Financial Data and Key Metrics Changes - Total revenue for Q3 2025 was $34.6 million, with subscription and other platform revenue at $32 million, and professional services revenue at $2.6 million, representing approximately 8% of total revenue [19] - Total ARR at the end of Q3 was $124.5 million, with core platform ARR at $122.4 million [20] - Gross margin in Q3 was 76%, consistent with the year-to-date gross margin of 77% [22][24] - Operating loss for Q3 was $0.4 million, or a negative 1% operating margin, compared to a loss of $0.8 million and a negative 2% margin in the same period last year [24] Business Line Data and Key Metrics Changes - The average core ARR per customer reached over $80,000 at the end of Q3, with the percentage of ARR in multi-year contracts hitting an all-time high [21][22] - Nearly one in five customers are now using and paying for AI solutions, with this number expected to increase [21][37] - The $100,000 and above customer cohort represented approximately two-thirds of total ARR, with 294 customers in this cohort [22] Market Data and Key Metrics Changes - The company experienced deal slippage in Q3, particularly in the life sciences vertical, but expects improved performance in Q4 [5][20] - The company noted a seasonal softness in Q3, which is typically a slower quarter [5][48] Company Strategy and Development Direction - The company is focused on leveraging AI tools to improve operational efficiency and reduce sales and marketing expenses as a percentage of revenue [16][31] - A new partnership with LinkedIn aims to enhance event marketing capabilities and drive customer engagement [7][8][51] - The company is targeting growth in regulated industries, particularly financial services and professional services, which are expected to grow mid-single digits year over year [62] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about Q4 performance, expecting significantly better ARR performance compared to Q3 [5][32] - The company anticipates a strong retention rate and growth in AI offerings, which are expected to drive future revenue [32][49] - Management acknowledged short-term pressures in the pharma business but remains confident in the overall growth strategy [48] Other Important Information - The company has received indications of interest for a potential acquisition, which is currently being evaluated [18] - The company has maintained a strong balance sheet with approximately $175 million in cash and investments at the end of Q3 [26] Q&A Session Summary Question: Insights on AI solutions uptake - Management noted that nearly 20% of customers are paying for AI solutions, with expectations for continued growth in this area [36][37] Question: Components of go-to-market efficiency - Management highlighted a reduction in sales and marketing expenses from $25 million to less than $15 million quarterly, attributing improvements to AI deployment and resource reallocation [42][44] Question: Deal slippage from Q3 to Q4 - Management indicated that deal slippage was primarily due to a lack of urgency in closing new business, with many deals already closed in Q4 [48] Question: Monetization opportunities from LinkedIn partnership - Management described the partnership as a game changer, with initial phases focused on customer retention and future phases expected to include monetizable features [51][53] Question: AI search discoverability agenda - Management provided insights into plans for enhancing content discoverability through AI, aiming to make customer-generated content indexable by LLMs [56][57] Question: Performance of new go-to-market strategy - Management reported that the enterprise-focused strategy has resulted in significant growth in regulated industries, which now account for about 50% of the business [62]