• Achieved over 1000 volt threshold as part of vertical GaN power device development
• Validated process for large-scale device fabrication which will be used to package devices planned for Q4 2022

ITHACA, NY / ACCESSWIRE / August 9, 2022 / Odyssey Semiconductor Technologies, Inc. (OTCQB:ODII), a semiconductor device company developing innovative high-voltage, vertical power switching components based on proprietary Gallium Nitride ('GaN') processing technology, today announced its second quarter 2022 results.

CEO Commentary

'Odyssey completed important technology development milestones in Q2,' said Mark Davidson, Odyssey's Chief Executive Officer. 'The team has made substantive progress in fabricating vertical GaN power transistors for high-performance and high-power conversion in key applications such as industrial motors, electric vehicles, and renewable energy. Our 1000+ volt milestone further validates our approach to deliver industry-leading efficiency with remarkably high switching frequencies at lower price points than more expensive alternatives, including silicon carbide. Odyssey is on-track to build Gen1 engineering product samples in Q4 2022.'

'We also expect a significant sequential revenue improvement in Q3 2022. Our foundry revenue will be approximately $195,000 in the third quarter vs. $20,581 in the second quarter of 2022. This revenue is generated from our foundry services which helps to offset our cash use while our products are being developed. We're focused on re-building our foundry services revenue to approximately $300,000 per quarter or better. Our opportunity pipeline for foundry services has recently increased to approximately the $2 million level,' concluded Davidson.

Accomplished Technology Development and Business Milestones Recently

• Odyssey has now validated its approach to a vertical 1000+ volt transistor while the Company is extending the architecture to the next milestone of a 1200 volt rating. The existing devices will provide industry-leading efficiency with remarkably low on-resistance at high switching frequencies for reduced solution size.
• Validated process for large-scale device fabrication.
• Secured commitments from three customers to evaluate Gen1 engineering product samples.
• Generated a $2 million pipeline value for foundry services. Continue to close new opportunities in foundry services. Expect approximately $195,000 in foundry service revenue in Q3 2022, a significant sequential increase. Revenue of $20,581 in Q2 2022, entirely foundry service revenues.
• Secured and received $1.25 million bridge loan financing. Completed filing of Form S-1.
• Positioning the Company to receive funding through CHIPS Act.

Conference Call and Webcast: Q2 2022 Results

The Company will subsequently hold a conference call and webcast scheduled at 5:00 PM ET (2:00 PM PT) on Tuesday, August 9, 2022. The conference call and webcast will consist of prepared remarks by the CEO Mark Davidson and the Chairman of the Board John Edmunds to discuss the financial results and provide a business update. Following the prepared remarks, Mark and John will be joined by CTO, Board member, and co-founder Rick Brown for a question-and-answer session Analysts and investors may pose questions to Odyssey during the live webcast on August 9, 2022.

Interested persons may access the live conference call by dialing 800-267-6316 (U.S./Canada callers) or 203-518-9783 (international callers). It is recommended that participants call or login 10 minutes ahead of the scheduled start time to ensure proper connection. An audio replay will be available one hour after the live call until Midnight on August 23, 2022, by dialing 877-481-4010 using passcode 46312.

The live webcast and interactive Q&A will be accessed on the Company's Investor Relations website under the Events tab at https://www.odysseysemi.com/investors/ir-calendar. The webcast will be archived on the website for future viewing.

About Odyssey Semiconductor Technologies, Inc.

Odyssey Semiconductor Technologies, Inc. (www.odysseysemi.com), has developed a proprietary technology that is designed to allow for GaN to replace SiC as the leading high-voltage power switching semiconductor material. Based in Ithaca, NY, the Company owns and operates a 10,000 sq. ft. semiconductor wafer manufacturing facility complete with a mix of class 1,000 and class 10,000 clean space as well as tools for advanced semiconductor development and production. Odyssey Semiconductor also offers a world-class semiconductor device development and foundry service.

Forward-Looking Statements

Statements in this press release that are not descriptions of historical facts are forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about our plans, objectives, forecasts, representations and contentions and are not historical facts and typically are identified by use of terms such as 'may,' 'will,' 'should,' 'could,' 'expect,' 'plan,' 'forecast', 'anticipate,' 'believe,' 'estimate,' 'predict,' 'potential,' 'continue' and similar words, although some forward-looking statements are expressed differently. These forward-looking statements are based on management's current expectations and assumptions and are subject to risks and uncertainties described more fully in the company's filings on Forms 10-K and 10-Q and other periodic filings with the Securities and Exchange Commission. Factors that could cause actual results to differ materially from those currently anticipated include, without limitation, risks relating to the results of our research and development activities, including uncertainties relating to semiconductor process manufacturing; the early stage of our GaN-based technology presently under development; our ability to protect our intellectual property rights that are valuable to our business, including patent and other intellectual property rights; our ability to successfully market and sell our technologies; the ability to achieve high volume manufacturing and the size and growth of the potential markets for any of our technologies, the rate and degree of market acceptance of any of our technologies and our ability to raise funding to support operations and the continued development and qualification of our technology.

In light of these risks, uncertainties and assumptions, the forward-looking statements regarding future events and circumstances discussed in this press release may not occur, and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. The forward-looking statements included herein speak only as of the date hereof, and we undertake no obligation to update publicly or privately any forward-looking statements for any reason after the date of this release to conform these statements to actual results or to changes in our expectations.

Investor Relations Contacts:

Darrow Associates
Jeff Christensen
(703) 297-6917
[email protected]

Consolidated Financial Results

All financials referenced in this release are unaudited and intended to conform with U.S. Generally Accepted Accounting Principles ('GAAP') and comparisons in this release are to the same period in the prior year unless otherwise noted.

ODYSSEY SEMICONDUCTOR TECHNOLOGIES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)

ODYSSEY SEMICONDUCTOR TECHNOLOGIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
For The three and six months ended June 30,
(Unaudited)

ODYSSEY SEMICONDUCTOR TECHNOLOGIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

SOURCE: Odyssey Semiconductor, Inc.