SOL Global Announces Third Quarter 2023 Financial Results

TORONTO, October 26, 2023 – SOL Global Investments Corp. (“SOL Global” or the “Company“) (CSE: SOL) (OTCPK: SOLCF) (Frankfurt: 9SB) today announced unaudited financial results for the third quarter ended August 31, 2023. The Company is also pleased to present a general operational update regarding its assets and investments. All figures in this press release are in Canadian dollars, unless otherwise indicated.

Unaudited Nine-Month Period Ended Results

• For the nine-months period ended August 31, 2023, the Company recorded a net loss of ($19.1) million vs. nine-months period ended August 31, 2022, net loss of ($173.6) million. This represents a favourable change of $154.5 million.
• For the three-months period ended August 31, 2023, the Company recorded a net loss of ($6.9) million vs the three-months period ended August 31, 2022, net loss of ($12.5) million. This represents a favourable change of $5.6 million.
• Total loss from investments totalled ($15.5) million for the nine-month period ended August 31, 2023, compared to loss of ($188.5) million for the nine-month period ended August 31, 2022. This represents a favourable change of $173.0 million between periods.
• Total loss from investments totalled ($6.3) million for the three-month period ended August 31, 2023, compared to a loss of ($11.2) million for the three-month period ended August 31, 2022. This represents a favourable change of $4.9 million between periods.
• The unaudited Net Asset Value (“NAV”) per share is equal to $0.72 at August 31, 2023, vs. $3.08 at August 31, 2022.

“With liquidity events in our portfolio on the horizon, we feel SOL’s continued investment approach will provide benefits to all stakeholders” said Paul Kania, Interim CEO. “With concentrated efforts, we believe we will continue to see our portfolio companies succeed.”

Portfolio Highlights for Q3 2023

• Damon Motors Inc. (“Damon”), a global technology leader disrupting urban mobility, and makers of the award winning HyperSport electric motorcycle, announced on October 23rd, 2023, it had entered into a definitive agreement with Inpixon Ltd., (NASDAQ:INPX) to undergo a reverse merger with a proposed spin-off entity of Inpixon, Grafiti Holding Inc., consisting of Inpixon Ltd.’s data analytics division based in the UK. This strategic move aims at listing the company on the Nasdaq, subject to initial listing application approval, reflecting a significant step towards enhancing market visibility and shareholder value. With over $85 million in pre-production reservations, this merger is poised to bolster Damon’s financial standing and market presence while aligning with their mission of advancing motorcycle safety and performance through cutting-edge technology. Visit www.damon.com.

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