Good morning, and welcome to TON Strategy Company's Full Year 2025 Earnings Conference Call. Joining us today are Executive Chairman, Manuel Stotz; and Chief Financial Officer, Sarah Olsen. Earlier today, the company filed its annual report on Form 10-K for the year ended December 31, 2025, and issued a press release with its financial results. Both are available in the Investors section of the company's website. This call will also be available for webcast replay on the company's website. Before we begin, I would like to remind everyone that today's call includes forward-looking statements within the meaning of the federal securities laws. These statements are based on management's current expectations and are subject to risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Please refer to the company's filings with the Securities and Exchange Commission, including its annual report on Form 10-K for the year ended December 31, 2025, for a discussion of these risks and uncertainties. The company undertakes no obligation to update any forward-looking statements, except as required by law. With that, I'd like to turn the call over to TON Strategy Company's Executive Chairman, Manuel Stotz.

Thank you, operator, and thank you, everyone, for joining us. For today's call, I'll start by framing why we believe TON matters and why we believe TON Strategy Company has a clear role to play in the ecosystem. Then Sarah will walk you through execution in the year's financial results, and I'll come back at the end with a few closing thoughts. Through my work at Kingsway, I've spent years investing in and working around digital assets. And in 2025, I also served as President of the TON Foundation during a very important period for that ecosystem. That experience informs my view of TON and why we believe TON Strategy Company has an important role to play in the market. TON Strategy Company is built to hold Toncoin to stake a substantial portion of the position and to increase TON held per share over time inside a public company structure. At the asset level, we believe TON is a differentiated network because it is designed for real economic utility and activity inside the Telegram ecosystem, where more than 1 billion users already communicate, transact and engage with digital services. The TON blockchain is designed to support payments, stablecoins, digital goods and application activity at scale. And we believe its combination of utility, distribution and still early adoption is what makes the asset compelling over the long term. We also think the network's growing developer and application ecosystem is an important part of that story. At the company level, we believe TON Strategy Company serves an important purpose. We've built TON Strategy to hold and stake Toncoin inside a public company structure designed to provide transparency, discipline and access to that exposure. We believe our structure is particularly relevant now while direct access to TON remains more limited in U.S. markets.…

Thank you, Manny. Thanks, everyone, for joining. I've had the privilege to work across capital markets and digital assets with a focus over the last decade on the intersection of crypto infrastructure and traditional markets. As we've gotten TON strategy up and running, my primary focus has been establishing the operating and reporting framework to support the business within a public company environment. As context for the financial results, our 2025 results reflect both the implementation of our TON treasury strategy beginning in August as well as the contribution of the company's legacy operating businesses. For the full year 2025, total revenue was $12.8 million compared to $0.9 million in 2024 and included approximately $4 million from staking activities following the implementation of the TON treasury strategy. Gross profit was $7.6 million compared to $0.7 million in 2024. Total costs and expenses were $49.2 million compared with $12.5 million in 2024. The increase was primarily due to noncash stock-based compensation expense, treasury implementation costs and costs associated with the infrastructure to support custody, staking, reporting and compliance. Loss from operations was $36.4 million compared with $11.6 million in 2024. Net loss before income taxes was $148.6 million compared with $10.5 million in 2024. Net loss included a $114.2 million net loss on crypto assets, which reflects realized and unrealized fair value changes in Toncoin Holdings during the year. At December 31, 2025, digital assets held a fair value of approximately $356.8 million and cash and restricted cash totaled approximately $39.7 million. From an operating standpoint, the important takeaway is that our treasury is active and productive. As of year-end, we had 219.7 million tons staked, and we earned 2.19 million tons since taking implementation. We expect to continue updating most company reported treasury metrics through our regular quarterly and annual public filings, consistent with our long-term treasury approach. We also recently launched an analytics dashboard on our website, tonstrack.com, to support transparency around the treasury and provide additional visibility into certain market-based and drive metrics alongside the company reported data. Going forward, operationally, our emphasis will remain on disciplined treasury management, which means taking a substantial portion of our position while preserving appropriate liquidity and financial flexibility. We intend to continue being deliberate in how staking rewards are used or retained over time, and we are applying that same discipline to our cost structure, including careful expense management and a continued focus on operating efficiently. I'll now turn it back to Manny for closing remarks.

Thank you, Sarah, and I very much appreciate the wonderful job you and the team have done on our first 10-K. To wrap up, I'd like to leave you with 3 key points. First, we entered 2026, having moved through the initial launch phase, and we are now operating the model with the core elements in place, a substantial Toncoin position, staking and the public company structure and processes needed to support the strategy. Second, we continue to believe TON is a very differentiated asset with growing utility and a network that is still very early in its development. Our view is that our public company structure offers a distinct way to access the TON ecosystem through the public markets. Third, our core focus remains on disciplined execution. We strive to manage the position carefully, operate transparently and continue increasing TON held per share over time through a measured approach. Thank you very much for joining us this morning, and thank you to our shareholders for your continued support. Operator, that concludes our prepared remarks.

Thank you. Ladies and gentlemen, this does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation, and have a wonderful day.