Mr. Adam Zaghloul reports

NTG CLARITY RAISES 2024 FINANCIAL GUIDANCE

NTG Clarity Networks Inc. has positively revised its previously announced 2024 financial guidance. Driven by a sustained and rising demand for its services, from both new and existing customers, it now expects revenue of $55-million for 2024, a 10-per-cent increase over its previous projection of $50-million, alongside a revised net income margin target of 14 per cent, up from the 10 per cent previously forecast.

The decision to revise upward follows a sustained period of exceptional performance. NTG Clarity has delivered 13 consecutive quarters of past-12-month revenue growth, with the past seven quarters setting new all-time highs. This momentum has been further reinforced with the recent announcement of its largest multiyear contract to date, alongside a current backlog exceeding $70-million in unbilled purchase orders and contracts on hand as of Aug. 31. These developments highlight NTG Clarity's growing reputation as a key player in the digital transformation space across the Middle East and worldwide.

As laid out above, NTG Clarity has strategically increased its full-year net income target to 14 per cent, up from the 10 per cent previously forecast. While this margin is lower than its most recent quarter, it reflects investments being made to expand its Egyptian offshore centre and expand its sales team in Saudi Arabia. These investments are critical to supporting NTG Clarity's long-term growth strategy while positioning the company to continue to capitalize on emerging opportunities in key markets.

Importantly, with its existing cash flow positive operations and completion of its successful capital raise in September, 2024, NTG Clarity is fully capitalized to execute on continued growth into 2025 and beyond. With this growth comes an increase in head count. NTG Clarity's team is made up of more than 900 information technology and network professionals, up from more than 700 earlier this year. The majority of new staff is entirely billable to clients, working offshore or on site at their offices.

"Our continued performance reflects the strong demand we're seeing for services," said Adam Zaghloul, vice-president of strategy and planning at NTG Clarity. "This updated guidance puts us on track to nearly double our 2023 revenue, while more than tripling our net income. The scale of digital transformation initiatives across the markets we operate in is surpassing our most ambitious projections."

Saudi Arabia continues to be the cornerstone of NTG Clarity's operations, contributing approximately 95 per cent of the company's revenue. As the region's largest economy, it offers stability and an expanding market for NTG Clarity's services. Importantly, recent geopolitical conflicts in the Middle East have had no impact on NTG Clarity's operations or its ability to execute its growth strategy, further underscoring the resilience of the company's business model in the region.

About NTG Clarity Networks Inc.

NTG Clarity's vision is to be a global leader in digital transformation solutions. As a Canadian company established in 1992, NTG Clarity has delivered software, networking and IT solutions to large enterprises, including financial institutions and network service providers. More than 900 IT and network professionals provide design, engineering, implementation, software development and security expertise to the industry's leading enterprises.

We seek Safe Harbor.