EnWave presents preliminary financial figures with light and shadow

Eulerpool Research Systems May 24, 2024
EnWave Corporation, a leader in innovation within vacuum microwave dehydration technology, today released its preliminary financial results for the second quarter of the fiscal year 2024. While royalty revenue saw a significant increase, the company experienced declines in revenue and gross margin. According to the update, EnWave Corporation recorded a 30% increase in royalty revenue in a half-year comparison, mainly due to increased production and successful sales of partner products, although this was slightly offset by declining exclusivity fees. Conversely, there was a revenue decline of 86% in the second quarter compared to the same period last year. This was attributed to a reduced number of machine sales and a decrease in production of Radiant Energy Vacuum devices – a result of the volatile situation with large-scale orders. The control of discretionary spending proved successful: Sales and administrative expenses remained at the level of the previous year and decreased by 10% in a half-year comparison. Nevertheless, gross margin was impacted, dropping from 49% to -25% in a quarterly comparison, a direct consequence of the downturn in machine sales. Adjusted EBITDA – a non-IFRS financial measure – reported a loss of 1,268 thousand CAD for the second quarter. There was a profit in the same quarter of the previous year. This outcome reflects the challenging conditions during the reporting period. The results presented are indicators of the volatilities in EnWave Corporation's business field and demonstrate both the challenges and resilient aspects of their business model. Despite declining sales figures, the company managed to generate growth in certain areas, such as royalty revenues. Details on the consolidated financial results can be found on the company's website and through SEDAR+.

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