Canadian Ancillary Cannabis Company Reveals Slight Revenue Drop In Q3, Here's More Details

EnWave Corporation NWVCF ENW (FSE: E4U) reported on Friday its consolidated interim financial results for the third quarter ended June 30, revealing a 7% year-over-year decrease to CA$2.5 million ($1.84 million) in revenue.

Q3 2023 Financial Highlights

• Operating expenses totaled $CA1.2 million, down by 32% year-over-year to $1.75 million in the same period of last year.
• Loss for the period totaled CA$1.94 million, representing a decrease from CA$2.01 million in the third quarter of fiscal 2022.
• Adjusted EBITDA came in negative at $CA192,000, down from an adjusted EBITDA loss of CA$224,000 in the prior year’s period, representing an improvement of 14% year-over-year.
• Gross margin decreased by 42% year-over-year.

Nine Months Ended Q3 2023

• Revenue amounted to CA$ 9.9 million, compared to CA$ 8.2 million for the same nine-month period in fiscal 2022.
• Gross margin was 41% compared to 50% for the nine months ended on June 30, 2022.
• SG&A expenses totaled CA$4.1 million, compared to CA$5.4 for the same period of last year.

Recent Corporate Highlights

• Sold a 120kW REV machine to Bridgford Foods in partnership with the United States Department of Defence for the production of military rations.
• 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, for which we gratefully acknowledge the financial support of the Province of British Columbia through the Ministry of Agriculture and Food.

As yet another earnings season winds down, top executives and entrepreneurs will undoubtedly provide fresh insight into how their respective businesses have performed over the past few months at the upcoming Benzinga Cannabis Capital Conference in Chicago, Sept. 27-28.

Get your tickets today before prices increase and secure a spot at the epicenter of cannabis investment and branding.

Related News

• EnWave Q1 FY23 Revenue Declines 25% YoY, What About Adjusted EBITDA?
• EnWave Q2 FY23 Revenue Grows 209% YoY, Here Are The Details

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