Mr. David Bibby reports

HYPERCHARGE NETWORKS CORP. ANNOUNCES UNAUDITED FINANCIAL RESULTS FOR THE THREE MONTHS ENDED JUNE 30, 2023

Hypercharge Networks Corp. has released its unaudited financial results for the three months ended June 30, 2023. All dollar figures are in Canadian Dollars, unless otherwise stated.

Financial highlights (for the three months ended June 30, 2023)

For the three months ended June 30, 2023, the company's revenue in the quarter was $501,024, an increase of 628 per cent compared with $68,835 in the three months ended May 31, 2022. Operating expenses increased from $1,302,852 in the comparable period to $2,425,896 (an increase of 86 per cent) for the three months ended June 30, 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 May 31, 2022, are attributable to the company's early stages of business, which resulted in lower direct and variable costs during the period.

Total assets as at June 30, 2023, were $10,490,211, (a 64-per-cent increase from $6,404,576 for the year ended March 31, 2023). As at June 30, 2023, the company had cash and cash equivalents of $6,927,630.

"We are pleased to report the unaudited financial results for the three months ended June 30, 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 (for the three months ended June 30, 2023):

• Signed new sales orders for 288 charging ports in the three months ended June 30, 2023, and over 2,100 charging ports since commencing business operations in June, 2021.
• Delivered 316 charging ports in the three months ended June 30, 2023, and over 1,050 charging ports since commencing business operations in June, 2021.
• Increased sales backlog by 215 charging ports. The company expects phased delivery of these chargers beginning in late 2023.
• Activated seven new strategic partnerships that facilitate Hypercharge entering into new markets by assisting with installation of chargers. This increases the company's total number of strategic partnerships to 44.
• Entered into a strategic partnership with Precise ParkLink Inc. Precise ParkLink manages over 500,000 stalls across Canada in the health care, municipal, commercial, institutional and private sectors.
• Hired four additional employees: one in engineering, one in operations and two in sales as part of the company's United States growth objective.
• Closed a $5-million non-brokered private placement.

Summary of key financial measures

A summary of selected financial information for the three months ended June 30, 2023, and the three months ended May 31, 2022, is as shown in the attached table.

For more information, please refer to the company's management's discussion & analysis and the company's unaudited condensed consolidated interim financial statements for the three months ended June 30, 2023, and May 31, 2022. These documents are available on the company's website and under the company's SEDAR+ profile.

About Hypercharge Networks Corp.

Hypercharge Networks is a leading provider of smart electric vehicle (EV) 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.

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