Water Ways Technologies Reveals Record H1 Sales Of $9.61M, Positive Adjusted EBITDA, Provides Water For Cannabis Cultivation

A water irrigation solutions provider Water Ways Technologies Inc. WWT WWTIF disclosed its financial results on Monday for the six and three months period ended June 30, 2021.  The Toronto-based company reported record sales for the first half of the year, reaching CAD$12.11 million ($9.61 million) up by 73% from CAD$6.98 million in the same period of 2020.

Financial Highlights

• Record sales for the three-month period ended June 30, 2021, totaling CAD$6.64 million compared to CAD$3.72 million for the three months period ended June 30, 2020, for total revenue growth of 78%.
• EBITDA for the six-month period ended June 30, 2020, reached CAD$832,000 compared to a loss of CAD$112,000 for the six months period ended June 30, 2020.
• Non-GAAP EBITDA for the six months period ended June 30, 2020, reached CAD$1,137,000.
• Project revenue stream increased substantially to CAD$6.4 million compared to CAD$1.93 million for the six months period ended June 30, 2021, and 2020, respectively, for total project revenue growth of 231%.
• Sales of Heartnut Grove WWT Inc., the company’s wholly-owned Canadian subsidiary, increased substantially and reached CAD$3.74 million for the six months period ended June 30, 2021, compared to CAD$2.98 million for six months period ended June 30, 2020.
• The company installed and delivered the largest contract in its history, in Uzbekistan, resulting in revenue of over CAD$4.05 million.
• Water Ways completed an oversubscribed private placement of CAD$4.44 million in August 2021.

"Our business has experienced dramatic growth on all fronts in the first half of 2021,” Ohad Haber, CEO and chairman of the board of Water Ways stated. “We achieved record H1 sales and accumulated profits in all parts of our business. We also completed an oversubscribed private placement of CAD$4,400,000 which should substantiate our growth for the coming years."

Grants to directors and employees

Water Ways also revealed that it had granted 1.56 million stock options to directors and employees pursuant to the terms of the company’s stock option plan. Of this amount, 700,000 participant options were granted to directors and will vest immediately. The remaining 860,000 participant options were granted to employees and will also vest immediately. All Participant Options shall have an exercise price of CAD$0.195 and will expire 5 years after their grant.

In addition, the company granted 3.04 million restricted share units to directors and employees pursuant to the terms of the company’s RSU plan.

About Water Ways Technologies
Water Ways Technologies Inc., through its subsidiaries, is a global provider of Israeli-based agriculture technology, providing water irrigation solutions to agricultural producers. Its irrigation projects include vineyards, cotton fields, apple and orange orchards, blueberries, medical cannabis, fresh produce cooling rooms and more, in over 15 countries.

Price Action

Water Way’s shares jumped 10% on Friday, closing the session at 22 cents per share.

Photo: Courtesy of Shane Rounce on Unsplash