EnWave Corp (TSX-V:ENW, OTC:NWVCF) reported increased royalty revenue and an improved adjusted EBITDA loss in its fiscal first quarter.
For the three months ending December 31, 2024, the vacuum microwave dehydration firm reported royalty revenues of $0.56 million, an increase of $0.08 million compared to the same period in the previous year, attributed to growth in royalty partners, product sales, partner production, and exclusivity payments.
Total revenue for Q1 2025 was $1.18 million, down $0.09 million from the prior year, primarily due to fewer machine sales, partially offset by increased royalties and tolling.
The company posted an adjusted EBITDA loss of $0.62 million, an improvement of $0.13 million compared to the year-ago quarter.
Expanding adoption
During the quarter, the company signed multiple agreements to expand the adoption of its REV technology.
It signed an equipment purchase and license amendment with Sprouted Proteins SAC in Peru, granting exclusive rights to produce certain snack products and soups while securing annual minimum royalty commitments.
An amended license agreement with Patatas Fritas Torres in Spain expanded the company's product portfolio, also increasing minimum royalties.
BranchOut Food gained exclusive rights to produce dried blueberries using EnWave’s technology in Peru.
Additionally, EnWave signed agreements with CNTA of Spain, including a purchase agreement for a 10kW REV machine to showcase its technology.
A lease agreement with ELEA Technology GmbH and a technology evaluation agreement with Solve Solutions LTDA in Brazil further expanded EnWave’s reach, with both companies securing access to 10kW REV machines.