EnWave Reports 2026 First Quarter Consolidated Interim Financial Results

VANCOUVER, British Columbia, Feb. 20, 2026 (GLOBE NEWSWIRE) — EnWave Corporation (TSXV:ENW, FSE:E4U)) (“EnWave”, or the “Company”) today reported the Company’s consolidated interim financial results for the first quarter ended December 31, 2025.

All values in thousands and denoted in CAD unless otherwise stated.

• Reported revenue for Q1 2026 of $1,600, representing an increase of $423 relative to the comparable period in the prior year due to large-scale machine sales and increased royalties. During the period, the company commissioned one large-scale machine and completed the fabrication of two large-scale machines on contract.
• Reported royalties, excluding exclusivity payments (“Base Royalties”), for Q1 2026 of $500, an increase of $75, or 18% relative to the comparable period in the prior year. Reported total royalty revenue for Q1 2026 of $627, an increase of $68 or 12% relative to total royalty revenue in the comparable period in the prior year. Royalties grew due to increased royalty partners, product sales, partner production, and exclusivity payments for the quarter.
• Gross margin for the three months ended Q1 2026 was 37% compared to 29% for the three months ended Q1 2025. The increase in margin was a result of higher royalties and the production mix of large machines at various stages of commissioning and fabrication.
• Reported an increase in Selling, General & Administrative (“SG&A”) costs (including Research & Development (“R&D”)) of $200 for Q1 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. In the comparative period, legal costs associated with the Term Loan and Credit Facility were capitalized as part of the transaction.
• Reported an Adjusted EBITDA⁽¹⁾ loss of $585 for Q1 2026, an improvement of $50 from the comparable period in the prior year.

Consolidated Financial Performance: