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121 EN WAVE CORPORATION EnWave Announces Consolidated Quarterly Positive Net Income and Reports 2021 Third Quarter Consolidated Interim Financial Results Vancouver , B.C. , August 27th , 2021 EnWave Corporation ( TSX - V : ENW | FSE : E4U ) ( " EnWave " , or the " Company " ) today announces consolidated quarterly positive net income and reports the Company's consolidated interim financial results for the third quarter ended June 30 , 2021 . Consolidated Financial Performance : ( $ ' 000s ) Three months ended June 30 , Change 2021 2020 % 2021 2020 Nine months ended June 30 , Change % Revenues Direct costs 7,351 5,998 23 % 19,570 22,099 ( 11 % ) 4,737 4,441 7 % 14,780 15,483 ( 5 % ) Gross margin 2,614 1,557 68 % 4,790 6,616 ( 28 % ) Operating expenses General and administration 1,035 1,197 ( 14 % ) 3,375 4,513 ( 25 % ) Sales and marketing 831 1,449 ( 43 % ) 3,656 5,188 ( 30 % ) Research and development 391 396 ( 1 % ) 2,257 3,042 Net income ( loss ) 670 ( 26 % ) ( 1,166 ) 157 % 1,423 1,412 8,454 11,113 ( 2,987 ) ( 4,442 ) 1 % ( 24 % ) 33 % Adjusted EBITDA ( * ) 937 ( 1,034 ) ( 191 % ) ( 1,942 ) ( 3,239 ) ( 40 % ) Income ( loss ) per share - basic and diluted $ 0.00 $ ( 0.01 ) $ ( 0.03 ) $ ( 0.04 ) * Adjusted EBITDA is a non - IFRS financial measure . Refer to the disclosure below and in the Company's MD & A regarding non - IFRS financial measures . EnWave's interim consolidated financial statements and MD & A are available on SEDAR at www.sedar.com and on the Company's website www.enwave.net . Key Financial Highlights for Q3 ( expressed in ' 000s ) : • • The Company reported consolidated net income of $ 670 for Q3 2021 , compared to a net loss of $ 1,166 for Q3 2020 , an increase in profitability of $ 1,836 . The positive net income in the quarter marks a major milestone for EnWave in the commercialization of REV ™ technology into the food , cannabis and pharmaceutical industries . This is the most profitable quarter in the history of the Company . Reported consolidated revenue for Q3 2021 of $ 7,351 compared to $ 5,998 for Q3 2020 , an increase of $ 1,353 or 23 % . • EnWave's Q3 2021 revenue was $ 3,560 compared to $ 1,609 in Q3 2020 , an increase of $ 1,951 or 121 % . EnWave continued to ramp up Radiant Energy Vacuum ( " REVTM " ) machine sales for new licensees as well as generated repeat machine orders from existing licensees .