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Forward Water Technologies Corp. — Earnings Release 2025
Nov 29, 2025
47407_rns_2025-11-28_fa4c6b32-7bda-45ce-bce7-0706d2bc5743.pdf
Earnings Release
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FORWARD
WATER TECHNOLOGIES
Corporate Office:
80 Birmingham St.,
Toronto, ON M8V 3W6
Phone: (519) 333-5888
www.forwardwater.com
Research and
Development Engineering:
1086 Modeland Road,
Sarnia, ON, N7S 6L2
Phone: (519) 333-5888
November 28, 2025
TSX-V: FWTC98
Forward Water Technologies Announces Financial Results for the Three-Month and Six-Month Ended September 30, 2025
TORONTO, ON // ACCESSWIRE // November 28, 2025 – 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 six-month periods ended September 30, 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 six-month periods ended September 30, 2025, the summary of the financial results are as follows:
| Three Months Ended | Six Months Ended | |
|---|---|---|
| Revenue | $0 | $4,692 |
| Net Loss/Comprehensive Loss | $(482,354) | $(929,885) |
| Loss Per Share | $(0.010) | $(0.019) |
| Total Assets | n/a | $2,906,329 |
| Cash at End of Period | n/a | $68,312 |
Operating Highlights and Recent Corporate Developments
- On July 23, 2025, the Company announced the signing of a contract for a technology evaluation project with a Fortune 500 European Company
- On October 29, 2025, the Company closed on a non-brokered offering of $1,025,000 of debenture units. See “Subsequent Events” for further details.
- On November 18, 2025, the Company 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 Howie Honeyman noted, “Establishing a solid foothold with one opportunity builds confidence to engage with others. FWTC will capitalize on that momentum to drive greater sector adoption in the coming months.” He further emphasized, “We continue to see strong demand for our expertise in direct lithium extraction (DLE), along with growing interest from the food and beverage sector.”
Summary of Financial Results
Income Statement
| For the three months ended September 30, | For the six months ended September 30, | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Revenue | $ - | $ - | $ 4,692 | $ - |
| Expenses: | ||||
| General and administrative | 274,572 | 176,217 | 516,822 | 191,616 |
| Selling and marketing | - | - | 12 | - |
| Research and development | 178,216 | - | 398,344 | - |
| Listing expenses | - | 14,560 | - | 22,775 |
| Foreign exchange loss (income) | 19,001 | - | (4,692) | - |
| 471,789 | 190,777 | 910,486 | 214,391 | |
| Net loss before the undernoted | (471,789) | (190,777) | (905,794) | (214,391) |
| Other expense (income): | ||||
| Amortization of deferred capital contributions | (1,056) | - | (2,112) | - |
| Finance income | (12) | (17,072) | (17) | (30,894) |
| Finance costs | 11,633 | (9,393) | 26,220 | (9,393) |
| 10,565 | (26,465) | 24,091 | (40,287) | |
| Net loss and comprehensive loss | $ (482,354) | $ (164,312) | $ (929,885) | $ (174,104) |
| Loss and comprehensive loss per share | ||||
| Basic and diluted | (0.010) | (0.008) | (0.019) | (0.009) |
| Weighted average number of shares outstanding | ||||
| Basic and diluted | 49,814,362 | 19,542,450 | 49,788,036 | 19,542,450 |
Balance Sheet
| September 30, 2025 | March 31, 2025 | |
|---|---|---|
| Assets | ||
| Total Current Assets | 173,378 | 771,415 |
| Property and equipment | 1,423,411 | 1,577,896 |
| Intangible assets | 1,028,572 | 1,114,286 |
| Goodwill | 280,968 | 280,968 |
| $ 2,906,329 | $ 3,744,565 |
Liabilities and Shareholders' Equity
| Current liabilities: | ||
|---|---|---|
| Accounts payables and accrued liabilities | $ 364,085 | $ 274,907 |
| Deferred revenue | 133,987 | - |
| Current portion of bank loan payable | 7,887 | 6,672 |
| Deferred capital contributions | 6,244 | 8,356 |
| Debenture payable | 50,000 | 50,000 |
| Current portion of license liability | 113,260 | 110,442 |
| 675,463 | 450,377 | |
| Bank loan payable | 25,013 | 31,901 |
| Loan payable | 247,757 | 242,109 |
| License liability | 128,555 | 266,046 |
| 1,076,788 | 990,433 | |
| Shareholders' Equity: | ||
| Share capital | 3,717,929 | 3,712,635 |
| Warrants | 629,426 | 629,426 |
| Contributed surplus | 281,209 | 281,209 |
| Accumulated deficit | (2,799,023) | (1,869,138) |
| 1,829,541 | 2,754,132 | |
| $ 2,906,329 | $ 3,744,565 |
Statement of Cash Flows
| For the six months ended September 30, | ||
|---|---|---|
| 2025 | 2024 | |
| Cash provided by (used in): | ||
| Operating activities: | ||
| Net loss | $ (929,885) | $ (174,104) |
| Items not involving cash | 264,732 | (9,393) |
| Changes in non-cash operating working capital | 80,199 | 29,878 |
| Net cash used in operating activities | (584,954) | (153,619) |
| Financing activities: | ||
| Repayment of bank loan payable | (4,226) | - |
| Proceeds from issuance of subscription receipts | - | 1,700,000 |
| Issuance costs | - | (172,605) |
| Interest paid | (1,405) | - |
| Net cash (used in) provided by financing activities | (5,631) | 1,527,395 |
| Investing activities: | ||
| Purchase of property and equipment | (14,351) | - |
| Cash obtained from reverse takeover transaction | - | 3,299 |
| Net cash (used in) provided by investing activities | (14,351) | 3,299 |
| Change in cash | (604,937) | 1,377,075 |
| Cash, beginning of period | 673,249 | 1,505,223 |
| Cash, end of period | $ 68,312 | $ 2,882,298 |
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.
Contact Information
For more information or interview requests, please contact:
C. Howie Honeyman – Chief Executive Officer
416-451-8155
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 the coronavirus 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.sedar.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