Mr. David Bibby reports

HYPERCHARGE NETWORKS CORP. ANNOUNCES AUDITED FINANCIAL RESULTS FOR THE THREE MONTHS AND SEVEN MONTHS ENDED MARCH 31, 2023

Hypercharge Networks Corp. has released its audited financial results for the three months and seven months ended March 31, 2023, and related management discussion and analysis. The company's reporting period for the seven months ended March 31, 2023, reflects the company's change in fiscal year-end.

For the three months ended March 31, 2023, the company's revenue in the quarter was $752,673, an increase of 1,373 per cent compared with $51,097 in the three months ended March 31, 2022. Operating expenses increased from $940,041 in the comparable period to $2,160,025 (an increase of 80 per cent) for the three months ended March 31, 2023. This increase is largely attributable to general and administrative expenses in connection with non-cash share-based compensation expenses and non-recurring expenses. The lower operating expenses during the comparable period for the three months ended March 31, 2022, are attributable to the company's early stages of business, which resulted in lower direct and variable costs during the period.

For the seven months ended March 31, 2023, the company achieved revenue of $1,988,007, marking a significant growth rate of 311 per cent, compared with the year ended Aug. 31, 2022. For the comparable seven-month period, the company achieved a year-over-year revenue growth rate of 2,069 per cent.

During this seven month comparable period, operating expenses increased from $2,563,917 to $4,921,140 (an increase of 109 per cent), related to (i) hiring key staff to further support the company's sales and marketing efforts, (ii) an increase in research and development initiatives, (iii) general and administrative expenses related to professional fees for audit and legal, (iv) regulatory compliance, and (v) non-recurring corporate issuer fees from the company's initial public offering.

Total assets as at March 31, 2023, were $6,404,576, (down from $9,302,818 for the year ended Aug. 31, 2022). As at March 31, 2023, the company had cash and cash equivalents of $2,686,157.

"We are pleased to report the audited financial results for the year ended March 31, 2023," said David Bibby, president and chief executive officer of Hypercharge. "We are proud to see the increase in our customer base and their growing confidence in our ability to provide innovative charging solutions reflected in these results."

Business and pipeline highlights (during the three months ended March 31, 2023):

• As part of the company's United States growth objectives, the company closed the first four sales orders for customer sites in five states in the U.S., which include Massachusetts, New Jersey, New York, Pennsylvania and Rhode Island;
• Activated 18 new partners that help Hypercharge enter into new markets, sell the company's products and assist with installation of chargers. This more than doubled the company's total number of partnerships (to a total of 37);
• Recruited five additional employees in sales, engineering, operations and finance.

Recent business and pipeline highlights during the seven months ended March 31, 2023:

• Sold and delivered 489 EV (electric vehicle) charging stations across eight provinces in Canada;
• Developed a growing sales backlog highlighted by completion of three significant sales orders in British Columbia for 748, 128 and 110 Level 2 charging stations. The company expects to begin phased delivery of these projects in early 2024;
• Announced its first roaming agreement with Electric Circuit, enabling both networks' users to access over 4,250 public charging stations;
• Delivered its first Level 3 DC fast charging stations in Alberta and British Columbia.

Summary of key financial measures

A summary of selected annual financial information for the last two fiscal years is as shown in the attached table.

About Hypercharge Networks Corp.

Hypercharge Networks is a leading provider of smart electric vehicle charging solutions that offers turnkey technology to multiunit residential and commercial buildings, fleet operations and other rapidly growing sectors. Driven by its mission to accelerate EV adoption and enable the shift toward a carbon-neutral economy, Hypercharge is committed to providing seamless, simple charging solutions by offering industry-leading equipment and a robust network of public and private charging stations.

We seek Safe Harbor.