BURLINGTON, ON / ACCESSWIRE / May 18, 2023 / Memex Inc. ("Memex" or the "Company") (TSX-V:OEE), a leader in Industrial Internet of Things (IIoT) manufacturing productivity software, today released financial and operational highlights for its second quarter ending March 31, 2023. All results are reported in Canadian dollars. A complete set of its March 31, 2023 Condensed Interim Consolidated Financial Statements and Management's Discussion & Analysis has been filed at www.sedar.com.

Summary financial highlights for the three-months ended March 31, 2023:

• Revenue of $471 thousand versus $473 thousand in the year-ago quarter, virtually unchanged;
• Bookingsⁱ for the three-month period totalled $554 thousand versus $426 thousand in the year ago period, a 30% increase, and $676 thousand in the first quarter of 2023, an 18% decrease;
• Finished the quarter with $656 thousand in project backlogⁱⁱ, up 14% from September 30, 2022;
• Gross margin was 72.5% for the period compared to 66.5% for the year-ago period;
• Cash utilized in operations (before changes in non-cash items) of $82 thousand was $115 thousand better than the $197 thousand consumed through operations in the year-ago period;
• Loss from operations of $118 thousand versus a $244 thousand operational loss in the year-ago period is a 52% improvement;
• Net and comprehensive loss of $145 thousand ($0.001 per share) was a $134 thousand improvement on the $279 thousand net and comprehensive loss for the same period a year ago; and
• $54 thousand in working capital (excluding unearned revenue) at March 31, 2023 is a $131 thousand improvement from the $77 thousand deficit at September 30, 2022; cash on hand of $146 thousand is down 50% from the $290 thousand on hand at September 30, 2022.

Summary financial highlights for the six-months ended March 31, 2023:

• $1.03 million in revenue was a 6% increase from the $974 thousand in the year ago period;
• Bookingsⁱ totalled $1.23 million versus $1.39 million in the same period a year ago, an 11% decrease;
• Gross margin was 78.1% compared to 71.8% for the year-ago period;
• Cash consumed from operations (before changes in non-cash items) of $43 thousand was $285 thousand less than the $328 thousand consumed in the first six months of fiscal 2022; and
• Net and comprehensive loss of $164 thousand ($0.001 per share) was $293 thousand better than the $457 thousand net and comprehensive loss generated for the same period a year ago.

As announced and formed last October, the special committee of independent directors (the "Special Committee") continues to explore and evaluate a broad range of strategic alternatives looking to accelerate the growth of the business. Among other things, this Special Committee's review has involved evaluation of the Company's strategic direction, operations, market valuation and capital structure.

Selected financial information:

1. Before changes in non-cash working capital balances.

* Working Capital = current assets - current liabilities less unearned rev

** Working Capital ratio = current assets / current liabilities less unearned rev

About Memex Inc.:

Established in 1992, Memex grew to be an industry leader in Industry Internet of Things (IIoT) through the development of MERLIN Tempus, an award-winning platform that delivers real-time, tangible increases in manufacturing productivity. Memex is on the leading edge of industry trends in computing power, machine connectivity, industry standards, advanced software technology, and manufacturing domain expertise.

Our persistent pursuit of innovative IIoT solutions led to a comprehensive understanding of the challenge's manufacturers face. We made it our mission to, "successfully transform factories of today into factories of the future." As the global leader in Machine to Machine (M2M) connectivity solutions, our hardware and software products create unparalleled visibility at all levels, from "Shop-Floor-to-Top-Floor."

The MERLIN Tempus Suite provides effective quantification and management of Overall Equipment Effectiveness (OEE) by revealing hidden capacity using real-time objective data. Further, it offers sustainable benefits that enable world-class OEE such as reducing costs, incorporating strategies for continuous LEAN improvement, and boosting bottom-line financial performance. For more information, please visit: www.MemexOEE.com

For investor inquiries please contact:

Neither the TSX Venture Exchange nor its Regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

­­­­­­­­­­­­­­­­­­­­­­­i & ii These non-IFRS financial measures are identified, defined and reconciled to their closest IFRS measures, revenue and unearned revenue, within our Management's Discussion and Analysis for the periods ended March 31, 2023, and 2022, in the section "Other Financial Measures." That MD&A is available at www.sedar.com under our company profile.

SOURCE: Memex Inc.