Joining us are Founder and Chief Executive Officer, Aziz Rahimtoola, and Chief Financial Officer, Sajid Premji. After management's remarks, we will open the call for questions. Analysts may raise your virtual hand, and investors may submit questions in the question and answer window. Before we begin, please note that today's remarks may contain forward-looking information. These statements involve known and unknown risks and uncertainties. Please refer to the filings on SEDAR+ for more information. All figures are stated in U.S. dollars, unless otherwise noted. With that, I turn it over to Aziz. Thank you, Martin. Good morning, everyone. Q2 demonstrates how effectively we've been leveraging our tech stack and data backbone to scale our U.S. programmatic and EMEA ad-supported streaming business. The growth of our U.S. Programmatic and EMEA momentum couldn't happen at a better time. We're benefiting from three shifts happening simultaneously. Client need to be in ad-supported streaming, transact it programmatically, while having the option to scale it globally. 49% of Q2 revenue came from U.S. Programmatic and EMEA expansion, growing at a strong 290% year-over-year rate. We're not achieving this by sacrificing margins. We're actually expanding them sequentially to 61%. We're growing it through new logos against the backdrop of political and advocacy, historically skewed 70% in the second half of the year. We're executing and growing across all key metrics while becoming a leaner organization, thanks to AI-driven efficiencies. I'm now going to hand it to Sajid Premji, our CFO, to dig into the numbers. Thank you, Aziz. In Q2, we began to see the investments in efficiency work that we've been driving all year show up in the numbers, with the larger impact still to come in the second half. Growth and adjusted EBITDA margins expanded meaningfully and our loss narrowed sequentially. Our newest growth channels, U.S. Programmatic and our international platform covering Europe, the Middle East and Africa, or EMEA, continued to scale at a robust pace with a 77% increase in new customer logos. Meanwhile, our more mature ad-supported streaming managed service business continues to underpin a strong 82% recurring revenue rate, including 92% in the U.S. While we face some of the same seasonal headwinds we called out last quarter, Sabio's underlying business is moving in the right direction. Consolidated gross revenues were $9.7 million, down from $11.7 million a year ago, primarily due to the absence of approximately $2.5 million in higher margin political and advocacy revenue, which in election years is historically concentrated in the second half. Normalized for that political and advocacy spend, our brand business grew 6% year- over- year, driven by continued strength in our top logos, even as we absorb that seasonal shift. Ad-supported streaming, our foundational business, came in at $6.2 million compared with $7.9 million a year ago. Once again, though, normalized for political and advocacy spend, brand results were largely flat, down about 2%, and that slight decline was due to an existing customer, a top global brand, shifting a specific high-dollar campaign into our new digital out-of-home offering, which we began monetizing this quarter. Excluding that shift, core streaming growth would have been positive and as further evidence, our mobile business benefited from that same shift. Mobile gross sales were $3.5 million compared with $3.6 million a year ago, and normalized for political advocacy, brand mobile sales were up 32% year- over- year, driven by that shift into our new digital out-of-home offering. U.S. Programmatic and EMEA again drove the growth story this quarter. U.S. Programmatic sales reached $2.9 million, up 240% year- over- year, and now representing 30% of consolidated gross sales. Our U.S. Programmatic customer count grew 116% year- over- year, with 90% of Q1 programmatic customers renewing into Q2 and 79% of repeat U.S. Programmatic customers increasing their spend. EMEA sales reached $1.9 million, up 386% year- over- year. On a first-half basis, EMEA sales reached $5 million and have already matched our full year 2025 EMEA revenue over that 12-month period. 54% of second quarter EMEA logos were new, up 343% year- over- year, and together, U.S. Programmatic and EMEA represented 49% of our second quarter gross sales, up 10% from a year ago. Globally, new customer logos grew 77% year- over- year, representing 35% of our Q2 logo base. Reoccurring revenue represented 82% of total revenues and 92% in the U.S., underscoring the visibility and predictability of our domestic revenue base. Gross margins came in at 61%, up 8 points sequentially from 53% in the first quarter, driven by improved supply agreements, tech efficiencies, and an improving sales mix. We expect continued margin improvement through the second half, supported by these factors and the return of higher- margin political and advocacy spend. Adjusted EBITDA was a loss of $2.7 million, narrowing sequentially from a loss of $3.4 million in Q1, an improvement of 14 percentage points on a margin basis. Our cost reduction initiatives are expected to deliver more than $2 million annualized once fully implemented. As we head into the second half, we've already secured more than $5 million in political and advocacy commitments. Seasonality is meaningful for Sabio's business. In 2025, 88% of EMEA revenue and 82% of U.S. Programmatic sales came in the second half. In our last political year, 2024, 69% of total revenues came in the second half of the year. With improving margins, a leaner cost structure, strong customer retention, and a substantial pipeline of second half political and advocacy commitments, we believe that Sabio is positioned for adjusted EBITDA to return to profitability in the second half of 2026. Turning to capitalization, Sabio ended the quarter with $1.5 million in cash, up by $500,000 in Q1. Debt outstanding under our U.S. and U.K. credit facilities was roughly flat at $6.1 million, compared to $6.2 million at the end of Q1 and down from $9.1 million at year-end. Sabio's receivables continue to show very low loss rates, driven by a customer base made up primarily of major global brands and leading ad agencies. As collections come in, they're used to repay our facilities, which can be drawn on an ongoing basis for working capital needs, giving us a self-replenishing source of liquidity. On the strength of our international EMEA business during the quarter, Sabio was approved for an increase in its U.K. credit facility from GBP 3 million to GBP 5 million. We also supplemented this with a CAD 900,000 convertible debt note, the proceeds of which were used to secure higher margin direct supply. That supply helped drive gross margins to 67% in June, our strongest margin month of the year. Subsequent to quarter end, we further strengthened our position by raising $1.5 million through a non-dilutive term loan secured by certain assets of our EMEA operations. Together, these steps give Sabio greater balance sheet flexibility as we enter what is historically our strongest sales quarters of the years, including the capacity to secure more higher margin direct supply ahead of the political season. Aziz, back to you. Thank you, Sajid. To recap, in terms of our outlook ahead, core business is positioned strong for a growth back half. Our AI-powered programmatic capabilities continue delivering strong results with 90% renewal rate and growing. Internal expansion is continuing. International expansion is continuing to accelerate. Finally, $5 million in political advocacy is already committed to and secured. We expect this second half to be very similar to what we saw in 2024, where 70% of our revenue was in the second half of this year. On that note, we will take questions. We will now open the line for questions. Analysts, you may raise your virtual hand. Investors, please submit questions into the question and answer window. Gross margin has rebounded to 61% due to better supply agreements and technology efficiencies. Do you see further room for expansion above 61% as higher margin political revenue scales in the second half? We do. Go ahead, [Aziz]. No, sorry, Sajid. I got it. At this point, we want to focus in on expanding the business, so 61% is a good margin for us. Yeah, sure. As Sajid was just about to say, there is an opportunity to expand more, but we are comfortable with the 61% margin. Really, our focus is to now get the top line revenue moving in the right direction at a double-digit clip as we were in the past. That is really our primary focus. We do feel good with 61%, but we are not focusing on the margin at this point. We need to scale on the top line. Sajid, you want to add to that? Yeah. I guess into that note, we definitely expect more consistency in our margin on a month-by-month basis in the second half of the year, which will benefit our business. As we pointed out in the transcript, our best month of the year and on a margin basis was June, where it was around 67%. That was on the back of new supply deals that we were able to secure using the small financing that we did in April. One that we closed a couple of weeks ago, that will enable us to get more direct supply in to really secure that margin. We will now take some questions from analysts. I am opening the line for Daniel Rosenberg. Hi, Daniel. My first question just comes around the outlook for the second half. You mentioned $5 million in secured sales already booked. You also alluded to 2024. I'm just wondering how that $5 million booked at this point compares to your 2024 experience? Good morning, Daniel. Thank you for the question. At this point, we really haven't seen a whole lot of that just yet. As we mentioned, 70% of our political and advocacy, as well as what we're seeing in top-line growth from our brand business, usually in political years happens in the second half. We haven't seen a lot of that, but we know, we are being told it's coming in and it's going to be coming in strong. We're feeling pretty bullish about that amount. Maybe anecdotally, obviously 2024 was a massive second half, $16 million and $18 million in Q3 and Q4. As you think about the momentum going into that quarter, is this the baseline that you're thinking about or where should we set our expectations? There's two key differences in 2024 versus this year. First of which is, obviously as you mentioned, it was a national election cycle. What happens is in 2024, during a national election cycle, the two candidates are already decided. Everything is squared away, so what will happen is you will get some of those dollars, a heavier portion of it also coming in in Q3, and then Q4 will continue that, specifically, obviously, October. In a season where you have a lot of primaries and a lot of different candidates, you will see that uptick in Q3. What we're seeing is advocacy tends to backload in the second half of the year. So we're going to see a really strong push in Q4, so we do feel, is it going to be perfectly aligned to what we saw in 2024? Probably not. But we're going to see very similar patterns. We do believe, though, that Q4 will be heavier this year simply because we also have the benefit of international. So international continues to accelerate. What we saw last year in international revenue was that Q3 started off strong, specifically at September, but really Q4 is where a lot of that additional uptick was taking place. So, we're uniquely positioned this year because of international as well. So yeah, political advocacy is exciting for us, and it's going to be a great election cycle, but really on top of it, this international growth, and then you add in programmatic is big. Saj, anything you want to add to that? Yeah, no, I think that was well said. I think that as Aziz pointed out that one big difference this year is that we do have these two big pillars in U.S. Programmatic and EMEA international that wasn't there in 2024. As Aziz correctly pointed out, last year, close to 90% of international sales were in the last half of the year. 50% of full-year sales in international came in Q4. U.S. Programmatic, a very similar story, where more than 80% of second-half sales last year came in the second half of the year, with Q4 being the biggest quarters. So, we really are set up to benefit from those two tailwinds. Then you're adding political on top of that, which is going to come in through that $5 million commitment plus other ones that we're working on as well. So we are expecting a big second half that's going to be a lot more diversified than we were in the past. Daniel, I do not know if we mentioned this enough, but there were cost efficiencies that were recognized in the earlier part of this year. Those cost efficiencies are also going to hit in Q3, Q4. That is really where the brunt of what we are going to see some of these efficiencies come in. So, similar pattern that we did in 2024. What did we do? We tightened our belt at the end of 2023 going into 2024. We then accelerated up with cost efficiencies and really starts dropping more to the bottom line. We are aiming for the same type of strategy here as we did in 2024. That is correct. If you look at 2024, we generated about $5 million in EBITDA between the second half [of the] year, and we used that to significantly reduce our payables and really rightsize our balance sheet. We are seeing a similar kind of game plan this time around. Okay. Turning to the balance sheet, one difference is, I would say you are in a different position today than you were back then. I know you did a finance in post-quarter, but can you walk me through what those liabilities look like in the near term? I think you have, within a year, a number of things due, and just how you intend to bridge to get that paid off. Yeah. I think that we did lean on payables and the balance sheet more in 2025 and year- to- date in 2026, and that is consistent with the working capital cycle that we have seen in non-political years. A bit accentuated. But this does follow a pattern that we have seen before. In 2023, payables increased all the way up to the first half of 2024, and then in the political spending return, we were able to make great headway. What is different now is that we do have U.S. Programmatic and EMEA, and we continue to scale and diversify that revenue space. Looking into the second half of 2026, we expect a similar dynamic. But I guess, the issue really is that to address is that why is our balance sheet structured at this point in time, and how is that going to be corrected, right? That is the brunt of your question there, Daniel. The investments that we have been making since the beginning of 2025 have really been aimed at getting the business out of that boom and bust cycle tied to the political cycle. Looking at 2025, we had about $10 million of political advocacy revenue to replace that was there in 2024 that dropped off in 2025. We entered that year with no programmatic product at all, so zero sales there, and an international business that ended 2024 with $1.4 million of sales. That is the base we had to absorb a $10 million loss in political sales. You kind of compound that with tariff uncertainty that impacted second half spending, and that is exactly why 2025 was so difficult. Yet the scale from our new offering just was not there yet. What has fundamentally changed is that if you fast-forward to today, to the first half of 2026, U.S. Programmatic and international combined are running each about $5 million a piece, so $10 million combined. In 2025, both of those businesses did more than 80% of their sales the second half of the year. Let us say we take a conservative approach, say it is an even 50/50 split. That is still a run rate of $20 million entering into 2027 versus the $1.4 million we had going through 2025. If 2027 brings a step down similar to what we had in 2025, we are still entering that base with a base that is 10x larger to absorb it. You kind of combine that with the cost-cutting that Aziz pointed out, more than $2 million of annualized cost-cutting, and that is what gives us the confidence that 2027 looks a lot less structurally different to 2023 or 2025 and that we will be able to meet those debt obligations. That transition has been a bit of a painful journey, and that shows up in the balance sheet in the first half of the year, but it had to be done and the result is going to be a much more sustainable business. Daniel, just to add to that. Sajid talked about how there is the legacy business, which is our managed service, CTV OTT, and how we are really kind of transforming this business in a couple of ways. A, programmatic is what our clients are looking to use versus the managed service that we used to see in the past. The reason for that is that it creates efficiencies for them and us, the ability to activate campaigns quicker in shorter cycles and also turn off when need be, as was caused during the tariffs. The second thing is the diversification, as Sajid pointed out on international. That is growing at a fast rate. The third part, which we haven't talked about a whole lot, is also Creator TV continues to expand, and that is going to give us some new opportunities and revenue streams, especially as it relates to, we've already started seeing the impact of revenue, but really that's going to be accelerating at the end of 2026 and then 2027. That's going to add us in. We've really diversified this business. We've had to put those investments into the company to ensure that this starts accelerating up, and I think today, while the numbers look single digit on a top-line revenue, in our brand business that is, what I think is missing in that whole picture is the fact that we are essentially moving out of this old business model of managed service very quickly and into a new agentic AI-driven programmatic capability that really is well -suited for the marketplace and the growth that we're going to see in the coming years. We're feeling good about the second half, and not only second half, but really the momentum in 2027 to then take care of these outstanding debt payments and paybacks that we need to take care of. Maybe touching on that idea of CTV versus mobile, obviously a lot of competition coming in the streaming space with the big platform streamers. I was wondering if you could speak to how you see the business along those lenses between mobile [and] streaming. I guess basically the competitive dynamic that you're seeing. Yeah, we're seeing actually, A, CTV and ad-supported streaming, CTV and OTT is going to continue growing. We see that as a huge opportunity. Look, reflective of the fact that we actually increased margins. There's an opportunity here that that is going to continue growing. Where it's growing at a faster rate than managed, sorry, a faster rate is programmatic versus managed. When we first got into CTV OTT and we did the transition to mobile, we talked about how CTV was the new platform and we're seeing a tremendous amount of growth. We're still seeing that growth, except that growth now is moving into programmatic. So it's CTV OTT, which is ad-supported streaming into programmatic. Mobile is actually having a resurgence as well as it relates to spend. While it did not show up this quarter, we do expect mobile, especially as it relates to political spending, to start showing up and some of the advocacy to start showing up. Really the way to think about this is CTV OTT, which is ad-supported streaming, has a long ways to go and a lot of upside. Despite the fact, sure, there are going to be more competitors in the space and scale is going to be an issue, but we are actually friendlies with the competitors. In fact, we have just hooked up supply deals with some of the biggest players out there, including Tubi, which is now currently running directly from us in our platform. There is a lot of direct supply deals that we are doing with these big streaming companies. The reason clients are using us is not simply for the supply. That is not our value proposition, and that is why you do not see us talking about simply selling inventory, which is the SSP business model. We have been very intentional in our approach to focus in on the higher- margin business. Sure, we can show you top-line growth and just sell inventory that we do not own and arbitrage that. That is not where our value- add is. Our value- add continues to be this App Science-driven demand that our clients are looking for, and that is why we work with the biggest brands in the world, and our margins continue to grow because of that. The App Science-driven media is critical, and that is where we see a lot of opportunity. Because in the marketplace, you are right, there are going to be big players out there that are going to provide supply, but that does not mean they are going to be able to have a differentiated offering, whereas we do with App Science and Creator TV. Okay. Appreciate that. Last question from me. I was just wondering if you could give us an up-to-date number on today's cash balance with that, I know, post-quarter you did that to finance. Then I will pass the line. Thank you. Yes. While we do not publicly disclose our history of interim monthly cash balances, it is very similar to what it was when we ended Q2. Daniel, thank you for your questions. I will now open the call to Nicholas Cortellucci. Hey, guys. Thanks for answering my questions and good morning here. The first thing I wanted to ask about was some of the operating expenses. Just looking quarter-over-quarter, we've seen a bit of an increase on S&M and G&A. It's down year-over-year, but just wanted to get some color on why it's increased quarter-over-quarter, and what do we expect going into the back half? The G&A expenses that increased quarter-over-quarter, that was tied to the headcount reductions that we've done. So we did a bit of an internal org restructure, and so there's costs involved in that. And so those were one- time in nature. I think that if you're looking at the G&A line item, that's where that kind of shows up, although that was kind of reflected in their adjusted EBITDA number as well. I think that looking ahead, those costs should be normalized, and we should expect G&A to be quite steady. Got it. Okay, that makes sense. Then maybe if you can show us some color on what sectors you're seeing positives from, what sectors are negative and taking away from your results. The sectors that are still challenged, although we are seeing some turnaround there, is automotive. Automotive has traditionally been one of our largest sectors in the past. Automotive is still dealing with challenges associated with tariffs, and that is across the board. It is not just us, it is across every company in the ad space. We see the opportunity is we are seeing a lot of continued growth in places like quick- service restaurant, as well as areas such as healthcare and technology. So, there are opportunities that are certainly growing at a faster rate, but we do believe there is. Also, healthcare is, as we see by the jobless numbers in the U.S., healthcare continues to grow. That is becoming an area that we are seeing an opportunity to provide additional advertising capabilities to, as well as quick- service restaurant. Got it. Okay. Then just last one was on the revenue segments. Mobile has been up and down. CTV, it has shown some steadiness. But going forward into the second half, how do you see that breakup between the two segments? CTV is just going to continue growing. Ad-supported TV streaming is going to continue growing. The only reason you saw somewhat of a pullback in this Q2 was because, as Sajid mentioned, it was absent of the advocacy and political that tends to take a lot of ad-supported streaming. So that will return in a bigger way the second half, so you are going to see that growth up. Then you will see mobile kind of moving up as well. But really, ad-supported streaming is going to be the major driver. Sajid, anything you want to add to that? Yeah, I think, [inaudible], as you kind of pointed out in the transcript, too, there was a legacy ad-supported streaming customer who spends routinely on ad-supported streaming, who had specific requirements for just Q2 to kind of shift that to our new direct out-of-home offering. So you saw a bit of a one-time shift there, and that kind of underpinned that 32% increase in mobile sales. But if you think about that, those dollars are traditionally ad-supported streaming dollars. So as that kind of moves back to its more traditional footprint, we expect ad-supported streaming to continue to show more robust growth rates. The out- of- home includes video, so not all of it is video, but it does include video. The way we think about it is we are really looking at streaming, ad-supported video or ad-supported streaming, whether it is out- of- home or on digital. We do see ad-supported streaming continuing being the key driver. Understood. Okay. That is all for me. Thanks, guys. Thank you for those questions. Sabio generated approximately $5.1 million of international revenue during the first half of 2026, already exceeded the amount generated in all 2025. What is driving the international growth, and where do you see the greatest opportunity? Yeah. I think that the sales for 2025, the first half, it is correct that it matched the full year sales of the first half of 2026 matched the full year sales of 2025 at $5 million. I guess what is driving that apparatus, number one, we have a rapidly growing apparatus there. We have invested in the area, in the region. We started out with one employee back in 2024, 2023, 2024. That footprint has grown to around eight. As we continue to grow in the region, those employees are being bolstered by now the rollout of App Science household graph for the U.K. region. So now we are able to bring the similar value that we were able to provide our U.S. customers to international, and that really is propelling, really enhancing and accelerating the sales over there in that region. That is why it makes us even more optimistic and bullish for the second half of this year and going to 2027, is that if you think about it, our international sales were able to do what they've done without the help of a U.K. graph up until around April this year. With that introduction, we've seen international sales continue on strong, and we're seeing continued appetite for those nuances and those targeting. We're very bullish on our prospects going forward. Keep in mind, and to Sajid's point, that graph is critical, and it continues to be our differentiation. That is why what you're seeing is our margins are holding. You'll see our competitors in the space, and people are really kind of diving in because it's been a challenging environment, not just for ourselves, but for a lot of other companies in media. What are they resorting to? Just simply selling inventory. We refuse to sell inventory. We refuse to do that. What we're focusing on is to sell targeted inventory backed by insights and analytics, and now rolling out Creator Television, which is expanding globally. We have a differentiated offering. It doesn't always show up on the numbers in terms of growth, but it is showing up on our margin profile relative to our competitors in the space, and I think that's really what I would ask investors to look at. Look at exactly how we're holding while the whole marketplace continues to lose margin in a big way. So we're getting stronger at it, we're getting better at it, and we're also some of the AI capabilities that we've implemented, and we're just in the beginning of it. I know a lot of folks are getting tired of hearing about AI, but we're just in the beginning stages of some of the most interesting things we're doing, including automating our DSP platform, being able to, in the next few months, provide a self-serve platform using agentic AI capabilities. There's a lot of things that we have and efficiencies we've already seen that are going to help us. When you add that to differentiated data and differentiated inventory, that is the key difference, not only just in the international market, but it's going to be a key difference in our U.S. market. But that takes investment, and we've done those investments, and now we're starting to reap the benefits of that. With the launch of the U.K. household graph in April, how quickly do you expect that infrastructure to drive local margin expansion similar to your more mature U.S. operations? While we didn't break it out, it already has started to do that. We've already seen the benefits of that, and we're going to continue seeing that. And we're going to continue adding to it, providing new value to our customers in the form of deeper insights and understanding that they didn't have before. And I think that's exactly what we're doing in the U.S. market in key categories. And Sajid mentioned this on the out-of-home product. We saw an opportunity in the out-of-home space where there was a lack of insights and understanding, a major lack of insights and understanding. And we were asked by one of our clients to consider doing it because they saw the value of our insights and data on ad-supported streaming, and that really necessitated our expansion there, and we've seen a lot of great success on multiple fronts because efficiency is the name of the game. And when you have something like App Science, the 80 million household graph in the U.S., and we have a separate graph now in the U.K., efficiency is what our clients are looking for. They're not just looking for supply. They can buy supply from everybody. What they're looking for us from is efficiency and targeting that helps them not only reach those audiences more effectively, but validate them. Approximately 90% of programmatic customers renewed from Q1 to Q2. What specific attributes of App Science stack are driving this high retention? That's a harder question to answer just simply because of the fact that because the way the programmatic platform and how you interact with clients has significantly changed from how we would interact on managed service. For managed service, we would see all the different metrics and be able to look at all those metrics and then identify what we know is working is the data is working. The data is differentiated because in a programmatic environment, that is a lot more sink or swim than in managed. In managed, you could optimize the campaigns. The data is working. The differentiated capabilities in terms of the targeting is working. They've told us their vote of confidence is the renewal, and that's all we get to see. We don't see anything. Now, certainly on our end, we're doing constant analysis and looking at what we potentially can do to increase those segments and increase the targeting capabilities. But really, we have no transparency into why those clients are using us. We do know that they are not only using us, but using us over and over again. That's the best part is once we get these clients hooked in, it's very rare they stop. When they do stop, it has nothing to do with us. There's some technical glitches between our pipes and the pipe that they're using, and that is causing some issues. But thus far, we've had a lot of success. It makes the business a little bit different in the sense that once we turn it on, we're seeing more consistency in revenue spend. I'll kind of juxtapose that from what happens in managed service. In managed service, you go out and you do a request for proposal every quarter, usually, unless you have an upfront deal, which we do with some folks, but let's assume we don't. You do a request for proposal every quarter, and you resubmit paperwork, you resubmit ideas, and opportunities. In programmatic, once that pipe turns on, it doesn't turn off. You turn it on it flows, and then they decide whether they want to keep it on or not, and they're just keeping it on. That number shows 90% renewal rate. Our issue is not the execution. Our issue is just simply we haven't had enough capital to continue expanding the reach of the offerings we have, and that's really the biggest limitation for us. It's not our execution. Our renewal rates are great. Our returning business is great. Our growth, our margin profile is amazing. Our challenge is just simply we are restricted with the capital we can go out and get new customers. Thank you. Can you comment on how your revenue-sharing arrangements structured on the Creator TV network, and how do they impact net revenue margins recognized on those ad impressions? Yeah. I think that it typically is a rev share arrangement with the creators, based on what would be a typical supply cost to the company. I think that the benefit of that business is that you are able to keep a bit more of that margin in-house. So, while you may have a margin of X on your managed service business, you might be able to have actually a bit higher of a margin on Creator TV, just because you are keeping a bit more of that cash in-house within your own supply. Right? You're basically serving the brand your own supply. So there's definitely a benefit there. It's a great tool we find in order to help drive further brand engagement with the Sabio brand. Because now, what differentiates Sabio, right? App Science is definitely a big differentiator for us and that household graph, and now we have something else. We have our own owned and operated supply, and that supply is a supply that's targeting a very desirable demographic, younger in age, people who are spending, and people who are really engaged with the celebrities of today, which are influencers, and so we're right in that wheelhouse. Well, also, one of the other ways that that business has continued to evolve, too, where now we have the ability to do on-site events. If you can imagine, our most recent VidCon event, the folks we had playing VidCon, we had a VidCon pickleball tournament. VidCon is the biggest creator event in the U.S. At that VidCon pickleball tournament that we did, that we were invited by VidCon to do, all of the creators that were playing, they had 800 million followers. The creators we had playing in a tournament had 800 million followers in terms of in their personal reach. If you think about how that translates to a brand business, that is huge. In a world where it's a fragmented media ecosystem, now the brand has an opportunity to activate on-site in that kind of environment, that helps us from a sales perspective on the Sabio brand business. Could you imagine if you were a major quick-service restaurant brand, now you're going to be integrated into some of these events? That level of exposure that is uniquely Sabio is going to be the opportunity, I think that's what we're doing. That's how the way we're going to be able to defend margin is not simply selling supply on an arbitrage basis. We have to defend margin with a new product set and the ability of App Science to do that on programmatic and Creator TV to do that on a on-site and then a unique supply basis. We have a few different options that we are now kind of. Everyone can have a high-revenue business, but what's the margin like? We all know that at the end of the day, if you cannot manage margins, you don't have a real business. To clarify that, you capture the higher margin because they are better targeted ads, so the advertisers are willing to pay more for that? Yeah. That's exactly right. They're more efficient. We can validate those ads using App Science. Separately, on the creator side is simply that you don't have this opportunity. It's not available on other platforms. That Creator TV impression count is still growing. It's the only, but then also the activation of being able to participate in a VidCon, in a Creator Poker Tour event, Creator TV Poker Tour, which we did in collaboration with WPT. Those are unique opportunities that you can't get anywhere else. You can't get them on TV. You can't get them on Pluto. You can get them only on us. That allows us to move the targeting and the margin. One of the things we should highlight is we did, but it's not said enough, we increased margins without any high-margin political advocacy, a whole lot of it, in Q2. So as Sajid was saying, his belief in the margins are going to go up, he's absolutely right. We do expect the margins to go up in the rest of this year because political advocacy brings in higher-margin business. We actually did the margin increase without any of the high-margin business that is political advocacy, which we're super excited about. Yeah. And then just coming back to your question as well, Martin, just to add to that. If a campaign came to us and they want to do some targeting, if we didn't have App Science, if you have to pay someone else for that kind of data, right? We're having our own tech stack, we're able to keep that in-house, use our own in-house operation, which will be cheaper for us than going to an outside source. And be able to connect those analytics to out- of- home, to mobile, to CTV, to creator content they're running, not only on Creator TV and CTV, but then potentially YouTube. So this idea of connecting the dots is the real App Science opportunity, and if you're a brand, you're saying to yourself, "Yeah, I spend money here on out- of- home, and I'm spending separately here, and no one is helping me connect the dots of efficiency and really connect the dots from a data perspective and a conversion perspective." We're doing that overall. In the modern world, I mean, there's people who are obviously doing it on display, but we're actually doing it on the platforms that people are using today. Thank you. Will Sabio return to positive adjusted EBITDA in the second half of 2026? If so, what gives you the confidence of this outlook? Yeah. I mean, we feel that we're very well-positioned to return adjusted EBITDA profitability in the second half of the year. Though as obviously, as a company, you can't make a sweeping statement like a guarantee, but all the tools are in place, right? You basically have the cost-cutting that we did this year that is going to save $2 million of an annualized rate, and the brunt of that's going to be felt in Q3 and Q4. You have your gross margins increasing, as we saw between Q1 and Q2, and as Aziz pointed out, that's before the return of a higher margin political advocacy in the second half of the year. You have a $5 million commitment from political advocacy agencies, the majority of which will be spent in the second half of the year. There's more spending in the scatter on top of that. That's not even counting your international business in EMEA, and also your U.S. Programmatic businesses. Each one of them either matched their full-year sales last year or was close to matching their full-year sales from last year at the end of the first half of this year. Typically, those businesses do see a step-up between the first half and the second half. So while nothing is guaranteed, if you look at all the different ingredients in this pot of stew, I mean, it's all coming together, and so we've never been in a better position, I think, in our history to be profitable. With the exception of last year, traditionally, in the 11 years I've been running this company, 60%, and this is an off-election year, 60% of our revenue sits in Q3, Q4. The only reason that didn't happen last year is because the tariffs hit in May and June, and it was a surprise for a lot of our clients on the backside. So they had to deal with changes and pull back on spending specifically, especially automotive last year in the second half. This year is a more normal cycle, and as we pointed out before, in 2024, 70% of our revenue was in the second half of the year. Nothing is giving us an indication that that's going to be any different this year. So if that's the case, then we are positioned really well to that second half. But like I said, in 11 years, we've never seen, it has always been at least 60%, if not more, in the second half of the year. With the exception of last year because of the tariffs hitting in Liberation Day in May and June of last year, and surprising everything in the second half of the year. Yeah. I mean, last year was the only year since we went public where we weren't profitable in the second half of the year. So there's great historical precedent there. Thank you very much. There are no further questions. Thank you for joining us today, everyone, and this concludes Sabio Holdings earnings.