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CEO Zvi Schreiber acknowledged that in Q2, tariff announcements drove short-term 'whiplash shipping' as customers rushed to ship ahead of deadlines. He noted that with the situation now more settled, the uncertainty has decreased, and customers are returning to more stable, long-term planning.

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Founder & CEO Steven Rossi explained that gross margin gains will come from operational efficiencies and economies of scale, which are offsetting domestic inflation. He detailed production targets for the HD3, Solace, and Core products and confirmed distributors are stocking significant inventory volumes. Regarding AetherLux, Rossi stated that while the primary plan is to manufacture, the company is evaluating all opportunities, including potential acquisitions, to maximize shareholder value. Senior Business Consultant Faran Ali clarified that the $20 million revenue guidance is based on tonneau covers alone, with Core and Solis sales representing potential upside.

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CEO Steven Rossi explained that the initial launch for COR and SOLIS will be direct-to-consumer to gather feedback and recoup R&D costs, with a potential rollout to the existing dealer network later in the year or early 2026. Rossi also clarified that gross margin improvement is driven by both economies of scale from increased production and a strategic shift towards higher-priced, premium products.

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CEO Steven Rossi explained that the low end of the revenue guidance (~$20M) is based on tonneau cover sales alone, while the high end (~$34.5M) incorporates a strong launch of the SOLIS and COR products. He confirmed marketing spend will increase but will be ramped carefully to manage customer acquisition costs. Rossi emphasized that margin improvements will stem from engineering and economies of scale, not by making products inferior. He also noted that manufacturing capacity is more efficient than anticipated, likely requiring investment in machinery rather than a costly building expansion to meet future demand.

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President & Chief Growth Officer Derek Medlin explained that the 91% growth in applications resulted from a focused, year-long strategy emphasizing digital marketing and customer referrals to build top-of-funnel activity. On the competitive front, Medlin noted a stable environment in the prime financing space and highlighted Catapult's strategy of using dynamic, individualized pricing to optimize conversion and repeat business, which he believes is a winning play supported by merchant partners.

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President, CEO & Director Tony Scott clarified that the DoD contract is both a renewal and an expansion with an increased dollar value and scope. He expressed excitement about domestic critical infrastructure opportunities, noting the company will follow a playbook of best practices to market its products on cloud marketplaces. Scott also mentioned that Intrusion is refining its reseller channel, focusing on MSPs and MSSPs, and dropping underperforming partners.

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CEO Anthony Scott and CFO Kimberly Pinson clarified that the revenue from the lost client ended in Q1, which should improve year-over-year growth comparisons. Scott explained that new logos are varied, with a growing reputation in the Asia Pacific region leading to larger deals. He also noted that while cybersecurity demand is apolitical, a government continuing resolution could pose a risk.

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Co-Founder & CEO Dhruv Shringi stated that while the company is open to M&A in the attractive MICE sector, the immediate focus has been on integrating the Globe acquisition. Regarding the share restructuring, he described it as a complex, multi-jurisdictional regulatory process and noted that related operating expenses were not material in Q1 but were significant in the prior quarter.

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CEO Dhruv Shringi stated that Northern India, representing about 30-35% of business, could be affected by border tensions. He confirmed a viable corporate structure for share fungibility is now defined, with procedural implementation underway. Shringi also noted that Yatra is open to more MICE acquisitions post-integration of Globe Travel and believes the company can grow revenue 30-40% without significant changes to its cost structure.

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CEO and Co-Founder Dhruv Shringi explained that the MICE market in India is a highly fragmented $8-10 billion opportunity, offering significant long-term growth. He detailed that corporate client ramp-up takes 3-6 months for smaller accounts and 6-9 months for larger ones. While not providing a specific quarterly contribution for Globe, he offered a baseline of its prior year's revenue less service costs ($5.3-5.4 million). Regarding the corporate structure, Shringi noted that meaningful progress has been made and he is hopeful for a concrete update in the near future.

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CEO and Co-Founder Dhruv Shringi explained that the Globe Travels integration is a two-step process, with supply-side benefits accruing now and technology-driven cross-selling and cost optimization expected to begin in early January (Q4). He projected the MICE business could grow 20-25% annually for the next 2-3 years, driven by cross-selling to Yatra's large existing corporate client base. Regarding the B2C segment, Shringi noted that price competition initiated by a major domestic airline is likely to continue, shifting Yatra's strategy to focus on value-added services and using flights for customer acquisition rather than profitability.

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CEO Keyvan Mohajer noted that SoundHound uses its own AI to improve internal development efficiency and is exploring AI for sales, while being mindful of regulations. CFO Nitesh Sharan added that wallet share penetration is still very low with a "ton of runway" for growth, as customer AI budgets expand and new revenue streams like voice commerce are introduced.

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CFO Nitesh Sharan confirmed the guidance is entirely organic and does not depend on future M&A, citing a tremendous organic growth opportunity. While open to strategic acquisitions that are operationally sound and correctly priced, none are required to meet the outlook. Sharan also affirmed that the business is resilient to macro shifts, as AI solutions address both innovation for growth and efficiency for cost savings. He emphasized that the move to conversational AI is a generational shift and that AI's share of IT budgets continues to grow, insulating the company from short-term economic volatility.

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CFO Nitesh Sharan explained that as a platform company, they prioritize verticals with the biggest use cases and are investing in a high-ROI go-to-market strategy using both direct sales and channel partners. On cross-selling, he noted that while some opportunities are near-term, particularly with contract renewals, the momentum will build over the next 6-9 months and beyond as product stacks are integrated.

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CFO Nitesh Sharan responded that while all segments are growing, the most significant growth is expected from the AI agent business. He emphasized the large expansion opportunity within existing QSR customers and new verticals like healthcare and finance. Sharan confirmed the improved outlook is driven by a combination of strong organic growth in the legacy auto and restaurant segments, plus significant cross-sell and upsell synergies from the recent acquisitions.

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Co-Founder, CEO, President & Director Ryan Steelberg reiterated that the company has the 'smallest delta of go get' revenue needed to hit its guide in a very long time, indicating high confidence from contracted opportunities. On VDR, he explained that while the market spend is concentrated among about 50 large tech companies, Veritone is engaged with nearly all of them. He confirmed the sales process is improving, evidenced by repeat business and a growing pipeline, which is building customer confidence and trust.

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Executive Ryan Steelberg explained that the second-half growth is expected to be dominated by the Public Sector and Veritone Data Refinery (VDR) segments. He noted high visibility on the size of Public Sector deals, with timing being the main variable. For VDR, he expressed confidence in its growth velocity and potential upside. Steelberg clarified that the VDR pipeline's recent growth from $5 million to over $10 million is due to multiple new contracts with new partners and prospective clients.

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President, CFO & Director Gregory Feller explained that Mogo plans to do both, using Bitcoin as a hurdle rate for all capital allocation decisions. He noted that M&A would be considered if strategic and met this hurdle rate. Feller estimated a minimum six-month regulatory process for crypto trading, leveraging existing infrastructure to manage costs. He also characterized the lending business as a stable, profitable segment that will support, but not lead, the company's primary growth drivers of Wealth and Payments.

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President and CFO Gregory Feller stated that while the loan book is currently flat as they prioritize wealth and payments, the lending business remains a valuable, under-monetized asset with improving net charge-off rates. He clarified the Tom Lee partnership is a fee-based marketing agreement with no equity involved. Feller also quantified that every 1% decrease in interest rates would result in approximately $0.5 million in annual cash savings for the company.

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CEO Peter Cannito detailed the integration plan, which prioritizes financial reporting integration first, followed by aligning strategic roadmaps and pursuing multi-domain business opportunities. He noted the company is following its established playbook from ten previous acquisitions and expects full integration within twelve months. CFO Jonathan Baliff added that detailed financial information on Edge Autonomy, a higher-margin business, will be available in upcoming SEC filings.

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Peter Cannito, Chairman and CEO, confirmed that Redwire will likely continue its 'land and expand' strategy for the autonomous systems market. He clarified that future M&A will be primarily opportunistic rather than favoring one sector, driven by a strict formula that requires deals to be accretive and meet valuation criteria. He sees opportunities in both space and defense segments.

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CEO Peter Cannito confirmed the guidance was conservative and excludes revenue synergies, but highlighted opportunities to cross-sell space and UAS platforms to defense customers in Europe. CFO Jonathan Baliff described Edge Autonomy's pipeline as different from Redwire's, with a shorter sales cycle focused on fleet replacement and upgrades, creating a more predictable revenue stream. He noted Edge's program of record was about $100 million in 2023 and is expected to grow.

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CEO Lee Rudow explained that while capabilities overlap, ESCO's operation in the New England region is about five times larger than Transcat's, creating a dominant combined presence rather than simple overlap. He emphasized that Transcat's key contribution is providing capital to leverage ESCO's expertise for further growth. Regarding market share and pricing, Rudow noted the market remains highly fragmented. He highlighted Transcat's unique strength in outsourcing in-house labs (CBLs) and providing single-source solutions for large plants as key competitive advantages that drive its value proposition.

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President and CEO Lee Rudow responded that the company is only in the 'fourth inning' of its automation journey, implying significant runway for future margin improvement. He noted that while customers typically shift to rentals in uncertain times, this trend is currently being offset by customers potentially buying equipment ahead of tariffs. Regarding M&A, Rudow confirmed that while the landscape has more private equity involvement, Transcat's core strategy for synergistic acquisitions remains unchanged and the opportunity pipeline is still strong.

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President and CEO Lee Rudow confirmed the issue was isolated to NEXA, highlighting that the core calibration business grew 9% organically and the pipeline remains strong. He described the M&A pipeline as 'robust' and noted the company is well-positioned to execute deals. Executive Thomas Barbato added that operating expenses are expected to increase sequentially in Q3 and Q4 to support growth initiatives.

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CEO Matt Fisch stated that for the $30 million opportunity, the company is on the customer's timeline with integration and deployment currently in progress. CFO Conor Tierney added that the four new wins are primarily in smart infrastructure, security, and defense, with a line of sight to thousands of units. Tierney explained that the increase in sales and marketing expense was largely a reallocation of resources from G&A and R&D to support business development and deployments, consistent with the company's capital-light model.

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CEO and Chairman Matt Fisch stated that the $30 million contract is progressing on the customer's timeline, with AEye teams currently on the ground for integration and deployment. CFO Conor Tierney added that the new wins are primarily in the smart infrastructure, security, and defense sectors, with a line of sight to thousands of units and an expected ramp-up over the next 6-12 months. Tierney clarified that the increase in sales and marketing expense was largely a reallocation of resources from G&A and R&D to support business development and deployments, consistent with their capital-light model.

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Executive Sam Rubin detailed that G5 has sufficient assembly capacity, has secured detector supply through large pre-orders, and can leverage LightPath's optics manufacturing in Latvia or Orlando to mitigate component lead times. He also disclosed the recent resignation of the VP of Sales for personal reasons but assured that the existing camera sales team is working closely with G5, with Rubin himself actively involved in business development to open new doors.

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CEO Sam Rubin explained the deal stemmed from a 30-year relationship, allowing LightPath to make a preemptive offer. CFO Albert Miranda added that G5's sellers valued LightPath's commitment to growth over a sale to a larger entity that might dismantle the company. Regarding seasonality, Albert Miranda confirmed it exists, tentatively identifying LightPath's Q3 and Q4 as lighter revenue periods for G5 and Q1 and Q2 as heavier, pending further analysis.

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CEO Sam Rubin stated that LightPath could begin shipping for the Lockheed program within approximately three months of a decision. CFO Albert Miranda projected that gross margins on assemblies and modules should be north of 40% and confirmed the company projects to be operating cash flow positive, with a recent loan serving as a buffer for CapEx or business development initiatives.

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Executive Jin Kang explained that the guidance range is primarily dependent on the timing of closing large deals in the pipeline. He noted that key partnerships with systems integrators are already established, and converting opportunities, especially in Device-as-a-Service (DaaS), is the current focus. Kang emphasized that a majority of the current sales pipeline consists of commercial opportunities, particularly in DaaS, mobility, and satellite sectors.

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Executive Jin Kang confirmed a MobileAnchor pilot with a transportation-related agency is progressing well and another is planned with a K-12 related agency. He stated that so far, there have been no negative impacts from the administration change due to long-term contracts and the essential nature of their services, even seeing potential for increased work with DHS. Regarding capital allocation, Jin Kang and Executive Robert George noted that cash flow was impacted by a temporary unbilled issue being resolved and that 2025 CapEx is expected to be minimal, around $200,000, primarily for a new facility build-out.

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Executive Bryan Lewis described the shipping and logistics opportunity as larger than initially thought, focused on preventing high-value cargo theft by verifying trucker identities. He noted the reseller channel has significant room for improvement and that a new hire is dedicated to activating this channel. Lewis clarified that the rise in accounts receivable is a direct result of changing payment terms to prepaid annual or quarterly commitments instead of billing in arrears.

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CEO Bryan Lewis explained that the back-half growth visibility is based on client rollout schedules and proof-of-concept timelines, including a delayed but strategic integration with a super-regional bank. He stated that sales conversations remain strong as fraud is a persistent issue, though overall retail transaction volume is a concern. Regarding AWS, Lewis anticipates significant savings, which will be balanced against increased computing costs for new AI and machine learning initiatives.

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Bryan Lewis, an executive, responded that the retail weakness began around mid-last year with rising inflation and consumer credit issues. He expressed confidence that the company does not need to raise cash and is focused on re-evaluating marketing spend for better ROI, emphasizing Intellicheck's unique technology as a key differentiator.

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CFO Wally Ruiz clarified the campaign is with an existing client and is expected to scale, driving significant gross profit dollars despite a lower margin percentage. CEO Richard Howe noted that Q1's strength suggests a deviation from typical seasonality. Regarding the Self-Serve platform, Howe described feedback as 'very positive' due to its unique AI-driven audience generation, sizing the opportunity at 'many, many tens of millions of dollars' in the coming years.

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CEO Brian O'Toole confirmed that since the first Gen-3 satellite is performing better than expected, they are proceeding with the original launch schedule. CFO Henry Dubois added that CapEx is expected to increase throughout the year, in line with the Gen-3 production and launch cadence.

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CEO Brian O'Toole responded that the focus is on delivering higher value with Gen-3's improved resolution and capabilities, which naturally allows the company to grow its accounts with customers interested in long-term engagements. He also stated that the company does not foresee any impact from potential tariffs, as they have a clear understanding of their bill of materials and have secured long-lead components.

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CEO Brian O'Toole and CFO Henry Dubois confirmed the milestone payments would be lumpy and tied to specific contract deliverables. Dubois stated that no significant OpEx changes are expected for Gen-3 as it will leverage existing infrastructure. O'Toole added that while demand is growing, government sales cycles remain typical.

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CEO Todd Schwartz explained that the Q1 outperformance was driven by stronger-than-expected results across the board in March, including robust repayments, operational efficiencies, and continued growth. He noted that while OppFi is monitoring tariff impacts on the Bitty SMB portfolio, its short-duration product allows for quick adjustments. Regarding capital allocation, Schwartz stated the company prefers maintaining flexibility with special dividends to pursue high-ROI initiatives and inorganic growth in areas like SMB and consumer point-of-sale, which offer significant synergies.

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CEO Louis Hoch stated that 2025 revenue growth is expected to be back-end loaded as new implementations go live and confirmed that the projected 14-16% growth is widespread, not reliant on a few large customers. Regarding capital allocation, Hoch noted the Board's $4 million repurchase authorization and affirmed the company's active but selective approach to M&A, funded by positive cash flow. Greg Carter, Chief Revenue Officer, added that from a PayFac perspective, the administration change has no real effect, but it might open doors in the funds disbursement space, though there was nothing specific to comment on at the time.

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CEO Louis Hoch explained that electronic delivery offers nearly pure margin, whereas paper delivery has about a 20% gross margin, presenting a significant opportunity for expansion. Regarding capital allocation, Hoch noted that while Usio is actively looking, the M&A market has been challenging, but the company remains hopeful for better opportunities to deploy its growing cash reserves.

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CEO Louis Hoch attributed the gross margin improvement to a favorable business mix, particularly strong growth in the high-margin ACH segment, as well as efficiency gains from new machinery and process improvements. He explained that the revised revenue guidance range depends on the implementation speed of two large national accounts. Hoch also reiterated USIO's strategy of avoiding direct retail exposure, noting that their diverse business model is insulated from macroeconomic pressures and can sometimes benefit from government stimulus activities during downturns.

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CEO Peter Evans clarified that installation schedules are determined by customers' phased deployment plans, not Xtract One's capacity, and affirmed the company has ample capacity for future growth. CFO Karen Hersh and CEO Peter Evans attributed the lower sales and marketing spend to seasonal timing of high-value events. Regarding tariffs, Peter Evans stated the situation is fluid but expressed confidence in navigating challenges due to strong global demand, value-based selling, and the fact that competitors face similar supply chain issues.

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CEO Peter Evans and CFO Karen Hersh addressed the questions. Regarding tariffs, Evans noted the situation is uncertain, while Hersh added that the company has the flexibility to move its assembly operations to the U.S. to mitigate potential impacts. On contract structure, Evans explained the primary difference between verticals is the purchasing model (upfront for schools, subscription for arenas) rather than price. For renewals, Hersh stated that customers often opt for new, updated equipment under a new multi-year subscription, and Evans added that product improvements allow for higher average deal sizes upon renewal.

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Executive Eric Langan explained the self-insurance reserve was a one-time, non-cash GAAP accounting adjustment not added back to adjusted EBITDA. He noted it's too early to project margin improvements for the Detroit club due to recent severe weather but believes it's possible. Langan also stated there are no significant residual cash outlays for closed Bombshells, aside from one lawsuit where he is confident in their legal position. He described the current club environment as one where they are using pricing power on beverages and food to offset a slight decline in high-end service revenue, aiming for steady same-store sales growth.

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John Davis (JD), an executive, attributed the improved payment performance primarily to enhanced underwriting and fraud evaluation, followed by higher customer quality and improved servicing capabilities. Harold Heiser, an executive, explained that new B2B locations typically take 6-9 months to reach a plateau, and while a Pareto principle applies, the large number of new stores will drive significant gains. Heiser also noted that while Q4 sees high origination volume, the full revenue impact is typically recognized in the following year's first quarter.

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CEO Harold Heiser explained that the 'total lease funding approvals' metric better reflects the demand pipeline, as customers may use approvals over time. COO John Davis reported that the first micro-site for electronics is live, with two more planned by year-end to enhance marketing efficiency. Davis also noted that new retail locations can be activated in days, with success dependent on partner engagement. Heiser added that a recent cohort of 580 stores achieved an 80% lease activity rate within 60 days and that the next 500 stores are expected to launch before mid-October.

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CEO Harold Heiser confirmed that traditional seasonality persists, with a strong Q4 followed by a slower Q1, but noted that new funding options and SKU diversification aim to mitigate this over time. Heiser specified that the new retail revenue stream from additional payment options was launched in late February. Regarding marketing, he explained that spending is expected to grow symbiotically with the addition of new funders, potentially around 20% per quarter, with the goal of having gross margin from all transactions cover the online marketing costs.

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Executive Stephen Chen described the MyCanvass partnership as a way to transform hyper-local civic engagement into a data-rich, real-time platform with a robust pipeline of paying customers. On revenue visibility, Chen acknowledged the challenge of forecasting from a low base but framed it as an opportunity. He outlined a strategy focused on securing large enterprise and federal contracts, leveraging channel partners, and using the company's long financial runway to build sustainable value.

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Executive Mike Snavely detailed two strategic hires, Paul Ruffino and Dannie Nunez, to deepen expertise in luxury properties and hospitality events. Snavely asserted that tangible progress is already evident in Q1's strong bookings, which represented 60% of 2023's total, and are expected to materially contribute to Q2 revenue due to a 30-day implementation cycle.

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CEO Robert Nistico confirmed the Western Son delay was entirely due to finalizing the right financing structure, which is now resolved. He and CFO Julius Ivancsits detailed that relocating logistics to Texas could yield material freight savings of around 30%, which is not yet in the guidance. Ivancsits explained the new capital would be used to methodically pay down vendors over 8-10 weeks and secure inventory purchasing leverage. He also confirmed the ABL facility has a term sheet for $3-5 million. Nistico provided significant transparency on strategy, announcing the decision to discontinue the TapouT brand license to focus capital on accelerating proven brands rather than incubating new ones.

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CEO Ann Hand explained that the Meta-Stadiums partnership involves joint pitches and a generous revenue share on consumer monetization from dedicated, off-platform events. She stated that the company's 'productization' approach allows for significant revenue growth without proportional increases in headcount, though some costs will rise with scale. Hand also noted a shift in the sales pipeline, with an increasing percentage of new business coming from direct-to-brand relationships, supplementing the traditional 80% from agencies.

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