"Our FY 2025 results reflect a combination of external and transitional factors, including foreign exchange impacts in Argentina and lower reseller revenue in certain markets, which affected reported revenue for both the quarter and the year," said Sandeep Mendiratta, Chief Executive Officer of the Company.
"At the same time, I am pleased that the underlying business continues to evolve in line with our strategy. In the year ended December 31, 2025, our top 30 Strategic Accounts generated $25.0 million and represented 67% of total revenue, up from $21.9 million and 55% in the prior year. This shift toward larger enterprise relationships is improving the quality and durability of our revenue base. We also saw continued progress across our key growth drivers including Google Cloud related and integration-led revenue. These areas are central to how we expand within existing clients and build a more scalable business.
Operationally, our focus remains consistent, connecting customer and finance data to measurable outcomes, proving value early, and scaling through repeatable delivery. With our integration now complete and NowUnlock launched, we are focused on executing against this model with discipline as we move into 2026."
Selected Financial Highlights for the Three Months and Year ended December 31, 2025:
Revenue was $9.7 million in the three months ended December 31, 2025 ("Q4 2025"), an 11% decrease from $10.9 million for the three months ending December 31, 2024 ("Q4 2024"), mainly due to a devaluation of the Argentine peso resulting in a $0.5 million deflation of revenue and a decrease in reseller revenue. Revenue for the year ended December 31, 2025 ("FY 2025") was $37.3 million, a 5% decrease from $39.4 million over the year ended December 31, 20241 ("FY 2024"), mainly due to a $2.1 million Argentine peso devaluation, a decrease in reseller revenue and the Chile restructuring.
Gross Profit came in at a 53% margin in Q4 2025, an increase from 52% in Q4 2024 and was $5.1 million in Q4 2025, a 9% decrease from $5.7 million in Q4 2024 and was $18.8 million FY 2025, an 8% decrease from $20.5 million FY 20241. The decreases were mainly due to the Argentine peso devaluation and decrease in reseller revenue.
Administrative Expenses were $5.3 million in Q4 2025, a 79% increase from $3.0 million in Q4 2024 mainly due to higher share-based compensation granted to employees and severance costs. Administrative expenses were $16.4 million in FY 2025, a 2% increase from $16.2 million FY 20241.
Income (loss) from Operations was ($0.1) million in Q4 2025, a 105% decrease from $2.7 million in Q4 2024 and was $2.4 million in FY 2025, a 45% decrease from $4.3 million FY 20241 driven by an increase in share-based compensation expense.
Adjusted EBITDA was 19% of revenue at $1.8 million in Q4 ...
