Good morning to everyone. Welcome to Rezolve's First Half 2025 Earnings Conference Call. Leading today's discussion are Dan Wagner, Rezolve's Founder and CEO; and Rich Burchill, Rezolve's CFO. Our first half 2025 earnings press release was issued earlier this morning 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 factors include, but are not limited to, those discussed in our SEC filings and our earnings release. 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 reconciled to the most directly comparable GAAP measure in our SEC filings and our earnings release. For more information regarding definitions of our non-GAAP measures, please see our earnings release and SEC filings, which are or will be available on Rezolve's Investor Relations website at investor.rezolve.com and on the SEC's website at www.sec.gov. Finally, 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.

Thank you very much, Michael, and thank you, everybody, for joining us today. Before we get into the results, I want to address something directly. In recent days, anonymous short sellers have attempted to spook genuine investors with publications that are libelous, misleading and scarless in nature to the extreme. These so-called reports are nothing more than a collection of baseless allegations made by cowards who hide behind anonymous entities and cite anonymous sources. Nothing they publish is on the record. Nothing is validated. And because they refuse to stand behind their words, they cannot be held to account for their disgraceful actions. Let me be blunt. This is market abuse. It is designed with one objective to take money out of the pockets of real investors by deliberately spreading false and alarmist narratives. It is shameful. It is manipulative, and it should be stamped out by the authorities. If there were a mechanism to hold these people legally liable, we would pursue it. Until then, the best response is what we are here to discuss today, facts, results and the extraordinary progress Rezolve has achieved. That is the truth, and that is what investors deserve. So this is an exciting time for Rezolve as we find ourselves at the forefront of an AI revolution that is sure to transform online search and digital commerce, a market that, in our view, is well past its sell-by date. Our first half results not only beat expectations, but also allowed us to raise guidance to $150 million ARR for 2025 and set a new $500 million ARR target for 2026, the majority of which is contracted recurring revenue. With our market-ready AI-powered e-commerce solutions underpinned by our proprietary technology, we have seen growing momentum in our business throughout the year as the…

Thank you. Good morning to everyone joining the call. Dan has highlighted some of the many ways in which 2025 has been a transformative year for Rezolve as we continue to build our customer base, strengthen our partnerships and scale our organization. Accordingly, we continue to generate momentum across our business as we deploy our unique commerce-specific brand suite to drive our financial flywheel. This includes raising 2025 guidance to the minimum $150 million ARR after materially outperforming analyst forecast in the first half delivering contracted subscription revenues, high gross margins and a flexible cost base. Our Brain Suite is now agentic commerce-ready out of the box, giving enterprises the ability to deploy autonomous AI agents that can search, transact, fulfill and personalize in real time. And we now also set the 2026 guidance at $500 million ARR. In today's discussion, I'll provide a recap of the first half of 2025 financial highlights, discuss the actions we've taken to further strengthen our balance sheet to support future growth and provide an update on the full year 2025 financial outlook. Let me start with our first half 2025 financial highlights. So after beginning 2025 from a standing start, we ended the first half of the year with revenues of $6.3 million. This is above the $5.1 million consensus estimates a 426% increase year-on-year. We also beat consensus on adjusted EBITDA, reporting minus $17.7 million versus the minus $18.7 million expected. And this was driven by contracted subscription sales related to the licensing of Brain Suite products, namely search tools and geofencing software to our enterprise customers. Gross margins exceeded 95% as the majority of our revenues were derived from licensing of our cloud-based software solutions, and this demonstrates the powerful operating leverage generated by our SaaS-driven business model. Our net loss…

So thank you, Richard. And so that brings us really to the end of this call. I just wanted to finish by saying that we're very grateful to the investor community supporting our activities and our momentum. We're extremely excited to be at the helm of this wonderful business that is showing such fantastic traction and momentum. As I mentioned before, nine years in the making to get to this point. It's been a long journey, but we feel that 2025 is the first year where we've been able to introduce our products to the market see some momentum in its take-up. And that's very rewarding for all the people who toiled away so many years on the technology, perfecting it and getting it right so that it's ready for prime time. Well, it's ready for prime time now. And we're very excited, enthused and bullish about our prospects for the coming years. Thank you very much.

Thank you, Dan. Sandra, please open the line for questions.

[Operator Instructions] We will now take the first question from the line of Yi Fu Lee from Cantor Fitzgerald.

A very strong guidance raise for 2025 and '26 to end a productive first half. So, maybe to start with you, Dan, and then I will follow up with Richard on the financial side. Not to take any away from a highly productive first half delivery. As you highlighted, a report was published earlier this week that called out certain matters about the business into question. And we think this is a great opportunity to address some of these points publicly. Would you please, Dan, kindly address the following three items. Firstly, update on the Microsoft and Google revenue contribution to date? And any views on the trajectories of these key partnerships to the business? Secondly, Dan, your view on customer acquisition and definition of the new logo. Lastly, Dan, comments on Rezolve's technology as it relates to the proprietary large language model and how is the platform built and the IP behind it?

Okay. So I got the two questions, which I'll answer, and then you'll have to repeat the third. So our partnerships with Microsoft and Google are at the highest levels as demonstrated by their endorsement of the company and our technology on the videos that are available on our website from senior executives, Nick Parker and Tara Brady. We engage with these partners at the senior level in quarterly business reviews and management meetings, which filter down to different industry leads for organizing meetings, tracking technology integration activities and other elements. Microsoft and Google have both enhanced the capabilities of Rezolve's momentum within their customer base by encouraging their customers to buy Rezolve products as if they were Microsoft or Google products by giving them 100% credit against their financial commitments to those companies. That means that when we are introduced to a lead through these partners, the customer already has a commitment to Microsoft or Google and can offset dollar for dollar that commitment when they buy Rezolve products. They've also incentivized their sales organization to sell Rezolve as if it is a Microsoft solution by crediting the sales of Rezolve technology to their customers dollar for dollar against their salespeople's quotas. Now that perfect storm of encouragement then allows us to walk into those customers that are introduced to us, and we have contracted SLAs that Microsoft, for example, have to introduce a certain number of hot leads in any quarterly period, and those numbers are allocated to different regions like Europe, United States and Asia. So they are committed to giving us -- they're contractually committed to giving us warm leads, and we work together to secure those accounts. So that's the first question. The second was about revenue. Well, I mean, it's clear that our strategy…

Thanks for the very comprehensive response, Dan. And the last part of -- the last piece of the question is really the technology. I think one of the questions they had on the report was the technology. It called into questions, right, about the development of the model as well as the IP.

Yes, yes, I got that. Okay. So first of all, what they were referencing was a remnant app that's called mybrain.zone. You can go to it at mybrain.zone. It was an app we put up in 2022 that's not been supported. I think there's -- we looked at the stats after we saw it because -- and we've taken it -- I think we've taken the app from the app store down, but it was like a test. What we were doing was we were putting up a multi -- it was like a consumer illustrative app to show how you can search the Internet and get answers from Gen AI. And what the query -- when you put a query in, it would use a different model depending on the query. So if you ask a medical question, of course, brainpowa doesn't cover medical stuff, it would use a medical LLM. It might use Llama or Mistral or something or maybe DeepSeek if it was out. If you were asking a question about holiday in a FIFA, it might search ChatGPT. And so what we -- and what it would do is it would search the Internet, pull back results and then use one of those language models to interpret the results depending on the area of expertise. But really, it was a remnant app that we stopped supporting about two years ago. And so we've -- it was nothing to do with our business solutions. It's nothing to do with our professional services. So the whole premise of that was that the technology we have doesn't exist in all the rest of it, as you've seen, clearly, that's nonsense. And clearly, we wouldn't be partnering with Microsoft and Google, and they wouldn't say the things they said about our technology if it didn't do what it does. And you will have seen also that we put up a white paper today showing how effective our technology is against our peers.

So, just to clarify that, Dan, like is it a retail item, right? Obviously, Rezolve is going to do the modeling, right? You guys pick over the recommendations, right? If it's something beyond obviously retail, right? Like you said, health care, medical appointment, right, then that's when you pull in other foundational models to help you guys.

No, sorry. I just want to be clear. That app was like a little test we did, and we put it out there. We should have dissolved it. It was before we were a public company when we put that up. I mean it was just like a test of our technology to see how we would be able to use our LLM and others in a multimodal solution to serve consumer general queries. But it's not a business we want to be in. We just wanted to test it out and see -- it was a skunkworks project really. It was never launched formally. It was never promoted. It's been something that we've shelved years ago. So it was kind of very misleading, I think, to try to picture that as what we're selling today. It's nothing to do with it. It's a remnant Skunkworks project that no longer is supported or exists.

Got it. Extremely helpful and very comprehensive. I'll move on to Richard on the financial side. Richard, also a three-part question. I'll take the question for the sake of time. And then if you have any follow-ups on like that I missed anything, like feel free to have me repeat it. Firstly, Richard, like what gives you the high level of confidence on increasing 2025 ARR guidance by about 50% to $150 million to exit 2025 and then more than triple that to $500 million next year. Can you help us bridge how Rezolve could get there, number one? And what's the equivalent turn from ARR to revenue? Like this will inversely help us, the analysts model the company? That's question one on the guidance, Richard. Number two is your breakdown in terms of revenue ARR contribution generated organically from Rezolve versus inorganic deal like acquisition like GroupBy, et cetera? And the last piece, Richard, is the last guidance on breakeven point was, I believe, $90 million in revenue. Any change on that based on the new guidance? And that's it for me.

Yes. So look, we are very confident in raising our guidance. If we weren't confident, then clearly, we wouldn't have done it. The rate -- the increase to $150 million, we've sat down and we have a very clear pipeline of how we're going to get there. It is a mix of acquisitions and upsell and new customer revenues that we're going to put in there. In 2026, that tripling of that revenue, again, it is the full year impact of '25 plus a huge amount of growth that we've got coming through.

Rich, like in terms of revenue, I see no guide to revenue, but like it will help us because like ARR could like, let's say, if it comes in the back half of the year, it could like distort our revenue number. Any like tips for us to help model that?

So, sorry, so you're looking for 2025 full year revenue? Is that what you're looking for?

Because at the end, you're guiding $150 million in ARR in 2025 and $500 million for the next -- the following year. We just want to get a feel like is it more back half loaded like the seasonality behind that because it could obviously materially change our revenue projections.

Yes. So we will exit this year, month of December, for example, will be in excess of $12 million of annual recurring revenue in that month. That's the exit month of 2025. And that's the achievement of all of the revenue and the momentum and the customers that we've been winning throughout the year and when the rubber hits the road and the monthly fees start to land on our P&L. And the same is true for the exit of 2026, just nearly 5x.

But Dan would you say like it's more back half loaded or front-half loaded? Like we just want to get a sense of who can model it...

I don't think it won't be front half loaded. Look, we'll keep them as we've done in the past, we'll continue to keep the market very well informed, and we'll keep announcing milestones as we achieve them. We're not going to wait until the end of 2026 to let you know about that. But obviously, we are very bullish on $500 million exit of 2026. We expect to put out numbers that we expect to beat, obviously. And so we're very bullish on it. We're solid on that number, and we're confident of exiting the year at $500 million ARR or more of 2026.

Got it. And then, Richard, just to follow up on the revenue ARR contribution organic versus inorganic breakout. And then the final piece was that last time you guided breakeven level was $90 million, I think, in revenue. Any changes to that based upon the updated guidance? And then I'll have one.

Well, we do have a very clear focus to roll up search companies in the market. We're going to be acquiring -- given the success we've had with GroupBy, we'll continue to buy these end of life, in my view, end of market companies. We can buy them relatively cheaply, and we can upsell our technology and convert those customers very quickly to our technology. We improve the margins, and we improve obviously, the revenue overall. And there is a great opportunity to consolidate that old search marketplace. So that plays a part in it, and we're in discussions with a number of potential acquisitions in that space that obviously contribute to 2026 revenues. But we also have a very bold plan of rolling out our organic search -- or sorry, our organic sales infrastructure with Crispin's appointment to lead growth with the significant amount of capital that we raised to deploy in the field. We're looking to build a very substantial U.S. sales organization across multiple cities with salespeople on the street. We don't have that today. I mean, remember, we've achieved all this with 22 salespeople globally. That's remarkable so far this year and with very little public marketing activity. With the recent capital raises, we're going to be deploying significant capital into sales and marketing globally. And we believe that that's going to have a massive impact on the take-up of our services around the world. So we will continue to pursue the strategy that we have started with, which is proving to be successful of organic growth, direct sales, partnership sales, which drive that organic growth and acquisitions, which also drive organic growth to a degree as we acquire revenue and upsell them and improve the revenue from those partners -- from those customers.

We will now take the next question from the line of Mike Latimore from Northland Capital Markets.

Excellent. Yes. Congrats on the strong start to the year and the developments throughout the year here. I guess, Dan, you've talked about getting to 100 enterprise customers, I think, up from 50 the last time we talked. Can you talk a little bit about the source of those customers? How many are upsells versus maybe new through Microsoft or direct sales?

Well, we haven't broken that out. I don't know out of that, how many came from Microsoft, how many came from Google, how many came through acquisitions. But the statistics speaks for itself. I mean, we are seeing fantastic take-up, very enthusiastic engagement with us, good momentum in revenue. I mean, across the board, we're seeing very, very positive interaction with our products and services.

Yes. Great. And then on the professional services, you hired somebody with obviously a great background. And then you also have -- you talked about some third-party providers as well, sort of Tier 1 systems integrators. Can you just talk a little bit about how you divide your responsibilities and professional services between internal and some of these third parties? And then on your internal group, how many people do you have? Or do you think that number goes over time?

So those other companies, Wipro, Cognizant, et cetera, they're customers. They're not partners. And they are buying technology services because we have a very large and deep depth of AI skilled programmers and natural language developers. So as a result, there's a lot of demand for those resources. And people are coming at us saying, can we utilize those resources for our projects. And we're going, of course. So we're finding a rich seam of opportunity that's coming to us to assist all sorts of organizations, not necessarily in commerce and retail, who want to leverage our capabilities and skills. And of course, Sauvik who runs our professional services has very deep connections and network with customers of Tata because he was there. And those customers, of course, know of his appointment at Rezolve and what he's doing. So we're winning business slightly outside of the area of commerce and retail in terms of professional services, and we're excited by that. I mean it's profitable revenue. It's profitable business. They are long-term contracts. And we have deep capabilities in the space that we can provide those customers.

So in terms of the internal professional services team, how many people are on that team? Where do you think that goes to over the next year?

I think it's at least 250. It might be a bit more now, but it's 250 from a standing start again. And that's going to grow. But these are fully engaged high-level AI engineers.

We will now take the next question from the line of Tom Forte from Maxim Group.

Great. So, first off, Dan and Rich, congrats on the performance and the progress. I have a statement, a question and a follow-up question. So, my statement is, Dan, having seen you bootstrap results get where it is today, I'm excited to see what you'll be able to do with the company now that you are much better capitalized. So, my first question is, Dan, can you talk about your prior efforts in scaling a sales force for the earlier companies that you started?

Yes, of course. Well, first of all, I would like -- thanks, Tom. I'd like to say that previously, the result was armed. Now we're armed and dangerous. We have resources available to us to execute. When I was a much younger man, I ran an information services company that became the world leader. We had to roll out under a lot of pressure, a large sales organization in the United States that we didn't have at the time. We had a small team in New York. And so we ran a boot camp in Dallas, where we invited -- we advertised for salespeople, and we had about 250 people come to a boot camp for three or four days. We trained them on our products and services. We determined who was good and who wasn't. And then we recruited about 50 or 60 of them, and then we sent them back out into the field into seven sales offices. That was a very successful recruitment program. It was done as a very intense process, but the result was very capable sales organization across the United States in satellite offices. Now I'm not suggesting we necessarily do that today because Crispin brings with him a huge network of very capable sales managers and sales executives. And he's drawing on that from his relationships, from his many years at Google and Microsoft selling services to corporates. So I think the rollout plan is going to be driven slightly differently in this case, to a much more sophisticated approach of recruitment from existing technology organizations who have very capable salespeople proven and trusted. We've also got a large network myself, of course, having been in technology for 40 years.

Wonderful. All right. And then for my follow-up question. Can you talk about your strategic M&A strategy? Are you looking to acquire sales talent, intellectual property, client lists? How should we think about your strategy?

Well, I think it covers all of those areas. And there are some very important things that we're going to -- there's very important acquisitions and stuff that we're going to be doing in the coming months and years that will reflect what we're trying to achieve. So, first of all, let's kick to where we are and what we've done today. So the notable acquisitions we've done today is GroupBy, which was a, let's call it, traditional search company. And we have shown to ourselves that is in a very effective way of acquiring talent, individuals, capabilities, relationships with customers and revenue, of course, and the ability to upsell those customers into the new suite of solutions that we offer. And in the case of ViSenze, which is a very small acquisition, it was about $5 million or $6 million, I think, in total was the acquisition cost. We acquired a great small talented team who are very sophisticated in their local market customer base and know them have been around a while, brought with them some great technology that we liked, but gave us a footprint, gave us a presence in instant office and instant talent in Singapore. So our forward acquisition plan at the very high level, very simple level is that we will acquire talent where we think it's value for money. And we will acquire revenue and businesses which have both talent, capabilities, possibly technology, customer relationships and the ability for us to upsell our technology. That's one of the drivers. But there is another angle, which we haven't done as yet, but we will be doing, and you will see it coming through, is that we want to put some important foundations down for our crypto payment infrastructure. We need some technical enhancements to that, and we see opportunity there that we will be clearly -- more clearly explained at the time of those announcements. But it will give us an important foundation upon which to build our very ambitious crypto payment infrastructure that we are looking to roll out soon, and you'll hear news about this very soon with our partner, Tether, USDT. And that's a very important part of our whole proposition. We see both AI and conversational commerce on the one hand and crypto payments or blockchain-based transactions. On the other hand, the two key parts of the future of the digital commerce and digital engagement of the future. And we want to be the dominant market-leading player in that space. And in order to do that, there are some pieces that we need to put in place that will become apparent when we make those announcements.

We will now take the next question from the line of Rohit Kulkarni from ROTH Capital Partners.

Dan and Rich, nice job. Just a high-level question in terms of the number of customers you have listed in the press release, more than 100 live customers. Maybe talk through which categories of use cases or pain points you think Rezolve has been most successful in addressing as these customers start to use your applications. I see a lot of case studies online. That's helpful. So maybe just recap where do you see Rezolve being most successful? And near term, in terms of new products and new priorities in improving those pain points, where would you think is your focus area, Dan? That's the first question.

Okay. So, thank you, Rohit. So the first point, our whole proposition here is to improve conversion for our customers. The ability for them to reduce the attrition that they have currently in their digital channels, which is 70% on average, and that's pretty awful, reduce that by some percentage and improve conversion. And then, of course, the ways that we do that cover a number of different areas. But I think the first area, of course, is conversational commerce, product discovery, allowing a customer to get better information on the products. And the example I've used many times that you may have heard is that if my wife tried to buy me a mobile phone online, she couldn't do it because she doesn't know what iOS is or Android or a megabyte or a megapixel or an OLED screen. But if she went into an AT&T store on 34th Street in Lexington Avenue, and she said, I need to buy my husband on a mobile phone, after one or two questions, does he use a PC or a Mac? Does he use his phone all day and need a long battery life? Do you want a high-end spec phone or whatever high-spec camera, one or two questions. And then that salesperson would be able to present to my wife a phone that she would likely be able to buy for me. So we're trying to. Make that experience on the Internet. We're trying to make that experience on the AT&T in this example, the AT&T website. Now that's the first. And we're seeing very great improvements in conversion as a result of our search and product discovery capabilities. Then we move to image search, which is fairly newly introduced, but the ability to compare -- to use image to…

Okay. That's well said, Dan. I think very few AI companies are out there that are actually driving incremental revenues out there. I guess you mentioned Tether. We haven't heard much perhaps you're working hard under the surface on the crypto stablecoin strategy. There's definitely stablecoins are having the moment here and perhaps talk through where are you with integrating Tether in your wallet? And how soon should we expect it to drive more merchant adoption as you have a more fully integrated solution?

Well, look, as you heard today, we're having fantastic momentum in the conversational commerce and search and discovery and these areas. But I am extremely excited about the planned introduction of our crypto payment method and solution. And I will be -- there will be some announcements in the very imminent future. And on the back of those announcements, I will hold another investor call like this to explain exactly what we're doing and why. And I think I'm going to have to leave that until then. But you'll see in the announcement today that we said we will be making updates on progress in this quarter, and so expect that to be coming soon.

Okay. Great. Two quick questions for you, Rich. One on professional services to the extent you can provide more detail on percentage contribution assumed in your '25 and '26 ARR. Any color? Thank you for providing the gross margin distribution for that. But if you could provide any -- what are you assuming for professional services contribution in your '25 and '26 ARR contribution?

Yes. So, '25, we expect it to be in the range of 15% to 30%, probably towards the bottom end of that. Obviously, we are scaling it at pace. Probably the biggest challenge is having enough engineers available to fill the contracts.

Okay. And anything on '26 directionally up or down or flat...

I mean, so '26, it will be a significantly lower part. As Dan has said, our focus is conversational commerce and driving incrementality for those retailers.

Great. And similar question on EBITDA or profitability. I know these -- the jump that you are having in ARR lends me to think that there is a natural point of intersection when you actually start generating positive EBITDA fairly quickly. So perhaps talk through how should we think about profitability and maybe fine-tune your assumptions on expenses over the next 6 to 12 months?

Yes. I mean, look, we are acutely aware of not overspending. We are very careful with our money. And therefore, we expect to get to profitability by the end of H1 Clearly, there is a bit of a land grab going on, and it is possible that we -- that could get pushed back if we decide to push the sales team harder or increase the sales team, for example, at a greater rate. But right now, we would expect it around the end of H1.

We will now take the next question from the line of Brian Kinstlinger from Alliance Global Partners.

In the name of time here, I think that you're pushing. I'll ask my two questions in one. As adoption has increased and Microsoft and Google are introducing to new logos, can you speak to whether the sales cycle is improving and what they look like for new logo wins? And then my second question is maybe discuss the relationship between ARR and reported revenue. For example, if you're at a $90 million run rate, when should revenue actually reflect that based on installs? Is that three months away, six months away, nine months away?

Yes. Thanks, Brian. So, first of all, with Microsoft and Google, these are large organizations. They don't move necessarily as quickly as us. So it takes time for the engine to rev up. The infrastructure that we've built and the relationship that we have is very solid. The engagement is very regular. We are -- and they are very, very pleased with this partnership. Both of them are very pleased with it as we are. And we think that there is momentum building with both partners, and that is just in addition to the activity that we're seeing through our own direct efforts. So it's a fantastic relationship that we have with both of them, and it's a relationship that is developing in a positive way as time goes on. But it took a little time to warm up in the first half of this year. Bear in mind, we only announced them at the end of last year, and then it took a little time to sort of get everything underway, all the processes in place and the activity to really start to drive forward. So that's happening now. It's fantastic, and we're very, very bullish on it. What was it -- remind me the second question?

The relationship between ARR.

The relationship between ARR, right? All of our ARR statements like the $90 million that we've achieved to demonstrate that we have signed contracts as of now that will result in us exiting this year today at $90 million ARR. So as of right now, $90 million is guaranteed exiting this year. But because of all the ones that are in process right now, we expect to exit this year with $150 million plus. In the month of December, it will be a $12 million plus revenue month.

Revenue month Sorry.

And in terms of when you expect to see that relationship roll through to revenue, we're looking at seven to nine months, I would say.

Great. That's helpful. But just back on the first question, can you speak to what the sales cycle looks like? Is it six months? Is it nine months or?

It very much depends on the channel. So if it's a direct sale from an organic salesperson going in, it can be three to six months. And if it's a partner introduced sale, that time line can be shortened to three to four months, maybe sooner. And when it's an acquisition sale, it can be almost -- it's very fast because the customer is already using a technology from the acquired entity like GroupBy, and we go and say, we can enhance that and it's going to cost you a bit more and they go fine. It's like it's much, much easier. It's not necessarily a bit more, it might be a lot more, but it doesn't matter because it's already -- there's no tech shift required. There's no heavy lifting. It's so much easier for them to deploy our technology when they already have all of the connections to our systems, even if those systems have been acquired by us. So it's a much easier process.

We will now take the next question from the line of Scott Buck from H.C. Wainwright & Co.

Just one for me today. Dan, what are you guys seeing in terms of average customer size by revenue? And is there an opportunity to grow revenue within the current customer footprint?

The answer to the first question is that 80% of our customers are $1 million or less a year. And we kind of went into the year at the beginning of 2025, estimating that most customers would be on average about $800,000 a year. And we are pretty much tracking. We're ahead of that because we're winning big whales as well, bigger accounts like Liverpool, right, which is 10x the average. So it's the usual 80/20 there. It's usual 80/20 rule with the customer base. These are all midsized enterprise, not tiny SMEs, but they're all -- the majority are in the sort of $1 million or less a year. And some go much down to $40,000 a year kind of thing. And then we have -- sorry, what was the second question?

Is there a material opportunity to expand revenue?

Yes., I'm sorry. Yes, yes. Apologies. Apologies, there's so much going on here. So, yes, of course, upselling -- this is the primary opportunity is a customer will take one of our solutions from the Brain Suite and then we upsell them one of the other pieces. They all sit symbiotically together. Some of the acquisitions we may do will enhance the breadth of our offering from customer acquisition all the way through to payment, whereas at the moment, it's product discovery and checkout. And so we can keep upselling these elements that build the chain from end-to-end. And of course, the crypto payment proposition does that as well. It's an easy upsell to a customer who's already using our solutions to say, "Hey, we can now add a different payment method, and it's very elegant and easy for them to kind of switch that on.

There are no further questions at this time. I would like to hand the conference back to Michael Guido for closing remarks.

Thanks, Sandra. Thank you to everyone for joining us on our call today. We look forward to speaking with you again in the near future.

Thank you, everybody.