Financial Data and Key Metrics Changes - In Q3 2025, the company reported revenue of $21.1 million, representing a 17% increase quarter-on-quarter and a 1% increase year-on-year, marking the second consecutive quarter of double-digit sequential revenue growth [5][14] - Adjusted EBITDA loss improved by 68% year-on-year to negative $1.8 million, with the adjusted EBITDA margin improving from minus 26.5% to minus 8.4% [5][18] - Over the past nine months, adjusted EBITDA improved by 67% year-on-year, while net loss narrowed from $19.6 million to $5.7 million [5][6] Business Line Data and Key Metrics Changes - Insurance and wealth now account for 23% of total revenue, with insurance revenue increasing by 13% year-on-year to $2.3 million and wealth revenue growing by 5% to $2.6 million [6][15] - The company is shifting towards higher-margin products, which are expected to take a larger share of revenue in the coming years [6][10] Market Data and Key Metrics Changes - Singapore's revenue rose to $10.2 million from $7.9 million year-on-year, while Hong Kong's revenue was $7.5 million, slightly lower year-on-year but stable sequentially [15][16] - Taiwan and the Philippines reported revenues of $1 million and $2.4 million, respectively, showing gradual recovery [16] Company Strategy and Development Direction - The company is focused on delivering healthy annual revenue growth, continued margin expansion, and sustained positive free cash flow through a shift towards higher-margin products and AI-enabled operating leverage via Project Odyssey [4][10] - Project Odyssey aims to enhance operational efficiency and improve unit economics across major verticals, positioning the company as an AI-native financial decisioning platform [8][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence that Q4 2025 will be the first quarter of positive adjusted EBITDA since listing, driven by improved revenue mix and cost structure [10][20] - The company anticipates solid top-line growth and further revenue mix improvement towards insurance and wealth in 2026 [11][12] Other Important Information - Operating costs, excluding FX, fell by 13% year-on-year to $23.9 million, with significant reductions in technology and employee benefit expenses [7][17] - The company plans to pursue disciplined capital allocation and explore M&A opportunities that align with its strategic goals [12][37] Q&A Session Summary Question: What is the plan for the crypto segment? - The company plans to integrate digital assets into broader wealth journeys without setting standalone revenue targets, viewing it as an upside within the wealth segment [29] Question: Can you elaborate on the AI displacement risk? - Management sees AI as an amplifier of value rather than a risk, emphasizing their role in aggregating and curating data across various platforms [31] Question: Any further partnership potential? - The company is exploring partnerships within the ecosystem, particularly in Hong Kong, to create value through strategic collaborations [32] Question: Why did Adjusted EBITDA improve significantly despite flat revenue? - The improvement was driven by a high-quality revenue mix and structurally lower operating costs, reflecting the execution of a strategic reset [25][26] Question: How is the Credit Hero Club performing? - The Credit Hero Club is expected to enhance the personal loan segment, especially during tax loan season, by providing personalized offers based on credit profiles [38][40] Question: Outlook for different segments in 2026? - The company anticipates continued growth in higher-margin verticals like insurance and wealth, while also improving economics in cyclical categories [41][44]