Investor presentation. Throughout this recorded presentation, investors will be in listen only mode. Questions are encouraged, could be submitted at any time via the Q&A tab situated on the right-hand corner of your screen. Just simply type in your questions and press Send. Before we begin, I'd like to submit the following poll, and I'd like to hand you over to the management team. Tarek, good afternoon, sir.
Good afternoon. Thank you for having us today. Welcome everyone. I'm Tarek Fadel. I'm the CEO and founder of Fadel Partners, AIM listed for the last three years. With us, we also have Mark Plotkin, our CFO. We're both based out of the New York City area, and I would like to welcome everyone. Today, we would like to go over our 2025 annual results presentation. I'll be speaking more about the operations, the strategy, the product releases. Mark will then be taking us through the financial results, and then we'll open it up for Q&A. Let's get started.
Just to reorient everyone, Fadel is effectively a SaaS software provider that is developing AI-enabled licensing and copyright compliance platforms. Our platforms have been running at some of the largest blue-chip accounts in the world, helping companies solve the complexity of their licensing business, as well as helping them account for all of the royalties that are due coming out of those licenses that they're granting. We are headquartered in New York. We have several locations around the U.S. and Europe. We're 120 people strong, with low turnover and really long, over 20 years industry experience, specifically at the intersection of IP licensing and technologies.
We, as I mentioned, you know, we work with a large plethora of accounts. The company came from a background of dealing with blue-chip clients, such as Hasbro and Disney and Marvel and Coke and L'Oréal, et cetera. This last 18 months, we've also been focused on taking our expertise and our software down to the mid-market to address a much larger TAM, and we'll be talking about that shortly. We've been partners with several of the large systems integrators as well as technology providers. The last couple of years, we've done quite a bit of work with companies such as Adobe, AWS, and Oracle, and I'll talk a little bit about that as well.
On the financial side, our ARR has been growing consistently, since 2023 till now, the ARR has been up 61%. Our industries that we focus on include consumer goods, publishing, media advertising, and high tech and gaming. Really the IPO a few years ago provided a platform for us to not only organically grow our outbound sales and marketing activity but also provided an ability to further invest in our technology and continue to build out capabilities in our platforms. We've expanded into new geographies, into Europe very well, and we've also expanded the number of industries that we service.
The last 18 months have been also spent on leveraging a lot of the AI technology that's come to market and including that in our platform, which we'll also talk about. The company's been focused on the licensing space for over 22 years now. We've deployed our solutions to over 300 brands globally. Many of our clients have multiple brands within, underneath the same umbrella. We are across a multitude of brands, even within the same conglomerates. You'll see a nice spattering of accounts in different industries, whether it's publishing or media and entertainment, or consumer goods or gaming, as I mentioned earlier. The company offers three product lines.
IPM Suite is really focused on automating IP rights and royalty management for both the licensor, the IP owner, and the licensee, the IP user. We now provide solutions for both sides of the spectrum, both the IP owner as well as the IP user. We also offer a product offering called Brand Vision, which really ensures brand compliance while content is being used for marketing purposes. Here you'll see a lot of our consumer goods clients that have large marketing spends and hire big talent, whether that talent is photography, production, models, athletes, actors, et cetera, to represent their brands. They have a lot of usage rights associated to those uses.
The third product is PictureDesk, which is a product we acquired in the U.K. about 3.5 Years ago now, and that really is focused on providing content for editorial teams within magazine news publishing and broadcast publishing. It's a content aggregation platform that is very strong in scaling securely the management of images and videos. We'll focus a little bit about our IPM Suite product. This is the flagship product for the company. There's multiple capabilities. You can really think of it as the ERP platform for the licensing space. What it does is it really helps companies manage their licensing ecosystem.
From the focus on the complex contractual terms that are associated in licensing deals all the way to the complex royalty revenue accounting and expense accounting side. It's an end-to-end platform that our customers look to use to help them not only manage their deals and their deal flows, but also whether it's their payment obligation or their payment receipt. Around the edges of those types of products, we have, you know, a digital asset management capability, a newly released product approvals capability, a forecast management, and bookended also with a licensee portal that allows licensees to interact with our customers and advanced AI based analytics. The platform has really been tried and tested. It's been rolled out across many large brands globally.
Typical enterprise type deployments for us will include multiple business units, multiple currencies, multiple language type agreements, accounting in multiple currencies and different revenue recognition schedules. As we started going into the mid-market, we've also pre-configured our software, and I'll talk a little bit more about that. The same software that has been really, really tried and scaled, if you will, with our enterprise clients, was basically scaled down by us to allow for also the mid-market to make use of the same types of capabilities that the software offers. The last 18 months or so, we brought a package to market that allows us to open up really the small and mid-market growing licensee base.
We brought to bear a product offering, which is really a pre-configuration of our IP management suite, same product code base. That allows us to deploy our solutions in a multi-tenancy fashion in our cloud, so lowering the overall hosting fees as well as getting the product deployed to our customers faster. We're talking, you know, 2-3 months as opposed to a 6- 12-month implementation cycle. So we've spent a lot of time effectively simplifying what our enterprise deployments look like on the same code base and multi-tenant enabling it and then creating a consulting methodology that allows us to deliver really a high-end platform for that mid-market and small market of licensees where thousands of licensees exist.
Why is this critical? So, post-IPO, the company was looking also to grow its TAM, its addressable market. We found that, we've historically focused on working with licensors, who are, you know, the likes of Hasbro and Disney and Bandai and Marvel, et cetera, and servicing their needs initially. In doing so, we built a very capable and scalable platform for licensing. We looked just beyond the walls of our customers, if you will, and also realized that we can also service their customers who happen to be the licensees.
These are companies effectively that are responsible for producing product, t-shirts, hats, toys, et cetera, that are licensing from the large licensors, characters and putting those characters on their products and selling them. There's a whole approval cycle that has to happen in the middle before these licensees can sell their products. Effectively, the addressable market for this particular use case is about $370 billion in licensed retail sales globally. These 8,000-10,000 licensees around the world are responsible for selling products in the magnitude of $370 billion. These same companies end up paying $21 billion in royalties back to the licensors.
That global royalty revenue, what we call the cash in motion, is really what our platform can track. The market size is roughly 8,000-10,000 unique licensees, manufacturers that are managing 22,000+ active agreements across the board on an annual basis. We looked closer into the verticals and to look to see which are the most apparent verticals and the bigger verticals within the licensee categories. You'll see the top six verticals that are coming up are apparel and footwear, toys and games, sports, fashion, home digital, et cetera, and food and beverage. The dollar sign next to them is the actual amount of royalties that are attributed to those industry verticals.
There is some double counting here because the way the statistics work here is that you could be in two categories, and so you could be, for instance, a sports heavy licensee, but you're also an apparel and/or a fashion or a toys and games. I just wanted to point that out. The theme is the same, which is this is the way the largest categories break out effectively in the form of a royalty payout process. We've been spending quite a bit of time on the top three categories, apparel and footwear, toys and games, and sports. I'm happy to report that we've managed to close deals in all those verticals.
What's interesting for us is now that, you know, we're getting pulled into other verticals outside of media entertainment, publishing and marketing, where the company really spent a lot of its time in pre-IPO. Now we're working with mid-market licensees, for instance, in the apparel industries and in the toy industries and in the sports industries and the fashion industries, even in the food and beverage industries. It's been a great growth, you know, perspective for the company. Where we see the mid-market opportunity really is in that what we call the Power 500 advantage. When you look at the detailed breakout of the TAM, 500 of these 10,000 licensees control about 65% of that revenue.
Our platform solves their massive auditing complexity. There's a high degree of complexity in terms of being able to properly track your sales, track your royalties associated to those sales, and do it in a way where you're properly reporting back to the licensor and ensuring that you're audit proof. Many of these licensees don't have automated systems, so it truly represents a SaaS greenfield opportunity here. The nice thing also is that the contract velocity is increasing. There's a 40% increase in the agreement volumes that necessitates automated systems over these manual spreadsheets that we're replacing. Digital transformation is kicking in and the management software market and the space is expanding annually at roughly 11%.
We really believe that we are well positioned, especially with our AI-driven licensing systems today, to capture a significant portion of that $21 billion consumer products royalty economy. There's a large addressable market, 8,000-10,000 companies that are currently managing these calculations and have reporting requirements, and are looking to get off of manual processes. We're really capturing a mission critical friction point in this global licensing supply chain. In terms of sizing the opportunity, you know, we looked at average deal volumes across the mid-market and as well as the small market.
If we look at the types of customers that we've sold to over the last 18 months, they are ranging anywhere from $10 million in annual revenue up to $400 million in annual revenue. In the enterprise software space, these are usually called the SMB market, the small and mid-market clients. On average, we're averaging across the board the small to the mid-market about $40,000 in annual contract value. Of course, some of the larger mid-market clients that are in that $200 million-$300 million range are paying north of $100,000 in ACV value for the software. Clients that are closer to that $10 million range are paying closer to $10,000 in ACV value. Their deployments are quick.
The sales cycles are quick, within 3 - 4 months. Usually and more often, there aren't really RFPs that are being released as much as we would typically find in the enterprise market. When we look at just the market penetration rates and the incremental ARR that can help drive for the company, that'll range anywhere between $3.2 million on the low end all the way to $40 million on the high end. It's obviously somewhere in between. That's all incremental to the TAM that the company has actually been chasing in the enterprise, media publishing, gaming spaces, and is very much SaaS enabled in nature.
We're very excited over this incremental opportunity that we've opened up for the company. You could see also in terms of the new logo activity, you know, these are companies that we've brought on to the platform, to the i-ken platform, over the last 20 months or so, that for the most part all fall into that mid-market, small market category. They're across the board, you know, everything from gaming, collectibles, apparel, toys, food licensing, Mint, Royal Mint, both of New Zealand, Agoro, and of the U.K. have both signed up as well, because they also license in characters to print on coins.
We are very excited over the space, over what it represents, and the fact that it's a very repeatable sales process, marketing messaging, outreach programs, as well as deployment aspect. We think we've found our stride in terms of ensuring that we have a highly repeatable type of sale process and delivery process here. We'll switch over to Brand Vision, and we'll talk a little bit about that as well because there's been quite a bit of great news there. Brand Vision at its core started with the notion of managing licenses and usage rights for marketing content. We took the whole concept of IPM but brought it to the marketing space as well.
We are working with brands to help them track their talent and rights agreements that are coming out of their marketing campaigns. If I'm L'Oréal, and I sign up a particular brand ambassador, and I now need to start using their images and videos, to market my properties, let's say my makeup or my hair products, all of those agreements come into our system, whether it's directly from the L'Oréal team or from their agencies. We basically track all of the usage rights associated from those agreements back to the digital media, so to the images and to the videos directly.
We help them manage things such as what can we actually do with this content, and where can we safely use it through our digital rights management and rights clearance checking process in our cloud. We've added an AI-driven content tracking system that not only allows the marketing teams to understand what they can do with the millions of images and videos that they're already managing, but also when they actually execute their digital campaigns, we track where that content lives on social media, on e-commerce sites, on websites, on partner sites, et cetera, and ensure that that content isn't expired.
Because a lot of these brands, as you would assume, are getting actually sued by whether it's the record labels or the talent directly or the talent's agencies directly when expired content is still being published. It becomes a big problem, especially for the consumer goods companies, because they spend a lot of money on content curation and on high-end content agreements, which also means that their exposure is a lot higher. We help solve that problem with Brand Vision, both on the digital rights management side, but also on the content tracking side.
So when you look at also what we've done over the last 20 months or so with Brand Vision, we've added quite a bit of large logos, mainly consumer brands companies that are, you know, across different industries that are now also leveraging our capability and integrating our Brand Vision solution into their digital asset management infrastructure. We keep doing more of this. We also are getting involved in quite a bit of content tracking opportunities now, where customers are asking us to safeguard their brand reputation and continue to track their images and logos and expired content. We're having a lot of also content compliance type opportunities that are coming in.
I'd like to also touch a little bit upon our AI strategy. You know, we jumped on the AI bandwagon very quickly. We, as a company, we have had AI-enabled technologies really in one of our solutions in Brand Vision since 2021, 2022, where we were using an early version of AI technology to help us track and identify and match images and videos. Image to image in video to video matching.
The last 18 months, we decided obviously as AI was really taking over the world in a sense, we decided to start testing several of the available AI platforms in the market and to see, you know, what makes sense in terms of fitting in AI into our existing platforms, both IPM as well as Brand Vision, and figure out how do we really benefit our users and make them more productive from this newer technology. That was really the whole premise behind what we were looking to achieve.
We spent a lot of time with a lot of the existing models from Anthropic, from OpenAI, from Amazon, from Meta, and we looked to see which solutions are the best in terms of the use cases that we're looking to adopt it for. We did two things. One is we started using AI in our R&D teams, and we've enabled our entire development and QA teams with Copilot licenses to help start having the AI do code reviews, having the AI assist with making the developers more productive, et cetera. We went full in on the technical side first, and then we started reviewing the existing MLs for user solutioning.
We also ended up signing up with AWS on their Agentic AI platform as our core cloud deployment platform for AI agents. In doing so, we brought multiple new solutions to market that are really embedded within our products. Some are licensed directly, some are just, you know, enhancements to the core product offerings to make a user more productive in our system. We brought four out of the five that were, you know, newer AI capabilities all in 2025. They range everything from agents to review product submissions on behalf of users, making the user at least two or three times more productive in, you know, in working through their work queues.
Contract ingestion agents where we've selected, in that case, Claude, to be the ingestion agent, but that's been highly trained by us specifically on licensing agreements. We've also brought together a business insights platform in partnership with Amazon that allows us to AI-enable all of our analytics, dashboarding, and predictive modeling capabilities in the platform, all integrated into IPM Suite and, you know, now using natural language prompts. When we look at the world we came from over the last 20 years, all of our clients would need, you know, business intelligence, business insights, but it was always a big lift because it was all programmatic.
Now what we've done is through this integration, we've given the business users the ability to just use natural language prompts in any language of their choice because we have, you know, multilingual clients, to actually query the data, create dashboards, create executive reports without having to learn or know a single line of code, which has been tremendous in terms of user productivity and adoption. Those are all been integrated natively into our platforms. Last but not least, we've also released AIVA intelligence, which is an AI chat assistant that provides real-time information on all of the licensing agreements that the licensing team is working with.
You can, through your chat interfaces, very specifically ask questions about the licensing agreements and contracts that you're using and compare them to each other. Where that's going is that, in the next iterations throughout this year, it's also going to marry transactional information with contract information and deployed safely and securely within our clouds. There's a lot of excitement around this from our existing customers, our new customers, and from our own employees because we're getting to, you know, use new technologies that are super useful, super helpful. Also, we're taking the guesswork of which are the better technologies to use in this space away from our customers having to guess and interpret. We're doing that on their behalf, we're integrating it natively into our platforms. Very exciting things happening there.
I'll move into our operational financial highlights. Really, we just looked at querying, you know, all the things that we've done since the IPO back in April 2023. We've continued to do product innovations and releases on the content matching and tracking front, bringing Licensee and IPM Suite to the mid and small market offerings, embedding AI into all of our technology releases, launching a new product approval module for licensors for brand compliance, and then continuing the creating and offering quarterly releases across our three product lines. There's been a lot of technology innovation that's been coming out of the company that will continue. We've also had a sales and marketing and alliances alignment process. We now have a dedicated BDR inside sales team.
We've put in new systems for pipeline sales management. We're using a lot of AI-enabled software from other vendors like Clay and Salesloft and Salesforce in our outreach and lead generation processes. We've put a dedicated CSM function in place and then we've launched a new website. We've added new partners, and we've now been attending new events. We're, you know, we're pushing sort of all boundaries there, and we're seeing that really reflected in our pipeline.
And then, also throughout the last couple of years, we started a new office, new R&D office, in Amman, Jordan, that's now staffed with 14 people, that's allowed us to also leverage lower cost development expertise, in particular in AI, out of that location. What are we seeing in terms of results so far? Really from the tail end of 2022 into 2025, we've seen a 61% license ARR growth. We are hitting now top-line SaaS metrics, and Mark and I are both very focused on ensuring that we're really looking to continue to hit the SaaS metrics. We're at last year, we're at 14% license ARR growth.
Our NRR is at 102%, and our GRR is at 94%. Our license gross profit margin is at 84%. We increased our customer counts, so we brought in over 20 new customers in that 24-month period. We're decreasing our ARR and revenue percentage from our top five customers. Those are the things that we're continually focused on doing. In doing so, you'll see that there's a transition in the company's revenue lines from being when we first came to market, we were roughly 50/50 split between license and services. Now that's gone up to more than 70% - 30% license and services. Our objective is to continue to grow the license revenue track.
What we are seeing is as we're starting to do more in the mid-market, obviously there's been a drop in our services revenue. That's to be expected. We think that's going to continue, but that's actually a positive thing because we're moving into a full SaaS market where you don't need as heavy services to implement the client. A standard deal for implementation in that mid-market for IPM is under $100,000 over a 2-3 month period, as opposed to in the enterprise, it's between $500,000 and $1 million and over an 18-24 month period.
That's not to say that we are not continuing to respond to enterprise opportunities, but really the main outbound focus right now has shifted to from IPM to be in that more mid-market segment. We do think that that's gonna continue to help us grow the license revenue component faster than the services revenue component, and with a real management intent on getting to north of 80% in revenue from licenses and 20% from services in the future. Last but not least, we, you know, just wanted to touch a little bit upon our partnership strategy. We've expanded our relationship with AWS in late 2025. We've signed up as an AWS Marketplace partner, Agentic AI, and ISV Accelerate partner.
What that means is that our product offerings are now listed in the AWS Marketplace so that when AWS clients can buy off of their private pricing agreements with AWS, our products, which means that we don't have to fight for budgets if the client already has a private pricing agreement with AWS that they can purchase and use that to purchase our software. In addition, we've leveraged that partnership really to train our developers on the Agentic AI platform, and we're also using their platform to deploy our AI agents securely and scalably in the cloud. We've also strengthened our Oracle partnerships, and we launched a new partnership with NetSuite last year.
As we get into more of the licensee mid-market world, we're seeing a lot of those types of companies actually using NetSuite ERP. We already have two clients where we've integrated our IP management system with NetSuite, and we're now building a NetSuite connector that will sit in the NetSuite SDN marketplace that customers will be able to buy and then use that to integrate our software directly with NetSuite out of the box. That's being released in early Q3 this year. We're also been working with the Oracle Media and Communications U.S.-based vertical that has, you know, obviously, very strong ties with the media entertainment and publishing industry.
We're positioning our software as a key enablement technology within the Oracle Cloud ERP world that allows their customers to manage licensing and royalties and integrate to Oracle ERP. We've been spending a lot of time on both those partnerships as well. On the Brand Vision side, we continue to do partnerships and work joint, you know, opportunities with the main enterprise digital asset management vendors. To note, you know, we've been working closely with Bynder and Adobe and Nuxeo and OpenText and Aprimo, et cetera. We have native connectors into their platforms and we continue to manage those relationships. As you can see, you know, we've been very busy over the last three years getting to where we are.
We're very happy with the progress that we've made so far, and with how we've positioned the company, and, with a key focus on, you know, getting to profitability, over the next year. At this point, I will hand it over to Mark.
Thank you, Tarek. Turning now to our financial results for the year ended December 31, 2025. This has been a year of continued operational progress and improving financial discipline. While we remain focused on growing our SaaS revenue, we also have taken meaningful steps to improve profitability and efficiency across the business. Looking at our headline numbers, revenue for the year was $12.6 million, which is a modest decrease over the prior year, reflecting our strategic shift away from our lower margin services work. Encouragingly, our core SaaS metrics remain strong. Our licensing ARR grew by 14%, as Tarek mentioned. Our gross margins were high for licensing revenue at 84%, and our overall gross margin improved two percentage points to 64%. Importantly, we delivered a significant improvement in profitability.
Our adjusted EBITDA loss reduced to $0.7 million compared to $3.9 million in the prior year, and our net loss before tax narrowed to $1.4 million from $5 million last year. We ended the year with $1.9 million of cash. Overall, these results reflect a business that is becoming more efficient, more predictable, and increasingly driven by high-quality recurring revenue. As shown on this slide, our licensing ARR has grown consistently since our IPO in 2023. Our ARR has increased 61% and reached $8.9 million at the end of 2025. Our ARR grew by 14% in 2025, but importantly, our retention metrics remain healthy.
Our NRR is 102% and our GRR is 94%, and this demonstrates both the resilience of our customer base and the increasing value of our platform with our existing customers. Looking in more detail at the income statement, our revenue trends reflect our strategic repositioning. Licensing and support revenue increased by 3%, while our services revenue declined by 13% as we focus on the more scalable mid-market SaaS opportunities, where implementation projects are shorter in duration. Much of our ARR growth occurred in the fourth quarter, which positions us well for 2026, which will benefit from the full revenue impact of this new ARR. From a cost perspective, our gross margin improved due to the higher mix of licensing revenue. Our R&D costs decreased by 11% and our SG&A costs decreased by 32%.
These reductions are primarily the result of the restructuring actions taken in late 2024 and further refined in 2025. As a result, our adjusted EBITDA loss improved 82% year-over-year. Overall, this reflects a deliberate shift towards a more scalable and operationally efficient model. Turning to our balance sheet, our working capital declined by approximately $0.8 million, primarily due to the cash used in our operations. We saw a $0.3 million increase in AR and unbilled work in progress, driven by higher levels of renewals and new business towards the end of the year. Deferred revenue also increased by $0.5 million, which is positive indicator of future revenue visibility, reflecting our new deals signed in late 2025. Overall, the balance sheet movements are consistent with the business that's continuing to grow its recurring revenue base while managing near-term cash carefully.
Finally, on our cash flow, as is typical in our business model, timing differences play an important role. Movements in billed and unbilled receivables are influenced by the timing of renewals and delivery of professional services. In addition, our commissions are capitalized, but we pay those commissions out once the deals are signed and invoiced, and that creates a timing difference between when those commission expense goes through the P&L and when it hits our cash flow. Our line of credit with Bank of America was fully repaid during the year. We did a small borrowing at the end of the third quarter and repaid that in the beginning of the fourth quarter. Looking ahead, we believe that our operational performance will generate sufficient cash to continue to fund our operations without requiring additional external funding. That brings us to the end of our presentation.
Thank you both for updating investors today. Could I please remind investors to submit your questions just by using the Q&A tab situated on the right-hand corner of your screen? For your reference, a recording of today's presentation will be available in the Investor Meet Company platform shortly after the meeting has ended. Guys, as you can see, we received a number of questions during today's presentation. If I could just hand back to the team to read out the questions and give responses where appropriate to do so, and I'll pick up from you at the end.
Yes. Thank you so much. The first question is: What is the risk of mid-market expansion cannibalizing higher value enterprise deployments? We don't really view them as one cannibalizing the other. Really they're different client bases. Traditionally the enterprise deployments have been in a combination of media entertainment and publishing for the company. It's a bit of a different client base than the licensees. When you think about, you know, the company doing a lot of work at a publisher, the publisher doesn't really, you know, effectively work with any of the licensees on the mid-market front. We really think of them as effectively two different go to market opportunities and deployment cycles.
We, there's rarely any overlap between the types of customers that are buying into and the enterprise versus in that mid-market client that we're going after. Second question, what's the long term target gross margin for the business and what revenue mix would be required to achieve it? Today, we're at a 64% gross profit margin. That's for the entire business. We are looking to get north of 70%. We think that's achievable. As we mentioned earlier also that the gross profit margin on the license side of the business is at 84%.
One of the things we're looking to do is as we look to continue to increase the license revenue away from the services revenue, that's also gonna help with increasing the gross profit margin overall for the business. You know, we've also done quite a bit to lower our overall expenses over the last 15 months, and that's gonna also help shore up that number as well. We're on the right track for sure. Another question, what competitive pressures are emerging as AI lowers barriers to entry in content governance tools? Great question.
What we're seeing and what we're finding is that, you know, obviously everyone's looking at AI, and in the enterprise client side, the AI is being used within our client base, especially in Brand Vision, across the board for today for generative AI capabilities. Companies that are doing a lot of marketing are also using generative AI to generate new additional marketing content. For the most part, a lot of that, even AI generated content still needs to be licensed and still needs to be, you know, managed, if you will, through a digital rights management capability.
What we're seeing is, you know, on the contract management side, AI is being used for productivity gains, if you will, in terms of better understanding, you know, what's in the agreement, what's not in the agreement. Where it's falling short really is how does it tie back into your enterprise workflow? It's easy for a person to just use, you know, a chatbot and then load up an agreement and says, you know, do I have the rights or do I not have the rights? How do you marry that information back into your overall digital asset management usage, your multiple agreements that are all tied together, finding the common denominator between them.
While AI is penetrating in certain areas, I would say, and helping the users be more productive in what they're doing, there's still a big missing component of use case orchestration, which is what really our products offer. In our case, we're actually embedding some of that same AI directly into our application. One of the things that we add on top of that is that business process orchestration that AI just doesn't provide. There's been a lot of questions that we've been getting as well as you can imagine over, you know, AI cannibalizing SaaS software, and I just don't believe that that is the case. I mean, we're not seeing it in our pipeline, that's for sure.
We're seeing a pipeline growth, and we're seeing a continued pipeline growth as we actually included more AI in our capabilities because our users want to use AI in a very productive way to make them more efficient, to make them more productive, maybe to have, you know, less users having to manage business functions. You know, that doesn't do away with the SaaS solution, right? That just if the SaaS vendor knows how to embed and integrate security and safely and keeping data privacy and governance in mind, which are very big topics that you don't hear about when you hear all of the AI buzz that are difficult to achieve.
You know, I think the SaaS world is, at least the spaces that we're in, are quite secure in that sense, because there's a lot of enterprise integration that is required on that side.
Thank you for answering questions from investors today. Before we ask investors to share their feedback, which I know is particularly important to the company, Tarek, could I please just ask you for a few closing comments?
Yes, absolutely. Thank you again for attending the presentation. We are very excited over the space that the company is in today. We feel that we are really executing, you know, on our strategy. We also feel that we've opened up a significantly new large addressable market that we're very well positioned to go after. Continuing down the path of really ensuring that we're operating with as much cost efficiency in mind while continuing to bring new innovative capabilities and products to market has been a really healthy mix for the company. You know, we hope to see you all again same time next year when we can be updating you on the 2026 results.
Thank you both once again for your presentation this afternoon. Could I please ask investors not to close this session, as you'll now be automatically redirected to provide your feedback which will help the company better understand your views and expectations. On behalf of the management team of Fadel Partners, we would like to thank you for attending today's presentation, and good afternoon to you all.