Enwave Corp (TSE:ENW)
:ENW
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Enwave Corp
(ENW)
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Rating:42Neutral
Price Target:
C$0.24
▼(-14.29% Downside)
Action:Reiterated
Date:05/23/26
The score is driven primarily by weak financial performance, including a sharp TTM revenue decline, ongoing losses, and significant cash burn. Technicals add downside risk with a clear downtrend, partially offset by oversold readings. Valuation is hard to support with a negative P/E and no dividend yield provided.
Positive Factors
Recurring contract-based revenue
Enwave’s district energy model relies on long-term customer contracts and consumption-based charges, creating predictable, recurring revenue and high revenue visibility. This structure supports stable cash flows over multi-year horizons and ties growth to incremental connections rather than one-time sales.
Negative Factors
Material TTM revenue decline
A nearly 18% TTM revenue decline undermines fixed-cost absorption in a capital-intensive network business and erodes the predictable cash flows from long-term contracts. Continued top-line weakness exacerbates loss-making operations and makes achieving sustainable profitability more difficult without structural demand improvement.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring contract-based revenue
Enwave’s district energy model relies on long-term customer contracts and consumption-based charges, creating predictable, recurring revenue and high revenue visibility. This structure supports stable cash flows over multi-year horizons and ties growth to incremental connections rather than one-time sales.
Read all positive factors
Enwave Corp (ENW) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$26.71M
Dividend YieldN/A
Average Volume (3M)53.43K
Price to Earnings (P/E)―
Beta (1Y)<0.01
Revenue Growth5.39%
EPS Growth-2136.36%
CountryCA
Employees25
SectorGeneral
Sector StrengthN/A
IndustryIndustrial - Machinery
Share Statistics
EPS (TTM)-0.02
Shares Outstanding118,716,720
10 Day Avg. Volume60,620
30 Day Avg. Volume53,427
Financial Highlights & Ratios
PEG Ratio1.20
Price to Book (P/B)3.45
Price to Sales (P/S)2.99
P/FCF Ratio-63.02
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$0.75Price Target Upside167.86% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)-0.01
Revenue Forecast (FY)C$12.10M
Enwave Corp Business Overview & Revenue Model
Company Description
EnWave Corporation, established in 1999 and based in Delta, Canada, specializes in providing cutting-edge vacuum-microwave dehydration machinery. The company designs, constructs, markets, and licenses its proprietary Radiant Energy Vacuum (REV) pl...
How the Company Makes Money
Enwave makes money primarily by selling thermal energy and related services through long-term customer relationships tied to its district energy networks. Key revenue streams typically include: (1) Cooling and heating supply charges: Enwave produc...
Enwave Corp Earnings Call Summary
Earnings Call Date:Aug 22, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:Aug 21, 2026
Earnings Call Sentiment Neutral
The earnings call reflected a cautiously optimistic outlook with notable achievements such as increased revenue, successful capital raising, and expansion with existing partners. However, challenges like decreased gross margins and an adjusted EBITDA loss highlight areas needing attention.Positive Updates
Increase in Revenue
Revenues for Q3 were $2.75 million, up 5% year-over-year, with consistent revenue quarter-to-quarter.
Negative Updates
Decreased Gross Margin
Gross margin for Q3 2025 was 19% compared to 44% in the comparative period, primarily due to production sales mix and a bulk discount to MicroDried.
Read all updates
Q3-2025 Updates
Positive
Negative
Increase in Revenue
Revenues for Q3 were $2.75 million, up 5% year-over-year, with consistent revenue quarter-to-quarter.
Read all positive updates
Company Guidance
During the Q3 fiscal 2025 earnings call for EnWave Corporation, CEO Brent Charleton provided guidance indicating a solid performance in Q3 with revenues of $2.75 million, a 5% increase year-over-year. The company is optimistic about further improvements in Q4, driven by potential transactions on large-scale REV machine opportunities, including the fabrication of a 100-kilowatt nutraREV machine and a refurbished 120-kilowatt quantaREV unit. EnWave anticipates completing the commissioning of up to five 10-kilowatt machines before September 30 for their partner, MicroDried. Despite a slight decrease in gross margin due to bulk discounts, future quarters are expected to see margin recovery. The company reported a slight increase in third-party royalty revenue to $431,000, with a continued growth trajectory anticipated through fiscal year 2026. EnWave is actively negotiating with four counterparties for potential large-scale REV machine sales, while also focusing on expanding sales in market verticals such as fruit and vegetables, dairy, and pet food. The recent successful private placement of $3 million will support the manufacture of additional large-scale REV machines, enhancing the company's ability to deploy machinery and accelerate growth.Enwave Corp Financial Statement Overview
Summary
Income Statement
24
Negative
Balance Sheet
58
Neutral
Cash Flow
22
Negative
| Breakdown | TTM | Sep 2025 | Sep 2024 | Sep 2023 | Sep 2022 | Sep 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 11.72M | 13.83M | 8.18M | 11.36M | 23.70M | 26.48M |
| Gross Profit | 4.09M | 4.64M | 2.66M | 4.24M | 6.29M | 7.17M |
| EBITDA | -937.00K | 28.00K | -1.05M | -336.00K | -1.43M | -2.32M |
| Net Income | -2.50M | -418.00K | -2.40M | -6.51M | -6.93M | -4.13M |
Balance Sheet | ||||||
| Total Assets | 15.74M | 18.55M | 13.15M | 16.03M | 25.85M | 30.64M |
| Cash, Cash Equivalents and Short-Term Investments | 3.35M | 6.40M | 4.76M | 4.17M | 6.20M | 11.79M |
| Total Debt | 3.90M | 3.10M | 1.57M | 1.38M | 2.43M | 1.78M |
| Total Liabilities | 5.84M | 6.55M | 3.73M | 4.47M | 8.22M | 7.65M |
| Stockholders Equity | 9.90M | 11.99M | 9.42M | 11.56M | 17.63M | 22.99M |
Cash Flow | ||||||
| Free Cash Flow | -3.33M | -657.00K | 1.17M | -2.56M | -4.96M | -24.00K |
| Operating Cash Flow | -3.13M | -546.00K | 1.39M | -2.51M | -2.26M | 2.04M |
| Investing Cash Flow | -219.00K | -111.00K | -116.00K | 1.36M | -2.52M | -1.82M |
| Financing Cash Flow | 2.99M | 2.22M | -692.00K | -900.00K | -939.00K | -2.93M |
Enwave Corp Technical Analysis
Negative
0.28
Price Trends
0.26
Negative
0.29
Negative
0.33
Negative
Market Momentum
>-0.01
Negative
46.83
Neutral
58.93
Neutral
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 0.28 is above the 20-day moving average (MA) of 0.24, above the 50-day MA of 0.26, and below the 200-day MA of 0.33, indicating a bearish trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 46.83 is Neutral, neither overbought nor oversold. The STOCH value of 58.93 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:ENW.
Enwave Corp Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | C$24.35M | 8.74 | 3.19% | ― | 7.21% | ― | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
51 Neutral | C$14.20M | -12.09 | -2.57% | ― | -14.47% | -235.13% | |
48 Neutral | C$66.08M | -6.77 | 6908.84% | ― | -79.89% | 25.57% | |
42 Neutral | C$26.71M | -10.69 | -5.73% | ― | 5.39% | -2136.36% | |
42 Neutral | C$49.70M | -4.22 | 117.66% | ― | -4.59% | -68.97% | |
41 Neutral | C$37.37M | -5.08 | ― | ― | 203.10% | 61.70% |
* General Sector Average
TSE:ENW
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Enwave Corp Corporate Events
Business Operations and StrategyProduct-Related Announcements
EnWave Grants The Dry Hub Exclusive REV™ Drying Rights in Egypt
Positive
Apr 15, 2026
EnWave has signed an exclusive commercial license agreement with Egyptian food processor The Dry Hub, granting it rights to use REV™ technology to dry selected fruits, vegetables and herbs in Egypt. The Dry Hub will start with a 10kW REVT...
Business Operations and Strategy
EnWave inks R&D deal with chef Dan Barber’s Rhizome to expand REV™ food innovation
Positive
Apr 7, 2026
EnWave Corporation has signed a research and development license agreement with Rhizome Food and Farming LLC, a food innovation company launched by Stone Barns and Blue Hill and led by Michelin-starred chef Dan Barber. Rhizome has purchased a 3.6k...
Business Operations and Strategy
EnWave Expands European Footprint With Teagasc License and Equipment Deal
Positive
Mar 10, 2026
EnWave Corporation has signed a license and equipment purchase agreement with Teagasc, Ireland’s national agriculture and food development authority, granting Teagasc research and development rights to use its Radiant Energy Vacuum dehydrati...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.