A MicroCap Showcase, Toronto in partnership with MicroCap Club. Up next, giving a rousing presentation from Sabio Holdings, we got Aziz Rahimtoola. Thank you, Robert. I love it how Robert says my name better than I do. I'm Aziz Rahimtoola. I'm the CEO and Founder of Sabio Holdings. With me is Sam Wang, our EVP of Finance. Today we're going to talk about Sabio Holdings and what we do in the ad-supported streaming space. Let's do the legalese stuff because legal people will be not happy if I don't. First of which is we're a global company. We have 124 people across the globe with a big presence in North America, specifically in the U.S. That's where, up until this year, 100% of our revenue was coming from. Slightly a little bit last year, but we see a lot of growth happening in Europe. We'll talk about that. We are currently trading on the TSXV. Last year, in terms of the total, where we are market cap, we're at $17.49 million. This was, obviously as of a couple of days ago. Our AR credit facility, we have, essentially less cash debt. We have $8.16 million, of that $6 million is part of an AR credit facility with $1.3 million part of debt, a convertible note. One of the things to keep in mind as I talk about this, we work with some of the biggest... Can we just grab that door? It's a little noisy. One of the things to keep in mind is we work with some of the biggest brands in the world. We're talking about GM Ford, McDonald's, and I'll explain why in a bit. That AR credit facility essentially is backed by receivables from some of the biggest brands in the world. The lack of, this idea of them not paying, a General Motors not paying is very unlikely. In terms of common shares, 50 million outstanding shares, total fully diluted shares 55.8 million, inside ownership is 54%. We went public in November 2021. We've not raised any capital, any equity capital since that time. Everything we have done, we have organically grown. When we went public in 2021, we were at that point, $13.2 million of revenue, $4.2 million of debt. Last year, we did $49.6 million of revenue. By the way, when we went public, we came out at a $70 million valuation at a $1.75 stock price. Once again, $13.2 million revenue, $4.2 million debt when we came out as an RTO. Last year, we did $49.6 million. We were up 33%. We've been adjusted EBITDA profitable, adjusted EBITDA profitability for the last five years. We're not this high-flying tech company that doesn't know how to actually make money. That's not us. We've done it and we've done it and we've plowed that money back and grown the company over the last few years. We raised, as I mentioned, $7.2 million in November 2021. Since then, we've grown 39% CAGR. We have, once again, 124 employees worldwide. We got an awesome team. We have folks, and I've worked at AT&T, Opera, NBC, Sam worked with me at Opera, I've worked at Fox. We have a team that really comes from a really established background and a lot of great years of experience. We also have an amazing board. Paula Madison was a GE officer at NBC, was a mentor of mine back in the day when I spent six and a half years at NBC. Carl Farrell, Chief Revenue Officer, former Chief Revenue Officer at SAS Institute. Moez Karaj, Managing Director of Technology at Cascade Software, a well-established software VC, PE firm, advisement firm in the U.S. Gonzalo Delfay, President of GroupM Multicultural. He is GroupM Multicultural. GroupM is one of the biggest holding groups in the world for advertising. Finally, Matt Hull, the Chief Analytics Data Officer for Chamberlain Group, which, you know, the garage door folks, $5 billion Blackstone-backed company. He's on our board. We have a pretty awesome board to go with an awesome cast of executives. What are we going after? We're going after the $250 billion opportunity. You hear a lot about this and a lot of companies that say, "Here's the big opportunity." What does that really mean? The creator economy is a big opportunity. Think of all these creators that are on Facebook, Instagram, YouTube. The biggest revenue driver for YouTube today is becoming YouTube. We play in that space and we'll explain how. We don't work with YouTube. We're not on YouTube. We're on ad-supported streaming apps. I'll talk about that a little bit more. What it is that we do. Essentially, we work with brands or agencies to help them reach their clients or people they want to target on ad-supported streaming apps. Think of Roku, a Roku app, or a FuboTV app. Some of the spots you see on those apps are coming from us. The reason they're coming from us is we not only leverage our own tech stack to serve those ads, but then we use our own analytics stack to deliver on the insights connected to those ads. Most recently, we launched our own channel. It's called Creator Television. Creator Television, once again, the slide I showed you, that $450 billion opportunity, Creator Television is our way to get a piece of that pot. This is something we just launched in January. Now it's one of the fastest growing creator-led channels on FAST today, which is FAST. Think of FAST channels as those channels in your guide. Like, you're on Sam's, you're on, if you're on Xumo or you're on Amazon Fire, Creator TV is a now channel on there. We not only have the ad-serving capability and the clients to go with it, which is our core business, we built the analytics in 2016 that then helps our clients understand how they're spending and makes our value even better and their value of what they're spending on us. Most recently, we launched our own channel. That all contributes to a 92% recurring revenue model with 70%+ of those 92% increasing spend on a yearly basis. Like I said, these are like the GMs of the world, McDonald's, Ford, some of the top brands in the world. That's because App Science provides data and insights. Finally, Creator TV provides something unique from a content perspective. Here's some of the logos. Excuse me. Here's some of the logos that work with us. How does the business model work? Let's use GM as an example. GM just reported amazing third-quarter earnings. We're a proud partner of theirs since 2016. They will come to us and say, "Sabio, we're interested in reaching these audiences on ad-supported streaming and mobile display. Help us reach those audiences. Here's an insertion order. IO. Here's an insertion order. Go ahead and reach these target audiences." We will take that. We'll put it into our ad server. Data will start flowing from our App Science. We will serve those ads on some of these apps. You will see the ad on Samsung Plus. You'll see it on Fubo. You'll see it on Tubi. The question is, the question is why... A lot of stuff going on here, huh? It's all good. The question is why... I know. I was like, wow, I didn't realize I was at a sideshow here. This is great. The question is, why would they come to me versus going to these channels directly? It's because of the data. Oh, cool. You're doing it for me. Thank you. We got something we're going to kind of show you at the end. In case my presentation gets really boring, we got a little sizzle at the end for you. Going back to the question of why. Why do people use us? This Household Graph is unique. I want to give everyone some context. In the U.S., Nielsen uses a 40,000 panel. 40,000 panels dictate billions of dollars in the U.S. We have an 80 million Household Graph. A Household Graph for us is a combination of mobile data that's connected to streaming data. If you are a Toyota, for example, and you want to effectively reach techies, young men who are likely to purchase the new EV that has all the new gadgets and instruments, you're going to use Sabio. If you're a McDonald’s and you say, "Hey, listen, I want to reach all those folks who go to Starbucks in the morning." What I'm interested in is not only just coffee drinkers, but moms with kids who could go purchase like breakfast in the morning. We can help them identify that. Once again, if you think about your app profile data in a privacy-compliant way connected to your streaming data, there's a lot of great rich data there that allows us to see app profiles, location visitation, and what you're watching. Let's say you're looking to buy a house or in the most recent case, which we're having a lot in our company, people are getting either engaged or pregnant. People are, I guess, very happy. You're getting engaged now. What do you do? Do you go Google? No. You load an app. You start planning your wedding. You start planning your future. When you go buy a car, you load an app and you start watching shows on cars, on automotive, and you try to figure out your decision-making. That's what we're effective at. We're this unique company that not only serves out the big targeted ads on the big screens like this, but then we're able to follow it down at the mobile level. 80%, 80%- 90% of all consumers, when they're watching TV, what do you think they're doing? They're on their mobile phone. Until us, outside of us, it's Google that can do that. Facebook, Instagram, they're just on the mobile device. They're not watching TV. What we're doing is we're putting the ads on TV simultaneously, we're coming it down to the conversion level that's why big brands continue working with us. This is the newest addition to our, once again, we have the ad-serving capability. We have the analytics. Now we launched our channel. It's on Plex, Sling, and Xumo, as well as, sorry, we're missing one. We just also launched on Amazon Fire with more channels. This is one of the fastest growing channels. The way to think about this is for those of you who have kids or know people or some of you that I'm sure are big on YouTube, you're watching a lot of content on YouTube, right? You're not watching traditional TV. Guess what? Those creators are now the biggest celebrities. We're taking some of the biggest celebrities from YouTube, not exclusively, but we're bringing them into streaming. The way we're working deals with them is we're saying, "Hey, look, you want to diversify your revenue, right? Because you know that algorithm tomorrow will knock you out like that. Work with us. We will take some of your content. We're going to fine-tune it. We'll have shared IP between that content. Now we're going to launch it on our channel." That's what we've been doing, and it's been effective. That's how we've been expanding our business model. Going back to the initial business model, that business model, which is our core business model today, this is just launching January. Our core business model is, once again, we run a campaign for McDonald's. We grab the spot in real time from Samsung. We put our ad in there. We pay Samsung 40% of that cost and we keep 60%. This model, we do a rev share with the creators. We keep 80% of that revenue. While the core business today is very focused in on the core model, which is taking the spot from a Samsung and a Vizio and a Roku, this is the future model that we believe is huge. We see an opportunity there. Once again, this speaks to that evolved business model, right? Initially, we take the spot from General Motors. General Motors gives us the deal. We put the ad spot. We run it through our system. We use our App Science to essentially identify the right audiences and the insights we could provide on that, serve those ads onto those platforms in the corner. The new model, in addition to the existing model, is serve it out on our channel and serve it on something called Creator Sports. For those of you, and I know Canadians love their sports, especially hockey, and go Blue Jays. I'm from LA, so I got to go to the Dodgers, but I kind of want the Blue Jays to win. Don't tell anyone in LA. This is a big sports country. In the U.S., what's happening is the people who are watching TV, traditional TV, are only watching sports. They're cutting the cord. They're watching YouTube. We see a big opportunity not only now to create this new channel called Creator Television, but we're going to create something called, we started launching something called Creator Sports. We'll show you a clip towards the end of this presentation. Think of it as sports like we're collaborating with World Poker Tour in December. World Poker Tour is established. You know, they do this game over a couple of weeks. They have a prize. We're going to add onto it for a day, bring some of our creators and create a new version of that. Once again, rethinking sports. That's where the younger generation, I have a 20-year-old nephew who does not watch NFL, does not watch NBA, but he watches gaming. He watches these kinds of sports. Some of the sports that we're going to be introducing to that marketplace is about the younger audience, the ones who want something different. YouTube's not providing. We're going to provide that. Some of the things we're really excited about this year, and one of the things you will see when you look at our numbers, you say, you know, I see this herky-jerky Aziz. I see this idea of like revenue up, EBITDA up, EBITDA down. What's going on? Part of it is you have to understand we're basically continuing scaling up as a company. What we will do is we will have investment years and then we'll have non-investment years. 2023 was an investment year. 2024 was a payout year because of elections. 2025 is an investment year. 2026 is a payout year. A bigger payout year than we had in 2024. What's unique about what we're doing now that we didn't do in 2024, we didn't have international growth. Our international numbers have even surpassed our expectations. We have now taken our platform and now deployed it in Europe. We're expanding geographically there. Programmatic. When you look at how Connected TV or ad-supported streaming is being transacted, 95% of all ad dollars in ad-supported streaming is through programmatic. Programmatic, just to simplify it, instead of GM giving us an IO, they give us an IO on one end and then they say, hey, the other stuff we're going to do automatically between your server and our platform. That just goes back and forth. Here is what we're providing. Awesome. Keep it on. Let's increase it. Let's keep going. That is what we've now got into as of January. We've seen great growth there. Once again, 94% for the first half of the year. It's been awesome. Finally, as I talked about Creator TV, this was another product that we launched just in January. We've been working on all these pieces since 2023. In 2024, we got the benefit of the election cycle. Numbers looked amazing, right? 2025 is when now these products are starting to kick in. We will be very transparent. 2025 has been challenging because you got the terror situation and some of the... Having said that, we're really excited about 2026 because we didn't have any of these in 2024 when we had the best year in company history, both top line and bottom line. We're ready for 2026, and we're super excited about that. Speaking of which, to speak along those same lines, we go around 37% in off years and 66% in election years. What's different about the U.S. market versus Canadians, we have elections every two years. Why it matters, I got five minutes. I'll make this quick. Sorry. Why it matters is because we have the data that helps drive it. Sam, I'm going to make you rush through this. Sorry. From business execution, go for it. OK. Thanks, Aziz. We could run a little over if we start a little over. Just thank you. Yeah. As Aziz mentioned earlier, we made our debut on the Canadian exchange about four years ago now. Aziz talked about how we raised about $8 million gross. That's only $7.2 million USD net, which is a very modest amount of capital that we raised comparing with our U.S. peers. Since then, we have emerged as one of the fastest growing ad tech platforms in the U.S. in the Connected TV space. Since 2020, our top line has grown roughly 40% CAGR, and we posted 8% adjusted EBITDA margin last year. For those of you who track the rule of 40, the popular shorthand for folks to measure sustainable and profitable growth, we are firmly ahead of it right now. Now, 2024 was really the year that the top line growth and the bottom line profitability finally came together in a way that validated our strategy. Our top line grew 38%, and the broader market only grew about 16%. That tells you that we are not only just riding the wave. We're actually taking market share. The CTV and the OTT revenue continued to grow at 60%, and our recurring revenue was actually pretty impressive, holding at 90%. 70% of our brand actually came back on a year-over-year basis and increased spending, and 41% of the brand were net new to us. That's kind of a land and expand dynamic you would expect to see in the scaled ad tech platform. Aziz alluded to this earlier. We had a $1.3 million EBITDA loss in 2023. As we ramped up the revenue, we also tapped into the operating leverage in our model. We had this $6 million EBITDA swing and resulted in a close to $4 million EBITDA gain last year. There's much more upside potential ahead of us as we head into the election year. Aziz touched on this earlier. Back in 2024, we didn't have a programmatic offering, and we had a very tiny footprint in the U.K. with one single seller who generated about $1.4 million USD. We have already said this publicly. We expect this year the U.K. revenue at least to triple, and we have already seen the revenue quadruple during the first six months. If you look at the first half of this year, the momentum is pretty clear. The revenue is up 33%, and if you normalize for the political spend, it's up 35%. Our ad-supported streaming business continued to grow at a very fast pace, and our recurring revenue hit all-time high at 92%. Now, if you look at the valuation, despite all the progress we just described to you guys, we continue to trade at a very steep discount against our U.S. peers. On a forward multiple basis, we're trading at 0.3x revenue or roughly 4 times adjusted EBITDA at this point. For the investors who see where the story is going, we believe this disconnect between the fundamental of the business and the market valuation presents a huge opportunity for you guys. Yeah, with that, I'll hand back to Aziz. Yeah. Great point. Just so I know we got to wrap up, one thing I will leave you with is the fact that we have done a few things since that period of time. We've diversified geographically. We've diversified product-wise. As a growing company, we've proven we can be profitable when we want to be profitable. What I mean by that, we got to take advantage of the growth. Next year, once again, this is the investment year. Next year is where we believe the payoff continues to happen. Thank you on that note. Do we have a second to show the video? Is it going to play? Let's try it. We want to show you a Creator Sports video if it works. If it doesn't, I don't blame anyone because... Oh, it's not working? OK. We'll have it available per link on our site at some point. We're super excited about that. It certainly presents another opportunity to go after, as you can imagine, young audiences are critical, young male audiences specifically in the political cycle. We didn't have programmatic. We didn't have Creator TV the last cycle. We certainly did not have the growth in international. We're super excited about all those pieces and go from there. Sorry, you're trying to set us up for this quick video? Thank you. I appreciate it. No, no. That's all right. I'm the one who's been throwing curveballs, so I don't blame you. That's here. Is it right here? Sorry, I'll let you do it. Thank you for you guys accommodating us. I'm the typical CEO who's like, "Oh, wait, are we doing the video?" No, Aziz, you didn't mention that. I'm sorry. I'm going six miles an hour. We can't. It's not a... Forget it, cool. If not, I don't want to hold no feeling. Yeah, sure. Happy to take some questions. Look, as we have been saying internally and externally, 2026 is payback period. Just like you make your investments, we make our investments. Sometimes the investments don't fare as you'd like them to fare because of various factors, but you know they're going to pay off. We're already seeing the growth. We don't do any forward-looking estimates because our CFO would kill me. We don't do that, other than saying, if you look at our track record, we've proven we could do it. When our stock at one point in 2023 dropped to $0.23, we said, go ahead and hit us. Do what you need to do. We're going to come back and we're going to blow it out. We're super excited about what we're seeing across multiple fronts next year. Just to say, we're confident about what we're doing. Obviously, I can't make commitments and guarantees. As the largest shareholder, as 44% ownership in this company, you better believe I'm passionate about it. I haven't taken anything off the table. I'm passionate about it. I'm driving it. I'm loving it. We're winning. We're beating the crap out of our competitors. We have fun. Some of the challenges we've been open about talking is we've seen some challenges. We saw some challenges in Q3 with the tariffs. There were some challenges there. We see that there is still some uneasiness that's happening in the U.S. market. I think some of the numbers, you can't really see it coming out of the current numbers that are coming out because we see advertising spend before everyone else does. The cuts will happen before they happen. We'll tell you that I think the Q3 markets overall, I think, are challenging. As we said, Q4, we're seeing recovery. That really is it. We have the estimates out there. We've been very cautious about that. Things change. It's a very fluid situation in the U.S. right now. Having said that, we have seen our consistent advertisers continue to stick with us, spend with us. The challenge we're seeing overall is the bump factor that you see in Q4. We're still in the process of, it's still early. Usually, you see this huge bump. There's still a lot of uncertainty that's causing a lot. I do believe that we're seeing improvements. I think the numbers you will see in the U.S., there's a K-shaped recovery happening. Sorry, are we going to be able to do it? No. OK. If you can, don't worry about it. I don't want to hold up to it too. We're seeing a recovery in the U.S., and we think that certainly 2026 is going to be us. That really is, as best as I could explain it, we saw some of that. You will see this from even... GM released quarterly earnings, record number, 17% market share they're up. What GM did is they front-loaded money in the early year in Q1 and Q2. That gave them the bounce in Q3. Guess what? Some of the advertisers, and you could see this in the trades, in Q3, they were holding because they front-loaded. That's something you should all be aware of for a lot of companies in the space. Thank you.