Q2 2026 Rezolve AI PLC Earnings Call

September 1, 2026

Operator: Good day, and thank you for standing by. Welcome to the Rezolve AI Half Year Results 2026 Webcast and Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1 and 1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1 and 1 again. Alternatively, you may submit your question via the webcast. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Crispin Rowley, Rezolve AI President of Partnership and Capital Markets. Please go ahead.

Operator: Good day, and thank you for standing by. Welcome to the Rezolve AI Half Year Results 2026 Webcast and Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star one and one on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star one and one again. Alternatively, you may submit your question via the webcast. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Crispin Lowery, Rezolve AI President of Partnership and Capital Markets. Please go ahead.

Speaker #1: Good day, and thank you for standing by. Welcome to the Rezolve AI Half-Year Results 2026 webcast and conference call. At this time, all participants are in listen-only mode.

Speaker #1: After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, you will need to press star 1-1 on your telephone.

Speaker #1: You will then hear an automated message advising that your hand is raised. To withdraw your question, please press star 1, then 1 again. Alternatively, you may submit your question via the webcast.

Speaker #1: Please be advised that today's conference is being recorded. I will now hand the conference over to your speaker today, Crispin Lowy, Rezolve AI President of Partnership and Capital Markets.

Speaker #1: Please go ahead.

Speaker #2: Thank you, operator, and good morning, everyone. Before we begin, I’d just like to remind you that today’s discussion will include some forward-looking statements. These statements include, among other matters, our expectations regarding full-year revenue, annual recurring revenue, second-half performance and seasonality, enterprise deployments, partner-led distribution, infrastructure licensing, the commercial potential of our technology, and our future operating and financial performance.

Crispin Rowley: Thank you, operator, and good morning, everyone. Before we begin, I would just like to remind you that today's discussion will include some forward-looking statements. These statements include, amongst other matters, our expectations regarding full-year revenue, annual recurring revenue, H2 performance and seasonality, enterprise deployments, partner-led distribution, infrastructure licensing, the commercial potential of our technology, and our future operating and financial performance. Forward-looking statements are based on our current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to materially differ. Please refer to risk factors contained in Rezolve AI's annual report on Form 20-F and our subsequent filings with the Securities and Exchange Commission. We will also refer to annual recurring revenue or ARR, which is a non-GAAP operating metric. ARR is not a substitute for revenue recognized under US GAAP and is not a forecast of future recognized revenue.

Crispin Lowery: Thank you, operator, and good morning, everyone. Before we begin, I would just like to remind you that today's discussion will include some forward-looking statements. These statements include, amongst other matters, our expectations regarding full-year revenue, annual recurring revenue, H2 performance and seasonality, enterprise deployments, partner-led distribution, infrastructure licensing, the commercial potential of our technology, and our future operating and financial performance. Forward-looking statements are based on our current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to materially differ. Please refer to risk factors contained in Rezolve AI's annual report on Form 20-F and our subsequent filings with the Securities and Exchange Commission. We will also refer to annual recurring revenue or ARR, which is a non-GAAP operating metric. ARR is not a substitute for revenue recognized under US GAAP and is not a forecast of future recognized revenue.

Speaker #2: Forward-looking statements are based on our current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to materially differ.

Speaker #2: Please refer to risk factors contained in REZOLVE AI's annual report on Form 20-F and our subsequent filings with the Securities and Exchange Commission. We'll also refer to annual recurring revenue, or ARR, which is a non-GAAP operating metric.

Speaker #2: ARR is not a substitute for revenue recognized under US GAAP, and is not a forecast of future recognized revenue. The definition of ARR is included in today's results announcement.

Crispin Rowley: The definition of ARR is included in today's results announcement. Our results announcement and financial statements are available on Rezolve AI's investor relations website. I will now hand over to Dan Wagner, our founder, chairman, and CEO. Dan, over to you.

Crispin Lowery: The definition of ARR is included in today's results announcement. Our results announcement and financial statements are available on Rezolve AI's investor relations website. I will now hand over to Dan Wagner, our founder, chairman, and CEO. Dan, over to you.

Speaker #2: Our results announcement and financial statements are available on REZOLVE AI's investor relations website. I'll now hand over to Dan Wagner, our founder, Chairman, and CEO.

Speaker #2: Dan, over to you.

Speaker #3: Thank you, Crispin, and good morning, everybody. H1 2026 was a breakout period for REZOLVE AI. Revenue reached $130.8 million, compared with $6.3 million in H1 2025.

Dan Wagner: Thank you, Crispin, and good morning, everybody. H1 2026 was a breakout period for Rezolve AI. Revenue reached $130.8 million, compared with $6.3 million in H1 2025, an increase of approximately 1,970%, or nearly 21 times. In 6 months, we generated nearly 3 times the revenue that we reported for the whole of 2025. Our customer base also expanded to more than 1,640, compared to just over 950 at the year-end. These figures demonstrate that Rezolve can execute against ambitious growth objectives, but if the investment case is larger, than the H1 numbers alone point out. I want to focus today on 3 developments that reinforce one another. First, we have built an increasingly powerful suite of agentic commerce, customer engagement, loyalty, and payments capabilities. Second, Microsoft, Google, Tata Consultancy Services, and Tech Mahindra provide Rezolve with global routes to market, enterprise deployment, and infrastructure adoption.

Dan Wagner: Thank you, Crispin, and good morning, everybody. H1 2026 was a breakout period for Rezolve AI. Revenue reached $130.8 million, compared with $6.3 million in H1 2025, an increase of approximately 1,970%, or nearly 21 times. In six months, we generated nearly 3x the revenue that we reported for the whole of 2025. Our customer base also expanded to more than 1,640, compared to just over 950 at the year-end. These figures demonstrate that Rezolve can execute against ambitious growth objectives, but if the investment case is larger, than the H1 numbers alone point out. I want to focus today on 3 developments that reinforce one another. First, we have built an increasingly powerful suite of agentic commerce, customer engagement, loyalty, and payments capabilities. Second, Microsoft, Google, Tata Consultancy Services, and Tech Mahindra provide Rezolve with global routes to market, enterprise deployment, and infrastructure adoption.

Speaker #3: An increase of approximately 1,970%, or nearly 21 times. In six months, we generated nearly three times the revenue that we reported for the whole of 2025.

Speaker #3: Our customer base also expanded to more than 1,640, compared to just over 950 at year-end. These figures demonstrate that REZOLVE can execute against ambitious growth objectives. But if the investment case is larger, then the H1 numbers alone point it out.

Speaker #3: I want to focus today on three developments that reinforce one another. First, we have built an increasingly powerful suite of agentic commerce, customer engagement, loyalty, and payments capabilities.

Speaker #3: Second, Microsoft, Google, Tata Consultancy Services, and Tech Mahindra provide REZOLVE with global routes to market, enterprise deployment, and infrastructure adoption. Third, the proprietary data intelligence, transaction, and payment infrastructure beneath our products can increasingly be licensed independently, creating a potentially much larger long-term opportunity for REZOLVE.

Dan Wagner: Third, the proprietary data intelligence transaction and payment infrastructure beneath our products can increasingly be licensed independently, creating a potentially much larger long-term opportunity for Rezolve AI. We are a business entering global scale. Our immediate priority remains execution. We now serve more than 1,640 enterprise customers across the group. Publicly disclosed customer relationships include companies such as H&M, ASOS, Ferrero, Myntra, Rakuten Group, Omaha Steaks, Cineplex, Target, New Era Cap Company, BJ's Wholesale Club, Rebag, The Container Store, Urban Outfitters, Mango, Qatar Airways, and Graybar. I will not go through all 1,640, but they are all of equal quality. The significance is not simply the number of customers. It is the installed base we are creating for the broader adoption of our technology. Our products address the principal stages of the modern commerce journey. Brain Commerce supports intelligent product discovery and customer engagement. Brain Checkout and our payments capabilities support transaction execution.

Speaker #3: We are a business entering the global scale. Our immediate priority remains execution. We now serve more than 1,640 enterprise customers across the group. Publicly disclosed customer relationships include companies such as H&M, ASOS, Ferrero, MINTRA, Rakuten Group, Omaha Steaks, Cineplex, Target, New Era, BJ’s Wholesale, Reebag, The Container Store, Urban Outfitters, Mango, Qatar Airways, and Greybar. I will not go through all 1,640, but they are all of equal quality.

Speaker #3: The significance is not simply the number of customers; it is the installed base we are creating for the broader adoption of our technology. Our products address the principal stages of the modern commerce journey.

Speaker #3: Brain Commerce supports intelligent product discovery and customer engagement. Brain Checkout and our payments capabilities support transaction execution. Brain Power provides sophisticated commerce intelligence and is our proprietary large language model.

Dan Wagner: Brain Checkout and our payments capabilities support transaction execution. Brainpowa provides sophisticated commerce intelligence and is our proprietary large language model. TraceWare, Auditable AI, and Rezolve Provenance provide accuracy, accountability, and trust. Our proprietary distributed database platform provides the reliable, current, and verifiable data infrastructure that AI agents require. Together, these capabilities create the rails through which AI agents can access trusted information, understand intent, make decisions, engage customers, execute transactions, and support payments. We are distributing this technology through global industry leaders. We are also scaling differently from a conventional enterprise software company. We are not attempting to build this business one customer and one salesperson at a time. Our relationships with Microsoft, Google, Tata Consultancy Services, and Tech Mahindra provide access to global cloud marketplaces, enterprise sales organizations, established customer relationships, and large-scale implementation capacity.

Dan Wagner: brainpowa provides sophisticated commerce intelligence and is our proprietary large language model. TraceWare, Auditable AI, and Rezolve Provenance provide accuracy, accountability, and trust. Our proprietary distributed database platform provides the reliable, current, and verifiable data infrastructure that AI agents require. Together, these capabilities create the rails through which AI agents can access trusted information, understand intent, make decisions, engage customers, execute transactions, and support payments. We are distributing this technology through global industry leaders. We are also scaling differently from a conventional enterprise software company. We are not attempting to build this business one customer and one salesperson at a time. Our relationships with Microsoft, Google, Tata Consultancy Services, and Tech Mahindra provide access to global cloud marketplaces, enterprise sales organizations, established customer relationships, and large-scale implementation capacity.

Speaker #3: Traceware, auditable AI, and REZOLVE provenance provide accuracy, accountability, and trust. Our proprietary distributed database platform provides the reliable, current, and verifiable data infrastructure that AI agents require.

Speaker #3: Together, these capabilities create the rails through which AI agents can access trusted information, understand intent, make decisions, engage customers, execute transactions, and support payments.

Speaker #3: We are distributing this technology through global industry leaders. We're also scaling differently from a conventional enterprise software company. We're not attempting to build this business one customer and one salesperson at a time.

Speaker #3: Our relationships with Microsoft, Google, TCS, and Tech Mahindra provide access to global cloud marketplaces, enterprise sales organizations, established customer relationships, and large-scale implementation capacity.

Speaker #3: Our Brain Power Commerce-tuned models are available through Microsoft Foundry and can be deployed on Microsoft Azure, with integrations across Microsoft Dynamics 365 and Microsoft 365 Copilot.

Dan Wagner: Our brainpowa commerce-tuned models are available through Microsoft Foundry and can be deployed on Microsoft Azure with integrations across Microsoft Dynamics 365 and Microsoft Copilot. Our relationship with Tata Consultancy Services combines Rezolve AI agentic commerce technology with Tata Consultancy Services' global enterprise relationships, implementation expertise, and delivery network. Our alliance with Tech Mahindra provides a route to market through more than 1,100 enterprise customers, approximately 146,000 professionals and operations across 90 countries. Our relationship with Google spans both the commercial distribution and infrastructure adoption. These relationships are not simply logos. They are routes through which Rezolve AI technology can be introduced, procured, integrated, and deployed within enterprise environments around the world. They give us the potential to reach a substantially larger enterprise market without replicating the full cost, headcount, and geographic footprint of our partners.

Speaker #3: Our relationship with TCS combines Rezolve agentic commerce technology with TCS's global enterprise relationships, implementation expertise, and delivery network. Our alliance with Tech Mahindra provides a route to market through more than 1,100 enterprise customers, approximately 146,000 professionals, and operations across 90 countries.

Speaker #3: Our relationship with Google spans both the commercial distribution and infrastructure adoption. These relationships are not simply logos; they are routes through which REZOLVE technology can be introduced, procured, integrated, and deployed within enterprise environments around the world.

Speaker #3: They give us the potential to reach a substantially larger enterprise market without replicating the full cost, headcount, and geographic footprint of our partners. Google validates the infrastructure opportunity, which is a very important strategic development following the half-one period end, was Google’s selection of Rezolve’s proprietary distributed database technology after an extensive technical evaluation.

Dan Wagner: Google validates the infrastructure opportunity, which is a very important strategic development following the H1 period end, was Google's selection of Rezolve AI's proprietary distributed database technology after an extensive technical evaluation. The technology is being deployed at infrastructure level within Google Cloud, providing indexing and data pipelines supporting Google Cloud Web3 datasets. The initial deployment covers approximately 100 terabytes of data, which is a lot of data, across 10 blockchain networks, which is a lot of blockchains. This is important because Google did not simply select a front-end commerce application. It selected underlying Rezolve AI infrastructure for deployment inside of one of the world's leading technology platforms. This is a significant external validation of both our technology and our infrastructure strategy. The technology was built to provide accurate, current, and verifiable data at scale. That capability is essential as AI evolves from answering questions to taking actions and executing transactions.

Speaker #3: The technology is being deployed at the infrastructure level within Google Cloud, providing indexing and data pipelines supporting Google Cloud Web3 datasets. The initial deployment covers approximately 100 terabytes of data, which is a lot of data.

Speaker #3: Across 10 blockchain networks, which is a lot of blockchains. This is important because Google did not simply select a front-end commerce application; it selected the underlying Rezolve infrastructure for deployment inside one of the world's leading technology platforms.

Speaker #3: This is a significant external validation of both our technology and our infrastructure strategy. The technology was built to provide accurate, current, and verifiable data at scale. That capability is essential as AI evolves from answering questions to taking actions and executing transactions.

Speaker #3: AI agents will only be as reliable as the data, intelligence, and transaction infrastructure beneath them. S&P Global Market Intelligence forecasts that annual spending on AI infrastructure supporting data ingestion, integration, and preparation will grow from approximately $109 billion in 2025 to $209 billion by 2030.

Dan Wagner: AI agents will only be as reliable as the data, intelligence, and transaction infrastructure beneath them. S&P Global Market Intelligence forecasts that annual spending on AI infrastructure supporting data ingestion, integration, and preparation will grow from approximately $109 billion in 2025 to $209 billion by 2030. We believe Google's selection establishes an important reference deployment from which Rezolve AI can license its infrastructure more broadly across cloud computing, commerce, payments, financial services, digital assets, and other enterprise markets. We also believe Google is the beginning of this opportunity, not its conclusion. We expect to announce further infrastructure licensing agreements in the near term. Payments, loyalty, and production scale validation. We are making important progress across payments and loyalty as well. The completion of the Reward acquisition expanded our capabilities across more than 15 markets.

Speaker #3: We believe Google's selection establishes an important reference deployment from which Rezolve can license its infrastructure more broadly across cloud computing, commerce, payments, financial services, digital assets, and other enterprise markets.

Speaker #3: We also believe Google is the beginning of this opportunity, not its conclusion. We expect to announce further infrastructure licensing agreements in the near term.

Speaker #3: Payments, loyalty, and production scale validation—we're making important progress across payments and loyalty as well. The completion of the Reward acquisition expanded our capabilities across more than 15 markets.

Speaker #3: Rewards Network now has relationships with Barclays, Visa, Mastercard, NatWest, and Mashreq, and has returned more than $2 billion in cashbacks to customers. Following the period end, our partnership with Zilch extended these capabilities into a payments platform servicing almost 6 million customers and driving more than $3.3 billion annually to our partner merchants.

Dan Wagner: Rewards Network now has relationships with Barclays, Visa, Mastercard, NatWest, and Mashreq, and has returned more than $2 billion in cash backs to customers. Following the period end, our partnership with Zilch extended these capabilities into a payment platform servicing almost 6 million customers and driving more than $3.3 billion annually to our partner merchants. Our technology also demonstrated production scale during the FIFA World Cup 2026. Measurement period from 1 June through 31 July. Across 16 stadiums, the platform processed approximately 103 million app opens from 9.86 million unique devices and recorded 5.84 million geofence events. These are important proof points. They show that Rezolve AI technology is not confined to demonstrations or pilot projects. It operates inside live, high-volume environments. As we move into H2, we have a seasonally stronger second half. Before I hand back to Arthur, I want to address the shape of the year.

Speaker #3: Our technology also demonstrated production scale during the FIFA 2026 World Cup. During the measurement period from June 1 through July 31 across 16 stadiums, the platform processed approximately 103 million app opens from 9.86 million unique devices and recorded 5.84 million geofence events.

Speaker #3: These are important proof points. They show that REZOLVE technology is not confined to demonstrations or pilot projects; it operates inside live, high-volume environments.

Speaker #3: As we move into H2, we have a seasonally stronger second half. Before I hand back to Arthur, I want to address the shape of the year.

Speaker #3: Revenues—the revenue profile for REZOLVE is weighted towards the second half. Last year, we did $40 million in the second half versus $6 million in the first.

Dan Wagner: The revenue profile for Rezolve AI is weighted towards the second half. Last year, we did $40 million in the second half versus $6 million in the first. This is reflecting the peak retail and holiday trading, customer campaign activity, enterprise deployment timing, and increased partner-led distribution. Our approximately $360 million of full-year revenue guidance implies H2 revenue of approximately $229 million, around 75% greater than H1. We believe our expanded customer base, growing product suite, enterprise deployments, and global distribution relationships provide a strong foundation for that expected second half performance. We therefore reaffirm our expectation of approximately $360 million of revenue for fiscal year 2026, and our target of at least $500 million of ARR as we exit the year. I now hand the call to Arthur to discuss our financial performance in more detail.

Speaker #3: And this is reflecting the peak retail and trading and holiday trading customer campaign activity, enterprise deployment timing, and increased partner-led distribution. So, our approximately $360 million of full-year revenue guidance implies H2 revenue of approximately $229 million, which is around 75% greater than H1.

Speaker #3: We believe our expanded customer base, growing product suite, enterprise deployments, and global distribution relationships provide a strong foundation for that expected second-half performance.

Speaker #3: We therefore reaffirm our expectation of approximately $360 million in revenue for fiscal year 2026 and our target of at least $500 million in ARR as we exit the year.

Speaker #3: I will now hand the call to Arthur to discuss our financial performance in more detail.

Speaker #1: Thank you, Dan. Hello, everybody. Let me walk us through our financial performance for the first half of 2026. Revenue for the six months ended June 30, 2026, was $130.8 million, compared with $6.3 million in the first half of 2025.

Arthur Yao: Thank you, Dan. Hello, everybody. Let me walk us through our financial performance for the first half of 2026. Revenue for the six months ending 30 June 2026, was $130.8 million, compared with $6.3 million in the first half of 2025. This represents a transformational increase in the scale of our business and reflects the significant progress we have made in expanding our customer base, deployments, and revenue-generating activities. Gross profit increased to $63.9 million, compared with $6 million in the prior year period, with a gross margin of 48.9%. Our gross margin today reflects the current mix of software professional services, loyalty, and platform activities, as well as the delivery and implementation costs associated with rapidly scaling enterprise deployments. It is important to emphasize that not all revenue streams carry the same margin profile.

Speaker #1: This represents a transformational increase in the scale of our business and reflects the significant progress we have made in expanding our customer base, deployments, and revenue-generating activities.

Speaker #1: Gross profit increased to $63.9 million, compared with $6 million in the prior year period, with a gross margin of 48.9%. Our gross margin today reflects the current mix of software, professional services, loyalty, and platform activities, as well as the delivery and implementation costs associated with rapidly scaling enterprise deployments.

Speaker #1: It is important to emphasize that not all revenue streams carry the same margin profile. Loyalty and professional services, for example, are generally lower-margin businesses, while our software, current platform revenue, and infrastructure licensing businesses provide significantly greater margin potential.

Arthur Yao: Loyalty and professional services, for example, are generally lower margin businesses, while our software, recurring platform revenue, and infrastructure licensing businesses provide significant greater margin potential. As our revenue mix continues to evolve, we expect the increasing contribution from higher margin software and recurring platform revenues to create meaningful operating leverage and drive continued improvement in gross margins. Our reported operating loss for the H1 was $128.1 million, compared with $32.4 million in the prior year period. The reported operating loss includes substantial non-cash expenses, most notably $41.5 million of share-based compensation and $20.4 million of depreciation and amortization. At the same time, we continue to make significant investments in sales and marketing, research and development, enterprise delivery capabilities, and infrastructure capacity. These investments are designed to support a business that is now operating at a fundamentally different scale and to position Rezolve for the significant revenue opportunity ahead.

Speaker #1: As our revenue mix continues to evolve, we expect the increasing contribution from higher-margin software and our current platform revenues to create meaningful operating leverage and drive continued improvement in gross margins.

Speaker #1: Our reported operating loss for the first half was $128.1 million, compared with $32.4 million in the prior year period. The reported operating loss includes substantial non-cash expenses, most notably $41.5 million of share-based compensation and $20.4 million of depreciation and amortization.

Speaker #1: At the same time, we continue to make significant investments in sales and marketing, research and development, enterprise delivery capabilities, and infrastructure capacity. These investments are designed to support a business that is now operating at a fundamentally different scale and to position Rezolve for the significant revenue opportunity ahead.

Speaker #1: After an income tax benefit of $4.5 million, our reported net loss for the first half was $139.5 million compared with $57.9 million in the prior-year period.

Arthur Yao: After an income tax benefit of $4.5 million, our reported net loss for the H1 was $139.5 million, compared with $57.9 million in the prior year period. We believe it is important to look beyond the reported GAAP loss and understand the underlying economics of the business. On an adjusted EBITDA basis, our loss was $32.6 million. This reflects adjustments primarily for non-cash expenses and one-time costs associated with acquisitions and organizational restructuring. The key takeaway is that the underlying operating performance of the business is improving rapidly as revenue scales. While many of the investments we are making today are designed to support substantially greater revenue and profitability in the future. Net cash used in operating activities was $96.1 million during the H1, compared with $19.8 million in the prior year period.

Speaker #1: We believe it is important to look beyond the reported GAAP loss and understand the underlying economics of the business. On an adjusted EBITDA basis, our loss was $32.6 million.

Speaker #1: This reflects adjustments primarily for non-cash expenses and one-time costs associated with acquisitions and organizational restructuring. The key takeaway is that the underlying operating performance of the business is improving rapidly as revenue scales, while many of the investments we are making today are designed to support substantially greater revenue and profitability in the future.

Speaker #1: Net cash used in operating activities was $96.1 million during the first half, compared with $19.8 million in the prior year period. Net cash used was $148.3 million, primarily reflecting business combinations, continued platform development, and other investments supporting our growth strategy.

Arthur Yao: Net cash used in investing activities was $148.3 million, primarily reflecting business combinations, continued platform development, and other investments supporting our growth strategy. At the same time, net cash provided by financing activities was $232.5 million. During the H1, Rezolve raised approximately $250 million of gross equity capital, providing the resources to accelerate investment in our technology platform, enterprise deployments, working capital, and other strategic initiatives. At 30 June 2026, we had $33.2 million of cash and cash equivalents, together with $67.4 million of restricted cash, totaling approximately $100.5 million. Restricted cash is presented separately because it is not immediately available for general corporate purposes. As we continue to scale the business, we remain focused on disciplined working capital management, debt maturities, and capital allocation. As we look forward to turning to our outlook, we are affirming our expectation of approximately $360 million of revenue for full year 2026.

Speaker #1: At the same time, net cash provided by financing activities was $232.5 million. During the first half, Rezolve raised approximately $250 million of gross equity capital, providing the resources to accelerate investment in our technology platform, enterprise deployments, working capital, and other strategic initiatives.

Speaker #1: As of June 30, 2026, we had $33.2 million in cash and cash equivalents, together with $67.4 million in restricted cash, totaling approximately $100.5 million. Restricted cash is presented separately because it is not immediately available for general corporate purposes.

Speaker #1: As we continue to scale the business, we remain focused on disciplined working capital management, debt maturities, and capital allocation. As we look forward to the upcoming outlook, we are reaffirming our expectation of approximately $360 million in revenue for the full year 2026.

Speaker #1: We believe the second half will benefit from several important factors. First, as Dan already mentioned, our business is naturally weighted toward the second half of the year, particularly the fourth quarter.

Arthur Yao: We believe the H2 will benefit from several important factors. First, as Dan already mentioned, our business is naturally weighted towards the H2 of the year, particularly the Q4, reflecting the seasonal strength of retail and commerce. Second, we expect the continued rollout of customer deployments to contribute meaningfully to H2 revenue. Third, we now have a significantly larger customer operating base than we had at the beginning of the year. So 1,640 compared to our 950 at the beginning of the year. Finally, our partner-led distribution strategy is beginning to expand the reach and scalability of the business, creating an increasingly powerful channel for bringing Rezolve technology to enterprise customers around the world. Importantly, we continue to target at least $500 million of ARR exiting 2026. Taken together, these results demonstrate that Rezolve is entering a new phase of scale and growth.

Speaker #1: Reflecting the seasonal strength of retail and commerce. Second, we expect the continued rollout of customer deployments to contribute meaningfully to second-half revenue. And third, we now have a significantly larger customer operating base than we had at the beginning of the year.

Speaker #1: So 1,640, compared to our 950 at the beginning of the year. And finally, our partner-led distribution strategies are beginning to expand the reach and scalability of the business, creating an increasingly powerful channel for bringing Rezolve technology to enterprise customers around the world.

Speaker #1: Importantly, we continue to target at least $500 million of ARR exiting 2026. Taken together, these results demonstrate that Rezolve is entering a new phase of scale and growth.

Speaker #1: We have built the platform, established the enterprise relationships, and created the distribution engine to support the next stage of the business. Now our job is simple.

Arthur Yao: We have built the platform, established the enterprise relationships, and created the distribution engine to support the next stage of the business. Now our job is simple: convert that scale into recurring revenue, expand margins, and turn growth into profitability. With that, I will hand the call back to Dan for closing remarks.

Speaker #1: revenue, expand margins, and turn growth into profitability. With that, I will hand the call back to Dan for closing remarks.

Speaker #2: Thank you, Arthur. There are three messages I would like investors to take from today's call. First, the H1 results demonstrate execution. Revenue reached $130.8 million, growth was approximately 1,970%, and our customer base expanded beyond 1,640 enterprise customers.

Dan Wagner: Thank you, Arthur. There are three messages I would like investors to take from today's call. First, the H1 results demonstrate execution. Revenue reached $130.8 million, growth was approximately 1,970%, and our customer base expanded beyond 1,640 enterprise customers. Second, our global distribution model is strengthening. Microsoft, Google, TCS, and Tech Mahindra provide Rezolve with access, credibility, and enterprise deployment capability at a scale that would be extremely difficult to reproduce independently. Third, Google's infrastructure deployment validates a much larger long-term opportunity. We have built more than a collection of AI applications. We have built the data, commerce, intelligence, transaction, and payment rails required for the agentic economy. Those rails power our own products, but they can increasingly be licensed independently as infrastructure. That combination demonstrated execution, global distribution, and proprietary infrastructure is what makes Rezolve opportunity so significant.

Speaker #2: Second, our global distribution model is strengthening. Microsoft, Google, TCS, and Tech Mahindra provide Rezolve with access, credibility, and enterprise deployment capability at a scale that would be extremely difficult to reproduce independently.

Speaker #2: Third, Google's infrastructure deployment validates a much larger long-term opportunity. We have built more than a collection of AI applications—we've built the data, commerce, intelligence, transaction, and payment rails required for the agentic economy.

Speaker #2: Those rails power our own products, but they can increasingly be licensed independently as infrastructure. That combination—demonstrated execution, global distribution, and proprietary infrastructure—is what makes the Rezolve opportunity so significant.

Speaker #2: We remain focused on delivering our approximately $360 million of revenue for fiscal year 2026 and reaching at least $500 million of ARR as we exit the year, and converting our emerging infrastructure opportunity into material commercial agreements.

Dan Wagner: We remain focused on delivering our approximately $360 million of revenue for fiscal year 2026, and reaching at least $500 million of ARR as we exit the year, and converting our emerging infrastructure opportunity into material commercial agreements. At our Nasdaq Investor Day on 6 October, we intend to demonstrate how the full technology stack connects from trusted data and commerce intelligence through auditable workflows, transactions, and payments, and how we plan to commercialize those capabilities. Thank you very much for joining us. Operator, we are now ready to take questions.

Speaker #2: At our Nasdaq Investor Day on October 6, we intend to demonstrate how the full technology stack connects—from trusted data and commerce intelligence through auditable workflows, transactions, and payments—and how we plan to commercialize those capabilities.

Speaker #2: Thank you very much for joining us. Operator, we're now ready to take questions.

Speaker #3: Thank you. To ask a question, you will need to press star one one on your telephone and wait for your name to be announced.

Operator: Thank you. To ask a question, you will need to press star one and one on your telephone and wait for your name to be announced. To withdraw your question, please press star one and one again. If you wish to ask a question via the webcast, please type it into the box and click submit. One moment for our first question. This one comes from Rohit Kulkarni from Roth Capital Partners. Please go ahead.

Speaker #3: To withdraw your question, please press star one and then one again. If you wish to ask a question via the webcast, please type it into the box and click submit.

Speaker #3: One moment for our first question. This one comes from Rohit Kulkarni from Broad Capital Partners. Please go ahead.

Speaker #4: Hey, thank you. Nice first half and solid outlook. Perhaps, if you can provide more color on the outlook based on all the partnerships that you have announced recently, how do they contribute to your revenue outlook?

Rohit Kulkarni: Hey, thank you. Nice H1 and solid outlook. Perhaps, if you can provide more cuts at the outlook based on all the partnerships that you have announced recently, how do they contribute to your revenue outlook, and to the extent, how does the shape of the revenue evolve with partnerships versus in-house sales? I know you have built out a solid sales organization now. Just talk through how you expect that mix as well as the key partnerships to evolve.

Speaker #4: To what extent, and in what way, does the shape of the revenue evolve with partnerships versus in-house sales? I know you have built out a solid sales organization now.

Speaker #4: So just talk through how you expect that mix as well as the key partnerships to evolve.

Dan Wagner: Thanks, Rohit. These partners have long-standing relationships with their customers, and they provide the infrastructure technology to support those customers' engagement with their customers. Tech Mahindra, Tata Consultancy Services, Microsoft, Google, they are deeply embedded in their corporate customer infrastructure, and they are trusted parties. We are relative new guys on the block. When we get introduced to these customers via these distribution partners, we carry a huge amount of respect right out of the gate. It allows us to be taken as read that we have the chops and what it takes to deliver solutions for those customers. We are being brought into blue-chip accounts, long-standing customers of our partners, and immediately we are engaged in deployment discussions. This is what is driving the very impressive momentum that we are seeing in the business, because we are being brought in by very credible partners of our customers.

Speaker #2: Thanks, Rohit. So these partners have longstanding relationships with their customers, and they provide the infrastructure and technology to support those customers' engagement with their own customers.

Speaker #2: So Tech Mahindra, Tata Consultancy Services, Microsoft, Google—they are deeply embedded in their corporate customer infrastructure, and they are trusted parties. We're relatively new guys on the block.

Speaker #2: So, when we get introduced to these customers via these distribution partners, we carry a huge amount of respect right out of the gate. And it allows us to be taken as read that we have the chops and what it takes to deliver solutions for those customers.

Speaker #2: So we're being brought into blue-chip accounts—longstanding customers of our partners—and immediately we're engaged in deployment discussions. This is what's driving the very impressive momentum that we are seeing in the business.

Speaker #2: Because we are being brought in by very credible partners of our customers, this is all just starting to ramp up, because these partners are enormous.

Dan Wagner: This is all just starting to ramp up because these partners are enormous, and we are minnows, relatively. We are starting to see the fruits of those relationships land here in 2026. We have other partners that we will be announcing soon of impressive size. We are starting to become the main source for commerce and retail agentic capabilities because we feel and are seeing that we are the only game in town, and our partners are validating that. We obviously have a direct sales force that we built up over the last year, and that sales team is completely consumed by the deals that are coming through these partners.

Speaker #2: And we're minnows, relatively. We're starting to see the fruits of those relationships land here in 2026. We have other partners that we will be announcing soon.

Speaker #2: Of impressive size. And we're starting to become the main source for commerce and retail agentic capabilities, because we feel—and are seeing—that we're the only game in town.

Speaker #2: And our partners are validating that. We obviously have a direct sales force that we've built up over the last, sort of, year. And that sales team is completely consumed by the deals that are coming through these partners.

Speaker #4: Okay, great. Perhaps a follow-up to Arthur and his comments on gross margin, and maybe add a little bit on capital requirements as well. What is the normalized gross margin profile right now?

Rohit Kulkarni: Okay, great. Perhaps a follow-up to Arthur Anna's comments on gross margin, and maybe add a little bit on the capital requirements as well. What is the normalized gross margin profile right now, and how do you think in the mix between software and intra-licensing and partner-led revenues affects gross margin over the next 6 to 12 months? Quickly recap what are you assuming on the capital requirements of the business in your H2 guide?

Speaker #4: And how do you think the mix between software and infrastructure licensing and partner-led revenues kind of affects gross margin over the next 6 to 12 months?

Speaker #4: And could you quickly recap, what are you assuming on the capital requirements of the business in your second half guide?

Speaker #5: Okay, thanks, Rohit. Thanks for the question. So, our gross margin for the first half is 48.9%. It's obviously on the lower end, mainly due to our acquisition of the loyalty business at the beginning of the year, as well as continued deployments of professional services. As we've said, professional services are a way to help our customers get onboarded and get themselves ready, especially from the data management side of the world.

Arthur Yao: Okay. Thanks, Rohit. Thanks for the question. Our gross margin for the H1 is 48.9%. It is obviously on the lower end, but mainly due to our acquisition of the loyalty business in the beginning of the year, as well as continued deployment of professional services. As we said, professional services is a way to help our customers get onboarded and get themselves ready, especially from the data management side of the world. There is a lot of work that needs to be done that we are not as high margin business. Our core margin business, as we have said time and again, is that it is more than 90%. We always will focus on a higher. That is the goal of both loyalty and the professional services is enabler for us to upsell and cross-sell our agent commerce infrastructure platform.

Speaker #5: So there's a lot of work that needs to be done there. We're not as high margin in that business. Our core margin business, as we have said time and again, is more than 90%.

Speaker #5: And so we always will focus on a higher—that is the goal of both loyalty and the professional services enabler for us to upsell and cross-sell our agentic commerce infrastructure platform.

Speaker #5: So therefore, we're getting the high margin business. So over time, we expect that we will get as we get into the second half of this year and into next year, we will see this margin improve.

Arthur Yao: Therefore, we are getting the high margin business. Over time, we expect that we will get, as we get into the H2 of this year and into next year, we will see this margin improve because of the uptake of our core agent commerce platform, which is the higher margin business. Okay? In terms of the capital needs, we do not really need any capital, except for growth. For us, the working capital for our running day-to-day, we are perfectly fine. As I said, on a cash and cash equivalent, and even including the restricted cash, we have close to $100 million of cash as of 30 June. We have a runway to deal with that. We are obviously looking at different structures, debt structures and other things, really on the strategic side.

Speaker #5: Because of the uptake of our core agentic commerce platform, which is the higher-margin business, okay? In terms of the capital needs, we don't really need any capital.

Speaker #5: Except for growth. So, for us, working capital for our day-to-day operations—we are perfectly fine. As I said, on a cash and cash equivalent basis, and even including the restricted cash, we have close to $100 million of cash as of June 30th.

Speaker #5: So we can run we have a runway to deal with that. We obviously looking at different structures of debt structures and other things really on the strategic side.

Speaker #5: So, as we look at different potential acquisitions in the future, this is probably where our capital needs really are, but that's all aligned to opportunity versus running the day-to-day, okay?

Arthur Yao: As we look at different potential acquisitions in the future, this is probably where our capital needs really are. But that is all aligned to opportunity versus the running the day-to-day. Okay?

Rohit Kulkarni: Okay, great. One last one, and then I will go back in queue.

Speaker #4: Okay, great. One last one, and then I'll go back into Q. On the Google announcement recently, I guess any more kind of color on the economics or the future revenue potential? The release said that there was a little bit of exclusivity, as well as 100 terabytes of data across 10 blockchain networks.

Arthur Yao: Thanks.

Rohit Kulkarni: On the Google announcement recently, I guess, any more kind of color on the economics or the future revenue potential? The release said that there was a little bit of exclusivity as well as 100 terabytes of data across 10 blockchain networks. Perhaps just talk about how you expect the monetization to scale with data volume and use cases. Sounds like a very exciting opportunity.

Speaker #4: Perhaps just talk about how you expect the monetization to scale with data volume and use cases. It sounds like a very exciting opportunity.

Speaker #2: Look, I mean, I think the upside is many billions of dollars in revenue for Rezolve. Billions from that one account alone. That's the upside.

Dan Wagner: Look, I think the upside is many billions of dollars in revenue for Rezolve AI, billions from that one account alone. That's the upside. Where we are now is we're right at the very beginning. We've been selected from a hotly contested selection process. I think there were 24 companies vying for the contract. The fact that we were selected is the beginning of what we believe to be a very meaningful relationship with that one customer. That is just the beginning. The technology validation by Google is a huge endorsement of the capability set that Rezolve AI has built by building the infrastructure for the agentic economy. This is what we discussed in my annual report for 2025, how we explained we built the database infrastructure, we built the payment rails for this new agentic world.

Speaker #2: Where we are now is we're right at the very beginning. We've been selected from a hotly contested selection process—I think there were 24 companies vying for the contract.

Speaker #2: So, the fact that we were selected is the beginning of what we believe to be a very meaningful relationship with that one customer. But that is just the beginning.

Speaker #2: The technology validation by Google is a huge endorsement of the capability set that Rezolve has built by establishing the infrastructure for the agentic economy.

Speaker #2: This is what we discussed in my annual report for 2025—how we explained we built the database infrastructure and we built the payment rails for this new agentic world.

Speaker #2: And I don't believe anyone has spent the years that we spent investing and thinking about how this new agentic—how this new agentic world needs infrastructure to support it.

Dan Wagner: I don't believe anyone has spent the years that we spent investing and thinking about how this new agentic world needs infrastructure to support it. We did it because we had a very clear focus on agentic commerce. The agentic world is not restricted to commerce. It's much broader than that. We have this new development for us, this new market opportunity for us, is just the beginning of what I think is extremely meaningful. We have refocused effort into selling this into the market.

Speaker #2: And we did it because we had a very clear focus on agentic commerce. But the agentic world is not restricted to commerce—it's much broader than that.

Speaker #2: And so we have this new development for us—this new market opportunity for us is just the beginning of what I think is extremely meaningful, and we have refocused effort into selling this into the market.

Rohit Kulkarni: Okay, great. Thanks, Alfred. Thanks, Dan.

Speaker #4: Okay, great. Thanks, Arthur. Thanks, Dan.

Speaker #2: Thanks.

Dan Wagner: Thanks.

Speaker #1: Thank you. We are now going to take our next question, and this one comes from Brian Kielstinger from Alliance Global Partners. Please go ahead.

Operator: Thank you. We are now going to take our next question. This one comes from Brian Kinstlinger from Alliance Global Partners. Please go ahead.

Speaker #6: Great, thanks. It's great to see all the progress you're making, and especially the monetization of your data with Google. I'm curious—with the terabytes of data, my question is around the pricing strategy. Is it based on a subscription or usage?

Brian Kinstlinger: Great. Thanks. Great to see all the progress you are making, especially the monetization of your data with Google. I am curious with the terabytes of data, my question is around the pricing strategy. Is it based on a subscription of usage? Is it licensing? Are there annual minimums you can share? Any way you can talk about the pricing strategy would be great.

Speaker #6: Is it licensing? Are there annual minimums you can share? Any way you can talk about the pricing strategy would be great.

Speaker #2: Brian, I really can't, because there are some developments coming that I just can't get into. But hopefully, that information will be available to the market in the coming weeks.

Dan Wagner: Brian, I really cannot because there are some developments coming that I just cannot get into that. Hopefully, that information will be available to the market in the coming weeks, because there is some follow-on news, and I think that will give greater visibility to what you are asking.

Speaker #2: Because there is some follow-on news, and I think that will give greater visibility to what you're asking.

Speaker #6: And then I guess, from a benefit to profit, I assume the cost of data is de minimis, almost? Should we think about this margin as being above almost your 90% core margin business?

Brian Kinstlinger: I guess from a benefit to profit, I assume the cost of data is de minimis almost?

Dan Wagner: Correct.

Brian Kinstlinger: Should we think about this margin above almost your 90% core margin business?

Speaker #2: Again, I don't want to preempt what's coming, so I can't really comment on that right now. But look, it's very lucrative—I'll put it like this.

Dan Wagner: Again, I don't want to preempt what's coming, so I can't really comment on that right now. But look, it's very lucrative. I'll put it like this, very lucrative for Rezolve, and there will be more information on this in the coming weeks.

Speaker #2: Very lucrative for Rezolve. There will be more information on this in the coming weeks.

Speaker #6: Okay, my follow-up and my last question on Tech Mahindra and TCS—obviously, they're a little bit of a different business model than Google and Microsoft.

Brian Kinstlinger: Okay. My follow-up and my last question on Tech Mahindra and TCS, obviously a little bit of a different business model than Google and Microsoft. Can you talk about the early evidence you talked about impacting customer acquisition? Is it expanding reach in geography? Is it new accounts? Maybe talk about how it's impacting.

Speaker #6: Can you talk about the early evidence you mentioned regarding impacting customer acquisition? Is it about expanding reach geographically? Is it about new accounts, maybe? Please discuss how it's impacting things.

Speaker #2: So these are companies that do what we do that we were doing with professional services. And they do it on they've been doing it for a lot longer with have a lot more customers.

Dan Wagner: These are companies that do what we do, that we were doing with professional services. They've been doing it for a lot longer, have a lot more customers. What happened was, we were selling Rezolve technology into customers. We recognized that we needed to provide them with some professional services, so we spun up our professional services capability. It became clear that the longstanding professional services companies, Tech Mahindra, TCS being two, recognized that there is demand for our capabilities and our products, and that they would provide those professional services, and we would provide the technology. In many respects, the gross margin for us is much better when we sell through these guys, because they do the professional services, and we just provide the tech.

Speaker #2: So what happened was, we were selling Resolve technology into customers. We recognized that we needed to provide them with some professional services, so we spun up our professional services capability. It became clear that the long-standing professional services companies, Tech Mahindra and TCS being two examples, recognized that there is demand for our capabilities and our products.

Speaker #2: And that they would provide those professional services, and we would provide the technology. So, in many respects, the gross margin for us is much better when we sell through these guys.

Speaker #2: Because they do the professional services, and we just provide the tech. It's easier and faster for us to deploy and to win accounts because they're winning them for us.

Dan Wagner: It is easier for us and faster for us to deploy and to win accounts because they are winning them for us. That is kind of how it works with those guys.

Speaker #2: So, that's kind of how it works with those guys.

Speaker #6: Great. Thanks.

Brian Kinstlinger: Great. Thanks.

Speaker #2: Thank you. And there's more of those to come, by the way—soon to be announced.

Dan Wagner: Thank you. There is more of those to come, by the way. Soon to be announced.

Speaker #1: Thank you. We are now going to take our next question, and this one comes from Thomas Forte from Maxim Group. Please go ahead.

Operator: Thank you. We are now going to take our next question, and this one comes from Tom Forte from Maxim Group. Please go ahead.

Speaker #5: Great, thanks. So, Dan, Arthur, and Kristen, congrats on the strong results. I have one question, one follow-up. I'll go one at a time. So, Dan, congratulations on your AI infrastructure deal with Google.

Tom Forte: Great. Thanks. Dan, Arthur, and Crispin, congrats on the strong results. I have one question, one follow-up. I will go one at a time. Dan, congratulations on your AI infrastructure deal with Google. Can you discuss how the effort complements your agentic commerce efforts?

Thomas Forte: Great. Thanks. Dan, Arthur, and Crispin, congrats on the strong results. I have one question, one follow-up. I will go one at a time. Dan, congratulations on your AI infrastructure deal with Google. Can you discuss how the effort complements your agentic commerce efforts?

Speaker #5: Can you discuss how the effort complements your agentic commerce efforts?

Speaker #2: Yes, so the whole infrastructure play for Resolve is that we have built a unique database architecture in the blockchain. We have built a set of payment rails in the blockchain that are designed to cope with the materially increased volume of activity that the agentic world demands.

Dan Wagner: Yeah. The whole infrastructure play for Rezolve AI is that we have built a unique database architecture in the blockchain, and we have built a set of payment rails in the blockchain that are designed to cope with the materially increased volume of activity that the agentic world demands. I will give you an example, Tom. If you wanted to buy a pair of sneakers today, you would maybe go to Foot Locker, maybe go to Nike. If you ask ChatGPT to help you buy a pair of sneakers, it will send agents out to 500 sites and interrogate them. If you think about how much volume of activity is going to happen just by you asking ChatGPT instead of searching yourself, it is going to go up hundreds and hundreds of X. Okay?

Speaker #2: I'll give you an example, Tom. If you wanted to buy a pair of sneakers today, you might go to Foot Locker or maybe go to Nike. But if you ask ChatGPT to help you buy a pair of sneakers, it will send agents out to 500 sites.

Speaker #2: And interrogate them. So, if you think about how much volume of activity is going to happen just by you asking ChatGPT instead of searching yourself, it's going to go up hundreds and hundreds of times.

Speaker #2: Okay. The agentic world is going to continue to see that kind of massive increase in volume and activity. We believed that, in order to provide our services to market—as long ago as 2016—we needed to build the infrastructure to support that, because the existing internet and the existing payment rails can't do it.

Dan Wagner: The agentic world is going to continue to see that kind of massive increase in volume activity. We believed that in order to provide our services to market as long ago as 2016, that we need to build the infrastructure to support that, because the existing internet and the existing payment rails cannot do it. We started building that infrastructure, devising it and building it, and that is now been licensed by Google to support their ambitions in this market. I think that says a lot about the insight, the foresight, and the vision that Rezolve AI had in building this infrastructure in the first place.

Speaker #2: So we started building that infrastructure, devising it and building it. And that's now been licensed by Google to support their ambitions in this market.

Speaker #2: And I think that says a lot about the insight, foresight, and vision that Rezolve had in building this infrastructure in the first place.

Speaker #5: Excellent. And for my follow-up, Dan, can you give us your current thoughts on the competitive environment for agentic commerce?

Tom Forte: Excellent. For my follow-up, Dan, can you give us your current thoughts on the competitive environment for agentic commerce?

Thomas Forte: Excellent. For my follow-up, Dan, can you give us your current thoughts on the competitive environment for agentic commerce?

Speaker #2: I don't believe there is much out there, Tom. I'm pleased to say that there's a lot of hand-waving. There are a lot of fireside chats going on about what agentic commerce is, and so on.

Dan Wagner: I don't believe there is much out there, Tom. I'm pleased to say that there's a lot of hand-waving. There's a lot of fireside chats going on about what agentic commerce is and so on, and we have actual infrastructure and actual products that we're selling it to customers. I don't think there's anybody else out there doing that, and we're not aware of it. I think that's why we're seeing these large hyperscalers, these large system integrators, these customer wins accelerating as they are, because I think that we are at the moment, stand out in this market.

Speaker #2: And we have actual infrastructure and actual products that we're selling to customers. I don't think there's anybody else out there doing that—we're not aware of it.

Speaker #2: And I think that's why we're seeing these large hyperscalers, these large system integrators, these customer wins accelerating as they are. Because I think that we are, at the moment, standing out in this market.

Speaker #5: Thank you, Dan.

Tom Forte: Thank you, Dan.

Thomas Forte: Thank you, Dan.

Speaker #2: Thanks, Tom.

Dan Wagner: Thanks, Tom.

Speaker #1: Thank you. We are now going to take our next question, and this one comes from Mike Lattimore from Northland Capital Markets. Please go ahead.

Operator: Thank you. We are now going to take our next question, and this one comes from Mike Latimore from Northland Capital Markets. Please go ahead.

Speaker #5: All right, great. Thanks, yeah. Congrats on the strong first half here. Just to be clear, does the second half guidance include any expected acquisitions?

Mike Latimore: All right. Great. Thanks. Yeah, congrats on the strong H1 here. Just to be clear, does the H2 guidance, does that include any expected acquisitions, or is that all kind of organic versus first?

Speaker #5: Or is that all kind of organic versus first?

Arthur Yao: No. It does not include any acquisitions. It is purely organic from our expectation.

Speaker #3: No, so it does not include any acquisitions. It is purely organic from our expectation.

Speaker #5: Got it. And then, is there a way to determine how much of the growth you expect comes from current customers expanding versus new logos being added?

Mike Latimore: Got it. Is there a way to determine how much of the growth you expect comes from current customers expanding versus new logos being added?

Speaker #2: Actually, it's both. We see current customers who started with a small engagement with us, learning about the very vast capabilities we have, who are doubling down, tripling down, or quadrupling down on their commitment to us.

Dan Wagner: Actually, it is both. We see current customers who started with a small engagement with us learning about the very vast capabilities we have, who are doubling down or tripling down or quadrupling down on their commitment to us. We are seeing new big accounts coming in with larger value. The value of our customers' contracts are going up because we are being brought into very large accounts by Tech Mahindra and Tata Consultancy Services and so on. A combination of both those things, an increase in the value of contractual engagement and the increase in the utilization of our services from existing accounts.

Speaker #2: And we're seeing new big accounts coming in with larger value, so the value of our customers' contracts are going up because we're being brought into very large accounts by Tech Mahindra and TCS, and so on.

Speaker #2: And so, a combination of both those things—an increase in the value of contractual engagement and the increase in the utilization of our services from existing accounts.

Speaker #5: Okay. And then, it sounds like this distributed data platform, Google partnership, and others can expand quickly. Is that product category meaningful to the second-half guidance?

Mike Latimore: Okay. And then it sounds like this distributed data platform, Google partnership, and others can expand quickly. Is that product category meaningful to the H2 guidance, or is that more of a 2027 impact?

Speaker #5: Or is that more of a 2027 impact?

Speaker #3: Yeah, I think—look, we don't... it's not a segment by itself, because it is part of our overall agentic infrastructure. And so, it is part of everything that we do.

Arthur Yao: Yeah, I think, look, it is not a segment by itself because it is part of our overall agentic infrastructure. So it is part of everything that we do. So we've historically always been deploying that technology to support our agentic commerce customers. So this is just scaling that and obviously looking for scaling to Google and other hyperscalers to expand ourselves. So it is not as if it is a new line of business that we're doing. It is an established line of business as core to our agentic commerce.

Speaker #3: So we've historically already been deploying that technology to support our agentic commerce customers, so this is just scaling that. And obviously, looking for scaling to Google and other hyperscalers to expand ourselves.

Speaker #3: So, it is not as if this new line of business that we're doing is unestablished. It's an established line of business that is core to our agentic commerce.

Speaker #2: I think of it as an internal product that's being sold internally to be utilized by the company. And now we've got external customers for that.

Dan Wagner: I think of it as an internal product that is being sold internally to be utilized by the company. And now we've got external customers for that. We think it is very similar to the AWS playbook. Amazon built AWS to support the very fast momentum that they had in their retail business. And then they found that actually there are customers to use those cloud servers and infrastructure, and that became a very meaningful part of their business. In fact, I believe it is the most meaningful now. So we see a very similar playbook playing out with the agentic infrastructure that we built.

Speaker #2: We think it's very similar to the AWS playbook. Amazon built AWS to support the very fast momentum that they had in their retail business.

Speaker #2: And then they found that actually there were customers to use those cloud servers and infrastructure, and that became a very meaningful part of their business.

Speaker #2: In fact, I believe it's the most meaningful now. So, we see a very similar playbook playing out with the agentic infrastructure that we built.

Mike Latimore: Great. And just on your professional services business, how many people do you have working in that part of the organization? And then it sounds like you're really helping customers prep their data to deploy agentic commerce. I guess, just want to clarify that.

Speaker #5: Great. And just on your professional services business, how many people did you have working in that part of the organization? And then it sounds like you're really helping customers prep their data to deploy agentic commerce.

Speaker #5: I guess I just want to clarify that. And then, how long does it take to kind of do that? And then move on to selling the software.

Dan Wagner: Yeah.

Mike Latimore: How long does it take to do that and then move on to selling the software?

Speaker #2: So, it's about—there's about 700 people in that group, mainly based in India. Very capable, very smart people. In terms of how long it takes, obviously it depends on the size of the customers and their customers' catalog, and what they want from us.

Dan Wagner: There is about 700 people in that group, mainly based in India, very capable, very smart people. In terms of how long it takes, obviously, it depends on the size of the customers or their customer's catalog and what they want from us. What we are finding is that one of the main products we have is called Enrich, where we use AI to enhance the product catalog and make it better and more visible, both to consumer interrogation and also the answer engines, like ChatGPT and Gemini and others, are seeing that product catalog and being able to utilize it in answering customer queries. So that Enrich product is a main part of the professional services engagement by making that richer and more usable in this new agentic world.

Speaker #2: But what we're finding is that one of the main products we have is called Enrich, where we use AI to enhance the product catalog and make it better and more visible—both to consumer interrogation, and also to the answer engines like ChatGPT and Gemini and others, which are seeing that product catalog and being able to utilize it in answering customer queries.

Speaker #2: So that Enrich product is a main part of the professional services engagement by making that richer and more usable in this new agentic world.

Speaker #5: Great. Thank you.

Mike Latimore: Great. Thank you.

Speaker #1: Thank you. We are now going to take our next question, and this one comes from Mason Marion from Counterfeit Gerald. Please go ahead.

Operator: Thank you. We are now going to take our next question. This one comes from Mason Marion from Cantor Fitzgerald. Please go ahead.

Speaker #5: Yeah. Hi, thanks for taking our questions here. I want to go back to the Google deal. Are there other similar opportunities out there to license this technology?

Mason Marion: Yeah. Hi. Thanks for taking our questions here. I want to go back to the Google deal. Are there other similar opportunities out there to license this technology? Would it make sense for some of the other hyperscalers, or was there just something specific to Google?

Speaker #5: And then, would it make sense for some of the other hyperscalers, or was there just something specific to Google?

Speaker #2: There are other opportunities. In fact, there are many. We have a number that are in various stages of discussion, and we expect to be announcing those in the second half.

Dan Wagner: There are other opportunities. In fact, there are many. We have a number that are in various stages of discussion, and we expect to be announcing those in the H2.

Speaker #5: Understood. Good to hear. When you think about this implementation, will it take some time? Is it a heavy lift, or will this turn on pretty quickly here with Google?

Mason Marion: Understood. Good to hear. When you think about this implementation, will it take some time? Is there a heavy lift, or will this turn on pretty quickly here with Google?

Dan Wagner: No. The one that we've announced is already being deployed. There is another infrastructure piece that we talked about, which is our payment rails, and we hope to announce licensing of that as well in the coming months.

Speaker #2: No, no. The one that we've announced is already being deployed. And there is another infrastructure piece that we talked about, which is our payment rails.

Speaker #2: And we hope to announce licensing of that as well in the coming months.

Speaker #5: Thank you.

Mason Marion: Thank you.

Speaker #1: Thank you. There are no further questions on the phone line. I will hand back to the speakers for web questions.

Operator: Thank you. There are no further questions on the phone line. I will hand back to the speakers for web questions.

Dan Wagner: Web questions? No, I don't believe there are any web questions. I'd like to thank everybody for their time and for those who have posed questions to us. I'd like to close by saying that H1 demonstrated the scale Rezolve has already achieved. The opportunity ahead is to combine that operating base with global partner distribution and a new infrastructure licensing business recently validated by Google. We look forward to updating you on our progress and presenting the full platform to you at our NASDAQ Investor Day on 6 October. Thank you very much.

Speaker #2: Web questions? No, I don't believe there are any web questions. So, I'd like to thank everybody for their time and for those who have posited questions to us.

Speaker #2: I'd like to close by saying that H1 demonstrated the scale Rezolve has already achieved. The opportunity ahead is to combine that operating base with global partner distribution, and a new infrastructure licensing business recently validated by Google.

Speaker #2: We look forward to updating you on our progress and presenting the full platform to you at our NASDAQ Investor Day on October 6.

Speaker #2: Thank you very much.

Operator: Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect.

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