Mr. Peter Evans reports

PATRIOT ONE RELEASES THIRD QUARTER 2022 RESULTS

Patriot One Technologies Inc. has released its interim financial results for the three- and nine-month periods ended April 30, 2022. All information is in Canadian dollars unless otherwise indicated.

This news release should be read in conjunction with the company's condensed consolidated interim financial statements, prepared in accordance with international financial reporting standards (IFRS), and its management's discussion and analysis (MD&A), for the three- and nine-month periods ended April 30, 2022, and April 30, 2021, which can be found under the company's profile on SEDAR.

"I am pleased with the solid foundation we have established this past quarter and excited by the momentum our business is building," stated Peter Evans, chief executive officer of Patriot One. "We are laser focused on improving the patron experience at sport stadiums, casinos and live entertainment venues while enhancing security. Our newly released SmartGateway platform is specifically designed for the needs and requirements of these venues, and with the off-season under way for many leagues, we're seeing a significant increase in market activity, which we are working hard to capitalize on. We have completed over 20 on-site demonstrations with professional sports teams and other entertainment venues this quarter. This momentum is beginning to be reflected in our growing backlog and our qualified pipeline, and clearly demonstrates the increased focus on public safety and market interest for our products."

Company highlights for the fiscal quarter ended April 30, 2022

The following is a summary of the key business highlights for the quarter ended April 30, 2022:

• Accelerated top-line growth with approximately $2.8-million of revenue recognized during the first nine months of the fiscal year, of which $900,000 was generated in the current quarter;
• Continued to build backlog to over $2.6-million, which will be recognized as revenues in future periods, with an additional $1.6-million pending successful trials;
• Secured and completed a $1.0-million contract with Canada's Department of National Defence (DND), to further develop an AI-enabled (artificial intelligence) full-motion video analytics application;
• Signed a contract with Kia Georgia to provide patron screening solutions for the entire manufacturing facility to enhance the existing guard service;
• Selected by Oak View Group to protect all entrances at Austin's new live entertainment venue, Moody Center, the new home of the University of Texas basketball team;
• Commercially released the next phase of the company's threat detection multisensor gateway with technology enhancements for increased accuracy, flexibility, ease of deployment and practicality for sports and entertainment venues;
• Raised $6.9-million of gross proceeds through the completion of a public offering, providing further capital in support of the company's operations;
• Subsequent to the period, selected by the Central Bank Center to secure the entrances at the Rupp Arena and Lexington Opera House, located in Lexington, Ky.;
• Subsequent to the period, secured a $1.0-million contract with Innovation Solutions Canada to provide AI-based solutions to improve situational awareness for first responders and firefighters.

Fiscal 2022 third quarter financial results:

• Revenue was $900,000 and $2.8-million for the three- and nine-month periods ended April 30, 2022, respectively, as compared with $200,000 and $800,000 for the same periods ended April 30, 2021.
• The backlog of sales commitments not yet recognized as revenue was $2.6-million as of April 30, 2022, as compared with $1.0-million at April 30, 2021.
• Loss and comprehensive loss totalled $4.4-million and $8.6-million for the three- and nine-month periods ended April 30, 2022, as compared with $3.2-million and $9.7-million for the same periods ended April 30, 2021. The change in loss pertains to an increase in revenue and non-dilutive financing from Raytheon Technologies Corp.
• Basic and diluted loss per share was there cents and six cents for the three- and nine-month periods ended April 30, 2022, respectively, as compared with two cents and six cents for the same periods ended April 30, 2021.

Conference call details

Patriot One will host a conference call to discuss its third quarter results on Thursday, June 9, 2022, at 5:30 p.m. EST. Peter Evans, Patriot One chief executive officer and director, and Karen Hersh, chief financial officer, will provide an overview of the recent financial results along with management's outlook for the business, followed by a question-and-answer period.

Investors may register on-line for the live conference call. Participants should dial in at least 10 minutes prior to the start of the call. A recording of the call will be available on the company's website after the conference call concludes.

About Patriot One Technologies Inc.

Patriot One Technologies makes unobtrusive, AI-driven weapons and threat detection systems that enable arenas, schools, theatres and other businesses to provide unprecedented safety while also improving the customer experience. The company's multisensor gateway enables companies to covertly screen for weapons at points of entry without disrupting the flow of traffic, and its AI-based video recognition software enables venue and building operators to identify weapons and other threats inside and outside of facilities, while also providing valuable intelligence for optimizing operations.

We seek Safe Harbor.