Mr. Neil Magrath reports

TOTAL TELCOM ANNOUNCES SECOND QUARTER RESULTS

Total Telcom Inc. has released financial results for its second quarter of fiscal 2024 ended Dec. 31, 2023.

The financial statements and related management's discussion and analysis (MD&A) can be viewed on SEDAR.

Second quarter 2024 highlights:

• Revenue for the quarter ended Dec. 31, 2023, was $619,578, compared with $678,370 in the same quarter of the previous year. For the six months ended Dec. 31, 2023, revenue totalled $961,924, compared with $1,090,697 in the corresponding period of 2023.
• Hardware revenue for the quarter ended Dec. 31, 2023, was $337,606, compared with $431,245 in the same quarter of the previous year. For the six months ended Dec. 31, 2023, revenue totalled $408,790, compared with $582,221 in the corresponding period of 2023.
• Communication or recurring revenue for the quarter ended Dec. 31, 2023, was $167,709, compared with $153,047 in the same quarter of the previous year. For the six months ended Dec. 31, 2023, revenue totalled $335,816, compared with $300,431 in the corresponding period of 2023.
• Gross profit for the quarter ended Dec. 31, 2023, was $385,879, compared with $387,761 in the same quarter of the previous year. For the six months ended Dec. 31, 2023, gross profit totalled $585,225, compared with $611,270 in the corresponding period of 2023.
• Net income for the quarter ended Dec. 31, 2023, was $101,553, compared with $114,409 in the same quarter of the previous year. For the six months ended Dec. 31, 2023, net income totalled 85,291, compared with $237,884 in the corresponding period of 2023.
• Cash, cash equivalents and term deposits as at Dec. 31, 2023, was $2,538,858, compared with cash, cash equivalents and term deposits of $2,404,179 at Dec. 31, 2022.

Neil Magrath, chief executive officer of Total Telcom, commented: "We are proud to announce another profitable quarter. Revenues for the quarter are lower due to a decrease in RV hardware sales as manufacturers are experiencing a slowdown in demand for recreational vehicles. We have a solid net cash position, underscoring our financial stability, with excess cash being allocated to term deposits. Our teams remain focused on business development activities as we continue to penetrate new markets with our commercialized offerings."

About Total Telcom Inc.

Total Telcom, through its wholly owned subsidiary, ROM Communications Inc., is a leading developer and provider of remote asset monitoring, tracking, control, and communication products and services.