10:24 AM EDT, 08/23/2024 (MT Newswires) -- EnWave ( NWVCF ) , a global player in the innovation and application of vacuum microwave dehydration, on Friday reported third quarter net loss fell by 74% as revenue rose slightly.

The company said net loss from continuing operations fell to $0.235 million, or $nil per share, from $0.92 million, or $0.01 per share, last year. Net loss from discontinued operations fell to $32k, or $nil per share, from $1/03 million, or $0.01 per share, last year.

At the same time, revenue rose 5% to $2.62 million. The increase was related to a large-scale machine resale with a higher margin and increased small scale machines sales for the period, the company said.

Among other highlights it reported an Adjusted EBITDA profit of $85k for Q3 2024, compared to an Adjusted EBITDA loss of $192k in the same period in the prior year due to the resale of a high margin large-scale machine and increased royalty revenues. Gross margin for the three months ended Q3 2024 was 44% compared to 29% for the three months ended Q3 2023. The increase in margin was a result of the resale of the large-scale machine with a higher margin and increased royalties.

Enwave ( NWVCF ) was last seen up $0.005 to $0.2150 on the TSX Venture Exchange.

Price: 0.22, Change: +0.01, Percent Change: +2.38