Financial Data and Key Metrics Changes - The company generated a record $308 million in revenue for fiscal year 2026, representing approximately 26% year-over-year growth [6][20] - Non-GAAP gross margin was 59% for the year, with adjusted EBITDA profit of $15.5 million and free cash flow of $53 million, marking the first full fiscal year of non-GAAP profitability [6][25] - Q4 revenue reached $86.8 million, reflecting 41% year-over-year growth, and the company achieved adjusted EBITDA profitability for the fifth consecutive quarter [6][20] Business Line Data and Key Metrics Changes - Defense and intelligence revenue grew over 50% year-over-year, driven by strong performance in data subscriptions and satellite services [7][20] - Civil government revenue was flat year-over-year, while commercial sector revenue declined modestly due to a focus on large government customers and headwinds in agriculture [20][10] - The backlog at the end of the period exceeded $900 million, representing approximately 79% growth year-on-year [7][26] Market Data and Key Metrics Changes - Revenue growth was distributed globally, with approximately 41% growth in Asia Pacific, 48% in EMEA, 11% in North America, and a decline of about 2% in Latin America [21] - The end-of-period customer count was 897, slightly down sequentially, reflecting a shift to focus on larger customer opportunities [21][22] Company Strategy and Development Direction - The company aims to leverage its investments in AI and satellite services to capture significant market opportunities, with a focus on executing current contracts and scaling operations [17][18] - Plans include doubling satellite manufacturing capacity and launching multiple Pelican satellites, as well as investing in AI for existing solutions [17][30] - The company sees strong demand for satellite services driven by geopolitical dynamics and the need for sovereign space systems [13][14] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of security and sustainability in the current geopolitical landscape, emphasizing the role of the defense and intelligence sector in their mission [7][8] - The company anticipates strong revenue growth and margin expansion as it realizes returns on growth investments in subsequent years [29][31] - Management expressed confidence in the company's ability to generate sustainable positive cash flow while investing in growth [30][31] Other Important Information - The company is expanding its technology collaboration with NVIDIA to enhance data processing capabilities and develop AI solutions [15][16] - The company plans to discontinue monitoring customer count as a key metric, focusing instead on annual contract value (ACV) retention rates [22][23] Q&A Session Summary Question: Update on Suncatcher and NVIDIA partnership - Management indicated that both projects are in early stages, with Suncatcher focused on tech demos and NVIDIA collaboration aimed at improving data processing speed [33][34][36] Question: Strength in European market - Management noted high demand in Europe driven by geopolitical dynamics, emphasizing the need for sovereign systems and quick access to satellite data [43][45][46] Question: AI partnership status - Management discussed ongoing research collaborations aimed at building AI-enabled solutions, with potential for broader applications in commercial and civil markets [55][57][63] Question: Impact of Middle East conflict on customer behavior - Management stated that there have been no material changes in customer behavior but acknowledged increased urgency for data in conflict situations [67][91] Question: Backlog strength vs. revenue guidance - Management explained that while backlog is strong, revenue guidance accounts for execution risks and the timing of large contracts [87][89]

Financial Data and Key Metrics Changes - Total revenue for Q4 2025 was $22.2 million, within guidance range, with full-year revenue at $95.4 million compared to $120.3 million in 2024 [37][41] - Annual recurring revenue (ARR) at year-end 2025 was $84.1 million, down from $107.5 million in 2024, primarily due to strategic divestitures [41][42] - Adjusted EBITDA for Q4 was $2.5 million, marking the 10th consecutive positive quarter for this metric, with full-year adjusted EBITDA totaling $10.3 million, up from $8.1 million in 2024 [39][46] Business Line Data and Key Metrics Changes - Subscription revenue represented approximately 93% of total revenue for the full year, reinforcing the predictability of the recurring revenue model [38] - The sales team increased the share of multi-year contracts among private sector customers from 17% to 40%, a 235% increase year-over-year [40] Market Data and Key Metrics Changes - The prediction market volume in the U.S. expanded from approximately $9 billion in 2024 to roughly $44 billion in 2025, indicating a four-fold increase [28] - The company is positioned to leverage its data and expertise in the rapidly growing prediction market, which could approach a $150 billion annualized run rate in 2026 [28][29] Company Strategy and Development Direction - The company is focusing on driving adoption of the PolicyNote platform and expanding API offerings to enhance product-led growth [11][49] - A workforce transformation plan is being implemented to reduce cash operating expenses by over 19%, including a 25% reduction in headcount [6][8] - The company aims to achieve positive free cash flow by the end of Q1 2027, supported by operational efficiencies and margin improvements [49][51] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to grow more efficiently as customer consumption models evolve, particularly through the use of AI [14][35] - The company anticipates continued progress in 2026, with a forecasted GAAP revenue range of $80-$83 million and adjusted EBITDA of $14-$16 million [49][50] Other Important Information - The company has completed significant divestitures, generating $144.9 million in gross cash proceeds, which aligns with its strategy to simplify operations and focus on core business [42] - The transition to the PolicyNote platform is expected to enhance customer engagement and retention over time [19][70] Q&A Session Summary Question: Are gross margins sustainable? - Management indicated that technology is helping drive incremental savings, suggesting potential for margin improvement over time [54] Question: Any incremental savings from migrating all customers to PolicyNote? - Management confirmed that additional cost savings will come from deprecating the legacy platform's backend, which is included in the operating plan [56] Question: Insights on enterprise versus government versus NGO pipeline health? - Management noted good success in mid-market and public sector, with expectations for growth driven by agentic AI capabilities [58] Question: Details on enterprise customers that chose not to migrate to PolicyNote? - Management explained that some large enterprises made decisions before migration timelines, influenced by macroeconomic factors [65][69] Question: Confidence in driving growth with a product-led approach? - Management expressed strong confidence in the ability to maintain pricing integrity and drive revenue growth through enhanced data accessibility [71]

Financial Data and Key Metrics Changes - The company reported a record revenue of $27.5 million for 2025, reflecting an 87% year-over-year increase, driven by the acquisition of Camarillo and higher revenues from new campuses [7][10] - Operating expenses increased to nearly $28 million, primarily due to the rise in campus operations and the number of ground leases [7][10] - The company achieved positive cash flow from operations for the first time, largely due to a $5.9 million rent realization from a lease extension [9][35] - Adjusted EBITDA improved for the third consecutive quarter, reaching a negative EBITDA of approximately $1 million in Q4, driven by increased occupancy and rental rates [12][11] Business Line Data and Key Metrics Changes - Revenues for the wholly-owned subsidiary, Sky Harbour Capital, increased by 49% year-over-year, with Q4 showing an 18% sequential increase [10] - The company expects moderate revenue increases in Q1 2025, with a significant step-up anticipated in Q2 and Q3 2027 due to the opening of phase two in Miami [10] Market Data and Key Metrics Changes - The company is experiencing a fundamental supply-demand mismatch in the airport market, with a noted average markup of 22% on lease renewals, indicating strong demand for airport space [20] - The company is targeting better airports for future developments, which is expected to lead to higher rents and NOI revenues per square foot [66] Company Strategy and Development Direction - The company aims to achieve higher efficiencies at the campus level in 2026, particularly as it opens second phases in Miami and Dallas [8] - A focus on maximizing NOI capture and refining guidance metrics is emphasized, moving away from simply counting the number of airports [38][46] - The company is investing in vertical integration and cost efficiencies to improve unit economics and expand its addressable market [39][48] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving breakeven cash flows in 2026, with expectations for revenue growth following campus openings and lease rate increases [54] - The company is preparing for a significant surge in development activity starting in 2027, with a focus on operational efficiency and service quality [39][44] Other Important Information - The company finalized a 5-year tax-exempt drawdown facility with JPMorgan to fund upcoming projects, enhancing its liquidity position [30][35] - The company is exploring the potential sale of hangars as a means to generate capital, particularly for tenants preferring ownership over leasing [73][76] Q&A Session Summary Question: Should we be expecting the signing of any new ground leases in 2026? - Management confirmed that new ground leases are expected, with guidance to be provided in the next earnings call [53] Question: Will the company be breakeven going forward from here? - Management indicated that cash flows will follow revenues, with expectations for breakeven in Q2 2026 as new campuses open [54] Question: How can we think about construction spend ramping as we move throughout 2026 and beyond? - Management noted that construction expenditures are ramping up, with strong liquidity and a new subsidiary for in-house construction management [56] Question: What are the expectations for stabilization across the three assets delivered in 2025? - Management expects stabilization for the three assets in the coming two quarters, with a new lease-up strategy in place [58][59] Question: How many additional ground leases do you expect in 2026? - Management reiterated that guidance will focus on NOI generation rather than the number of ground leases [60] Question: Why is the average rent at pre-leasing campuses higher than stabilized campuses? - Management explained that targeting better airports has led to higher rents in pre-leasing compared to initial lease-up campuses [61] Question: Can you explain the unit economic slide more? - Management clarified that the illustration of $36 NOI per square foot is based on expected higher rents in better airports compared to previous projects [65] Question: How much of a new campus do you ideally want pre-leased before construction begins? - Management indicated that ideally, about 50% pre-leasing is targeted before opening, balancing early visibility with potential for higher rents [67]

Financial Data and Key Metrics Changes - For the fourth quarter of 2025, net income attributable to common stockholders was $1.6 million or $0.06 per diluted share, down from $4.5 million or $0.17 per diluted share in the fourth quarter of 2024 [12] - Revenues and other income increased 8% to $23.3 million compared to $21.6 million in the same quarter last year [12] - Adjusted EBITDA for the quarter was $11.4 million, an increase of 9% compared to $10.5 million in the prior period [12] Business Line Data and Key Metrics Changes - Commercial and industrial real estate generated $4.2 million in revenue for the quarter, compared to $4.1 million in the prior year period [13] - Farming revenues for the quarter were $12.2 million, an increase of 26% compared to $9.7 million in the fourth quarter of 2024 [13] - Income from joint ventures was down for the quarter and the year, with equity and earnings from unconsolidated joint ventures totaling $2.1 million in the fourth quarter compared to $3.3 million in the prior year period [13] Market Data and Key Metrics Changes - The industrial portfolio remains fully leased, while the commercial portfolio is approximately 98% leased, including the outlets at Tejon at 93% occupancy at year-end [13] - December generated the highest retail sales of any month since the outlets opened in 2014, attributed to the positive impact of the new Hard Rock Casino Tejon [6] Company Strategy and Development Direction - The company aims to strengthen its core business, tighten its cost structure, and leverage its assets to generate recurring cash flow [17] - A new reporting segment for multifamily revenues and expenses has been introduced, reflecting leasing activity at Terra Vista at Tejon [14] - The company plans to utilize third-party joint venture equity to fund development projects, avoiding shareholder dilution [50] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in advancing the Centennial development project, highlighting a strong relationship with L.A. County and a commitment to navigating the regulatory process [52] - The company is focused on increasing cash flow from all non-master planned community assets and improving bottom-line performance through active asset management [41] Other Important Information - The board has made significant progress in governance, including reducing its size and proposing shareholder rights to call special meetings [7][9] - The company is targeting an additional $1 million in overhead savings by the end of 2027 [10] Q&A Session All Questions and Answers Question: When will TRC management and its self-serving board finally respect and benefit all the shareholders? - Management acknowledged the sentiment and frustration, highlighting efforts to reduce workforce and overhead, improve shareholder engagement, and align executive compensation with company performance [19][20] Question: How is Tejon Ranch approaching wildlife-friendly rodent control methods? - Management emphasized an integrated approach to wildlife management, focusing on prevention and habitat management while adapting to regulatory changes [22][24] Question: How will the company grow returns on invested capital while holding onto Mountain Village and Centennial? - Management stated that the master plan communities are crucial for future cash flow and that they are working on capital raising and re-entitlement efforts to enhance value [27][29] Question: What is the status of monetizing Mountain Village and Centennial? - Management confirmed ongoing capital raising efforts for Mountain Village and expressed openness to discussions regarding land monetization [31][32] Question: Will the company consider a shareholder rights offering to fund development? - Management indicated a preference for using third-party joint venture equity to avoid shareholder dilution [50] Question: What level of confidence does the company have in the approval of the Centennial development? - Management expressed high confidence in advancing the project, citing a strong relationship with L.A. County and ongoing efforts to address regulatory concerns [52]

Financial Data and Key Metrics Changes - Revenue for 2025 was $386.2 million, an increase of $132.7 million or 52% year-over-year, primarily driven by increased completion against two transport layer Tranche 2 contracts [21][22] - Gross margin percentage improved to 20%, up 7 percentage points year-on-year, due to a better mix of newer programs and a reduction in negative EAC adjustments [22] - Contribution margin in 2025 was 32%, an increase of 2 percentage points from 2024's 30%, with contribution margin dollars growing by $47 million to $122 million, a 63% increase [25][26] Business Line Data and Key Metrics Changes - The company launched 23 satellites in 2025, emerging as a leading provider for the Department of Defense's Proliferated Warfighter Space Architecture [6][8] - The introduction of the M-class platform in 2025 allows for payloads exceeding 8 kW, broadening the addressable market across national security, civil, and commercial sectors [10] - The acquisition of ATLAS Space Operations enhanced ground infrastructure, critical for supporting proliferated architectures [11] Market Data and Key Metrics Changes - The company reported having 33 satellites currently on orbit and expects to have a total of 140 satellites by the end of 2027 [66] - The identified pipeline for future contracts stands at $11 billion, indicating strong demand and growth potential in the market [72] Company Strategy and Development Direction - The company aims to disrupt the traditional space industry by transforming satellite manufacturing and operations into a fully industrialized model [5] - The strategy includes expanding market share through M&A, as evidenced by the acquisition of Orbion Space Technology to reduce supply chain risk and enhance production capabilities [15][16] - The focus on government contracts and the growing demand for space-based defense systems positions the company favorably for future growth [17][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to meet the evolving needs of the U.S. government and commercial customers, citing a deteriorating global threat environment as a driver for increased investment in space [17][20] - The company anticipates revenue for 2026 to be in the range of $545 million to $595 million, with over 70% expected from existing backlog [27] Other Important Information - The company completed its IPO on January 30, 2026, raising net proceeds of $582.6 million, significantly enhancing its liquidity [23][24] - The company has a flexible and efficient manufacturing process, allowing for low capital expenditures compared to industry standards [26] Q&A Session Summary Question: Can you elaborate on the acquisition of Orbion? - The acquisition of Orbion was anticipated in the S-1 filing and is expected to enhance the company's technology roadmap and production capabilities [30][31] Question: What is the expected revenue contribution from Orbion this year? - Specific revenue guidance for Orbion is not provided, but it is included in the consolidated guidance figure [33] Question: What are the prospects for new business opportunities? - The company has won two IDIQ contracts for classified customers and expects robust award activity in the second half of the year [39][41] Question: How does the company view the PWSA architecture? - Management believes the PWSA architecture is critical for national defense and is evolving to ensure better coordination among various systems [50] Question: What is the current build rate and production capacity? - The company has invested heavily in production capacity, with the ability to produce up to 1,000 satellites a year, ensuring it can meet future demand [63][64]

Financial Data and Key Metrics Changes - Net revenue for Q4 2025 was $25.1 million, a decrease from $26.2 million in Q4 2024, primarily due to a decrease in deferred revenues recognized during 2025 of $3.5 million, partially offset by increased sales from the ARK franchise and Bellwright [14][15] - Full year net revenues for 2025 were $81.2 million, down from $84.5 million in 2024, mainly due to a $15.5 million decrease in deferred revenue recognition related to the ARK franchise [15][16] - Net loss for Q4 2025 was $900,000, compared to a net income of $1.1 million in Q4 2024, attributed to a decrease in gross profit and an increase in operating expenses [16][17] - Full year net loss for 2025 was $27.2 million, compared to a net income of $1.8 million in 2024, driven by a non-cash tax expense and increased operating expenses [16][17] - Bookings for Q4 2025 increased to $20.8 million from $17 million in Q4 2024, while full year bookings rose 16.2% to $87.8 million from $75.7 million in 2024 [19][20] Business Line Data and Key Metrics Changes - The ARK franchise saw a significant increase in sales, contributing an additional $1.3 million in Q4 2025, while Bellwright also contributed $1.2 million [14] - Total units sold for the year increased by 32.7% to 6.3 million, driven by a 1.7 million unit increase in the ARK franchise [18] Market Data and Key Metrics Changes - ARK Mobile surpassed 10 million cumulative downloads, maintaining an average daily active user (DAU) of approximately 130,000 [7] - ASA achieved approximately 692,000 units sold in Q4 2025, with an average DAU of over 91,000 and a peak DAU of over 147,000 [6] Company Strategy and Development Direction - The company is focused on expanding the ARK franchise with a multi-year content roadmap, including four major DLCs planned for 2026 and additional titles in 2027 [8][12] - The company aims to enhance its internal development capabilities, having increased from one to four development studios, with three studios working on in-house projects [36][64] - The company is also investing in indie titles and interactive films, with plans to release numerous short dramas and new gaming projects [22][67] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth trajectory, citing a strong content pipeline and the potential for significant revenue from upcoming titles [13][23] - The company anticipates a 20%-30% revenue growth compared to the previous year, driven by various projects and game releases [68] Other Important Information - The company has minted its first official USDO stablecoin and is exploring partnership opportunities related to this initiative [23] - The development of the game "For The Stars" is progressing well, with external testing expected to begin by the end of the year [44] Q&A Session Summary Question: What is the ending deferred revenue balance in the quarter? - The deferred revenue balance is around $30 million [26] Question: Is the technology gap still persistent? - The CEO stated that the company has upgraded to Unreal Engine 5.7, eliminating any technical gaps in game development [34] Question: Do you have a launch window for your triple-A games? - The CEO mentioned that the internal development system has been fully transformed, and they are on track for successful launches [36] Question: What are the expected revenues from the upcoming IPs? - The CEO expects at least $60 million-$80 million in revenues from each of the three major IPs being developed [57] Question: What is the revenue growth projection for 2026? - The company anticipates significant revenue growth from various projects, including Bellwright and new titles, with expectations of doubling revenues from Bellwright after its console release [58][64]

Financial Data and Key Metrics Changes - In 2025, net sales were approximately $162 million, a decline from $188.9 million in 2024, primarily due to store closures [20][21] - Gross margin improved by 370 basis points to 26.8% for 2025, compared to 23.1% in 2024 [22] - GAAP net loss decreased to $24 million for 2025, or -$0.40 per share, a $25.5 million improvement from a net loss of $49.5 million in 2024 [22] - Adjusted EBITDA improved by $8.5 million year-over-year, from a loss of $14.5 million in 2024 to a loss of $6 million in 2025 [8][22] Business Line Data and Key Metrics Changes - Proprietary brand sales accounted for 32.8% of cultivation and gardening revenue in 2025, up from 24.2% in 2024 [20] - In Q4 2025, proprietary brand sales represented 35.8% of cultivation and gardening revenue, up from 30.4% in the prior year [16] - The storage solutions segment reported net sales of $5.7 million in Q4 2025, an increase from $4.5 million in Q4 2024 [16] Market Data and Key Metrics Changes - The company consolidated 8 retail stores in 2025, reducing its retail footprint to 23 locations as of December 31 [5] - Same-store sales remained stable, indicating business stabilization despite fewer retail locations [6] Company Strategy and Development Direction - The company aims to reach approximately break-even adjusted EBITDA for the full year 2026, focusing on revenue quality rather than volume [5][24] - Plans to increase proprietary brand sales to 40% of cultivation and gardening revenue by year-end 2026 [9][24] - The company is shifting towards a national controlled environment agriculture supplier, focusing on larger specialty agricultural markets [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's long-term strategy and the potential for sustainable growth in the controlled environment agricultural industry [15] - The restructuring efforts in 2025 have laid a strong foundation for future profitability, with expectations of continued margin improvement [27][29] Other Important Information - The company announced a share repurchase program for up to $10 million of its outstanding common stock, reflecting confidence in its long-term strategy [14][23] - The company ended 2025 with $46.1 million in cash and no debt, maintaining a strong balance sheet [23] Q&A Session Summary Question: Share repurchase program considerations - Management indicated that the decision to initiate a share repurchase program was based on the current undervaluation of the stock and the lack of suitable acquisition opportunities [31][32] Question: Sales channels for proprietary brands - Currently, about 80% of proprietary brand sales are through GrowGen's own channels, with plans to diversify towards third-party channels [34][35] Question: Outlook for storage solutions segment - Management noted that the storage solutions segment is experiencing growth and is being consolidated into one location to enhance efficiency [38][39] Question: Future of retail store base - The company is transitioning to a B2B model, with plans to reduce the number of retail locations further, focusing on distribution centers instead [56][58] Question: Operating expenses outlook - Management expects continued reductions in operating expenses in 2026, driven by the impact of store closures and ongoing cost improvement initiatives [59][60]

Financial Data and Key Metrics Changes - For Q4 2025, gross revenue was EUR 6.3 million before revenue deferrals of EUR 700,000, resulting in net revenue of EUR 5.6 million, compared to EUR 1.3 million in Q4 2024, indicating significant growth driven by the U.S. commercial launch [14] - Full year 2025 gross revenue was EUR 11 million before EUR 1 million of revenue deferrals, resulting in net revenue of EUR 10 million, a 122% increase from EUR 4.5 million in 2024 [15] - Gross margin for Q4 2025 was 64%, while the full year gross margin was 63% [14][15] - Total operating loss for Q4 2025 was EUR 18.6 million, relatively stable compared to EUR 18.3 million in Q4 2024, while the full year operating loss increased to EUR 83.5 million from EUR 58.8 million in 2024 [15] Business Line Data and Key Metrics Changes - The U.S. commercial launch generated approximately EUR 3.5 million of net revenue in Q4 2025, with $4.5 million in revenue generated from the first full quarter of launch [14][5] - 145 surgeons were trained in 125 high-volume hypoglossal nerve stimulation accounts, with 57 receiving positive Value Analysis Committee approval [5][7] Market Data and Key Metrics Changes - The company secured reimbursement for Genio across both Medicare and commercial payers, with Medicare representing 10% of the business and commercial payers approximately 90% [9][10] - The introduction of new C-codes for hypoglossal nerve stimulation by CMS is expected to facilitate billing and reimbursement processes [10] Company Strategy and Development Direction - The company aims to continue executing its U.S. commercial launch, having increased its sales force to 40 sales reps covering 200 of the top 400 hypoglossal nerve stimulation accounts [17] - Plans for 2026 include expanding internal manufacturing to strengthen competitive position and improve gross margins [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the U.S. launch momentum and the opportunity ahead, with expectations for U.S. net revenue to grow 25% sequentially in Q1 and Q2 2026 [16] - The company anticipates a strong financial profile as it gains market share in the U.S. [17] Other Important Information - The DREAM pivotal study published in the Journal of Clinical Sleep Medicine demonstrated Genio's clinical efficacy, differentiating it from competitors [6] - The company closed 2025 with a global gross revenue of EUR 11 million, driven by strong Q4 U.S. launch momentum [6] Q&A Session Summary Question: Update on VAC submissions and account activations - Management confirmed 120 VAC submissions with 57 approvals, expecting more approvals in Q1 2026 [21][22] Question: Timing for ACCESS study data and PMA supplement submission - The 12-month data will be available by the end of June 2026, with submission planned for Q1 2027 [24] Question: Cash burn rate and guidance for 2026 - Cash burn is approximately EUR 20 million per quarter, expected to decrease as revenue traction increases [29] Question: Competitor's coding strategy and implant numbers - Management indicated plans to pursue dedicated coding for Genio by 2028, while not disclosing specific implant numbers [31][33] Question: Key drivers for Genio adoption among physicians - Surgeons are attracted to Genio's unique features, including bilateral stimulation and a single incision procedure [51]

Financial Data and Key Metrics Changes - Total revenue for Q4 2025 grew 12% to a record $6.6 million, with full-year revenue increasing 13% to $22.7 million, marking another company record [6][23] - Gross margin for Q4 2025 increased to 91.4% from 91.1% in Q4 2024, reflecting the strength of the software-driven SaaS model [6][25] - The company achieved annual operating profitability for the first time since going public, with net income of $1.3 million and EPS of $0.06 for the year [7][23] - Adjusted EBITDA for Q4 2025 was a record $1.9 million, with full-year adjusted EBITDA reaching $2.6 million, nearly five times the previous year [7][23] Business Line Data and Key Metrics Changes - SaaS revenue for Q4 2025 grew 12% to $6.62 million, representing over 99% of total revenue for the quarter [25] - The average price per transaction increased by 25% in Q4 2025 compared to the previous year, indicating pricing power for the company's unique product [18] Market Data and Key Metrics Changes - The banking and lending sector showed significant growth, with year-over-year revenue growth nearly doubling, while retail was down 1% year-over-year [39] - The automotive sector experienced a 125% year-over-year revenue growth, with significant opportunities for expansion through channel partners [71] Company Strategy and Development Direction - The company aims to build a durable, differentiated, high-margin business by expanding with existing customers and onboarding new ones while maintaining disciplined execution [21] - Continued investment in customer success and deepening presence in key verticals, particularly financial services and banking, is a strategic priority [37] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth potential in various verticals, particularly in banking and automotive, despite current economic challenges [17][18] - The company is well-positioned to benefit from a potential decrease in interest rates, which could act as a tailwind for growth [54] Other Important Information - The company has a strong cash position, ending the year with $9.6 million in cash and cash equivalents, reflecting strong cash generation from operations [35] - The decline in software capitalization from over $2 million in 2024 to just $213,000 in 2025 indicates a cleaner financial profile moving forward [36] Q&A Session Summary Question: What was the revenue breakdown for the banking and retail channels in Q4? - Management noted that banking and lending revenue continues to grow significantly, while retail saw a seasonal increase but was down year-over-year [39][41] Question: How does the pipeline look for new customers in 2026? - The pipeline appears strong, driven by interest in the new desktop solution and partnerships, particularly with Alloy [42][43] Question: What is the status of the relationship with Ping Identity? - Management acknowledged the need for improvement in leveraging the partnership with Ping Identity to facilitate growth [47] Question: Can you provide growth expectations for 2026? - While the company does not provide formal guidance, management expressed confidence in built-in growth from existing clients and new implementations [63] Question: What metrics can be shared regarding the automotive sector? - Automotive revenue grew 125% year-over-year, with significant opportunities for further penetration through channel partners [71]

Financial Data and Key Metrics Changes - Relmada closed 2025 with a cash balance of $93 million, an increase from approximately $45 million at December 31, 2024, due to net proceeds from a $160 million private financing [19][20] - Research and development expenses for Q4 2025 totaled $8.1 million, a decrease from $11 million in Q4 2024, primarily due to reduced study costs [21] - General and administrative expenses increased to $12.3 million in Q4 2025 from $8.1 million in Q4 2024, driven by higher compensation costs [22] - The net loss for Q4 2025 was $19.9 million, or $0.27 per share, compared to a net loss of $18.7 million, or $0.62 per share, in Q4 2024 [23] Business Line Data and Key Metrics Changes - The NDV-01 program reported a 12-month complete response rate of 76% in high-risk NMIBC patients, with an 80% response rate in the BCG unresponsive population [11][12] - The planned phase III RESCUE program will evaluate NDV-01 in both second-line BCG unresponsive disease and as adjuvant therapy for intermediate-risk bladder cancer [14][15] Market Data and Key Metrics Changes - The U.S. market for intermediate-risk bladder cancer is estimated to have about 75,000-80,000 patients, with only 35% currently receiving adjuvant therapy [53] - The second-line treatment population for BCG unresponsive patients is estimated at about 5,000 patients per year in the U.S. [15] Company Strategy and Development Direction - The company aims to initiate the phase III RESCUE program for NDV-01 in mid-2026, focusing on two independent registrational pathways [6][14] - The strategy includes addressing unmet needs in bladder cancer treatment with a unique sustained-release formulation [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the clinical programs and long-term prospects for Relmada, highlighting the importance of execution in the upcoming RESCUE program [24] - The company anticipates 2026 to be another significant year for value creation, with the initiation of key clinical trials [8] Other Important Information - The company has strengthened its development team with the appointment of Dr. Raj S. Pruthi as Chief Medical Officer-Oncology [7] - A successful $160 million private financing was completed, providing capital through 2029 [8] Q&A Session Summary Question: Will additional data from the phase II study be presented? - Management confirmed that updated 12-month data will be presented at the AUA and plans to share data every three months as the RESCUE trial progresses [29][30] Question: How will the company ensure that second-line patients are accurately categorized? - The company will limit prior therapy lines to two and will monitor patient characteristics closely to ensure accurate categorization [31] Question: What is the expected enrollment cadence across the studies? - Management indicated that the unique in-office profile of NDV-01 could serve as a recruitment advantage, and they expect rapid enrollment [34] Question: What is the FDA's requirement for follow-up duration prior to submitting the NDA? - The FDA has not stipulated a minimum follow-up duration but is interested in the totality of the data, including response and durability [36] Question: How does the company expect to compare against competitors in terms of CR rates? - Management indicated that they are targeting a two-year RFS of 75% and believe they can exceed this based on their data [42] Question: How does the company plan to build the market for intermediate-risk patients? - Management noted that the market is currently underserved, with only 35% receiving adjuvant therapy, and expects this number to grow as data from their studies becomes available [54]