エンウエイブ、2023年第4四半期および通期の連結決算を発表

Delta, BC, December 15, 2023

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, 2023.  

特に断りのない限り、数値はすべて千単位でCAD表示。

• EnWave’s annual 2023 financial results demonstrated positive Adjusted EBITDA⁽¹⁾, strong margins, reduced expenses and a stable cash position.  Q4 financial performance was down year over year due to the inherent volatility in large-scale Radiant Energy Vacuum (“REV™”) machine orders.
• Reported revenue for Q4 2023 of $1,457, representing a decrease of $1,367 relative to the comparable period in the prior year.   The decrease was primarily due to fewer machine contracts in the quarter and was partially offset by royalty revenues of $381, representing an increase of $80 relative to the comparable period in the prior year.  
• Reported an Adjusted EBITDA⁽¹⁾ loss of $324 for Q4 2023, a decrease of $297 from the comparable period in the prior year.
• Reported an overall decrease in Selling, General & Administrative (“SG&A”) costs (including Research & Development (“R&D”)) of $405 for Q4 2023 relative to the comparable period in the prior year, with the decrease primarily related to a continued focus on cost containment by managing non-revenue generating spending.
• Reported cash and cash equivalents of $4,171 and no debt as at September 30, 2023. 

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.

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 the Year Ended 2023 (expressed in ‘000s):

• Revenue for the year ended 2023 of $11,363, compared to $11,048 for the year ended 2022, an increase of $315. The increase in revenue was primarily a result of the change in sales mix of large and small machines. 
• Royalty Revenues for the year ended 2023 of $1,465 compared to $1,352 for the year ended 2022, an increase of $113. The increase in royalties was primarily a result of increased production and sales by current partners. 
• Gross margin for the year ended 2023 was 39% compared to 47% for the year ended 2022. The decrease in margin was a result of the overall change in sales mix of large and small machines in addition to fewer resales relative to fiscal 2022.
• SG&A expenses (including R&D) for the year ended 2023 were $5,161, compared to $6,837 for the year ended 2022, a reduction of $1,676. The decrease resulted from concerted efforts to maintain discretionary spending, including lower personnel costs across all departments, use of external consultants and having lower legal fees. 
• Adjusted EBITDA profit (refer to Non-IFRS Financial Measures section below) for the year ended 2023 was $379, compared to a loss of $681 for the year ended 2022, an improvement of $1,060. The increase in adjusted EBITDA was primarily due to the reduction of SG&A expenses (including R&D).

Significant Corporate Accomplishments in Q4 2023 and Subsequently:

• Signed a Technology Evaluation and License Option Agreement with Moleciwl Cyf of Wales to develop fruit and vegetable products for the Welsh market.
• Received approval for a cost-shared funding project through the Food Processing Growth Fund (“FPGF”), for which we gratefully acknowledge the financial support of the Province of British Columbia through the Ministry of Agriculture and Food, to purchase a seasoning machine and packaging system for the REVworx facility. The total estimated cost of the seasoning machine and packaging system is $419 of which $314, being 75% of approved project costs, will be covered by the FPGF. 
• Signed a Commercial License Agreement and Equipment Purchase Agreement with Michael Foods, to produce certain food products using REV™ technology in the United States. Michael Foods is a subsidiary of Post Holdings, a multi-billion-dollar supplier of foodservice, food ingredient and retail offerings.  
• Signed a Commercial License Agreement with a major pet treat company for further exploration of products in the pet treat space with successful preliminary product development at the Pet Treat Company’s Innovation Centre in the United States.
• Signed an Equipment Purchase Agreement with BranchOut Foods, a current royalty partner, for a 120 kW REV^TM machine to complement the 10kW and 60kW REV^TM machinery they currently use in the production of a portfolio of fruit and vegetable products. Delivery of the machine will be in late 2024 based on their build-out plans.
• Signed a Research and Development License Agreement and received a purchase order for a 10kW REV^TM machine with a major university in Australia for use with key stakeholders in the food and processing industry throughout Australia.
• Subsequent to year end, NutraDried received a tax refund payment of $497 USD from the Internal Revenue Service of a total potential $1,183 USD tax refund relating to the Employee Retention Tax Credit for businesses affected during the COVID-19 pandemic. No further communication has been received from the Internal Revenue Service related to the remaining potential tax refund and there is no certainty it will be issued.

非IFRS財務指標：

本ニュースリリースでは、非IFRS財務指標である調整後EBITDAについて言及しています。当社は調整後EBITDAを、償却費および減価償却費、株式報酬、為替差損益、金融費用または収益、法人所得税費用または回収、経常外減損費用、リストラ費用、退職金、政府援助、非継続事業を控除する前の利益と定義しています。この指標は、他社が使用している同様の名称の指標と必ずしも比較できるものではなく、IFRSに従って決定される純利益または営業活動によるキャッシュ・フローの代替指標として解釈されるべきものではありません。調整後EBITDAと当社の連結財務諸表で報告されているIFRSの最も比較可能な財務指標との調整表をご参照ください。

非IFRS財務指標は、投資家がエンウエイブの経営陣と同様の方法で当社の経営成績、基礎的業績および見通しを評価できるようにするため、IFRSに準拠して作成された他のデータとともに考慮されるべきである。したがって、これらの非IFRS財務指標は、追加的な情報を提供することを意図しており、IFRSに準拠して作成された業績指標を単独で、または代替するものとして考慮すべきではありません。詳細については、www.sedar.com で入手可能な当社の MD&A の「非IFRS財務指標 」の項をご参照ください。

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26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、既存商品の品質と一貫性を向上させ、無駄のない経営を実現し、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、CFO、電話：+1 (778) 870-0729
E-mail:dmurray@enwave.net   

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