Financial Data and Key Metrics Changes - Revenue for Q2 2025 was €26,100,000, representing a 4.9% year-over-year increase, with a 21% growth excluding The Netherlands [6][20] - Gross profit increased by 10.8% year-over-year to €13,700,000, with a gross profit margin of 52.7%, up 280 basis points [6][22] - Adjusted EBITDA for Q2 2025 was €3,500,000, a decrease of 4.3% from the same period in 2024, resulting in an adjusted EBITDA margin of 13.3% [7][22] Business Line Data and Key Metrics Changes - Proprietary content revenue grew by 270% year-over-year, contributing 14.8% of total revenue in Q2 2025, up from 10.8% a year ago [10][24] - The PAM and Turnkey segments generated CAD3.8 million, accounting for 14.6% of total revenue, down from CAD4.9 million or 19.9% in the same period last year [23] - Aggregated content made up 49.4% of revenue, slightly down from 49.6% the previous year [23] Market Data and Key Metrics Changes - In The Netherlands, the company experienced a 17% decline, outperforming the industry which saw a 25% decline [10][22] - The U.S. market showed significant growth, with proprietary content revenue increasing by 270% year-over-year [10][15] - Brazil's iGaming market is projected to grow from US$3.9 billion in 2025 to US$6.1 billion by 2030, with the company expecting Brazil to account for up to 10% of its revenue in 2025 [17] Company Strategy and Development Direction - The company is focusing on margin improvement and cash flow performance over aggressive revenue expansion due to increasing gaming taxes in key markets [7][27] - A strategic shift is underway to reduce reliance on The Netherlands, with projections indicating a decrease in revenue contribution from 49% in 2022 to 32% in 2025 [31] - The company aims to become an AI-first business by 2027, embedding AI into product development and operations to enhance player engagement and operational efficiency [18][32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to deliver sustainable profitable growth despite lower-than-expected top-line growth [28] - The company anticipates continued advancements in predictive analytics and the adoption of generative AI for scalable content creation [33] - Management highlighted the importance of diversifying revenue sources and leveraging proprietary content for profitability [31][43] Other Important Information - The company has made key hires to strengthen its leadership in content development and AI innovation [17][18] - A planned realization of cost synergies is expected to provide €2,000,000 in annualized cash savings [8] Q&A Session Summary Question: Revenue contribution from Hard Rock and Caesars - Management indicated a path to reach the previously mentioned 15% revenue contribution from proprietary content, with optimism about performance in the second half of the year [38][39] Question: Future growth opportunities - Management elaborated that highly accretive growth opportunities lie in proprietary content, with a focus on increasing production capabilities [42][43] Question: FX impact on guidance - There was a slight impact from the euro weakening against the US dollar, but it was not significant [41]