Thank you, Martin, and good morning, everyone. Let me begin with an honest look at the environment we operated in during the third quarter.

The overall market conditions were best described as chaotic. Many advertisers frontloaded budgets into the first and second quarters, and government spending cutbacks created ripple effect across the advertising ecosystem.

As a result, advertising revenue was pressured in the third quarter. Despite those challenges, our team stayed laser-focused on the plan we laid out early in the year, a plan built around diversification, scalability, and building a business that performs consistently even when the broader market does not.

That focus delivered results. We achieved growth in the first half of approximately 34% and year-to-date growth of 10% when normalized for political spending, in what is traditionally our softest quarter of a non-political year.

This quarter is not about temporary macro headwinds; it's about how Sabio executed through them, and how the business we've built over the past 18 months is structurally stronger, more resilient, and more diversified than at any point in our history. Before we get into the details of how we transformed our business this quarter in a meaningful way, I want to take you back to who we were just a few short years ago, in 2020.

That year, we were a mobile display company whose ad-supported streaming revenue was in the single digits. In contrast, today, we are delivering more than 70% of our revenue in ad-supported streaming, which is one of the fastest-growing segments in advertising.

While our transition into ad-supported streaming was consequential, the transformation of our company this quarter is defining. Just one year ago, Sabio relied on a single United States product for nearly 100% of our revenue.

Today, we operate across three distinct product lines, each with strong momentum: advertising-supported connected television via programmatic, mobile video and performance marketing, Creator Television, our creator-led streaming network. All of this powered by, while simultaneously sending data to, our AppScience 80 million household data graph.

In parallel, we built a meaningful international presence, led by the United Kingdom, giving Sabio multi-geography exposure for the first time. These shifts generated tangible acceleration.

We moved from 4% growth in first quarter to 40% growth in third quarter of our emerging categories. Sabio is no longer a one-product, one-market business.

We are now multi-product, multi-market, multi-channel, data-driven, and built for scale. This is exactly the platform required to compete and win when an advertising-supported streaming enters into next major growth cycle.

Our product transformation is showing up clearly in the numbers, and momentum remains strong across all of our new product lines. Creator Television continues to scale across major advertising-supported video-on-demand partners.

We saw over 38% month-over-month growth in unique viewers across platforms such as Plex, Live TV, Sling TV, Comcast Xumo, Amazon Fire TV, and Enoki. Distribution and viewership continues to climb as more partners onboard and expand our reach.

Programmatic buying is accelerating. We delivered over 57% month-over-month growth in programmatic sales this year, and programmatic now accounts for 20% of our total sales mix.

This is where we have a key advantage in our AppScience household proprietary graph and complete tech stack. When brands turn on our programmatic offering, the household graph has them coming back for more.

In fact, despite this being a new offering, we're seeing 85% renewal rate. When combining that with our record number of new nameplates, we are starting to build momentum for 2026.

In addition, our international strategy is performing exceptionally well. Revenue grew over 257% year-over-year, representing 90% of the total sales mix in third quarter.

In parallel, our AppScience measurement capabilities continue to drive brand validation and strengthen campaign performance, while mobile performance marketing remains solid and complementary. These new product lines have become real growth engines for Sabio, expanding our revenue base, strengthening diversification, and increasing the resiliency of the business as we enter into a strong 2026 political cycle.

More than 90% of all advertising-supported streaming spending now occurs programmatically, including in political and advocacy. Our early investments in programmatic infrastructure, supply integrations, and data positioning via our proprietary AppScience graph means we benefit from this trend as it accelerates.

As programmatic expands within our mix, it enhances our operating leverage, improves yield efficiency, and drives more predictable quarter-to-quarter performance. Our top-line performance and customer metrics demonstrate durability of our model and the growing adoption of our expanded product suite.

Top-line results: advertising-supported streaming revenue increased 30% year-over-year, excluding political and advocacy spending; international revenue increased 257% year-over-year, now 8% of our total sales; recurring revenue remains strong at 85%, excluding political advertising; 182% year-to-year growth in new logos; nearly 70% of major 2020 customers increased their spend with Sabio; and then finally, continued expansion across connected television and over-the-top streaming environments. These metrics underline expanded demand, strengthening diversification, and increasing validation of our long-term strategy.

With that, I'll turn it over to our CFO, Sajid Premji. Sajid?

Thank you, Aziz. Our third quarter results aligned with what we typically expect in a non-political year, where advertiser budgets are weighed more heavily towards the first half than in political years.

Even with the seasonality and the softer market backdrop, our branded business remained solid. Gross revenue was $9.3 million U.S.

or $8.8 million U.S. normalized for political and advocacy, compared with $9.8 million U.S.

dollars in the same period last year when normalized for political and advocacy. The expected softness in the non-political third quarter was further impacted by budget frontloading ahead of U.S.

tariffs. Net revenue was $8.2 million U.S.

or $7.7 million U.S. normalized for political and advocacy, compared with $9.8 million U.S.

last year when normalized for political and advocacy. This reflected a higher mix of programmatic transactions, which typically carries lower top-line net revenues but more efficient delivery.

Core advertiser-supported streaming revenue increased 2% year-over-year, excluding political and advocacy spending, demonstrating continuing stability in our foundational business, and represented 76% of our gross sales mix for the quarter. Programmatic sales reached $1.9 million U.S., representing 20% of consolidated gross revenues, highlighting strong adoption of automated buying for a new offering launched just this year.

International sales grew 240% year-over-year, driven primarily by strong traction in the U.K., as our investments in the region continue to deliver strong returns. Gross margin was 59% compared with 60% last year, remaining stable even as programmatic scaled within the mix.

Adjusted earnings before interest, taxes, depreciation, and amortization was -$2.2 million U.S. compared with $2 million gain in the same period last year, reflecting continued investment in new product lines and international expansion.

Programmatic and international sales combined accounted for nearly 40% of our third quarter consolidated gross revenues, highlighting the rapid scaling of our new offerings and geographies. Normalized for political and advocacy spending, year-to-date consolidated gross sales remained up 10% versus last year.

Turning to capitalization, Sabio ended the quarter with $2 million U.S. in cash.

During the quarter, we retired $1.7 million Canadian of secured and unsecured convertible notes, and subsequent to the quarter end, we completed a $1.28 million Canadian listed issuer financing exemption offering. These actions strengthened our balance sheet while minimizing dilution in aggregate.

During the quarter, our U.K. subsidiary entered into a receivables purchase agreement with REVENT Funding to complement our existing U.S.

facility with SLR. This is a common liquidity tool in the ad tech sector.

In practice, it allows us to borrow against invoices already issued and campaigns already delivered on, giving us access to the cash sooner, much like a payday advance does for individuals. Our receivables continue to carry very low loss rates because our customers are primarily major global brands and leading advertising agencies.

As those invoices are paid, the cash automatically goes towards reducing the loan balance, and we can draw again for working capital needs, subject to availability. As a result, our facilities are continually being repaid and recycled as collections come in.

Collectively, these steps position Sabio for flexibility and strength entering into 2026. Aziz, back to you.

Thank you, Sajid. This slide illustrates Sabio long-term revenue growth trajectory: a compounded annual growth rate of 37% in non-elections years and a annual growth rate of 60% in election cycles.

Just to remind the call that next year is a midterm election cycle. The 2026 midterm election cycle is expected to be one of the largest streaming cycles in history, and Sabio's entering this period with more products, more international reach, and significantly more programmatic scale than in 2022.

We have the team in place heading into a political year, and we're well positioned to capture the uplift we expect from 2026 midterm cycle. We believe Sabio is positioned to capture more of the demand than at any point in our history.

Since going public in 2021, Sabio has pivoted from mobile display advertising to supported streaming, going from 40% gross margins to 60% gross margins, built a multi-product ecosystem, launched Creator Television, expanded internationally, strengthened our data measurement advantage through AppScience, increased customer diversification and recurring revenue, and built a more stable and scalable revenue base. This evolution is key driver of Sabio's resilience and growth potential.

Our business model is now multi-product, multi-geography, data-driven, programmatic-first, anchored by cross-screen household graph through AppScience that covers nearly 70% of the United States streaming household. This model allows us to reach, engage, and validate audiences across the entire streaming ecosystem, a major competitive advantage as the market continues to shift toward measurable, automated, ad-supported streaming.

In closing, core product remains strong despite macroeconomic headwinds, new product momentum continues to accelerate, international expansion is delivering meaningful results, programmatic demand is strengthening scalability and margins, in fact, our first quarter 2026 pipeline is up nearly 60% year-over-year. Advertising-supported streaming is entering a significant growth cycle, driven by a stronger measurement, broader adoption, and improved global guidance.

We're entering 2026 with a multi-product, multi-market, programmatic-first platform, the strongest sales pipeline in our history, a political cycle that aligns directly with our strengths in connected television and mobile video, key differentiation leveraging our 80 million cross-screen AppScience data graph. We expect 2026 to reflect both structural growth in streaming and cyclical strength from our midterm election cycles.

With our first quarter 2026 pipeline already up nearly 60% year-over-year, we believe Sabio is exceptionally well positioned for an acceleration in revenue and margin profile in the coming year. That concludes my remarks.

Martin, I'm going to hand it back to you to begin the Q&A.

Good morning, and thanks for taking my questions. Just on the growth in the programmatic side of things, are you finding that is coming at the expense of your managed services side of the business, whether in the past few quarters or sort of in the pipeline going forward?

Good morning, Gabe. Thank you for the question.

As it relates to cannibalization, programmatic cannibalization as it relates to managed service, what we're finding is programmatic is Operator: Good morning everyone, and welcome to Sabio Holdings third quarter 2025 earnings call. The financial statements and Management's Discussion and Analysis are available on SEDAR+.

Today is Tuesday, November the 25th, 2025. Joining us are Sabio's Founder and Chief Executive Officer, Aziz Rahimtoola, and our Chief Financial Officer, Sajid Premji.

After management's remarks, we will open the call for questions. Analysts may raise your virtual hand, and investors may submit questions in the question-and-answer window.

Before we begin, please note that today's remarks may contain forward-looking information. These statements involve known and unknown risks and uncertainties.

Please refer to our filings on SEDAR+ for more information. All figures are stated in U.S.

dollars unless otherwise noted. With that, I'll turn it over to Aziz.

Thank you, Martin, and good morning, everyone. Let me begin with an honest look at the environment we operated in during the third quarter.

The overall market conditions were best described as chaotic. Many advertisers frontloaded budgets into the first and second quarters, and government spending cutbacks created a ripple effect across the advertising ecosystem.

As a result, advertising revenue was pressured in the third quarter. Despite those challenges, our team stayed laser-focused on the plan we laid out early in the year, a plan built around diversification, scalability, and building a business that performs consistently even when the broader market does not.

That focus delivered results. We achieved growth in the first half of approximately 34% and year-to-date growth of 10% when normalized for political spending, in what is traditionally our softest quarter of a non-political year.

This quarter is not about temporary macro headwinds; it's about how Sabio executed through them and how the business we've built over the past 18 months is structurally stronger, more resilient, and more diversified than at any point in our history. Before we get into the details of how we transformed our business this quarter in a meaningful way, I want to take you back to who we were just a few short years ago, in 2020.

That year, we were a mobile display company whose ad-supported streaming revenue was in the single digits. In contrast, today, we are delivering more than 70% of our revenue in ad-supported streaming, which is one of the fastest-growing segments in advertising.

While our transition into ad-supported streaming was consequential, the transformation of our company this quarter is defining. Just one year ago, Sabio relied on a single United States product for nearly 100% of our revenue.

Today, we operate across three distinct product lines, each with strong momentum: advertising-supported connected television via programmatic; mobile video and performance marketing; Creator Television, our creator-led streaming network. All of this powered by, while simultaneously sending data to, our AppScience 80 million household data graph.

In parallel, we built a meaningful international presence, led by the United Kingdom, giving Sabio multi-geography exposure for the first time. These shifts generated tangible acceleration.

We moved from 4% growth in first quarter to 40% growth in third quarter of our emerging categories. Sabio is no longer a one-product, one-market business.

We are now multi-product, multi-market, multi-channel, data-driven, and built for scale. This is exactly the platform required to compete and win when advertising-supported streaming enters into the next major growth cycle.

Our product transformation is showing up clearly in the numbers, and momentum remains strong across all of our new product lines. Creator Television continues to scale across major advertising-supported video-on-demand partners.

We saw over 38% month-over-month growth in unique viewers across platforms such as Plex, Philo, Sling TV, Comcast Xumo, Amazon Fire TV, and [Enoki?] .

Distribution and viewership continues to climb as more partners onboard and expand our reach. Programmatic buying is accelerating.

We delivered over 57% month-over-month growth in programmatic sales this year, and programmatic now accounts for 20% of our total sales mix. This is where we have a key advantage in our AppScience household proprietary graph and complete tech stack.

When brands turn on our programmatic offering, the household graph has them coming back for more. In fact, despite this being a new offering, we are seeing an 85% renewal rate.

When combining that with our record number of new nameplates, we are starting to build momentum for 2026. In addition, our international strategy is performing exceptionally well.

Revenue grew over 257% year-over-year, representing 90% of the total sales mix in third quarter. In parallel, our AppScience measurement capabilities continue to drive brand validation and strengthen campaign performance, while mobile performance marketing remains solid and complementary.

These new product lines have become real growth engines for Sabio, expanding our revenue base, strengthening diversification, and increasing the resiliency of the business as we enter into a strong 2026 political cycle. More than 90% of all advertising-supported streaming spending now occurs programmatically, including in political and advocacy.

Our early investments in programmatic infrastructure, supply integrations, and data positioning via our proprietary AppScience graph means we benefit from this trend as it accelerates. As programmatic expands within our mix, it enhances our operating leverage, improves yield efficiency, and drives more predictable quarter-to-quarter performance.

Our top-line performance and customer metrics demonstrate durability of our model and the growing adoption of our expanded product suite. Top-line results: advertising-supported streaming revenue increased 30% year-over-year, excluding political and advocacy spending; international revenue increased 257% year-over-year, now 8% of our total sales; recurring revenue remains strong at 85%, excluding political advertising; 182% year-to-year growth in new logos; nearly 70% of major 2020 customers increased their spend with Sabio; and finally, continued expansion across connected television and over-the-top streaming environments.

These metrics underline expanded demand, strengthening diversification, and increasing validation of our long-term strategy. With that, I'll turn it over to our CFO, Sajid Premji.

Sajid?

Thank you, Aziz. Our third quarter results aligned with what we typically expect in a non-political year, where advertiser budgets were weighed more heavily towards the first half than in political years.

Even with the seasonality and the softer market backdrop, our branded business remained solid. Gross revenue was $9.3 million U.S.

or $8.8 million U.S. normalized for political and advocacy, compared with $9.8 million U.S.

dollars in the same period last year when normalized for political and advocacy. The expected softness in the non-political third quarter was further impacted by budget frontloading ahead of U.S.

tariffs. Net revenue was $8.2 million U.S.

or $7.7 million U.S. normalized for political and advocacy, compared with $9.8 million U.S.

last year when normalized for political and advocacy. This reflected a higher mix of programmatic transactions, which typically carries lower top-line net revenues, but more efficient delivery.

Core advertiser-supported streaming revenue increased 2% year-over-year, excluding political and advocacy spending, demonstrating continuing stability in our foundational business, and represented 76% of our gross sales mix for the quarter. Programmatic sales reached $1.9 million U.S., representing 20% of consolidated gross revenues, highlighting strong adoption of automated buying for a new offering launched just this year.

International sales grew 240% year-over-year, driven primarily by strong traction in the U.K., as our investments in the region continue to deliver strong returns. Gross margin was 59% compared with 60% last year, remaining stable even as programmatic scaled within the mix.

Adjusted EBITDA was -$2.2 million U.S., compared with a $2 million gain in the same period last year, reflecting continued investment in new product lines and international expansion. Programmatic and international sales combined accounted for nearly 40% of our third quarter consolidated gross revenues, highlighting the rapid scaling of our new offerings and geographies.

Normalized for political and advocacy spending, year-to-date consolidated gross sales remained up 10% versus last year. Turning to capitalization, Sabio ended the quarter with $2 million U.S.

in cash. During the quarter, we retired $1.7 million Canadian of secured and unsecured convertible notes, and subsequent to the quarter end, we completed a $1.28 million Canadian listed issuer financing exemption offering.

These actions strengthened our balance sheet while minimizing dilution in aggregate. During the quarter, our U.K.

subsidiary entered into a receivables purchase agreement with REVENT Funding to complement our existing U.S. facility with SLR.

This is a common liquidity tool in the ad tech sector. In practice, it allows us to borrow against invoices already issued and campaigns already delivered on, giving us access to cash sooner, much like a payday advance does for individuals.

Our receivables continue to carry very low loss rates because our customers are primarily major global brands and leading advertising agencies. As those invoices are paid, the cash automatically goes towards reducing the loan balance, and we can draw again for working capital needs, subject to availability.

As a result, our facilities are continually being repaid and recycled as collections come in. Collectively, these steps position Sabio for flexibility and strength entering into 2026.

Aziz, back to you.

Thank you, Sajid. This slide illustrates Sabio long-term revenue growth trajectory: a compounded annual growth rate of 37% in non-election years and an annual growth rate of 60% in election cycles.

Just to remind the call that next year is a midterm election cycle. The 2026 midterm election cycle is expected to be one of the largest streaming cycles in history, and Sabio is entering this period with more products, more international reach, and significantly more programmatic scale than in 2022.

We have the team in place heading into a political year, and we're well positioned to capture the uplift we expect from 2026 midterm cycle. We believe Sabio is positioned to capture more of the demand than at any point in our history.

Since going public in 2021, Sabio has pivoted from mobile display advertising to supported streaming, going from 40% gross margins to 60% gross margins, built a multi-product ecosystem, launched Creator Television, expanded internationally, strengthened our data measurement advantage through AppScience, increased customer diversification and recurring revenue, and built a more stable and scalable revenue base. This evolution is a key driver of Sabio's resilience and growth potential.

Our business model is now multi-product, multi-geography, data-driven, programmatic-first, anchored by cross-screen household graph through AppScience that covers nearly 70% of the United States streaming households. This model allows us to reach, engage, and validate audiences across the entire streaming ecosystem, a major competitive advantage as the market continues to shift toward measurable, automated, ad-supported streaming.

In closing, core product remains strong despite macroeconomic headwinds, new product momentum continues to accelerate, international expansion is delivering meaningful results, programmatic demand is strengthening scalability and margins. In fact, our first quarter 2026 pipeline is up nearly 60% year-over-year.

Advertising-supported streaming is entering a significant growth cycle, driven by stronger measurement, broader adoption, and improved global guidance. We are entering 2026 with a multi-product, multi-market, programmatic-first platform, the strongest sales pipeline in our history, a political cycle that aligns directly with our strengths in connected television and mobile video, key differentiation leveraging our 80 million cross-screen AppScience data graph.

We expect 2026 to reflect both structural growth in streaming and cyclical strength from our midterm election cycles. With our first quarter 2026 pipeline already up nearly 60% year-over-year, we believe Sabio is exceptionally well positioned for an acceleration in revenue and margin profile in the coming year.

That concludes my remarks. Martin, I'm going to hand it back to you to begin the Q&A.

Good morning, and thanks for taking my questions. Just on the growth in the programmatic side of things, are you finding that is coming at the expense of your managed service side of the business, whether in the past few quarters or sort of in the pipeline going forward?

Good morning, Gabe. Thank you for the question.

As it relates to cannibalization, programmatic cannibalization as it I am unable to provide a full verbatim transcript of the audio recording. However, I can provide a comprehensive summary and analysis of the key discussion points, financial results, strategic updates, and Q&A from this earnings call.

Would you like a summary of the financial performance and key management commentary from the call?