Rezolve AI PLC

Good day, and thank you for standing by. Welcome to the Resolve AI second half and full year 2024 financial review and 2025 business update conference call. All participants are in a listen-only mode. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Michael Guido, VP of Investor Relations. Please go ahead.

Thank you, Sharon. Good morning to everyone in the U.S. and good afternoon to everyone in Europe. Welcome to Resolve's 2024 Earnings Conference Call, where we will be discussing our second half and full year 2024 financial results, as well as providing a 2025 business update. Leading today's discussion are Dan Wagner, Resolve's founder and CEO, and Rich Burchell, Resolve's CFO. We previously reported our 2024 financial results and issued an earnings release on those results, as well as the year-to-date 2025 business update on Thursday, April 24th. The earnings release and SEC filings 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. 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 resolved reported results prepared in accordance with U.S. GAAP. All non-GAAP financial measures referenced in today's call are reconciled in our annual report on Form 20F for the fiscal year ended December 31st, 2024, to the most directly comparable GAAP measures. For more information regarding definitions of our non-GAAP measures, please see our end report on Form 20F for the fiscal year ended December 31, 2024 and earnings release, which are both available on the investors section of our website at www.resolve.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 Wagner.

Thank you, Michael, and good morning and good afternoon to everybody. I'm excited to welcome you to our first earnings call as a publicly traded company. Going public is a significant achievement for Resolve. And I wanted to take a moment first to thank our team for their hard work and their dedication as well as our investors for their support as we look to revolutionize the e-commerce experience for consumers worldwide. As I reflect on where we find ourselves today, I believe it's important to highlight that our journey is the culmination of decades of experience our team has dedicated to advancing search, commerce, and cloud technologies. In fact, throughout our careers, we have a long history of being at the forefront of technological change and developing innovative solutions that have created value for merchants and consumers alike. I'd like to briefly highlight some of those achievements to provide greater context for why we believe we're well positioned to successfully level up commerce in a meaningful way. Early in my career, I led a team that created the first commercial online information platform. years before the concept of the World Wide Web was put forward. And as a result, we were required to build our own search technologies, our own commerce technologies, as well as our own data centers, because none of those things existed prior to us creating our platform. We operated that business ultimately in 192 countries, taking payment in a variety of ways, and licensed our search technology to companies such as IBM, Microsoft, and Fujitsu, amongst others. Eventually, selling that business to Thomson now Thomson Reuters, in 1999, by which time we had become the global market leader. And this experience resulted in me and my team becoming quite adept at both search and payments. I then went on to build a cloud-based commerce stack prior to the inception of Salesforce that eventually became market leader in e-commerce spanning both Europe and the United States. That business was eventually sold to Oracle, and it serves as the foundation of its commerce cloud platform today. As a result, I became aware of the opportunities and shortfalls in e-commerce. Today, my team and I find ourselves once again at the forefront of a technology revolution with AI, supported by the knowledge and experience we have gained throughout our careers at the intersection of tech and commerce. And we believe this is perhaps the most exciting opportunity yet. So let me just now introduce Resolve AI. Having touched on our deep experience in the areas of search and commerce, I'd like to take a few minutes to provide some background as to why we founded Resolve in the first place and the reasons we believe we are the leading solution to level up commerce, customer engagement and sales conversion in digital platforms today. Back in 2016, before the idea of AI permeated the public consciousness, we founded Resolve AI to address the specific challenges of cart abandonment and customer attrition in e-commerce. You see, while 7 out of 10 customers visiting a physical retail store leave having purchased an item, the opposite is true when a customer visits a digital store. In that case, 7 out of 10 customers leave without purchasing an item. This presents a significant challenge, but also a huge opportunity in the $30 trillion global retail sector. We believe this problem is a direct result of consumers' inability to get the right answers in a digital environment. You see, the way we interact with e-commerce in terms of searching and filtering hasn't changed all that much in nearly 40 years. And so we applied our extensive knowledge and experience in search and commerce to solve this challenge. which by doing so would have a material impact on our customers' revenues. We started by building our own proprietary large language model, which we call BrainPower, with the goal of creating the best salesperson on the planet. We built this foundational model specifically for digital channels, training it on over 300 billion tokens and resulting in a 30 billion parameter model with a focus on product catalogs. We imbued it with natural language processing to provide retailers with a better understanding of consumer intent and shopping patterns, as well as an ability to drive actionable insights in real time. In order to create the world's greatest salesperson in an AI platform, we built our NLM with three key skills. First, we trained our model to have deep product and category knowledge. Second, we trained it to have empathy to better connect with the customer and attributes supported by our patent on prompt analysis. And third, we trained our NLM on the key techniques of closing a sale. Importantly, unlike many solutions touted in the market today, we built a product suite on top of our foundational language model that e-commerce and retail customers can readily implement off the shelf to support the customer purchase journey right now. The BrainPower product suite is comprised of three market-ready solutions. First, BrainCommerce, which is our conversational commerce piece that allows a customer to attain a more comprehensive set of answers to any query and quickly find products in any one of 96 languages. Second, BrainCheckout, which is a fast checkout solution that allows customers to avoid the challenges associated with the multi-step traditional checkout flow and also incorporates online and offline capabilities associated with triggers through geolocation. And finally, Brain Assistant, our after sales customer service solution. As we think about our go-to-market strategy in deploying our product suite, we remain focused on three key areas to drive client acquisition and revenue growth. We believe those three key areas are a necessity to create a market leader. First, direct sales, which we continue to build out. Second, strategic partnership, strategic partnerships, which we believe can be very helpful in lead generation and the validation of our product suite solution. And third, acquisitions, which we believe provide us with upselling and cross-selling opportunities, as well as a fast route to market presence. When we look at our results for the first half year, sorry, for the last half year of 2024, we built a solid foundation. With that overview of the business in mind, I'd like to recap 2024. and provided updates on how our business is trending in 2025. In the second half of 2024, we began our next chapter as a publicly traded company. We secured landmark strategic partnerships, and we strengthened our financial position, establishing a solid foundation that we believe world positions resolve to drive customer acquisition and revenue growth. As I previously mentioned, we completed our de-SPAC process in August 2024, and began trading on NASDAQ on August the 16th, 2024. Becoming a publicly traded company was a pivotal step for us at Resolve, as it provides us with the ability to access the capital markets to scale our organization and drive growth. During the second half of 2024, we also secured a number of strategic partnerships, none more important than those with the two of the largest players in AI today, Microsoft and Google. These multi-year partnerships ensure Resolve AI-powered solutions through our Brain Suite are available to cloud customers on both the Microsoft Azure Marketplace and on the Google Cloud platform, together providing Resolve with access to approximately 90% of enterprise retail customers. Furthermore, these partnerships support the adoption of Resolve's Brain Suite by allowing their cloud customers to credit their Resolve subscription spend against their cloud commitments and incentivizing sales agents by attributing subscriptions to resolve Brainsuite against their sales quotas. We believe these partnerships with two of the leaders in AI and search validate our technology solution and provide a unique opportunity to significantly drive customer awareness and adoption. Additionally, during the second half of 2024, we announced a collaboration with Tether, the largest company in the digital asset industry, to develop a crypto payment solution that we believe will advance the use of cryptocurrency as an everyday method of payment, providing payment optionality for consumers and eliminating transaction fees for merchants. Finally, as 2024 drew to a close, we undertook a number of measures to strengthen our financial position heading into 2025. To discuss those measures in greater detail, as well as our 2024 financial results and 2025 outlook, I'll now turn the call over to our CFO, Rich Burchill.