EnWave Corp (TSX-V:ENW, OTC:NWVCF) reported a strong finish to 2025, with revenue growth driven by increased machine sales and expanded royalty streams.
For the fourth quarter of 2025, EnWave posted revenue of C$6.2 million, up from C$3.6 million in the same period last year.
The quarter included the commissioning of one large-scale and six small-scale machines, the sale of a refurbished 120kW machine, and ongoing fabrication of two large-scale machines under contract.
Adjusted EBITDA for the quarter reached C$1.4 million, compared to C$0.45 million in Q4 2024, reflecting higher machine sales and favorable production mix.
Base royalties, excluding exclusivity payments, increased 31% to C$0.48 million. Total royalty revenue fell 25% to C$0.48 million, due to a royalty partner in a Central American market not renewing exclusivity.
Gross margin for the quarter rose slightly to 41%, up from 40% for the year-ago period.
For the full year 2025, EnWave reported revenue of C$13.8 million, up from C$8.2 million in 2024, and adjusted EBITDA of C$0.3 million, a turnaround from a loss of C$1.5 million the previous year, which was attributed to higher machine sales.
Base royalties grew 14% to C$1.8 million, while total royalty revenue edged down slightly to C$1.95 million.
Annual gross margin was 34%, up from 33%, and SG&A expenses, including R&D, rose to C$5.6 million, reflecting increased marketing and sales activities.
In Q4 and the subsequent months, EnWave signed multiple equipment purchase and license agreements with partners including Milne MicroDried, Dairy Concepts, BranchOut Food, Solve Solutions, and Shinyway International.
The company also completed a fully subscribed private placement of 7.5 million shares at $0.40 per share, raising $3 million in gross proceeds.