EnWave Corp (TSX-V:ENW, OTC:NWVCF, FRA:E4U) reported C$1.6 million in revenue for the first quarter ended December 31, 2025, up C$423,000 from the same period last year, driven by large-scale machine sales and higher royalty income.
Base royalties, excluding exclusivity payments, totaled C$500,000, an 18% increase from the prior year, while total royalty revenue reached C$627,000, up 12% from Q1 2025.
The growth in royalties reflected additional royalty partners, higher partner production, product sales, and exclusivity payments.
Gross margin for the quarter was 37%, compared with 29% in Q1 2025, reflecting higher royalty contributions and the production mix of large machines at various stages of commissioning and fabrication.
EnWave reported an adjusted EBITDA loss of C$585,000 for Q1 2026, an improvement of C$50,000 from the same period in 2025.
During the quarter and subsequently, EnWave signed commercial license agreements with several partners, including the Gowen Gumlu Grower’s Association in North Queensland, Australia, Shinyway International Limited in New Zealand, and a US snack company, which also entered an equipment purchase agreement for a 10kW REV™ machine.