EnWave Corp (TSX-V:ENW, OTC:NWVCF) delivered a strong second quarter with revenue climbing to C$3.7 million, up by C$3 million year-over-year, according to the company's interim results released on Thursday.
Revenue growth was attributed to a large-scale machine sale and the commissioning of two small-scale machines.
Royalty revenue reached C$0.47 million for the quarter, up from C$0.41 million in the prior year, reflecting higher partner production and product sales.
The company’s gross margins rebounded to 33% from a negative 25% due to higher machine sales, royalties and tolling revenue.
Adjusted EBITDA swung to $0.11 million, a turnaround of $1.38 million from the same period last year.
For the six months ended March 31, 2025, EnWave generated $4.9 million in revenue, an increase of $2.9 million year-over-year due to additional machine sales. Royalty revenue over the same period rose to $1.03 million, up 16%.
Recent operational highlights included the signing of multiple new commercial and evaluation agreements that expanded the company’s global footprint, particularly in South America, Europe, and Asia.
A key milestone was the Equipment Purchase and License Amendment with MicroDried for a 60kW REV machine and exclusive rights for apple ingredient production in three US states.
Additionally, EnWave strengthened its international growth strategy by appointing its first European-based business development manager in the Netherlands to drive market expansion across the region.