Revenue Grew 59.4% to $7.8 million from Prior Year and 30.9% Sequentially

Officially Launched IM8Health.com,a new premium supplements brand

Tencent Invests $30 million in Insighta's Early Cancer Detection

Reiterates Revenue Target to Exceed $33 million for FY 2024

CHARLOTTE,N.C.,Nov. 27,2024 --Prenetics Global Limited (NASDAQ: PRE) ("Prenetics" or the "Company"),a leading health sciences company,today announced unaudited financial results for the third quarter ended September 30,2024,along with recent business updates.

Third Quarter 2024 Financial Highlights

Revenue from continuing operations of $7.8 million,as compared to $4.9 million in the third quarter 2023,an increase of 59.4%.

Gross profit from continuing operations of $3.9 million,as compared to $1.7 million in the third quarter of 2023,an increase of 138.6%.

Gross margin of continuing operations increased to 50.8% from 33.9% in the third quarter 2023,driven by operational efficiencies,better pricing strategies,and cost optimization measures.

Adjusted EBITDA[1] loss from continuing operations of $5.8 million,an improvement compared to $6.1 million in the third quarter 2023.

Cash and other short-term assets[2] of $69.1 million and debt-free as of September 30,2024.

Insighta[3],our early cancer detection venture with Professor Dennis Lo,had a cash balance of $81.6 million on its balance sheet and debt-free as of September 30,2024.

Third Quarter 2024 and Subsequent Operational Updates

Successfully launched IM8health.com on November 18,2024 and shipping to 31 countries and regions. Initial customer response has been very positive.

Completed the acquisition of Europa Sports Partners: Established Prenetics' U.S. headquarters in Charlotte,NC. Europa,along with its third-party logistics arm Hubmatrix,supported IM8's U.S. launch while undergoing a digital transformation focused on advanced consumer technologies and digital strategies.

Consummated Tencent's $30 million strategic investment in Insighta: Collaboration with Tencent leverages their AI resources and healthcare expertise to advance early cancer detection through venture business Insighta.

Cash and short-term assets increased to approximately $98 million: Tencent's $30 million secondary investment,boosted cash and other short-term assets.

CircleDNA and ACT Genomics are on track to achieve business-unit breakeven by the second half of 2024.

[1]Adjusted EBITDA is defined as loss from operations excluding (1) employee equity-settled share-based payment expenses,(2) depreciation and amortization,(3) amortization of deferred expenses,(4) acquisition and transaction-related costs,(5) strategic realignment and discontinued products impact,and (6) finance income and exchange gain or loss,net. These adjustments are made for items that may not be indicative of our business performance,including non-cash and/or non-recurring items.

[2]Represents current assets,including cash and cash equivalents totaling $31.9 million,financial assets at fair value through profit or loss of $10.9 million,and trade receivables of $5.7 million,amongst other accounting line items under current assets as of September 30,2024.

[3]As of September 30,we owned 50% shareholding in Insighta,which was accounted for under equity-accounted investee. Equity-accounted investees,totaling $97.6 million as of September 30,were classified as non-current assets on our balance sheet.

Management Commentary

Danny Yeung,Chief Executive Officer and Co-Founder,remarked: "I am incredibly proud of our team's execution and the strides we've made in launching IM8 Health,a brand that fills a significant unmet need in the health and wellness market with science-backed premium supplements supported by clinical trials and third-party testing. This launch represents a pivotal moment in our growth strategy,reflecting our commitment to innovation and consumer trust. These efforts have also been supported by a strong third quarter,with 59.4% year-over-year revenue growth and 30.9% growth from the second quarter. Improved gross margins further highlight our focus on operational excellence and cost optimization,even as we invest in structuring the Company for IM8's success—including the strategic acquisition of Europa to support our US expansion."

Mr. Yeung continued,"With Tencent's $30 million investment to purchase secondary shares,Insighta's valuation of $200 million has been validated,further strengthening our financial position. This strategic collaboration will enhance our early cancer detection and diagnostic capabilities by leveraging AI and positions us for future growth. As we approach the close of 2024,we are energized by the growth opportunities arising from our strategic pivot to the US market and are confident in surpassing our FY 2024 revenue target of $33 million. IM8 is not just another launch—it's the start of a transformative journey in consumer health,built on science,innovation,and trust,and we remain committed to driving additional value for our shareholders."

About Prenetics

Prenetics (NASDAQ:PRE),is dedicated to advancing consumer and clinical health. Our consumer initiative is led by IM8,a new health and wellness brand and Europa,one of the largest sports distribution companies in the USA. Our clinical division is led by Insighta,our $200 million venture focused on multi-cancer early detection technologies. This is followed by ACT Genomics,which has achieved FDA clearance for comprehensive genomic profiling of solid tumors,and CircleDNA,which uses NGS to offer comprehensive DNA tests. Each of Prenetics' units synergistically enhances our global impact on health,embodying our commitment to 'enhancing life through science'. To learn more about Prenetics,please visit prenetics.com.

Forward-Looking Statements

This press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts,including statements about the Company's goals,targets,projections,outlooks,beliefs,expectations,strategy,plans,objectives of management for future operations of the Company,and growth opportunities are forward-looking statements. In some cases,forward-looking statements can be identified by words or phrases such as "may," "will," "expect," "anticipate," "target," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. Forward-looking statements are based upon estimates and forecasts and reflect the views,assumptions,and opinions of the Company,which involve inherent risks and uncertainties,therefore they should not be relied upon as being necessarily indicative of future results. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement,including but not limited to: the Company's ability to further develop and grow its business,including new products and services; its ability to execute on its new business strategy in genomics,precision oncology,and specifically,early detection for cancer; the results of case control studies and/or clinical trials; and its ability to identify and execute on M&A opportunities,especially in precision oncology. In addition to the foregoing factors,you should also carefully consider the other risks and uncertainties described in the "Risk Factors" section of the Company's most recent registration statement and the prospectus therein,and the other documents filed by the Company from time to time with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release,and the Company does not undertake any duty to update such information,except as required under applicable law.

Basis of Presentation

Non-IFRS Financial Measure has been provided in the financial statements tables included at the end of this press release. An explanation of this measure is also included below under the heading "Non-IFRS Financial Measure".

Non-IFRS Financial Measure

To supplement Prenetics' consolidated financial statements prepared in accordance with International Financial Reporting Standards ("IFRS"),the Company is providing non-IFRS measure,adjusted EBITDA loss from continuing operations. This non-IFRS financial measure is not based on any standardized methodology prescribed by IFRS and are not necessarily comparable to similarly-titled measures presented by other companies. Management believes this non-IFRS financial measure is useful to investors in evaluating the Company's ongoing operating results and trends.

Management is excluding from some or all of its non-IFRS results (1) Employee equity-settled share-based payment expenses,(3) Amortization of deferred expenses,(4) Acquisition and transaction-related costs,(5) Strategic realignment and discontinued products impact,net — items that may not be indicative of our business,results of operations,or outlook,including but not limited to non-cash and/ or non-recurring items. These non-IFRS financial measures are limited in value because they exclude certain items that may have a material impact on the reported financial results. Management accounts for this limitation by analyzing results on an IFRS basis as well as a non-IFRS basis and also by providing IFRS measures in the Company's public disclosures.

In addition,other companies,including companies in the same industry,may not use the same non-IFRS measures or may calculate these metrics in a different manner than management or may use other financial measures to evaluate their performance,all of which could reduce the usefulness of these non-IFRS measures as comparative measures. Because of these limitations,the Company's non-IFRS financial measures should not be considered in isolation from,or as a substitute for,financial information prepared in accordance with IFRS. Investors are encouraged to review the non-IFRS reconciliations provided in the tables captioned "Reconciliation of loss from operations from continuing operations under IFRS and adjusted EBITDA loss from continuing operations (Non-IFRS)" set forth at the end of this document.

PRENETICSGLOBAL LIMITED

Unaudited consolidated statements of financial position

(Expressed in United States dollars unless otherwise indicated)

September 30,

June 30,

December 31,

2024

2024

2023

Assets

Property,plant and equipment

$ 9,238,067

$ 4,745,228

$ 5,777,794

Intangible assets

11,987,708

12,455,997

13,424,648

Goodwill

37,363,809

29,170,123

29,123

Interests in equity-accounted investees

97,575,853

97,875,233

98,464,875

Financial assets at fair value through profit or loss

9,371,064

9,064

Deferred tax assets

—

27,627

27,680

Deferred expenses

—

—

3,530,756

Other non-current assets

1,110,390

968,525

743,173

Non-current assets

166,646,891

154,613,797

160,510,113

Deferred expenses

5,648,473

7,710,439

8,312,890

Inventories

8,932,408

2,878,258

3,126,776

Trade receivables

5,706,585

4,086,030

4,058,007

Deposits,prepayments and other receivables

5,857,371

11,797,508

5,284,848

Amount due from a related company

2,574

2,561

5,123

Amount due from an equity-accounted investee

139,909

120,966

132,114

Financial assets at fair value through profit or loss

10,893,094

10,094

11,034,200

Short-term deposits

—

—

16,000,000

Cash and cash equivalents

31,939,164

41,204,165

45,448

Current assets

69,119,578

78,693,021

93,660,406

Total assets

$ 235,766,469

$ 233,306,818

$ 254,519

Liabilities

Deferred tax liabilities

$ 2,162,250

$ 2,336

$ 2,614,823

Warrant liabilities

205,942

311,152

223,850

Lease liabilities

3,637,751

1,181,457

867,215

Other non-current liabilities

346,955

286,047

823,345

Non-current liabilities

6,352,898

4,016,992

4,529,233

Trade payables

8,740,592

1,564

1,671,019

Accrued expenses and other current liabilities

8,174,008

6,821,131

8,815

Contract liabilities

5,709,876

5,480,399

6,111,017

Lease liabilities

2,849,971

1,183,046

1,502,173

Liabilities for puttable financial instrument4

16,409,452

15,707,143

14,622,529

Tax payable

7,433,612

7,402,553

7,461

Current liabilities

49,317,511

38,287,836

39,484,014

Total liabilities

55,670,409

42,304,828

44,013,247

Equity

Share capital

19,094

19,024

18,308

Reserves

178,659,723

188,225,181

206,339,490

Total equity attributable to equity shareholders of the Company

178,678,817

188,244,205

206,357,798

Non-controlling interests

1,417,243

2,757,785

3,799,474

Total equity

180,096,060

191,001,990

210,157,272

Total equity and liabilities

$ 235,519

PRENETICSGLOBAL LIMITED

Unaudited consolidated statements of profit or loss and other comprehensive income

(Expressed in United States dollars unless otherwise indicated)

Nine Months Ended

September 30,

September 30,

2024

2023

(Restated)

Continuing operations

Revenue

$ 20,132,902

$ 16,314,215

Direct costs

(8,634,517)

(10,154,500)

Gross profit

11,498,385

6,159,715

Other income and other net gain

1,451,384

3,791,541

Selling and distribution expenses5

(6,230,284)

(6,334,964)

Research and development expenses5

(8,344,625)

(9,830,791)

Administrative and other operating expenses5

(29,951,055)

(32,420,130)

Loss from operations

(31,576,195)

(38,629)

Fair value loss on financial assets at fair value through profit or loss

(141,106)

(3,944,407)

Fair value gain on warrant liabilities

17,908

2,679,485

Share of loss of equity-accounted investees

(909,455)

(170,717)

Other finance costs

(124,370)

(120,735)

Loss before taxation

(32,733,218)

(40,191,003)

Income tax credit

450,479

164,199

Loss from continuing operations

(32,282,739)

(40,026,804)

Discontinued operation

Profit/(loss) from discontinued operation,net of tax6

18,582

(7,234,839)

Loss for the period

(32,264,157)

(47,261,643)

Other comprehensive income for the period

Item that may be reclassified subsequently to profit or loss:

Exchange difference on translation of foreign operations

(296,142)

677,474

Total comprehensive income for the period

$ (32,560,299)

$ (46,584,169)

Loss attributable to:

Equity shareholders of Prenetics

$ (29,962,285)

$ (45,776,458)

Non-controlling interests

(2,301,872)

(1,485,185)

$ (32,157)

$ (47,643)

Total comprehensive income attributable to:

Equity shareholders of Prenetics

$ (30,178,068)

$ (44,534,436)

Non-controlling interests

(2,382,231)

(2,049,733)

$ (32,169)

Loss per share:

Basic

(2.42)

(4.18)

Diluted

(2.42)

(4.18)

Loss per share - Continuing operations:

Basic

(2.42)

(3.52)

Diluted

(2.42)

(3.52)

Weighted average number of common shares:

Basic

12,388,243

10,964,344

Diluted

12,344

PRENETICSGLOBAL LIMITED

Unaudited consolidated statements of profit or loss and other comprehensive income

(Expressed in United States dollars unless otherwise indicated)

Three Months Ended

September 30,

2024

2024

2023

(Restated)

Continuing operations

Revenue

$ 7,973

$ 5,941,532

$ 4,941

Direct costs

(3,506)

(2,173,260)

(3,224,316)

Gross profit

3,947,467

3,768,272

1,654,625

Other income and other net (loss)/gain

(48,625)

752,118

1,627,592

Selling and distribution expenses5

(1,915,373)

(2,416,438)

(1,662,029)

Research and development expenses5

(2,588,117)

(3,025,458)

(4,004,476)

Administrative and other operating expenses5

(11,203,672)

(9,687,454)

(10,559,225)

Loss from operations

(11,808,320)

(10,608,960)

(12,943,513)

Fair value loss on financial assets at fair value through

profit or loss

—

(141,106)

—

Fair value gain/(loss) on warrant liabilities

105,210

(167,888)

926,739

Share of (loss)/profit of equity-accounted investees

(329,512)

(363,698)

54,567

Other finance costs

(80,552)

(27,479)

(35,492)

Loss before taxation

(12,113,174)

(11,309,131)

(11,997,699)

Income tax credit

75,307

89,234

11,544

Loss from continuing operations

(12,037,867)

(11,219,897)

(11,986,155)

Discontinued operation

(Loss)/profit from discontinued operation,net of tax6

(28,963)

74,160

(2,094,298)

Loss for the period

(12,066,830)

(11,145,737)

(14,080,453)

Other comprehensive income for the period

Item that may be reclassified subsequently to profit or loss:

Exchange difference on translation of foreign operations

474,278

(339,976)

(480,209)

Total comprehensive income for the period

$ (11,592,552)

$ (11,713)

$ (14,662)

Loss attributable to:

Equity shareholders of Prenetics

$ (10,672,236)

$ (10,721,954)

$ (13,570,455)

Non-controlling interests

(1,394,594)

(423,783)

(509,998)

$ (12,830)

$ (11,737)

$ (14,453)

Total comprehensive income attributable to:

Equity shareholders of Prenetics

$ (10,252,010)

$ (10,924,679)

$ (14,699)

Non-controlling interests

(1,340,542)

(561,034)

(559,963)

$ (11,662)

Loss per share:

Basic

$ (0.84)

$ (0.88)

$ (1.16)

Diluted

(0.84)

(0.88)

(1.16)

Loss per share - Continuing operations:

Basic

(0.84)

(0.88)

(0.98)

Diluted

(0.84)

(0.88)

(0.98)

Weighted average number of common shares:

Basic

12,722,810

12,222,337

11,743,434

Diluted

12,434

PRENETICSGLOBAL LIMITED

Non-IFRSFinancial Measures

(Expressed in United States dollars unless otherwise indicated)

Reconciliation of loss from operationsfrom continuing operations underIFRSand adjusted EBITDA loss from

continuing operations (Non-IFRS)

Nine Months Ended

September 30,

2024

2023

(Restated)

Loss from operations from continuing operations under IFRS

$ (31,195)

$ (38,629)

Employee equity-settled share-based payment expenses

4,861,707

10,632,798

Depreciation and amortization

4,392

5,106,206

Amortization of deferred expenses

6,195,173

6,064,443

Acquisition and transaction-related costs

1,824,210

—

Strategic realignment and discontinued products impact

162,678

1,767,296

Finance income,exchange gain or loss,net

(1,362,803)

(3,579,732)

Adjusted EBITDA loss from continuing operations (Non-IFRS)

$ (15,364,838)

$ (18,643,618)

Three Months Ended

September 30,

2024

2024

2023

(Restated)

Loss from operations from continuing operations

under IFRS

$ (11,320)

$ (10,960)

$ (12,513)

Employee equity-settled share-based payment expenses

1,861

1,535,578

4,348,329

Depreciation and amortization

1,377,068

1,769

1,703,843

Amortization of deferred expenses

2,061,966

2,044,934

2,062,142

Acquisition and transaction-related costs

1,900

798,310

—

Strategic realignment and discontinued products impact

125,394

28,994

345,578

Finance income,net

31,980

(694,194)

(1,998)

Adjusted EBITDA loss from continuing operations

(Non-IFRS)

$ (5,151)

$ (5,461,569)

$ (6,118,619)

—————————————————————————

4 In connection with the acquisition of ACT Genomics,the remaining shareholders of ACT Genomics - representing 25.61% of the fully diluted shareholding of ACT Genomics that Prenetics does not own - were granted put options which allow these remaining shareholders to put their remaining shares to Prenetics under certain conditions. The liabilities arising from such put option are recorded as liabilities for puttable financial instrument,and are valued at the present value of the exercise price of the put option. As of September 30,the shareholding of ACT Genomics was diluted,with the remaining shareholders holding 26.73%.

5 Includes equity-settled share-based payment expenses from continuing operations as follows:

Nine Months Ended

September 30,

2024

2023

(Restated)

Direct costs

$ 1,026

$ —

Selling and distribution expenses

5,054

100,561

Research and development expenses

2,258,374

2,891,754

Administrative and other operating expenses

2,360,340

7,866

Total equity-settled share-based payment expenses

$ 4,624,794

$ 10,569,181

Three Months Ended

September 30,

2024

2024

2023

(Restated)

Direct costs

$ 5

$ 440

$ —

Selling and distribution expenses

3,591

410

(3,307)

Research and development expenses

689,530

810,450

1,858

Administrative and other operating expenses

504,597

699,991

2,798,696

Total equity-settled share-based payment expenses

$ 1,197,723

$ 1,511,291

$ 4,326,247

6We ceased our COVID-19 testing business entirely in 2023 Q2,and other DNA testing operations in the EMEA regions in 2023 Q4. As a result,COVID-19 testing business and the operations in the EMEA regions are reported as a discontinued operation under IFRS 5 Non-current Assets Held for Sale and Discontinued Operations. In accordance with IFRS 5,the results of the discontinued operation have been presented separately from the continuing operations in the consolidated statements of profit or loss and other comprehensive income.