Drug Development and Clinical Trials - The company is advancing CAD-1005, a first-in-class selective 12-LOX inhibitor for treating heparin-induced thrombocytopenia (HIT), with a Phase 3 pivotal trial planned following a successful End-of-Phase 2 meeting with the FDA on March 26, 2026[24][40]. - CAD-1005 has received orphan drug designation (ODD) and Fast Track designation from the FDA for the treatment and prevention of HIT, indicating its potential significance in addressing this life-threatening condition[32][41]. - The Phase 1 clinical studies of CAD-1005 demonstrated good tolerability with no serious adverse events reported among 96 healthy subjects[38]. - A Phase 2 pilot study of CAD-1005 showed a high rate of thrombotic events (>75%) in the placebo group compared to 50% in the CAD-1005 group, although it did not meet its primary endpoint of platelet count recovery[39]. - The company plans to secure sufficient financing to commence the pivotal Phase 3 clinical trial for CAD-1005, which is crucial for its development[29][40]. - The company is focused on addressing the underlying pathophysiology of HIT, which existing therapies do not adequately target, potentially positioning CAD-1005 as a transformative treatment[34][36]. - The company is currently focused on the development of CAD-1005, having shifted from its previous focus on tecarfarin[165]. - The company has not yet received the final minutes from its EOP2 meeting with the FDA, which may contain additional comments affecting the Phase 3 trial protocol[176]. - The Phase 2 trial of CAD-1005 in patients with HIT enrolled only 24 patients out of a planned 60 and was terminated early, indicating challenges in patient recruitment[205]. - The company faces significant clinical risks that could impede the advancement of CAD-1005 and its second-generation oral candidates[177]. Financial Position and Funding - The company had an accumulated deficit of approximately $39.0 million as of December 31, 2025, and a net loss of approximately $13.2 million for the fiscal year ended December 31, 2025[160]. - The company expects to incur significant expenses and continued losses from operations for the foreseeable future, indicating a need for additional financing to support its business strategy[160]. - The company plans to raise additional capital to fund its planned clinical trials and support development and commercialization efforts for its product candidates[171]. - The company may need to relinquish significant rights to its technologies or grant licenses on unfavorable terms if it raises funds through partnering or licensing arrangements[160]. - The company anticipates that future capital requirements will be funded through a combination of private and public equity offerings, debt financings, and strategic collaborations[173]. - The company will require additional financing prior to commencing any clinical trial and to meet anticipated cash requirements for at least the next twelve months[171]. - The company faces risks related to its financial position and need for capital, which could adversely affect its ability to continue as a going concern[160]. Regulatory Environment - The company is subject to extensive regulatory requirements, which require significant time and financial resources for compliance and approval processes[103][104]. - The FDA requires two adequate and well-controlled Phase 3 clinical trials to demonstrate drug efficacy, with trials typically involving several hundred to several thousand patients[109]. - The FDA has 60 days to determine if an NDA is accepted for filing, with standard review applications typically reviewed within 10 to 12 months and priority review applications within 6 to 8 months[114]. - Orphan drug designation can provide a seven-year exclusive marketing period in the U.S. for drugs treating rare diseases affecting fewer than 200,000 individuals, along with potential grant funding of up to $500,000 per year for four years[121]. - Accelerated approval allows for early drug approval based on surrogate or intermediate clinical endpoints, significantly shortening the time required for clinical trials[124]. - The cost of preparing and submitting an NDA is substantial, with manufacturers potentially assessed up to five program fees for a fiscal year for prescription drug products identified in a single approved NDA[113]. - The FDA may impose sanctions or discontinue a clinical trial if it believes the trial is not compliant with requirements or poses unacceptable risks to patients[110]. - The company has never submitted a New Drug Application (NDA) to the FDA and relies on third-party contract research organizations (CROs) for assistance in the approval process[214]. Market Potential and Competition - The estimated peak annual market revenue potential for CAD-1005 in patients with HIT is approximately $825 million, while the combined peak annual U.S. market revenue potential for tecarfarin and frunexian is estimated at $2 billion[96][97]. - The company faces substantial competition from major pharmaceutical companies and other entities in the development and commercialization of its product candidates[91][95]. - The commercial success of product candidates will depend on obtaining favorable labeling from regulatory authorities, which may not align with the company's expectations[206]. - The commercial success of the company's product candidates will depend on market acceptance by physicians, patients, and healthcare payors, which is influenced by factors such as efficacy, safety, and pricing[211]. Manufacturing and Supply Chain - The company has completed the manufacturing of tecarfarin drug product in accordance with cGMP and has contracts with third-party CDMOs for development and supply, but lacks long-term supply agreements[87][88]. - The company does not have any long-term supply agreements or commercialization partnerships with manufacturers for its product candidates, which may expose it to risks in production and distribution[218]. - The company anticipates that if approved by the FDA, it will be able to enter into agreements with third parties for the manufacturing and distribution of its product candidates[220]. - The company faces risks related to supply disruptions, regulatory compliance, and loss of key manufacturing partners that could delay product development and commercialization[223]. Intellectual Property and Agreements - The company acquired the Veralox assets, including CAD-1005 and related compounds, on December 10, 2025, enhancing its pipeline and intellectual property portfolio[26][27]. - The company has acquired intellectual property from Veralox and eXIthera, including U.S. and foreign patents for 12-LOX inhibitors and Factor XIa inhibitors, with various expiration dates for these patents[98][100]. - The company entered into a Veralox Purchase Agreement for $200,000 in cash, with contingent milestone payments not exceeding $15 million based on clinical and regulatory achievements[75]. - The eXIthera Purchase Agreement involved acquiring assets for $50,000 in transaction costs and up to $15 million in milestone payments based on clinical and regulatory events[83][84]. - The company is obligated to pay eXIthera a 2% royalty on annual net sales of pharmaceutical products containing compounds from the eXIthera Purchase Agreement, payable from the first commercial sale until the expiration of patent claims[84]. Employee and Corporate Structure - The company has five full-time employees and approximately thirty-five consultants and contractors as of March 27, 2025[146]. - The corporate headquarters are leased with a monthly rent of $2,346, under a lease agreement that commenced on November 1, 2025[148]. - The company qualifies as an "emerging growth company," allowing it to take advantage of reduced reporting requirements until certain revenue or debt thresholds are met[152]. - The company has opted for an extended transition period to comply with new accounting standards, potentially delaying compliance compared to other public companies[153].

Revenue Performance - For the fiscal year 2025, Professional Diversity Network, Inc. generated approximately $6.55 million in revenue, reflecting a 2.7% decline from the prior year[2]. - TalentAlly Network's revenue for Q4 2025 was approximately $787,000, a decrease of 21.5% from approximately $1,002,000 in Q4 2024[4]. - NAPW Network's revenue for the year ended December 31, 2025, was approximately $343,000, a decrease of 20.0% from approximately $429,000 in 2024[10]. - RemoteMore's revenue increased to approximately $802,000 in Q4 2025, representing a growth of 52.5% compared to approximately $526,000 in Q4 2024[6]. - Contracted software development revenue grew significantly to approximately $2.73 million in 2025, up 49.0% from approximately $1.83 million in 2024[5]. Financial Loss and Expenses - The company incurred a net loss of approximately $6.51 million from continuing operations for the year ended December 31, 2025, an increase of 150.9% compared to a net loss of approximately $2.60 million in 2024[12]. - General and administrative expenses increased by approximately $3.67 million, or 103.9%, to approximately $7.21 million during the year ended December 31, 2025[11]. Assets and Liabilities - Total current assets decreased to approximately $2.56 million as of December 31, 2025, down from approximately $3.23 million in 2024[14]. - The total liabilities increased to approximately $6.69 million as of December 31, 2025, compared to approximately $3.14 million in 2024[14]. Company Strategy and Operations - The company invested approximately $6.93 million in copyright-related assets during fiscal year 2025 as part of its strategy to expand into intellectual property initiatives[5]. - Professional Diversity Network, Inc. operates online and in-person networks for diverse professionals, including subsidiaries like the National Association of Professional Women (NAPW) and the International Association of Women (IAW)[21]. - The company aims to be a leader in business diversity recruiting, networking, and professional development for women, minorities, veterans, LGBTQ+, and disabled persons globally[21]. Risk Factors and Disclosures - The forward-looking statements in the press release are based on current expectations and involve risks and uncertainties that could lead to actual results differing materially[22]. - The company has disclosed risk factors in its most recently filed Annual Report on Form 10-K and subsequent filings with the SEC[22]. - The financial information and reports are available on the company's website under the "Investor Relations" section[22].

Strategic Transformation and Growth Initiatives - In fiscal year 2025, the Company initiated a strategic transformation to expand into Web3.0, copyrights, digital assets, and real-world asset platforms, aiming to diversify revenue streams and integrate emerging technologies [21]. - The Company’s strategy includes pursuing acquisition opportunities to increase returns to shareholders, such as the purchase of Expo Experts LLC and an additional equity stake in RemoteMore USA [33]. - The company entered into a partnership with AI Geo in 2024 to leverage AI technology for enhancing job seeker engagement through a mock interview platform [47]. - The company has incorporated AI technologies into its platform since 2024, which presents unique risks, including potential inaccuracies and regulatory scrutiny [144]. - The company established a wholly owned subsidiary in Tokyo, Japan, in 2025, which is currently not a material contributor to revenues and remains in development [22]. - The company has established a wholly owned subsidiary in Tokyo, Japan, to assist with business development activities related to Web3.0 initiatives [65]. Revenue and Financial Performance - Revenues decreased from $6.7 million in 2024 to $6.5 million in 2025, while costs and expenses increased from $9.1 million in 2024 to $13.0 million in 2025 [89]. - The company recorded a net loss from continuing operations before interest and tax of approximately $6.4 million for the year ended December 31, 2025, compared to a loss of $2.4 million for the year ended December 31, 2024 [89]. - Total revenues decreased by approximately $184,000, or 2.7%, from approximately $6,731,000 in 2024 to approximately $6,547,000 in 2025 [209]. - Recruitment services revenue declined by approximately $978,000, or 22.1%, from $4,434,000 in 2024 to $3,456,000 in 2025 [209]. - TalentAlly Network generated approximately $3,477,000 in revenues in 2025, a decrease of approximately $995,000, or 22.2%, from $4,472,000 in 2024 [210]. - NAPW Network revenues were approximately $343,000 in 2025, a decrease of approximately $86,000, or 20.0%, from $429,000 in 2024 [211]. - RemoteMore revenue for the year ended December 31, 2025, was approximately $2,727,000, an increase of approximately $897,000 or 49.0% compared to $1,830,000 in the prior year [212]. Market and Demographic Insights - The U.S. population reached approximately 341.1 million as of January 1, 2025, reflecting a 0.78% increase from the previous year, with significant demographic shifts expected by 2060 [39]. - The buying power of minority groups grew significantly, with Asian-American buying power increasing by 111% to $1.3 trillion and Hispanic buying power growing by 87% to $1.9 trillion between 2010 and 2020 [39]. - The labor force participation rate for women was 57.5% in January 2025, slightly below the pre-pandemic rate of 58.0% in February 2020 [39]. Diversity and Inclusion - As of December 31, 2025, the Board of Directors comprised 29% female directors and 86% non-white directors, reflecting the Company’s commitment to diversity [27]. - The NAPW Network membership base is diverse, including members from small and large corporations, entrepreneurs, and business owners, which is considered a key component of its value [74]. - The NAPW Network offers upgraded memberships that include additional promotional tools and mentorship opportunities, contributing to member retention and acquisition [59]. Challenges and Risks - The company faces significant competition from established online professional networking companies, which may adversely affect its sales and operational results [90]. - The market for digital assets and intellectual property investments is highly competitive and subject to significant market volatility and regulatory uncertainty [95]. - The company may incur significant liabilities if it fails to comply with privacy-related laws, which could adversely affect its business [80]. - The company has limited operating experience in new areas such as digital assets and may not generate meaningful revenue from these initiatives [95]. - The existing global economic environment has negatively affected demand for services, with potential impacts on revenue if economic conditions worsen [127]. - The company faces risks associated with remote work, as many contractors use personal devices that may lack adequate security measures, exposing the business to cyber-attack risks [119]. - The company's growth strategy may be jeopardized by changing social trends, including increased privacy concerns and potential shifts in diversity hiring practices, which could adversely affect revenues [128]. - A recent Supreme Court ruling on race-conscious admissions may influence corporate diversity initiatives, potentially impacting the market for the company's services [130]. Costs and Expenses - Total costs and expenses increased to approximately $12,999,000 for the year ended December 31, 2025, representing a $3,863,000 or 42.3% increase from $9,136,000 in 2024 [213]. - General and administrative expenses surged by approximately $3,672,000 or 103.9%, largely due to professional consultancy services for planned expansion into new business areas [215]. - Costs and expenses related to RemoteMore increased by approximately $906,000 or 42.3%, primarily due to higher contractor costs and consulting service expenses [219]. - Costs and expenses related to the TalentAlly Network decreased by approximately $824,000 or 18.3%, mainly due to reductions in sales and marketing expenses [217]. - Costs and expenses related to the NAPW Network decreased by approximately $98,000 or 17.1%, driven by lower payroll-related costs and reduced administrative expenses [218]. Intellectual Property and Compliance - The company recorded a $450,000 litigation settlement reserve in 2020 and an additional $250,000 in 2025 related to ongoing legal proceedings [179]. - The protection of intellectual property is critical, and failure to enforce these rights could materially harm the company's business and operating results [132]. - The regulatory environment regarding data privacy is evolving, and any failure to comply with these regulations could lead to enforcement actions and loss of customer trust [136]. - Legal and regulatory frameworks governing AI are rapidly changing, which may impose new obligations and increase compliance costs for the company [147]. Stock and Shareholder Information - The closing stock price of the company's Common Stock ranged from $1.02 to $9.01 during the fiscal year of 2025, indicating significant volatility [151]. - The company has a shelf registration statement allowing for the issuance of shares up to an aggregate amount of $45,000,000, which may adversely affect the market price of its Common Stock [153]. - In September 2025, the company entered into a Securities Purchase Agreement with Streeterville Capital, LLC, agreeing to issue shares for an aggregate purchase price of up to $20,000,000 [154]. - The Board of Directors adopted the 2023 Equity Compensation Plan, initially reserving 750,000 shares of Common Stock, which was later adjusted to 75,000 shares after a 10-for-1 reverse stock split [155]. - The company does not intend to declare or pay any cash dividends in the foreseeable future, opting to retain earnings for business development [161]. - The CFL Group holds a participation right to maintain its ownership interest up to 54.64% of the outstanding Common Stock, potentially limiting the company's ability to raise funds [162].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____ to ____ Commission file number: 001-41994 Massimo Group (Exact name of registrant as specified in its charter) | Nevada | 92-0790263 | | --- | --- | | (State ...

Operating Expenses - For the year ended December 31, 2025, total operating expenses increased by $7.7 million, or 62%, to $20.1 million from $12.4 million in 2024[289]. - General and administrative expenses increased by $11.0 million, or 182%, to $17.0 million for the year ended December 31, 2025, driven by higher personnel costs and investor relations expenses[292]. - Research and development expenses decreased by $3.3 million, or 52%, to $3.1 million for the year ended December 31, 2025, primarily due to a reduction in clinical trial expenses and license fees[291]. Financial Performance - The company incurred operating losses of approximately $20.0 million and had an accumulated deficit of approximately $72.8 million as of December 31, 2025[296]. - Interest income decreased by approximately $0.2 million, or 83%, to less than $0.1 million for the year ended December 31, 2025, due to a decrease in cash and interest rates[294]. - Unrealized loss from digital asset holdings increased to $22.0 million for the year ended December 31, 2025, attributed to the decline in the fair value of digital assets acquired[295]. Cash Flow - Net cash used in operating activities was $16.1 million for the year ended December 31, 2025, compared to $10.9 million in 2024[304]. - Cash used in investing activities for the year ended December 31, 2025 was $77.6 million, representing the purchase of digital assets[307]. - Cash provided by financing activities for the year ended December 31, 2025 was $107.2 million, primarily from a Cash Offering of $99.4 million[308]. Fundraising and Liquidity - The company raised net proceeds of over $537 million through various offerings in November 2025, improving liquidity and addressing going concern issues[301]. - The company completed a private placement offering in November 2025, strengthening its liquidity to support its digital asset treasury strategy[274]. Research and Development - The company plans to increase research and development expenses as it prepares for clinical trials of new product candidates HS3215 and HS1940[281]. - Research and development costs are expensed as incurred, including personnel costs and third-party contractor expenses[315]. Accounting and Reporting - The company intends to rely on exemptions under the JOBS Act as an "emerging growth company" until certain revenue or debt thresholds are met[323]. - The company has chosen to take advantage of extended transition periods for complying with new accounting standards under the JOBS Act[321]. - The company is not required to provide market risk disclosures as it qualifies as a "smaller reporting company" under the Exchange Act[324]. Stock and Compensation - The company executed a reverse stock split at a ratio of 1-for-15 on May 24, 2024, retroactively adjusting all share amounts in the financial statements[310]. - Stock-based compensation costs are recognized over the requisite service period based on the estimated fair value of the awards[316]. - The fair value of digital assets is determined based on quoted prices in the principal market at the time of measurement[314].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to _________ Commission file number 001-41210 CANTON STRATEGIC HOLDINGS, INC. (Exact name of registrant as specified in charter) Delaware 84-2642541 (State or jurisdict ...

Financial Performance - The company reported a net loss of $14,782,020 for the year ended December 31, 2025, primarily due to a change in fair value of derivative warrant liabilities of $14,336,209[147]. - For the year ended December 31, 2024, the company had a net income of $1,986,072, driven by interest income on funds held in trust of $2,598,427[148]. - The company reported a working capital deficit of $5,991,280 as of December 31, 2025, indicating liquidity challenges[156]. - If the company cannot raise additional funds or complete a business combination by April 16, 2026, it will cease operations except for liquidation purposes, raising substantial doubt about its ability to continue as a going concern[157]. IPO and Fundraising - The company generated gross proceeds of $200,000,000 from its IPO of 20,000,000 units at a price of $10.00 per unit on December 3, 2021[149]. - An additional $30,000,000 was generated from the sale of 3,000,000 Option Units at $10.00 per unit, following the full exercise of the over-allotment option by underwriters[150]. - The company incurred $14,183,689 in transaction costs related to the IPO, including $4,000,000 in underwriting fees and $8,650,000 in deferred underwriting fees[150]. - The underwriters of the IPO received a cash underwriting discount of 2.0% of the gross proceeds, totaling $4,000,000, with additional deferred underwriting fees of $8,650,000 to be paid upon completion of the initial business combination[160]. Business Combination and Operations - The company entered into a business combination agreement with StablecoinX Assets Inc. on July 21, 2025, which will result in the company becoming a wholly owned subsidiary of StablecoinX[135]. - The company has continued to evaluate other possible business combination targets following the termination of the merger agreement with Verde Bioresins[145]. - The company has not engaged in any operations or generated revenues to date, with activities focused on preparing for the IPO and searching for a target for the initial business combination[146]. - The company received a notice from Nasdaq on December 2, 2024, regarding non-compliance with listing rules due to not completing an initial business combination within 36 months, leading to trading suspension[144]. - The company redeemed 15,681,818 Class A ordinary shares at approximately $10.40 per share in February 2023 as part of an extension to complete an initial business combination[151]. Legal and Accounting Matters - The company has a legal agreement to pay $130,000 to its prior legal counsel contingent upon the successful consummation of the initial business combination[161]. - A mutual release agreement with Verde Bioresins stipulates that the company will pay $83,125 only if the initial business combination is consummated[162]. - The company accounts for warrant liabilities as liabilities at fair value, subject to re-measurement at each reporting period[164]. - Class A ordinary shares subject to possible redemption are classified as temporary equity, reflecting certain redemption rights outside the company's control[167]. - The company did not consider the effect of warrants in calculating diluted loss per share, resulting in diluted net loss per ordinary share being the same as basic net loss per ordinary share[169]. - The company qualifies as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new or revised accounting standards[172].

Financial Performance - The company reported a net loss of $14,782,020 for the year ended December 31, 2025, primarily due to a change in fair value of derivative warrant liabilities of $14,336,209[147]. - For the year ended December 31, 2024, the company had a net income of $1,986,072, driven by interest income on funds held in trust of $2,598,427[148]. - The company has not generated any operating revenues to date and only incurs expenses related to being a public company and due diligence activities[146]. - The company reported a working capital deficit of $5,991,280 as of December 31, 2025, indicating liquidity challenges[156]. - If the company cannot complete a business combination by April 16, 2026, it will cease operations except for liquidation purposes, raising substantial doubt about its ability to continue as a going concern[157]. - The company did not consider the effect of warrants in calculating diluted loss per share, resulting in diluted net loss per ordinary share being the same as basic net loss per ordinary share[169]. IPO and Financing - The company generated gross proceeds of $200,000,000 from its IPO of 20,000,000 units at a price of $10.00 per unit[149]. - An additional 3,000,000 Option Units were sold at $10.00 per unit, generating gross proceeds of $30,000,000, along with 600,000 private placement warrants generating $600,000[150]. - The company incurred $14,183,689 in transaction costs related to the IPO, including $4,000,000 in underwriting fees and $8,650,000 in deferred underwriting fees[150]. - The underwriters of the IPO received a cash underwriting discount of 2.0% of the gross proceeds, totaling $4,000,000, with additional deferred underwriting fees of $8,650,000 to be paid upon completion of the initial business combination[160]. Business Combinations - The company entered into a business combination agreement with StablecoinX Assets Inc. on July 21, 2025, which will result in the company becoming a wholly owned subsidiary of StablecoinX[135]. - The company has continued to evaluate other possible business combination targets following the termination of the merger agreement with Verde Bioresins[145]. - The company received a notice from Nasdaq on December 2, 2024, regarding non-compliance with listing rules due to not completing an initial business combination within 36 months[144]. - The company redeemed 15,681,818 Class A ordinary shares at approximately $10.40 per share in February 2023 as part of an extension to complete an initial business combination[151]. Legal and Accounting Matters - The company has a legal agreement to pay $130,000 to its prior legal counsel contingent upon the successful consummation of its initial business combination[161]. - A mutual release agreement with Verde Bioresins stipulates that the company will pay $83,125 only if the initial business combination is consummated[162]. - The company accounts for its warrant liabilities as liabilities at fair value, subject to re-measurement at each reporting period[164]. - Class A ordinary shares subject to possible redemption are classified as temporary equity, reflecting certain redemption rights outside the company's control[167]. - The company qualifies as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new or revised accounting standards[172].

Exhibit 99.1 KARTOON STUDIOS PROVIDES BUSINESS UPDATE CEO AND CFO PROVIDE GROUNDBREAKING AI ANIMATED EARNINGS UPDATE IN INTERVIEW WITH A.A. MILNE'S WINNIE THE POOH, AND TENTPOLE CHARACTERS 1 OVERALL REVENUE INCREASED YEAR-OVER-YEAR 21% IN 2025 TO $39.4 MILLION PRODUCTION SERVICES REVENUE INCREASED 50% YEAR-OVER-YEAR TO $26.8 MILLION KARTOON CHANNEL WATCH TIME SURGES 85% YEAR-OVER-YEAR, AMIDST RECORD SUBSCRIBERS AND BREAKOUT ENGAGEMENT ACROSS SVOD AND FAST PLATFORMS, AS GLOBAL DIGITAL DISTRIBUTION ECOSYSTEM ...

Revenue Growth - Total revenue increased 21% year-over-year to $39.4 million in 2025, up from $32.6 million in 2024[10] - Production services revenue surged 50% year-over-year to $26.8 million, driven by strong demand from major global entertainment partners[12] Operating Performance - Operating loss improved by 24% year-over-year, reflecting continued cost discipline and overhead reduction[10] Audience Engagement - Kartoon Channel achieved an 85% year-over-year increase in watch time, with record subscriber levels and strong engagement growth[4] - Engagement on the Ameba platform increased by 206% year-over-year, contributing to record subscriber levels[16] - FAST channel watch time increased 70% year-over-year in Q4 2025, showcasing the effectiveness of the company's distribution strategy[16] Future Outlook - Over 60% of projected 2026 production revenue is already under contract, indicating strong production visibility[12] - The launch of the Hundred Acre Woods franchise and the Stan Lee Universe is scheduled for Q4 2026, expanding the company's intellectual property portfolio[11] - The company is transitioning to high-margin franchise monetization, positioning itself for resilient growth in a rising cost environment[7] - The majority of infrastructure and franchise investments are now complete, setting the stage for scalable growth and long-term shareholder value[33]