Mr. Peter Evans reports

XTRACT ONE ANNOUNCES STRONG PRELIMINARY FIRST QUARTER 2024 RESULTS

Xtract One Technologies Inc. has released strong preliminary first quarter 2024 financial results. Based on preliminary unaudited results, the company is expecting:

• Total contract value of new bookings during the quarter of $9.6-million (Q4 2023: $5.3-million), with a minimum of $10.5-million of agreements pending installation (Q4 2023: $10.4-million);
• Expected contractual backlog in the range of $8.2-million to $9.4-million (Q4 2023: $4.1-million);
• Record revenue for the quarter, to range between $2.9-million to $3.2-million (Q4 2023: $1.8-million);
• Gross profit margin of between 64 per cent and 67 per cent for the three months ended Oct. 31, 2023 (Q1 2023: 52 per cent).

"Based on our preliminary evaluation, Q1 2024 marks a noteworthy milestone for our company as our preliminary results have exceeded expectations and provide a solid springboard into continued growth for fiscal 2024. We are thrilled to report record-breaking revenue, accompanied by a significant increase in our contractual backlog and agreements pending installation for the platform business. These achievements underscore our dedication to deliver exceptional value to our customers and to solidify our position as a leader in the industry," stated Peter Evans, chief executive officer of Xtract One. The company intends to provide further details on the quarter following the release of its official results on Dec. 7, 2023. Call details are provided below.

Conference call details

Xtract One will host a conference call to discuss its annual results on Thursday, Dec. 7, 2023, at 5:30 p.m. ET. Mr. Evans, Xtract One chief executive officer and director, and Karen Hersh, chief financial officer and corporate secretary, will provide an overview of the financial results along with management's outlook for the business, followed by a question-and-answer period.

Investors may register for the live conference call on-line. 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 Xtract One Technologies Inc.

Xtract One Technologies is a leading technology-driven threat detection and security solution, leveraging artificial intelligence to provide seamless and secure patron access control experiences. The company makes unobtrusive threat detection systems that enable venue building operators to prioritize and deliver improved patron experiences while providing unprecedented safety. Xtract One's innovative AI-powered Gateway product enables companies to covertly screen for weapons at points of entry without disrupting the flow of traffic. Its AI-based Xtract One Vision allows venue and building operators to identify weapons and other threats inside and outside of facilities, and Xtract One Insights provides valuable intelligence for optimizing operations.

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