We forecast 1H:25 revenue of $27.3 million and a net loss of $0.05 per share. With $42.5 million in one-time listing costs now absorbed, results should better reflect underlying operations moving forward, in our view. We expect TNMG to realize margin benefits from the integration of The News Lens and Mediagene, with a unified ad-tech and content platform driving efficiency and improved monetization. Management cited early progress in aligning expenses with revenue. The company continues to expand across Asia, maintaining leading positions in Taiwan and Japan while gaining traction in Southeast Asia. In 1H:25, management pointed to readership and advertiser growth as evidence of this momentum. Acquisitions remain a core strategic priority, with an active pipeline aimed at building scale, broadening audiences, and diversifying advertiser relationships. As of our July initiation, TNMG's convertible note issued in December 2024 has been reduced to $2.67 million, and upcoming repayments could signal progress toward removing this overhang and easing dilution concerns.