EnWave Royalty Machine Establishes Traction

Microcap Opportunities Post Planet MicroCap Conference

This is an update to our pre-Vegas EnWave watchlist initiation on EnWave (ENW.V) (NWVCF), “A Royalty Machine Stuck in First Gear”. I met with CEO Brent Charleton at the Planet MicroCap Showcase at the Bellagio in Las Vegas last week. This piece covers what I learned in the meeting, what changed in our outlook, the re-scored MCO checklist, and the triggers we are now watching. For the full background on products, strategy, competitive landscape, financials, and valuation, refer to the pre-Vegas initiation.

Setup Update

CEO Charleton at the recent Q2 earnings call cited BranchOut Food (BOF) and other partners building inventory ahead of expected sales growth, with the timing aligned to mass-retail SKUs hitting shelves in September. Last week, BranchOut Foods announced its largest retail win ever, with a five-SKU branded launch at a major U.S. mass retailer (Target - TGT) beginning in September 2026.

CEO Charleton was visibly pleased during our meeting and framed it as the breakthrough EnWave’s entire commercial scale-up has been working toward. The implication for EnWave’s base royalty line, which has been declining for eight straight quarters, is a potential step-up in the upcoming quarters.

My pre-Vegas write-up centered on EnWave’s fragmented royalty stream bottleneck: the business development model was dependent on a customer technology innovation. What we are seeing now across multiple verticals is a shift in business development models toward relationship-building. Danna Dunnage joined as VP Global Sales & Business Development in July 2024, bringing her senior-level experience and now producing a high-caliber, multi-vertical funnel that EnWave has never had before.