DAVIDsTEA (DTEA) AGM 2024 summary

Opening remarks and agenda

• Meeting conducted via audio webcast on June 18, 2024, with proxy voting encouraged for efficiency.

• Pat De Marco acted as Chairman, Neil Wiener as Secretary, and Mathias Jalali as Scrutineer.

• Official business included election of directors, appointment of auditor, and a management update.

Board and executive committee updates

• Five directors elected: Jane Silverstone Segal, Sarah Segal, Susan Burkman, Pat De Marco, and Peter Robinson, each receiving at least 94.23% of votes cast.

• Ernst & Young LLP reappointed as auditor until the next AGM.

• Strengthened management team by hiring a Vice-President of Marketing and a Chief Digital Officer.

Financial performance review

• Fiscal 2023 revenue was CAD 60.6 million, down 27% from 2022, with a net loss of CAD 13.8 million and gross margin of 39.9%.

• Adjusted EBITDA for FY 2023 was negative CAD 5.4 million, excluding certain non-IFRS items.

• Q1 2024 revenue was CAD 13.4 million, down 6.1%, with a gross margin of 43.3% and net loss of CAD 2.6 million.

• Adjusted EBITDA for Q1 2024 was negative CAD 0.8 million.

• In-store sales grew 6.2% year-over-year in Q1 2024, marking the second consecutive quarter of growth.