Velan (VLN) AGM 2025 summary

Opening remarks and agenda

• Meeting called to order by the Chair and CEO, with instructions for participation and voting provided to shareholders.

• Agenda included receiving financial statements, electing directors, appointing the auditor, and other business.

• Voting procedures and Q&A instructions were explained, with polls open for all items until the end of the formal meeting.

Financial performance review

• Sales from continuing operations reached $295.2 million, up 14.1% from the previous year, with gross profit margin improving to 28.8%.

• Adjusted EBITDA rose to $27.5 million, and cash flow from operations more than doubled to $26.5 million.

• Adjusted net income was $6.6 million, reversing a prior year loss, and cash position on a pro forma basis was about $55 million.

• Backlog at year-end was $274.9 million, with over $225 million deliverable in the next 12 months.

• New credit facilities of $35 million were secured post-year-end, supporting future growth.

Board and executive committee updates

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

• PricewaterhouseCoopers was reappointed as auditor, with directors authorized to set compensation.