On this page of StockholderLetter.com we present the 9/16/2024 shareholder letter from LSI INDUSTRIES INC — ticker symbol LYTS. Reading current and past LYTS letters to shareholders can bring important insights into the investment thesis.
LS I I N DU STRI E S 2024 ANNUAL REPORT
Letter to Shareholders I traditionally begin this letter by thanking our dedicated workforce for their ingenuity, hard work, and exceptional service to our customers this year is no different. I am especially proud of our employees this year as we welcomed the team from EMI Industries to the LSI family. I have witnessed many interactions with EMI over the past few months and am thrilled by their enthusiasm and collaboration as we move toward LSI s 2028 goals. Our employees continue to distinguish themselves through their dedication to the little things, working with a sense of urgency to push LSI ahead and for the respect shown to our customers and each other. I see these core values applied across our 16 locations, where 1 | LSI INDUSTRIES 2024 ANNUAL REPORT our teams are focused on innovation and improving our products and solutions for our customers. These guiding principles and the dedicated people behind them are what keep LSI at the forefront of the industry. James A. Clark President and Chief Executive Officer LSI Industries Thank you all for your effort and dedication to ensuring LSI s success. Fiscal Year 2024 $470 m FY24 Revenue $51 m Adjusted EBITDA $38 m Free Cash Flow

Fast Forward Journey to 2028 Key Acquisition Our Fast Forward plan lays out the roadmap to achieving $800 million in revenues and a doubling of our Adjusted EBITDA to $100 million. The Fast Forward plan provides a clear strategy to reach these objectives, and in FY2024, we made signi cant progress. We successfully completed large-scale graphics programs in Jamaica, Barbados, and Central America. We opened our new R-290 refrigerant research and development facility for advanced environmentally friendly refrigerated xture production in January. This highlights our investment in innovation and dedication to remaining at the forefront of the American Innovation & Manufacturing (AIM) Act. Through our acquisition of EMI, we continued the expansion of our customer solutions offerings and created new opportunities for our full suite of products. As part of our Fast Forward plan, LSI completed the acquisition of EMI Industries in Fiscal year 2024. Based in Florida, EMI is an award-winning manufacturer of metal and millwork, specializing in standard and custom xtures, displays, and food equipment for the convenience store, grocery, and restaurant industries. With over 40 years of experience and an extensive customer base in many of LSI s key markets, EMI enhances our position in those verticals. LSI remains focused on growth within our vertical markets. We are committed to deepening relationships with existing customers, attracting new ones, and delivering a broader array of products and services that provide meaningful value. 3 | LSI INDUSTRIES 2024 ANNUAL REPORT As with any acquisition, we carefully considered the company s culture before moving forward, and I am excited to welcome EMI s dedicated and driven workforce to the LSI family. We are already seeing early bene ts from this acquisition, and we look forward to leveraging these new opportunities as we move into FY2025 and beyond. $800m Million in Revenue Expected by 2028 $100m Adjusted EBITDA by 2028 $160m Expected Organic Growth
Notable Successes New Opportunities Expanded our market presence in North America with successful lighting and display solution projects implemented in the Caribbean, Mexico, Canada, and Latin America, strengthening our international footprint. Expanded international presence in Caribbean and Central America New refrigeration research and production facility 5 countries 65,000 ft2 Investment in supply chain and procurement operations 2 keys Growth Horizons Employees added with acquisition of EMI Industries 300+ employees Developed and launched the new linear area light in under ve months, showcasing our rapid innovation capabilities. Development time for new area light to meet market demand Launched over 20 new products, maintaining a strong product vitality pipeline consistent with the past ve years. New products launched across LSI divisions 20+ new products Nurturing Presence Number of pickleball players in United States 9 millon Continued the growth of our ADAPT professional services group, which oversaw the delivery and installation of graphics and digital solutions at thousands of sites in 2024. Number of projects completed by ADAPT in FY2024 Opened our new R-290 research and development facility in Bangor, Maine, in January 2024. This facility enables LSI to offer environmentally friendly refrigerated solutions, positioning us well ahead of upcoming EPA standards. Made strategic investments in our supply chain by enhancing leadership to drive efficiencies, reduce lead times, and deliver greater value to our customers. 5 months Expand our vertical portfolio. Strengthened our ongoing partnership with USA Pickleball as the Official Lighting Partner. As one of the fastestgrowing sports in the United States, we are proud to support its continued success. Amount of ADL Technologies outside customer base 5,600+ projects 80+% LSI INDUSTRIES 2024 ANNUAL REPORT | 4
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LYTS 9/16/2024 Shareholder/Stockholder Letter Transcript:

LS I I N DU STRI E S
2024 ANNUAL REPORT

Letter to
Shareholders
I traditionally begin this letter by thanking our dedicated
workforce for their ingenuity, hard work, and exceptional
service to our customers     this year is no different.
I am especially proud of our employees this year as
we welcomed the team from EMI Industries to the LSI
family. I have witnessed many interactions with EMI over
the past few months and am thrilled by their enthusiasm
and collaboration as we move toward LSI   s 2028 goals.
Our employees continue to distinguish
themselves through their dedication to
the little things, working with a sense
of urgency to push LSI ahead and for
the respect shown to our customers
and each other. I see these core values
applied across our 16 locations, where
1 | LSI INDUSTRIES     2024 ANNUAL REPORT
our teams are focused on innovation
and improving our products and
solutions for our customers. These
guiding principles and the dedicated
people behind them are what keep
LSI at the forefront of the industry.
James A. Clark
President and
Chief Executive Officer
LSI Industries
Thank you all for your effort
and dedication to ensuring
LSI   s success.
Fiscal Year 2024
$470 m
FY24 Revenue
$51 m
Adjusted EBITDA
$38 m
Free Cash Flow


Fast Forward
Journey to 2028
Key Acquisition
Our Fast Forward plan lays out the
roadmap to achieving $800 million in
revenues and a doubling of our Adjusted
EBITDA to $100 million. The Fast Forward
plan provides a clear strategy to reach
these objectives, and in FY2024, we made
signi   cant progress. We successfully
completed large-scale graphics programs
in Jamaica, Barbados, and Central
America. We opened our new R-290
refrigerant research and development
facility for advanced environmentally
friendly refrigerated    xture production in
January. This highlights our investment in
innovation and dedication to remaining at
the forefront of the American Innovation
& Manufacturing (AIM) Act. Through
our acquisition of EMI, we continued
the expansion of our customer solutions
offerings and created new opportunities
for our full suite of products.
As part of our Fast Forward plan,
LSI completed the acquisition of EMI
Industries in Fiscal year 2024. Based
in Florida, EMI is an award-winning
manufacturer of metal and millwork,
specializing in standard and custom
   xtures, displays, and food equipment
for the convenience store, grocery, and
restaurant industries. With over 40
years of experience and an extensive
customer base in many of LSI   s key
markets, EMI enhances our position in
those verticals.
LSI remains focused on growth within
our vertical markets. We are committed
to deepening relationships with existing
customers, attracting new ones, and
delivering a broader array of products and
services that provide meaningful value.
3 | LSI INDUSTRIES     2024 ANNUAL REPORT
As with any acquisition, we carefully
considered the company   s culture
before moving forward, and I am
excited to welcome EMI   s dedicated
and driven workforce to the LSI
family. We are already seeing early
bene   ts from this acquisition, and we
look forward to leveraging these new
opportunities as we move into FY2025
and beyond.
$800m
Million in Revenue
Expected by 2028
$100m
Adjusted EBITDA
by 2028
$160m
Expected Organic
Growth

Notable Successes
New
Opportunities
    Expanded our market presence in North America with
successful lighting and display solution projects implemented
in the Caribbean, Mexico, Canada, and Latin America,
strengthening our international footprint.
Expanded international presence
in Caribbean and Central America
New refrigeration research
and production facility
5 countries
65,000 ft2
Investment in supply chain
and procurement operations
2 keys
Growth
Horizons
Employees added with
acquisition of EMI Industries
300+ employees
    Developed and launched the new linear area light in under
   ve months, showcasing our rapid innovation capabilities.
Development time for new area
light to meet market demand
    Launched over 20 new products, maintaining a strong
product vitality pipeline consistent with the past    ve years.
New products launched
across LSI divisions
20+ new products
Nurturing
Presence
Number of pickleball
players in United States
9 millon
    Continued the growth of our ADAPT professional services
group, which oversaw the delivery and installation of
graphics and digital solutions at thousands of sites in 2024.
Number of projects completed
by ADAPT in FY2024
    Opened our new R-290 research and development facility
in Bangor, Maine, in January 2024. This facility enables LSI
to offer environmentally friendly refrigerated solutions,
positioning us well ahead of upcoming EPA standards.
    Made strategic investments in our supply chain by enhancing
leadership to drive efficiencies, reduce lead times, and deliver
greater value to our customers.
5 months
    Expand our vertical portfolio.
    Strengthened our ongoing partnership with USA Pickleball
as the Official Lighting Partner. As one of the fastestgrowing sports in the United States, we are proud to
support its continued success.
Amount of ADL Technologies
outside customer base
5,600+ projects
80+%
LSI INDUSTRIES     2024 ANNUAL REPORT | 4


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