EnWave Reports 2025 Fourth Quarter and Annual 2025 Consolidated Financial Results

EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the “Company”) today reported the Company’s consolidated interim financial results for the fourth quarter and fiscal year ended September 30, 2025.

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 2025 of $6,219, an increase of $2,585 relative to the comparable period in the prior year. During the period, the company commissioned one large-scale and six small-scale machines, sold a refurbished 120kW machine, and continued the fabrication of two large-scale machines on contract.
• Reported Adjusted EBITDA⁽¹⁾ income for Q4 2025 of $1,407, an increase of $957 from the comparable period in the prior year, with the increase driven by machine sales and the production sales mix relative to the comparative period.
• Reported royalties, excluding exclusivity payments (“Base Royalties”), for Q4 2025 of $481, an increase of $113, or 31% relative to the comparable period in the prior year.  Reported total royalty revenue for Q4 2025 of $481, a decrease of $161 or 25% relative to total royalty revenue in the comparable period in the prior year. The decrease was related to an existing royalty partner that committed to multiple large-scale machines during the fiscal year, deciding not to continue with exclusivity in an unspecified Central American Country.  This partner redeployed capital to a different strategic area to house the recently acquired large-scale machines. The decrease was offset by an increase in Base Royalties due to the expansion of both product sales and REV™ machine capacity utilization.
• Gross margin for the three months ending Q4 2025 was 41% compared to 40% for the three months ending Q4 2024. The increase in margin was primarily a result of the production mix of large and small machines at various stages of fabrication.
• Reported an increase in Selling, General & Administrative (“SG&A”) costs, including Research & Development (“R&D”) of $223 for Q4 2025 relative to the comparable period in the prior year, with the increase primarily related to sales personnel, increased tradeshow attendance, and the timing of patent maintenance fees, offset by a decrease in legal and recruitment fees. 

連結業績：

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 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 2025 (expressed in 000’s)

• Revenue for the year ended 2025 of $13,829, compared to $8,181 for the year ended 2024, an increase of $5,648. The increase was primarily due to increased equipment construction contract revenue, small-scale machine sales and tolling fees.  
• Adjusted EBITDA income (refer to Non-IFRS Financial Measures section below) for the year ended 2025 was $309, compared to a loss of $1,489 for the year ended 2024, an improvement of $1,798. The increase in adjusted EBITDA was primarily due to higher machine sales relative to fiscal 2024.
• Base Royalties were $1,812 for the year ended 2025, an increase of $228 or 14% as compared to the prior year. Total royalty revenue for the year ended 2025 was $1,945 compared to $1,961 for the year ended 2024, a decrease of $16 or 1%. The decrease is a result of lower exclusivity payments offset by an increased number of royalty partners and the expansion of both product sales and REV™ machine capacity utilization.
• Gross margin for the year ended 2025 was 34% compared to 33% for the year ended 2024. The increase in margin was primarily a result of the production mix of large and small machines at various stages of fabrication.
• SG&A expenses (including R&D) for the year ended 2025 were $5,585, compared to $5,308 for the year ended 2024, an increase of $277. The increase is primarily related to increased tradeshow attendance, marketing activities, and sales personnel offset by reduced legal costs and professional fees.

Significant Corporate Accomplishments in Q4 2025 and Subsequently:

• Signed a CLA and equipment purchase agreements for two 10kW REV™ machines and one 60kW REV™ machine with Milne MicroDried®.
• Signed an equipment purchase agreement with Dairy Concepts for two additional 10kW REV™ machines to expand dairy snack production in Europe.
• Signed an equipment purchase agreement for a 120kW REV™ machine and a license amendment with BranchOut Food Inc.
• Signed an equipment purchase agreement for a 10kW REV™ machine and a CLA with Solve Solutions Ltda. 
• Signed a CLA with a U.S. snack company and an equipment purchase agreement for a 10kW REV™ machine.
• Signed a CLA with Shinyway International Limited, a service provider of cannabis processing based in New Zealand.
• Closed a fully subscribed private placement of 7,500,000 common shares of the company at a price per common share of $0.40, raising aggregate gross proceeds of $3,000. 

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 and 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 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。

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.

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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