Financial Data and Key Metrics Changes - In 2025, the company achieved revenue of CNY 3.23 billion, representing a year-on-year increase of 12.9% [6] - The net profit attributable to shareholders for the full year stood at CNY 5.64 billion, a year-on-year increase of 71.9% [7] - The overall expense ratio for 2025 was 11.6%, down 0.8 percentage points compared to 2024 [8] Business Line Data and Key Metrics Changes - Handset products revenue grew by 8.6% year-on-year, driven by a premiumization strategy [9] - Vehicle revenue increased by 21.3% year-on-year, benefiting from rising penetration rates of advanced intelligent drives [11] - XR business revenue declined year-on-year, but revenue from AR smart glasses camera modules surged by 800% [12] Market Data and Key Metrics Changes - The global handset market is forecasted to contract by 12.9% in 2026, yet the company expects its handset business to grow against this trend [19] - Revenue from major overseas clients is projected to grow by over 100% in 2026 [21] - The company anticipates that revenue from the pan-IoT business will grow rapidly, exceeding 60% [30] Company Strategy and Development Direction - The company has identified four high-certainty growth opportunities for the next five years, including AI-enabled wearable smart hardware and robotics [4] - A spin-off listing of the vehicle business is planned to maximize its value and deepen collaboration across the industrial chain [22][23] - The company aims to leverage optical perception as a core starting point for strategic deployment across various information domains [4] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving high-quality growth in 2026 despite external complexities and industry fluctuations [1] - The company plans to continue driving growth from both product and client sides, particularly in high-end products [19] - Management highlighted the importance of AI technology in transforming the vehicle optics sector and enhancing driving safety and user experience [22] Other Important Information - The company achieved a gross margin of 19.1% in 2025, driven by premiumization and an increased share of high-margin vehicle business [7] - The company has established a full-stack software algorithm and integrated hardware-software solution capabilities [3] - ESG commitments include reaching carbon peak emissions by 2028 and achieving carbon neutrality by 2050 [39][40] Q&A Session Summary Question: Future R&D plans and revenue from transmission-based products - Management indicated plans for establishing research institutes and focusing on semiconductor production and packaging [44][45] Question: XR market outlook and volume changes - Management noted that while VR is stable, AR is evolving and expects significant growth in AR glasses within the next few years [54] Question: Investment strategy and cooperation with external parties - Management emphasized the importance of ecosystem collaboration and plans to bring in new partners for development [58] Question: Value layout and long-term focus areas - Management discussed the integration of optics and AI, focusing on mass production and system solutions [65][66] Question: AI optical communication direction - Management confirmed a shift towards CPU packaging technology for future products [70] Question: Handset revenue growth related to overseas customers - Management acknowledged growth from major overseas clients but could not disclose specific details [76] Question: Impact of storage issues on handsets - Management acknowledged challenges in the handset business but expressed confidence in achieving growth through strong client relationships [81]

Financial Data and Key Metrics Changes - In 2025, the company achieved revenue of CNY 3.23 billion, representing a year-on-year increase of 12.9% driven by the handset, vehicle, and pan-IoT sectors [4] - The full-year gross margin stood at 19.1%, a 1 percentage point increase year-on-year, attributed to the premiumization of smartphone imaging and the rising revenue share of the high-margin vehicle business [5] - Net profit attributable to shareholders reached CNY 5.64 billion, a year-on-year increase of 71.9%, with a 37.8% growth when excluding investment income [5] Business Line Data and Key Metrics Changes - Handset products revenue grew by 8.6% year-on-year, driven by a premiumization strategy, with ASP for lenses rising over 10% and modules by 15% [7][8] - Vehicle revenue increased by 21.3% year-on-year, supported by mass production of new products like 70-megapixel ADAS cameras [10] - XR business revenue declined overall, but AR smart glasses camera modules surged by 800% year-on-year, offsetting VR/MR declines [11] Market Data and Key Metrics Changes - The global handset market is forecasted to contract by 12.9% in 2026, yet the company expects its handset business to grow by 5%-10% year-on-year [18][20] - The vehicle optics sector is entering a rapid growth phase, driven by the rise of smart cars and AI technology [21] - The pan-IoT revenue grew rapidly, exceeding 60% in 2026, indicating strong market demand [29] Company Strategy and Development Direction - The company has set a new round of its 100 billion strategy, focusing on AI-enabled wearable smart hardware and robotics as high-certainty growth opportunities [3] - Plans to spin off the vehicle business to maximize its value and deepen collaboration across the industrial chain [4][21] - The strategic focus includes enhancing optical perception capabilities and integrating AI across various business segments [30][37] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving high-quality growth in 2026 despite external challenges and industry fluctuations [1] - The company anticipates continued growth in the handset business driven by ASP increases and optimization of customer structure [18] - The outlook for the XR business remains positive in the long term, with expectations for new product launches and market expansion [23] Other Important Information - The company achieved significant ESG milestones, maintaining an AA rating from MSCI ESG and setting ambitious carbon reduction targets [38] - The integration of AI technology across production processes has led to improved efficiency and product quality [16] Q&A Session Summary Question: Future R&D plans and revenue from transmission-based products - Management indicated plans for establishing research institutes and focusing on semiconductor production and packaging, but specific revenue projections for transmission products were not disclosed [41][43] Question: XR market outlook and product volume changes - Management noted that while VR is stable, AR is evolving with new product launches expected to drive growth, with mass production of new AR products planned for 2027 [49] Question: Investment strategy and collaboration with external parties - The company aims to enhance collaboration with ecosystem partners and is open to new investors to achieve synergistic development [50][51] Question: Handset revenue growth related to overseas customers - Management confirmed that overseas customers, particularly in North America and Korea, are expected to contribute significantly to revenue growth [60]

Astellas Pharma R&D Day Summary Company Overview - **Company**: Astellas Pharma - **Event**: R&D Day - **Key Speakers**: Naoki Okamura (CEO), Tadaaki Taniguchi (CRDO) Core Industry Focus - **Primary Focus Areas**: 1. Immuno-oncology 2. Targeted protein degradation 3. Blindness and regeneration 4. Genetic regulation Key Points and Arguments Vision and Strategy - Astellas aims to transform innovative science into value for patients, focusing on outcomes that matter to patients and the costs to the healthcare system [3][4] - The **Focus Area Approach** is employed to address high unmet medical needs, linking biology, modality, and technology [3][4] R&D Progress - Achieved proof of concept (POC) for three assets: ASP 2138, ASP 7317, and zitidagresib (ASP 3082) [5] - Over the past five years, Astellas accelerated its pipeline, achieving 12 phase II first subject doses and initiating one new phase III trial [5] - Terminated 21 clinical stage programs to reallocate resources to higher value assets, improving overall pipeline quality [6] Financial and Operational Strategy - Focus on maximizing sales of strategic brands to mitigate revenue decline from XTANDI's loss of exclusivity [8] - Implementing a new end-to-end operational model to enhance productivity and integrate research, development, commercialization, and lifecycle management [9] Pipeline Development - Building a robust pipeline with strategic brands, flagship programs, and follow-on programs [9][10] - Examples include the prostate cancer franchise and the acquisition of IZERVAY for geographic atrophy in age-related macular degeneration [10] Specific Program Updates - **Setidegrasib**: A targeted protein degrader for solid tumors with KRAS G12D mutations, showing promising results in pancreatic ductal adenocarcinoma (PDAC) and non-small cell lung cancer (NSCLC) [24][25] - ORR of 58.3% in PDAC and 37.5% in NSCLC with ongoing phase III trials [26][28] - **ASP2138**: A bispecific antibody targeting claudin 18.2 in gastric cancer, preparing for phase III trials [30] - **ASP7317**: Achieved POC for severe visual impairment in geographic atrophy, moving towards phase III [34] Future Outlook - Astellas plans to transform its R&D organization and governance structure to enhance productivity from 2024 to 2026, aiming for significant improvements in R&D productivity by 2030 to 2034 [15][36] - Continuous investment in cutting-edge technologies, including AI and robotics, to accelerate drug discovery and clinical trials [20][21] Additional Important Insights - Astellas emphasizes the importance of portfolio discipline, making strategic decisions to discontinue low-value projects [6][45] - The company is actively collaborating with external partners and academia to enhance its R&D capabilities [22] - Astellas aims to maintain a 30% operating margin sustainably while investing in R&D and managing expenses effectively [53][58] This summary encapsulates the key points discussed during Astellas Pharma's R&D Day, highlighting the company's strategic focus, R&D progress, and future outlook in the pharmaceutical industry.

Astellas R&D Day Pioneering science to change tomorrow March 31, 2026 1 ©2026 ASTELLAS PHARMA INC. AND ITS AFFILIATES. Cautionary statement regarding forward-looking information In this material, statements made with respect to current plans, estimates, strategies and beliefs and other statements that are not historical facts are forward-looking statements about the future performance of Astellas Pharma. These statements are based on management's current assumptions and beliefs in light of the information c ...

Financial Data and Key Metrics Changes - Total revenues for 2025 were $27.9 million, down 27% year-over-year [11] - Software and services revenues were down only 15%, making up 49% of total revenue, up from 42% in 2024 [11] - Gross profit was $13.3 million, down 15% compared to the previous year, with gross margins at 47.6%, up 6.7 percentage points from 2024 [13] - Q4 revenues were $4.8 million, down 43% year-over-year, with gross margins at 49.1%, up 8.4 percentage points from Q4 2024 [15][16] Business Line Data and Key Metrics Changes - Software and services revenue continued to comprise over 50% of total revenue in Q4, reflecting a significant shift in revenue mix [3][15] - The annualized contract value of renewable software was $9.9 million, down 12% year-over-year [11] - Net dollar revenue retention for customers with at least $50,000 of annual contract value was 71% [12] Market Data and Key Metrics Changes - CTE customers drove 56% of bookings value in Q4, down from 58% in Q4 2024 [15] - The company noted that federal funding for K-12 education, which constitutes about 10% of their revenue, was impacted by macroeconomic uncertainties [23][25] Company Strategy and Development Direction - The company is focusing on expanding its software offerings and improving customer engagement across K-12, CTE, and workforce pathways [4] - zSpace launched the zStylus One, an AI-enabled stylus aimed at enhancing AR deployment and precision [5] - The company is leveraging AI for global expansion and accessibility, enabling translation across its platform in over 50 languages [8] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism for 2026, despite ongoing macroeconomic uncertainties and delays in opportunities due to geopolitical issues [9][20] - The company aims for adjusted EBITDA performance close to breakeven in 2026, assuming revenue remains similar to 2025 [32] Other Important Information - The company undertook significant restructuring in December 2025, reducing operating expenses and board size to align costs with revenues [18] - zSpace had approximately $1 million in cash equivalents as of December 31, 2025, down from $4.9 million a year prior [17] Q&A Session Summary Question: What does the funding outlook look like for 2026? - Management noted that while federal funding for K-12 education is uncertain, there is cautious optimism as things appear to be settling [25][27] Question: Can you discuss the significance of recent customer wins? - Management indicated that recent deals, including those with Greater Altoona and Atlanta Public Schools, are substantial and could contribute significantly to revenue in 2026 [41] Question: How is the mix of CTE growing compared to other business segments? - CTE is growing and now represents over 50% of the business, supported by federal funding [44][47] Question: What are the expectations for operating expenses and EBITDA in 2026? - Management believes that with reduced operating expenses and continued margin expansion, breakeven adjusted EBITDA is achievable [49]

Financial Data and Key Metrics Changes - Total revenues for 2025 were $27.9 million, down 27% year-over-year [11] - Software and services revenues were down only 15%, comprising 49% of total revenue, up from 42% in 2024 [11] - Gross profit was $13.3 million, down 15% year-over-year, with gross margins at 47.6%, up 6.7 percentage points from 2024 [13] - Q4 revenues were $4.8 million, down 43% year-over-year, with gross margins at 49.1%, up 8.4 percentage points from Q4 2024 [15][16] Business Line Data and Key Metrics Changes - Software and services revenue continued to represent over 50% of total revenue in Q4, indicating a significant shift in revenue mix [3][15] - The annualized contract value of renewable software was $9.9 million, down 12% compared to the previous year [12] - Bookings for the twelve-month period ending December 31 were $26.1 million, down 34% year-over-year [12] Market Data and Key Metrics Changes - CTE customers drove 56% of bookings value in Q4, down from 58% in Q4 2024 [15] - The company noted that federal funding for K-12 education, which constitutes about 10% of its revenue, was impacted by macroeconomic uncertainties [23][25] Company Strategy and Development Direction - The company is focusing on expanding its software offerings and improving customer engagement across K-12, CTE, and workforce pathways [4] - zSpace launched the zStylus One, an AI-enabled stylus aimed at enhancing AR deployment and precision [4][5] - The company is leveraging AI for global expansion and accessibility, enabling translation across its platform in over 50 languages [8] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism for 2026, despite ongoing macroeconomic uncertainties and the impact of the war in Iran on opportunities in the Middle East [9][20] - The company aims for breakeven adjusted EBITDA performance in 2026, assuming revenue remains similar to 2025 [32] Other Important Information - The company undertook significant restructuring in December 2025, reducing FTE positions by approximately half and cutting board size from 7 to 5 [18] - zSpace had approximately $1 million in cash equivalents as of December 31, 2025, down from $4.9 million a year prior [17] Q&A Session Summary Question: What does the funding outlook look like for 2026? - Management noted that while federal funding for K-12 education was uncertain, there is cautious optimism as things appear to be settling [25][27] Question: Can you discuss the significance of recent customer wins? - Management indicated that recent deals, including those with Greater Altoona and Atlanta Public Schools, are substantial and could contribute significantly to revenue in 2026 [41] Question: How is the CTE segment performing? - CTE is growing and now represents over 50% of the business, benefiting from federal funding [46]

Financial Data and Key Metrics Changes - Innventure's 2025 revenue increased to $2.1 million from $1.2 million in 2024, with Accelsius revenue rising from $0.3 million to $1.6 million [33][34] - The company ended 2025 with $65.4 million in cash and equivalents, up from $11.1 million at the end of 2024 [39] - General and administrative expenses decreased from $29.7 million in Q4 2024 to $11.5 million in Q4 2025, a 61% reduction [36][37] Business Line Data and Key Metrics Changes - Accelsius secured over $50 million in contracted backlog in Q1 2026, indicating a shift from pilot projects to commercial production orders [11][34] - AeroFlexx reported a near-term commercial pipeline of just under $30 million, with significant partnerships including Aveda [22][56] - Refinity is advancing towards a commercial-scale plant planned for early next decade, with a focus on producing high-value chemical building blocks from plastic waste [25][28] Market Data and Key Metrics Changes - Accelsius is scaling into the AI infrastructure market, with significant demand for liquid cooling solutions driven by the need for efficient thermal management [10][14] - AeroFlexx is addressing the packaging market, transitioning from early validation to large-scale adoption, particularly in the beauty and personal care sectors [18][20] - Refinity is positioned to disrupt the petrochemical market by converting plastic waste into valuable chemicals, tapping into a $350 billion market [24][25] Company Strategy and Development Direction - Innventure is transitioning from a capital-funded model to a commercially self-funding platform, with expectations of reaching consolidated cash flow positivity by 2028 [8][9] - The company emphasizes a diversified approach with multiple operating companies executing simultaneously, reducing reliance on a single asset [29][30] - The focus is on operational efficiency and reducing corporate costs while allowing operating companies to raise capital independently [39][40] Management's Comments on Operating Environment and Future Outlook - Management highlighted a decisive inflection point in the company's trajectory, with all operating companies showing simultaneous growth and validation [5][9] - The CEO noted that the market is rapidly evolving, particularly in AI and sustainable packaging, creating significant opportunities for Innventure's operating companies [10][18] - Management expressed confidence in the company's path to cash flow positivity, driven by strong commercial traction and operational improvements [31][32] Other Important Information - Innventure's operating companies are increasingly able to raise capital independently, which is expected to reduce the need for parent-level funding [23][39] - The company has achieved significant milestones in technology validation and market adoption across its operating companies [29][30] Q&A Session Summary Question: Can you discuss the $50 million in contracted orders for Accelsius and the types of customers involved? - The CEO indicated that there are hundreds of customers in the pipeline, with a transition from pilot projects to larger commercial orders [45][46] Question: What is the expected revenue visibility for Accelsius in Q4? - The CEO mentioned a potential revenue of around $25 million in Q4, contingent on supply chain factors [50][53] Question: Can you provide more details on AeroFlexx's $30 million pipeline and potential capital raise? - The CEO confirmed that AeroFlexx is moving towards commercial-sized proposals and is considering a capital raise with strategic partners [54][56] Question: What is the outlook for G&A expenses moving forward? - The CFO stated that the company is focused on efficiency and expects G&A expenses to continue decreasing [57][58] Question: When do you expect to see traction from brownfield deployments for Accelsius? - The CEO acknowledged that brownfield deployments are anticipated but did not provide a specific timeline [81]

Financial Data and Key Metrics Changes - For the full year 2025, the company generated $420 million in revenue, representing a 25% year-over-year growth, with total transactions increasing nearly 15% [3][23] - Gross profit for the full year increased 20.8% to $34.2 million compared to $28.3 million in 2024, while adjusted EBITDA improved by $1.7 million to a loss of $4 million [4][28] - Q4 revenue totaled $90.6 million, a 1.2% decrease year-over-year, primarily driven by a 3.2% decrease in brokerage revenue [21][22] Business Line Data and Key Metrics Changes - The mortgage business generated revenue of $3.4 million in Q4 2025, a 70% increase compared to Q4 2024, driven by higher loan origination volumes [34] - The title business generated revenue of $1.8 million in Q4 2025, representing a 38.5% increase compared to Q4 2024 [35] - The brokerage division's revenue for Q4 was approximately $84.9 million, a 3.2% decrease, while for the full year, it increased 26.8% to $399 million [31][32] Market Data and Key Metrics Changes - In December, the industry saw a significant number of contract cancellations, with cancellation rates exceeding 20% in some markets [4] - Approximately 16.3% of homes that went under contract in December were canceled, the highest level recorded since tracking began in 2017 [29][30] Company Strategy and Development Direction - The company is focused on margin expansion, enhancing agent and customer experience, and leveraging AI-driven technology [5][18] - Structural changes, including new pricing and fee structures, are designed to improve unit economics regardless of transaction volume [39][41] - The company aims to have the Elevate program represent at least 10% of total transaction volume by year-end 2026 [6] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the challenges in the housing market due to higher interest rates and affordability constraints but remains optimistic about long-term growth [3][39] - The company believes it is well-positioned for future growth, with a focus on improving profitability and capturing market opportunities as conditions normalize [40][42] Other Important Information - The company ended Q4 with a cash position of $5.7 million and entered into a $2 million financing arrangement for additional liquidity [37][38] - Leadership changes include the appointment of Lori Muller as the new President of Fathom Realty [19][20] Q&A Session Summary Question: What is the target for new Elevate partners in 2026? - The goal is to have about 1,000 agents on the Elevate platform by the end of the year, with current numbers around 260 to 275 [47][48] Question: What feedback has been received regarding the new Edge program? - The Edge program is expected to be a margin contributor from the start, with many agents expressing interest in moving to this new structure [49][51] Question: Any updates on the partnership with ByOwner? - The partnership aims to connect agents with sellers who initially want to sell their homes by themselves, leveraging ByOwner's significant audience [56][58]

Financial Data and Key Metrics Changes - Innventure's 2025 revenue increased to $2.1 million from $1.2 million in 2024, with Accelsius revenue rising from $0.3 million to $1.6 million [32][33] - Adjusted EBITDA for 2025 was a loss of $78.8 million, with expectations for substantial improvement in 2026 due to contracted backlog and revenue scaling [37][40] - Consolidated cash at the end of 2025 was $65.4 million, up from $11.1 million at the end of 2024 [38] Business Line Data and Key Metrics Changes - Accelsius secured over $50 million in contracted backlog in Q1 2026, indicating a shift from pilot projects to commercial production orders [11][33] - AeroFlexx reported a near-term commercial pipeline of just under $30 million, with significant partnerships including Aveda [21][22] - Refinity achieved its first metric ton of circular product from plastic waste within a year of formation, with plans for a commercial-scale plant in the early next decade [26][27] Market Data and Key Metrics Changes - Accelsius is positioned in the rapidly growing market for direct-to-chip liquid cooling, with forecasts of 30% compound annual growth rates over the next decade [14][15] - AeroFlexx is addressing the significant issue of single-use plastic packaging, with a focus on sustainability and performance [17][18] - Refinity targets the $350 billion petrochemical market by converting plastic waste into high-value chemical building blocks [23][24] Company Strategy and Development Direction - Innventure aims to transition from capital-funded to commercially self-funding, with expectations of reaching consolidated cash flow positivity by 2028 [8][9] - The company emphasizes a diversified portfolio with multiple operating companies executing simultaneously, reducing reliance on a single asset [28][29] - Strategic partnerships with industry leaders like Johnson Controls and Legrand validate the technology and commercial readiness of Accelsius [16] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of supply chain constraints affecting delivery timelines, but emphasized strong customer demand and bookings as leading indicators of long-term value [12][46] - The company is confident in its path to cash flow positivity, driven by operational scaling and independent capital raising by its operating companies [30][39] - Management acknowledged the need for continued focus on cost efficiency and operational improvements to enhance financial performance [36][57] Other Important Information - Innventure's G&A expenses decreased significantly, reflecting a structural change in cost management as operating companies begin to fund their own expenses [35][38] - The company has successfully reduced reliance on external vendors by bringing key functions in-house, contributing to cost savings [58] Q&A Session Summary Question: Insights on Accelsius' $50 million bookings and customer types - Management indicated a diverse pipeline of customers, with expectations for more purchase orders as the market evolves [45][46] Question: Transition from pilot phase to commercial production - Management noted that most current orders are now in the 8-figure range, indicating a shift from evaluation units to real commercial production orders [49] Question: AeroFlexx's momentum and capital raise plans - Management confirmed that AeroFlexx is transitioning to large-scale adoption, with significant partnerships and a direct capital raise targeting strategic investors [53][54] Question: G&A expenses and optimization potential - Management expressed ongoing efforts to optimize G&A expenses, with a focus on efficiency and effectiveness [56][57] Question: COGS to revenue ratio and normalization expectations - Management acknowledged that COGS is currently impacted by inventory buildup and fixed costs, with expectations for normalization as revenue scales [61][64]

Financial Data and Key Metrics Changes - For the full year 2025, the company generated $420 million in revenue, representing a 25% year-over-year growth, with total transactions increasing nearly 15% [3] - Gross profit increased 20.8% to $34.2 million compared to $28.3 million in 2024, while adjusted EBITDA improved by $1.7 million to a loss of $4 million [4][28] - Fourth quarter revenue totaled $90.6 million, a 1.2% decrease year-over-year, primarily driven by a 3.2% decrease in brokerage revenue [21] - Gross profit margin for the fourth quarter of 2025 increased to 8.1% compared to 7.2% in the fourth quarter of 2024 [24] Business Line Data and Key Metrics Changes - The mortgage business generated revenue of $3.4 million in the fourth quarter of 2025, a 70% increase compared to the same period in 2024 [34] - The title business generated revenue of $1.8 million in the fourth quarter of 2025, representing an increase of approximately 38.5% [35] - The brokerage division closed approximately 8,501 real estate transactions during the fourth quarter, a decrease of 14.2% compared to the prior year [29] Market Data and Key Metrics Changes - In December, the industry saw a significant number of contract cancellations, with some markets experiencing cancellation rates exceeding 20% [4] - U.S. home purchase agreements canceled in December represented approximately 16.3% of homes that went under contract, the highest December level recorded since tracking began in 2017 [30] Company Strategy and Development Direction - The company is focused on margin expansion, enhancing agent and customer experience, and leveraging AI-driven technology [5][41] - The introduction of the Edge commission plan aims to improve unit economics and increase gross profit per transaction [10][12] - The company is expanding its ancillary businesses and enhancing its technology platform to drive efficiency and scalability [18][40] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges in the housing market due to higher interest rates and affordability constraints but emphasized the company's long-term strategy and progress [3] - The company is not relying on a market recovery to drive improvement, as structural changes are designed to deliver stronger results regardless of market conditions [39][42] - Management expressed confidence in the long-term fundamentals for housing demand in the U.S. and the company's positioning for future growth [40] Other Important Information - The company ended the quarter with a cash position of $5.7 million and entered into a $2 million financing arrangement for additional liquidity [37][38] - Leadership changes included the appointment of Lori Muller as the new President of Fathom Realty [19][20] Q&A Session Summary Question: What is the target for new Elevate partners in 2026? - The goal is to have about 1,000 agents on the Elevate platform by the end of the year, with current numbers around 260-275 [46][47] Question: What feedback has been received from agents regarding the new Edge program? - Agents have expressed interest in moving to the Edge program, which starts on April 1, and it is expected to be a margin contributor from the start [50][51] Question: What updates are there on the partnership with ByOwner? - The partnership aims to connect agents with sellers who initially want to sell their homes by themselves, leveraging ByOwner's significant audience [56][57]