VerticalScope Holdings Inc.

Welcome everyone and thank you for joining the VerticalScope Holdings Inc. Q2 2026 earnings call. My name is Gabrielle and I will be coordinating your call today. During the presentation, you can register a question by pressing star followed by one on your telephone keypad. If you change your mind, please press star followed by two. I will now hand over to your host, Diane Yu, Chief Legal Officer at VerticalScope Inc. Please go ahead.

Thank you, operator. Good morning, everyone, and welcome to Vertical Scope Holdings Second Quarter 2026 Earnings Call. I'm joined by Chris Goodridge, our Chief Executive Officer, and Vince Bellissimo, our Chief Financial Officer. We'll begin the commentary on the quarter before opening the floor to questions. Before we begin, I'd like to remind everyone that today's presentation contains forward-looking information that involves known and unknown risks and uncertainties and other factors that could cause actual events to differ materially from current expectations. These statements should not be read as assurances of future performance or results. Such statements involve known and unknown risks, uncertainties, and other factors that may cause actual results, performance, or achievements to be materially different from those implied by such statements. A more complete discussion of the risks and uncertainties facing the company appears in the company's management discussion and analysis for the three- and six-month period ended June 30, 2026, which is available under the company's profile on CDAR Plus as well as on the company's website. You are cautioned not to place undue reliance on these forward-looking statements which speak only as of the date of this presentation. This company disclaims any intention or obligation except to the extent required by law to update and revise any forward-looking statements as a result of new information, future events, or for any other reason. Our discussion today will include references to adjusted financial measures including adjusted EBITDA, free cash flow, free cash flow conversion, and MAU, which are non-IFRS measures. All references to currency in this presentation shall refer to USD unless otherwise specified. Now, I will turn the call over to Chris Goodridge, CEO of VerticalScope. Chris?

Thanks, Diane, and good morning, everyone, and thanks for joining us today. Q2 is the quarter where the work of the past year started to show up in the numbers. revenue trends are improving, adjusted EBITDA is growing, and margins are expanding. And we're producing these results while stepping up investment in the AI initiatives that will be foundational to the future of our growth. Our strategy is unchanged and still anchored in four areas, growing direct connections with our users and our advertisers, diversifying our revenue sources, AI-driven product growth, and using our liquidity and cash generation to make disciplined investments that accelerate growth. Let me start with audience. Meir Welcher, Robert Laidlaw, Vincenzo Bellissimo, Ezra Menaged, Diane Yu, Christopher Goodridge We've been encouraged by recent product changes Google has made to attempt to surface more links to authentic, first-hand discussions like those found in our communities, but these aren't yet contributing to growth. On the acquired audience side, this audience is profitable and right now is the main driver of NAU growth, but so far it monetizes at a lower rate than organic search, which is the explanation for lower year-over-year ARPU. We're in the early stages of building a new marketing capability for the business, to open up new user channels and new revenue sources as the landscape for content discovery on the Internet continues to change. Turning to revenue, we came in at $13.8 million, up 20% sequentially and down 5% year-over-year. Programmatic revenue has been the pressure point for several quarters, and in Q2, the year-over-year decline narrowed to 8% from down 34% in Q1. Getting that gap into single digits is the single most important trend line in the quarter, and reflects both improving CPM and impression trends and the rampant audience engine. Direct advertising was flat in the quarter and is up 3% in the first half. Q2 results were influenced by timing of campaigns launching and as of the end of July, direct bookings for the year were pacing 7% ahead of prior year. In July, we also onboarded two new insurance customers as that category continues to show year-over-year improvements. Turning to commerce, although commerce revenue was down 5% overall due to lower marketplace revenue from Ritual, affiliate commerce revenue on Forward grew 13% year-over-year driven by our AI initiatives, which is now approaching a million-dollar annual run rate, two times higher than when we last reported. And our product roadmap has several paths to continue to scale this source up. Adjusted EBITDA was $4.5 million, up 4% year-over-year, and margin expanded 270 basis points to 32%. As I mentioned at the top, we're benefiting from improved revenue trends and our strong cost discipline while we fund our AI initiatives. I'll turn to those initiatives now. We said at the start of the year that our goal is to become an AI-native company. And while we're still very early in this transformation, this mindset is driving change across our teams as we redefine how our businesses run. Our work with AltML is a key accelerant to this change. are helping us unlock new automated workflows across community, content, and sales operations. But this work has also catalyzed a new wave of AI-focused activity across our broader business. AI is making our community stronger by improving content moderation and member engagement, increasing the speed with which we can route questions from users to the best-positioned members to respond, resulting in more engaging threads and faster answers, and by powering new multi-community experiences to unlock broader network effects across our communities and provide more opportunity for member engagement. AI is also driving revenue improvements, including programmatic and commerce. It's helping make our advertising operations more efficient and effective by improving quality and speed of proposals and streamlining campaign management, leading to better outcomes for our ad partners. And it's making our business more efficient across every department. Taken together, these efforts are making us faster, leaner, and more valuable to our members and our partners, and we're just getting started. Turning to AI licensing, as I mentioned previously, we're taking a patient approach to developing this line of business, but that also we're prepared to take necessary legal steps to protect our content and intellectual property against unauthorized use. These are complementary paths. Where we can reach fair commercial terms, we will. Where we cannot, we will protect our intellectual property. We're making real progress down both paths. First, we're in advanced discussions with a major technology company on a new deal that will compensate us for contribution to AI-generated responses. That deal isn't done yet, but we're getting close, and we'll provide more information once it's signed. Down the litigation path, in May, we filed a statement of claim in Ontario Superior Court against OpenAI. And as that's now a matter before the courts, I'm not in a position to offer more information. As that case develops, we'll provide periodic updates. Beyond these, we continue to have productive discussions with other potential partners, and other avenues like Tolbit and the Fora API are sourcing smaller incremental opportunities. Overall, the market is taking shape. A quick word on capital allocation. We repaid $12 million on our revolving credit facility in the quarter, bringing gross debt to $32 million, and we ended the quarter with $75.3 million in total liquidity. In early July, we made a $6.1 million secure debt investment in AltML to fund our continued growth. The investment is interest-bearing and matures in 18 months, with an option for AltML to extend that to 30 months. We also have the option for equity participation in AltML's next funding round, providing us with exposure to a growing AI business. But overall, our capital priorities have not changed. Fund our highest conviction AI investments, keep reducing debt, and maintain optionality to act on opportunities that meaningfully accelerate our strategy. With that, I'll pass it over to Vince to walk through the numbers in more detail. Vince?

Thanks, Chris, and good morning, everyone. I appreciate you joining the call today. Last quarter, I noted that Q1 represented both the seasonal and structural low for the year, and that, as comparables cleaned up, improved performance would flow directly to our bottom line. Q2 played out the way we described it. Revenue improved sharply on a sequential basis. adjusted with our return to year-over-year growth. Margins expanded, and we did all of that while continuing to fund the AI initiatives Chris just walked you through. Q1 was a trough. We said it would be. We believed Q2 was a turn, and most importantly, we turned it using drivers that we managed. Before I get into the details, I want to reiterate the framework we are managing through this transition because it provides the context for everything that follows. This business has consistently generated strong free cash flow, including through this transition. We have reinvested the cash into initiatives we control, and those investments will now help carry us back to growth. The cash engine itself is not new. It's the most consistent part of our business, the part with the longest track record. What is new is where that capital is being deployed. We are investing directly in controlling our own distribution, primarily through audience engine, and through strategic investments, we are growing an AI capability that will allow us to drive growth and efficiency throughout the business. Q2 is what the strategy looks like in motion. With that, let me take you through the results. Revenue was $13.8 million, down 5% year-over-year, and up 20% sequentially, well ahead of our typical first to second quarter seasonal step-up. Digital advertising revenue was $10.9 million, down 5%. Cris covered the revenue driver, so I'll add the piece that matters most from my seat. An airing of the programmatic decline marks the completion of our lapping of pre-algorithmic traffic volumes. and Programmatic remains a meaningful and highly profitable part of our business. E-commerce revenue was $2.9 million in the quarter and grew 7% through the first half, reflecting the full six months of ritual against a partial period last year. The affiliate commerce line Chris referenced grew 30% and total e-commerce excluding ritual grew 3% year-over-year in the quarter. The ad-driven in-thread commerce experiences continued to scale and the anticipated declines at ritual were absorbed. while the property continues to contribute positively to adjusted EBITDA. Turning to monetization. Total ARPU in the quarter was 4.5 cents, down 16% year-over-year. Chris gave you the mixed reason. Acquired traffic monetizes at a lower reported rate. There is also presentation reason, and it's that one I want to spend a moment on, because the optics and economics tell different stories. Visitors acquired through Audience Engine are included in a reported MEU at full headcount. while the associated revenues recognize net of traffic acquisition costs. So as the program scales, MAU grows on a growth basis while revenue arrives on a net basis, and reported R2 compresses mechanically. That mix in presentation dynamic is the substance of the R2 decline, but our core audience monetizes the way it always has. We manage this program for contribution, not for the MAU headline. With every campaign managed against the return threshold, and the program contributed incremental revenue, adjusted EBITDA and free cash flow in the quarter. One more point on Audience Engine because it frames how we think about every MEU we report. Whatever the composition of our traffic, organic, direct or acquired, the platform's job is the same, convert visitors into engaged users and monetize that engagement better over time. Audience Engine today is optimized for yield. The next phase is engagement. That is where the compounding lives. Turning to our operating performance, net loss narrowed to $800,000 from $1.8 million in the prior year. The improvement was driven by ongoing reductions in our cost base, with total operating expenses declining 13% year-over-year, including an 18% decline in wages and consulting, and a 14% decline in platform and technology. The savings in these numbers come from the proactive actions we took to wear tech caps, fast and hosting, and the $1.5 million in annualized savings we announced last quarter is now fully in the runway. and we are redeploying those savings into AI CapEx. The also now driven efficiencies are not yet in these results. With the first phase of applied AI workflows just being deployed into production, we believe the efficiency gains are ahead of us. Consistent with the approximate $2 million in AI-focused capital investments we outlined last quarter, $400,000 of that was invested in Q2 and we remain on track for the four-year program. and there's a cultural area here that does not show up as a line item. The reason we can continue to optimize our cost base is because our teams continue to embrace these tools. Off-the-shelf chatbots, agents, coding systems have helped teams cut the time spent on busy work, automating reports, building connectors and managing inboxes to name a few. And we are using AI to interrogate our own cost base, eliminating duplicate software and optimizing pricing for renewals. Our proactive actions deliver the savings to fund our AI initiatives. The growing adoption of AI across the company is what makes them stick. As Chris noted, adjusted EBITDA was $4.5 million at a 32% adjusted EBITDA margin. Our first quarter of year-over-year growth since Q4 of 2024. For the first half, adjusted EBITDA was $6.8 million at a 27% adjusted EBITDA margin. Consistent with the seasonal pattern we have described on prior calls, margins build from the Q1 low through the year toward the Q4 peak. Our expectations on margins have not changed. We continue to target 30% plus margins on a full-year basis. In the quarter, we converted to just EBITDA to free cash flow at a rate of 81%, which included the $400,000 step-up in AI-related capital spending. Through the first half, our free cash flow conversion was 83%. Maintaining these conversion mechanics while funding an AI investment program speaks to the durability of our model. Operating cash flow was approximately $400,000 in the quarter. Again, 6.4 million in the prior year. And I want to take a moment to walk through the headline comparison carefully. There are two key factors at play here. First, as audience engines scaled through the quarter, trade receivables grew from 20 million to about 13 million, grew to 20 million from about 13 million at the end of Q1, with a meaningful offset in payables for traffic acquisition costs. Those receivables sit with large, well-established platform partners, that settle on a short, consistent payment cycle, and our collection experience has not changed. That growth in timing is what drove the net investment in working capital for the period. Second, the prior year quarter included a one-time working capital benefit relating to the ritual acquisitions, driven by assumed short-term liabilities relating to the platform's loyalty program. As we lap this initial quarter of scale from audience engine, we expect the swings in working capital to normalize. Chris covered the capital allocation action, so I'll add the financial frame. We exited the quarter with a total net leverage ratio of 1.24 times as defined by our credit agreement and $68 million of undrawn capacity on the revolver. In July, we drew $6 million on the revolver to fund the ultimate investment at a return spread that is above our borrowing cost, bringing the total outstanding balance on a revolver to $38 million and moving our net leverage position a quarter turn to approximately 1.5 times as defined by our credit agreement. Our focus has not changed. Free cash flow will continue to be directed towards strategic AI investments and strengthening our balance sheet. We expect to work off this incremental turn quickly and continue on a path toward low one-times leverage by year end. As we move into the second half of the year, the difficult comparables are behind us, and the building blocks are in place. Our traffic initiatives, our direct sales relationships, and AI program that is fully funded by our cost discipline. Each of those is a lever we manage, and we expect results to continue to improve as the year progresses, complemented by work with AltML, further operating leverage and long-term value for our shareholders and employees. We are now making the transition from lapping to leveraging. With that, I'll pass it back to Chris for some closing remarks.

Thanks a lot, Vinc. We'll open it up now to questions.

Thank you. To ask a question, please press star followed by one on your telephone keypad now. If you change your mind, please press star followed by two. When preparing to ask your question, please ensure your device is unmuted locally. Our first question today is from Drew McReynolds from RBC Capital Markets. Your line is now open. Please go ahead.

Yeah, thanks very much, and good morning. Just a couple for me. First on audience engine, I think, Vincent, in your remarks, you talked about, you know, what appears to be a learning curve here, and you focused on yield moving to engagement. Just, you know, obviously a good boost to traffic overall, but, you know, from a managing the business and changes to the model going forward, you know, what does that kind of yield to engagement transition look like?

Yeah, thanks, Drew. Thanks for the question. You're right. Right now, we are managing totally to yield. Here's a different approach to SEO. These are paid sources of traffic that require a significant amount of capital to be cycled through the business. The good thing is that that cycle happens with very large improvement partners. So, really, from a working capital perspective, and many more. So, outside of that initial investment we made, it's really not much of an ongoing strand of the business. The solution right now basically funds itself. The transition goes from now building this infrastructure in an ROI positive way to now pointing this audience towards products, initiatives, apps that live directly on our platform. That's where the strategy comes in and that's where some initial investment is required. sort of aligning teams, aligning internal focus and CapEx from that perspective toward those builds. So you're transitioning from a world where you've, you know, part of the solution and the solution's short-term returns to build the infrastructure, and now you're going to reinvest that yield into driving, you know, product and app type of initiatives on the platform, on our existing platform.

Okay. Yeah, no, that makes sense. I don't know if this is better for you, Chris, or Vince, just big picture here, you know, we're kind of three years plus or minus into just kind of consumer generative AI and wondering across your major communities, again, at a 30,000 foot level, just how consumer behavior of the members is are evolving or changing. What are their expectations with respect to AI embedded across the communities and the content that actually gets generated? How is that evolving? Just wondering if there's any kind of major changes there for the moment or still early days.

Thanks a lot for the questions. It's a great one and one we think a lot about. For sure that you see with consumer behavior when people are looking for, you know, basic answers to basic questions. A lot of that is flowing to those AI experiences, right? There's no question about it. It started with ChatGPT, and then Google has evolved its products, its core search product significantly to do the exact same thing, right? And that really is the type of traffic that we had before that we really don't have now within, you know, from Google as a source. But what the core community users are really looking for are those, and what isn't satisfied by the AI experience is tapping into those experiences of other users. When people come to our communities now, including for the first time, they're seeking out someone who's actually had the problem they have, and is actually someone who they can engage with to solve that problem. You know, AI can change how people get basic information, but it can't replace those types of personal connections. And so the way we see our job and the way we see the evolution of the forum experience is to provide all the tools possible for our users to unlock those connections. Because I think that's the enduring value that exists within platforms like ours. It's fostering those human connections, making those human experiences more available to others. and AI really, within the experience, is a complement to that. How do you make sure that the right person, the person who's best placed to answer a question, the question's routed to that person? How do you re-engage with community members? How do you create network effects more broadly across our communities so AI in the background can help with all those things? But in my mind, it's an accelerant of human behavior. It's not a replacement. So that's how we think about it. You know, all the other strategies we have to try to find audience, bring audience in, we're going to continue to explore those and work that. But the core asset and where we think AI investments can really pay off is unlocking and continuing to support that kind of core community value proposition.

Yeah, understood, Chris. That's well said. Maybe my last one, just on the e-commerce side, I know you walked through a couple of things in your prepared remarks. Just what should we kind of expect here in the back half of 2026 and into 2027? Are there kind of initiatives underneath the hood, you know, that kind of make a notable impact? on revenue growth. I know X Virtual, I think, was up 3% in Q2. Just kind of level setting expectations here in that line.

Okay. On e-commerce, Drew, you know, Chris highlighted the run rate on some of the AI initiatives on the forum that, you know, is driving a meaningful annual return right now. So it's at a run rate of 1 million. We expect that to continue to grow. The teams are working on other ways to help surface products within the community that are relevant and drive additional transaction revenue. We also think, you know, what we've built with Audience Engine could be an unlock for e-commerce. We've proven right now with the infrastructure that, you know, from a yield perspective, we're able to target a user and bring a user to something that's relevant to them, so something that they're searching for. That's a pretty powerful skill. especially when you think of the amount of commerce and conversations and transactions that are being discussed on our platform. So as that infrastructure starts to grow, as we start to work towards turning yield into engagement, we think e-commerce is going to be one of the benefactors of that for sure.

Okay. That's great. Congrats on the progress. Good to see you.

Thanks, Chris.

Thank you, Drew. Our next question is from Aravinda Galapathage from Canaccord. Your line is now open. Please go ahead.

Good morning. Thanks for taking my questions. Just to start off with a housekeeping question. I have some questions on audience entry, but I just wanted to get this out of the way. Vince, on the ALTA ML arrangement, can you just walk us again through how that plays out through the financials over the next couple of quarters, the fees and the investment, just for modeling purposes? I just wanted to confirm.

Sure. Are you referring to the SAL or to the investment? The investment. Okay, so the investment itself is just going to appear in our financials as a note, as a note receivable with an applied coupon rate. The warrant under IFRS will be valued at the time in July and carried forward and revalued every quarter. TBD on what that fair market valuation is, we'll work with our auditors on that. With regards to the engagement, you know, as we said, that's the ongoing work being done on the platform, the applied AI solutions that are being deployed. It's got a base fee of $1.5 million, and right now that's being capitalized going through our IDS on a monthly basis at about $300,000 a month. That'll carry through to mid-October. So between now and then, you'll see that $1.5 million materialized as an addition to CapEx. And then, so as we go through that, There's a $300,000 approximately portion of that engagement that's based on performance that is going to be defined once the engagement is done. That's measured on a couple of factors, mostly efficiencies, and that's something that, you know, we'll work with the AltML team on determining. So the $1.5 million base will flow through CapEx, and that $300,000 will as well once it's determined.

Okay. That's helpful. And then sort of coming to audience engine, maybe just a couple of questions there. First of all, are you able to give us a sense of what the P&L is on that as it stands today? And then is there a prospect of sort of including this into your direct sales efforts as well? Not sure what the complications of that would be, but maybe just would be interested in your thoughts there.

I can take the second one, Aravinda, and then I'll let Vince comment on the P&L. So for sure we think there's opportunity. I think it's finding the types of solutions that the direct clients want to feed into. And so you can see it complementing... lead generation, for example, in certain categories, performance-type marketing initiatives where there can be some really nice overlap. So the teams are starting to think about those opportunities. We started with programmatic because it was kind of the, I guess, the easiest path for us to monetize, and it's where we have had a lot of historical expertise. But we do think as we get better with this, we start to understand the value of the audiences better, that we can certainly support direct sales as well.

And on the P&L, we haven't disclosed sort of what audience engines appreciate. But right now, it's flowing through programmatic. It was a meaningful part of the improving trends we saw from that channel. We book revenue net for traffic acquisition costs, like I said, and that net contribution flows to EBITDA at a very similar margin to the rest of our business.

Okay. Thank you. And then just the last one from me on the discussions you're having around content licensing. You know, should we think of this as something sort of like in terms of the materiality of it? Is there any sense you can give us? Obviously, it's different from sort of your existing arrangement with Tolbit, but I just wanted to get a sense of the magnitude here.

Yeah, it's right, Irvin. It is more of a direct relationship, and Tolbit's meant to be more of a marketplace to support kind of one-off requests for access to content. So we don't have a good sense of materiality yet, like I mentioned in my remarks. that the model is based on contribution to answers, and so it's going to be new for us. We do think it's worth pursuing, and we do think it can scale, but we don't have a great sense yet of how big it could be. But what we do see is that, you know, a shifting posture with some of the platforms around the need for value exchange, which I think is – is the really important part of this. Like, when I talk about a market forming, we can see it happening. So, we'll have more at our next earnings call, and as this develops, you know, we'll share more information.

That's helpful. Thank you.

Thank you. Aralinda? Our next question is from Scott Copeland from CIBC. Your line is now open. Please go ahead.

Great. Good morning, everyone. I just wanted to follow up on the content licensing. Can you imagine this is not the legal side, but any kind of commercial arrangement? Is it likely a one-time? Thank you. Thank you. Half X is going to look like for 26. I guess 1.5 and the 300, but there were a lot of numbers moving around. Can you just give us an idea, I guess, on what it'll be in the second half and what's run rate after you get through those initial fees, I guess, that you complete in Q3?

Yeah, so, hey, Todd, and like I said, we're on track to deploy that $2 million full year. That's an incremental investment in AI. We've deployed about half a million dollars of that in Q2, so you have another million and a half to go on top of our normal run rate for other internally developed initiatives. In terms of next year's TBD, I would say from a baseline that internal one to one and a half million will probably remain because that's just ongoing work that we're doing on the existing platform. The interesting thing around applied AI and just AI development in general is that, you know, it's by nature allows you to deploy things quite quickly. and the way it deploys things in an automated way in a lot of cases doesn't follow the rules of your IFRS for capitalization. So it's going to be difficult to tell once we deploy this first phase of work what that will materialize to by next year, but I would say, you know, looking forward, it's probably your baseline, the million, million and a half is what will stake TBD on anything AI related from that point forward.

Okay. Okay. And then from a margin point of view, is 30% plus the right number to think about in this environment over next year or two?

On a four-year basis, yes.

Yeah, okay. And then, you know, that conversation you started at the beginning where, you know, human connections are worth something in this new environment we're all in, are there any I guess early movements you're seeing in your top forums that give you some confidence that this is going to play out in a material way. Maybe share some examples in some of the larger forum areas.

Yeah, thanks, Rod. For sure, like, we're seeing really strong behavior from our core audience and the participation rates of members. continues to be really, really strong. The key for us, like I mentioned earlier, is taking that from some of our larger communities and building more of a true network effect across the rest of the communities in the business. And so that, I think, because those larger communities do tend to benefit from higher levels of activity, how can we permeate that through the rest of our forums? And that's something we're actively doing. So, I think the comment now for us is just that, you know, the stable contribution from a lot of those users continues, and our job is to build upon it and give them more and more opportunities and surfaces to engage.

And when you think about, like, future adjustments from Google, you know, they talked about prioritizing, you know, human content, but What do you think that looks like if we think about 27 beyond, another algo hit to consider in terms of modeling mal, or do you feel like you're going to have a more structural growth rate?

Yeah, I think we feel like we have a more structural growth rate. Like I said, the The surface level queries that are being picked up by AI overviews, I think that's largely played out. I'm not sure that everyone else has experience with Google search, but AI overviews and AI answers and everything else is ubiquitous on the search experience today. And so I think we're getting the highest quality traffic there, the stickier traffic, the traffic that really is seeking out the communities through Do you have a view on, I mean, you saw the bounce from Q1.

It seems like that's maybe a stabilization, but do you have a view? Is this a single-digit grower? Does it move back to double digits with everything you're working on? What's your thoughts on that?

Yeah, I mean, I wouldn't want to put a number on it. I just think we're in a position to grow, right, whether it's single digits or double digits. And to emphasize what Vince is talking about, all our initiatives are focused on trying to drive profitable growth out of our user base. We're not looking to just push a headline MAU number, right? We're really trying to build a fundamentally sound MAU approach to audience, which we've always had. And, you know, margin, contribution, all those types of things are very important to us when we think about these strategies. So that's not going to change. The MAU number will be part of the mix. But I think, more importantly, it's what we – the value we provide to those users and the value we're able to create for the business. So that's really the focus. Great.

Yeah, I appreciate that, Colin. Thanks a lot.

Thank you, Scott. As a reminder, to ask a question, please press star followed by one on your telephone keypad. As a final reminder, to ask a question, please press star followed by one on your telephone keypad. We currently have no further questions, so I will hand back to Chris Goodridge, CEO, for closing remarks.

Thank you very much, and thanks for the questions today and for the engagement. We look forward to seeing everyone again in a few months and reporting on the progress that we have. Enjoy the rest of your summer.

Thank you. This concludes today's VerticalScope Holdings Inc. Q2 2026 earnings call. Thank you for joining. You may now disconnect your lines.