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TSX-V: FWTC98
Forward Water Technologies Corp. (TSXV: FWTC) (the "Company") is pleased to announce that it has filed its condensed consolidated audited financial statements and related management's discussion and analysis for the three-month and nine-month periods ended December 31, 2025. Copies of these financial statements and related management discussion and analysis can be found on the Company's issuer profile at www.sedar.com. All financial information in this news release is reported in Canadian dollars, unless otherwise indicated.
Financial Highlights
For the three-month and nine-month periods ended December 31, 2025, the summary of the financial results are as follows:
Three Months Ended | Nine Months Ended | |
Revenue | $54,356 | $59,048 |
Net Loss/Comprehensive Loss | $(431,376) | $(1,361,261) |
Loss Per Share | $(0.009) | $(0.027) |
Total Assets | n/a | $3,744,565 |
Cash at End of Period | n/a | $656,342 |
Operating Highlights and Recent Corporate Developments
- On October 29, 2025, FWTC issued 1,025 convertible debenture units in an aggregate principal amount of $1,025,000. Each unit consists of $1,000 principal amount of convertible debentures and 5,000 common share purchase warrants. Each warrant entitles the holder to purchase a common share of the Company until October 29, 2028. The exercise price of the warrants is $0.07 per common share if exercised on or before October 29, 2026 and $0.10 thereafter until expiry. The convertible debentures mature on October 29, 2028 and bear interest at 14% per annum, payable annually on the last business day of each year. The holders have the option to convert the principal owing into common shares of the Company at a conversion price of $0.07 per share on or before October 29, 2026 and $0.10 per share thereafter until maturity or repayment.
- On November 18, 2025, FWTC signed a contract for a technology evaluation project with a globally positioned food and beverage product manufacturer. The project will assess the effectiveness of FWTC's treatment technology for concentrating liquid food and beverage streams to create superior quality concentrates.
Management Commentary
In the last quarter, FWTC has attracted additional interest from major companies by leveraging previous successes. CEO C. Howie Honeyman said, "In the last quarter we were pleased with the response to our convertible debenture offering, underscoring the confidence the market has in FWTC. Moreover, with the execution of the development projects we have been contracted to complete, we anticipate significant validation of our technology in the wastewater and food & beverage sectors to be reported."
Summary of Financial Results
Income Statement
For the three months ended | For the nine months ended | ||||
2025 | 2024 | 2025 | 2024 | ||
Revenue | $ 54,356 | $ 56,881 | $ 59,048 | $ 56,881 | |
Expenses: | |||||
General and administrative | 229,002 | 579,893 | 745,824 | 771,509 | |
Selling and marketing | 10,323 | 21,166 | 10,335 | 21,166 | |
Research and development | 211,150 | 130,842 | 609,494 | 130,842 | |
Listing expenses | - | - | - | 22,775 | |
Foreign exchange loss (income) | (15,196) | 30,287 | (19,888) | 30,287 | |
435,279 | 762,188 | 1,345,765 | 976,579 | ||
Net loss before the undernoted | (380,923) | (705,307) | (1,286,717) | (919,698) | |
Other expense (income): | |||||
Amortization of deferred capital contributions | (1,056) | (1,056) | (3,168) | (1,056) | |
Finance income | (203) | (295) | (220) | (31,189) | |
Finance costs | 51,712 | 18,501 | 77,932 | 9,108 | |
50,453 | 17,150 | 74,544 | (23,137) | ||
Net loss and comprehensive loss | $ (431,376) | $ (722,457) | $ (1,361,261) | $ (896,561) | |
Loss and comprehensive loss per share | |||||
Basic and diluted | (0.009) | (0.015) | (0.027) | (0.018) | |
Weighted average number of shares outstanding | |||||
Basic and diluted | 49,924,939 | 49,174,592 | 49,833,836 | 49,174,592 | |
Balance Sheet
December 31, | March 31, | |
2025 | 2025 | |
Assets | ||
Total current assets | 703,630 | 771,415 |
Property and equipment | 1,350,770 | 1,577,896 |
Intangible assets | 985,715 | 1,114,286 |
Goodwill | 280,968 | 280,968 |
$ 3,321,083 | $ 3,744,565 | |
Liabilities and Shareholders' Equity | ||
Current liabilities: | ||
Accounts payables and accrued liabilities | $ 272,284 | $ 274,907 |
Deferred revenue | 79,631 | - |
Current portion of bank loan payable | 7,489 | 6,672 |
Deferred capital contributions | 5,188 | 8,356 |
Debenture payable | 50,000 | 50,000 |
Current portion of license liability | 114,967 | 110,442 |
529,559 | 450,377 | |
Bank loan payable | 23,072 | 31,901 |
Loan payable | 250,726 | 242,109 |
Convertible debentures | 789,891 | - |
License liability | 130,492 | 266,046 |
1,723,740 | 990,433 | |
Shareholders' Equity: | ||
Share capital | 3,725,812 | 3,712,635 |
Warrants | 678,168 | 629,426 |
Equity portion of convertible debentures | 95,635 | - |
Contributed surplus | 328,127 | 281,209 |
Accumulated deficit | (3,230,399) | (1,869,138) |
1,597,343 | 2,754,132 | |
$ 3,321,083 | $ 3,744,565 | |
Statement of Cash Flows
For the nine months ended December 31, | ||||
2025 | 2024 | |||
Cash provided by (used in): | ||||
Operating activities: | ||||
Net loss | $ (1,361,261) | $ (896,561) | ||
Items not involving cash | 403,538 | 39,851 | ||
Changes in non‑cash operating working capital | 7,495 | (813,030) | ||
Net cash used in operating activities | (950,228) | (1,669,740) | ||
Financing activities: | ||||
Proceeds from convertible debentures | 969,500 | - | ||
Repayment of bank loan payable | (7,605) | (11,925) | ||
Proceeds from issuance of subscription receipts | - | 1,700,000 | ||
Issuance costs | - | (172,605) | ||
Interest paid | (2,446) | - | ||
Net cash provided by financing activities | 959,449 | 1,515,470 | ||
Investing activities: | ||||
Purchase of property and equipment | (26,127) | (193,236) | ||
Cash obtained from reverse takeover transaction | - | 3,299 | ||
Net cash (used in) provided by investing activities | (26,127) | (189,937) | ||
Change in cash | (16,907) | (344,207) | ||
Cash, beginning of period | 673,249 | 1,505,223 | ||
Cash, end of period | $ 656,342 | $ 1,161,016 | ||
About Forward Water Technologies Corp.
Forward Water Technologies Corp. is a publicly traded Canadian company dedicated to saving the earth's water supply using its patented Forward Osmosis technology. The Company was founded by GreenCentre Canada, a leading technology innovation centre supported by the government of Canada. The Company's technology allows for the reduction of challenging waste streams simultaneously returning fresh water for re-use or surface release. The Company's mandate is to focus on the large-scale implementation of its technology in multiple sectors, including industrial wastewater, oil and gas, mining, agriculture and ultimately municipal water supply and re-use market sectors. In addition, the Company has initiated early-stage R&D for the treatment of food and beverage process streams.
For more information, please visit www.forwardwater.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Forward-Looking Statements
Certain statements contained in this news release constitute "forward-looking information" as such term is used in applicable Canadian securities laws including statements regarding expansion and uptake of the Company's technology and the ability for the Company to achieve its growth strategy and business plan. Forward-looking information is based on plans, expectations and estimates of management at the date the information is provided and is subject to certain factors and assumptions, including, the ability to scale the technology and the adoption of the technology by potential customers.
Forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking information. Some of the risks and other factors that could cause results to differ materially from those expressed in the forward-looking statements include, but are not limited to: the impacts from pandemics or other epidemics, general economic conditions in Canada, the United States and globally; unanticipated operating events; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility as well as the other risks and uncertainties applicable to the Company as set forth in the Company's continuous disclosure filings filed under the Company's profile at www.sedarplus.com. The Company undertakes no obligation to update these forward-looking statements, other than as required by applicable law.
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information
SOURCE Forward Water Technologies Corp.
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