Velan (VLN) AGM 2024 summary

Opening remarks and agenda

• Meeting was led by CEO and Chairman James A. Mannebach, who provided an overview of fiscal 2024 and set expectations for fiscal 2025.

• Instructions for participation and voting were provided to shareholders.

• Agenda included receiving financial statements, electing directors, appointing auditors, approving unallocated options, and other business.

• Proof of notice and proper constitution of the meeting were confirmed.

Board and executive committee updates

• Eight directors were nominated and elected to serve until the next annual meeting.

• CEO and Chairman James A. Mannebach and CFO Rishi Sharma presented key updates and financial results.

• The Board expressed gratitude to shareholders and highlighted the leadership team's resilience during a challenging year.

Financial performance review

• Fiscal 2024 sales were $346.8 million, with gross profit at $93.2 million (26.9% of sales).

• Adjusted EBITDA was $17.8 million, down from $21.1 million in 2023, and net loss totaled $19.7 million.

• Cash flow from operations improved to $4.3 million, up from $0.5 million the previous year; cash and cash equivalents were $36.4 million.

• Order backlog increased to $491.5 million, with $360.7 million deliverable in the next 12 months.

• Bookings increased by $21.3 million year-over-year, achieving a book-to-bill ratio of 1.08, the best in over two years.