Bubs Australia (BUB) AGM 2024 summary

Opening remarks and agenda

• Meeting opened with acknowledgment of traditional land custodians, introductions of board, executives, auditors, and share registry representatives, and procedural matters.

• Notice of meeting and voting procedures explained, with all resolutions to be decided by poll.

• Six items of business were scheduled, including five shareholder resolutions (one withdrawn).

• CEO and Managing Director presented FY24 results, regional performance, and FY25 outlook and profitability path.

Financial performance review

• Achieved FY24 net revenue of AUD 80 million, up 34% YoY, with strong growth in US (46%), China (27%), and Australia (24%).

• Gross margin improved to over 41%, exceeding target, and EBITDA loss reduced from AUD 105 million to AUD 20 million.

• Net loss after tax improved to AUD 21 million from AUD 108 million.

• Operating expenses as a percentage of revenue dropped from 92% to 74%, with further reductions targeted.

• Cash burn normalized to AUD 1.2 million per month, with significant one-off costs in FY24 and improved working capital management.

• Raised AUD 17.4 million in Dec 2023 to fund growth, regulatory costs, and inventory build.

• Inventory and receivables increased to support growth and mitigate stock shortages.

Board and executive committee updates

• CEO and Managing Director Reg Weine led the turnaround for 14 months, supported by a strong executive team.

• Ms Katrina Rathie re-elected as non-executive director with 93.86% support.

• Approval granted for CEO Reginald Weine's long-term incentive performance rights.

• Company Secretary Jay Stephenson recognized for eight years of service, stepping down after the meeting.