VERSES (NasdaqCM:VRSS.D) Update / briefing Transcript

Summary of VERSES AI Webinar (February 18, 2026) Company Overview - Company: VERSES AI (NasdaqCM: VRSS.D) - Industry: Artificial Intelligence, specifically focusing on financial services Key Points and Arguments Leadership Changes - Recent leadership changes were announced, with Gabriel René, Dan Mapes, and Kevin Wilson no longer with the company. Dave Scott has stepped in as Interim CEO while a search for a permanent CEO is conducted [4][5][6] Focus on Financial Services - The company is shifting its focus towards financial services, particularly in portfolio management, as it represents a significant market opportunity within the multi-trillion dollar global asset management sector [21][22] - Financial services have shown strong interest in AI for automating processes, but existing systems struggle with reliability and accuracy [20][23] Technology and Product Development - VERSES has developed an AI platform called Axium, based on the principles of human brain function, which has shown promising results in various tests, including outperforming Google's DeepMind in video game benchmarks [15][16] - The company is now applying its technology in real-world scenarios, particularly in financial services, with a focus on enhancing decision-making processes for portfolio managers [19][24] Market Opportunity - The financial services market is viewed as a compelling near-term opportunity, with a focus on improving risk-adjusted returns for portfolio management [21][22] - A 1% improvement on a $100 million portfolio can justify significant investments in better decision support systems [21] Commercialization Strategy - The company plans to pursue a "land and expand" strategy with existing financial services customers, targeting institutions with over $100 million in assets under management [24][25] - A hybrid business model is anticipated, starting with service and implementation components, transitioning towards recurring software licenses as the platform becomes embedded [25][26] Operational Focus - The Interim CEO emphasized the need for operational rigor, financial discipline, and a clear communication strategy moving forward [12][13] - The company aims to maintain disciplined execution with current enterprise customers and expand thoughtfully within financial services [26] Investor Communication - The company is committed to improving communication with investors, with an earnings call scheduled for February 24, 2026, to discuss financial results [5][39] Additional Important Information - The company acknowledges the foundational work of Professor Karl Friston, whose research underpins the technology being developed at VERSES [10][11] - Ongoing legal matters were mentioned, but specific details could not be disclosed [33] - The company maintains a fully remote workforce, allowing for a diverse talent pool [34] This summary encapsulates the key points discussed during the VERSES AI webinar, highlighting the company's strategic direction, technological advancements, and market opportunities in the financial services sector.