Forward Water Technologies Corp (TSX-V:FWTC) has reported its financial results for the fiscal first quarter of 2025 which were marked by significant reductions in its expenses and net loss.
For the three months ended June 30, 2024, the company decreased its expenses by 60% to about $250,000 from about $630,000.
Its net loss was also down 60% at approximately $262,000 down from about $595,000.
Revenue more than doubled to $8,895 from $3,349 in the year-ago period.
Further, the company highlighted several key developments that occurred between May and August, notably the proposed business combination with Fraser Mackenzie Accelerator Corp (FMAC), which would result in FMAC becoming a wholly-owned subsidiary of FWTC.
It also announced that it has initiated new projects in the food and beverage space targeting wastewater handling.
"FWTC has initiated its first commercial trial with partners, to deliver an effective water handling within a direct lithium extraction and conversion process,” Forward Water CEO C Howie Honeyman highlighted.
“Not only will this demonstrate at scale the effectiveness of the iFO forward osmosis system but it will represent notable revenue for FWTC."
Honeyman said that previously unanticipated high levels of interest within the food and beverage sector and could lead to new and broader commercial opportunities for the company.
"The potential FMAC transaction will allow FWTC to stand on far better financial footing enabling FWTC to continue its commercialization activities,” he concluded.