Pioneering Technology Reports Fiscal Year 2024 Financial Results

(via TheNewswire)

Mississauga, ON (January 28, 2025) – TheNewswire - Pioneering Technology Corp. (TSXV: PTE) (“Pioneering” or the “Company”), a technology company and North America’s leader in cooking fire prevention technology and products reports its audited financial results for the year ended September 30, 2024. Pioneering’s audited annual financial statements and MD&A are available on SEDAR+ (www.sedarplus.ca)

Financial Highlights:

• Revenuein fiscal year 2024 was $2,742,504 versus$2,872,013 in fiscal 2023, a decrease of 5%, and revenue for the three months ended September 30th 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 of 14% 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 were reversed in Q2 of 2023, and 

  • increased investment in marketing activities in the first half of 2024, some of which were reduced starting in Q3 to focus all efforts on sales activities. 

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

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

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

Selected Financial Results – Past Four Fiscal Years Ended September 30:

Pioneering CEO Kevin Callahan said of the results, “We have addressed many of the challenges we have faced over the past few years and 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 and optimizing our current strategic plan is helping us to achieve broader customer reach and partnerships that will drive higher close rates amongst our growing qualified lead base. We continue to be committed to making our business successful for all stakeholders.”

About Pioneering Technology Corp: Pioneering, based in Mississauga, Ontario is an "energy smart" technology company and North America's leader in innovative cooking fire prevention technologies and products. Our mission is simple: To help protect people and property from the number one cause of household fire – cooking fires. We do this by engineering and bringing to market energy-smart solutions that make consumer appliances safer, smarter, and more efficient. Our patented cooking-fire prevention products address the multi-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 installed in over 450,000 multi-residential housing units across North America without a single cooking fire, delivering peace of mind and a solid return on investment for its customers. Pioneering’s proprietary cooking fire prevention solutions include SmartElement, SmartBurner, SmartRange, SmartMicro, and are suitable for the majority of the more than 140 million stoves/ranges and over 140 million microwave ovens in use throughout North America. For more info, go to www.pioneeringtech.com.

For more information please contact:

Kevin Callahan

CEO

Phone: 647-945-7515

Email: [email protected]

Forward Looking Statements

The statements made in this press release include forward-looking statements that involve a number of risks and uncertainties. These statements relate to future events or future performance and reflect management's current expectations and assumptions. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements, such as the economy, generally, competition in Pioneering’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. These forward- looking statements are made as of the date hereof and, except as required by applicable law, Pioneering does not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from Pioneering’s expectations and 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 as reported 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, impairment losses, stock-based compensation, restructuring costs included in general and administration expense, fair value movement – 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. Adjusted EBITDA does not have any standard meanings prescribed by IFRS and therefore, may not be comparable to similar measures presented by other issuers. Readers are cautioned that Adjusted EBITDA is not an alternative to measures determined in accordance with IFRS and should not, on its own, be construed as indicators of performance, cash flow or profitability. References to Pioneering’s Adjusted EBITDA should be read in conjunction with the financial statements and management's discussion and analysis of 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 Adjusted EBITDA, enabling management and investors to gain a clearer understanding of the underlying financial performance of the Company without the impact of U.S. Section 301 tariffs 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 a standardized 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 an alternative to measures determined in accordance with IFRS 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 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 Regulation Services Provider (as that term is defined under the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

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