Q1 2025 Banzai International Inc Earnings Call

Nancy Norton: Nancy Norton, Chief Legal Officer at Banzai. I'd like to welcome you to the Banzai Q1 2025 Financial Results and Business Update Conference Call. Question and answer session will follow the formal presentation. As a reminder, this conference is being recorded. Before we begin the formal presentation, I would like to remind everyone that statements made on the call and webcast may include predictions, estimates, or other information that might be considered forward-looking. While these forward-looking statements represent our current judgment on what the future holds, they are subject to risks and uncertainties that could cause actual results to differ materially. You are cautioned not to place undue reliance on these forward-looking statements. I'm sorry. You are cautioned not to place undue reliance on these forward-looking statements, which reflect our opinions only as of the date of this presentation.

Operator: I would like to welcome you to the Banzai First Quarter 2025 Financial Results and Business Update Conference Call. Question and answer session will follow the formal presentation. As a reminder, this conference is being recorded.

Now I'd like to welcome you to the bonds I first quarter 2025 financial results and business update conference call.

A question and answer session will follow the formal presentation. As a reminder, this conference is being recorded.

Operator: Before we begin the formal presentation, I would like to remind everyone that statements made on the call and webcast may include predictions, estimates, or other information that might be considered forward-looking. While these forward-looking statements represent our current judgment on what the future holds, they are subject to risks and uncertainties that could cause actual results to differ materially. You are cautioned not to place undue reliance on these forward-looking statements. I'm sorry. I am sorry. Your caution not to place undue reliance on these forward-looking statements, which reflect our opinions only as of the date of this presentation.

Before we begin the formal presentation I would like to remind everyone that statements made on the call and webcast may include predictions estimates or other information that might be considered forward looking while these forward looking statements represent our current judgment on what the future holds they are subject to risks and uncertainties that could cause actual results to.

Differ materially you are cautioned not to place undue reliance on these forward looking statements.

I'm sorry.

I am sorry.

Speaker Change: You are cautioned not to place undue reliance on these forward looking statements, which reflect our opinions only as of the date of this presentation. Please keep in mind that we are not obligating ourselves to revise or publicly release the results of any revision to these forward looking statements in light of new information or future events.

Operator: Please keep in mind that we are not obligating ourselves to revise or publicly release the results of any revision to these forward-looking statements in light of new information or future events. Throughout today's discussion, we will attempt to present some important factors relating to our business that may affect our predictions. You should also review our recent Form 10-K and Form 10-Q for a more complete discussion of these factors and other risks, particularly under the heading risk factors.

Nancy Norton: Please keep in mind that we are not obligating ourselves to revise or publicly release the results of any revision to these forward-looking statements in light of new information or future events. Throughout today's discussion, we will attempt to present some important factors relating to our business that may affect our predictions. You should also review our recent Form 10-K and Form 10-Q for a more complete discussion of these factors and other risks, particularly under the heading Risk Factors. A press release detailing these results was issued this afternoon and is available in the investor relations section of our company's website, banzai.io. Your host today, Joe Davy, Chief Executive Officer, and Alvin Yip, Interim Chief Financial Officer, will present unaudited results of operations for the Q1 ended 31 March 2025. At this time, I will turn the call over to Banzai Chief Executive Officer, Joe Davy.

Speaker Change: Throughout today's discussion we will attempt to present some important factors relating to our business that may affect our predictions you should also review our recent Form 10-K and Form 10-Q for a more complete discussion of these factors and other risks, particularly under the heading risk factors.

Operator: A press release detailing these results was issued this afternoon and is available in the Investor Relations section of our company's website, banzai.io.

Speaker Change: A press release detailing these results was issued this afternoon and is available in the Investor Relations section of our company's website Banzai Dot I owe you a host today, Joe Davies, Chief Executive Officer, and Alvin yet interim Chief Financial Officer will present unaudited results of operations for the first quarter ended and.

Operator: Your host today, Joe Davey, Chief Executive Officer, and Alvin Yip, Interim Chief Financial Officer, will present unaudited results of operations for the first quarter ended March 31st, 2025.

Speaker Change: At March 31, 2025 at this time I will turn the call over to <unk>, Chief Executive Officer, Joe <unk>.

Joe Davey: At this time, I will turn the call over to Banzai Chief Executive Officer, Joe Davey. Thank you, Nancy, and good afternoon, everyone. I am pleased to welcome you to Banzai's first quarter 2025 financial results conference call. I'll begin with a brief overview on our business and market opportunity before delving into Q1 2025 financial and operational highlights. I'll then touch on some product and strategy updates.

Joe Davy: Thank you, Nancy. Good afternoon, everyone. I am pleased to welcome you to Banzai's Q1 2025 Financial Results Conference Call. I'll begin with a brief overview on our business and market opportunity before delving into Q1 2025 financial and operational highlights. I'll touch on some product and strategy updates. Alvin will review our Q1 2025 financial results, and we'll take a look at the forecast for consolidated 2025 financials before I close and open the call up for questions. For those that are new to our story at Banzai, we are developing a platform of AI-powered marketing solutions that make our customers' lives 10 times faster and easier. Our products enable our robust customer base to target, engage, and measure both new and existing customers more effectively.

Thank you Nancy and good afternoon, everyone.

Speaker Change: I am pleased to welcome you to bond guys first quarter 2025 financial results Conference call.

Speaker Change: Begin with a brief overview on our business and market opportunity before delving into Q1, 2000, 22025 financial and operational highlights.

Speaker Change: I'll then touch on some product and strategy updates Alban will then review our Q1 2025 financial results and we will take a look at the forecast for our consolidated 2025 financials before I close and open the call up for questions.

Joe Davey: Alvin will then review our Q1 2025 financial results, and we'll take a look at the forecast for consolidated 2025 financials before I close and open the call up. For those... For those that are new to our story at Banzai, we are developing a platform of AI-powered marketing solutions that make our customers' lives 10 times faster and easier. Our products enable our robust customer base to target, engage, and measure both new and existing customers more effectively. Our focus is on the global martech market, which is expanding rapidly due to increasing digital transformation, surging demand for personalized experiences, and the proliferation of automation and AI.

Speaker Change: For those.

Speaker Change: Yeah.

Speaker Change: For those that are new to our story.

Speaker Change: Thank God, we are developing a platform of AI powered marketing solutions that make our customers lives 10 times faster and easier.

Speaker Change: Our products enable our robust customer base to target engage and measure both new and existing customers more effectively.

Speaker Change: Okay.

Joe Davy: Our focus is on the global MarTech market, which is expanding rapidly due to increasing digital transformation, surging demand for personalized experiences, and the proliferation of automation and AI. These dynamics have created issues for modern marketing teams, which must navigate the expansive and complex network of available tools. Our core product suite addresses the issue of disjointed customer experiences and messy data by centralizing all essential marketing tools in the Banzai platform. We continue to expand our family of products through our targeted acquisition strategy, which positions us strongly for capitalizing on industry consolidation. Banzai continues to be focused on our strategy of building and buying products across four key areas, attracting leads, engagement, tracking, and intelligence. We feel these areas are key to marketing success both now and in the future.

Speaker Change: Our focus is on the global Martech market, which is expanding rapidly due to increasing digital transformation surging demand for personalized experiences and proliferation of automation and AI.

Joe Davey: These dynamics have created issues for modern marketing teams, which must navigate the expansive and complex network of available. Our core product suite addresses the issue of disjointed customer experiences and messy data by centralizing all essential marketing tools in the Banzai platform. We continue to expand our family of products through our targeted acquisition strategy, which positions us strongly for capitalizing on industry consolidation. Banzai continues to be focused on our strategy of building and buying products across four key areas, attracting leads, engagement, tracking, and intelligence. We feel these are these areas are key to marketing success both now and in the future.

Speaker Change: These dynamics have created issues for motor marketing teams, which must navigate the expensive and complex network of available tools.

Speaker Change: Our core broad suite addresses the issue of disjointed customer experiences and messy data by centralizing all of central marketing tools and the bonds I platform.

Speaker Change: We continue to expand our family of products through our targeted acquisition strategy, which positions us strongly for capitalizing on industry consolidation.

Speaker Change: Banzai continues to be focused on our strategy of building and buying products across four key areas, attracting weeds engagement tracking and intelligence.

Speaker Change: We feel these are these areas are key to marketing success, both now and in the future.

Joe Davey: The first quarter was marked by continued operational momentum and substantial growth with With revenue growing 213% year-over-year and 160% sequentially to $3.4 million in the quarter, driven by our Vudelo and Open Reel subsidiaries and continued strong performance for our product. We are seeing immediate results from having Videlo's Next Generation Video Creation Editing and Marketing Suite and Open Reel's digital video creation platform in the Banzai family of products. We achieved gross profit of $2.8 million in the quarter, an increase of 297%. Gross margin expanded significantly year over year from 64.7% to 82.1%.

Joe Davy: The first quarter was marked by continued operational momentum and substantial growth with, just pull ahead, revenue growing 213% year over year and 160% sequentially to $3.4 million in the quarter, driven by our Vidello and OpenReel subsidiaries and continued strong performance for our products. We are seeing immediate results from having Vidello's next generation video creation, editing, and marketing suite and OpenReel's digital video creation platform in the Banzai family of products. We achieved gross profit of $2.8 million in the quarter, an increase of 297%. Gross margin expanded significantly year over year from 64.7% to 82.1%. A few more highlights. We achieved Annual Recurring Revenue of $14.9 million in the first quarter. This represents a 268% annualized ARR growth rate compared to Q4 2024. Adjusted EBITDA was a $1.7 million loss, which compared to a loss of $1.5 million in Q1 2024.

Speaker Change: In the first quarter was marked by continued operational momentum and substantial growth with.

Speaker Change: At this point.

Speaker Change: With revenue growing 213% year over year, and 160% sequentially to $3 $4 million in the quarter driven by our vanilla and open real subsidiaries and continued strong performance for our products.

Speaker Change: We are seeing immediate results from having fidelity with next generation video creation and marketing suite and open real digital video creation platform in the bonds or family of products.

Speaker Change: We achieved gross profit of $2 $8 million in the quarter.

Speaker Change: An increase of 297%.

Speaker Change: Gross margin expanded significantly year over year from 64, 7% to 82, 1%.

Speaker Change: Okay.

Joe Davey: A few more highlights. We achieved annual recurring revenue of $14.9 million in the first quarter. This represents a 268% annualized ARR growth rate compared to Q4 of 2024. Adjusted EBITDA was a $1.7 million loss, which compared to a loss of $1.5 million in Q1 2024. Net loss improved by $4 million compared to Q4 2024.

Speaker Change: A few more highlights we achieved annual recurring revenue of $14 9 million in the first quarter. This represents a 268% annualized they are our growth rate compared to Q4 of 2024 <unk>.

Speaker Change: Adjusted EBITDA was a $1 $7 million loss, which compared to a loss of $1 5 million.

Speaker Change: In 2000 in Q1, 2024, net loss improved by $4 million compared to Q4 2024.

Joe Davy: Net loss improved by $4 million compared to Q4 2024. We acquired Vidello, a technology provider of video hosting and marketing suite solutions for businesses. We signed a definitive agreement to acquire Act-On Software, an enterprise marketing automation platform provider, which is projected to increase FY 2025 revenue by $27 million on a pro forma basis and is subject to closing conditions. We're extremely pleased to deliver this improvement in the balance sheet, which will also create a material benefit to net income for the full year 2025. Our customer base expanded to over 90,000 total customers.

Joe Davey: We acquired Videlo, a technology provider of video hosting and marketing suite solutions for businesses. We signed a definitive agreement to acquire Act On Software, an enterprise marketing automation platform provider, which is projected to increase FY 2025 revenue by $27 million on a pro forma basis and is subject to closing conditions. We completed a $20.3 million debt repayment ahead of schedule in Q1, which fully satisfied our outstanding debt obligations to several key vendors. We're extremely pleased to deliver this improvement in the balance sheet, which will also create a material benefit to net income for the full year 2025.

Speaker Change: We acquired Modelo, a technology provider of video hosting and marketing suite solutions for businesses.

Speaker Change: We signed a definitive agreement to acquire act on software and enterprise marketing automation platform provider, which is projected to increase FY 'twenty FY 2025 revenue by $27 million on a pro forma basis and is subject to closing conditions.

Speaker Change: We completed a $23 million debt repayment ahead of schedule in Q1, which fully satisfied our outstanding debt obligations to several key vendors.

Speaker Change: We're extremely pleased to deliver this improvement in the balance sheet, which will also create a material benefit to net income for the full year 2025.

Joe Davey: Our customer base expanded to over 90,000 total customers.

Speaker Change: Our customer base expanded to over 90000 total customers.

Joe Davey: We launched Create Studio 4.0, the latest version of Vidello's award-winning video creation app developed by our Vidello subsidiaries. We secured expanded agreements with RBC Capital Markets and other prominent enterprises for OpenREAL. This reflects our strategy of expansion in the enterprise and is an example of one of the key sectors where we are continuing to provide an increased value. I just want to highlight again the milestone we achieved in fortifying our balance sheet, which is the $20.3 million debt we have repaid under our September 2024 restructuring plan. This has already delivered a meaningful impact to stockholders' equity with a $5.7 million improvement in Q1 and positions us for financial strength going forward.

Joe Davy: We launched CreateStudio 4.0, the latest version of Vidello's award-winning video creation app developed by our Vidello subsidiary. We secured expanded agreements with RBC Capital Markets and other prominent enterprises for OpenReel. This reflects our strategy of expansion in the enterprise and is an example of one of the key sectors where we are continuing to provide an increased value to customers. I just want to highlight again the milestone we achieved in fortifying our balance sheet, which is the $20.3 million debt we have repaid under our September 2024 restructuring plan. This has already delivered a meaningful impact to stockholders' equity with a $5.7 million improvement in Q1 and positions us for financial strength going forward. Moving on to our products. To date, we have consolidated three leading video assets within Banzai, all of which help marketers leverage video to engage their leads and customers more effectively.

Speaker Change: We launched create studio a 4.0 the latest version of the <unk> Award winning video creation App developed buy.

Speaker Change: Our our.

Speaker Change: Our <unk> subsidiary.

Speaker Change: We secured expanded agreements with RBC capital markets and other prominent enterprises for open real.

Speaker Change: This reflects our strategy of expansion in the enterprise and as an example of one of the key sectors, where we are continuing to provide increased value to customers.

I just want to highlight again the milestone we achieved in fortifying our balance sheet, which is the $23 million.

Speaker Change: Debt, we have repaid under our September 2020 for restructuring plan. This has already delivered a meaningful impact to stockholders' equity with a $5 $7 million improvement in Q1 and positions us for financial strength going forward.

Speaker Change: Okay.

Joe Davey: Moving on to our product. To date, we have consolidated three leading video assets within Banzai, all of which help marketers leverage video to engage their leads and customers more effectively. These include our recently acquired Open Reel and Vidello businesses, as well as our Demio product, which we are using to deliver this webcast. So if you run webinars in your business, please check out Demio. Again, this consolidated business delivered revenue of $3.4 million in Q1 2025, which was a 213% increase compared to 2024.

Speaker Change: Moving onto our products.

Speaker Change: To date, we have consolidated three leading video assets within bonds I, all of which help marketers leverage video to engage their leads and customers more effectively. These include our recently acquired open real and vanilla businesses as well as our <unk> product, which we are using to deliver this webcast. So if.

Joe Davy: These include our recently acquired OpenReel and Vidello businesses, as well as our Demio product, which we are using to deliver this webcast. If you run webinars in your business, please check out Demio. Again, this consolidated business delivered revenue of $3.4 million in Q1 2025, which was a 213% increase compared to 2024. In January, we announced the definitive agreement to acquire Act-On Software, Inc. Act-On is a leading marketing automation platform provider. The acquisition is subject to closing conditions but could grow Banzai's pro forma consolidated revenue substantially in 2025. We have substantially scaled our customer base to now over 90,000 customers, which covers some blue-chip names across a variety of sectors. Some of our key customers and partners include RBC Global Asset Management, which we just expanded, as well as Cisco, Adobe, Thermo Fisher Scientific, Microsoft, Dell, Capital One, and thousands of others.

Speaker Change: <unk>.

Speaker Change: Run Webinars and your business, please check out vimeo.

Speaker Change: Again. This is this consolidated business delivered revenue of $3 $4 million in Q1, 2025, which was a 213% increase compared to 2024.

Joe Davey: In January, we announced a definitive agreement to acquire Acton Software Inc. Acton is a leading marketing automation platform provider. The acquisition is subject to closing conditions, but could grow Banzai's pro forma consolidated revenue substantially in 2025. We have substantially scaled our customer base to now over 90,000 customers, which covers some blue chip names across a variety of sectors. Some of our key customers and partners include RBC Global Asset Management, which we just expanded, as well as Cisco, Adobe, Thermo Fisher Scientific, Microsoft, Dell, Capital One, and thousands of others. We serve a variety of industries, including healthcare, financial services, e-commerce, technology, and media, and we have customers in over 90 countries.

Speaker Change: In January we announced the definitive agreement to acquire Act on software Inc.

Speaker Change: <unk> is a leading marketing automation platform provider.

Speaker Change: The acquisition is subject to closing conditions, but could grow banzai pro forma consolidated revenue substantially in 2025.

Speaker Change: Okay.

Speaker Change: We have substantially scaled our customer base to now over 90000 customers, which cover some blue chip names across a variety of sectors. Some of our key customers and partners include RBC Global asset management, which we just expanded as well as Cisco Adobe Thermo Fisher scientific Microsoft Dell capital.

Speaker Change: One and thousands of others.

Joe Davy: We serve a variety of industries, including healthcare, financial services, e-commerce, technology, and media. We have customers in over 90 countries. We remain focused on targeting the mid-market and enterprise segment while continuing to support our small business customers. We are taking a disciplined approach to focus on acquiring stickier, high-value customers. Our flywheel business model continues to be at the center of our strategy. Developing great products leads to growing customer usage. This drives additional data and content on our products, which enables us to create additional value through integrations, automation, and AI features. We are building moat in 2 key areas: integrations and AI enablement. Integrating multiple products on a single platform allows us to simplify our customers' workflows and deliver on our brand promise of 10 times faster and easier solutions. Continued investment in AI enablement will ultimately be key to our long-term success.

Speaker Change: We serve a variety of industries, including health care financial services E Commerce technology and media.

Speaker Change: We have customers in over 90 countries.

Joe Davey: We remain focused on targeting the mid-market and enterprise segment while continuing to support our small business customers. We are taking a disciplined approach to focus on acquiring stickier, high-value customers.

Speaker Change: We remain focused on targeting the mid market and enterprise segment, while continuing to support our small business customers.

Speaker Change: We are taking a disciplined approach to focus on acquiring stickier high value customers.

Speaker Change: Yeah.

Joe Davey: Our flywheel business model continues to be at the center of our strategy. Developing great products leads to grown customer usage. This drives additional data and content on our products, which enables us to create additional value through integrations, automation, and AI. We are building mode in two key areas, integrations and AI enablement. Integrating multiple products on a single platform allows us to simplify our customers' workflows and deliver on brand promise, on our brand promise, a 10 times faster and easier service. Continued investment in AI enablement will ultimately be key to our long-term success. We believe that adding more solutions will, over time, expand the context available to us and will enable us to deliver more powerful AI capabilities.

Speaker Change: Our flywheel business model continues to be at the center of our strategy developing great products leads to growing customer usage. This drives additional data and content on our products, which enabled us to create additional value through integrations automation and AI features.

We are building mode in two key areas integrations and AI enablement integrating multiple products on a single platform allows us to simplify our customers' workflows and deliver on brand promise on our brand promise of 10 times faster and easier solutions.

Speaker Change: Continued investment in AI enablement will ultimately be key to our long term success.

Joe Davy: We believe that adding more solutions will, over time, expand the context available to us and will enable us to deliver more powerful AI capabilities. Our vision is to generate substantial long-term value by scaling inorganically in addition to the growth of our existing products. Our acquisition framework is centered around profitable businesses that align with Banzai's target enterprise and mid-market customer profile, and our data and AI-driven strategy. We evaluate candidates on their ability to attract leads, engage, harness data and intelligence, and measure results. The opportunity for Banzai is twofold. First, to increase our product capabilities by acquiring strategically aligned products that serve our core customer base, and second, by accelerating our path to profitability and scale, and to hopefully benefit from multiple expansion along the way. I will now turn the call over to Alvin Yip, Interim Chief Financial Officer, to discuss our financial results.

Speaker Change: We believe that adding more solutions will over time expand the context of available to us and will enable us to deliver more powerful AI capabilities.

Speaker Change: Okay.

Joe Davey: Our vision is to generate substantial long-term value by scaling inorganically in addition to the growth of our existing products. Our acquisition framework is centered around profitable businesses that align with Banzai's target enterprise and mid-market customer profile and our data and AI-driven strategy. We evaluate candidates on their ability to attract leads, engage, harness data, and intelligence, and measure results.

Speaker Change: Our vision is to generate substantial long term value by scaling Inorganically. In addition to the growth of our existing products.

Speaker Change: Our acquisition framework are centered around profitable businesses that align with bonds is target enterprise and mid market customer profile.

Speaker Change: And our data and AI driven strategy.

Speaker Change: We evaluate candidates on their ability to attract leaves engage a harness data and intelligence and measure results.

Joe Davey: The opportunity for Banzai is twofold. First, to increase our product capabilities by acquiring strategically aligned products that serve our core customer base, and second, by accelerating our path to profitability and hopefully benefit from multiple expansions along the way.

Speaker Change: The opportunity for Banzai is twofold first to increase our product capabilities by acquiring strategically aligned products that serve our core customer base and second by accelerating our path to profitability and scale and to hopefully benefit from multiple expansion along the way.

Alvin Yip: I will now turn the call over to Alvin Yip, Interim Chief Financial Officer, to discuss our financial results. Thank you, Joe. Hi, everyone, for joining the call. So, I would like to discuss our financial results for Q1, and the total revenue for the first quarter of 2025 was 3.4 million, compared to 1.1 million in the first quarter of 2020. However, we believe the Non-Gap Matrix Annual Recurring Revenue, or ARR, is more meaningful in evaluating the company's performance. ARR was $14.9 million for the first quarter of 2025 and represents a 268% increase from the fourth quarter of 2024.

Speaker Change: I will now turn the call over to Alvin Yep interim Chief financial officer to discuss our financial results.

Alvin Yip: Thank you, Joe. Hi, everyone, for joining the call. I would like to discuss our financial results for Q1. The total revenue for Q1 2025 was $3.4 million compared to $1.1 million in Q1 2024. However, we believe the non-GAAP metrics Annual Recurring Revenue, or ARR, is more meaningful in evaluating the company's performance. ARR was $14.9 million for Q1 2025 and represents a 268% increase from Q4 2024. Gross profit for Q1 2025 was $2.8 million, compared to $0.7 million in Q1 2024. Gross margin was 82.1% in Q1 2025, an increase of 1,700 basis points compared to 64.7% in Q1 2024.

Alvin Yep: Thank you, Joe Hi, everyone for joining the call.

Speaker Change:

Speaker Change: So fall out I would like to discuss our financial results for Q1, and the total revenue for the first quarter of 2025.

Speaker Change: Was $3 4 million compared to $1 1 million in the first quarter of 2024.

Speaker Change: However, we believe that non-GAAP.

Speaker Change: Matrix annual recurring revenue or.

Speaker Change: A L. R is more is a more meaningful in evaluating the company's performance.

Speaker Change: Al was $14 9 million for the first quarter of 2025 and represents a 268% increase from the fourth quarter of 2024.

Alvin Yip: Gross profit for the first quarter of 2025 was $2.8 million compared to $0.7 million in the first quarter of 2024. Gross margin was 82.1 percent in the first quarter of 2025, an increase of 1,700 basis points compared to 64.7 percent in the first quarter of 2024. Total operating expenses for the first quarter of 2025 were $7.7 million, compared to $4.1 million in the first quarter of 2024. Excluding a $1.4 million of one-time expenses related to acquisitions, total operating expense totaled at $6.3 million in the first quarter, and it's an increase of 54% year-over-year. Net loss for the first quarter of 2025 was $3.6 million compared to a net loss of $4.3 million in the first quarter of 2024.

Speaker Change: Gross profit for the first quarter of 2025 was $2 8 million compared to $1 7 million in the first quarter of 2024 gross margin was 82, 1% in the first quarter of 2025, an increase of <unk> <unk>.

Speaker Change: <unk> <unk>.

<unk> thousand 700 basis points compared to 64, 7% in the first quarter of 2024.

Alvin Yip: Total operating expenses for Q1 2025 were $7.7 million, compared to $4.1 million in Q1 2024. Excluding a $1.4 million of one-time expenses related to acquisitions, total operating expense totaled at $6.3 million in Q1 and is an increase of 54% year-over-year. Net loss for Q1 2025 was $3.6 million, compared to a net loss of $4.3 million in Q1 2024. For the three months and 31 March 2025, Adjusted EBITDA was a loss of approximately $1.7 million, reflecting a decrease in the earning of approximately $0.3 million, compared to a loss of approximately $1.5 million for the three months end 31 March 2024. This period-over-period decrease is primarily attributable to increased gain on extinguishment of liability offsetting by loss of issuance of term notes and increased transaction-related expenses.

Speaker Change: Total operating expenses for the first quarter of 2025 were $7 7 million compared to $4 1 million in the first quarter of 2024, excluding a $1 4 million of one time expenses related to acquisitions.

Speaker Change: Total operating expense total total at $6 3 million in the first quarter.

Speaker Change: And he said an increase of 54% year over year.

Speaker Change: Net loss for the first quarter of 2025 was $3 6 million compared to a net loss of $4 3 million in the first quarter of 2024.

Alvin Yip: For the three months and March 31st, 2025, adjust EBITDA was a loss of approximately 1.7 million, reflecting a decrease. reflecting a decrease in the earning of approximately 0.3 million compared to a loss of approximately 1.5 million for the three months and March 31st, 2024.

Speaker Change: For the three months and March 31, 2025, adjusted EBITDA was a loss of approximately $1 7 million, reflecting reflecting a decrease.

Speaker Change: When factoring a decrease in the earnings of approximately <unk> <unk>.

Speaker Change: One 3 million compared to a loss of approximately $1 5 million for the for the three months ended March 31, 2020 for this period over period decrease is primarily attributable to increased gain on extinguishment of liability offsetting.

Joe Davey: This period-over-period decrease is primarily attributable to increased gain on extinguishment of liability offsetting by loss of issuance of term notes and increased transaction related Now I'm going to turn the call back to Joe for some closing remarks.

Speaker Change: By loss of issuance of term Kamloops and increased transaction related expenses.

Alvin Yip: Now, I'm going to turn the call back to Joe for some closing remarks. Thank you, everyone.

Speaker Change: Now I'm.

Speaker Change: Going to turn the call back to Joe for some closing remarks. Thank you Ben good luck.

Joe Davey: Thank you. Thank you, Alvin.

Joe Davy: Thank you, Alvin. Before I close, I'd like to review our 2025 forecast for our consolidated business. Our pro forma revenue for full year 2025 is projected to be $20 million, which would represent a 19% increase from full year 2024 actual revenue. Pro forma net income is projected to be $1.4 million in 2025, reflecting our transition to be a profitable company on a GAAP basis. We are still seeing solid revenue growth across our business at a much higher growth margin. Operationally, we're in a great position as we're positioned for cash break-even operations in 2025. We have worked diligently to strengthen our balance sheet and advance towards profitability and long-term growth. We have an expanding suite of synergistic products that drive real value for our massive customer base. Our business model, which is scalable and asset light, is positioned for triple-digit revenue growth projection in 2025.

Joe Davies: Thank you Alvin.

Joe Davey: Before I close, I'd like to review our 2025 forecast for our consolidated business. Our pro forma revenue for full year 2025 is projected to be $20 million, which would represent a 19% increase from full year 2024 actual revenue. Pro forma net income is projected to be $1.4 million in 2025, reflecting our transition to be a profitable company on a gap basis. We are still seeing solid revenue growth across our business at a much higher gross margin. Operationally, we're in a great position as we're positioned for cash breakeven operations in 2025. We have worked diligently to strengthen our balance sheet and advance towards profitability and long-term growth.

Joe Davies: Before I close I'd like to review, our 2025 forecast for our consolidated business.

Joe Davies: Our pro forma revenue for full year 2025 is projected to be $20 million, which would represent a 19% increase from full year 2020 for actual revenue pro forma net income is projected to be $1 4 million in 2025, reflecting our transition to be a profitable company on a GAAP basis.

Joe Davies: We are still seeing solid revenue growth across our business at a much higher gross margin.

Joe Davies: Operationally, we are in a great position that we're positioned for cash breakeven operations in 2025.

Joe Davies: We have worked diligently to strengthen our balance sheet and advance towards profitability and long term growth.

Joe Davey: We have an expanding suite of synergistic products that drive real value for our massive customer base. Our business model, which is scalable and asset light, is positioned for triple-digit revenue growth projection in 2025. We are focused on generating sustainable value for our shareholders and I look forward to providing additional updates throughout the year.

Joe Davies: We have an expanding suite of synergistic products that drive real value for our massive customer base or.

Joe Davies: Our business model, which is scalable and asset light is positioned for triple digit revenue growth projection in 2025.

Joe Davy: We are focused on generating sustainable value for our shareholders. I look forward to providing additional updates throughout the year. Thank you everyone for attending. I would now like to answer your questions. Operator? Let me see. I'm going to actually go through and review the questions that are in the chat. I'll just say, if you have questions that you would like to ask, if you can submit them to the chat, that would be great. We will see them come in here. We will address them. I see a couple that have already come in. I am going to start from the top and work my way down here. I may loop in Alvin or Nancy as we go. First question is, Can you share any updates on the expected timeline for completion of the Act-On acquisition?

Joe Davies: We are focused on generating sustainable value for our shareholders and I look forward to providing additional updates throughout the year.

Joe Davey: Thank you everyone for attending, and I would now like to answer your questions. operator. Let me see. I'm going to actually go through and review the questions that are in the chat. So I'll just say if you have questions that you would like to ask, if you can submit them to the chat, that would be great. We will see them come in here and we will address them. And I see a couple that have already come in. So I am going to start from the top and work my way down here.

Joe Davies: Thank you everyone for attending and I would now like to answer your questions.

Joe Davies: Operator.

Joe Davies: Yeah.

Joe Davies: Well, let me see.

Speaker Change: I would actually go through and review the questions that are in the chat. So I'll just say if you have questions that you would like to ask if you can submit them.

Joe Davies: Two the chat.

Speaker Change: That would be great, we will see them come in here.

Joe Davies: And we will address them.

Joe Davies: And I see.

Joe Davies: Couple that have already come in.

Joe Davies: So I am going to start from the top and work my way down here.

Joe Davies:

Joe Davey: And I may loop in Alvin or Nancy as we go.

Joe Davies: And then maybe we've been alvan or four.

Joe Davies: Or for Nancy as we go.

Joe Davey: So, first question is, can you share any updates on the expected timeline for completion of the Act on Acquisition? Also, how is the acquisition pipeline looking for 2025, given the macro uncertainty? Are you seeing any signs of caution from your customer base in terms of marketing or demand generation budget? Okay, looks like that was marked as answered, so I will try to remember what the full question was. But in summary, we are actively working on the Act-On acquisition. That's about all I can say at this time, but we will continue to provide updates as we have them.

Joe Davies: So first question.

Joe Davies: Is can you share any updates on the expected timeline.

Joe Davies: For completion of the act on acquisition also how is the acquisition pipeline looking for 2025, given the macro uncertainty are you seeing any signs of caution from your customer base in terms of marketing or demand generation budgets.

Joe Davy: Also, how is the acquisition pipeline looking for 2025 given the macro uncertainty? Are you seeing any signs of caution from your customer base in terms of marketing or demand generation budgets? Looks like that was marked as answered. I will try to remember what the full question was. In summary, we are actively working on the Act-On acquisition. That's about all I can say at this time. We will continue to provide updates as we have them. I will just say that we are continuing to move forward there. "How is the acquisition pipeline looking for 2025?" I'll just say from my perspective, I think it's looking great. We've obviously had a focus on getting through the process here with Act-On, and so that, I would say, hasn't stopped us from pursuing additional acquisitions, but certainly that's our priority right now.

Joe Davies: Okay. It looks like that was marked as answered.

Joe Davies: So I will try to.

Joe Davies: Remember what the question was but in summary.

Joe Davies: We are actively working on.

Joe Davies: The act on acquisition.

Joe Davies: That's about all I can say at this time.

Joe Davies: But we will continue to provide updates as we.

Joe Davies: We have them.

Joe Davey: And I will just say that we are continuing to move forward there.

Joe Davies: And.

I will just say that we are we're continuing to.

Joe Davies: To.

Joe Davies: Move forward there.

Joe Davey: Um How is the acquisition pipeline looking for 2025? I'll just say from my perspective, I think it's looking great. We've obviously had a focus on getting through the process here with ActOn. And so that has, I would say, hasn't stopped us from pursuing additional acquisitions, but certainly that's our priority right now. But I think there are a number of other attractive companies that have reached out to us or that we've reached out to. And we're continuing to see a strong pipeline of interesting acquisition opportunities that I think would be a great fit for our business.

Joe Davies:

Speaker Change: How is the acquisition pipeline looking for 2025, I'll just say from my perspective, I think it's looking great.

Joe Davies: We've obviously had a focus on getting through the process here with act on.

Joe Davies: And so that has you know I would say it hasn't stopped us from pursuing additional acquisitions, but certainly that's our priority right now.

Joe Davy: I think there are a number of other attractive companies that have reached out to us or that we've reached out to, and we're continuing to see a strong pipeline of interesting acquisition opportunities that I think would be a great fit for our business. Although we can't provide any specifics around it right now, I'll just say the pipeline is looking really good, and we're optimistic about what we'll be able to do with some of those additional businesses. As always, when you're looking at acquisitions, there are no certainties around will we be able to find deals that we love, find businesses that we love, et cetera. I think from a macro standpoint, there's definitely a strong supply of companies that we're seeing come into the market right now. The second part of the question was around macro uncertainty.

Joe Davies: But I think there are a number of other attractive companies that.

Joe Davies: Have you reached out to us or that we reached out to them.

Joe Davies: We're continuing to see a strong pipeline of interesting acquisition opportunities that I think it would be a great fit.

Joe Davey: And so, although we can't provide any specifics around it right now, I'll say the pipeline is looking really good. And we're optimistic about what we'll be able to do with some of those additional businesses. But as always, when you're looking at acquisitions, there are no certainties around will we be able to find deals that we love, find businesses that we love, et cetera. But I think from a macro standpoint, there's definitely a strong supply of companies that we're seeing come into the market right now.

Joe Davies: For our business.

Joe Davies: So.

Joe Davies: Although we can't provide any specifics around it right now I'll just say.

Joe Davies: The pipeline is looking really good.

Joe Davies: And we're optimistic about what we'll be able to do with some of those additional biz.

Joe Davies: Businesses, but as always when youre looking at.

Joe Davies: Acquisitions, you know there are no certainties.

Joe Davies: You know around what we'd be able to find deals that we love you know find businesses that we love et cetera.

Joe Davies: But I think from a macro standpoint.

Joe Davies: The there's definitely a strong supply of companies that we're seeing come into the market right now.

Joe Davey: The second part of the question was around macrouncertainty. Are we seeing any signs of caution from our customer base in terms of marketing or demand generation budgets? I would say it's quite the opposite. I will tell you, I don't, I can't reveal the name of the customer, but in Q1, we had a large enterprise that had previously been on a maybe one or two year contract with us and renewed on a five year contract with us. We're seeing many of our customers expanding or renewing on longer contracts. And I think we're continuing to see strong demand.

Joe Davies: The second part of the question was around macro uncertainty.

Joe Davy: Are we seeing any signs of caution from our customer base in terms of marketing or demand generation budgets? I would say it's quite the opposite. I will tell you, I can't reveal the name of the customer, but in Q1 we had a large enterprise that had previously been on maybe a 1 or 2-year contract with us, and renewed on a 5-year contract with us. We're seeing many of our customers expanding or renewing on longer contracts. I think we're continuing to see strong demand, and we've been seeing strong demand both in new and in the upsell side of things.

Joe Davies: Are we seeing any signs of caution from our customer base in terms of marketing demand generation budget I would say, it's quite the opposite.

Joe Davies: I I.

Joe Davies: I will tell you I don't know.

Joe Davies: And I can't reveal the name of the customer.

Joe Davies: In Q1, we had a.

Joe Davies: Large enterprise that had previously been on.

Joe Davies: A maybe one or two year.

Joe Davies: Contract with us and renewed on a five year contract with us we're.

Joe Davies: We're seeing many of our customers expanding or renewing on longer contracts.

Joe Davies: And I think we're continuing to see strong demand and we've been seeing strong demand both in new and in the upsell side of things. So overall I would say, it's a very positive environment right now and I think this is really being driven.

Joe Davey: And we've been seeing strong demand, both in new and in the upsell side of things. So overall, I would say it's a very positive environment right now. And I think this is really being driven by, you know, there is macrouncertainty, but I think, you know, that macrouncertainty of leading companies to think about how they can be more productive, more efficient, how they can leverage technology to enable that. And we are really well positioned to take advantage of that and to support customers in helping them make that transformation. So I think it's actually a very exciting time.

Joe Davy: Overall, I would say it's a very positive environment right now, and I think this is really being driven by. There is macro uncertainty, but I think that macro uncertainty is leading companies to think about how they can be more productive, more efficient, how they can leverage technology to enable that and we are really well-positioned to take advantage of that and to support customers in helping them make that transformation. I think it's actually a very exciting time. Everybody's trying to get more competitive and offer a better level of service and a better level of communication with their customers, and we're very well positioned to help with that. Thank you for the question. Let's see. Has the sales cycle changed with recent macro and tariff concerns?

Joe Davies: Bye.

Joe Davies: There is macro uncertainty, but I think that macro uncertainty is leading companies to think about how they can be more productive more efficient how.

Joe Davies: How they can.

Joe Davies: Leveraged technology to enable that and we're really well positioned to take advantage of that.

Joe Davies: And to support customers and helping them make that transformation. So I think it's actually a very exciting time, everybody is trying to get more competitive and offer a better level of service and a better level of communication with their customers and we're very well positioned to help with that.

Joe Davey: Everybody's trying to get more competitive and, you know, offer a better level of service and a better level of communication with their customers. And we're very well positioned to help them.

Joe Davey: So, thank you for the question.

Joe Davies: So thank you for the question.

Joe Davey: Let's see, has the sales cycle changed with recent macro and tariff concerns? Obviously, this is related to the prior question, but I would say, no, we haven't really seen sales cycle change. We have seen some customers, especially larger customers, moving to longer contract terms. This has been a positive thing for us. There are opportunities here where we can lock in customers for two, three, five years. That provides obviously guaranteed revenue for us over that period of time. Of course, it's beneficial to the customer as well because it gives them price certainty, which is something that they care a lot about right now.

Joe Davies: Let's see has the sales cycle change with recent macro and tariff concerns. Obviously this is related to the prior question, but I would say no we haven't really seen sales cycle change.

Joe Davy: Obviously, this is related to the prior question, I would say, no, we haven't really seen sales cycle change. We have seen some customers, especially larger customers, moving to longer contract terms. This has been a positive thing for us. There are opportunities here where we can lock in customers for two, three, five years. That provides, obviously, guaranteed revenue for us over that period of time. Of course, it's beneficial to the customer as well because it gives them price certainty, which is something that they care a lot about right now. I think that a lot of procurement departments are looking to lock in longer-term agreements where they don't have to worry about potential inflationary pressures and things like that in the future. We like that because it gives us more certainty in terms of our planning and everything going forward.

Joe Davies: We have seen some customers.

Joe Davies: Especially larger customers moving to longer contract terms.

Joe Davies: This has been a positive thing for US there are opportunities here, where we can.

Joe Davies: Lock in customers for two.

Joe Davies: 235 years.

Joe Davies: That provides obviously guaranteed revenue for us over that period of time.

Joe Davies: And of course, it's beneficial to the customer as well because it gives them price certainty, which is something that they care a lot about right. Now. So I think that you know a lot of procurement departments are looking to lock in longer term agreements, where they don't have to worry about.

Joe Davey: I think that a lot of procurement departments are looking to lock in longer-term agreements where they don't have to worry about potential inflationary pressures and things like that in the future. We like that because it gives us more certainty in terms of our planning and everything going forward.

Joe Davies: Potential.

Joe Davies: Place Neri pressures and things like that in the future and we like that because.

Joe Davies: It gives us more certainty in terms of our planning and everything going forward.

Joe Davey: Thank you for the question. Let's see.

Joe Davy: Thank you for the question. Let's see. This question, are there any plans to become breakeven or cash flow positive in Q2? I will say, there are not liquidity concerns, to answer your question. I think we're fine from that perspective. A lot of our cash expenses in Q1 were, as I said, really one-time expenses, mainly related to audit and legal expenses around acquisitions. As any of you who have been through this process know, it can be time-consuming, cumbersome, and expensive to go through that process. You only have to go through it once. Now, of course, everything can be reviewed and audited on a consolidated basis, and so that's much more efficient for us and dramatically brings that cost down for us.

Speaker Change: Thank you for the question.

Speaker Change: Let's see.

Joe Davey: This question, are there any plans to become break-even or cash flow positive in Q2? I will say, so there are not liquidity concerns to answer your question. I think we're fine from that perspective. A lot of our cash expenses in Q1 were, as I said, really one-time expenses, mainly related to audit and legal expenses around acquisition. And as any of you who have been through this process know, it can be time-consuming and cumbersome and expensive to go through that process. But you only have to go through it once. And so now, of course, everything can be reviewed and audited on a consolidated basis.

Speaker Change: This question are there any plans to become breakeven or cash flow positive in Q2.

Speaker Change: I will say so.

Speaker Change: So there are not liquidity concerns.

Speaker Change: Answer your question.

Speaker Change: I think where we're fine from that perspective.

Speaker Change: A lot of our cash expenses in Q1, where as I said really onetime expenses.

Speaker Change: Mainly related to audit and legal expenses around acquisitions and as any of you who have been through this process know it can be time consuming and cumbersome to inexpensive.

Speaker Change: Inexpensive to to go through that process, but you only have to go through it once.

And so now of course everything can be reviewed and audited on a consolidated basis and so that's much more efficient for us and you know dramatically dramatically brings out cost down for us. So.

Joe Davey: And so that's much more efficient for us and dramatically brings that cost down for us.

Joe Davy: I think I won't comment. I'll stand by my prior statement that we're looking to reach cash flow breakeven in 2025. I won't give a specific commitment as to when. I'll say we did make a major improvement. I think if you look at net income in Q1 as compared to 2024 or as compared to Q4 2024, both of those were major improvements. I think it was a $4 million improvement. Huge improvement there. We obviously believe that we can continue that trend. Thank you for the question. Here's a question from Sandra. What conditions precedent remain to be satisfied to close the Act-On deal? Really simple. It's financing contingency. We're working on it. We'll keep you guys updated as we make progress on this. Keep an eye out for that. Here's a question. Would you consider AI acquisitions in EMEA?

Joe Davey: So I think we're, you know, I won't comment as to, I'll stand by my prior statement that, you know, we're looking to reach cash flow break even in 2025. I won't give a specific commitment as to when, but I'll say, you know, we did make a major, major improvement. I think if you look at net 2020 for Q4, both of those were major improvements. I think it was a $4 million improvement. So huge improvement there. And we, you know, obviously believe that we can continue that trend. So thank you for the question.

Speaker Change: I think we are.

Speaker Change: We're we're you know I won't comment as to I'll stand by my prior statement that we're looking to.

Speaker Change: Reach cash flow breakeven in 2025 I won't.

Speaker Change: Give a specific commitment is to win but I'll say you know we did make a major major improvement.

Speaker Change: I think if you look at net income and in Q1 as compared to 2024 or as compared to.

Speaker Change: <unk>.

Speaker Change: 2020.

Speaker Change: For Q4.

Speaker Change: Both of those were major improvements so I think it was.

Speaker Change: $4 million improvement so huge improvement there.

There and are we.

Speaker Change: Obviously, our belief that we can continue.

That trend so.

Speaker Change: Thank you for the question.

Speaker Change: Okay.

Operator: Here's a question from Sandra.

Speaker Change: Here's a question from Sandra.

Joe Davey: What conditions precedent remain to be satisfied to close the Act-on-Deal? It's really simple. It's, you know, financing contingency. We're working on it. We'll keep you guys updated as we make progress on this. Keep an eye out.

Speaker Change: What conditions precedent remained to be satisfied to close the act on deal really.

Speaker Change: It really simple it's a it's a financing contingency we're working on it.

Speaker Change: We'll keep you guys updated.

Speaker Change: As we make progress on this so.

Speaker Change: Keep the keep an eye out for that.

Speaker Change: Yeah.

Joe Davey: Here's another question. Would you consider AI acquisitions in EMEA? Yes, and we actually did make an acquisition in EMEA.

Speaker Change: Here's a question would you consider AIA acquisitions in EMEA.

Joe Davy: Yes. We actually did make an acquisition in EMEA. The Vidello business, as many of you know, is a London-based business. We're definitely open to other acquisitions. I think, actually, EMEA presents some really interesting opportunities, because I think there are a number of companies. EMEA has historically just not benefited from as robust of a tech capital market as the US, frankly. I think from our perspective, that's a little bit of an advantage when you're there. You can typically find similarly attractive assets, similarly attractive products, really high-quality products, and high-quality businesses. Sometimes the valuations can be a little bit more attractive, and sometimes that makes for a better deal. I think that was the case with Vidello, for example. We're really pleased by that. Yeah, we will continue to look at opportunities in EMEA.

Speaker Change: Yes, and we actually did make an acquisition in EMEA the download business as.

Joe Davey: The Vidello business, as many of you know, is a London-based business and, you know, we're definitely open to other acquisitions. I think actually EMEA presents some really interesting opportunities because I think there are a number of you know, EMEA has historically just not benefited from as robust of a tech capital market as the U.S., frankly, and I think, you know, from our perspective, that's a little bit of an advantage when you're there. You know, you can typically find, you know, a similarly attractive asset, similarly attractive products, really highly high quality products, high quality businesses, and sometimes the valuations can be a little bit more attractive and sometimes the, you know, that makes for a better deal.

Speaker Change: Many of you know is a.

Speaker Change: London based business.

Speaker Change: And we're definitely open to other acquisitions I think actually <unk>.

Speaker Change: Present, some really interesting opportunities.

Speaker Change: Because I think there are a number of companies.

Speaker Change: EMEA has historically.

Speaker Change: Just not benefited from is robust.

Speaker Change: <unk> a tech capital market.

Speaker Change: In the U S frankly, and I think you know.

Speaker Change: From our perspective, that's a little bit of an advantage when you were there.

Speaker Change: You know you can typically find.

Speaker Change: As a similarly attractive assets and where you are attractive products.

Speaker Change: Really highly high quality products are high quality businesses.

Speaker Change: And sometimes the valuations can be a little bit more attractive and sometimes the.

Speaker Change: That makes up for a better deal. So I think that was the case with Modelo. For example, we're really pleased by that so.

Joe Davey: So I think, you know, that was the case with Vidello, for example. We're really pleased by that.

Joe Davey: So yeah, we will continue to look at opportunities in EMEA and again, no, not making any commitments as to any future acquisitions, but definitely something we're looking at as part of our strategy.

Speaker Change: Yeah, We will we will continue to look at opportunities in India and.

Joe Davy: Again, not making any commitments as to any future acquisitions, but definitely something we're looking at as part of our strategy. Thank you for the question. Let's see. You mentioned upcoming new partnerships at the last call. Can you say something about it now? Yes. I will say we have signed partnership agreements with several groups this quarter. I think some of them are still to be announced, but we're really excited about the progress the team has made here. We're focusing on partner enablement right now. We also have pending deals that we're working on with 2 very large organizations, kind of in the channel, large distributor side of things. We're really excited about the progress the team is making here. Lee Firestone is heading this up. He previously was the CEO of OpenReel. He's very focused on this. I think Lee's doing a great job.

Speaker Change: Again, no not making any commitments as to.

Speaker Change: Any future acquisitions, but definitely something we're looking at the part of our strategy. Thank you for the question.

Joe Davey: Thank you.

Speaker Change: Okay.

Speaker Change: Okay.

Joe Davey: Uh, let's see, you mentioned upcoming new partnerships at the last call. Can you say something about it now? Yes, I will say we are, we have signed partnership agreements with several groups this quarter. I think some of them are still to be announced, but we're really excited about the progress the team has made here. We're focusing on partner enablement right now. We also have a pending deal that we're working on with a couple of very large organizations, kind of in the channel, you know, bar distributor side of things. So we're really excited about the progress the team is making here.

Speaker Change: Let's see you mentioned upcoming new partnerships in the last call can you say something about it now yes.

Speaker Change: Yes, I will say.

Speaker Change: We are we have signed partnership agreements with several groups.

Speaker Change: This quarter.

Speaker Change: I think some of them are still to be announced but we're really excited about the progress. The team has made here, we're focusing on partner enablement right now.

Speaker Change: We also have a pending deals that we're working on with a couple of very large organizations.

Speaker Change: Organizations are kind of in the channel you know var distributor side of things.

Speaker Change: So we're really excited about the progress the team is making here we firestone.

Joe Davey: Lee Firestone is heading this up. He previously was the CEO of Open Reel. He's very focused on this. I think Lee's doing a great job. I think the whole team is doing a good job supporting him. Nancy and her team have done a lot to support Lee in putting those agreements together. So, yeah, we're very excited to see how this works. And I think, especially with the inclusion of Acton, you know, if and when that happens, I think we'll be really well positioned to be able to, you know, I think Acton has a couple of really attractive channel partners they work with today that we'll be able to then fold in and vice versa, we'll be able to take that product into our new partner base.

Speaker Change: Is heading this up he previously was the CEO of open real we're very focused on this I think what he's doing a great job I think the whole team is doing a good job supporting him now.

Joe Davy: I think the whole team is doing a good job supporting him. Nancy and her team have done a lot to support Lee in putting those agreements together. Yeah, we're very excited to see how this works, and I think especially with the inclusion of Act-On, if and when that happens, I think we'll be really well-positioned. I think Act-On has a couple of really attractive channel partners they work with today that we'll be able to then fold in, and vice versa, we'll be able to take that product into our new partner base. I think this is a very high-leverage activity, especially with a strategy like ours, because you can leverage those partners across a variety of different products. Kind of the more products you have, the more effective it can be. We're really excited to see that come together.

Speaker Change: Nancy and her team have done a lot to support where you're putting those agreements together. So yeah. We're very excited to see how this works and I think especially with the inclusion of act on.

Speaker Change: If and when that happens I think we'll be really well positioned to.

Speaker Change: Be able to.

Speaker Change: I don't have a couple of really attractive channel partners they work with today.

That will be able to then pulled in and vice versa will be able to take that product into our new partner base. So.

Joe Davey: I think this is a very high-leverage activity, especially with a strategy like ours, because you can leverage those partners across a variety of different products. The more products you have, the more effective it can be, so we're really excited to see that come together. It's still new for us.

Speaker Change: This is the this is a very high leverage activities, especially with a strategy like ours because you.

Speaker Change: You can you can leverage those partners across a variety of different products kind of the more products you have a more effective it can be.

Speaker Change: So we're really excited to see that come together, it's still new for us.

Joe Davy: It's still new for us. I would expect to see more progress on this. We'll put out updates on this as we're making progress that we can share publicly, but very excited about what we've done so far here. Thanks. Let's see. Got a question here from Edward Woo. I think this is Edward Woo. It is. Hey, Ed. Ed asks, What is your AI strategy and benefits? Have you had to invest much more in R&D for AI in your products? I'll give a couple of real concrete examples, Ed. I think the way that we think about this internally is we think about, we call these Mario mushrooms, okay?

Joe Davey: I would expect to see more progress on this. We'll put out updates on this as we're making progress that we can share publicly, but very excited about what we've done.

Speaker Change: You know I would expect to see more progress on this we'll put out updates.

Speaker Change: On this as we're making progress that we can share publicly but.

Speaker Change: Very excited about our about what we've done so far here.

Speaker Change: So thanks.

Joe Davey: Uh, let's see. I've got a question here from Ed Wu. I think this is Ed Wu. Um It is. Yeah. Um Ed asks, what is your AI strategy and benefits? Have you had to invest much more in R&D for AI in your products? I'll give a couple of real concrete examples, Ed.

Speaker Change: Let's see.

Speaker Change: Got a question here from.

Speaker Change: From Ed Woo.

Speaker Change: I think this is Ed woo.

Speaker Change:

Speaker Change: Is it bad.

Speaker Change:

Speaker Change: Ed asks what is your AI strategy and benefits have you had to invest much more in R&D for AI in your products.

Speaker Change: Give a couple of I'll give a couple of real concrete examples and so I think the way we think about this internally is we think about what we call. The Mario mushrooms. Okay. So I know if you've ever played Super Mario Brothers, but you know and Super Mario Brothers, you run around to get the mushroom you get bigger you can jump higher maybe you get one that lets you should.

Joe Davey: So I think the way that we think about this internally is we think about, we call these Mario mushrooms. I don't know if you've ever played Super Mario Brothers, but in Super Mario Brothers, you run around, you get the mushroom, you get bigger, you can jump higher, maybe you get one that lets you shoot fireballs, maybe you get one that gives you the little raccoon tail and you can fly. They're superpowers that you get as a user when you get that mushroom. And we think about our products in those terms, right? What superpower does our customer get by having that product?

Joe Davy: I don't know if you've ever played Super Mario Bros., but in Super Mario Bros., you run around, you get the mushroom, you get bigger, you can jump higher, maybe you get one that lets you shoot fireballs. Maybe you get one that gives you the little raccoon tail and you can fly. They're superpowers that you get as a user when you get that mushroom, and we think about our products in those terms, right? What superpower does our customer get by having that product? What does it enable them to do that they couldn't do before that helps them to be more effective in their strategy and growing their business? A great example of this is in Demio, the product we're using right now, we have a feature we rolled out last year called AI Moderator that's been fantastic.

Speaker Change: Your malls, maybe you get one that gives you a little raccoon tailwind you can fly.

Speaker Change: They're they're they're superpowers that you get as a user when you get that mushroom and we think about our products in those terms right what superpowered Azhar forget bye.

Speaker Change: By having that product what does it enable them to do that they couldn't do before that helps them to be more effective and in their strategy and they're growing their business.

Joe Davey: What does it enable them to do that they couldn't do before that helps them to be more effective in their strategy and growing their...

Joe Davey: And so, I mean, a great example of this is Indemio, the product we're using right now. We have a feature we rolled out last year called AI Moderator that's been fantastic. It's something that comes with, anytime you set up an on-demand or automated webinar, you can attach an AI Moderator to it. You can train that AI on your business, your presentation, if you've got a nonprofit, train on that. Whatever the context is, you can train that AI, and it will then be able to join the chat anytime somebody joins that on-demand webinar, whether it's four in the morning or whether it's two in the afternoon, anywhere in the world, and it will be able to chat with them and it'll be able to talk to them in their language, and it'll be able to answer their questions about your business, and that's super powerful.

Speaker Change: And so I mean, a great example of this is in Vimeo the product we're using right now.

Speaker Change: We have a feature we rolled out last.

Speaker Change: Last year called AI moderator Thats been fantastic.

Joe Davy: This is something that comes with anytime you set up an on-demand or automated webinar, you can attach an AI Moderator to it. You can train that AI on your business, your presentation. If you've got a nonprofit, train it on that. Whatever the context is, you can train that AI, and it will then be able to join the chat anytime somebody joins that on-demand webinar, whether it's 4:00AM or whether it's 2:00PM, anywhere in the world. It will be able to chat with them, and it will be able to talk to them in their language, and it will be able to answer their questions about your business. That's super powerful. That's something that previously you would've had to have a team of salespeople to sit by and wait for people to join that, to be able to access that.

Speaker Change: It's something that comes with anytime you set up an on demand or automated webinar you can attach an AI moderator to it you can train that AI on your business of your presentation.

Speaker Change: You know you're you know if you got a nonprofit train on that whenever the context and as you can train that AI and it will then be able to join the chat anytime somebody joins that on demand webinar, whether it's four in the morning or whether it's two in the afternoon anywhere in the world and it will be able to chat with them and it will be able to talk to them in their language.

Speaker Change: And you'll be able to answer their questions about your business and that's super powerful.

Joe Davey: That's something that previously you would have to have a team of salespeople to sit by and wait for people to join that, be able to access that. We actually just published a piece of content about this. You can go to our YouTube channel and check it out from one of our customers, but it's been a super powerful thing for a lot of customers where they... I think the customer in question was a company in the Midwest US, and they used MEO for recruiting, and previously they were doing three live webinars a day. They were able to turn this into automated webinars that they could just run all the time, and they were able to have the AI moderator answer questions, and that tells them how they need to follow up on stuff, and so it dramatically reduces the amount of time that they have to spend on this.

Speaker Change: So that's something that you know previously you would have to have a team of salespeople to sit by and wait for people to join that be able to access that we actually just published a piece of content about this when you go to our Youtube channel and check it out.

Joe Davy: We actually just published a piece of content about this. You can go to our YouTube channel and check it out from one of our customers. It's been a super powerful thing for a lot of customers where I think the customer in question was a company in the Midwest US, and they used Demio for recruiting, and previously they were doing three live webinars a day. They were able to turn this into automated webinars that they could just run all the time, and they were able to have the AI Moderator answer questions, and now that tells them how they need to follow up on stuff. It dramatically reduces the amount of time that they have to spend on this.

Speaker Change: From one of our customers, but it's been a super powerful.

Speaker Change: I think for a lot of customers, where they you know I think the customer in question was a company in the Midwest U S and they use vimeo for recruiting.

Speaker Change: Previously they were doing three live Webinars a day they were able to turn this into automated webinars that they can just run all the time.

Speaker Change: And they were able to have the AI moderator answer questions and that tells them how they need to follow up on stuff and so dramatically.

Speaker Change: <unk> reduces the amount of time that they have to spend on this I mean, it takes it from hours and hours a day down to maybe 15 minutes or 20 minutes a day to go just go through the wheat, which as you know.

Joe Davy: It takes it from hours and hours a day down to maybe 15 minutes to 20 minutes a day to just go through the leads, which is a tremendous superpower for that customer. Another great example is our CreateStudio product. We just launched CreateStudio 4.0. It has a ton of AI features, AI voice generation, AI image generation, AI video generation. It will build you based on the description of what video you're trying to build. It will pull scenes. It will build an entire thing for you. It will let you customize it, and then it will actually deliver a finished video that you can just take and publish. It's just incredible, when you think about the traditional barrier to creating and publishing video content can be days, weeks, months to produce a piece of video content. This allows you to do it in minutes.

Joe Davey: I mean, it takes it from hours and hours a day down to maybe 15 minutes to 20 minutes a day to just go through the leads, which is a tremendous superpower for that customer.

Speaker Change: Tremendous superpower for that customer.

Joe Davey: Another great example is our Create Studio product. We just launched Create Studio 4. It has a ton of AI features, AI voice generation, AI image generation, AI video generation. It will build you based on the description of what video you're trying to build. It will pull scenes, it will build an entire thing for you, it will let you customize it, and then it will actually deliver a finished video that you can just take and publish, and it's just incredible when you think about the traditional barrier to creating and publishing video content can be days, weeks, months to produce a piece of video content.

Speaker Change: Another great. Examples are create studio product, we just launched create studio for.

Speaker Change: It has a ton of AI features AI voice generation AI image generation AI video generation.

Speaker Change: It will build you based on the description of what video you're trying to build it will pull seems it will build an entire thing for you or let you customize it.

Speaker Change: And then it will actually deliver a finished video that you can just taken publish and that's just it's just incredible when you think about the traditional barrier to creating and publishing video content can be days weeks months to produce a piece of video content. This allows you to do it in minutes.

Joe Davey: This allows you to do it in minutes, and that's just super, super cool, and it's a huge superpower for our customers then to be able to do that, and we like to think about this in terms of stuff that our customers maybe have always wanted to do, but they just couldn't do because they didn't have the ability to do it with either their knowledge or their resources or their staffing or their time or the money that it costs or whatever. I mean, the Create Studio example is a great one because it can cost $20,000 to build a really high-quality 3D video, but using Create Studio, you can do it yourself.

Joe Davy: That's just super cool, and it's a huge superpower for our customers, then, to be able to do that. We like to think about this in terms of stuff that our customers maybe have always wanted to do, but they just couldn't do because they didn't have the ability to do it with either their knowledge, or their resources, or their staffing, or their time, or the money that it costs, or whatever. The CreateStudio example is a great one because it can cost $20,000 to build a really high-quality 3D video. Using CreateStudio, you can do it yourself. You can do it very quickly. It's only going to cost you $500 a year for an all-access pass to CreateStudio. If you're ever interested in producing video, go check out createstudio.com and take a look at that. Thank you for the question, Ed.

Speaker Change: And that's a super Super Cool and it's a huge.

Speaker Change: Superpower for our customers then to be able to do that and we like to think about this in terms of you know stuff that our customers may be always wanted to do but they just couldn't do it because they didn't have the ability to do it.

Speaker Change: With either their knowledge or their resources or their staffing or the time or whatever the money that it costs or whatever I mean, the the creative studio examples great. One because you know it can cost $20000 to build a really high quality <unk> video.

Speaker Change: But usually create studio you can do it.

Speaker Change: Yourself you can do it very quickly.

Joe Davey: You can do it very quickly, and it's only going to cost you 500 bucks a year for an all-access pass to Create Studio, so if you're interested in producing video, go check out createstudio.com and take a look at that. Thank you for the question, Ed. There's many, many more examples.

Speaker Change: And.

Speaker Change: So we're going to cost you 500 Bucks a year for an all access pass to create studio so if.

Speaker Change: If you ever if you're interested in producing video go checkout create studio dot com and take a look at that.

Speaker Change:

Ed Theres: Thank you for the question Ed I Theres. Many many more examples but I guess I should say one more thing about this before before we wrap up because I think that's the last question. We have you know.

Joe Davy: There's many, many more examples. I guess I should say one more thing about this before we wrap up, because I think that's the last question we have. My view of this, my vision of this, is that I think AI is going to completely eat marketing. I think AI is going to touch everything that can be done behind a keyboard and mouse in the next five years, but I think it will completely eat marketing. I think it's going to permeate every aspect of marketing. Our ultimate vision of this is having the tools that can create assets, can create email campaigns, can create videos, can create webinars, can create maybe ads and ad campaigns for you, landing pages, all this stuff. Can optimize that, can test that, but can also put together a strategy for you.

Joe Davey: But I guess I should say one more thing about this before we wrap up, because I think that's the last question we have. My view of this, my vision of this, is that I think AI is going to completely eat marketing. I think AI is going to touch everything that can be done behind a keyboard and mouse in the next five years.

Ed Theres: I My view of this my vision of this is that I think AI is going to completely E marketing I think add to touch everything that can be done behind the keyboard and mouse and the next five years, but I think it will completely marketing I think it's going to permeate every aspect of marketing. So our ultimate vision of this is you know having the.

Joe Davey: But I think it will completely eat marketing. I think it's going to permeate every aspect. So our ultimate vision of this is, you know, having the tools that can create assets, can create email campaigns, can create videos, can create webinars, can create maybe ads and ad campaigns for you, landing pages, all this stuff, can optimize that, can test that, but can also put together a strategy for you. I think eventually marketers will be able to come in and say, here's what I want to accomplish. I want to launch this new product to my existing customer base, you know, go pull my customer list, you know, write my emails for me, you know, build my webinar content for me, set up my webinars, set up my schedule, run the webinars for me, you know, build videos, build my landing page, and it will be able to figure out which pieces of that you need to engage as part of your strategy.

Ed Theres: Tools that can create assets create email campaigns can create videos can create webinars.

Ed Theres: Maybe as an AD campaigns for you landing pages. All this stuff can optimize that contest that but can also put together a strategy for you I think eventually marketers will be able to come in and say here's what I want to accomplish I want to launch this new product my existing customer base.

Joe Davy: I think eventually marketers will be able to come in and say, Here's what I want to accomplish. I want to launch this new product to my existing customer base. Go pull my customer list, write my emails for me, build my webinar content for me, set up my webinars, set up my schedule, run the webinars for me, build videos, and build my landing page. It will be able to figure out which pieces of that you need to engage as part of your strategy, and it'll be able to go build out that content. The marketer's job will really shift from being more of a creator and a manager of all this stuff to being an editor, right? Marketer will be able to go in and say, Okay, yeah. Here's what I want to tweak about what this has produced for me.

Go pull my customer list.

Ed Theres: You know right my emails for me you know.

Ed Theres: Bill My Webinar content for me set up my Webinars set up my schedule run the Webinars for me.

Speaker Change: Bill videos, Bill My landing page and it will be able to figure out which pieces of that you need to engage as part of your strategy and there'll be able to go build out that content and the marketer job will really shift from being more of a creator and a manager of all this stuff to being an editor right marketer will be able to go in and say, okay. Yeah, you know here's what.

Joe Davey: And it'll be able to go build out that content and the marketer job will really shift from being more of a creator and a manager of all this stuff to being an editor, right? Marketer will be able to go in and say, okay, yeah, you know, here's what I want to tweak about what this has produced for me. And, you know, I want to, here's what I want to do in terms of, you know, the business analysis, but they won't be so focused on, you know, the details of the implementation itself. And I think that's gonna be extremely powerful because today marketers get so much time sucked up by that implementation.

Ed Theres: I want to tweak about what this was produced for me.

Joe Davy: Here's what I want to do in terms of the business analysis. They won't be so focused on the details of the implementation itself. I think that's going to be extremely powerful because today marketers get so much time sucked up by that implementation. Our vision as we put more and more of these pieces together, as we integrate these pieces, it's going to be to ultimately be able to leverage those tools as kind of, you can think of this as like, the tentacles on an octopus, be able to go out and say, Okay, great. We can reach into the email platform, we can reach into the webinar platform, the video platform. The lead database, the CRM, all these different tools.

Ed Theres:

And I Wanna, Here's what I want to do in terms of the business analysis, but they won't be so focused on AR.

Ed Theres: On the.

Ed Theres: The details of the implementation itself and I think that's gonna be extremely powerful because today marketers get so much time sucked up by that implementation.

Joe Davey: And so, our vision is we put more and more of these pieces together, we integrate these pieces, it's going to be to ultimately, you know, be able to, you know, leverage those tools as kind of, you can think of this as like the tentacles on an octopus, be able to go out and say, okay, great, you know, we can reach into the email platform, we can reach into the webinar platform, the video platform, you know, the lead database, the CRM, all these different tools, we can pull data down, we can push assets back up, we can create campaigns, we can do all this.

Ed Theres: And so our vision as we put more and more of these pieces together as we integrate these pieces, it's going to be to ultimately be.

Ed Theres: Be able to you know.

Ed Theres: Leverage those tools.

Ed Theres: That's kind of you can think of this as like the tentacles on and off the bus being able to go out and say okay. Great. You know we can reach into the email platform. We can reach into the webinar platform the video platform.

Ed Theres: You know the lead the lead database and CRM. All these different tools, we can pull data down we can push assets back up we can create campaigns. We can do all this stuff so.

Joe Davy: We can pull data down, we can push assets back up, we can create campaigns, we can do all this stuff. We're looking at all kinds of opportunities around that. Sometimes we're looking at businesses that already have enabled some of this stuff. I think Act-On's a great example. They've made huge progress on that. Sometimes we're looking at businesses that maybe haven't enabled yet, but have that piece. Like Demio is a good example of that. We bought Demio, it didn't have any AI features. We built those, but it had a great webinar platform. We knew we could take that core webinar platform and build some really powerful AI tools on top. CreateStudio, same thing. It had some AI voice maybe, but it didn't have all the video generation features and things like that we launched last quarter.

Joe Davey: So we're looking at all kinds of opportunities around that. Sometimes we're looking at businesses that already have enabled some of this stuff. I think Acton's a great example. They've made huge progress on that. Sometimes we're looking at businesses that maybe haven't enabled yet, but have that piece. Like Demio is a good example. We bought Demio, it didn't have any AI features. We built those, but it had a great webinar platform. So we knew we could take that core webinar platform and built some really powerful AI tools on top. Create Studio, same thing. You know, it had some, had AI voice maybe, but it didn't have all the video generation features and things like that that we launched last.

We're looking at all kinds of opportunities around that sometimes.

Ed Theres: Sometimes we're looking at businesses that already have enabled some of the stuff I think act on is a great example of it.

Ed Theres: <unk> made huge progress on that.

Ed Theres: Sometimes we're looking at businesses that are maybe.

Ed Theres: Maybe haven't enabled yet but have that piece you know like Vimeo is a good example that we bought them you didn't have any AI teachers, we built those but it had a great women our platform. So we knew we could take that core webinar platform built some really powerful AI tools on top.

Ed Theres: Create studio same thing you know it had some had AI voice, maybe but didn't have all the video generation features and things like that that we launched last quarter. So we're really excited.

Joe Davey: So we're really excited to continue this strategy because I think as we scale this up, the more solutions we get, the more problems we can solve, just the more powerful there's gonna be for our customers. So I think it's gonna ultimately, I think it's gonna be huge. And look, I think if you look at the financial results for last quarter, as Alvin said, we're seeing a really strong increase on just about everything. Pretty much every single number improved last quarter. And so hopefully that gives our shareholders confidence that we're heading in the right direction of the business.

Joe Davy: We're really excited to continue this strategy because I think as we scale this up, the more solutions we get, the more problems we can solve, just the more powerful it's going to be for our customers. I think it's going to ultimately, I think it's going to be huge and look, I think if you look at the financial results for last quarter, as Alvin said, we're seeing a really strong increase on just about everything. Pretty much every single number improved last quarter. Hopefully that gives our shareholders confidence that we're heading in the right direction as a business and, I think it certainly gives me that confidence. Got one last question here, from Van. Thank you, Van. Any thoughts on share price? Yeah, look, I have lots of thoughts on share price.

To you know continue this strategy because I think as we scale. This up the more solutions, we get the more problems. We can solve just the more powerful theres going to be for our customers. So I think it's going to ultimately I think it can be huge and.

Alvin Yep: I think if you look at the financial results for last quarter as Alvin said.

Uh huh.

Alvin Yep: We're seeing really strong.

Alvin Yep: Increase on just about everything pretty much every single number.

Alvin Yep: Improved last quarter and.

Alvin Yep: So hopefully that gives our shareholders confidence that we're heading in the right direction of the business and I think it gives it certainly gives me that confidence.

Joe Davey: And I think it certainly gives me that confidence.

Alvin Yep:

Joe Davey: I've got one last question here from Van. Thank you, Van. Any thoughts on share price? Yeah, look, I have lots of thoughts on share price. I mean, I think it continues to be detached from the reality of this business, to be perfectly honest. That's my personal opinion.

Alvin Yep: One last question here.

Speaker Change: From van Thank you ban any thoughts on share price, yeah look I have lots of thoughts on share price I mean, I think it continues to be detached from from the reality of this business.

Joe Davy: I think it continues to be detached from the reality of this business, to be perfectly honest. That's my personal opinion. Nancy probably won't like me saying that, but I think everybody's got to make their own decision about what this is worth. We certainly have a couple of analysts that seem to agree with us. I think Ed has a much higher price target on the business. I know that Gal Chi has a much higher price target on the business. To be honest, I think we're trying to just do what we can to help spread the word, make sure that people know that we exist, make sure that people understand our story. I think that these Q1 numbers are obviously, they're fantastic numbers.

Alvin Yep: To be perfectly honest, that's my personal opinion.

Joe Davey: Nancy probably won't like me saying that, but I think everybody's got to make their own decision about what this is worth, but we certainly have. you know, a couple of analysts that seem to agree with us. I think Ed has a much higher price target on the business. I know that Gaoshi has a much higher price target on the business.

Speaker Change: Nancy probably won't like me, saying that but are you now.

Alvin Yep: I think.

Alvin Yep: Everybody's got to make their own decision about what this is worth but we certainly have.

Alvin Yep: A couple of analysts that seem to agree with US I think Ed has a much higher price target on the business I know that a gal she has a much higher price target on the business.

Joe Davey: You know, to be honest, I think we're trying to just do what we can to help spread the word, make sure that people know that we exist, make sure that people understand our story. I think that these Q1 numbers are obviously they're fantastic numbers. And, you know, hopefully when these numbers get reflected, you know, I think, you know, a lot of people have been just looking at the trailing cues. And, you know, frankly, they didn't paint a very pretty picture. I think now we're starting to see that picture show up in the numbers, be reflected in the numbers.

Alvin Yep: You know to be honest I think we're trying to just do what we can to help spread the word make sure that people know that we exist make sure people understand our story.

Alvin Yep: I think that these Q1 numbers are obviously, they're fantastic numbers.

Joe Davy: Hopefully when these numbers get reflected, I think a lot of people have been just looking at the trailing Qs, and frankly, they didn't paint a very pretty picture. I think now we're starting to see that picture show up in the numbers, be reflected in the numbers. I think it's a much prettier picture. Hopefully as we start, and I think the analysts have known this for a couple of quarters, because they're real smart people and they watch this. I think now that the numbers are actually starting to get reflected and look, this will just hopefully continue throughout the year. As the numbers are starting to get reflected, I think that we will hopefully see continued improvement here. Hopefully that will be reflected in the share price at some point.

Alvin Yep: And you know.

Alvin Yep: Hopefully when these numbers get reflected.

Alvin Yep: I think you know a lot of people have been just looking at the trailing queues.

Alvin Yep: And you know frankly, I didn't paint paint a very pretty picture I think now we're starting to see that picture.

Alvin Yep: Show up in the numbers will be reflected in the numbers and I think it's a much prettier picture.

Joe Davey: And I think it's a much prettier picture. So hopefully as we start, and I think the analysts have known this for a couple of quarters because, you know, they're real smart people and they watch this. But I think, you know, now that the numbers are actually starting to get reflected and look, this will just hopefully continue throughout the year. But as the numbers are starting to get reflected, I think that we will hopefully see continued improvement here. You know, and hopefully that will be reflected in the share price at some point. So, you know, You know, the market can be irrational.

Alvin Yep: So hopefully as we start there and I think the analysts have known this for a couple of quarters. Because you know there are real smart people and they watch this.

Alvin Yep: But I think.

Alvin Yep: You know now that the numbers are actually starting to get reflected in and look this will just hopefully continue throughout the year, but as the numbers are starting to get reflected I think that we will.

Alvin Yep: We will hopefully see continued improvement here so.

Alvin Yep: And hopefully that will be reflected in the share price at some point so.

Joe Davy: The market can be irrational, that's just how it is. Stock markets are like that. We wish we had control over that, but, I think what we can do is just continue to put up better numbers. Again, every single number in here is a huge win over the year-over-year and the quarter-over-quarter pretty much. I think we're going to just continue to deliver better results and hopefully we will see that start to reflect soon. All right. I'm not seeing any further questions. Let me go back to my script here. I want to say thank you all for joining the conference call today. I look forward to continuing to update you on our ongoing achievements, innovations, and growth. If we were unable to answer any of your questions, please reach out to our IR firm, MZ Group.

Alvin Yep: Okay.

Alvin Yep: The market can be irrational, that's just how it is stock markets are like that.

Joe Davey: That's just how it is.

Joe Davey: Stock markets are like that, and, you know, we wish we had control over that, but I think, you know, what we can do is just continue to put up better numbers. Again, every single number in here is a huge win over the year-over-year and the quarter-over-quarter, pretty much. So, you know, I think we're going to just continue to deliver better results, and and hopefully we will see that, you know, start to reflect.

Alvin Yep: And we wish we had control over that but I think what we can do is just continue to put up better numbers again every every single number and here is a huge.

Alvin Yep: Is a huge win over the year over year in the quarter over quarter pretty much. So.

Alvin Yep: You know I think we're going to just continue to deliver better results in <unk>.

Alvin Yep: And hopefully we will see that start to reflect it.

Joe Davey: All right, not seeing any further questions.

Alvin Yep: Alright, I'm not seeing any further questions.

Joe Davey: Let me go back to my script here. I want to say thank you all for joining the conference call today. I look forward to continuing to update you on our ongoing achievements, innovations, and growth.

Alvin Yep: Okay.

Alvin Yep: Let me go back to my script here.

Alvin Yep: I want to say thank you all for joining the conference call today I look forward to continuing to update you on our ongoing achievements innovations in growth if.

Joe Davey: If we were unable to answer any of your questions, please reach out to our IR firm, MZ Group. I will pull up their contact information here, Chris Tyson. Reach out directly to them, and they will be able to assist you.

Alvin Yep: If we were unable to answer any of your questions. Please reach out to our IR firm MZ group.

Joe Davy: I will pull up their contact information here. Chris Tyson, reach out directly to them, and they will be able to assist you. Thank you very much for joining the call today.

Chris Tyson: I will pull up their contact information here, Chris Tyson reach.

Alvin Yep: Reach out directly to them and they will.

Chris Tyson: <unk> be able to assist you.

Joe Davey: Thank you very much for joining the call today. Thanks, everyone.

Alvin Yep: Thank you very much.

Speaker Change: For joining the call today.

Alvin Yip: Thanks, everyone.

Speaker Change: Thanks, everyone.

Speaker Change: Yeah.

Speaker Change: Yeah.