EnWave Reports 2025 First Quarter Consolidated Interim Financial Results

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, 2024.  

特に断りのない限り、数値はすべて千単位でCAD表示。

• Reported royalty revenues of $559, representing an increase of $79 relative to the comparable period in the prior year. Royalties grew due to increased royalty partners, product sales, partner production, and exclusivity payments for the quarter.
• Reported revenue for Q1 2025 of $1,177, representing a decrease of $85 relative to the comparable period in the prior year.   The decrease was primarily related to fewer machine sales offset by an increase in royalties and tolling.
• Gross margin for the three months ending Q1 2025 was 29% compared to 18% for the three months ended Q1 2024. The increase in margin was a result of higher royalties and tolling fees for the quarter.
• Reported an increase in Selling, General & Administrative (“SG&A”) costs (including Research & Development (“R&D”)) of $5 for Q1 2025 relative to the comparable period in the prior year, with the increase primarily related to tradeshow attendance offset by reduced legal costs associated with the capitalization of the Term Loan and Credit facility issuance costs.
• Reported an Adjusted EBITDA⁽¹⁾ loss of $624 for Q1 2025, an improvement of $132 from the comparable period in the prior year.

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 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 2025 and Subsequently:

• Signed an equipment purchase agreement and a license amendment with Sprouted Proteins SAC (“Sprouted Proteins”) of Peru. Sprouted Proteins purchased a 10kW REV™ machine and is leasing a second 10kW REV™ machine to ramp up commercial production. The license amendment grants Sprouted Proteins the exclusive right to produce certain starch-based snack products and instant soup mixes in Peru and sets annual minimum exclusivity royalty amounts.
• Signed an amendment to the royalty-bearing license agreement with Patatas Fritas Torres S.L. (“PFT”) of Spain. The amendment expands the product portfolio for PFT, who is focused on commercializing healthy, protein-rich snack products. Under the terms of the amendment, PFT will pay EnWave additional minimum annual royalties in exchange for the expanded product definition.
• Signed an amendment to the royalty-bearing license agreement with BranchOut Food Inc. to grant the company the exclusive rights to produce dried blueberry products using EnWave’s REV^TM technology in Peru. 
• Signed a Research, Development and License Agreement, Equipment Purchase Agreement, and Referral Agreement with CNTA of Spain. The Equipment Purchase Agreement was for a 10kW REV™ machine that will showcase their state-of-the-art facility with the value proposition of REV™ technology.
• Signed a Research, Development and License Agreement and Lease Agreement with ELEA Technology GmbH to lease a 10kW REV^TM machine.
• Signed a Technology Evaluation License Option Agreement with Solve Solutions LTDA of Brazil to rent a 10kW REV^TM machine for use at their facility in the state of Santa Catarina, Brazil.

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 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.

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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