Pioneering Technology Reports Fiscal Year 2024 Financial Results

(TheNewswire)

Mississauga, ON (January 28,202 5 ) – TheNewswire - Pioneering TechnologyCorp. ( TSXV: PTE ) (“ Pioneering ” or the “ Company ”), a technology company and NorthAmerica’s leader in cooking fire prevention technology andproducts reports its audited financial results for the year ended September 30 , 20 24 . Pioneering’s audited annual financial statements andMD&A are available on SEDAR+ ( www.sedarplus.ca)

Financial Highlights:

• Revenuein fiscal year 2024 was $2,742,504versus$2,872,013 in fiscal 2023, a decrease of 5%, and revenue for thethree months ended September 30 th was flat at $675,029 versus $682,964 in 2023.

• Gross margin in fiscal year 2024 increased to 49%($1,339,037) versus 47% ($1,339,320) in fiscal year 2023.

• Expenses in fiscal 2024 were $2,258,983, an increase of14% or $276,239 versus the same period last year. This increase($276,239) was driven by two things:

  • one-time general & administrative expenses ($202,126) that werereversed in Q2 of 2023, and

  • increased investment in marketing activities in the first half of2024, some of which were reduced starting in Q3 to focus all effortson sales activities.

• Taking the above into consideration, loss for the year was $952,556vs.alossof$671,813 in fiscal 2023.

• Loss of $0.02 per share in fiscal 2024, compared to a loss of $0.01per share in fiscal 2023.

• The balance sheet remains strong with $0.7M in cash and $1.6M in networking capital.

Selected Financial Results – PastFour Fiscal Years Ended September 30:

Pioneering CEO Kevin Callahan said of the results, “We haveaddressed many of the challenges we have faced over the past few yearsand we are making good progress with our go forward strategic plan.The Company is focused on a return to profitability and future growth.We believe that our focus on leveraging our competitive advantages andoptimizing our current strategic plan is helping us to achieve broadercustomer reach and partnerships that will drive higher close ratesamongst our growing qualified lead base. We continue tobe committed to making our business successful for allstakeholders.”

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 protect people andproperty from the number one cause of household fire – cookingfires. We do this by engineering and bringing to market energy-smartsolutions that make consumer appliances safer, smarter, and moreefficient. Our patented cooking-fire prevention products address themulti-billion-dollar problem of cooking fires. According to theNational Fire Protection Association, stovetop cooking is the numberone cause of household fire and fire injuries in North America. Pioneering’s temperature limiting control(TLC) technology is installed in over 450,000 multi-residentialhousing units across North America without a single cooking fire,delivering peace of mind and a solid return on investment for itscustomers. Pioneering’s proprietary cooking fire preventionsolutions include SmartElement, SmartBurner, SmartRange, SmartMicro,and are suitable for the majority of the more than 140 millionstoves/ranges and over 140 million microwave ovens in use throughoutNorth 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-looking statements that involve a number of risks anduncertainties. These statements relate to future events or futureperformance and reflect management's currentexpectations and assumptions. A number of factors could cause actualevents, performance or results to differmaterially from the events, performance and results discussed in theforward-looking statements, such as the economy,generally, competition in Pioneering’s target markets, the demandfor 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 in conjunctionwith the financial statements and management's discussion and analysisof Pioneering posted on SEDAR+ (www.sedarplus.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 accordancewith IFRS and should not, on its own, beconstrued as indicators of performance, cash flow or profitability.References to the Pioneering’s Tariff Adjusted EBITDA should be read in conjunction with the financial statements and management's discussion and analysis of Pioneering 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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