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Share Name | Share Symbol | Market | Type |
---|---|---|---|
EnWave Corporation | TSXV:ENW | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.005 | -2.00% | 0.245 | 0.22 | 0.265 | 0.255 | 0.245 | 0.255 | 37,660 | 21:12:00 |
Consolidated Financial Performance:
($ ‘000s) | Three months ended June 30, | Nine months ended June 30, | ||||
2019 | 2018 | Change% | 2019 | 2018 | Change% | |
Revenues | 10,075 | 6,779 | 49% | 26,654 | 15,470 | 72% |
Direct costs | 7,217 | 3,848 | 88% | 17,639 | 9,818 | 80% |
Gross margin | 2,858 | 2,931 | (2%) | 9,015 | 5,652 | 60% |
Operating expenses | ||||||
General and administration | 1,118 | 510 | 119% | 3,165 | 1,709 | 85% |
Sales and marketing | 1,203 | 1,105 | 9% | 3,263 | 2,378 | 37% |
Research and development | 665 | 332 | 100% | 1,375 | 900 | 53% |
2,986 | 1,947 | 53% | 7,803 | 4,987 | 56% | |
Net loss after taxes | (1,322) | (104) | (1,170%) | (1,561) | (1,020) | (53%) |
Adjusted EBITDA* | 139 | 1,313 | (89%) | 2,304 | 1,632 | 41% |
Loss per share – basic and diluted | $ (0.01) | $(0.00) | $ (0.02) | $(0.01) |
* Adjusted EBITDA is a non-IFRS financial measure. Refer to the disclosure below regarding non-IFRS financial measures below and in the Company’s MD&A.
EnWave’s interim condensed consolidated financial statements and MD&A are available on SEDAR at www.sedar.com and on the Company’s website www.enwave.net.
Key Financial Highlights for Q3 (expressed in ‘000s):
Significant Accomplishments:
(*) Non-IFRS Financial Measures:
Adjusted EBITDA is not a measure of financial performance under IFRS. We define Adjusted EBITDA as earnings before deducting amortization and depreciation, stock-based compensation, foreign exchange gain or loss, finance expense or income, income tax expense, non-recurring restructuring costs and non-recurring impairment charges. This measure is not necessarily comparable to similarly titled measures used by other companies and should not be construed as an alternative to net income or cash flow from operating activities as determined in accordance with IFRS. Please refer to the discussion included in the Company’s interim MD&A for June 30, 2019 and annual MD&A for the year ended September 30, 2018.
About EnWave:
EnWave Corporation, a Vancouver-based advanced technology company, has developed Radiant Energy Vacuum (“REV™”) – an innovative, proprietary method for the precise dehydration of organic materials. EnWave has further developed patent-pending methods for uniformly drying and decontaminating cannabis through the use of REV™ technology, shortening the time from harvest to marketable cannabis products.
REV™ technology’s commercial viability has been demonstrated and is growing rapidly across several market verticals in the food, and pharmaceutical sectors including legal cannabis. EnWave’s strategy is to sign royalty-bearing commercial licenses with innovative, disruptive companies in multiple verticals for the use of REV™ technology. The company has signed over thirty royalty-bearing licenses to date. In addition to these licenses, EnWave established a Limited Liability Corporation, NutraDried Food Company, LLC, to manufacture, market and sell all-natural dairy snack products in the United States, including the Moon Cheese® brand.
EnWave has introduced REV™ as a disruptive dehydration platform in the food and cannabis sectors: faster and cheaper than freeze drying, with better end product quality than air drying or spray drying.
EnWave currently offers two distinct commercial REV™ platforms:
More information about EnWave is available at www.enwave.net.
EnWave CorporationBrent Charleton, CFAPresident and CEO
For further information:
Brent Charleton, CFA, President and CEO at +1 (778) 378-9616 E-mail: bcharleton@enwave.net
Dan Henriques, CPA, CA, Chief Financial Officer at +1 (604) 835-5212E-mail: dhenriques@enwave.net
Deborah Honig, Corporate Development at +1 (647) 203-8793E-mail: dhonig@enwave.net
Safe Harbour for Forward-Looking Information Statements: This press release may contain forward-looking information based on management's expectations, estimates and projections. All statements that address expectations or projections about the future, including statements about the Company's strategy for growth, product development, market position, expected expenditures, and the expected synergies following the closing are forward-looking statements. All third party claims referred to in this release are not guaranteed to be accurate. All third party references to market information in this release are not guaranteed to be accurate as the Company did not conduct the original primary research. These statements are not a guarantee of future performance and involve a number of risks, uncertainties and assumptions. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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