From GlobeNewswire:

EnWave Corporation reported an increase in royalty revenues of $67 compared to the same period last year, reaching $480. Selling, General & Administrative costs decreased by $303, primarily due to reduced commissions and discretionary spending efforts. Revenue for Q1 2023 was $1,262, down $1,523 from last year, mainly due to fewer machine sales. Gross margin for Q1 2024 was 18% compared to 37% in Q1 2023.

Adjusted EBITDA loss was $756 for Q1 2024, a decrease of $500 from last year. Significant accomplishments include a Technology Evaluation and License Option Agreement with a North American cannabis company. EnWave also signed a toll manufacturing agreement with BranchOut Food Inc. Non-IFRS financial measures like Adjusted EBITDA are used to evaluate the Company’s operating results alongside IFRS data.

EnWave is a global leader in vacuum microwave dehydration technology, with over fifty royalty-generating partners in twenty-three countries. The company’s strategy is to sign royalty-bearing licenses with food producers looking to dry products faster and more economically than traditional methods. Learn more at EnWave.net for further information. Safe Harbor statements indicate all forward-looking information is based on management’s expectations, estimates, and projections.



Read more: EnWave Reports 2024 First Quarter Consolidated Interim