In 2024, YouTube (NASDAQ: GOOGL) and Meta (NASDAQ: META) reported 8% and 22% YoY ad revenue growth, respectively, in 2024, compared to 5% for Kidoz. Major digital ad companies saw average YoY revenue growth of 14% in 2024, with consensus forecasts predicting 10% revenue growth in 2025. We are modeling 7% revenue growth for KIDZ in 2025. In 2025, global digital advertising spending is expected to continue growing, though at a moderated pace compared to the previous year, primarily driven by economic uncertainty, and stricter data privacy laws. We believe the recent stricter ad regulations introduced by the U.S. COPPA 2.0 will push advertisers toward companies like KIDZ, which specialize in kid-friendly advertising. KIDZ’s forward EV/R is 1.3x vs the sector average of 2.9x, a 55% discount. With 2024 revenue and EPS surpassing our expectations, we are revising our 2025 projections higher. KIDZ Price and Volume (1-year) YTD 12M KIDZ 57% 68% TSXV 0% 11% Financials Q4-2024 revenue was up 23% YoY, beating our forecast by 22%; note that 2024-9M revenue was down 10% YoY Gross margins increased 23 pp YoY to 56%, driven by higher direct vs reseller sales, and streamlined campaign execution, beating our estimate by 10 pp G&A and other expenses as a percentage of revenue were relatively flat Driven by higher revenue and gross margins, EPS rose 489% YoY to $0.015, exceeding our forecast of $0.008 Cash from operations and free cash flows were also up significantly. Healthy balance sheet, with no debt Sector Outlook Global digital ad spending in 2024 grew by approximately 13%, compared to 12% in 2023. In 2025, global digital advertising spending is expected to continue growing, though at a moderated pace (9-11% per consensus forecasts) compared to the previous year, primarily due to economic uncertainties, and increased data privacy regulations. We anticipate AI-driven personalization and programmatic advertising to be the primary drivers of growth in this sector. Additionall