Mr. Doug Baird reports

REPORTING RESULTS FOR THE FIRST QUARTER OF 2023

Appulse Corp. had net income of $44,000 for the three months ended March 31, 2023, with revenues of $2,388,000, compared with net income of $26,000 and revenues of $2,079,000 for the same three-month period of the previous year. Operating cash flow (net income for the period adjusted for items not involving cash) for the quarter ended March 31, 2023, of $177,000 compares with operating cash flow of $180,000 for the same three-month period of 2022.

The increase in revenue is attributed to enhanced sales of centrifuge parts, while the direct contribution margin percentage from part sales was lower than the prior period, reflecting the mix between original equipment manufacturer products and those manufactured by the company. Management noted an encouraging level of firm machine orders now in hand, combined with a high level of further prospects for the current year. Supply chain challenges and the impact of inflation on operating costs and employment expenses restricted profitability during the period. Management further advised that pricing adjustments for all product groups have been implemented and that both the Calgary and Waterloo service facilities are very active with a continuing focus on food and beverage processing industries.

About Appulse Corp.

Through its subsidiaries, Centrifuges Unlimited Inc. and Rolyn Oilfield Services Inc., and operating divisions, Appulse specializes in the sales, servicing and refurbishing of centrifuge equipment, serving both domestic and international markets, and offers full service industrial machining. The corporation continues to expand its product base and geographic markets, in addition to pursuing further representative arrangements and joint venture opportunities.

We seek Safe Harbor.