Howard Halpern • Taglich Brothers

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CEO & President Matt Edelman confirmed that advertiser budget pauses have ended, with those funds now being released, leading to stronger signs for Q4. He noted the East Coast sales team is hitting its stride after a typical six-month ramp-up period. Regarding the Genius Act, Edelman stated Super League is exploring new consumer engagement models and partnering with experts, intending to leverage existing infrastructure rather than building it from scratch.

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The CEO confirmed that customer hesitation has abated, with previously paused budgets now being activated, leading to a stronger outlook for Q4. He explained that it takes about six months for a new salesperson to become fully productive. Regarding the Genius Act, the company is exploring opportunities by engaging with experts and potential partners to leverage existing infrastructure for new consumer engagement models, rather than building from scratch.

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Executive Matthew Edelman explained that the successful acquisition demonstrates Super League's capability to integrate companies, making it an attractive partner. He confirmed that while the company is on track for its EBITDA positive goal, it will still pursue further capital raises. Edelman also affirmed that the expansion into mobile has significantly broadened their conversations with new agencies and brands by opening up more diverse demographic audiences.

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The company detailed a two-part mobile strategy: creating playable ads and collaborating with developers on in-game branded content. Ad campaigns can be launched in under a week. The customer education process is a multi-year effort, supported by partners like Roblox, aimed at demonstrating the value of in-game advertising. The ultimate goal is to improve measurement to a level where brands allocate persistent, annual budgets, similar to how they treat major social media channels.

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CEO Ann Hand described the data analytics opportunity as a journey, starting with advanced reporting and performance insights for brands. She noted the Meta-Stadiums partnership is a key step toward downstream consumer monetization and, eventually, a stake in the data from ownable brand worlds. Hand confirmed that the Roblox partnership has been a source of new business, particularly through the Roblox EDU group, which has funded educational campaigns for Super League to develop and launch.

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CEO Rick Mills described the potential leverage from retail media networks as 'significant,' given the large project values would create tremendous flow-through to the bottom line. He declined to provide a specific year-end ARR forecast due to recent lumpiness from a customer ending a program. Mills explained the Circle K Mexico project is a proof-of-concept to measure ROI, and the company is also pursuing sports venue opportunities in the region.

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Richard Mills described the sports and entertainment vertical as having a high appetite for spending, with projects timed around off-seasons, offering future revenue predictability. He confirmed the Digi Point project will be a key showcase for their full ad tech stack. He also noted that opportunities in Mexico are progressing well, with a C-store POC and retail media network discussions underway, positioning it for potential 2026 revenue.

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Executives stated that customers are embracing the AdLogic platform to upgrade their signage to full retail media networks, which expands the company's addressable market. The new ERP system, fully implemented, is expected to provide significant cost management dividends and better control over business metrics. The channel partner program is being rebuilt with a new team and is seeing growing license demand.

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The company manages approximately 400,000 screens, driving SaaS revenue. Customer interest in monetizing in-store traffic via Retail Media Networks is a major growth driver. The Mexico expansion is proceeding with a first proof-of-concept deal installing in Q4. The channel partner program continues to add licenses while the company searches for new leadership for the division.

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The company aims for an EBITDA margin of around 8-10% once top-line revenue recovers. They are cautiously optimistic about a gradual revenue climb but don't expect a large surge of pent-up demand. New customers are being acquired through industry involvement and tracking portfolio changes. Strategic deal costs will decrease significantly after Q3. They are actively looking to reduce G&A, particularly software costs. Post-close, they will pay off all debt, establish a small revolver, and the board will decide on the best use for the remaining cash.

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Interim Co-CEO & CFO Keith Schroeder stated that adjusted EBITDA could reach 8-10% of sales once revenue recovers, referencing the over $20 million contribution to overhead in 2022-2023 against a future G&A target of $10 million. Interim Co-CEO Kelly Brown noted that while some incremental spending may occur if interest rates fall, she does not expect a large wave of pent-up demand similar to the post-COVID era. Keith Schroeder confirmed strategic deal costs would decline after Q3 and that the company plans to pay off all debt, secure a small credit line, and hold the remaining cash for future strategic allocation by the board.

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Executive Luciano Melluzzo explained that Q1 revenue was affected by historically long lead times for materials ordered over a year ago, though he noted the situation is improving. He confirmed no customer hesitation on key programs and stated the company has a full schedule of meetings for the Paris Air Show, targeting large overseas manufacturers and companies in the electric aircraft space. Executive Scott Glassman added that customer delivery expectations are being met and that stock compensation expense will likely be lower in future quarters.

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Executive Scott Glassman confirmed that Q3 would see temporary softness in both sales and margins due to customer pushouts but reiterated confidence in the full-year outlook. Executive Luciano Melluzzo added that this was due to the timing of orders and material flow. Melluzzo also detailed strategic capital spending on retrofitting existing machinery to prepare for a large pipeline of potential orders. He explained that Air Industries is pursuing both its traditional military work and new commercial opportunities, noting the commercial aviation market is seeking new suppliers.

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President and CEO James DeSocio reported that Payables Automation implementations will soon total 22-23 customers and that the new purchase order module is receiving strong initial feedback. He clarified that any slowdowns are due to broader market headwinds, not product hesitation. DeSocio also confirmed that new professional services deals have stable margins, with a backlog now exceeding $3 million, and detailed a growth strategy for the K-12 market, including a newly expanded partner agreement with Software Unlimited.

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President and CEO James DeSocio stated that Intellinetics expects to have 11 or 12 IPAS customers live by the start of 2025 and highlighted strong momentum from a recent trade show where a customer presented a compelling ROI. He confirmed that new hires and improved processes should accelerate future implementations. DeSocio also noted progress with K-12 partner Software Unlimited and the hiring of a partner manager to find new ERPs, projecting a meaningful SaaS revenue inflection in the second half of 2025. CFO Joseph Spain added that the Michigan BPO business activity is expected to remain stable through year-end.

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CEO James DeSocio and CFO Joseph Spain addressed the questions. Spain noted it was too early to provide a specific 2025 revenue run rate for IPAS but stated it would be 'very significant.' DeSocio detailed that they plan for 15-18 IPAS customers this year, with 11-12 already sold, and expect substantial growth in 2025. He confirmed the current pipeline is from the homebuilding vertical but mentioned a K-12 IPAS pilot is launching. Regarding the document conversion segment's record quarter, DeSocio attributed the success to facility upgrades, new microfilm/microfiche deals, improved operational efficiencies, and strong cross-selling into their K-12 customer base.

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Executives confirmed that operating expenses will remain stable as resources are reallocated from R&D to sales and marketing. The partnership channel, which includes ISVs and digital agencies, is a key growth driver. The strategy is to deepen penetration in current verticals to achieve critical mass before expanding to new ones. The sales cycle is expected to shorten within these core verticals due to strong customer references and partner collaboration.

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CEO Fredi Nisan explained that customer acquisition momentum is strong, particularly with ISOs in Europe where competitors like Worldpay are retreating. He highlighted a new program enabling U.S. ISOs to access European markets and a strategy of offering white-label technology to new verticals. Nisan also confirmed that generative AI is a major focus for 2025, aiming to accelerate product development and go-to-market timelines, while also noting its current application in operations, risk management, and KYC processes.

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CEO Fredi Nisan explained that the Coyni platform has been adapted for different markets. In the U.S., its technology is used in the 'NEMS score' offering, while in Europe, it's being deployed as a closed-loop system for high-risk verticals like gaming and crypto, aligning with new MiCA regulations for enhanced security and visibility. Regarding South America, Nisan stated that expansion is facilitated through their partnership with Visa, which handles the complex, country-specific regulatory compliance, allowing RYVYL to scale more efficiently across 80 countries.

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Stephen Chen confirmed that the profitable digital advertising business is a focus for scaling with the help of external consultants to improve automation and processes. He emphasized a deep cultural transformation at the company. He also strongly affirmed that they are aggressively using AI tools internally every day to enhance productivity, viewing it as a critical part of their new culture of curiosity and innovation.

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Executive Stephen Chen confirmed a strong focus on the profitable advertising business, noting they have engaged external consultants to improve scalability and sales automation. He emphasized a new metric-driven culture and stewardship of capital to reduce cash burn. Chen also stated emphatically that Phunware has been using generative AI tools internally every day to accelerate productivity, viewing it as a core component of their cultural transformation and a test of employee curiosity and innovation.

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Executive Mike Snavely stated that the average implementation cycle is between 30 to 45 days, though it can vary significantly based on customer dependencies. He confirmed that Phunware is making good progress in the convention market, expanding its relationship with partners like Gaylord Hotels and collaborating with major convention hosts to penetrate the market further, with wins expected to be reflected in the pipeline.

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Executive Mike Snavely clarified that the company's primary focus is on growing its SaaS business through multi-year software license contracts. He indicated that application transaction revenue would see a slight increase, but one-time services revenue would become a 'trivial amount' going forward.

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The company is aiming for larger deal sizes by focusing on the revenue-generating value of their platform, especially in hospitality, and expects their average ticket price to increase. They have also developed methods to significantly speed up and reduce the cost of new customer implementations by updating their app framework and improving data ingestion workflows.

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