EdgeTI Reports Full Year and Q4 2023 Results

Newsfile Corp.
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Arlington, Virginia--(Newsfile Corp. - June 24, 2024) - Edge Total Intelligence Inc. (TSXV: CTRL) (OTCQB: UNFYF) (FSE: Q5i) ("edgeTI", "Edge Technologies", "Company"), the provider of edgeCore?, a leading real-time digital twin platform, announces its audited financial results for the three months and year ended December 31, 2023.

"2023 was a demanding year for our Company as our employees and board stayed focused on reducing debt, decreasing costs, and driving growth," said Jim Barrett, CEO of edgeTI. "We achieved results in all three areas."

All financial amounts in this release are posted in US Dollars unless otherwise stated as are the Consolidated Financial Statements and Management's Discussion and Analysis on SEDAR+ https://www.sedarplus.ca/.

2023 Year-End Financial Highlights

  • Liabilities were reduced by 48% to $6,186,658 at twelve months ended December 31, 2023 versus $11,851,501 at the end of 2022.

  • Fourth quarter 2023 revenue increased 29% to $971,419 for last three months of 2023 from $754,775 in Q4-2022 while twelve-months ended revenue increased 7% in 2023 to achieve $3,815,552 compared with $3,570,579 in 2022.

  • Fourth quarter 2023 operating expense and cost of goods sold combined decreased 50% to $2,522,161 versus $5,011,858 during the same period in 2022 while operating expense and cost of goods throughout 2023 decreased 33% to $6,766,648 compared with $10,145,442 in 2022.

  • Net and comprehensive income/(loss) improved 126% in the fourth quarter of 2023 with income of $1,364,920 versus a loss of $(4,493,037) in the prior year. Net and comprehensive loss over the entirety of 2023 resulted in an 81% decrease in loss to arrive at a loss of $986,126 in 2023 versus a loss of $6,194,329 in 2022.

2023 Year-End Achievements:

  • In January of 2023, the Company secured a three-year renewal from human capital management leader and its use of edgeCore? platform as they modernize information technology (IT) operations.

  • In January of 2023, the Company opened a new market segment with Idaho Environmental Coalition who is utilizing edgeCore platform to track and guide progress on the multiple projects tied to the U.S. Department of Energy's Idaho National Lab.

  • In January 2023, edgeTI completed the restructure of the Company's debts and in March 2023 negotiated an increased credit line and a convert-to-share option on the Company's Credit Facility, which later converted $5.27 million in debt to 9 million common shares in October 2023 - nearly reducing the Company's debt in half.

  • In February 2023, edgeTI demonstrated new capabilities to infuse AI into operations workflows via ChatGPT, a generative AI as part of the Company's commitment to operationalize AI.

  • By March 2023, the Company received multiple industry analyst recognitions from CB Insights comparing the company to Palantir. Gartner included EdgeTI in its Emerging Tech Impact Radar for 2023 and Market Guide for Technologies Enabling Digital Twin of an Organization

  • In April 2023, the Company announced the general availability of its edgeCore? platform 4.5 to empower its customers to rapidly compose and deploy secure, action-embedded (composable) apps that deliver the right information to the right people on the right device at the speed of relevance.

  • In May 2023, edgeTI formed a strategic partnership with Grokstream, LLC ("Grokstream"), a leader in artificial intelligence for IT operations (AIOps). The strategic partnership leverages edgeTI's edgeCore? platform to: a) expand integrations with enterprise IT management applications, b) orchestrate automation and workflow engines, and c) drive greater user acceptance through intuitive user experiences. The partnership is expected to increase edgeCore use throughout the Grokstream customer base.

  • In June 2023, the Company announced that its shares began trading on the OTCQB Venture Market under the symbol "UNFYF" became eligible to be electronically cleared and settled in the United States through the Depository Trust Company ("DTC") - making the Company's stock more accessible to U.S. retail and institutional investors.

  • In July 2023, the United States Department of Veterans Affairs selected the Company for a five-year contract extension to visualize and empower pharmacy monitoring automation valued at near $4.7 Million.

  • At the AGM on August 23, 2023, the shareholders elected three new independent board members - establishing an independent board majority.

  • In September 2023, the Company expanded into the energy sector with a partnership with energy AI Leader, Algo8, who optimizes digital plant and asset operations seamlessly at scale.

  • In October 2023, the Exchange approved the debt for shares transaction that converted $5.27 million in debt to 9 million common shares.

  • Throughout the year, edgeTI's Chief Revenue Officer, Jacques Jarman, was selected to present several talks at government innovation conferences in Augusta Georgia, National Harbor Maryland, Honolulu Hawaii on the merits of Digital Twins, Data Mesh, and Composable Apps. Each of these engagements presented Jacques Jarman as a leading expert in these topics and edgeTI as the solution to global challenges.

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