• SBIO reported Q1 financials that were in line with our expectations, with revenue coming in at $7.2M compared to our estimate of $7.1M. Adjusted EBITDA was ($3.4M) for Q1 versus our estimate of ($3.5M). • We remind readers that Q1 is seasonally the worst quarter of the year for Sabio, and we should see much stronger results sequentially through 2026, evidenced by management’s outlook. • SBIO guided that 2026 will be a record year for revenue, given the political cycle and that it has received $5M in political spending commitments. Yesterday, after market close, Sabio Holdings Inc. (SBIO:TSXV, SABOF:OTCQB) reported its Q1 financial results were in line with our estimates, with Q1 being its seasonally weakest quarter. We believe that the declining revenue is now in the rear-view for SBIO and it will resume growth in Q2. We are maintaining our BUY rating and target price of C$0.50/share on SBIO. Key Highlights • Q1 revenue came in at $7.2M (-21% YoY, but +6% YoY ex-political spending) compared to our $7.1M estimate. Q1 was comprised of $5.8M in ad-supported streaming revenue (-15% YoY, +18% YoY ex-political), $1.2M in mobile display revenue (-40% YoY), and $0.1M in other revenue. • International and programmatic channels (the new focus) represented 62% of the revenue mix, with each channel up 13x YoY. Additionally, 77% of its programmatic customers renewed from Q4 into Q1, despite Q1 being seasonally weaker. • SBIO also secured over $5M in political and advocacy commitments for H2. • New customer logos increased 31% YoY, with 56% of returning logos expanding their spending. Re-occurring revenue was 85% of revenue in Q1.