Forward Water loses $784,416 in Q1 2025

Executive Summary

• Forward Water Technologies Corp. released its condensed consolidated audited financial statements and management’s discussion and analysis for the 15-month period ended March 31, 2025.
• The company reported a net loss of $1,678,555 and revenue of $70,514 for the period, which includes nine months of Fraser Mackenzie Accelerator Corp. (FMAC) results and six months of post-transaction results.
• The company recently completed a reverse takeover transaction with FMAC on September 30, 2024, and is leveraging its iFO technology to expand into new sectors including produced water and the food and beverage industry.

Key Details

• Financial Period: 15 months ended March 31, 2025.
• Revenue: $70,514 CAD.
• Net Loss: $(1,678,555) CAD.
• Comprehensive Loss: $(1,678,555) CAD.
• Loss Per Share: (5.3 cents) CAD.
• Total Assets: $3,744,565 CAD.
• Cash at End of Period: $673,249 CAD.
• Transaction Structure: The 15-month period represents nine months of FMAC results and six months of post-transaction results.
• Reverse Takeover: Completed on September 30, 2024, Forward Water acquired all issued and outstanding securities of FMAC via an amalgamation with 1000925180 Ontario Ltd. (a wholly owned subsidiary). The amalgamated corporation became a wholly owned subsidiary of Forward Water.
• Regulatory Status: The transaction constituted the qualifying transaction of FMAC under TSX Venture Exchange policies.
• Technology Update: Successful trial production of battery-grade lithium carbonate using the iFO process.
• Strategic Focus: Validating technology in brine management sectors (including produced water) and exploring applications in the food and beverage industry.

Notable Quotes

• "Following the successful completion of our most recent trial -- carried out in collaboration with key partners and culminating in the production of battery-grade lithium carbonate -- we can confidently assert that the iFO process presents clear advantages over conventional water treatment methods. FWTC will now leverage this experience to validate the technology in other brine management sectors, including produced water. Moreover, we are exploring new applications in the food and beverage industry, which will serve to significantly expand our client base." — C. Howie Honeyman, CEO