Calix (CXL) AGM 2024 summary

Opening remarks and agenda

• The meeting was held in a hybrid format, allowing both in-person and online participation, with clear instructions for submitting questions and voting.

• Chair Alison Deans opened the meeting, acknowledging First Nations people and emphasizing commitment to diversity, inclusion, and sustainability.

• The agenda included addresses from the new chair, a business update from the CEO, Q&A sessions, and formal business items including board elections and remuneration.

Board and executive committee updates

• Alison Deans chaired her first AGM, introducing new board members Dr. Sarah Ryan and Peter Dickson, both standing for election.

• Peter Turnbull and Dr. Mark Sceats retired from the board, with Sceats continuing as Chief Scientist.

• Board comprises Alison Deans (Chair), Peter Dixon, Helen Fisher, Dr. Sarah Ryan, Dr. Phil Hodgson (CEO), and Dr. Mark Sceats.

• Board renewal process was highlighted as complete, positioning the company for its next growth phase.

Financial performance review

• Cash burn improved from AUD 27 million in H1 to AUD 5 million in H2 FY24, with further cost reductions yielding AUD 6 million in annualized savings.

• FY25 strategy focuses on revenue generation and cost management amid challenging market conditions, with continued revenue growth in the first quarter.

• Magnesia business continues to grow revenue and margins, supporting overall financial stability.

• Revenue growth was noted in the water and magnesia businesses, and paid engineering studies in Leilac.