Weebit Nano (WBT) AGM 2025 summary

Opening remarks and agenda

• Meeting opened with a quorum and notice of meeting taken as read; hybrid format enabled both in-person and virtual participation, with voting conducted by poll and procedures for questions outlined.

• AGM focused on progress from early adoption to volume deployment of next-generation non-volatile memory (NVM) technology, with updates from the chairman and CEO.

Financial performance review

• Revenue grew from $153,000 in H1 2024 to $3.7 million in H2 2025, totaling $5.4 million over two years, driven by licensing progress and customer expansion.

• Achieved record revenue in FY25, a 4x increase over the prior period, with annual revenue rising from $1M in FY24 to $4.4M in FY25.

• Record $7.3 million cash receipt in September, mainly from milestone payments; $4.1 million received from French tax authorities for R&D.

• Ended September with $91.6 million in cash, supporting ongoing R&D and commercial expansion.

• Revenue recognition is milestone-based, leading to expected quarterly fluctuations until royalty streams ramp up.

Board and executive committee updates

• Anne Templeman-Jones joined as independent Non-Executive Director and Deputy Chair, bringing extensive governance and risk experience.

• Board strengthened governance practices, including the release of the inaugural ESG report.

• Board composition and director tenure discussed, with annual independent reviews to assess governance needs.

• Leadership team includes experienced executives and a diverse board, with ongoing scaling of personnel and infrastructure.