EnWave Reports 2025 Third Quarter Consolidated Interim Financial Results
VANCOUVER, British Columbia, Aug. 22, 2025 (GLOBE NEWSWIRE) -- EnWave Corporation (TSXV:ENW, FSE:E4U)) ("EnWave", or the "Company") today reported the Company's consolidated interim financial results for the third quarter ended June 30, 2025.
All values in thousands and denoted in CAD unless otherwise stated.
Reported revenue for Q3 2025 of $2,744, an increase of $122 relative to the comparable period in the prior year. During the period, there was the completed fabrication of a large-scale 120kW REV™ machine for Procescir of Mexico and the initial fabrication of two 60kW REV™ machines sold to Microdried, EnWave's longest standing royalty partner.
Reported royalty revenues for Q3 2025 of $431, an increase of $6 relative to the comparable period in the prior year. Royalties grew due to the increased number of royalty partners, and the expansion of both product sales, and REV™ machine capacity utilization for the quarter, offset by a decrease in royalties associated with the license termination and machinery buyback from an Illinois, U.S. based cannabis company during the period.
Gross margin for the three months ending Q3 2025 was 19% compared to 44% for the three months ending Q3 2024. The decrease in margin was primarily a result of the production sales mix and a high-margin large scale machine resale in the comparative period.
Reported an increase in Selling, General & Administrative ("SG&A") costs, including Research & Development ("R&D") of $40 for Q3 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 fees.
Reported Adjusted EBITDA(1) loss for Q3 2025 of $575, a decrease of $660 from the comparable period in the prior year.
Consolidated Financial Performance:
($ ‘000s)
Three months ended June 30,Change
Nine months ended June 30,Change
2025
2024
%
2025
2024
%
Revenues
2,744
2,622
5%
7,610
4,547
67%
Direct costs
(2,209)
(1,471)
50%
(5,526)
(3,330)
66%
Gross margin
535
1,151
(54%)
2,084
1,217
71%
Operating expenses
General and administration
532
665
(20%)
1,541
1,742
(11%)
Sales and marketing
485
358
35%
1,407
1,149
22%
Research and development
388
342
13%
1,124
1,127
(0%)
