EnWave presenta los resultados financieros consolidados provisionales del tercer trimestre de 2024

Delta, BC, August 23, 2024

EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the “Company”) today reported the Company’s consolidated interim financial results for the third quarter ended June 30^th, 2024, demonstrating strong improvement over the first and second quarters this fiscal year.  

All values in thousands and denoted in CAD unless otherwise stated.

• Reported revenue for Q3 2024 of $2,622 compared to $2,486 for Q3 2023, representing an increase of $136. The increase was related to a large-scale machine resale with a higher margin and increased small scale machines sales for the period.
• Reported royalty revenues of $425, representing an increase of $31 relative to the comparable period in the prior year due to increased sales and production from current royalty partners.
• Reported an Adjusted EBITDA⁽¹⁾ (refer to NON-IFRS Financial Measures section below) profit of $85 for Q3 2024, compared to an Adjusted EBITDA⁽¹⁾ loss of $192 in the same period in the prior year due to the resale of a high margin large-scale machine and increased royalty revenues.
• Gross margin for the three months ended Q3 2024 was 44% compared to 29% for the three months ended Q3 2023. The increase in margin was a result of the resale of the large-scale machine with a higher margin and increased royalties.
• Reported Selling, General & Administrative (“SG&A”) costs (including Research & Development (“R&D”) of $1,364 which increased by $178 from the comparable period in the prior year due to increased personnel costs, legal fees and increased sales efforts, including higher attendance at trade shows. 

Consolidated Financial Performance:

                Note:

• 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

Key Financial Highlights for the Nine Months Ended Q3 2024 (expressed in 000’s)

• Royalties for the nine months ending June 30, 2024 were $1,319 compared to $1,085 for the same period ending June 30, 2023, an increase of $234 or 22%. Royalties grew due to increased partner product sales and production offset by a decrease in exclusivity fees.
• Reported revenue for Q3 2024 of $4,547, representing a decrease of $5,349 relative to the comparable period in the prior year. The decrease was related to overall fewer machine sales and machines in fabrication compared to the prior period due to the inherent volatility in large-scale Radiant Energy Vacuum (“REV™”) machine orders.
• SG&A costs for the nine months ending June 30, 2024 were $4,016 compared to $4,140 for the same period ending June 30, 2023, a decrease of $124, as a result of concerted efforts to maintain discretionary spending.
• Adjusted EBITDA⁽¹⁾ loss for the nine months ended Q3 2024 of $1,939, compared to an Adjusted EBITDA⁽¹⁾ profit of $703 in the same period in the prior year due to fewer machine sales to absorb fixed overhead costs.

Significant Corporate Accomplishments in Q3 2024 and Subsequently:

• Signed a Technology Evaluation and License Option Agreement with a North American food company led by a renowned chef with multiple Michelin Stars.
• Signed an Equipment Purchase Agreement for a 120kW REV® dehydration machine with an existing royalty partner. 
• Signed an Equipment Purchase Agreement with BranchOut Foods LLC, a current royalty partner, for a 100kW REV™ dehydration machine to provide additional drying capacity.
• Signed a Commercial License Agreement with Bounty Specialty Foods to produce several product types in the Philippines and sold a 10kW REV™ dehydration machine for product development.
• Signed a Commercial Licence Agreement with an existing royalty partner to produce several tropical fruit products in an unspecified Central American country. An annual six-figure royalty fee will be paid in exchange for the exclusive rights.
• Subsequent to the quarter, repurchased a large-scale machine from a cannabis multi-state operator to expedite the completion of the 120kW REV™ Branchout Foods LLC Equipment Purchase Agreement. 

Medidas financieras distintas de las NIIF:

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.

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.

Acerca de EnWave

EnWave es líder mundial en innovación y aplicación de la deshidratación por microondas al vacío. Desde su sede en Delta (Columbia Británica), EnWave ha desarrollado una sólida cartera de propiedad intelectual, ha perfeccionado su tecnología Radiant Energy Vacuum (REV™) y ha transformado una idea innovadora en una solución de secado probada, consistente y escalable para las industrias alimentaria, farmacéutica y del cannabis que supera ampliamente a los métodos de secado tradicionales en eficiencia, capacidad, calidad del producto y coste.

Con más de cincuenta socios generadores de royalties repartidos por veintitrés países y cinco continentes, los socios licenciatarios de EnWave están creando aperitivos e ingredientes rentables y nunca vistos, mejorando la calidad y consistencia de sus ofertas existentes, funcionando de forma más eficiente y llegando al mercado más rápidamente con la tecnología patentada de la empresa, la maquinaria licenciada y la orientación de expertos.

La estrategia de EnWave consiste en firmar licencias comerciales sujetas a derechos de autor con productores de alimentos que deseen secar mejor, más rápido y de forma más económica que la liofilización, el secado en bastidor y el secado al aire, y disfrutar de las siguientes ventajas: producir productos nuevos e interesantes, alcanzar niveles óptimos de humedad hasta siete veces más rápido y mejorar el sabor, la textura, el color y el valor nutritivo del producto.

Más información en EnWave.net.

Corporación EnWave

Sr. Brent Charleton, CFA

Presidente y Consejero Delegado

Para más información:

Brent Charleton, CFA, Presidente y Director General, +1 (778) 378-9616
Correo electrónico: bcharleton@enwave.net      

Dylan Murray, CPA, CA, CFO al +1 (778) 870-0729
Correo electrónico: dmurray@enwave.net  

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