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EnWave Corp
Symbol ENW
Shares Issued 110,805,055
Close 2024-05-24 C$ 0.25
Market Cap C$ 27,701,264
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EnWave loses $1.55-million from continuing ops in Q2

2024-05-24 10:41 ET - News Release

Mr. Brent Charleton reports

ENWAVE REPORTS 2024 SECOND QUARTER CONSOLIDATED INTERIM FINANCIAL RESULTS

EnWave Corp. has released the company's consolidated interim financial results for the second quarter ended March 31, 2024.

Highlights (all values in thousands unless otherwise stated):

  • Reported royalty revenues were $414, representing an increase of $137 relative to the comparable period in the prior year. Royalties for the six months ending March 31, 2024, were $894, compared with $690 for the same period ended March 31, 2023, an increase of $204, or 30 per cent. Royalties grew due to increased partner product sales and production offset by a decrease in exclusivity fees.
  • Reported revenue for Q2 2023 was $663, representing a decrease of $3,972 relative to the comparable period in the prior year. The decrease was related to fewer machine sales and machines in fabrication due to the inherent volatility in large-scale radiant energy vacuum (REV) machine orders.
  • Reported selling, general and administrative (SG&A) costs (including research & development (R&D)) were $1,389; this was consistent with the comparable period in the prior year. SG&A costs for the six months ended March 31, 2024, were $2,652, compared with $2,954 for the same period ending March 31, 2023, a decrease of $302, or 10 per cent. The company continues to make concerted efforts to manage discretionary spending.
  • Gross margin for the three months ended Q2 2024 was negative 25 per cent compared with 49 per cent for the three months ended Q2 2023. The decrease in margin was a result of fewer machine sales and machines in fabrication to absorb fixed overhead costs.
  • The company reported an adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) loss of $1,268 for Q2 2024, compared with an adjusted EBITDA profit of $1,151 in the same period in the prior year.

EnWave's consolidated interim financial statements and MD&A (management discussion and analysis) are available on SEDAR+ and on the company's website.

Significant corporate accomplishments in Q2 2024 and subsequently:

  • Signed an equipment purchase agreement with an existing royalty partner for a 120-kilowatt REV dehydration machine to commercialize its own branded snack products and co-manufacture new snack and ingredient products with several major consumer packaged goods companies;
  • Signed a technology evaluation and licence option agreement with a North American multistate cannabis company to evaluate REV technology over other incumbent drying methods;
  • Signed a toll manufacturing agreement with BranchOut Food Inc. to produce vegetable snack products on an interim basis at the company's REVworx facility in Delta, Canada;
  • Signed a new royalty-bearing commercial licence and equipment lease agreement for two 10-kilowatt REV machines with an established South American food manufacturer that currently sells health supplements, snacks, cereals and baked goods, among other products;
  • Signed a technology evaluation and licence option agreement with a North American food company led by a renowned chef with multiple Michelin stars.

About EnWave Corp.

EnWave is a global leader in the innovation and application of vacuum microwave dehydration. From its headquarters in Delta, B.C., EnWave has developed a robust intellectual property portfolio, perfected its radiant energy vacuum (REV) technology, and transformed an innovative idea into a proven, consistent and scalable drying solution for the food, pharmaceutical and cannabis industries that vastly outperforms traditional drying methods in efficiency, capacity, product quality and cost.

With more than 50 royalty-generating partners spanning 23 countries and five continents, EnWave's licensed partners are creating profitable, never-before-seen snacks and ingredients, improving the quality and consistency of their existing offerings, running leaner, and getting to market faster with the company's patented technology, licensed machinery and expert guidance.

EnWave's strategy is to sign royalty-bearing commercial licences with food producers that want to dry better, faster and more economical than freeze drying, rack drying and air drying and enjoy the following benefits of producing exciting new products, reaching optimal moisture levels up to seven times faster, and improving product taste, texture, colour and nutritional value.

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