Forward Water Technologies Announces Financial Results for the Twelve-Month Period Ended March 31, 2026

TORONTO, July 29, 2026 /CNW/ -- Forward Water Technologies Corp. (TSXV: FWTC) (the "Company") is pleased to announce that it has filed its audited consolidated financial statements and related management's discussion and analysis for the twelve-month period ended March 31, 2026. Copies of the financial statements and related management's discussion and analysis can be found on the Company's issuer profile at www.sedarplus.ca. All financial information in this news release is reported in Canadian dollars, unless otherwise indicated.

Financial Highlights

Revenue: $91,626
Net Loss and Comprehensive Loss: $(2,654,178)
Loss Per Share: $(0.053)
Total Assets: $2,038,896
Cash at End of Period: $349,246

Operating Highlights and Recent Corporate Developments

• On October 29, 2025, FWTC issued 1,025 convertible debenture units in the aggregate principal amount of $1,025,000. Each unit consisted of $1,000 principal amount of convertible debentures and 5,000 common share purchase warrants. Each warrant entitles the holder to purchase one 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, 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.
• On May 20, 2026, the Company announced that it had been informed by the United States Patent and Trademark Office (USPTO) that its patent application for a new forward osmosis technology useful in the food and beverage sector had been allowed and that issuance of the patent was anticipated in the next three to four weeks.
• On June 2, 2026, the Company announced that it had successfully completed a client-sponsored wastewater treatment demonstration project. FWTC designed and implemented a treatment process that incorporated its proprietary forward osmosis process and achieved over 97% recovery of water meeting or exceeding reuse quality metrics, at exceptionally low power consumption rates compared to the use of conventional thermal evaporation.
• On June 15, 2026, the Company announced that it had successfully completed a project illustrating how forward osmosis can be used to concentrate high-value feed streams. The client, a globally positioned leader in its commercial field, expressed interest in evaluating FO as a method to create a high-value concentrate that enables effective downstream production. Under the client-sponsored trial, FWT was able to show that, using FO in a manner that reflects the capabilities of its proprietary technology, the feed stream could be concentrated far in excess of the target goals. The potential result is a process that could effectively reduce production costs by eliminating multistage thermal evaporation, which is currently used. The customer and the Company are now considering the next stages of the project, which would ultimately lead to commercial implementation.
• On June 25, 2026, the Company announced a proposed non-brokered private placement offering of units of the Company (the "Units") for minimum gross proceeds of $250,000 and maximum gross proceeds of $500,000 (the "Private Placement"). Each Unit will be issued at a price of $1,000 and will consist of one secured bridge debenture of the Company with a face value of $1,000 (each, a "Bridge Debenture") and 8,000 common share purchase warrants of the Company (the "Warrants"). The Bridge Debentures will mature on the date that is 36 months from the date of issuance (the "Maturity Date") and will bear interest at 12% per annum, payable annually in arrears on the last business day of each year. Each Warrant will entitle the holder to acquire one common share of the Company at any time until the date that is 36 months from the date of issuance at an exercise price of $0.05 per common share, subject to adjustment in accordance with the warrant certificate governing the Warrants. The indebtedness and obligations of the Company pursuant to the Bridge Debentures will be secured by a first-priority security interest in all present and after-acquired property of the Company. A commitment fee equal to 10% of a subscriber's aggregate subscription amount will be payable upon redemption or repayment of the applicable Bridge Debenture.

Management Commentary

Forward Water's CEO, C. Howie Honeyman, commented, "Forward Water has continued to commercialize the iFO platform and, in this reporting period, completed a significant project evaluation for a major client to recover and reuse spent water from operations and the production of RNG fuel. In completing this paid project, FWT was able to show that as much as 97% of the waste volume could be recovered as clean water meeting operational reuse standards. Additionally, for a second international customer, FWT was able to show the strong potential for FO to treat food and beverage products to levels not previously realized. Both of these revenue-generating projects are expected to lead to more detailed commercial relationships in the coming year."

Summary of Financial Results

Income Statement

		For the three months ended  March 31, 2026	For the three  months ended March 31, 2025	For the twelve months ended March 31, 2026	For the fifteen  months ended  March 31, 2025
Revenue		$             32,578	$             13,633	$                         91,626	$                       70,514
Expenses:
General and administrative		152,108	301,242	897,932	1,072,751
Selling and marketing		8,076	939	18,411	22,105
Research and development		203,020	238,084	812,514	368,926
Listing expenses		-	5,727	-	28,502
Foreign exchange loss (income)		3,796	(14,066)	(16,092)	16,221
		367,000	531,926	1,712,765	1,508,505
Net loss before the undernoted		(334,422)	(518,293)	(1,621,139)	(1,437,991)
Other expense (income):
Amortization of deferred capital contributions		(1,056)	-	(4,224)	(1,056)
Impairment of non-financial assets		875,895	-	875,895	-
Finance income		-	(15,776)	(220)	(46,965)
Finance costs		83,655	29,477	161,588	38,585
Transaction costs		-	-	-	250,000
		958,494	13,701	1,033,039	240,564
Net loss and comprehensive loss		$       (1,292,916)	$         (531,994)	$                   (2,654,178)	$                 (1,678,555)
Loss and comprehensive loss per share
Basic and diluted		(0.026)	(0.011)	(0.053)	(0.053)
Weighted average number of shares outstanding
Basic and diluted		49,877,426	49,604,933	49,877,426	31,446,410

Balance Sheet

	March 31,	March 31,
	2026	2025
Assets
Current assets:
Cash	$          349,246	$            673,249
Short‑term investment certificate	11,203	11,203
Amounts receivable	38,126	38,181
Prepaid expenses	24,997	48,782
	423,572	771,415
Property and equipment	926,606	1,577,896
Intangible assets	688,718	1,114,286
Goodwill	-	280,968
	$        2,038,896	$         3,744,565
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payables and accrued liabilities	$          291,766	$            274,907
Deferred revenue	52,834	-
Current portion of bank loan payable	7,489	6,672
Deferred capital contributions	4,132	8,356
Debenture payable	52,822	50,000
Current portion of license liability	120,462	110,442
	529,505	450,377
Bank loan payable	21,268	31,901
Loan payable	253,719	242,109
Convertible debentures	795,716	-
License liability	136,728	266,046
	1,736,936	990,433
Shareholders' Equity:
Share capital	3,725,812	3,712,635
Warrants	677,335	629,426
Equity portion of convertible debentures	94,002	-
Contributed surplus	328,127	281,209
Accumulated deficit	(4,523,316)	(1,869,138)
	301,960	2,754,132
	$        2,038,896	$         3,744,565

Statement of Cash Flows

			For the twelve months ended  March 31, 2026	For the fifteen  months ended March 31, 2025
Cash provided by (used in):
Operating activities:
Net loss			$      (2,654,178)	$            (1,678,555)
Items not involving cash			1,443,923	222,225
Changes in non‑cash operating working capital			(27,005)	(697,618)
Net cash used in operating activities			(1,237,260)	(2,153,948)
Financing activities:
Proceeds from convertible debentures			1,025,000	-
Repayment of bank loan payable			(10,140)	(3,947)
Proceeds from issuance of subscription receipts			-	1,700,000
Issuance costs			(71,255)	(172,605)
Interest paid			(3,177)	(1,967)
Net cash provided by financing activities			940,428	1,521,481
Investing activities:
Purchase of property and equipment			(27,171)	(205,481)
Redemption of short-term investment certificate			-	1,271,912
Cash obtained from reverse takeover transaction			-	3,299
Net cash (used in) from investing activities			(27,171)	1,069,730
Change in cash			(324,003)	437,263
Cash, beginning of period			673,249	235,986
Cash, end of period			$          349,246	$                673,249

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 while simultaneously returning fresh water for reuse 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 reuse 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 the Company's proposed private placement, the anticipated issuance of a patent, the expansion, uptake, scaling and commercial implementation of the Company's technology, the potential for customer projects to proceed to further stages or commercial relationships, and the ability of 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 complete the proposed private placement on the terms described herein or at all, the receipt of any required regulatory approvals, the ability to scale the technology, the successful continuation of customer projects 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: 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; customer adoption and commercialization risks; risks relating to the performance and scaling of the Company's technology; and 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.ca. 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.

For more information or interview requests, please contact: C. Howie Honeyman - Chief Executive Officer, [email protected], 416-451-8155