エンウエイブ、2024年第4四半期および年次連結決算を発表

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.  

特に断りのない限り、数値はすべて千単位でCAD表示。

• 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. 

連結業績：

• 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.

非IFRS財務指標：

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.

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州デルタに本社を置き、強固な知的財産ポートフォリオを開発し、放射エネルギー真空(REV™)技術を完成させ、革新的なアイデアを、食品、製薬、大麻産業用の、実績のある、一貫した、拡張可能な乾燥ソリューションに変えました。

世界23カ国、5大陸にまたがる50社以上のロイヤリティ創出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菓子や食材を生み出し、既存製品の品質と一貫性を向上させ、無駄のない経営を実現し、市場投入を早めている。

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、より速く、より経済的に乾燥させ、エキサイティングな新製品を生産し、最適な水分レベルに最大7倍速く到達し、製品の味、食感、色、栄養価を向上させるという次のようなメリットを享受したいと考える食品製造業者と、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。

詳しくはEnWave.netをご覧ください。

エンウェーブ・コーポレーション

ブレント・チャールトン CFA

社長兼CEO

詳細はこちら：

ブレント・チャールトン、CFA、社長兼CEO、電話：+1 (778) 378-9616
E-mail:bcharleton@enwave.net      

ディラン・マレイ、CPA、CFO、電話：+1 (778) 870-0729
E-mail:dmurray@enwave.net  

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