EnWave présente ses résultats financiers intermédiaires consolidés pour le premier trimestre 2024
Delta, BC, February 23, 2024
EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the “Company”) today reported the Company’s consolidated interim financial results for the first quarter ended December 31, 2023.
Toutes les valeurs sont exprimées en milliers et en dollars canadiens, sauf indication contraire.
- Reported royalty revenues of $480, representing an increase of $67 relative to the comparable period in the prior year. Royalties grew due to increased partner product sales and production offset by a decrease in exclusivity fees for the quarter.
- Reported an overall decrease in Selling, General & Administrative (“SG&A”) costs (including Research & Development (“R&D”)) of $303 for Q1 2024 relative to the comparable period in the prior year, with the decrease primarily related to a reduction in commissions to third party sales representatives and concerted efforts to maintain discretionary spending.
- Reported revenue for Q1 2023 of $1,262, representing a decrease of $1,523 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.
- Gross margin for the three months ended Q1 2024 was 18% compared to 37% for the three months ended Q1 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 $756 for Q1 2024, a decrease of $500 from the comparable period in the prior year.
Performance financière consolidée :
| ($ ‘000s) | Three months ended December 31, | ||
| 2023 | 2022 | Change % | |
| Revenues | 1,262 | 2,785 | (55%) |
| Direct costs | (1,029) | (1,756) | (41%) |
| Gross margin | 233 | 1,029 | (77%) |
| Operating expenses | |||
| General and administration | 511 | 555 | (8%) |
| Sales and marketing | 351 | 614 | (43%) |
| Research and development | 401 | 397 | 1% |
| 1,263 | 1,566 | (19%) | |
| Net loss – continuous operations | (1,144) | (743) | (54%) |
| Net loss – discontinued operations | (151) | (1,286) | 88% |
| Adjusted EBITDA(1) loss | (756) | (256) | (195%) |
| Loss per share: | |||
| Continuous operations – basic and diluted | $ (0.01) | $ (0.01) | |
| Discontinued operations – basic and diluted | $ 0.01 | $ (0.01) | |
| Basic and diluted | $ (0.01) | $ (0.02) | |
- 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 Q1 2024 and Subsequently:
- 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.
Mesures financières non conformes aux IFRS :
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 December 31, | ||||
| ($ ‘000s) | 2023 | 2022 | ||
| Net (loss) income after income tax | (1,295) | (2,029) | ||
| Amortization and depreciation | 275 | 289 | ||
| Stock-based compensation | 115 | 168 | ||
| Foreign exchange loss (gain) | 24 | 41 | ||
| Finance income | (52) | (46) | ||
| Finance expense | 26 | 35 | ||
| Income tax expense (recovery) | – | – | ||
| Discontinued operations | 151 | 1,286 | ||
| Adjusted EBITDA | (756) | (256) | ||
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.
À propos d'EnWave
EnWave est un leader mondial dans l'innovation et l'application de la déshydratation par micro-ondes sous vide. Depuis son siège à Delta, en Colombie-Britannique, EnWave a développé un solide portefeuille de propriété intellectuelle, perfectionné sa technologie Radiant Energy Vacuum (REV™) et transformé une idée novatrice en une solution de séchage éprouvée, cohérente et évolutive pour les industries alimentaire, pharmaceutique et du cannabis, qui surpasse largement les méthodes de séchage traditionnelles en termes d'efficacité, de capacité, de qualité des produits et de coût.
Avec plus de cinquante partenaires générateurs de redevances répartis dans vingt-six pays et sur cinq continents, les partenaires licenciés d'EnWave créent des en-cas et des ingrédients rentables et inédits, améliorent la qualité et la régularité de leurs offres existantes, réduisent leurs coûts et accèdent plus rapidement au marché grâce à la technologie brevetée de la société, à ses machines sous licence et à ses conseils d'experts.
La stratégie d'EnWave consiste à signer des licences commerciales assorties de redevances avec les producteurs de denrées alimentaires qui souhaitent sécher mieux, plus rapidement et plus économiquement que la lyophilisation, le séchage sur claies et le séchage à l'air, et profiter des avantages suivants : produire de nouveaux produits intéressants, atteindre des niveaux d'humidité optimaux jusqu'à sept fois plus rapidement, et améliorer le goût, la texture, la couleur et la valeur nutritionnelle des produits.
Pour en savoir plus, consultez le site EnWave.net.
EnWave Corporation
M. Brent Charleton, CFA
Président et directeur général
Pour plus d'informations :
Brent Charleton, CFA, président et directeur général au +1 (778) 378-9616
E-mail : bcharleton@enwave.net
Dylan Murray, CFO at +1 (778) 870-0729
E-mail : dmurray@enwave.net
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