Mr. Andrew Skafel reports

EDGEWATER WIRELESS ANNOUNCES FIRST QUARTER FISCAL 2024 FINANCIAL RESULTS

Edgewater Wireless Systems Inc. has released its financial and operational results for the quarter ended July 31, 2023, which are available on SEDAR+.

Fiscal Q1 2024 operating results:

• Revenue in Q1 2024 was $13,354 from sales, compared with nil in Q1 2023 and targeted an emerging industrial Internet of Things (IoT) application in addition to services and support for a renewing customer;
• Net loss for Q1 2024 was $89,791, compared with a net loss of $181,160 for Q1 2023.

Fiscal Q1 2024 and recent activities and accomplishments:

• On Aug. 21, 2023, Edgewater confirmed strong and growing demand from multiple Tier 1 service providers and OEMs (original equipment manufacturers) supported by requests for engineering samples of Edgewater's cutting-edge MLX 488 Wi-Fi7 spectrum slicing platform. Edgewater is currently undertaking focused engineering efforts and is targeting delivery in calendar Q2 2024. Edgewater's MLX 488 Wi-Fi7 platform is the world's first silicon solution to couple the performance of Wi-Fi7 with the proven robustness and flexibility of Wi-Fi spectrum slicing. Highly differentiated features include:
• • Patent-pending AI-enabled (artificial intelligence), dynamic channel width selection supporting up to 28 concurrent links/channels;
  • Multiflex multilink operation (MLO) -- the first high performance MLO solution engineered to support multiple, concurrent MLO connections;
  • Intelligent channel association (ICA) optimizes device and application layer performance;
  • Plus, standard Wi-Fi7 features such as 320-megahertz wide-channel support, basic MLO and 4K QAM (quadrature amplitude modulation).
• On Aug. 10, 2023, Edgewater appointed a seasoned telco executive, Nicolas Fortineau, to accelerate its spectrum slicing Wi-Fi7 go-to-market strategy. The appointment marks a significant milestone in the company's growth journey as it scales commercial capabilities supporting its next generation of spectrum-slicing-powered Wi-Fi7 silicon solutions. As the new vice-president of marketing, Mr. Fortineau will oversee Edgewater's service provider go-to-market efforts and strategy.
• On May 25, 2023, Edgewater reached a significant milestone, announcing its next generation of Wi-Fi spectrum-slicing-powered silicon solutions targeting residential, enterprise and pro-sumer applications. Building on the latest Wi-Fi standard, Wi-Fi7 (802.11BE), Edgewater's groundbreaking platform offers more physical channel capacity than single-channel, legacy Wi-Fi architectures -- bringing lower latency and reduced contention for existing and new devices. The AI-enabled, dynamic channel-width capable platform supports up to 28 concurrent links/channels. It is the world's first silicon solution to couple the performance of Wi-Fi7 with the proven robustness and flexibility of Wi-Fi spectrum slicing.
• On April 25, 2023, Edgewater Wireless completed submissions of a new patent application to the U.S. Patent and Trademark Office titled "Method and Apparatus for In-Band Multi-channel Determination and Utilization." The new patent application further solidifies Edgewater's leadership position in multilink Wi-Fi and wireless innovation, which is essential in delivering a higher quality of service and lower latency for all modern and legacy wireless devices. The culmination of many years of customer-driven, extensive real-world research and development, the company leveraged the Industry Research Assistance Program (IRAP) funded by the National Research Council (NRC) of Canada to identify and further IP (intellectual property) licensing opportunities.

Detailed information from the company's interim consolidated financial statements and management discussion and analysis are available on SEDAR+.

About Edgewater Wireless Systems Inc.

Edgewater Wireless is the industry leader in innovative spectrum slicing technology for residential and commercial markets. It develops advanced Wi-Fi silicon solutions, access points and IP licensing designed to meet high-density and high-quality-of-service needs of service providers and their customers. With 26 granted patents, Edgewater Wireless's spectrum slicing technology revolutionizes Wi-Fi, delivering next-generation Wi-Fi today.

Edgewater's physical-layer spectrum slicing allows a frequency band to be divided, or sliced, to enable more radios to operate in a given area. Think of spectrum slicing like moving from a single-lane road to a multilane highway -- regardless of Wi-Fi technology. The recently completed proof of concept (PoC) with a major Tier 1 service provider showed seven to 18 times performance gains in 75 per cent of homes surveyed. Interestingly, homes with the most devices saw the greatest improvements.

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