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VerticalScope (FORA) investor relations material
VerticalScope Planet MicroCap Showcase: TORONTO 2025 summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Strategic positioning and business model
Focuses on enabling global enthusiast communities through a proprietary digital platform, Fora, with over 70 million registered members and 2.3 billion posts.
Asset-light, highly profitable model with $66 million in revenue and $25 million EBITDA in the last 12 months, converting EBITDA to cash at a 90% rate.
Communities are niche, commercial, and supported by thousands of volunteer moderators, creating a competitive moat of authentic, expert-driven content.
Maintains unique brands for each community, supporting monetization and user engagement.
M&A strategy consolidates independent communities, leveraging a standardized, rapid deal process and a proprietary pipeline.
Industry evolution and AI integration
Identifies three web eras: static, social, and now the agentic web, where AI agents require structured, high-quality human content.
Fora's data is positioned as foundational for AI-driven services, with high demand from AI companies for its content.
AI initiatives include multilingual content translation, AI-generated summaries, and the Fora Frank assistant to boost engagement and content discovery.
AI-driven services are being developed, including structured insights, automated marketing tools, and data licensing agreements (notably with Tollbit).
Early results show thread engagement triples when Fora Frank is involved, and AI bot crawl attempts far exceed human traffic.
Growth drivers and revenue diversification
Growth strategy centers on increasing direct traffic, expanding authenticated users, and driving mobile app installs.
Direct users are three times more engaged than those from search, spending 3-5 minutes per session.
Advertising is the primary revenue source (80%), with programmatic, direct, and video ads; e-commerce (subscriptions, affiliate, marketplace) is under 20% but growing.
Recent acquisition of Ritual Technologies has driven double-digit growth in commerce revenue.
M&A remains a key growth lever, with four acquisitions year-to-date and a deep pipeline.
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