Total revenue for 2025 increased 21% year-over-year to $39.4 million. Production Services revenue (Mainframe Studios) grew 50% year-over-year to $26.8 million. Loss from operations improved by 24% year-over-year. Kartoon Channel! watch time surged 85% year-over-year in Q1 2026, with record subscribers and engagement. Ameba achieved record subscribers, with engagement up 206% year-over-year. FAST channel watch time increased 70% year-over-year in Q4 2025. Over 60% of projected 2026 production revenue is already under contract. The company is transitioning to a high-margin, IP-driven business model, focusing on franchise monetization. Key franchises, Hundred Acre Woods and Stan Lee Universe, are scheduled for launch in Q4 2026. The company has $35.8 million in current assets and $27.5 million in stockholders' equity. An AI-animated earnings update interview with Winnie the Pooh characters was released. The audited financial statements for 2025 include an audit opinion with an explanatory paragraph related to the company's ability to continue as a going concern.