Mr. Shane Madden reports

HYDREIGHT REPORTS RECORD TOPLINE(1) REVENUE OF $4.87M IN Q1-2024 (YOY INCREASE OF 33%)

Hydreight Technologies Inc. has released its financial results for the first quarter ended March 31 2024.

Summary of Q1 2024 financial highlights:

• Q1 2024 generally accepted accounting principle revenue was $3.38-million, an increase of 44 per cent compared with Q1 2023;
• Q1 2024 top-line record revenue of $4.87-million, an increase of 33 per cent compared with Q1 2023;
• Q1 2024 gross margin of $1.23-million compared with $1.04-million in Q1 2023;
• The company has approximately 117 white-label locations nationwide, with new locations opening every month;
• The company has never raised or borrowed any additional capital since the original reverse takeover in December, 2022;
• Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) has improved and projects a path to profitability;
• Company's cash in hand is $1.34-million in Q1 2024.

Shane Madden, chief executive officer of Hydreight, commented: "We had an outstanding quarter with record revenue, adjusted EBITDA, adjusted revenue. Our investment in our technology and infrastructure in 2023 led to become a fully automated, fully integrated, turnkey solution for mobile medicine across the board. This has already been paying off by signing up new nurses and white-label clients. Our focus in 2024 is to continue growing the revenue, becoming a profitable company and introducing our story to more potential shareholders."

Highlights and subsequent events:

• Hydreight through its associated medical network now offers tirzepatide to its product offering, which also features GLP-1 medications (low-cost semaglutide), NAD+ and more.
• The company has approximately 117 white-label locations nationwide, with new locations opening every month.
• Hydreight added semaglutide to product offerings. Studies have shown that semaglutide injections can be used together with diet and exercise to help control blood sugar and help lose weight and keep the weight off.
• Hydreight was named one of Canada's companies to watch as part of the 2023 Deloitte Technology Fast 50 program. The award highlights the company's significant organic revenue growth of 250 per cent year over year, and validates the business operations and key differentiators Hydreight has in the market.
• Hydreight launched NAD+ as part of its robust patient service offering on its proprietary health care technology platform. NAD+ or nicotinamide adenine dinucleotide is a co-enzyme central to metabolism, which is found in all living cells and consists of two nucleotides joined through their phosphate groups. Clinical studies have suggested that NAD+ may help to improve cognitive function, energy, weight management and pain management, and may also reduce and reverse the effects of aging and more.
• Hydreight provided a corporate update reflecting significant revenue growth and strong organic operational growth.
• Hydreight announced nationwide expansion of doctor network to meet demand across all 50 states across the United States.
• Hydreight partners with Ola Digital Health, an independent, national pharmacy network to provide health and wellness services in store.

The attached table sets out a summary of certain financial results of the company over the past eight quarters, and is derived from the audited annual consolidated financial statements and unaudited quarterly consolidated financial statements of the company.

The company has experienced dramatic user growth over the past two years as can be seen by the consistent revenue growth over the past eight quarters. Net loss and comprehensive loss have generally remained comparable from the second quarter of 2022 through the current period when looking only at operating expenses, not including the RTO transaction expenses included in the fourth quarter of 2022.

The company continues to deliver on its mission of building the largest mobile clinical network in the United States. Through its medical network, pharmacy network and proprietary technology platform that adheres to the complex health care legislation across 50 states, Hydreight has provided a fully integrated solution for health care providers to become independent contractors.

Hydreight remains focused on its strategic priorities of: (1) profitability; (2) adding more product and service offerings for its customers; (3) introducing the Hydreight story with more potential shareholders; (4) driving white-label partnerships and nurses to the platform; and (5) looking for strategic tuck-in merger-and-acquisition opportunities to scale and expand the business quickly and efficiently. Hydreight will continue to invest into its technology to ensure continuous improvements, advancements and updates adhering to changes within the health care industry.

Please see SEDAR+ for the company's condensed interim consolidated unaudited financial statements and management's discussion and analysis for the three-month period ended March 31, 2024.

About Hydreight Technologies Inc.

Hydreight is building the largest mobile clinic network in the United States. Its proprietary, fully integrated platform hosts a network of over 2,500 nurses, over 100 doctors and a pharmacy network across 50 states. The platform includes a built-in, easy-to-use suite of fully integrated tools for accounting, documentation, sales, inventory, booking and managing patient data, which enables licensed health care professionals to provide services directly to patients at home, office or hotel. Hydreight is bridging the gap between provider compliance and patient convenience, empowering nurses, medspa technicians and other licensed health care professionals. The Hydreight platform allows health care professionals to deliver services independently, on their own terms, or to add mobile services to existing location-based operations. Hydreight has a 503-billion pharmacy network servicing all 50 states, and is closely affiliated with a U.S. certified e-script and telemedicine provider network.

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