Enwave Corp (ENW) AI Stock Analysis

• Market Cap: C$39.77M
• Dividend Yield: N/A
• Average Volume (3M): 53.43K
• Price to Earnings (P/E): ―
• Beta (1Y): -0.04
• Revenue Growth: 69.04%
• EPS Growth: 80.18%
• Country: CA
• Employees: 25
• Sector: General
• Sector Strength: N/A
• Industry: Industrial - Machinery
• EPS (TTM): 0.01
• Shares Outstanding: 118,716,720
• 10 Day Avg. Volume: 60,620
• 30 Day Avg. Volume: 53,427
• PEG Ratio: 1.20
• Price to Book (P/B): 3.45
• Price to Sales (P/S): 2.99
• P/FCF Ratio: -63.02
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: C$0.80
• Price Target Upside: 142.42% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 46 Neutral
• Price Target: C$0.32 ▼(-2.12% Downside)

The score is mainly weighed down by weak financial performance: ongoing losses, negative ROE, and negative operating/free cash flow despite strong revenue growth. Technicals are roughly neutral and provide only modest support, while valuation is challenged by a negative P/E tied to unprofitable operations.

Positive Factors

Strong revenue growth

Sustained top-line expansion indicates growing adoption of the company’s services and supports scale economics over time. Durable revenue growth provides a larger base to absorb fixed costs, supports reinvestment in network expansion, and strengthens negotiating power with institutional customers.

Conservative leverage

Low leverage reduces bankruptcy and interest-rate risk for a capital-intensive infrastructure operator. A conservative balance sheet improves flexibility to fund incremental network projects, pursue partnerships, or absorb demand variability without immediate refinancing pressure.

Contracted recurring revenue

A utility-like model with long-term contracts and metered recurring billing generates predictable cash flows and visibility on demand. This structural revenue profile supports steady utilization of thermal assets and makes ROI on network investments more defendable over multi-year horizons.

Negative Factors

Unprofitable operations and weak cash generation

Persistent losses and negative operating/free cash flow undermine self-funding of capital projects and routine operations. Over months this forces reliance on external capital, which can dilute shareholders or raise financing costs and constrain timely expansion of district energy networks.

Negative return on equity

A negative ROE means shareholder capital is not being turned into positive returns, signaling inefficient asset deployment or unprofitable operations. This weakens long-term investor confidence and can make raising equity or securing favorable financing for infrastructure growth more difficult.

Limited operational scale

A very small headcount constrains in-house engineering, project delivery, and customer onboarding capacity for a capital- and service-intensive district energy business. Over the medium term this may slow network rollouts, increase dependence on contractors, and limit ability to scale margins.

Enwave Corp Business Overview & Revenue Model

Company Description

EnWave Corporation designs, constructs, markets, licenses, installs, and sells vacuum-microwave machinery for the food, cannabis, and biomaterial dehydration industries in Canada and the United States. It offers radiant energy vacuum (REV) dehydration platforms, such as nutraREV and quantaREV to dehydrate fruits, vegetables, herbs, dairy products, ready-to-eat meals, instant baked goods, cannabis products, nutraceuticals, pharmaceuticals, and meats and seafood. The company also provides REV platforms for pharmaceutical industry, including powderREV; and freezeREV for the dehydration of biomaterial and pharmaceutical products. In addition, it manufactures and sells cheddar, gouda, bacon cheddar, parmesan garlic, black pepper, white cheddar, and pepper jack flavors. The company sells its products through various direct customer relationships, brokers, distributors, and retailers; its online store, mooncheese.com; and Amazon.com, Inc. EnWave Corporation was founded in 1999 and is headquartered in Delta, Canada.

How the Company Makes Money

Enwave generates revenue through multiple key streams, primarily by selling its REV dehydration equipment and processing systems to food and agricultural companies. The company also earns income through licensing agreements, wherein it provides access to its patented technology to partners who then implement it in their operations. Additionally, Enwave has established significant partnerships with various industry players, allowing it to expand its market reach and enhance its product offerings. These collaborations often lead to joint ventures or co-development projects that can further contribute to its earnings. The company also benefits from ongoing sales of consumable products processed using its technology, creating a recurring revenue model.

Enwave Corp Financial Statement Overview

Summary

Revenue growth is strong (22.99%), but the company continues to struggle with profitability (negative EBIT and net income margins) and has weak cash generation with negative operating and free cash flows. The balance sheet is relatively conservative with low leverage, but negative ROE remains a key concern.

Income Statement

Enwave Corp has shown a significant revenue growth rate of 22.99% in the latest year, indicating a positive trajectory. However, the company is struggling with profitability, as evidenced by negative EBIT and net income margins. The gross profit margin has improved over the years, but the consistent negative net profit margin highlights ongoing challenges in achieving profitability.

Balance Sheet

The company's debt-to-equity ratio remains relatively low, suggesting a conservative leverage position. However, the return on equity is negative, indicating that the company is not generating sufficient returns on shareholders' equity. The equity ratio is stable, reflecting a solid capital structure, but the negative ROE is a concern for investors.

Cash Flow

Enwave Corp's cash flow situation is challenging, with negative operating and free cash flows. The free cash flow growth rate is significantly negative, and the operating cash flow to net income ratio is unfavorable, indicating cash flow issues. The company needs to improve its cash generation to support operations and growth.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	13.83M	13.83M	8.18M	11.36M	23.70M	26.48M
Gross Profit	4.64M	4.64M	2.66M	4.24M	6.29M	7.17M
EBITDA	28.00K	28.00K	-1.05M	-336.00K	-1.43M	-2.32M
Net Income	-418.00K	-418.00K	-2.40M	-6.51M	-6.93M	-4.13M
Balance Sheet
Total Assets	18.55M	18.55M	13.15M	16.03M	25.85M	30.64M
Cash, Cash Equivalents and Short-Term Investments	6.40M	6.40M	4.76M	4.17M	6.20M	11.79M
Total Debt	3.10M	3.10M	1.57M	1.38M	2.43M	1.78M
Total Liabilities	6.55M	6.55M	3.73M	4.47M	8.22M	7.65M
Stockholders Equity	11.99M	11.99M	9.42M	11.56M	17.63M	22.99M
Cash Flow
Free Cash Flow	-653.00K	-657.00K	1.17M	-2.56M	-4.96M	-24.00K
Operating Cash Flow	-546.00K	-546.00K	1.39M	-2.51M	-2.26M	2.04M
Investing Cash Flow	-60.00K	-111.00K	-116.00K	1.36M	-2.52M	-1.82M
Financing Cash Flow	2.22M	2.22M	-692.00K	-900.00K	-939.00K	-2.93M

Enwave Corp Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.33
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:ENW, the sentiment is Negative. The current price of 0.33 is below the 20-day moving average (MA) of 0.37, below the 50-day MA of 0.37, and below the 200-day MA of 0.38, indicating a bearish trend. The MACD of -0.01 indicates Positive momentum. The RSI at 30.56 is Neutral, neither overbought nor oversold. The STOCH value of 15.00 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:ENW.

Enwave Corp Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	55 Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
REKO	52 Neutral	C$22.76M	17.02	3.19%	―	0.38%	―
ENW	46 Neutral	C$39.77M	-76.74	-14.33%	―	69.04%	80.18%
PYR	46 Neutral	C$49.60M	-5.20	―	―	-6.83%	46.97%
DYA	43 Neutral	C$45.75M	-4.13	-2067.79%	―	-48.39%	9.17%
TLA	42 Neutral	C$15.14M	-14.21	-2.57%	―	-1.50%	-180.73%
NXH	40 Underperform	C$40.09M	-1.63	―	―	46.49%	42.37%

Enwave Corp Corporate Events

EnWave Signs Royalty-Bearing License with Australian Horticulture Body BGGA

EnWave has signed a royalty-bearing commercial license with the Bowen Gumlu Grower’s Association in North Queensland, Australia, enabling the horticultural industry body to use EnWave’s REV™ dehydration technology to produce value‑added tropical fruit snacks and ingredients. As part of the deal, BGGA has acquired a 10kW REV™ machine via EnWave’s Australian reseller Scitek, with commissioning expected before April 2026, and EnWave’s technical and food science teams will support product development and process optimization, positioning the company for potential additional equipment sales as BGGA’s large grower membership scales commercialization of REV™‑dried products for domestic and export markets.

The most recent analyst rating on (TSE:ENW) stock is a Hold with a C$0.33 price target. To see the full list of analyst forecasts on Enwave Corp stock, see the TSE:ENW Stock Forecast page.

EnWave Grants Stock Options and RSRs to Enhance Corporate Growth

EnWave Corporation announced the grant of 1,410,000 stock options to its employees and officers, and 135,000 restricted share rights to its independent directors. These equity incentives are part of the company’s compensation strategy, aiming to align the interests of its team with corporate growth and innovation. This move is expected to strengthen EnWave’s operational framework and support its strategic goals in the competitive dehydration technology market.

The most recent analyst rating on (TSE:ENW) stock is a Hold with a C$0.50 price target. To see the full list of analyst forecasts on Enwave Corp stock, see the TSE:ENW Stock Forecast page.

EnWave Corporation Reports Strong Financial Growth in 2025

EnWave Corporation reported significant financial growth in the fourth quarter and fiscal year 2025, with a notable increase in revenue and adjusted EBITDA driven by strong machine sales and improved production sales mix. Despite a decrease in total royalty revenue due to changes in exclusivity agreements, the company saw an increase in base royalties and maintained a stable gross margin. The financial results reflect EnWave’s strategic focus on expanding its machine sales and product offerings, positioning the company for continued growth in its market.

The most recent analyst rating on (TSE:ENW) stock is a Hold with a C$0.50 price target. To see the full list of analyst forecasts on Enwave Corp stock, see the TSE:ENW Stock Forecast page.

EnWave Signs Licensing Agreement with New Zealand’s Shinyway International

EnWave Corporation has signed a royalty-bearing commercial license agreement with Shinyway International Limited, a cannabis processing service provider in New Zealand. This agreement allows Shinyway to utilize EnWave’s patented REV™ technology to produce cannabis products, enhancing their competitive edge in the drying service sector. This collaboration is expected to support the growth and sustainability of New Zealand’s cannabis industry, positioning Shinyway as a leader in responsible and sustainable cannabis production.

The most recent analyst rating on (TSE:ENW) stock is a Hold with a C$0.50 price target. To see the full list of analyst forecasts on Enwave Corp stock, see the TSE:ENW Stock Forecast page.

EnWave Secures Licensing Deal with U.S. Snack Company for REV™ Technology

EnWave Corporation has signed a royalty-bearing commercial license with a U.S. snack company to produce ultra-healthy, fruit and vegetable-based snacks using EnWave’s Radiant Energy Vacuum (REV™) technology. The agreement includes the sale of a 10kW REV™ machine for initial production in Mexico, with plans to launch the products in 2026 and expand into the U.S. market in 2027. This partnership allows the Licensee to secure global rights for their proprietary snacks, potentially enhancing EnWave’s market position and expanding its influence in the snacking industry.

The most recent analyst rating on (TSE:ENW) stock is a Hold with a C$0.50 price target. To see the full list of analyst forecasts on Enwave Corp stock, see the TSE:ENW Stock Forecast page.