PTE - Pioneering Technology Reports 2023 Q2 Financial Results

(TheNewswire)

Mississauga, ON - TheNewswire - M ay 30 , 202 3 - Pioneering Technology Corp. ( TSXV:PTE ) (“ Pioneering ” or the “ Company ”), atechnology company and North America’s leader in cooking fireprevention technology and products reports its unaudited financial results for the three and sixmonths ended March 31, 20 23 . Pioneering’s unaudited condensed interim financialstatements and MD&A are available on SEDAR ( www.sedar.com ).

Financial Highlights:

• RevenueinQ2 was $713,811 versus$810,346 for the same period a yearago.

• Revenue for the first six-months of fiscal 2023was $1,176,644 versus $1,276,131 in the first six-months of fiscal2022.

• Gross margins during Q2 improved to 45% compared to 44% in Q2 lastyear.

• Expenses during the six-month period decreasedto $774,908 versus $960,108 a year ago.

• Net income for Q2 was $5,916 versusalossof$(102,616) a year ago.

• Adjusted EBITDA in Q2 improved to $109,362 versus ($37,759) during thesame period last year.

• The balance s heetremainsstrongwith currentassets of approximately $3.4 million and approximately $0.7 million ofcurrent liabilities.

Selected Financial Results for the Second Quarter & Six-MonthsEnded March 31, 2023 & 2022:

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 press release .

Pioneering CEO Kevin Callahan said of the results, “While revenue infiscal 2023 year to date is roughly the same as last year, theCompany’s continued focus on managing expenses while executingagainst its strategic plan continue to track in the right directionwith positive net income and EBITDA in the second quarter. Currentsales and business development initiatives are beginning to take holdand the Company believes it is well positioned to meet its 2023targets and future growth plans.”

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About Pioneering TechnologyCorp: Pioneering, based in Mississauga, Ontariois an "energy smart" technology company and North America's leader in innovative cooking fire prevention technologies and products. Our mission is simple: To help save lives and property from the number one cause ofhousehold fires – cooking fires. We do this byengineering and bringing to market energy-smart solutions that makeconsumer appliances safer, smarter, and moreefficient. Our patented cooking-fire prevention products address themulti-billion-dollar problem of cooking fires. According to the National Fire Protection Association, stovetop cooking is the number one cause of household fire and fire injuries in North America. Pioneering’s temperature limiting control (TLC) technology is now installed in over 400,000multi-residential housing units across North America without a single cooking fire, deliveringpeace of mind and a solid return on investment for its customers.Pioneering’s proprietary cooking fire prevention solutions include SmartElement, SmartBurner,RangeMinder, SmartMicro & Safe-T-sensor and are suitable forthe majority of the more than 140 millionstoves/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 includeforward-looking statements involving risks and uncertainties. Thesestatements relate to future events or future performance and reflectmanagement's current expectations andassumptions. Several factors could cause actual events, performance orresults to differ materially from the events,performance and results discussed in the forward-looking statements,such as the economy, generally, competition inPioneering’s target markets, the demand for Pioneering’s products,the availability of funding and the efficacy of Pioneering’s technology, governmental regulation and the impact of the COVID-19 pandemic. Theseforward- looking statements are made as of the date hereof and, exceptas required by applicable law, Pioneering doesnot assume any obligation to update or revise them to reflectnew events or circumstances. Actual events orresults could differ materially from Pioneering’s expectationsand projections.

Non-IFRS Measures

Adjusted EBITDA is a measure not recognized under International Financial Reporting Standards (“IFRS”). However, management of Pioneering believes that most shareholders, creditors, other stakeholders, and investment analysts prefer to have these measures included asreported measures of operating performance, a proxy for cash flow, and to facilitate valuation analysis.Adjusted EBITDA is defined as earnings before interest income, taxes, depreciation and amortization, impairmentlosses, stock-based compensation, restructuring costs included in general and administration expense, fair valuemovement – derivative liability and other non-recurring gains or losses including transaction costs related to acquisition. Management believes Adjusted EBITDA is a useful measure that facilitates period-to-period operating comparisons. AdjustedEBITDA does not haveany standard meanings prescribed by IFRS and therefore, may not becomparable to similar measures presented by other issuers. Readers arecautioned that Adjusted EBITDA is notan alternative to measures determined in accordance with IFRS and should not, on its own, be construed as indicators ofperformance, cash flow or profitability. References to Pioneering’sAdjusted EBITDA should be read 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 by Pioneering to net income, please refer to Pioneering’s management’s discussion and analysis.

Tariff Adjusted EBITDA , defined as Adjusted EBITDA adjusted for tariff and tariff related costs, is used by management to measure operating performance of the Company and is a supplement to our unaudited condensed interim financial statements presented in accordance with IFRS. Tariff Adjusted EBITDA is a helpful measure of operating performance, similar to AdjustedEBITDA, enabling management and investors to gain a clearerunderstanding of the underlying financialperformance of the Company without the impact of U.S. Section 301tariffs and related costs. While management considers Tariff Adjusted EBITDA a meaningful measure for assessing the underlying financial performance of the Company,Tariff Adjusted EBITDA is a non-IFRS measure and does not have astandardized meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other companies. Readers are cautioned that Tariff Adjusted EBITDA is not analternative to measures determined in accordance with IFRS and should not, on its own, be construed as indicatorsof performance, cash flow or profitability. References to thePioneering’s Tariff Adjusted EBITDA should be read with thefinancial statements and management’s discussion and analysis ofPioneering posted on SEDAR (www.sedar.com). For a reconciliation of Tariff Adjusted EBITDA as presented by Pioneering to net income, please refer to Pioneering’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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