EnWave 2026 Third 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 third quarter ended June 30, 2026.  

Toutes les valeurs sont exprimées en milliers et en dollars canadiens, sauf indication contraire.

• Reported Q3 2026 revenue of $3,313 an increase of $569 compared to the same period in the prior year. The increase was primarily driven by the sale of a large- scale machine that had been fully fabricated and held in inventory in prior periods and higher royalties.
• Reported royalties, excluding exclusivity payments (“Base Royalties”), for Q3 2026 of $536, an increase of $104, or 24% relative to the comparable period in the prior year. Royalties increased due to higher product sales and partner production for the quarter.
• Gross margin for the three months ended Q3 2026 was 25% compared to 19% for the three months ended Q3 2025. The increase in margin was primarily attributable to lower fabrication costs resulting from fewer large-scale machines on contract as compared to the prior quarter.
• Reported a decrease in Selling, General & Administrative (“SG&A”) costs (including Research & Development (“R&D”)) of $205 for Q3 2026 relative to the comparable period in the prior year, with the decrease primarily related to lower personnel and third-party commission costs offset by higher professional development fees and tradeshow attendance.
• Reported an Adjusted EBITDA⁽¹⁾ loss of $93 for Q3 2026, a $482 improvement from the prior year, driven by large-scale equipment sale and lower SG&A expenses, including R&D.

Performance financière consolidée :

Note: ⁽¹⁾ 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

Key Financial Highlights for the Nine Months Ended June 30, 2026 (expressed in 000’s)

• Reported revenue of $6,072 a decrease of $1,538 relative to the comparable period in the prior year. The decrease was primarily related to fewer machine sales.  
• Reported Base Royalties of $1,470, an increase of $139 or 10% relative to the comparative period in the prior year. Reported total royalty revenues of $1,628, an increase of $163 or 10% relative to the comparative period in the prior year. Royalties grew due to increased royalty partners, product sales, partner production, and exclusivity payments.
• Reported a $73 increase in SG&A costs for the nine months ended June 30, 2026, primarily due to higher sales personnel, patent maintenance, legal fees associated with general business activities, and recruitment costs. Prior-year financing-related legal costs were capitalized as part of the transaction.
• Reported an Adjusted EBITDA⁽¹⁾ loss of $1,453 for the nine months ended June 30, 2026, a decrease of $355 from the comparable period in the prior year.

Significant Corporate Accomplishments in Q3 2026 and Subsequently:

• Signed an Equipment Purchase Agreement with Procescir S.A. de C.V. for the purchase of second 120kW REVTM machine.
• Signed a Technology Evaluation and License Option Agreement with Swiss Cannabis Selection AG.
• Signed a Technology Evaluation and License Option Agreement with one of the world’s largest multinational food companies.
• Signed a Commercial Licence Agreement and Equipment Purchase Agreement for a 10kW REVTM machine with The Dry Hub (“DryHub”), an Egyptian food processing Company.
• Signed a Research and Development License Agreement with Rhizome Food and Farming LLC (“Rhizome”), a North American food Company led by renowned chef Dan Barber. Rhizome acquired a 3.6kW REVTM machine for commercial and product development.
• Subsequent to the quarter, the Company signed Research and Development License Agreement with the University of Limerick (“Limerick”) in Ireland. Limerick acquired a small-scale REVTM machine to support research and product development.

Mesures financières non conformes aux IFRS :

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.

À propos d'EnWave

EnWave est un leader mondial dans l'innovation et l'application de la déshydratation par micro-ondes sous vide. Depuis son siège à Delta, en Colombie-Britannique, EnWave a développé un solide portefeuille de propriété intellectuelle, perfectionné sa technologie Radiant Energy Vacuum (REV™) et transformé une idée novatrice en une solution de séchage éprouvée, cohérente et évolutive pour les industries alimentaire, pharmaceutique et du cannabis, qui surpasse largement les méthodes de séchage traditionnelles en termes d'efficacité, de capacité, de qualité des produits et de coût.

With more than fifty partners spanning twenty-four 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.

La stratégie d'EnWave consiste à signer des licences commerciales assorties de redevances avec les producteurs de denrées alimentaires qui souhaitent sécher mieux, plus rapidement et plus économiquement que la lyophilisation, le séchage sur claies et le séchage à l'air, et profiter des avantages suivants : produire de nouveaux produits intéressants, atteindre des niveaux d'humidité optimaux jusqu'à sept fois plus rapidement, et améliorer le goût, la texture, la couleur et la valeur nutritionnelle des produits.

Pour en savoir plus, consultez le site EnWave.net.

EnWave Corporation

M. Brent Charleton, CFA

Président et directeur général

Pour plus d'informations :

Brent Charleton, CFA, président et directeur général au +1 (778) 378-9616
E-mail : bcharleton@enwave.net      

Nav Dhami, CPA, CFO at +1 (604) 260-4854 
E-mail: ndhami@enwave.net 

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