Adcore Inc. (ADCO) Earnings Call Transcript & Summary

All right. Thank you all who have joined. Welcome again, and thank you for joining Adcore's Proposaly webinar. We've got a very exciting day for you to unleash our newest technology, Proposaly. Today on the call, you have myself, Nick Campbell. I'm the Head of IR, and I'll be hosting the call. You'll hear from Elena, Lead Product Designer; Yotam, Application Manager; and finally, Omri Brill, Adcore CEO and Founder. We'll finish today with a Q&A session. That includes an update and further color on our press release issued Monday, and as always, you have an option to submit a question. So use that function in Zoom in case you have any during this call. We're going to begin the call today with a very exciting video for you today, highlighting the Proposaly advantage and the cutting-edge technology. So just sit back and relax, and we'll deliver this video for you. [Presentation]

Thank you all for your attention and watching the video. As you can see, we're quite excited about the Proposaly opportunity. I'm going to pass the floor to Omri Brill for the opening remarks. Omri, the floor is yours.

Thank you so much, Nick, and what a video, right? So it's setting in a sense the stage to what you're about to see today. So it's not -- it's our pleasure to present Proposaly to the wider audience in their first time. Not every day, we have a chance to announce a new application and not every time we have a chance to announce an application in the magnitude of Proposaly. So that's an app we've been very busy working on for, I would say, almost the entire year of 2024. And now as we start the new and fresh year of 2025, actually, we are ready to officially launch the app. So with no further ado, let me now share my screen. Just one second. Okay. So we already saw the video that's -- you guys are excused, and let's talk about today agenda. So basically, we're going to do an overview of what Proposaly, what Proposaly is all about and why we are so excited about this application. And then we're going to discuss -- we're going to take a product tour, actually going to be led by Yotam on the back-end CRM of the application. And then we're going to add another tour on the front-end client portal led by Elena Ivanov, our Lead Product Designer. We're going to have a short Q&A session. Obviously, we encourage everybody to submit their questions, and some closing remarks. So -- actually Proposaly tackle, I would say, the greatest problem that businesses have, or traditional businesses have, which is basically the entire traditional sales process, it sucks, it's broken in the sense. It's a multiple touch points. There's a lot of different, let's say, stages within the, let's say, the sales process. Usually, it involves many different platforms and basically, which are not talked to one another, and it's very complex, right? So you have a lead and then maybe you would do some kind of presentation and then you need to send them a price quote. And then you need to make some adjustment to the price quote. And then maybe you say, "Okay, everything okay, you're send an agreement for signature." Once you send the agreement for signature, you need to sign the agreement, then you need to start making payment, you need to get the project update. So all of that is very complex. And usually, it's involved, like I say, many different platforms. Proposaly actually puts all what I just described and some more into one platform, which is the biggest news of the Proposaly project. So when we're talking about Proposaly actually, we're talking about few big benefits. A, it's a CRM solution. So we have the back end as a CRM, which streamline and automate the entire sales workflow, but it's not a regular CRM sales, which is just to manage, let's say, lead statuses. It's designed first and foremost to automate the entire sales workflow. So it was built around the sales force workflow and not around anything else. It's a holistic solution. Like I mentioned before, its integrated presentation, proposal, agreements, payments and project objects, everything in one platform or one client portal. And -- sorry the bottom line for the business is massive. It accelerates the deal closure and improves the win rate. So basically, each of them are big and the combination between these 2 is massive for any business, right? If it can close deals faster and it can close more deals, that means much more money is going to go to the business pocket, which is the bottom line, obviously. So benefits from the businesses are very -- let's say, there's a lot of benefits that business can get using Proposaly. We can get a faster deal closure. Basically, like I said, we streamline the entire workflow and save and boost efficiency. We can close more deals, simplify the sales process and turn opportunity or more opportunities into wins. It increase the revenue opportunities as well. Proposaly, as you're going to see later down the presentation, it's a built-in upgrades and add-ons you can add to any proposal that you can -- you send as well as you can ask tip, let's say, from the client, which is another, let's say, upgrade or add-on. And basically, there's a lot of things that you can do in order to increase the deal size. It also helps business to standardize -- sorry the brand communication. So everything is looked the same, all the presentation, all the materials are going to send to the clients look amazing and look the same and well-branded and it's centralized sales management. So everything that is related to sale, it doesn't matter if I'm the company's CEO, I'm the salesperson involved, let's say, even a technical more, let's say, operational manager, then everybody can use the same platform in order to basically see what's going on and what is the different statuses. And as businesses have a lot of benefits that can gain from Proposaly, there's also a lot of benefits that the clients can get from the system as well, and I will start with a superior client experience. So actually, Proposaly, you might think, "Okay, it's a nice proposal, right?" So it's a fancy proposal, but it's actually much more than a fancy proposal. It's a complete client portal. So a client is going to have its own portal, branded [ core ] portal. You can log into it and get everything basically within this portal. You can get the presentation, you can see the price quote, you can control the add-ons, you can sign the agreement and view the agreement, you can make the payment, you can see the project update. So everything under one roof on the client portal. And basically, we can create, let's say for each proposal create a unique client portal in that same regard. So it's also an interactive service experience. It's not a one-way street. So I can -- like I said, I can sign the agreement, for example; I can ask a question; I can communicate; I can upload document. So everything -- it's not -- like it's a 2-way street of communication, and it's an ongoing collaboration, right? So I collaborate with the team, with the company. And so first, and obviously, it's a bit transparency and trust, and this has helped again to close more deals. So when we talk about Proposaly and main feature, we talk about 7 main features. The first and foremost is presentation. For every proposal that we're going to send, we can have the proposal to start actually with the sales presentation. So maybe we want to talk a bit more about the company, about the project, why to choose us and so on and so forth. So that can be easily created. We can create a very nice presentation, astonishing presentation from the back end and the client can see. And then is the proposal part, the price quote itself. So we can customize and build a custom price quote. We can add or choose to include add-ons, then the clients can choose whether they want to include these add-ons within this -- within its project similar, for example, to the experience that if I rent the car, then there's a lot of add-ons I can add. So that's the similar experience that we want to copy. Obviously, this is the agreement. The software or the platform automatically generates an agreement, a legal agreement that basically the client can view it, can sign, and we support also quite a complex signature protocols if needed and making payments. We can pay online, we can pay offline and obviously get or view the project update as we move along. So again, there's a lot of things, all of them related to, let's say, to the projects that are integrated to build in within Proposaly. And for Adcore, actually Proposaly it's a strategic move. Adcore up until Proposaly was a marketing tech company. So all the technology, all the applications that we built up until now were around marketing. But usually, when you talk about marketing, you talk about sales and marketing, right? So in a sense, marketing, it's presell. It's something that happened before sales. Maybe it's to generate the lead, but the bottom line for the company is actually is to make sales, and Proposaly tackle, let's say, the bottom line the most important thing for the company, for any company or any business, which is actually making sales. That's why it's so important for any business. And for Adcore, this means or the benefits are as follow: a, market expansion. So it's not just marketing technology now, it's marketing and sales technology. If we're talking about high margin, obviously, platform like Proposaly come with SaaS revenue and basically, they come with very high gross margin. It gives also Adcore a competitive edge. So we can now not only offer marketing solutions, but also sales solutions. This means it's more holistic solution regarding client acquisition. And basically, this gives us a very big advantage in the market. It's also going to generate a cross-selling opportunity. So if we will, let's say, now a Proposaly clients, then we can say, "Okay, maybe you would need also some of the marketing technology or marketing solution we can offer and vice versa" if we win a marketing or Adcore marketing cloud data client, for example, and obviously, market expansion as well. And if we're talking about total addressable market in 2030, numbers is massive. We're talking about more than CAD 20 billion for sales software. So Adcore with Proposaly tapping into a massive market and it's a fast-growing market as well. Like I said, the world is growing fast, like there's a lot going on. There's a lot of a digital transformation and Proposaly helps traditional businesses to digital transforming the most important aspect, which is securing more deals. I want to take a moment as well and talk about the amazing team that we're working very hard behind the scene up until today basically to make everything that you're about to see a reality. And so I want to thank myself, I guess, the CEO and the product owner. Obviously, I want to thank Yotam Gilboa, the Application Manager. I want to thank Karen that helped with QA and product-related stuff. I want to thank our talented CTO, Vadim. I want to thank [indiscernible] senior developer in the back-end CRM application. I want to thank [indiscernible] as well, again, a developer in the back end; [indiscernible] another developer in the back-end team. I want to pay -- contribute and thank the late [indiscernible] that was part of the back-end CRM team up until 2024. I want to also thank Jamie, which is a developer -- a senior developer -- sorry, under the front-end portal team; [indiscernible], another developer in the front-end portal team; Elena, lead product designer; and Amit, product designer. So basically, it's a big team for this application, but you're going to see actually it's a massive project, and these guys did an amazing job. And that's also a very good opportunity to say thank you, team. Without you, it wasn't possible. And basically, everything that you're going to see today is because of these guys doing the amazing job that they did. And so we talk a lot. We promised a lot of stuff, right? We promised the benefit for the businesses. We promised benefits for the client. We're going to receive the proposal or get the client access to the client portal. We talk about more Proposaly can -- how Proposaly can change Adcore or what value it can bring to our shareholders, but now it's about time to see the actual product. And now I'm going to move it to you, Yotam, to give us a product tour in the back-end CRM.

Thank you very much, Omri. Hi, everyone. I'm very happy to be here. So as Omri mentioned, my name is Yotam Gilboa, and I'm the entire application manager. When we're talking about Proposaly, it's very important to understand that Proposaly is actually considered of 2 different applications. We have, from one hand, the business CRM; and we have from the other hand, the client portal. The business CRM is where companies create, manage and track proposals, while the client portal is the seamless professional experience for clients to view, approve and pay for proposals all in the same app, which from the business aspect is very crucial. I'll take you to a brief tour within the back end up. The back end is the business CRM. I'll share my screen so you can see the state-of-the-art. Okay. So what you see right now is the business CRM. As you can see, it considered of many columns representing statuses of the proposal. We have the draft, prospect, partially approved, approved, in progress, completed and archive. We are aiming over here to centralize the entire proposal workflow. Proposaly is considered of various feature. We have had the entire support workflow from A to Z, which we'll call a proposal, which include agreements, presentation and payments, all in one place. But if you prefer and you have a business need, you can use a more streamlined version of the app, which will support just the agreement or just the presentation. We'll see everything shortly. Regarding this screen, it's important to say that on the left side, as you can see right now, we have the activity feed. Over here, you can interact with your clients, internal and outernal of the organization. So our claim to fame is that you, without any design knowledge, can create stunning proposal in less than 5 minutes. And you want to see the magic how it happens. So let's go. I'll click on the create proposal, okay? Let's say, for example, we are a roofing company nationwide and we have many sales team. And we have the sales team in California. We have another sales team in New York, and each one wants a different board. Boards are designed to support proposal or agreement or presentation. So in this board, we have a proposal board. Let's say, we want to give a proposal for Omri family to build a new roof, okay, in the roof industry. So we'll call it Omri new roof, okay? I'll choose to create from template. I can copy the pricing and share it with the same recipients and click on the create. Now everything I have to do is following the strict guidelines and I'll have an amazing proposal. So over here in the recipient stage, I can choose who will be the recipients. Let's say, for the demo, I'll send it to Elena -- Ivanov Elena at Adcore and she will get an editor rights, okay. Later, we'll go to the price port. All the price ports are predefined from your registration. So you only have to put it once. Let's say, for example, because I really like the way Omri showed you the product, I would like to give him a discount about the new roof, okay. So I can choose to go to the discount, I'll add it, and I can choose if I want to give a percentage discount or fixed price. Let's say, it will be 50% discount, okay? Of course, it's calculated over here, very interactive and moving forward. Now you can see the add-ons. Now let's talk for a minute on the add-ons. Add-ons from the business aspect is crucial. It gives us the opportunity to continue to generate revenue also after you finish with the project. So if I finished constructing a new roof and suddenly decided he wants to paint it or do another installment, I can do it from here, and it's very interactive. You can see, I click on edit, I can bring the title, the photo and it's very interactive. You'll see it soon in the front-end, okay. About moving forward to the payment terms, Proposaly support 5 variety of payment methods. It supports single payment, milestone payment, installments, whatever you like. And over here, let's say, for the example, I'd like to receive all the online payments we support, which is credit card, bank transfer, debit, Amazon, everything. And also, I would like to get also cash if my client prefers, okay? So I'll choose this, moving forward to the agreement. Now the agreement is a cutting-edge technology because over here, we worked a lot about building a feature that will support e-signature protocol. So you as a business owner, they can choose how they want to manage the workflow of the signature collection. So from the company side, I can choose if I want to do specific approval from my side. It can be auto approval, single approval, multi approval. It can be by signature or consent, add stamp or without. And from the recipient side, I can choose what signatures I want to collect. It can be signal signature. It can be consent, whatever I like. Later, this is the agreement. Now you can upload just a simple Ts and Cs and Proposaly will generate an envelope agreement that will conclude all of the appendix and everything you mentioned during the process. Okay, moving on to the presentation, which, in-person, this is my favorite feature. This allows you, all the business owners, to create the standing proposal with zero knowledge in design, okay? I'll show you demo about how can I build before and after a slide, for example, okay? We have many different kind of slides, which are all predefined with the feature, okay? So let's go for the before and after. I'll add an image. We have many image collections, which I can also build by my own, but we have here a roofer's collections, and I chose the image, okay? Let's say, it's the roof before my work. And the after image of course, will look something like this. And we have a lot of other slides, which soon you'll see in the client-facing portal. And another great feature we have over here is the gallery. In the gallery, I can hold and manage the entire media and files I have on this proposal. Maybe I came to Omri's house and took some photos of the roof. We mentioned some Ts and Cs. We have another file we want to add. Everything is easily managed over here, okay? Once I've done, I click finish. And now I have the opportunity to share the proposal. It can be with the recipients or the team, I click on share. Soon, you'll see how Elena got it. As you can see, after I clicked here, the proposal moved from draft to prospect, okay? 0 hours ago, we have an update, and we can see it in the activity field, start to change to prospects. That's it for now; it's so easy; so, so good and will definitely increase any business revenue. And Elena, the show is yours.

Okay. Thank you so much, Yotam. So my name is Elena, and I'm the Lead Product Designer for the Proposaly.io app, and I'll be sharing my screen with you. Okay. So in this demo, I'll be the client and I received an e-mail from Yotam with a link to the proposal that he built, especially for me. I can log in with my verification code that I received either in my e-mail or my phone number, and this is my front-end -- front portal for the clients. In this portal, the business owner can share information about the business and maybe showcase key features that the business has. For example, an exceptional team, maybe customer reviews or even before and after photos of the roofing projects that they did. As you can see, all the slides are animated, they are very engaging and they, for sure, leave an impact with the client. Here the before and after photo. Yes, this is very impressive roof work, Yotam. I'm impressed. As I scroll down, I can see the that Yotam redefined. This is a presale opportunity for the business owner, and I can add whatever add-on that I want. I can maybe extend my warranty, maybe add another installation. And once I've added an add-on, it automatically adjusts the project balance and is updated on the right side as well as the quote that we're going to see. Here is the quote with every item and the price. I also have a description, a unit type, quantity and unit price per each item. And here are the new add-ons that I added. So they just now updated to the quote itself. Here I can see the discount that Yotam gave me, which is 15% off, here is the amount in USD, and as well, I have the highlighted total of the proposal and the project balance. This is very helpful for clients that may be pay with installments. And with each installment, the project balance will update it with the price that I am left to pay. Once I scroll past the quote, I have the agreement. As you can see, this is the agreement that Proposaly has generated. It is very thorough, and it's legally binding, of course, with the quote itself. The quote inside this PDF file is also updated every time I add or take off an add-on. I have the payment terms and the appendix that Yotam has uploaded. Here, I can add my phone out number, and I can draw my signature and sign. Once the client signs the document, it becomes fully executed and the project itself is now ongoing. After the agreement, I can also pay inside the app itself. There is no need to leave the app at any point. This is a holistic solution for the clients to do anything they want inside this project. For example, I can pay and choose my own payment terms. Everything is secured and the payment is guaranteed. I'll let it load for one second. As you can see, the project is now fully executed. I have the full date, and I have the CTA changed to proceed to payment, both inside the agreement and also in the bottom footer. Let's move on. I also have a QA section. Maybe it's general questions. Maybe it's something that Yotam added for this specific project. For example, how long is the warranty and I can just check each question. Maybe that's going to answer some questions that the client might be -- might have. The final slide is kind of an impact slide. I can either continue engaging with the app itself, make a payment that I didn't do, for example, or reach out to the business owner, if I have any questions. If you look at the right side of the screen, I have the breakdown, but I also have the latest activity. If I click on view all, I open a chat that is shared with both the business owner and the client. So for example, if Yotam has 5 employees in his business, he has a roofer, maybe an office manager, maybe a sales team, they all can access this data, and they all can see maybe the messages that are being received. They can all answer questions if the client has any, "Hey, Yotam, I have an issue with the payment." Once it's sent, Yotam gets an alert, everyone in his team that subscribed to the notification gets the alert also and all the history is here. So everything is accessible. Everything is saved even if the project is ongoing. Thank you, Yotam, live feedback. I can also upload maybe images or more documents that I want while the project is ongoing. Maybe, Yotam has a 3D model of the room that he wants to share with me after I already signed the document. Maybe it's another warranty. Everything can be shared inside this latest activity, and I can also filter the messages, I can search inside the messages. So this is very helpful. Again, it's accessible both by the business owner and by the client. And of course, if I have a few clients on the same proposal, maybe me and Omri want to see the proposal. We can both access it, and we can both chat inside it, as well as the Yotam's team. And my favorite part is actually the design of this proposal and everything is customizable. You can add images, you can change colors, there's a light and dark theme. And of course, the business owner can add their own logo. So you don't have to be a designer and you don't need to be very talented to make it look good. Everything is very accessible, and I hope you like it as much as I do. And now I'm going to pass the mic back to Omri for a Q&A session. Thank you very much.

Thank you, Elena. I'm going to jump in here and help with the Q&A, and thank you all for the demo. I think it's quite exciting and intuitive and quite sleek. But we do have some questions that were submitted before and that we'll answer and a few more that were submitted during this call. So to begin, Omri, first question being, what makes Proposaly a strategic asset for Adcore? And how does it align with the company's long-term vision?

It's a good question. But before I'm going to answer this question, I want to congrat Yotam and Elena on a beautiful presentation. I love what you guys have to show us and I love the platform. And I think it's represents a true opportunity for the company and obviously, for the company clients or future clients of Proposaly, which is maybe the most important thing. For Adcore, as I mentioned before, it is a strategic move. We are moving from just marketing technology company to marketing and sales technology company, and that's big because sales actually is solving a bigger problem than marketing. Because in the end of the day, marketing is there in order to support sales and not vice versa, right? So in a sense, we are now with Proposaly solving a bigger problem. So that's number one. Obviously, technology and innovation is in the core of what Adcore is doing. So obviously, it gives us an advantage as well. This kind of [indiscernible] is not something that every company on planet Earth has. So it's quite a unique tool and a unique solution. And I think, again, more technology, more innovation, tapping in into massive market that's all going to give a lot of advantages to a company like Adcore and obviously, cross-sell opportunities as well.

So kind of following on to that question. Would you say Proposaly is most suitable for small businesses, large businesses? Where do you see this fitting into the market?

Again, a good question. I would say the following. When we first had Proposaly in mind, we were thinking about, I would say, small to midsize businesses. You know, maybe constructors, maybe roofers. That was the original, let's say, audience that we had minds when we build Proposaly. And then we say, "You know what, wait." Even a company like Adcore, which is more, let's say, like software or service company can actually use a tool like Proposaly. And then we say, "Okay, we take a different approach and build it for everyone." So it doesn't matter if you're a constructor, if you're a service provider, if you're a technology company like Adcore, everybody need -- everybody has to do traditional sales, sales process that started with leads and then we need to convert them into clients, into sales and the proposal, have them sign an agreement. All of these companies, these are -- most of the company, I would say, 80%, 90% of companies on planet Earth need a tool like Proposaly. So Proposaly is for everyone, for the constructors, for the big enterprise for everyone.

Thank you, Omri. And how should clients or investors think about Proposaly and its competitive advantage? How does it differ from some of peers like Proposify some of the other solutions in the market?

Again, it's a good question. I would say, let's first compare Proposaly, let's say, to more to traditional CRMs, maybe tools like Salesforce, tools like HubSpot. So I would say, by definition, CRM were designed to manage the process, right? So you have, let's say, a lead and then this lead, you send them an offer. And then like it was more a back-end tool to manage the different statuses of, let's say, a lead of a client. And that was, let's say, the core of these type of tools. With Proposaly actually -- the main event with Proposaly, it's actually the client portal. So everything that we have in the back end is more or less designed to create the client portal, to create this amazing experience to our clients. So we said that's a big differentiation between, let's say, tools, let's say, like Salesforce and HubSpot. And again, like we have integrated agreement, we have, I don't know, PandaDoc or Adobe Sign that have agreement. But for us, it's more of an agreement, obviously. So you have the presentation, you have the agreement, you have the communication. So all that's not existing in a tool like PandaDoc for example, or Adobe Sign. So I think it's the next level of application. You can look at it like that.

Very good, Omri. Another question here. So how does Adcore plan to capture market share in its key segments?

It's a good question. We're literally just getting started, right? So Proposaly is in a very early close beta stages. We have selected a client that's going to be part of this beta stages. Adcore is going to be part of these groups that are going to use Proposaly. So we're taking a [ zip ] from our own medicine in that regard. And I think next, once it's going to be open, let's say, going out from the beta stage, probably we're going to talk Q2 -- around Q2 2024. Then I think the go-to-market strategy for us is going to be, first and foremost, B2B businesses because every time these guys are going to send a proposal to one of their clients using Proposaly, we're going to do some kind of reselling for us as well, and then take it from there. But I would say B2B is go-to-market, is going to be core we're going to start focusing on.

Thank you, Omri. What would you say the impact Proposaly has on deal closures -- on increasing deal closures?

Again, sorry?

What impact does Proposaly have on increasing deal closures? How does it contribute to it?

Massive. So just so you understand the numbers, by average, only 6% of, let's say, proposal are converted into deals, into wins, right? So we're not talking about big numbers. So even if I can change 6% to 10%, which is not massive and Proposaly can do more than that, and we're talking about almost 100% increase, which is massive by any standards. So it's not just that. It's also making the entire process faster, more intuitive to client to do business itself. It's also the upsell opportunity to increase the deal size. So I think combine all of this together and you get a wow effect, like something that is bigger than life for the business.

Very good. Thank you, Omri. And how do you see Proposaly growing and really contributing to the overall Adcore story going forward?

So again, it's -- Proposaly is a baby. It was literally born today, right? So it will take Proposaly time in order to capture -- ground to capture market share to grow up as a product. But if we have the -- let's say, greatest -- the latest and greatest from Adcore, which is Media Blast that just reached almost $2 million in ARR, it took her 1.5 year to reach this milestone. So I think like if Proposaly can go in this footstep of, let's say, Media Blast and even outside Media Blast, then I would be the happiest CEO on planet Earth, I guess.

Thank you, Omri. Kind of in addition, are you looking for any partnerships to help accelerate Proposaly's growth? Or what's the plan there?

Okay. So I think like partnership is also something that we will be more than welcome to evaluate. I mean, let's say, obviously, this is like 2 are better than 1, right? So there's as value in order to partnership. In terms of, let's say, fundraising and going to the market, I think like Adcore and that's also something that we released lately that we have very solid cash position and solid balance sheet. So I don't think that's on the table, at least not now, not in this current share price. Although we saw a very nice uptick in the share price lately, but we still think Adcore is undervalued to be honest. So I think like, yes, partnership, yes. Fundraising, probably not in this environment, but maybe in the future if needed.

Thank you, Omri. We've got one more here about Proposaly. How would you measure Proposaly's success just beyond revenue growth? What are you looking for key metrics to assign success to the app?

It's a good question. I would say, in the end of the day, it's all come down to revenue, right? So revenue, it's the most important KPI. And at the end of the day, that's the KPI that tells the story the best. Having said that, there are supportive KPIs, right? So this number of active clients. Numbers of, let's say, proposals have been sent to every, let's say, every day, every month and so on and so on. So they are supportive KPIs that we can definitely monitor in order to see that we are in the right trajectory we saw into success. But in the end of the day, we want to see MRR, we want to see ARR is building and that's the most important thing to drive value.

Thank you, Omri. I want to switch gears quickly. You talked about Media Blast. Monday, we put out a press release mentioning it's impressive growth, hitting a mark near $2 million in annual recurring revenue. Can you give investors a bit more information? What's driving the growth there?

Yes. It's an impressive milestone, and this milestone was achieved in 6 months' time back to back to reaching $1 million ARR milestones. So it took us 1 year to reach $1 million and then it took us another 6 months to reach $2 million. So the business is accelerating, and it's accelerating across different factors. So we see more clients coming into the application, more active clients using Media Blast. So that's one reason of this acceleration for the growth that we see. Another reason that we see that it's not just the number of clients, it's also the scale. They are spending more money using Media Blast, making more top-ups, spending more. And basically, that allows us to get more money from them or get like more fees from them as well. So I would say number of clients is growing and the activity is growing with it. So that's -- and that's a big thing.

Thank you, Omri. And on that PR again, you saw the company saw cash increase quite significantly in Q4. What can people expect for 2025? Is this going to continue? Or what's the thinking there?

It's a good question. I would say the following, like we see definitely a positive trend in Adcore activity in H2 2024, and we definitely believe that this trend is here to stay. So we have high expectations for 2025. And if everything is going to go according to plan, even without, let's say, Proposaly contribution, we're probably going to end up 2025 with higher cash position than what we started in 2025.

Thank you, Omri. One more question here from the field is do we have -- have we released the pricing on how much we expect to charge people for Proposaly? And what are the expected gross margins on such a technology?

Okay. So that's actually 2 different questions I would say regarding pricing, I would say, because we're still in a close beta stage. We can't disclose pricing yet and obviously, beta pricing going to be different than, let's say, post beta pricing as well. So let's keep pricing discussions once we are out of the beta stage. This is one. And I would say gross margins are high, let's say, 80%, 90% for a platform like Proposaly, that's what we expect to see as gross margin.

Very good. I think we've covered all the questions for today, Omri. So with that, I want to thank the team for their presentation. It's very informative, very exciting. And most importantly, I want to thank you, the guests for joining us today. We're obviously very excited about the potentially Proposaly holds, and we think it can be a game changer for the company, and we encourage you to follow along this journey. So thank you all again for joining and be well.

Thanks, everyone, and for a lovely presentation, and it's off to the races now. So we want to see Proposaly in action. We want to see shareholders continued to be engaged, supporting the Adcore story in general, but also engage with the Proposaly story now. And basically, there's good things ahead of us. And I'm very optimistic regarding Proposaly, regarding 2025 for Adcore and so should shareholders be.

Thank you very much, Omri.

Okay, guys. Thanks.

Thank you.

Thank you.