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]

Financial Data and Key Metrics Changes - Revenue for Q4 2025 was $7.4 million, up 12% year-over-year, while full year revenue reached $29.5 million, up 24% year-over-year [23][24] - Gross booking value (GBV) for Q4 was $357 million, up 27% year-over-year, indicating strong transaction growth [11] - Non-IFRS gross margin for Q4 was 72.7%, down from 74.3% in Q4 2024, while the full year gross margin was 73.7%, up 130 basis points compared to 2024 [24] Business Line Data and Key Metrics Changes - Platform revenue grew 13% in Q4 and 18% for the full year, while solutions revenue increased by 12% in Q4 and 27% for the full year [23][24] - The active carrier network remained at a record of 77 carriers, unchanged from Q3 and up from 67 in Q4 2024 [10] Market Data and Key Metrics Changes - Transactions and gross booking value (GBV) continued to grow at about 20%, while revenue guidance for 2026 is projected at 6%-12% [50] - The company is experiencing longer sales cycles due to market volatility, which has affected near-term solutions revenue growth [25][51] Company Strategy and Development Direction - The company is prioritizing profitability and disciplined growth, aiming to reach break-even by the end of 2026 [4][6] - A solutions-first strategy is being adopted, focusing on deeper integration and workflow ownership across air, ocean, and procurement [17][21] - The company plans to strengthen its comprehensive solution suite while driving transaction growth across the platform [6][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving break-even Adjusted EBITDA by Q4 2026, driven by operational discipline and cost efficiency [26][48] - The board believes there is a significant long-term opportunity to digitalize and modernize global freight, with a focus on enhancing governance and leadership [5][7] Other Important Information - The company closed the quarter with $27.9 million in cash and short-term bank deposits, slightly better than expectations [24] - The transition from a founder-led to a professional CEO-led organization is progressing, with a new CEO expected to be appointed before the next earnings release [6] Q&A Session Questions and Answers Question: Has there been a fundamental change in the go-to-market strategy compared to a year ago? - The go-to-market change is not drastic but focuses on being customer-led and prioritizing projects with better returns [30][31] Question: Any changes on the headcount side or operational changes to pursue a more selective strategy? - The focus will be on higher-value targets and overall execution improvements in the go-to-market strategy [32] Question: What is driving the gap between transaction growth and revenue guidance for 2026? - The gap is due to the solutions revenue being affected by market volatility and longer sales cycles, which has delayed new bookings [50][51] Question: Are you still comfortable with the likelihood of achieving EBITDA breakeven in 2026? - The company remains focused on cost discipline and operational efficiency to achieve Adjusted EBITDA breakeven by Q4 2026 [48] Question: Can you elaborate on the decision of Dr. Schreiber to step down from the board? - The decision was not planned and was made by Dr. Schreiber; the board remains strong and aligned on the company's strategy [52]