Lafitani Sotiriou

Lafitani Sotiriou asked for clarification on Nativo's revenue run rate and cost base for FY 2025, and about the conversion or engagement of free users adopting the Pet GPS versus existing subscribers.

Answer

Russell Burke, CFO of Life360, indicated Nativo's revenue run rate is roughly twice Life360's 2025 advertising revenue, and they expect Nativo to be small adjusted EBITDA positive next year. For Pet GPS, he noted the early phase focused on existing members, then targeted free members, but it's too early for detailed adoption metrics. He clarified that the advertising comparison excludes data income.

Lafitani Sotiriou sought clarification on Nativo's revenue run rate and cost base for FY25, and inquired about the conversion or engagement of free users adopting Pet GPS versus existing subscribers.

Answer

Russell Burke, CFO of Life360, indicated Nativo's revenue run rate is roughly twice Life360's 2025 advertising revenue, with an expectation of being adjusted EBITDA positive. He noted Pet GPS initially focused on existing members, then free members, but it's too early for detailed adoption metrics. He clarified advertising comparison excludes data.

Asked for details on the proposed U.S. IPO's secondary sell-down, the technical validation and revenue model of the Hubble partnership, the progress of the advertising business and its direct sales capabilities, and the drivers for the company's back-ended earnings forecast.

Answer

Executives could not provide specific IPO details but emphasized minimizing dilution. They confirmed Hubble's core technology is proven and the revenue model will be a share of network fees with minimal Life360 effort. The advertising business is slightly ahead on infrastructure, with direct sales being enabled by tools like AdMob. The year is back-ended due to seasonality, a new Tile product launch, and the advertising revenue ramp-up in H2.

Inquired about the penetration of activated Tiles in the U.S. subscriber base, the drivers of standalone hardware sales growth, and the geographic sources of international subscriber growth, including early results from the U.K. launch.

Answer

The company views the impact of Tile bundling as a long-term vision with ongoing benefits, making it difficult to define a 'peak impact' period. Standalone hardware sales are benefiting from the overall growth of the Bluetooth tracker category. International growth is strong in developed English-speaking markets (U.K., Canada, Australia), and the U.K. launch has been very successful with strong media reception.