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121 EN WAVE CORPORATION EnWave Reports Fourth Quarter and Annual 2021 Consolidated Financial Results Vancouver , B.C. , December 16th , 2021 EnWave Corporation ( TSX - V : ENW | FSE : E4U ) ( " EnWave " , or the " Company " ) today reported the Company's consolidated financial results for the fourth quarter and fiscal year - ended September 30 , 2021 . EnWave's vacuum - microwave machine and royalty business performed materially better in fiscal 2021 than in fiscal 2020 , with record margins and profitability . NutraDried , the Company's wholly - owned subsidiary , struggled during the first two fiscal quarters leading to a material restructuring that positively improved results in Q3 and Q4 . The turnaround at NutraDried is well underway with new leadership and there are material opportunities to further improve the performance of this business unit in fiscal 2022 . Consolidated Financial Performance : ( $ ' 000s ) 2021 Three months ended September 30 , 2020 Year ended September 30 , Change Change % 2021 2020 % Revenues 6,906 10,784 ( 36 % ) Direct costs 4,529 8,629 ( 48 % ) 26,476 19,309 32,883 ( 19 % ) 24,112 ( 20 % ) Gross margin 2,377 2,155 10 % 7,167 8,771 ( 18 % ) Operating expenses General and administration 1,718 939 83 % 5,093 5,469 ( 7 % ) Sales and marketing 996 1,282 ( 22 % ) 4,652 6,740 ( 31 % ) Research and development 453 577 ( 21 % ) 1,876 1,989 ( 6 % ) Net ( loss ) income ( 1,138 ) 1 ( 4,125 ) ( 4,441 ) ( 7 % ) Adjusted EBITDA ( * ) ( 223 ) 20 ( 1,215 % ) Loss per share - basic and diluted ( 0.01 ) 0.00 ( 2,165 ) ( 3,219 ) ( 0.04 ) ( 0.04 ) ( 33 % ) 0 % * 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 annual 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 Q4 ( expressed in ' 000s ) : • The Company reported consolidated revenue for Q4 2021 of $ 6,906 compared to $ 7,351 in Q3 2021 and $ 10,784 in Q4 2020 . • EnWave's Q4 2021 business unit revenue was $ 3,879 compared to $ 1,601 in Q4 2020 , an increase of $ 2,278 . EnWave ramped revenues from Radiant Energy Vacuum ( " REV ™ " ) machine sales with current and new licensees for the food and cannabis industries .