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EnWave Corporation (OTCPK:NWVCF) (TSXV:ENW) (FSE:E4U) released financial results for the first quarter ended December 31, 2022, revealing revenue of CA$4.71 million ($3.48 million), a 5% decrease compared to CA$4.97 million in Q4 FY 2022 and a 25% decrease compared to CA$6.3 million in Q1 FY 2022.
Q1 FY23 Financial Highlights
Gross margin for Q1 FY 2023 was 17% compared to 43% for Q1 FY 2022.
Adjusted EBITDA was a loss of CA$1.15 million compared to income of CA$301,000 for Q1 FY 2022, a decrease of CA$1.45 million. The adjusted EBITDA loss was predominantly a result of sales and raw material input price challenges associated with the NutraDried business segment.
Cash and cash equivalents at Decemer 31, 2022 were CA$4.2 million compared to CA$8.44 million in Q1 2022.
Net loss was CA$2.03 million compared to net loss of CA$253,000 in Q1 FY 2022.
Other Highlights for Q1 2023 and Subsequently:
Sold a 120kW REV machine to a major Canadian cannabis company to produce smokable flower, cannabis plant material destined for extraction and several edible products.
Advanced the global strategic partnership with Dole Worldwide Food & Beverage Group, 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. 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.
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