Mr. Brent Charleton reports

ENWAVE REPORTS 2026 FIRST QUARTER CONSOLIDATED INTERIM FINANCIAL RESULTS

EnWave Corp. has released its consolidated interim financial results for the first quarter ended Dec. 31, 2025.

All values are in thousands and denoted in Canadian dollars unless otherwise stated:

• Reported revenue for Q1 (first quarter) 2026 of $1,600, representing an increase of $423 relative to the comparable period in the prior year due to large-scale machine sales and increased royalties. During the period, the company commissioned one large-scale machine and completed the fabrication of two large-scale machines on contract;
• Reported royalties, excluding exclusivity payments, for Q1 2026 of $500, an increase of $75, or 18 per cent relative to the comparable period in the prior year. Reported total royalty revenue for Q1 2026 of $627, an increase of $68 or 12 per cent relative to total royalty revenue in the comparable period in the prior year. Royalties grew due to increased royalty partners, product sales, partner production and exclusivity payments for the quarter;
• Gross margin for the three months ended Q1 2026 was 37 per cent, compared with 29 per cent for the three months ended Q1 2025. The increase in margin was a result of higher royalties and the production mix of large machines at various stages of commissioning and fabrication;
• Reported an increase in selling, general and administrative (SG&A) costs (including research and development (R&D)) of $200 for Q1 2026 relative to the comparable period in the prior year, with the increase primarily related to more sales personnel, the timing of patent maintenance fees and professional fees. In the comparative period, legal costs associated with the term loan and credit facility were capitalized as part of the transaction;
• Reported an adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) (1)) loss of $585 for Q1 2026, an improvement of $50 from the comparable period in the prior year.

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

Significant corporate accomplishments in Q1 2026 and subsequently:

• Signed a CLA with Gowen Gumlu Grower's Association (BGGA) in North Queensland, Australia. BGGA acquired a 10-kilowatt REV machine from EnWave's Australian third party machine reseller, Scitek;
• Signed a CLA with Shinyway International Ltd., a service provider of cannabis processing based in New Zealand;
• Signed a CLA with a U.S. snack company and an equipment purchase agreement for a 10-kilowatt REV machine.

Non-IFRS (international financial reporting standards) financial measures

This news release refers to adjusted EBITDA, which is a non-IFRS financial measure. The company defines adjusted EBITDA as earnings before deducting amortization and depreciation, stock-based compensation, foreign exchange gain or loss, finance expense or income, income tax expense or recovery, non-recurring income and expenses, restructuring and severance charges, and discontinued operations. This measure is not necessarily comparable with similarly titled measures used by other companies and should not be construed as an alternative to net income or cash flow from operating activities as determined in accordance with IFRS. Please refer to the reconciliation between adjusted EBITDA and the most comparable IFRS financial measure reported in the company's consolidated interim financial statements.

Non-IFRS financial measures should be considered together with other data prepared in accordance with IFRS to enable investors to evaluate the company's operating results, underlying performance and prospects in a manner similar to EnWave's management. Accordingly, these non-IFRS financial measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. For more information, please refer to the non-IFRS financial measures section in the company's MD&A available on SEDAR+.

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 partners spanning 24 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 licenses 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 improve product taste, texture, colour and nutritional value.

We seek Safe Harbor.