Mr. Brent Charleton reports

ENWAVE REPORTS 2026 THIRD QUARTER CONSOLIDATED INTERIM FINANCIAL RESULTS

EnWave Corp. has released its consolidated interim financial results for the third quarter ended June 30, 2026.

All values are in thousands and denoted in Canadian dollars unless otherwise stated:

• Reported Q3 (third quarter) 2026 revenue of $3,313, an increase of $569 compared with the same period in the prior year. The increase was primarily driven by the sale of a large-scale machine that had been fully fabricated and held in inventory in prior periods and higher royalties;
• Reported royalties, excluding exclusivity payments, for Q3 2026 of $536, an increase of $104 or 24 per cent relative to the comparable period in the prior year. Royalties increased due to higher product sales and partner production for the quarter;
• Gross margin for the three months ended Q3 2026 was 25 per cent, compared with 19 per cent for the three months ended Q3 2025. The increase in margin was primarily attributable to lower fabrication costs resulting from fewer large-scale machines on contract as compared with the prior quarter;
• Reported a decrease in selling, general and administrative (SG&A) costs (including research and development (R&D)) of $205 for Q3 2026 relative to the comparable period in the prior year, with the decrease primarily related to lower personnel and third party commission costs, offset by higher professional development fees and trade show attendance;
• Reported an adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) (a non-IFRS (international financial reporting standards) measure) loss of $93 for Q3 2026, a $482 improvement from the prior year, driven by large-scale equipment sale and lower SG&A expenses, including R&D.

EnWave's consolidated interim financial statements and MD&A (management's discussion and analysis) are available on SEDAR+ and on the company's website.

Key financial highlights for the nine months ended June 30, 2026 (expressed in thousands of dollar):

• Reported revenue of $6,072, a decrease of $1,538 relative to the comparable period in the prior year. The decrease was primarily related to fewer machine sales;
• Reported base royalties of $1,470, an increase of $139 or 10 per cent relative to the comparative period in the prior year;
• Reported total royalty revenue of $1,628, an increase of $163 or 10 per cent relative to the comparative period in the prior year. Royalties grew due to increased royalty partners, product sales, partner production and exclusivity payments;
• Reported a $73 increase in SG&A costs for the nine months ended June 30, 2026, primarily due to higher sales personnel, patent maintenance, legal fees associated with general business activities and recruitment costs. Prior-year financing-related legal costs were capitalized as part of the transaction;
• Reported an adjusted EBITDA (a non-IFRS measure) loss of $1,453 for the nine months ended June 30, 2026, a decrease of $355 from the comparable period in the prior year.

Significant corporate accomplishments in Q3 2026 and subsequently:

• Signed an equipment purchase agreement with Procescir S.A. de C.V. for the purchase of second 120-kilowatt REV machine;
• Signed a technology evaluation and licence option agreement with Swiss Cannabis Selection AG;
• Signed a technology evaluation and licence option agreement with one of the world's largest multinational food companies;
• Signed a commercial licence agreement and equipment purchase agreement for a 10-kilowatt REV machine with The Dry Hub (DryHub), an Egyptian food processing company;
• Signed a research and development licence agreement with Rhizome Food and Farming LLC, a North American food company led by renowned chef Dan Barber. Rhizome acquired a 3.6-kilowatt REV machine for commercial and product development;
• Subsequent to the quarter, the company signed research and development licence agreement with the University of Limerick in Ireland. Limerick acquired a small-scale REV machine to support research and product development.

Non-IFRS financial measures

This news release refers to adjusted EBITDA, which is a non-IFRS financial measure. The company defines adjusted EBITDA as earnings before deducting amortization and depreciation, stock-based compensation, foreign exchange gain or loss, finance expense or income, income tax expense or recovery, non-recurring income and expenses, restructuring and severance charges, and discontinued operations. This measure is not necessarily comparable with similarly titled measures used by other companies and should not be construed as an alternative to net income or cash flow from operating activities as determined in accordance with IFRS. Please refer to the reconciliation between adjusted EBITDA and the most comparable IFRS financial measure reported in the company's consolidated interim financial statements.

Non-IFRS financial measures should be considered together with other data prepared in accordance with IFRS to enable investors to evaluate the company's operating results, underlying performance and prospects in a manner similar to EnWave's management. Accordingly, these non-IFRS financial measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. For more information, please refer to the non-IFRS financial measures section in the company's MD&A available on SEDAR+.

About EnWave Corp.

EnWave is a global leader in the innovation and application of vacuum microwave dehydration. From its headquarters in Delta, B.C., EnWave has developed a robust intellectual property portfolio, perfected its REV technology, and transformed an innovative idea into a proven, consistent and scalable drying solution for the food, pharmaceutical and cannabis industries that vastly outperforms traditional drying methods in efficiency, capacity, product quality and cost.

With more than 50 partners spanning 24 countries and five continents, EnWave's licensed partners are creating profitable, never-before-seen snacks and ingredients, improving the quality and consistency of their existing offerings, running leaner and getting to market faster with the company's patented technology, licensed machinery and expert guidance.

EnWave's strategy is to sign royalty-bearing commercial licences with food producers that want to dry better, faster and more economical than freeze drying, rack drying and air drying, and enjoy the following benefits of producing exciting new products, reaching optimal moisture levels up to seven times faster, and improve product taste, texture, colour and nutritional value.

We seek Safe Harbor.