Forward Water Technologies Corp. — Earnings Release 2025

Jul 30, 2025

FORWARD

WATER TECHNOLOGIES

Corporate Office:

80 Birmingham St.,

Toronto, ON M8V 3W6

Phone: (519) 333-5888

www.forwardwater.com

Research and

Development Engineering:

1086 Modeland Road,

Sarnia, ON, N7S 6L2

Phone: (519) 333-5888

July 29, 2025

TSX-V: FWTC98

Forward Water Technologies Announces Financial Results for the Fifteen-Month Period Ended March 31, 2025

TORONTO, ON // ACCESSWIRE // July 29, 2025 – Forward Water Technologies Corp. (TSXV: FWTC) (the “Company”) is pleased to announce that it has filed its condensed consolidated audited financial statements and related management’s discussion and analysis for the fifteen-month period ended March 31, 2025. Copies of these financial statements and related management’s discussion and analysis can be found on the Company’s issuer profile at www.sedar.com. All financial information in this news release is reported in Canadian dollars, unless otherwise indicated.

Financial Highlights

The fifteen-month period ended March 31, 2025 represents nine months of FMAC and six months of post transaction results:

Revenue: $70,514

Net Loss and Comprehensive Loss: $(1,678,555)

Loss Per Share: $(0.053)

Total Assets: $3,744,565

Cash at End of Period: $673,249

Operating Highlights and Recent Corporate Developments

• On September 30, 2024, FWTC completed a reverse takeover transaction with Fraser Mackenzie Accelerator Corp. ("FMAC") (the "Transaction"), pursuant to which FWTC acquired all of the issued and outstanding securities of FMAC in exchange for securities of FWTC by way of an amalgamation between FMAC and 1000925180 Ontario Limited (a wholly-owned subsidiary of FWTC incorporated for the sole purpose of facilitating the Transaction). Upon completion of the amalgamation, the amalgamated corporation became a wholly owned subsidiary of FWTC. The Transaction constituted the qualifying transaction of FMAC under the policies of the TSX Venture Exchange.

Management Commentary

Forward Water’s CEO C. Howie Honeyman commented, “Following the successful completion of our most recent trial—carried out in collaboration with key partners and culminating in the production of battery grade lithium carbonate—we can confidently assert that the iFO™ process presents clear advantages over

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conventional water treatment methods. FWTC will now leverage this experience to validate the technology in other brine management sectors, including produced water. Moreover, we are exploring new applications in the food & beverage industry, which will serve to significantly expand our client base."

Summary of Financial Results

Income Statement

	For the three months ended March 31, 2025	For the three months ended December 31, 2024 *	For the fifteen months ended March 31, 2025	For the twelve months ended December 31, 2023
Revenue	$ 13,633	56,881	$ 70,514	$ -
Expenses:
General and administrative	293,622	579,893	1,072,751	148,457
Selling and marketing	939	21,166	22,105	-
Research and development	238,084	130,842	368,926	-
Listing expenses	-	-	28,502	8,759
Foreign exchange loss (income)	(14,066)	30,287	16,221	-
	518,579	762,188	1,508,505	157,216
Net loss before the undernoted	(504,946)	(705,307)	(1,437,991)	(157,216)
Other expense (income):
Amortization of deferred capital contributions	-	(1,056)	(1,056)	-
Finance income	(7)	(295)	(46,965)	(32,827)
Finance costs	29,477	18,501	38,585	-
Transaction costs	250,000	-	250,000	-
	279,470	17,150	240,564	(32,827)
Net loss and comprehensive loss	$ (784,416)	$ (722,457)	$ (1,678,555)	$ (124,389)
Loss and comprehensive loss per share
Basic and diluted	(0.016)	(0.015)	(0.053)	(0.007)
Weighted average number of shares outstanding
Baisc and diluted	49,761,421	49,174,592	31,446,410	17,563,911

*The three month comparison used for this reporting is for the three months ended December 31, 2024, not for the period of March 31, 2024 since the comparison would be with FMAC only

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Balance Sheet

	March 31, 2025	December 31, 2023
Assets
Current assets:
Cash	$ 673,249	$ 235,986
Short-term investment certificate	11,203	1,271,912
Amounts receivable	38,181	2,316
Prepaid expenses	48,782	-
	771,415	1,510,214
Property and equipment	1,577,896	-
Intangible assets	1,114,286	-
Goodwill	280,968	-
	$ 3,744,565	$ 1,510,214

Liabilities and Shareholder's Equity

Current liabilities:
Accounts payables and accrued liabilities	$ 274,907	$ 24,594
Current portion of bank loan payable	6,672	-
Deferred capital contributions	8,356	-
Debenture payable	50,000	-
Current portion of license liability	110,442	-
	450,377	24,594
Bank loan payable	31,901	-
Loan payable	242,109	-
License liability	266,046	-
	990,433	24,594
Shareholders' Equity:
Share capital	3,712,635	1,488,456
Warrants	629,426	-
Contributed surplus	281,209	187,747
Deficit	(1,869,138)	(190,583)
	2,754,132	1,485,620
	$ 3,744,565	$ 1,510,214

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Statement of Cash Flows

	For the fifteen months ended March 31, 2025	For the twelve months ended December 31, 2023
Cash provided by (used in):
Operating activities:
Net loss	$ (1,678,555)	$ (124,389)
Items not involving cash:	222,225	100,353
Changes in non-cash operating working capital:	(697,618)	56,491
Net cash (used in) provided by operating activities	(2,153,948)	32,455
Financing activities:
Issuance of capital stock	-	1,557,100
Repayment of bank loan payable	(3,947)	-
Proceeds from issuance of subscription receipts	1,700,000	-
Issuance costs	(172,605)	(247,328)
Interest paid	(1,968)	-
Net cash from financing activities	1,521,481	1,309,772
Investing activities:
Purchase of property and equipment	(205,481)	-
Redemption (purchase) of short-term investment certificate	1,271,912	(1,271,912)
Cash obtained from reverse takeover transaction	3,299	-
Net cash from (used in) investing activities	1,069,730	(1,271,912)
Increase in cash	437,263	70,315
Cash, beginning of period	235,986	165,671
Cash, end of period	$ 673,249	$ 235,986

About Forward Water Technologies Corp.

Forward Water Technologies Corp. is a publicly traded Canadian company dedicated to saving the earth's water supply using its patented Forward Osmosis technology. The Company was founded by GreenCentre Canada, a leading technology innovation centre supported by the government of Canada. The Company's technology allows for the reduction of challenging waste streams simultaneously returning fresh water for re-use or surface release. The Company's mandate is to focus on the large-scale implementation of its technology in multiple

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sectors, including industrial wastewater, oil and gas, mining, agriculture and ultimately municipal water supply and re-use market sectors. In addition, the Company has initiated early stage R&D for the treatment of food and beverage process streams.

For more information, please visit www.forwardwater.com.

Contact Information

For more information or interview requests, please contact:

C. Howie Honeyman – Chief Executive Officer

howie.honeyman@forwardwater.com

519 333 5888

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 news release.

Forward-Looking Statements

Certain statements contained in this news release constitute "forward-looking information" as such term is used in applicable Canadian securities laws including statements regarding expansion and uptake of the Company's technology and the ability for the Company to achieve its growth strategy and business plan. Forward-looking information is based on plans, expectations and estimates of management at the date the information is provided and is subject to certain factors and assumptions, including, the ability to scale the technology and the adoption of the technology by potential customers.

Forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking information. Some of the risks and other factors that could cause results to differ materially from those expressed in the forward-looking statements include, but are not limited to: the impacts from the coronavirus or other epidemics, general economic conditions in Canada, the United States and globally; unanticipated operating events; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility as well as the other risks and uncertainties applicable to the Company as set forth in the Company's continuous disclosure filings filed under the Company's profile at www.sedar.com. The Company undertakes no obligation to update these forward-looking statements, other than as required by applicable law.

Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information.