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EnWave posts all-time high quarterly revenue driven by cannabis dehydration and Moon Cheese

The interim results showed revenue of $10 million, nearly 50% more than the $6.7 million the company saw a year earlier

Moon Cheese production
EnWave announced during the quarter that Moon Cheese will be available in US Costco stores this fall

EnWave Corporation (CVE:ENW) (OTCMKTS:NWVCF), the makers of dehydrated Moon Cheese, posted fiscal third quarter results Thursday that showed revenue hit an all-time high.

The company's results for the three months ended June 30 saw reported revenue of $10 million, nearly 50% more than the $6.7 million the company posted a year earlier. 

The firm attributed the topline jolt to an increase in orders for its signature Radiant Energy Dehydration (REV) technology and wider distribution of its Starbucks-sold Moon Cheese snacks.

READ: The Cannabis ETF bolstered with new additions, including Valens and EnWave

Most notably in the quarter, the Vancouver-based company was commissioned to create a 60 kilowatt REV machine for cannabis producer Tilray Inc (NASDAQ:TLRY), the first large-scale continuous cannabis drying device it has installed. 

EnWave also signed a licensing deal with Aurora Cannabis Inc (TSE:ACB) (OTCMKTS:ACBFF) in the quarter, giving it non-exclusive rights to use its technology in cannabis processing. The marijuana player bought a pair of 120 kilowatt machines and a 10 kilowatt one. 

On the snack side, the company announced during the quarter that Moon Cheese will be available in US Costco stores this fall. 

The company’s earnings fell year over year, dropping to a loss of $0.01 per share from breakeven. Its overall net loss was $1.3 million versus $104,000 in the prior-year quarter.

EnWave shares edged 4.7% lower Thursday to C$2.21 on the CSE and almost 3% to US$1.66 on OTC Markets.

Contact Andrew Kessel at [email protected] 

Follow him on Twitter @andrew_kessel

Quick facts: EnWave Corp

Price: 1.81 CAD

TSX-V:ENW
Market: TSX-V
Market Cap: $200.05 m
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