Thank you for standing by, and welcome to the Gloo Holdings Inc annual meeting. I will now turn the conference over to Scott Beck. You may begin.
Thank you, operator. Good morning. I'm Scott Beck, Chief Executive Officer of Gloo, and it's a pleasure to welcome you to the Gloo annual meeting of stockholders. As provided in the company's bylaws, I will act as chairperson of this meeting. I've asked Jared Warner, our Chief Administrative Officer, to record the minutes of the meeting. Before proceeding further, I'd like to thank the directors, the director nominees, all of our officers, senior management of the company who are on the call with us today. Also with us virtually today is Glenn Richards, a representative of Crowe LLP, the company's independent registered public accounting firm. Before we move to the formal part of the meeting, I'd like to provide a brief company update. Gloo is building the leading technology platform for the faith and flourishing ecosystem, with applied AI being a defining capability across the platform.
This is a large, durable, and highly fragmented ecosystem spanning education, social impact, Bible translation, churches, and the denominations that serve them. As I said on the last earnings call, we believe the company is in a very strong position. We continue to execute against our plan. We more than tripled Q1 revenue year-over-year. In Q1, we also made great progress on improving Adjusted EBITDA to negative $11.5 million ahead of guidance and Street consensus. This represented a more than $7 million sequential improvement in Adjusted EBITDA from Q4. This represents our third consecutive quarter of sequential Adjusted EBITDA improvement. Donations remain the economic engine of this ecosystem, funding the mission-driven work and the flourishing for the faith and flourishing organizations.
In 2025, revenue from faith-based organizations grew at 8.2% to more than $265 billion, underscoring both the scale of the opportunity in the ecosystem that we serve and the importance of donor development within that ecosystem. For this ecosystem, we are powering technology, and we are powering increased reach and revenue growth, and we are applying AI to serve our ecosystem in even more powerful ways. At the same time, we keep integrating acquisitions with discipline and execution against our path to profitability. We've had a great start to our year. We have just successfully completed a financing that strengthens our balance sheet and gives us additional capital as we continue to advance our pursuit of important strategic acquisitions. We remain confident in our strategy, our 2026 plan, the long-term opportunity to build a category-defining technology platform for the faith and flourishing ecosystem.
I'll now ask Jared Warner to conduct the formal part of the meeting. Jared?
Thanks, Scott. The annual meeting is being held in accordance with the company's bylaws and Delaware law. During the formal meeting, we will address the matters described in the company's proxy statement dated May 27th, 2026. Balloting will be completed. An announcement will be made regarding the preliminary results. Then the formal meeting will be adjourned. If you would like to ask a question during today's meeting regarding the items on the agenda, you may type your question in the Q&A box on your screen. Only relevant questions to today's meeting agenda will be addressed. If you have general questions about the company, questions of an individual concern, or if a question you posed is not answered today, you may contact Gloo's investor relations at any time.
I have proof by affidavit that notice of this meeting has been duly given and that the notice of annual meeting of stockholders, proxy statement, and proxy were mailed on or about May 27th, 2026, to all stockholders of record at the close of business on May 15th, 2026, which is the record date for the meeting. The affidavit, together with copies of the notice, proxy statement, and proxy, will be filed with the minutes of the meeting. We have appointed Brian Jacobs, Gloo's corporate secretary and assistant general counsel, to act as Inspector of Election for this annual meeting. The Inspector of Election has signed an oath of office, which will be filed with the minutes of this meeting. The Inspector of Election has confirmed that we have present, virtually or by proxy, a sufficient number of shares to constitute a quorum.
Therefore, the meeting is duly constituted. We may proceed with business. Let me briefly describe the voting procedures for today's meeting. Holders of record of Class A common stock or Class B common stock on May 15th, 2026, are entitled to participate in and vote at the meeting. A complete list of stockholders of record as of that date was available to stockholders for any purpose relevant to this meeting for the 10 days preceding this meeting. If you have previously turned in your proxy or voted by phone or through the internet, and you do not intend to change your vote, it is not necessary that you vote today. Your vote will be counted.
If you are eligible to vote and have not submitted your proxy, or if you want to change your vote, please click on the Vote Here button located at the bottom of the meeting page on the webcast. Please note that under the advance notice provisions of our bylaws, proposals cannot be properly brought before this meeting unless they are submitted in accordance with those procedures set forth in our bylaws. Since we previously received no proposals from stockholders in accordance with these advance notice provisions, no additional proposals may be submitted for consideration at this meeting. The matters to be considered at this meeting, as set forth in Gloo's definitive proxy statement, are as follows. The first item of business is the election of directors. Three directors will be elected at today's meeting.
The company's board of directors presently has eight members and is divided into three classes, each with a three-year term. There are three Class I directors, two Class II directors, and three Class III directors. The Class I directors will be elected at today's meeting. Those three nominees receiving the highest number of votes of the shares present in person or represented by proxy at this meeting and entitled to vote will be elected as directors. Directors elected at today's meeting will hold office until the 2029 annual meeting of stockholders or until their successors are duly elected and qualified. Stockholders do not have the right to cumulate their votes in the election of directors. As indicated in the company's proxy statement, the following three individuals are nominated by the board of directors to serve as Class I directors: Bishop Claude Alexander Jr., John Furst, and Derrick Green.
All of these nominees are currently serving as directors of the company. The proxy solicited by the board of directors will be voted in favor of these nominees. Gloo's board of directors recommends a vote for each of these three nominees. The next item of business is to ratify the appointment of Crowe LLP as the company's independent registered public accounting firm for the fiscal year ending January 31st, 2027. Gloo's audit committee, which is comprised entirely of non-employee directors, recommended to Gloo's board of directors that Crowe LLP be appointed as independent auditors. The board approved the selection of Crowe LLP as independent auditors for the fiscal year ending January 31st, 2027, and is asking the stockholders for ratification of the selection. Stockholder ratification of the selection of Crowe LLP is not required.
However, Gloo's board is seeking ratification of the selection as a matter of good corporate governance practice. Approval of this proposal requires the affirmative vote of a majority of the voting power of the shares present in person, including virtually, or represented by proxy at the annual meeting and entitled to vote thereon. The board of directors recommends that stockholders vote in favor of this proposal, and the proxies solicited by the board will be voted in favor of this proposal. I will now pause to see if there are any questions relevant to today's meeting agenda. No questions about matters in the agenda were submitted. We will now proceed with the voting on the proposals. It is 10:11 A.M. Mountain Time, and the polls are now open.
If you have previously sent in a signed proxy card or submitted your proxy vote by telephone or on the internet, it is not necessary for you to vote via the web portal today unless you wish to change your vote. If you were a stockholder of record at the close of business on May 15th, 2026, or you have a valid proxy from your broker, bank, or other agent with respect to the shares you beneficially own and you desire to vote via the web portal at today's meeting, please go to www.virtualshareholdermeeting.com/GLOO2026. Any stockholder who hasn't yet voted or wishes to change their vote may do so by clicking on the voting button on the web portal and following the instructions there. I will now pause to give you time to vote via the web portal.
It is now 10:12 A.M. Mountain Time on July 13th, 2026. The polls for each matter to be voted on at this meeting are now closed. No additional ballots, proxies, or votes, and no changes or revocations will be accepted. The proxies and ballots will be tabulated by the Inspector of Election. Based upon preliminary information provided by the Inspector of Election, I can report that with regard to proposal one, the three nominees who received the highest number of affirmative votes were the three individuals nominated by Gloo's board of directors. Each of these individuals has therefore been reelected as a director of the company to hold office until the 2029 annual meeting of stockholders, or until his or her successor is duly elected and qualified.
With regard to proposal two, the appointment of Crowe LLP as the company's independent registered public accounting firm for the fiscal year ending January 31st, 2027, has been ratified by a majority of the voting power of the shares present in person, including virtually or represented by proxy, at this annual meeting and entitled to vote thereon. The final results of voting, including any ballots and proxies recorded during this meeting, will be set forth in the report of the Inspector of Election and will be included in the minutes of the meeting. The final results will also be reported in our reports filed with the SEC. This concludes the official business scheduled for the 2026 annual meeting of stockholders. I now declare the official business portion of this meeting concluded. I will now turn the meeting back over to Scott for some brief closing remarks.
Thank you, Jared. I want to thank all of you for attending today's meeting, for your interest in the company. We very much appreciate your support. I'm super proud of the progress that the team and our capital partners have made. I'm very grateful for the organizations that we serve and that partner with us. We're really intent on doing two very important things. One is building an incredibly valuable enterprise. Second is serving the faith and flourishing ecosystem in incredible ways. We're committed to shaping technology to be a force for good. We're committed to releasing the collective strength of the ecosystem that we serve. We're committed to enabling trusted exchange across this ecosystem.
We're committed to serve all those who serve, those people that are on the front lines every day advancing the flourishing of people and communities so that everyone can be all that they were born to be. Thank you again for your attendance today. May God bless you and our efforts. Operator, that concludes my remarks.
Thank you. This concludes today's conference call. You may now disconnect.