Prenetics Global Limited

Greetings and welcome to the Pronetics Fourth Quarter and Full Year 2025 Earnings Conference Call. As a reminder, this call is being recorded. Your hosts today are Danny Young, Chief Executive Officer and Co-Founder, and Stephen Lowe, Chief Financial Officer. Mr. Young and Mr. Lowe will present results of operations for the fourth quarter and full year ended December 31, 2025, and provide a corporate update. A press release detailing these results was released today and is available on the Investor Relations section of our company's website, www.prenetics.com. Before we begin the formal presentation, I would like to remind everyone that statements made on the call and webcast may include predictions, estimates, and other information that might be considered forward-looking. These statements are made under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. While these forward-looking statements represent our current judgment on what the future holds, they are subject to risks and uncertainties that could cause actual results to differ materially and are not guarantee of future performance. You are cautioned not to place undue reliance on these forward-looking statements. which reflect our opinions only as of the date of this presentation. Please keep in mind that we are not obligating ourselves to revise or publicly release the results of any revision to these forward-looking statements in light of new information or future events. Throughout today's discussion, we will attempt to present some important factors relating to our business that may affect our predictions. Unless otherwise specified, all information provided on this call is as of today's date, and we undertake no duty to update such information. For more complete discussion of these factors and other risks, you should review our annual reports and other documents and disclosures on file with the Securities and Exchange Commission at www.sec.gov. At this time, I'll turn the call over to Prenetic's Chief Executive Officer, Danny Young, please go ahead, sir.

Right. Thank you. Thank you and good morning, everyone. Welcome to our fourth quarter and full year 2025 earnings call. For those who have been following our story, thank you very much for your continued support. And for those new to Prenetics, you are joining us at a pivotal inflection moment. 2025 was the most transformative year in our company's history. We achieved record revenue of 92.4 million, a 480% increase year over year, driven by the explosive launch of IM8, our premium consumer health brand co-founded with David Beckham. In just our first year, IM8 reached a 120 million annualized revenue run rate, a trajectory that we believe is one of the fastest ever recorded in the global supplement industry. We also completed a decisive strategic pivot divesting our non-core assets to become a peer-play consumer health leader. This has sharpened our focus, improved our margin profile, and solidified our balance sheet, which now stands at approximately $171 million in total liquidity with zero debt. Most importantly, we now have a clear roadmap to adjusted EBITDA profitability by Q4 of 2027, supported by strong unit economics and significant operating leverage. Today, I'll walk you through our strategic transformation and the incredible growth story of IM8. Stephen will then provide a detailed overview of our financial results. And I'll conclude with our outlook for 2026 before we open it up for Q&A. Let me begin first with the transformation that occurred in 2025 and early 2026. Our goal was to streamline the company and focus all of our resources on the highest growth, highest margin opportunities. We executed this by divesting three non-core assets. In June 2025, we sold ACT Genomics for $72 million with $46 million in cash back to Prenetics. In January of 26, we exited the low margin Europa business and had an all-stock $13 million deal with that. And just yesterday, we announced we sold our 35% stake in Insighta to Tencent for $70 million in cash. in which we have already received $69 million in our bank accounts. These moves have unlocked significant shareholder value, simplified our story, and fortified our financial position. As a result, our balance sheet is stronger than ever. As of February 15, 2026, we have $171.1 million in total adjusted liquid assets. including cash, financial assets, and our PTC holdings with zero debt. This gives us ample runway to invest in iMate's global expansion. I also want to clarify our position on Bitcoin. We cease all Bitcoin purchases as of December 4th, 2025, and we will permanently not engage in any Bitcoin or crypto purchases in the future. We currently hold 510 BTC on our balance sheet, which provides additional financial flexibility as we scale IM8. Our focus is squarely on building IM8 into a global consumer health powerhouse. In line with this strategic focus, we recently announced a change to our board of directors. Andy Jern, who joined our board in connection with our Bitcoin strategy, has resigned. At the same time, we are thrilled to welcome Dr. Darshan Shah, to our board. Dr. Darshan is a leading expert in longevity, performance optimization, as well as building a network of longevity clinics in the U.S. And his expertise will be invaluable as we scale IM8 globally. Now, let's turn to IM8. As everyone knows, we co-founded it with David Beckham. IM8 was built on the vision of making elite science-backed nutrition accessible to everyone. This powerful combination of global influence and scientific credibility allowed us to achieve 120 million annual recurring run rate in less than 12 months. This growth trajectory has been nothing but extraordinary. We went from 6 million Q1 to 27.4 million Q4. This isn't just a launch spike. It's a reflection of deep product market fit with IME on a global basis with 40% of revenues coming from the U.S. and 60% of revenues coming internationally across 30 different markets. And we achieved this growth with exceptional capital efficiency. Our blended LTV to CAC ratio is projected to be approximately 3X across all of our products, including the premium Beckham stack. Our payback period for the full year of 25 was just 3.4 months. allowing us to recycle marketing capital incredibly quickly. In early 2026, we made a strategic shift to prioritize orderly subscriptions, which was a new option for our customers. This, we believe, has been a game changer. Our blended average order value for every new customer has more than doubled. from $110 in 2025 to approximately $233 in early 2026. We are intentionally acquiring higher value customers, which strengthens our cash flow and locks in long-term predictable revenue. With an 80% new customer subscription rate, our business is built on a foundation of recurring revenue. Our brand is also validated by the best. We've built an amazing scientific advisory board, including leading doctors and professors from the Mayo Clinic, Cedars-Sinai, and many more. And our global ambassadors, including world number one tennis champion, Irina Sabalenka, and recently announced F1 phenom, Olly Bearman, reinforce our credibility in the world of elite performance. Before I hand it over to Steve, I want to share some exciting news on the investor research front. We are happy to announce that both Roth Capital and Sidoti and Company have recently initiated research coverage on Prenetics both with buy ratings and 12-month price targets respectively of $36 and $30. This is a strong validation of our strategy and growth trajectory. And given our momentum and increased market cap, we also expect a few more investment banks to initiate coverage in the coming quarter as well. With that, I'll turn a call over to our CFO, Steven Lowe, to walk through the financials in more detail.

Steven.