Mr. Elliott Etheredge reports

PUDO INC. REPORTS FY 2024 THIRD QUARTER END RESULTS

Pudo Inc. has filed its interim financial results (unaudited) and operational highlights for its third quarter which ended Nov. 30, 2023 (Q3 FY 2024).

Elliott Etheredge, Pudo chief executive officer, commented: "This quarter we began the network expansion program with Wish and are encouraged by the initial results of that rollout. We have also continued to expand our returns network in New York, New Jersey and Miami. The expansion of these programs has helped to offset the negative impact of the large customer that changed their operating model earlier this year, which continues to depress our quarter-over-quarter revenue."

In Q3 FY 2024, returns accounted for 46.5 per cent of revenue versus 27.8 per cent in Q3 FY 2023.

Pudo continues to expand the availability and volume of its Pudo label return services. By increasing the number of retailers using the solution, and partnering with additional SAAS (software-as-a-service) and 3PL (third party logistics) providers, the Pudo network is becoming an important part of the e-commerce returns solution.

A complete copy of the interim consolidated financial statements, and the management's discussion and analysis report for the three- and nine-month periods ended Nov. 30, 2023, can be found on the Candian Securities Exchange website and on SEDAR+.

About Pudo Inc.

Pudo is North America's only independent parcel pick-up and drop-off counter network.

Pudo has created a network of more than 1,200 storefront partners known as Pudopoint Counters, strategically located very near to where people live, work and play.

Pudo partners with retailers and logistics providers to offer a last-mile pick-up and returns network for e-commerce shoppers that reduces cost, increases convenience and provides package security to the last mile of package logistics.

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