DAVIDsTEA (DTEA) AGM 2024 summary

Opening remarks and agenda

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

• Chairman and key meeting roles (Secretary, Scrutineer) appointed at the outset.

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

Board and executive committee updates

• Five directors nominated and elected with 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 the prior year, 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, 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.

• Brick-and-mortar sales improved 6.2% YoY in Q1 2024, marking the second consecutive quarter of sales growth.