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TORONTO, May 30, 2023 (GLOBE NEWSWIRE) — 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, 2023. 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 2023 shows the shift in our strategy. Over 60% of our revenues were derived from the Canadian market which also resulted in an improved gross profit of over 21%. In the months we also hope to increase our project revenue in Canada and improve our margins.”
On Monday, June 5, 2023, at 9 am Eastern Time, Water Ways’ CEO, Ohad Haber, CFO, Dor Sneh and Ronnie Jaegermann, Director, will host a live webinar with a corporate update, earnings discussion and outlook for 2023 and beyond. An Investor question-and-answer session will follow.
Highlights – Q1, 2023 (the following information should be read in conjunction with, and is qualified by, the Statements and the MD&A)
Company’s sales were CAD$4.1M for the three months period ended March 31, 2023, compared to CAD$4.6M for three months period ended March 31, 2022.Company’s net profit was CAD$0.9M for the three months period ended March 31, 2023, compared to a net profit of CAD$0.8M in the three months period ended March 31, 2022.Company’s Gross Margin was 21.5% for the three months period ended March 31, 2023, compared to a Gross Margin of 17.5% in the three months period ended March 31, 2022.Derivative Liability – Warrants and Convertible Debentures relates to a classification under IFRS of outstanding warrants issued as part of private placements of Convertible Debentures units and equity units which closed in the fiscal year 2021, 2022 and 2023, as a non-cash liability that arises due to the difference in operational currency and functional currency. This liability is revalued each period by an independent third party. The revaluation is at fair value through profit and loss.
Water Ways Technologies Financial Results Summary (CAD$ 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.
(CAD in thousands) As of March 31, 2023 As of December 31, 2022 Change % Balance Sheet Items: Cash and Cash Equivalents 1,153 1,441 -20.0% Total Current Assets 10,845 9,332 16.2% Total Assets 13,925 12,501 11.4% Total Current Liabilities 7,661 6,444 18.9% Total Non-Current Liabilities 3,155 3,649 -13.5% (CAD in thousands) For the three months period ended March 31, 2023 2022 Change % Revenues: Services Projects 664 904 -26.5% Products 3,448 3,742 -7.9% Total Revenues 4,112 4,646 -11.5% – – Cost of Sales 3,226 3,833 Gross Profit 886 813 Gross Profit Margin % 21.5% 17.5% – – Operating Expenses 945 984 Revaluation of derivatives – income (565) (601) Financial expense (income), net133 (135) Taxes on Income (recovery) – (3) Profit for the period 373 569 -34.3%
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.
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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.
Certain 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.