Annual General and Special Meeting of Shareholders (EnWave AGM March 2026)

Annual General and Special Meeting of Shareholders March 26th, 2026

FY 2025 Summary

Enhanced Sales Strategy Yielded Uptick in Machine Sales

• Significant pipeline built, converted 4 large-scale, 8 small scale REV machine sales.

• Attended eight major international food technology tradeshows.

  Completed $3M LIFE Offering to Build Inventory

• Successfully raised $3M to support pre-building two large-scale REV machines.

• Increased inventory will allow for faster revenue recognition and royalty generation upon sale to royalty partners.

  Executed Credit Facility Agreement with Desjardins Tech and Innovation Banking

• Amount available to the Company under the Credit Facility is calculated as the lesser of

  $5M and a function of royalties, receivables and inventory

  Improved Financial Performance

• $13.8M in revenue, $300k positive adjusted EBITDA, record base royalties of $1.8M.

• 34% gross margin

Unique Technology, Unique Business Model: 3 Paths to Profit

TSX-V: ENW | https://www.enwave.net

1. Sales & Rentals

   Made up 82% of EnWave's total revenue in FY25.

   Includes both new and repeat purchase orders.

   10kW: $300,000

   60-120kW: $2.2M - $3.2M

2. REV Royalties

   
   
   

   Source of perpetual

   cash royalties for the life of the commercial license agreement. 14% increase to base royalties in 2025, from

   $1.58M to $1.82M, and expect more royalty growth in FY2026 and beyond.

3. Toll Drying Service

Toll drying enables food companies to launch REV-dried products with less upfront risk. New contracts confirmed in FY25, with goal of converting to licensed royalty partners.

~$2M

82%

111%

TOTAL REVENUE FY2025

5-YEAR INCREASE (20.6% CAGR)

EXISTING REVENUE CAPACITY PER YEAR

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Growing Stream of Recurring Revenue from REVTM Royalties

Key Royalty Growth Drivers

• Sales of new REV machines

  
  
  

• Commissioning of previously signed Commercial License Agreements

  
  
  

• Increased customer utilization of outstanding REV machines

  
  
  

  TSX-V: ENW | https://www.enwave.net

  $2.5M

  $2.0M

  Base Royalty CAGR:

  $1.89M

25.5%

$0.13M

$1.5M

$1.0M

$0.5M

$0.0M

$0.25M

$0.58M

$0.18M

$0.74M

$0.25M

$1.10M

$0.38M

$1.31M

$1.58M

FY2020 FY2021 FY2022 FY2023 FY2024 FY2025

Base Royalties Exclusivity Payments

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Steadily Growing Base of Deployed REVTM Machines

TSX-V: ENW | https://www.enwave.net

• Installed kW capacity is a key driver of royalty generation in addition to machine utilization

  3,000

  12.0% CAGR

  2,083

  2,371

  2,549

  1,993

  1,523

  2,686

  2,500

  2,000

  1,500

  1,000

  500

  0

  FY2020 FY2021 FY2022 FY2023 FY2024 FY2025

  Source: EnWave's annual MD&A, net of machines under fabrication or not installed for commercial use by the royalty partner at the time. 6

  
  
  

  Slow Start in FY26, Many Opportunities in Back Half

  • Several prospective machine sales in our pipeline were pushed to second half FY26.

  • Increased inventory levels with the build out of REV machine inventory.

  • Increasing product commercialization success by licensed royalty partners leading to active discussions regarding REV technology scale-up and potential repeat purchase orders from current royalty partners.

  • To date in FY2026, signed four new commercial licenses (Bowen Gumlu of Australia, TEAGASC of Ireland, Shinyway of New Zealand and a U.S. Snacking Company).

  • Critical juncture in Q3 to transact larger opportunities, to convert inventory back to cash and begin building additional POC machines.

Royalty Partner Highlights



BranchOut Food

Significant growth in past 12 months. Will have four large-scale REV machines in operation in FY26. Major distribution wins in Costco, Walmart, etc.

Plan to launch new SKUs in coming quarters. Guidance of US$15-20M in revenue for FY26.

Microdried

Largest royalty partner with 5 large-scale REV machines (3 in Nampa, Idaho for fruit and vegetable ingredients, 2 in

Washington State for dairy snack and ingredient production).

Major business to business clients, with significant growth prospects in FY26.

Portfolio of more than 20 REV-dried products.

Calbee

These crispy apple cubes are made using

100% fruit with no added sugar. Calbee has dubbed their REV-dried products "Neo-Dry". Planned portfolio expansion in FY26 with upcoming meeting to discuss

potential drying capacity expansion.

Dairy Concepts Ireland

The best of Irish cheese, gently dried to create deliciously crunchy puffed cheese bites. High protein, high calcium, gluten free & low carb. Running 5 10kW units currently with plan to upgrade to a large-scale REV unit in FY27. Recent big

distribution wins with Marks & Spencer and CO-OP in Europe.

Investment Highlights

Innovative Technology

Solution to a Problem,

Superior Outcomes, Energy Efficient

Competitive Advantages

First-Mover, 18 Patents, Blue-

Chip References and Customer Base

Large, Diverse & Growing Market

$9B annual machine TAM and $200B+ annual royalty TAM

Blue-Chip Platform & Customers

50+ Established

Brands in 25+ Countries Trust EnWave's REV Platform

Highly Attractive Business Model

Scalable, recurring, asset-light, and high margin capacity

Strong & Aligned Leadership Team

Experienced and dedicated team championing success

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EnWave Corporation 1668 Derwent Way Delta, BC V3M 6R9

Canada

Brent Charleton CEO

bcharleton@enwave.net