Shimon Eckhouse
Co-Founder & Chairman
[Foreign Language] Good morning, Lou and Assaf in New York. [Foreign Language]
Lou, please go ahead.
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. As well as in Q3, $8.3 million of this revenue came on a recurring basis, which represents a 55% year-over-year growth. Our gross margins were 73.7% and we achieved an IFRS net income of $1 million. On the year, from Q1 to Q3, we’ve achieved $58.7 million in revenue, representing a 42% year-over-year growth as well as 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. Well, I don’t have to tell anyone on the call about how challenging the marketplace is. I mean there are many, many headwinds, both economically as well as geopolitically. And if we look specifically at the U.S. market, the high-growth medspa markets have been impacted most by access to capital and high interest rates. However, the core physicians, the dermatologists and plastic surgeons, that segment of the market remains resilient.
We have this growing tailwind, the growing adoption of GLP-1 agonist, which were driving the demand exactly for what SofWave makes, which is lifting, laxity and superior toning treatments. As we look ahead, we’re assuming with the interest rates being lowered, consumer spending could improve. High interest rates, again, are being
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