Adcore Inc.

All right, let's get started. Once again, thank you, good morning, and thank you for joining us. Earlier this morning, Adcor released its Q3 2025 financial results. Today, we'll be walking you through those results and provide an update on ongoing company initiatives. You might see some familiar faces on the call today. You'll see myself. I'm Nick Campbell, head of investor relations here at Adcore. Joining me is Omri Brill, Adcore CEO and founder, and Amit Comforti, Adcore CFO. The agenda for today, before we begin, we'll go over some forward-looking statements you should be aware of while listening to this call, followed by the CEO opening remarks. and then the CFO financial highlights. And finally, we will conclude with Q&A. If you do have a question during this call, please use the submit a question feature in Zoom, and we will get to those at the end of the call. Before we begin, I will give everyone a moment to review these statements. Just please bear in mind when you're listening to the call today, the management team might be using forward-looking statements, which are inherently uncertain in nature. All right, very good. And with that, I will pass the floor to Omri for the CEO opening remarks. Omri, the floor is yours.

Thank you, Nick, and good morning, everyone. It's our pleasure to be here today to discuss the company results for Q3 2025 and obviously the nine months of 2025 as well. So we have some high-level, you know, management, I would say, comments regarding the result. Also some new initiatives that I would like to share with our shareholders regarding, you know, what's new during the quarter. And I think there's a lot to discuss, so let's dive into it. And then start reviewing the results. Okay. So, eye level when we look at Q3 2025 results, I would say a few things that are jumping to everyone's eye. We saw a good growth coming from the EMEA region, up 25% year-on-year. EPA continued to grow 7% year-on-year, and basically we see tremendous momentum coming from this region. This is actually have been offsetting some of the substance we saw in North America. So two regions that are moving up, one region that basically is moving down, but all in all, I would say we are more or less, you know, doing okay. And another thing that was mentioned during this quarter that we saw like a significant improvement in the cost line items. R&D down 10% year-on-year, SG&A down 12% year-on-year, and actually adjusted EBITDA approved 56% year-to-date. In general, I would say when you look at a nine-month result, they are looking far sharper, you know, and, like, give us, like, the, you know, like, looking ahead to 2025, you know, like, with more optimistic. I would say one more thing that investors need to take into consideration is that the big quarter Q4 is, Literally happening right now. So we still have a lot to show up in 2025. So I think like nine months looking good, you know, 2025 compared to 2024, especially in the bottom line, adjusted EBITDA grew a lot, 56% in the nine months as compared to the previous nine months. in 2024, and this is a lot to expect, you know, from Q4 this year. So just high-level numbers. Obviously, Amit will discuss it in more detail. Top-line revenue, 7.6% compared to 7.8%. Sorry, it's not percent, 7.6 million in Q3 2025 compared to 7.8 million in 2020. q3 2024 it's a slight decrease but i would say more or less the same gross profit 3.1 million in the q3 2025 compared to 3.7 in the previous year again a slight decrease but but because of costs went down so it's just the dbda is actually not too bad and When we look at quarterly gross KPIs, you know, this is something we take into mind and say gross profit, 3.1 million. Again, you can see that is in line with the previous quarter in 2025, and Q4 should be far stronger. Cash and cash equivalent actually grew by 8% year-on-year. So all in all, I would say more or less a solid quarter. Just to sum up quarterly highlights, EMEA revenue grew by 25% year-on-year. APAC revenue grew by 7% year-on-year. Cash and cash equivalent grew by 8%. R&D expenses actually down 10%. They represent now 6% of total revenues and 7% in the previous year. SG&A down 12% or $376,000. And again, that's 12% decrease year-on-year. If you look at the nine months in 2025, then we can see HRC EBITDA almost up a few million compared to 310,000 in the previous year. Again, up 56% year on year. That's a big improvement. We have a reduction in net loss. in 2025 compared to 2021, from 1.26 in 2025 to 1.075 in 2025. Gross margins are more or less the same, 44%. This nine months, 2025, from there to 45%. And again, R&D expenses are actually down, representing 7% of total revenue compared to 8% of total revenue. And trust me, we continue to invest heavily in technology. So it's not like we took our foot from the gas. We're just doing stuff more efficiently, and I think Amit will talk about it in more detail as we move along. And we talk about some, you know, like, goals that we would like to achieve, and like I said, definitely we are on track for six straight quarters with positive adjusted EBITDA, definitely on track to AI-driven innovation, and basically the other goals, you know, it's TBD, but we need to see that we have a good finishing of Q4 in order to see if we can meet these goals or not. And so... But I would say the results telling the story, but they're telling the story of, I would say, the future of the current, you know, present of EdCorp and maybe even the past because it's already happened in Q3 2025, but definitely doesn't tell the story of the full story of the future of EdCorp. And I think a lot of the future of EdCorp is about technology and about innovation. And Proposely, I would say, is the spirit of this effort. And there's a lot going on in Proposely, and we would like to share some of it with you. And obviously, this was a big launch, Q3 2024, of two initiatives that are Proposely-related. We have an all-new marketing website for Proposely. and a whole new blog for Proposely as well. So if you go to Proposely.io, you can see the marketing website. We can visit it in a second and have a first glimpse of it and also the whole new blog, a lot of interesting content and article about Proposely. And let's see some examples. So let me start from the beginning. So that's the new marketing website. You see there's also a different brand identity for Proposely. You know it's much more modern, much more, I would say, cheerful and young. And basically a new slogan, Work Less, Win More. Win More is basically the main slogan of Proposely. This is the goal, this is the mission, to help businesses win more clients. This is what Proposely is all about. So that's obviously the ERO banner. We can go down and see what within, you know, like what you get within proposals. So obviously you get engaging presentation. You will get tailored proposals. You will get an add-on and upsell feature built in within the application. You can do online signatures, you know, like you can do online payments as well from within the app. And obviously ongoing project updates. So a single link sent to the client, to your client, will get all of that. So the presentation, the price quote, being able to select or, you know, change their price quote and add add-ons, making online signature, approve the agreement, making a payment and get the project out of it, everything within what we call the client portal. So it's much more than just, let's say, a price quote or a nice PDF sent to the client. Basically, it's everything that the clients need in order to close the deal and basically support the deal. Not only closing the deal, it's within this client portal. And that's a game changer. There's no other app on planet Earth that's offering the same value proposition. And that's something that is important to know about. Proposedly, we look at, let's say, an existing problem, which is one of the biggest problems of, let's say, traditional sales workflow, but come up with an all-new solution. And this is like a game changer of how businesses should do workflow or sales workflow in 2025, 2026, and beyond in the era of AI. So we listed some of the AI capabilities of the system as well. You can see, like we mentioned, proposed, we have like the team workspace, which is the business portal, more like a CRM, and the client tab, this is the proposal sent to the client, but they're actually an online website. And like the different teams that can benefit from Propose.ly, whether it's leadership team, sales team, marketing team, legal team, HR, finance, all different team types that can benefit from Propose.ly. And also we listed, you know, like some sample proposal, made in proposal, sent to clients, you know, and you can see like an example proposal for, you know, vacation house in Greece, for example, a construction, a roofing installation in California, for example, for a family, whether it's a clinic, you know, treatment plan. a static limit, a marketing agency offering, or whether it's an Alpine ski vacation. And actually, if we have time, we can view one presentation like this, not a presentation, a proposal sent to a client. So this is like, when we send it, we send a link to the client, the client get the link, click on it, and this is what you're going to see. We can also decide whether you need to log in in order to see it, or can you just view it like that. or maybe log in on action, but basically, this is the intro, I would say, slide looking very nice, you know, like, who don't like skiing slow, so it looks nice, you know, by definition, I would say. And then, when you scroll down into the presentation, you can see, on the right side, you can see summary bar, you know, with the current cost, you know, some kind of what's included in the package, for example, And you see some, let's say, gallery, image gallery from the resort itself, for example, looks very nice. And again, about the resort, maybe the location of the hotel, the specific location of the hotel. How far away is it from the slopes, you know? And everything you need to know about your package. Also the agenda, for example. All of this being customized from Propose.ly backend. So it's not like a template you need to go and basically just put the data or images or text. Like everything is customizable. You can decide which slides you want to use, what slide type, what content to create. And it's like creating this type of proposal, like for somebody that knows the system, can take minutes, not hours or anything like that. It's pretty easy. We have AI to help you to do it. This is like a countdown slide. So you see you have 92 days before the vacation started. So it's pretty exciting, like less than 100 days. So there's a lot to wait for. some other supporting slide. And this is where it's getting interesting. We can see, you know, like you can select the base package, for example. So you can select whether you want it for four guests, five guests, or for six guests and different price per guest, for example. And then there's an upgrade options, you know, that you can choose whether you want to upgrade your room, health insurance maybe to add, equipment rental. So it is a lot of, let's say, or maybe ski lessons as well. So everything is baked into the system. I don't need to go out. I don't need to, you know, to try to go now to rent a car from different places, to rent a car or rent a gear from a different location. Everything is within the system. There's a payment summary, how much I'm going to end up paying. And obviously if there's agreement, I need to accept it so I can see the agreement, you know, like for the vacation, for example, everything done online. And obviously make the payment, pay now, pay in 30 days, I can pay in installments, for example. Again, everything backed into this client portal. A Q&A, for example. So all of that look like million dollar, but trust me, didn't cost the business that just prepared this presentation million dollar and sent to the client. So also think from the business side, think from the client perspective as well. This is look nothing less than astonishing. And this is being done with Proposely and ready to send to the client and for him to sign there, to view it. to sign it, to pay, to choose the upgrade, you know, and to continue. Basically, any relationships that you would like to continue with the company can be done from this client portal. So if in the future you need another edition, I can add it to the client portal, and you can go ahead and pay for it, for example. Okay. Second thing that I would like to discuss is the new blog. So you can go online to blog.proposy.io and basically there's a lot of new content, a lot of articles that our staff wrote about Proposy. I think what should be interesting to shareholders is basically, there's a lot of articles that compare Proposely to potential competitors. Let's say, for example, Proposely bestsells any book, or Proposely references Wheeler, for example. So you can see how Proposely is positioned, how competitors are positioned within the market, and what is the value proposition that we bring to the market as well. Very interesting. I encourage everyone to go online and start, you know, surfing the blog and see which articles they like and would like to to be more educated about proposals. I think between the marketing website, Proposal.io, and the blog website, blog.proposal.io, you have a lot to learn about proposals, and I think that's a game changer, because we talk about it up until now, but now we can actually learn about it, see it yourself, see different proposals, and you get a different or better understanding about what is the true value proposition of the system. So next topic or next thing that is new in Q3 2025, we discuss in detail in the last Ernie call, the magic that our studio can create using AI for motion videos, right? So we can create motion videos that look, you know, like commercial grade. They are ready for Super Bowl, but actually cost $3,000 for this. Sorry, not $300,000 to produce them. And that's a big change. That's a game-changing. And what we did right now, we opened an all-new AI Studio page under our edco.com website. So you can go to edco.com, go to Marketing Solutions, click on AI Creative Studio, and you can see the different videos that we created for our clients, for potential clients, and we continue to update these things. this page and adding more amazing video as we move along, but it doesn't matter almost which video you selected, trust me, there are nothing less than amazing. So that's a big, big game changer, and all of them you can find online in adcore.com as well. Last but not least of what's new in Q3 2024, actually two weeks ago we had an event to open a community bicycle park in the south of Israel, what we call a field park. That's in a in the south of Israel. And was one of the initiator of this park. We donated money to this project. We've been part of this project. And basically, we are very proud, you know, for what this project is all about. You can see this project, you know, construction on the undergoing in the In the bottom image and how beautiful it looks now that everything is ready. Over here on the left side, you can see a pump truck where you can ride bicycle. On the right side, you can see an area for skateboarding. This is ready to use for the kids of this specific kibbutz and the entire area. And again, this is part of who we are, you know, how committed to our communities. And this is something we're very proud of. So again, it's a moment. to be proud, to be thankful that we can be part of such an amazing AIR project as well. And I know it's a big transition, you know, between talking about, you know, all this new and exciting stuff and what basically the comparables look like. And, again, like if you look at the comparable in the current share price, 0.24 cents as of yesterday, then I think there's a lot of upside, right? 450% almost if you look into gross profit. sorry, EBITDA almost 100% upside, so I think like, I didn't sell single shares up until now, from the time we went public, and I'm still the biggest believer, you know? I mean, Ethel is doing good, and we're doing great in the future, and I think, like, you will see, like, you will see that this company is not about just talking. Every day, we work very hard in building the future of this company, the future for ourselves and for our shareholders, to be, you know, one of the most successful technology companies out there, especially, you know, In Canada, there's not a lot of technology companies. I think Ethco can shine in this specific market as well and be, you know, like a beacon or a success story about the technology company, you know, like operating from Tel Aviv as well, you know, from Canada, from Toronto, Canada as well, and be very successful, a very big success story. And I think that's concluded my part, my remarks. You know, we covered some remarks regarding the result. Like I mentioned, Q3, these, like, some very positive things, like the growth that we saw in, for example, the inner region and epic region, you know, like the reduced cost as well. Nine months, if you look at nine months, it's even stronger, 56% adjusted. beta growth, you know, and I think they tell even a better story about 2025 and the way the company is positioned. But I think maybe the most important thing is to understand it's not about what's happening now or even a bit in the past because it's already Q3, you know, like it was a quarter ago. It's about the future of the company and the future of the company is bright. There's a lot of new technology development going on. I think there's a lot to be excited about in 2026. And with that, I will move it to Amit.

Thank you and good morning everyone.

Before beginning the financial overview, I would like to remind you that the following discussion will include GAAP financial measures as well as non-GAAP results. All amounts will be presented in Canadian dollars. In the third quarter of 2025, strong growth in EMEA and balance software results in North America. Operational expenses were lower than last year and cash level increased year over year. The company continues to maintain a solid debt-free balance sheet. Let's review in more detail. For the three months ended September 30, 2025, we delivered revenue of $7.6 million compared to $7.8 million in the same period of 2024, a decrease of $0.2 million or 2%. Gross profit for the three months ended September 30, 2025 was $3.1 million compared to $3.7 million in the prior year, a decrease of $0.6 million or 16%. Gross margin for the three months end of September 30, 2025 were 40% compared to 47% in the same period last year. As for operational expenses, R&D expenses for the quarter were 0.5 million compared to 0.6 million in the prior year. SG&E expenses for the quarter were 2.9 million compared to 3.2 million in the prior year, a decrease of 0.3 million or 12%. Operating loss for the three months ended September 30, 2025 was 0.3 million compared to 0.1 million in the same period last year. An increase of 0.2 million or 128%. This is mainly due to the decrease in gross profits. Net loss for the three months ended September 30, 2025 was 0.4 million compared to 0.2 million in the same period last year. an increase of 0.2 million or 160%. Revenues and Gross Profit Looking at the slide, we can see quarterly results show the decline, but over the 9 months we see a stabilizing trend. We anticipate that the fourth quarter and full year results will maintain the positive trend observed in prior years. In terms of geographical breakdown, as you can see from the slide, the company saw different trends across its main regions, with strong growth in EMEA offsetting a decline in North America. This shows the value of the company's strategy and global presence, which continues to support stability and resilience across the different markets. Selling, general and administrative expenses. SG&A expenses for the quarter were $2.2 million compared to $3.2 million in the same period last year, a 12% decrease year-over-year. For the nine months ended September 30, 2025, SG&A expenses totaled $8.7 million compared to $9 million in the same period of 2024. The decrease was mainly driven by lower sales and marketing expenses, including reduced referral fees. The company also continues to focus on building teams in lower cost regions to improve overall efficiency. In terms of financial position, we had cash and cash equivalent of $7.3 million as of September 30, 2025, compared to $10.8 million at December 31, 2024. Cash and cash equivalent as of September 30, 2024 were 6.7 million, showing an increase of 8% year-over-year. Total working capital amounted to 5.9 million compared to 7.3 million at December 31, 2024, a decrease of 1.4 million, or 20%. As for the liability side of the financial position, we can see that the company is still debt-free. Adjusted EBITDA The quarterly non-GAAP results reflect adjustments for the following items. Depreciation and amortization, share-based payment, and other non-operational items. Adjusted EBITDA for the three months decreased by $160,000 compared to the same period last year. But when looking on the nine-month results, adjusted EBITDA increased by 175,000, mainly due to a decrease in operating losses. With that, I will turn the call back to Nick.

Thank you, Amit. At this time, we will move to the Q&A portion. And the first question submitted here is about APAC, which continues to pose strong growth. Can you just provide some color on what's working in APAC and if you expect that to continue?

Absolutely. So we are very encouraging about the growth that we saw in AIPAC in 2025. I think that's definitely, you know, the biggest market for us today, together with NMEA. Both of these markets are showing tremendous strength. See, like what we, bear in mind that, you know, outside of Israel, in terms of headcount, this is the biggest market for us, you know. We have a big team in Australia, another team that we have, in Hong Kong and in Shanghai as well. So like three different teams and we continue to see growth in this specific region. I would say mainly the reason for this growth is client acquisition, new client acquisition. That almost goes without saying. That's, I would say, a critical component of any growth for any company. But equally important, what we call same-store growth. It means existing clients that are expanding. Expanding in terms of how much they're willing to spend. But equally important, if not even more important, expanding the services that are required from ESCO. You know, whether it's like not just performance marketing, but also, you know, full funnel marketing, branding, and awareness type of campaigns as well. Studio, SEO, affiliate marketing. So, It's a much more holistic solution that we are now being able to supply in this specific region, and we can see it definitely in the numbers. So client acquisition, more holistic solutions, so that's meaning more budgets that we are managing and controlling. All of that, you know, are reflecting in the Q3 resource that you see.

Thank you, Omri. The next question is about SG&A, which dropped significantly from 3.2 million to 2.85 million in the quarter. Can you provide some color on how you were able to achieve those cost savings?

Yeah, I think, Amit, maybe you want to answer this one?

Yeah, sure. So, as I mentioned in the presentation, these cost savings are mainly due to reducing sales and marketing expenses. including referral fees. Also, in general, the company puts much more emphasis on cost savings, including hiring teams in low-cost regions. These are the main factors.

Thank you, Amit. The next question is about gross margins. In Q3, they're at 40%, down from 47% in Q2. Can you help investors understand the reason for the change and if you expect that to continue into Q4 and onwards?

absolutely so a few remarks say when you look at quarterly metrics usually they can fluctuate right because some maybe a revenue can be shift you know from quarter to quarter but i feel like as long as within the norms that we the company talked about 40 to 50 percent that we are still comfortable with it and equally important when you look at the nine months result you can see it's exactly in the middle 44 percent Gross margin, so I think like we are pretty comfortable with the result overall, you know, like we're not too alert or alert at all with the specific quarter metrics. And I think, again, we need to be somewhere in the middle between 40% to 50%. This is where we're aiming for. And if any, we have time when technology revenue is going to grow, actually we can start discussing even better gross margin, you know, like, 50 and above, and maybe ideally even more than 60%, but this is once we have more robust revenue stream from technology, pure technology.

Thank you, Omri. A question regarding North America revenue. It was down 50% from the prior Q3. Can you just elaborate on the headwinds you're seeing in the region?

Yeah, I would say it's mainly due to stop activity, but it's also a bit misleading because some of this stop activity actually shifted to EMEA. So the same partners that we work with that were based in North America, we now choose to work with partners that are located in the EMEA region. So I would say, and this is part of the reason that you see a big growth coming from EMEA and a decline. in North America. So I think part of it is about shifting revenue from one region to another region, which is fine. You know, it's part of doing business and other things that I think it's worth saying that we believe Q4 2025 is going to mark the button. So after Q4 2025, we can start seeing this specific region, it's an important region for us, is actually recovering and we expect to see actually more revenue coming from this specific region in 2026 and an uptick, not a downtick for this specific region.

Very good. Thank you, Omri. The next question is, with the rise of AI drawing user traffic away from traditional search platforms like Google or Microsoft, are you seeing that in your clients expressing concerns about how to adapt their advertising strategies? And how do you see opportunities to help them capitalize on the AI revolution?

Absolutely. That's a fair and good question, I would say. I would say the following. In the beginning, when OpenAI, almost two years ago, introduced CGPT in the beginning, there was an alert mode, you know, for all, let's say, Google, for example, Meta and everyone, and they see it as a big, I would say, risk to the business model. But if you look at, let's say, Google's latest report that just showed the most robust report ever in the company history, and actually AI nowadays represents to Google more opportunities than a risk. And the same concept is applied to Adcore and to Adcore Client As well, I think AI can make the campaigns, is already making the campaigns more efficient. So this means every dollar spending online is actually making more revenue, increase like doing better ROI, for example. You can see the nature of, let's say, ad and creative we can generate with AI. That's a game changer. If before we had to spend 50K, 100K to reproduce, like to produce a video, nowadays we can spend 2,000, 3,000 and do it in a day or two. So that's a game changer. And I think like in... like if I need to put everything into one formula, then I would say one end risk. So for every risk factors that maybe I represent, now this we understand is like two to three things that are actually opportunities. So the formula is working for us and not against us. And I think AI currently is definitely something that has a lot of positive effect, both on Adcore clients, our ability to run advertising more efficiently. And I think, again, AI is definitely more productive than a risk.

Thank you, Omri. Moving on to Propose.ly, can you share your roadmap or the commercialization plan for Propose.ly in 2026 and how you expect that to contribute to Adcore's recurring revenue base?

So that's actually a good question. And I would answer the following. A, the roadmap says that we need to start monetize from proposedly as early as beginning of 2026. So we expect to see the, you know, real paying clients, you know, by then. This is one, I would say, like, if you look at MediaPlus, you know, that they would say it's at least two years more advanced than proposedly, then MediaPlus been able to achieve an ARR of $1 million in the first year. So, and we expect nothing less to propose this. So, I think, like, it's still a bit too early. We need to see that everything is working as planned. This good market fit, the product is, I would say, mature enough in order to do what it's supposed to do. But I think, like, at least if middle class is the base, this is what we want to do as a bare minimum. And ideally, we want to even to be a bigger success story. We... builds a Proposy to be the biggest success story, you know, like overseeing middle-class and all the rest of the apps we ever developed. So we have a lot of expectation from this app. And 2026 definitely will be an interesting year for us, you know.

Thank you, Amrin. That details nicely into the next question about how the company is prioritizing investments between organic initiatives like Proposy or your geographic expansion and potential M&A opportunities as you look forward to 2026.

absolutely so i think we we touched a bit of that before in the previous uh early course and and i mentioned that we are pretty pleased with the current geographical setups the company have so we don't see at least nothing 2026 the company need to expand into new markets you know like we are well positioned within the email region we are well positioned within the epic reason with actually two different you know outputs of teams well positioned in north america boston canada in the U.S. as well. So I think that gives us a good coverage of the entire world. So this with regard to geo-extension. With regards to, you know, to continue investment in R&D, I will say the following. And again, I will use MediaBlast as an example because we can definitely see that after two years as MediaBlast was fully deployed, you know, and launched, then we can definitely see that investment in terms of pure R&D is going down, maybe 50%, maybe even a bit more, but actually operational costs going up because there's more clients, there's more need, you know, to sell them and stuff like that. But this is offsetting, you know, a bit by earning coming from the application as well. So I think like if I need to look at proposing, maybe not one year, you know, but maybe two years ago, then probably we can start looking at reducing some R&D-related costs, but again, probably we're going to and should have more operational-related costs as well, but also they come with earnings as well, and MRR and ARR, which is the best type of earning we can make. So I think all in all, there's a lot to look for in the future, 2026 and beyond, coming from the technology pipeline that the company currently has.

Very good. Thank you, Omri. And with that, that concludes our Q&A session. I want to take a moment to thank Omri and Amit for your comments, but of course you, our ambassadors and guests, for attending the call. Omri, I'm going to pass it back to you for any parting thoughts.

No, so again, we want to thank everyone that participated in today's earning course. It was our pleasure to discuss the, you know, the numbers for Q3 2025 and the nine months for 2025. I think all in all, like I'm showing this graph, you know, if you look at the nine months, numbers look solid, you know, top line, midline, even bottom line that improved a lot in the 2025 compared to 2024. And bear in mind that the best quarter is still in front of us, which is Q4. So again, solid start I would say of 2025 compared to 2024 and the biggest quarter or so we should definitely look optimistic about what is ahead of us but I think like equally important quarterly result only tell you the story about what we have in right now what was the you know the present and but it doesn't tell you about about the future and I think the future of the of the company is bright There's a lot going on in technology side of the company. Proposal should go big in 2026, you know, maybe not mega big because we still launching. So I don't want to overblow the expectation, but we should still definitely monetize proposal in 2026. And I think like you can see, you see it for yourself, see what we build, see how we are investing in the company future and investing in the company future is investing in our own future and shareholder futures as well. And that's the most important thing, you know, we're just not doing just for the sake of investing as an investment. We do it as, you know, in order to make our life better and the investor life, you know, more happy about the values they can get from having or holding ethical shares as well. So that concludes my part of today's remarks.

Thank you again, Omri, and thank you all to our guests who have joined the call today. We look forward to providing you an update after Q4. So thank you all again and be well. thank you thank you