For the peach sauce, in a small saucepan, combine the peaches, orange juice, water, cinnamon, and brown sugar, and bring to a boil over medium-high heat. Cover, reduce the heat to medium-low, and simmer until the peaches are tender and the mixture has become syrupy and slightly thickened, about 5 minutes. Remove the pan from heat and use a potato masher to mash the peaches to create a thick sauce. Add the almond extract and mix well. If needed, add more water to thin the sauce. Serve warm over pancakes.
For the waffles, in a large bowl, whisk the flour, baking powder, cinnamon, and salt. In a medium bowl, whisk the almond milk, brown sugar, vanilla, egg yolks, and coconut oil. Add the milk mixture to the flour mixture, mixing just until blended.
In a medium bowl, beat the remaining 2 egg whites on high speed until soft peaks form, about 2 minutes. Gently fold the egg whites into the waffle batter.
Heat a 6-inch round nonstick waffle iron according to manufacturer’s directions. Spoon ½ cup batter onto the griddle and spread quickly. Close and cook until puffed and golden brown, between 4 and 6 minutes. Repeat with the remaining batter.
To serve: place 1 waffle on each plate. Top with warm peach sauce.
To freeze: Transfer waffles to a wire rack to cool completely. Place 1 waffle in a resealable plastic bag and freeze for up to 3 months. Reheat from frozen in the toaster until warm and crispy.