Glow Lifetech Delivers 480% Quarter-Over-Quarter Revenue Growth with Industry-Leading 70% Gross Margin

Toronto, Ontario--(Newsfile Corp. - August 13, 2024) - Glow Lifetech Corp. (CSE: GLOW) (OTC PINK: GLWLF) (FSE: 9DO) ("Glow" or the "Company") is pleased to provide a business update following strong revenue growth in Q1 2024, ending March 31, 2024. Glow achieved a 480% increase in revenue quarter-over-quarter and an impressive 70% gross margin, marking a key turning point for the Company and reflects a successful strategic shift from R&D to full-scale commercialization.

Financial Performance Highlights

• Strong Revenue Growth: Glow achieved $148,107 revenue for Q1 2024, up 480% from the previous quarter and compared to zero revenue in the year prior (Q1 2023). This marks a significant achievement in our development, reflecting a successful launch of our new cannabis products, and continued momentum in our market. Net loss was $261,826 for Q1 2024, a 40% improvement over Q4 2023.

• High Gross Margins: Delivered gross margins of 70% for Q1 2024, demonstrating Glow's focus on delivering healthy, sustainable gross margins. A notable achievement that underscores the Company's lean & efficient business model and ability to deliver profitable revenue growth.

• Strengthening Balance Sheet: Following Q1 2024, Glow strengthened its balance sheet, improving its financial health and flexibility. The Company expects further enhancements in 2024 to provide greater financial flexibility to execute its growth strategy. On April 26, 2024, Glow completed a private placement raising $605,000¹ (see Glow release dated April 26, 2024) and settled $211,837 of indebtedness on Feb 16, 2024 (see Glow release dated Feb 16, 2024).²

"We are pleased to report strong Q1 results, achieving a significant step forward in revenue growth combined with a 70% gross margin is a remarkable accomplishment in a sector that often struggles to deliver sustainable, profitable growth," said Rob Carducci, CEO, Glow Lifetech. "2024 is shaping up to be a transformational year for Glow; with strong early traction from our recent cannabis brand launches in Canada, accelerating revenue growth, and a healthy, sustainable business model in place, we are primed for growth and have a clear path to sustained profitability."