FOURTH QUARTER & FULL YEAR 2025 EARNINGS PRESENTATION MARCH 3, 2026 SEAN BAGAN: PRESIDENT & CHIEF EXECUTIVE OFFICER JEREMY EVANS: EXECUTIVE VICE PRESIDENT, CHIEF FINANCIAL OFFICER TANIA ALMOND: VP, INVESTOR RELATIONS & CORPORATE COMMUNICATION SAFE HARBOR This presentation and oral statements made by management in connection herewith contains "forward‐looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934. Forward‐looking statements involve risks and uncertainties, and a ...

Fourth Quarter and Fiscal Year 2025 America's Coffee DISCLAIMER Forward-Looking Statements This presentation contains forward-looking statements about BRC Inc. (the "Company," "we," "us," and "our") and its industry that involve substantial risks and uncertainties. All statements other than statements of historical fact contained in this presentation, including statements regarding the Company's intentions, beliefs or current expectations concerning, among other things, the Company's financial condition, li ...

Agora, Inc. 2025 Q4 Earnings March 2, 2026 Disclaimer Information in this presentation contains forward-looking statements within the meaning of Section 21E of the U.S. Securities Exchange Act of 1934, as amended. These forward-looking statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. All statements other than statements of historical or current fact included in this presentation are forward-looking statements, including but not limited to s ...

Financial Data and Key Metrics Changes - The company reported a 14% increase in VMD (Value of Managed Debt) for 2025, with adjusted EBITDA growing at 28% [5][6] - The insurance segment generated $174 million in VMD, a 10% increase year-over-year, while the consumer group segment profit increased by 17% [6][9] - The home segment recorded a 6% year-over-year growth in revenue for Q4, although margins were pressured by increasing media costs [11] Business Line Data and Key Metrics Changes - The insurance segment led growth with a 10% increase in VMD, driven by strong demand and market share gains [6][7] - The consumer group segment saw a remarkable 60% revenue growth from the small business team, with segment profit increasing 24% in Q4 [9][10] - The home segment's revenue growth was impacted by lower conversion rates and increasing media costs, despite a slight improvement in mortgage rates [11] Market Data and Key Metrics Changes - The national 30-year mortgage rate dipped below 6% for the first time since 2022, which may unlock a historically slow mortgage market [11] - The company noted that the insurance carriers are becoming more aggressive in growing market share, with many carriers opening up more geographies for their products [32][33] Company Strategy and Development Direction - The company aims to be the number one destination for shopping for financial products, focusing on four strategic pillars: accelerate the core business, improve consumer experience, expand product offerings, and rebuild the brand [17][24] - Investments will be made in expanding the small business concierge sales force and enhancing marketing technology platforms to drive growth [18][20] - The company plans to reposition its brand to encompass a wider variety of financial products beyond just mortgages [25] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the insurance segment's growth sustainability, citing strong profitability among carriers and increased competition for market share [31][32] - The company is cautious about the home segment's forecast, not assuming continued improvement in mortgage rates, which could lead to conservative guidance [11][56] - Management highlighted the importance of AI and technology in enhancing consumer experience and driving traffic to the company's network [12][38] Other Important Information - The company has seen significant revenue growth of over $10 million per quarter in its call center operations, with minimal operational expense growth [14] - A new bill passed by Congress will improve the quality of leads by preventing trigger leads from being sold to third parties, enhancing consumer experience [63][66] Q&A Session Summary Question: Sustainability of growth in insurance - Management clarified that growth is broad-based across multiple carriers, not solely dependent on the top three, and highlighted the profitability and aggressive market share strategies of insurance carriers [28][31] Question: Integration with LLMs for visibility - Management discussed ongoing efforts to integrate AI and LLMs into their marketing and consumer engagement strategies, focusing on driving high-intent traffic [35][37] Question: Targeted brand investments in the second half of the year - Management explained the need for brand investment to improve unaided awareness and reposition the brand as a destination for all financial products [42][44] Question: Visibility of revenue compared to previous periods - Management indicated that revenue visibility for 2026 is solid, with growth dependent on driving more consumer traffic rather than solely on client budget increases [77][78] Question: Mortgage market tipping point - Management noted that while the mortgage rate is improving, significant consumer traffic is still hindered by affordability issues and existing low rates on current mortgages [79][80]

Financial Data and Key Metrics Changes - The company ended Q4 with approximately $2 billion in liquidity, marking the highest liquidity position in its history [10][12] - For Q1, the estimated adjusted EBITDA loss is projected to be in the range of $160 million to $180 million, reflecting a deliberate increase in investment [13][14] Business Line Data and Key Metrics Changes - The company is focused on commercializing the Midnight aircraft, progressing certification activities, scaling manufacturing, and advancing market launch efforts [12][13] - The partnership with Anduril is central to the defense strategy, with plans to design an autonomous hybrid electric VTOL aircraft for dual use [8][9] Market Data and Key Metrics Changes - The global backlog continues to grow, with the order book in the billions, including partnerships with seven of the world's largest airlines [7] - The company is the first eVTOL manufacturer to establish a restricted type certificate program with the GCAA in the UAE, allowing for piloted and passenger-carrying operations [6][8] Company Strategy and Development Direction - The company aims to be a category leader by investing in adjacent opportunities such as hybrid aircraft and software platforms, expanding its total addressable market [12][13] - The focus is on rapidly progressing commercialization strategies in both the U.S. and UAE, while monitoring geopolitical situations closely [5][6] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about winning a major defense contract this year and highlighted the importance of the Summer 2028 Olympics as a key commercialization milestone [15][59] - The FAA's acceptance of 100% of Midnight's means of compliance is seen as a significant achievement, unlocking the next phase of certification plans [8][24] Other Important Information - The company has partnered with Palantir for next-generation air traffic control and is working with NVIDIA and SpaceX to enhance aircraft capabilities [9] - The leadership team, including the President of Aircraft OEM, is noted for their experience and impact on engineering and manufacturing [10] Q&A Session Questions and Answers Question: What are the next milestones for the EIPP program? - The company views the EIPP as a significant moment for the industry, aiming for public flights in the second half of the year [19][20] Question: Can you elaborate on the piloted VTOL flight testing plans for the year? - The company is ramping up flight testing and aims to efficiently progress through transition testing in support of the EIPP [23][37] Question: What is the expected EBITDA trajectory and CapEx for 2026? - Spending is expected to be elevated in 2025, focusing on supply chain readiness, hybrid aircraft development, and AI software platform [27][28] Question: How does the restricted flight approach differ from full certification? - The restricted type certificate offers broader operational flexibility and a scalable foundation for market entry in the Middle East [29][30] Question: What does the completion of the 100% means of compliance signify? - It indicates significant progress in the certification process, although further design changes may still occur [49][50] Question: How is the company preparing for the Olympic 2028 date? - The Olympic date has created an unslippable deadline, aligning efforts across the industry to ensure timely progress [59][60]

Financial Data and Key Metrics Changes - In 2025, the company achieved a revenue growth of 60%, reaching $554 million, and Adjusted EBITDA increased to $227 million with a margin of approximately 41% [4][15] - The company exceeded its initial revenue guidance by 30% and nearly doubled its original EBITDA guidance, resulting in an 86% flow-through rate on top-line outperformance for the year [4][5] - Full-year Adjusted EBITDA grew 162%, significantly outpacing revenue growth, driven by gross margin expansion and operating leverage [5][20] Business Line Data and Key Metrics Changes - The company acquired 867,000 new members in Q4, a 13% year-over-year increase, with a customer acquisition cost (CAC) of $20 [6][14] - Originations for ExtraCash reached a record $2.2 billion, up 50% year-over-year, driven by a 19% increase in multi-transaction members and a 20% increase in average ExtraCash size to $214 [7][8] - High-margin subscription revenue grew 92% year-over-year, benefiting from the new $3 monthly subscription fee for new members [9] Market Data and Key Metrics Changes - The company has 2.9 million multi-transaction members (MTMs), which is a small fraction of the total addressable market (TAM) of 185 million customers [6] - The 28-day past due rate improved 12% sequentially to 1.89%, outperforming guidance of below 2.1% for the quarter [8][15] - The net monetization rate expanded to an all-time high of 4.8%, with average revenue per ExtraCash origination net of losses growing 27% year-over-year [16] Company Strategy and Development Direction - The company aims to sustain mid-teens member growth and low double-digit average revenue per user (ARPU) growth as part of its growth algorithm [5][22] - The strategy includes efficient member acquisition, engaging members with ExtraCash, and deepening engagement through the Dave Card [6][7] - The company plans to transition ExtraCash receivables to a new off-balance sheet funding structure, expected to unlock over $200 million in incremental liquidity [20][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the durability of the growth algorithm and the potential for continued growth and profitability in 2026 [12][22] - The company anticipates revenue for 2026 to be in the range of $690 million to $710 million, representing year-over-year growth of approximately 25% to 28% [22][23] - Management noted that the current economic environment is stable, with no significant impacts from the tax refund season observed [71] Other Important Information - The company is currently in the discovery phase of a DOJ matter but believes it has been compliant with applicable laws [10] - The board approved an increase in the share repurchase authorization from $125 million to $300 million, reflecting confidence in the intrinsic value of shares [21] Q&A Session Summary Question: How close is the company to optimizing credit outcomes and gross profit growth? - Management indicated that there is still room for growth with CashAI v5.5, but testing for version 6.0 will begin later this year [26][28] Question: How much of members' monthly spend is currently captured by Dave? - The company captures about 30% of customers' ExtraCash spend, with expectations that the Pay in Four product will help drive incremental engagement [35][36] Question: Will the new subscription charges for Dave Card affect grandfathered accounts? - Current plans are to keep grandfathered accounts at $1 per month, with potential for future changes based on additional product value [46][52]

Financial Data and Key Metrics Changes - The company reported a 14% increase in VMD (Volume of Managed Dollars) and a 28% growth in adjusted EBITDA for the full year 2025 [4] - The insurance segment generated $174 million in VMD, marking a 10% increase year-over-year [4] - The consumer group segment profit increased by 17% last year, with small business revenue growing by 60% [5][6] Business Line Data and Key Metrics Changes - The insurance segment led growth with a 10% increase in VMD, driven by strong demand and market share gains [4] - The consumer group segment saw a 24% increase in segment profit in Q4, with small business revenue growing by 78% year-over-year [6][7] - The home segment recorded a 6% year-over-year revenue growth, although faced margin pressures due to rising media costs [8] Market Data and Key Metrics Changes - The national 30-year mortgage rate dipped below 6% for the first time since 2022, which may unlock a historically slow mortgage market [8] - The company noted a 17% increase in overall conversions year-over-year in Q4, despite challenges from legacy SEO [10] Company Strategy and Development Direction - The company aims to be the number one destination for financial product shopping, focusing on four strategic pillars: accelerate core business, improve consumer experience, expand product offerings, and rebuild brand [11][12] - Investments will be made in expanding the small business concierge sales force and enhancing marketing technology platforms [12][13] - The company plans to reposition its brand to encompass a wider range of financial products beyond just mortgages [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the sustainability of growth in the insurance segment, citing strong profitability among carriers and aggressive market share strategies [20][22] - The company is optimistic about continued growth in consumer traffic and revenue, driven by effective marketing strategies [65] - Management acknowledged the need for caution in forecasting, particularly in the insurance segment, while remaining optimistic about the overall market conditions [44][45] Other Important Information - The company has seen significant revenue growth of over $10 million per quarter in its call center operations, with minimal operational expense growth [10] - A new bill passed by Congress will eliminate the practice of trigger leads, improving the quality of leads and consumer experience [51] Q&A Session Summary Question: Sustainability of growth in insurance - Management clarified that growth is broad-based, with strong performance from both top carriers and the next tier of carriers [19][20] Question: Integration with LLMs for visibility - The company is working on SEO strategies and AI development to enhance consumer engagement and improve the shopping experience [24][25] Question: Brand investments in the second half of the year - The company plans to invest at least $10 million in brand repositioning to enhance unaided awareness and attract new customers [36][31] Question: Visibility of revenue compared to previous periods - Management indicated that revenue visibility for 2026 is solid, with a focus on driving consumer traffic rather than relying solely on client budget increases [65][66] Question: Mortgage market tipping point - Management noted that while the current mortgage rates are still high, a rate around 5.5% could significantly increase consumer activity in refinancing [68]

Financial Data and Key Metrics Changes - Total revenue for Q4 2026 was $695 million, representing a 27% year-over-year increase, exceeding the high end of guidance by 4% [5][18] - Non-GAAP operating margin was 23%, exceeding guidance by over 100 basis points [6][19] - Net income for Q4 was $143 million, or $1.65 per share, compared to $108 million, or $1.28 per share, in the previous year [19] Business Line Data and Key Metrics Changes - Atlas revenue grew 29% year-over-year, accounting for 72% of total revenue, up from 71% in the previous year [19][20] - Non-Atlas revenue grew 20% year-over-year, marking the best growth quarter in the last two years [5][6] - Non-Atlas ARR grew 13% year-over-year, reflecting strong momentum in the business [22] Market Data and Key Metrics Changes - The number of customers increased to over 65,200, with 2,700 new customers added in Q4, representing a 60% year-over-year increase in customer additions [6][24] - The total company net ARR expansion rate increased to 121% in Q4, up from 120% last quarter and 119% a year ago [20] Company Strategy and Development Direction - The company aims to become the generational data platform of choice in the AI and multi-cloud era, focusing on deepening strategic partnerships and accelerating growth, particularly among large enterprises and AI-native customers [4][15] - Investments will be made to enhance AI capabilities, integrate Voyage, and achieve feature parity between EA and Atlas [30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the durability of the EA business and the strategic importance of having both cloud and on-prem solutions for large customers [11][12] - The outlook for Q1 2027 anticipates revenue of $659 million to $664 million, representing 20%-21% year-over-year growth [32] Other Important Information - The company ended Q4 with nearly $2.4 billion in cash equivalents and strong operating cash flow of $180 million [24] - A new Chief Customer Officer, Erica Volini, will focus on accelerating partner growth and enhancing customer experience [16] Q&A Session Summary Question: Developer buy-in impressions from the January event - Management noted a successful event with a high turnout, indicating increased mindshare among builders, with 70% of attendees being new to MongoDB [37] Question: Status of the CRO search and attributes sought - The search for a new CRO is in the final stages, focusing on candidates with experience in high-end enterprise and consumption-based models [42] Question: Growth expectations for the EA business - Management indicated that while there is momentum in EA, growth expectations remain conservative due to the variability in multi-year deals [72] Question: Impact of bundling on Atlas revenue - Management clarified that bundling with EA impacted Atlas growth, attributing more revenue to EA than initially expected [66] Question: Future product strategy for agentic coding - The company aims to ensure that agents will also find MongoDB appealing, focusing on machine-friendly integrations and autonomous database management [50][51]

Financial Data and Key Metrics Changes - In Q4, the company achieved revenue growth of 11.5%, exceeding guidance, with EPS of $0.96, marking the highest quarterly adjusted free cash flow in over a decade at $1.6 billion [4][18][29] - For the full year 2025, net revenue increased by 9.5% to $52.6 billion, with non-GAAP net income rising by 8.6% to $681.9 million [5][20] - Adjusted EBITDA for the year was $1.36 billion, up from $1.32 billion in 2024, with Q4 adjusted EBITDA growing to $430.9 million compared to $418.1 million in the prior year [20][27] Business Line Data and Key Metrics Changes - The client and endpoint solutions business grew by 8.8%, driven by strong demand for notebooks and desktops, while advanced solutions returned to growth with an 11.3% increase [21][24] - The sales mix shifted towards lower-margin client and endpoint solutions across all geographic segments, impacting overall gross margins [19][24] - The advanced solutions segment, particularly in GPU and AI infrastructure, contributed significantly to revenue, although these sales were noted to have lower average margins [25][50] Market Data and Key Metrics Changes - Geographically, all four regions experienced growth, with Asia Pacific leading at 14.6% year-over-year growth, followed by North America at 9.3% [21][23] - EMEA net sales increased by 13.9% year-over-year, while Latin America saw a 6.6% increase, driven by client and endpoint solutions [23] - The SMB segment showed its fourth consecutive quarter of sequential growth, indicating a positive trend in this customer category [22] Company Strategy and Development Direction - The company is focused on leveraging its Xvantage platform to enhance operational efficiency and drive revenue growth, with a three-phase strategy aimed at operational efficiency, top-line growth, and data-driven margin enhancement [6][7] - The company is committed to AI initiatives, with significant investments in AI-related products and services, positioning itself to capture future growth opportunities in this sector [5][10] - The company plans to expand its agentic assistant capabilities globally, enhancing customer engagement and sales conversion rates [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating market challenges, citing strong execution and operational efficiencies as key factors for future success [16][17] - The company anticipates continued growth in 2026, driven by its platform capabilities and customer-centric approach, despite potential market uncertainties [17][30] - Management highlighted the importance of maintaining strong relationships with vendors and customers to adapt to changing market conditions [43][66] Other Important Information - The company has been granted two patents related to its Xvantage platform, enhancing its technological differentiation in the market [13] - The company has successfully reduced its net debt to adjusted EBITDA leverage ratio from 2.2x to 1.0x, reflecting improved financial health [28] - The company authorized a $100 million share buyback program, indicating a commitment to returning value to shareholders [78] Q&A Session Summary Question: Drivers of revenue guidance for Q1 - Management noted that the PC refresh cycle remains strong, with expectations of flat to low single-digit growth in client and endpoint solutions, and continued strength in advanced solutions [35][36] Question: Commentary on pull forward in sales - Management indicated that there was no notable pull forward in Q4, and they are monitoring the situation closely for Q1 [40][41] Question: Momentum in AI infrastructure enablement - Management highlighted significant sales of GPU and AI-enabled products, noting a 15 basis point impact on gross margins, and emphasized the importance of education and training in monetizing these opportunities [48][50] Question: Visibility into second half demand - Management stated that enterprise customers are preparing budgets for the remainder of the year, while SMB demand remains fluid [56][57] Question: Impact of tariffs on Q1 guidance - Management confirmed that tariffs are pass-through costs and are monitoring their potential impact on demand, particularly in the SMB segment [64][66] Question: Capital allocation priorities - Management reiterated a focus on debt paydown, with significant repayments made, while also investing in Xvantage and maintaining a dividend policy [77][78]

Financial Data and Key Metrics Changes - The fourth quarter revenue reached $62 million, with product revenue of $41 million, marking the twelfth consecutive quarter of product revenue growth [4][12] - GAAP gross margin was strong at 60%, reflecting a 20 percentage point impact from royalties [12][15] - Full year revenue for 2025 was $169 million, a 52% year-over-year increase, or 32% excluding royalties [16] - Adjusted EBITDA for the fourth quarter was a positive $11 million, while the full year adjusted EBITDA was a loss of $12 million, an improvement from a loss of $42 million in 2024 [15][17] Business Line Data and Key Metrics Changes - The industrial vertical was the largest contributor to fourth quarter revenue, followed by robotics and smart infrastructure [12] - Software attached bookings more than doubled in 2025, representing over 15% of sensors shipped, up over 120% year-over-year [5][6] - Over 8,100 sensors were shipped in the fourth quarter, contributing to a total of over 25,000 sensors shipped for the year, a 48% increase compared to 2024 [12][16] Market Data and Key Metrics Changes - Demand for Gemini and BlueCity solutions remained strong, contributing significantly to quarterly results [12] - The company is expanding its BlueCity solutions across the United States and launching additional pilots in Europe and the Middle East [26] Company Strategy and Development Direction - The company aims to revolutionize its lidar camera and AI compute products, with plans for significant product overhauls in 2026 [23][24] - The acquisition of Stereolabs positions the company as a foundational end-to-end sensing and perception platform for Physical AI [21][22] - Strategic priorities for 2026 include extending leadership in Physical AI solutions and executing towards profitability [23][27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving total revenue between $45 million and $48 million for the first quarter of 2026, including revenue from Stereolabs [18] - The company anticipates continued strong demand for digital lidar products and a positive impact from the Stereolabs acquisition on long-term financial performance [18][19] - Management highlighted the importance of maintaining operational discipline and managing expenses while navigating a volatile macroeconomic environment [10][15] Other Important Information - The company maintains a strong balance sheet with cash equivalents and short-term investments of $211 million and no debt [15][16] - The company expects total royalty revenue for 2026 to be less than $5 million, with the majority recognized in the latter half of the year [13] Q&A Session Summary Question: How can the company quantify the pace of learning with its systems? - The company emphasized the iterative cycle of sense, think, act, and learn, noting that improvements are accelerating with over 1,200 sites deployed [30][32] Question: What is the trend in customer engagement in the defense sector? - Management indicated that while there is interest in automation, fully autonomous systems are still in the research phase, with significant shifts expected in a few years [34][36] Question: Which industry is expected to grow the fastest? - Management expressed optimism about smart infrastructure due to recent investments and the potential for rapid growth in this area [39][40] Question: How has customer interest shifted since the acquisition? - The reception to the Stereolabs acquisition has been positive, with customers eager to purchase combined systems from the unified company [66][68] Question: What are the company's plans regarding liquidity and capital needs? - The company has sufficient cash runway and is strategically positioned for future opportunities, including potential M&A [62][63]