バンクーバー, BC

EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the “Company”) today reported the Company’s consolidated interim financial results for the second quarter ended March 31, 2022.

• Q2 YTD royalties grew to $750K representing 55% growth in our high-margin royalty base year-over-year.
• NutraDried’s Q2 revenue grew by 142% relative to Q1 with material new Moon Cheese^® distribution into Kroger and a Costco Canada program.
• NutraDried launched Moon Cheese^® Crunchy Sticks with Whole Foods Market and confirmed its second major distribution commitment from Walmart in 400 U.S. stores.
• REVworx™ facility is operational and progress is underway to obtain food safety certifications.
• EnWave’s potential new royalty partner pipeline is robust with six active technology evaluation agreements and many near-term opportunities for large-scale machinery scale-up with current partners.

エンウェーブの年次連結財務諸表およびMD&Aは、SEDAR（www.sedar.com）および当社ウェブサイト（www.enwave.net）でご覧いただけます。

Key Financial Highlights for Q2 (expressed in ‘000s):

• The Company reported consolidated revenue for Q2 2022 of $6,881, compared to $4,686 in Q2 2021, an increase of $2,195 or 47%.
  • EnWave’s segment revenue was $1,494 compared to $2,348 in Q2 2021, a decrease of $854 or 36%. Royalty revenues for Q2 2022 were $245 compared to $163 for Q2 2021, an increase of $82 or 51%. Machine sales were lower than in the comparable quarter, however, the machine sales pipeline is robust, and the Company expects to confirm further large-scale orders with royalty partners scaling-up projects in the near future. Machinery related revenue has been historically lumpy and management expects this to continue.
  • NutraDried’s segment revenue was $5,387 compared to $2,388 for Q2 2021, an increase of $2,999 or 126%. In Q2 NutraDried secured a national program for Moon Cheese^® in Costco Canada, and further expanded its grocery distribution into Kroger; Moon Cheese^® Crunchy Sticks launched nationally into Whole Foods Market.
• Gross margin for Q2 2022 was 20%, up from 10% for Q2 2021, and down from 43% in Q1 2022. Gross margin in Q2 was downwardly impacted by lower EnWave machine revenue relative to Q1, which was offset partially by growth in higher margin royalty revenues.
• Adjusted EBITDA⁽¹⁾ (refer to Non-IFRS Financial Measures section below) for Q2 2022 was a loss of $1,218 compared to a loss of $1,968 for Q2 2021, an improvement of $750. The Company is focused on reaching consistent positive Adjusted EBITDA⁽¹⁾ by scaling revenues, including growing its royalty portfolio, while tightly controlling expenses.
• SG&A expenses (including R&D) were $3,239 in Q2 2022, compared to $2,981 in Q2 2021 an increase of $258. EnWave continued to invest in sales and business development activities to drive penetration of REV™ technology into the global food and cannabis industries.

Significant Corporate Accomplishments in Q2 2022 and Subsequently:

• Sold a 120kW REV™ machine to EnWave’s Italian royalty partner, Orto Al Sole, to scale-up commercial drying of premium fruits and vegetables in Italy. The machine is expected to be delivered in Summer 2022 to begin royalty-bearing commercial production.
• Advanced the global strategic partnership with Dole Worldwide Food and Beverage Group (“Dole”) and placed a second 10kW machine with Dole to accommodate the market trial of its line of products made using EnWave’s technology.
• Launched the REVworx^™ state-of-the-art vacuum-microwave toll drying facility and installed both a 60kW and 10kW REV™ machine to provide toll drying services for companies of all sizes.
• Obtained a new U.S. patent for the drying and decontamination of cannabis using REV™ technology. This new patent further strengthens EnWave’s intellectual property protection of its method of reducing bioburden in cannabis while concurrently achieving fast, uniform drying.
• NutraDried launched its new lineup of Moon Cheese^® Crunchy Sticks, an all-natural cheese stick snack that comes in five delicious flavours. The new product line debuted at Expo West, and NutraDried has already confirmed national distribution for three flavours of Moon Cheese^® Sticks with Whole Foods Market in the U.S, as well as distribution with Walmart. The new product will be launched online via www.mooncheese.com and amazon.com in Q3.
• Received a purchase order from Nomad Nutrition for a second 10kW machine to double their commercial production capacity for the sale of their Ready-To-Eat adventure meals.
• Signed a Technology Evaluation and License Option Agreement with GoldenCrops Corporation, a Southeast Asian ingredient manufacturer, to evaluate the potential commercial use of REV™ technology in producing a variety of fruit, dairy and grain products.
• Installed 10kW REV™ machine in Spain for Fresh Business to conduct intensive new product development using EnWave’s technology as a new chokepoint for expansion into Western European industries.

電話会議

EnWave’s executive management will be holding a conference call to discuss its 2022 Second Quarter Financial Results and the Company’s state of affairs. Prepared remarks will be given followed by a question-and-answer session for shareholders.

Date: May 27, 2022
Time: 7:00am PST / 10:00am EST
Participant Access: 1-877-407-2988 (toll free number)
Webcast:  https://event.choruscall.com/mediaframe/webcast.html?webcastid=J8fQb02Y

¹ Non-IFRS Financial Measures:

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 impairment, restructuring and/or severance charges, and government assistance. 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 statement.

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 www.sedar.com.

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エンウェーブについて

EnWave社は、真空マイクロ波脱水の革新と応用の世界的リーダーです。EnWave社は、BC州バンクーバーに本社を置き、強固な知的財産ポートフォリオを開発し、Radiant Energy Vacuum (REV™) 技術を完成させ、革新的なアイデアを、食品、医薬品、大麻産業向けの実証済みで、一貫性があり、拡張可能な乾燥ソリューションに変えました。

20カ国、5大陸にまたがる50以上のロイヤリティを生み出すパートナーとともに、EnWaveのライセンスパートナーは、同社の特許技術、ライセンス機械、専門家の指導により、収益性の高い、これまでにないスナックや食材を生み出し、既存の製品の品質と一貫性を向上させ、無駄のない経営を行い、より早く市場に投入している。

エンウェーブの戦略は、凍結乾燥、ラック乾燥、風乾よりも、より良く、より早く、より経済的に乾燥させ、以下のようなメリットを享受したいと考える食品・大麻生産者とロイヤリティを伴う商業ライセンスを締結することである：

- 食品・素材企業は、エキサイティングな新製品を製造し、最適な水分レベルに最大7倍早く到達し、製品の味、食感、色、栄養価を改善することができる。

- 大麻生産者は、4～6倍速く乾燥させ、テルペンを最大20％、カンナビノイドを25％多く保持し、作物を破壊する微生物を少なくとも3ログ減少させることができる。

詳しくはEnWave.netをご覧ください。

EnWave Corporation
Mr. Brent Charleton, CFA
社長兼CEO

詳細はこちら：

Brent Charleton, CFA
社長兼 CEO 電話: +1 (778) 378-9616
E-mail:bcharleton@enwave.net

Dan Henriques, CA, CPA,
最高財務責任者 電話: +1 (604) 835-5212
E-mail:dhenriques@enwave.net

メディアからのお問い合わせ：
Eメール：media@enwave.net

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