Hello, and welcome to the annual meeting of stockholders of Huuuge, Inc. Please note that today's meeting is being recorded. During the meeting, there will be a question and answer session. You can submit questions or comments at any time by clicking on the Q&A icon. The Q&A session will be moderated, and questions raised through the meeting platform will be presented by the moderators at their discretion at the appropriate time. I'm now happy to hand things over to Wojciech Wronowski, our CEO. Wojciech, over to you.
Hello, and welcome to our 2026 annual meeting. I wanted to thank all the stockholders and guests for their participation and ongoing support for our company. I'll chair today's meeting in accordance with our bylaws. Ms. Monika Kierepa, our General Counsel and Secretary, and Maciej Hebda, our Chief Financial Officer and Treasurer, will be assisting me during the meeting. The meeting agenda is quite brief. Firstly, Maciej will short present the financial outcomes for 2025. We will follow with the formal part of the meeting, adopting resolutions on the re-election of two members of our board. We will follow up with notices of the Secretary to conclude with a Q&A session. Please use the Q&A feature of our online meeting platform to submit any questions you may have. Our moderators will facilitate this session.
Computershare, our designated process agent appointed by the board, is administering this meeting. Ms. Ericka Indart will be our Inspector of Elections for this session. She will supervise the voting for the resolutions presented today, as detailed in the notice of the meeting. Ms. Indart has taken an oath to perform her responsibilities with complete impartiality and the best of her competence. Turning over to Maciej, our Chief Financial Officer, to present the outcomes from our 2025 annual report.
In 2025, our total revenue reached $235.6 million, representing a 6.1% year-on-year decline, primarily caused by industry headwinds. We adapted by reducing costs and user acquisition spending, which allowed us to deliver $96 million in adjusted EBITDA, a 10% year-over-year increase. This resulted in a record adjusted EBITDA margin of 40.8%. Additionally, our net operating cash flow reached $78.4 million, representing an approximate 82% conversion rate to adjusted EBITDA and confirming our position as one of the top cash-generating businesses in the industry. Our annual report, available on our website and this meeting site, details our 2025 performance. Additionally, our Q1 2026 report provides a current snapshot of the company's condition. With that, I hand the voice back to Wojciech.
We'll proceed with the consideration of the resolutions. As outlined in the notice, there are two resolutions to be voted on by the stockholders. Let me just remind that the record date was set by the board as April 30th, 2026, and only stockholders registered at this date are eligible to vote. Stockholders had the option to vote by proxy prior to the meeting, and all proxy votes have been received and will be counted by the Inspector of Elections along with the votes cast today. Note that we'll receive the results after the meeting concludes. We'll publish the results as soon as they're available by way of current report. Operator, please open the polls for voting now. The polls will remain open until we transition to the Q&A session.
I will now present the resolution before the meeting today. Any stockholders of record wishing to place their votes on these resolutions in person may do it through the meeting platform. These resolutions are proposed and supported by the board of directors. Resolution one, re-election of Mr. Krzysztof Kaczmarczyk as Independent Director of the Com pany until the next annual meeting of stockholders, or until his successor has been elected and qualified, or until his earlier death, resignation, or removal. Resolution two, re-election of Mr. Tom Jacobsson as Independent Director of the Company until the next annual meeting of stockholders, and until his successor has been elected and qualified, or until his earlier death, resignation, or removal.
In accordance with the company's certificate of incorporation, for the purposes of a vote on the election of directors in order to constitute a quorum, they will be present either in person or by proxy, holders of a majority in voting power of the common shares of capital stock of the company entitled to vote, and a majority of the votes cast will determine whether a resolution has passed. The Inspector of Elections will determine whether a quorum is present for the purpose of voting on the resolutions, and for that purpose, will treat abstentions as shares that are present and entitled to vote. As soon as the results of today's voting process are tabulated and certified by the Inspector of Elections, they will be published by the company by way of a current report.
I'm handing over to Monika to inform you about the election of Series A and Series B directors.
Thank you, Wojciech. Hello, all. In accordance with Article 5.2 of the company's certificate of incorporation, the Series A Director is elected by way of written consent by holder of company's Series A preferred share. Before this meeting, the company has received such written consent, electing Mr. John Salter as the Series A Director of the company for an additional term commencing with this meeting. Likewise, in accordance with Article 5.2 of the company's certificate of incorporation, the Series B directors are elected by way of written consent by holder of company's Series B preferred share. We have received such a written consent electing Mr. Anton Gauffin and Mr. Henric Suuronen as the Series B directors of the company for an additional term commencing with this meeting. Thank you. Wojciech, the floor is yours again.
This concludes the formal business of this meeting. I don't see any questions submitted during the meeting in the admin console. However, if we see any questions later that are not answered during the meeting, we will address those in writing after the meeting. That concludes today's agenda. Thank you for your participation. We are grateful for your continued interest, involvement, and support. With that, our meeting is now closed.
This concludes the meeting. You may now disconnect.