Canadian Ancillary Cannabis Company Reveals Slight Revenue Drop In Q3, Here's More Details

Author: Jelena Martinovic | August 25, 2023 10:06am

EnWave Corporation (OTCPK: NWVCF) (TSXV:ENW) (FSE: E4U) reported on Friday its consolidated interim financial results for the third quarter ended June 30, revealing a 7% year-over-year decrease to CA$2.5 million ($1.84 million) in revenue.

Q3 2023 Financial Highlights

Operating expenses totaled $CA1.2 million, down by 32% year-over-year to $1.75 million in the same period of last year.
Loss for the period totaled CA$1.94 million, representing a decrease from CA$2.01 million in the third quarter of fiscal 2022.
Adjusted EBITDA came in negative at $CA192,000, down from an adjusted EBITDA loss of CA$224,000 in the prior year’s period, representing an improvement of 14% year-over-year.
Gross margin decreased by 42% year-over-year.

Nine Months Ended Q3 2023

Revenue amounted to CA$ 9.9 million, compared to CA$ 8.2 million for the same nine-month period in fiscal 2022.
Gross margin was 41% compared to 50% for the nine months ended on June 30, 2022.
SG&A expenses totaled CA$4.1 million, compared to CA$5.4 for the same period of last year.

Recent Corporate Highlights

Sold a 120kW REV machine to Bridgford Foods in partnership with the United States Department of Defence for the production of military rations.
Signed a Technology Evaluation and License Option Agreement with Moleciwl Cyf of Wales to develop fruit and vegetable products for the Welsh market.
Received approval for a cost-shared funding project through the Food Processing Growth Fund, for which we gratefully acknowledge the financial support of the Province of British Columbia through the Ministry of Agriculture and Food.

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