TNL Mediagene fully repaid its $4.7 million senior convertible note originally issued to 3i, LP, removing the final element of potential dilution and completing the cleanup of its post-listing capital structure. The note, issued in December 2024 to support near-term liquidity following the public listing, had been steadily reduced through 1H:25; full repayment eliminates the remaining balance and marks a major step toward financial transparency and stability. We continue to view TNL Mediagene as a differentiated digital media and data platform across Asia, with momentum in higher-margin Technology and Digital Studio offerings supporting expectations for improved margins in 2026. 1H:25 results reflected 5.7% year-over-year sales growth to $21.8 million and a narrower adjusted loss of $0.15 per share, alongside $5 million in debt reduction and improving operating discipline. The company's Digital Asset Treasury (DAT) initiative, which authorizes Bitcoin, Ethereum, and Solana as complementary treasury holdings, adds a forward-looking element to capital allocation while remaining measured and risk managed, in our view.