Ann: 2024 Annual Report, page-3

Financial Performance and Position:

• Revenue: Revenue from continuing operations increased to US$2,080,744 in 2024, up from US$1,800,081 in 2023.
• Gross Profit: Gross profit also increased to US$1,173,966 (2024) from US$962,794 (2023).
• Net Loss: Despite the revenue growth, the company reported a net loss after tax of US$1,780,630 in 2024, a reduction from the US$2,844,279 loss in 2023.
• Adjusted EBITDA: Adjusted EBITDA (excluding share-based payments expense) was a loss of US$1,501,635 in 2024, compared to a loss of US$2,279,849 in 2023.
• Cash Position: The company significantly improved its cash and cash equivalents to US$1,074,306 as at 31 December 2024, compared to US$103,030 at the end of 2023. This appears to be linked to capital raising activities.
• Net Assets: The company moved from a net liability position of US$805,991 at the end of 2023 to net assets of US$63,358 at the end of 2024. This is primarily due to increases in contributed equity.
• Share Price: The share price at the financial year end was AU$0.011, significantly lower than the AU$0.024 at the end of 2023.