VANCOUVER, British Columbia, May 22, 2026 (GLOBE NEWSWIRE) — EnWave Corporation (TSXV:ENW, FSE:E4U)) (“EnWave”, or the “Company”) today reported the Company’s consolidated interim financial results for the second quarter ended March 31, 2026.
All values in thousands and denoted in CAD unless otherwise stated.
- Reported revenue for Q2 2026 of $1,159, representing a decrease of $2,530 relative to the comparable period in the prior year. The decrease was primarily related to fewer machine sales and machines in fabrication due to the inherent volatility in large-scale Radiant Energy Vacuum (“REV”) machine orders.
- Reported royalties, excluding exclusivity payments (“Base Royalties”), for Q2 2026 of $434, a decrease of $40, or 8% relative to the comparable period in the prior year. Reported total royalty revenue for Q2 2026 of $465, a decrease of $9 or 2% relative to total royalty revenue in the comparable period in the prior year. Royalties decreased due to lower product sales and partner production for the quarter. The Company expects royalty revenue growth in future periods as a few partners have communicated inventory builds in anticipation of increased commercial sales activity and expanded product distribution in upcoming quarters.
- Gross margin for the three months ended Q2 2026 was 35% compared to 33% for the three months ended Q2 2025. The increase in margin was primarily attributable to lower fabrication costs from large-scale machines on contract, as compared to the prior quarter.
- Reported an increase in Selling, General & Administrative (“SG&A”) costs (including Research & Development (“R&D”)) of $78 for Q2 2026 relative to the comparable period in the prior year, with the increase primarily related to more sales personnel, the timing of patent maintenance fees and professional fees.
- Reported an Adjusted EBITDA(1) loss of $775 for Q2 2026, a decrease of $887 from the comparable period in the prior year.
Consolidated Financial Performance:
| ($ ‘000s) | Three months ended March31, | Six months endedMarch 31, | |||||||||||||||
| 2026 | 2025 | Change % |
2026 | 2025 | Change % |
||||||||||||
| Revenues | 1,159 | 3,689 | (69 | %) | 2,759 | 4,866 | (43 | %) | |||||||||
| Direct costs | (751 | ) | (2,480 | ) | (70 | %) | (1,757 | ) | (3,317 | ) | (47 | %) | |||||
| Gross margin | 408 | 1,209 | (66 | %) | 1,002 | 1,549 | (35 | %) | |||||||||
| Operating expenses | |||||||||||||||||
| General and administration | 529 | 585 | (10 | %) | 1,045 | 1,009 | 4 | % | |||||||||
| Sales and marketing | 460 | 436 | 6 | % | 1,013 | 922 | |||||||||||