commercialization.
I don’t have to tell anyone on the call how challenging the marketplace is. There are many headwinds, both economically and geopolitically. Specifically, looking at the U.S. market, the high-growth medspa markets have been impacted the most by limited access to capital and high interest rates. However, the core physicians—dermatologists and plastic surgeons—remain resilient.
We are also seeing a growing tailwind with the increased adoption of GLP-1 agonists, which are driving demand precisely for what SofWave offers: lifting, laxity reduction, and superior toning treatments.
Looking ahead, we are assuming that with interest rates potentially being lowered, consumer spending could improve. High interest rates have certainly been a challenge, but we remain optimistic about the future.
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