Financial Data and Key Metrics Changes - The company reported a GMV of $37.8 billion for Q3 2025, reflecting a 9% year-over-year increase, and $108.4 billion for the first nine months, showing a 7% increase year-over-year [12] - Q3 revenue reached a record $81.9 million, up 4% year-over-year, while revenue for the first nine months was $245.3 million, increasing 5% year-over-year [13] - Non-GAAP gross profit for Q3 was $41.5 million, a 5% year-over-year increase, translating to a non-GAAP gross profit margin of approximately 51%, up 1% from the previous year [16] - Adjusted EBITDA for Q3 was $5.6 million, representing a margin of approximately 7%, with expectations for a margin of approximately 15% in Q4 [18][21] Business Line Data and Key Metrics Changes - The money transfer and payments category grew 100% year-over-year in Q3, driven by new business activity [14] - The tickets and travel category grew 6% in Q3, while the fashion and luxury category saw a 13% increase [13][14] - The home category contracted by approximately 70% year-over-year, but growth is expected to return in Q4 [15] Market Data and Key Metrics Changes - In the U.S., revenue declined 12% year-over-year, primarily due to the contraction in the home category [15] - APAC region grew approximately 55% year-over-year, while other Americas (Canada and Latin America) grew approximately 18% year-over-year [15][16] - EMEA region experienced a 19% year-over-year growth, with strong performance in fashion and luxury, tickets and travel, and money transfer and payments [16] Company Strategy and Development Direction - The company is focused on enhancing machine learning capabilities and has shifted approximately 70% of its models to autonomous training, which is expected to improve scalability and performance [6][7] - The company is investing in new product developments, including Adaptive Checkout, which has shown significant improvements in conversion rates for merchants [9] - The strategy includes targeting specific verticals and geographic regions for expansion, with a focus on mid-market opportunities [26] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism for the upcoming holiday season, supported by resilient consumer spending and strong performance in key categories [10][11] - The company raised the bottom end of its revenue guidance for the second consecutive quarter, now anticipating revenue between $338 million and $346 million for the full year [21] - Management highlighted the importance of navigating complexities introduced by agentic commerce and stablecoin adoption, positioning the company to assist merchants in this evolving landscape [39][60] Other Important Information - The company ended Q3 with $325 million in cash and investments, maintaining a zero-debt position [19] - Share repurchase activity included 5.2 million shares for approximately $25.3 million in Q3, with a total of 14.2 million shares repurchased for about $69.2 million in the first nine months [20] Q&A Session Summary Question: Momentum as the year ends - Management expects strong performance from both upselling existing merchants and acquiring new clients [24] Question: Emerging verticals for 2026 - The company is focused on specific large verticals and geographic regions for expansion, considering both product and distribution strategies [25][26] Question: Revenue contribution from non-Chargeback Guarantee products - Non-Chargeback Guarantee products have shown strong growth, exceeding 100% [29] Question: Long-term margin profile - The long-term margin profile varies based on product mix, with a focus on increasing gross profit dollars [30] Question: Gross margin trajectory into next year - Recent model improvements are expected to enhance gross margins, despite potential headwinds from new categories [34][35] Question: One-time expense impacts in Q3 - Positive impacts were related to payroll adjustments and reserve duties, with expectations for operating expenses to be around $39 million in Q4 [36][37] Question: Growing stablecoin adoption - The company sees stablecoins introducing complexity for merchants, which could drive demand for its services [39] Question: Agentic commerce opportunities and threats - Agentic commerce could increase demand for services due to added complexity, but could also pose risks if transactions shift away from traditional e-commerce [58][60] Question: 2026 EBITDA targets - Management remains optimistic about achieving targeted margins, although some delays may occur due to merchant events [62]

Financial Data and Key Metrics Changes - The company's GMV for Q3 was $37.8 billion, reflecting a 9% year-over-year increase, while the first nine months totaled $108.4 billion, up 7% year-over-year [12] - Q3 revenue reached a record $81.9 million, a 4% increase year-over-year, with year-to-date revenue of $245.3 million, up 5% year-over-year [13] - Non-GAAP gross profit for Q3 was $41.5 million, a 5% year-over-year increase, translating to a gross profit margin of approximately 51%, up 1% from the previous year [16] - Adjusted EBITDA for Q3 was $5.6 million, representing a margin of approximately 7%, with expectations for a margin of approximately 15% in Q4 [18][21] Business Line Data and Key Metrics Changes - The money transfer and payments category grew approximately 100% year-over-year in Q3, driven by new business activity [14] - The tickets and travel category grew 6% in Q3, while the fashion and luxury category saw a 13% increase [13][14] - The home category contracted by approximately 70% year-over-year, but growth is expected to return in Q4 [15] Market Data and Key Metrics Changes - In the U.S., revenue declined 12% year-over-year, primarily due to the contraction in the home category [15] - APAC region grew approximately 55% year-over-year, while other Americas (Canada and Latin America) grew approximately 18% year-over-year [15][16] - EMEA region grew approximately 19% year-over-year, with strong performance in fashion and luxury, tickets and travel, and money transfer and payments [16] Company Strategy and Development Direction - The company is focused on enhancing machine learning capabilities and has shifted approximately 70% of its models to autonomous training, which is expected to improve scalability and performance [6][7] - The company is investing in new product developments, including Adaptive Checkout, which has shown significant improvements in conversion rates for merchants [9] - The strategy includes targeting specific verticals and geographic regions for expansion, with a focus on mid-market opportunities [26] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism for a healthy holiday season, supported by resilient consumer spending and strong performance in key categories [10][11] - The company raised the bottom end of its revenue guidance for the second consecutive quarter, now anticipating revenue between $338 million and $346 million for the full year [21] - Management highlighted the importance of navigating complexities introduced by agentic commerce and the potential for increased demand for their services [60] Other Important Information - The company ended Q3 with $325 million in cash and investments, maintaining zero debt and achieving quarterly free cash flows of $13.4 million [19] - Share repurchase activity included 5.2 million shares for approximately $25.3 million in Q3, with a total of 14.2 million shares repurchased for approximately $69.2 million in the first nine months [20] Q&A Session Summary Question: Momentum as the year ends - Management expects strong performance from both upselling existing merchants and acquiring new clients [24] Question: Emerging verticals for 2026 - The company is focused on specific large verticals and geographic regions for expansion, considering both product fit and distribution strategies [26] Question: Revenue contribution from non-Chargeback Guarantee products - Non-Chargeback Guarantee products have shown strong growth, over 100%, contributing positively to long-term contracts and new business [28] Question: Long-term margin profile - The long-term margin profile varies based on product mix, with a focus on increasing gross profit dollars [30] Question: Gross margin trajectory into next year - Recent model improvements are expected to improve performance, but there may be headwinds from new categories and regions [34] Question: One-time expense impacts in Q3 - Positive impacts were related to payroll adjustments and reserve duties, with expectations for operating expenses around $39 million in Q4 [36] Question: Growing stablecoin adoption - The company sees stablecoins and crypto introducing complexity for merchants, which could drive demand for their services [39] Question: Agentic commerce opportunities and threats - Agentic commerce could increase demand for services due to complexity, but there is a risk if transactions move away from traditional e-commerce [60]

Financial Data and Key Metrics Changes - The company's GMV for Q3 was $37.8 billion, reflecting a 9% year-over-year increase, while the first nine months GMV was $108.4 billion, up 7% year-over-year [12] - Record Q3 revenue reached $81.9 million, a 4% increase year-over-year, with year-to-date revenue of $245.3 million, up 5% year-over-year [12] - Non-GAAP gross profit for Q3 was $41.5 million, a 5% year-over-year increase, translating to a non-GAAP gross profit margin of approximately 51%, an improvement of 1% from the prior year [16] - Adjusted EBITDA for Q3 was $5.6 million, representing a margin of approximately 7%, with expectations for a significant increase to around 15% in Q4 [18][20] Business Line Data and Key Metrics Changes - The tickets and travel category grew 6% in Q3, driven by new business wins, while the fashion and luxury category saw a 13% increase [12][13] - The money transfer and payments category achieved approximately 100% year-over-year growth in Q3, primarily driven by new business activity [14] - The home category contracted by approximately 70% year-over-year, but growth is expected to return in Q4 [15] Market Data and Key Metrics Changes - In the U.S., revenue declined 12% year-over-year, mainly due to the contraction in the home category, while APAC grew approximately 55% year-over-year [15] - Other Americas (Canada and Latin America) grew approximately 18% year-over-year, with EMEA growing approximately 19% year-over-year, supported by strong performance in key verticals [15][16] Company Strategy and Development Direction - The company is focused on enhancing machine learning capabilities, with 70% of models shifted to autonomous training, which is expected to improve scalability and performance [6][10] - The company is positioning itself to navigate the rise of agentic commerce through strategic partnerships and innovative technology [10] - The company plans to continue investing in product development while managing expenses effectively to maintain operating leverage [45][47] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism for a healthy holiday season, supported by resilient consumer spending and strong performance in key categories [11] - The company raised the bottom end of its revenue guidance for the second consecutive quarter, now anticipating revenue between $338 million and $346 million for the full year [20] - Management highlighted the importance of adapting to new complexities introduced by agentic commerce, which could drive demand for their services [58] Other Important Information - The company ended Q3 with $325 million in cash and investments, maintaining a zero-debt position [19] - The company repurchased 5.2 million shares for approximately $25.3 million in Q3, continuing its commitment to managing dilution [19] Q&A Session Summary Question: How does the company view growth outlook related to existing merchants versus new business? - Management expects strong performance on both upsell and new client acquisition fronts, consistent with prior years [23] Question: Are there emerging verticals to watch for 2026? - The company is focused on specific large verticals and geographic regions for expansion, considering both product fit and distribution strategies [25] Question: What is the revenue contribution from non-Chargeback Guarantee products for 2025? - Non-Chargeback Guarantee products have shown strong growth, over 100%, aiding in securing longer-term contracts and winning new business [27] Question: How does the company view the long-term margin profile with machine learning investments? - The long-term margin profile varies based on product mix, with a focus on increasing gross profit dollars [29] Question: What are the expectations for gross margins into next year? - Management anticipates improved performance from model enhancements, but also acknowledges potential headwinds from new categories [33] Question: How does the company view the impact of stablecoin adoption on fraud management? - The company sees stablecoins introducing complexity for merchants, which could drive demand for their services [39] Question: What are the opportunities and threats related to agentic commerce? - Agentic commerce presents opportunities due to increased complexity for merchants, but could also pose threats if transactions shift away from traditional e-commerce [58]

Top global executives are joining Rezolve Ai to lead the trillion-dollar Agentic Commerce transformationNEW YORK , Nov. 12, 2025 (GLOBE NEWSWIRE) -- Rezolve Ai (NASDAQ: RZLV), the AI-commerce company redefining digital engagement through its proprietary brainpowa LLM, has become a destination for some of the most accomplished leaders in global technology. Executives from Apple, Google, Microsoft, SAP, Tata Digital and other world-leading firms have joined the company, which we believe is a powerful signal o ...

RT s4mmy (@S4mmyEth)You are simply not bullish enough on the industry you log into every damn day.Here’s why:- Agentic Commerce: x402 + 8004; 2026 is going to be insane when these are used by billions of agents. Monitoring @coinbase + @ethereumfndn closely for leading this and how others like @Nethermind 8004scan support this- Reputation layer for agents; Agentic commerce won’t reach critical mass until this is solved. Protocols like @ethos_network @Ch40sChain @Moca_Network could easily provide a repository ...

RT Calc.eth (@Calcutat)Why are your $DREAMS going to come true?- x402- Agentic Commerce- PrivacyFor the unknowing, here is some info on @daydreamsagents 🧵 https://t.co/qHIxBcAaBw ...

RT s4mmy (@S4mmyEth)You are simply not bullish enough on the industry you log into every damn day.Here’s why:- Agentic Commerce: x402 + 8004; 2026 is going to be insane when these are used by billions of agents. Monitoring @coinbase + @ethereumfndn closely for leading this and how others like @Nethermind 8004scan support this- Reputation layer for agents; Agentic commerce won’t reach critical mass until this is solved. Protocols like @ethos_network @Ch40sChain @Moca_Network could easily provide a repository ...

DeAI and Robotics Industry Trends - Agentic commerce and robotics are gaining attention despite a broader crypto market downturn [3] - Crypto AI tools are rapidly developing, with new tools and platforms emerging [1] - Micropayments for AI agent data access are becoming a reality through protocols like x402 [1] Investment and Funding - TAOSynergies Inc invested $750k in Yuma Group's Bittensor subnet funds, split evenly between two funds ($375k each) [1] - Donut Browser raised $22 million to advance agentic crypto browsing for trading [2] Technological Advancements - Various platforms are launching new features for AI agents, including real-time intelligence, DCA trading assistants, and code assistance [1] - Advancements in robotics training are being driven by multi-modal data, with over 25k real-world robot training tasks uploaded to BitRobotNetwork [1] - New applications for AI are emerging, such as AI-powered "Eternal Museums" for preserving human civilization [1] Ecosystem Expansion - Subnet tokens are being listed on centralized exchanges (CEXs), increasing exposure to the TAO ecosystem [1] - Solana is hosting an x402 Hackathon with $100k in prizes [1] - New platforms are being developed for agentic finance and crypto browsing [2] Partnerships and Integrations - GTAOVentures is rolling out the ability to wrap alpha tokens natively within the Bittensor ecosystem, leveraging CCIP through a Chainlink partnership [1] - TalusNetwork partnered with SentientAGI to solve the distribution problem for decentralized AI Agents [2] Token Performance - MessariCrypto reported GEODNET's 217% YoY growth and 59% QoQ tokens burned [1]

U.S. Bancorp Conference Call Summary Company Overview - U.S. Bancorp is a $680 billion bank as of Q3 2025, with 42% of revenues derived from fee revenue characteristics and nearly $1 trillion in annual payment purchase volume [3][4][5] Key Industry Insights - The payments industry is growing at approximately 5% annually, with U.S. Bancorp maintaining the seventh position among the top players [11][12] - The bank's diversified distribution model includes proprietary bank-branded business (50% of revenue), co-brand business, and a white-labeled credit card issuing business [12][13] Financial Performance - The bank reported a flat cost structure of approximately $4.2 billion over the last eight quarters while increasing investments in the payments sector [5][6] - Fee income from card issuing constitutes about one-third of total revenue, with net interest income making up the remaining two-thirds [10][14] Strategic Focus Areas 1. **Payment Business Growth** - Over 90% of payment revenue comes from card issuing, which represents 26% of total bank revenue [5][6] - The bank aims for mid-single-digit growth in payment businesses with potential for upside [6][7] 2. **Product and Marketing Innovation** - Introduction of new products like the Split Card Mastercard, aimed at younger consumers, and increased marketing investment by 20% compared to previous years [19][20] - Plans to launch a similar product for small businesses to enhance service offerings [16] 3. **Technology and Digital Investments** - Significant investments in digital capabilities, including online journeys and mobile banking, to improve customer experience [17][18] - Acquisition of Bento for spend management capabilities targeted at larger small businesses [18] 4. **Embedded Payments and Software Solutions** - Growth in embedded payments, which have quadrupled compared to core acquiring capabilities [30] - Development of software solutions like Taloc for small businesses and Seleucro for healthcare [30][36] 5. **Industry Vertical Prioritization** - Focus on small to medium-sized businesses in key sectors such as retail, restaurant, and healthcare [35][36] - Successful integration of payments and banking services to enhance customer experience [35] Competitive Landscape - U.S. Bancorp competes against both legacy acquirers and emerging fintech providers, maintaining higher margins with moderate growth [26][27] - The bank's unique selling points include organizational stability, strong risk management, and integrated payment solutions [28][29] Market Trends and Consumer Behavior - The bank is observing a resilient consumer base, with a significant portion of transactions being non-discretionary spending [14][39] - The focus is on attracting affluent customers while maintaining a balanced mix of transactors and revolvers to drive diversified income [14][39] Future Outlook - U.S. Bancorp is optimistic about growth potential in the credit issuing business and plans to leverage its strengths in product offerings and customer acquisition strategies [38][39] - The bank is also exploring opportunities in agentic commerce, participating in pilots with card associations to stay ahead in this emerging space [44] Conclusion - U.S. Bancorp is strategically positioned for growth in the payments sector, with a focus on innovation, technology investments, and a diversified distribution model to enhance its competitive edge in the market [37][48]

Agentic Commerce & AI - Agentic Commerce 有望在 2026 年爆发，预计将被数十亿的代理使用 [1] - 代理信誉层至关重要，Ethos Network、Ch40sChain、Moca Network 等协议可能提供代理信誉数据存储库，从而增强经济互动 [1] - 关注新兴的 AI 优先链，这些链将 Agentic 活动作为优先事项，例如 GoKiteAI、NEARProtocol、Fetch_ai、0G_labs ICP 及其合作伙伴 [1] - AI 支持的收益，如 gaib_ai、USDai_Official、AethirCloud，鉴于对计算和 GPU 的巨大需求 [1] - KaitoAI 和 cookiedotfun 正在探索资本加权的思想份额、增强的分析和代理群，以破译时间线中的信号 [2] Robotics & Undervaluation - 过去 6 个月机器人技术改进速度惊人，预计将呈指数级增长，目前可以预购价格低于 2 万美元的机器人 [1] - 机器人领域总市值低于 4 亿美元，被严重低估 [1] Decentralized Finance (DeFi) & Traditional Finance (TradFi) - 资产管理和收益优化代理，如 gizatechxyz、almanak、yieldseekerxyz、ZyfAI_，使自动赚取 2 倍 TradFi 收益变得更容易，且没有费用和麻烦 [1] - 稳定币和 NeoBanks 正在迫使 TradFi 采用或被抛弃，关注 Tether 和 Circle 市值增长，表明更多美元进入链上，为 Agentic 基础设施的开发做好准备 [1] - 预测市场有机会颠覆传统博彩市场，为零售提供突破性用例，Vooi_io 等聚合器支持通过单一 UI 耕作多个 Perp DEX [1] - RWA（Real World Assets）的代币化是不可避免的，区块链优于当前系统 [1] Privacy & Regulation - 隐私币解决了区块链活动过于透明的问题，ZEC 价格上涨是该领域的良好营销案例 [1] - EchoDotxyz 的收购已为 ICO SZN 第二轮做好准备，一旦《Clarity Act》通过，将与 Base token 一起，以及代币持有者的股权权利如何出现 [1] Data & Tokenization - 即使是 InfoFi 仍然很原始，平台正在收集有价值的数据 [2] - 监控 DAT 的进展和 mNAV，作为机构兴趣短期上限的指标，同时监控谁在推出 DAT 作为锁定团队代币的流动性事件或出于真正的原因 [1]