VerticalScope (FORA) AGM 2025 summary

Opening remarks and agenda

• Meeting opened with introductions of board members and management, held virtually to replicate in-person experience.

• Only registered shareholders and proxy holders could ask questions and vote online, with instructions provided.

• Two main business items: election of directors and reappointment/remuneration of auditor.

Board and executive committee updates

• Five directors nominated and elected: Rob Laidlaw, Wayne Bigby, Cory Janssen, Michael Washinushi, Philip Evershed.

• Leadership transition announced, with Ezra Menaged promoted to COO and Meir Wohlfarth to CTO.

• Teams and operations realigned to increase development pace, efficiency, and AI adoption.

Financial performance review

• 2024 revenue reached CAD 69.1 million, up 13% organically, led by digital advertising growth.

• Digital advertising made up 87% of revenue, with programmatic advertising growing 30% year-over-year.

• E-commerce revenue declined 18% but stabilized, with subscriptions now over 60% of e-commerce revenue.

• Adjusted EBITDA rose 27% to CAD 29.8 million; free cash flow up 34% to CAD 27.6 million, with over 90% conversion.

• Net debt reduced by nearly CAD 50 million since 2023; net leverage ratio improved to 1.24x.