Malcolm, just checking the sound here. Can you hear me all right? Yeah, I can hear you perfectly. Okay. As can I you. Okay, let's start. Perfect. It's It's 10:00 A.M. Good morning. Thank you for joining us for this call. I think I should start recording. Sorry, give me a second. Yeah. Thank you for joining us for this Snipp Interactive fourth quarter and full fiscal year 2025 earnings conference call. I am Atul Sabharwal, Founder and Chief Executive Officer of Snipp Interactive. Joining me today is Malcolm Davidson, our Interim Chief Financial Officer. Please visit our investor relations site at snipp.com for a copy of our earnings press release and detailed financials, which have also been filed on SEDAR. We present all financial figures in U.S. dollars unless otherwise indicated. Before we proceed, I'd like to remind everyone that today's discussion may contain forward-looking statements. These statements are based on current expectations and are subject to risks and uncertainties that could cause actual results to differ materially. Okay, I wanna start with a frame for everything I'm about to say because I think it matters more than any single number on the page. Fiscal 2025 was the year Snipp chose to stop being a promotions company that did some technology and start being a technology company that does promotions. Promotions that are verified, AI-powered and built to compound. That repositioning is not a slogan, it is a deliberate pivot in our positioning. The work we did in 2025, the brand, the cost structure, the contracts we signed, the platform we rearchitected is what gives me real confidence in standing here today and telling you the next chapter of this company is materially better than the last. The proof of that is us landing the Shen Capital investment on the back of our recurring revenue growth, something we have not historically focused on disclosing. On the 2025 results, let me address the financials directly because you have read them, and so have I. Revenue for the year was $22 million against $22.7 million in 2024, a slight decline of roughly 3%. That softness is real. It reflects a market in which several large clients delayed or scaled back planned campaigns, and it reflects an industry that is very visibly in transition, especially given the macroeconomic impacts over the last year. I want you to look at three numbers next to that revenue line because they tell you what kind of business we actually are underneath. First, gross margin, 61% for the full year, identical to 2024. In the fourth quarter, 65%. When revenue compresses and gross margin holds, that is a signal about the quality of the platform, not a signal about distress. Second, bookings backlog, $18.26 million of contracted, not yet recognized revenue at year-end, up from $17.7 million the year before. We focused on longer-term engagements as opposed to 3-6 month shorter promotions. The increased backlog is visibility to 2027 plus revenue. Third, cash. While we closed the year with $3.4 million cash, most of it is earmarked for to-be-distributed rewards. As a result, we secured a CAD 4.5 million senior secured convertible debenture financing led by strategic investors who are aligned with the long-term thesis. This included insider participation. This company is funded to execute its plan. Summary: mediocre top line, intact margin, growing backlog and fresh capital. That is not the profile of a company in trouble. That is the profile of a company in transition, and a transition we chose in 2025. What did we actually build in 2025? In March of this year, we launched a refreshed brand and a new market positioning, marketing verified from ad to aisle. These are not marketing words. They describe a category that is forming in real time around us, a category in which the world's biggest consumer brands are demanding that every $1 of marketing spend be tied to a verified SKU-level purchase outcome. Not modeled, not estimated, verified. Snipp has been quietly building the infrastructure for that category for more than a decade. AI-powered receipt validation, AI-powered fraud detection at scale, a first-party data layer that turns campaign engagement into measurable business intelligence. We have seven integrated solutions: SnippCheck, SnippWin, SnippLoyalty, SnippRewards, Snipp Rebates, and Snipp Offers, all unified on a common AI-powered platform that drives fraud mitigation, verification of purchase with a unified view of data via our SnippInsights tool. In 2025, we made two deliberate choices about the platform. We chose to invest in it. We've built AI receipt validation, rearchitected our Catalyst Loyalty platform, and into the very early stages of building out a unified campaign OS that I will talk about in the future, in the future quarters. We chose to tell the world finally what it actually is, the new brand, our 2026 AI shopper marketing technology landscape report and the work we are doing on investor disclosures. They all serve the same purpose, making it impossible for the market to keep mistaking Snipp for a campaign agency, when in reality, we are the verified attribution layer that the rest of the industry is racing to build. Let's talk about commercial momentum, stuff that the headline numbers don't show. Inside that flat revenue line, the mix is changing in exactly the direction we want. In March 2026, we secured a $3 million two-year contract extension with a marquee pet care client. This is the largest single contract in the history of this company, and it expands a loyalty program that has performed so well, the client doubled down on it. Earlier in the year, a $1.4 million two-year extension with another leading pet care brand. After year-end, a new $1.3 million multi-year agreement extending a major FMCG relationship through September 2028. In November, we added a $500,000+ program with a multinational food manufacturer and another $745,000 contract to build a new professional-focused loyalty program for a global pet care brand. On the financial media network, we executed an industry-first partnership with Inmar Intelligence, integrating their digital grocery incentives into a network that already reaches more than 60 million banking customers through Bank of America and other major U.S. financial institutions. Currently, the bank is re-platforming their office product with a new technology window, we will be relaunching again with them as they complete that migration. Every one of those wins shares the same DNA: multi-year, recurring, AI-powered, and anchored in verified purchase data. That is the SaaS company we said we were going to become, and the contracts are the proof. Let's switch to cost and talk about our discipline on the cost side. None of this works if we don't earn the right to invest by being disciplined operators, so we have been. Between October 2025 and today, we have implemented approximately $1.3 million of annualized run rate operating expense reductions. We restructured our commission framework to reward recurring revenue, not one-off bookings. We wound down underperforming go-to-market structures in Europe and in the U.S. business development team. We rationalized non-core software and third-party spend, and we're not done. Another set of cost actions has been finalized for the second half of this year. The consolidation of engineering delivery into our lower cost India hub, a realigned executive structure, and a deliberate relocation of third-party spend to fund our AI roadmap on a budget neutral basis. The market we are walking into, let's step back from Snipp for a moment and look at the world our customers are living in. AI is rewriting the marketing technology stack in front of our eyes. Brands are under enormous pressure to prove that every marketing dollar produces a real, measurable, attributable sale. Retail and financial media networks are exploding. First-party data has gone from a buzzword to a board-level priority. Privacy regulation has made retailer-agnostic, consented purchase data more valuable than ever. Every one of those trends, every single one, plays directly to Snipp's strengths. AI-powered receipt and transaction validation, fraud detection, retailer-agnostic SKU-level visibility, all trends that affect our business positively. A platform that ties promotions, loyalty rebates, and media spend to a verified purchase is an essential part of the marketing stack now. We are not chasing the AI wave. We are one of the platforms that it is being built on. Okay. Let's talk about the path forward, right? In plain language, in 2026, we will get the house in order. We narrow EBITDA losses meaningfully through the cost actions already underway. We stack recurring revenue from the renewals and extensions we just signed. We sharpen our investor disclosure so the market can finally see the high-margin recurring SaaS engine inside this business, and we keep investing carefully in the AI capabilities, and that represents the next leg of value creation. In 2027, we drive the EBITDA inflection, recurring revenue compounds, the full-year benefit of cost action lands. You know, before we move on to Malcolm's comments, what I'd like to say is, you know, the industry's tagline over the next five years is prove it. The company whose entire reason for existing is to prove it by definition, you know, has a structural tailwind it will be hard to design on purpose. I think it's important for people to understand our new branding reflects that. Malcolm, let's go to your comments. Great. Thanks, Atul. I'll walk through the financial results and provide some context on what's driving the numbers. Starting with revenue, for fiscal 2025, revenue was $22 million compared to $22.7 million in 2024, a decline of approximately 3%. In the fourth quarter, revenue was $5 million, down 25% year-over-year. The decline reflects softer campaign activity during the year. We saw several large customers delay or scale back programs, and in some cases, not repeat campaigns that ran in the prior period. This is consistent with the broader caution in the market and timing of program execution. That said, revenue doesn't fully capture the underlying performance of the business. Gross margin for the year was 61%, consistent with 2024, and 65% in the fourth quarter. Maintaining margin at that level in a lower revenue environment reflects a shift in revenue mix and tighter control over campaign costs. We are seeing a higher proportion of platform-driven and recurring work and lower contribution margin from lower-margin campaign infrastructure. On profitability, EBITDA for the year was $-0.8 million compared to $+0.7 million in 2024 and $-0.5 million in Q4. The year-over-year change is primarily driven by lower revenues as continued investment in the platform, partially offset by meaningful reduction in share-based compensation and disciplined cost management. It is important to note that cost actions initiated late in the year are not fully reflected in these results. We've implemented approximately $1.3 million in annual run rate cost reductions to date, with additional initiatives underway. These include restructuring variable compensation, rationing go-to-market spend, and reducing non-core operating costs. You should expect these actions to become more visible in the financials through 2026. Looking at operating expenses, total operating costs for the year were $24.3 million, broadly in line with 2024. Within that, salaries and compensation increased modestly due to some bonuses and commissions. Campaign infrastructure costs declined in line with lower revenue. General and administration expenses remained well controlled, and share-based compensation decreased significantly year-over-year. While the costs are relatively stable, the composition is improving and becoming more aligned with the scalable model. Turning to the balance sheet, we ended the year with $3.4 million cash and working capital efficiency of $2.2 million. Subsequent to year-end, we closed a CAD 4.5 million convertible debenture financing, which restored a positive working capital position and provides sufficient liquidity to execute on our near-term plans. Deferred revenue remained stable at approximately $5.4 million, and bookings backlog increased to $18.2 million. Backlog represents contracted revenue that has not yet been recognized and provides a meaningful indicator of forward revenue visibility, particularly as the business shifts towards multi-year engagements. From a cash flow perspective, the company generated approximately $0.8 million from operations during the year, despite reporting a net loss. This reflects the underlying structure of model and timing of working cap movements. Stepping back, the financial profile is evolving in a direction we are targeting. Margins are stable, contracted revenue is increasing, and the balance sheet is strengthened its post-financing, and cost is being reset. The focus for 2026 is clear. Continue to reduce operating cost base, convert backlog into recognized revenue, and improve visibility into the recurring and high-margin components of the business. As those elements come together, the financial results should begin to reflect the underlying shift towards a more predictable and scalable model. I'll now turn it back to Atul. Thanks, Malcolm. In closing, 2025 was a transitional year and a deliberate one. It was also a year in which the macro environment did not help us. As I said in our earlier calls this year, the uncertainty in the market, tariffs, budget caution, shifting consumer sentiment drove a kind of paralysis in client decision-making, with several large programs pushed to the right rather than canceled. Again, it's important to understand programs were deferred from 2025, not canceled. We could not control that. What we could control, we did. We rebranded around where the market is going. We renewed our largest contracts, including the biggest in our company's history. We took $1.3 million of run rate out of the business, and we bought in strategic capital led by Shen. That is the unglamorous work that durable recurring revenue companies do before the numbers catch up to the story. That profitable durable companies do before the numbers catch up to the story. The contract is signed. The platform is sharper. The cost base is lighter. The capital is in the bank. The brand finally describes the company we actually are. The market is moving quickly towards exactly that kind of verified AI-powered, purchase-anchored marketing infrastructure that Snipp has spent years building. The numbers in front of you describe where Snipp has been. The decisions behind those numbers describe where Snipp is going. I would much rather own the second story than the first, and I believe when you look closely, so will you. Those are our prepared remarks. If there are any questions, please post them in the chat, and we will answer them. One second, Thomas. I see your hand up. Let me just unmute you. Yeah, Thomas. You need to unmute yourself, yeah. Hello? Hello? I don't think there's. Hey, Atul. Am I coming through okay? It looks like I'm coming through. Yeah, I can hear you. If you could just speak a tad louder, that would be great. Okay, great. Awesome. Great. Yeah. Thanks for taking my questions. My first question is that last quarter you noted that many clients are sitting on campaigns and delaying launches. Has the environment sort of improved as we're moving into this year, or how do you see the overall environment? I don't think much has changed. You know, with some of these campaigns that got pushed out, you can see our signings. We've announced a few big massive deals actually, right? On a, on an average, I don't think things are changing per se, but, you know, our clients have needs, and they have to adapt, right? We've just assumed that this environment of uncertainty is not gonna change anytime soon, and we've adapted our operating, you know, philosophy because of that. Okay. I think that's fair given the sort of macro environment we're in. You did land those big contracts, which are very exciting. I guess we can expect those, like, the throughput of that backlog more weighted towards 2027 and beyond? Yes, exactly like I've said in my prepared remarks, right? I think now we are just We are focusing the company more and more on longer term recurring type revenue deals. We're not ignoring our promotions business in any formal passion but those are going to be more, you know, last minute kind of deals that show up when clients actually make up their mind because of some real pressing requirement. Yeah, I think, you know, the way we are building out our future plan, as I've said today, is, you know, we've adapted to this new environment. I think we've made the changes and put the investments in that we think are important. Continued focus on reducing our cost base, leveraging AI, focusing on longer term contracts is the way to think about this. That sounds great. Just a general question with, you know, you guys launched the SnippMedia with Bank of America back in November. How has that been progressing? You know, has there been any feedback, and how has general reception been? Any updates on that? Yeah. Absolutely. Great question. You know, we did launch, and it was a very successful launch. The metrics coming out of those first few months was amazing. You guys might or might not be tracking the sector, with everything that was going on with Cardlytics and everybody else, right? Bank of America unfortunately decided to re-platform, and we are in that phase of transitioning with them. It should come back live sometime in May. For right now, unfortunately for us, I mean, it's been put on hold, not because of anything to do with our platform. It's just, you know, that industry has been changing providers and suppliers and, you know, it's a highly technical integration that has to now be redone. It's almost complete. We're just waiting to, you know, for it to go back on. That has pushed our plan back on our SnippMedia business by a quarter or two. Yeah. Okay. Okay. Just broadly speaking, I've been noticing there's been sort of this rising trend of AI shopping, becoming a hot topic. How do you see it affecting the Snipp business, or do you see it affecting Snipp at all? I mean, yeah, it's gonna affect everything and everyone in how you shop and how you buy and, you know. I think it doesn't affect our industry in the sense of you have to still do promotions, right? You still need to drive loyalty and, you know, consumer loyalty customer loyalty can't go away, whether you have an AI-based agentic world or not. It can help us from an operations perspective tremendously, which is what we've been investing in. We already I think last year, you know, or two years back, we announced Snipp CORRAL, which was our fraud mitigation, processes based on AI and our own solution built in-house. You know, we've got receipt processing solutions built, use AI heavily. We've had 10 years of machine learning data on our receipts that we've captured over the years. You know, there are now, you know, agentic processes available to be built out from an operations and launch and developer perspective. You'll see a lot of efficiencies coming in, but, you know, it's not industry specific for some of those. You know, yeah, we do have to build and plan for a future where, you know, instead of a user interacting with a website or an app, I feel bad for those companies, you know, you just interact with ChatGPT to, you know, take part in an offer, right? We're definitely building towards that. We already have plans for, you know, putting together our own MCP layer on our infrastructure, etc., etc. I don't wanna go into all of that. Some of it is competitive, but the need for promotions will never go away. That's the good news for us. As one of the big providers of promotions in our space, you know, we're obviously gonna allow for other mechanisms for people to participate in promotions. In years, you know, decades back, you would send in pieces of paper. You know, the camera phone evolved, you started submitting things via digital mediums. When people have their own agents, you know, they'll have the agents do their work for them. You know, for us, it's just another input mechanism that we will be on top of. Okay. Great. Last question from me. With that large contract renewal, was there anything specific that led to the big contract win? Was it really the like a SKU level integration or anything of that sort? That would be great. Thank you. It's just the power of our receipt processing platform. That data, you know, I had a few comments in my prepared remarks today about the need for first party data, right? It really is becoming more and more a core need to understand customers. We, in our programs, generate a ton of first party data for our clients, data that they have never seen before. When they start using that data effectively and start understanding how to use that data, start training their own internal AI models in some ways on that data, I'm not saying that they are, but I'm sure some of them are, you know, you start understanding the power of the data generated from what is a simple promotion that they have to do from a marketing and retail perspective anyways. You know, some of those factors play into these decisions that are now being made saying, "Okay, now we gotta double down and, you know, generate more of this kind of data or, you know, understand our consumers better." You know, it's just those themes are playing out like I was talking about today. Great. Thank you for taking my questions. Thanks, Thomas. Yeah. Anybody else? I don't see any more hands up or questions. Yeah, if anyone has further questions, feel free to email us or go on our website. We have a pretty cool agent that runs on our website now, as good as a salesperson in some ways. If you wanna interact with that, please do so on snipp.com. Yes, thank you, everybody. Appreciate the time. We'll talk to you in less than a month, I guess, with the Q1 earnings. Thank you.