Mr. Dan Stearne reports

INVENTRONICS ANNOUNCES 2023 Q2 FINANCIAL RESULTS

Inventronics Ltd. today released its unaudited 2023 Q2 financial results.

For the three months ended June 30, 2023, Inventronics reported net earnings of $346,000, or 7.1 cents per share, on revenue of $3,103,000 compared with net earnings of $803,000, or 16.7 cents per share, on revenue of $4,269,000 for the three months ended June 30, 2022. For the six months ended June 30, 2023, Inventronics reported net earnings of $671,000, or 13.8 cents per share, on revenue of $6,438,000 compared with net earnings of $1,305,000, or 27.2 cents per share, on revenue of $8,056,000 for the comparative period in 2022.

The surge in revenue and profitability of 2022 was the result of customers building up inventories in response to supply chain challenges at that time. Those challenges have subsided, and the pace of installations has moderated to align with the availability of installation crews. These factors have combined to reduce the 2023 revenue and profitability, which is likely to persist through the latter half of 2023 as threats of recession continue to be discussed.

Further information about the financial results of the corporation can be found in the corporation's unaudited interim financial statements for the quarter ended June 30, 2023, and accompanying management's discussion and analysis (2023 Q2 MD&A) filed on SEDAR+.

About Inventronics Ltd.

Inventronics designs and manufactures enclosures and other products for an array of customers in the telecommunications, cable, power distribution, energy and other industries in North America. The corporation owns its ISO 9001-registered production facility in Brandon, Man. Shares of Inventronics trade on the TSX Venture Exchange under the symbol IVX.