Telescope Innovations Reports Strong Growth in Fiscal Year 2023

Newsfile Corp.
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Vancouver, British Columbia--(Newsfile Corp. - December 22, 2023) - Telescope Innovations Corp. (CSE: TELI) (OTCQB: TELIF) ("Telescope" or the "Company"), a developer of advanced technologies and services for the global pharmaceutical and chemical industries, reports financial results for the fiscal year ended August 31, 2023. The Company generated revenues of $2.82 M, representing an increase of 375% over the previous fiscal year.

Figure 1. Revenue and net income chart for FY 2022 and 2023.

To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/8923/192205_a463ad6464d5fa44_001full.jpg

FINANCIAL HIGHLIGHTS OF THE FISCAL YEAR ENDED AUGUST 31, 2023
All values are represented in CAD.

  • Revenues of $2,824,010: a 375% increase over FY 2022

  • Expenses of $3,542,104

  • Net loss of $718,094

  • Total assets of $3,290,512

A YEAR OF BUSINESS DEVELOPMENT AND INVESTMENT IN THREE STRATEGIC AREAS

  1. Telescope worked to establish global leadership in online chemistry sampling and analysis products by launching our Flagship product, DirectInjectTM-LC. This product has been adopted by 13 of the top 20 pharmaceutical companies in the world.

  2. We executed multiple strategic contract projects building custom automated workflows to become the Provider-of-Choice for Self Driving Laboratories for major pharmaceutical manufacturers.

  3. The Company invested in the development of intellectual property focused on high-value specialty materials. Telescope was granted a Canadian patent on the production of pharmaceutically. relevant indole compounds, and recently filed a provisional patent application on the synthesis of battery materials.

Jeffrey Sherman, Telescope COO, commented, "We are very pleased with the adoption of our DirectInject technology this year. We aim to build on this momentum and further grow our strategic partnerships within the pharmaceutical and chemical manufacturing sector. Telescope is becoming a well-trusted provider of chemical technology, and we're excited for the growth ahead."

Readers are encouraged to review the full financial statements and accompanying management discussion and analysis for the year ended August 31, 2023, both of which are available under the profile for the Company on SEDAR+ (www.sedarplus.ca).

About Telescope

Telescope is a chemical technology company developing scalable manufacturing processes and tools for the pharmaceutical and chemical industry. The Company builds and deploys new enabling technologies including flexible robotic platforms and artificial intelligence software that improves experimental throughput, efficiency, and data quality. Our aim is to bring modern chemical technology solutions to meet the most serious challenges in health and sustainability.

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