PTEFF - Pioneering Technology Reports 2023 Q1 Financial Results

(TheNewswire)

Mississauga, ON - TheNewswire - March 1, 2023 - Pioneering Technology Corp. ( TSXV:PTE ) (“ Pioneering ” or the “ Company ”), a technology companyand North America’s leader in cooking fire prevention technologiesand products, reports its unaudited financial results for the firstquarter ended December 31, 2022. Pioneering’s un audited condensed interim financialstatements and MD&A are available on SEDAR ( www.sedar.com ).

Financial Highlights:

• RevenueinQ1was462,833,versus$465,785for the same period a year ago.

• Gross margin in Q1 was 48% (222,774) versus 47% (219,634) in Q1 2022.Q1 2022 gross margin has been restated to reflect freight chargesreceived in that quarter, which were not originally included in the Q12022 results and instead reported in the Q2 2022 results.

• ExpensesinQ1were436,921,adecreaseof9%versusQ1 2022479,963. The Companyintends to continue to manage its costs carefully and inanappropriatemannerrelativetoindustryconditions.

• Net lossforthe quarter was234,955versusalossof281,922 inQ12022.

• Balancesheetremainsstrongwith1Mincash, and 2.4Minaccountsreceivableandinventory.

SelectedFinancial Highlights for the First Quarter ended December 31, 2022 and2021

(1) Adjusted EBITDA & Tariff Adjusted EBITDA are non-IFRS measures and maynot be comparable to similar financial measures disclosed by otherissuers. Please refer to “Non-IFRS Measures” at end of this release . (see the Company’s MD&A and FS formore information).

Pioneering CEO Kevin Callahan said of the results, “While revenue inQ1 was approximately equal to the same period in Q1 2022, it stillremains below pre-COVID results. The Company continues to work hard toovercome its recent challenges. We have cut costs substantially andbuilt an aggressive plan for the future.  Current sales and businessdevelopment initiatives are beginning to take hold and the Companybelieves it is well positioned to meet its 2023 targets and futuregrowth plans and remains committed to making the business a successfor all stakeholders.”

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About Pioneering TechnologyCorp: Pioneering, based in Mississauga, Ontario is an"energy smart" technology company and North America's leaderin innovative cooking fire prevention technologies and products. Ourmission is simple: To help save lives and property from the number onecause of household fire – cooking fires. We do this by engineeringand bringing to market energy-smart solutions that make consumerappliances safer, smarter, and more efficient. Our patentedcooking-fire prevention products address the multi-billion-dollarproblem of cooking fires. According to the National Fire ProtectionAssociation, stovetop cooking is the number one cause of household fire and fire injuries in North America. Pioneering’stemperature limiting control (TLC) technology is now installed in over400,000 multi-residential housing units across North America without asingle cooking fire, delivering peace of mind and a solid return oninvestment for its customers. Pioneering’s proprietary cooking fireprevention solutions include Safe-T-element, SmartBurner, RangeMinder& Safe-T-sensor and are suitable for the majority of the more than140 million stoves/ranges and over 140 million microwave ovens in usethroughout North America. For more info, go to www.pioneeringtech.com .

For more information please contact:

Kevin Callahan CEO

Phone: 647-945-7515

Email: kcallahan@pioneeringtech.com

Forward Looking Statements

The statements made in this press release include forward-lookingstatements that involve a number of risks and uncertainties. Thesestatements relate to future events or future performance and reflectmanagement's current expectations and assumptions. A number of factorscould cause actual events, performance or results to differ materiallyfrom the events, performance and results discussed in theforward-looking statements, such as the economy, generally,competition in Pioneering’s target markets, the demand forPioneering’s products, the availability of funding and the efficacyof Pioneering’s technology, governmental regulation and the impactof the COVID-19 pandemic. These forward- looking statements are madeas of the date hereof an, except as required by applicable law,Pioneering does not assume any obligation to update or revise them toreflect new events or circumstances. Actual events or results coulddiffer materially from Pioneering’s expectations and projections.

Non-IFRS Measures

Adjusted EBITDA is a measure not recognizedunder International Financial Reporting Standards (“IFRS”).However, management of Pioneering believes that most shareholders,creditors, other stakeholders and investment analysts prefer to havethese measures included as reported measures of operating performance,a proxy for cash flow, and to facilitate valuation analysis. AdjustedEBITDA is defined as earnings before interest income, taxes,depreciation and amortization, impairment losses, stock-basedcompensation, restructuring costs included in general andadministration expense, fair value movement – derivative liabilityand other non-recurring gains or losses including transaction costsrelated to acquisition. Management believes Adjusted EBITDA is auseful measure that facilitates period-to-period operatingcomparisons. Adjusted EBITDA does not have any standard meaningsprescribed by IFRS

and therefore, may not be comparable to similar measures presented byother issuers. Readers are cautioned that Adjusted EBITDA is not analternative to measures determined in accordance with IFRS and shouldnot, on its own, be construed as indicators of performance, cash flowor profitability. References to the Pioneering’s Adjusted EBITDAshould be read in conjunction with the financial statements andmanagement's discussion and analysis of Pioneering posted on SEDAR (www.sedar.com). For a reconciliation of Adjusted EBITDA as presented byPioneering to net income, please refer to Pioneering’smanagement’s discussion and analysis.

Tariff Adjusted EBITDA , defined as Adjusted EBITDAadjusted for tariff and tariff related costs, is used by management tomeasure operating performance of the Company and is a supplement toour unaudited condensed interim financial statements presented inaccordance with IFRS. Tariff Adjusted EBITDA is a helpful measure ofoperating performance, similar to Adjusted EBITDA, enabling managementand investors to gain a clearer understanding of the underlyingfinancial performance of the Company without the impact of U.S.Section 301 tariffs and related costs. While management considersTariff Adjusted EBITDA a meaningful measure for assessing theunderlying financial performance of the Company, Tariff AdjustedEBITDA is a non-IFRS measure and does not have a standardized meaningprescribed by IFRS and therefore may not be comparable to similarmeasures presented by other companies. Readers are cautioned thatTariff Adjusted EBITDA is not an alternative to measures determined inaccordance with IFRS and should not, on its own, be construed asindicators of performance, cash flow or profitability. References tothe Pioneering’s Tariff Adjusted EBITDA should be read inconjunction with the financial statements and management's discussionand analysis of Pioneering posted on SEDAR (www.sedar.com). For areconciliation of Tariff Adjusted EBITDA as presented by Pioneering to net income, please refer toPioneering’s management’s discussion and analysis.

Neither the TSXV nor its RegulationServices Provider (as that term is defined under the policies of theTSXV) accepts responsibility for the adequacy or accuracy of this release.

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