Key Highlights

• On 22 May 2026, EnWave reported results for the second quarter of its fiscal 2026 year.
• Total Revenue was about CA$1.159 million, down about 69% from about CA$3.689 million a year earlier — a swing driven largely by the timing of machine sales, which are inherently lumpy.
• The capital-light, royalty-based approach could generate attractive recurring income at scale, and the modest but positive growth in royalties over the first half — up about 5% — shows the recurring base slowly expanding.
• However, total revenue is highly lumpy because it depends on the timing of machine sales, which produces large year-over-year swings like the roughly 69% quarterly…