Edgewater Wireless Systems Inc. — Management Reports 2026

Mar 30, 2026

1

EDGEWATER WIRELESS SYSTEMS INC.

MANAGEMENT DISCUSSION AND ANALYSIS

FOR THE THREE AND NINE MONTHS ENDED JANUARY 31, 2026

(IN CANADIAN DOLLARS UNLESS OTHERWISE STATED)

The following interim management's discussion and analysis ("MD&A") of the financial condition and results of the operations of Edgewater Wireless Systems Inc. (the "Company") constitutes management's review of the factors that affected the Company's financial and operating performance for the three and nine months ended January 31, 2026 and 2025. This MD&A has been prepared in compliance with the requirements of National Instrument 51-102 – Continuous Disclosure Obligations. This MD&A should be read in conjunction with the Company's unaudited condensed interim consolidated financial statements for the three and nine months ended January 31, 2026 and 2025, as well as the audited annual consolidated financial statements for the years ended April 30, 2025 and 2024, together with the notes thereto. The Company's financial statements and the financial information contained in this MD&A are prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB") and interpretations of the IFRS Interpretations Committee. All dollar amounts included therein and in this MD&A are expressed in Canadian Dollars unless otherwise note. The information contained within this MD&A is current to March 30, 2026. Additional information about the Company is available on SEDAR+ at www.sedarplus.ca.

Forward-Looking Information

Certain information contained herein, including (without limitation) financial and business prospects and financial outlooks, may constitute forward-looking information which reflects management's current expectations regarding future events, conditions, plans and intentions, growth, results of operations, financial position, performance and business prospects and opportunities, future technological developments, future revenue generation, creation of new customer accounts, increased efficiency of our operations, our ability to take advantage of current market conditions, population trends, and predictions of future actions, plans or strategies. Words such as "may", "will", "should", "could", "anticipate", "believe", "expect," "intend", "plan", "potential", "continue" and similar expressions have been used to identify such forward-looking information. In connection with such forward-looking information, certain assumptions have been made about our business, the economy and other matters. By its nature, such information is subject to certain risks and uncertainties, known and unknown, including, without limitation:

• the availability of sufficient and appropriate financing;
• technological change;
• development of new products and availability of existing products;
• the impacts of unforeseen public health crises,
• the risks associated with credit;
• the exchange rate of the U.S. dollar and other currency fluctuations;
• changes in accounting policies and estimates;
• changes in consumer preferences, customer demand for our products and services and our ability to maintain customer relationships;
• disruption to manufacturing and distribution activities due to labour disruptions, bad weather, natural disasters and other unforeseen adverse events;
• the recruitment and retention of competent personnel; and
• the discontinuation by our suppliers of certain technologies or the exiting by one of our suppliers from the electronics market.

The above (and other) factors could cause our actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied in such forward-looking information. See also "Risks and Uncertainties" below. Should one or more of these risks or uncertainties materialize, or should the assumptions underlying our projections or forward-looking information prove incorrect,

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2

EDGEWATER WIRELESS SYSTEMS INC.

MANAGEMENT DISCUSSION AND ANALYSIS

FOR THE THREE AND NINE MONTHS ENDED JANUARY 31, 2026

(IN CANADIAN DOLLARS UNLESS OTHERWISE STATED)

our actual results may vary materially. We do not intend and do not assume any obligation to update such forward-looking information, whether as a result of new information, plans, events or otherwise, unless required by law.

Corporate Structure

Headquartered at 390 March Road, Suite 127, Ottawa, Ontario, Canada, Edgewater Wireless Systems Inc. (the "Company" or "Edgewater") is a development stage company with representation in the USA and Europe. The Company's shares trade on the TSX Venture Exchange under the symbol YFI and on the OTC Pink Sheets under the symbol KPIFF.

Description of the Business

We make Wi-Fi. Better.

Edgewater Wireless delivers unmatched Wi-Fi QoS—bar none—by intelligently mitigating congestion, allocating spectrum in real time, and autonomously optimizing channel and link density to keep networks fast, fair, and reliable when it matters most. The result is tangible economics for service providers and their customers: reduced churn, improved efficiency, and consistently high-performance connectivity in the most demanding, high-density environments.

Redefining Wi-Fi from the silicon up, Edgewater's patented, AI-powered Wi-Fi Spectrum Slicing™ platform—delivered through the PrismIQ™ product family—breaks the limits of legacy Wi-Fi by enabling multiple concurrent channels within a single band, so more users get more usable capacity without the typical trade-offs. PrismIQ powers Edgewater's Wi-Fi 8-ready solution set, designed for Ultra High Reliability and predictable performance at scale across residential, enterprise, and Industrial IoT deployments—while delivering 10× performance and up to 50% lower latency, even for legacy devices.

With 26 granted patents, three AI-related patents pending, and a capital-efficient fabless model, Edgewater is transforming the economics of Wi-Fi for service providers, OEMs, and enterprises—powering scalable, standards-leading connectivity for the next era of global networks. A Silicon Catalyst portfolio company, Edgewater is building the intelligent wireless foundation for the future of connectivity.

Visit https://edgewaterwireless.com

Edgewater's Spectrum Slicing technology is a Wi-Fi architecture that creates multiple concurrent channels within a single band, dynamically allocating spectrum in real time to mitigate congestion and reduce latency in high-density environments. Designed to be infrastructure-friendly and compatible with existing client devices, it aims to deliver higher throughput and more predictable Quality of Service without client-side changes. The Company's commercialization strategy focuses on silicon/IP licensing and reference designs for service providers and OEM partners, supported by ongoing R&D to integrate AI-assisted spectrum control and by a growing patent portfolio. Management believes successful execution could expand the Company's addressable market and improve customer network economics; however, outcomes and timelines remain subject to technical, standards, and customer-adoption risks.

The results of operations for the annual period should not be relied upon as an indication of future performance.

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EDGEWATER WIRELESS SYSTEMS INC.

MANAGEMENT DISCUSSION AND ANALYSIS

FOR THE THREE AND NINE MONTHS ENDED JANUARY 31, 2026

(IN CANADIAN DOLLARS UNLESS OTHERWISE STATED)

Market Opportunity

Wi-Fi is the connective tissue of the modern internet. Industry sources estimate roughly 19.5 billion Wi-Fi devices in use by the end of 2023, with annual product shipments topping ~4.1 billion units in 2024 as demand resumes after recent supply-chain disruptions¹,². At the macro level, the annual global economic value of Wi-Fi is projected to reach nearly US $5 trillion in 2025, underscoring the technology's central role across consumer, enterprise, and industrial settings³.

Independent analysts now size the Wi-Fi chipset market at US $22.5 billion in 2025, with a projected rise to US $29.86 billion by 2030 (CAGR ~5.8%)⁴ as shipments mix toward Wi-Fi 6/6E and Wi-Fi 7 platforms across phones, PCs, CPE, and IoT. Wi-Fi has therefore become not just ubiquitous but economically foundational.

From a technical standpoint, legacy single-channel radio designs—effective in sparse, clean RF—encounter contention, latency, and fairness issues as densities climb and adjacent-/co-channel interference grows⁵. Contemporary research and vendor analyses alike highlight how dense deployments stress CSMA/CA and how emerging workloads (AR/VR, low-latency edge, multi-gigabit backbones) require multi-link operation⁶.

Market Opportunity

We see three distinct tracks:

1. Consumer (Home) Connectivity. We target silicon for residential gateways, mesh systems, and retail routers. Depending on scope, the home Wi-Fi router market is estimated around US $4.65 billion in 2025⁷, while the broader broadband CPE market (gateways, modems, ONTs, etc.) is sized at ~US $20.9 billion in 2024⁸, expanding through the decade as service providers upgrade for multi-gigabit and Wi-Fi 7. We continue to engage Tier-1 service providers and ecosystem partners to align our silicon roadmap with managed-Wi-Fi requirements.

2. Enterprise & Managed Networks. In the enterprise WLAN infrastructure segment, IDC reports quarterly market revenue of US $2.6 billion in 4Q24⁹ and US $2.3 billion in 1Q25, with growth underpinned by transitions to Wi-Fi 6E and Wi-Fi 7. Our in-band multi-channel/link approach is designed to improve determinism and quality of service in high-density venues without disruptive client-side changes.

¹ Source: https://www.wi-fi.org/system/files/Economic_Value_of_Wi-Fi_Highlights_202305.pdf?utm_source
² Source: https://www.businesswire.com/news/home/20230410005040/en/Worldwide-Wi-Fi-enabled-Product-Shipments-Fell-for-the-First-Time-in-2022-But-Will-Continue-to-Grow-to-4.6-billion-in-2027-According-to-IDC?utm_source
³ Source: https://6ghz.info/wp-content/uploads/2022/02/Global_Economic_Value_of_Wi-Fi_2021-2025_202109-1.pdf?utm_source
⁴ Source: https://www.prnewswire.com/news-releases/wi-fi-chipset-market-worth-29-86-billion-by-2030---exclusive-report-by-marketsandmarkets-302533214.html?utm_source
⁵ Source: https://www.intel.com/content/dam/www/central-libraries/us/en/documents/spectrum-needs-wi-fi-7-whitepaper.pdf?utm_source
⁶ Source: https://netman.aiops.org/wp-content/uploads/2017/05/iwqos2017-pch.pdf?utm_source
⁷ Source: https://www.thebusinessresearchcompany.com/report/home-use-wi-fi-router-global-market-report?utm_source
⁸ Source: https://www.credenceresearch.com/report/broadband-cpe-market?utm_source
⁹ Source: https://my.idc.com/getdoc.jsp?containerId=prUS53261925&utm_source

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EDGEWATER WIRELESS SYSTEMS INC.

MANAGEMENT DISCUSSION AND ANALYSIS

FOR THE THREE AND NINE MONTHS ENDED JANUARY 31, 2026

(IN CANADIAN DOLLARS UNLESS OTHERWISE STATED)

1. Licensing of Spectrum Slicing IP. Beyond product sales, we intend to license our Wi-Fi Spectrum Slicing intellectual property and trade secrets to semiconductor and platform companies seeking to differentiate performance and QoS at scale. This model complements our silicon efforts and can drive high-margin, capital-efficient growth across multiple device categories and standards generations.

Industry Trends and Market Conditions

6 GHz Spectrum Allocation: Expanding Physical Capacity for Wi-Fi

Since the earliest iterations of IEEE 802.11, unlicensed Wi-Fi primarily operated in the 2.4 GHz and 5 GHz bands. To meet surging device counts and throughput demands, regulators have begun allocating substantial new unlicensed spectrum at 6 GHz. The United States authorized 1,200 MHz for unlicensed use in 2020¹⁰,¹¹, and Canada followed with a framework enabling full-band operations (5,925–7,125 MHz) in 2021 (Federal Communications Commission; Innovation, Science and Economic Development Canada¹²). Across the globe, dozens of administrations have now opened all or part of the 6 GHz band for Wi-Fi, with continuing policy activity in the European Union on the upper 6 GHz range¹³ (RCR Wireless; Reuters). The continued expansion of unlicensed 6 GHz materially increases spectral headroom for next-generation Wi-Fi and enlarges the addressable opportunity for the Company.

Accelerated Shift to Wi-Fi 7 and leap to Wi-Fi8: Embracing Multi-Channel / Multi-Link Architectures

Market dynamics over the past 18–24 months show an accelerated pivot from Wi-Fi 6/6E to Wi-Fi 7 (802.11be), reinforced by the Wi-Fi Alliance's launch of the Wi-Fi CERTIFIED 7 program in January 2024 (Wi-Fi Alliance¹⁴). A defining feature of Wi-Fi 7 is Multi-Link Operation (MLO)¹⁵, which enables devices to transmit and receive across multiple bands and channels simultaneously; industry technical guidance underscores that MLO is a mandatory, cornerstone capability of the standard (Cisco; Zong et al.). Service-provider interest continues to rise: the Wireless Broadband Alliance (WBA) highlights Wi-Fi 7 momentum in its 2025 Industry Report¹⁶ and reports trial results showing significant latency, efficiency, and throughput gains in realistic enterprise scenarios (Wireless Broadband Alliance, Industry Report 2025; Wireless Broadband Alliance, "Wi-Fi 7 Trials"¹⁷). Together, 6 GHz availability and MLO are accelerating RFPs and product programs for residential gateways, CPE, and enterprise WLANs, shifting near-term demand toward Wi-Fi 7-capable platforms.

10 Source: https://www.fcc.gov/document/fcc-opens-6-ghz-band-wi-fi-and-other-unlicensed-uses?utm_source
11 Source: https://docs.fcc.gov/public/attachments/doc-363945a1.pdf?utm_source
12 Source: https://ised-isde.canada.ca/site/spectrum-management-telecommunications/en/spectrum-allocation/radio-local-area-network-rlan-6-ghz-band/decision-technical-and-policy-framework-licence-exempt-use-6-ghz-band?utm_source
13 Source: https://www.rcrwireless.com/20241209/fundamentals/global-of-6-ghz-wi-fi?utm_source
14 Source: https://finance.yahoo.com/news/wi-fi-alliance-introduces-wi-130000467.html?utm_source
15 Source: https://blogs.cisco.com/networking/wi-fi-7s-multi-link-operation-mlo-dissection-from-packets-to-performance?utm_source
16 Source: https://wballiance.com/wba-industry-report-2025/?utm_source
17 Source: https://arxiv.org/html/2309.15951v3?utm_source

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EDGEWATER WIRELESS SYSTEMS INC.

MANAGEMENT DISCUSSION AND ANALYSIS

FOR THE THREE AND NINE MONTHS ENDED JANUARY 31, 2026

(IN CANADIAN DOLLARS UNLESS OTHERWISE STATED)

Growing Industry Acknowledgment: Legacy Single-Channel Architectures Nearing End of Life

Across service-provider and enterprise deployments, the focus has shifted from headline "burst-rate" speeds to consistent quality of service and lower latency at scale. Field practice and vendor design guidance consistently recommend 20 MHz (and, in some cases, 40 MHz) channels in high-density environments to maximize reuse and minimize adjacent-/co-channel contention—implicitly limiting the prevalence of 80/160 MHz operation in real-world networks (Cisco Systems, High-Density Wi-Fi Design¹⁸; Cisco Systems, Wireless RF Reference Guide¹⁹). This reality constrains single-channel radio architectures, which must share a single, wide channel among an ever-rising number of devices; as density and interference increase, contention and latency intensify, degrading user experience. By contrast, architectures that raise physical link/channel density—and thereby present more "lanes" for traffic—better align with operational practice and application demands.

What Is Spectrum Slicing?

Spectrum Slicing is Edgewater's physical-layer approach that divides ("slices") a band into more concurrently usable links/channels, enabling more radios to operate within the same area. By increasing the number of independent in-band links, Spectrum Slicing force-multiplies application-layer features (e.g., schedulers) and mitigates contention and interference—much like converting a single-lane road into a multi-lane highway. CableLabs' Dual Channel Wi-Fi™ concept —one of the first industry efforts to add additional downlink-only channels alongside a primary bi-directional channel—illustrated the performance value of adding more concurrent paths; subsequent specifications and public code releases reinforced feasibility and operator interest (CableLabs, "Dual Channel Wi-Fi™"²⁰; CableLabs, WR-SP-WIFI-DCW-I01-2019²¹). Spectrum Slicing generalizes and extends this multi-link principle within standard bands to elevate determinism and throughput for existing and new devices.

Advantages of Spectrum Slicing

Our patented Spectrum Slicing technology targets the highest practical link/channel density in the market, allowing networks to utilize available spectrum more completely and deliver higher aggregate throughput and dramatically lower latency across mixed client populations. As Wi-Fi 7 adoption grows and MLO-capable devices proliferate, platforms that expose more concurrent in-band links maximize the benefits of MLO—aligning with industry direction and service-provider KPIs (Help Net Security²²; Business Wire²³; Edgewater Wireless²⁴).

18 Source: https://www.ciscolive.com/c/dam/r/ciscolive/global-event/docs/2024/pdf/BRKEWN-2087.pdf?utm_source
19 Source: https://www.cisco.com/c/en/us/td/docs/wireless/controller/9800/technical-reference/wireless-rf-reference-guide.html?utm_source
20 Source: https://www.cablelabs.com/technologies/dual-channel-wi-fi?utm_source
21 Source: account.cablelabs.com
22 Source: https://www.helpnetsecurity.com/2023/05/26/edgewater-mlx-488-wifi7-platform/?utm_source
23 Source: https://www.businesswire.com/news/home/20250325846707/en/Edgewater-Wireless-Provides-Corporate-Update?utm_source
24 Source: https://edgewaterwireless.com/edgewater-wireless-launches-wifi7-spectrum-slicing-platform/?utm_source

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EDGEWATER WIRELESS SYSTEMS INC.

MANAGEMENT DISCUSSION AND ANALYSIS

FOR THE THREE AND NINE MONTHS ENDED JANUARY 31, 2026

(IN CANADIAN DOLLARS UNLESS OTHERWISE STATED)

Our Products

PrismIQ™ Wi-Fi8 ready Silicon Solutions

PrismIQ™ is Edgewater’s Wi-Fi8-ready silicon solutions platform, purpose-built to deliver deterministic Wi-Fi performance by applying AI-driven spectrum management to allocate capacity dynamically and mitigate congestion in real time. Designed for residential gateways, enterprise and Industrial IoT access points, PrismIQ targets high-density environments where throughput consistency, latency, and user experience drive customer satisfaction and operating costs. As a fabless semiconductor innoavator, we execute through a capital-efficient roadmap—leveraging a partner ecosystem for design enablement and integration—to translate our IP into scalable, product-grade silicon and reference solutions.

IP Licensing and Technology Transfer

Technology transfer and securing licenses to use our patented Spectrum Slicing approach is one of our key opportunities and -- depending on negotiations and volumes -- could result in a royalty for each device/module sold, an upfront fee for past R&D and annual support fees. Notably, the business investment is relatively low compared with hardware-based production businesses as it is confined mainly to OPEX for sales, partner management, tech support, and legal.

Reference Designs and Access Point Solutions

A revolutionary approach to Wi-Fi, Edgewater’s Access Point reference designs and solutions deliver groundbreaking features and functionality engineered to deliver next-generation performance for service providers, large enterprises and OEMs/ODMs. The Access Points and reference designs are the first to offer in-band Wi-Fi Spectrum Slicing, powered by Edgewater’s silicon solutions. They enable multiple concurrent transmit and receive channels from a single radio, offering more physical (PHY) capacity and industry leading interference mitigation.

To realize the fullest potential of our differentiated approach, capital will be required for investment in silicon development, production and business development for potential licensing deals.

Fiscal Year Q3 2026 Operating Results and Highlights:

• Non-dilutive FABrIC support accelerating our silicon roadmap: During the period, we recognized $7,660 (Q3) and $128,219 (nine months YTD) of FABrIC program funding as “other income” and recorded a grant receivable of $95,233 for eligible costs incurred but not yet reimbursed.

• Focused investment in execution across development + commercialization: Operating spend reflects continued build-out of our platform, including product development of $77,277 (Q3) / $293,766 (YTD), alongside sales & marketing of $41,566 (Q3) / $80,030 (YTD) and G&A of $251,124 (Q3) / $699,440 (YTD).

• Results for the period (early-stage scale phase): Net loss was $345,343 for the quarter and $968,986 for the nine-month period, reflecting ongoing investment while we advance key technical milestones.

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EDGEWATER WIRELESS SYSTEMS INC.

MANAGEMENT DISCUSSION AND ANALYSIS

FOR THE THREE AND NINE MONTHS ENDED JANUARY 31, 2026

(IN CANADIAN DOLLARS UNLESS OTHERWISE STATED)

• Non-cash items and financing-related accounting impacts: The period included a non-cash fair value gain on convertible debentures of $32,791 (Q3) and $77,976 (YTD), as well as a $49,198 loss on amendment related to debenture term changes.
• Liquidity and cash utilization: Cash at January 31, 2026 was $13,327. For the nine months, net cash used in operating activities was $1,117,781, net cash used in financing activities was $12,859, with net change in cash of $(1,130,640).
• Balance sheet snapshot and capital structure: Total assets were $383,499 and total liabilities were $1,573,221, with a working capital deficiency of $807,299 at period end. The Company's convertible debentures totaled $357,698 (current $30,195; non-current $327,503).

Fiscal Year Q3 2026 Activities and Accomplishments:

On November 8, 2025, the Company Announced the Completion of Ninth and Tenth Payments of Debenture Interest.

On November 10, 2025, the Company changed its auditors from MS Partners LLP to Zeifmans LLP.

On November 10, 2025, the Company settled its obligation to pay an aggregate of $17,851 interest as of December 1, 2024, and $17,851 interest as of March 1, 2025 to the holders of its unsecured debentures issued September 1, 2022 through the issuance of an aggregate of 357,016 common shares of the Company at a deemed price of $0.05 per share and 238,010 common shares of the Company at a deemed price of $0.075 per share.

On December 10, 2025, the Company settled its obligation to pay an aggregate of $18,047 interest as of June 1, 2025, and $17,948 interest as of September 1, 2025, to the holders of its unsecured debentures issued September 1, 2022 through the issuance of an aggregate of 360,936 common shares of the Company at a deemed price of $0.05 per share and 276,214 common shares of the Company at a deemed price of $0.065 per share.

On December 5, 2025, the Company extended the expiry of 8,330,000 outstanding share purchase warrants issued in connection with its December 20, 2023 and February 26, 2024 private placement tranches. If approved, the $0.10 warrants would be extended by 12 months, with the 2023 warrants expiring December 20, 2026 and the 2024 warrants expiring February 26, 2027 (all other terms unchanged; none exercised to date).

On December 8, 2025, the Company announced it engaged Winning Media LLC to deliver a two-month, omnichannel digital marketing program (programmatic advertising, SMS/email marketing, ticker tagging and digital podcasts) for a fee of US$50,000, subject to TSXV approval.

On December 11, 2025, the Company reported that shareholders at the December 10, 2025 AGM approved all resolutions, including setting the Board at four directors and electing Brian Imrie, James Skippen, Ralph Garcea and Andrew Skafel, approving Zeifmans LLP as auditor and the 2025 Equity Incentive Plan, and the Board subsequently appointed Brian Imrie as Chair.

On December 30, 2025, the Company announced that it would attend CES 2026 and hold meetings with broadband operators, OEMs, silicon ecosystem partners and investors. On January 6, 2026, the Company announced the selection of Synopsys Cloud as a core element of its next-generation Wi-Fi silicon design and verification flows. On

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8

EDGEWATER WIRELESS SYSTEMS INC.

MANAGEMENT DISCUSSION AND ANALYSIS

FOR THE THREE AND NINE MONTHS ENDED JANUARY 31, 2026

(IN CANADIAN DOLLARS UNLESS OTHERWISE STATED)

January 7, 2026, the Company announced shareholder approval of its new equity incentive plan and the grant of 6,300,000 stock options and 2,500,000 deferred share units, with final TSX Venture Exchange approval required where applicable.

On January 7, 2026, the Company granted 2,500,000 DSUs to certain directors and officers of the Company. The DSUs vest after one year from the date of grant.

On January 7, 2026, the Company granted 6,300,000 options, exercisable at a price of $0.05 per share to a certain directors, officers, employees and consultants of the Company, expiring January 7, 2031. 5,400,000 of the options will vest 33% immediately, 33% on the first anniversary of the date of grant, and 34% on the second anniversary of the date of grant. 900,000 of the options will vest 25% immediately, and the remaining 75% vesting in equal 25% installments at 6 months, 12 months and 18 months from the date of grant.

On January 13, 2026, the Company announced the appointment of Rick Bahr as Strategic Advisor. Mr. Bahr previously served as Senior Vice President of Engineering at Qualcomm and headed engineering at Atheros Communications. According to the release, his advisory role is expected to include support for the Company's Wi-Fi 8-ready Spectrum Slicing silicon roadmap, system-level architecture across RF front-end, baseband and AI subsystems, alignment with target market requirements, and access to broader semiconductor ecosystem relationships.

Subsequent to January 31, 2026, the Company highlighted, through a corporate LinkedIn post, the participation of its President and Chief Executive Officer, Andrew Skafel, in the Synopsys SNUG Converge event in Silicon Valley as part of a session hosted by Silicon Catalyst. The post noted that the event brought together semiconductor founders and ecosystem participants following keynote remarks by NVIDIA CEO Jensen Huang regarding innovation in AI, accelerated computing and next-generation silicon. According to the Company's social media update, Mr. Skafel discussed the Company's Spectrum Slicing™ architecture and PrismIQ™ silicon roadmap, with a focus on deterministic performance, interference resilience and high-reliability wireless connectivity for emerging AI, edge and autonomous system applications.

Press and Media Coverage Highlights:

During the reporting period, the Company continued to support market awareness, industry engagement and investor outreach through selected public announcements and industry-facing activities:

• On November 20, 2025, the Company announced that its President and Chief Executive Officer would participate in Accelerated: Canada's Semiconductor Symposium 2025
• On December 30, 2025, the Company announced that it would attend CES 2026 to meet with broadband operators, OEMs, silicon ecosystem partners and investors.
• On January 6, 2026, the Company announced that it had selected Synopsys Cloud as a core element of its next-generation Wi-Fi 8-ready Spectrum Slicing silicon design and verification flows

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9

EDGEWATER WIRELESS SYSTEMS INC.

MANAGEMENT DISCUSSION AND ANALYSIS

FOR THE THREE AND NINE MONTHS ENDED JANUARY 31, 2026

(IN CANADIAN DOLLARS UNLESS OTHERWISE STATED)

Subsequent Press and Media activity highlights include:

• On February 5, 2026, the Company issued its 2026 Corporate Update
• On March 5, 2026, the Company announced the expansion of its Spectrum Slicing™ roadmap to emerging dual-use connectivity applications

Review of Results – Nine months ended January 31, 2025 (“Q3 2026”) compared to the nine months ended January 31, 2025 (“Q3 2025”)

The balance sheet changes in Q3 2026 saw significant changes in the following areas. Current assets decreased $974,739 from $1,353,174 in FY 2025 to $378,435 in Q3 2026. Cash decreased by $1,130,640 mainly as a result of net cash used in operating activities of $1,117,781 in Q3 2026. Amounts receivable increased by $166,327 as a result of increases in grant receivable of $95,233, trade receivable of $31,157, and HST receivable of $39,937.

Current liabilities decreased by $556,376 to $1,185,734 in Q3 2026 compared to $1,742,110 in FY 2025. Current portion of convertible debentures decreased by $376,229 to $30,195 in Q3 2026 due to the amendment to extend the maturity date of the convertible debentures by two years, resulting in reclassification of the principal portion as non-current in Q3 2026. Accounts payable and accrued liabilities saw a decrease of $178,789 to $878,583 due to decrease in trade accounts payable and accruals, as well as accrued salaries in Q3 2026. Share capital increased by $75,021 due to shares issued to settle interest on convertible debentures and units issued for conversion of convertible debentures in Q3 2026. There was an increase in contributed surplus of $140,446 mainly due to share-based payments of $140,536 in Q3 2026.

The Company's income statement recorded a net loss of $968,986 in Q3 2026 compared to a net loss of $1,087,813 for Q3 2025. The decrease in the loss of $118,827 is attributable to the following:

Operating expenses increased by $445,996 to $1,077,409 in Q3 2026 compared to $631,413 in Q3 2025. The increase was mainly due to increases in consulting fees of $234,886, and professional, legal and regulatory fees of $63,701. The overall increase was attributed to a focus in intellectual property development.

The Convertible Debentures issued on September 1, 2022, are hybrid financial instruments and were elected to be recognized at fair value through profit and loss. The change in fair value of convertible debentures was $(77,976) in Q3 2026 compared to $355,166 in Q3 2025.

Other income increased by $128,219 in Q3 2026 compared to $nil in Q3 2025, for eligible costs incurred for reimbursement in connection to the FABrIC program.

Loss on amendment increased by $49,198 in Q3 2026 compared to $nil in Q3 2025, due to the amendment to extend the maturity date of the convertible debentures by two years.

Common Shares Outstanding

On January 31, 2026, there were 239,134,531 (April 30, 2025 - 237,860,779) common shares issued and outstanding. On January 31, 2026, a total of 22,190,000 (April 30, 2025 - 17,395,000) stock options were outstanding, which entitled the holders to acquire the same number of common shares at exercise prices from $0.05

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10

EDGEWATER WIRELESS SYSTEMS INC.

MANAGEMENT DISCUSSION AND ANALYSIS

FOR THE THREE AND NINE MONTHS ENDED JANUARY 31, 2026

(IN CANADIAN DOLLARS UNLESS OTHERWISE STATED)

to $0.31 (April 30, 2025 - $0.05 to $0.31) per share. As of January 31, 2026, 15,277,000 (April 30, 2025 - 13,283,900) stock options were exercisable due to vesting provisions. As of January 31, 2026, there are 67,756,639 (April 30, 2025 - 67,837,139) warrants outstanding with strike prices that ranged from $0.05 to $0.10 (April 30, 2025 - $0.05 to $0.10).

Review of Results for the Q3 FY2026 ending January 31, 2026

• The Company reported no revenues in the quarter.
• Net loss for the quarter was $345,343, mainly due to operating expenses of $369,765, partially offset by change in fair value of convertible debentures of $32,791.

Summary of Quarterly Results

(Amounts are presented in thousands of Canadian dollars except loss per share figures)

Quarter ended	January 31, 2026	October 31, 2025	July 31, 2025	April 30, 2025
Revenues	$(0.0)	$(0.0)	$(0.0)	$(0.0)
Revenue percentage increase (decrease) relative to preceding quarter	0.0%	0.0%	0.0%	0.0%
Gross margin	-	-	-	-
Gross margin percentage	0.0%	0.0%	0.0%	0.0%
Net Loss	$(345.3)	$(263.7)	$(360.0)	$(969.2)
Loss per share - basic and diluted	$(0.001)	$(0.001)	$(0.002)	$(0.004)
Weighted average number of common shares outstanding	238,792,871	237,902,445	237,879,348	237,763,448
Quarter ended	January 31, 2025	October 31, 2024	July 31, 2024	April 30, 2024
Revenues	$(0.0)	$(0.0)	$(0.0)	$(0.0)
Revenue percentage increase (decrease) relative to preceding quarter	0.0%	0.0%	0.0%	0.0%
Gross margin	-	-	-	-
Gross margin percentage	0.0%	0.0%	0.0%	0.0%
Net Income (Loss)	$(595.4)	$(274.3)	$(218.1)	$431.0
Income (loss) per share - basic and diluted	$(0.003)	$(0.001)	$(0.001)	$0.002

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11

EDGEWATER WIRELESS SYSTEMS INC.

MANAGEMENT DISCUSSION AND ANALYSIS

FOR THE THREE AND NINE MONTHS ENDED JANUARY 31, 2026

(IN CANADIAN DOLLARS UNLESS OTHERWISE STATED)

Weighted Average number of common shares outstanding	210,727,896	197,305,907	197,162,324	196,804,447

Related Party Transactions

Transactions with key management personnel and directors

The Company's compensation program provides total compensation for senior management may include a combination of base salary, objective-based incentives and the same health and insurance benefit programs as provided to all other employees. All directors and officers are eligible to receive stock options.

Senior management personnel are not entitled to any post-employment benefits other than those available to all employees.

During the three and nine months ended January 31, 2026, the directors and officers were granted 2,500,000 options and 2,500,000 deferred share units (three and nine months ended January 31, 2025 – 3,000,000 options) and share-based payments of $45,377 and $72,463, respectively (three and nine months ended January 31, 2025 – $22,180 and $85,898, respectively) were expensed as general and administrative.

During the three and nine months ended January 31, 2026, the Company incurred $82,739 and $174,211, respectively (three and nine months ended January 31, 2025 - $47,010 and $138,272, respectively) of compensation and benefits with related parties.

Accounts payable and accrued liabilities at January 31, 2026 includes $11,837 (April 30, 2025 - $1,969) due to related parties.

Risks and Uncertainties

Please refer to the section entitled "Risks and Uncertainties" in the Company's annual MD&A for the fiscal year ended April 30, 2025, available on SEDAR+ at www.sedarplus.ca.