EnWave annonce ses résultats financiers consolidés pour le quatrième trimestre et l'année 2024

Delta, BC, December 13, 2024

EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the “Company”) reported the Company’s consolidated interim financial results for the fourth quarter and fiscal year ended September 30, 2024.  

Toutes les valeurs sont exprimées en milliers et en dollars canadiens, sauf indication contraire.

• Reported revenue for Q4 2024 of $3,634, representing an increase of $2,177 relative to the comparable period in the prior year.   The increase in revenue was primarily a result of the resale of a large-scale machine and an increase in royalties during the period. 
• Reported Royalties of $642 for Q4 2024, representing an increase of $261 relative to the comparable period in the prior year.  The increase in royalties was primarily a result of an increase in exclusivity payments driven by a new Commercial License Agreement with an existing royalty partner.   
• Reported Adjusted EBITDA⁽¹⁾ of $450 for Q4 2024, an increase of $774 from the comparable period in the prior year.
• Reported Net Income from continuing operations of $588 in Q4 2024, an increase of $1,193 from the comparable period in the prior year.
• Reported an overall increase in Selling, General & Administrative (“SG&A”) costs (including Research & Development (“R&D”)) of $269 for Q4 2024 relative to the comparable period in the prior year, with the increase primarily related to legal fees, travel costs, marketing, and trade show attendance. 

Performance financière consolidée :

• 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 annual consolidated 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 Year Ended 2024 (expressed in ‘000s):

• Revenue for the year ended 2024 of $8,181, compared to $11,363 for the year ended 2023, a decrease of $3,182. The decrease in revenue was due to fewer machine sales and machines in fabrication offset by higher royalties compared to 2023.
• Royalty Revenues for the year ended 2024 of $1,961 compared to $1,465 for the year ended 2023, an increase of $496. The increase in royalties was primarily a result of an increase in exclusivity payments and increased production and sales by current partners. 
• Gross margin for the year ended 2024 was 33% compared to 39% for the year ended 2023. The decrease in margin was a result of fewer machine sales to absorb fixed costs relative to fiscal 2023.
• SG&A expenses (including R&D) for the year ended 2024 were $5,308, compared to $5,171 for the year ended 2023, an increase of $137. The increase primarily related to legal fees, travel costs, marketing, and trade show attendance. 
• Adjusted EBITDA (refer to Non-IFRS Financial Measures section below) for the year ended 2024 was a loss of $1,489, compared to $379 for the year ended 2023, a decrease of $1,868. The decrease in adjusted EBITDA was primarily due to fewer machine sales and machines in fabrication relative to fiscal 2023.

Significant Corporate Accomplishments in Q4 2024 and Subsequently:

• Signed a Research and Development License and Lease Agreement with ELEA Technology GmbH (“ELEA”).   ELEA will lease a 10kW REV™ machine for use at its German facility beginning in February 2025 for a minimum three-month term. 
• Signed a Licence Agreement, referral agreement and an Equipment Purchase Agreement for a 10kW REV™ machine with the Spanish National Centre for Food Technology and Safety (“CNTA”).
• Signed a revolving credit facility agreement with Desjardins Tech & Innovation Banking of the Desjardins Group (“Desjardins”).  The amount available to the Company under the facility is calculated as the lesser of $5 million and a function of royalties, receivables and inventory at an interest rate of Canadian prime plus 1.50%. Additionally, the Company signed a $500K loan agreement with Desjardins with an amortization period of 48 months. The loan is to be repaid monthly on equal and consecutive payments of principal plus interest at a rate of Canadian prime plus 2.00%.
• Reached global settlements of its civil claim in the Supreme Court of British Columbia against EnWave’s former CEO and three other former EnWave employees (the “Durance Defendants”). Pursuant to the settlement, the Durance Defendants, together with three companies associated with the former CEO, are permanently restrained and enjoined from, directly or indirectly, selling, attempting to sell, supplying, delivering or installing vacuum microwave dryers.  The Durance Defendants, together with three companies associated with the former CEO, are also obligated to assign all issued and pending patents in the name of the Durance Defendants to EnWave.
• Signed a Commercial Licence Agreement with an existing royalty partner for the right to use EnWave’s proprietary vacuum-microwave dehydration technology in an unspecified Central American country.
• Hired a new Vice President, Global Sales and Business Development as part of EnWave’s enhanced sales strategy, attracting top-level sales talent and growing the Company’s presence internationally.

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, non-recurring income and expenses, 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 financial statements.

Non-IFRS financial measures should be considered together with other data prepared 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 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-trois 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, CPA, CA, CFO at +1 (778) 870-0729
E-mail : dmurray@enwave.net  

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