EnWave (ENW) AGM 2026 presentation summary

FY2025 performance and financial highlights

• Achieved $13.8M in revenue, $300k positive adjusted EBITDA, and record base royalties of $1.8M with a 34% gross margin.

• Built a significant sales pipeline, converting 4 large-scale and 8 small-scale REV machine sales.

• Raised $3M to pre-build two large-scale REV machines, supporting faster revenue recognition.

• Executed a credit facility agreement with Desjardins Tech and Innovation Banking, with up to $5M available.

Business model and revenue streams

• 82% of FY2025 revenue came from sales and rentals of REV machines, with both new and repeat orders.

• REV royalties provide perpetual cash flow, growing 14% in 2025 to $1.82M, with further growth expected.

• Toll drying services enable food companies to launch REV-dried products with less upfront risk.

Recurring revenue and royalty growth

• Base royalty CAGR reached 25.5%, with base royalties rising from $1.58M in FY2024 to $1.81M in FY2025.

• Royalty growth driven by new machine sales, commissioning of licenses, and increased customer utilization.