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Earnings

EnWave loses $1.1-million from Q1 continuing operations

By The Northwire Desk — AI Analysis Feb 20, 2026 · 17:24 ENW · 0.33 EnWave Corp
ENW · Price

Executive Summary

  • EnWave Corp. reported consolidated interim financial results for the first quarter ended December 31, 2025, showing increased revenue and royalties compared to the prior year period.
  • The company reported a gross margin improvement to 37% from 29% in the prior year, driven by higher royalties and the production mix of large-scale machines.
  • Significant corporate accomplishments included signing Commercial License Agreements (CLAs) with partners in Australia, New Zealand, and the U.S., alongside equipment sales.

Key Details

  • Revenue: Reported Q1 2026 revenue of $1,600,000 CAD, an increase of $423,000 from the comparable prior year period, attributed to large-scale machine sales and increased royalties.
  • Royalties:
    • Royalties excluding exclusivity payments: $500,000 CAD (up $75,000 or 18% YoY).
    • Total royalty revenue: $627,000 CAD (up $68,000 or 12% YoY).
    • Growth drivers included increased royalty partners, product sales, partner production, and exclusivity payments.
  • Gross Margin: Increased to 37% for Q1 2026, compared to 29% for Q1 2025.
  • Operating Expenses: Selling, general, and administrative (SG&A) costs (including R&D) increased by $200,000 CAD relative to the prior year. The increase was primarily due to more sales personnel, timing of patent maintenance fees, and professional fees. Note: Legal costs for term loans/credit facilities were capitalized in the comparative period.
  • Adjusted EBITDA: Reported a loss of $585,000 CAD, an improvement of $50,000 from the comparable period in the prior year.
  • Operational Activity: Commissioned one large-scale machine and completed fabrication of two large-scale machines on contract during the quarter.
  • New Agreements (Post-Period/Q1 Accomplishments):
    • Signed a CLA with Gowen Gumlu Grower's Association (BGGA) in North Queensland, Australia (BGGA acquired a 10-kilowatt REV machine from reseller Scitek).
    • Signed a CLA with Shinyway International Ltd., a cannabis processing service provider in New Zealand.
    • Signed a CLA with a U.S. snack company and an equipment purchase agreement for a 10-kilowatt REV machine.

Notable Quotes

  • No direct quotes from the CEO or President were included in the provided text.
Read the original news release →

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