- EnWave Corporation (ENW) has reported lower revenue in its second-quarter due to lower revenue from its subsidiary NutraDried
- Revenue from EnWave itself saw an eight per cent increase in Q2 2021, driven by the higher sales of Radiant Energy Vacuum (REV) machines in the food and cannabis verticals
- EnWave is an advanced technology company based in Vancouver developing its Radiant Energy Vacuum, an innovative, proprietary method for the precise dehydration of organic materials
- EnWave Corporation (ENW) is down 12.5 per cent on the day, trading at $1.26 per share
EnWave Corporation (ENW) has announced its consolidated interim financial results for the second quarter of 2021.
Although consolidated revenue was down 37 per cent year-over-year in the second quarter, this was largely due to lower revenues from NutraDried, a subsidiary of the company, which reported a 56 per cent decrease in revenue.
NutraDried revenues were downwardly impacted by fewer rotations with Costco, and were partially offset by some growth in online channels.
Revenue from EnWave itself saw an eight per cent increase to approximately $2.3 million from $2.1 million in 2020, driven by the higher sales of Radiant Energy Vacuum (REV) machines in the food and cannabis verticals.
EnWave also reported positive segment net income of $42,000 for Q2 2021 compared to a segment loss of $1.134 million for Q2 2020, an improvement of $1.176 million.
The company continues to maintain a strong balance sheet with a working capital surplus of $19.3 million and a cash position of $15.4 million.
Other highlights from the report include several business accomplishments from the second quarter.
EnWave signed two royalty-bearing commercial licence agreements, one with a leading cannabis company and the other with a producer of avocado and fruit products. The company also completed the sale of several of its REV machines in the United States, Chile, Iceland, Costa Rica, and Peru.
EnWave is an advanced technology company based in Vancouver. The company has developed its Radiant Energy Vacuum, an innovative, proprietary method for the precise dehydration of organic materials.
REV technology’s commercial viability has been demonstrated and is growing rapidly across several market verticals in the food, and pharmaceutical sectors, including legal cannabis.
EnWave Corporation (ENW) is down 12.5 per cent on the day, trading at $1.26 per share as of 2:22 pm ET.
