QYOU Media Inc. (QYOU) Earnings Call Transcript & Summary

Hello, everyone, and welcome to another exciting investor call. I'm joined by our CEO, Curt Marvis, who's on the line with us. We're going to wait a few seconds for more people to join. Curt, if you'd like to tell any jokes now would be the time to do that while we wait people to join. So I'll let you take it away, sir.

Yes. I don't know, Jace, I don't see the same thing you see. So I don't know, do you want to wait? Or are we ready to jump in?

I'm taking a look at how many viewers we have, let's see. Let's wait like another 30 seconds. See what happens.

Also, Jace, when we get to this, since we're in different places, when we get to the end, if you don't mind, texting me. We've got some of the questions that came in earlier that are part of this that we've got, but if there's more stuff that comes in, if you don't mind texting it to me during the call.

Yes, not a problem. It looks like we have 25 people joining. So there's a healthy amount of people at the moment. So do you want to just take it away, Mr. Marvis?

Yes. Okay, everyone. Welcome, and thanks for taking time out to join us for a discussion about our results from fiscal 2025 and Q1 2026. I know all of us were both disappointed and dismayed and I'm happy about the delay that occurred around the release of these numbers. I think probably the single most important comment I can make about that is that nothing changed, everything that we had presented to the auditors and with them, all the numbers remain the same. I mean, there might have been very, very small immaterial adjustment, nothing that was of any significance. The issue is around a number of technical issues that arose in terms of revenue recognition and other things. We spend untold number of hours, along with our auditors and going through the explanations and determinations of those different things that were in question. Obviously, as I just said a second ago, we must have passed the test because the numbers didn't change. And I guess the good news of all of it is, is that we've gone under what I would classify as intense scrutiny during this audit and passed with flying colors. So I think we're proud of the work we've done as a company, our finance teams, everything that we've done to achieve that both in North America and India. So with that said, let's proceed with the presentation. And also happy to answer any more questions about that at the end of the call. So these are some of the highlights and things that I want to talk about and focus on a little bit in terms of what happened in fiscal 2025. Fiscal 2025, as most of you are aware, we report calendar year. So that ended in December of last year. So that is literally now nearly 6-months ago. So it seems like a light year in terms of how this business operates and moves. But we did have our highest revenue, record revenue year for us in 2025 of CAD 32.16 million. We're very proud of that. I'll talk in a later slide a little bit to show you some of the growth trajectory of what's happened around the business. The thing I would underscore, I think, the most around that is that -- we think we can do even better. We think that we've invested and made some strategic decisions, including just the focus on the creative economy business. which will help us dramatically as we move forward, and I'll talk about that a little bit more as we go forward. In Q4 of 2025, we actually achieved our highest revenue quarter in company history of $11.1 million. One of the things that's frustrating for us as a business is we're not perfectly suited for quarter-to-quarter reporting. It's a little bit frustrating at times because we -- we tend to, in general, have much more business in the second half of the year on a calendar year basis, but it's also challenging sometimes, and this came up in the audit as well about revenue recognition timing, deliveries that overlap quarters that we don't have a perfect cutoff date that happens on projects, including some of the larger projects that we do. So this becomes a very, very challenging thing as a company when we're looking at ourselves on a quarterly basis. The reality is, as a management group, we tend to look at ourselves more in half year, or years than we do quarter-to-quarter. And I can tell you that -- and we'll talk about Q1 2026 in a moment, but I can tell you that -- the accelerated trajectory of our business in Q2 that we're currently in is keeping us on track with what our goals are as a business. So nevertheless, Q1 or Q4 2025 rather, was a spectacular quarter for us. We're looking for more of those in the second half of this year. And Q1 that sits right below it at $7 million don't get thrown off by that $7 million in Q1 for us is also a record, and about 22% higher year-over-year than Q1 in 2025. The other piece that I wanted to talk about a bit is the net loss. While we're very, very proud of the fact that we achieved a net profit in Q3 of 2025, we've also made strategic decisions for investment into the business that are going to drive much larger growth we feel going forward. With that said, our net loss improved by 73%, which is about $5.5 million. That's not an insignificant amount of money for us, and it's really a reflection of the drag that was happening from the businesses that we've gotten out of in both the Gaming and Channel businesses, and the focus that we've got now in the Influencer Marketing business. So that's an important number to pay attention to. Obviously, more importantly than that is on the left side there a $738,000 where we had net profit in Q3. That remains a huge priority for all the obvious reasons for all of us as shareholders and people that follow QYOU. We are expecting that we will be profitable in 2026 on a combined and aggregated basis. Chatterbox has been able to maintain profitability, including through its last fiscal year. And so on a -- a lot of the sort of legacy issues, I'll call them, of the Channel and Gaming businesses and other things that were done those fall on the North American business or QYOU Media, the parent company. So we continue to work on that. They're continuing to go by the wayside with a lot of -- most of it being removed at this point. And I think you'll see that in our results again as we go forward. The other thing that happened, of course, in 2025 was on October, I believe it was 3rd, or 4th of 2025, we took Chatterbox public on the Bombay Stock Exchange. We remain to date, the only influencer marketing agency that is listed on any public exchange in India. And while we've been a little bit disappointed in the results that we've had recently, we are very, very bullish and believe very, very strongly that you're going to see that rebound in a big way as we move forward. The bottom line is, is that as a company, both in North America and India, we're getting larger and larger enterprise-level deals. I'll talk about that a bit more in a second. We've made a lot of progress in integrating the business units between North America and India, which we see as a huge advantage to us as an operating company on a global basis going forward, and possibly the most important aspect of the entire business since we've last talked about numbers is that the creative economy is fully mainstream now. There's no doubt about it. There's every indication of it, on that very, very first slide when I spoke about a $40 billion industry. That's just the business that's involved with what we do in the influencer marketing agency business. The entirety of the creator economy business is now well over $500 million. And most projections have it going somewhere between $1.3 trillion to as much as $2 trillion 10 years from now. So the growth trajectory of the overall business that we're in is spectacular. It's continuing, and there's no end in sight in terms of what's happening in the business. So I wanted to talk about that for a moment. One of the other areas that gives us a lot of excitement and belief in the opportunity that exists is the market remains very fragmented. The largest player in market probably, which is a company called Influential which is owned by [indiscernible] it's hard to say. We don't know the exact numbers, but let's just call it around $400 million, maybe as much as $500 million of a $40 billion industry. So the -- as this slide says, 98.5% of this market is fragmented. There are literally dozens and dozens of companies that are close or around the size of QYOU Media. We think with our established situation now as having a really increasingly integrated presence on a global basis between our North America and Indian businesses, that this is kind of the launch pad for what we need to do in terms of growing going forward. The bottom of the slide, it says a decade of experience. We are really between Chatterbox and QYOU USA, we are really [ OGs ] in this business. We've been around a long time. We've seen the shifts and changes and improvements and serious aspects of how brands all over the world use influencer marketing and social media marketing now to drive their businesses. And between the two companies, we've really built a very, very robust and strong foundation for the business. The lower left-hand corner there where it talks about the platform campaign and content strategy. This is something where we've been building technology, mind share capabilities on a number of different levels to be able to deliver to our brand partners and our partnerships that we have across the board. Real-world, real-time and really valuable information for them as they roll out their products and services, that's underscored by the creative development that we've done. We actually won an award recently is for most -- Best Creative Studio that we won here this year. We're extremely proud of the creative work we do. And much of what really drives the growth of our business going forward is the creative drive and accolades that we're receiving. In addition to that, because we've been around as long as we have, we've activated incredible number of creators across the -- around the world and across the 2 business units. We also -- although we don't represent creators directly in the U.S. business, Chatterbox now has over 100 creators that we manage directly, and we see that continuing to grow going forward. We're considering whether or not we want to get into that business on the U.S. side. And perhaps the largest area of growth in the business going forward for both business units is in media and amplification of that media. What that means is in the old days of social media marketing, you used to not really what we call boost or amplify the views and the visibility, if you will, of a post when you made it, just kind of relied on whether people got there or not. Well, those times have changed dramatically. And now it's the easiest way to explain it really is the same way that an advertiser pays in the past and in today's world to have their ad shown against a television program on television, same thing is happening with all of these platforms, whether it's TikTok, Meta, YouTube, et cetera. We have really built up that capability across the business. This year, we announced what we call QAmplify, which is specifically about the media buying part of our practice. And not that long ago, maybe as little as 2 or 3 years ago, we used to do campaigns where 85% of the business was, we'll call organic and 15% of it is amplified. We have campaigns now where that's almost flipped completely, and certainly, to have campaigns rolling out where it's a 50-50 mix between those two, is not uncommon at all. So Media amplification is probably the single largest area of financial growth in the influencer marketing and creator economy space at this time. And we have built both technology and capabilities that are world-class, and we look to grow that business completely. As I mentioned, talent management at Chatterbox is something that we also see growing significantly as we go forward and as influencers become their own sort of brand and business units in themselves. So as I mentioned, the impact of these 2 businesses and the ability for them to go together is really large. And sometimes, you have to look at the numbers to be able to kind of grasp what that is. We've worked with over 1,400 creators over the 10 years that we've been doing this, that have generated over 4.2 billion views. Maybe most importantly is what I mentioned a minute ago about enterprise. The biggest challenge of the business, both here and in India with Chatterbox is what I would call a campaign to campaign or a job-to-job business. It makes predicting revenue challenging. It makes managing the business very challenging on a day-to-day basis. There's a big drive that began really in 2025 as an increasing -- in 2026 to drive more of what we call enterprise deals. What an enterprise deal really reflects is where we've got a client, it's a large client like where we talk about here with Paramount Disney, Kraft Heinz Activision, Hulu, which is actually part of Disney. This is where we're getting larger scale deals that are expanded over a larger time period, sometimes it may be 6 months, it could be 12 months, potentially even longer than that, where you've got a consistent flow of work that's happening around that. This biggest selling point, we're doing the same thing in India with brands like -- I just blank. Unilever, sorry, Unilever, Amazon, Spotify, et cetera, where HUL threw me off for a second. Sorry about that. The -- where we're looking for brand partnerships and relationships where we talk about going into this as the creator economy is not an afterthought, but as a primary marketing channel for these companies. We're very, very embedded into the planning process and the planning stages of what they're doing as companies. That's a huge lift that's happening across the entire industry. That's what's driving the $40 billion in the current marketplace that we're working in, in terms of the money that's going into that. And it's an area where we feel extremely advantaged in terms of both the experience, the tech capabilities and the knowledge base that we have with our clients to build that going forward. Many of you have heard about our plans to expand internationally further, that was targeted to be headquartered or is targeted to be headquartered out of Dubai. We are actually really looking to turn jets up on that right after March 17 when Ramadan ended in the Middle East. Obviously, as everybody is aware, there was -- there's something which was beyond our control that occurred in the Middle East region, at the same time of this. Nevertheless, we've continued to do work both through the U.S. and India for clients that are based in the UAE and GCC territories. Obviously, we all know the news that came out over the weekend of hopefully a peace treaty between the U.S. and Iran. Hopefully, that's all going to come true. And we certainly know that, that's going to open up the floodgates, further to what we were seeing at the end of last year before things kind of came to a grinding halt based on the the global conditions there. So still a very, very big project for us going forward, and obviously, Saudi Arabia and the GCC territories in general, there's a huge amount of wealth there, not just for business that we can do there, but we also believe there's some strong strategic investment opportunities there as well. So as we move forward, these long-term relationships that we've built with many of the world's largest brands, I wanted to underscore that because I think it gets lost sometimes we aren't necessarily in position from a contractual point of view, where we can come out and beat our chest and talk about these larger deals that we're doing with company. But even if you look there as an example of the Walt Disney Company, we've been working for them with them since 2022, 113 campaigns, generating over 2 billion views. So these are not trivial relationships that have been created. Kraft Heinz is one of the most exciting relationships that we have right now, in terms of the growth that we're seeing and the campaigns that we're doing on everything from Heinz Ketchup and Mustard through [indiscernible] and Lunchables. So these are very, very important relationships, and we see these as sort of the foundational kinds of relationships that will allow us to become more predictable going forward in terms of not only the revenue that it generates, but also the cost structures around them that drive these going forward. Part of the reason that we believe that we are hired by these companies and growing as a business overall is that we outperformed market foundational metrics on an ongoing and regular and consistent basis. So whether it's 2x the engagement or 7x the added value that we get, when we talk about added value, these are influencers that have been hired to perform certain tasks and post against the campaign. We have a great relationship with them across the board, and we often get them to do more post that are added value, which, of course, our brand partners love that drives higher engagement rates that drives more viewership, et cetera. All of this has been strongly recognized in the industry. We've already run 5 awards this year. And many, many, many over the years for the work that we're doing, as I mentioned, one of the ones that we're most proud of this year was getting recognized as the Most Innovative Studio with what we're doing with our studio work. At the bottom of this page, we talk about our proprietary tech platform. Some of you who've done a little bit more digging, I'm not going to talk about names or other things, you'll be seeing more news about that going forward in the second half of this year. But the bottom line is, is that both Jace and the team here in the U.S. and then independently initially, an India team has been independently working on technology that supports our businesses for years now. What's really exciting for us is that we've begun the integration process between those two different groups of technology developers in India and the U.S. And we really are developing now, obviously, and it goes without saying, an AI-ready and AI agent ready platform. But this is a platform that's been built by the demands of a very, very diverse group of brand partnerships that we have and a very, very diverse set of requests from them about what they want those campaigns to do and perform, to go everything from just driving views to particular specific audiences, through transactional things that may happen against those campaigns going forward as more and more direct transactions happen with these campaigns. This proprietary tech platform is, we believe, going to be immensely valuable as we roll it out more powerfully going forward. I think when you see the valuations that are created for some of the companies in our space, there's not 1 of them that doesn't have a platform that they've been developing. We believe that what we've got through our own proprietary platform, superior to anything that we've seen in the marketplace thus far. So I believe that all investors and followers of our business will see that the technology that's going to get unleashed by us in the market, not only for our own use but potentially others to use as well is going to be a very, very powerful driver for the company as we move across the second half of 2026 and going forward in 2027 and beyond. I wanted everybody to take a look at this slide. The most important and first thing I will state is 2026, we are not giving formal guidance, okay? So that's why this is -- in fact, I think there's a mistake here, it's says projection. This is a goal. We have goals that we've stated previously and basically trying to grow with the CAGR of the overall industry of about 30% year-over-year, maybe a bit more than that. This is something that we're trying to do. Obviously, inextricably linked to that revenue growth is profitability. I talked about that a second ago, but don't anyone think that we're not focused on that or that that's not important. In the same breath, I will say that it's a highly competitive marketplace. We need to do things like technology development and hire key sales people and other executional people. These are not cheap hires for us, but they're fundamental to continuing the trajectory of our business and growth going forward. I think we really -- one of the things we're most proud of is when you look at the slide, I think it gets lost sometimes that we've gone over the last 6 years from $5.5 million in revenue. By the way, this is only the 2 businesses that we're in now, Chatterbox and QYOU USA. This is stripping out all of the discontinued operations. So when you look at this, one of the drivers for the relation -- for the reasoning behind why we chose this is that we did have, for quite a few years, a highly, highly investment-heavy a couple of businesses in both Gaming and the Channel business that we were investing in, and it became very clear to us that there was no way to ultimately get profitable out of those businesses. So the shift that we made for the company going forward, and we still suffer some of the drag from what happened in previous years, we're escaping that at very, very high trajectory right now. I think 2026 will be the last year where that drag or boat anchor, as I call it internally that has taken us down is something that is there. There's one mistake, I'm just seeing on the slide, by the way, the combined that you see there of $30 million, that's $30 million US dollars we normally do this slide in U.S. dollars for investor presentation. So that's why you'll see that mistake. Apologies for that. Maybe we'll change that, Jace before we post this. But at any rate, the point is that we're having significant growth, a 43% compound annual growth rate is higher than the industry itself. We're looking to continue this kind of growth going forward with a focus, as I said, on bottom line profitability going forward through calendar 2026 and ensuing years as we go forward. One of the reasons we're also very excited beyond our own growth is what's happening in the industry in general. There is a massive and accelerating amount of M&A that's taking place. The most recent is the one that you see there, the second box at the bottom, Accenture Song and the purchase of Whaler. They actually didn't purchase all of Whaler. They purchased their agency. There's not -- they did not release exact numbers. The guess is that it's a $300 million to $400 million acquisition. But what's happened in the space is there is an immense amount of M&A activity and acceleration. The larger agencies, the [indiscernible], the Accentures, et cetera, of the world are acquiring with increasing frequency, large deals. [indiscernible] has already acquired about a year ago, the company I mentioned a minute ago, Influential the rumored price for that was about $500 million. They later got Captivate. Again, these numbers are hard to get, but these are all in the hundreds of millions of dollars. And so we're seeing a big trend that's taking place in terms of M&A activity in our space. Why is that important? Well, it's important for several reasons for us. One is, we believe, as we get our feet underneath this in a stronger fashion that there's a tremendous amount of M&A opportunity for us going forward. That M&A opportunity, by the way, on our side would only be focused on businesses that are profitable. We are not going to look at or even consider any company that's not accretive in terms of immediately accretive in terms of any M&A activity we may do for smaller agencies that we believe can be very, very strong and powerful for us on an accretive basis as we move forward. But with that said, we believe over the coming 12, 18, 24, 36 months as we build our revenue base, as we build the reach, the global reach of what we're doing as we build our technology prowess and capabilities. Some other things that we're not ready to talk about publicly yet, but that we think will excite our shareholder base and investors. This is a huge part of this. There's going to be massive consolidation. As I said in the first slide, there is no 800-pound gorilla in our industry to date. The closest is the one company, Influential, which is owned by [indiscernible], but it's a very, very wide open marketplace, that's combined in the same breath with an industry that has gone from sort of a red-headed stepchild 10 years ago when we started in this business in terms of marketing campaigns and marketing groups to the #1 most important area for any brand globally that wants to reach any audience at any age, they're doing it across Instagram, YouTube, TikTok, Snapchat, et cetera. And these platforms are where we specialize. This is what we've been doing for a long time, and this is why we're so bullish on what we believe is going to happen for our business going forward. So I want to get into some of the pre-submitted investor questions and answer some of those. I'll start on the left-hand side with the first one is there anything unexpected that's material in 2026 thus far?

I think the single -- there's two things. One of which isn't really unexpected, which is the good news part is the seriousness with which brands are spending dollars in this space. So I mentioned a second ago. In the next 10 years, this business is going to be in the trillions of dollars. And it's already -- there is more money that's being spent on social media marketing this year in 2026 than we spent in the history of television at its Zenith. And so the amount of dollars that are going into marketing now that are being spent by brands is the -- is actually -- it's not again, unexpected, but it's striking to us on a daily basis in terms of the -- the value that brands are putting on this industry and how it's so serious for them in terms of the campaigns they're rolling out. The bad news, if there is bad news, is that with that, happening, we're now dealing with procurement groups inside of these larger brands and agencies. We're dealing with margin pressure within these brands and agencies that are stronger. And so as the business has become more formalized and where there are immense amount of dollars that are being spent on the marketing of products, what was on something where there was the social media marketing group 5, 6, 10 years ago inside of these marketing teams of these large companies like Kraft Heinz, Disney, Activision, et cetera, this is now the #1 priority of that. And so the scrutiny that goes through the procurement process, start process winning these campaigns, through keeping them on track in terms of the severity of it. Again, I won't say that it's unexpected, but I will say that we're actually having an off-site here with our management group tomorrow in North America, to address a lot of the changing things that are happening in the industry as the scrutiny and serious nature of what happens from launching and managing the campaign continue to grow. How is liquidity for QYOU USA with Chatterbox now in good shape, what funding needs are there, if any? As I mentioned a set ago, the answer to that question is yes, you're correct. Chatterbox is in good shape as a result of the IPO that happened. As I've stated previously, and as I think most people are aware of, those funds are reserved for Chatterbox. When you go public in India, you have to create are called the objects, which means the things that the capital is going to be spent on. It's a very highly scrutinized and very regulated thing that we have to follow at Chatterbox, which I think is good both for ourselves and for investors and shareholders. So that's something which is fine. The North American business, QYOU Media is really the one that is finalizing the burden of some of the, frankly, mistakes or missteps that we may have taken in the past. As I mentioned a second ago, we're almost outside of that. They are not funding needs necessarily for the U.S. business or for Chatterbox. However, we are always constantly in discussions. And as I mentioned, because of the spotlight, if you will, that's been placed on our industry over the last several years. We are constantly and frequently having discussions on a strategic level with people that are interested in getting involved with us and that includes on an investment basis. So we continue to have those discussions and conversations. We continue to look at those. We continue to look at ways to retire some of the loan money that still remains out there that we want to reserve capital for and to see things that we can do to make those -- to take care of those in a faster fashion. So the answer to the question is really not specifically, but we're -- like any company, you're always looking for strategic capital and important capital that can come into the business, that can help us grow. And probably the #1 area for that is, as I mentioned, the M&A opportunities that exist. We're not really able to pursue at our current share prices or capital situations. And so we would like to be in a position to take advantage of that going forward. So we'll see what happens there. Question three, am I personally investing at these levels? If not, why not? The simple answer to that is I'm not, because for a number of reasons. Number one is as I've stated in previous calls, I've not sold a share since we started this and became public in March of 2017, not 1 share, nor would I sell a share today at the existing share price because we strongly believe that it's going to grow significantly as we move forward and prove what we're trying to do as a company in terms of not just revenue growth, but profitability moving forward. The fact of the matter is, is that like many of you have been investors in the company and I apologize personally, it's obviously not intentional for anybody to lose money in their investment and in the amount of the value of the shares that they've invested in. I, too, have lost a significant amount of value, just like the rest of you, in terms of the value of what our stock is in the current environment. The reason I'm not investing currently is what I can tell you is that as you see the share price begin to grow in some significant fashion, I hope to be in a position to be able to sell some shares that I've had for a long, long time now along the way, but I also look to reinvest that back into the company at levels that will be determined as we grow going forward. So unfortunately, having 5 kids, 2 who are in college right now, et cetera, I'm not really in a position to personally invest. But more importantly, it's because I've not been able to divest of any of the shares that i've received along the way. And frankly, like all of management in this company, we've all lost a lot of the options that we had that were priced out of the money and so surrendered a lot of the equity along the way that we have. And that's the cold brutal honest answer to that question. Why didn't Chatterbox report FY 2025, '26 numbers? I think -- I'm not sure I understood this question. I think this might be referring to the fact of why didn't we report in a separate press release those numbers, Chatterbox did report fiscal 2025, 2026 in India. If you Google it, you can see different reports that came out around that. Their revenue actually grew 42% in the last fiscal year, and they were profitable with positive net profit in 2025, '26. The reason we didn't do anything here is because those numbers came out when we were mired in our issue with late reporting. And because their Q3, which was reported -- tied to our Q4 -- it seemed -- our Q1 rate. I'm sorry, the Q4 related to our Q1, and we had not reported Q1 or fiscal 2025. It seemed inappropriate for us to do and maybe even not just inappropriate, but not [indiscernible] with the OSC and others to do that. So that's why we chose not to do that. But again, if you Google the numbers, for Chatterbox last year. You can find those numbers online, and you'll also see that they did a really, really strong and solid 2025, '26. Question 5, what happened with the opening of the Dubai operation? I think I already addressed that. We were slowed massively -- it was actually less reported here in North America and even Western Europe, if there's people listening from there, about how shattered the UAE was for some period of time by what was taking place with the war between U.S. and Iran. UAE actually took more missiles and drones than any other company in the Gulf region. That's starting to come back to life. And hopefully, the news that was delivered in the last 24 hours is going to to kick that off. Our original plan was to really kick things off more strongly right after Ramadan, as I mentioned, but we'll start that up now and you'll be seeing more from us in terms of our Dubai operation Chatter box International and what we do in the Gulf region going forward. Question six, just checking my time here. Question six, why do you think the stock has no real following? And how do you plan on changing that? Look, we're as dismayed as anybody over both the share price, the lack of volume. We have thought like many of us have along the way that we would start to see a resurgence in people who began to believe, not in terms of what we were doing as a company, but also in terms of what was happening in the creator economy in general. We haven't really seen that, and it's extremely disappointing. We also have tried numerous things along the way that I would make the argument haven't really worked. With that said, we recognize as a company that has to change. And I've sort of been made a liar out of promises I've made in the past. Part of that was driven by the delay in reporting our numbers over the last 6 to 8 weeks. Now that we've passed that problem, and that's in the rearview mirror, I believe you will see more public information about us. Raj and team will be doing a separate call like this. We'll pick a date here in the not-too-distant future, we'll have a specific call about the India business. So you can learn more about what's happening there. And I do think that I can live up to the promise of more proactive sessions like this in the second half of 2026, which we have not really been doing in the first half, the way that we originally anticipated. In addition to that, there's a lot of debate inside our company about IR and what's effective and what's not effective. We look at that all time. We believe that there are some ways that we can do that, utilizing our own capabilities with influencer marketing and other capabilities that we have going forward. So I think you'll see more coming out of that world as well as we move forward in the second half of 2026. So Jace, did you text me anything while I've been blathering on here or looking?

I did. If you look at your text messages, you'll see.

Great.

I can read them to you, if you'd like.

Yes, that's fine. The first one about profit margins. Look, when we combine the companies, there were a lot of things that needed to be done to drive that. As I mentioned, we still -- we're still suffering to some degree, the slings and arrows of past missteps. I think you'll see us exiting that even further in Q2 and even further and really leave it in the rearview mirror in the second half of 2026. We're obviously leaning heavily into AI now as well as a way to contain costs and find more efficient ways to get things done. A lot of the antidote to margin pressure that we might be feeling from our partners is leveraging AI further to make us more efficient as an operating business. So the combination of those two things, I think you'll see in the ability to manage in a better way from profit point of view, these larger enterprise-level deals are going to combine to do that without adding additional headcount. The big announcement was previously mentioned. Yes, I think yes, I'm not going to hand it that right now. I'll just say that I think you'll see some announcements between now and over the course of the summer that we'll point to some of the things that we believe that are going to drive us in a much stronger fashion as we move forward. Your second question about why aren't we paying off the high-interest debt? The answer is that we're -- if someone asked the question about are we raising capital. We're being very conservative right now in the capital that we have, especially in North America. So I think you'll see some changes in that not necessarily between now and the end of the quarter, but you'll see some changes in the status of what's happening there in Q3 and get those paid off and behind us. Yes. I mean the -- it's partially related -- the question is about AR aging. It's over 90 days. One of the other huge challenges in our industry is the agencies that we get paid by are notoriously slow in paying us. The influencers that we deploy in these campaigns are notoriously dissatisfied with not getting paid a lot faster than 90 days. So there's a constant imbalance between AP and AR that ironically becomes even more pronounced when we have higher revenue quarters, because in the higher revenue quarters, as you can imagine, if you're paying out to make up with a number in a $10 million quarter. If you've got a $10 million quarter, and half of that is getting spent on amplification boosting and creators. So $5 million of that, if we're very, very slow in the payments that come our way because both in terms of the amplification, which is really through Meta and TikTok, they get paid net 30. So in cases where we're getting paid more than 90 days, it puts incredible pressure on our cash. And this is one of the reasons that answers the question that Cooper's had about why we aren't paying off the debt. We have to stay extremely conservative in terms of cash retention because of that. We've dealt with factoring facilities and other things that we've tried. We've been in discussions about one of those going forward. There -- they can be very onerous to manage and work with going forward. And we've also been because of our share price, obviously, in a condition where we didn't want to reach dilute further at these share prices. So it's a daily juggling act that we go through. It's one of the biggest pains, frankly, that we go through in terms of managing the businesses on a day-to-day basis. But we think that as we grow in a profitable way going forward. And additionally, we have a couple of other things we're looking at to take care of some of these high interest debts and other issues that we'll emerge from this in the second half 2026. And certainly, in fiscal 2027, I don't see it being an issue for us at all as we go forward. So hopefully, that answered that question. I think we're intended for this to be 45 minutes. We're at 43 minutes right now. I don't see any further questions from Jace. So I'll sign off by saying once again, sincere and deep apologies for the delay in all this. I got my fair share of hate mail from some of you and no one was more unhappy and upset about this than management was. Nevertheless, as I mentioned, it's in the review mirror now. As you can all see, there were no really huge material changes from what we put out in March in terms of fiscal 2025. We're thrilled as a management team on a go-forward basis. And people sometimes ask, why are we sticking it out, what are we doing, et cetera. None of us would be doing that if we didn't believe that there's a very, very large opportunity for us. going forward. And that's speaking for myself, for Glenn, for Jace, for Scott Patterson, for Raj Mishra, and all the senior management team that is really going to be rewarded when we see these the fruits of our labors really start to materialize in the coming quarters and years. So that's it for today's call. We'll have one of these, as I mentioned, just with the India team probably sometime in the next 3 or 4 weeks, and we'll send out a press release about the timing of that once we sort out when that's going to take place. So thanks all for your support and look forward to delivering better and better results going forward. Thanks guys. Bye-bye.