Q4 2025 Zoomd Technologies Ltd Earnings Call
Speaker #1: Thank you for joining us today for Zoom's fourth quarter and full year 2025 update conference call. With us on the call, representing the company today, is Amit Behansky, Zoom's founder and chairman.
Speaker #1: At the conclusion of today's prepared remarks, Amit will answer some questions that were sent to us by investors and other questions we think are relevant to investors as well.
Speaker #1: Before we begin with prepared remarks, just a couple of comments. Today's call will contain forward-looking statements that are based on current assumptions and subject to risks and uncertainties that could cause actual results to differ materially from those projected.
Speaker #1: The company undertakes no obligation to update these statements except as required by law. Information about these risks and uncertainties is included in the company's filings as well as periodic filings with the regulators in Canada and the United States, which you can find on Cedar and Zoom's website.
Speaker #1: Today's discussion will include adjusted financial measures, which are non-IFRS measures. These should be considered as a supplement to and not a substitute for IFRS financial measures.
Speaker #1: Note that all figures on this call are noted in US dollars as our Zoom's financial statements. Finally, today's event is being recorded and will be available for replay through the webcast information provided in the press release.
Speaker #1: With that said, let me now turn the call over to Amit Behansky, founder and chairman of Zoom. Amit, please proceed.
Operator: Welcome to Zoom. Enter your meeting ID followed by pound. Enter your participant ID followed by pound. Otherwise, just please enter the meeting passcode followed by... You have joined the meeting as an attendee and will be muted throughout the meeting.
Speaker #2: Thank you, Ben. And good afternoon to all of you. I will summarize our fourth quarter and full year of 2025 financial results. 2025 was a record year for Zoom, as we achieved record revenues, profitability, cash flow, and ended the year with a strong balance sheet introducing 22 million dollars in cash and no long-term debt.
Speaker #2: As discussed, in the company's Q3 of 2025 report, two major customers implemented changes to the operating models, reflecting acquisitions, strategies, and KPIs. With one of these customers, visibility remains limited regarding the timing and extent of a potential recovery.
Amit Bohensky: Major customer implemented changes to the operating models, reflecting adjustments in customer acquisitions, strategies, and KPIs. With one of these customers, visibility remains limited regarding the timing and extent of a potential recovery. With the other, we are beginning to see signs of improvement. Even if there's some continued impact in the near term as these changes continue to play out, the recovery is expected to be gradual. This highlight the importance of the effort we have put over the last two years to diversify our customer base. In 2025, revenues from customers outside of top two grew over 30% year over year. We anticipate that future growth will be driven by a broader base of customers.
Speaker #2: With the other, we are beginning to see signs of improvement. Even if there is some continued impact in the near term, these changes continue to play out, the recovery is expected to be gradual; this supports a path toward renewed growth over time.
Speaker #2: This highlights and this highlights the importance of the effort we have put over the last two years to diversify our customer base. In 2025, revenues from customers outside of top two grew over 30% year over year.
Speaker #2: We anticipate that future growth will be driven by a broader base of customers. This approach is already contributing to a more diversified revenue base and positions the company to reduce dependency on individual large clients while enhancing the overall resilience of the businesses for the long term.
Amit Bohensky: This approach is already contributing to a more diversified revenue base and positions the company to reduce dependency on individual large clients while enhancing the overall resilience of the businesses for the long term. As reflected in the fact that approximately one-third of the company's annual revenue growth was driven by customers onboarded in recent quarters, contributing to a broader customer base beyond the historically more concentrated group of large customers. Over the recent period, we expanded presence in North America and Europe, adding over 20 new clients across iGaming, fintech, and e-commerce, including clients such as Kraken, Silver Social, SportyBet, and Bank PV. Based on the typical revenue ramp-up time, we expect to see impact of these wins in 2026.
Speaker #2: As reflected in the fact that approximately one-third of the company's annual revenue growth was driven by customers onboarded in recent quarters, contributing to a broader customer base beyond the historically more concentrated group of large customers.
Speaker #2: Over the recent period, we expanded presence in North America and Europe. Adding over 20 new clients across iGaming, fintech, and e-commerce, including clients such as Kraken, Silver Social, Sportybet, BankPV, and based on the typical revenue ramp-up time, we expect to see impact of these wins in 2026.
Speaker #2: Further supported by the 2026 FIFA World Cup, the world's most viewed sporting event in the world, which is expected to drive increased activity create additional revenue opportunities.
Amit Bohensky: Further supported by the 2026 FIFA World Cup, the world's most viewed sporting event in the world, which is expected to drive increased activity across key verticals and create additional revenue opportunities. Our current cash position provides ample runway to support organic growth, as well as pursuing more partnerships, such as the one we announced with E2. It also offers flexibility to pursue strategic acquisitions that will further accelerate our expansion, and we continue to evaluate opportunities that complement our core competencies and would be strategically accretive. Our differentiated focus on markets outside the walled gardens is gaining traction and industry recognition is growing. As I mentioned on former calls, one of our strategies, accelerated growth, is to establish strategic partnerships and expand our sales growth.
Over the recent period, we expanded presence in North America and Europe, adding over 20 new clients across iGaming, fintech, and e-commerce, including clients such as Kraken, Silver, Social Sporty, Bet, and Bank PV. Based on the typical revenue ramp-up time, we expect to see the impact of these wins in 2026.
Speaker #2: Our current cash position provides ample runway to support organic growth, as well as pursuing more partnerships such as the one we announced with E2.
Further supported by the 2026 FIFA World Cup. The world's most viewed sporting event in the world which is expected to drive increased activity across key verticals and create additional Revenue opportunities.
Speaker #2: It also offers flexibility to pursue strategic acquisitions that will further accelerate our expansion. And we continue to evaluate opportunities that complement our core competencies and would be strategically accretive.
Our current cash position provides ample runway to support organic growth as well as pursuing more partnerships, such as the one we announced with E2.
Speaker #2: Our differentiated focus on markets outside the World Gardens is gaining traction. And industry recognition is growing. As I mentioned, on former calls, one of our strategies accelerated growth is to establish strategic partnerships and expand our sales growth.
It also offers flexibility to pursue strategic acquisitions that will further accelerate our expansion, and we continue to evaluate opportunities that complement our core competencies and would be strategically accretive.
Our differentiated focus on markets outside the walled gardens is gaining traction.
An industry recognition is growing.
As I mentioned on formal calls,
Speaker #2: In 2025, we announced the first of these global agreements with E2, Quadrat adrat Communication, a leading provider of digital marketing and technology solutions for the sports and betting industry.
Amit Bohensky: In 2025, we announced the first of these, a global agreement with E2-Quadrat communications GMBH, a leading provider of digital marketing and technology solutions for the sports and betting industry. This collaboration will allow Zoomd to access E2's current and future clients worldwide, accelerating our client acquisition and revenue growth efforts. I am pleased to share that this partnership is already providing successful, with two clients already onboarded and actively working with us. Now, I would like to turn to our product and service offering, as it is important for investors to understand our competitive advantage and why clients are coming to us. Our competitive edge stems from our comprehensive 360-degree approach to digital performance with a mobile-first focus, all designed to help our clients achieve their goals.
Speaker #2: This collaboration will allow Zoom to access E2's current and future clients worldwide, accelerating our client acquisition and revenue growth efforts. I am pleased to share that these partnerships are already providing successful with two clients already onboarded and actively working with us.
1 of our strategies. Accelerated growth is to establish strategic Partnerships and expand our sales groups in 2025. We announced the first of these, a global agreement with E2 for that communication, a leading provider of digital marketing and Technology Solutions for the sports and betting industry.
This collaboration will allow them to access E2's current and future clients worldwide, accelerating our client acquisition and revenue growth efforts.
Speaker #2: Now, I would like to turn to our product and service offering as it is important for investors to understand our competitive advantage and why clients are coming to us.
I am pleased to share that. This partnership is already. Providing successful with 2 clients already on boarded and actively working with us.
Speaker #2: Our competitive edge stands from our comprehensive 360-degree approach to digital performance with a mobile-first focus, all designed to help our clients achieve their goals.
Now, I would like to turn to our product and service offering as it is important for investors to understand our competitive advantage and why clients are coming to us
Speaker #2: We offer a wide range of and mobile performance, enabling us to deliver holistic suites of products and services that drive measurable results against our clients' digital performance KPIs.
Amit Bohensky: We offer a wide range of solutions tailored to digital and mobile performance, enabling us to deliver holistic suite of products and services that drive measurable results against our clients' digital performance KPIs. Zoomd utilizes a combination of research and development, acquisitions, and methodologies to improve its offerings. One of our core strengths is our transparent, direct, and intensive client communication. Unlike many of our industry peers, we don't operate through agencies. We work directly with our clients, engaging with the chief revenue officer side of the organization. These relationships positions us not just as a vendor, but as a trusted advisor. The depth of this engagement fosters long-term partnership, significantly reduces churn, and creates strong opportunities for revenue growth within our existing client base. This approach enables real-time campaign management without delays, even while simultaneously handling multiple campaigns across various geographies.
To help our clients achieve their goals.
Speaker #2: Zoom utilizes a combination of research and development, acquisitions, and methodologies to improve its offerings. One of our core strengths is our transparent direct and intensive client communication.
We offer a wide range of solutions, tailored to digital and mobile performance, enabling us to deliver holistic products and services that drive measurable results against our clients' digital performance KPIs.
Zoomd utilizes a combination of research and development, acquisitions, and methodologies to improve its offerings.
Speaker #2: Unlike many of our industry peers, we don't operate through agencies; we work directly with our clients. Engaging with the chief revenue officer side of the organization, this relationship positions us not just as a vendor, but as a trusted advisor.
1 of our course. Ranks is our transparent. Direct and intensive. Client. Communication.
Unlike many of our industry peers, we don't operate through agencies, we work directly with our clients, engaging, with the chief Revenue officer, side of the organization.
Speaker #2: The depth of this engagement fosters long-term partnership significantly reduces charm and creates strong opportunities for revenue growth within our existing client base. This approach enables real-time campaign management without delays, even while simultaneously handling multiple campaigns across various geographies.
This relationship's positions are not just as the vendor, but as a trusted advisor.
The depth of this engagement fosters long-term partnership, significantly reduces churn, and creates strong opportunities for revenue growth within our existing client base.
This approach enables real-time campaign management without delays.
Speaker #2: This unique approach positions us as a semi-human semi-automated command and control platform, effectively combining advanced technology and strategic insights. We closely monitor and respond not only to shifts in client strategy, but also to broader macroeconomic changes beyond clients' direct control.
Amit Bohensky: This unique approach positions us as a semi-human, semi-automated command and control platform, effectively combining advanced technology and strategic insights. We closely monitor and respond not only to shifts in client strategy, but also to broader macroeconomic changes beyond clients' direct control. As a result, we empower our clients to swiftly adapt to market fluctuation, maximizing their impact and driving significant outcomes globally. Our main platform is integrated to hundreds of media sources, allowing us to promote customer digital assets in multiple channels under one system. We use a DSP for programmatic media buying. The DSP is integrated to the biggest mobile media exchanges, providing our customers full range and reach for their mobile web and app performance needs. We optimize the advertiser resources and maximize their advertising budget and efficiency. There is no dependency on any specific media supplier or traffic channel.
even while simultaneously handling multiple campaigns across various geographies,
This unique approach position positions us.
As a semi-human semi-automated command and control platform.
Effectively combining advanced technology and strategic insights.
Speaker #2: As a result, we empower our clients to swiftly adapt to market fluctuations, maximizing their impact and driving significant outcomes globally. Our main platform is integrated to hundreds of media sources, allowing us to promote customers' digital assets in multiple channels under one system.
We closely monitor and respond, not only to shifts in client strategy, but also to broader macroeconomic changes beyond clients' direct control.
As a result, we Empower our clients to swiftly adapt to Market. Fluctuation maximizing their impact and driving significant outcomes globally.
Speaker #2: We use a DSP for programmatic media buying, the DSP is integrated to the biggest mobile media exchanges, providing our customers full range and reach for the mobile web and app performance needs.
Our main platform is integrated to hundreds of media sources, allowing us to promote customers' digital assets in multiple channels under one system.
Speaker #2: We optimize the advertiser resources and maximize their advertising budget and efficiency. There is no dependency on any specific media supplier, or traffic channel. This not only saves valuable time and resources for advertisers, but also provides enhanced clarity and consolidated insights.
We use a DSP for programmatic media buying. The DSP is integrated with the biggest mobile media exchanges, providing our customers with a full range and reach for their mobile web and app performance needs.
Amit Bohensky: This not only saves valuable time and resources for advertisers, but also provides enhanced clarity and consolidated insights. Additionally, our platform and products are designed for user-friendly operation, eliminating the need for a software development kit, SDK, implementation. In our prospective position and crucial layer within the ecosystem, the company stands strongly in the industry. Beyond the walled gardens of Google, Meta, and et cetera, the marketing landscape is fragmented. Zoomd enable advertisers to leverage a wide range of various types of media channels, from social to programmatic, OEMs, SDKs, networks, and more. Their KPIs are achieved on all channels together or as a mix. Now, I will review the Q4 and full year of 2025 financial results in detail. Revenue.
We optimize advertiser resources and maximize their advertising budget and efficiency. There is no dependency on any specific media supplier or traffic channel.
Speaker #2: Additionally, our platform and products are designed for the user-friendly operation, eliminating the need for a software development kit, SDK, implementation. In our perspective, positioned and crucial layer within the ecosystem, the company stands strongly in the industry.
This not only saves valuable time and resources for advertisers but also provides enhanced clarity and consolidated insights.
additionally.
Speaker #2: Beyond the World Gardens of Google, Meta, and etc., the marketing landscape is fragmented. Zoom enables advertisers to leverage a wide range of various types of media channels.
Our platform and products are designed for the user, for user-friendly operation, eliminating the need for a software development kit (SDK) implementation in our prospective position and a crucial layer within the ecosystem.
The company stands strongly in the industry.
Beyond the walled gardens of Google, Meta, and etc., the marketing landscape is fragmented.
Speaker #2: From social to programmatic, OEMs, SDKs, networks, and more. Their KPIs are achieved on all channels together, or as a mix. Now, I will review the fourth quarter and full year of 2025 financial results in detail.
Zoomd enables advertisers to leverage a wide range of various types of media channels.
From social to programmatic, OEMs, SDKs, networks, and more.
Their kpis are achieved on all channels together or as a mix.
Speaker #2: Revenue. Revenues in Q4 25 were $7.5 million. A 50% decrease from $15.1 million in Q4 24, reflecting the continued impact of operating model changes implemented by two major customers.
Now, I will review the first quarter and full year 2025 financial results in detail.
Amit Bohensky: Revenues in Q4 2025 were $7.5 million, a 50% decrease from $15.1 million in Q4 2024, reflecting the continued impact of operating model changes implemented by two major customers. As discussed in the company's Q3 2025 report, including ongoing adjustment to customer acquisition strategies and KPIs. Activity levels continue to be affected by these changes, with visibility remaining limited for one customer, while the other is showing initial signs of realignment following a meaningful progress. Revenues for full year of 2025 were $61.3 million, a 13% increase from $54.5 million in 2025. 2024, sorry. This increase was further supported by the contribution of customers onboarded in recent periods, supporting a more diversified foundation for future growth. Gross margin.
Revenue.
Speaker #2: As discussed in the company's Q3 25 report, including ongoing adjustments to customer acquisition strategies and KPIs. Activity levels continue to be affected by these changes, with visibility remaining limited for one customer, while the other is showing initial signs of realignment following a meaningful progress.
Revenues in Q4 2025 were $7.5 million, a 50% decrease from $15.1 million in Q4 2024. This reflects the continued impact of operating model changes implemented by two major customers, as discussed in the company's Q3 2025 report, including ongoing adjustments to customer acquisition strategies in KPI.
Speaker #2: Revenues for full year of 2025 were $61.3 million, a 13% increase from $54.5 million in 2025. 2024, sorry. This increase was further supported by the contribution of customers onboarded in recent periods, supporting a more diversified foundation for future growth.
Activity 11s continue to be affected by these changes, with visibility remaining limited for one customer, while the other is showing initial signs of realignment following a meaningful Pro Focus.
Revenues for fully of 2025 were 61.3 million a 13% increase from 54.5 million in 2025 2024. Sorry.
This increase was further supported by the contribution.
Speaker #2: Gross margin. Gross margin in Q4 25 was $34% compared to $41% in Q4 24, and for the full year, $42 compared to $40% in 24.
Amit Bohensky: Gross margin in Q4 2025 was 34% compared to 41% in Q4 2024, and for the full year, 42 compared to 40% in 2024, driven by changes in client mix and remain within the company representative profitability range. Operating expenses. Total operating expenses for Q4 2025 were $2.5 million, a 7% decline compared to Q4 2024, reflecting lower activity levels and disciplined cost management. Total operating expenses in 2025 were $12 million, roughly flat compared to 2024. Adjusted EBITDA. Adjusted EBITDA is used as a primary performance measure by the company's management to ensure it has the right structure to support future growth. We define adjusted EBITDA as earning before interest, tax, depreciation, one-time payments, and amortization, as adjusted for share-based payment and non-recurring operating expenses.
Course, margin.
Speaker #2: Driven by changes in client mix and remain within the company, representative profitability range. Operating expenses. Total operating expenses for Q4 25 were $2.5 million, a 7% decline compared to Q4 24, reflecting lower activity levels and disciplined cost management.
Gross margin in Q4. 25 was 34% compared to 41% in Q4 24 and for the full year, 42 compared to 40% in 24,
Driven by changes in client mix, and remaining within the company representative profitability range.
Operating expenses.
Speaker #2: Total operating expenses in 2025 were $12 million, roughly flat compared to 2024. Adjusted EBITDA. Adjusted EBITDA is used as a primary performance measure by the company's management to ensure it has the right structure to support future growth.
Total operating expenses for Q4 25 were $2.5 million, a 7% decline compared to Q4 24, reflecting lower activity levels and disciplined cost management.
Total operating expenses in 2025 were $12 million, roughly flat compared to 2024.
adjusted ebida.
Speaker #2: We defined adjusted EBITDA as earning before interest, tax, depreciation, one-time payments, and amortization as adjusted for share-based payment and non-recurring operating expenses. Adjusted EBITDA in Q4 of 25 was $1.5 million, compared to $3.2 million in Q4 24, reflecting lower revenues and gross margins.
Adjusted ibida is used as a primary performance measure by the company's management to ensure it has the right structure to support future growth.
Amit Bohensky: Adjusted EBITDA in Q4 2025 was $1.5 million compared to $3.2 million in Q4 2024, reflecting lower revenues and gross margins. Adjusted EBITDA in 2025 was $14.8 million compared to $11.3 million in 2024. The increase is primarily attributed to the annual growth of 2025. A full reconciliation of adjusted EBITDA is available in our MD&A filing. Net income. The net income for Q4 2025 was $0.2 million compared to $3.1 million in Q4 2024, and $14.8 million for the full year of 2025 compared to $8.9 million of 2024, in line with the explanation provided above. Cash.
Redefine adjusted ibida as earning before interest tax depreciation, 1-time payments, and amortization as adjusted for share-based payment and non-recurring operating expenses.
Speaker #2: Adjusted EBITDA in 2025 was $14.8 million, compared to $11.3 million, in 2024. The increase is primarily attributed to the annual gross of 2025. A fully reconciliation of adjusted EBITDA is available in our MD&A filing.
Adjusted ibida. In Q4 of 25 was 1.5 million compared to 3.2 million in Q4 24, reflecting lower revenues, and gross margins.
Adjusted EBITDA in 2025 was $14.8 million compared to $11.3 million. In 2024, the increase is primarily attributed to the annual growth of 2025.
Speaker #2: Net income. The net income for Q4 25 was $0.2 million. Compared to $3.1 million in Q4 24, and $14.8 million for the full year of 2025, compared to $8.9 million of 2024.
A fully consili of adjusted ibida is available in our mdna filing.
Net income.
Speaker #2: In line with the explanation provided above. Cash. Cash flow from operation was $3.7 million in Q4 25, compared to $2.6 million in Q4 24.
The net income for Q4 2025 was $0.2 million compared to $3.1 million in Q4 2024, and $14.8 million for the full year of 2025 compared to $8.9 million for 2024, in line with the explanation provided above.
Amit Bohensky: Cash flow from operation was $3.7 million in Q4 2025, compared to $2.6 million in Q4 2024, largely driven by collections from improved working capital dynamics, including the collection of receivables from pre-prior periods. Cash flow from operations was $17.9 million in 2025, compared to $7.7 million in 2024. The increase is primarily driven by improved operating results. As of 31 December 2025, the company had a cash balance of $22 million and no long-term debt. Before I move to the questions, I want to thank to all our employees for their hard work and dedication, as well as you, our investors, trusted investors who support us. I am always available to speak with investors, and I look forward to hearing your feedback and answering questions.
cash.
Speaker #2: Largely driven by collections from improved working capital dynamics, including the collection of receivables from prior periods. Cash flow from operations was $17.9 million, in 2025, compared to $7.7 million in 2024.
Cash flow from operations was $3.7 million in Q4 2025 compared to $2.6 million in Q4 2024, largely driven by collections from improved working capital dynamics, including the collection of receivables from prior periods.
Speaker #2: The increase in primary-driven by improved operating results. As of December 31, 2025, the company had a cash balance of $22 million and no long-term debt.
Cash flow from operations was $17.9 million in 2025 compared to $7.7 million in 2024.
The increase in primary driven by improved operating results.
Speaker #2: Before I move to the questions, I want to thank all our employees for their hard work and dedication. As well, as you. Our investors, trusted investors who support us.
As of December 31, 2022, $22 million and no long-term debt.
Before I move to the questions, I want to thank all our employees.
For their hard work and dedication.
Speaker #2: I am always available to speak with investors and I look forward to hearing your feedback and answering questions. With that said, I will answer some of our investor questions and some questions that may be of interest to our investors.
Amit Bohensky: With that said, I will answer some of our investor questions and some questions that may be of interest to our investors. Ben Shamsian?
As well as you, our investors trusted investors to support us. I am always available to speak with investors, and I look forward to hearing your feedback and answering questions.
Speaker #2: Ben, all right. Thank you, Amit. Some investors asked for more time between the release of the financial statements and the call, so they would have some more time to review the materials and submit questions.
Ben Shamsian: All right. Thank you, Amit. Some investors ask for more time between the release of the financial statements and the call, so they would have some more time to review materials and submit questions. This is why we pushed the call back a bit. We received a large number of questions with several common themes. To keep it efficient, I've consolidated similar questions, and we'll address them together. First, if we look at the Q4, the revenue decline was quite sharp. Does the Q4 reflect the current run rate of the business?
With that said, I will answer some of our investor questions and some questions that may be of interest to our investors.
Speaker #2: So this is why we pushed the call back. A bit. We received a large number of questions, with several common themes. To keep it efficient, I've consolidated similar questions and we'll address them together.
Speaker #2: First, if we look at the fourth quarter, the revenue decline was quite sharp. How should we think about that level of performance going forward?
Men, all right, thank you, Amit. Um, some investors ask for more time between the release of the financial statements and the call, so they would have some more time to review the materials and submit questions. Uh, so this is why, uh, we pushed the call back, uh, a bit. Uh, we received a large number of questions, or with several common themes, uh, to keep it efficient, I've consolidated similar questions. We'll address them together. Um,
Speaker #2: And does that fourth quarter reflect the current run rate of the business? I think it's more appropriate to look at the company from a longer-term perspective.
First, if we look at the fourth quarter, the revenue decline was quite sharp. Uh, how should we think about that level of performance going forward and does that for does the fourth quarter reflect the current run rate of the business?
Amit Bohensky: I think it's more appropriate to look at the companies from a longer-term perspective. When we look at business over time, we see a company that is growing, evolving, and becoming less dependent on a small number of customers. Over the years, we've shown that we can adapt to changes in the market. That's exactly what we are doing now. I wouldn't look at the Q4 as a new run rate. If you look beyond these customers, the rest of the business continued to grow, including the Q4. Excluding the 2 largest customers, the rest of the customers base grew by around 30% in the quarter. In addition, roughly 1/3 of our annual growth came from newer customers, and that were onboarded in recent periods.
Speaker #2: When we look at business over time, we see a company that is growing. Evolving. And becoming less dependent on a small number of customers.
I think it's more appropriate to look at the companies from a longer-term perspective.
Speaker #2: Over the years, we've shown that we can adapt to changes in the market. And that's exactly what we are doing now. I wouldn't look at the fourth quarter as a new run rate.
When we look at business over time, we see a company that is growing, evolving, and becoming less dependent on a small number of customers.
Speaker #2: If you look beyond these customers, the rest of the business continued to grow, including the fourth quarter. Excluding the two largest customers, the rest of the customers' base grew by around 30% in the quarter.
Over the years, we've shown that we can adapt to changes in the market, and that's exactly what we are doing now.
Speaker #2: In addition, roughly one-third of our annual gross came from newer customers and that were onboarded in recent periods. Alongside expansions into new geographies, we've added a number of interesting clients with strong term to ramp up over time.
Excluding the two largest customers, the rest of the customer base grew by around 30% in the quarter.
Amit Bohensky: Alongside expansions into new geographies, we've added a number of interesting clients with strong term potential, and we expect them to ramp up over time. When we look at the longer term, we see a business that is expanding, becoming diversified with more growth drivers, and I'm very confident about the long term.
In addition, roughly one-third of our annual growth came from newer customers that were onboarded in recent periods, alongside expansions into new geographies.
Speaker #2: So when we look at the longer term, we see a business that is expanding. Becoming a diversified, with more gross drivers, and I'm very confident about the long term.
We've added a number of interesting clients with strong long-term potential, and we expect them to ramp up over time.
Speaker #1: Thank you, Amit. Can you elaborate on what exactly happened with the two largest customers in the fourth quarter? Did they leave or reduce activity due to seeking improvements in your service?
Ben Shamsian: Thank you, Amit. Can you elaborate on what exactly happened with the two largest customers in Q4? Did they leave or reduce activity due to seeking improvements in your service? How should investors think about customer concentration risk?
So, when we look at the longer term, we see a business that is expanding, becoming more diversified with more growth drivers. And I'm very confident about the long term.
Speaker #1: And how should investors think about customer concentration risk?
Speaker #2: Indeed, the fourth quarter, we were impacted by reduced activity from our two largest customers. It's important to clarify that these customers have not left.
Thank you. Mmm. Meet, um, can you elaborate on what exactly happened with the two largest customers in the fourth quarter? Did they leave or reduce activity due to seeking improvements in your service? And how should investors think about customer concentration risk?
Amit Bohensky: Indeed, Q4, we were impacted by reduced activity from our 2 largest customers. It's important to clarify that these customers have not left. We continue to work with them, and the relationships remain strong. With one of them, as mentioned earlier, we are already seeing early signs of stabilization and gradual improvement in activity levels, which is encouraging. Our experience shows that because of the bandwidth of our offering and our ability to adjust to different models, customers continue working with us and even their strategies change, and we are well-positioned to support them as actively evolves. It happens in any company that occasional singular events can have a meaningful impact on revenue in a given period. These are by nature infrequent. We take each instance seriously, learn from it, and continue to improve the business.
Speaker #2: We continue to work with them and the relationships remain strong. With one of them, as mentioned earlier, we are already seeing early signs of stabilization and gradual improvement in activity levels, which is encouraging.
Indeed, in the fourth quarter, we were impacted by reduced activity from our two largest customers. It's important to clarify that these customers have not left.
We continue to work with them, and the relationships remain strong.
Speaker #2: Our experience shows that because of the bandwidth of our offering, and our ability to adjust to different models, customers continue working with us and even their strategies change and we are well positioned to support them as actively evolves.
With 1 of them. As mentioned earlier, we are already seeing early signs of stabilization and gradual Improvement in activity levels which is encouraging
Speaker #2: It happens in any company that occasional singular events can have a meaningful impact on revenue in a given period. These are by mature infrequent, we take each instance seriously, learn from it, and continue to improve the business.
Our experience shows that, because of the bandwidth of our offering and our ability to adjust to different models, customers continue working with us, even as their strategies change. And we are well positioned to support them as they actively evolve. It happens in any company that occasional singular events can have a meaningful impact on revenue in a given period.
These are by mature infrequent.
Speaker #2: When you look at underlying performance, excluding these events, the broader momentum of the company remains intact. We believe our investors recognize this dynamic and maintain a long-term perspective.
Amit Bohensky: When you look at underlying performance, excluding this event, the broader momentum of the company remains intact. We believe our investors recognize this dynamic and maintain a long-term perspective.
We take each instant seriously, learn from it, and continue to improve by the business.
When you look at underlying performance, excluding this event, the broader momentum—
of the company remains intact.
Speaker #1: All right. Thank you, Amit. Okay. You have acquired many customers over the last few months. When should we expect to see contribution from new customers?
Ben Shamsian: All right. Thank you, Amit. Okay. You have acquired many customers over the last few months. When should we expect to see contribution from new customers, and how should we think about growth outlook into 2026?
We believe our investors recognize this dynamic and maintain a long-term perspective.
Speaker #1: And how should we think about growth outlook into 2026?
Speaker #2: In average, it takes three to six months to reach a full run rate. So there is a naturally some time before they contribute at a meaningful level.
All right. Thank you, Amy. Um, okay. Um, you have required, uh, many customers over the last few months. Uh, once you be extracted to see contribution from your customers and how should we think about growth Outlook into 2026
Amit Bohensky: In average, it takes 3 to 6 months to reach a full run rate, so there is naturally some time before they contribute at a meaningful level. In the early stages, there is a quite bit of work around alignment, both on the technology side and the business side. We focus on tailoring solutions to customer needs with strong emphasis on data-driven KPI optimization and adapting to each customer's specific market platform requirements. This involves understanding how the customer looks at the data, what KPIs really matters to them, and what actually works in their specific environment. From there, it's a process of testing, learning, and optimizing, which we do very closely together with the customer. From our experience, while it's possible to push for faster growth early on, it's usually better to scale in a more controlled and stable way, which leads to better long-term performance.
Speaker #2: In the early stages, there is a quite bit of work around alignment, both on the technology side and the business side. We focus on tailoring solutions to customer needs.
On average, it takes three to six months to reach a full run rate, so there is naturally some time before they contribute at a meaningful level.
Speaker #2: With strong emphasis on data-driven KPI optimization. And adapting to each customer's specific market, platform, requirements. This involves understanding how the customer looks at the data.
In the early stages, there is a quite bit of work around alignment, both on the technology side and the business side, we focus on tailoring solutions, to customer needs with strong emphasize, on data-driven kpi optimization.
Speaker #2: What KPIs really matter to them? And what actually works in their specific environment? From there, it's a process of testing, learning, and optimizing which we do very closely together with the customer.
And adapting to each customer's specific market platform requirements. This involves understanding how the customer looks at the data.
What kpi is really matters to them and what actually works in the specific environment.
Speaker #2: From our experience, while it's possible to push for faster growth early on, it's usually better to scale in a more controlled and stable way which leads to better long-term performance.
From there, it's a process of testing, learning, and optimizing, which we do very closely together with the customer.
Speaker #2: In terms of what we've done this year, we added more than 20 new clients across verticals like iGaming and fintech, e-commerce, and many of them are still different stages of ramp-up.
Amit Bohensky: In terms of what we've done this year, we added more than 20 new clients across verticals like iGaming and fintech, e-commerce, and many of them are still different stages of ramp-up. If you took something like the upcoming World Cup scheduled for June or July, we already been working with clients for some time for that preparation. What we see in the continued opportunities driven by new customers, ramp-up activity, partnerships, and events, but as a public company, we are limited on the level of forward-looking guidance we can provide beyond what is already disclosed.
Speaker #2: If you took something like the upcoming World Cup scheduled for June or July, we already been working with clients for some time for that preparation.
From our experience, while it's possible to push for faster growth early on, it's usually better to scale in a more controlled and stable way, which leads to better long-term performance. In terms of what we've done this year, we added more than 20 new clients across verticals like iGaming, fintech, and e-commerce, and many of them are still at different stages of ramp-up.
Speaker #2: So what we see in the continued opportunities driven by new customers ramp-up activity partnerships and events but as a public company, we are limited on the level of forward-looking guidance we can provide beyond what is already disclosed.
If you took something like the upcoming World Cup scheduled for June or July, we've already been working with the client for some time for that preparation.
So what we see in the, can you continue, opportunities driven by new customers, ramp-up activity, partnerships, and events?
Speaker #1: Thank you, Amit. There's a question on gross margins. Gross margins declined in the fourth quarter. Can you help us understand what drove that and how should we think about gross margins going forward?
But as a public company, we are limited on the level of forward-looking guidance we can provide beyond what is already disclosed.
Ben Shamsian: Thank you, Amit. There's a question on gross margins. Gross margins declined in Q4. Can you help us understand what drove that, and how should we think about gross margins going forward?
Speaker #2: Our cost margin is comprised primarily from costs paid to publishers or media sources in order to deliver our services to our clients. The main driver behind the quarterly changes in gross margin is customer mix.
Thank you. Um, there's a question on gross margins. Uh, gross margins declined in the fourth quarter. Uh, can you help us understand what drove that, and how should we think about gross margins going forward?
Amit Bohensky: Our cost margin is comprised primarily from costs paid to publishers or media sources in order to deliver our services to our clients. The main driver behind the quarterly changes in gross margin is customer mix rather than anything structural. More generally, our gross margin can vary between periods depending on the mix of customers, verticals, and the types of campaigns we are running. Just to give some context on how the model works. We operate a KPI-based advertising model where we typically work with metrics like CPI, CPC, CPM, CPE. In most cases, we are paid based on the performance, like cost per event. In other cases, we work on a revenue share model with publishers, ad networks or DSPs.
Speaker #2: Rather than anything structural. More generally, our gross margin can vary between periods depending on the mix of customers, verticals, and the types of campaigns we are running.
Our cost margin is comprised primarily from costs paid to publishers or media sources in order to deliver our services to our clients.
Ing. Structural
Speaker #2: Just to give some context on how the model works. We operate a KPI-based advertising model where we typically work with metrics like CPI, CPC, CPM, CPE, in most cases we are paid based on the performance.
more generally, our gross margin can vary between periods depending on the mix of customers verticals. And the types of campaigns we are running.
Just to give some context on how the model works.
Speaker #2: Like cost per event. And in other cases we work on a revenue share model with publishers ad networks or DSPs. Our cost revenue is mainly what we pay traffic sources or publishers to deliver those results so the margin is essentially the spread between what we received from advertisers and what we pay to acquire that traffic.
We operate a KPI-based advertising model where we typically work with metrics like CPI, CPC, CPM, and CPE.
In most cases, we are paid based on the performance, like cost.
Per event.
Amit Bohensky: Our cost revenue is mainly what we pay traffic sources or publishers to deliver those results, so the margin is essentially the spread between what we receive from advertisers and what we pay to acquire that traffic. Because of that, different campaign types, channels, and customer profiles can have different margin characteristics. When you look at a specific quarter, changes in a mix can move margins up or down. If you look at the business over time, we've been operating within a relatively consistent gross margin range for several years by now, and that's how we think about in going forward as well.
Or, and in other cases, we work on a revenue share model with publishers, ad networks, or DSP.
Speaker #2: Because of that, different campaign types, channels, and customer profiles can have different margin characteristics. So when you look at a specific quarter, changes in a mix can move margins up or down.
Our cost revenue is mainly what we pay traffic sources or publishers to deliver those results. So the margin is essentially the spread between what we receive from advertisers and what we pay to acquire that traffic.
Because of that, different campaign types, channels, and customer profiles can have different margin characteristics.
Speaker #2: But if you look at the business over time, we've been operating within a relatively consistent gross margin range for several years by now. And that's how we think about in going forward as well.
So when you look at a specific quarter, changes in the mix can move margins up or down.
But if you look at the business over time,
Speaker #1: Thank you, Amit. Question on the cash. You ended the year with over $22 million in cash. And you also mentioned your evaluating an NCIB.
We've been operating within a relatively consistent growth margin range for several years now.
And that's how we think about it going forward as well.
Ben Shamsian: Thank you, Amit. A question on the cash. You ended the year with over $22 million in cash, and you also mentioned that you're evaluating an NCIB. Can you walk us through your capital allocation priorities and whether you plan to allocate a meaningful portion of your cash toward a buyback?
Speaker #1: Can you walk us through your capitalization priorities and whether you plan to allocate a meaningful portion of your cash toward a buyback?
Thank you, Army. Um, question on the cash: you ended the year with over $22 million in cash. And you also mentioned that you're evaluating an NCIB.
Speaker #2: Our capital will support our future growth and allow us to move quickly on opportunities as they come. Our focus remains on supporting organic growth, expanding our customer base, and continuing to invest in partnerships including deepening our existing collaboration with E2 and developing new partnerships of similar nature.
Can you walk us through your capital, allocation priorities, and whether you plan to allocate a meaningful portion of your cash toward a buyback?
Amit Bohensky: Our capital will support our future growth and allow us to move quickly on opportunities as they come. Our focus remains on supporting organic growth, expanding our customer base, and continuing to invest in partnerships, including deepening our existing collaboration with E2 and developing new partnership of similar nature. In 2026, M&A is a key part of our strategy and is taken into account in our capital allocation planning. Regarding to the NCIB, we are considering commencing a normal course issuer bid NCIB program with a target timeline following the release of our Q1 of 2026 financial results. For obvious reasons, I'm not in a position to comment on the specific amount that may be allocated to the NCIB at this stage, and we will provide an update to the market once details are finalized.
Okay, we'll support our future growth and allow us to move quickly on opportunities as they come.
Our focus remains on supporting organic growth.
Speaker #2: In 2026, M&A is a key part of our strategy and is taken into account in our capital allocation planning. Regarding to the NCIB, we are considering commencing a normal course issuer bid NCIB program with a target timeline following the release of our first quarter of 2026 financial results.
Expanding our customer base. And continuing to invest in Partnerships including deepening. Our existing collaboration with E2.
And developing new partnership of similar nature.
In 2026 m&a is a key part of our strategy and is taken into account in our Capital, allocation planning.
Speaker #2: For obvious reasons, I am not in a position to comment on the specific amount that may be allocated to the NCIB at this stage.
Speaker #2: And we will provide an update to the market once details are finalized. Clearly, a program like that is considered when both when the board believes that the current market price of the common shares does not reflect that their underlying value.
Um, regarding the NCIB, we are considering commencing a normal course issuer bid NCIB program with the target timeline following the release of our first quarter 2026 financial results.
Speaker #1: Okay. How do you think about balancing share buybacks versus investing in growth, especially given the opportunities you're seeing in the market?
Amit Bohensky: Clearly, a program like that is considered when the board believes that the current market price of the common shares does not reflect the underlying value.
For obvious reasons, I'm not in a position to comment on the specific amount that maybe allocated to the nib stage and we will provide an update to the market once details are finalized.
Speaker #2: For us, it's about balance. Our priority remains investing in the business, supporting growth, expanding our customer base, and pursuing partnerships and M&A opportunities where we see a strong fit.
Clearly a program like that is considered when board—when the board believes that the current market price of the common shelf does not reflect the underlying value.
Ben Shamsian: Okay. How do you think about balancing share buybacks versus investing in growth, especially given the opportunities you are seeing in the market?
Speaker #2: At the same time, we believe it's important to have a flexibility in how we allocate capital so the NCIB is not instead of growth.
Okay, um, how do you think about balancing share buybacks versus investing in growth, especially given the opportunities you're seeing in the market?
Amit Bohensky: For us, it's about balance. Our priority remains investing in the business, supporting growth, expanding our customer base, and pursuing partnerships and M&A opportunities where we see a strong fit. We believe it's important to have a flexibility in how we allocate capital, so the NCIB is not instead of growth. It's alongside it. It gives the ability to act when we believe the share price does not reflect the underlying value of the business, while still continuing to invest in the areas that drive long-term growth. On last point, many of you already in direct touch with me. For everyone else, please feel free to reach out directly over email, WhatsApp, anytime about things related to Zoomd. Once again, I want to thank to everyone for your interest in Zoomd.
Speaker #2: It's alongside it. It gives the ability to act when we believe the share price does not reflect the underlying value of the business while still continuing to invest in the areas that drive long-term growth.
For us, it's about balance. Our priority remains investing in the business supporting growth, expanding our customer base, and, uh, pursuing partnerships and M&A opportunities where we see a strong fit.
Speaker #2: One last point. Many of you already indirect in touch with me. For everyone else, please feel free to reach out directly over email or WhatsApp anytime about things related to Zoom.
At the same time, we believe it's important to have flexibility in how we allocate capital. So the NCIB is not instead of growth; it's a long-sighted approach.
Speaker #2: Once again, I want to thank everyone for your interest in Zoom.
It gives the ability to act when we believe the share price does not reflect the underlying value of the business, while still continuing to invest in the areas that drive long-term growth.
On the last point, many of you are already in direct.
In touch with me.
For everyone else, please feel free.
To reach out directly over email or WhatsApp.
Anytime about things related to Zoom. Once again, I want to thank everyone for your interest in Zoom.
Speaker #1: Okay. You have acquired many customers over the last few months. When should we expect to see contribution from new customers? And how should we think about growth outlook into 2026?
Ben Shamsian: Okay. You have acquired many customers over the last few months. When should we expect to see contribution from new customers, and how should we think about growth outlook into 2026?
Operator: Goodbye.
Okay. Um, you have acquired, uh, many customers over the last few months. Uh, when should we expect to see contribution from your customers, and how should we think about the growth outlook into 2026? Goodbye.
