Financial Data and Key Metrics Changes - Total revenues for 2025 were $27.9 million, down 27% year-over-year [11] - Software and services revenues were down only 15%, making up 49% of total revenue, up from 42% in 2024 [11] - Gross profit was $13.3 million, down 15% compared to the previous year, with gross margins at 47.6%, up 6.7 percentage points from 2024 [13] - Q4 revenues were $4.8 million, down 43% year-over-year, with gross margins at 49.1%, up 8.4 percentage points from Q4 2024 [15][16] Business Line Data and Key Metrics Changes - Software and services revenue continued to comprise over 50% of total revenue in Q4, reflecting a significant shift in revenue mix [3][15] - The annualized contract value of renewable software was $9.9 million, down 12% year-over-year [11] - Net dollar revenue retention for customers with at least $50,000 of annual contract value was 71% [12] Market Data and Key Metrics Changes - CTE customers drove 56% of bookings value in Q4, down from 58% in Q4 2024 [15] - The company noted that federal funding for K-12 education, which constitutes about 10% of their revenue, was impacted by macroeconomic uncertainties [23][25] Company Strategy and Development Direction - The company is focusing on expanding its software offerings and improving customer engagement across K-12, CTE, and workforce pathways [4] - zSpace launched the zStylus One, an AI-enabled stylus aimed at enhancing AR deployment and precision [5] - The company is leveraging AI for global expansion and accessibility, enabling translation across its platform in over 50 languages [8] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism for 2026, despite ongoing macroeconomic uncertainties and delays in opportunities due to geopolitical issues [9][20] - The company aims for adjusted EBITDA performance close to breakeven in 2026, assuming revenue remains similar to 2025 [32] Other Important Information - The company undertook significant restructuring in December 2025, reducing operating expenses and board size to align costs with revenues [18] - zSpace had approximately $1 million in cash equivalents as of December 31, 2025, down from $4.9 million a year prior [17] Q&A Session Summary Question: What does the funding outlook look like for 2026? - Management noted that while federal funding for K-12 education is uncertain, there is cautious optimism as things appear to be settling [25][27] Question: Can you discuss the significance of recent customer wins? - Management indicated that recent deals, including those with Greater Altoona and Atlanta Public Schools, are substantial and could contribute significantly to revenue in 2026 [41] Question: How is the mix of CTE growing compared to other business segments? - CTE is growing and now represents over 50% of the business, supported by federal funding [44][47] Question: What are the expectations for operating expenses and EBITDA in 2026? - Management believes that with reduced operating expenses and continued margin expansion, breakeven adjusted EBITDA is achievable [49]

Financial Data and Key Metrics Changes - Total revenues for 2025 were $27.9 million, down 27% year-over-year [11] - Software and services revenues were down only 15%, comprising 49% of total revenue, up from 42% in 2024 [11] - Gross profit was $13.3 million, down 15% year-over-year, with gross margins at 47.6%, up 6.7 percentage points from 2024 [13] - Q4 revenues were $4.8 million, down 43% year-over-year, with gross margins at 49.1%, up 8.4 percentage points from Q4 2024 [15][16] Business Line Data and Key Metrics Changes - Software and services revenue continued to represent over 50% of total revenue in Q4, indicating a significant shift in revenue mix [3][15] - The annualized contract value of renewable software was $9.9 million, down 12% compared to the previous year [12] - Bookings for the twelve-month period ending December 31 were $26.1 million, down 34% year-over-year [12] Market Data and Key Metrics Changes - CTE customers drove 56% of bookings value in Q4, down from 58% in Q4 2024 [15] - The company noted that federal funding for K-12 education, which constitutes about 10% of its revenue, was impacted by macroeconomic uncertainties [23][25] Company Strategy and Development Direction - The company is focusing on expanding its software offerings and improving customer engagement across K-12, CTE, and workforce pathways [4] - zSpace launched the zStylus One, an AI-enabled stylus aimed at enhancing AR deployment and precision [4][5] - The company is leveraging AI for global expansion and accessibility, enabling translation across its platform in over 50 languages [8] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism for 2026, despite ongoing macroeconomic uncertainties and the impact of the war in Iran on opportunities in the Middle East [9][20] - The company aims for breakeven adjusted EBITDA performance in 2026, assuming revenue remains similar to 2025 [32] Other Important Information - The company undertook significant restructuring in December 2025, reducing FTE positions by approximately half and cutting board size from 7 to 5 [18] - zSpace had approximately $1 million in cash equivalents as of December 31, 2025, down from $4.9 million a year prior [17] Q&A Session Summary Question: What does the funding outlook look like for 2026? - Management noted that while federal funding for K-12 education was uncertain, there is cautious optimism as things appear to be settling [25][27] Question: Can you discuss the significance of recent customer wins? - Management indicated that recent deals, including those with Greater Altoona and Atlanta Public Schools, are substantial and could contribute significantly to revenue in 2026 [41] Question: How is the CTE segment performing? - CTE is growing and now represents over 50% of the business, benefiting from federal funding [46]

Core Viewpoint - Ruanyun Edai Technology Inc. reported a significant decline in revenue due to challenging domestic market conditions and is shifting focus towards international markets for future growth [3][7]. Financial Performance - Revenue for the six months ended September 30, 2025, was $366,256, a decrease of 91.1% compared to $4,109,689 for the same period in 2024 [7][9]. - Gross margin fell to 26.2% from 42.1% year-over-year [7]. - The net loss for the period was $4,569,013, compared to a net loss of $680,241 in the prior year [7][9]. Management Strategy - The CEO highlighted a strategic realignment towards international markets as a response to domestic challenges, which has temporarily affected margins but is expected to position the company for future growth [3]. - Investments in international expansion and product portfolio optimization are seen as critical for a broader global future [3]. Balance Sheet Overview - Total assets as of September 30, 2025, were $14,182,333, up from $5,874,998 in March 2025 [8]. - Current assets increased significantly to $13,494,108 from $4,278,903 [8]. - Total liabilities rose to $7,132,111 from $6,381,149 [8]. Shareholder Information - The company reported an accumulated deficit of $20,192,106 as of September 30, 2025 [8]. - The total equity attributable to Ruanyun shareholders was $7,395,795, compared to a deficit of $161,800 in March 2025 [8].

Core Insights - Ambow Education Holding Ltd. is hosting an Open House during the ASU+GSV 2026 conference to showcase its AI-driven phygital innovation platform, HybriU [1][5] Event Details - The Open House will occur from April 13–16, 2026, from 1:00 PM to 6:00 PM PST at 600 B St, Suite 800, San Diego, CA 92101 [2] - Both in-person and virtual attendance options are available, with limited space for in-person demonstrations [6] Product Showcase - HybriU integrates physical and digital spaces to create immersive experiences, featuring 3D capabilities, AI-powered interaction, and real-time collaborative workflows [3][9] - The platform aims to redefine learning, collaboration, and engagement for modern classrooms and organizations [5][9] Leadership Engagement - Attendees will have the opportunity to meet Ambow leadership, including Dr. Jin Huang, CEO, and Mr. James Bartholomew, President [4]

Financial Data and Key Metrics Changes - In 2025, the company's revenue was RMB 2.4 billion, a decrease of 26% year-over-year [9] - Operating profit grew by 47% year-over-year to RMB 164 million in the second half of 2025, with an operating margin of 7.9% [8] - Operating expenses (OpEx) in the second half dropped 38% year-over-year to RMB 1.3 billion, demonstrating effective cost-saving initiatives [8][10] Business Line Data and Key Metrics Changes - Revenue from gaming and application services decreased by 30% to RMB 3.3 billion, attributed to the optimization of flagship IP [9][11] - The MY business revenue declined by 43% to RMB 1.2 billion, primarily due to the disposal of the Singapore early education business [12] - Despite revenue declines, the gross margin for gaming and application services remained high at 67% [11] Market Data and Key Metrics Changes - The company is optimistic about growth opportunities in Africa and Asia, indicating a focus on expanding its addressable market [6][12] - The management noted challenges in the U.S. market due to economic uncertainties, impacting overall performance [5] Company Strategy and Development Direction - The company is focusing on leveraging AI for growth and cost optimization, transitioning from optimization to execution [4][6] - Plans to introduce native AI games and expand product lines to capture new market opportunities [5][17] - The company aims to maintain profitability while committing to shareholder returns, including a dividend of no less than HKD 1 [23][32] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about market recovery in 2026, contingent on geopolitical stability, particularly in the Middle East [16][27] - The company is committed to aggressive cost optimization and expects to return to growth by the end of 2026 [26][30] Other Important Information - The company received an ESG rating of A, reflecting its commitment to sustainable practices [26] - The introduction of the AP10 product is expected to enhance service deployment capabilities [17] Q&A Session Summary Question: What is the company's progression with overseas business expansion with Zhongke WengAI? - The partnership is progressing well, with new products expected to be announced soon [51][54] Question: Is there any CapEx plan for AI-related development? - The company plans to double its CapEx in the AI area, expecting RMB 300 million in 2025 [53][54] Question: What is the latest development of the Thailand project? - The project is advancing, focusing on using AI to teach and assess capabilities, with strong support from the local government [56][58]

Financial Data and Key Metrics Changes - In 2025, the company achieved an operating profit of RMB 164 million, representing a 47% year-over-year growth and a 41% half-over-half growth [9] - The operating margin improved to 7.9%, an increase of almost 3 percentage points year-over-year and half-over-half [9] - Full-year revenue for 2025 was RMB 2.4 billion, down 26% year-over-year, with gaming and application services revenue decreasing by 30% to RMB 3.3 billion [10] - Gross profit was RMB 3.1 billion, down 30% year-over-year [10] - Operating expenses (OpEx) in the second half dropped 38% year-over-year to RMB 1.3 billion, demonstrating effective cost-saving initiatives [9][10] Business Line Data and Key Metrics Changes - The gaming and application services segment saw a revenue decline of 30% to HKD 3.3 billion, but maintained a gross margin of 67% [12] - The Mynd.ai business experienced a 43% revenue decline to RMB 1.2 billion, primarily due to the disposal of the Singapore early education business [13] - Despite the revenue decline, the gross margin for the Mynd.ai business remained stable at 35% [13] Market Data and Key Metrics Changes - The company noted challenges in the global economy and uncertainty in U.S. policies affecting its largest market [5] - The management expressed optimism about growth opportunities in Africa and Asia, indicating a focus on expanding market presence in these regions [6] Company Strategy and Development Direction - The company is focusing on leveraging AI for growth and cost optimization, transitioning from optimization to execution of costs [4][6] - There is a commitment to enhance shareholder returns, with a dividend of no less than HKD 1 per share planned for 2026 [25] - The company aims to maintain profitability while applying AI and expects to return to growth towards the end of 2026 [29] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenging macro environment but highlighted a meaningful recovery in the second half of 2025 [9] - The outlook for 2026 is cautiously optimistic, with expectations of market recovery and growth opportunities in AI and education sectors [6][32] - The company is committed to aggressive cost optimization to ensure EBITDA breakeven and maintain cash flow [34][35] Other Important Information - The company won the Company of the Year award at BETT, a significant recognition in the education sector [20] - The management is working on a sovereign education large language model to cater to the needs of developing countries [30][31] - The company received an ESG rating of A, reflecting its commitment to environmental, social, and governance standards [28] Q&A Session Summary Question: What is the company's progression with overseas business expansion with Zhongke WengAI? - The company is on the verge of announcing new products for both Hong Kong and overseas markets, with positive progress in the partnership with Zhongke WengAI [46][47] Question: Is there any CapEx plan for AI-related development or investment? - The company plans to double its CapEx in the AI area, expecting to reach RMB 300 million in 2025 [45] Question: What is the latest development of the Thailand project and other national-level projects? - The Thailand project is progressing well, focusing on using AI to teach people how to use AI tools, with expectations for continued collaboration with the government [48][49]

Financial Data and Key Metrics Changes - In the second half of 2025, operating profit grew 47% year-over-year to RMB 164 million, with an operating margin of 7.9%, up nearly 3 percentage points year-over-year [9] - Full year revenue for 2025 was RMB 2.4 billion, down 26% year-over-year, with gaming and application services revenue decreasing by 30% to RMB 3.3 billion [10] - Operating expenses in the second half dropped 38% year-over-year to RMB 1.3 billion, demonstrating effective cost-saving initiatives [9][10] Business Line Data and Key Metrics Changes - Gaming and application services revenue decreased by 30% to HKD 3.3 billion, but gross margin remained high at 67% [12] - MY business revenue declined 43% to RMB 1.2 billion, primarily due to the disposal of the Singapore early education business [13] - Despite revenue declines, the core segmental profit margin for gaming increased by 3.9 percentage points to 27.4% [12] Market Data and Key Metrics Changes - The company is optimistic about growth opportunities in Africa and Asia, leveraging AI technology to enhance market presence [7][8] - The education sector faces challenges due to global economic uncertainties, particularly in the U.S. market [6] Company Strategy and Development Direction - The company aims to leverage AI for growth, transitioning from cost optimization to execution [5] - A focus on developing native AI games and expanding product lines to capture a larger addressable market is emphasized [5][7] - The introduction of the sovereign education large language model aims to cater to local needs in both developed and developing countries [27][28] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about market recovery in 2026, contingent on geopolitical stability, particularly in the Middle East [16][26] - The company plans to maintain profitability while applying AI to optimize costs and enhance growth [25][26] Other Important Information - The company committed to a dividend of no less than HKD 1 for 2026 and plans to return no less than HKD 600 million to shareholders [23][34] - The company received an A rating for its ESG efforts, indicating a strong commitment to sustainability [25] Q&A Session Questions and Answers Question: What is the company's progression with overseas business expansion with Zhongke WengAI? - The company is on the verge of announcing new products for both Hong Kong and overseas markets, with positive progress in the partnership with Zhongke WengAI [42][43] Question: Is there any CapEx plan or guidance for AI-related development? - The company plans to double its CapEx in the AI area, expecting to reach RMB 300 million in 2025 [41] Question: What is the latest development of the Thailand project and other national-level projects? - The Thailand project is progressing well, focusing on using AI to teach and assess capabilities, with expectations for continued collaboration with the local government [44][46]

Opening Remarks Dr. Simon Leung NetDragon Websoft Holdings Limited Stock Code: 777 HK 2025 Annual Earnings Presentation March 27, 2026 Disclaimer This presentation is prepared by NetDragon Websoft Holdings Limited (the "Company", together with its subsidiaries referred to as the "Group" in this presentation) solely for information purposes and is not to be construed as a solicitation of an offer to buy or sell any securities of the Company in any jurisdiction. Information is given in summary form and does n ...

Core Insights - AppLovin (APP) and Duolingo (DUOL) are highlighted as growth-oriented companies in the mobile technology sector, with APP focusing on user acquisition and in-app revenue through its marketing platform, while DUOL targets the language-learning market with innovative app solutions [1][2]. AppLovin (APP) Insights - AppLovin's scalability is driven by its Axon engine, which automates ad placement and performance optimization, allowing for faster campaign deployment and efficient budget scaling [3][4]. - The self-service platform of AppLovin enhances operational efficiency, attracting new advertisers and increasing revenue from existing customers [4]. - AppLovin's Axon capabilities are expanding beyond mobile gaming into e-commerce, diversifying revenue streams while maintaining margin stability [5]. - Management expresses confidence in sustaining high double-digit growth and strong EBITDA margins, indicating a shift towards platform economics [6]. - The strategic pivot away from a gaming-dependent model to an AI-driven advertising infrastructure has redefined AppLovin's market position [7][8]. - Financial performance reflects this transformation, with Q4 2025 revenues up 66% year-over-year and adjusted EBITDA increasing by 82% [10][11]. - For 2026, AppLovin estimates a 39% sales growth and a 57% EPS growth, indicating strong financial momentum [19][28]. Duolingo (DUOL) Insights - Duolingo leverages AI and proprietary learner data to enhance its competitive edge, introducing personalized learning experiences across new verticals [12][14]. - The company has developed engagement mechanisms that resemble social platforms, which are crucial for user retention [13]. - Despite its strengths, Duolingo is experiencing slowing user growth, with projected revenue growth in the mid-teens for 2026, a significant deceleration from previous years [15][22]. - Management is focusing on user acquisition rather than monetization, which may dampen short-term financial performance [16]. - Increased investments in R&D and marketing are expected to pressure profitability, with adjusted EBITDA margins anticipated to decline initially [17]. - Duolingo does not have a dividend policy, relying solely on share price appreciation for investor returns, which may be uncertain given the slowing growth expectations [18]. Comparative Valuation - AppLovin's forward sales multiple is 17.1X, below its 12-month median, while Duolingo's stands at 3.59X, also below its median [26]. - AppLovin is viewed as the stronger growth candidate due to its financial momentum and scalability, while Duolingo faces operational challenges and slowing growth [27][28].

Core Insights - zSpace has successfully integrated its immersive AR/VR learning platform in Atlanta Public Schools (APS) since 2015, enhancing STEM education and career exploration for students [1][2][4] Group 1: Implementation and Impact - APS has utilized zSpace technology across all educational levels, providing hands-on experiences that allow students to engage with complex scientific concepts and develop real-world skills in safe environments [2][8] - The district has received national accolades for its innovative educational practices, including the 2023 District of Distinction by ISTE and recognition for Atlanta College and Career Academy as a School of Distinction [3][6] Group 2: Educational Programs and Initiatives - One notable initiative involved students designing bat houses to solve a local insect issue, where they tested their designs virtually before constructing them in reality [5] - APS has expanded zSpace usage into workforce preparation programs, offering students in fields like dental assisting and automotive technology access to 24 zSpace workstations for practical training [6][7] Group 3: Benefits of Immersive Learning - Immersive technology provides students with practical experiences in real-world scenarios without the limitations of cost, safety, or accessibility, allowing them to simulate complex tasks [7][8] - The continuous integration of immersive learning from elementary through career academies enables students to explore interests, build skills, and gain confidence in their future careers [9] Group 4: Company Overview - zSpace, Inc. specializes in AR/VR experiences aimed at enhancing STEM and career readiness programs, serving over 3,500 educational institutions [13]