Dr. Mark Davies reports

METATEK-GROUP LTD. REPORTS FIRST QUARTER FISCAL YEAR 2026 RESULTS

Metatek-Group Ltd. has released its financial results for the three months ended March 31, 2026. All amounts are expressed in U.S. dollars unless otherwise stated.

"First quarter results reflect the normal seasonality of our government-led business, with activity building through the year as client programs move through budget and approval cycles," said Dr. Mark Davies, chief executive officer of Metatek. "We executed well on repeat client work during the quarter and completed the first operational deployment of our new dFTG system, which performed better than expected and was well received by the client. We exited Q1 with a strong adjusted backlog that provides visibility into the next 18 months, and with a strengthened balance sheet following our IPO [initial public offering]. Our focus is on disciplined execution and converting backlog into revenue as activity accelerates through the year."

First quarter 2026 highlights:

• Revenue of $4.1-million, unchanged from the same period of the prior year;
• First quarter revenue was primarily driven by two eFTG surveys for repeat clients, including a follow-on project in Angola and an initial project in West Africa ahead of a larger planned survey expected to commence in Q2 2026, both of which were completed within the quarter;
• A dFTG project in Dubai commenced in late February, 2026, but was temporarily paused due to regional military activity and airspace closures, with approximately 12 per cent of data acquisition completed; the aircraft and crew demobilized from the country after quarter-end, and there are plans to return and complete the project when conditions allow;
• Adjusted backlog of approximately $77-million as at March 31, 2026, reflecting growth from the $46-million disclosed in the company's IPO preliminary prospectus on March 2, 2026, is expected to be realized over the next 18 months;
• Gross profit of $1.8-million, compared with $2.2-million for the same period of the prior year, representing gross profit margin of 44 per cent, reflecting continuing operational costs incurred in Dubai while data acquisition paused;
• Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) of $400,000 after excluding IPO financing expenses and early term loan repayment costs;
• Net cash inflow from operating activities of $200,000 (Q1 2025: $1.1-million), which was after the deduction of $800,000 on prepaid expenses for aircraft engine investment to be made later in 2026;
• Total comprehensive loss of $11.1-million, driven by an $8.7-million non-cash revaluation charge relating to debentures, which converted to equity in connection with the IPO;
• On March 25, 2026, the group completed an IPO on the Toronto Stock Exchange, raising $35-million (Canadian) or approximately $25-million in cash, or approximately $22-million after expenses; as part of the IPO, the company's existing debentures all converted into common shares and the majority of the warrants associated with the debentures were exercised;
• The outstanding amount of $6.8-million in relation to the group's existing term loan was paid off shortly after the IPO completed;
• The group had cash and cash equivalents of $17.2-million as at March 31, 2026, and total borrowings of $500,000 ($1.4-million cash and cash equivalents as at Dec. 31, 2025, and total borrowings of $6.5-million).

Selected interim financial information

The following is a summary of selected financial and operating information that has been derived from and should be read in conjunction with, the financial statements.

Conference call and webcast

Metatek management will host a conference call on Thursday, May 14, 2026, at 10 a.m. ET to discuss its first quarter fiscal 2026 financial results.

Date:  Thursday, May 14, 2026

Time:  10 a.m. ET

Dial-in numbers

Canada/United States:  1-844-763-8274

International:  1-412-717-9224

United Kingdom:   44-20-3514-3188

Replay

Canada/United States:  1-855-669-9658

International:  1-412-317-0088

Replay access code:  6259675

The replay is available until June 14, 2026.

Webcast:  A live webcast will be available on-line.

The webcast will also be archived for replay.

About Metatek-Group Ltd.

Metatek is a United Kingdom-based geophysical services company providing high-definition mapping of subsurface strategic and critical mineral natural resources, energy (including hydrocarbons), helium and hydrogen for exploration and development. Unlike traditional exploration companies that rely solely on invasive or slow-moving technologies such as seismic surveys, Metatek delivers rapid data acquisition, processing and scientific interpretation across air, land and sea environments. Metatek supports national energy security and fast-tracking of the discovery of hydrocarbons, minerals essential for sustainable power (such as lithium, nickel and copper), as well as identifying reservoirs for natural hydrogen and geothermal energy.

We seek Safe Harbor.