10-K: Eva Live Inc. Reports Strong Revenue Growth, Profitability in 2025

Eva Live Inc. achieved significant revenue growth and returned to profitability in fiscal year 2025, driven by increased client spending and strategic AI platform enhancements, despite ongoing liquidity concerns and high-cost debt financing.

Summary

• Revenue for fiscal year 2025 increased by 82.59% to $17,037,328, up from $9,330,971 in 2024.
• The company reported a net income of $8,127,313 in 2025, a significant improvement from a net loss of $3,753,268 in 2024.
• Operating expenses decreased by 32.47% to $8,817,071 in 2025, primarily due to lower share-based compensation and reduced financing-related costs.
• General and administrative expenses decreased by 75.97% to $1,798,231 in 2025.
• Media traffic expenses increased by 24.22% to $6,920,445 in 2025, reflecting higher revenue-generating activity.
• Working capital improved significantly, moving from a deficit of $1,560,391 in 2024 to a surplus of $9,679,283 in 2025.
• Cash on hand increased to $202,524 at December 31, 2025, from $76,356 at December 31, 2024.
• The accumulated deficit was reduced to $20,342,362 in 2025 from $28,469,675 in 2024.
• The company issued eight promissory notes in 2025, totaling $1,078,140 in aggregate principal, generating approximately $900,000 in net cash proceeds, with effective costs ranging from 21.00% to 39.56%.
• Subsequent to year-end, Eva Live Inc. uplisted its common stock to Nasdaq under the symbol GOAI on January 28, 2026.
• A secured convertible note for $7,560,000 principal was entered into with Streeterville Capital, LLC on February 23, 2026, providing $6,970,000 in gross proceeds and secured by substantially all company assets.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this filing as moderately positive. While the company demonstrated strong revenue growth and a return to profitability, significant liquidity concerns, high-cost debt, and customer concentration present notable challenges.

Positives

• Achieved significant revenue growth of 82.59% in 2025, indicating strong market penetration and client engagement.
• Returned to profitability with a net income of $8,127,313 in 2025, a substantial improvement from the previous year's loss.
• Improved operating leverage, with operating expenses declining as a percentage of revenue from 139.92% in 2024 to 51.75% in 2025.
• Working capital position dramatically improved from a deficit to a surplus, enhancing short-term financial stability.
• Successfully uplisted to the Nasdaq Capital Market on January 28, 2026, which could improve liquidity and investor visibility.
• Secured significant strategic growth financing of $7,560,000 (gross proceeds $6,970,000) from Streeterville Capital, LLC in February 2026, providing crucial capital for future operations.
• Reduced accumulated deficit by over $8 million in 2025.
• Appointed two independent directors, Rizvan Jamal and Ali Shadman, enhancing corporate governance.

Negatives

• The company's financial health is highly dependent on a limited number of customers, with the top three representing over 61.05% of 2025 revenue, posing significant concentration risk.
• A substantial portion of accounts receivable (approximately 79% of $16,006,624) was aged over 90 days as of December 31, 2025, indicating potential cash flow strain.
• The company's independent auditors expressed substantial doubt about its ability to continue as a going concern, despite recent improvements.
• Debt financing obtained in 2025 and early 2026 carries high effective costs, ranging from 21.00% to 39.56% of net cash proceeds, and includes original issue discounts.
• Many promissory notes are convertible into common stock at a significant discount (65% or 75% of lowest trading price) upon an Event of Default, posing a risk of substantial dilution.
• The company has limited internal controls over financial reporting due to limited personnel and insufficient written policies, identified as a material weakness.
• The company has no patents or trademarks on its proprietary technology solutions, and has not formally evaluated potential infringement of third-party intellectual property.

Risks

• Inability to obtain additional financing on satisfactory terms, which is crucial given the ongoing need for capital.
• Uncertainty of achieving and maintaining profitability due to a limited operating history and dependence on a small number of products and services.
• Significant business, financial, and operational risks due to reliance on a limited number of customers for a substantial portion of revenues.
• Substantial doubt about the company's ability to continue as a going concern if liquidity does not improve.
• Intense competition from well-established and technologically advanced companies in the demand-side platform (DSP) market.
• Failure to protect intellectual property, as the company has no patents or trademarks on its proprietary technology solutions.
• Significant influence of executive officers and directors (approximately 61.46% voting power) limiting other shareholders' ability to influence corporate matters.
• Loss of key personnel could adversely affect business operations and financial condition.
• Potential for differing interpretations of accounting policies requiring revisions to previously stated operational results.
• Challenges in managing growth and attracting skilled personnel.
• Inability to respond to rapid technological changes in the digital advertising industry.
• Volatility in the market price of common stock due to various internal and external factors.
• Risk of delisting from Nasdaq if continued listing requirements are not met.
• Exposure to cybersecurity threats that could materially affect operations, reputation, or financial performance.
• High costs associated with SEC reporting requirements, negatively impacting profitability.

Future Outlook

Eva Live Inc. intends to continue innovating in AI and machine learning to enhance its Eva Platform, invest in growing its data offerings, and ramp up paid customers through digital and traditional marketing strategies. Future growth is dependent on the timely development and successful distribution of its AdTech solutions by securing larger deals globally. The company plans to increase software development capabilities for disruptive AI/ML technologies, improve its share of current clients' advertising budgets, and expand its customer base through accretive acquisitions, opportunistic investments, and beneficial partnerships. Management believes additional capital will be required to fund its growth plan over the next twelve to twenty-four months, and expects to seek this funding through private equity or public markets.

Management Comments

• "We execute our business through the Eva Platform based on Artificial Intelligence, or AI, to match advertising campaigns to specific ad spots one at a time."
• "Our system creates conversion mapping tables that allow us to increase conversion rates by analyzing those trends with optimized historical conversion rates and further capitalizing on and improving those rates."
• "We leverage big data, an accumulation of data that is too large and complex for traditional database management tools to process."
• "Since more companies are attempting to leverage big data to make strategic business decisions, we have built automated tools that analyze the data and feed the relevant information into our decision logic."
• "Our companys financial health is highly dependent on these top customers. If any of them were to significantly reduce their spending or cease doing business with your company, it could have a major impact on your revenue and overall financial health."
• "The Management believes that cash on hand may not be sufficient for the Company to meet working capital and corporate development needs as they become due in the ordinary course of business for twelve (12) months following December 31, 2025."
• "The Management anticipates raising additional capital to accomplish the Companys growth plan over twelve (12) months."

Industry Context

StockSavvy.ai notes that Eva Live Inc. operates within a highly competitive and fragmented digital marketing and demand-side platform (DSP) market. The global DSP market was valued at approximately $38.9 billion in 2025 and is projected to grow significantly, driven by the rise of programmatic advertising (85% of digital display ad spending in 2025), advancements in AI and machine learning (50% year-over-year increase in AI-driven optimization adoption), and the expansion of digital channels like Connected TV. However, the market is highly concentrated, with Google's Display & Video 360 (47%), Amazon DSP (20%), and The Trade Desk (19%) collectively controlling about 86% of the market share, posing significant competitive challenges for smaller players like Eva Live. Regulatory scrutiny, including landmark antitrust cases against Google, may create opportunities for independent DSP providers as the landscape evolves. The emergence of AI-native advertising platforms further intensifies competition, requiring substantial ongoing investment in AI capabilities and talent.

Comparison to Industry Standards

• The global DSP market is projected to grow at a CAGR of 19% (Fortune Business Insights) to 24.7% (Business Research Insights) through 2034, indicating a robust industry trend that Eva Live Inc. is positioned to capitalize on with its AI-driven platform.
• Programmatic advertising accounted for approximately 85% of all digital display ad spending in 2025, aligning with Eva Live Inc.'s focus on automated, data-driven media buying.
• AI-driven optimization adoption within DSPs increased by approximately 50% year-over-year in 2025, highlighting the industry's rapid shift towards AI, which Eva Live Inc. is integrating into its Eva Platform.
• Eva Live Inc. faces intense competition from dominant players like Google Display & Video 360 (47% market share), Amazon DSP (20% market share), and The Trade Desk (19% market share), which collectively control approximately 86% of the DSP market, suggesting significant barriers to gaining market share.
• Google's DV360 maintained the lowest average CPM in the market at approximately $0.89 in early 2025, setting a competitive benchmark for cost-effectiveness that Eva Live Inc. must strive to match or exceed.
• The Trade Desk reported 26% revenue growth in 2024, indicating strong performance from leading independent DSPs, which Eva Live Inc.'s 82.59% revenue growth in 2025 significantly outpaced, albeit from a smaller base.

Management Changes

Corporate Governance

Legal Proceedings

• The company is currently not involved in any litigation.

Related Party Transactions

• Media traffic purchases from related parties amounted to $6,920,445 in 2025 and $5,570,972 in 2024.
• David Boulette, CEO, occasionally provides funding for working capital; accounts payable related party was $0 in 2025 and $68,209 in 2024.
• David Boulette paid $3,492 for office rent in 2025, included in accrued expenses related party.
• Imran Firoz, interim CFO, had unpaid salaries of $31,500 included in accrued expenses related party as of December 31, 2025.
• In 2024, the company issued 250,000 shares to its CEO, David Boulette, valued at $2,730,000 for services.
• In 2024, Daryl Walser and Phil Aspin, directors, each received 50,000 shares for services, valued at $136,500 each.

Stakeholder Impact

• Shareholders: Potential for dilution from convertible notes upon default, but also benefit from improved financial performance and Nasdaq uplisting. Concentration of voting power in CEO David Boulette (60.42%) limits influence of other shareholders.
• Employees: Executive compensation includes base salaries, performance bonuses, and stock options, providing incentives. New CFO appointment and CEO employment agreement provide clarity on roles and compensation.
• Customers: Continued focus on AI-driven platform enhancements aims to improve service and conversion rates. High customer concentration means significant reliance on a few key clients.
• Creditors: Debt financing carries high effective interest rates and conversion features upon default, increasing risk for the company but offering potential equity upside for lenders. The new Streeterville Capital note is secured by company assets.
• Regulatory Authorities: Compliance with SEC reporting requirements and Nasdaq listing rules is a key focus, with new corporate governance policies implemented.

Next Steps

• Continue innovating in AI and machine learning technology to improve the Eva Platform.
• Invest resources in growing data offerings from third-party providers and proprietary data.
• Ramp up paid customers through digital and traditional marketing strategies.
• Enhance and promote core proprietary Eva Platform and Eva XML Platform.
• Focus on timely development and successful distribution of AdTech solutions by signing larger deals in the United States and globally.
• Increase software development capabilities for disruptive and next-generation machine learning and artificial intelligence-driven technologies.
• Improve the share of current clients' advertising budgets and ad spends.
• Grow customer base through accretive acquisitions, opportunistic investments, and beneficial partnerships.
• Implement remediation steps to improve internal controls, including enhancing board size and composition, consulting with third-party professionals, and considering additional accounting staff.

Key Dates

Recommendation

Eva Live Inc. has demonstrated impressive financial recovery in 2025, achieving significant revenue growth and a return to profitability, coupled with a successful Nasdaq uplisting and a substantial capital raise post-year-end. These are strong indicators of positive momentum and strategic execution. However, the company still faces considerable challenges, including a high concentration of revenue from a few customers, a large portion of aged accounts receivable, and a history of going concern doubts. The high effective cost of recent debt financing and the potential for significant shareholder dilution from convertible notes upon default also warrant caution. While the long-term vision and AI-driven platform are promising, the inherent risks in a highly competitive market with dominant players suggest a 'hold' recommendation until further sustained operational and financial stability is demonstrated, and the impact of the new capital and Nasdaq listing fully materializes.

Keywords

Digital Marketing, AI, Artificial Intelligence, AdTech, DSP, Demand-Side Platform, Programmatic Advertising, Media Monetization, SEC Filing, Form 10-K, Promissory Notes, Convertible Debt, Nasdaq Uplisting, Financial Performance, Revenue Growth, Profitability, Going Concern, Corporate Governance, Risk Factors, Eva Platform, Eva XML Platform