EnWave Reports 2023 Fourth Quarter and Annual 2023 Consolidated Financial Results
EnWave Reports 2023 Fourth Quarter and Annual 2023 Consolidated Financial Results
VANCOUVER, British Columbia, Dec. 15, 2023 (GLOBE NEWSWIRE) -- EnWave Corporation (TSX-V:ENW | FSE:E4U) ("EnWave", or the "Company") reported the Company's consolidated interim financial results for the fourth quarter and fiscal year ended September 30, 2023.
不列顛哥倫比亞省溫哥華,2023年12月15日(GLOBE NEWSWIRE)——EnWave Corporation(多倫多證券交易所-V: NEW | FSE: E4U)(“EnWave” 或 “公司”)公佈了公司截至2023年9月30日的第四季度和財年的合併中期財務業績。
All values in thousands and denoted in CAD unless otherwise stated.
除非另有說明,否則所有值均以千爲單位,以加元表示。
- EnWave's annual 2023 financial results demonstrated positive Adjusted EBITDA(1), strong margins, reduced expenses and a stable cash position. Q4 financial performance was down year over year due to the inherent volatility in large-scale Radiant Energy Vacuum ("REV") machine orders.
- Reported revenue for Q4 2023 of $1,457, representing a decrease of $1,367 relative to the comparable period in the prior year. The decrease was primarily due to fewer machine contracts in the quarter and was partially offset by royalty revenues of $381, representing an increase of $80 relative to the comparable period in the prior year.
- Reported an Adjusted EBITDA(1) loss of $324 for Q4 2023, a decrease of $297 from the comparable period in the prior year.
- Reported an overall decrease in Selling, General & Administrative ("SG&A") costs (including Research & Development ("R&D")) of $405 for Q4 2023 relative to the comparable period in the prior year, with the decrease primarily related to a continued focus on cost containment by managing non-revenue generating spending.
- Reported cash and cash equivalents of $4,171 and no debt as at September 30, 2023.
- EnWave的2023年度財務業績顯示調整後息稅折舊攤銷前利潤爲正值(1),強勁的利潤率,減少的支出和穩定的現金狀況。由於大規模輻射能真空(“REV”)機器訂單的固有波動,第四季度的財務業績同比下降。
- 2023年第四季度公佈的收入爲1,457美元,與去年同期相比減少了1,367美元。下降的主要原因是本季度的機器合同減少,但部分被381美元的特許權使用費收入所抵消,與去年同期相比增加了80美元。
- 報告了調整後的息稅折舊攤銷前利潤(1) 2023年第四季度虧損324美元,比去年同期減少297美元。
- 報告稱,與去年同期相比,2023年第四季度的銷售、一般和管理(“SG&A”)成本(包括研發(“研發”)總體下降了405美元,下降的主要原因是繼續通過管理非創收支出來控制成本。
- 截至2023年9月30日,報告的現金及現金等價物爲4,171美元,沒有債務。
Consolidated Financial Performance:
合併財務業績:
($ '000s) |
Three months ended September 30, |
Year ended September 30, |
||||
2023 | 2022 | Change % |
2023 | 2022 | Change % |
|
Revenues | 1,457 | 2,824 | (48)% | 11,363 | 11,048 | 3% |
Direct costs | (1,036) | (1,725) | (40)% | (6,930) | (5,872) | 18% |
Gross margin | 421 | 1,099 | (62)% | 4,433 | 5,176 | (14)% |
Operating expenses | ||||||
General and administration | 435 | 537 | (19)% | 2,188 | 2,737 | (20)% |
Sales and marketing | 229 | 421 | (46)% | 1,396 | 2,102 | (34)% |
Research and development | 357 | 468 | (24)% | 1,577 | 1,998 | (21)% |
1,021 | 1,426 | (28)% | 5,161 | 6,837 | (25)% | |
Net (loss) continuing operations | (605) | (451) | (34)% | (1,579) | (2,642) | 40% |
Net (loss) income discontinued operations | 770 | (1,822) | 142% | (4,933) | (4,285) | (15)% |
Adjusted EBITDA(1) | (324) | (27) | (1,100)% | 379 | (681) | 156% |
Loss per share: | ||||||
Basic and diluted – continuous operations | $(0.01) | $0.00 | $(0.01) | $(0.02) | ||
Basic and diluted – discontinued operations | $0.01 | $(0.02) | $(0.05) | $(0.04) | ||
$0.00 | $(0.02) | $(0.06) | $(0.06) |
(千美元) | 三個月已結束 9月30日 |
年底已結束 9月30日 |
||||
2023 | 2022 | 改變 % |
2023 | 2022 | 改變 % |
|
收入 | 1,457 | 2,824 | (48)% | 11,363 | 11,048 | 3% |
直接成本 | (1,036) | (1,725) | (40)% | (6,930) | (5,872) | 18% |
毛利率 | 421 | 1,099 | (62)% | 4,433 | 5,176 | (14)% |
運營費用 | ||||||
一般和行政 | 435 | 537 | (19)% | 2,188 | 2,737 | (20)% |
銷售和營銷 | 229 | 421 | (46)% | 1,396 | 2,102 | (34)% |
研究和開發 | 357 | 468 | (24)% | 1,577 | 1,998 | (21)% |
1,021 | 1,426 | (28)% | 5,161 | 6,837 | (25)% | |
淨額(虧損)持續經營業務 | (605) | (451) | (34)% | (1,579) | (2,642) | 40% |
已終止業務的淨(虧損)收入 | 770 | (1,822) | 142% | (4,933) | (4,285) | (15)% |
調整後 EBITDA(1) | (324) | (27) | (1,100)% | 379 | (681) | 156% |
每股虧損: | ||||||
基本和稀釋 — 連續運營 | $ (0.01) | 0.00 美元 | $ (0.01) | $ (0.02) | ||
基本業務和攤薄後業務——已終止業務 | 0.01 美元 | $ (0.02) | 美元 (0.05) | $ (0.04) | ||
0.00 美元 | $ (0.02) | $ (0.06) | $ (0.06) |
(1) | Adjusted EBITDA is a non-IFRS financial measure. Refer to the Non-IFRS Financial Measures disclosure below for a reconciliation to the nearest IFRS equivalent. |
(1) | 調整後的息稅折舊攤銷前利潤是非國際財務報告準則的財務指標。有關與最接近的《國際財務報告準則》對賬情況,請參閱下文的非國際財務報告準則財務指標披露。 |
EnWave's annual consolidated financial statements and MD&A are available on SEDAR at and on the Company's website
EnWave的年度合併財務報表和MD&A可在SEDAR上和公司網站上查閱
Key Financial Highlights for the Year Ended 2023 (expressed in '000s):
截至2023年的主要財務亮點(以千分表示):
- Revenue for the year ended 2023 of $11,363, compared to $11,048 for the year ended 2022, an increase of $315. The increase in revenue was primarily a result of the change in sales mix of large and small machines.
- Royalty Revenues for the year ended 2023 of $1,465 compared to $1,352 for the year ended 2022, an increase of $113. The increase in royalties was primarily a result of increased production and sales by current partners.
- Gross margin for the year ended 2023 was 39% compared to 47% for the year ended 2022. The decrease in margin was a result of the overall change in sales mix of large and small machines in addition to fewer resales relative to fiscal 2022.
- SG&A expenses (including R&D) for the year ended 2023 were $5,161, compared to $6,837 for the year ended 2022, a reduction of $1,676. The decrease resulted from concerted efforts to maintain discretionary spending, including lower personnel costs across all departments, use of external consultants and having lower legal fees.
- Adjusted EBITDA profit (refer to Non-IFRS Financial Measures section below) for the year ended 2023 was $379, compared to a loss of $681 for the year ended 2022, an improvement of $1,060. The increase in adjusted EBITDA was primarily due to the reduction of SG&A expenses (including R&D).
- 截至2023年的年度收入爲11,363美元,而截至2022年的收入爲11,048美元,增長了315美元。收入的增長主要是大型和小型機器銷售結構變化的結果。
- 截至2023年的財年,特許權使用費收入爲1,465美元,而截至2022年的特許權使用費收入爲1,352美元,增加了113美元。特許權使用費的增加主要是當前合作伙伴增加產量和銷售額的結果。
- 截至2023年,毛利率爲39%,而截至2022年的毛利率爲47%。與2022財年相比,利潤率下降是大型和小型機器的銷售結構總體變化以及轉售減少的結果。
- 截至2023年的財年,銷售和收支出(包括研發)爲5,161美元,而截至2022年的年度爲6,837美元,減少了1,676美元。減少的原因是齊心協力維持可自由支配的支出,包括降低所有部門的人事成本、使用外部顧問和降低律師費。
- 調整後的息稅折舊攤銷前利潤(請參閱 非國際財務報告準則財務指標 截至2023年,截至2023年的財年)爲379美元,而截至2022年的虧損爲681美元,增長了1,060美元。調整後息稅折舊攤銷前利潤的增加主要是由於銷售和收購支出(包括研發)的減少。
Significant Corporate Accomplishments in Q4 2023 and Subsequently:
2023 年第四季度及以後的重大企業成就:
- Signed a Technology Evaluation and License Option Agreement with Moleciwl Cyf of Wales to develop fruit and vegetable products for the Welsh market.
- Received approval for a cost-shared funding project through the Food Processing Growth Fund ("FPGF"), for which we gratefully acknowledge the financial support of the Province of British Columbia through the Ministry of Agriculture and Food, to purchase a seasoning machine and packaging system for the REVworx facility. The total estimated cost of the seasoning machine and packaging system is $419 of which $314, being 75% of approved project costs, will be covered by the FPGF.
- Signed a Commercial License Agreement and Equipment Purchase Agreement with Michael Foods, to produce certain food products using REV technology in the United States. Michael Foods is a subsidiary of Post Holdings, a multi-billion-dollar supplier of foodservice, food ingredient and retail offerings.
- Signed a Commercial License Agreement with a major pet treat company for further exploration of products in the pet treat space with successful preliminary product development at the Pet Treat Company's Innovation Centre in the United States.
- Signed an Equipment Purchase Agreement with BranchOut Foods, a current royalty partner, for a 120 kW REVTM machine to complement the 10kW and 60kW REVTM machinery they currently use in the production of a portfolio of fruit and vegetable products. Delivery of the machine will be in late 2024 based on their build-out plans.
- Signed a Research and Development License Agreement and received a purchase order for a 10kW REVTM machine with a major university in Australia for use with key stakeholders in the food and processing industry throughout Australia.
- Subsequent to year end, NutraDried received a tax refund payment of $497 USD from the Internal Revenue Service of a total potential $1,183 USD tax refund relating to the Employee Retention Tax Credit for businesses affected during the COVID-19 pandemic. No further communication has been received from the Internal Revenue Service related to the remaining potential tax refund and there is no certainty it will be issued.
- 與威爾士Moleciwl Cyf簽署了技術評估和許可選項協議,爲威爾士市場開發水果和蔬菜產品。
- 通過食品加工增長基金(“FPGF”)獲得費用分攤資助項目的批准,我們衷心感謝不列顛哥倫比亞省通過農業和食品部爲RevWorx設施購買調味機和包裝系統提供的財政支持。調味機和包裝系統的總估計成本爲419美元,其中314美元,佔批准項目成本的75%,將由FPGF支付。
- 與Michael Foods簽署了商業許可協議和設備購買協議,在美國使用REV技術生產某些食品。邁克爾食品是郵政控股的子公司,郵政控股是一家價值數十億美元的餐飲服務、食品原料和零售產品供應商。
- 與一家大型寵物零食公司簽署了商業許可協議,以進一步探索寵物零食領域的產品,並在美國寵物零食公司的創新中心成功開發了初步產品。
- 與目前的特許權使用費合作伙伴 BranchOut Foods 簽署了 120 kW REV 的設備購買協議TM 可補充 10kW 和 60kW REV 的機器TM 他們目前用於生產一系列水果和蔬菜產品的機器。根據他們的擴建計劃,這臺機器將在2024年底交付。
- 簽署了研發許可協議並收到了 10kW REV 的採購訂單TM 與澳大利亞一所主要大學合作的機器,供澳大利亞各地食品和加工行業的關鍵利益相關者使用。
- 年底之後,NutraDried從美國國稅局獲得了497美元的退稅,其中總額爲1,183美元,這筆退稅款與在 COVID-19 疫情期間受影響的企業的員工留存稅抵免有關。尚未收到美國國稅局關於剩餘潛在退稅的進一步通報,也不確定是否會發放。
Non-IFRS Financial Measures:
非國際財務報告準則財務指標:
This news release refers to Adjusted EBITDA which is a non-IFRS financial measure. We define Adjusted EBITDA as earnings before deducting amortization and depreciation, stock-based compensation, foreign exchange gain or loss, finance expense or income, income tax expense or recovery and non-recurring impairment, restructuring and severance charges, government assistance and discontinued operations. This measure is not necessarily comparable to similarly titled measures used by other companies and should not be construed as an alternative to net income or cash flow from operating activities as determined in accordance with IFRS. Please refer to the reconciliation between Adjusted EBITDA and the most comparable IFRS financial measure reported in the Company's consolidated financial statements.
本新聞稿提到了調整後的息稅折舊攤銷前利潤,這是一項非國際財務報告準則財務指標。我們將調整後的息稅折舊攤銷前利潤定義爲扣除攤銷和折舊、股票薪酬、外匯損益、財務費用或收入、所得稅支出或回收和非經常性減值、重組和遣散費、政府援助和已終止業務之前的收益。該衡量標準不一定與其他公司使用的同名衡量標準相似,也不應被解釋爲根據國際財務報告準則確定的經營活動淨收入或現金流的替代方案。請參閱調整後的息稅折舊攤銷前利潤與公司合併財務報表中報告的最具可比性的國際財務報告準則財務指標之間的對賬。
Three months ended September 30, |
Year ended September 30 |
|||
($ '000s) | 2023 | 2022 | 2023 | 2022 |
Net (loss) income after income tax | 165 | (2,273) | (6,512) | (6,927) |
Amortization and depreciation | 276 | 329 | 1,117 | 1,098 |
Stock-based compensation | 88 | 212 | 556 | 1,132 |
Foreign exchange (gain) loss | (59) | (114) | 27 | (96) |
Finance income | (53) | (40) | (185) | (144) |
Finance expense | 29 | 37 | 128 | 118 |
Non-recurring impairment expense | - | - | 315 | - |
Government assistance | - | - | - | (147) |
Discontinued operations | (770) | 1,822 | 4,933 | 4,285 |
Adjusted EBITDA | (324) | (27) | 379 | (681) |
三個月已結束 9月30日 |
年底已結束 9 月 30 日 |
|||
(千美元) | 2023 | 2022 | 2023 | 2022 |
所得稅後的淨(虧損)收入 | 165 | (2,273) | (6,512) | (6,927) |
攤銷和折舊 | 276 | 329 | 1,117 | 1,098 |
基於股票的薪酬 | 88 | 212 | 556 | 1,132 |
外匯(收益)損失 | (59) | (114) | 27 | (96) |
財務收入 | (53) | (40) | (185) | (144) |
財務費用 | 29 | 37 | 128 | 118 |
非經常性減值支出 | - | - | 315 | - |
政府援助 | - | - | - | (147) |
已終止的業務 | (770) | 1,822 | 4,933 | 4,285 |
調整後 EBITDA | (324) | (27) | 379 | (681) |
Non-IFRS financial measures should be considered together with other data prepared accordance with IFRS to enable investors to evaluate the Company's operating results, underlying performance and prospects in a manner similar to EnWave's management. Accordingly, these non-IFRS financial measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. For more information, please refer to the Non-IFRS Financial Measures section in the Company's MD&A available on .
應將非國際財務報告準則財務指標與根據國際財務報告準則編制的其他數據一起考慮,以使投資者能夠以與EnWave管理層相似的方式評估公司的經營業績、基本業績和前景。因此,這些非《國際財務報告準則》財務指標旨在提供額外的信息,不應孤立地考慮,也不能替代按照《國際財務報告準則》編制的業績衡量標準。欲了解更多信息,請參閱 非國際財務報告準則財務指標 該公司 MD&A 中的部分可在上查閱。
About EnWave
EnWave is a global leader in the innovation and application of vacuum microwave dehydration. From its headquarters in Delta, BC, EnWave has developed a robust intellectual property portfolio, perfected its Radiant Energy Vacuum (REV) technology, and transformed an innovative idea into a proven, consistent, and scalable drying solution for the food, pharmaceutical and cannabis industries that vastly outperforms traditional drying methods in efficiency, capacity, product quality, and cost.
關於 enWave
EnWave 是真空微波脫水創新和應用領域的全球領導者。EnWave總部位於不列顛哥倫比亞省三角洲,開發了強大的知識產權組合,完善了其Radiant Energy Vacuum(REV)技術,並將創新理念轉變爲適用於食品、製藥和大麻行業的成熟、一致和可擴展的乾燥解決方案,在效率、產能、產品質量和成本方面遠遠超過傳統的乾燥方法。
With more than fifty royalty-generating partners spanning twenty-six countries and five continents, EnWave's licensed partners are creating profitable, never-before-seen snacks and ingredients, improving the quality and consistency of their existing offerings, running leaner and getting to market faster with the company's patented technology, licensed machinery, and expert guidance.
EnWave在五大洲的26個國家和地區擁有50多個產生特許權使用費的合作伙伴,他們正在創造有利可圖、前所未有的零食和食材,提高現有產品的質量和一致性,通過公司的專利技術、許可的機器和專家指導,精簡運營並更快地進入市場。
EnWave's strategy is to sign royalty-bearing commercial licenses with food producers who want to dry better, faster and more economical than freeze drying, rack drying and air drying, and enjoy the following benefits of producing exciting new products, reaching optimal moisture levels up to seven times faster, and improve product taste, texture, color and nutritional value.
EnWave的策略是與想要比冷凍乾燥、架子乾燥和空氣乾燥更好、更快、更經濟地乾燥的食品生產商簽訂含特許權的商業許可,並享受以下好處,即生產令人興奮的新產品,以七倍的速度達到最佳水分含量,並改善產品的味道、質地、顏色和營養價值。
Learn more at EnWave.net.
在 enWave.net 上了解更多信息。
EnWave Corporation
EnWave 公司
Mr. Brent Charleton, CFA
President and CEO
Brent Charleton 先生,CFA
總裁兼首席執行官
For further information:
欲了解更多信息:
Brent Charleton, CFA, President and CEO at +1 (778) 378-9616
E-mail: bcharleton@enwave.net
布倫特·查爾頓,首席財務官,總裁兼首席執行官,+1 (778) 378-9616
電子郵件:bcharleton@enwave.net
Dylan Murray, CFO at +1 (778) 870-0729
E-mail: dmurray@enwave.net
Dylan Murray,首席財務官 +1 (778) 870-0729
電子郵件:dmurray@enwave.net
Safe Harbour for Forward-Looking Information Statements: This press release may contain forward-looking information based on management's expectations, estimates and projections. All statements that address expectations or projections about the future, including statements about the Company's strategy for growth, product development, market position, expected expenditures, and the expected synergies following the closing are forward-looking statements. All third-party claims referred to in this release are not guaranteed to be accurate. All third-party references to market information in this release are not guaranteed to be accurate as the Company did not conduct the original primary research. These statements are not a guarantee of future performance and involve a number of risks, uncertainties and assumptions. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
前瞻性信息聲明的安全港:本新聞稿可能包含基於管理層預期、估計和預測的前瞻性信息。所有涉及對未來的預期或預測的陳述,包括有關公司增長戰略、產品開發、市場地位、預期支出和收盤後的預期協同效應的陳述,均爲前瞻性陳述。不保證本版本中提及的所有第三方索賠都是準確的。由於公司未進行最初的初步研究,因此不能保證本新聞稿中所有第三方提及的市場信息都是準確的。這些陳述並不能保證未來的業績,涉及許多風險、不確定性和假設。儘管公司試圖確定可能導致實際業績存在重大差異的重要因素,但可能還有其他因素導致業績與預期、估計或預期不符。無法保證此類陳述會被證明是準確的,因爲實際結果和未來事件可能與此類報表中的預期存在重大差異。因此,讀者不應過分依賴前瞻性陳述。
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
多倫多證券交易所風險投資交易所及其監管服務提供商(該術語在多倫多證券交易所風險投資交易所的政策中定義)均不對本新聞稿的充分性或準確性承擔責任。