Mr. Kevin Callahan reports

PIONEERING TECHNOLOGY REPORTS FISCAL YEAR 2023 FINANCIAL RESULTS

Pioneering Technology Corp. has released its audited 2023 financial results for the year ended Sept. 30, 2023. Pioneering's audited annual financial statements and MD&A (management's discussion and analysis) are available on SEDAR+.

Financial highlights:

• Revenue in fiscal 2023 was $2,872,013, versus $2,437,866 in fiscal 2022, an increase of 18 per cent, and revenue for the three months ended Sept. 30, 2023, was $682,964, versus $542,574 in 2022, an increase of 26 per cent. The company's revenue is once again growing with the pandemic in the past and investments being made in sales and marketing.
• Gross margin in fiscal 2023 declined to 47 per cent, versus 50 per cent in fiscal 2022. This is as a result of the company selling some now obsolete product at a discount. The company continues to take steps to improve gross margins with its main product offerings.
• Expenses in fiscal 2023 were $1,982,744 (an increase of 12.6 per cent or $221,674), versus $1,761,070 in fiscal 2022. Despite this increase, the company continues to control its costs and expenses remain 26 per cent lower than fiscal 2021 ($2,693,125) and 43 per cent lower than in fiscal 2020 ($3,465,566). The increase in fiscal 2023 was mainly due to foreign exchange costs as a result of the U.S. dollar weakening during the year and increased investments in sales and marketing resources, which were partially offset by lower general and administration costs.
• Loss for the year increased to $671,813, versus a loss of $625,233 in fiscal 2022.
• Loss of one cent per share in fiscal 2023 compared with a loss of one cent per share in fiscal 2022.
• The balance sheet remains strong, with $750,000 in cash and $2.5-million in net working capital.

Pioneering chief executive officer Kevin Callahan said of the results: "We are heading in the right direction. We have addressed many of the challenges we have faced over the past three years and made good use of the time to hone our go forward strategic plan. With the pandemic behind us, the company is focused on a return to profitability and future growth. We believe we will achieve these objectives by leveraging our competitive advantages and optimizing our newly acquired resources to achieve broader customer reach and partnerships and drive higher close rates amongst our growing qualified lead base. We continue to be committed to making our business successful for all stakeholders."

About Pioneering Technology Corp.

Pioneering, based in Mississauga, Ont., is an energy-smart technology company and North America's leader in innovative cooking fire prevention technologies and products. its mission is simple: to help protect people and property from the No. 1 cause of household fire -- cooking fires. The company does this by engineering and bringing to market energy-smart solutions that make consumer appliances safer, smarter and more efficient. Its patented cooking fire prevention products address the multibillion-dollar problem of cooking fires. According to the National Fire Protection Association, stovetop cooking is the No. 1 cause of household fire and fire injuries in North America. Pioneering's temperature limiting control (TLC) technology is installed in over 400,000 multiresidential housing units across North America without a single cooking fire, delivering peace of mind and a solid return on investment for its customers. Pioneering's proprietary cooking fire prevention solutions include SmartElement, SmartBurner, RangeMinder, SmartMicro and Safe-T-sensor, and are suitable for the majority of the more than 140 million stoves/ranges and over 140 million microwave ovens in use throughout North America.

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