OTTAWA, Ontario–(Newsfile Corp. – October 28, 2022) – Enablence Technologies Inc. (TSXV: ENA) (“activation” or “Company“), a supplier of optical components and subsystems, has filed audited financial statements for the fiscal year ending June 30, 2022 (“2022“) and related management discussions, analyses, and certifications (collectively, “financial statementElectronic copies of the financial statements are available through Enablence’s issuer profile on SEDAR (www.sedar.com).
Commenting on the company’s fiscal 2022 performance, CEO Todd Haugen said: A volume deal, the team will focus on executing through his 2023 fiscal year. Execution is off to a strong start, with the fab’s capacity more than doubling his in the fourth quarter of fiscal 2022, and expected to double his capacity again by the end of the second quarter. cutting. Additionally, the potential opportunity to work with the Canadian and U.S. governments to expand North American manufacturing capacity is an unprecedented boon to the industry. “
Enablence is pleased to present the following highlights for fiscal year 2022 (all amounts expressed in thousands of US dollars):
The company’s revenue for the 12 months ended 30 June 2022 decreased to $1,978 (2021 – $2,521), a year-on-year decline of approximately 22%. The revenue decline is a result of recurring product revenue of $286 or $1,455 (2021 – $1,741), down approximately 16%. Non-recurring (“NRE”) revenue also decreased to $523 (2021 – $780), down $257, or approximately 33%. The decline in both recurring and NRE revenues was related to lower sales to our Asia Pacific customers, which were adversely affected by the pandemic-related lockdowns, and increased sales to our Americas customers. canceled out by
During fiscal 2022, the Company will complete the recapitalization of its balance sheet through a reverse stock split, a stock-for-debt exchange, a restructuring of senior secured loans, and a planned private placement of new capital (the “Capital Recapitalization Transaction”). Did. ). In connection with the recapitalization transaction, the Company will issue 14,662,000 shares of common stock to the Company at the cost of CAD $3.60 per common share (expires December 31, 2024) as settlement of debt totaling $34,693. Issued warrants to purchase 1,578,000 shares.
As a result of the recapitalization transaction, the Company recognized a one-time gain of $16,506 and a contributed surplus of $1,335 net of transaction and related costs in fiscal 2022.
The Company generated a net profit of $11,693 in fiscal 2022 (2021 – $(5,041) net loss primarily resulted from gains from capital increases ($16,506), debt modifications ($2,741) and debt forgiveness ($321) is). Additionally, a decrease in interest expense incurred by the Company ($1,052) due to the elimination of debt as a result of the recapitalization transaction was offset by an increase in stock-based compensation and other operating expenses ($1,488) and a foreign exchange loss ($1,267). ) from the depreciation of the Canadian dollar during the period that increased the Canadian dollar equivalent of the US dollar balance owed on some of our liabilities.
During fiscal year 2022, the Company entered into a senior secured loan agreement with Vortex ENA LP (“Vortex LP”). Under the terms of the financing agreement, Vortex LP will make an upfront payment of $2,175 to the company during his fiscal year 2022 and an additional $1,486 after June 30, 2022 to fund its working capital needs. I paid in advance.
Commenting on fiscal 2022 highlights, CFO T. Paul Rowland said: Sales increased quarter-over-quarter, and in June he posted the highest monthly sales of the entire 2022 fiscal year. “
The above “Financial Highlights” are fully certified by financial statements available from Enablence’s issuer profile on SEDAR (www.sedar.com). For more information about the company, please see the company’s investor presentation available on the “Corporate – Investors” tab of Enablence’s website at www.enablence.com/investors.
About Enablence Technologies Inc.
Enablence is a publicly traded company listed on the TSX Venture Exchange (TSXV: ENA) that designs, manufactures and markets optical components primarily in the form of planar lightwave circuits (PLCs) on silicon-based chips. . Enablence products currently serve a global customer base primarily focused on data centers and other rapidly growing end markets. Enablence also works with customers using its technology in emerging markets, including medical devices, automotive LiDAR, and virtual and augmented reality headsets. In certain strategic circumstances, the company also uses its own non-captive manufacturing facility in Fremont, California to manufacture chips designed by third-party customers.
For more information, please visit www.enablence.com.
For more information, please contact:
T. Paul Rowland, CFO
Enablence Technologies, Inc.
CEO, Todd Haugen
Enablence Technologies, Inc.
Ali Mahdavi, Capital Markets and Investor Relations
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statements regarding the Company that are based on management’s current expectations and assumptions. It includes known and unknown risks and uncertainties related to our business and the economic environment in which we operate. All such statements are forward-looking statements under applicable Canadian securities laws. Statements contained herein that are not statements of historical fact may be considered forward-looking statements. Forward-looking statements, by their nature, require assumptions and are subject to inherent risks and uncertainties. These statements are based on current expectations that involve a number of risks and uncertainties that could cause actual results to differ from expectations. We believe that the expectations reflected in the forward-looking statements contained in this news release, and the assumptions on which such forward-looking statements are made, are reasonable, but we There is no guarantee that it will prove correct. Readers of this news release are cautioned not to place undue reliance on forward-looking statements, as a number of factors could cause actual results or circumstances to differ materially from current expectations. Additional information about these and other factors that may affect our operations is available at SEDAR (www.sedar.com) under Enablence’s Publisher Profile. Enablence disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Neither TSX Venture Exchange nor its regulated service providers (as those terms are defined in the TSX Venture Exchange Policy) are responsible for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved of the information contained herein.
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