8 unchanged sentences
We cannot anticipate with any degree of certainty what our revenues will be in future periods.
−Removed: Our revenues increased approximately 13.4% in 2024 as compared to 2023, our gross profit margin remained level at 85.6% in 2024 and 85.8% in 2023.
+Added: Our revenues increased approximately 2.9% in 2025 as compared to 2024, however, our gross profit margin decreased by 10.1% to 74.5% in 2025.
We reported an operating loss of approximately $5.1 million in 2025 as compared to an operating loss of approximately $5.8 million in 2024.
7 unchanged sentences
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS for a more thorough discussion.
−Removed: We rely on one customer for a significant portion of our revenues.
−Removed: A significant portion of our revenue is derived from one customer.
−Removed: During 2024 this customer accounted for 75.0% of our revenues.
−Removed: In 2023, the same customer accounted for 60.4% of our revenues.
−Removed: The amount of revenue we receive from this customer is dependent on a number of factors outside of our control;
−Removed: this includes the amount the customer charges for advertisements, the depth of its available advertisements, and its ability to display relevant ads in response to end user queries and changes in advertising budgets resulting from their own business circumstances.
+Added: We rely on two customers for a significant portion of our revenues.
+Added: A significant portion of our revenue is derived from two customers.
+Added: During 2025 these two customers accounted for 64.2% and 19.3% of our revenues, respectively.
+Added: In 2024, the same two customers accounted for 75.0% and 7.0% of our revenues, respectively.
+Added: The amount of revenue we receive from these customers is dependent on a number of factors outside of our control;
+Added: this includes the amount the customers charge for advertisements, the depth of their available advertisements, and their ability to display relevant ads in response to end user queries and changes in advertising budgets resulting from their own business circumstances.
Historically, we have been able to replace lost clients with new clients or by expanding our relationship with existing clients, however, we would likely experience a significant decline in revenue and our business operations could be significantly harmed if we lose material customers or are unable to replace lost clients.
16 unchanged sentences
We are dependent upon relationships with and the success of our supply partners.
−Removed: Our supply partners remain a critical component of our success.
−Removed: Throughout 2024, we have successfully onboarded a significant number of new supply partners, strengthening our ability to deliver high-quality traffic and engagement for our advertisers.
−Removed: While turnover within our supply partner network still occurs, it has decreased compared to prior periods.
−Removed: To sustain growth, we must continue to recruit and retain partners who can drive traffic effectively to their websites and mobile applications, resulting in clicks on advertisements we have delivered.
−Removed: However, supply partners may face challenges in attracting and maintaining users due to competition, rapidly evolving market dynamics, technological advancements, industry consolidation, and shifting consumer preferences.
−Removed: Although our supply partner base has expanded, maintaining strong relationships remains a priority.
−Removed: Some partners may explore direct relationships with advertisers, consider us as competitors, or find competing solutions more attractive.
−Removed: Additionally, while we have made progress in stabilizing and expanding our supply network, there can be no assurance that traffic levels will continue to increase or that all departing partners will be replaced.
−Removed: Any disruptions in our ability to sustain and enhance our supply partnerships could have a material adverse effect on our business, financial position, and results of operations.
+Added: Our supply partners, including owners and publishers of websites and mobile applications, remain a critical component of our success.
+Added: Our ability to generate revenue depends on these partners’ capacity to attract and retain users and deliver traffic that results in engagement with advertisements we distribute.
+Added: While we continue to recruit and retain supply partners and have made progress in stabilizing and expanding our supply network, turnover within our partner base remains inherent to our business.
+Added: Supply partners may face challenges due to competition, rapidly evolving market dynamics, technological advancements, industry consolidation, and shifting consumer preferences, which may reduce traffic volumes or engagement levels.
+Added: In addition, some partners may pursue direct relationships with advertisers, view us as competitors, or find alternative solutions more attractive.
+Added: As a result, traffic levels and advertising inventory available through our supply network may fluctuate, and there can be no assurance that departing partners will be replaced or that traffic volumes will increase.
+Added: Any disruption in our ability to maintain, replace, or effectively scale our supply partnerships could materially adversely affect our business, financial condition, and results of operations.
+Added: Our business depends on third-party advertising platforms that establish and enforce their own policies, and changes in those policies, standards or commercial terms could adversely affect our revenue and operating results.
+Added: We generate a portion of our revenue through relationships with third-party advertising platforms that control the distribution, monetization and measurement of advertising traffic.
+Added: These platforms establish and enforce their own policies, quality standards, compliance requirements and commercial terms, which may change from time to time.
+Added: We do not control the interpretation or application of such policies, nor do we control the algorithms and systems used by these platforms to evaluate traffic quality and performance.
+Added: If a third-party platform determines that certain traffic does not meet its standards, or concludes that our practices are inconsistent with its policies or commercial requirements, it may reduce traffic allocations, modify monetization rates, delay or withhold payments, require operational changes, or suspend or terminate our participation.
+Added: In addition, platforms periodically modify their algorithms, compliance standards, demand allocation methodologies and pricing models, which may result in fluctuations in revenue, margins and traffic volumes.
+Added: Any such actions or changes could adversely affect our Platform revenue, operating results and cash flows, and could require us to adjust our business practices or incur additional costs to maintain compliance.
The success of our owned sites is dependent on our ability to acquire traffic in a profitable manner.
16 unchanged sentences
Our business must keep pace with rapid technological change to remain competitive.
−Removed: Our business operates in a rapidly changing technological landscape, evident with the introduction of AI tools like ChatGPT in 2022 along with the deprecation of third-party cookies.
+Added: Our business operates in a rapidly changing technological landscape, evident with the rapid adoption of artificial intelligence technologies and tools, as well as the deprecation of third-party cookies.
To stay competitive, we must swiftly adapt to evolving industry standards, new product releases, and changing customer preferences.
1 unchanged sentence
Failure to keep pace with these technological shifts could adversely affect our financial position and results of operations.
+Added: Our increasing use of artificial intelligence and machine learning technologies also exposes us to risks related to data quality, model performance, regulatory scrutiny, and evolving legal standards governing the use of automated decision-making technologies.
Our services may be interrupted if we experience problems with our network infrastructure .
33 unchanged sentences
Regulatory and legal uncertainties could harm our business.
−Removed: While there are currently relatively few laws or regulations directly applicable to Internet-based commerce or commercial search activity, there is increasing awareness of such activity and interest from state and federal lawmakers in regulating these services.
+Added: While there are currently limited federal laws directly applicable to certain aspects of Internet-based commerce or commercial search activity, there is increasing awareness of such activity and interest from state and federal lawmakers in regulating these services.
New regulation of activities in which we are involved or the extension of existing laws and regulations to Internet-based services could have a material adverse effect on our business, results of operations and financial position.
16 unchanged sentences
Our common stock is listed on the NYSE American.
−Removed: In order to maintain this listing, we must maintain a certain share price, financial and share distribution targets, including maintaining a minimum amount of shareholders’ equity and a minimum number of public shareholders.
+Added: In order to maintain this listing, we must maintain a certain share price, a minimum amount of shareholders’ equity and a minimum market value of publicly held shares.
In addition to these objective standards, the NYSE American may delist the securities of any issuer (i) if, in its opinion, the issuer’s financial condition and/or operating results appear unsatisfactory;
40 unchanged sentences
In such an event, our ability to conduct our business as it is currently conducted would be in jeopardy.
+Added: In addition to our credit facility, we may incur additional indebtedness from time to time, including convertible or other debt instruments.
+Added: Any such indebtedness could increase our leverage, require the use of significant cash resources to service or repay obligations, and limit our financial flexibility.
+Added: Our ability to meet these obligations depends on our future operating performance, cash flows, and access to capital, which are subject to market conditions and other factors beyond our control.
Significant dilution will occur when outstanding restricted stock unit grants vest.
26 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.