Q3 2025 Health In Tech Inc Earnings Call

Speaker #1: Goodbye.

Speaker #2: Good day, ladies and gentlemen. Thank you for standing by, and welcome to the Health Inc. Excuse me, Health In Tech, third quarter of 2025 earnings conference call.

Speaker #2: Currently, all participants are in listen-only mode. Later, we will conduct a question-and-answer session, and instructions will follow at that time. As a reminder, we are recording today's call.

Speaker #2: If you have any objections, you may disconnect at this time. Now, I will turn the call over to Lori Babcock, Chief of Staff for the company.

Speaker #2: Ms. Babcock, please proceed.

Speaker #3: Thank you, Operator, and hello, everyone. Welcome to the Health In Tech's third quarter of 2025 earnings conference call. Joining us today are Mr. Tim Johnson, Chief Executive Officer, Mr. Dustin Plantholt, Chief AI and Marketing Officer, and Ms. Julia Chen, Chief Financial Officer.

Speaker #3: Full details of our results can be found in our earnings press release and in our related Form 10Q to be filed with the SEC.

Speaker #3: These documents will be available on our Investor Relations website at healthintech.investorroom.com. As a reminder, today's call is being recorded, and a replay will be available on our IR website as well.

Speaker #3: Before we continue, please note that today's discussion includes forward-looking statements made pursuant to the Safe Harbor Provisions of the U.S. Private Securities Litigation Reform Act of 1995.

Speaker #3: These statements are based on information available as of today and involve risks and uncertainties and assumptions that could cause actual results to differ materially from those expressed or implied.

Speaker #3: Including those discussed in our quarterly report on Form 10Q for the period ended September 30, 2025, to be filed with the SEC. Please review the forward-looking and cautionary statement section at the end of our earnings release for various factors that could cause actual results to differ materially from forward-looking statements made during our call today.

Speaker #3: We undertake the obligation to update and expressly disclaim the obligation to update these forward-looking statements to reflect events or circumstances after the date of this call or to reflect new information of the occurrence of unanticipated events.

Speaker #3: We may also refer to certain financial measures not in accordance with generally accepted accounting principles such as adjusted EBITDA for comparison purposes only. Our GAAP results and reconciliations of GAAP to non-GAAP measures can be found in our earnings press release.

Speaker #3: With that, I now turn the call over to our CEO, Mr. Tim Johnson. Tim?

Speaker #4: afternoon, everyone. I appreciate you Thank you, and good joining us today. I'm pleased to share our third quarter results, which were well aligned with our expectations as we continue to invest in strategic channel partners and rapidly expand our distribution network.

Speaker #4: At a high level, we delivered another quarter of strong revenue growth. Revenue reached $8.5 million, up 90% year-over-year, bringing nine-month revenue to $25.8 million compared to $19.5 million for the full year of 2024.

Speaker #4: This momentum was driven by the continued expansion of our sales distribution network. The number of brokers, TPAs, and agencies grew to 849 partners, up 57% year-over-year.

Speaker #4: As more brokers and agencies adopt our eDibs platform, we're seeing more quotes bound and sold in real time. By the end of the third quarter, the number of billed and rolled employees reached 25,248, an increase of 7,654 employees year-over-year.

Speaker #4: The third quarter is typically a development and deployment period for us, a time to introduce new programs and features. Most notably, we completed beta testing and officially launched the large employer underwriting capability with our enhanced eDibs platform.

Speaker #4: This is a major milestone that scales our reach across the full employer spectrum, positioning Health In Tech as a true insurance marketplace for businesses of all sizes.

Speaker #4: The new capability enables brokers to generate fully bindable quotes for groups of 150 or more employees and as little as two weeks, compared to the industry norm of about three months.

Speaker #4: This advancement dramatically expands our addressable market and establishes Health In Tech among the few platforms serving both small and large employers seamlessly. Soon after the launch, we showcased this innovation at the SIIA National Conference in October 2025, one of the most influential events in the self-insurance industry.

Speaker #4: Our participation there helped accelerate national exposure and strengthen broker relationships. Key catalysts for future growth. As we look to the fourth quarter and into Q1, 2026, we're entering our peak enrollment period when employers review or switch their healthcare coverage.

Speaker #4: Recent market uncertainty and rising healthcare costs have created mixed timing patterns. With some employers making early planned selections and late Q3, while others are delaying decisions into January.

Speaker #4: As a result, we delivered much better year-over-year growth in Q3 and anticipating sales volume shift from Q4 into Q1, but still expect healthy year-over-year overall growth.

Speaker #4: To help employers navigate cost volatility, we're testing a new program offering a three-year rate hold, a solution that provides predictable stable pricing over a multi-year period.

Speaker #4: The program allows groups with $150 or more employees to lock in healthcare costs for three years through a fixed remittance model backed by an A-rated stop-loss carrier.

Speaker #4: It brings real-time—excuse me—real value to clients looking for cost stability amid rising medical expenses. While also strengthening our relationships with brokers and TPAs. By providing cost certainty amid rising medical expenses, we're giving brokers and TPAs powerful retention tools and helping employers plan long-term with greater confidence.

Speaker #4: We completed initial testing in October and plan to fully launch the program in the first quarter of 2026. We believe it represents an innovative concept for broader healthcare insurance market, and we're optimistic about its reception as we enter 2026.

Speaker #4: Beyond underwriting innovation, we're setting our sights on one of the largest inefficiencies in the US health—in US healthcare. Claims, processing. Which consumes more than 300 billion annually in administrative costs and delays.

Speaker #4: This quarter, we announced a non-binding letter of intent with Alpha Ton, Capital Corp, to co-develop HitChain, a blockchain-enabled platform designed to bring real-time visibility, accuracy, and accountability to claims workflows across the ecosystem.

Speaker #4: Under this LOI, both companies plan to contribute distinct strengths. Health In Tech—Health In Tech brings domain expertise in insurance and healthcare data standards, established broker and carrier relationships, proven go-to-market channels, and leadership in health technology design.

Speaker #4: Alpha Ton Capital contributes blockchain development, expertise on the open network, smart contract architecture, cybersecurity, stablecoin integration for secure payments, and capital resources for enterprise-scale deployment.

Speaker #4: Together with Alpha Ton's blockchain infrastructure and Brittany Kaiser's leadership in data ethics, we are building a HitChain, a decentralized and verifiable claims system aimed at compressing timelines, eliminating duplication, reducing cost, and creating a transparent system of record for payers and providers alike.

Speaker #4: By combining insurance domain expertise with blockchain innovation, Health In Tech is positioned at the forefront of decentralized healthcare insurance technology infrastructure, a market opportunity of meaningful scale and long-term impact.

Speaker #4: Lastly, we're thrilled to share that Health In Tech will host the InsureTech Summit at Davos during the World Economic Forum, week in January 2026.

Speaker #4: This event will convene global thought leaders to discuss AI technology and transformation of critical business sectors, including healthcare and insurance. With that, I will now turn it over to Dustin, who will walk through our latest marketing and partnership innovations in greater detail.

Speaker #4: Dustin?

Speaker #2: Thank you, Tim. And good afternoon, everyone. As Tim mentioned, we will take Health In Tech to the center of the global innovation stage. By hosting our very first independent insurtech summit on January 20th, 2026, during the week of the annual World Economic Forum in Davos, Switzerland.

Speaker #2: Now, it's interesting because the World Economic Forum—which has held each year in Davos—is really considered one of the world's most prestigious gatherings of global leaders across business, government, academia, and civil society.

Together. These sessions are going to elevate health and tax visibility among insurers investors. And yes even policy makers

Reinforcing our leadership in shaping conversations at the intersection of AI Healthcare and financial inclusion.

For investors Davos represents a strategic inflection. Point amplifying, our institutional reach

Strengthening.

Our brand presence on the world stage and showcasing, how our technology and Partnerships.

Our modernizing the Health Care System here in the United States.

As I've often said Legacy sectors, like healthcare finance and insurance are where AI meets its toughest tests and delivers its greatest rewards.

By Leading these discussions health and Tech is demonstrating that responsible data driven. Innovation can scale sustainably while earning trust from both partners and regulators.

With that, I'll turn the call over to our Chief Financial Officer. Julia Quan to walk you through the financial results and more detail, Julia.

Thanks, dusting, and good afternoon, everyone. It's my pleasure to talk you through the financial results, that underpin the strong operational achievement team, just discussed also quarter. And the first 9 months of 2025 reflect continued execution, across all the business fronts front expansion, our sales distribution Network to launch. New platform features were maintaining discipline cost management and the operational efficiency Revenue performance for the

For the third quarter, total revenue reached 8.5 million bringing year to year Revenue growth to 25.8 million presenting 132% of our 4 year 2024 total lease growth, clearly demonstrate our asteroid momentum and the effectiveness of our strategy, Channel expansion through the broker TPA and agencies combined. With our strong customer acquisition activities.

profitability and operating leverage beyond the Top Line our our

Possibility. M, Matrix show significant operating. Leverage adjust. The evida for the quarter. Was 1 million up 49% year-over-year for the first 9 months. Just eida reached 3.8 million or 167% of the 4 year. 2024 total, this John eida performance demonstrate. Our ability to scale efficiency while maintaining the cost discipline 3. Tax income for the quarter was 0.6 million or 48% increase year-over-year for the first 9 months pre-tax, income, total 2.1 million or 2.4 times of 4 year. 2024 importantly, pre-tax income, present 8 point around 8% of the revenue.

it's 135 basis point in per year, over year

Operating expenses for the third quarter was 3.7 million 55% on Revenue down front, 68% in the same period last year for the first 9 months. Operating expenses, represent 59% of Revenue, Improvement of 12 basis points from 171% of the year ago,

We continue to integrate, AI driven, internal solution to enhance process Automation. And the reduced Administration, burden break leads further down sales in the marketing. Expenses were 1 million or 11.3% of the revenue, essentially flat year-over-year, our Channel partner model, continue to drive Revenue growth without the need a large in-house sales force.

Generally administrative expenses were 3.5 million consists of 1.3 million in operating cost, 14.9% of Revenue and the 2.2 million in m. At the mean cost 25.8% Revenue. The higher at the mean cost reflects the expenses associated with being a public company, including dno insurance board, composition investor relations and the me meeting Outreach.

So the research and development expenses declined to 2.8% of revenue from 16% a year ago. Our tech results have shifted from the preliminary project and maintenance phase research to the heavy development phase deployment. So that's the tech cost associated with the software development, capitalized.

That's why you see the expenses reduced.

Cash flow and the balance sheet for the first 9 months we generate 2.7 million out of the positive cash flow from operations.

We invested 2.4 million in technology development and 0.1 million in the capital markets activity, resulting in net positive, cash flow of 0.2 million. We ended the quarter with a solid 8 million in cash and the cash equivalent all collaboration with Alfa tone Capital also provides the additional Capital leverage for the heat chain initiative with Alpha to investment contribution. We expect to build these transformative blockchain enabled. The first platform with minimum cash requirement from our end, which maximizing our Capital efficiency as we enter the fourth quarter. We are navigating a period of the market uncertainties related to a rising Health Care.

Care costs and evolving regulation regulatory Dynamics, some employers accelerate. Their plan selection decision into late Q3 which contributed to strong. Then expected the performance in the quarter at the same time, other employers are shifting the purchase decision into January and early q1 2026. Q4 is typically when we launched our major marketing broker initiatives and the pr campaigns to build a momentum for the pixel season, in line with the strategy, we are intentionally reinvest a portion of our gross profit into the Market expansion. Activity, to support continued long-term growth. We anticipate Q4 Revenue growth of around 50% year-over-year, which reflect the solid performance giving least timing shifts.

For the 4 year. 2025 we expecting to deliver around 70% year-over-year, Revenue growth, reaching an estimated 32 to 33 million in Revenue importantly, 4 year, net income.

Growth is expected to be near 90% outpacing. The revenue growth um, percentage basis,

And the manage for them to manage the health care costs more effectively, this is very appealing to the companies with large number of employees.

We will share more details with you upon Force launch in q1 2026. In summary the third quarter marked a pivotal

point of the technology programs and the product Innovation, the fourth quarter is focused on the market activities program testing and our year end sales campaign ship with all which position us for accurate, momentum heading into 2026. We are laying the foundation for an AI enabled. Multi-program healthcare insurance Marketplace that we can serve our employees with all sides and segment.

I now turn it back to the operator for

Q&A.

We will now begin the question and answer session.

to ask a question, you may press star then 1 on your telephone keypad,

If you are using a speaker-phone, please pick up your handset before pressing the keys.

if at any time your question has been addressed and you would like to withdraw your question, please press star then 2

At this time, we will pause momentarily to assemble our roster.

Our first question today is from Marla Marin. Zach, please go ahead.

Thank you.

Um,

Good afternoon everyone. So, um,

this was obviously, you know, a strong quarter growth. I know you talked a little bit about some portfolio and maybe some, you know, timing differences versus General patterns in past years, but, you know, still we're seeing very strong growth. Um, you've been operating now, for a very brief period in the large, uh, employer Market, um, is is the response that you're seeing tracking, um, along the lines that you had anticipated, and are there anything that you're seeing in that market, that distinguish it from the small and medium, uh, Market that you have traditionally looked at or focused on

Yeah. Hey Martin thanks for the question. This is Tim. Um it you're right we really just got started. We haven't been able to see a trend yet because the process usually takes from uh for our Brokers to get established and trained on the system to where they're starting to use it and and

Effective date is usually about at a minimum at 60. It's usually 90 to 120 days out. So although the process has sped up and helped everybody, uh, help our distribution sources, get their proposals and their quotes faster. We haven't seen them start to really bind anything yet because, uh, they're quoting groups that are that are further out from when we started, if that makes sense. Yes. But we, we are seeing a lot more activity. We're seeing it started at about 2 quotes a day. Now, we're up to 5 quotes a day that, uh, our underwriter is able to get out. So big, big improvement from where it was.

Okay, I understood. Um okay so switching uh gears a little bit, you are um enrolled employees that that metric. Um which is 1 that you know, I look at you know, from quarter to quarter as I'm sure others do. Um, it continues to increase

I think in the past, you've talked about, there's a a level of stickiness with that number just because of difficulty sometimes and switching to other.

Other, you know, uh, other coverage providers or other, you know, Solutions. Can you give us any color on whether or not you think that is true?

Yeah, that's uh, morning. Uh, it's Julia. I think that is a great question. Uh, that's why. When we look at the 3-year rehold program, where e either further to enhance the retention because with these uncertainties that when, um, the business can have a product with the, uh, flat rate for the 3 years and really, you know, significantly change how the dynamic on the market. Yeah. The health care product, Insurance product itself is already pretty sticky. And, you know, with the speed and the benefits we offer, that's how we see, we adding on more products. Make that even more sticky.

You know, as you continue to innovate in this space and you continue to use technology to streamline processes and make things simpler for the customer base.

In terms of blockchain right now. Is there anyone else in the space that is using blockchain or will this be something that you're you know you're going to be relatively amongst you know, the lead innovators?

I would like a team to address that.

Yeah. Um, Dustin, you can address that if you want. That would be a good 1 for you. I would. Yeah. I, I would love to, um, so it's interesting, you know, the, the space of healthcare and now putting these records on chain, uh, but doing it in a way that it Still Remains, you know, the identified. So, we don't have any compliance issues. Um, we will really be the first at the scale, um, that we will be launching the hit chain, uh, bringing in an entire ecosystem, uh, over the next 12, 24, 36 months, uh, into hit chain. So um, it is not been done at that level, uh, ever, um, because of all the moving pieces uh that are involved. And when we look at uh, the problem, the friction point and Tim and I our CEO again, I discussed friction the friction our providers feel the friction that the hospital systems feel. Even the friction at time, the patients are

Ceiling, um, to be able to have a, a real-time Ledger, uh, that they can track. Um, so I'm excited, uh, over the next number of months. Um, Mr. Tim Johnson will be rolling out. Uh, some of the areas that we see, um, help and Tech, uh, being able to receive Revenue opportunities, uh, and also strategic growth, uh, not just in North America, our plan would be long term, uh, that hit chain would be all over the planet that we would become the number 1, uh, in the health care. Uh, blockchain, um, even at some point tokenization. Um, so I'll throw it back to Mr. Tim Johnson, our CEO, uh, because I, I can't reveal too much.

Yeah um Marlow we this type of product has been tried and failed by other people with considerably larger recognition than we are. We have brought though a much broader base of people that understand the A to Z effect of this, everybody at uh health and Tech and Alpha tan they have

experience in every function that has started from when somebody goes to the doctor to where that Bill gets paid and believe me, there are multiple, uh, entities in the middle of that that have and, and transactions that have to take place and by streamlining all that, um, as Dustin said, the decentralization of that, we're

Anybody can join this thing. It uh, this this blockchain that we're calling hit chain. It is not been done before in such a scale, it has been done by a single hospitals due to manage their processes internally, but nothing where you where you decentralize it to the public like we are

Okay.

Thanks, bro.

The next question is from James Lieberman with American Trust Investment Services. Please go ahead.

Uh, thank you. I want to congratulate you on this terrific year of execution and the vision that you're putting in place. I wonder, can you share a little bit more about this 3-year lock program for healthcare? How do you manage to do that? Or is that your secret sauce, and you'd rather not say at this time?

Yeah, I can't. It's because this is not like you're right; we really don't want others to know how we're going about it from an underwriting perspective. I will tell you though that there has been a year's worth of work with multiple, uh, different financial institutions, bankers, uh, underwriters, insurance carriers, distribution sources, in order for everybody to get comfortable with this. It has taken a lot of effort on everybody's part, and over a year now where we've been working on it. So, I apologize; I can't give you much more than that. But, yeah.

I think it's kind of extraordinary and I commend you that you've been able to bring all the players together to even prevent present that Vision. Congratulations.

Yeah, thank you.

Insurance sector expertise, with carrier with various Investment Bank funds. It, it just allowed to put together, I would say and you will find there are renowned institution to join Force to make this happen. And we're very excited, but we will have more details to share with everybody and q1 full launch.

Thank you very much again.

The next the next question is from Alan. CLE with Maxim group, please go ahead.

Hi. It's really great to see your um degree of innovation. Um, following up on the uh,

3 year rate, hold product. I think this could be really

Very powerful for employers to want this. I'm actually, it's kind of surprising that an insurance company would take that risk with giving.

The challenges of of.

and the changes that can happen with with um, underwriting results, uh

What was maybe the hardest part to get over was how an insurance company could get comfortable to take a...

A, a 3 year risk.

Yeah, Allan. Um, it it was very challenging but the there's 2 sides to look at here. So what insurance carriers like to do is get profitable business, and hold it in this case. That's what we're trying to do is make its profitable by implementing these, uh, Medical Management Programs. Uh, some very strategically, uh, targeted uh, programs where we're trying to manage every possible instances that can come up. So if somebody has diabetes we have a program for that. If somebody has another condition, we have very specific programs that manage these because Ellen, what you find is that in, uh, a carrier will pick somebody up for a year and try to implement these things. But 12 months isn't enough to make an impact. If something happens, they don't have enough time say, it happens 6 months into the program. They don't have enough time to really, uh, make an impact and try to ma manage that condition whatever it is.

To get it back to where it 1, where it probably is not. Uh, maybe it's not a profitable program but it could be over time if you get enough time to get it under control. And that's what we sold. Our carriers on, is the ability for us to manage those over time, better than what we're able to do today.

That makes a lot of sense. Um,

and then for the, for the claims processing, who

you're selling this, who who is your customer in this?

customers are large employers, large or employers 150 lives on their plan and greater

So, you know, municipalities, for example, I use municipalities because they don't have a lot of money from their tax base. Whatever that is, but they try to budget. Their budgeting, uh, money is very tight. And when we can give them a 3-year rate guarantee, municipalities and government entities love this type of product.

Right. Okay, and then for the I'm sorry, I didn't ask my question, I meant for the, for the blockchain, um, uh opportunity to to manage claims processing.

Uh, who who, who, who are you selling that to?

Well, that's going to be sold to everybody. Uh, you know, if you've heard me speak in the past uh Allan everybody, that touches Healthcare and which is from the hospitals to the patients, the employers, the Brokers, the third party administrators, the networks everybody in not to use the term or be the term up in the chain of events.

Everybody will participate in this the program. And again, I can't go into. I don't know where my line is drawn. I give them too much information, but everybody that touches it will benefit. There's a win-win in this for everybody. It'll drive. You know I have asked uh people have asked me. The question is how's that going to drive health care costs down? Well a large part of the health care cost is the administrative costs and they're they're huge. As we talked about in this presentation, it was 300 billion. We're trying to cut that down dramatically and we hope that that savings reflects back in the term of healthcare expenses paid out over time.

To claims, you know, are the ideal kind of customer client uh that we see partnering with us are going to be insurance. Carriers Health Plans benefit administrators, uh, companies that are processing potentially, millions of claims a year or thousands or tens of thousands of claims. Uh they're going to win with a chain because of fewer, fraudulent claims uh faster processing, um, fewer disputes, um, faster collection, uh, less overhead expenses, meaning, we're driving operationally their cost down and ultimately happier providers, which means health and Tech wins. Um, those that are within the ecosystem wins and, you know, so I can't give everything. I, I don't want to get get ahead of myself and um, um, but we have an enormous opportunity here and we're hearing from larger organizations around the world including large hospital system.

Um, that we are onto something. Um, so I'm excited to go on this journey with all of you in the future.

Yeah and then once we work with our for to turn to uh from non-bonding later, in 10, 10 to the definitive agreement, at that point in time, we will be able to give update in terms of the more detailed business model and all these above fronts and both team and dusting mentioned, but it just some of the very initial identity.

Identified area, we can benefit from. They are much more area when we continue to discuss and discover the benefits. Not only just the transparency, the speed, uh, remove the redundancy, especially, you know, 1 clients, get a process once not multiple times get reviewed the different people, different organization manual work back and forth. Um, but also there's opportunity to think about how the money movement get paid. The payment part of the side of process so it's really a lot of things we can do. The most benefit for us. For overall, is both party contribute, their strengths. And that's has really minimum cash, requirement from all, and we contribute, our knowledge, and they have the funds, they have the technology and blockchain combined, these both parties, we're going to create some

Very unique and big, and it benefits every participant on the chain.

And Julia. I think it's good. Good to know because we have mentioned it in press releases, uh regarding ask Tim are AI driven benefits counselor. Uh that also will be available uh in 2026. Um, with a little bit of under the hood uh in Davos on January 20th 2026.

Yes.

Um,

You guys mentioned, um, in the last few months, um, some stuff that you're doing with, um,

Pharmacy, Benefit Management side to try to, um,

Get lower drug costs, and any update on that?

Julia.

Oh Adam, I think we really do not have much more um, build out in terms of Pharmacy benefit and our focus on this year is enhanced the system. Uh, uh, produced the new program, new product and uh well the PBM and, um, side of the, um, opportunity has been evolving this very much to do with the market condition and who, who we partner with and just present additional opportunity. But for this year and we entering into the November, when we look at the re uh really the enhanced IDs and the 3 year rate, hold and the end to the large uh, size of the employee Market is important for us. When we look into 2026, we might go back to check on

What else we can build uh, in terms of additional opportunities.

We thought our efforts would be better off uh focusing on the underwriting and claims piece that we just talked about.

Thank you. Um,

1 of the things that, um,

You guys had focused focused on is uh, your broker your partners and how that's been, uh, helping to drive sales. Basically you're getting your distribution through your partners. Um, and I think last quarter 1 of the things that struck me as you were all getting some of the larger Insurance Brokers also. So, um, maybe if you could talk a little about, um,

Your?

Broker relationships. And, um,

and how like for the big renewal season, how

How you go about the the the process of of focusing on that?

Yeah, our we are growing our distribution sources because once they get a see the system, it's so convenient, so easy to use that. It's uh it's making their lives easier. So they can do, they can make more sales. But the what we term as our Alpha House is the bigger brokerage firms around the country products. Just like what we talked about with the 3 year rate guarantee they have, uh,

Some of them have only focused on larger groups. Some of them do larger and smaller groups but their their primary focus is the larger group. And with bringing a a program like this, through your rate guarantee, uh, rate stability program that we call it, that's what they're focused on. So there are more excited than ever to get access to some of these products that we're bringing for the larger segment, uh, the group segment.

Yeah, Alan. Also, you know, we very aggressively start to train the, um, brokers and the ways all the large broker agencies have regional offices. They have, and, you know, they intend to just have a pilot office, so testing out, and then they allow the rest of their, um, the agencies, um, into a different state. So, to us, it's not only just the numbers, but once we start with one agency and our sales team really goes down to the implementation and the training, we should be able to see these things getting wrapped up. Not only just the number; actually, one agency can have hundreds of thousands, while the other agency, you know, has a handful. So, not only the agencies, but also how can we deepen the relationship? Our sales team has done a great job of providing training and looking at how the system...

How easy the system is. So we will see this continue isolating. Um, our outreach.

Additionally, the event we do in Davos, led by Dustin and all other PR, will continue to give us very good visibility in the market and attract more large agencies.

That's a good point. So the audience for the for the Davos, um, conference will will be kind of bigger players in the

in the insurance Tech area.

That's right by default. I think when the agency with a certain size they are looking for more the peers and where there's significant event and the Forum. They all can exchange their thoughts and also is a it's a perfect venue for us to improve our visibility without the burning a lot of marketing dollars. So we have been very disciplined in terms of the marketing and the PR but we think this is a great opportunity for us.

Okay. Um, those are my questions. Thank you so much, and congrats.

I think so. Thank you.

The next question is a follow-up. Excuse me. Pardon me. Thank you. Seeing no more questions in the queue, let me turn the call back to Mr. Johnson for closing remarks.

Thank you, operator, and thank you all. I appreciate everyone joining the call today. If anyone has any follow-up questions, please do not hesitate to reach out to us. We appreciate your interest and look forward to keeping the dialogue open. Thanks, everyone.

Thank you all again, this concludes the call, you may. Now disconnect