Mr. Ronnie Jaegermann reports

WATER WAYS REPORTS Q2 2023 FINANCIAL RESULTS

Water Ways Technologies Inc. has filed its interim financial statements and management's discussion and analysis (MD&A) for the three- and six-month period ended June 30, 2023. A comprehensive discussion of Water Ways' financial position and results of operations is provided in the MD&A, filed on SEDAR (www.sedar.com). Mr. Ohad Haber, CEO and Chairman of the Board of Water Ways states:

"The second quarter of 2023 continued the shift of our core business to Canada. The quarter was challenging for the Company and we hope to end the year with a slight increase of sales over 2022."

On Monday, September 4, 2023, at 9 am Eastern Time, Water Ways' CEO, Ohad Haber, CFO, Dor Sneh and Ronnie Jaegermann, Director, will host a live webinar with a corporate update, earnings discussion and outlook for 2023 and beyond. An Investor question-and-answer session will follow.

Register: Water Ways Technologies: Q2 2023 financial results

Highlights - H1 and Q2, 2023 (the following information should be read in conjunction with, and is qualified by, the Statements and the MD&A)

Company's sales were CAD$6.4M for the six months period ended June 30, 2023, compared to CAD$9.5M for the six months period ended June 30, 2022. The decline in revenues can primarily be attributed to three factors. Firstly, the company's strategic decision to discontinue working with unprofitable and unstable customers and territories played a significant role. Instead, the company shifted its focus to developed countries. This deliberate change in focus and customer restructuring ultimately resulted in a decrease in the company's revenues. Secondly, the reduction in revenues can also be attributed to the effects of stagnation and inflation. These factors greatly impacted customers, making it more difficult for them to invest in projects and capital good. Consequently, customers are encountering challenges in acquiring goods for inventory, a situation different from previous years. Additionally, they are facing obstacles in financing their projects due to the impact on interest rates and borrowing costs. Thirdly, global climate changes, especially in Canada, have contributed to lower-than-expected sales of Silage products. The Company expects these sales to be recognized in Q3.

Company's Gross Margin was 17.3% for the six months period ended June 30, 2023, compared to a Gross Margin of 17.3% for the six months period ended June 30, 2022.

Company reduced its Marketing and General and Administrative expenses by 11% for the six months period ended June 30, 2023, compared with June 30, 2022.

Derivative Liability - Warrants and Convertible Debentures relates to a classification under IFRS of outstanding warrants issued as part of private placements of Convertible Debentures units and equity units which closed in the fiscal year 2021, 2022 and 2023, as a non-cash liability that arises due to the difference in operational currency and functional currency. This liability is revalued each period by an independent third party. The revaluation is at fair value through profit and loss.

Water Ways Technologies Financial Results Summary (CAD$ in thousands)

The following tables set forth the highlights of the consolidated financial information of the Company and should be read in conjunction with the Statements and the notes thereto.

About Water Ways Technologies Inc.

WWT through its subsidiaries, is a global provider of Israeli-based agriculture technology, providing water irrigation solutions to agricultural producers. WWT competes in the global irrigation water systems market with a focus on developing solutions with commercial applications in the micro and precision irrigation segments of the overall market. At present, WWT's main revenue streams are derived from the following business units: (i) Projects Business Unit; and (ii) Component and Equipment Sales Unit. WWT is capitalizing on the opportunities presented by micro and smart irrigation, while also making a positive mark on society by making these technologies more widely available, especially in developing markets such as Africa and Latin America and developed markets such as China and Canada. WWT's irrigation projects include vineyards, Cotton fields, Apple and Orange orchards, Blueberry, Medical Cannabis growers, fresh produce cooling rooms and more, in over fifteen countries.

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