Water Ways Reports 2021 Financial Results: Record Sales of CAD$20.2 Million and a 59% Increase Year Over Year

TORONTO, April 28, 2022 (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 Annual Financial Statements (the “Statements“) and Managements Discussion and Analysis (the “MD&A“) for the year ended December 31, 2021. A comprehensive discussion of Water Ways’ financial position and results of operations is provided in the MD&A, filed on SEDAR (

Ohad Haber, President, CEO and Chairman of the Board of Water Ways, states: “2021 was a record year for Water Ways. We grew in sales in all existing territories and continue to establish ourselves as a global provider for irrigation solutions. I would like to take the opportunity to thank our devoted team for their efforts during this demanding period of work that assisted Water Ways to succeed in what was a challenging year globally”.

On Tuesday, May 3, 2022, at 9 am Eastern Time, Water Ways’ CFO, Dor Sneh and Ronnie Jaegermann, Director, will host a live webinar with a corporate update, earnings discussion and outlook for 2022 and beyond. An Investor question-and-answer session will follow.

Register: Water Ways Technologies: 2021 financial results

Highlights – Year ended December 31, 2021 (the following information should be read in conjunction with, and is qualified by, the Statements and the MD&A)

  • Total Revenues for the year ended December 31, 2021, increased 59% to CAD$20.3 million compared to CAD$12.7 million for the year ended December 31, 2020.
  • Service Project revenue stream increased substantially to CAD$8.7 million compared to CAD$3.1 million for the year ended December 31, 2021 and 2020, respectively, for total project revenue growth of 180%.
  • The Company installed and delivered the largest contract in its history, in Uzbekistan, resulting in revenue of over CAD$4 million.
  • All the Company’s operating subsidiaries achieved record sales.
  • Strong 2021 Q4 sales CAD$4.5 million compared to CAD$3.2 million in Q4 of 2020, an increase of 41% Year over Year.
  • Adjusted EBITDA of CAD$0.2 million compared to a loss for the year ended December 31, 2021 and 2020, respectively (Company’s definition of “Adjusted EBITDA” can be found in the MD&A, a non-GAAP measure with adjustments driven substantially by Share based payments).
  • As of December 31, 2021, the Company’s cash and cash equivalents were CAD$3.3 million, compared to CAD$0.4 million for the year ended December 31, 2020.
  • As of December 31, 2021, total working capital was CAD$4.6 million compared to CAD$0.02 million as of December 31, 2020.
  • Share price increased 566% from CAD$0.045 in December 31, 2020 to CAD$0.30 as of December 31, 2021.
  • The Company completed an oversubscribed private placement of CAD$4.5 million in August 2021 (the “Private Placement“).
  • During the third quarter, the Company’s shares began trading on most German Stock Exchanges under the symbol WWT.
  • In August, the Company granted its employees and directors RSU’s and options totaling CAD$0.67 million.
  • Derivative Liability – Warrants relates to a classification under IFRS of outstanding warrants issued as part of the Private Placement 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 increase in share price in the period resulted in a significant non-cash finance expense through the Company’s profit and loss account. The related liability does not represent a financial obligation as there are no additional payment obligations required of the Company. The Company recorded a loss from the revaluation of derivative liability of $5.1 million during the year ended December 31, 2021.

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.

For the year ended December 31,
(CAD in thousands) 2021 2020 Change %
Services Projects 8,763 3,132 179.8%
Products 11,492 9,585 19.9%
Total Revenues 20,255 12,717 59.3%
Cost of Sales 16,545 10,871 52.2%
Gross Profit 3,710 1,846 101.0%
Gross Profit Margin % 18.3% 14.5%
Operating Expenses 4,896 3,027
Revaluation of derivatives 5,191
Financial expense (income), net 277 213
Taxes on Income (recovery) (6) (118)
Loss for the period (6,647) (1,276)


(CAD in thousands) As of December 31,
As of December 31,
Change %
Balance Sheet Items:
Cash and Cash Equivalents 3,295 407 710.2%
Total Current Assets 12,279 6,992 75.6%
Total Assets 15,321 10,115 51.5%
Total Current Liabilities 7,706 6,976 10.5%
Total Non-Current Liabilities 8,589 2,505 242.9%

Adjusted EBITDA
For the year ended December 31
CAD$ in thousands 
2021 2020
Operating profit (loss) -1,186 -1,161
Depreciation and Amortization 243 94
Listing Expenses 114
Share-Based Payments 667 26
Global Expansion & Relocation Expenses 156
Other Non recurring items 176
Total Adjustments 1,356 120
Adjusted EBITDA 171 -1,041

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.

For more information, please contact

Ronnie Jaegermann Dor Sneh Dr. Eva Reuter
Director CFO Investor Relations – Germany
T: +972-54-4202054 T: +972-54-6512500 +49 69 1532 5857
E: E: E:

Twitter: @WaterWaysTechn1

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.

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