We view 2026 as the first clean operating year for TNL Mediagene following the resolution of SPAC-related capital structure issues. This month, the company issued a senior convertible note valued at $1.67 million ($1.5 million net of original issue discount) that incorporates revised mechanics relative to the prior instrument, which we believe reduces near-term dilution and stock overhang risk. Management has identified break-even profitability as the primary operational objective for 2026, supported by organic growth initiatives and one to two targeted acquisitions; diversification across media and branded content; technology; digital studio capabilities; and media commerce initiatives. The planned launch of PICTOLINE JAPAN in the first half of 2026 and the rollout of the digital media commerce initiative through GIZMART, including the Keychron co-developed Nape Pro device, broaden the company's growth and monetization opportunities beyond traditional advertising. We model 2026 revenue of $73.5 million, adjusted EBITDA of $5.1 million, and break-even diluted earnings per share, reflecting a shift from capital structure remediation to operational execution.