Let's begin. Once again, good morning, and thank you for joining Adcore's Q4 in 2025 financial results earnings call. This morning, Adcore released its financial results, and you might have seen, we finished 2025 on a high note, finishing with 8% increase in revenue compared to Q4 of 2024. Today, we'll be going over those results in detail and provide you an update on ongoing company initiatives. Today, you'll hear some familiar voices from myself, Nick Campbell, Head of Investor Relations here at Adcore. You'll hear from Omri Brill, Adcore's CEO and Founder, and Amit Konforty, Adcore's CFO. The agenda for today, before we begin, we'll go over some forward-looking statements you should be aware of when listening to this call. Then, it will be followed by the CEO opening remarks, followed by the CFO financial highlights, and finally Q&A. If you do have a question during this call, I'll ask you to use the submit a question feature in Zoom, and that will be addressed at the end. Before we begin, I'll give everyone a moment to review this, but just please be aware, during this call, we will be discussing items that are forward-looking and somewhat uncertain in nature. I'll give everyone 30 seconds to review this excerpt, and then we will begin. Okay. Very good. With that, I am going to pass the mic to Omri for the CEO opening remarks. Omri, the floor is yours. Thank you very much, Nick. Good morning, everyone. Not every day we have the chance to speak about the company results for Q4 2025 and full year of 2025. It's only happened once a year, I guess. Today is a special day for us, and we're happy to be here. I would say what I would like to cover today is obviously what we've been able to achieve in Q4 and the full year 2025, but equally important, maybe share with the shareholders some of the highlights of what we anticipate to see in 2026, because we already started 2026. I don't know if you noticed it or not, but I think, like, it's more important that, you know, also forward-looking and not just, like, backward-looking. Let me share my screen, and then we can jump right to it. One second. Cool. Okay, let's go. Like I mentioned, we ended 2025 with a strong note, 8% Q4 growth, year-over-year, near-record cash flow. Correct me if I'm wrong, Amit, but I think that's the second biggest quarter in terms of cash flow generated from operational activity in Q4 2025. Equally important, we are entering 2026 as an AI-first company. We'll cover what exactly does it mean for us, for you as shareholders. We enter with a very strong momentum, you know, with new partnerships that we're gonna discuss, and also with a strong balance sheet, you know, to basically fuel all the growth we anticipate to see in 2026 and beyond. Like I said, strong finish of 2025 and very strong start of 2026 as well, and even accelerating the momentum in 2026. If we talk about quarterly revenue result, total top-line revenue amounted to a bit more than CAD 12 million, CAD 12.1 million to be accurate in Q4 2025. That represent 8% year-on-year growth compared to Q4 2024, which amounted to a bit more than CAD 11 million. Quality growth KPI, gross profit in Q4 2025 was CAD 3.8 million, almost equal to CAD 3.9 million that we achieved in Q4 2024. If you look at the cash and cash equivalents, a bit more than CAD 10 million in Q4 2025, very similar to the results that we've been able to achieve in Q4 2024 as well. Maintaining a very high level of cash and cash equivalents. It's a massive jump from CAD 7.3 million that we've been able to achieve in Q3 2025. More than CAD 3 million, sorry, in Canadian dollars difference. Again, earnings highlights for the quarter, Q4 revenue up 8% year-on-year. APAC region exploded with almost 40% year-on-year growth Q4 2025. Near record Q4 operating cash flow, CAD 4.17 million, 9% year-on-year growth. Very strong. Second strongest quarter for us in the company history in terms of cash flow. Q4 operating profit turned positive this quarter as we anticipated and shared with our shareholders as well. Positive adjusted EBITDA. This is actually the sixth consecutive quarter that we've been able to demonstrate to deliver a positive adjusted EBITDA, which is strong. Some earnings report highlights for full year 2025. Revenue growth for the entire year by 3% year-on-year to more than CAD 33 million. APAC revenue sales by 34% for the full year, which is big. Operating cash flow remained strongly positive, CAD 2 million. Even if we have negative quarter, we can definitely say that we still have full year positive operational cash flow. Cash position remains strong at CAD 10.3 million in the end of 2025. All in all, like I said, strong finish of the year of 2025, I would say strong result all in all in full year 2025. Equally important, like I mentioned before, 2025 result is a thing of the past. We also wanna talk about the future, what 2026 gonna look like, what we anticipate to see in 2026, let's jump right to it. We call 2026 the year of acceleration. We see like a fast acceleration in almost every different department or things that we do in Adcore, and this give us a lot of confidence that basically this can be a breakthrough year for the company. If you look at Adcore, there's a lot of, I would say, history and a lot of experience built up in this company. We have 20 years of digital marketing expertise, which is massive. Actually, in June this year, in 2026, gonna mark our 20 years old anniversary, so that's a big milestone for a company. We have more than 50 years in software development, so a lot of experience, a lot of tools that we develop already over the years. 10 years of strategic partnership with all the major platform. What we see now with AI, it's AI is like the spark that ignite a fast acceleration across all these different department, whether it's digital marketing and services solution, software development for sure, AI is the king over there, and also strategic partnership. Everything tied together, and everything now is accelerating thanks to AI, and we're gonna discuss how AI affecting the company and how Adcore gonna look like a very different company. I would say similar yet very different company in 2026 and beyond. Just to give you some numbers and metrics beyond. When we say acceleration, what do we mean? Let's talk about Australia, for example. You know a key region, Australia represent, Amit, like 40%-50% of the entire APAC region to date. Yeah, yeah. Usually. Okay. I think like we already reported that Australia had a record January. You know, usually January should be slower than, I would say, December and November because of end of year sales, but actually we see this region or specific Australia accelerating. What is more exciting over there, you know, obviously we are excited about the record month for us, that 40% of the net revenue generated in Australia actually come from services that wasn't even exist in the beginning of 2025. Like AI Studio that we already discussed in the previous earnings calls, and top of funnel activity, SEO, for example. All of that didn't exist in the beginning of 2025, and we see like very fast adoption of new services and solutions in this specific branch, and I think that's a good reflection to what we're about to see in other branches as well, and we're gonna discuss it as we move along. We are introducing more services and solutions. We see like good market fit, fast adoption, and Australia in a sense leading the way to what you're about to see with other branches as well because other branches obviously will follow and introduce more services and solutions as 2026 unfold as well. We already see similar trend happening in Tel Aviv, for example, which is the, you know, biggest part of the EMEA region, and I think North America to follow as well. In 2026, we're gonna become an AI-first company. An AI-first company, that means that we are gonna be a very different company that, you know, the traditional, I would say, software company that Adcore used to be. A few things to take into account for shareholders. A, to date, we are coding three times faster than we've been able to code, I would say, one year ago, for sure two years ago, for example, and this is massive. But it's not only, you know, how fast can we code, but it's also the level of sophistication and the depth of, you know, the features that we can develop. We code three times faster, but also I would say three times deeper. We can develop now, things and tools that up until, I would say, even six months ago, we can only imagine how we can develop such a thing, and now it's becoming a reality, and this is massive. Can you hear me, Amit? Yeah. Okay. A lot of acceleration in software development. We're gonna launch a new line of AI agent. That's the first line of AI agent the company plan to launch in the first half. It's gonna be, you know, towards the half of the year, and this is big, you know? AI agent's gonna be the wave of the future. This is a new type of, I would say, software tools, you know? AI software tools. Adcore plan to, you know, to be there and basically dominate the, I would say at least the market of, let's say, marketing related AI agents. Stay tuned about exciting news in this front as well. Last but not least is cost efficiency. AI help us, you know, like to code three times faster. This means we can code with less people in a sense and still achieve like big result. We believe that this type of level of efficiency will enable us, you know, to grow the company, grow our service, grow our lines, you know, of tool lines, but maintain the head count more reasonable, and this is something that wasn't able before. In 2026, we think we can already see some fruits of, you know, this efficiency, but for sure 2027 and 2028 should be big impact, you know, of how many people we need in order to operate, you know, our business, and this is massive. Still, to date, for Adcore, you know, the single biggest line item, you know, in our book for expenses is salaries, of course. Amit, am I wrong? No, go ahead. Okay. Salary is a big thing, right? With AI, salary can reduce a lot, or at least not continue to grow in the phase it been growing up until now, which is huge by itself. We discuss, you know, new services and solution. We discuss their effect or, you know, like the tremendous effect of, you know, branch like Australia, for example. We discuss, you know, becoming an AI first company, and how it's actually affecting not as a slogan. How we do business, how we coding, you know, how we are more efficient, you know, the level and sophistication of tools that we can develop. I would like to talk a partnership. Adcore already benefit from, I would say, very strategic, partnership. You know, Google was, I would say, the first strategic partnerships that we had more than 10 years now. Microsoft, second strategic partnerships that we had, you know, I think we are entering the seven years of this strategic partnership, very important for us. Meta, obviously, like a strong partnership. Criteo as well. Actually, in Q1 2026, we signed a new partnership agreement with TikTok as well, which we are very excited about and basically give us a very good coverage of the entire digital marketing landscape. Between, let's say, Google, Microsoft, TikTok, Meta, and Criteo, I believe we cover between 85%-90% of digital marketing as we know it, which is massive. This is very much closely tied, you know, to everything we do. With the tools that we develop, the monetization paths it can bring us, and so on and so forth. This type of partnership level is critical for the company's ongoing success, whether it's software development, you know, and monetization, quick monetization paths for these tools, for example, whether it's, you know, new services and solutions that we bring tied together with this partnership. Everything at the end of the day tied together and basically, you know, like, operate in a perfect harmony, I would say. Software development, partnership, and marketing solutions as well. Let's talk a bit about stock price. Obviously, we still continue even a deeper disconnection between how the company is actually operating and the future of the company and the current stock price. Currently trading, I think, like, in yesterday's numbers, CAD 0.14 or something like that. Again, uptick is massive. You know, if we talk EV to EBITDA, we talk almost 500%, you know, uptick. Potentially, if you talk EV gross to gross profits, we talk even bigger number, more than 2,000% uptick. There's something going on and we continue saying at every earnings call, but now I would like to say something a bit different to investors and shareholders. Maybe it's time to take a fresh look at Adcore as a company, you know. By becoming an AI-first company, you know, by accelerating our growth now in 2026, and also look at the different metrics, you know. CAD 10 million cash in hand, you know. 3x faster development than it used to be even one year ago. Almost 40% APAC region that accelerates. Again, APAC is leading the way. There's a reason why APAC is accelerating, because they are adopting faster new technology and solutions over there. Almost CAD 4.2 million in a, you know, like in a cash flow generating during the last quarter. That's all very positive signals that basically the company is doing something right, and we have a bright future in front of us. 2026, like I say, we plan it to be a breakthrough year for Adcore. I think with the current actually stock price, actually it represent far bigger, I would say, opportunity than a risk to shareholders. I strongly recommend when you're looking at Adcore to take a fresh look about where the company is currently standing and where, equally important, the company is gonna go to. Obviously, stock price need to follow at some point. That was my two cents, but my remarks regarding the earnings call. Equally important about the direction the company is going in 2026. We are very excited about what's going on, trust me, there's so much going on, you almost wouldn't believe it. I would like shareholders to be at least as excited as we are about this company. Amit, the floor is yours. Okay. Thank you, Omri, and good morning, everyone. Before beginning the financial overview, I would like to remind you that the following discussion will include GAAP financial measures as well as non-GAAP results. All amounts will be presented in Canadian dollars. We delivered a strong fourth quarter, with revenue increasing by 8% year-over-year and cash from operating activities increasing by 9%. APAC revenue grew by 37%, reflecting continued progress in this region. Let's review in more detail. For the three months ended December 31st, 2025, we delivered revenue of CAD 12.1 million compared to CAD 11.2 million in the same period last year, an increase of CAD 0.9 million or 8%. Gross profit was CAD 3.8 million compared to CAD 3.9 million, a decrease of CAD 0.1 million or 2%. As for operational expenses, R&D expenses for the quarter were CAD 0.3 million compared to CAD 0.7 million in the prior year. The decrease is mainly due to increase in capitalization during 2025. SG&A expenses for the quarter were CAD 3.5 million compared to CAD 2.8 million in the prior year. The increase was mainly driven by increasing sales and marketing costs. Operating profit for the three months ended December 31st, 2025 was nil compared to CAD 0.4 million in the same period last year. As for net loss for the three months ended December 31st, 2025, it was CAD 0.3 million, compared to net profit of CAD 0.5 million in the same period last year. Now to revenue and gross profitability. As shown on the left side of the slide, revenue increased by 8% in Q4 2025, compared to the same quarter last year. Gross profitability remained relatively stable with a decrease of 2%, mainly due to change in client mix. On a full year basis to the right, we can see a moderate interest, or a moderate increase in revenue over time, and we expect 2026 to reflect further growth supported by the company's investment in technology and new initiatives. As for geographical revenue breakdown for Q4 2025, APAC revenue saw a very strong year-over-year increase of 37%. This is primarily due to new client acquisition and an increase in existing client activity. EMEA and North America revenue decreased year-over-year by 8% and 44% respectively, mainly due to reduced budgets and stopped activities. Net cash from operating activities. For the three months ended December 31st, 2025, cash from operating activities amounted to CAD 4.2 million, compared to CAD 3.8 million with the same period last year. An increase of CAD 0.4 million or 9%. This is reflecting a strong business performance. In terms of financial position, cash and cash equivalent were CAD 10.3 million as of December 31st, 2025, compared to CAD 10.8 million at December 31st, 2024. A decrease of CAD 0.5 million or 5%. We continue to maintain a strong cash position to support ongoing operation and growth. As for total assets, they amounted to CAD 21.66 million, compared to CAD 23.4 million at December 31st, 2024. A decrease of CAD 1.8 million or 8%. As for the liability side of the financial position, we can see that the company is still debt-free. Adjusted EBITDA. The quarterly non-GAAP results reflect adjustments for the following items. Depreciation and amortization, share-based payment, and other non-operational items. For the three months ended December 31st, 2025, adjusted EBITDA was CAD 0.5 million compared to CAD 1.3 million for the same period in 2024. This decrease of CAD 0.8 million or 62% was mainly due to a higher operating loss as well as fewer adjustments in 2025 compared to the prior year. With that, I will turn the call back to Nick. Very good. Thank you both, Amit and Omri for your comments. At this time, we'll move forward to the Q&A session. Starting off, you know, looking at APAC, which, you know, has been posting exceptional growth. Investors are interested, you know, what exactly is driving the growth in APAC and, you know, can it continue at this rate, or do you expect it to continue? Can you provide some color there? Yeah, I'll take that. I think, like, we both Amit and myself, you know, touch this topic to some extent. You know, Amit mentioned obviously new client acquisition, which is obviously a big growth factor. I think, like, equally important, I think, like, what we see in Australia and what generate a lot of this growth that we are seeing, we have fast adoption of new marketing solution and services that we are introduced to this specific market. Like I mentioned, you know, in January 2026, which was a record month for this branch, actually 40% of this revenue come or net revenue come from, you know, the solution that wasn't even exist one year ago. I would say it's a mix, you know, like a... a healthy mix between new client acquisition, fast adoption of new marketing and solution, and this is the type of acceleration we hope to see in more branches in 2026 as well, in other branches. Very good. Thank you, Omri. You somewhat touched upon it, but I want to maybe drill down a bit. You mentioned new services gaining traction in Australia or the APAC region. Can you just provide us or elaborate a bit more on those solutions and, you know, is there a market for these in your other regions? Yeah, absolutely. I think, like, I would touch on a few of them. You know, like, Adcore was primarily, you know, around performance marketing, so that means more top of funnel type of activity, a lot of Google, a lot of Meta, to some extent TikTok. What we introduced in 2025 is more or let's say even in the end of 2024, it's more upper funnel or full funnel, you know, solution and activity, and that's big. That's targeted bigger brands that have more holistic approach, you know, branding, awareness and everything attached to it. This backed by, you know, introducing the AI Studio, Adcore AI Studio, that basically allows to generate, you know, I would say TV-grade commercial using AI, for example. The combination between them is like a wildfire effect. There's a lot of traction, you know, for both of these new services. They're coming with big budget, you know, bigger players, you know, more enterprise type of players. This is part of, you know, like the effect that we see in Australia. Thank you, Omri. In the press release issued this morning, you talked about being a AI first company. Again, you mentioned it within this call, but I'd love to understand a bit more. What does an AI first company mean exactly? It means a lot in many different ways, but I would say first and foremost, you know, that I would say I would split it to two. A, we're fully integrating AI and using AI in everything that we do. You know, if let's say up until, I don't know, like six months ago, one year for sure, you know, I would say 80%, 90% of the code has been written by, you know, our developers. I would say now it's flipped over. AI is writing 90% of the code, and we are like the developers just need to tweak it and fine-tuning and making sure that it's working, okay. That's a very big difference I think. Like, AI is writing most of the code nowadays. Like the role of developers is changing, you know, and we are changing with it. Like I said, that allow us to write code three times faster. That allow us to write more sophisticated code. This is just one example for one department, which is R&D, you know. You can take the same logic and now apply to marketing, for example. Our marketing used to be done before AI and with AI, so that's another example. I think with AI as well, it's not only how we use AI to write code, it's also how we integrate AI within our tools, you know. Currently, for example, let's say if we talk about Proposaly, we have a 360-degree coverage of AI solution within the system. If you're talking about the proposal we send, the client portal, we have a chatbot that basically can interact with the recipient. It can ask him question, it can talk about the proposal, give him immediate answer and, you know, help him getting this, presentation or proposal across the finish line, for example. Same goes in the back end, you know, where the company operate. Again, it can operate, talk with the chatbot, understand, open new proposal, send new proposal, analyze what's going on. AI can tell the salesperson what he should tell, you know, to the recipient if they have question, and so on and so forth. Everything I would say is covered with AI, and that's a big, big difference, you know, between how things used to be happen, I would say even one year ago, even six months ago. AI-first company, that means everything is done with AI, you know, and the people's role is a bit different, I would say. Very good, that makes a lot of sense. Thanks, Omri. I wanna switch gears here. You know, as of recently, I think most are aware, you know, there's been a conflict in Israel. Would love to hear, you know, or would love to understand, is that impacting your business in EMEA or globally or otherwise, or how's that affecting business for you? Amit, you wanna take this one? Yeah. Honestly, we don't see like a big impact on our operations globally, obviously, not a big impact. Also in Israel, I think a lot of the workforce started to work remotely, so we even see a bit of a spike in the activity. Yeah. It remind me a bit of COVID epidemics. You know, like we see a lot of online activity, a lot of e-commerce going on, and obviously, we see more demand now to what we do from the local clients in Israel than even I would say before. Again, everybody would like and hope that the war gonna end soon, and we'll have a peaceful days, you know. I think like even with everything that's going on in terms of, let's say, its business, I would say business is still running strong and even a bit stronger because of the COVID effect, you know, or COVID similar effect, I would say. Okay. Thank you, Omri, Amit. Switching gears again, you know, looking at costs, your capitalized software costs doubled in 2025. Thinking about going forward, should that tail off in 2026, as, you know, you perhaps reduce investment in Proposaly? A bit of color there would be great. Yeah. I think like Proposaly, I would say definitely we can reduce or already starting reducing some of, you know, resources and effort we put in Proposaly. Actually, we wanna start, you know, recognize the capitalization for Proposaly in 2026. I think like, I would say that, yeah, we're not gonna maybe invest in Proposaly as much. We are investing in new tools. You know, I mentioned some of them, the AI agent. I think like this level of investment in innovation gonna remain, but like I said, at least we don't need to increase it. We can maintain, you know, more or less what we have right now. We can write more code and better code with AI. I think with time we can maintain it, even to some extent, maybe reduce it. I think like build much more, you know. It's not just, you know, like how much we invest, it's also, you know, value for money. The value proposition is going very big, you know. Money will maybe maintain the same, but the value part of the equation gonna grow a lot. Very good. Thank you, Omri. I wanna switch regions here to North America. 2025 saw some softness. Looking forward into 2026, do you expect that region to return to growth, or what is the outlook there? It's a fair question. I would say, yeah, obviously we're not thrilled, you know, with the results that we've been able to demonstrate for this specific region in 2025. I would say, if you look 2026, year on year comparison should be more favorable. You know, like, we shouldn't see such a big drop of 40%. It should stabilize for sure in 2026, and we anticipate that in the second part of the year we should be returning back into growth mode as well in this region. It's not like it's not a lost cause. We know there's a lot of potential for us over there, and it's just about, you know, like making the right moves over there. Very good. Thank you, Omri. You know, looking forward to Q1, well, I guess, you know, Q1's almost come and gone, concluding here, but, you know, you talked about it in the presentation, particularly the Australia region off to a hot start. Do you have a growth rate in mind that you expect for Q1 overall and any preliminary view? Yeah, we as you know, we don't give guidance, you know, regarding to the quarterly results. But I can say that if we have something exciting to share with investor, whether it's a new innovation, new tool, like a big results like for example like we saw in Australia, then obviously we will share them. We keep nothing in our pocket, you know. When we have something to share, we're gonna share it with investor. That much I can tell. Like I said, there's a reason why we started the conversation about 2026, with 2026 acceleration, 'cause the company is accelerating. Very good. Thank you, Omri. That does conclude our Q&A session for the day. Thank you, Omri, Amit, for your comments. Most importantly, thank you all for joining. Omri, I wanna pass back to you for any final words before we end here. No, I think I already gave a lot of words. I just like, again, I wanna thank everybody that participate today. Again, very strong, you know, finish of 2025, but I would say even more important, very strong, even stronger start of 2026. A lot of exciting things going on, whether it's partnership, whether it's, you know, shift or the spikes that AI give to everything we do, you know, software development, new services and solutions. There's a lot going on. Trust me, and you will see it in the numbers. Very good. Thank you, Omri. I agree. Very exciting times ahead, and, you know, we look forward to keeping you updated. Once again, thank you all for joining, and we'll talk to you soon. Thank you, everyone. Thank you. Thank you.