Direct Digital Holdings Inc (DRCT) 2025 Q3 法說會逐字稿

Thank you for standing by. My name is Kayla, and I will be your conference operator today. At this time, I'd like to welcome everyone to the Direct Digital Holdings third-quarter 2025 Earnings Call.(Operator Instructions) I would now like to turn the call over to Walter Frank, Investor Relations. You may begin.

感謝您的耐心等待。我叫凱拉，今天我將擔任你們的會議接線生。現在，我謹代表Direct Digital Holdings歡迎各位參加2025年第三季財報電話會議。 （操作說明）現在我將把電話交給投資者關係部的沃爾特·弗蘭克。你可以開始了。

Thank you. Good afternoon, everyone, and welcome to Direct Digital Holdings third-quarter 2025 Earnings Conference Call. On today's call are Direct Digital Holdings Chairman and Chief Executive Officer, Mark Walker; and Chief Financial Officer, Diana Diaz.

謝謝。各位下午好，歡迎參加Direct Digital Holdings 2025年第三季財報電話會議。今天參加電話會議的有 Direct Digital Holdings 董事長兼執行長 Mark Walker 和財務長 Diana Diaz。

Information discussed today is qualified in its entirety with the Form 8-K and accompanying earnings release which has been filed today by Direct Digital Holdings, which may be accessed at the SEC's website and the company's website. Today's call is also being webcast, and a replay will be posted to Direct Digital's Investor Relations website.

今天討論的資訊均以Direct Digital Holdings今天提交的8-K表格及隨附的收益報告為準，這些文件可在美國證券交易委員會網站和該公司網站上查閱。今天的電話會議也將進行網路直播，重播將發佈在 Direct Digital 的投資者關係網站上。

Immediately following the speaker's presentation, there will be a question-and-answer session. Please note that the statements made during the call, including financial projections or other statements that are not historical in nature, may constitute forward-looking statements.

演講結束後，將立即進行問答環節。請注意，電話會議期間所作的陳述，包括財務預測或其他非歷史性質的陳述，可能構成前瞻性陳述。

These statements are made on the basis of Direct Digital's views and assumptions regarding future events and business performance at the time they are made. We do not undertake any obligation to update these statements.

這些聲明是根據 Direct Digital 在聲明發佈時對未來事件和業務表現的看法和假設而作出的。我們不承擔更新這些聲明的任何義務。

Forward-looking statements are subject to risks, which could cause Direct Digital's actual results to differ from its historical results and forecasts, including those risks set forth in Direct Digital's filings at the SEC, and you should refer to those for more information. This cautionary statement applies to all forward-looking statements made during this call.

前瞻性聲明存在風險，可能導致 Direct Digital 的實際業績與其歷史績效和預測存在差異，包括 Direct Digital 向美國證券交易委員會提交的文件中列出的風險，您應參考這些文件以獲取更多資訊。這項警示性聲明適用於本次電話會議中所作出的所有前瞻性陳述。

During this call, Direct Digital will be referring to non-GAAP financial measures. These non-GAAP measures are not prepared in accordance with generally accepted accounting principles. Reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measures is available in the earnings release that Direct Digital filed in its Form 8-K today. I will now hand the call over to Mark Walker, Chief Executive Officer. Please go ahead, Mark.

在本次電話會議中，Direct Digital 將提及非 GAAP 財務指標。這些非GAAP指標並非依照公認會計原則編製。Direct Digital 今天在其 8-K 表格中提交的盈利報告中提供了非 GAAP 財務指標與最直接可比較的 GAAP 指標的調整表。現在我將把電話交給執行長馬克沃克。請繼續，馬克。

Thanks, Walter, and thank you to everyone joining our call this evening. I'll start by reviewing some of the highlights of our operations and financial results during the third quarter before turning the call over to our CFO, Diana Diaz, for a more detailed look at our financial results.

謝謝沃特，也感謝今晚所有參加我們電話會議的朋友們。首先，我將回顧我們第三季的營運和財務表現的一些亮點，然後再將電話會議交給我們的財務長戴安娜·迪亞茲，讓她更詳細地介紹我們的財務表現。

We'll conclude by opening the call for a brief Q&A. We saw another period of encouraging growth in our buy-side segment during the quarter, with buy-side revenue increasing 7% to $7.3 million, which represented the majority of our consolidated revenue.

最後，我們將進行一個簡短的問答環節。本季度，我們的買方業務部門再次呈現令人鼓舞的成長態勢，買方業務收入成長 7% 至 730 萬美元，占我們合併收入的大部分。

Subsequent to the close of the quarter, we announced the first of its kind partnership between Orange 142, our buy-side subsidiary and ReachTV, an award-winning streaming network for live sports and lifestyle content reaching over 50 million travelers per month.

在本季度結束後，我們宣布了 Orange 142（我們的買方子公司）與 ReachTV（一個屢獲殊榮的串流媒體網絡，提供直播體育賽事和生活方式內容，每月覆蓋超過 5000 萬旅行者）之間首個此類合作關係。

This partnership combines the data-driven scale of ReachTV's travel media networks with Orange 142's media planning, buying and performance marketing expertise. Providing our buy-side business with new inventory and valuable data targeting segments.

此次合作將 ReachTV 旅遊媒體網路的數據驅動規模與 Orange 142 的媒體規劃、購買和效果行銷專業知識相結合。為我們的買方業務提供新的庫存和針對特定細分市場的寶貴數據。

Together, we're simplifying how brands reach the connected traveler through a scalable model that unites data, content and context to drive measurable results for travel and tourism marketers. During the third quarter, our sell-side revenue was negatively impacted by lower-than-anticipated impression inventory and engagement levels as we continue working to rebuild publisher relationships and onboard new customers.

我們共同簡化了品牌觸達互聯旅行者的方式，透過可擴展的模式將數據、內容和背景結合起來，為旅遊行銷人員帶來可衡量的成果。第三季度，由於我們繼續努力重建與出版商的關係並引入新客戶，導致展示庫存和互動水平低於預期，我們的銷售收入受到了負面影響。

However, we're taking a differentiated approach to this rebuild, one that leverages our unique position as one of the few companies operating at scale on both sides of the programmatic ecosystem. We're developing integrated solutions that combine our supply-side platform technology capabilities with Orange 142's demand-side marketing expertise, creating a full stack offering for clients.

然而，我們這次重建採取了不同的方法，充分利用了我們作為少數幾家在程序化生態系統兩端都大規模運營的公司之一的獨特地位。我們正在開發整合解決方案，將我們的供應方平台技術能力與 Orange 142 的需求方行銷專業知識相結合，為客戶打造全端式產品。

This dual approach can deliver tangible cost savings to customers by streamlining the programmatic supply chain while also allowing us to capture incremental margin that wouldn't be possible with the single-sided model.

這種雙管齊下的方法可以透過簡化程序化供應鏈為客戶帶來實際的成本節約，同時也能讓我們獲得單邊模式下無法實現的額外利潤。

We're currently in alpha testing with select clients generating revenue, which fueled our quarter-over-quarter increase in buy-side revenue and early feedback has been positive. We believe this strategy positions us to grow company revenue in a more sustainable and profitable way. As many of you already know, over the last year, we faced considerable external challenges related to our sell-side business, Colossus SSP that resulted in the restructuring of teams and rethinking how we operate.

我們目前正在與部分客戶進行 alpha 測試，這些客戶正在產生收入，這推動了我們買方收入的季度環比增長，並且早期反饋是積極的。我們相信，這項策略將使我們能夠以更永續、更獲利的方式提高公司收入。正如你們中的許多人已經知道的那樣，在過去一年裡，我們面臨著與我們的賣方業務 Colossus SSP 相關的相當大的外部挑戰，這導致團隊重組和重新思考我們的營運方式。

A silver lining of this is that it accelerated our adoption of AI for the sell side of our business. Today, we're leveraging AI to drive innovation and agility to better position ourselves to win new opportunities. And though we're still in the very early stages, we're already seeing some encouraging results.

這件事的正面意義在於，它加速了我們在業務銷售方面採用人工智慧。如今，我們正利用人工智慧來推動創新和敏捷性，以便更好地掌握新的機會。雖然我們仍處於非常早期的階段，但我們已經看到了一些令人鼓舞的結果。

Our overall feature set grew by nearly 40% this year, driven by the creation of 10-plus new AI modules that support both internal operations and clients. What once took months can now happen in days, projects that previously required eight to nine engineers and nearly a year to build now take a few weeks or less to reach testing.

今年，我們的整體功能集成長了近 40%，這主要得益於我們創建了 10 多個新的 AI 模組，這些模組既支援內部運營，也支援客戶。以前需要幾個月才能完成的事情，現在幾天就能完成；以前需要八到九名工程師和近一年時間才能完成的項目，現在幾週甚至更短的時間就能達到測試階段。

We've achieved hundreds of thousands in annual savings through automation and streamlined infrastructure. These efficiencies allow us to reinvest more into innovation and client value. These results are driven by our phased approach to building smarter technology.

我們透過自動化和精簡的基礎設施，每年節省了數十萬美元。這些效率的提升使我們能夠將更多資源再投資於創新和客戶價值。這些成果得益於我們分階段建構更智慧技術的方法。

Using AI and real-time analytics, we've optimized how ad requests flow through Colossus. Now we're taking that optimization a step further, moving it to the edge of our infrastructure where requests first enter the system. This shift allows us to eliminate nonperforming traffic before it even reaches our servers, dramatically improving efficiency and reducing costs.

我們利用人工智慧和即時分析，優化了廣告請求在 Colossus 中的流轉方式。現在，我們將這種優化更進一步，將其移至基礎設施的邊緣，即請求首次進入系統的地方。這種轉變使我們能夠在流量到達伺服器之前就將其消除，從而顯著提高效率並降低成本。

Building on these breakthroughs, we're preparing a new suite of AI tools that will empower our existing clients in ways that weren't possible before while supporting new customers. These are just the first steps in our AI journey, and they've already shaped -- reshaped what's possible for our company. AI now touches every part of how we operate from development and analytics to decision-making and optimization.

基於這些突破，我們正在準備一套新的 AI 工具，這些工具將以以前不可能的方式增強我們現有客戶的能力，同時為新客戶提供支援。這只是我們人工智慧之旅的第一步，但它們已經塑造——或者說重塑了我們公司未來的可能性。人工智慧如今已經滲透到我們營運的方方面面，從開發和分析到決策和優化。

Finally, we continue to drive improved operational efficiencies and cost savings. Year-to-date in 2025, we've delivered total reduced operating expenses by $5.4 million or an approximately 20% decrease in expenses compared to the first nine months of 2024.

最後，我們將繼續努力提高營運效率並降低成本。截至 2025 年，我們已實現營運支出總額減少 540 萬美元，與 2024 年前九個月相比，支出減少了約 20%。

So we're seeing meaningful progress from our cost saving efforts. We recognize that this has been a challenging period for our business and our shareholders, and we remain steadfast in our stated goals and strategy to rebuild and grow our business back to the strong year-over-year revenue growth that we drove consistently from 2018 through 2023 prior to the short attack.

因此，我們在節約成本方面取得了顯著進展。我們認識到，對於我們的業務和股東而言，這是一個充滿挑戰的時期，我們將繼續堅定不移地執行我們既定的目標和策略，重建和發展我們的業務，使其恢復到我們在遭受做空攻擊之前，從 2018 年到 2023 年持續實現的強勁的年收入增長水平。

I will now hand the call over to Diana Diaz, our CFO, who will walk through some of the financial highlights in further detail.

現在我將把電話交給我們的財務長戴安娜·迪亞茲，她將更詳細地介紹一些財務亮點。

Thank you, Mark, and good evening, everyone. I'll now provide a review of our third-quarter results. Consolidated revenue in the third quarter of 2025 was $8 million compared to revenue of $9.1 million in the third quarter of 2024.

謝謝你，馬克，大家晚上好。接下來我將對第三季業績進行回顧。2025 年第三季綜合營收為 800 萬美元，而 2024 年第三季營收為 910 萬美元。

Sell-side revenue was $600,000 in the third quarter compared with $2.2 million in the third quarter of 2024. The decrease in sell-side advertising revenue was primarily related to a decrease in impression inventory when compared to the third quarter of 2024. Buy-side revenue increased approximately 7% to $7.3 million compared to buy-side revenue of $6.8 million in the third quarter of 2024.

第三季賣方收入為 60 萬美元，而 2024 年第三季為 220 萬美元。與 2024 年第三季相比，賣方廣告收入的下降主要是因為廣告展示庫存的減少。買方收入成長約 7%，達到 730 萬美元，而 2024 年第三季買方收入為 680 萬美元。

Gross margin for the third quarter of 2025 was 28% compared with 39% in the third quarter of 2024. Operating expenses in the third quarter of 2025 were $6.1 million, a decrease of 25% or just over $1 million compared with $7.2 million in the same period of last year. The reduction is primarily related to a decrease in general and administrative costs.

2025 年第三季的毛利率為 28%，而 2024 年第三季的毛利率為 39%。2025 年第三季的營運費用為 610 萬美元，比去年同期的 720 萬美元減少了 25%，即略高於 100 萬美元。此次削減主要與一般及行政成本的降低有關。

Expense reduction is a key strategic initiative for Direct Digital, and we're pleased with the progress that we've made so far. Our long-term goal is to efficiently minimize our cost structure while simultaneously driving growth across our business. Total operating loss for the third quarter was $3.9 million compared to a loss of $3.7 million in the same period of last year.

降低成本是 Direct Digital 的關鍵策略舉措，我們對目前的進展感到滿意。我們的長期目標是在有效降低成本結構的同時，推動業務全面成長。第三季總營業虧損為 390 萬美元，去年同期虧損為 370 萬美元。

Net loss in the third quarter improved to $5 million or $0.24 per share compared to a net loss of $6.4 million or a loss of $0.71 per share in the third quarter of 2024. Adjusted EBITDA for the third quarter was a loss of $3 million, essentially consistent with the adjusted EBITDA loss of $2.9 million in the prior year period.

第三季淨虧損改善至 500 萬美元，即每股虧損 0.24 美元，而 2024 年第三季淨虧損為 640 萬美元，即每股虧損 0.71 美元。第三季調整後 EBITDA 虧損 300 萬美元，與去年同期調整後 EBITDA 虧損 290 萬美元基本一致。

Now turning to the balance sheet. We ended the quarter with cash and cash equivalents of $900,000 compared to $1.4 million as of December 31, 2024. Total cash plus accounts receivable balances as of September 30, 2025, was $4.5 million compared to $6.4 million at the end of 2024.

現在來看資產負債表。本季末，我們的現金及現金等價物為 90 萬美元，而截至 2024 年 12 月 31 日，金額為 140 萬美元。截至 2025 年 9 月 30 日，現金及應收帳款總額為 450 萬美元，而 2024 年底為 640 萬美元。

We remain focused on strengthening our capital structure through multiple financing pathways. During the third quarter, we successfully converted $25 million of existing debt into Series A convertible preferred stock, substantially improving our shareholders' equity position and enhancing our financial flexibility. This momentum continued after quarter end with an additional $10 million debt-to-equity conversion completed on October 14, 2025.

我們將繼續致力於透過多種融資途徑加強資本結構。第三季度，我們成功地將 2,500 萬美元的現有債務轉換為 A 系列可轉換優先股，大幅改善了股東權益狀況，增強了財務靈活性。這一勢頭在季度末後得以延續，2025 年 10 月 14 日又完成了 1,000 萬美元的債務轉股權。

We've also enhanced our capital access by expanding our equity line of credit facility to $100 million, a 50 million share increase in late October. Since the program's November 2024 inception, we've raised $8.9 million through this facility and the expansion provides meaningful additional financing capacity to support our strategic objectives. Now I'd like to turn it back over to Mark for some closing comments.

我們也透過將股權信貸額度擴大到 1 億美元（10 月下旬增發 5,000 萬股）來增強了我們的資本獲取能力。自該計劃於 2024 年 11 月啟動以來，我們已透過該機制籌集了 890 萬美元，此次擴容將為支持我們的策略目標提供重要的額外融資能力。現在我想把發言權交還給馬克，讓他做一些總結性發言。

Thank you, Diana, and thank you to everyone for joining. We appreciate your interest in Direct Digital Holdings, and we would like to now open the call for questions. Operator, please open the line.

謝謝你，戴安娜，也謝謝大家的參與。感謝您對Direct Digital Holdings的關注，現在我們想開放提問環節。接線員，請接通線路。

(Operator Instructions) Dan Kurnos, Benchmark Company.

（操作員說明）Dan Kurnos，Benchmark 公司。

Thanks, evening, Mark, obviously, not the sell-side result you were looking for. We had talked about direct integration. There's a lot of noise in DSP land right now with Trade Desk basically prioritizing OpenPath, and they're obviously a big DSP partner could be. Do you think Amazon is making a bunch of noise? How do we think about your willingness to kind of pursue the historical business model in direct connect and drive volume from the DSP universe through Colossus.

謝謝，晚上好，馬克，顯然，這不是你想要的賣方結果。我們討論過直接整合。目前 DSP 領域有很多傳言，Trade Desk 基本上優先考慮 OpenPath，而他們顯然是一個重要的 DSP 合作夥伴。你覺得亞馬遜是不是在大肆宣傳？我們該如何看待您願意繼續沿用傳統的商業模式，透過 Colossus 直接連接 DSP 領域並推動流量成長？

And then subsequently, you talked about this platform approach. Obviously, Orange 142 linking up and keeping everything sort of in the ecosystem makes a lot of sense, but you have to be able to drive both advertiser demand and publisher access and inventory to make the ecosystem grow. So just help us get a little bit more clarity on the thought process there.

隨後，您又談到了這種平台方法。顯然，Orange 142 將所有內容連接起來並保持在生態系統內是非常有意義的，但你必須能夠同時推動廣告商的需求和發布商的訪問權限和庫存，才能使生態系統發展壯大。所以，請您幫我們更清楚地了解您的思路。

Yes. No, good question, Dan. So we see it as a combination of both. So we think the traditional business model of working directly with DSPs, we still see that as a viable path. We think that some of the Tier 2 DSP partners that are out there are still interested in partnering.

是的。不，問得好，丹。所以我們認為它是兩者的結合。因此，我們認為直接與DSP合作的傳統商業模式仍然是一條可行的道路。我們認為，現有的一些二級DSP合作夥伴仍然有興趣進行合作。

And then some of the Tier 1s are still interested in partnering and see that as a viable option. However, for the company and the way that we're viewing our go-forward strategy, more of the ecosystem platform play, we're making more investments going down that path.

而且，一些一級供應商仍然有興趣合作，並認為這是一個可行的選擇。然而，就公司而言，根據我們對未來發展策略的看法，我們將更專注於生態系統平台，並加大對該領域的投資。

And that's where we have already started testing and starting to see favorable results and favorable feedback from our clients and doing some level of cost savings that we're able to provide to them. So we think that, that it's going to be for us, multiple revenue streams into the SSP for the go forward, and we're looking for more opportunities and exploring different ways to continue to drive revenue through the SSP that we actually have autonomy to control.

我們已經開始進行測試，並開始看到客戶的正面回饋和良好結果，並且能夠為他們節省一定程度的成本。因此我們認為，未來我們將透過 SSP 獲得多種收入來源，我們正在尋找更多機會，探索不同的方式，以便繼續透過我們真正能夠自主控制的 SSP 來推動收入成長。

And do you have the -- on the -- from the buy-side perspective, we've talked about category expansion, vertical expansion. As you kind of go through this platform approach evolution, it change your go-to-market? Does it change your ability to reach out to the buy side and suggest, hey, you can get better SPO, you can get better yields, you can get better return, ROAS effectively for the buy side anyway by running this platform approach? And how receptive have advertisers been to the new go-to-market?

那麼，從買方的角度來看，我們已經討論過品類擴張、垂直擴張。隨著平台化策略的演變，你的市場進入方式也會跟著改變嗎？它是否會改變你與買方溝通的能力，並建議他們：嘿，透過運行這個平台方法，你可以獲得更好的SPO、更高的收益率、更好的回報，以及更有效地為買方帶來的ROAS？廣告商對這種新的市場推廣方式的接受程度如何？

Yeah. So far, the advertisers have been -- the ones that we're in alpha testing with have been pretty favorable with that approach. And then the test that we've run, they've seen the benefit from a performance perspective and also from a ROAS perspective.

是的。到目前為止，廣告商——我們正在進行 alpha 測試的那些廣告商——對這種方法都相當滿意。然後，在我們進行的測試中，他們從性能角度和 ROAS 角度都看到了好處。

So the way that we're viewing it, we've -- it's one side of our business that we've been very strong on, and that is really the revenue generation side for our buy-side business. And so we're going to continue to push towards that where we see the top of the funnel to run more dollars in revenue to the bottom of the funnel. And then for us, maintaining the publisher relationships is important. So we're continuing to focus on that as well.

所以從我們的角度來看，這是我們業務中我們一直非常擅長的一個方面，那就是我們買方業務的收入創造方面。因此，我們將繼續朝著這個方向努力，讓漏斗頂端的資金流入漏斗底端，進而帶來更多收入。對我們來說，維護與出版商的關係非常重要。所以我們也將繼續關注這方面。

And just any color -- additional color you can give us on the Orange 142 and ReachTV partnership. You flagged it. I think it's interesting. It's kind of an adjacent into travel, which you guys already have some tourism there. So I don't know if you would consider that sort of an add-on to where you already are or if we should be looking for more of these kinds of partnerships in the future where you guys get creative with your platform?

還有任何顏色——您可以就 Orange 142 和 ReachTV 的合作關係向我們提供其他顏色。你標記了它。我覺得很有趣。這算是旅遊業的一個分支，而你們那裡已經有一些旅遊業了。所以我不知道您是否會把這看作是對您現有業務的一種補充，還是我們未來應該尋求更多此類合作，讓您在平台上發揮創意？

Yes. The ReachTV partnership, we view that as being strategic in nature. We have roughly about [70] partners that are in the DMO advertising space. And so having a ReachTV with the data platform that they have and also, I would say, the RTM component that they actually have in many of the different airports across the United States and specifically concert that they have, we saw that as being strategic in nature and a real complement to the advertisers that are already buying with us already. So yes, we are planning on continuing to find opportunistic opportunities like ReachTV, but we felt like this one was definitely important for our platform.

是的。我們認為與 ReachTV 的合作具有戰略意義。我們在目的地行銷組織 (DMO) 廣告領域約有 [70] 個合作夥伴。因此，ReachTV 擁有數據平台，而且我認為，他們在美國許多不同的機場，特別是音樂會上，都擁有 RTM 組件，我們認為這具有戰略意義，是對已經與我們合作的廣告商的真正補充。所以，是的，我們計劃繼續尋找像 ReachTV 這樣的機會，但我們覺得這次合作對我們的平台來說絕對非常重要。

Got it. Thank you, Mark. I appreciate it. Absolutely.

知道了。謝謝你，馬克。謝謝。絕對地。

Michael Kupinski, Noble Capital Markets.

Michael Kupinski，Noble Capital Markets。

Thank you and good evening. Just a couple of questions. You indicated that there was $2.1 million in revenue from new verticals in the buy-side in the latest quarter. And if I just extract that revenue out in the quarter, it seems like there's quite a bit of attrition. And I was just wondering if you can maybe provide a little color on where we saw the weakness. Was it particular customers, verticals? Maybe just add some color there?

謝謝，晚上好。幾個問題。您指出，在最近一個季度，買方新業務部門的收入為 210 萬美元。如果我只是把這部分收入從季度中扣除，似乎會有相當大的人員流失。我只是想問您能否詳細說明一下我們發現的弱點在哪裡。是針對特定客戶群還是特定產業？或許可以在那裡加點顏色？

Yeah. So for us, the way that we viewed it, we definitely are going after new verticals. We're taking a strategy of going after larger customers and purposely avoiding customers that might be a little bit smaller in nature just due to the churn and internal resources that's required to manage. So strategically, we saw it as being valuable to go after different industries and different verticals and go after larger customers in those industries.

是的。所以對我們來說，從我們的角度來看，我們肯定是在開拓新的垂直領域。我們採取的策略是爭取規模較大的客戶，並刻意避開規模較小的客戶，只是因為客戶流失率高，而且管理這些客戶需要耗費大量的內部資源。因此，從戰略角度來看，我們認為進軍不同的產業和垂直領域，並爭取這些產業中的大客戶是非常有價值的。

And did those larger customers then have higher margin, I would assume? Or maybe can you give us a flavor on what those larger customers brought to the table?

那麼，這些大客戶的利潤率是不是更高呢？或者您能否為我們介紹一下，這些大客戶帶來了哪些好處？

Yeah. They bring more stability as they are performance-based customers. And so therefore, it's tied directly to results and then we like holding ourselves accountable to deliver on performance. So be a performance-based marketing and be a performance-based clients, we view those as being stickier in the long run.

是的。由於他們是按績效付費的客戶，因此能帶來更大的穩定性。因此，它與結果直接相關，我們也樂於對自己的績效負責。因此，要採取以效果為導向的行銷策略，並建立以效果為導向的客戶關係，我們認為從長遠來看，這樣的客戶更有黏性。

Got you. And then in terms of -- obviously, you guys have been aggressively rightsizing the business and focusing on your higher-margin buy-side business. I was just wondering if you can kind of give us your thoughts of when you might see the inflection point towards positive cash flow?

抓到你了。然後，很明顯，你們一直在積極調整業務規模，專注於利潤較高的買方業務。我只是想問您，您認為什麼時候才能看到現金流轉正的轉折點？

Yeah, yeah. We believe 2026 is going to be a positive cash flow year for us. We continue to find optimization opportunities to reduce costs, specifically around the sell-side. We want to rightsize that business to be able to baseline it and then return to growth, if you will for that business -- I mean, I'm sorry, for the sell-side.

是啊是啊。我們相信2026年將是我們的現金流為正的一年。我們不斷尋找優化機會來降低成本，尤其是在銷售方面。我們希望調整該業務的規模，使其達到基準水平，然後恢復成長——抱歉，我是說賣方業務的成長。

Buy-side business is quite profitable for us and continues to be maintain that profitability. And so we believe really, we could keep streamlining the sell-side business as well as work on top line performance and more of this ecosystem approach, which we saw favorable results in Q3, we believe that 2026 will be a cash flow positive year for us.

買方業務對我們來說利潤豐厚，並且一直保持著這種獲利能力。因此我們相信，我們可以繼續精簡銷售業務，同時致力於提升營收業績，並更多地採用這種生態系統方法（我們在第三季度看到了良好的結果），我們相信 2026 年將是我們現金流為正的一年。

I was curious, given the fact that your buy-side business carries much improved margins that -- and that with the results that you saw in this quarter, particularly the number of customers you say increased 5%, but yet revenues declined 70%. Why wouldn't you just concentrate most of your effort on the buy-side instead of trying to rebuild and put so much effort into the sell-side?

我很好奇，鑑於貴公司的買方業務利潤率大幅提高，而且您在本季度的業績中，特別是您所說的客戶數量增長了 5%，但收入卻下降了 70%。為什麼不把大部分精力集中在買方，而要費盡心思重建賣方業務呢？

Yeah. I think what you're pointing to is just the revenue issue with the sell-side of our business. The reason we like the sell-side of the business is because once you get past the breakeven point, the operating leverage is actually quite favorable, where every incremental 20% actually falls to the bottom line. So for us, being able to figure out how to get back to profitability on the sell-side business helps the overall profitability of the entire entity, and that's really what we're going for.

是的。我認為你所指出的只是我們業務銷售端的收入問題。我們喜歡這家公司的賣方業務的原因是，一旦過了盈虧平衡點，經營槓桿實際上就相當有利，每增加 20% 的利潤實際上都會轉化為淨利潤。因此，對我們來說，能夠弄清楚如何讓賣方業務恢復獲利，有助於整個實體的整體獲利能力，而這正是我們努力的目標。

And then final question, I'm sorry.

最後一個問題，不好意思。

Oh Diana (multiple speakers) --

哦，戴安娜（多位發言者）——

Michael, a lot of the things that we've been doing with AI are allowing us to grow on the sell side without significantly increasing our fixed cost to meet that capacity. So that's the positive part of being able to generate higher revenue on the sell-side.

邁克爾，我們利用人工智慧所做的許多事情，使我們能夠在銷售方面實現成長，而無需大幅增加滿足該產能所需的固定成本。所以，能夠在賣方獲得更高收入的正面方面就在於此。

Fair enough. And then obviously, you made -- mention and did a lot of financings and a lot of opportunities to raise equity and so forth. Can you just kind of give us some thought about with the recent financings and so forth, where does the company stand? Are you at positive shareholder equity at this point? Or can you kind of just give us your thoughts on where you stand at this point?

很公平。然後很顯然，你提到並進行了很多融資，創造了很多籌集股權的機會等等。您能否簡單談談公司最近的融資情況等等，以及公司目前的狀況？目前貴公司的股東權益為正嗎？或者您能否簡單談談您目前的想法？

Yeah. So we completed another conversion of debt to preferred after the end of the quarter of $10 million. So we believe we're definitely positive after the end of the quarter.

是的。因此，在本季末，我們又完成了一筆1,000萬美元的債務轉優先股交易。因此，我們相信本季末業績將絕對看好。

Got it. Okay, that's all I have. Thank you.

知道了。好了，我只有這些。謝謝。

Okay.

好的。

Thank you.

謝謝。

Thank you.

謝謝。

And there are no further questions at this time. Mark Walker, I turn the call back over to you.

目前沒有其他問題了。馬克沃克，我把電話交還給你。

Thank you. And if there's no further questions, that concludes our conference for today. Thank you for participating. You may now disconnect.

謝謝。如果沒有其他問題，我們今天的會議就到此結束。感謝您的參與。您現在可以斷開連線了。