Subscription and Data Revenue Growth
Subscription and data revenue grew 29% year-over-year to $5.2 million and represented 49% of total 2025 revenue, signaling a shift toward recurring, higher-margin revenue streams.
Strong Commercial Adoption (Risk Assistant in Czech Market)
Beta introduction of the AI-enabled Risk Assistant in the Czech market saw adoption by 8 leading insurers representing more than 90% of the multi-perils market, with major providers like Generali expanding usage across Europe.
Large Potential Government Opportunities
Down-selected across all 4 remaining lots in the World Bank-sponsored Indonesia procurement, representing a potential $200 million opportunity; company also reports final contracting visibility on several U.S. government programs.
Substantial Balance Sheet and Liquidity Improvement
Year-end cash improved to $22.5 million from $0.4 million at the end of 2024 (an increase of over 5,500%), and shareholders' equity rose to $24.6 million from $3.7 million (approximately +565%), providing significantly improved liquidity and capital structure.
Current Ratio and Working Capital Strength
Current ratio improved to 5.2x at year-end 2025 from approximately 1x the prior year, reflecting a materially stronger short-term liquidity position after financings and working capital actions.
Operational Investments and Cash Flow Progress
Invested >$1.8 million in technology upgrades (GPU capacity, security, capacity expansion) and $3.9 million to reduce liabilities and improve working capital/credit profile; excluding currency, working capital and fixed asset investments, cash flow from operations improved ~30% year-over-year and the business operated at cash flow breakeven while investing in growth.
Audit and Market Access Upgrades
Upgraded audit to PCAOB standards and engaged MNP to support a roadmap to uplisting to NASDAQ and U.S. registration, improving institutional credibility and potential access to U.S. markets and investors.
2026 Guidance Provided
Company reaffirmed guidance of $30 million to $35 million revenue with a 28% EBITDA margin, signaling management's confidence in recovery and growth driven by converting government pipeline and scaling recurring revenue.