Rubicon Organics (ROMJ) AGM 2025 summary

Opening remarks and agenda

• Meeting called to order with introductions of board members, confirmation of proper notice and quorum, and review of audited financials for year ended December 31, 2024.

• Voting procedures explained, with one class of common shares and voting by show of hands or ballot if requested.

Board and executive committee updates

• Number of directors fixed at eight for the ensuing year, with all management nominees elected for a one-year term and a mix of CPG, cannabis, and finance experience.

• Doris Bitz announced as new Chairperson, effective immediately after the meeting.

• Glen Ibbott appointed as Interim CFO, bringing significant industry experience.

• Janis Risbin thanked for her service as outgoing CFO.

• Leadership team includes CEO Margaret Brodie, COO Melanie Ramsey, and other experienced executives.

Financial performance review

• Q1 2025 net revenue was $12.4 million, a 39% increase year over year, with positive adjusted EBITDA of $700,000 and four consecutive quarters of positive Adjusted EBITDA.

• 2024 full-year net revenue reached $50 million, with $5 million in adjusted EBITDA, and strong working capital of $20 million as of March 31, 2025.

• Net revenue for the trailing 12 months reached $52.2 million, with gross profit before fair value adjustments at $16.9 million.

• Gross margin improved to 31% in Q1 2025, with $7.8 million cash on hand and $20.1 million working capital.

• Debt refinanced at 6.75%, considered industry-leading.

• Non-brokered financing closed in Q2 2025, upsized to $4.5 million due to strong demand.