Vitalhub Corp.

With me on the call today are Vital Hub CEO Dan Matlow and CFO Brian Gothenburg. After our prepared remarks, we will open up the line to questions from analysts. Please press star 1 or use the raise hand function to indicate that you would like to ask a question. Now before we begin, I will read our cautionary note regarding forward-looking information. Certain information to be discussed during this call contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially from those set forth in such statements. For a discussion of these risks and uncertainties, please review the forward-looking statements disclosure in the earnings press release and in our CDAR filings. As well, our commentary today will include adjusted financial measures, which are non-IFRS measures. These should be considered as a supplement to and not a substitute for IFRS measures. Reconciliations between the two can be found in our CDAR filings. With that, I'll hand the call over to our CFO, Brian Goffenberg, to go over financial highlights for the quarter. Over to you, Brian.

Good morning, everyone, and thank you for joining the call today. We are pleased to report results for the third quarter of 2025. I'll provide a summary of the financial highlights from the quarter and then hand it over to Dan for an update on the business. At the end of September, our annual recurring revenue was $93.7 million. Organic growth was 15% of the previous year and total growth was 75%, including the acquisitions and foreign exchange. Total revenue in the quarter was $32 million, an increase of 94% year over year. Recurring revenue or term license maintenance support segment was $23.6 million or 74% of total revenue. Virtual care term license revenue was $2.5 million. This was the first full quarter contribution from the virtual care segment. Virtual license revenue was $500,000 in the quarter and increased from $300,000 in the prior year period. Services, hardware, and other revenue is $5.5 million in the quarter, compared to $2.3 million in the prior year period. Our services and other non-recurring revenues were higher than expected due to timing of project delivery and revenue recognitions. We expect our recurring revenue mix to steadily increase to historical levels. Our gross margin was 81% of revenue, consistent with prior year period. Adjusted EBITDA for the quarter was $7.2 million, or 22% of revenue, compared to $4.6 million, or 28% of the prior year period. We closed the quarter with $123.8 million of cash and no debt. We closed a small asset purchase in the UK subsequent to the quarter end, $140,000 a pound, and are otherwise generating cash and building on this balance. With that, I'd like to hand the call over to Dan for an update on the business.

Thanks, Brian. I'll make my remarks brief. I know we got a lot of analysts that are potentially out there and ready to ask some questions. I think with what I have to say and the questions, you guys should be able to get a complete picture of the quarter. uh yeah we're excited about the results um you know just based on the fact that we came across uh you know the two large acquisitions that now represent 30 of our revenue and both of those companies uh came in to not meeting our part you know our profile in terms of uh what we want in terms of the rule of 40 but we're working on it but we're We're close to 94 million of ARR and I always thought, hey, can we get this thing to 100? And we're really just knocking on the door of that 100 million ARR company. Services helped us a fair bit in the quarter due to a couple of factors. Both Zesty and Navari do come with a significant amount of services attached in their implementations. And so they did make a contribution to that and Treat has always continuously added into from a services perspective. And then we had some milestones that were met on services that allowed us to recognize some services. So with the new company services is a different element of our game. And we're excited to have that as part of our revenue mix going forward. On terms of ARR, again, contributions from all products that were coming into the equation, none that really stood out relative to the other one. We are seeing a little bit of headwinds for the shrewd-based products in the NHS, not due to COVID. anything except that they're changing all their structures in terms of ICS and ICBs. And while that's going on, I don't think they'll be making many purchases, although we are still selling that product in other areas of it. But that was always a big part that will settle down at some point in 2026. And we do expect that to start opening up again and start seeing that, you know, start seeing that to contribute. In terms of the integration, it's going great. We're starting to see that all coming together. We really got some great people with those acquisitions. We had a planning session last week where 50 people of the management team got together for planning, and it was just really nice to see how all these different groups are coming together. And we're excited about the synergistic aspects of how we're gonna be able to integrate products and integrate sales campaigns and how these products fit into really a cohesive fashion. So we're excited to do that. We immediately after the acquisition started working on cost reduction programs and that's in progress. There's a little bit of that in the quarter for sure. Really that would have just came in for the last month of that quarter. But we're continuing through that process and that's going to take into 2026 till we start working that through the complete system. But we expect to steadily through the next few quarters start to see the results of both new revenue coming in and cost reductions to get us into our profile that we're proud of and we always want to get to. We do have acquisitions in play. We continue to look at acquisitions. We've recently noticed over the last month or so, lot more heated stuff in the smaller bay stuff and we continuously look at and explore the larger acquisitions that are out there and continue to work through. So it's still a big part of our program and we continue to work through that every day and we're getting to the point that we think we can be able to digest some small ones and continue to work through that. We are working through our 2026 budgets right now. We're excited about what we can do and that's where we're at. It was really one of those bridge quarters after those two acquisitions and we're excited about how we were bridging it. And I think it was better than expected for a lot of people. So we're excited about that. And I'll turn it over to any questions anyone has. Thanks, Dan.

We'll now open up the line to questions from analysts. Now, please press star one or use the raise hand function if you would like to ask a question. Today's first question comes from Gavin Fairweather of Claremont Securities. Gavin, your line is open.

Oh, hey, can you hear me? Yep. Great. Well, thanks. Thanks so much. And congrats on the great quarter. Maybe just Dan to start. I mean, the business has now achieved a fairly significant scale, approaching 100 million of ARR. That obviously has some cash flow benefits, but curious if that's opening up other opportunities to you to be more strategic to your customers or organize or run things more differently or invest. Any thoughts on what this newfound scale opens up for the business?

Yeah, I think it was exciting at that planning session where we're starting to get to the mode where we're seeing tenders and we're seeing situations where we can put multiple products into the equation to go get a more comprehensive solution. And we're also starting to being able to connect things together for more strategic based offerings, especially in the patient flow and the patient journey, patient engagement based side. we have customers that have agreed to and use multiple products and have agreed to integrate those products. And that's exciting from my perspective. That was always what the vision is and so forth. And that's also coming together with the Canadian products and the UK products. So the Navarre opportunity, I think, opens up a lot of opportunities for the UK products in Canada, a lot more effective. And our UK team is definitely in a position to get Navarre into the UK market a lot more effectively. They did close their first UK deal and it got a lot of press in the UK. And it's really a pretty strategic deal over there from us for in the mental health based world, which they do a lot of in Canada, but we don't see very much in the UK, but we, we do think Navarri is going to be able to get a significant amount of traction in the UK. At least we're, we're hoping that way.

Helpful. And then just secondly, for me, I noticed in the notes to the financials that you bought a definition health at a bankruptcy for pretty nominal sum. It looks like it digitized the surgical pathway. Maybe we can just discuss that.

the client base there if you can integrate that with my pathway and if you think you can grow it um we really bought that for a technology purpose um based settings and it's not the whole product they it's a pre-operative based assessment and they've done a really good job in terms of content for um patients before they come into a health care setting although the You know, the solution itself was just used by a handful of what I would call semi-implemented solutions that are out there, right? And it was just a group of people making some technology. It really didn't make a lot of progress, but that was a component that we wanted in our Synopsys product, and it was really a technology decision to add it to it.

And then lastly for me, just on the 10 to anywhere, and we talked last quarter about how you thought that was a more mature asset. The revenue did surprise me to the upside this quarter. So wondering, you know, as you've gotten to know that asset better, if you've kind of refined your view on the outlook for that.

That solution is built through a development team in Australia and we didn't get much exposure to them during the due diligence process and so forth. So we immediately went down to go meet that group. And we're extremely impressed by the industrial nature of that product and how it was really designed for a clinical-based setting. And then we looked at the usage of the product in its base, and it's used pretty extensively. With that being said, and we knew that when we got it, that there's headwinds for it on the... uh in respect to things like teams and in zoom and and things like that although um the com the customers that do use it seem to use it and in fact the usage increased during the quarter which you know led to some of those financials um being the way they are for it but we're not sure that's sustainable or not sustainable we're just going to follow it along we do have ideas where um that product can get added into into some of our other products example um maybe it can get added into the the treat or ehr products that do have a requirement for telehealth and in other areas and we discussed that in our planning session we're going to explore that over the last little while and but it's still early to tell on that cabin of where that's going to go for it it's know we've always been transparent that that that was a little bit of risk profile for that acquisition we you know we didn't pay a big valuation for that company because of the potential risk for that for that but um it was more we wanted the zesty product but we were pleasantly surprised by a how it performed in the quarter and be um on the usage of it so we'll just keep monitoring on a go for basis and see what happens thanks so much i'll pass the line

The next question comes from Doug Taylor of Canaccord Genuity. Doug, your line is open.

Yeah, thank you. Good morning. Let me just pick up that last train of thought there as it relates to attend anywhere. You know, it seems like from your language, it might be a more meaningful part of the future than you might've expected at the time of acquisition. You don't really call it recurring revenue. It's in a different bucket. Can you, One, confirm that and maybe talk about how we should think about that and the repeatability of that business on a quarterly basis going forward. Help us with the modeling around that. I'll try, Doug.

Yeah, we don't put it in ARR because it's usage-based, and we're not 100% sure, and it's a very different model than our software base. It's a services solution as much as it is there. So we thought it is more appropriate to identify it by itself, and it should make uh life clearer for you guys and us on on how it is performing um you know as i said to gavin like you know you know um uh let's see how this thing performs in the next couple quarters in terms of usage and and so forth it's hard to tell you know it in our in our history of it it's been all over i wouldn't say all over the map but it's been it's been lower than the range um that we had last quarter for sure and it's been a little higher than that range on a quarter by quarter basis just based on what it's doing. But overall, the overall approach has gone down over the last few years, mainly because of price reduction, not as much as from loss of customers, because it was very highly priced when it was a national deal that was sold to the NHS, I guess, five years ago or whatever it was. So it went through a ton of price reduction to get it into a space that made sense relative to being able to compete against the other free products. And now I think it's holding on its own and we got new ideas of where we think we can use that technology in our world, which will take a while to bring to fruition. But yeah, I think it's hard to say. We can meet with you afterwards and try to go through it. you know, as I said, it's been lower, it's been a little bit higher and both are feasible in there. So it could come, it's not going to be radically different than what it is, I think, on a quarter by quarter basis, but it could fluctuate.

Okay. I mean, you said in the statement results better than I think most expected, both top and bottom line. You said you barely started with the cost savings related to some of your recent acquisitions just a month or so into any savings and lots more to go. So I just want to make sure there aren't any other, you know, short-term or one-time benefits that blow through this quarter. You'd call out anywhere as it relates to the margin profile, you know, any outliers, or is that a fair place to now start from, you know, 22 and a half percent EBITDA margins and then, you know, Yeah, I think it's, yeah, you know, I think it's, uh,

I think it's a fair place to start in a sense of where we're going. We're going to make more deals, which are going to come to the bottom line, and we're going to keep looking for cost synergies as we continue to move along this. I'm not sure it goes up in a straight line or meanders a little bit throughout the process of the next two to three quarters. But we do have a plan in place. We know exactly what we're doing and where these changes are going to be done. And we're in the middle of executing it. It's just how long will it take and the timelines that will get associated with it. But we do have a plan to get us to where we think we will be. And we do expect by the middle end of next year that we're going to be meeting that profile of where we want to be pretty nicely. So we've got a plan to go do it.

Okay, last question for me. You flagged some of the success with initial referral or Navari Businesses. Business being one in the UK, there's some chatter that there's been some movement on some of the programs here in Canada. Can you speak to any successes you've had with the Navari product here recently in Canada as well to go alongside the UK success?

Yeah, there's a significant amount of chatter going on for Navarre. Referral management is a hot topic in many geographies right now. I think that's where health systems are really trying to integrate all the areas of care and moving that patient around. And referral management is a big part of that. And Navarre does a very good job in terms of of that in their particular niches. And they've been doing it for a lot of years throughout Canada. And as we've seen in other areas, you sort of get things started and then government says, hey, let's just go for it and get a big chunk of this done. And we're seeing those opportunities coming to fruition. Nothing to report at this stage for sure, but there are things in play and you're dealing with government. You never know how long these things take or what happens. do they ever follow through with these things, but we're cautiously optimistic of some things going through next year for sure.

I appreciate your insights. I'll pass the line.

Thanks, Doug. The next question comes from David Kwan of TD Securities. David, your line is open.

Hey, thanks. Curious about the recent acquisitions. It sounds like particularly Navarri was quite R&D heavy, especially relative to sales and marketing spend. So it seems like there could be some good opportunities there to shift a good amount of work over to Sri Lanka and this help boost the margin. So wondering if you could help elaborate on your plans on that front and how we should think about margin uplift in Navarri.

yeah it's our playbook doesn't has not changed right we we are uh our Sri Lankan group is well over 200 people now in that group and it it you know it's it it keeps maturing year over year and in uh in terms of its ability to execute on on many different things um We have a huge team of Sri Lankans already in Kingston to work with Navari, and we've proceeded to work on that stuff. So, you know, we continue to work that playbook, and that shouldn't be of any surprise to anyone. That's what we do.

That's awful, Hank. Thanks, Dan. And on the integration front as well, you know, we're, I guess, past the one-year anniversaries for Medcurrent and Strata. So curious if we can get an update there. Are the margins kind of up to where you guys were targeting and close to maybe where they were pre-acquisition?

Yeah, Medcurrent has proceeded just like we thought it would do. It continues to work and, you know, we've... it's got into our profile and we're happy with it and they just keep continuing to click. Strat is not as quick as we would like it to be, although with Navarre, there's definitely some synergistic value and we hope to see some better things, but they... We've made some changes in strata in terms of salespeople and other aspects. We think that product is 100% very sellable. The customers that use it love it. And in the extremes, I think it's just a process of of not um being exposed to as many customers as we would like it to get exposed to um and we are seeing more activity for it um just based on now that it's in our uk salesforce and it's um and the navarre salesforce will will be involved with that as well um in terms of lead generation in terms of coming through to it and uh we we've added a a more senior sales rep recently from our group onto that product. So, um, it hasn't contributed to as much as we would like it to, but, um, there's a really good install base. It makes money for us and, and it we're fine with it. We, you know, we, we still think there's more to get out of it and we think we will.

No, thanks. Thanks, Dan. One last one, just, um, on the MA pipeline, you kind of talked about, you know, potential for more, I guess, tuck in deals. Um, Curious from an operational standpoint, how you feel with the integration work that you're doing with Navarri and induction. Do you still think that maybe a larger, chunkier deal, especially something the size of Navarri is probably more of a 2026 timeline?

Listen, if the right deal comes across next week and it's like Navarre, we would do the deal. We're not going to walk away from a deal because we don't think we can absorb it. We're still working those deals and would be doing, I think we could absorb it and do our things. Although it might take a little bit more time to go do it, but we would do it and we would work on it. So you need to be opportunistic. If the right scenarios come across and they meet our profile, we're going to execute on those deals. So who knows if it will be 26, 27, 28, or could be two months from now. If the right scenario is there, we're going to do it.

So it sounds like you feel like you've got enough operational bandwidth. It might be pretty tight right now, but. not too tight to the point where you pass.

Yeah, I think we're, you know, I think we're getting pretty good at this and, you know, if we had to, we could do it for sure.

That's great. Thank you.

Thanks, David. The next question comes from Richard C. of National Bank. Richard, your line is open.

Yes, thank you. So I actually had a related question to that last question. Obviously, you've had a tremendous record of success here. So as you get better with each of these deals, as you learn more, is it reasonable to think that the pace of capital employment as we look ahead over the next year or two should accelerate?

Yeah, I don't know if that's ever... Richard, I think it's more a question on can we get the deals done with the right profile that we need to do the deals on versus the digestion of the deals relative to what... There's a fair amount of activity out there. I think we still have... have been there, you know, are we going to, we've done four deals a year, you know, in a lot of the years, right. For the last three years. Right. So, you know, is that going up to eight deals? Probably not, um, you know, relative to, to where we are at this stage yet. I still think it's, it's more of the exact same thing. And it's just a question on the size of the deals and, and, um, And are the deals there? It's never been really a question on our capacity. It's just really been a question on the right profile of the deals to get done. We definitely walk away from a lot more deals than we do. So it's just a question on the right ones.

Okay, fair enough. Just my other question has to do with sort of reading through the MDNA and you talk about sort of cross-sell, up-sell. Are there any sort of metrics that you could share with us to kind of allow us to evaluate how that success is among your existing base in terms of the ability to do that?

We haven't published any metrics relative to do that, except the narrative that we have a lot of customers that use a lot of our different products, but our customers are... are just all over the place, right? Different naming conventions, different worlds. Like the NHS, you could call it a customer and it uses all of our products. But within the NHS, you have different areas and different groups that change over time that use multiple areas of product. So it is a challenge to get there. We're working on updating our Salesforce and our whole customer area in terms of exploration. We do got significant data on that, but it needs to be more comprehensive. So nothing that we've published as of yet, but we're looking to be able to do that a lot more effectively in the future. Okay, great.

Thank you. Richard, the next question comes from John Shooter of RBC Securities. John, your line is open.

Thanks for taking my question. And I appreciate the color on Strata in terms of the integration and the margin profile there. I'm curious from a top line perspective over the last year, how that's performed relative to your initial expectations and what you guys expected of that business going forward.

Strata?

Yeah, on Strata.

Yeah. There's a lot of noise going on in the referral management business in terms of Strata already has a very large footprint in Alberta, British Columbia. um in in the maritimes relative it none of us do a ton of work in the quebec marketplace although they do have a little bit uh of implementation there and they also do have a footprint in manitoba that that we're we're trying to to grow um nothing's discussion it's really the being the wild cards being ontario which they do have a fairly good footprint. However, there's been more focus on referrals into the hospital setting as opposed to outside of the hospital setting. relative to the spending by those governments. But we do think that's going to change, and Navarre is the leadership of it, where they have seen their growth as being in the UK marketplace, because we do see some more activity on there. I do think that product is sellable and should be sold more than it is. Has it met our expectations? Probably a little less than what we thought it would at this stage, but... we're not done there yet. Right. I just think it is. I think it's not the product, the value propositions there. We still think there's a big need for it. I think it's just been more execution and, and we're, we think we're, we're going to get business out of that product, but at today it is being less than expected.

Got it. I appreciate that. And just one more for me on, on the, you commented on the changes in the structures in the NHS and some headwinds for, uh, shrewd there. Um, so I'm curious, like into 2026, what kind of visibility you have, um, to potential new programs and, and, you know, how you see yourself being positioned in that market, um, under the new structure.

Yeah, I don't, it, it, what they've done is they've, um, they got these regional bodies that they've, um, that they instead of one region being a certain population size they said hey let's combine these two together for a bigger population size um and while they're going through those changes yeah they're not looking at buying new software to go through it but our software's in in in a lot of those and yeah it's going along it goes together with the integrations right so um There could be opportunity where one group gets integrated to another group that doesn't have our product where we could get added into that whole scenario. And we've seen those. And we do expect that. But as far as new sales, that's going to be challenging as they go through that, through the first part of 2026. So that's been a bit of a challenge for us with that product. But we do expect that to settle down. And the regions that do use our product love it. We were on our way for a national view of Shrewd in the UK. And we do have a footprint of that on a product called Opal, which we built for them. So we're seeing some some stuff there, but we're also starting to see activity in the other surrounding areas of Wales and Scotland and Ireland as well, for sure. And so there, you know, it continues to do its thing. And but, you know, it went through. don't know a couple years of really leading the charge of our organic growth and although it still is going to contribute it's not going to be the the leading charge probably in 2026 uh we we would expect um you know that that's we think that slack will get picked up by other products and we still will still get deals from shrewd but um we do think through the first half of 2026 it's going to be going through that reorg structure yeah appreciate you taking my questions thanks

Thanks, John. The next question comes from Michael Freeman of Raymond James. Michael, your line is open.

Thanks, everybody. Can you hear me all right? Yeah. Excellent. Actually, just following on that last question on the NHS, when we're talking about merging these regional bodies, does the overall reduction of regional bodies I guess, reduce the possible TAM for Shrewd? I guess I'm asking a question about the revenue model.

Yeah, not really. Shrewd in that particular setting is sold on population size and the population size remains the same. It's just one buying entity for a larger population group.

Okay. All right. Gotcha. And I wonder, there was a, the NHS published a 10-year plan recently describing, you know, how it would deploy its budget. Digital health was, you know, mentioned throughout. I wonder if you could, how you think about the opportunity with the NHS sort of after things settled down following this reorg. Do you see opportunity for Vital Hub's products expanding in this new environment?

Digital health is definitely needed within the NHS. There's a lot of room for improvement and there's still opportunities for new solutions to come into that market. And we expect to be a player in that world. And we got a team out there that all they do is try to get those solutions into that world. It's a little bit of a complicated world in terms of how it changes and how it's structured and where money is coming from and so forth. But we got a lot of experienced people there that know how to do that. And we expect to be a part of it for sure.

All right. Thanks for that. Now, last one for me. At the top of the call, you mentioned that you know, the last couple of acquisitions, you had to step outside your typical acquisition parameters. I wonder, you know, what motivated you to make these steps outside of these parameters? Would you, you know, are you more sensitive to staying within those parameters for next deals? Or are these, you know, are these barriers you're happy to cross for the right deal?

Every deal is different. I think the only one we crossed through our barrier would have been the Navarri deal to a degree. Definitely not an induction. I think we paid less than one times revenue for that base solution for it, but Navarri a little bit higher. I think our basis on Navarri was really just understanding where it sit in the marketplace and what that solution can do. And our our level of confidence of its ability to add significant ARR in the next couple of years, just based on where it's based. And looking at the profile of that company and understanding what we could do to enhance its processes for development and work on cost effectiveness in a pretty meaningful way to get it into the profile that we would like and we're you know both of those are in play and we're we're really excited about that acquisition and and think it it's great and the people are great and they're solving great problems and and we're we're we're really happy to have those guys on board do you think novari will be uh the product that leaves the organic uh organic growth charge if shrewd is no longer holding that seat Yeah, I think potentially, yeah. I think it could. Time will tell. There's other products in our arsenal that continue to add there. We'll see where it goes. We're excited about a lot of our products, but definitely Navari's got some footprints into next year, which we're excited about.

All right. Thanks, Dan. I'll pass that on.

Thanks, Michael. The next question comes from Kevin Krishnaratne of Scotia Capital. Kevin, your line is open. You may be on mute. There you are.

Can you hear me now? Yes. Hey, guys, sorry, I did join the call late, so maybe this is disgusting. You know, good to see the consistent organic ARR being added. Was was was it can you did you talk about the areas of of strength in in in the quarter? And then as we think about You know, Q4, this is maybe leading on the last question. You know, last Q4, you had some pretty sizable strength there. As you think about Q4, how do you see ARR building, you know, shrewd, maybe less of a driver. Novara, you talked about more, you know, 2026, but do you start to see, you know, some pretty good benefit into Q4? I'm just wondering about year over year, you had some pretty good strength last Q4. Curious about how to think about the near term.

Yeah, I think consistently, Kev, we've had contribution from many products. We've seen a recent uplift in our in touch with health-based space, and you've seen some perpetual licenses, and that comes with the recurring base as well, right? So that's added some revenue there's still there's still definitely some revenue that comes from shrewd um in other areas but uh yeah zesty and uh and uh navarre do add a significant amount of of uh of of potential revenue that's coming from from that perspective and and i do think this it will both of those products will will pick up the slack i think for shrewd in the short term and then we're hoping shrewd comes back again um towards the middle of next year when when things get settled down and in the nhs so that's really how we're thinking uh things on a go-for basis um Yeah, Q4 pipeline looks like other pipelines, and it's still early to tell where things get through. You know, it's really hard to tell. Like, we've still got a lot of different ways to add ARR to us, and it's not one consistent way. So it does get harder to predict. And, you know, typically... I don't know, if you look over the last three years in terms of percentage of where products would come, I don't think there's one product or one quarter. Sometimes it's more or less from one product that contributes to any type of quarter, but we feel confident in our mix of products. I don't know where it's going to come from, but I do think having Zesty and Navari in our mix is nice to have.

Appreciate the color. Maybe just one last one for me. It's a question that is being generally brought up by clients I talk to about just software vendors generally, and that's the impact of AI. And I think just given the nature of your customer base, maybe it's too early, but maybe if you could share any sort of thoughts there. I know your team is pretty tight with NHS when they're going in there and having discussions Are there any signs of experimentation on AI?

Yeah, for sure. I think the biggest use case we're seeing for AI in our healthcare base is just the concept of scribing for doctors or clinicians as they take notes in their systems, right? It's really more, and that's really in our community health-based world, you know, the trade and the Coyote products and the CDS products in Australia. And we're well on our way of getting scribing into those products, which we think will be add-on solutions for those solutions. But there's other elements that we're working on, such as, predictive data in Shrewd so we can predict or we can look at the dashboards and read those dashboards and just in words give a profile of what those dashboards mean to the person that's looking at those dashboards effectively. Novare's got work going on in terms of the referral process where We do a summary of a form on a referral that can be created. So we have, I think, about a half a dozen or so AI things that are being built in our product sets right now. We're really viewing those as add-ons to our solutions. the same way Copilot is getting added into all the different office-based solutions. We're looking at where add-ons can be used on our solutions using AI and how we can monetize that from a group. If we could add, we got $93 million worth of ARR, if we can come up with AI solutions, that get a 10 uplift that you know it's 10 that's 10 million dollars right we're worth of stuff so it's really the you know we we've challenged our product managers to come up with ideas we we put together an ai development team and uh yeah we're we're looking on on how to monetize monetize that uh do we see that happening you know in the next couple of quarters. No, could happen towards the end of 26. Yeah, maybe and definitely into 27. I think we'll be having AI products in the marketplace, which will be add ons to our solutions, which will help our AI growth. That's what we're thinking of it.

Gotcha. Okay, no, appreciate the thoughts, Dan. I'll pass the line. Thank you.

Christian, you're on mute. There we go. There's no further questions at this time. So, Dan, I'll hand the call back to yourself if there's any closing remarks you want to make.

Yeah, I think, you know, in typical Vital Hub mode, it's just steady as she goes. And, you know, we're excited by what Q3 was. It was a bridge quarter for us based on the acquisitions. And I think we did a good job and the team's doing a really good job of, you know, executing the plan on those acquisitions that we made up as part of the thesis for why we bought those acquisitions. And the plan is still being executed. It's going to take a while to execute it, but we're being executed. And we, we, we really have a goal of getting back to our, you know, our 26, 27, 28% adjusted EBITDA profile as quickly as we can. And that's what we're working on. So yeah, If anybody, you know, got more questions, questions available, I'm available on a go for a basis and just like to thank everyone for joining us. I know it's earning seasons. You guys are running from call to call. And if anyone's got any more questions, feel free to put them forward. Thanks everyone.

This concludes today's call. Thanks everyone for joining.