EnWave Reports 2024 Second Quarter Consolidated Interim Financial Results
دلتا، كولومبيا البريطانية، 24 مايو، 2024
today reported the Company’s consolidated interim financial results for the second quarter ended March 31, 2024.
جميع القيم بالآلاف ويشار إليها بالدولار الكندي ما لم يذكر خلاف ذلك.
- Reported royalty revenues of $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 to $690 for the same period ending March 31, 2023, an increase of $204 or 30%. Royalties grew due to increased partner product sales and production offset by a decrease in exclusivity fees.
- Reported revenue for Q2 2023 of $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 & Administrative (“SG&A”) costs (including Research & Development (“R&D”)) of $1,389 which was consistent with the comparable period in the prior year. SG&A costs for the six months ending March 31, 2024 were $2,652 compared to $2,954 for the same period ending March 31, 2023, a decrease of $302 or 10%. The Company continues to make concerted efforts to manage discretionary spending.
- Gross margin for the three months ended Q2 2024 was -25% compared to 49% 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.
- Reported an Adjusted EBITDA(1) loss of $1,268 for Q2 2024, compared to an Adjusted EBITDA(1) profit of $1,151 in the same period in the prior year.
الأداء المالي الموحد:
| ($ ‘000s) | Three months ended March 31, | Six months ended March 31, | |||||
| 2024 | 2023 | Change % | 2024 | 2023 | Change % | ||
| Revenues | 663 | 4,635 | (86%) | 1,925 | 7,420 | (74%) | |
| Direct costs | (830) | (2,371) | (65%) | (1,859) | (4,127) | (55%) | |
| Gross margin | (167) | 2,264 | (107%) | 66 | 3,293 | (98%) | |
| Operating expenses | |||||||
| General and administration | 565 | 697 | (19%) | 1,076 | 1,252 | (14%) | |
| Sales and marketing | 440 | 276 | 59% | 791 | 890 | (11%) | |
| Research and development | 384 | 415 | (7%) | 785 | 812 | (3%) | |
| 1,389 | 1,388 | 0% | 2,652 | 2,954 | (10%) | ||
| Net income (loss) continuing operations | (1,559) | 687 | (327%) | (2,703) | (56) | (4727%) | |
| Net income (loss) discontinued operations | 148 | (3,386) | 104% | (3) | (4,672) | 100% | |
| Adjusted EBITDA(1) | (1,268) | 1,151 | (210%) | (2,024) | 895 | (326%) | |
| Loss per share: | |||||||
| Basic and diluted – continuous operations | $ (0.01) | $ 0.01 | $ (0.02) | $ 0.00 | |||
| Basic and diluted – discontinued operations | $ 0.00 | $ (0.03) | $ 0.00 | $ (0.04) | |||
| $ (0.01) | $ (0.02) | $ (0.02) | $ (0.04) | ||||
- Adjusted EBITDA is a non-IFRS financial measure. Refer to the Non-IFRS Financial Measures disclosure below for a reconciliation to the nearest IFRS equivalent.
EnWave’s consolidated interim financial statements and MD&A are available on SEDAR+ at www.sedarplus.ca and on the Company’s website www.enwave.net.
Significant Corporate Accomplishments in Q2 2024 and Subsequently:
- Signed an Equipment Purchase Agreement with an existing Royalty Partner for a 120kW 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 License Option Agreement with a North American multi-state 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 license and equipment lease agreement for two 10kw REV™ machines with an established South American food manufacturer that currently sells health supplements, snacks, cereals, baked goods, among other products.
- Signed a Technology Evaluation and License Option Agreement with a North American food company led by a renowned chef with multiple Michelin Stars.
التدابير المالية غير الخاضعة للمعايير الدولية لإعداد التقارير المالية:
This news release refers to Adjusted EBITDA which is a non-IFRS financial measure. We define 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 and non-recurring impairment, restructuring and severance charges, and discontinued operations. This measure is not necessarily comparable to 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.
| Three months ended March 31, | Six months ended March 31, | |||||
| ($ ‘000s) | 2024 | 2023 | 2024 | 2023 | ||
| Net (loss) income after income tax | (1,411) | (2,699) | (2,706) | (4,728) | ||
| Amortization and depreciation | 288 | 276 | 563 | 565 | ||
| Stock-based compensation | 71 | 197 | 186 | 365 | ||
| Foreign exchange loss | (51) | (9) | (27) | 32 | ||
| Finance income | (54) | (33) | (106) | (79) | ||
| Finance expense | 37 | 33 | 63 | 68 | ||
| Discontinued operations | (148) | 3,386 | 3 | 4,672 | ||
| Adjusted EBITDA | (1,268) | 1,151 | (2,024) | 895 | ||
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+ www.sedarplus.ca.
نبذة عن EnWave
شركة EnWave هي شركة رائدة عالميًا في ابتكار وتطبيق التجفيف بالتفريغ بالموجات الدقيقة. ومن مقرها الرئيسي في دلتا، كولومبيا البريطانية، طورت EnWave محفظة ملكية فكرية قوية، وأتقنت تقنية التفريغ بالموجات الدقيقة المشعة (REV™)، وحولت فكرة مبتكرة إلى حل تجفيف مجرب ومتسق وقابل للتطوير في صناعات الأغذية والأدوية والقنب الذي يتفوق بشكل كبير على طرق التجفيف التقليدية من حيث الكفاءة والقدرة وجودة المنتج والتكلفة.
ومع وجود أكثر من خمسين شريكًا من الشركاء الذين يدرون الأرباح في ستة وعشرين بلدًا وخمس قارات، فإن شركاء EnWave المرخصين يقومون بإنتاج وجبات خفيفة ومكونات مربحة لم يسبق لها مثيل من قبل، وتحسين جودة واتساق عروضهم الحالية، والعمل بشكل أكثر مرونة والوصول إلى السوق بشكل أسرع مع تكنولوجيا الشركة الحاصلة على براءة اختراع، والآلات المرخصة، وتوجيهات الخبراء.
وتتمثل استراتيجية EnWave في توقيع تراخيص تجارية مع منتجي الأغذية الذين يرغبون في التجفيف بشكل أفضل وأسرع وأكثر اقتصادًا من التجفيف بالتجميد والتجفيف على الرف والتجفيف بالهواء، والتمتع بالمزايا التالية لإنتاج منتجات جديدة ومثيرة، والوصول إلى مستويات الرطوبة المثلى بمعدل أسرع يصل إلى سبع مرات، وتحسين مذاق المنتج وقوامه ولونه وقيمته الغذائية.
تعرف على المزيد في EnWave.net.
شركة إنويف
السيد برنت تشارلتون، المحلل المالي المعتمد
الرئيس والمدير التنفيذي
للمزيد من المعلومات
برنت تشارلتون، محلل مالي معتمد، الرئيس والمدير التنفيذي على الرقم +1 (778) 378-9616 (778) 378-9616
البريد الإلكتروني: bcharleton@enwave.net
ديلان موراي، المدير المالي على الرقم +1 (778) 870-0729 (778) 870-0729
البريد الإلكتروني: dmurray@enwave.net
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التالي
