EnWave Q2 FY23 Revenue Grows 209% YoY, Here Are The Details

Author: Vuk Zdinjak | May 26, 2023 09:35am

EnWave Corporation (OTCPK:NWVCF) (TSXV:ENW) (FSE:E4U) released its financial results for the second quarter ended March 31, 2023, revealing revenue of CA$4.6 million ($3.4 million), an increase of 209% compared to CA$1.5 million in Q2 2022.

Q2 2023 Financial Highlights

Gross margin was CA$2.3 million, an increase of 302% compared to CA$563,000 in Q2 2022.
Net loss was CA$2.7 million compared to CA$2.4 million in Q2 2022.
Adjusted EBITDA was CA$1.2 million an increase of 211% compared to negative CA$1.0 million in Q2 2022.
Cash and cash equivalents, at the end of the period were CA$3.5 million.

Other Highlights

Commissioned a 120kW large-scale REV machine for Orto al Sole in Italy for production of dried fruits and vegetables for snacking.
Commissioned a 120kW large-scale REV machine in Asia for Dole to start production of better-for-you snack products under the brand Good Crunch using EnWave’s REV technology.
Sold and commissioned a 120kW REV machine to a Canadian cannabis company to produce smokeable flower, cannabis plant material for extraction and edible products.
Sold two 10kW REV machines to a current royalty partner tripling its North American REV manufacturing capacity for production to support a growing market demand.
Signed a license with PiP International Incorporated to allow for the commercialization of plant-based ingredients. Additionally, PIP purchased a 10kW REV machine for continued product development.