2024 AGM Presentation

• FY2024 highlights including contract awards, strategic hires, and operational updates
• Financial results for FY2024 with revenue, gross margin, and EBITDA figures
• Update on key product pipelines including MaxSim, Aurora, and REVAL
• Outlook for FY2025 including anticipated normalized EBITDA and new contract wins

Adacel Technologies Ltd has released its 2024 Annual General Meeting presentation, providing an overview of the company's performance and key developments in the 2024 financial year. The presentation highlights several contract awards, including a Runway Incursion contract with Nav Portugal, a USAF Tower Simulator System contract re-award, and new FAA software and support contracts. The company also made strategic new hires, including the appointment of Neil Bowles as Vice President of Air Traffic Management. Other updates include the second REVAL virtual tower system going operational and Adacel customers becoming the first schools signed to the FAA's Enhanced AT-CTI Program. Financially, Adacel reported revenues of $31 million, with the Services segment contributing 69% of total revenues and the Systems segment contributing 31%. Gross margin stood at 23.4%, down from 32.3% in the prior year, due to revenue mix. Normalized EBITDA, excluding non-cash impairment and restructuring charges, was $1.1 million, while EBITDA was a loss of $1.4 million. The presentation also provided an update on the company's product pipelines, with the MaxSim, Aurora, and REVAL solutions all showing strong growth potential. For FY2025, Adacel is anticipating a normalized EBITDA of between $4 million and $5 million, driven by continued delivery of the FAA Hardware Support Contract and a new Aurora ATM contract win.Lastly, the presentation announced Adacel's plans for voluntary delisting from the Australian Securities Exchange (ASX), citing limited trading and liquidity, management time and effort, and cost savings as the key reasons behind this decision.

For FY2025, the Company anticipates a normalized EBITDA of between $4 million and $5 million. FY2025 assumes continued delivery of the FAA Hardware Support Contract throughout FY2025 and a new Aurora ATM contract win with a total contract value in excess of $3 million, of which half is expected to be delivered in FY2025.

Adacel is anticipating a normalized EBITDA of between $4 million and $5 million for FY2025, driven by continued delivery of the FAA Hardware Support Contract and a new Aurora ATM contract win. The company also expects to sign a new Aurora ATM contract with a total contract value in excess of $3 million, of which half is expected to be delivered in FY2025.