RE:some good results and sales latelyI like the recent contract rewards and the increased royalties, up 50%, BUT
VANCOUVER, British Columbia, May 24, 2024 (GLOBE NEWSWIRE) -- EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the “Company”) today reported the Company’s consolidated interim financial results for the second quarter ended March 31, 2024.
All values in thousands and denoted in CAD unless otherwise stated.
- Reported royalty revenues of $414, representing an increase of $137 relative to the comparable period in the prior year. Royalties for the six months ending March 31, 2024 were $894 compared to $690 for the same period ending March 31, 2023, an increase of $204 or 30%. Royalties grew due to increased partner product sales and production offset by a decrease in exclusivity fees.
- Reported revenue for Q2 2023 of $663, representing a decrease of $3,972 relative to the comparable period in the prior year. The decrease was related to fewer machine sales and machines in fabrication due to the inherent volatility in large-scale Radiant Energy Vacuum (“REV™”) machine orders.
- Reported Selling, General & Administrative (“SG&A”) costs (including Research & Development (“R&D”)) of $1,389 which was consistent with the comparable period in the prior year. SG&A costs for the six months ending March 31, 2024 were $2,652 compared to $2,954 for the same period ending March 31, 2023, a decrease of $302 or 10%. The Company continues to make concerted efforts to manage discretionary spending.
- Gross margin for the three months ended Q2 2024 was -25% compared to 49% for the three months ended Q2 2023. The decrease in margin was a result of fewer machine sales and machines in fabrication to absorb fixed overhead costs.
it's hard to see the company getting respect from investors due to the highlighted areas ; the market likes consistent results Q to Q .