Kits Eyecare Ltd. · TSX:KITS
Kits Eyecare — Q1 2026 Earnings Presentation
17 slides from Kits Eyecare's earnings presentation, May 6, 2026
Slide 1: Kits
Slide 2: Forward Looking Statements
F O RWA R D LO O K I N G & N O N - I F RS M E AS U R E S 2 Forward Looking Statements This presentation contains "forward-looking information" within the meaning of applicable securities laws in Canada. We caution that the list of risk factors and uncertainties described in the AIF is not exhaustive
Slide 3: Q1 2026 Earnings: makes eyecare easy
Q1 2026 EARNINGS 3 makes eyecare easy KITS.TO
Slide 4: Kits Revenue Expansion
Q1 2026 EARNINGS 4 KITS REVENUE EXPANSION 2-Year CAGR of 28.5%, Growing Approximately 7X Category $57.5 $52.4 $53.9 $49.6 $46.6 $44.8 $41.9 $37.9 $34.8 $30.0 $31.2 $31.7 New Revenue ($ millions) Repeat Revenue ($ millions) Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2023 2023 2023 2024 2024 2024 2024 2025 2
Slide 5: Driving Growth: Glasses
Q1 2026 EARNINGS 5 10.8M 41.8% Glasses Revenue Lens upgrades +61% YoY as percentage of revenue DRIVING GROWTH: GLASSES 156K Glasses Units Delivered +50% YoY 18.8% Glasses Revenue as % of Total Revenue KITS.TO $
Slide 6: Glasses Delivered Revenue
Q1 2026 EARNINGS 6 GLASSES TOTAL DELIVERED REVENUE (CAD) BY DELIVERED QUARTER: GLASSES $7.0M $6.0M $5.0M Delivered Revenue $4.0M $3.0M $2.0M $1.0M Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 New Customers ($ millions) Repeat Customers ($ mi
Slide 7: Financial Highlights: First Quarter 2026
Q1 2026 EARNINGS 7 FINANCIAL HIGHLIGHTS: FIRST QUARTER 2026 57.5M 10.8M 36.7M RECORD RECORD RECORD REVENUE GLASSES REVENUE REPEAT REVENUE + 23% YoY + 61% YoY Revenue from + 27% YoY (Constant Currency) + 24% QoQ Repeat Customers: 63.9% + 7% QoQ 4.1M 23.5M 99.9K RECORD RECORD NEW ADJUSTED EBITDA GROSS
Slide 8: Glasses and Contacts: Lifetime Value
Q1 2026 EARNINGS 8 GLASSES AND CONTACTS: LIFETIME VALUE Faster Acceleration Post-2020: Customers acquired recently are demonstrating a significantly faster acceleration in lifetime value than those acquired before 2020. Each New Cohort Starts Higher: Customers acquired in 2024-2026 generated more cu
Slide 9: Innovation in Glasses and AI Powered Discovery
CONSTRUCTION/ FINISHING KITS.TO Q1 2026 EARNINGS INNOVATION IN GLASSES: PROGRESSIVE READERS/ READERS BUILDING FOR A GROWING CATEGORY AI POWERED DISCOVERY: OPTICIAN AI 9
Slide 10: Financial Outlook: Second Quarter 2026
Q1 2026 EARNINGS 10 FINANCIAL OUTLOOK: SECOND QUARTER 2026 57.0M - 59.0M REVENUE GUIDANCE 3.0% - 5.0% ADJUSTED EBITDA MARGIN GUIDANCE 1. See "Forward Looking Statements" for important limitations and risks with respect to guidance and forward-looking information. KITS.TO 2. Please refer to “Non-IFRS
Slide 11: Built to Scale for Long-Term
Q1 2026 EARNINGS 11 FOUNDATION: BUILT TO SCALE FOR LONG-TERM Cost Advantages Strong Repeat Behaviour IN EVERY LAYER. EVERY QUARTER. 63.9% of Revenue from repeat customers. 58 53% YoY increase of glasses units ordered by repeat customers. Premium 1. 345 78,000 glasses units delivered to repeat custom
Slide 12: Continued Profitability Expansion
Q1 2026 EARNINGS 12 FINANCIALS: CONTINUED PROFITABILITY EXPANSION 14 Consecutive Quarters of Positive Adjusted EBITDA GROSS PROFIT AND MARGIN ADJUSTED EBITDA Gross Profit ($ millions) Gross Margin (%) Adjusted EBITDA ($ millions) Adjusted EBITDA Margin (%) 23.5M 4.1M 3.5M 18.8M 18.0M 18.1M 17.1M 2.9
Slide 13: Operating Expenses
Q1 2026 EARNINGS 13 FINANCIALS: OPERATING EXPENSES AS A PERCENTAGE OF REVENUE FULFILLMENT (%) MARKETING (%) G&A (%) Q1 2026 - 10.5% Q1 2026 - 18.9% Q1 2026 - 5.7% 18.9% 15.2% 16.3% 14.1% 13.5% 10.9% 10.7% 10.2% 10.1% 10.5% 7.3% 6.3% 5.7% 5.7% 4.2% Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q1 2025 Q2 2
Slide 14: Strong Balance Sheet
Q1 2026 EARNINGS 14 FINANCIALS: STRONG BALANCE SHEET Continued flexibility to scale operations for long-term growth Cash ($ millions) Debt ($ millions) No outstanding debt. $29.8 $10M BMO ABL repaid in January 2026; BDC term loan retired November 2025, ahead of schedule. $19.3 $19.1 $19.3 $19.7 $19.
Slide 15: Q&A
Q&A KITS KITS makes eyecare easy SLly
Slide 16: Reconciliation of Non-IFRS Measures
APPENDIX 16 RECONCILIATION OF NON-IFRS MEASURES CAD 000s, Q1 ‘23 Q2 ‘23 Q3 ‘23 Q4 ‘23 FY 2023 Q1 ‘24 Q2 ‘24 Q3 ‘24 Q4 ‘24 FY 2024 Q1 ‘25 Q2’25 Q3’25 Q4’25 FY 2025 Q1’26 unless otherwise noted Reconciliation of EBITDA and Adjusted EBITDA Net income / (2,215) 3,116 (694) 1,937 264 3,110 1,975 (1,020)
Slide 17: The Kits Team
APPENDIX 17 MEET THE VISIONARIES: THE KITS TEAM Roger Joseph Tai Ibrahim Angela Arshil Edita Olivia Hardy Thompson Silvey Kamar MacInnis Abdulla Hadravska Evans Chief Operating President Chief Financial Chief Marketing Chief Technology Head of Director of Corporate Chief Executive Officer and Office