kneat.com, inc.

Hello and welcome to the NEET Q1 2025 earnings call. Please note that this call is being recorded. You will have the opportunity to ask questions to our speakers later on during the Q&A session. If you would like to ask a question by the time, please press star one on your telephone keypad. Thank you. I'd like to hand over the call to Katie Keita, IR lead of NEET. Please go ahead.

Thank you, Operator, and welcome everyone to NEET's Earnings Conference Call for the first quarter of 2025. Today's call will be hosted by Eddie Ryan, NEET's CEO, and Hugh Cavanaugh, NEET's CFO. Please note the Safe Harbor Statement on Slide 2 and the Forward-Looking Statements disclosure at the end of the earnings release, informing you that some comments made on today's call may contain forward-looking information. This information, by its nature, is subject to risks and uncertainties, so actual results may differ materially from the views expressed today. For further information on these risks and uncertainties, please consult our relevant filings, which can be found on CDAR and on our website at www.neat.com forward slash investors. Also during the call, we may refer to certain supplementary financial measures as key performance indicators. Management uses both IFRS measures and supplementary financial measures as key performance indicators on planning, monitoring, and evaluating our performance. Management believes these non-IFRS measures provide additional insight into NEAT's financial results, and certain investors may use this information to evaluate our performance from period to period. I will now pass the call to Eddie Ryan, CEO of NEAT.

Thank you, Katie. Good morning, everyone, and thank you for joining the call today. We will share what we saw in the quarter from our customers, what we're seeing in the broader space, and our plans for 2025, and how they're coming along. After that, we'll open up the call for your questions. The first three months of 2025 show steady momentum, with annual recurring revenue up 51% over last year's first quarter, total revenue up 37%. SaaS license revenue up 42%, gross profit up 38%, and operating expense up only 21%. In summary, we are sustaining strong growth as we move toward profitability. Of the dozens of wins logged in the quarter, over two-thirds were expansions within existing customers.