Board of Directors

April 28, 2026

Confidential — Board Members Only

Three Key Messages

01

We are on track

16 months of sustained growth. Cumulative revenue exceeds $600K. April projects a close at $62K. All 4 permanent stores are EBITDA positive.

02

Plenty of room to grow

Stores are at 36% of the traditional optical benchmark. Cohorts are maturing, advertising has 94% headroom, and there are multiple levers yet to be activated.

03

Cash efficiency + financing roadmap

$18,150/month in executed OPEX savings, with potential of $22,450/month. Gross margin improving (73.6% in Feb). Optimized cost structure.

Monthly Revenue — OKIO Sales

January 2025 – April 2026 · OKIO Sales · Cumulative: ~$610K

Source: Consolidated P&L. "OKIO Sales" = total revenue (stores + web + health fairs). April 2026 shows optimistic projected close of $62K.

April 2026 vs March 2026

Same 27-day comparison · Optimistic projected close

Apr 1–27
$52,305
+23.2% vs same March period
Optimistic projected close
$62,000
Monthly record
Average daily sales
$1,937
Run rate: $58K/mes
Mar 1–27
$42,464
Same comparison period
Store Apr 1–27 Mar 1–27 Var %
Obarrio / Online$19,747$16,494+19.7%
Brisas Capital$14,427$11,814+22.1%
Albrook$8,553$6,616+29.3%
Costa del Este$6,163$5,701+8.1%
Health Fairs$3,416$1,839+85.8%
TOTAL$52,305$42,464+23.2%

Revenue by Store — OKIO Sales

Stacked bars · January 2025 – April 2026

P&L by Store — Path to Profitability

Store EBITDA = OKIO Sales − COGS − Store SG&A · Data from Consolidated P&L

Store Revenue Feb 26 COGS Gross Margin SG&A EBITDA
New York $18,362 $4,849 $13,513 $10,126 $3,387
Costa del Este $9,210 $2,432 $6,778 $3,389 $3,389
Brisas Capital $14,331 $3,785 $10,546 $8,124 $2,422
Albrook Mall $13,944 $3,683 $10,261 $10,570 −$309
TOTAL STORES $55,847 $15,771 $43,946 $32,209 $8,889

EBITDA Evolution by Store

Last 6 months — trend towards profitability

All 4 stores are profitable at a very early maturation level — none have even reached 70% of their potential. Store EBITDA Feb-26: +$8,889. Gross margin improved from 58% to 73.6% in 12 months. This means profitability will only improve as they mature.

Revenue by Store — Last 3 Months

February – April 2026 · POS only (detailed expenses in data room)

Store Feb 26 Mar 26 Apr 26 Total 3M Avg/mo
New York $18,116 $18,715 $18,882 $55,713 $18,571
Brisas Capital $14,582 $12,966 $13,982 $41,530 $13,843
Albrook Mall $12,991 $7,558 $8,471 $29,020 $9,673
Costa del Este $8,841 $7,345 $6,302 $22,488 $7,496
Health Fairs $2,531 $1,468 $3,164 $7,163 $2,388
TOTAL $57,062 $48,051 $50,799 $155,912 $51,971

The detailed P&L with COGS, OPEX and EBITDA by store is in the data room (okio.la/dataroom). All 4 permanent stores are EBITDA positive.

Store Maturation — Path to Benchmark

Traditional optical benchmark: $27K/month (street) · $35K/month (mall)

Store Months Avg. 3M Benchmark % benchmark
New York 16 $18,571 $27,000 69%
Brisas Capital 12 $13,843 $27,000 51%
Albrook Mall 5 $9,673 $35,000 28%
Costa del Este 15 $7,496 $27,000 28%
TOTAL — $49,583 $116,000 43%
All stores are below the benchmark — but they are maturing. In optical, the repurchase cycle is 2 to 4 years. There are thousands of acquired customers who have not yet repurchased — that is practically guaranteed future revenue. If stores reach 70% of the benchmark → $81K/month = consolidated breakeven.

Cohorts — Repeat Purchase Rate by Store

30-day window to deduplicate purchases from the same customer

The oldest cohort (New York) has only repurchased 25-30% — and that is just the tip of the iceberg. In optical, strong repurchase comes between year 2 and 4. Each passing month, more customers enter their repurchase window. This is a recurring revenue engine that is just getting started.

LTV Cohorts — Cumulative Repurchase by Cohort

Each line = customers who purchased for the first time that month · Cumulative % repurchase in $ over their first purchase · 30-day dedup

Cohort Jan-25
24.4%
cumulative repurchase in 16 months (28 customers)
Total unique customers
3,515
16 cohorts since Jan 2025
Optical repurchase cycle
2–4 años
The big wave has not arrived yet
We are in month 16 of operations. The oldest cohorts are just entering the optical repurchase window (2-4 years). With 3,515 acquired customers, each additional percentage point of repurchase represents ~$6,000 in recurring revenue. This is an asset that grows on its own over time.

Unit Economics — February 2026

Unit profitability per customer · Real data from the P&L

Profitability per transaction

Average ticket $117
Gross margin 73.6%
Gross margin / ticket $86
Historical LTV (16 meses de data)
LTV revenue $161
LTV gross margin $119

Optical repurchase cycle: 2-4 years. Real LTV will be significantly higher.

CAC y múltiplos

Métrica Valor
New customers / month (Feb)327
CAC (digital advertising)~$5
LTV(GM) / CAC 23.7x

Con arriendos (fully loaded)

Store Rent/mes
New York$2,689
Costa del Este$678
Brisas Capital$1,578
Albrook Mall$3,252
Total$8,197
Rent / cliente nuevo $25
CAC + Rent $30
LTV(GM) / (CAC + Rent) 4.0x
For every $30 we invest in acquiring and hosting a customer, we recover $119 in gross margin — and that with only 16 months of operation. LTV keeps rising.

Store online — Web Sessions

Monthly page views · Janro 2025 – April 2026

Promedio 2025
2,799
page views / mes
Marzo 2026
44,186
+1,479% vs promedio 2025
April 2026
62,327
+41% vs Mar · récord
From ~2,800 monthly page views in 2025 to 62,327 in April 2026 — a 22x jump. El efecto combinado de SEO optimizado (34 páginas + Schema.org), digital advertising, y contenido ha convertido okio.la en un motor de adquisición real.

Growth Metrics — Serie de tiempo

Appointments booked por mes · April 2025 – April 2026

Citas April 2026
268
Mejor mes del año
Visitantes web Feb-Apr
81,485
+1,414% growth Feb→Apr
Conversión web → cita
1.9%
Palanca de optimización

Digital Advertising — Efficiency and ROAS

Período: Janro – April 2026

Ad spend investment $9,101
Sessions generated 39,332
Appointments booked 753
Ventas POS 1,787
Revenue generated $205,640
Current CPA
$5
Lo que pagamos hoy por cliente
Maximum profitable CPA
$86
Up to here we are still making money
ROAS
22.6x
Headroom
94%
$5
$86 max
This is what is extraordinary: it costs us $5 to acquire a customer who generates $86 in gross margin on their first purchase. The maximum profitable CPA is $86 — we are at 6% of that ceiling. We can multiply ad spend 17x and still remain profitable per customer. It is a growth machine with the brakes on.

Consolidated P&L — Trend

Last 4 months · Path to breakeven at $85K/month

Concept Nov 25 Dec 25 Jan 26 Feb 26
Store Revenue $30,984 $42,377 $48,707 $55,847
Revenue Web + Health Fairs $477 $3,577 $6,648 $3,870
Total Revenue $31,461 $45,954 $55,355 $59,717
COGS $13,580 $14,752 $16,571 $15,771
Gross Profit $17,881 $31,202 $38,784 $43,946
% Gross margin 56.8% 67.9% 70.1% 73.6%
Store SG&A $20,950 $34,967 $32,318 $32,209
Corporate SG&A $55,681 $54,499 $46,760 $49,891
Store EBITDA −$3,339 −$6,193 $1,806 $8,889
Consolidated EBITDA −$58,750 −$58,264 −$40,294 −$38,154
Consolidated breakeven
$85,068/mes
Revenue needed for EBITDA = 0
Gap to breakeven
$25,351
Feb: $59,717 vs $85,068 needed

The adoption of AI tools in marketing, CRM, and automation has generated significant operational efficiencies. The headcount was adjusted to a sustainable operating model for 4 stores.

OPEX Efficiencies — Executed Savings

Monthly savings executed
$18,150
= $217,800 / año
Concept Savings/month %
CMO$5,00028%
Marketing$3,00017%
Merchandise Head$3,00017%
Legal and accounting$2,00011%
Extra personnel$1,5008%
Technology platforms$1,0006%
Admin$1,0006%
Photo production$7504%
Commissions$5003%
Freelance content designer$4002%
Additional potential

Replace finance with AI (external accounting only): +$3,000/mes

Eliminate ad agency (AI handles advertising internally): +$1,300/mes

This would bring the total to $22,450/mes ($269,400/año).

Team and Organizational Structure

A lean team powered by AI — each person performs like a team of 3

CEO
Diego Mariño
CTO
Claude
AI-powered
CFO
Viviana Olascuaga
CMO
Claude
AI-powered
RRHH
Diego Mariño
Head of OPS
Paula Niño
Head Comercial / Stores
Diego Mariño
+ Claude
Reports to CTO
Product Manager
Paula Niño / Diego Mariño
A team of 3 people that operates like a team of 15. Claude is not just a tool — it holds real executive roles: CTO and CMO. This is what it means to be AI-native.

The Industry Confirms It

We are not making this up — the global market validates this thesis

Warby Parker

From DTC startup to $2B+ valuation. Reinvented optical with direct-to-consumer model, technology, and brand experience.

Jimmy Fairly

Similar model in Europe. 300+ stores. Accelerated growth because consumers are demanding a modern optical experience.

Lenskart

From India to the world. Valuation $4.5B+, technology as core: virtual lens try-on, own manufacturing, tech-first model in optical.

Investment Window
Today you can enter at pre-breakeven price.

In a few months, upon reaching breakeven and launching the expansion round, the conditions will be very different. This is the window.

OKIO as an AI-Native Company

It is not just marketing — it is how we operate. Every core function of the company is powered by AI.

What AI does at OKIO today

Customer service — WhatsApp Bot

24/7 support, appointment scheduling, post-sale follow-up, ready-order notifications. Replaces ~2 service agents.

Visual Merchandising AI (VM)

AI that distributes eyewear in-store based on rotation, inventory, hot zones, and category. Automatic update per store. See example →

Digital advertising — Analysis and optimization

Campaign ROAS analysis, audience optimization, multi-touch attribution, automatic budget adjustment. Replaces media buyer + analyst.

Marketing calendar

Automatic creation, planning, and execution of the monthly content calendar. Social media posts, stories, reels.

Multichannel communications

Transactional and promotional emails, reminder SMS, segmented mass WhatsApp. All automated.

Segmentation and prediction

Automatic database segmentation, repurchase prediction, dynamic cohorts, customer scoring.

Reporting and data

Automatic dashboards, cohort analysis, real-time P&L, board presentations generated by AI (like this one).

Photo production lifestyle

100+ professional photos per collection in different scenarios. No photographer, no models, no locations. Replaces $3,000-5,000 per shoot production.

Traditional Cost vs OKIO AI

Function Traditional OKIO AI
Community Manager$2,500$0
WhatsApp Agents (×2)$2,400$150
Media Buyer + Analyst$3,500$0
CRM Manager$2,000$0
Email/SMS Marketing$1,500$200
Copywriter / Content$2,000$0
Data Analyst$2,500$0
Photo production$4,000$0
AI Tools$0$800
TOTAL / MONTH $20,400 $1,150
Savings from AI-native model
$19,250/mes
= $231,000 / año
94% reduction vs traditional operation

The Global Context

Jeff Bezos raised $100B with Project Prometheus to apply AI to the real sector — manufacturing, retail, physical operations.

$10B round at $38B valuation. BlackRock and JPMorgan among investors. The thesis: the greatest return from AI is in transforming real-world companies.

See full Investment Memo →

OKIO was born in the era of artificial intelligence. That makes us the most efficient company in the sector — we grow at rates a traditional optical company could not, with radically lower costs. It is not just efficiency: it is a structural and irreplicable competitive advantage.

In Summary

1

Solid growth: ~$610K in cumulative revenue in 16 months, with a consistent upward trend.

2

Stores maturing towards benchmark — at 43% of the benchmark with multiple levers yet to be activated.

3

4 permanent stores EBITDA positive at store level. Gross margin: 73.6% and improving.

4

$18,150/month in OPEX efficiencies executed = $217,800/year. Potential of $21,150/month by replacing finance with AI.

5

Active investor pipeline. Multiple financing options under evaluation.

6

Positioned as AI-native company in retail — aligned with the global thesis.

Next step: Let's talk

OKIO Vision, S.A. · Confidential · Investor Update · April 2026

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