Total revenue for the year ended December 31, 2025, increased by 21% to $39.4 million, up from $32.6 million in 2024. Net loss attributable to Kartoon Studios, Inc. widened to $24.5 million in 2025, compared to $20.7 million in 2024. Production services revenue grew by 50% to $26.8 million in 2025, driven by projects advancing to more advanced production stages. Content distribution revenue decreased by 17% to $8.0 million, primarily due to a $2.2 million decline in Frederator's YouTube creator network viewership. Licensing and royalties revenue increased by 30% to $0.4 million, attributed to existing license deals and new Stan Lee Universe, LLC agreements. Media advisory and advertising services revenue decreased by 14% to $4.2 million, impacted by lower net renewal activity and U.S. tariffs legislative uncertainty. Operating expenses increased by 5% to $52.3 million in 2025. Marketing and sales expenses decreased by 45% to $0.7 million due to reduced spending on corporate awareness initiatives. Direct operating costs increased by 16% to $26.8 million, mainly due to higher salary costs ($5.6 million) for production services related to new projects. General and administrative expenses decreased by 5% to $24.0 million, driven by lower salaries, depreciation, professional fees, and share-based compensation. An impairment charge of $0.8 million was recorded on indefinite-lived intangible assets (Frederator and Wow Tradenames) due to reduced estimated future cash flows. The company reported a net cash outflow from operating activities of $11.4 million in 2025, compared to $3.5 million in 2024. Working capital improved to $2.3 million as of December 31, 2025, from $1.2 million in 2024. Cash and restricted cash decreased by $5.4 million to $2.9 million as of December 31, 2025. The company completed an October 2025 registered direct offering and concurrent private placement, raising approximately $7.3 million in gross proceeds ($6.5 million net). Settled $2.2 million of outstanding accounts payable through Section 3(a)(10) transactions by issuing 3,866,247 shares of common stock, recognizing a total loss of $0.8 million on these settlements. Disposed of 1,500,000 YFE shares for $0.8 million and executed a share exchange of 348,127 YFE shares for 348,127 shares of the company's common stock, resulting in a total loss of $1.8 million on these transactions. Recognized a $9.8 million loss on the revaluation of its equity investment in Your Family Entertainment AG (YFE) in 2025, reflecting decreases in YFE's stock price. The company's ownership in YFE decreased from 44.8% to 32.5% during 2025. The company's management concluded that there is substantial doubt about its ability to continue as a going concern for at least one year from the financial statement issuance date. The Board of Directors ratified certain restricted stock unit awards on March 30, 2026, that may not have been properly authorized. The 2020 Incentive Plan was amended on March 30, 2026, to allow the Board or Committee to delegate authority for granting awards to non-Section 16 officers.