Pressreleaser | 17 Nov 2022 | Smart Wires

Smart Wires: SMART WIRES TECHNOLOGY LTD ISSUES Q3 2022 INTERIM REPORT AND UPDATES ORDER GUIDANCE

The Company’s Key Business Highlights for Q3 2022:

• Company announced it’s closed on $5 million in funding under a $20 million aggregate investment
• Company announced plans to apply for delisting of the Company’s Swedish Depository Receipts, currently traded on the NASDAQ First North Growth Market
• Announcement that Company is exploring strategic alternatives including without limitation additional financing, a business combination, and a sale of the Company
• Initiation of a restructuring to further focus the business on core markets and improve its cost structure, including a reduction in force affecting 35% of employees
• Given continued supply chain challenges, revenue guidance was suspended
• Current order backlog at $67 million slated for Q4 2022 to Q2 2023 delivery
• Order guidance was lowered from $80 million to $100 million to $50 million to $60 million
• Q3 Revenue of $4.5 million, -23% vs. Q3 2021
• Q3 Net loss of $23.2 million, -50% vs. Q3 2021
• Q3 non-GAAP adjusted EBITDA loss of $20.8 million, -41% vs. Q3 2021
• Successful delivery of first project in Canada
• Completion of large-scale VNI upgrade project with Transgrid in Australia

The full Smart Wires Technology Ltd Q3 2022 Interim Report is attached to this release, and can be found at: https://www.smartwires.com/investors/financial-reports-presentations/ .

Important notice about forward-looking information

This interim report contains certain forward-looking information and statements that reflect the Company’s current views on future events as well as financial and operational developments. Words such as ”refer”, ”assess”, ”expect”, ”can”, ”plan”, ”estimate”, ”calculate”, ”could” and other expressions that indicate indications or assessments regarding future developments or trends, and which does not relate to historical facts, constitutes forward-looking information. Forward-looking information is inherently associated with both known and unknown risks and uncertainties because it is dependent on future events and circumstances. Forward-looking information does not constitute a guarantee regarding future results or development and the actual outcome may differ materially from what is stated in forward-looking information. Neither the Company nor anyone else make any representations about publishing updates or revisions of forward-looking information as a result of new information, future events or similar circumstances other than as provided by applicable mandatory rules and regulations.