Mr. Andrew Duncan reports

BOARDWALKTECH REPORTS FIRST QUARTER FISCAL 2024 FINANCIAL RESULTS

Boardwalktech Software Corp. has released its financial results for the three-month period ended June 30, 2023. All figures are reported in U.S. dollars, unless otherwise indicated. Boardwalktech's financial statements are prepared in accordance with International Financial Reporting Standards ("IFRS").

Financial Highlights: Revenue for Q1-FY24 was $1.55 million, a 3% increase from $1.51 million in Q1-FY23, and versus $1.65 million in Q4-FY23. Revenue from recurring SaaS licenses in Q1-FY24 increased 23% year-over-year from higher incremental licenses executed with both new and existing customers, but was offset by a 46% seasonal decline in professional services.

Annual recurring revenue ("ARR"), at June 30, 2023 was $5.8 million, a 14% year-over-year increase versus ARR of $5.1 million at June 30, 2022. ARR is a non-IFRS measure, and the Company defines ARR as the recurring revenue expected based on annual license subscriptions and recurring services.

Gross margin for Q1-FY24 was 90.0%, comparable with the 90.2% level in Q1-FY23 and Q4-FY23.

Adjusted EBITDA for Q1-F23 was a loss of $(0.5) million, versus the $(0.3) million loss in Q1 -FY23, and $(0.4) million loss in Q4-FY23.

Non-IFRS net loss for Q1-FY24 (as defined in the Non-IFRS Financial Measures section) totaled $(0.5) million, or a loss of $(0.01) per basic and diluted share, versus a $(0.3) million non-IFRS loss in Q1 -FY23, or a loss of $(0.01) per basic and diluted share, and a versus a $(0.5) million non-IFRS loss in Q4-FY23, or a loss of $(0.01) per basic and diluted share. These changes were due to the lower professional services revenue in Q1-FY24.

Net loss for Q1-FY24 was $(0.9) million, or a loss of $(0.02) per basic and diluted share, which was largely unchanged versus a $(0.9) million loss in Q1-FY23, or $(0.2) per basic and diluted share, and a $(0.9) million loss in Q4-FY23, or $(0.02) per basic and diluted share.

Outlook Update

The Company continues to project revenue for the upcoming fiscal year to be $8.5 million to $10.0 million range, based upon a pick-up of business activity and customer (re)engagements as summer winds down.

While the Company believes it has sufficient funds and current receivables to achieve its guidance, the Company does recognize it has more opportunities than sales and services resources to close upside growth.

Operational Highlights

On June 1, 2023, the Company announced that it had both added another new customer (Nintex) to its list of growing clients while securing a fourth license with an existing global customer (Estee Lauder), with incremental revenue from these contracts expected to exceed $200,000 in the next twelve months, including over $100,000 of recurring revenue in the first year.

"Growth exiting Fiscal Year 2023 continued into the first quarter of this year, as the Company recorded a new historic high in recurring revenue licenses, both from new and existing customers, further demonstrating our 'land and expand' strategy. Our ARR is approaching $6 million and continues to grow each quarter." Chief Executive Officer Andrew T. Duncan commented, "We continue to build on and replenish our pipeline, adding new prospects in both the enterprise sector and via our teaming partners in the global banking and financial services channel. Exiting the summer, we have been experiencing a notable pick up in both new engagements and even customer re-engagements. Thus, we expect to close incremental deals with new enterprises and financial services companies in the months ahead. The Boardwalktech low code digital ledger platform continues to gain traction with these enterprises, especially in supply chain, as it seamlessly solves the many problems associated with structured and unstructured data delivering improved visibility and decision making along with outstanding results and ROI."

Earnings Conference Call Details

Boardwalktech management will be hosting its earnings conference call today (August 24, 2023)

Time: at 4:15 PM Eastern Time / 1:15 PM Pacific Time.

To join the call, please use the following dial-in information:

US/Canada: 1-888-664-6383 (toll free)

International: UK: 08006522435 Germany: 0800 7240293 Switzerland: 0800312635

Webcast: https://emportal.ink/45p28GH

Replay: A replay of the call will be available until August 31, 2023 and can be accessed by dialing 1-888-390-0541 and entering access code 225070#

RSU Grants

As part of the Company's annual ongoing retention program and as allowed under the 2019 Equity Incentive Plan, as amended and approved by shareholders on June 2, 2022, the Company has granted an aggregate of 2,245,000 Restricted Stock Units ("RSU's") to officers, directors and employees of the Company, set to vest over a three-year period. These grants will be deemed effective as of August 31, 2023.

About Boardwalktech Software Corp.

Boardwalktech has developed a patented Digital Ledger Technology Platform currently used by Fortune 500 companies running mission-critical applications worldwide. Boardwalktech's digital ledger technology and its unique method of managing vast amounts of structured and unstructured data is the only platform on the market today where multiple parties can effectively work on the same data simultaneously while preserving the fidelity and provenance of the data. Boardwalktech can deliver collaborative, purpose-built enterprise information management applications on any device or user interface with full integration with enterprise systems of record in a fraction of the time it takes other non-digital ledger technology-based platforms. Boardwalktech is headquartered in Cupertino, California with offices in India and operations in North America. For more information on Boardwalktech, visit our website at www.boardwalktech.com.

We seek Safe Harbor.