Pioneering Technology Reports 2023 Q2 Financial Results

(TheNewswire)

Mississauga, ON - TheNewswire - May30, 2023 - Pioneering Technology Corp. (TSXV:PTE) (“Pioneering” or the “Company”), a technology company and North America’s leader in cooking fire prevention technology and productsreportsitsunauditedfinancialresultsforthethree and six months endedMarch 31,2023.Pioneering’s unaudited condensed interim financial statements and MD&A are available on SEDAR(www.sedar.com).

FinancialHighlights:

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

• Revenue for the first six-months of fiscal 2023 was $1,176,644 versus $1,276,131 in the first six-months of fiscal 2022.

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

• Expenses during the six-month period decreased to $774,908 versus $960,108a 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 the same period last year.

• The balance sheetremainsstrongwith current assets of approximately $3.4 million and approximately $0.7 million of current liabilities.

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

¹ AdjustedEBITDA&Tariff AdjustedEBITDAarenon-IFRSmeasures and may not be comparable to similar financial measures disclosed by other issuers.Pleasereferto“Non-IFRSMeasures”atendofthispressrelease.

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

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About Pioneering Technology Corp:Pioneering, based in Mississauga, Ontario is an "energy smart" technologycompanyandNorthAmerica'sleaderininnovativecookingfirepreventiontechnologiesandproducts.Ourmission is simple: To help save lives and property from the number one cause of household fires – cooking fires. We do thisby engineering and bringing to market energy-smart solutions that make consumer appliances safer, smarter, andmore efficient. Our patented cooking-fire prevention products address the multi-billion-dollar problem of cookingfires.AccordingtotheNationalFireProtectionAssociation,stovetopcookingisthenumberonecauseofhouseholdfireandfireinjuriesinNorthAmerica.Pioneering’stemperaturelimitingcontrol(TLC)technologyisnow installed in over400,000 multi-residential housing units across North America withouta single cooking fire,delivering peace of mind and a solid return on investment for its customers. Pioneering’s proprietary cooking fireprevention solutions include SmartElement, SmartBurner, RangeMinder, SmartMicro & Safe-T-sensor and are suitable for themajority of the more than 140 million stoves/ranges and over 140 million microwave ovens in use throughoutNorthAmerica. Formoreinfo, gotowww.pioneeringtech.com.

Formoreinformationpleasecontact:

Kevin Callahan

CEO

Phone:647-945-7515

Email:kcallahan@pioneeringtech.com

ForwardLookingStatements

The statements made in this press release include forward-looking statements involving risks and uncertainties. These statements relate to future events or future performance and reflect management'scurrent expectations and assumptions. Several factors could cause actual events, performance or results todiffer materially from the events, performance and results discussed in the forward-looking statements, such asthe economy, generally, competition in Pioneering’s target markets, the demand for Pioneering’s products, theavailabilityoffundingandtheefficacyofPioneering’stechnology,governmentalregulationandtheimpactofthe COVID-19 pandemic. These forward- looking statements are made as of the date hereof and, except asrequired by applicable law, Pioneering does not assume any obligation to update or revise them to reflect newevents or circumstances. Actual events or results could differ materially from Pioneering’s expectations andprojections.

Non-IFRSMeasures

AdjustedEBITDAisameasurenotrecognizedunderInternationalFinancialReportingStandards(“IFRS”).However,managementofPioneeringbelievesthatmostshareholders,creditors,otherstakeholders,andinvestment analysts prefer to have these measures included as reported measures of operating performance, aproxy for cash flow, and to facilitate valuation analysis. Adjusted EBITDA is defined as earnings before interestincome, taxes, depreciation and amortization, impairment losses, stock-based compensation, restructuring costsincluded in general and administration expense, fair value movement – derivative liability and other non-recurringgains orlosses includingtransaction costs related to acquisition. Managementbelieves Adjusted EBITDA is auseful measure that facilitates period-to-periodoperating comparisons.Adjusted EBITDAdoes nothave anystandardmeaningsprescribedbyIFRS and therefore, may not be comparable to similar measures presented by other issuers. Readers are cautioned thatAdjustedEBITDAisnot analternativetomeasuresdeterminedinaccordancewithIFRSandshouldnot,onitsown,beconstrued as indicators of performance, cash flow or profitability. References to Pioneering’s Adjusted EBITDA should be read with the financial statements and management’s discussion and analysis of Pioneering posted on SEDAR (www.sedar.com).ForareconciliationofAdjustedEBITDAaspresentedbyPioneeringtonetincome,please refertoPioneering’smanagement’sdiscussionandanalysis.

TariffAdjustedEBITDA,definedasAdjustedEBITDAadjustedfortariffandtariffrelatedcosts,isusedbymanagementtomeasureoperatingperformanceoftheCompanyandisasupplementtoourunauditedcondensedinterimfinancialstatementspresentedinaccordancewithIFRS.TariffAdjustedEBITDAisahelpfulmeasureofoperatingperformance,similar to Adjusted EBITDA, enabling management and 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. WhilemanagementconsidersTariffAdjustedEBITDAameaningfulmeasureforassessingtheunderlyingfinancialperformance of the Company, Tariff Adjusted EBITDA is a non-IFRS measure and does not have a standardizedmeaningprescribedbyIFRSandthereforemaynotbecomparabletosimilarmeasurespresentedbyothercompanies.Readers are cautioned that Tariff Adjusted EBITDA is not an alternative to measures determined in accordance withIFRS and should not, on its own, be construed as indicators of performance, cash flow or profitability. References to the Pioneering’s Tariff Adjusted EBITDA should be read with the financial statements and management’s discussion and analysis of Pioneering posted on SEDAR (www.sedar.com).ForareconciliationofTariffAdjustedEBITDAaspresentedbyPioneeringtonetincome,pleaserefertoPioneering’smanagement’sdiscussionandanalysis.

Neither the TSXV nor its Regulation Services Provider (as that term is defined under the policies of the TSXV) acceptsresponsibilityfortheadequacyor accuracyofthisrelease.

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