Appen (APX) AGM 2025 summary

Opening remarks and agenda

• Chair opened the meeting, acknowledged traditional custodians, and confirmed a quorum was present.

• Directors, executives, auditors, and share register representatives were introduced.

• CEO Ryan Kolln addressed the meeting, outlining the agenda: market overview, 2024 performance recap, and 2025 guidance with longer-term targets.

• Agenda included business update, CEO's market and financial review, Q&A, and formal business with voting.

Financial performance review

• Statutory loss reduced to $20M from $98.1M; underlying EBITDA before FX turned positive at $3.5M.

• Achieved 16% revenue growth for 2024 (excluding Google), with China revenue up 71% to $58.9M.

• 28% of H2 FY24 revenue came from LLM projects; generative AI was a major growth driver.

• Opex reduced by 37% from H1 FY23 to H2 FY24, with employee expenses down 41%.

• Underlying EBITDA before FX for Q4 FY24 was $4.7M, reflecting continued profitability focus.

Board and executive committee updates

• Ryan Kolln appointed CEO and Managing Director in February 2024.

• Mini Peiris resigned as Non-executive Director; board not seeking replacement.

• Board composition remains diverse, with 50% female Non-executive Directors.

• Vanessa Liu and Robin Low re-elected in 2023; Richard Freudenstein and Stuart Davis stood for re-election in 2024.