Mach7 Technologies (M7T) AGM 2024 summary

Opening remarks and agenda

• Meeting opened with introductions of board members, executive team, auditors, and an outline of the virtual meeting process, including voting and Q&A procedures.

• Agenda included a review of the past year, CEO presentation on results and future focus, formal business, and shareholder Q&A.

• Chair and CEO addressed the meeting, highlighting achievements and strategic direction for FY25.

Financial performance review

• Achieved record sales orders of AUD 61.3 million, up 52% on prior period, with renewals accounting for 61% of total, and revenue of AUD 29.1 million.

• Recurring revenue reached AUD 22 million, up nearly 30% from June 2023, representing 72% of total revenue, up from 54% in FY23.

• Positive operating cashflow of AUD 3.5 million and cash on hand at 30 June 2024 was AUD 26.2 million, with no debt.

• Adjusted EBITDA was minus AUD 2 million; NPAT before amortization was minus AUD 1.2 million, and NPAT was minus AUD 8 million, reflecting investment in growth and subscription transition.

• Record 80 contract wins and 19 renewals secured a forward revenue book of AUD 50.9 million over five years.

Board and executive committee updates

• Significant board renewal brought new perspectives and skills; Rebecca Thompson joined as non-executive director.

• Remuneration structure changed, discontinuing director options in response to investor feedback.

• Board and management alignment on refreshed strategy and regular engagement with key investors; increased APAC/ME team capabilities.