Testing. Okay. Thank you, everyone, for joining me today. I'm Nick Campbell, Head of Adcore IR. For those of you familiar with the story, this will be a nice update on what we think is exciting for 2025. For those of you new, we should have a pretty exciting story here for you coming off its best quarter in history, and I'll talk a bit more about that later. Just before getting into the presentation here, be aware there'll be some forward-looking statements, so just bear that in mind. What is Adcore? Adcore is a leading AI-powered digital marketing technology company. What its goal is, is to make marketing as easy and accessible as possible, and how we're doing that is creating tools and technologies to really optimize a lot of those procedures. The company was founded in 2006 in Tel Aviv, Israel, and since then has expanded globally. Today, we maintain about six offices across the globe in Toronto, Canada, Charlotte, U.S., Melbourne, Australia, and Hong Kong and Shanghai, China. What the company's mission statement is, what our goal is, is to really make marketing as easy and accessible as possible, and we want to do that without sacrificing results. Making effort marketing very simple, easy, while yielding superior results. Looking at the company from an investment perspective, as I mentioned to you, Q4 was quite good for the company. It was our fastest growing quarter historically. It grew about 24% quarter- over- quarter. We hit margins of 42%, which is up from 33% back in 2021. The company's been really focused on targeting strategic high gross margin revenue. Where we finished off in 2024, again, was about CAD 1.6 million in adjusted EBITDA, which is an increase from CAD 0.9 million in 2023. What the company's kind of focus is, is continuing to develop new technologies, all proprietary in-house. Taking a look at the market in which we operate in, it's massive and growing. Looking at 2023, it was almost CAD 1 trillion in ad spend. We see that growing to about CAD 1.2 trillion by 2026. What the opportunity for Adcore is, a lot of room to obviously gain market share within the market we're in, but also grow with the industry. To give you a bit more information on the industry, looking at its early stages back in 2006, it was very plug and play. You set up an account on Google, and it was quite simple. You could reach your audience through that. Over time, this has become more sophisticated and fragmented, where there's a number of different publishers, and you want to reach a number of different geos, and that's really become a bit of an onerous task for marketers and advertisers alike to take on. What Adcore sees as our opportunity is to create solutions and technology to really make this easy, and that's everything from start to finish. You're creating your accounts, funding those accounts, managing your campaigns, and then finally reviewing that information and making actionable insights from there. As I mentioned to you, we started in 2006 in Tel Aviv, Israel. We since expanded globally, first to Australia, where this regional office we're seeing kind of getting the best traction yet. Last year, it grew about 50%, so we're starting to see evidence of really good fit in that market. We then moved to Toronto. We see North America as one of the biggest markets where we can really get a lot of share, and we also have offices in Hong Kong and Shanghai. Going back to the early stages of the company, again, it was really focused on your campaigns, how to manage these, optimize these, and we saw an opportunity to really improve this from start to finish. Managing and kind of optimizing your campaigns is somewhat mid in the funnel. You want to first create the account, you want to do the media research and planning, your feed optimization, and then later down the cycle, you're going to want to monitor these results and finance, manage those budgets. What we've done since going public is create seven new apps, which kind of target each of these individual activities. Our apps are on the cloud, so they're accessible and available across the globe, accessible on any device, anywhere you are. You can log into your account, make changes, monitor the results, and accessible through the web. As I mentioned to you, back in 2019, when we went public, we only had two apps under our management. We've since increased that to nine now, and two I want to talk to you today about is our Media Blast and Proposaly app. Media Blast is our newest app. It's quite a simple app that really targets how to fund and create accounts on the different platforms. This app was created less than 18 months ago. In the first eight months, it hit a mark of CAD 1 million in ARR, and then six months later, it hit a mark of CAD 2 million in ARR, and that's as of December 2024. What we're seeing is a very big increase in adoption and usage on that app. Proposaly is another app I want to talk to you about. It's basically a sales enablement app that does everything from creating nice professional proposals, sending those to your clients where they can review it, sign it, and finally make payment. What Proposaly is, is it's basically five apps in one, and it allows—it's really targeted towards your clients that are maybe more blue-collar who, like a roofing company, wants to deliver a nice proposal, but maybe doesn't have the back office and a mid-staff to create that. What we do is we onboard them, kind of set up a template. We have a very big library where they can pull from and send those proposals, and again, make payment and finally sign the document. All this technology, what this looks like behind the scenes taking place, like as an advertiser, as you can see, there's a number of different platforms where you're going to want your products advertised. What the goal is here is to have uniformity, so make sure your ads look the same across the board. You're only showing ads that are in stock and being able to manage if there's any discounts or pricing. When looking at Adcore and how this all shapes up into our revenue and financial model, we can see revenue has grown strongly. Looking at that Q4, again, it's probably one of the most exceptional quarters in our history. There is somewhat of a seasonality at play here, but even removing for seasonality, we see quite an exceptional quarter. Adcore, like many digital marketing companies, saw a very, very big bump during COVID. There's a huge rush to online, and we benefited significantly from that, but even removing from that anomaly, you can see it's a clear upwards trend. Since going public in 2019, we've already doubled revenue, and then looking at kind of how that splits out between the geos. EMEA was obviously the largest where the company was from, but we can start to see some of those regions picking up. As of last year, APAC grew about 50%. North America has been growing quite quickly too. We expect these other regions to really bring in the bulk of the revenue going forward. I wanted to relook at that Q4 just because it was so ideal. We saw revenues grow 24%, gross profit at CAD 3.9 million, which is a historic high for the company, adjusted EBITDA CAD 1.3 million. This is all really just due to new business development and gaining market share. When looking at the company's financials, it's very robust and sound. We have a book value around CAD 23 million, which is less than the company trades at, cash position around CAD 11 million, and no debt. The company's in an ideal position to keep fueling our growth and keep accelerating that. Looking at the share structure and how this breaks down, when we went public in 2019, we raised about CAD 2 million at CAD 0.50. We did another raise in 2021 at CAD 1, and since then, we haven't raised any money. The company's very tightly held by management and insiders, about 70% of the shares. As I mentioned to you, looking at that big cash position and what that translates to enterprise values, it's an enterprise value of less than CAD 5 million, which we think is a really exceptional opportunity for investors that they're buying a company with an enterprise value less than CAD 5 million, and it's growing and has a very exciting pipeline of growth. Looking at some of our peers in the digital marketing realm, you can see looking at the comps, Adcore is still significantly undervalued. Looking at EV to EBITDA or EV to gross profit, we look at gross profit because we think that's a more healthy indicator of the business, the business's health. To kind of round up what there is to be excited for about Adcore, again, our intent and our goal is to keep growing as fast as possible. We think we can hit a mark of CAD 40 million in revenue this year. That's 25% growth. Doing that while keeping cash flow positive. We're going to continue to develop our technology. As I mentioned to you, we got Proposaly coming down the pipeline, and we really think we're early in the story. We got a lot of room to grow, and we think the future looks pretty bright. The management team is still largely based in Tel Aviv, where the company originated, and we do have our respective heads of their departments in the local regional offices. As I mentioned to you today, you got me, Nick Campbell here, the Head of IR, and I wanted to open up the floor now in case there's any Q&A. Yeah. You mentioned on the comp slide, I think you had a couple different companies on there with the full. Yeah. I saw DoubleVerify when I was looking at that. I think they just acquired Rockerbox, which is like a multi-touch attribution company. Sure. You mentioned there's nine different apps. Kind of interested to know what the competitive differentiator is from all the different companies on that slide. There's a few out there trying to do this campaign. Yeah, yeah. Uniformity fix. Yeah, we'd love to hear your thoughts on that. Yeah, I think where Adcore really differentiates themselves is with a bit more robust offering. A lot of our competitors, they're focused on one or two of those apps, and they do it really well, whereas Adcore really offers a full comprehensive solution. Some of these are, as you mentioned, focused on the campaigns where we're doing everything from the admin, the startup, to the analytics, reviewing that activity. I think Adcore is much more robust. Now we just moved into kind of sales enablement with Proposaly, which again is kind of a step away from more of the advertising marketing specific apps. Adcore is kind of growing out a more robust solution, if that makes sense. Yeah. Development of the app, is that mostly organic and in-house, or are you guys looking at making acquisitions? How's the portfolio grown? Yeah, it's all been done in-house. For the last year, we've been focused on Proposaly. We have our development team largely based out of Canada around the GTA and Winnipeg. For these apps, where we see a big advantage too is just with AI and kind of the development timelines. I'd say in the past, something that took us a year to develop, we're able to do that closer to six months now. To give you an example, Proposaly, Media Blast, all those apps have been done in-house by our development team, which we see as a big benefit because we're going to be the ones kind of maintaining those apps, ensuring they're running right. We use the, it's internally funded from the cash flow from operations, use that to develop the apps, and then they have a lead time of a year or two before they start producing meaningful revenue. Do you have any sort of involvement number of apps that you guys plan on having? Yeah, right now I think we're happy with the nine. There's still a lot of work to build out some of the applications within these apps. A lot of it's focusing on what's working. The way these apps originate is we, as an agency, work directly with our customers, and we can see where the pain points are in the marketing process. We're seeing this task can maybe be automated. To give you an example, that's kind of how Media Blast came into effect, is it was something we were being asked for from our clients that was a manual process that we needed to kind of have someone review that and do those activities manually. Then we built out the app because we saw we were getting so many requests for this, we could easily do it through technology. That's one example there. I'd say for the short term, we're happy with the nine, and it's just going to be continuing to build those out. Any other questions? I'll give the person behind you an opportunity. What's the community impact on the revenue tariff situation? Also curious about what verticals your selling intent was related to the current situation. For sure. Starting with the tariff, I think it's important to remember it's a global company, and I would say about less than 20% of our revenue is really for advertisers directly marketing products into the United States. For there, right now we haven't seen any issues. We haven't seen any reduction in budgets or even any increase in pricing. So far, I think we've been lucky to skirt by that unaffected. We are a lot customer concentrated in e-comm or selling online products. That's why I mentioned the seasonality is somewhat at play because that typically really ramps up in the second half of the year with Christmas, Black Friday, etc. I'd say e-comm, lead generation, those are our really biggest industries. Looking at the concentration, we have about 500 agencies and clients under our brand. The top four of those probably account for about 35% of the revenue, but otherwise it's quite nicely diversified. Behind you, yeah. Any kind of firms that you're running besides that? Yeah, it's a great question. I mean, historically, the company likes to really run a lean, tight operation. It was originally bootstrapped. The company definitely likes to keep a nice cushion, a nice buffer of cash. Right now, it's going towards improving or increasing our headcount. We're looking to really increase our sales staff and our technology side to keep penetrating the markets. I'd say right now, the cash is really dedicated towards building out the team and the operation to hopefully gain more sales. Did you have another one? Stock took a really nice jump in January or so. Is that just because of the seasonality part of the e-comm, or? Yeah. Yeah, we put out a press release in January, which kind of gave people a little peek at how our Q4 went, and it did paint a quite nice picture. I think a lot of people, they knew that Q4 was going to be good for us, but they did not know to what extent. I think Adcore as it trades, it currently trades as if it does not have any growth or really any enterprise value. When people saw that hint that, hey, this company is growing, it really got a lot of people excited, and I think that is what you saw in the reaction in the market. Do you have a reflection point for the stock? Yeah, we do. We really are optimistic on our technology adoption. Like right now, that Media Blast app is about CAD 2 million in ARR. We think it can get up closer to CAD 5 million. We see big, like the margins and the economics on our application side are quite optimistic or quite accretive if you look at the legacy business. We think there's an opportunity to scale quite quickly and quite large on that side. The goal is to do that with being cash flow positive. We think if we keep putting out these good results, we think the market's going to react. We're already seeing early indications of that. Yes. For Media Blast, can you talk more about how you scale to CAD 2 million in ARR? Also, just, I guess, the choice to release that as a separate app as opposed to having one big family of apps that are all accessible from a single entry point. Yeah, for sure. Just on your point about the single app, the way customers can tap into our services is they can buy the whole suite similar to Adobe where they pay an X amount to get access to all the apps. For some of our clients, it's not necessarily needed, so they'll just pay for one single app, which is obviously a disadvantage of the suite. For Media Blast specifically, we saw clients in the Asia-Pacific really having this challenge again with setting up the accounts. What we did was we started building out that solution for the clients that directly needed it, and then we marketed that app to similar clients in that region. What we saw is the number of users, it's still a small amount, like less than 1,000, but we keep seeing just good word of mouth marketing, really kind of there being a need for this app. We also saw that the existing users, they're increasing their usage. We get a performance fee on that. Those two kind of co-mingled really just allowed us to grow as quickly as we did. We still think there's, in terms of the market penetration, we still think there's a lot more clients out there that need this type of service. Yes, sir. The CEO has what, 67%, 68% or so? 69. Okay. Can you talk about corporate governance and how the board is made up and how they can balance things like that? For sure. For sure. Yeah, we have three independent directors. We have five directors total. Three of them are independent. All the decisions, these are run through the board. The CEO obviously is bringing those plans to the table to be reviewed by a larger team of independent directors. We feel that that puts good barriers in place to ensure the decisions being made are prudent for shareholders. I think that does that answer your question? Yeah. Any other questions? If that's it, again, I'm Nick, head of IR here for Adcore. Thank you all for listening, and you can find me at booth 103. Thank you.