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EnWave (OTC:NWVCF) reported fourth-quarter and full-year fiscal 2018 results before the market open on Monday, Dec. 17.

The Vancouver-based company produces and distributes all-natural dried cheese snacks and licenses, manufactures, and installs equipment for dehydrating organic materials. 

Shares declined 1.8% on Monday. We can probably attribute the stock's slight fall to tough market conditions in the United States and across the world. (EnWave's stock, which trades over the counter in the U.S, is listed on Canada's TSX Venture Exchange and Germany's Frankfort Stock Exchange.) Shares, in fact, opened the trading session up 3.2%, suggesting investors were likely at least satisfied with EnWave's results. The stock has gained 177% in 2018, through Dec. 17.

EnWave achieved profitability from a net income basis in the quarter and broke even from an EPS standpoint. Gross margin was 44.3%, up from 23.9% in the year-ago period.

For full-year fiscal 2018, revenue jumped 43% to 22.8 million Canadian dollars. Net loss for the year narrowed to CA$945,000, or CA$0.01 per share, from CA$3.0 million, or CA$0.04 per share, in fiscal 2017. 

Before we get into EnWave's key business highlights, here's a bit about its Radiant Energy Vacuum (REV) technology: The company touts in its recent investor presentation that this patented, proprietary vacuum-microwave dehydration technology "enables uniform drying with flexible moisture content unattainable with freeze drying or air drying." Moreover, EnWave claims that REV is faster than other dehydration or drying technologies. The company's target markets include the food, pharmaceutical, and cannabis industries.

Pertaining to cannabis, EnWave says that REV shortens its drying time from 4 to 6 days (air drying) to approximately 1 hour, and that as a combined drying and decontamination technology, REV will "eliminate [the potential for] microbial contamination and [the] need for sterilization with expensive ionization radiation." 

The NutraDried Food subsidiary, located in Washington State, makes and distributes Moon Cheese dried cheese products. The decrease in the REV business was due to lower sales volume for machinery relative to the year-ago period. Given the small number of machine sales, quarterly and even annual segment results can be expected to be "lumpy." 

Since this article represents The Motley Fool's inaugural coverage of EnWave's earnings -- and EnWave in general, for that matter -- highlights for the fiscal year are covered so investors can get a broad picture of the company. 

Management didn't provide a quote in the earnings release, nor did the company hold a conference call. This is not unusual for small companies.

On the size note, investors should realize that a stock with EnWave's characteristics (a microcap with relatively light average trading volume) can be quite volatile. It's best suited for investors comfortable with higher levels of volatility and risk.  

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Driven by strong revenue growth in its NutraDried segment, EnWave's key metrics all moved in the right direction in the quarter, with operating and net income turning positive, from negative in the year-ago quarter, and EPS breaking even.

The company's most interesting development in fiscal 2018 has to be the introduction of its REV tech into the cannabis industry. Given the strong projected growth dynamics for this industry, this vertical has huge growth potential. 

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