Financial Data and Key Metrics Changes - Total revenue for 2025 was $357.5 million, up 0.4% from $356 million in 2024, and adjusted EBITDA was $42 million, up 2.6% from 2024, resulting in an adjusted EBITDA margin of 11.8% [9][10][15] - Core operating expenses for 2025 increased by 1% year-over-year, primarily due to higher employee incentive compensation and revenue share costs [11] Business Line Data and Key Metrics Changes - Content & Ad Measurement revenue was $304.3 million, up 1% from 2024, driven by growth in cross-platform and local TV offerings [9] - Cross-platform revenue was $50.3 million, up 24.4% compared to the prior year, attributed to higher usage of Proximic and CCR products, along with the successful rollout of CCM [9][10] - Syndicated Audience revenue was $253.9 million, down 2.6% from 2024, due to declines in national TV and syndicated digital offerings [10] - Movies business generated $38.4 million in revenue, up 3.4% from the prior year [10] Market Data and Key Metrics Changes - The local TV business continued to execute at a high level, contributing to double-digit year-over-year growth [3] - The company anticipates continued double-digit growth from cross-platform offerings in 2026, which should offset declines from national TV and syndicated digital products [15] Company Strategy and Development Direction - The company aims to become the industry standard for modern measurement by building a fully integrated flywheel that connects offerings across planning, activation, buying, and measurement [6][7] - The focus is on enhancing cross-platform capabilities and integrating AI measurement to adapt to the evolving media landscape [7][8] - The recapitalization transaction was a pivotal step in transforming the company, allowing for strategic actions to streamline capital structure and enhance financial profile [16] Management's Comments on Operating Environment and Future Outlook - Management highlighted the challenges posed by a fragmented media landscape and the need for modern measurement solutions [5][6] - The company expects revenue in Q1 2026 to be roughly flat compared to Q1 2025, while continuing to invest in key areas to drive growth [15][16] Other Important Information - The company successfully eliminated $18 million in annual dividends and a $47 million special dividend obligation through recapitalization [3] - The board size was reduced to streamline costs and governance [4] Q&A Session Questions and Answers Question: Financial flexibility with structural changes - Management noted that freeing up $18 million in dividends and reducing board size enhances financial flexibility and positions the company for future investments in growth areas [19] Question: Cross-platform utilization and new partnerships - Management reported increased usage of cross-platform products and ongoing expansion of partnerships, with positive early adoption of the CCM product [20][21] Question: Local market evolution - Management expressed confidence in the local market's growth, emphasizing the company's unique position in providing local audience measurement and advanced targeting capabilities [22][23]

Financial Data and Key Metrics Changes - In Q4 fiscal 2026, total revenue was $837 million, an 8% increase year-over-year, while subscription revenue was $819 million, also up 8% year-over-year [19][7] - For the full year fiscal 2026, total revenue reached $3.2 billion, up 8% year-over-year, with subscription revenue also at $3.2 billion, reflecting a 9% increase year-over-year [19][7] - Annual recurring revenue (ARR) ended at $3.3 billion, up 8% year-over-year, consistent with the growth rate from fiscal 2025 [19][7] - Non-GAAP operating income for Q4 was $247 million, a 10% increase year-over-year, with an operating margin of 29.5% [25] - Free cash flow exceeded $1 billion for the first time in fiscal 2026, with Q4 generating $350 million, representing a 25% year-over-year growth [26][27] Business Line Data and Key Metrics Changes - The Intelligent Agreement Management (IAM) platform generated over $350 million in ARR, representing 10.8% of total company ARR, up from 2.3% at the end of fiscal 2025 [23][7] - IAM's growth was driven by accelerating gross new bookings and improvements in gross retention [20][19] - The company added 1,205 customers spending over $300,000 annually, a 7% increase year-over-year [24] Market Data and Key Metrics Changes - International revenue surpassed 30% of total revenue in Q4, growing 15% year-over-year [24] - Billings for Q4 exceeded $1 billion for the first time, up 10% year-over-year, with full year billings at $3.4 billion, also up 10% year-over-year [21][22] Company Strategy and Development Direction - The company aims to maintain operating margins over 30% while reinvesting in R&D to accelerate the IAM roadmap [8] - The focus for fiscal 2027 includes automating workflows for customers and expanding AI data and innovation advantages [8] - The company plans to introduce new IAM SKUs for specific functions, including IAM for HR and procurement, to cover more surface area for customers [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the momentum of the business, particularly in the commercial segment and enterprise growth [39] - The company anticipates accelerating ARR growth in fiscal 2027, with IAM expected to represent approximately 18% of total ARR by the end of the year [30][31] - Management highlighted the importance of customer engagement and consultative approaches in driving growth and retention [46] Other Important Information - The company has expanded its share repurchase program to $2.6 billion, with $269 million repurchased in Q4, marking the largest quarterly buyback to date [27][26] - Non-GAAP diluted EPS for Q4 was $1.01, a 15-cent improvement from the previous year [28] Q&A Session Summary Question: What underpins the confidence in ARR guidance? - Management noted strong adoption and product market fit in the commercial segment, with significant focus on new expansion bookings and retention [39][40] Question: How does IAM impact gross retention? - Early IAM renewal cohorts are performing better than the company average, contributing positively to retention rates [72] Question: What is the strategy regarding the Microsoft partnership? - The partnership with Microsoft has been beneficial, facilitating enterprise transactions and enhancing customer experience [58][63] Question: What is the outlook for stock-based compensation? - Management indicated a focus on managing stock-based compensation, with expectations for it to decline further in fiscal 2027 [60] Question: How is the enterprise opportunity developing? - Management highlighted the importance of enterprise sales and the potential for IAM to become a larger part of the business over time [86][84]

Financial Data and Key Metrics Changes - In Q4 2025, the company reported revenues of $9.1 million, an 8% increase year-over-year, while full-year revenues reached $31.8 million, a 34% increase year-over-year [19] - Year-to-date total transaction volumes were $960 million, up 46% year-over-year [18] - The company experienced a GAAP operating loss of $27.8 million for the year, compared to a loss of $5.8 million in the prior year [19] - Adjusted EBITDA for the year was -$17.2 million, compared to -$6.3 million in the prior year [19] - As of December 31, 2025, the company had nearly $63 million in net assets, with cash and cash equivalents at $7.7 million [19] Business Line Data and Key Metrics Changes - The company launched the Fold Bitcoin Rewards Credit Card, which is expected to significantly increase transaction volumes and deepen customer engagement [9][10] - The Bitcoin Gift Card has shown strong growth, with a 20% month-over-month increase since its launch, contributing to thousands of new customers [27][29] - The Bitcoin bonus program for businesses, initiated with Steak 'n Shake, is expected to expand and introduce a new revenue stream beyond transaction fees [12] Market Data and Key Metrics Changes - The Bitcoin ecosystem experienced a pullback, with Bitcoin's price dropping from $124,000 to $87,000 by the end of 2025, and further to as low as $60,000 by early February 2026, leading to reduced engagement across the industry [6][7] - The company noted that the slowdown in Bitcoin activity affected transaction volumes during Q4, reflecting industry-wide dynamics [17] Company Strategy and Development Direction - The company aims to scale its Bitcoin financial services platform for both consumers and businesses, focusing on expanding its ecosystem and strengthening partnerships [5] - The launch of the Credit Card is seen as a pivotal moment, expected to capture a greater share of customer spending and increase lifetime value per user [10] - The company plans to continue expanding its product offerings and evaluate new opportunities to attract customers and improve cash flows [15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about 2026, expecting the platform to scale significantly with the rollout of the Credit Card and continued expansion of consumer products [24] - The management acknowledged the challenges posed by the recent Bitcoin price volatility but emphasized the company's ability to grow through product improvements and customer focus [7][16] Other Important Information - The company eliminated all outstanding convertible debt in February 2026, simplifying its capital structure and improving financial flexibility [20][21] - The Credit Card program is designed to be unit economic positive from day one, with potential for significant revenue growth as it scales [45][46] Q&A Session Summary Question: What were revenues in the fourth quarter related to the Bitcoin Gift Card? - The company reported approximately $722,000 in revenue for Q4, largely attributed to the Bitcoin Gift Card [31] Question: What is the size of the wait list for the Credit Card? - The wait list currently has over 80,000 people, and the company plans to aggressively add customers from this list in the coming weeks [33] Question: What is the financial model behind the Credit Card compared to the Debit Card and Gift Card? - The Credit Card offers up to 4% back on purchases, with a focus on long-term savings, and is expected to have a higher interchange rate compared to the Debit Card [44][78] Question: What is the business development strategy for the Steak 'n Shake initiative? - The company aims to support businesses with its platform, enabling them to offer Bitcoin bonuses to employees, which also serves as a customer acquisition strategy [50][51]

Financial Data and Key Metrics Changes - In Q4 2025, the company reported revenues of $9.1 million, an 8% increase year-over-year, while full-year revenues reached $31.8 million, a 34% increase year-over-year [16] - Year-to-date total transaction volumes were $960 million, up 46% year-over-year [16] - The company experienced a GAAP operating loss of $27.8 million for the year, compared to a loss of $5.8 million in the prior year [16] - Adjusted EBITDA was negative $17.2 million, compared to negative $6.3 million in the prior year [17] Business Line Data and Key Metrics Changes - The company added 3,000 new verified accounts in Q4, bringing the total to over 84,000, representing a nearly 20% increase year-over-year [16] - The Bitcoin gift card product generated approximately $722,000 in revenue in Q4, contributing to a total of $740,000 in Q3 [28][29] Market Data and Key Metrics Changes - The Bitcoin ecosystem saw a significant pullback, with Bitcoin's price dropping from $124,000 to $87,000 by the end of 2025, and as low as $60,000 by early February 2026, leading to reduced engagement across the industry [7] - The company noted that the slowdown in Bitcoin activity affected transaction volumes during Q4, reflecting industry-wide dynamics [15] Company Strategy and Development Direction - The company aims to scale its Bitcoin financial services platform by expanding its ecosystem with new products like the Bitcoin Rewards Credit Card and Bitcoin gift cards [5][9] - The credit card is expected to increase transaction volumes, deepen customer engagement, and drive revenue growth, marking the beginning of a new growth phase for the company [9][10] - The company plans to continue expanding its product offerings and evaluate new opportunities to attract customers and improve cash flows [14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about 2026, expecting the platform to scale significantly with the rollout of the credit card and growth in enterprise partnerships [21] - The company believes that the credit card will capture a greater share of customer spending and enhance customer retention [10][19] Other Important Information - The company eliminated all outstanding convertible debt in February 2026, simplifying its capital structure and improving financial flexibility [18] - The company has nearly $63 million in net assets and $7.7 million in cash and cash equivalents as of December 31, 2025 [17] Q&A Session Summary Question: What were revenues in the fourth quarter related to the Bitcoin gift card? - The company reported approximately $722,000 in revenue from the Bitcoin gift card in Q4, contributing to a total of $740,000 in Q3 [28][29] Question: What's the size of the wait list for the credit card? - The wait list currently has over 80,000 people, and the company plans to aggressively add customers from this list in the coming weeks [30] Question: What is the financial model behind the credit card? - The credit card offers up to 4% back on purchases, with a focus on attracting savers rather than traders, and aims to drive cross-sell opportunities within the platform [36][38] Question: What is the business development strategy for the enterprise side? - The company is enabling businesses like Steak 'n Shake to offer Bitcoin bonuses to employees, which helps onboard their employee base as customers while generating recurring SaaS contracts [45][48]

Financial Data and Key Metrics Changes - The company achieved a net profit swing of $18.9 million, marking a significant turnaround for a microcap public company [4] - Annual revenue was reported at $31.2 million, reflecting a 13% decrease year-over-year due to a strategic pivot towards long-term profitability [4] - Fourth quarter revenue was $6.1 million, down 45% year-over-year, primarily due to strategic client rationalization and delayed bookings [5][12] - Managed Services revenue, excluding Hoozu, remained relatively flat, finishing the year down only 2% [5] - Operating expenses were reduced by 40% to $4.4 million in the fourth quarter, contributing to improved cash operating profit of $0.7 million [7][14] Business Line Data and Key Metrics Changes - Managed Services revenue for the fourth quarter was $6 million, down from $9.8 million in the prior year quarter, reflecting a shift away from non-core accounts [13] - The company successfully scaled five enterprise accounts beyond the million-dollar threshold, each delivering double or triple-digit growth [6] Market Data and Key Metrics Changes - The company ended 2025 with a $10.1 million contract backlog, indicating a strategic repositioning towards larger recurring core enterprise accounts [12] - Contract bookings declined by $10.3 million or 27% year-over-year, primarily due to a reduction in non-core customer activity [12] Company Strategy and Development Direction - The company is focusing on building deeper vertical expertise and executing key account plans for enterprise clients to maximize value [8] - There is an active M&A strategy in place, with the company seeking to acquire firms that can enhance capabilities and accelerate growth in the enterprise client portfolio [8][24] - A proprietary technology platform is set to launch, aimed at managing integrated creator campaigns at enterprise scale [9] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, highlighting a significant shift in marketing towards social media and creators, which positions the company favorably [32] - The company anticipates a return to year-over-year revenue growth in the second half of 2026 as revenue increasingly reflects core enterprise engagements [13] Other Important Information - The company reported $50.9 million in cash and cash equivalents at year-end, a slight decrease from the beginning of the year, but a significant improvement compared to the previous year [16] - The company remains committed to a disciplined capital allocation approach, including potential stock repurchases [16] Q&A Session Summary Question: Can you give clarity on gross margins going forward? - Management indicated that while specific guidance is not provided, there has been an increase in gross margins relative to previous years, with a focus on growing net revenue [20][21] Question: Do you expect year-over-year growth in revenues? - Management confirmed that they are aiming for growth, emphasizing the growth potential in the market [22] Question: Can you elaborate on the acquisition strategy and market conditions? - Management stated that they are actively engaged in M&A discussions, seeing good deal flow and are utilizing both personal networks and investment bankers to identify targets [24][25] Question: Are you interested in customers or technology for acquisitions? - The focus is primarily on acquiring customers to enhance enterprise-grade client relationships, rather than technology [27]

Financial Data and Key Metrics Changes - For Q4 2025, the company reported revenue of $170 million, a 19.6% increase year-over-year, exceeding the projected $157 million [9][33] - Full year revenue for 2025 was $839 million, reflecting a 14.6% growth compared to the previous year [10][35] - The net income for Q4 was $199 million, marking a 48% increase year-over-year, while the adjusted net income for the full year was $217 million, with a margin of 25.9% [12][39] Business Line Data and Key Metrics Changes - All four business segments, including Private Client Services, commercial, alternative investment funds, and Valuation, experienced double-digit growth [9] - Private Client Services accounted for 51.5% of total revenue for the year, with no significant change in revenue mix [36] Market Data and Key Metrics Changes - The number of client groups generating over $250,000 in revenue increased to 687 in 2025 from 629 in 2024, indicating healthy client growth [36] - The average rate per hour increased by approximately 11% year-over-year, demonstrating the firm's ability to raise prices [37] Company Strategy and Development Direction - The company aims to focus on productivity improvements, profitability management, and integration of acquired firms as part of its 2026 strategy [13][16] - The acquisition strategy involves selectively rolling up existing networks into the business, with a focus on groups that have established relationships with the company [18][20] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the business's performance, noting that recurring revenue growth in late 2025 was strong, with expectations for continued momentum into 2026 [52] - The company anticipates revenue for 2026 to be in the range of $955 million to $970 million, reflecting a growth rate of 14%-15% [43] Other Important Information - The company incurred a net loss of $195.9 million in Q4 due to one-off equity restructuring costs and IPO-related expenses [34] - Cash and equivalents on the balance sheet as of December 31, 2025, were $258.5 million, with no third-party debt, indicating strong liquidity [41] Q&A Session Summary Question: What is the outlook for revenue growth momentum into 2026? - Management indicated that the guidance provided is conservative, with expectations to elevate revenue objectives based on strong recurring revenue growth observed in late 2025 [52][53] Question: How is the company addressing pricing increases and client pushback? - Management acknowledged some pushback on pricing in competitive service areas but emphasized a focus on value-added services rather than commodity pricing [61] Question: What is the contribution of acquisitions to the revenue guidance? - Management stated that approximately $21 million of the projected $33 million in inorganic revenue is from recently signed deals, with expectations to outperform this number [75]

Financial Data and Key Metrics Changes - In Q4 fiscal 2026, total revenue was $837 million, an 8% year-over-year increase, while subscription revenue was $819 million, also up 8% year-over-year [19][7] - For the full year fiscal 2026, total revenue reached $3.2 billion, up 8% year-over-year, with subscription revenue also at $3.2 billion, reflecting a 9% year-over-year increase [19][7] - Annual recurring revenue (ARR) ended at $3.3 billion, up 8% year-over-year, consistent with the growth rate from fiscal 2025 [19][7] - Non-GAAP operating income for Q4 was $247 million, a 10% year-over-year increase, with an operating margin of 29.5% [25] - Free cash flow exceeded $1 billion for the first time in fiscal 2026, with Q4 generating $350 million, representing a 25% year-over-year growth [26] Business Line Data and Key Metrics Changes - The Intelligent Agreement Management (IAM) platform generated over $350 million in ARR, representing 10.8% of total company ARR, up from 2.3% at the end of fiscal 2025 [23][7] - IAM's growth was driven by accelerating gross new bookings and improvements in gross retention [20][19] - The number of customers spending over $300,000 annually increased by 7% year-over-year to 1,205 [24] Market Data and Key Metrics Changes - International revenue surpassed 30% of total revenue in Q4, growing 15% year-over-year [24] - Billings for Q4 exceeded $1 billion for the first time, up 10% year-over-year, with full-year billings also at $3.4 billion, reflecting a 10% year-over-year increase [21][22] Company Strategy and Development Direction - The company aims to maintain non-GAAP operating margins over 30% while reinvesting in R&D to accelerate the IAM roadmap [8] - A focus on expanding IAM's capabilities and introducing new SKUs for specific functions within organizations, including HR and procurement, is planned for fiscal 2027 [11] - The company is leveraging strong cash flow generation to support an expanded share repurchase program totaling $2.6 billion [8][27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the momentum of the business, particularly in the commercial segment and enterprise growth, which represents a larger addressable opportunity [39] - The company anticipates ARR growth in fiscal 2027 to accelerate, with IAM expected to represent approximately 18% of total ARR by the end of the year [30][31] - Management highlighted the importance of improving gross retention rates and the positive early performance of IAM renewal cohorts [72][40] Other Important Information - The company reported a non-GAAP gross margin of 81.8% for Q4, slightly down from the previous year due to cloud infrastructure migration costs [24] - The company ended fiscal 2026 with approximately $1.1 billion in cash equivalents and no debt on the balance sheet [26] Q&A Session Summary Question: What is underpinning the confidence in ARR guidance? - Management noted strong adoption and product market fit in the commercial segment, with significant focus on new expansion bookings and retention [39][40] Question: Can you elaborate on IAM's growth and its impact on future growth? - Management indicated that IAM's growth is expected to continue linearly, with a forecast of approximately 18% of total ARR by the end of fiscal 2027 [46][47] Question: How is the Microsoft partnership trending? - Management expressed satisfaction with the partnership, highlighting successful enterprise transactions through the Microsoft Azure marketplace [58][63] Question: What is the company's approach to stock-based compensation? - Management reported a slight increase in stock-based compensation, with efforts to manage it effectively and a focus on reducing it as a percentage of revenue [59][60]

Financial Data and Key Metrics Changes - Total revenue for 2025 was $357.5 million, up 0.4% from $356 million in 2024, and adjusted EBITDA was $42 million, up 2.6% from 2024, resulting in an adjusted EBITDA margin of 11.8% [9][10][15] - Core operating expenses for 2025 increased by 1% year-over-year, primarily due to higher employee incentive compensation and revenue share costs [11] Business Line Data and Key Metrics Changes - Content & Ad Measurement revenue was $304.3 million, up 1% from 2024, driven by growth in cross-platform and local TV offerings [9] - Cross-platform revenue reached $50.3 million, up 24.4% compared to the prior year, attributed to higher usage of Proximic and CCR products, along with the successful rollout of CCM [9][10] - Syndicated Audience revenue was $253.9 million, down 2.6% from 2024, due to declines in national TV and syndicated digital offerings [10] - Movies business generated $38.4 million in revenue, up 3.4% from the prior year [10] Market Data and Key Metrics Changes - The local TV business experienced double-digit growth, contributing significantly to overall performance [10][12] - Cross-platform offerings are expected to continue driving growth, with double-digit growth projected for 2026 [15] Company Strategy and Development Direction - The company aims to become the industry standard for modern measurement by integrating offerings across planning, activation, buying, and measurement [6][7] - Focus on AI measurement innovation to understand consumer behavior and purchase decisions influenced by AI tools [7][8] - The recapitalization transaction was a strategic move to simplify the capital structure and enhance financial flexibility [3][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth of cross-platform offerings and local TV adoption as key drivers for 2026 [15] - The company anticipates revenue in Q1 2026 to be roughly flat compared to Q1 2025, while continuing to invest in key business areas [16] Other Important Information - The company successfully eliminated $18 million in annual dividends and a $47 million special dividend obligation through recapitalization [3] - The board size was reduced to streamline costs and governance [3] Q&A Session Questions and Answers Question: Financial flexibility with structural changes - Management highlighted the elimination of $18 million in dividends and reduced board costs as key elements that enhance financial flexibility for future investments [19] Question: Utilization of existing partners and adding new partners - Management noted increased usage of cross-platform products and ongoing expansion of partnerships, with positive early adoption of CCM [20][21] Question: Local market evolution - Management indicated strong performance in local market transactions and anticipated continued success as audience-based buying evolves [22][23]

Financial Data and Key Metrics Changes - Oklo reported a loss from operations of $139.3 million for the full year 2025, primarily due to payroll, general business expenses, and professional fees related to capital market and asset deployment activities [34] - The operating loss included non-cash stock-based compensation expense of $41.8 million, influenced by an increase in the firm's share price during the year [34] - Cash used in operating activities was $82.2 million, which included approximately $13 million of prepaid capital project expenses [35] - The company adjusted its guidance for cash used in operating activities for 2026 to a range of $80 million to $100 million, reflecting an increase in headcount and project investments [36] Business Line Data and Key Metrics Changes - The company transitioned from product development to active project deployment across all business units, including power, fuel, and isotopes [4] - Significant progress was made in the power business unit with the Aurora powerhouse at Idaho National Laboratory and a prepayment agreement with Meta for a 1.2-gigawatt power campus in Ohio [4][18] - In the fuel business unit, A3F received DOE approval and was selected under the DOE Advanced Nuclear Fuel Line Pilot Program, with initial construction activities underway [24][25] - The isotopes business unit is advancing with the Groves radioisotope test reactor, which is progressing through the DOE authorization pathway [29] Market Data and Key Metrics Changes - The U.S. nuclear policy has shifted towards a more execution-oriented posture, providing a strong tailwind for the nuclear sector, which Oklo is positioned to capitalize on [6][7] - The demand for firm, reliable power is growing across various sectors, including data centers and industrial customers, which supports the company's power business strategy [8] Company Strategy and Development Direction - Oklo's strategy focuses on building a vertically integrated nuclear platform that includes power generation, fuel production, and isotope services [7][12] - The integration across the value chain aims to unlock multiple complementary value streams, enhancing the overall economics of the business [12][14] - The company is pursuing a differentiated strategy to accelerate nuclear deployment, addressing supply chain bottlenecks and enhancing fuel availability [24][36] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of the regulatory environment and the support from federal mechanisms, which are expected to improve project funding pathways [6][16] - The company is optimistic about the future, with plans to expand investments across all business units and capitalize on favorable policy changes [36][37] Other Important Information - Oklo ended 2025 with cash and marketable securities of $1.4 billion and raised an additional $1.182 billion in early 2026, completing its $1.5 billion ATM program [37] - The company is focused on maintaining a disciplined approach to cash management and capital allocation while pursuing growth opportunities [35][36] Q&A Session Summary Question: Update on commercialization progress and customer pipeline - Management noted that Meta is an important anchor customer, and discussions are ongoing with other potential customers, including military and industrial clients [40][41] Question: Breakdown of CapEx guidance for 2026 - Management refrained from providing a detailed breakdown but indicated that significant spending will occur across all three business units, particularly in Idaho and Ohio [43][44] Question: Status of regulatory strategy and licensing timelines - Management explained the distinction between DOE authorization and NRC licensing, emphasizing the advantages of the DOE pathway for faster project execution [49][50][52]

Financial Data and Key Metrics Changes - For Q4 2025, the company reported revenue of $170 million, a 19.6% increase year-over-year, exceeding the projected $157 million [9][32] - Full-year revenue for 2025 was $839 million, reflecting a 14.6% growth compared to the previous year [10][34] - The net income for Q4 2025 was $199 million, marking a 48% increase from the previous year, while the adjusted net income for the full year was $217 million, with a margin of 25.9% [12][38] Business Line Data and Key Metrics Changes - All four business segments, including Private Client Services, commercial, alternative investment funds, and valuation, experienced double-digit growth [9] - Private Client Services accounted for 51.5% of total revenue for the year, with a healthy increase in the number of client groups generating over $250,000 in revenue [35] Market Data and Key Metrics Changes - The company expanded its client relationships, increasing the number of active client groups by 5.6% and client engagements by 10.6% year-over-year [36] - The average rate per hour increased by approximately 11% year-over-year, indicating the firm's ability to raise prices [36] Company Strategy and Development Direction - The company aims to focus on productivity, profitability, integration, and acquisitions as part of its 2026 strategy [13][16] - There is a strong emphasis on technology as a competitive advantage, with plans to implement AI and other technological solutions thoughtfully [22][23] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the business's performance, noting that recurring revenue growth in late 2025 was strong, with expectations to elevate revenue objectives in future calls [52][57] - The company anticipates a net loss in 2026 primarily due to non-cash equity-based compensation expenses, but expects continued revenue growth in core practices [42][43] Other Important Information - The company has a strong balance sheet with $258.5 million in cash and no third-party debt, providing flexibility for growth [40] - The company is actively pursuing acquisitions, with $33 million of projected inorganic revenue for 2026, and has already signed several deals [17][74] Q&A Session Summary Question: What is the outlook for revenue growth momentum? - Management indicated that the company operates conservatively and expects to elevate revenue numbers based on strong recurring revenue growth observed in late 2025 [52] Question: Is there any pushback on pricing due to AI? - Management acknowledged some pushback in competitive service areas but emphasized a focus on value-added services rather than commodity pricing [60] Question: What is the pricing contribution for 2026? - The company forecasts high single-digit pricing growth for 2026, with expectations to sustain this level [70] Question: How much of the projected inorganic revenue is from already acquired groups? - Approximately $15 million of the $33 million projected inorganic revenue is already secured from recent acquisitions [74]