02:00 PM EDT, 05/24/2024 (MT Newswires) -- (Correcting the second paragraph of earlier report to clarify that the Adjusted EBITDA figures are in $'000s. A corrected version of the story follows.)

EnWave ( NWVCF ) , a player in the innovation and application of vacuum microwave dehydration, on Friday reported a narrower loss while revenue dropped because of fewer machine sales and machines in fabrication due to the inherent volatility in large-scale Radiant Energy Vacuum machine orders.

The company reported a fiscal second-quarter net loss after income tax of $1.4 million on a Non-IFRS financial measure, narrower than a loss of near $2.7 million a year earlier. It reported an Adjusted EBITDA loss of $1.268 million for Q2 2024, compared to an Adjusted EBITDA profit of $1.151 million in the same period in the prior year.

On a consolidated basis, revenue for the quarter ended March 31 was $663,000, down from $4.6 million a year earlier. Net loss from continuing operations was $1.559 million, compared to a profit of $687,000 a year earlier. Net income from discontinued

operations was $148,000 in Q2.

In more company news, the company has agreed to sell 100kW Radiant Energy Vacuum Machine to BranchOut Foods Inc., a food technology company specializing in dehydrated fruit and vegetable-based products.

BranchOut has bought a completely refurbished 100kW nutraREV machine, which was previously used by NutraDried Food, EnWave's ( NWVCF ) former operating subsidiary. The company will realize a healthy margin and profit from this redeployment given the 100kW Machinery is available for near-term shipment to BranchOut's newly leased facility in Peru.

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