ACCESS Newswire Inc (ACCS) 2025 Q4 法說會逐字稿

Welcome to Access Newswire's fourth quarter and year-ended 2025 earnings conference call.

歡迎參加 Access Newswire 2025 年第四季及全年財報電話會議。

My name is Charlie Terenzio, and I lead product in our PR Optimizer team here at Access Newswire. I joined in 2019 from the newswire.com business, where I led the PR optimizer team along with marketing, brand, and product strategy, and I'm fortunate that many of the talented people I worked alongside then are still building with us today. Their passion and commitment have been a driving force behind everything we've accomplished.

我叫 Charlie Terenzio，目前在 Access Newswire 負責我們 PR Optimizer 團隊的產品工作。我於 2019 年從 newswire.com 業務加入，當時我領導 PR Optimizer 團隊，並同時負責行銷、品牌與產品策略；很幸運地，我當年共事的許多優秀人才至今仍與我們一同打造產品。他們的熱情與投入，一直是推動我們達成各項成果的重要動力。

From day one, the Access Newswire team welcomed us as partners, and bringing our teams together has made us a stronger, more innovative company. This past year has been transformational from our rebrand to the product advancements we've brought to market, and I can tell you we're just getting started. Our focus is clear. Give the world's largest brands the tools they need to lead in public relations storytelling and investor relations communications, and we're building that future right now.

從第一天起，Access Newswire 團隊就以夥伴身分歡迎我們，而將兩個團隊整合在一起，也讓我們成為更強大、更具創新力的公司。過去一年從品牌重塑到我們推向市場的產品進展，對我們而言是具轉型意義的一年；我可以告訴各位，這才剛開始。我們的聚焦方向很明確：為全球最大品牌提供其在公關敘事與投資人關係溝通中保持領先所需的工具，而我們正在打造那個未來。

But before we begin, I'd like to remind everyone that statements made in this conference call concerning future revenues, results from operations, financial position, markets, economic conditions, product releases, partnerships, and any other statements that may be construed as predictions of future performance or events are forward-looking statements.

但在開始之前，我想提醒各位，本次電話會議中關於未來營收、營運結果、財務狀況、市場、經濟情勢、產品發佈、合作夥伴關係，以及任何其他可能被視為對未來表現或事件之預測的陳述，均屬前瞻性陳述。

These statements involve known and unknown risks and uncertainties that may cause actual results to differ materially from those expressed or implied by such statements. We will also discuss certain non-GAAP financial measures which are provided for informational purposes and should be considered in addition to, not as a substitute for GAAP results.

這些陳述涉及已知與未知的風險與不確定性，可能導致實際結果與該等陳述所明示或暗示者存在重大差異。我們也將討論若干非 GAAP 財務衡量指標，該等指標僅供資訊參考，應與 GAAP 結果一併考量，而非用以取代 GAAP 結果。

With that said, I'll turn the call over to our founder and Chief Executive Officer, Brian Balbirnie; and our Chief Financial Officer Steve Knerr.

在此之後，我將把電話會議交給我們的創辦人暨執行長 Brian Balbirnie，以及我們的財務長 Steve Knerr。

Thank you, Charlie. Not only has it been a pleasure getting to know you since the Newswire acquisition, but having you a part of the team in the product leadership capacity has ignited so many things that we wanted to do here for years. For those of you that do not know, along with our development team, Charlie is leading the transformation of our subscription product innovation, putting us in an amazing place not only to compete for wallet share, but also have a seat at the table in a first to market innovation. Good morning everyone and thank you for joining us today to review Access Newswire's 4th quarter and full year 2025 results. Steve and I are grateful for your continued engagement and support as we close out what has been a truly transformational year for this company. Our fourth quarter results cap off a year of defined by strategic focus, operational improvement, and meaningful progress in building a subscription-first business. We deliver consistent year over year revenue, meaningful expansion of profitability, and continued operational discipline, all while investing in the platform innovations that position us for an exciting 2026.

謝謝你，Charlie。自 Newswire 併購以來，能夠認識你是一件很愉快的事；而你以產品領導的角色加入團隊，更點燃了許多我們多年來一直想在這裡推動的事情。對於不熟悉的各位，Charlie 與我們的開發團隊一起，正領導我們訂閱制產品創新的轉型，讓我們不僅在爭取客戶錢包份額上處於極佳位置，也能在率先上市的創新上占有一席之地。各位早安，感謝今天加入我們，一同回顧 Access Newswire 2025 年第四季及全年業績。Steve 和我很感謝各位持續的參與與支持，讓我們得以為公司這個真正具轉型意義的一年畫下句點。我們第四季的成果為這一年收尾：這一年以策略聚焦、營運改善，以及在打造「訂閱優先」業務上取得實質進展為特徵。我們實現了穩健的年對年營收表現、顯著的獲利能力擴張與持續的營運紀律，同時也投資於平台創新，為令人期待的 2026 年奠定基礎。

Revenue for the quarter came in at $5.8 million up approximately 100,000 sequentially and essentially flat year over year. Adjusted dividend increased slightly to $881,000 from 871,000, representing a 15% of revenue. Gross margin continued to be strong at 77%, up from 75% in the same quarter of last year.

本季營收為 580 萬美元，較前一季約增加 10 萬美元，年對年基本持平。調整後股利略增至 88.1 萬美元（前期為 87.1 萬美元），約占營收的 15%。毛利率維持強勁，為 77%，高於去年同期的 75%。

Before I hand it to Steve, I wanted to highlight a few metrics that demonstrate the continued health of our business. Total active customers grew to 12,802, up from 12,445 in Q3 and up 4% year over year. Average reoccurring revenue per subscription customer also increased year over year from 10,844 to 12,534. That's up 16% year over year, reflecting continued upsell success and platform adoption. Looking at the prior quarter, we still saw an 8% increase in ARR sequentially.

在交給 Steve 之前，我想強調幾項指標，以展現我們業務持續健康的狀況。活躍客戶總數成長至 12,802 位，高於第三季的 12,445 位，年對年成長 4%。每位訂閱客戶的平均經常性收入也年對年由 10,844 增至 12,534，年對年成長 16%，反映我們持續成功的加購（upsell）以及平台採用率提升。與前一季相比，我們的 ARR 仍呈現季增 8%。

Steve will now discuss the fourth quarter in year end in 2025 for you. Then I'd like to come back and discuss what we've been up to in Q4 and what we've been doing here in Q1, about our product enhancements and what is in store for our customers in 2026. Steve, I'll hand it over to you.

接下來 Steve 將為各位說明 2025 年第四季與全年表現。之後我會再回來談談我們在第四季做了哪些事，以及第一季正在進行的工作，包括產品強化，以及 2026 年將為客戶帶來哪些內容。Steve，交給你。

Sir.

是。

Thank you, Brian, and good morning everyone. As Brian mentioned, this has been a transformational year for us, and Q4 was another quarter of generating solid operating margins and cash flow.

謝謝你，Brian，各位早安。如 Brian 所提到，這一年對我們而言是具轉型意義的一年，而第四季也再次展現我們能夠創造穩健的營業利益率與現金流。

I'll now discuss some of the details which led to these results.

接下來我將說明促成這些結果的一些細節。

Total revenue for the fourth quarter of 2025 was $5.8 million a decrease of $27,000 compared to the same period of 2024, making revenue for the full year of 2025 $22.6 million a decrease of $438,000 or 2% from $23.1 million in 2024. Core press release revenue is up approximately 2% from the same quarter of the prior year and 1% for the full year of 2025 compared to 2024. The increase for the quarter is due to higher volume. However, volume was slightly lower on a full year basis compared to the prior year.

2025 年第四季總營收為 580 萬美元，較 2024 年同期減少 2.7 萬美元；因此 2025 年全年營收為 2,260 萬美元，較 2024 年的 2,310 萬美元減少 43.8 萬美元，或 2%。核心新聞稿營收較去年同期約成長 2%，而 2025 年全年相較 2024 年成長 1%。本季的成長主要來自更高的發稿量；然而以全年來看，發稿量較前一年略低。

The increase in press release volume was more than offset by decreases in pro plan revenue, webcasting, and IR website revenue.

新聞稿發稿量的增加，已被專業方案（Pro plan）營收、網路直播（webcasting）以及投資人關係（IR）網站營收的下滑所抵銷。

Overall revenue from subscriptions increased to 53% during the quarter compared to 45% during the same quarter of the prior year.

整體而言，訂閱收入占比在本季提升至 53%，高於去年同期的 45%。

Gross margin percentages improved during the 4th quarter and full year of 2025, increasing to 77% for both periods compared to 75% and 76% for the fourth quarter and full year of 2024 respectively.

2025 年第四季與全年毛利率皆有所改善，兩個期間均提升至 77%，相較之下，2024 年第四季與全年分別為 75% 與 76%。

The increase in gross margin percentage is primarily due to lower headcount, due to increased efficiency within our operational teams and systems, partially offset by increased distribution costs as we continue to expand our distribution footprint.

毛利率提升主要來自人力編制降低，係因我們營運團隊與系統效率提升；但部分被配送成本上升所抵銷，因我們持續擴大配送覆蓋範圍。

Gross margin for the fourth quarter of 2025 increased $107,000 or 2% to $4.5 million and gross margin for the full year decreased $126,000 or 1% to $17.3 million primarily due to the decline in revenue for the year.

2025 年第四季毛利增加 10.7 萬美元（或 2%）至 450 萬美元；而全年毛利則減少 12.6 萬美元（或 1%）至 1,730 萬美元，主要原因是全年營收下滑。

Moving down the income statement to operating loss, we posted an operating loss of $761,000 for the fourth quarter of 2025 and $1.9 million for the full year of 2025 compared to operating losses of $14.3 million and $16.3 million during the same period of 2024.

往下看損益表的營業損失，我們 2025 年第四季的營業損失為 76.1 萬美元，2025 年全年為 190 萬美元；相較之下，2024 年同期的營業損失分別為 1,430 萬美元與 1,630 萬美元。

The primary reason for the decrease in operating loss is related to an impairment loss of $14.15 million recorded during the fourth quarter of 2024 related to reducing the estimated useful life of the Newswire trade name as a result of our rebranding during the first quarter of 2025.

營業損失下降的主要原因，是 2024 年第四季認列了 1,415 萬美元的減損損失，該減損與我們於 2025 年第一季進行品牌重塑後，調降 Newswire 商標名稱之估計耐用年限有關。

Removing impairment losses, total operating expenses increased $446,000 or 10%, during the fourth quarter of 2025 as compared to the same quarter of the prior year.

若排除減損損失，2025 年第四季的營業費用總額較去年同期增加 44.6 萬美元（或 10%）。

This increase is primarily the result of a one-time cost associated with the settlement of a contract of approximately $336,000 and an increase in advertising and trade show expenses as we launched Press Release.com and focused on our new branding.

此增加主要來自一筆與合約和解相關的一次性成本，約 33.6 萬美元，以及在我們推出 Press Release.com 並聚焦新品牌之際，廣告與展會費用的增加。

For the full year of 2025, total operating expenses decreased to $674,000 or 3% as compared to 2024, primarily due to a decrease in headcount in our sales and marketing teams earlier in the year, as well as lower product and development consulting expenses.

2025 年全年營業費用總額較 2024 年減少 67.4 萬美元（或 3%），主要由於年初我們銷售與行銷團隊的人力編制下降，以及產品與開發顧問費用降低。

Operating expenses for the full year of 2024 also included a benefit to stock compensation expense of $340,000 related to the resignation of an executive officer.

2024 年全年營業費用亦包含一筆 34 萬美元的股份基礎給付費用利益，與一位高階主管離職相關。

During the fourth quarter of 2025, we recorded an impairment charge of $250,000 related to our right of use asset and leasehold improvements due to a sublease we executed in December. Execution of the sublease will save us approximately $80,000 per quarter.

在 2025 年第四季，由於我們於 12 月簽訂並執行了一項轉租（sublease），我們就使用權資產（right of use asset）及租賃裝修（leasehold improvements）認列了 250,000 美元的減損費用。執行該轉租預計可為我們每季節省約 80,000 美元。

As previously noted in Q4 of 2024, we recorded an impairment charge of $14.15 million associated with the Newswire trade name.

如先前於 2024 年第四季所述，我們就 Newswire 商標名稱（trade name）認列了 1,415 萬美元的減損費用。

On a GAAP basis, we reported a loss from continuing operations of $509,000 or $0.13 per diluted share during the fourth quarter of 2025, compared to a net loss of $11 million or $2.85 per diluted share during the fourth quarter of 2024. For the full year of 2025, net loss from continuing operations was $1.6 million or $0.40 per diluted share compared to a net loss of $13.3 million or $3.47 per diluted share in 2024. Again, the decrease in loss from continuing operations was primarily a result of the impairment charge recorded during the 4th quarter of 2024.

按 GAAP 基礎計算，我們於 2025 年第四季持續營業業務（continuing operations）虧損為 509,000 美元，或每股稀釋虧損 0.13 美元；相較之下，2024 年第四季為淨虧損 1,100 萬美元，或每股稀釋虧損 2.85 美元。2025 全年，持續營業業務淨虧損為 160 萬美元，或每股稀釋虧損 0.40 美元；相較之下，2024 年為淨虧損 1,330 萬美元，或每股稀釋虧損 3.47 美元。再次強調，持續營業業務虧損減少主要係因 2024 年第四季所認列的減損費用所致。

There is no activity for discontinued operations during the 4th quarter of 2025 other than adjusting income tax expense related to the sale of the compliance business.

2025 年第四季，停業部門（discontinued operations）除就出售合規（compliance）業務相關之所得稅費用進行調整外，並無其他活動。

During the fourth quarter of 2024, we recorded income from the compliance business of $750,000 net of taxes, which was approximately $0.19 per diluted share.

在 2024 年第四季，我們認列合規業務稅後收入 750,000 美元，約為每股稀釋 0.19 美元。

For the full year of 2025, net income from discontinued operations was almost $6 million or $1.51 per diluted share compared to $2.5 million or $0.65 per diluted share for 2024.

2025 全年，停業部門淨利接近 600 萬美元，或每股稀釋 1.51 美元；相較之下，2024 年為 250 萬美元，或每股稀釋 0.65 美元。

Looking through some non-GAAP metrics, Q4 2025 EBITDA was $251,000 or 4% of revenue, compared to $770,000 or 13% of revenue for the fourth quarter of 2024. Full year 2025 EBITDA was $1.3 million or 6% of revenue, compared to $840,000 or 4% of revenue for 2024.

從部分非 GAAP 指標來看，2025 年第四季 EBITDA 為 251,000 美元，約占營收 4%；相較之下，2024 年第四季為 770,000 美元，約占營收 13%。2025 全年 EBITDA 為 130 萬美元，約占營收 6%；相較之下，2024 年為 840,000 美元，約占營收 4%。

Adjusted EBITDA increased to $881,000 or 15% of revenue for the fourth quarter of 2025 compared to $871,000 also 15% of revenue for the fourth quarter of 2024. And for the full year of 2025, adjusted EBITDA increased to $3.2 million or 14% of revenue, compared to $1.8 million or 8% of revenue in 2024.

2025 年第四季調整後 EBITDA（Adjusted EBITDA）增加至 881,000 美元，約占營收 15%；相較之下，2024 年第四季為 871,000 美元，同樣約占營收 15%。而 2025 全年，調整後 EBITDA 增加至 320 萬美元，約占營收 14%；相較之下，2024 年為 180 萬美元，約占營收 8%。

Non-GAAP net income for the fourth quarter of 2025 was $675,000 or $0.17 per diluted share compared to $819,000 or $0.21 per diluted share in the fourth quarter of 2024. For the full year of 2025, non-GAAP net income increased to $2.2 million or $0.57 per diluted share compared to $720,000 or $0.19 per diluted share during the full year of 2024.

2025 年第四季非 GAAP 淨利為 675,000 美元，或每股稀釋 0.17 美元；相較之下，2024 年第四季為 819,000 美元，或每股稀釋 0.21 美元。2025 全年，非 GAAP 淨利增加至 220 萬美元，或每股稀釋 0.57 美元；相較之下，2024 全年為 720,000 美元，或每股稀釋 0.19 美元。

Turning our attention to the cash flow statement and balance sheet, we ended the quarter with $3 million of cash on hand. Adjusted free cash flow for the fourth quarter of 2025 was $467,000 compared to $413,000 for the fourth quarter of 2024. For the full year of 2025, adjusted free cash flow was $1.3 million compared to $2.8 million during 2024. The year-to-date amount for 2025 includes over $2.2 million paid in taxes primarily related to the sales of the compliance business compared to only $342,000 paid during the prior year.

接著看現金流量表與資產負債表，我們於季末持有現金 300 萬美元。2025 年第四季調整後自由現金流（adjusted free cash flow）為 467,000 美元，相較 2024 年第四季為 413,000 美元。2025 全年調整後自由現金流為 130 萬美元，相較 2024 年為 280 萬美元。2025 年度迄今金額包含已支付超過 220 萬美元的稅款，主要與出售合規業務相關；相較之下，前一年度僅支付 342,000 美元。

Our deferred revenue balance, which is revenue we generally expect to recognize over the subsequent year, increased $522,000 or 11% to $5.3 million as of December 31, 2025 compared to $4.7 million as of December 31, 2024.

我們的遞延收入（deferred revenue）餘額（通常預期於後續一年認列為收入）截至 2025 年 12 月 31 日增加 522,000 美元（或 11%）至 530 萬美元；相較之下，截至 2024 年 12 月 31 日為 470 萬美元。

I will now turn it back over to Brian, who will provide some updates on the business, customers, and subscriptions and some new product development we have planned for 2026. Brian.

接下來我把時間交回給 Brian，他將就業務、客戶與訂閱情況，以及我們規劃於 2026 年推出的一些新產品開發提供最新進展。Brian。

Thanks Steve. Q4 capped off a year that I believe will define Access Newswire's future. We did virtually everything that we said we would do. We transformed the business, redefined the core offerings, and moved the business to majority reoccurring subscriptions, emerging leaner, more profitable, and a more innovative company. Now it's time to grow.

謝謝 Steve。第四季為我認為將定義 Access Newswire 未來的一年畫下句點。我們幾乎完成了我們說過要做的所有事情。我們轉型了業務、重新定義核心產品與服務，並將業務轉向以經常性訂閱為主，讓公司變得更精實、更具獲利能力，也更具創新。現在是成長的時候了。

For the full year 2025, as most of we accomplished the following. Completed the strategic rebrand to Axiss Newswire, divested our legacy compliance business, sharpening our focus, reduced debt by over 83%.

就 2025 全年而言，我們完成了以下多項成果：完成策略性品牌重塑為 Axiss Newswire、處分我們的傳統合規業務以聚焦核心、並將負債降低超過 83%。

Reduced OpEx, something we will continue to do into 2026, retooled our entire back office system and processes end to end, grew subscription revenue to approximately 53% of total revenue at the end of 2025, Increased ARR per subscriber by 16% year over year as we talked about previously.

降低營運費用（OpEx）——這也是我們將延續至 2026 年的工作；全面重新打造我們的後勤（back office）系統與端到端流程；在 2025 年底將訂閱收入提升至約占總營收的 53%；並如先前所述，使每位訂閱客戶的 ARR 年增 16%。

Deployed our AI editorial validation internally, saving 5% of editorial time per release. Launched our Access EDU and abatement study competition. Launched a sister brand rerelease.com with single circuit distribution that began marketing efforts here in Q1. This, coupled with the following updates here in Q1, have us hitting on virtually all cylinders, launching our AI validation that we previously released to our editors in a customer facing environment now called Access Verified.

在內部部署我們的 AI 編輯驗證（AI editorial validation），使每篇稿件發布可節省 5% 的編輯時間。推出 Access EDU 與減排（abatement）研究競賽。推出姊妹品牌 rerelease.com，提供單一迴路（single circuit）發布分發，並於第一季開始行銷推廣。再加上我們在第一季的以下更新，使我們幾乎全面火力全開：將先前提供給編輯使用的 AI 驗證，正式以面向客戶的形式推出，現稱為 Access Verified。

Social monitoring, a key new component of our subscription set that has set forth the path to see ARR increases at the beginning of Q2. This was initially released to thousands of EDU subscribers at the end of 2025. ARR increases of approximately 25% will be seen beginning Q2.

社群監測（social monitoring）是我們訂閱組合中的一項關鍵新元件，並已鋪陳在第二季初看到 ARR 提升的路徑。該功能於 2025 年底先行釋出給數千名 EDU 訂閱者。自第二季起，預計可看到約 25% 的 ARR 提升。

Marketplace, the beginning of several partnerships we believe will drive further awareness to our brand with companies like Hootsuite and many others to follow here in the coming quarters. And another one that I am a big fan of is Kill the Report. Our first version of this industry leading news distribution report gives our customers the ability to see. Real insights into their stories by way of peer content comparisons, brand sentiment, engagement potential, LLM citation scores, and recommendations. We have several levels of advancements planned here for release throughout 2026, but the takeaways are twofold. Customers will get better insight, no BS, reporting, as we will all see engagement in AR or Lyft and having an incremental add-on to this current customer subscription.

Marketplace：這是我們多項合作夥伴關係的起點，我們相信將與 Hootsuite 等公司（以及未來幾季陸續加入的其他夥伴）共同推動品牌能見度提升。另一項我非常喜歡的是 Kill the Report。我們此產業領先的新聞分發報告第一版，讓客戶得以看到其內容的真實洞察：透過同儕內容比較、品牌情緒、互動潛力、LLM 引用分數與建議。我們已規劃多個層級的進階功能，將於 2026 年陸續發布，但重點有兩個：客戶將獲得更好的洞察、沒有廢話的報告；同時我們也將看到互動度提升，並可在現有客戶訂閱上增加一項增量加購（add-on）。

There is so much planned we will talk about in the coming months on our Q1 call, all of which are part of our 2026 strategic goals and continued product innovation and brand development as an industry leader, which we continue to believe will move us towards our double-digit growth and further ARR projections. Speaking of subscribers and ARR updates, we ended Q4 2025 with 974 subscribing customers, up from 972 at the end of Q3 and 965 from Q4 of last year.

我們規劃的內容非常多，未來幾個月我們會在第一季電話會議中進一步說明；這些都屬於我們 2026 年的策略目標，以及持續的產品創新與作為產業領導者的品牌發展。我們仍相信這將推動我們邁向雙位數成長與更進一步的 ARR 展望。談到訂閱戶與 ARR 的最新情況，我們在 2025 年第四季結束時共有 974 位訂閱客戶，高於第三季末的 972 位，也高於去年第四季的 965 位。

While we adjusted and corrected our targets to 1,200 subscribers at the end of the year after accounting for the compliance business divestiture, we're not pleased with our churn and what we are today. We saw a slow second half to 2025. We sold 90 new customers in Q4 with an average ARR of 12,991. So, we're seeing ARR strong and we're doing some things to change our subscription platforms, pricing and what we believe will be go to market here in the back half of the year.

在考量處分合規業務後，我們將年底目標調整並修正為 1,200 位訂閱戶，但我們對目前的流失率（churn）與現況並不滿意。2025 年下半年表現偏慢。第四季我們新增 90 位新客戶，平均 ARR 為 12,991。也就是說，我們看到 ARR 仍然強勁；同時我們也正在採取一些措施，調整訂閱平台、定價，以及我們認為將在下半年推進的市場進入策略（go to market）。

Equally important, our AR per subscriber to Envyer came in at 12,534, which represents meaningful value expansion per customer and speaks to the depth of our platform adoption and cross-selling ability. And I think this is why it's vital for us to continue to innovate with things like social monitoring, Kill the report, and the marketplace I just discussed a few minutes ago. At the end of the prior quarter, we were at 11,651. This ultimately resulted in 8% sequential ARR growth and 16% year over year, as Steve and I said earlier. We expect subscription counts in the AR per subscriber to both accelerate in 2026, driven by new product suites launched at the end of the year and into this year as we continue to focus on our trade up and trade-in strategies.

同樣重要的是，我們 Envyer 每位訂閱者的 AR 為 12,534，這代表每位客戶的價值有顯著擴張，也反映出我們平台採用的深度以及交叉銷售能力。我認為這也是為什麼我們必須持續在社群監測、Kill the report，以及我在幾分鐘前提到的市集等方面不斷創新。上一季末我們為 11,651。最終如 Steve 和我先前所說，這帶來了 ARR 連續季增 8% 與年增 16%。我們預期 2026 年訂閱數與每位訂閱者 AR 都將加速成長，動能來自於年底及今年陸續推出的新產品套件，同時我們也將持續聚焦於 trade up 與 trade-in 策略。

Additionally, as we monitor the economic landscape here in Q1, we are testing lower subscription commitments to see if scaled user adoption exists and what products resonate best with the market. Having virtually a fixed cost application and product offering allows us the flexibility to mix and match solutions that find the best fits for new businesses, scale up brands. And enterprise. We think the first half of the year will tell us enough to understand the market and where we need to optimize as necessary. We look at economic factors in the industry and we use those economic factors to make decisions on budgets for our customers and this is why we think there could be an opportunity for a differentiation in our subscription products.

此外，當我們在第一季觀察經濟環境時，我們正在測試較低的訂閱承諾，以了解是否存在可規模化的使用者採用，以及哪些產品最能引起市場共鳴。由於我們的應用與產品供給幾乎屬於固定成本，讓我們能更有彈性地混搭解決方案，為新創企業、成長型品牌與企業客戶找到最合適的組合。我們認為上半年將提供足夠資訊，讓我們理解市場狀況以及必要時需要在哪些地方進行最佳化。我們會觀察產業中的經濟因素，並運用這些因素來協助客戶做預算決策，這也是為什麼我們認為在訂閱型產品上可能存在差異化機會。

New product launches end of Q4 and end of Q1 2026. To expand on what I said earlier, one of the most exciting chapters in Access Newswire's story is now underway. The investments we have made throughout our 2025 year in platform infrastructure, AI, and integrations are now converting into customer facing products. I want to walk you through what we've launched that I briefly talked about earlier and what is coming here in Q1 and into the rest of the year. Our Axiss PR subscription platform now has real-time social monitoring. In late Q4, we completed this major upgrade into our Access PR subscription, integrating real-time monitoring and sentiment analysis across more than 30 social media platforms. Customers can now track mentions, measurements, earn media value, and understand brand sentiment impact, not only for them, but the competitive core of what they're going to market against, all within the same dashboard they use to distribute their press releases today. This upgrade was launched here in Q1 and has defined AR left beginning in Q2 next month as we talked about earlier. And really outside of prepared remarks, just for us to tell you something competitively as you look at this. If we think about the other three news wires, not any one of them in a single platform offers not only media pitching, monitoring database, but Social all in one system. They tend to allow you to log in to different platforms, and we think that is a significant advantage for us as we go to market fully now after the total addressable opportunities for us. These key capabilities include real-time brand monitoring across 30 plus social media digital channels, sentiment scoring, and automated alerts for brand and campaign activity, earned media value analytics tied directly to press release distribution and our kill the report functions. Marketplace add-ons to integrate one of the world's largest social media management platforms, Hootsuite, enabling customers to schedule, publish, analyze content across multiple networks, and distribute with Hootsuite in a matter of seconds, all automated through their Access PR subscriptions.

新產品於第四季末與 2026 年第一季末推出。延伸我先前所說，Access Newswire 故事中最令人振奮的新篇章之一正在展開。我們在 2025 年於平台基礎設施、AI 與整合方面所做的投資，現在正轉化為面向客戶的產品。我想帶各位看看我們已推出、我先前簡要提到的內容，以及第一季與今年其餘時間即將推出的項目。我們的 Axiss PR 訂閱平台現在具備即時社群監測功能。在第四季末，我們完成了對 Access PR 訂閱的一項重大升級，整合了跨 30 多個社群媒體平台的即時監測與情緒分析。客戶現在可以追蹤提及、衡量指標、計算贏得媒體價值（earned media value），並理解品牌情緒影響，不僅針對自身，也能針對其在市場上競爭的核心對手；而且全部都在同一個儀表板中完成——也就是他們今天用來發布新聞稿的同一個儀表板。這項升級已於第一季推出，並如我們先前所談，將在下個月第二季開始帶動 AR 的提升。再補充一點，這不是在準備稿裡的內容，而是從競爭角度讓各位理解：如果我們看其他三家新聞通訊社，沒有任何一家能在單一平台同時提供媒體投遞（media pitching）、監測資料庫，以及社群功能的一體化系統。他們通常需要登入不同平台，而我們認為這將成為我們全面推向市場、把握總可服務市場機會（TAM）時的一項重大優勢。這些關鍵能力包括：跨 30+ 社群媒體數位渠道的即時品牌監測、情緒評分，以及針對品牌與活動動態的自動化警示；與新聞稿發布直接連結的贏得媒體價值分析，以及我們的 kill the report 功能。市集外掛可整合全球最大的社群媒體管理平台之一 Hootsuite，使客戶能在多個網路上排程、發布、分析內容，並在數秒內透過 Hootsuite 進行分發；所有流程皆透過其 Access PR 訂閱自動化完成。

This product directly addresses one of the most requested features from our enterprise and scale up customers, and we expect this to be a meaningful driver to our AR expansion and new customer acquisition here this year.

這項產品直接回應了我們企業客戶與成長型客戶最常提出的功能需求之一，我們預期它將在今年成為推動 AR 擴張與新客戶獲取的重要動能。

To further expand on what I call kill the report, it is an AI powered real-time prompting and alert-based brand activity content performance engine. It measures your distribution reach. This product is directly in response to long-standing industry frustration, which is misleading distribution metrics that all of the press release service providers provide today and have for 80 years. We believe this is a differentiation that the market has never seen, and Axiss Newswire is meaningfully passionate about having this competitive product replacement for a typical distribution report of something that will measure your brand in the future and beyond.

進一步說明我所稱的 kill the report：它是一個由 AI 驅動、即時提示（prompting）與警示（alert）為基礎的品牌活動與內容表現引擎。它會衡量你的分發觸及範圍。這項產品是直接回應產業長期以來的挫折——也就是所有新聞稿服務供應商在過去 80 年一直提供的、具誤導性的分發指標。我們相信這是市場前所未見的差異化，而 Axiss Newswire 對於以這項具競爭力的產品，取代典型的分發報告、並在未來及更長遠的時間衡量你的品牌，抱持高度熱忱。

It gives you a point in time report builder that executes real summaries by one click. It's full data transparency. All metrics surface directly from our customers, eliminating implied opaque reporting. And what this really means is there's no implied this is your traffic. There's no implied this is your total audience. It is real analysis done at the captured moment of the 5 days, at the 1 week marker, 30 days, and custom reporting if you wish. We made good on our commitment. To kill the report, this agentic AI-driven reporting system replaces the outdated static distribution report that I just talked about with a living real-time intelligence layer for our customers. We're not only planning to make this product optional as an upgrade, but also anticipated several meaningful quarterly updates and advancements to drive further value to our customers. This is going to be done in our platform in real time with our agent Builder solution that is a big competitive advantage for us that we'll talk about in the coming quarters.

它提供一個「特定時間點」的報告建置器，只需一鍵即可產出真正的摘要，並具備完整的資料透明度。所有指標都直接來自我們的客戶，消除那種暗示性、且不透明的報告方式。這真正代表的是：不再是「暗示」這是你的流量，也不再是「暗示」這是你的總受眾；而是在 5 天、1 週、30 天等已捕捉的時間點做真實分析，並可依需求進行自訂報告。我們兌現了承諾。Kill the report 這套具代理式（agentic）AI 驅動的報告系統，以一個「活的」即時智慧層，取代我剛才提到的過時、靜態分發報告。我們不僅計畫將此產品作為可選的升級項目，也預期每季會推出數項重要更新與進展，以為客戶帶來更多價值。這將透過我們平台中的 agent Builder 解決方案即時完成，這是我們的一大競爭優勢，我們會在接下來幾季進一步說明。

Our AI. Editorial assistant. It became customer facing. As many of we've done it internally for a while. This gives our customers the ability to create and draft their story or press release and allow our access verified systems in to analyze content, analyze compliance and market data trends to ensure that the press release adheres to all of our distribution partners' requirements, as well as our editorial standards. It provides comments and suggestions to the customer on what they can do to improve, all in real time. Or they have the option to bypass. Still, regardless, we will never ever defer human editorializes at least twice on every press release. This access verified system gives our customers the ability to scale and rank and understand the sentiment before submission. We think it's going to be a significant drop. And to be fair to our customer and the advancement, it also gives us a significant competitive advantage where we then have fixed cost distribution scale where we can handle growth without any incremental costs, further boosting our gross margins like we have from 75% till today at the end of the year it's 77%. The customer facing AI editorial assistant offers an automated content review and accuracy tone and compliance before submission. This proprietary AI-driven recommendation that improves clarity, AEO and LLM impact, and wire readiness. Misinformation and disinformation has been big for us for years, and this also flags and continues our commitment to content integrity, not only for the markets, but our customers and our brand itself, as well as provides real-time readability scoring with peer benchmarking. We have already 4 or 5 versions of this slated for this year of upgrades that customers will continue to get, and we love the feedback from them because it helps drive that product even more for them.

我們的 AI 編輯助理已成為面向客戶的功能。過去一段時間我們已在內部使用。它讓客戶能建立並撰寫其故事或新聞稿，並讓我們的 access verified 系統進行內容分析、合規性分析與市場數據趨勢分析，以確保新聞稿符合所有分發合作夥伴的要求，以及我們的編輯標準。它會即時提供評論與建議，告訴客戶可以如何改進；或者客戶也可以選擇略過。儘管如此，我們永遠不會省略人工編輯——每一篇新聞稿至少都會進行兩次人工編輯。這套 access verified 系統也讓客戶能在提交前進行規模化處理、排序，並理解情緒。我们認為這將帶來顯著下降（significant drop）。同時，為了對客戶與技術進展保持公平地說，這也帶給我們顯著的競爭優勢：我們擁有固定成本的分發規模，能在不增加任何增量成本的情況下承接成長，進一步提升毛利率——正如我們從 75% 提升到今年年底的 77%。面向客戶的 AI 編輯助理在提交前提供自動化內容審查、準確性、語氣與合規檢查。這項專有的 AI 驅動建議可提升清晰度、AEO 與 LLM 影響力，以及 wire readiness（上線/上稿就緒度）。多年來，錯誤資訊與惡意資訊一直是我們關注的重點，而此功能也會進行標記並延續我們對內容完整性的承諾——不僅對市場，也對客戶與我們自身品牌；同時也提供即時可讀性評分與同業基準比較。我們今年已規劃 4 到 5 個版本的升級，客戶將持續獲得更新；我們也很重視他們的回饋，因為這能進一步推動產品為他們帶來更多價值。

Early customers have said this has been exceptional for them. It's saved them significant time. It's got additional review cycles and improved confidence scoring and provide better engagement for them. So as we see and continue that, look for some white papers coming that we're going to talk about how this is leading an industry rather than following.

早期客戶表示，這對他們來說非常出色，為他們節省了大量時間，增加了額外的審閱循環、提升了信心評分，並帶來更好的互動成效。因此，隨著我們持續觀察與推進，請留意接下來我們將發布的一些白皮書，我們會談到這如何引領產業，而不是跟隨。

Something else that we've mentioned in the past very briefly, and you may have seen a lot of it on LinkedIn and social media channels was PRSSA, the Public Relations Society of America. Every year has something called the Bateman Competition. And this year's Bateman, product company selected was us, Access Newswire. Out of that, we built something quick to market in less than 90 days in Q4 called Access EDU. It was to address the Bateman competitors, which are several schools we'll talk about in a second, but it gave real life students in the classroom the ability to use our product to not only teach from a professor's standpoint but also arm these seniors with the ability to understand public relations as it sits from a technology, a storytelling process, a media pitching process, and everything else. So the result, we expanded the program to over 2000 students, over 100 universities, many of which were a part of the official PS. Bateman study I just spoke about, it kicked off here at the beginning of this quarter. These students have full access to our PR platform, including the new social monitoring and AI editorial tools as part of their competition campaigns. The initial service is dual purpose. It gives back to the next generation of communication professionals while creating a pipeline of future access customers who graduate with hands-on experience on our platform. We view the EDU program as a long-term growth channel and brand building investment. That will compound over time. Early indications have seemed strong as we have seen handfuls of schools and their PR agencies enter into our pipeline and current quarter, as well as closed deals in this first quarter as well that we'll talk about next quarter. We'll look forward to sharing the Bateman winner as we go through judging here in the next couple of weeks and stay tuned to the press release on what that's going to look like. We're also going to plan to release several upgrades to ADU program. This is not just about Bateman. This is about institutionalizing ourselves within the education system. To be a part of the syllabus for the PR schools, so a live classroom training and certifications for graduating students will be had from Access Newswire's infrastructure. This will drive future revenues in many ways. One, graduating students will carry them to and their certificates into the workforce and bring Access Platform with them. And second, our platform is the leading PR tool gained by university department Trust. With that opportunity, we'll come licensing from other departments within the university systems and educational platforms to use our public relations storytelling, platform.

我們過去曾非常簡短地提過另一件事，你可能也在 LinkedIn 與社群媒體渠道上看過很多相關內容，那就是 PRSSA（美國公共關係學會 Public Relations Society of America）。每年都有一個稱為 Bateman Competition（巴特曼競賽）的活動。而今年 Bateman 所選定的產品公司就是我們 Access Newswire。基於此，我們在第四季（Q4）於不到 90 天內打造並快速上市了一個產品，名為 Access EDU。它是為了因應 Bateman 參賽者而設計的——參賽者來自多所學校，我們稍後會談到——同時也讓教室裡的真實學生能夠使用我們的產品：不僅從教授的教學角度來授課，也讓這些高年級學生具備能力，從科技、敘事流程、媒體提案（media pitching）流程以及其他各面向，理解公共關係的運作。因此，我們將該計畫擴展到超過 2,000 名學生、超過 100 所大學，其中許多都是我剛提到的官方 PS Bateman 研究的一部分；該計畫在本季初於此正式啟動。這些學生可完整使用我們的 PR 平台，包括新的社群監測與 AI 編輯工具，作為其競賽活動的一部分。這項初始服務具有雙重目的：一方面回饋下一代傳播專業人才，另一方面建立未來 Access 客戶的管道，讓他們在畢業時已具備在我們平台上的實作經驗。我們將 EDU 計畫視為長期成長渠道與品牌建設投資，並會隨時間產生複利效應。早期跡象相當強勁：我們看到有一些學校及其 PR 代理商在本季進入我們的銷售管道，同時在第一季也有成交案，我們將在下季再談。我們也期待在接下來幾週進入評審流程時，分享 Bateman 的得獎者，並請留意新聞稿，了解最終會呈現什麼樣的結果。我們也計畫釋出多項 ADU 計畫的升級。這不只是關於 Bateman，而是要把我們制度化地嵌入教育體系之中，成為 PR 學院課綱（syllabus）的一部分，讓 Access Newswire 的基礎設施提供現場課堂訓練與畢業生認證。這將以多種方式帶動未來營收：第一，畢業生會把證書帶入職場，並把 Access 平台一併帶進去；第二，我們的平台是大學系所信任的領先 PR 工具。藉由這個機會，我們也將推動大學體系內其他系所與教育平台的授權（licensing），使用我們的公共關係敘事平台。

For context, there are almost 50 schools, 2,600 students. There are 350 faculty members and teachers, and there are PR professionals totaling another 128 that are associated with the schools and this agency relationship that have all been using our tools for the better part of the last 4 months. The potential value here for us in moving all schools into our AR model, as well as thousands of students as they move into their careers, we have the potential to be their PR solution of choice for the certification program we just talked about. Although significant brand was built from the Q4 and early into Q1, we feel strongly that this EDU program is a long-term investment, as we just said, where we'll begin to see revenue contributing mid 2006, 2026, sorry. And lastly, release.com, we talked about in our last call briefly, has an entirely new concept for us. We expect to see the brand continue to gain traction beyond the small contributions it had in Q4, where we saw about 100 new customers and about $40,000 in revenue for about a 4 or 5 week period.

補充背景：目前約有 50 所學校、2,600 名學生；有 350 名教職員與老師；另有合計 128 名 PR 專業人士，與這些學校及其代理商合作關係相關，並在過去約 4 個月的大部分時間都在使用我們的工具。對我們而言，若能將所有學校納入我們的 AR 模式（以及在數千名學生進入職涯後持續使用），我們有機會成為他們在我們剛提到的認證計畫中的首選 PR 解決方案。雖然我們在 Q4 與 Q1 初期建立了顯著的品牌聲量，但我們仍堅信這個 EDU 計畫是一項長期投資；正如我們所說，我們將在 2006 年中期開始看到營收貢獻——抱歉，是 2026 年中期。最後，release.com（我們在上次電話會議中簡短提到）對我們而言是一個全新的概念。我們預期該品牌將持續獲得更多動能，超越其在 Q4 的小幅貢獻；當時我們在約 4 到 5 週期間看到約 100 位新客戶，並帶來約 40,000 美元的營收。

Half of those customers came back to repurchase, which is a good indicator for us. Going into this year, we expect the brand and its personality, the press release parrot, will come to life as not only the first single circuit press release platform available to purchase right online, but our technology will also allow us to do this. The only ones allowed to do this to be agile enough to trend.

其中有一半的客戶回來再次購買，這對我們而言是個良好指標。進入今年，我們預期該品牌及其個性化形象——新聞稿鸚鵡（press release parrot）——將真正活躍起來：不僅成為第一個可直接在線上購買的單次（single circuit）新聞稿平台，我們的技術也將使我們能做到這一點。我們是唯一被允許這麼做、並且足夠敏捷以跟上趨勢的業者。

As the most predominant wire service available today. We have a competitive advantage to scale up this new business. When maturity and need arises, our access main brand will be there to convert these customers into subscriptions into full ARR, whereas today rerelease.com is our feeder for new customers that want to start with just one press release.

作為當今最具主導地位的通訊社（wire service），我們具備擴大這項新業務規模的競爭優勢。當客戶需求與成熟度提升時，我們的 Access 主品牌將在那裡把這些客戶轉換為訂閱制、轉為完整的 ARR；而在今天，rerelease.com 是我們的新客戶導流入口，服務那些只想先從一篇新聞稿開始的客戶。

If I move along to trends in 2026 and outlook, the combination of Q4 financial performance and our new product momentum gives us real confidence heading into 2026. We entered the year with revenue growth, expanding gross margins, and Aar space that is growing in both volume and value per customer. Albeit some of these metrics are not as high as we'd all like. We're building significant confidence. Within our organization and in our customer install base that we can continue to see this growing and growing. Our AR per employee continued to trend upwards this year. It's a metric that we look at internally. The divestiture of the compliance business combined with our team's rebuilding efforts and sales and the productivity gains from our AR automation position us well to achieve more in the future. To summarize our position entering into 2026, we delivered on almost every major operational commitment we made at the start of the year absent of our number of subscribers. Our AR per subscriber exceeded 12,500, up 16% year over year, as we said, a clear sign that our platform value is resonating. We have launched and or are launching 5 meaningful product capabilities to expand our TA and increase subscription values. The balance of these we'll talk about in our next call. And we also entered 2026 with a clear balance sheet, a focused team that is ready to execute on growth rather than divestiture and retooling the business. Looking ahead in 2026 as well, our focus is clear and centered on topline growth driven by subscription expansion, new product monetization, and enterprise customer acquisition. Subscription customers, we are targeting to reach up to 1,500 subscriber customers by the end of 2026. They are our first subscriber, we expect to continue to expand on our enterprise base, and we will message this new test that we're doing on a small startup scale-up brand. Subscription. Adjusted EBITA, we expect to move adjusted EBITA margins into the mid to high 10s by the second half of this year as we've messaged and analyst recommendations show. Product momentum, full modernization of the enterprise bundle, all AI editorial assistants and the Killer Report platform. Through Q1 and into the full year. What this essentially means is a $10,000 to $12,000 subscription becomes $14,000 to $15,000 fairly quickly when customers upgrade to these new features. We've got a backlog of significant product advancements that are going to continue to be had that will evolve our subscription business entirely different than it is today that it will be by the end of 2026. Access Newswire is becoming a stronger, more predictable and more profitable business. We said we would transform and we did. Now it's time to grow. It's on us and we are ready. Something else I want to touch on in the state of the software industry, in the last couple of months, collectively, we've seen billions of dollars in market cap value wiped away from large enterprises like Adobe and Microsoft and Salesforce, in combination.

如果我接著談 2026 年的趨勢與展望，Q4 的財務表現與我們新產品的動能結合，讓我們對邁入 2026 年充滿信心。我們以營收成長、毛利率擴張，以及在客戶數量與單一客戶價值上都在成長的 Aar（應為 ARR）基礎進入新年度。儘管其中一些指標未達我們所有人期望的高度，但我們正在建立強烈信心——在組織內部以及在既有客戶安裝基礎（install base）中——相信我們能持續成長、再成長。今年我們的每位員工 AR（AR per employee）持續走升，這是我們內部關注的指標。合規業務的剝離（divestiture），加上團隊重建的努力、銷售端的改善，以及 AR 自動化帶來的生產力提升，使我們在未來能達成更多目標。總結我們進入 2026 年的狀態：除了訂閱戶數之外，我們幾乎兌現了年初所做的每一項重大營運承諾。我們的每位訂閱戶 AR（AR per subscriber）超過 12,500，年增 16%，如同我們所說，這清楚顯示平台價值正在被市場認同。我們已推出及／或正在推出 5 項重要的產品能力，以擴大我們的 TA 並提高訂閱價值；其餘部分我們會在下次電話會議中說明。我們也以一個乾淨的資產負債表、專注的團隊進入 2026 年，準備執行成長，而不是繼續剝離與重整業務。展望 2026 年，我們的重點清晰，聚焦於由訂閱擴張、新產品變現與企業客戶獲取所驅動的營收成長（topline growth）。在訂閱客戶方面，我們目標是在 2026 年底達到最多 1,500 位訂閱客戶。他們是我們的第一批訂閱客戶；我們預期將持續擴大企業客戶基礎，並會對外傳達我們正在以小型新創／成長品牌規模進行的這項新測試：訂閱。調整後 EBITA（Adjusted EBITA）方面，依照我們對外訊息與分析師建議，我們預期在今年下半年將調整後 EBITA 利潤率提升至 10% 的中高區間。產品動能方面，包含企業套裝（enterprise bundle）的全面現代化、全套 AI 編輯助理，以及 Killer Report 平台，將貫穿 Q1 並延伸至全年。這本質上意味著：當客戶升級到這些新功能時，一個 10,000 到 12,000 美元的訂閱，將能相當快速地變成 14,000 到 15,000 美元。我們仍有大量產品進展的待辦（backlog）將持續推出，並將使我們的訂閱業務在 2026 年底時，與今天相比呈現完全不同的樣貌。Access Newswire 正在成為更強大、更可預測且更高獲利的企業。我們說過要轉型，而我們做到了。現在是成長的時候了。責任在我們，我們已準備就緒。最後我也想談談軟體產業的現況：在過去幾個月裡，我們整體看到像 Adobe、Microsoft 與 Salesforce 等大型企業的市值（market cap）合計蒸發了數十億美元。

I only bring this up because of a couple of reasons. One, the AI advancements happening so quickly today, some of which recently have been geared towards user-based. Businesses, these are the companies that sell an application of software in a model to a customer on a seat or per user basis. And like many of our competitors that do that in the public relations industry, we do not do that. We sell a subscription on a 1 to 1 basis to an enterprise or to a customer or a business, and there's not additional. Costs for users and although the markets and investors have weighed heavily on companies that have that model because AI is eroding that, we are insulated from that. And so we feel strongly that our subscription model that we began with 2 years ago is something that is viable that the market is accepting and the financial community also understands as well. That puts us in a really good position to have one reoccurring fee per customer regardless of users or usage or anything else. And it's a model that we can deliver sustained gross margins and be accelerated devada with scale.

我之所以提這件事，主要有幾個原因。第一，當今 AI 的進展非常迅速，其中一些近期是朝向以使用者為基礎的模式。所謂以使用者為基礎的企業，指的是以「每席位」或「每位使用者」為計價單位，向客戶銷售軟體應用的公司。像我們在公關產業中許多採用該模式的競爭對手一樣，但我們並不採用那種模式。我們是以 1 對 1 的方式，向企業、客戶或商家銷售訂閱，且不會因使用者增加而產生額外成本。儘管市場與投資人對採用該模式的公司施加了很大壓力，因為 AI 正在侵蝕那種模式，但我們不受其影響。因此，我們非常有信心：兩年前開始採用的訂閱模式是可行的，市場正在接受，金融界也同樣理解。這讓我們處於非常有利的位置——無論使用者數量、使用量或其他因素如何，每位客戶只收取一筆經常性費用。這也是一種能夠帶來可持續毛利率，並且隨著規模擴大而加速提升的模式。

We can't thank you enough for your time today. With that, I'll turn the call back over to the operator for the questions and answer sessions. Operator.

非常感謝各位今天撥冗參與。接下來，我把電話交回給接線員，進行問答環節。接線員。

(Operator Instructions) Mike Grondahl, Northland Securities.

（接線員指示）Mike Grondahl，Northland Securities。

Hey, Brian, the press release notes that you anticipate generating incremental revenue through premium subscription tiers.

嗨，Brian，新聞稿提到你們預期會透過高階訂閱層級來帶來增量營收。

And per release pricing, could you give a couple examples of.

以及按新聞稿計價方面，你能否舉幾個例子說明。

Those?

有哪些？

Yeah, absolutely, Mike, thank you for the question. We'll break it up into a couple of different parts. The first part today, customers are purchasing both a fixed, fee subscription model which includes their news distribution, media monitoring, database, analytics, and pitching. Those subscribing customers, have upgraded to a, call it a plus pro version of their subscription. That now will include their social media monitoring as well. So the lift in ARR is $200 additional per month for those customers, that is the incremental. So when we talked earlier in the call about adding additional products throughout the year, we're confident and believe that the same. Model will hold throughout the year as we continue to add on vital components to them that they'll continue to upgrade to take advantage on a single press release. The second part of the customer that can't commit to a complete subscription for the year has the option to license or buy or use any one of our products in a singular form. They're now given the option to add social monitoring and or add a distribution report on a per product basis, give them the option to TRY, test, and use the solution without the commitment, and then gives us the opportunity to build the pipeline to convert them to subscription customers later. The common, hashtag kill the report that we've been using for the last couple of quarters will be one of those marquee products here beginning in a couple of weeks. Customers will get their traditional distribution report because that's what the industry is used to, and we will guide them down the path of the more interactive report, that will be showing on our website here by the end of the week. And folks will be able to upgrade to that again on a pay per use basis or a subscription basis as well.

好的，當然可以，Mike，謝謝你的提問。我們把它拆成幾個部分。第一部分是，目前客戶同時購買固定費用的訂閱方案，內容包含新聞發布、媒體監測、資料庫、分析以及提案（pitching）。這些訂閱客戶已升級到我們稱之為 plus pro 版本的訂閱，現在也會包含社群媒體監測。因此，這些客戶的 ARR 提升為每月額外增加 200 美元，這就是增量。也因此，當我們在電話會議前面提到今年會陸續加入更多產品時，我們有信心並相信同樣的模式會在全年持續成立：隨著我們持續加入對他們很重要的關鍵組件，他們會持續升級，以便在單一新聞稿上獲得更多效益。第二部分是，對於無法承諾全年完整訂閱的客戶，他們可以選擇以單一形式授權、購買或使用我們的任何一項產品。現在他們也可以選擇在單一產品的基礎上加購社群監測，或加購發布報告，讓他們在不需承諾的情況下就能 TRY、測試並使用解決方案，同時也讓我們有機會建立銷售管線，之後再把他們轉換為訂閱客戶。我們過去幾個季度一直在使用的那份常見的、#kill the report（主打「淘汰傳統報告」）的報告，將會在接下來幾週成為其中一個主打產品。客戶會先拿到傳統的發布報告，因為那是產業習慣的形式；接著我們會引導他們走向更具互動性的報告，該報告將在本週末前於我們網站上展示。之後大家也能再次選擇以按次付費或訂閱方式升級使用。

Got it. And then could you talk a little bit about volume trends and pricing trends that you're seeing on the newswire side? I think you said volumes were still down 1% year over year, and maybe that was revenue, but just talk about those two trends a little bit.

了解。那你能否談談你們在新聞通訊（newswire）業務這邊看到的量的趨勢與價格趨勢？我記得你說量年減仍是 1%，也許那是營收，但請稍微談談這兩個趨勢。

Yeah, we're holding price. We've actually done very well in the market. We continue to do renewals and new deals at higher per press release prices than the prior year. I think that's a maturity and a branding exercise. We went through a number of years like everybody else did when they started in this industry that you have to build brand, you have to build trust, credibility, and follow through execution, and we're long past that now, so we have a seat at the table to take a meaningful price and share. The good news for us is because Of some of the AI advancements we've done because of the fixed distribution costs for the most part that we have, volume indicates significant expansion in gross margin and even the margin for us.

是的，我們維持價格。我們其實在市場上表現得很好。我們持續在續約與新案上，做到比前一年更高的單篇新聞稿價格。我認為這反映的是成熟度與品牌建立的成果。我們跟其他同業一樣，在進入這個產業初期都經歷過幾年：必須建立品牌、建立信任與可信度，並且把執行做到位。我們早已走過那個階段，所以現在我們在談判桌上有一席之地，能夠取得有意義的定價與市占。對我們而言的好消息是，因為我們在 AI 上做的一些進展，加上我們大部分的發布成本是固定的，量的變化意味著毛利率會顯著擴張，甚至我們的利潤率也會提升。

So now focuses back on volume growth, storytelling for our customers, that is aided by several different things in the market. One, and not to continually use the words of AI or LLM, but every.

所以現在重點回到量的成長，以及協助客戶說好故事，而這受到市場上幾個因素的推動。第一點，不是要一直提 AI 或 LLM，但每一個。

Natural language processing system needs more content to ingest and that content needs to come in different mediums, press releases, blogs, posts and white papers. So the more content customers are doing, the more chances that they're going to see their citations and their web content and their press releases appear at LLM searches. So we're advocating to our customers. That that that the more concept is better, so we're going to begin to see volume increases as a result of this. We are testing with a partner a product at the end of the year that will give our customers the ability to make their website and their newsrooms LLM ready so that they become indexed like they were on Google and how they have been on Google for years. That dynamic and world is changing. So there's a lot that are going to happen there. So we see volumes increasing, rather than being flat or single-digit decreasing in the market. And to be fair to all of us, that's not just for us, that's for everybody. That's as an industry as a whole and that's one of the reasons why we releasedress Release.com is to give those early customers beginning to tell their stories and understand what public relations is the ability to buy a single circuit. For at least cost to get involved and then grow from there and then we saw a good percentage of those customers, 40+% of our new press release.com customers and Q4 come back and repurchase and so those are good indicators for us and again we continue to increase those prices over the period which is a strong indicator that the market is there.

自然語言處理系統都需要更多內容來吸收，而這些內容需要以不同媒介呈現：新聞稿、部落格、貼文與白皮書。客戶產出越多內容，他們的引用、網站內容與新聞稿就越有機會出現在 LLM 的搜尋結果中。因此我們正在向客戶倡議：內容越多越好，所以我們將會因此開始看到量的增加。我們正在與合作夥伴測試一項年底推出的產品，讓客戶能把他們的網站與新聞中心（newsrooms）做成 LLM ready，使其能像過去在 Google 上那樣被索引，而且他們多年來一直都是在 Google 上被索引的。這個動態與世界正在改變，所以那裡會發生很多事情。因此我們看到量會增加，而不是持平或在市場上出現個位數下滑。公平地說，這不只是我們，這是所有人、整個產業的趨勢；這也是我們推出 releasedress Release.com 的原因之一，讓那些早期客戶開始講述他們的故事、理解公關是什麼，並能以最低成本購買單次服務先參與進來，之後再逐步成長。我們也看到相當比例的客戶回購——在 Q4，我們 press release.com 的新客戶中有 40% 以上回來再次購買——這些對我們而言都是很好的指標。而且我們在這段期間也持續提高價格，這也強烈顯示市場需求確實存在。

Got it. And.

了解。然後。

Then, lastly, just how should we think about OpEx, in 2026 kind of relative to 25?

最後，關於 2026 年的 OpEx（營業費用），相對於 2025 年我們應該怎麼看？

Yeah, look, I think that there's further optimization that we can do. As Steve mentioned in some of his prepared remarks, where we were fortunate enough to exit, a lease that we had 2 years left on, there's some incremental savings there. It's about 300 320 $320,000 a year in savings. We'll get there. We've got some additional G&A and other Oback savings that we're going to monetize throughout the year by efficiencies and technology.

是的，我想我們還能做進一步的優化。正如 Steve 在部分事先準備的發言中提到的，我們很幸運能提前退出一份原本還剩 2 年的租約，這會帶來一些增量節省，大約每年可省 30 萬到 32 萬美元。我們會逐步實現。此外，我們還有一些額外的 G&A（一般及行政）以及其他後台（back office）節省，會在今年透過效率提升與技術導入來變現。

Efficiencies and workflow automation, systems that we're streamlining, but Steve and I and the management team continue to look at it and, we'll be at it again today trying to find the next layer of it. So we expect them to hold to what they were or below what they were in 2025.

包括效率提升與工作流程自動化、我們正在精簡的系統等；但 Steve、我以及管理團隊會持續檢視，而且我們今天也會再努力找出下一層可優化的空間。因此我們預期這些費用會維持在 2025 年的水準，或低於 2025 年。

Okay, thank you.

好的，謝謝。

Guys.

各位。

Thank you, Mike.

謝謝你，Mike。

Jacob Stephan, Lake Street Capital.

Jacob Stephan，Lake Street Capital。

Hey guys, nice quarter. I guess just to start out, maybe I'm wondering if you could kind of break down the KPIs and give a little bit more detail here. I know it's you guys had 47 new customers, noted 45 came from EDU customers, and then in the slide show you had 974 subs, and I understand the math, 974 plus 45, but. I, I'm wondering if you could kind of break that down on the EDU customer side a little bit. Are those actual universities or, are these students or help me think through that.

嗨各位，這一季表現不錯。我想先從這裡開始：我想知道你們是否可以把 KPI 拆解一下，提供更多細節。我知道你們新增了 47 位新客戶，並提到其中 45 位來自 EDU 客戶；然後在投影片裡你們有 974 個訂閱，我也理解數學上 974 加 45，但我想請你們更細分說明一下 EDU 客戶那一端。那些是實際的大學嗎？還是學生？請幫我釐清一下該怎麼理解。

Yeah, they, those are actual universities. Our objective was the EDU program is that we felt strongly that if you think about the typical school that you went to, there is a degree-focused public relations and communications department within every school. The PRSSA teams are very involved in that school at the university, but we looked at it beyond that. So those numbers are just those schools within the universities that have deployed our programs in a teaching exercise to their senior students to be able to use media monitoring, pitching database and how to write a press release in a story.

是的，他們，那些都是真正的大學。我們的 EDU 計畫目標是：我們強烈認為，如果你回想你就讀的典型學校，每所學校裡都會有一個以學位為導向的公共關係與傳播系所。PRSSA 團隊在大學校園裡對那個系所的參與度很高，但我們的視角不只停留在那裡。所以那些數字只是指：在各大學中，已經把我們的方案部署到教學演練裡、讓高年級學生能夠使用媒體監測、媒體投遞資料庫，以及學習如何撰寫新聞稿與故事的那些院系。

When we look beyond that, the opportunity for us is if you go down the hall or across the university campus to the engineering department or the nursing program.

當我們再往外看時，對我們而言的機會在於：如果你沿著走廊走，或穿過大學校園到工程學院或護理學程。

Or any other degree program, they also have their own public relations teams there doing their work and by research we've been able to identify that there's at least 8 schools within each university that have a public relations department that do not know about us and are now being introduced to us from the public relations professors at that part of the school. So the opportunity is significant for us. We're going to invest the marketing there as we round out the Bateman program here in the next couple of weeks and select a winner. We're going to expand that. The second part is these free students, the 22,300 and change, they're registered in our platform as EDU students. They're free. We don't account for them in our customer numbers or our subscription numbers. They are using the product on behalf of the university and they'll be converted in the end of the year of graduation to an individual plan with the option for a monetary component to take with them into their into their career focused areas. So our hope is we're going to get a percentage of those to convert into customers that will go to private practice, public relations firms, go into enterprises in the public relations or marketing departments, and bring our tools with them as their certifications will illustrate. So I think it's a, it's a long investment into something that we'll start to see incremental growth, but you're right, you did the math on the numbers from the press release to the prepared slides today, that number is those EDU customers.

或任何其他學位學程，他們也都有自己的公關團隊在做相關工作；透過研究我們已能辨識出：每所大學至少有 8 個院系/學校內設有公關部門，但他們並不知道我們，而現在正透過該院系的公關教授被介紹認識我們。因此，對我們來說機會相當可觀。接下來幾週我們會在這裡把 Bateman 計畫收尾並選出優勝者，同時我們也會加大在那裡的行銷投資並擴大規模。第二部分是這些免費學生，22,300 多名，他們以 EDU 學生身分註冊在我們的平台上，使用是免費的。我們不把他們計入客戶數或訂閱數。他們是代表大學在使用產品，並會在畢業年度年底轉換為個人方案，且可選擇加入付費項目，讓他們在職涯相關領域中延續使用。因此我們希望其中有一定比例能轉換為客戶，進入私人執業、公關公司，或進入企業的公關或行銷部門，並把我們的工具帶著走，正如他們的認證所能展現的那樣。所以我認為這是一項長期投資，我們會開始看到逐步的增量成長；但你說得對，你從新聞稿到今天準備的簡報去算那個數字，那個數字指的就是那些 EDU 客戶。

Okay, and then maybe just on the AR front, you guys kind of said that, it doesn't the arR does not include EDU customers, obviously nice improvement there, but maybe, are these customers higher AR.

好的，那再問一下 ARR 這邊，你們剛才也提到，ARR 顯然不包含 EDU 客戶，這點的確有不錯的改善；但我想問，這些客戶的 AR 會比較高嗎？

Or lower.

還是比較低？

Yeah, the EDU customers through the BA program are a zero AR model. We agreed with PRSSA as a as a method of the program to provide those subscriptions to them, during the period of. No cost. When batement is over, they convert. We've already converted a couple of them already in the last couple of weeks. We've got several proposals out for others.

是的，透過 BA 計畫的 EDU 客戶是 AR 為零的模式。我們與 PRSSA 達成一致，作為該計畫的一種方式，在一段期間內以零成本提供這些訂閱。Bateman 結束後，他們就會轉換。我們在過去幾週已經轉換了其中幾個，另外也對其他一些發出了多份提案。

We've closed two PR firms this quarter as a result of some of the efforts that that the batement program has done, so we'll see the monetary side of this happening in this quarter.

本季我們已因 Bateman 計畫所帶動的一些努力而成交了兩家公關公司，所以這件事的變現面會在本季開始發生。

Okay, got it. That's helpful. And then, I just wanted to touch on the gross margin improvements year over year. I'm I'm wondering if you could kind of break down the, 200 plus improvement year over year. I know AI has been a huge focus for you guys. You know how much of that's AI driven? How much do you feel like is more scale and kind of the ARR, expansion?

了解，明白了，這很有幫助。接著我想談一下毛利率的年對年改善。我在想你們是否可以拆解一下年對年提升 200 多個基點的原因。我知道 AI 一直是你們很大的重點；其中有多少是 AI 驅動的？又有多少你們覺得是規模效應，以及 ARR 擴張所帶來的？

Yeah, I think AR expansion is a contributor. I think AI is a contributor. I would say that I don't know that scale yet is the contributor to the influence of that. We, I'd say it's fifty-fifty, right? I think our ARR increasing is helping. I think efficiency gains, and distribution, fixed costs are contributing. We've been negotiating those contracts for years to get us to a position that when scale does happen. The flow back to gross margin contribution is even more.

我認為 ARR 擴張是一個貢獻因素，AI 也是一個貢獻因素。我會說，規模效應目前還不一定是主要影響來源。我會說大概各占一半，對吧？我認為我們的 ARR 增加正在提供幫助；同時效率提升、以及分發端的固定成本也在貢獻。我們多年來一直在談判這些合約，讓我們能處於一個位置：當規模真正發生時，回流到毛利率的貢獻會更大。

And so, as we talked about earlier in a call, a question from Mike, is that as we see the industry wanting to tell stories more, utilize press release as a foundation to have LLM indexing, and volume starts to increase, we're doing that from a fixed AI cost, we're doing that from a fixed distribution cost, we're doing that from a fixed editorial cost.

因此，如同我們在電話會議前面談到的、Mike 的提問：當我們看到產業更想要「講故事」、把新聞稿作為 LLM 索引的基礎，而量開始增加時，我們是在固定的 AI 成本下做到的，是在固定的分發成本下做到的，也是在固定的編輯成本下做到的。

So the more volume that comes, the incremental growth margins will illustrate themselves and show. So that's one of the reasons why we put the AI to work both in a customer and in a back office, usage pattern, but I think it's important from a customer perspective to know that our editorial human eyes are still will always be there. This is a curation and quality content, and we want to be sure that we uphold that responsibility to our customers in the market. That's how we keep our distribution. AI is a great efficiency game for us, and we're beginning to see even more and more improvements there, but it will never replace, the human curation portion of that.

所以量越大，增量成長的毛利率就會自然展現出來。這也是我們把 AI 同時用在客戶端與後台作業使用情境的原因之一；但我認為從客戶角度來看很重要的一點是：我們的編輯人員（人工審核）仍然、也將永遠都會在。這是一個策展與高品質內容的工作，我們要確保對市場上的客戶履行這份責任。這也是我們維持分發品質的方式。AI 對我們而言是很好的效率提升工具，我們也開始看到越來越多的改善，但它永遠不會取代其中「人工策展」的部分。

Got it. And then maybe just one last one for me, kind of broader picture question, you know what aspects of the overall product strategy, changing, the go to market strategy, what do you feel like is going to be the biggest contributor to hitting that 1,500, subscriber number at the end of the year?

了解。那最後一個問題，從更宏觀的角度來看，在整體產品策略、以及 go-to-market 策略的調整上，你覺得哪一個面向會是年底達到 1,500 名訂閱者目標的最大貢獻來源？

I think there's a couple of components, and this industry is moving very rapidly and not only is it moving rapidly from an economic perspective that we can talk about, it also is moving from an innovation perspective and a lot of companies are left behind because theirno. Stacks are in a position that they can't innovate at the pace of which a good many of us can and us being the predominant one. We spent the last year after divestiture of our compliance business retooling our stacks, building to be very agile, and build a an automation management system on top of everything that we can pivot and change our applications and customer outputs for deliverables within seconds rather than months or quarters like the competition does. And so we see that as a as a big innovation for us that we're going to be able to do more in our platform than most can in this industry. And so what I'll lead you down the path, Jacob, really is that at the end of the day, the storytelling process is more than just a press release. It is a message. It is a snippet on social media. It's a podcast, it's a blog post. It's an LLM citation in a trusted article that somebody from Chat GPT or Perplexity picks up. And there needs to be a curation platform for that. Today when we look at our network of our competitors, everybody does a really good job of doing one or two of these elements, and that's not to discredit them or take anything away from our competition, but we also do that, and we do it in a way that gives our customers the ability to create a story, share it on social, pitch media. Do everything from one single interface and so that is say 20% of the competitive marketplace landscape today does that. The next innovation for us in the second half of the year is going to give the ability for customers like the presentation you saw today was done with our own technology. We built that presentation for today's earnings call in about 8 minutes.

我認為有幾個組成部分。這個產業變化非常快，不僅在經濟面向上變化很快（我們可以談），在創新面向上也變化很快；很多公司之所以被甩在後面，是因為他們的技術堆疊（stacks）使他們無法以我們許多公司能做到的速度創新，而我們是其中最主要的那一個。在剝離我們的合規業務之後，我們過去一年都在重整技術堆疊，打造高度敏捷的架構，並在所有系統之上建立一套自動化管理系統，讓我們能在幾秒內（而不是像競爭對手那樣需要幾個月或幾季）就能轉向、調整應用與客戶交付輸出。因此我們把這視為一項重大的創新優勢，使我們能在平台上做出比本產業大多數公司更多的事情。接著我想帶你走一段思路，Jacob：歸根結底，「講故事」的流程不只是新聞稿。它是一則訊息，是社群媒體上的一段短內容，是一集 Podcast，是一篇部落格文章，是一個在可信文章中的 LLM 引用，可能被 ChatGPT 或 Perplexity 之類抓取。這需要一個策展平台。今天我們看競品網路時，每一家都很擅長其中一兩個元素——這不是要貶低或否定競爭對手——但我們也能做到，而且我們是以一種方式讓客戶能從單一介面完成：創作故事、在社群分享、向媒體投遞等所有事情。就目前競爭市場版圖而言，大概只有 20% 能做到這樣。接下來我們在下半年要推出的第二項創新，將讓像你今天看到的簡報那樣的能力成為可能——那份簡報就是用我們自己的技術做的。我們為今天的財報電話會議製作那份簡報，大約只花了 8 分鐘。

Taken from content that Steve and I drafted in our prepared remarks, we are looking at products and tools like that that will take our business from the public relations departments and investor relations departments down the hall to the Marcom side where budgets are larger. And that's why partnerships with Hootsuite and others are very critical for us as we begin to pull in some of the real-time posting of what Hootsuite's been able to do and others to integrate fully into our platform. It's going to give us a position to go in selling an enterprise communications tool platform to not only PR and IR but also the marketing departments as well. So in the second half you're going to look to see our platform take on a very different arR of component selections and product advancements and we've spent a good amount of time in the last 6 months of of pre-building testing and using customer feedback to make those products and components much stronger so we couldn't be more excited about that. The public relations investor relations space is large. The TA is still there like it was years ago. It hasn't changed, but for us to move out of it and down into marketing takes the total addressable market and times it by 4 or 5, and that's where we're focused is to go down that hall and build strategy and thought leadership there.

內容取自 Steve 和我在事先準備講稿中撰寫的內容；我們正在看這類產品與工具，它們將把我們的業務從公關部門與投資人關係（IR）部門，延伸到走廊另一端的 Marcom（行銷傳播）端，因為那邊的預算更大。這也是為什麼與 Hootsuite 等夥伴的合作對我們非常關鍵：當我們開始把 Hootsuite 以及其他夥伴所能做到的即時發文能力導入並完整整合到我們的平台中，將使我們具備銷售「企業級傳播工具平台」的定位，不僅面向 PR 與 IR，也面向行銷部門。因此在下半年，你會看到我們的平台在 ARR 的組件選擇與產品進展上呈現非常不同的樣貌；而在過去 6 個月裡，我們投入了大量時間進行預先建置、測試並運用客戶回饋，讓這些產品與組件更強大，所以我們對此感到非常興奮。公關與投資人關係的市場空間很大，TAM（總可服務市場）仍然像多年前一樣存在，並沒有改變；但對我們而言，若能走出那個範圍、往行銷端延伸，總可服務市場就會放大 4 到 5 倍，而這正是我們的重點：走到走廊另一端，在那裡建立策略與思想領導力。

Great, very helpful.

太好了，非常有幫助。

I'll leave it there.

我就先說到這裡。

Thanks guys.

謝謝各位。

Thank you, Jacob.

謝謝你，Jacob。

Brock Irwin with Clever Investing.

我是 Clever Investing 的 Brock Irwin。

Sir.

先生。

Sorry I was on mute my bad.

抱歉我剛剛開了靜音，是我的錯。

Okay, hey guys, I hope you're doing well. I can really sense the excitement, from what you guys are working on and the building for the future. So I think this is an interesting transformational time for the company to be sure. Just a couple of questions for me. The first is it looks like you guys repurchased a small number of shares in Q4. Is it possible you guys can disclose if you continued repurchasing, in Q1? And also how do you think about the pace of repurchases relative to other investments you might be making?

好，各位好，希望大家都一切順利。從你們正在做的事情以及為未來所做的建設來看，我真的能感受到那股興奮。我認為這對公司而言確實是一個有趣的轉型時期。我這邊有幾個問題。第一個是，看起來你們在第四季回購了少量股份。你們是否可以透露在第一季是否也持續回購？另外，你們如何看待回購的節奏，相對於你們可能正在進行的其他投資？

Yeah, it's a great question, Brock. Nice to hear from you. Yeah, we did purchase a small amount of shares during Q4 under the, previously announced repurchase plan of a million dollars. There is a good portion of that plan that's still left, that will be resuming here, shortly. The commitment for the repurchase is still consistent. We haven't waiver from that. There, there's still 3 quarters of that amount still sitting there, that is earmarked for us to execute against, and we have every intent to continue to do that. When that plan's filled and completed, as the board will look at other options, for part of our capital allocation strategy if the additional repurchase plans will be needed, and more advantageous for us to do so, and make that decision at that point, but. Yeah, there is still, I think the 10 10k will illustrate to you today when it's filed this afternoon there was 18,000 shares or 20,000 shares were repurchased during the fourth quarter, and you should expect the remaining of those to be repurchased here in the first half of the year.

是的，這是個很好的問題，Brock。很高興聽到你的聲音。是的，我們在第四季確實在先前公布的 100 萬美元回購計畫下回購了少量股份。該計畫目前仍剩下相當一部分，近期將會恢復執行。我們對回購的承諾仍然一致，沒有偏離。那裡——仍有約 3 個季度的額度還在那裡，已為我們標記用來執行，我們也完全打算繼續進行。當該計畫填滿並完成後，董事會將在我們的資本配置策略中評估其他選項，看看是否需要額外的回購計畫，以及是否對我們更有利，並在那個時間點做出決定。不過，是的，我想今天下午提交的 10-K 會向你說明：第四季回購了 18,000 股或 20,000 股，你可以預期剩餘的部分會在今年上半年完成回購。

Awesome, okay, cool, and then another thing you touched on in your prepared remarks was the churn and you know customers falling off of those subscriptions. Can you just talk a little bit about, what you're doing to address that? Like what do you, what are you learning from your customers and what are maybe some improvements you can make to improve those metrics.

太棒了，好，酷。然後你在事先準備的發言中也提到了流失率（churn），以及你知道客戶取消那些訂閱。你能不能多談一點你們正在做什麼來處理這件事？例如你們從客戶那裡學到了什麼，以及有哪些改進可以做來改善這些指標？

Yeah, we, in November of last year we reset our customer experience teams, we put a new manager on top of the team, rebuilt some of the processes internally to ensure, what we call internally time to value is measured more accurately, meaning the customer is trained, loved, and, made sure they're using the platform to begin to feel the value of it sooner than later.

是的，我們在去年 11 月重整了客戶體驗團隊（CX），我們為團隊安排了一位新的主管，並在內部重建了一些流程，以確保我們內部所稱的「價值實現時間」（time to value）能更準確地被衡量，也就是讓客戶更快完成訓練、被妥善照顧，並確保他們使用平台，能更早而不是更晚開始感受到其價值。

And I'll look, Brock, I'll tell you this, I think you've known us long enough like everybody else. We're going to give you the facts as they are and not have excuses, but the real true reality is that 70% of the churn customers in our subscription business is due to credit card failures and payments. It's not due to application use or application problems. And so, we looked at just our meaningful churn, it's a fraction of what it is in printed form. But look, to be H1st with you, churn is churn and we report it as such. There are mechanisms that you can do from a payment perspective, as we're a B2B business, not an ecom business. We're finding out that the majority of subscriptions are purchased much more in ecom way than any other way. So we are retooling some of our magenta front-end systems and. And credit card intel knowledge to be able to be predictive and understand the risks of taking credit cards, what kinds of credit cards they are, and how those payments work. And so our sales team, at the beginning of Q1 began.

另外我想說，Brock，我告訴你這點，我想你跟其他人一樣認識我們夠久了。我們會如實提供事實，不找藉口。但真正的現實是：我們訂閱業務中 70% 的流失客戶是因為信用卡失敗與付款問題造成的，並不是因為應用程式使用情況或應用程式本身的問題。因此，如果我們只看真正有意義的流失，它其實只是報表上呈現數字的一小部分。但坦白跟你說，流失就是流失，我們也就照這樣回報。從付款角度有一些機制可以做，因為我們是 B2B 業務，不是電商業務。我們發現多數訂閱的購買方式更像電商，而不是其他方式。所以我們正在重新調整一些我們的 magenta 前端系統，以及信用卡情報（intel）與知識，以便能夠做預測並理解接受信用卡的風險、信用卡的類型，以及付款如何運作。因此，我們的銷售團隊在第一季初開始。

Removing monthly options to customers and going to quarterly or annual payments, that will help further reduce the credit card issues that we've had in the past, but make no mistakes, that's what those are and so we're doing a lot here, at the end of Q4 and into Q1 to help, change some of that. Steve and myself meet with our director of operations that runs CX and our sales leaders every week to discuss customer usage, customer training, customer feedback loops to be sure that we're being reactive and doing everything that we can do, to reduce that churn, and we're confident that we're going to do that, but we have had some issues there in the past 3 or 4 months, there's no doubt.

取消提供客戶月付選項，改為季付或年付，這將有助於進一步降低我們過去遇到的信用卡問題。但不要誤會，那些就是這類問題。因此我們在第四季末到第一季期間做了很多工作來協助改變這些狀況。Steve 和我每週都會與負責 CX 的營運總監以及銷售主管會面，討論客戶使用情況、客戶訓練、客戶回饋迴路，以確保我們能即時反應並盡一切所能降低流失。我們有信心能做到，但過去 3 到 4 個月確實有一些問題，這點毫無疑問。

Okay, great. I appreciate the the answers thanks that's it for me.

好的，很棒。感謝你的回答，謝謝，就這些。

Thanks, Buck.

謝謝，Buck。

Thank you.

謝謝你。

As we have no further questions in queue at this time, I would like to turn the call back over to Mr. Balboni for any closing remarks.

由於目前提問佇列中沒有其他問題，我想把電話交回給 Balboni 先生，請他做結語。

Ali, thank you as well. As always, thank you again to everyone else for joining us today. We are energized by the fourth quarter milestones and the progress made throughout 2025 and the product momentum we are bringing into 2026. Access Newswire is positioned well for the future with a scalable platform, expanding reoccurring revenue, innovation and new products, and a focused team dedicated to execution and growth. We appreciate our shareholders, partners, and customers for the continued trust and support in 2025. With a year of transformation in 2026, it will be a year of growth, and we look forward to updating you next quarter.

Ali，也謝謝你。如同往常，也再次感謝今天加入我們的各位。我們對第四季達成的里程碑、2025 年全年的進展，以及我們帶入 2026 年的產品動能感到振奮。Access Newswire 以可擴展的平台、持續擴大的經常性收入、創新與新產品，以及一支專注於執行與成長的團隊，已為未來做好良好布局。我們感謝股東、合作夥伴與客戶在 2025 年持續的信任與支持。2026 年將是轉型的一年，也將是成長的一年，我們期待在下個季度向各位更新進展。

Thank you.

謝謝你。

Thank you. Ladies and gentlemen. This concludes today's call and you may disconnect your lines at this time, and we thank you for your participation.

謝謝各位女士先生。今天的電話會議到此結束，您現在可以掛斷電話線，並感謝各位的參與。