Today, and thank you for standing by. Welcome to the Rezolve AI January 2026 Management Update Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, you will need to press Star one one on your telephone. You will then hear an automatic message advising your hand is raised. To withdraw your question, please press Star one one again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Michael Guido. Please go ahead. Thank you, Sandra, and good day to everyone. Welcome to Rezolve's January 2026 Management Update Conference Call. Leading today's discussion are Dan Wagner, Rezolve's founder and CEO, and Arthur Yao, Rezolve's Chief Operating and Financial Officer. A press release for our January 2026 Management Update was issued this morning, Eastern Time, and can be found on our investor relations website. Today's discussion will include statements that constitute forward-looking information or forward-looking statements. These statements reflect management's current beliefs and expectations and are subject to a number of factors that may cause actual results to differ materially from those statements. These statements do not guarantee future performance, and therefore, undue reliance should not be placed upon them. We do not intend to update these forward-looking statements as a result of new information or future developments, except as required by law. Additionally, our discussion will include both GAAP and non-GAAP financial measures. These non-GAAP financial measures should be viewed in addition to, and not as a substitute for, Rezolve's reported results prepared in accordance with U.S. GAAP. Non-GAAP financial measures referenced in today's call are defined relative to the most directly comparable GAAP measure in our earnings release, which is available on Rezolve's investor relations website at investor.rezolve.com. Finally, please note that the financial results discussed for the month of December 2025, as well as the full year ended December 31st, 2025, are preliminary and unaudited, and thus inherently uncertain and subject to change. The company is in the process of completing its year-end close, and its independent certified public accounting firm is in the process of conducting its audit in accordance with PCAOB Standards, and there can be no assurance that the company's final audited results for this period will not differ from the preliminary results presented in our earnings release or today's discussion. As a reminder, today's conference call is being recorded, and the replay will be available on our investor relations website. At this time, I'd like to turn the call over to Dan. Good morning, and thank you for joining us today. Today's call is about market leadership. Rezolve has moved decisively beyond proving technology or validating demand. What we are now executing is control of the commerce stack at global scale across AI, data, payments, and distribution. I have built companies before where the objective was clear from day one: to be the market leader. That has defined my career from M.A.I.D. and Dialog Information Services, which are now part of Reuters, through my e-commerce business Venda, which is now part of Oracle, and now at Rezolve. This is not about participation. It's about leadership. Here's how I'll structure things today. First of all, we're going to talk about what we delivered in 2025, factually and financially. We're going to give you guidance for 2025 and 2026. We're going to talk about what Agentic commerce actually means and why it changes everything. We're going to talk about how AI, data, and crypto payments are converging into a single Rezolve platform. We're going to talk about how we're scaling distributions through organic sales, partnerships, and M&A, and why 2026 is the year Rezolve cements category leadership. So first of all, let me give you a recap on 2025, which I would characterize as from capability to control. We entered 2025 as a Nasdaq-listed company with differentiated technology, but still early in enterprise-wide deployment. But by the end of December, we had over 1,000 employees, 24 offices globally, 650-plus enterprise customers, approximately $209 million of annual recurring revenue exiting the year. And critically, we had profitability in December. December revenue alone exceeded $17 million, taking us beyond $200 million in ARR and validating the operating leverage in the model. The revenue is embedded and recurring. The model has real operating leverage at scale. Rezolve is now embedded with global brands and institutions, including Adidas, Burberry, Gucci, H&M, Harvey Nichols, Dr. Martens, Converse, Tommy Hilfiger, Puma, Target, Standard Chartered, Commerzbank, Liverpool Mexico, Gap, Banana Republic, and many others. Just as importantly, these customers are not experimenting. They are utilizing Rezolve technology as core infrastructure. Before going any further, let me anchor the guidance for 2025 and 2026 clearly. For full year 2025, analyst consensus is approximately $40 million, which we expect to exceed. That outperformance reflects execution across all channels of our growth strategy, including accelerating deployments in Q4 and strong expansion with existing customers. For full year 2026, analyst consensus for 2026 revenue is approximately $170 million. Today, we give guidance that we will deliver at least $350 million in full year 2026 revenue. That represents nearly 10x year-on-year growth and is underpinned by contracted backlog, active customer rollouts, expanded sales capacity, and platform convergence driving higher revenue per customer. We are also reiterating our expectation to exit 2026 with a minimum $500 million of ARR run rate, implying approximately $40 million of revenue in the month of December 2026. Enterprise behavior has shifted. The most important change in 2025 was not headcount or logos. It was customer behavior. What we saw repeatedly was pilots moving into production faster, deployments expanding across channels and geographies, customers adopting multiple Rezolve capabilities, not single features. This expansion dynamic, coupled with the predictability of our contracted, SaaS-driven model, is the foundation of our forward guidance today. Once Rezolve is embedded, usage grows. Once usage grows, revenue compounds. That behavior is now structural. I'd like to talk a little bit about agentic commerce and what it really means. It's important to define Agentic Commerce because this is the structural shift that's driving everything. Commerce is entering a world where humans are no longer the only participants. There are now two parallel interaction models. The first is direct interaction between consumers and digital channels, increasingly powered by Rezolve's Brain Suite for the intent, discovery, recommendation, and conversion. But we're also seeing autonomous AI agents acting on behalf of consumers, arriving at retailer environments from third-party platforms that do not belong to the retailer. Those agents do not understand retailer-specific inventory, brand rules, substitution logic, compliance, returns, or fulfillment constraints. Without governance, hallucinations, mis-selling, and brand damage are inevitable. Let me make this concrete with a real example. We've already seen real-world examples of this, including a widely publicized incident involving a retailer where unmanaged AI interactions drifted into inappropriate and off-brand territory. Rezolve stands at the virtual gates of the warehouse. Through our Agentic Plug-in, we govern what agents are allowed to say, what products they are allowed to recommend, how substitutions, pricing, and fulfillment are handled. Agentic Commerce is not about interfaces. It's about controlling the interaction between autonomous agents and real-world commerce. I'd like to move on to talk about platform convergence and how AI, data, and payments together make Rezolve hard to displace. What makes us structurally difficult to replicate and what the market is only beginning to appreciate is that we are not a single-layer company. We are a converged platform that governs the entire commerce journey from intent and discovery through to payment. At the foundation sits our distributed data infrastructure operated through Subsquid, which we acquired last year, which is now fully owned by Rezolve. This platform handles billions of queries, serves petabytes of data, and operates as a high-performance, low-latency, distributed database and indexing layer. Subsquid gives Rezolve a structural advantage in latency, accuracy, and cost. It is core infrastructure that feeds AI decisioning, personalization, agent governance, payments, risk, and analytics. Next, we have the Brain Suite. This is where intent is understood. Decisions are governed. Recommendations are constrained by truth, policy, and availability. Unlike generic AI language models, Rezolve's AI is trained, constrained, and grounded in retailer-specific reality. And then finally, Rezolve Pay and the crypto rails closes the loop. Rezolve Pay enables embedded payments inside AI-driven journeys, crypto and digital asset rails alongside traditional payments, the elimination of unnecessary merchant friction and fees. By embedding payments, including digital asset rails, directly into AI-driven journeys, we capture value at conversion, not just engagement. Together, AI, data, and payments form a single integrated Rezolve platform. This is where commerce economics fundamentally change, and the proof of this is enterprise scale. During 2025, Rezolve processed 51 billion API calls, reached 340 million unique users, operated across hundreds of millions of live sessions and transactions. This is what agentic commerce looks like in production. As we look to 2026, Rezolve's leadership will be cemented through three coordinated growth channels. Organic sales under Crispin Lowery's leadership, the new Rezolve Chief Revenue Officer that we recruited from Microsoft. We expect to have 40-60 enterprise sales professionals in the United States by end Q2 2026 and 20-40 enterprise sales professionals across Europe by end Q2 2026. We will then have a repeatable, vertically focused global sales engine supported by visible Rezolve AI marketing to drive market visibility and awareness. The second channel is partnership-led distribution. Rezolve is increasingly selling through our partners like Microsoft and Google. This includes technology platforms, payment networks, and enterprise integrators, allowing us to scale faster than headcount alone. We expect to add more blue-chip partners to assist our momentum in this lucrative channel. Finally, M&A is an accelerator. M&A remains a core pillar of our growth strategy. In particular, we see traditional search companies as prime acquisition targets because they recognize both the superiority of our solutions and their own inability to replicate them at scale. Rezolve has spent nearly a decade building the infrastructure required for this shift by acquiring and integrating these businesses. We accelerate market leadership by migrating their customers onto our platform. We currently have multiple acquisitions at advanced stages aligned with AI, data, loyalty, and payments. These are designed to accelerate leadership, not distract from execution. Taken together, we expect to exceed consensus in 2025 with at least $40 million in revenue and deliver in excess of $350 million in full year 2026 revenue, demonstrating nearly 10 times year-on-year growth over 2025, and we will exit the year with a minimum $500 million ARR run rate underpinned by contracted demand, accelerating deployments, and the structural leverage of our platform. With that context, I now turn the call over to our Chief Operating and Financial Officer, Arthur Yao, to walk through our financial position and outlook as we head into 2026. Thank you, Dan, and good morning, everyone. Dan has covered the strategic and operational momentum. I'll briefly focus on our preliminary financial performance, balance sheet position, and our 2026 outlook. All figures discussed today are preliminary and unaudited. I'll start with our 2025 financial momentum. Momentum built consistently throughout 2025. Starting the year with limited revenue and a $100 million exit ARR target, we reached $70 million ARR in June and then $90 million ARR by October. And we exited the year with approximately $209 million ARR, significantly ahead of prior guidance. December revenue alone is expected to exceed $17 million, bringing estimate full year 2025 revenue to at least $40 million, which is above analyst consensus. Importantly, we achieved positive Adjusted EBITDA in December, demonstrating the operating leverage in our SaaS-based model. During 2025, we materially strengthened the balance sheet. We eliminated legacy and toxic debt. We simplified the capital structure. We completed two oversubscribed financing totaling $250 million. Following the Crownpeak acquisition, we estimate cash of approximately $120 million, non-convertible debt of approximately $150 million, which we expect to refinance on improved terms. This provides flexibility to scale sales and execute accretive acquisitions. As we look forward to our outlook for 2026, we are exiting 2025 with approximately 209 million ARR, which provides a strong revenue foundation. We are reiterating minimum 500 million exit ARR by year-end of 2026, at least 350 million in full year 2026 revenue. Profitability remains a strategic choice as we invest in growth. I'll now hand back to Dan for closing remarks. Thank you, Arthur. As we look to 2026, Rezolve's leadership will be cemented through three coordinated channels: organic sales, scaling 40-60 enterprise sales professionals in North America and 20-40 in Europe by the end of the Q2. Partnership-led distribution, allowing us to sell through platforms and ecosystems, not just directly. And M&A with multiple transactions currently at advanced stages aligned with AI, data, loyalty, and payments. Let me close by reiterating the key numbers one final time: 2025 revenue, at least $40 million; 2026 revenue of $350 million or more; 2026 ARR exit rate, minimum $500 million annualized run rate. These figures are grounded in execution, not expiration. 2025 was the year Rezolve proved it could operate at global enterprise scale. 2026 is the year Rezolve cements its leadership as the control layer for agentic commerce across AI, data, and payments. Market leadership has defined my career. Rezolve is built to do the same. Thank you for your continued support and trust, and I'll now open the call for questions. Thank you. As a reminder, to ask a question, please press star one-one on your telephone and wait for your name to be announced. To withdraw your question, please press star one-one again. We will now take the first question from the line of Mike Latimore from Northland Capital Markets. Please go ahead. All right. Great. Yeah. Congrats on the transformative year here. Very good. Thanks, Mike. I guess, Dan, you talked about some of the shrinking of the trial timeframes and expansions across current customers. On the expansion side, can you talk a little bit about which use cases are most prominent, which of your products are gaining most traction as you kind of look to do some upsells, cross-sells here? And then, I guess, secondarily, you highlighted Subsquid. That's a very interesting acquisition. How strategic is that for '26, and how many of your kind of 650 customers might look at that? In the first question, I think we offer a broad range of capabilities that are designed to improve conversion on e-commerce and digital channels. Obviously, the flagship is conversational commerce, which is due to go live with a number of sites early part of this year. We'll be able to point you and other investors to those sites so you can actually engage with those retailers using casual conversational engagement. In addition to that, we have a lot of other capabilities that are sort of under the hood that provide improved personalization, improved product discovery, better ways to capture customers based upon what they're searching on, say, Google or Microsoft Bing, so that they land on your site and then convert it on better rates. We have geolocation triggers that help drive improved throughput in drive-thru and other fast food and convenience store pickup locations. Then I guess finally, we have image technology that allows consumers to take photographs or upload photographs and find comparable products on retailer sites. All of these different pieces represent the take-up that we're seeing with, I think, the ultimate goal of buying into the whole vision that we share, which is that existing e-commerce and digital channels are end of life. What we're providing is a very new way to engage and improve interaction with customers. So I don't think I can point to anything in particular other than people are buying into the vision and then are executing with us using one or two initial capabilities of ours and then driving further into our service stack as time goes on. I think that's how it's going. The second question you asked, Mike, was about Subsquid and how important it is. And I think the first thing is that Subsquid is foundational. It's a distributed data platform that handles billions of queries and serves petabytes of data with low latency and deterministic access. That data layer will feed our AI decisioning, agent governance, and payment stack. It's one of the reasons Rezolve is structurally difficult to replicate. And it's monetized in a typical crypto or blockchain fashion where the technology standalone infrastructure today serves a broad ecosystem of participants that rely on high-performance, low-latency access to large complex data sets. And it generates revenue from those services in its own right. From Rezolve's perspective, Subsquid is strategically important because it gives us access to proprietary database technology and data capabilities that operate at massive scale. Over time, that infrastructure provides us with a significant advantage in performance, accuracy, and unit economics across our AI and e-commerce platform. So we've been deliberately keeping those two aspects distinct. Subsquid continues to operate as a data business while Rezolve benefits from the optionality that ownership of that infrastructure provides. Strategically, its value to Rezolve is in strengthening margins, scalability, and operating leverage while preserving flexibility for future use cases. Great. And then just last for me, you mentioned that the month of December, I believe, was profitable. Any color on profitability in 2026? Hey, Mike, I can answer that. This is Arthur. Look, so as I said, profitability is really a decision that we're making around, do we want to double down on growth? So if we want to basically stop selling right now and don't do anything, we can be profitable in the month of December going forward. So for us, it's really around for us as a management team to decide how much to invest in the growth. As we mentioned, we're going to be hiring a lot of salespeople on the ground in the U.S. and in Europe, around the world, and really scaling up some of our sales and marketing efforts globally. So we'll do more marketing campaigns. So these are all investments that we will have. So if we don't want to invest, then we can be very profitable. I think the key question for us as we get into the world. We have to be. We will obviously manage our cash and manage our profitability. But our goal is really to become the market leader. So therefore, we will generally focus on investment into becoming that market leader and driving that. But what December shows to us is that if we want to be profitable, we have this optionality. And also, obviously, we have proven that we can be profitable in the month of December. Yeah. I mean, in terms of the market evolution, it seems like now is the time to go after growth. So that makes sense. Yes, definitely. Okay. Thank you. We will now take the next question from the line of Thomas Forte from Maxim Group. Please go ahead. Great. So one multi-part question for me, and Dan and Arthur, congratulations on the very strong performance in 2025 and expectations for 2026 and operating momentum. So, Dan, I was wondering how Crispin and the new hires are impacting your performance. You talked about it, but what's your current headcount in sales? And then at the organizational level, do you have any glaring holes that need to be filled as far as headcount goes? So the current headcount, I can't give you an accurate answer to that because there's a massive recruitment drive going on at the moment. But what I can tell you is that we're aggressively trying to build the rollout of the sales organization in North America and in Europe. The expectation is to have 100 people across those two territories by the end of Q2. Elizabeth Lochner, who joined us from Microsoft to lead North American sales expansion, is in New York with Crispin right now at the NRF alongside many of the other sales executives, plus some of the new ones, including some of the old ones. The productivity of these salespeople is expected to be very impactful very quickly because this is the first time we're going into the market with full marketing and branding support where previously we didn't have it. So we're very bullish on that channel opening up even more dramatically as we go through 2026 than previously. Thank you, Dan. Thank you. We will now take the next question from the line of Brian Kinstlinger from Alliance Global Partners. Please go ahead. Hi, Dan. Hi, Arthur. Thanks for taking my question. As it relates to the GroupBy acquisition, what percentage of your customers have already upgraded to your Brain Suite platform? What percentage plan to? What's the average upsell price? And do you expect similar performance in upsell in Crownpeak's customer base as well as future M&A? So first of all, let's put the context of the two main acquisitions against the ARR that we achieved. So when you take GroupBy, about 20 million of ARR and Crownpeak 70, so that's 90 out of 209. So that gives you sort of the upsell or the element of organic upsell contribution to the 209 number. But the way you phrase that question is slightly different to how our strategy unfolds in the real world. See, what we do is both of those companies are effectively providing infrastructure to retailers and their e-commerce sites. So what we're doing is that we are enhancing under the hood the capabilities with brain. And then we go back to the customer and say, "Would you like this additional feature switched on?" It's not really a deployment. That's why the acquisition strategy is so robust, because we're buying these companies and we're enhancing the capabilities under the hood. And then we go back to the customer and say, "Do you want us to turn that on for you?" It's not the same as going into a customer and saying, "Would you like us to sell you some more software and go through the process of deploying it?" So, okay, it may not be quite as elegant and simple as that, but fundamentally, that's how it's done. So I think that answers both your points. The upsell is more than the total that was acquired already. And that's driven by this very elegant way of deploying the technology with these acquired customers. But just to be clear, is it 100%? Are you upselling 100% of the customers to some pushback? I'm just trying to understand how that's performed. I think all the customers, to some degree or another, and I don't want to be disrespectful to the companies that are now part of the organization, but those platforms were becoming a little bit stale, maybe. Okay? Maybe through lack of investment or maybe just because the market is moving on, and we've energized it. We've put in a turbocharge into those platforms. That's probably a good way of describing it, and as a result of that, the customers, some of whom were looking around at alternatives, are now very firmly engaged with us because we bring something new and exciting to the table that they weren't being offered previously, so I think we've energized those companies, and I think that that's partly why we're enthusiastic about rolling up the search technology companies, because I think all of them are similarly placed. And we bring a new dynamic, a new excitement to their offering, which excites their customers, retains them, and generates more revenue from them. Great. Solid execution. Thank you. Thank you. We will now take the next question from the line of Matt Van Vliet from Cantor. Please go ahead. Yeah. Good morning. Thanks for taking the question. I guess on the forward-looking guidance here, curious on the 500 million ARR that you're guiding towards, how much of that is at least under contract? How many of those contracts have sort of a build-out and sort of earn-out portion of that? And then on the flip side, how much is sort of still go-get in the beginning of 2026? I can try to answer that. We don't break out our contracted revenue in detail, but as you see already, exiting 2025, we approximately have $209 million ARR, which provides us a very strong baseline for 2026. Importantly, our model benefits from this expansion within existing customers, not just new logo acquisition. That expansion dynamic, when combined with pipeline visibility and increased sales capacity, underpins our confidence in this four-year outlook. When we look at we have been able to give confidence in delivering this number because, obviously, we've executed above consensus for 2025. Our confidence really comes from visibility, not just optimism. Okay? Again, it gets back to that we deliver this in 2025. Actually, if you think about it, a lot of this delivery happened in the second half, not even the first half. So we have this momentum that's really building out sort of the execution of broader deployments, multi-product adoption, and increased transaction volume. So with all of this, sort of with the combine of the contractor backlog, active rollouts already underway, and really a material expansion of our sales organization, we're very confident in giving this guidance of 500 million ARR for 2026. Exit ARR. Thank you. Yep. And I guess as you think about the build-out of the sales force, talking about probably 80-100 reps by the end of the year, hopefully, where will they be most focused on? Are you going to have different teams of those going after net new logos versus cultivating the existing customer base and expanding the sales of the platform overall? How should we think about the focal points, especially as new reps come on board? So the new reps are fully focused on new customer acquisitions. They're not working through the existing customer base, generating increased revenue from existing customers. There is a different team for that. Obviously, it all comes under Crispin. But the numbers we're giving you on new sales execs are sales execs going out to the very large market space out there and introducing our services to those customers. Bear in mind, we now have over 650 enterprise accounts. We have loads of proof points. We have loads of references. And so that changes the dynamic of our push into new customers because we're much more credible than we were at the beginning of last year. Very helpful. And then just lastly, on your M&A strategy, you talked about a number of targets potentially in market now that you're looking at. How should we think about the scale of M&A that you're comfortable with? And then sort of how do you operate the capital structure around maintaining the ability to grow as needed with M&A included? So first of all, our M&A is highly targeted. We're acquiring businesses that recognize they can't replicate what Rezolve has built and where we can quickly migrate customers onto our platform. So integration is an accelerator and not a distraction in these cases. We see as you know, I've built many businesses in my career, and a number of them became market leaders. And the way that you can become market leader, you have to execute, in my view, on all three channels: organic sales, partnerships, where you can get access to large customer pools, and through acquisition, because you can't be everywhere at all the time. So if we want to plant a flag in Spain, right, acquiring a business there to get a foothold in that market. I'm not suggesting we are buying a business in Spain, by the way. I was just giving that as an example. But the point is that it suddenly gives us a presence in a market which we might not get to for five years. And so acquisitions allow us to quickly plant the flag in multiple markets and then upsell our technologies into those customers. And then, as a result of that, create a very strong moat around the business. Remember, we're competing in a highly competitive, highly lucrative, fast-growing opportunity of AI and crypto. And we want to dominate. We want to win. So in order to do that, we have to make sure that we plant flags quickly in different markets and execute flawlessly across those three channels. Great. Thank you. Reminder to ask a question. Please press star one and one on your telephone. We will now take the next question from the line of Scott Buck from H.C. Wainwright & Co. Please go ahead. Hi. Good morning, guys. Thanks for taking my questions. Dan, as a follow-up on M&A, is the pool of potential targets as attractive as it was a year ago, or are you seeing some of the higher quality, better opportunities there being snatched up by yourselves or others? No, I think we funnily enough, I think what's happened is that it's become more and more apparent that the old way is no longer long-term viable. And the new way that we're at the forefront of is extremely attractive. And as a result of that, we're getting approaches, and we're getting into more discussions. I think the quality of companies that we're engaging with and the size of those companies, obviously, are bigger. Our first acquisition was the $20 million revenue business, and the second was a $70 million revenue business. We're seeing larger opportunities coming our way. And we are enthusiastic about these deals. So no, I think we're a magnet for talent. We're a magnet for potential acquisition targets. And I think that we're becoming very visible in the space that we operate amongst all the big players. Everybody's starting to know about Rezolve AI, who operate in retail and digital channels. Great. And then I wanted to ask, are there still revenue opportunities within the existing customer base that fall outside of the current 200-plus million of ARR where you stand at the end of December? Absolutely. Okay. Oh, absolutely. Yeah. No, I think we still have quite a bit of opportunity to unearth with existing customers. And as we expand our portfolio of capabilities, which we may do through acquisition, and we may do through the introduction of Rezolve Pay, for example, the crypto payments, which is yet to go live outside of South America, those things will drive revenue as well. So yeah, I think there's a very large opportunity with existing customers and, obviously, a very large one with potential new customers. Perfect. And then just last thing for me, I'm curious with the sales adds. What's the anticipated kind of lag time between hire and when they're actually able to contribute to sales? Well, I think that we are selecting salespeople that are from the industry or familiar with Agentic Commerce or search or e-commerce and the like. And so they can pick it up within a matter of 24 hours and be out on the road. So it's not like we're selling something that is, for people who are in the industry, completely alien. It's quite clear what we're doing. And these salespeople who have come from the industry are productive immediately, pretty much immediately. Yeah. Perfect. Well, that's all I had. I appreciate the time, Dan. Thanks. Thank you. We will now take the next question from the line of Jared Osteen from Roth Capital Partners. Please go ahead. Thank you for the questions. This is Jared on for Rohit. First up, in 2026, should investors expect a clear inflection towards operating leverage, or will the year still be defined by investment-driven losses? And is there a specific scale or milestone where profitability dynamics materially change? Yeah, I can address that. Look, I think an earlier conversation question as well is like, look, we show in December that we can be profitable. So if we, as a management, decide we just want to be a profitable business and just stop there. But I think to some other analyst's point was we really are at the stage of trying to create market leadership, which means really doubling down on growth. So for us, it's about really driving that growth. So again, the investments in sales and marketing heavily. Therefore, the Rezolve brand name is well known in the market. Again, we're in our NRF this week right now. We have a big push in the marketing in that space, which is most of our customer set. And obviously, our sales teams are there. So I think the thesis for 2026 is really about taking our executing model from 2025 and really exploding from there and becoming this high growth. And that's why we are announcing the $500 million year-end ARR, because that will get us, again, to that market leadership kind of position. Just to add to that, we have 85% gross margins. We expect 20%-30% net margins. We demonstrated on an Adjusted EBITDA basis profitability in December. So we're in a position now where we have capital resources. We have revenue. We have profitable revenue. We don't need to grow anymore. But I think that would be doing our investors a disservice. We're on the cusp of a market-dominant position. We're ahead of the game. We're ahead of the curve. We're seeing fantastic momentum, extraordinary momentum. I've been in business 40 years. I've never seen this kind of growth. And I just think we're at the beginning of it. I think it's going to accelerate. So we want to take advantage of our market leadership, of our innovative position. And obviously, we need the support of our investors. But I think it's in everybody's interest that we continue to pursue the growth path that we're on. Thanks, Dan. Thanks, Arthur. And then to go a little bit deeper into payments, how should we think about stablecoin and the recent acquisition in terms of incremental growth? Are these primarily revenue accelerants, margin enhancers, or longer-term strategic enablers within your overall growth model? Well, payments are increasingly embedded in customer deployments, but we don't break them out separately. And strategically, Rezolve Pay allows us to capture value at conversion rather than just engagement, which increases revenue per customer and reduces churn over time. The revenue we get from Rezolve Pay is broken out mainly around the transactions themselves. But the impact of that revenue, we don't believe, is going to be material until the end of 2027. In relation to stablecoins, we believe that stablecoins is the future of money. In fact, the blockchain and crypto payments, which have been called cryptocurrencies but haven't been used really as currencies, only as digital assets really up until now, we are spearheading that, I think. We did $1 billion of crypto transactions in physical locations in the last 12 months where consumers were able to withdraw cash from ATMs and buy a Starbucks coffee using the Rezolve Wallet. And we want to bring this to the Western markets over the course of this year and next. And I think that it's going to be extremely successful. I think it's a very compelling proposition. Great. Thank you, Dan. Thank you, Arthur. Thank you. I would now like to turn the conference back to Michael Guido for closing remarks. Thank you, Sandra. And thank you to everyone joining our call today. As always, please feel free to reach out to us with any questions. We look forward to speaking with you all again in the near future. Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect.