Total revenues decreased significantly to approximately US$4.61 million for the year ended December 31, 2025, from US$15.44 million for the year ended December 31, 2024. Net loss attributable to ZW Data Action Technologies Inc. improved to approximately US$1.77 million in 2025, compared to a net loss of US$3.76 million in 2024. The overall gross margin rate increased to 7.7% for the year ended December 31, 2025, from 2.9% in 2024, driven by a strategic shift to higher-margin services. The company is strategically repositioning its core business to focus on markets outside mainland China, winding down low-margin search engine marketing services in the PRC. New revenue streams include IP licensing, which generated approximately US$0.26 million in 2025, and blockchain-based SaaS services, which generated US$0.62 million. Operating expenses decreased to approximately US$2.31 million in 2025 from US$4.20 million in 2024. Net cash used in operating activities improved to US$0.93 million in 2025 from US$2.06 million in 2024. The company received a Nasdaq notice on March 26, 2026, indicating non-compliance with the $1.00 minimum bid price requirement, with a compliance period until September 22, 2026. As of December 31, 2025, cash and cash equivalents were approximately US$0.97 million, and the company had an accumulated deficit of US$65.22 million. The company's ability to continue as a going concern is in substantial doubt, dependent on increasing gross profit margin, reducing operating loss, and/or obtaining additional equity and/or debt financing.