Mr. Dan Stearne reports

INVENTRONICS ANNOUNCES 2023 Q3 FINANCIAL RESULTS

Inventronics Ltd. has released its unaudited Q3 2023 financial results.

For the three months ended Sept. 30, 2023, Inventronics reported a net loss of $94,000, or 1.9 cents per share, on revenue of $1,463,000 compared with net earnings of $536,000, or 11.1 cents per share, on revenue of $3.4-million for the three months ended Sept. 30, 2022. For the nine months ended Sept. 30, 2023, Inventronics reported net earnings of $576,000, or 11.8 cents per share, on revenue of $7.9-million compared with net earnings of $1,841,000, or 38.3 cents per share, on revenue of $11,374,000 for the comparative period in 2022.

The communication industry in both Canada and the United States saw a slower-than-planned rate of construction in Q3 due to a number of factors, but mainly due to a lack of availability of installation crews for construction. The threat of recession coupled with the interest rate increases has contributed to economic uncertainty. In Canada, certain major internet providers are threatening to reduce their capital spending in the wake of the Canadian Radio-television and Telecommunications Commission decision to force them to open their networks to smaller competitors at prescribed rates. As a result of these factors, the company's 2023 third quarter results were substantially lower than anticipated.

Further information about the financial results of the corporation can be found in the corporation's unaudited interim financial statements for the quarter ended Sept. 30, 2023, and accompanying management's discussion and analysis 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.