The post ​Q2 Investor Conference Call appeared first on EnWave.

EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the “Company”) announced the Company has granted Mr. Dylan Murray, CFO an aggregate of 300,000 incentive stock options, pursuant to his employment agreement and subject to the terms of the Company’s Stock Option Plan (the “Plan”), exercisable at a price of $0.27, being closing price of the Company’s common shares on the TSX Venture Exchange (“TSXV”) on March 15^th, 2023.  The incentive stock options are exercisable for a term of five years and will vest in one-third increments over eighteen months in accordance with the provisions set out in the Plan, or as otherwise required by the TSXV. The grant of the equity incentive stock options is subject to approval by the TSXV.

DOWNLOAD THE UPDATE HERE

About EnWave

EnWave is a global leader in the innovation and application of vacuum microwave dehydration. From its headquarters in Vancouver, BC, EnWave has developed a robust intellectual property portfolio, perfected its Radiant Energy Vacuum (REV) technology, and transformed an innovative idea into a proven, consistent, and scalable drying solution for the food, pharmaceutical and cannabis industries that vastly outperforms traditional drying methods in efficiency, capacity, product quality, and cost.

With more than fifty royalty-generating partners spanning twenty countries and five continents, EnWave’s licensed partners are creating profitable, never-before-seen snacks and ingredients, improving the quality and consistency of their existing offerings, running leaner and getting to market faster with the company’s patented technology, licensed machinery, and expert guidance.

EnWave’s strategy is to sign royalty-bearing commercial licenses with food and cannabis producers who want to dry better, faster and more economical than freeze drying, rack drying and air drying, and enjoy the following benefits:

• Food and ingredients companies can produce exciting new products, reach optimal moisture levels up to seven times faster, and improve product taste, texture, color and nutritional value.

• Cannabis producers can dry four to six times faster, retain up to 20% more terpenes and 25% more cannabinoids, and achieve at least a 3-log reduction in crop-destroying microbes.

Learn more at EnWave.net.

EnWave Corporation
Mr. Brent Charleton, CFA
President & CEO

For further information:

Brent Charleton, CFA
President & CEO at +1 (778) 378-9616
E-mail: bcharleton@enwave.net

Dan Henriques, CA, CPA,
Chief Financial Officer at +1 (604) 835-5212
E-mail: dhenriques@enwave.net

For Media Inquiries:
Email: media@enwave.net

Safe Harbour for Forward-Looking Information Statements: This press release may contain forward-looking information based on management’s expectations, estimates and projections. All statements that address expectations or projections about the future, including statements about the Company’s strategy for growth, product development, market position, expected expenditures, and the expected synergies following the closing are forward-looking statements. All third party claims referred to in this release are not guaranteed to be accurate. All third party references to market information in this release are not guaranteed to be accurate as the Company did not conduct the original primary research. These statements are not a guarantee of future performance and involve a number of risks, uncertainties and assumptions. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

The post EnWave Announces Stock Option Grant appeared first on EnWave.

EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the “Company”) today announced that it has agreed to sell certain assets (the “Asset Sale”) of NutraDried Food Company LLC (“NutraDried”) to Creations Foods U.S. Incorporated (“Creations Foods”), a successful healthy snacking company located in Washington State. Creations Foods is a portfolio company of Rio Investment Partners, a Canadian firm that focuses on innovation in the agri-food space. The Asset Sale to Creations Foods includes the Moon Cheese® brand, as well as other NutraDried trademarks, auxiliary equipment, and saleable inventory.

EnWave has also executed a royalty-bearing commercial license agreement with Creations to produce cheese snacks in the United States (the “License”). Creations purchased one of the two 100kW Radiant Energy Vacuum (“REV”) machines installed at NutraDried’s facility (the “REV Purchase Order”). The REV Purchase Order will generate a margin commensurate with EnWave’s target margin for typical REV machine sales. EnWave intends to strategically re-sell the second 100kW REV machine to either a current or new licensed royalty partner in the coming quarters and has already re-sold the 10kW REV machine from NutraDried to a current royalty partner.

Total consideration for the License, REV Purchase Order, and Asset Sale was $2 million USD, plus the cost of select saleable inventory, which will be paid over two years. The majority of the proceeds will be received within 270 days and are expected to more than cover the total cost of the orderly wind-down and dissolution of NutraDried.

Creations Foods will seamlessly takeover the production, sale and distribution of the Moon Cheese® product portfolio. All NutraDried customers have been informed of this transition and both parties are optimistic about the future for the better-for-you snack brand. Creations Foods will also entertain bulk dried cheese opportunities that complement their branded product business. Pursuant to this operating transition, NutraDried has assigned its lease to Creations Foods beginning April 1, 2023.

The License, REV Purchase Order, and Asset Sale will immediately improve EnWave’s cash royalty generation potential and allows for the Company to allocate all resources to grow its technology licensing business. EnWave has a strong pipeline of prospective new large-scale REV machine orders targeted for fiscal 2023 and several royalty partners have material REVdried product launches planned in the next nine (9) months.

DOWNLOAD THE UPDATE HERE

About Creations Foods

Creations Foods is an innovative snack food company dedicated to creating unique eating experiences that both delight and nourish.  Our primary purpose is to offer creative, better-for-you foods without compromising nutritional profile, quality, or taste.

We operate out of a high-volume, gluten-free facility located in Ferndale, Washington producing mini-cookies, crackers, wafers, cheese crisps and other snack foods. This state-of-the art facility is dedicated to producing unique branded as well as private-label and co-manufactured offerings that permit indulgence without compromise.

About EnWave

EnWave is a global leader in the innovation and application of vacuum microwave dehydration. From its headquarters in Vancouver, BC, EnWave has developed a robust intellectual property portfolio, perfected its Radiant Energy Vacuum (REV) technology, and transformed an innovative idea into a proven, consistent, and scalable drying solution for the food, pharmaceutical and cannabis industries that vastly outperforms traditional drying methods in efficiency, capacity, product quality, and cost.

With more than fifty royalty-generating partners spanning twenty countries and five continents, EnWave’s licensed partners are creating profitable, never-before-seen snacks and ingredients, improving the quality and consistency of their existing offerings, running leaner and getting to market faster with the company’s patented technology, licensed machinery, and expert guidance.

EnWave’s strategy is to sign royalty-bearing commercial licenses with food and cannabis producers who want to dry better, faster and more economical than freeze drying, rack drying and air drying, and enjoy the following benefits:

• Food and ingredients companies can produce exciting new products, reach optimal moisture levels up to seven times faster, and improve product taste, texture, color and nutritional value.

• Cannabis producers can dry four to six times faster, retain up to 20% more terpenes and 25% more cannabinoids, and achieve at least a 3-log reduction in crop-destroying microbes.

Learn more at EnWave.net.

EnWave Corporation
Mr. Brent Charleton, CFA
President & CEO

For further information:

Brent Charleton, CFA
President & CEO at +1 (778) 378-9616
E-mail: bcharleton@enwave.net

Dan Henriques, CA, CPA,
Chief Financial Officer at +1 (604) 835-5212
E-mail: dhenriques@enwave.net

For Media Inquiries:
Email: media@enwave.net

Safe Harbour for Forward-Looking Information Statements: This press release may contain forward-looking information based on management’s expectations, estimates and projections. All statements that address expectations or projections about the future, including statements about the Company’s strategy for growth, product development, market position, expected expenditures, and the expected synergies following the closing are forward-looking statements. All third party claims referred to in this release are not guaranteed to be accurate. All third party references to market information in this release are not guaranteed to be accurate as the Company did not conduct the original primary research. These statements are not a guarantee of future performance and involve a number of risks, uncertainties and assumptions. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

The post EnWave Sells NutraDried Assets & Signs Royalty-Bearing License with Creations Foods U.S. Inc. for Continued Moon Cheese Production and Sales appeared first on EnWave.

EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the “Company”) today announced that it has sold two 10kW Radiant Energy Vacuum (“REV”) machines to an existing licensed royalty partner (the “Royalty Partner”).

The Royalty Partner will triple its North American REV manufacturing capacity with these machines to better support the growing market demand for its commercial products. The Company expects to deliver the first machine in Q2 and the second unit in the latter half of fiscal 2023.

DOWNLOAD THE UPDATE HERE

About EnWave

EnWave is a global leader in the innovation and application of vacuum microwave dehydration. From its headquarters in Vancouver, BC, EnWave has developed a robust intellectual property portfolio, perfected its Radiant Energy Vacuum (REV) technology, and transformed an innovative idea into a proven, consistent, and scalable drying solution for the food, pharmaceutical and cannabis industries that vastly outperforms traditional drying methods in efficiency, capacity, product quality, and cost.

With more than fifty royalty-generating partners spanning twenty countries and five continents, EnWave’s licensed partners are creating profitable, never-before-seen snacks and ingredients, improving the quality and consistency of their existing offerings, running leaner and getting to market faster with the company’s patented technology, licensed machinery, and expert guidance.

EnWave’s strategy is to sign royalty-bearing commercial licenses with food and cannabis producers who want to dry better, faster and more economical than freeze drying, rack drying and air drying, and enjoy the following benefits:

• Food and ingredients companies can produce exciting new products, reach optimal moisture levels up to seven times faster, and improve product taste, texture, color and nutritional value.

• Cannabis producers can dry four to six times faster, retain up to 20% more terpenes and 25% more cannabinoids, and achieve at least a 3-log reduction in crop-destroying microbes.

Learn more at EnWave.net.

EnWave Corporation
Mr. Brent Charleton, CFA
President & CEO

For further information:

Brent Charleton, CFA
President & CEO at +1 (778) 378-9616
E-mail: bcharleton@enwave.net

Dan Henriques, CA, CPA,
Chief Financial Officer at +1 (604) 835-5212
E-mail: dhenriques@enwave.net

For Media Inquiries:
Email: media@enwave.net

Safe Harbour for Forward-Looking Information Statements: This press release may contain forward-looking information based on management’s expectations, estimates and projections. All statements that address expectations or projections about the future, including statements about the Company’s strategy for growth, product development, market position, expected expenditures, and the expected synergies following the closing are forward-looking statements. All third party claims referred to in this release are not guaranteed to be accurate. All third party references to market information in this release are not guaranteed to be accurate as the Company did not conduct the original primary research. These statements are not a guarantee of future performance and involve a number of risks, uncertainties and assumptions. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

The post EnWave Sells Two 10kW Units to Existing Royalty Partner appeared first on EnWave.

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, 2022.

• Reported an Adjusted EBITDA⁽¹⁾ loss of $1.15 million, largely due to input price increases and low economies of scale in the NutraDried business segment.
• The EnWave business segment maintained a gross margin of 37% despite an inflationary backdrop. The Company reported a consolidated gross margin of 17% as a result of margin compression from the NutraDried business segment.
• EnWave’s pipeline of prospective new royalty-bearing license and machine sale opportunities remains robust with continued adoption across the food industry for functional and healthy snacking, as well as the rapid drying of cannabis applications.

CONSOLIDATED FINANCIAL PERFORMANCE:

EnWave’s annual consolidated financial statements and MD&A are available on SEDAR at www.sedar.com and on the Company’s website www.enwave.net

Key Financial Highlights for Q1(expressed in ‘000s):

• The Company reported consolidated revenue for Q1 2023 of $4,714 compared to $4,971 in Q4 2022 and $6,297 in Q1 2022.
  • EnWave’s Q1 2023 business segment revenue was $2,785 compared to $4,067 in Q1 2022, a decrease of $1,282 due to the timing of construction contracts and the sale of a high margin machine in Q1 2022 that was repurchased from a cannabis partner. EnWave’s royalty revenue for Q1 2023 was $413 compared to $505 for Q1 2022, a decrease of $92 or 18%.
  • NutraDried’s Q1 2023 revenue was $1,929 compared to $2,230 for Q1 2022, a decrease of $301 primarily due to reduced demand offset by the increase in sales for Moon Cheese^® Crunchy Sticks.
• Gross margin for Q1 2023 was 17% compared to 43% for Q1 2023. In Q1 2022, EnWave sold a high margin machine that was repurchased from a cannabis partner. Additionally, the NutraDried segment experienced significant margin compression as a result of lower sales and higher input costs.
• Adjusted EBITDA (refer to Non-IFRS Financial Measures section below) for Q1 2023 was a loss of $1,151 compared to income of $301 for Q1 2022, a decrease of $1,452. The adjusted EBITDA loss was predominantly a result of sales and raw material input price challenges associated with the NutraDried business segment.
• SG&A expenses (including R&D) were $2,623 for Q4 2022 compared to $2,827 for Q4 2021, a decrease of $204 or 7%. The decrease is a result of the continued focus on managing non-revenue generating spending.  Additionally, compensation of key management personnel decreased by $358 or 34% relative to the comparative period. This was partially attributable to the voluntary salary reductions taken by key management personnel.

Significant Corporate Accomplishments in Q1 2023 and Subsequently:

• Sold a 120kW REV machine to a Major Canadian Cannabis Company to produce a premium smokable flower, cannabis plant material destined for extraction and several edible products.
• Advanced the Global Strategic Partnership with Dole Worldwide Food & Beverage Group (“Dole”), with Dole leasing two more 10kW REV machines.
• The Company announced it would commence an orderly wind-down and value maximization process for its operating subsidiary NutraDried. NutraDried had revenue of $1,929 (2022 – $2,230), direct costs to revenue of 111% (2022 – 80%) and a net loss of $1,732 (2022 – $900) for the three months ended December 31, 2022.The wind-down and value maximization process will allow EnWave to materially reduce expenditures and direct capital toward advancing the core business strategy of the Company. Management believes that the completion of this process will be cash neutral or cash positive to EnWave and completed by the end of fiscal 2023.

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 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.sedar.com.

DOWNLOAD THE UPDATE HERE

About EnWave

EnWave is a global leader in the innovation and application of vacuum microwave dehydration. From its headquarters in Vancouver, BC, EnWave has developed a robust intellectual property portfolio, perfected its Radiant Energy Vacuum (REV) technology, and transformed an innovative idea into a proven, consistent, and scalable drying solution for the food, pharmaceutical and cannabis industries that vastly outperforms traditional drying methods in efficiency, capacity, product quality, and cost.

With more than fifty royalty-generating partners spanning twenty countries and five continents, EnWave’s licensed partners are creating profitable, never-before-seen snacks and ingredients, improving the quality and consistency of their existing offerings, running leaner and getting to market faster with the company’s patented technology, licensed machinery, and expert guidance.

EnWave’s strategy is to sign royalty-bearing commercial licenses with food and cannabis producers who want to dry better, faster and more economical than freeze drying, rack drying and air drying, and enjoy the following benefits:

• Food and ingredients companies can produce exciting new products, reach optimal moisture levels up to seven times faster, and improve product taste, texture, color and nutritional value.

• Cannabis producers can dry four to six times faster, retain up to 20% more terpenes and 25% more cannabinoids, and achieve at least a 3-log reduction in crop-destroying microbes.

Learn more at EnWave.net.

EnWave Corporation
Mr. Brent Charleton, CFA
President & CEO

For further information:

Brent Charleton, CFA
President & CEO at +1 (778) 378-9616
E-mail: bcharleton@enwave.net

Dan Henriques, CA, CPA,
Chief Financial Officer at +1 (604) 835-5212
E-mail: dhenriques@enwave.net

For Media Inquiries:
Email: media@enwave.net

Safe Harbour for Forward-Looking Information Statements: This press release may contain forward-looking information based on management’s expectations, estimates and projections. All statements that address expectations or projections about the future, including statements about the Company’s strategy for growth, product development, market position, expected expenditures, and the expected synergies following the closing are forward-looking statements. All third party claims referred to in this release are not guaranteed to be accurate. All third party references to market information in this release are not guaranteed to be accurate as the Company did not conduct the original primary research. These statements are not a guarantee of future performance and involve a number of risks, uncertainties and assumptions. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

The post EnWave Reports 2023 First Quarter Consolidated Interim Financial Results appeared first on EnWave.

EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the “Company”) a global leader in vacuum-microwave dehydration technology, announced today it will report its financial results for the first quarter ended December 31, 2022 on Wednesday, February 22, 2023 after market close. The financial statements and MD&A will be available on SEDAR at www.sedar.com and on the Company’s website in the late evening Vancouver time.

The Company has scheduled a conference call to discuss the results for Q1 2023 and business outlook on Thursday, February 23, 2023 at 7:00 a.m. Pacific Time (10:00 a.m. Eastern Time). Brent Charleton, Chief Executive Officer and Dylan Murray, Chief Financial Officer will present EnWave’s results and host a question and answer period.

Conference Call Details:

Date: February 23, 2023
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=qlUh32vP

DOWNLOAD THE UPDATE HERE

About EnWave

EnWave is a global leader in the innovation and application of vacuum microwave dehydration. From its headquarters in Vancouver, BC, EnWave has developed a robust intellectual property portfolio, perfected its Radiant Energy Vacuum (REV) technology, and transformed an innovative idea into a proven, consistent, and scalable drying solution for the food, pharmaceutical and cannabis industries that vastly outperforms traditional drying methods in efficiency, capacity, product quality, and cost.

With more than fifty royalty-generating partners spanning twenty countries and five continents, EnWave’s licensed partners are creating profitable, never-before-seen snacks and ingredients, improving the quality and consistency of their existing offerings, running leaner and getting to market faster with the company’s patented technology, licensed machinery, and expert guidance.

EnWave’s strategy is to sign royalty-bearing commercial licenses with food and cannabis producers who want to dry better, faster and more economical than freeze drying, rack drying and air drying, and enjoy the following benefits:

• Food and ingredients companies can produce exciting new products, reach optimal moisture levels up to seven times faster, and improve product taste, texture, color and nutritional value.

• Cannabis producers can dry four to six times faster, retain up to 20% more terpenes and 25% more cannabinoids, and achieve at least a 3-log reduction in crop-destroying microbes.

Learn more at EnWave.net.

EnWave Corporation
Mr. Brent Charleton, CFA
President & CEO

For further information:

Brent Charleton, CFA
President & CEO at +1 (778) 378-9616
E-mail: bcharleton@enwave.net

Dan Henriques, CA, CPA,
Chief Financial Officer at +1 (604) 835-5212
E-mail: dhenriques@enwave.net

For Media Inquiries:
Email: media@enwave.net

Safe Harbour for Forward-Looking Information Statements: This press release may contain forward-looking information based on management’s expectations, estimates and projections. All statements that address expectations or projections about the future, including statements about the Company’s strategy for growth, product development, market position, expected expenditures, and the expected synergies following the closing are forward-looking statements. All third party claims referred to in this release are not guaranteed to be accurate. All third party references to market information in this release are not guaranteed to be accurate as the Company did not conduct the original primary research. These statements are not a guarantee of future performance and involve a number of risks, uncertainties and assumptions. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

The post EnWave to Report First Quarter Financial Results on February 22, 2023 and Host Investor Conference Call appeared first on EnWave.

EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the “Company”) announced today that Responsible Foods d.b.a. Naera Snacks (“Naera”) will be launching a new line of shelf-stable seafood snacks produced using EnWave’s patented Radiant Energy Vacuum (“REV”) drying technology.

Naera will use locally harvested, sustainable seafood to create a hybrid fish snack, by combining fish with premium cheese and butter from Iceland for its innovative fish jerky crunch and ready-to-eat snack line. They will be launching several flavors including Cheesy Chili and Buttery Herb which are packed with Protein Omega-3s, Calcium and B-12 and will also be gluten and preservative free.

Naera currently sells a number of cheese and yogurt-based snack iterations that are available for purchase online in North America and domestically in Iceland.  EnWave has agreed to expand Naera’s existing license agreement to include several seafood products that are indigenous to the Icelandic waters. Additionally, certain exclusive license rights have been granted to Naera for these seafood products in Iceland, in exchange for the commitment to purchase additional REV machinery within the next twelve months.

DOWNLOAD THE UPDATE HERE

About Naera®

Naera is an Icelandic snack brand setting out to elevate better-for-you protein snacking made with Icelandic superfoods. Naera (Nye-rah) means to nourish in Icelandic. Naera wants to take protein snacking to the next level, offering fun new textures, flavors, and an indulgent snacking experience. All Naera snacks are sustainably made with 100% green energy in Iceland without baking or frying and are GMO, wheat, gluten, nut, soy, and preservative free.

About EnWave

EnWave is a global leader in the innovation and application of vacuum microwave dehydration. From its headquarters in Vancouver, BC, EnWave has developed a robust intellectual property portfolio, perfected its Radiant Energy Vacuum (REV) technology, and transformed an innovative idea into a proven, consistent, and scalable drying solution for the food, pharmaceutical and cannabis industries that vastly outperforms traditional drying methods in efficiency, capacity, product quality, and cost.

With more than fifty royalty-generating partners spanning twenty countries and five continents, EnWave’s licensed partners are creating profitable, never-before-seen snacks and ingredients, improving the quality and consistency of their existing offerings, running leaner and getting to market faster with the company’s patented technology, licensed machinery, and expert guidance.

EnWave’s strategy is to sign royalty-bearing commercial licenses with food and cannabis producers who want to dry better, faster and more economical than freeze drying, rack drying and air drying, and enjoy the following benefits:

• Food and ingredients companies can produce exciting new products, reach optimal moisture levels up to seven times faster, and improve product taste, texture, color and nutritional value.

• Cannabis producers can dry four to six times faster, retain up to 20% more terpenes and 25% more cannabinoids, and achieve at least a 3-log reduction in crop-destroying microbes.

Learn more at EnWave.net.

EnWave Corporation
Mr. Brent Charleton, CFA
President & CEO

For further information:

Brent Charleton, CFA
President & CEO at +1 (778) 378-9616
E-mail: bcharleton@enwave.net

Dan Henriques, CA, CPA,
Chief Financial Officer at +1 (604) 835-5212
E-mail: dhenriques@enwave.net

For Media Inquiries:
Email: media@enwave.net

Safe Harbour for Forward-Looking Information Statements: This press release may contain forward-looking information based on management’s expectations, estimates and projections. All statements that address expectations or projections about the future, including statements about the Company’s strategy for growth, product development, market position, expected expenditures, and the expected synergies following the closing are forward-looking statements. All third party claims referred to in this release are not guaranteed to be accurate. All third party references to market information in this release are not guaranteed to be accurate as the Company did not conduct the original primary research. These statements are not a guarantee of future performance and involve a number of risks, uncertainties and assumptions. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

The post EnWave Royalty-Partner Plans Launch of New Seafood Snack Product Line in 2023 appeared first on EnWave.

EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the “Company”) announced today that it will commence an orderly wind-down and value maximization process for its operating subsidiary, NutraDried Food Company, LLC (“NutraDried”). NutraDried’s financial performance through the past three fiscal years has deteriorated materially and, after assessing the long-term prospects for NutraDried, EnWave’s Board of Directors and executive management have determined that NutraDried will not achieve the performance standards that EnWave requires for future ownership and support.

NutraDried’s negative performance has been heavily linked to the abnormally high commodity block pricing for cheese, which combined with overall lower sales across several of its key distribution channels, are expected to continue in the near and long-term. As a result, EnWave will explore and pursue a number of value maximizing options including, but not limited to, a joint venture with a seasoned industry operator, the sale of brand assets, and a sale of some or all of the capital equipment.

NutraDried intends to fulfill purchase orders from customers through the next few months pursuant to available inventory.

This process with NutraDried will allow EnWave to materially reduce expenditures previously dedicated to NutraDried and direct this capital toward advancing the core business strategy of the Company. This process is expected to be completed in fiscal 2023. Management believes that the completion of this process will be cash neutral or cash positive to EnWave.

EnWave initially created NutraDried to demonstrate that its commercial-scale, continuous Radiant Energy Vacuum (“REV”) dehydration machinery could operate consistently and reliably. This demonstration de-risked the adoption of REV, helping to improve the success of EnWave’s commercialization efforts. There are now more than fifty (50) commercial license holders using REV technology to process food and cannabis products globally.

DOWNLOAD THE UPDATE HERE

About EnWave

EnWave is a global leader in the innovation and application of vacuum microwave dehydration. From its headquarters in Vancouver, BC, EnWave has developed a robust intellectual property portfolio, perfected its Radiant Energy Vacuum (REV) technology, and transformed an innovative idea into a proven, consistent, and scalable drying solution for the food, pharmaceutical and cannabis industries that vastly outperforms traditional drying methods in efficiency, capacity, product quality, and cost.

With more than fifty royalty-generating partners spanning twenty countries and five continents, EnWave’s licensed partners are creating profitable, never-before-seen snacks and ingredients, improving the quality and consistency of their existing offerings, running leaner and getting to market faster with the company’s patented technology, licensed machinery, and expert guidance.

EnWave’s strategy is to sign royalty-bearing commercial licenses with food and cannabis producers who want to dry better, faster and more economical than freeze drying, rack drying and air drying, and enjoy the following benefits:

• Food and ingredients companies can produce exciting new products, reach optimal moisture levels up to seven times faster, and improve product taste, texture, color and nutritional value.

• Cannabis producers can dry four to six times faster, retain up to 20% more terpenes and 25% more cannabinoids, and achieve at least a 3-log reduction in crop-destroying microbes.

Learn more at EnWave.net.

EnWave Corporation
Mr. Brent Charleton, CFA
President & CEO

For further information:

Brent Charleton, CFA
President & CEO at +1 (778) 378-9616
E-mail: bcharleton@enwave.net

Dan Henriques, CA, CPA,
Chief Financial Officer at +1 (604) 835-5212
E-mail: dhenriques@enwave.net

For Media Inquiries:
Email: media@enwave.net

Safe Harbour for Forward-Looking Information Statements: This press release may contain forward-looking information based on management’s expectations, estimates and projections. All statements that address expectations or projections about the future, including statements about the Company’s strategy for growth, product development, market position, expected expenditures, and the expected synergies following the closing are forward-looking statements. All third party claims referred to in this release are not guaranteed to be accurate. All third party references to market information in this release are not guaranteed to be accurate as the Company did not conduct the original primary research. These statements are not a guarantee of future performance and involve a number of risks, uncertainties and assumptions. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

The post EnWave Provides Corporate Update on Operating Subsidiary appeared first on EnWave.

EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the “Company”) today reported the Company’s consolidated financial results for the fourth quarter and fiscal year-ended September 30, 2022.

• Reported record annual royalty revenue of $1.35 million representing an increase of 47% over the prior year.
• Completed the facility construction and SQF certification at REVworx and developed a robust pipeline of commercial tolling opportunities with global food companies.
• Maintained a consolidated gross margin of 27% in an inflationary economic backdrop.
• Reported an Adjusted EBITDA(1) loss of $3.4 million, largely due to input price increases and low economies of scale in NutraDried’s segment.
• EnWave’s pipeline of prospective new royalty-bearing license and machine sale opportunities continues to be robust with continued adoption across the food industry for functional and healthy snacking, as well as the rapid drying of cannabis applications.

CONSOLIDATED FINANCIAL PERFORMANCE:

EnWave’s annual consolidated financial statements and MD&A are available on SEDAR at www.sedar.com and on the Company’s website www.enwave.net.

Key Financial Highlights for Q4 (expressed in ‘000s):

• The Company reported consolidated revenue for Q4 2022 of $4,971 compared to $6,906 in Q4 2021 a decrease of $1,935 or 28%.
  • EnWave’s Q4 2022 segment revenue was $2,824 compared to $3,879 in Q4 2021, a decrease of $1,055 or 27%. The decrease is partly due to timing of revenue recognized on large-scale contracts. As at September 30, 2022, EnWave had two large-scale machines in its order backlog for which the majority of revenues will be recorded in Fiscal 2023.
  • Q4 2022 royalty revenue was $290 compared to $245 in Q4 2021, an increase of $45 or 18%.
  • NutraDried’s Q4 2022 segment revenue was $2,147 compared to $3,027 for Q4 2021, a decrease of $880 largely due to lower bulk and ingredient sales for the current period.
• Gross margin for Q4 2022 was 15% compared to 34% for Q4 2021. In Q4 2021 a fully fabricated large-scale machine was resold for a one-time substantial margin that was not repeated in Q4 2022. NutraDried experienced substantial margin compression in Q4 2022 with higher cheese pricing increasing its cost of goods.
  • EnWave generated a Q4 2022 gross margin of 39% while NutraDried generated a negative gross margin of 15% in the period.
• Adjusted EBITDA^(*) loss, a non-IFRS financial measure, for Q4 2022 was $1,479 compared to $223 for Q4 2021 a decrease of $1,256. The wider loss was largely driven by the NutraDried segment’s higher cost of goods in Q4 2022 driven by the higher cost of cheese.
• SG&A expenses (including R&D) were $2,933 for Q4 2022 compared to $3,167 for Q4 2021, a decrease of $234. We reduced G&A costs as part of a continued focus on managing non-revenue generating spending, while increasing the investment into S&M to further develop the market for EnWave’s proprietary REV technology.

Significant Corporate Accomplishments in Q4 2022 and Subsequently:

• Signed an equipment purchase agreement with Dole to deliver a 120kW large-scale REV machine to Asia, and leased Dole two additional 10kW REV machines to bridge production capacity until the large-scale 120kW machine is commissioned. Dole has developed a line of better-for-you snack products under the brand Good Crunch (https://www.dolefoodservice.com/good-crunch) that are produced using EnWave’s REV technology.
• Signed an equipment purchase agreement with our Major Japanese Royalty Partner that is a leading global snack manufacturing company to deliver a 60kW large-scale REV^TM The Major Japanese Royalty Partner plans to launch an innovative line better-for-you snacks in Japan using REV^TM technology.
• Obtained Safe Quality Food certification for the REVworx toll drying facility and completed a number of test production runs for prospective customers.
• Signed 4 new technology evaluation agreements with companies operating in the global food and cannabis industries. Under these agreements the prospective licensees will develop new products using REV technology and have been granted an option to obtain a royalty-bearing commercial license.

Conference Call:

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

Date: December 16, 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=Byr4fLNc

DOWNLOAD THE UPDATE HERE

(*) 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 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.sedar.com.

About EnWave

EnWave is a global leader in the innovation and application of vacuum microwave dehydration. From its headquarters in Vancouver, BC, EnWave has developed a robust intellectual property portfolio, perfected its Radiant Energy Vacuum (REV) technology, and transformed an innovative idea into a proven, consistent, and scalable drying solution for the food, pharmaceutical and cannabis industries that vastly outperforms traditional drying methods in efficiency, capacity, product quality, and cost.

With more than fifty royalty-generating partners spanning twenty countries and five continents, EnWave’s licensed partners are creating profitable, never-before-seen snacks and ingredients, improving the quality and consistency of their existing offerings, running leaner and getting to market faster with the company’s patented technology, licensed machinery, and expert guidance.

EnWave’s strategy is to sign royalty-bearing commercial licenses with food and cannabis producers who want to dry better, faster and more economical than freeze drying, rack drying and air drying, and enjoy the following benefits:

• Food and ingredients companies can produce exciting new products, reach optimal moisture levels up to seven times faster, and improve product taste, texture, color and nutritional value.

• Cannabis producers can dry four to six times faster, retain up to 20% more terpenes and 25% more cannabinoids, and achieve at least a 3-log reduction in crop-destroying microbes.

Learn more at EnWave.net.

EnWave Corporation
Mr. Brent Charleton, CFA
President & CEO

For further information:

Brent Charleton, CFA
President & CEO at +1 (778) 378-9616
E-mail: bcharleton@enwave.net

Dan Henriques, CA, CPA,
Chief Financial Officer at +1 (604) 835-5212
E-mail: dhenriques@enwave.net

For Media Inquiries:
Email: media@enwave.net

Safe Harbour for Forward-Looking Information Statements: This press release may contain forward-looking information based on management’s expectations, estimates and projections. All statements that address expectations or projections about the future, including statements about the Company’s strategy for growth, product development, market position, expected expenditures, and the expected synergies following the closing are forward-looking statements. All third party claims referred to in this release are not guaranteed to be accurate. All third party references to market information in this release are not guaranteed to be accurate as the Company did not conduct the original primary research. These statements are not a guarantee of future performance and involve a number of risks, uncertainties and assumptions. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

The post EnWave Reports Fourth Quarter and Annual 2022 Consolidated Financial Results appeared first on EnWave.

EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the “Company”) a global leader in vacuum-microwave dehydration technology, announced today it will report its financial results for the fourth quarter and for the fiscal year 2022 ended September 30, 2022 on Thursday, December 15, 2022 after market close. The financial statements and MD&A will be available on SEDAR at www.sedar.com and on the Company’s website in the late evening Vancouver time.

The Company has scheduled a conference call to discuss the results for Q4 2022 and business outlook on Friday, December 16, 2022 at 7:00 a.m. Pacific Time (10:00 a.m. Eastern Time). Brent Charleton, Chief Executive Officer and Dylan Murray, Chief Financial Officer will present EnWave’s results and host a question and answer period.

Conference Call Details:

Date: December 16, 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=Byr4fLNc

DOWNLOAD THE UPDATE HERE

About EnWave

EnWave is a global leader in the innovation and application of vacuum microwave dehydration. From its headquarters in Vancouver, BC, EnWave has developed a robust intellectual property portfolio, perfected its Radiant Energy Vacuum (REV) technology, and transformed an innovative idea into a proven, consistent, and scalable drying solution for the food, pharmaceutical and cannabis industries that vastly outperforms traditional drying methods in efficiency, capacity, product quality, and cost.

With more than fifty royalty-generating partners spanning twenty countries and five continents, EnWave’s licensed partners are creating profitable, never-before-seen snacks and ingredients, improving the quality and consistency of their existing offerings, running leaner and getting to market faster with the company’s patented technology, licensed machinery, and expert guidance.

EnWave’s strategy is to sign royalty-bearing commercial licenses with food and cannabis producers who want to dry better, faster and more economical than freeze drying, rack drying and air drying, and enjoy the following benefits:

• Food and ingredients companies can produce exciting new products, reach optimal moisture levels up to seven times faster, and improve product taste, texture, color and nutritional value.

• Cannabis producers can dry four to six times faster, retain up to 20% more terpenes and 25% more cannabinoids, and achieve at least a 3-log reduction in crop-destroying microbes.

Learn more at EnWave.net.

EnWave Corporation
Mr. Brent Charleton, CFA
President & CEO

For further information:

Brent Charleton, CFA
President & CEO at +1 (778) 378-9616
E-mail: bcharleton@enwave.net

Dan Henriques, CA, CPA,
Chief Financial Officer at +1 (604) 835-5212
E-mail: dhenriques@enwave.net

For Media Inquiries:
Email: media@enwave.net

Safe Harbour for Forward-Looking Information Statements: This press release may contain forward-looking information based on management’s expectations, estimates and projections. All statements that address expectations or projections about the future, including statements about the Company’s strategy for growth, product development, market position, expected expenditures, and the expected synergies following the closing are forward-looking statements. All third party claims referred to in this release are not guaranteed to be accurate. All third party references to market information in this release are not guaranteed to be accurate as the Company did not conduct the original primary research. These statements are not a guarantee of future performance and involve a number of risks, uncertainties and assumptions. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

The post EnWave to Report Fourth Quarter and Annual 2022 Financial Results on December 15, 2022 and Host Investor Conference Call appeared first on EnWave.