Mr. Brent Charleton reports

ENWAVE REPORTS 2026 SECOND QUARTER CONSOLIDATED INTERIM FINANCIAL RESULTS

EnWave Corp. has released its consolidated interim financial results for the second quarter ended March 31, 2026.

Highlights (all values in thousands and denoted in Canadian dollars unless otherwise stated):

• Reported revenue for Q2 2026 of $1,159, representing a decrease of $2,530 relative to the comparable period in the prior year; the decrease was primarily related to fewer machine sales and machines in fabrication due to the inherent volatility in large-scale radiant energy vacuum (REV) machine orders;
• Reported royalties, excluding exclusivity payments (base royalties), for Q2 2026 of $434, a decrease of $40, or 8 per cent relative to the comparable period in the prior year; reported total royalty revenue for Q2 2026 of $465, a decrease of $9, or 2 per cent, relative to total royalty revenue in the comparable period in the prior year; royalties decreased due to lower product sales and partner production for the quarter; the company expects royalty revenue growth in future periods as a few partners have communicated inventory builds in anticipation of increased commercial sales activity and expanded product distribution in coming quarters;
• Gross margin for the three months ended Q2 2026 was 35 per cent compared with 33 per cent for the three months ended Q2 2025; the increase in margin was primarily attributable to lower fabrication costs from large-scale machines on contract, as compared with the prior quarter;
• Reported an increase in selling, general and administrative (SG&A) costs (including research and development (R&D)) of $78 for Q2 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;
• Reported an adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) loss of $775 for Q2 2026, a decrease of $887 from the comparable period in the prior year.

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

Key financial highlights for the six months ended March 31, 2026 (expressed in thousands):

• Reported revenue of $2,759, a decrease of $2,107 relative to the comparable period in the prior year; the decrease was primarily related to fewer machine sales;
• Reported base royalties of $934, an increase of $35, or 4 per cent, relative to the comparative period in the prior year; reported total royalty revenues of $1,092, an increase of $59, or 5 per cent, relative to the comparative period in the prior year; royalties grew due to increased royalty partners, product sales, partner production and exclusivity payments;
• Reported an increase in SG&A costs of $278 for the six months ending March 31, 2026, relative to the comparable period in the prior year, with the increase primarily related to more sales personnel, patent maintenance fees and recruitment 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 loss of $1,360 for the six months ended March 31, 2026, a decrease of $837 from the comparable period in the prior year.

Significant corporate accomplishments in Q2 2026 and subsequently:

• Signed a technology evaluation and licence option agreement with one of the world's largest multinational food companies;
• Signed a commercial licence agreement (CLA) and equipment purchase agreement (EPA) for a 10-kilowatt REV machine with The Dry Hub, an Egyptian food processing company;
• Signed a research and development licence agreement (RDLA) with Rhizome Food and Farming LLC, a North American food company led by renowned chef Dan Barber; Rhizome acquired a 3.6-kilowatt REV machine for commercial and product development;
• Signed an RDLA and EPA for a 10-kilowatt REV machine with Teagasc, the Agriculture and Food Development Authority of Ireland;
• 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.

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 licences with food producers that want to dry better, faster and more economically 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.

We seek Safe Harbor.