Water Ways Reports Q1 2024 Financial Results: Sales of CAD$2.3M and Net Loss of CAD$0.2M
May 31 2024 - 10:42AM
Water Ways Technologies Inc. (TSXV: WWT) (FRA: WWT) ("
Water
Ways" or the "
Company"), a global
provider of Israeli-based agriculture technology, providing water
irrigation solutions to agricultural producers, announces the
filing of its Interim Financial Statements (the
"
Statements") and Managements Discussion and
Analysis (the "
MD&A") for the three months
period ended March 31, 2024. A comprehensive discussion of Water
Ways’ financial position and results of operations is provided in
the MD&A, filed on SEDAR (www.sedar.com)
Mr. Ohad Haber, CEO and Chairman of the Board of
Water Ways states: "The first quarter of 2024 shows the
shift in our strategy. Over 90% of our revenues were derived from
the Canadian market. In the coming months we also hope to increase
our project revenue in Canada and improve our
margins."
Highlights - Q1, 2024 (the following
information should be read in conjunction with, and is qualified
by, the Statements and the MD&A)
- Company's sales
were CAD$2.3M for the three months period ended March 31, 2024,
compared to CAD$4.1M for three months period ended March 31,
2023.
- Company's net
loss was CAD$0.2M for the three months period ended March 31, 2024,
compared to a net profit of CAD$0.4M in the three months period
ended March 31, 2023.
- Company's Gross
Margin was 17.3% for the three months period ended March 31, 2024,
compared to a Gross Margin of 21.5% in the three months period
ended March 31, 2023.
- Derivative
Liability – Warrants and Convertible Debentures relates to a
classification under IFRS of outstanding warrants issued as part of
private placements of Convertible Debentures units and equity units
which closed in the fiscal year 2021, 2022 and 2023, as a non-cash
liability that arises due to the difference in operational currency
and functional currency. This liability is revalued each period by
an independent third party. The revaluation is at fair value
through profit and loss.
Water Ways Technologies Financial
Results Summary (CAD$ in thousands)
The following tables set forth the highlights of
the consolidated financial information of the Company and should be
read in conjunction with the Statements and the notes thereto.
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(CAD in thousands) |
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As of March 31,2024 |
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As of December 31,2023 |
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Change % |
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Balance Sheet Items: |
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Cash and Cash Equivalents |
289 |
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199 |
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45.2% |
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Total Current Assets |
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4,279 |
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3,700 |
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15.6% |
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Total Assets |
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4,934 |
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4,447 |
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11.0% |
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Total Current Liabilities |
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5,308 |
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4,550 |
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16.7% |
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Total Non-Current Liabilities |
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1,436 |
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1,522 |
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-5.7% |
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(CAD in thousands) |
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For the three month period ended March 31, |
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2024 |
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2023 |
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Change % |
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Revenues: |
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Services Projects |
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160 |
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491 |
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-67.4% |
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Products |
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1,529 |
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2,549 |
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-40.0% |
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Total Revenues |
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1,689 |
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3,040 |
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-44.4% |
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Cost of Sales |
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1,397 |
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2,385 |
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-41.4% |
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Gross Profit |
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292 |
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655 |
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-55.4% |
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Gross Profit Margin % |
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17.3% |
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21.5% |
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Operating Expenses |
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417 |
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699 |
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Revaluation of derivatives |
(51) |
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(418) |
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Financial expense (income), net |
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70 |
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98 |
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Taxes on Income (recovery) |
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- |
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Loss for the period |
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(144) |
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276 |
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About Water Ways Technologies
Inc.WWT through its subsidiaries, is a global provider of
Israeli-based agriculture technology, providing water irrigation
solutions to agricultural producers. WWT competes in the global
irrigation water systems market with a focus on developing
solutions with commercial applications in the micro and precision
irrigation segments of the overall market. At present, WWT’s main
revenue streams are derived from the following business units: (i)
Projects Business Unit; and (ii) Component and Equipment Sales
Unit. WWT is capitalizing on the opportunities presented by micro
and smart irrigation, while also making a positive mark on society
by making these technologies more widely available, especially in
developing markets such as Africa and Latin America and developed
markets such as China and Canada. WWT’s irrigation projects include
vineyards, Cotton fields, Apple and Orange orchards, Blueberry,
Medical Cannabis growers, fresh produce cooling rooms and more, in
over fifteen countries.
For more information, please contact
Ronnie JaegermannDirectorT:
+972-54-4202054E: ronnie@waterwt.com
https://www.water-ways-technologies.com/
https://www.hg-wwt.com/
Twitter: @WaterWaysTechn1
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in policies
of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.
Forward-Looking
StatementsCertain statements contained in this press
release constitute "forward-looking information" as such term is
defined in applicable Canadian securities legislation. The words
"may", "would", "could", "should", "potential", "will", "seek",
"intend", "plan", "anticipate", "believe", "estimate", "expect" and
similar expressions as they relate to Water Ways. All statements
other than statements of historical fact may be forward-looking
information. Such statements reflect Water Ways' current views and
intentions with respect to future events, and current information
available to Water Ways, and are subject to certain risks,
uncertainties and assumptions. Material factors or assumptions were
applied in providing forward-looking information. Many factors
could cause the actual results, performance or achievements that
may be expressed or implied by such forward-looking information to
vary from those described herein should one or more of these risks
or uncertainties materialize. Should any factor affect Water Ways
in an unexpected manner, or should assumptions underlying the
forward-looking information prove incorrect, the actual results or
events may differ materially from the results or events predicted.
Any such forward-looking information is expressly qualified in its
entirety by this cautionary statement. Moreover, Water Ways does
not assume responsibility for the accuracy or completeness of such
forward-looking information. The forward-looking information
included in this press release is made as of the date of this press
release and Water Ways undertakes no obligation to publicly update
or revise any forward-looking information, other than as required
by applicable law. Water Ways' results and forward-looking
information and calculations may be affected by fluctuations in
exchange rates and its own share prices. All figures are in
Canadian dollars unless otherwise indicated.
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