Core Insights - The company reported fourth quarter revenue of $43.1 million, a decrease from $49.9 million in the same period last year, but showed a sequential growth of 13% quarter-over-quarter [4] - Exchange service revenue increased by 48% year-over-year to $19.7 million, accounting for 46% of total revenue, while self-service revenue rose 23% sequentially to $10.2 million [4][5] - The company ended 2025 with a net loss of $14.7 million compared to a net income of $0.9 million in 2024, primarily due to lower gross margins and a net foreign exchange loss [4][8] Fourth Quarter 2025 Highlights - Revenue for Q4 2025 was $43.1 million, down from $49.9 million in Q4 2024 [4] - Gross margin decreased to 36% from 45% in the prior year, attributed to a shift in revenue mix [4] - Adjusted EBITDA for Q4 was a loss of $0.9 million, compared to a profit of $3.9 million in Q4 2024 [4] Fiscal Year 2025 Highlights - Full year revenue increased to $143.6 million from $140.4 million in 2024 [4] - Gross margin for the year was 40%, down from 47% in the previous year [4] - The company reported a net loss of $14.7 million for the year, compared to a net income of $0.9 million in 2024 [4] Strategic Developments - The company implemented restructuring initiatives that reduced its North American workforce and resized operating expenses to align with revenue levels [4][11] - Investments of $9.0 million were made in software development related to platform enhancements [11] - A new Chief Revenue Officer was appointed to strengthen sales leadership [11] Cash Position - As of December 31, 2025, the company had cash and cash equivalents of $43.8 million, down from $56.0 million at the end of 2024 [4] - The decrease in cash was primarily due to investments in the platform, lease payments, and share repurchases [4]