EnWave Corporation (OTCPK:NWVCF) (TSXV:ENW) (FSE:E4U) released financial results for the second quarter ended March 31, 2022, revealing revenue of $6.88 million, compared to $4.68 million in Q2 2021, an increase of 47%.
Q2 2022 Financial Highlights
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Gross margin for Q2 2022 was 20%, up from 10% for Q2 2021, and down from 43% in Q1 2022. Gross margin in Q2 was downwardly impacted by lower EnWave machine revenue relative to Q1, which was offset partially by growth in higher margin royalty revenues.
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Adjusted EBITDA for Q2 2022 was a loss of $1.22 million compared to a loss of $1.97 million for Q2 2021, an improvement of $750,000.
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SG&A expenses (including R&D) were $3.24 million in Q2 2022, compared to $2.98 million in Q2 2021 an increase of $258,000. E
Other Highlights:
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Sold a 120kW REV machine to EnWave’s Italian royalty partner, Orto Al Sole, to scale-up commercial drying of premium fruits and vegetables in Italy.
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Advanced the global strategic partnership with Dole Worldwide Food and Beverage Group and placed a second 10kW machine with Dole to accommodate the market trial of its line of products made using EnWave’s technology.
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Launched the REVworx state-of-the-art vacuum-microwave toll drying facility and installed both a 60kW and 10kW REV machine to provide toll drying services for companies of all sizes.
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Obtained a new U.S. patent for the drying and decontamination of cannabis using REV technology. This new patent further strengthens EnWave’s intellectual property protection of its method of reducing bioburden in cannabis while concurrently achieving fast, uniform drying.
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Received a purchase order from Nomad Nutrition for a second 10kW machine to double their commercial production capacity for the sale of their Ready-To-Eat adventure meals.
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Signed a technology evaluation and license option agreement with GoldenCrops Corporation, a Southeast Asian ingredient manufacturer, to evaluate the potential commercial use of REV technology in producing a variety of fruit, dairy and grain products.
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Installed 10kW REV machine in Spain for Fresh Business to conduct intensive new product development using EnWave’s technology as a new chokepoint for expansion into Western European industries.
Photo: Courtesy of EnWave Corporation
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