Operator
Good day, and thank you for standing by. Welcome to the GLUE Fiscal Third Quarter 2025 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, you'll need to press star-11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star-11 again. Please be advised that today's conference is being recorded. I would now like to turn the conference over to Oliver Rowe, Chief Marketing and Communications Officer. Please go ahead.
Thank you, Operator, and thank you to all of you for joining our fiscal third quarter 2025 Earnings Conference Court. We will be discussing GLU's performance for the third quarter, ended October 31st, 2025, as well as providing guidance for the fiscal fourth quarter 2025 and fiscal year 2026. Joining me on today's call are CEO and co-founder Scott Beck and CFO Paul Siemens. Our board chair and head of technology, Pat Gelsinger, will also join the Q&A session. Before we begin, please be reminded that this call will contain forward-looking statements which are based on BLUE's current expectations, but which are subject to risks and uncertainties relating to future events and or the future financial performance of BLUE. Actual results could differ materially from those anticipated in these forward-looking statements. A discussion of some of the risks that could cause actual results to differ materially from our forward-looking statements can be found in today's press release and elsewhere in our filings with the Securities and Exchange Commission, including our prospectus dated November 18th, 2025, and our subsequent quarterly report on Form 10-Q that we expect to file later this week. Both will be available on GLUE's Investor Relations website at investors.glue.com and the SEC's website. In addition, during today's call, we will discuss certain non-GAAP financial measures. Reconciliations of these non-GAAP metrics to the most directly comparable GAAP metrics, as well as the definitions of each measure, their limitations, and our rationale for using them are included in today's press release and in our Form 10Q. And now I'll turn the call over to Scott.
Thanks Oliver and thank you all for joining us today for our first earnings call as a public company. Q3 has been a solid start to this next chapter of our journey. Revenue grew 432 percent year over year and 101 compared to Q2. This reflects strong demand across our platform and meaningful growth through acquisitions that have strengthened our business and expanded our capabilities. We also delivered sequential adjusted EBITDA improvement and we expect additional EBITDA improvement in Q4 and we expect the pace of that improvement to accelerate beginning in Q1, 2026. We are executing our growth plan and expect revenue in excess of 180 million dollars in fiscal year 2026. Moreover, we're committed to achieving positive adjusted EBITDA by the end of Q4, 2026. Because this is our first earnings call as a public company, I'd like to take a few minutes to provide an overview of GLUE, our mission, the value we deliver, and our strategy for long-term growth. Glue is building the leading technology platform that connects and serves the faith and flourishing ecosystem. This ecosystem is one of the oldest, largest, and most resilient in the world, yet one that remains highly fragmented and significantly underserved by modern technology. Let me briefly describe the two core parts of this ecosystem. You'll hear us refer to them often. First, there are churches and frontline organizations. Actually, there are more than 315,000 churches in the United States and over 100,000 other not-for-profit organizations serving people and communities on critical social issues, such as recovery, anti-human trafficking, and many more. Second, there are network capability providers, the organizations that develop the tech, content, solutions, and services that equip those churches and the frontline practitioners. Importantly, Glue serves both sides of this ecosystem. The Glue platform includes technology infrastructures, advertising tech, marketing services, and consulting solutions. Glue also has a marketplace for churches and ministries. All of this is offered directly by us and by our subsidiaries, which we refer to as Glue Capital Partners. Additionally, values-aligned AI capabilities are embedded across the glue offering, ensuring that AI can be harnessed for good, helping people flourish, and communities thrive. Our platform benefits from a powerful flywheel effect. The platform becomes more valuable to churches and frontline leaders every time a new network capability provider joins. And as more churches and frontline leaders engage on the platform, the distribution opportunities become more valuable to network capability providers. This mutually reinforcing model strengthens the network effect and increases the platform stickiness over time. Becoming a public company helps us accelerate this flywheel, giving us greater ability to invest in both organic growth and strategic acquisitions. As we've announced, we've recently closed two new acquisitions. First is Igniter, a 15-year-old media innovator that serves over 10,000 churches with content and media subscriptions. The second is XRI Global, a leader in AI, delivering advanced voice and language translation tech. I'll also note that since our IPO, the pipeline and the pace of our M&A opportunities has increased. Through acquisitions, we bring the best-in-class network capability providers into Glue as Capital Partners, which expands our offerings, deepens the value of our platform, and further reinforces the flywheel as we scale. For example, earlier this year, we acquired Masterworks, a leading ad tech, marketing, and fundraising company. They help organizations grow their impact, accelerate their mission, and deepen donor relationships. Today we are also super excited to announce our definitive agreement to acquire Westfall Gold, a leader in major donor engagement. This latest planned acquisition is another powerful example of our flywheel in action. Westfall Gold will deepen our role in helping organizations build sustainable, mission-aligned funding models. They provide donor development capabilities for nonprofit organizations engaging high-capacity and high-impact donors. They do this with data-driven insights and world-class donor experiences. This is particularly significant because donor management is the very heart of the faith and flourishing ecosystem. Together with Masterworks, this extends our core competencies in the central economic engine of this ecosystem, increasing donations. Masterworks and Westfall Gold, with decades of proven success, also create significant cross-sell and up-sell opportunities with one another, as well as with our Barna and Glue 360 offerings. We expect the acquisition to contribute approximately $20 million in revenue in fiscal year 2026 and contribute positive 2026 EBITDA as well. We intend to close this transaction before our fiscal year end on January 31, 2026. Now I'd like to turn to our AI strategy. Glue is developing vertical-specific, values-aligned AI. It's designed to serve the unique needs of the faith and flourishing ecosystem. As I mentioned earlier, this quarter, we expanded our AI capabilities through the acquisition of XRI Global. XRI has pioneered advanced voice AI and multilingual technologies that engage people across thousands of languages, including low-resource languages that most AI models can't serve. This acquisition significantly strengthens our AI stack. It also increases the revenue opportunities for Glue AI and Glue 360, a few of our subscription-based enterprise offerings. As we advance these capabilities, we are also building and equipping a broader community of developers to innovate on top of the Glue platform. The developer response has been strong. This year, Glue AI Hackathon brought together more than 700 developers to create faith-aligned AI applications leveraging our platform. We continue to take a leadership role in shaping AI for good. This includes developing a comprehensive benchmarking framework so that developers and organizations can measure how the leading large-language models perform in accordance with the seven dimensions of human flourishing. Earlier this week, we introduced the Flourishing AI Christian Benchmark, a new tool that provides insights into how various models support the Christian worldview. Overall, we've seen good customer momentum across both sides of the ecosystem churches and frontline organizations and the network capability providers who serve them so far in 2025 we have secured 20 customers that will contribute over a million dollars in annual contract revenue and we expect this pace to accelerate in 2026. Notable engagements include a multifaceted, multi-year enterprise-level engagement with American Bible Society for both GLUE360 and Masterworks. GLUE360 will support their technology infrastructure to enhance reliability, scalability, and long-term efficiency. Masterworks will serve as their mass fundraising and marketing agency, supporting their brand vision and revenue growth objectives. We're also very excited to announce a new initiative to develop the world's first biblically aligned AI with YouVersion as a key partner. Working with YouVersion, who recently reached 1 billion installs across the family of Bible apps, will ensure this becomes a trusted tool for users worldwide. This will combine machine learning with centuries of biblical wisdom to help engage with scriptures safely, deeply, and accurately. Other customer wins in Q3 include expanded agreements with Biblica, United Way of Greater Atlanta, and Project Rescue. Looking ahead, our long-term ambition is to extend our position as the trusted infrastructure for technology enabled impact across the faith and flourishing ecosystem. We remain committed to harnessing technology for good so that we can serve those who serve. And through them, more people can flourish and organizations and communities can thrive. Paul will now take you through Q3 results in more detail, cover our guidance for Q4, and provide preliminary growth and profitability metrics for 2026. Paul, over to you.
Hi, Scott. It's good to be with you for our first training call of the public strategic context Scott just shared. I'll walk you through our financial performance for the quarter. This was a talent first and a significant inflection point for revenue growth. Now Scott highlighted strong year-over-year results, most notably MasterWords and Midwesterns, from Q3 of last year. This reflects ignited the platform revenue and how much it's taking place in the third quarter and is expanding its pay-off capacity to meet that interest. The improvement of the future is platform solutions revenue, which is by the shift of revenue timing and massive. The clear visibility, this improvement reflects that incremental gains across nearly all of the expenses associated with $15.1 million We want to strengthen our balance with the majority of our $28 million and more than tripling in revenue growth year-over-year. Our for-the-order guidance assumes continuous strong demand and the normal lower December and January seasonality in the Q4 adjusted EBITDA is $19.5 million, refining continuous cost discipline based by the modest revenue contribution in Q4 with minimal EBITDA. Normalized 9 shares in Q1 following the IPO, which left us with approximately $36.7, $17.0 million of $12.9 million to senior secured notes that did not converge by the ITO. And the remainder is from 1, we incurred a number of meaningful, non-recognized $11.2 These charges are adjusted out of our non-GAAP net loss attributable to members of $26.7 non-cash-reflexes as a deduction results in a non-GAAP net loss of $39.0 million available to stockholders. Non-GAAP loss per unit, which has been negative $4.71. Legally, we've had nearly double revenue on 2026 to over $108 million, including full-trick savings, $20 million, about $40 million. We are firmly committed to it to Q4256, the price of improvement, and adjust the deposit to begin in Q1. Again, the flow through at that point.
Investing heavily in our technology, our partnerships, and our mission marks a key inflection point in our business. We're now continuing this hockey stick growth phase that we've been building toward, setting us up to a very strong 2026-driven company that serves those who serve in the faith and flourishing ecosystem so that these organizations can scale the product and the people that they serve can flourish and we're doing this for the decades that are ahead. You have our commitment that we will execute with discipline, be transparently, and deliver on doing what we say.
Operator
Thank you. As a reminder, if you would like to ask a question, please press star one one on your telephone. You will then hear an automated message advising your hand is raised. We also ask that you wait for your name and company to be announced before proceeding with your question. One moment while we compile the Q&A roster. Our first question for the day will be coming from Richard Baldry of Roth Capital. Your line is open.
Thanks, and congrats on a great quarter. You essentially hit my six-month-out revenue target, so it makes life a little easier. I want to start with the more than 20 customers that should ramp to be over a million in annual contract value each. Can you walk through, you know, what they're buying? Are they, you know, multi-product, multi-service buys, or are they large-scale within one of the offerings? Sort of where those buckets are coming in, because that's obviously a good driver, an important driver of your organic growth.
Sure. Thank you, Brad. This is Scott. You know, it's coming from a couple different areas. Obviously, our Blue 360 offering is, you know, a very significant offering to be able to bring advanced technologies to take over the infrastructures for many of these ministries and organizations that just have a hard time keeping up with tech. You know, in many instances, they can be decades behind, and our ability to come in and to now be able to provide next generation AI-powered infrastructures is a very significant and driver of this but in addition to that you know we also got a lot of that from the masterwork side where we've got major agreements and relationships and we're basically helping them develop from a donor standpoint helping those organizations be able to reach more people be able to get them powering the different organizations that they serve with greater donor engagement you know we talked about earlier a good example of that being abs american bible society uh which you know we're working with on both the blue 360 side as well as on the as well as on the masterwork side um so those things are are significant contributions as well um in addition i guess one other area race would be um what we're doing with midwestern midwestern has been a great partner of ours being able to bring next generation technologies leveraging our platform to be able to build tech for other businesses and other ministries on this ecosystem so i i can keep going um and you know the the pipeline is really strong as we look at at 2026 but you know we're super excited you know to be able to be delivering at scale important technologies to the space and human portion ecosystem, you know, with many customers in excess of a million dollars per year.
And maybe drilling underneath that a little bit, can you talk about what the factors are that gate how quickly those turn from deals to revenues, sort of what pace is that? Are they all sort of similar or some that ramp quickly, some to take a little more time so we get a sort of an idea of our backdrop to how quickly those impact organic growth.
Yeah, this is Tatekos here and I'll give a little bit of color on that. And what we've seen is an acceleration of those opportunities this year. And we're definitely seeing that some of these deals now, that we have solid proof points across different categories. You know, for instance, in the Bible translation category, the ABS example that we gave. We had weight flip earlier in the year, so that's caused acceleration to other Bible translators. We have multiple in the campus through state area, so we've seen acceleration in that category. We've now seen the university segment is now turning on and accelerating as well. So as we see, the first third point is we're able then to see acceleration for the subsequent closures. So I would say that everything that we're indicating is that the sales pipeline is were lost, growing, and closing faster.
Got it. And I'll just ask one more because I don't want to hog the call too much. But, you know, with the pace of growth here, doubling revenue sequentially, obviously acquisitions have been important to that. And the pace has been fast enough that I don't think anyone thinks you should have realized all your synergies out of that yet. Can you talk about how much in synergy realization you should be able to see going forward from what you've put together, sort of how far along you are, maybe ones that you've done, you know, in a year ago versus, you know, ones that are just about to close, just so we get an idea for how big a driver that can be of your move to adjusted EBITDA positive.
You know, it is a factor for us next year as we look at our, you know, drive to profitability next year and accelerating quarter-by-quarter improvements in EBITDA next year. You know, the synergy realizations across the acquisitions that we've done for businesses now that we have a solid platform in place. One of the things that we're so excited about with that and there was massive work. All of those basically create channel and partnership and synergy on the revenue side, which is also super important to accomplish in that, Rich.
Great. Thanks for your help.
Operator
Thank you. One moment for the next question. And our next question will be coming from the line of Young Kim of Loop Capital Markets. Your line is open.
All right. Scott, Pat, Paul, first, super congrats on a strong first quarter out of the gate. Scott, if you can give us some update on what type of investments you are making in regard to your glue 360 business in terms of both sales headcount growth and overall service delivery capability?
Sure. Hey, thanks for the question. Pat, why don't you give us your perspective on the investment in Blue360 and what was all of that? Yeah. And, you know, before it really fits into three different dimensions. You know, one is sales capacity, as you suggest. When we are ramping up our sales force, and that is giving us more capacity to reach more segments that hiring is underway and we're able to find very good candidates who have proven records in sales uh software sales enterprise software that want to join a faith and values based organization like glue so we're ramping up the sales capacity second many of the glue 360 customers we are taking on their staff so immediately we get the infusion of their talent which were right-sizing, up-skilling, and being able to add to our corpus of resources for delivery. And then third is running very targeted capabilities in areas like specific staff applications, specific areas like security and IT services, but maybe most importantly, augmenting for AI and agente capabilities that allow us to bring more margin to those relationships. So across a full set of capabilities, we're adding talent and seeing a very right market for 360. But when we have a beachhead of 360, we're able to deliver AI services. We have the opportunity to become their marketing partner with Masterworks. And in many cases, the teams that we have at Service and Midwestern become the project teams that also are deemed further as a result of those relationships. So we see those 360-year enterprise beachhead for us to be.
Okay, great. And given that the sales cycle related to GLU 360 is probably fairly long, given the size of those deals, should we expect that typical seasonal back-end loaded kind of linearity for next year, 2026, in terms of overall booking performance where majority of the bookings could happen more likely in the second half of the year?
Actually, the behavior that we're seeing is not the case. We are seeing the acceleration in the pipeline and the acceleration of deal flow year for 360. So while exactly the characteristics that I would have expected is what you described, we're not seeing that. Once we have proof points in a category, we're seeing the category sales occur quickly, and we're seeing the ability then to build accounts to come on board on an accelerated basis. So I think you're going to see nice quarter-by-quarter improvements in our revenue and in our event contribution as a result of those accounts. And I'd also say that it just emphasizes the value that GLUE brings to this ecosystem. They have technology gaps. They have deep needs for improvement and capability. And our ability to now have proven cases like the ABS example that American Bible Society example that we gave them in call is evidence that we have capabilities that are desperately needed, desired, and accelerated this year.
Okay. And then one last question for me, Pat. In regard to the overall AI efforts, obviously there's a lot of talk about capacity issue in the market. Are you running into any capacity issue? And if you are, what are the steps you're taking to minimize that impact?
You know, overall, our AI capabilities, I don't think we're at scale yet, you know, that we're, you know, hitting any of those capacity issues. However, we do see one of our opportunities to be the values-aligned provider to the ecosystem, build the cost structure and the scale, which is the question that you're really asking, and we're making sure that we're building all three of those. We're going to build a great platform, we have a leading edge capability, You know, values aligned, the capacity and cost to serve this ecosystem, and we're planning carefully to make sure we have enough capacity in 26 and beyond to satisfy the ecosystem requirements. So, a very active topic, but so far we don't see any constraints in our ability to deliver. Okay, great.
Operator
Thank you. One moment for the next question. And our next question will be coming from the line of Jason Crayer of Craig Hilton. Your line is open.
Wonderful. Thank you guys. Great quarter. So I want to go back to the 20 million dollar customers. As you look across the platform today, how many customers that you are currently engaged with have the potential to be million dollar customers?
Great question. I mean, we've been working, you know, as you know, in this ecosystem and those relationships, different relationships, people that we've been working with, as well as a lot of current customers. So, you know, I think, from our perspective, it's a pretty unbelievably large set of potential customers and current customers that can scale to . Now, if we serve, right, the folks that are basically out there providing donor services like a West Wall of Gold or a Masterworks on the front line, whether it's the campus ministries, whether it's the child development organization, file translation organization, you know, on and on and on. Combining that with the customer base that New Western has got, you know, the current customer base, the working against customer base opportunity in millions. I would just add a few other quick points to network capability providers. There's, you know, in the 60 bill, 60 market, you know, tens of thousands of rands in that segment. So we see that there's just many, you know, customers for us to reach for it.
I appreciate that. And then can you just maybe kind of compare and contrast the services or the capabilities that you're getting from Masterworks versus what you're bringing in with Westfall? And then maybe, like, if you look at the last several months since you've had Masterworks, It seems like a very logical cross south, and I'm just curious if there's any pushback and if kind of Westfall can help fill in some of those gaps in terms of where there might be pushback.
Yeah. Thanks. These are incredibly synergistic. You know, as we said, you know, the donor is the heart of this ecosystem, right? The donors, whether they're small donors into a church or there's the bigger donors and to the different, you know, major ministries that are out there. It's just a heart. And this is a very good set of synergies. You can think about Westlaw Gold, which we're bringing into the GLU family, you know, today.
All right, that was very helpful. Thank you, gentlemen.
Operator
Thank you. One moment for the next question. And our next question will be coming from the line of Dan Comos of the Benchmark Company. Please go ahead.
Great. Thanks. Obviously, I will echo congratulations to you guys coming out strong out of the blocks. Scott and Pat, since this is your guys' first call, and I know you've touched on pieces of this, but can you guys spend a little bit more time just kind of talking through the doctrine or guidelines that's informing the M&A for you guys, whether it's uh what you're paying uh a price that you're willing to pay the synergy opportunities that you see and and pat and scott you both mentioned that you know the opportunity the pipeline is probably better than you anticipated that it was is there anything that would sort of incentivize or make you guys be willing to be more opportunistic if the right uh particular product access or capabilities broke your way?
Sure. We've been working with Midwestern. We have been working there. So these are not strangers. Significant, as we described, what are the churches and those frontline organizations around donor, around marketing, around content that, you know, can add into the overall AI engine that we're doing? But we're also looking for things that are actually going to turn out to that.
Really helpful. And then, you know, just to kind of follow up on, I think, Jason's question and maybe your answer, Scott, as we go into 26, and we know that you're adding capabilities all the time here, how should we think about growth from, you know, upsell and conversion from the existing customer base versus how much growth might come from new customers? And just to be clear, I don't think it does, but does the 26 guidance include any major wins or major deals like we saw with He Gets Us in the prior year?
So there's a couple of questions there. Number one, you know, we're not seeing in our 2026 numbers any big specific campaigns or it's the run of the mill of what we do. movie 360 more of that masterworks more of that midwestern more of that you know um our media network more of that so there isn't anything in there except grinding it out good solid organic growth with what we've already got and then you know we had a little bit of mna you know in that 180 million dollar number but you know we already just put 20 million of that right so you know that That number might have been 40 million that we were thinking about moving forward on a go-forward basis. You know, 20 million of that is already in the bank. So, but no, we don't see any major, any major one-timers that are coming through. Obviously, if something showed up, we would take advantage of it, but that would drive our numbers.
And the question, Scott, just on new versus existing, upsell, cross-sell?
Yeah, sure. Sure. A balance between those, for sure. We're going to be adding to the current customers that we've got, but when you look at, you know, a lot of the things, in particular, D360, a lot of that is going to be new. If you look at Masterworks, I think a lot of that is going to be able to be able to help upsell. A perfect example of that upsell is the Westfall Gold, being that would be available to a Masterworks customer. So I think we've got a good balance between both of those. Yeah, and as I was indicating earlier, for us, additional customers within a category where we have proven success and we're able to move, I'll call it, horizontally within a category as opposed to vertically into a new category, that's a very efficient sale for us. And you get lots of synergies. essentially you know a Bible translator works with another Bible translator they want us to be working with both of them so we see a lot of affinity there so it's deepening in the category as well it's a very efficient sale for us and we're seeing that very much in the realization of that growing sales pipeline and the accelerating sales pipeline and we're just beginning to open up entirely new categories of that like we use at the Christian University segment, which we're starting to see some success. And so, you know, we do think existing accounts bring more of the glue offering in as far as onslaught than the segment. All the young people that today are so lonely.
Thanks, guys. Looking forward to an exciting 26. Appreciate it.
Operator
Thank you. One moment for the next question. And the next question will be coming from the line of Eric Wald of Texas Capital Securities. Your line is open.
Thank you. And thanks, guys, for taking my questions. A couple of questions. And one kind of a follow-up of talking about the, Scott, you talk about the pipeline for next year, because the pipeline of acquisitions obviously gotten stronger, you know, since the IPO and you talked about next year being front halfway and now you've, you've done basically half of the $40 million already with, with Westfall. What would, what would you need to see to maybe bring something from a 27 pipeline of acquisitions into 26 or accelerate that and how much of that decision is is really on your side meaning you don't want to put too much on your plate you want to wait for something to make sure it's a creative versus one of your partners on the platform maybe not think it's the right time for them to be acquired and kind of waiting a little bit longer before taking that step you know that's right we're going to be very strategic in terms of the investments and the acquisitions that we make uh we're going to be very strategic and be very disciplined uh you
know we've been able to um you know bring these partners in uh been able to you know help them scale at this point and we're going to continue to be you know hold that in check and at the same time we're going to be you know available to opportunities the right the right um partners and the right acquisitions come along um you know as long as they're being super creative uh we feel like we've got the right synergy and um and and we can integrate them in a good way you know we'll move on that uh but strategic and discipline you know all of this ultimately then you know helps develop more moat and more synergies amongst uh amongst themselves and it also is then driving us forward that intense focus on EBITDA profitability in Q4. We're not going to let things get in the way of that. We're only going to be doing things that are going to be supportive of that. But it's got to fit from a strategic standpoint, and we've got to be disciplined.
And then kind of following up on that, as you think about an acquisition taking place and a company moving from, you know, an existing partner, NCP, on your platform to an acquired company within, you know, Glu Capital Partners. How long has it typically taken? You've done a number of acquisitions the past couple of years. How long does it typically take from that target to move from kind of the current revenue run rate to kind of actually seeing some synergies, revenue synergies, kind of a boost to organic growth occur? For example, the $20 million you noted for Westfall in 26, how different is that from their current revenue run rate in terms of kind of expecting kind of meaningful organic growth on top of that to get to that $20 million?
Business cases with synergies both on the revenue and on the cost side. We're conservative in terms of how we build our business cases and what kind of revenue acceleration and cost acceleration we expect. We do not want to get ahead of ourselves on that. So we plan on that being very conservative, and then we aggressively, aggressively get after it. So, in that $20 million, there isn't a lot of synergy built in. We believe that there is a lot of opportunity for synergy, but we don't build that in. You know, if you look at the organizations that we've gotten involved with, we've had, on an overall basis, when you look at them cumulatively, we've had a very nice growth. And, you know, in order to get to our number this year of $180 million, in addition to the 40 million of acquisitions that we've talked about and you guys have got a lot of them in your numbers, there is a lot of organic growth in that. And that organic growth is coming both from the Forum Blue Platform offering as well as helping to organically grow past acquisitions.
Operator
Thank you. And the last question for the day will be coming from the line of Ryan Myers of Lake Street Capital Markets. Your line is open.
Hey, guys. Congrats on your first quarter as a public company, and thanks for taking my question. First one for me, I don't believe you called this out and prepared the marks, but what was the mix of recurring revenue during the quarter?
We don't break that up. It lines up with the revenue categories. We break out in the six years between subscription, marketplace, advertising, and platform solutions. but we don't have that detail for you right now.
And then just kind of as a follow-up on that, you know, if we think about the 2026 revenue guide, I know you guys don't break it out by segment, but, you know, directionally, how should we be thinking about the mix across those four areas being subscription, marketplace, advertising, and platform solutions just so we can get a good idea of what to expect for 2026?
Yeah, I think that what you're going to see is as we're continuing on M&A as well, probably what we've got right now, you know, Blue360, which is a big grower of ours, is, you know, in that subscription area. You know, there's some of the stuff that we brought in, let's say, like, with West Falls Gold that's going to be a little bit more on the platform solution side. So I think that you'll be able to see a continued trend in terms of what we've seen. You saw that platform grew faster than platform solutions as a percentage in this last quarter. And I think that that is what we would expect to continue to see as we go through the year, where the platform grows faster than the platform subscription. But a little bit of that is ultimately dependent on M&A and where we ultimately go with that and how that fits in the mix. Our organic growth from the blue board will definitely gear toward platform and platform and subscription.
Got it. Congrats again on the corridor.
Thanks for taking my questions.
Operator
Thank you. And this does conclude today's conference call. Thank you all for participating. You may now disconnect. Thank you.
