Financial Data and Key Metrics Changes - Full year 2025 revenue grew 24% to $29.5 million, with Q4 revenue at $7.4 million, up 12% year-over-year [10][24] - Gross booking value reached $357 million in Q4, up 27% year-over-year [12] - Non-IFRS gross margin for Q4 was 72.7%, down from 74.3% in Q4 2024, while full year gross margin was 73.7%, up 130 basis points compared to 2024 [25] Business Line Data and Key Metrics Changes - Platform revenue grew 18% for the full year, while solutions revenue was up 27% from 2024 [24] - Q4 saw 445,000 bookings, marking a 27% increase year-over-year, with a record active carrier network of 77 carriers [11][12] - Solutions growth was softer than anticipated, indicating a need for tighter execution in product delivery and go-to-market strategies [15] Market Data and Key Metrics Changes - The company maintained a record of 445,000 bookings in Q4, reflecting strong transaction growth despite a volatile global trade environment [11] - The integration of new carriers and increased utilization of existing carriers contributed to transaction growth [12] Company Strategy and Development Direction - The company is prioritizing profitability and disciplined growth, aiming for break-even by the end of 2026 [4][8] - A solutions-first strategy is being adopted to enhance workflow ownership and drive sustainable revenue growth [18][19] - The focus is on expanding into ocean and tendering markets, which are expected to provide significant long-term upside [22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving adjusted EBITDA break-even by Q4 2026, driven by operational discipline and cost efficiency [27] - The board emphasized the importance of digitalizing the global freight ecosystem and enhancing governance and leadership for future success [5][6] Other Important Information - The company closed the quarter with $27.9 million in cash and short-term bank deposits, slightly better than expectations [26] - The transition from a founder-led to a professional CEO-led organization is ongoing, with a new CEO expected to be appointed before the next earnings release [7] Q&A Session Questions and Answers Question: Changes in go-to-market strategy - The go-to-market change is not drastic but focuses on customer-led initiatives and prioritizing projects with better returns [30] Question: Changes in headcount or operational changes - The focus is on targeting higher-value clients and improving overall execution in the go-to-market strategy [31] Question: Take rate trends - The take rate is considered quarterly noise, with no decrease in any revenue lines [32] Question: Deployment of large language models - The company is pursuing an AI strategy to enhance operational efficiencies and leverage its API-driven architecture [34][35] Question: Plans for improving unit economics - The focus is on prioritizing projects that yield better returns and expanding network capabilities [41] Question: Confidence in achieving EBITDA breakeven - The company remains committed to achieving adjusted EBITDA breakeven by Q4 2026 [48] Question: Gap between transaction growth and revenue guidance - The gap is attributed to the volatility in the solutions revenue business and longer sales cycles affecting new bookings [50][51] Question: Governance transition and board changes - The decision for a board member to step down was not planned and reflects a broader leadership change [52] Question: Timeline for GAAP profitability - The company aims to reach adjusted breakeven by the end of the year, with GAAP profitability expected to follow [54]