EnWave Reports 2025 Fourth Quarter and Annual 2025 Consolidated Financial Results

Executive Summary

• EnWave reported a strong Q4 2025 revenue of $6.2 M (+71% YoY) and Adjusted EBITDA of $1.41 M (+213% YoY), driven by increased machine sales and favorable product mix.
• Full‑year 2025 revenue rose to $13.8 M (+69% YoY) and Adjusted EBITDA turned positive at $309 K, a $1.80 M improvement from the prior year loss.
• The company closed a fully subscribed private placement of 7.5 M common shares at $0.40 per share, raising $3.0 M in gross proceeds.

Key Details

• Q4 2025 Financial Highlights
• Revenue: $6,219 K (up $2,585 K YoY)
• Adjusted EBITDA: $1,407 K (up $957 K YoY)
• Base Royalties: $481 K (up $113 K, +31%) – total royalty revenue down $161 K due to loss of exclusivity payments in a Central American market.
• Gross margin: 41% vs. 40% in Q4 2024.

• SG&A (incl. R&D) increased by $223 K YoY, mainly from sales personnel, trade‑show attendance and patent maintenance fees.

• Full‑Year 2025 Financial Highlights

• Revenue: $13,829 K (up $5,648 K, +69% YoY).
• Adjusted EBITDA: $309 K (vs. a loss of $1,489 K in 2024).
• Base Royalties: $1,812 K (up $228 K, +14%).
• Total royalty revenue: $1,945 K (down $16 K, –1%).
• Gross margin: 34% vs. 33% in 2024.

• SG&A expenses: $5,585 K (up $277 K YoY).

• Operating Metrics

• Commissioned one large‑scale and six small‑scale machines in Q4; sold a refurbished 120 kW machine.

• Continued fabrication of two large‑scale machines on contract.

• Corporate Accomplishments (Q4 2025)

• Signed CLA and equipment purchase agreements for three REV™ machines (two 10 kW, one 60 kW) with Milne MicroDried®.
• Equipment purchase agreement with Dairy Concepts for two additional 10 kW machines (Europe).
• Agreement with BranchOut Food Inc. for a 120 kW machine and license amendment.

• Agreements with Solve Solutions Ltda., a U.S. snack company, Shinyway International Limited (cannabis processing), and others for various 10 kW machines.

• Financing

• Private placement: 7,500,000 common shares at $0.40 per share; gross proceeds of $3.0 M; fully subscribed.

• Non‑IFRS Measures

• Adjusted EBITDA excludes amortization, depreciation, stock‑based compensation, FX gains/losses, finance income/expense, taxes, non‑recurring items, restructuring, and discontinued operations.

Notable Quotes

• “Our results reflect the successful execution of our growth strategy, with significant revenue expansion driven by machine sales and an improved product mix,” – Brent Charleton, President & CEO.