BURLINGTON, ON / ACCESSWIRE / August 25, 2022 / Memex Inc. ("Memex" or the "Company") (TSXV:OEE), a leader in Industrial Internet of Things (IIoT) manufacturing productivity software, released financial and operational highlights for its third quarter ending June 30, 2022. All results are reported in Canadian dollars. A complete set of its June 30, 2022 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 June 30, 2022:

• Revenue of $659 thousand versus $767 thousand in the year-ago quarter, a 14% decline;
• Bookings^i, totalled $417 thousand, a 2% decline from the $425 thousand in the year-ago period;
• Finished the quarter with $783 thousand in project backlogⁱⁱ, up 52% from September 30, 2021;
• Gross margin was 79.3% for the period compared to 78.0% for the year-ago period;
• Cash generated from operations (before changes in non-cash items) of $80 thousand was $18 thousand lower than the $98 thousand generated from operations in the year-ago period;
• Loss from operations of $244 thousand versus $185 thousand income in the year-ago period;
• Net and comprehensive income of $23 thousand ($0.000 per share) was $66 thousand higher than the $43 thousand net and comprehensive loss for the same period a year ago; and
• $3 thousand in working capital deficit (excluding unearned revenue) at June 30, 2022 is $712 thousand lower than the $709 thousand at September 30, 2021; cash on hand of $336 thousand is down 53% from the $709 thousand on hand at September 30, 2021.

Summary financial highlights for the nine-months ended June 30, 2022:

• $1.63 million in revenue was a 26% decline from the $2.22 million in the year ago period;
• Bookingsⁱ totalled $1.80 million versus $1.77 million in the same period a year ago, a 2% increase;
• Gross margin was 74.8% compared to 79.7% for the year-ago period;
• Cash consumed from operations (before changes in non-cash items) of $248 thousand was $455 thousand less than the $207 thousand generated in the first nine months of fiscal 2021; and
• Net and comprehensive loss of $435 thousand ($0.003 per share) was $403 thousand lower than the $32 thousand loss generated for the same period a year ago.

Management commentary:

"Although we've observed U.S. manufacturing slowing down over the past few months, we were not disappointed with our results from operations during the third quarter," said Memex CEO David McPhail. "In spite of indicators like the Empire State Manufacturing Survey reporting its second-lowest level ever, we are still seeing demand for our solutions as indicated by our backlog."

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:

Sean Peasgood, Investor Relations
647-977-9264
sean@sophiccapital.com

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 June 30, 2022, and 2021, in the section "Other Financial Measures." That MD&A is available at www.sedar.com under our company profile.

SOURCE: Memex Inc.