Datavault AI Q4 2025 Earnings Call - Reiterates $200M 2026 Revenue Target as NYIAX, IBM and Fiserv Fuel Tokenization Push

Operator: Good morning, everyone. Welcome to the Datavault AI fourth quarter and full year 2025 corporate update call. I will now turn the call over to Ed Barger, Vice President of Investor Relations. Please go ahead.

Ed Barger, Vice President of Investor Relations, Datavault AI: Thank you, operator. Good morning, and thank you for joining us. My name is Ed Barger. I recently joined Datavault AI as Vice President of Investor Relations. I’m pleased to be here today and look forward to speaking with all of you in the investment community over the coming weeks and months. With me today is our Chief Executive Officer, Nathaniel Bradley, and our Chief Financial Officer, Brett Moyer. Before I turn the call over to our CEO, I’d like to remind you that this conference call will include forward-looking statements within the meaning of U.S. SEC laws with respect to future operations, financial results, events, trends, and performance, which are based on management’s beliefs and assumptions as of today’s date. Forward-looking statements may involve known and unknown risks, uncertainties and other factors which may cause actual results to differ materially from those expressed or implied by such statements.

Please see Datavault’s fourth quarter press release and SEC filings for information regarding specific risks, uncertainties that could cause actual results to differ materially. Except as required by law, Datavault AI undertakes no obligation to update such forward-looking statements. I will now pass the call over to our CEO, Nathaniel Bradley. Nate.

Nathaniel Bradley, Chief Executive Officer, Datavault AI: Thank you, Ed, and thank you all for joining us today. This was a strong year for our company, and I’m excited to review our results with you today. We’ll begin with key highlights and accomplishments, followed by our business outlook and conclude with expectations for 2026 before opening the call for Q&A. As you can see from the chart, we delivered significant sequential revenue growth, which resulted from our first ever profitable quarter on a GAAP basis, with adjusted EBITDA exceeding $8 million. In addition, we took decisive steps in 2025 to fund our future growth. Through strategic financing initiatives, we substantially eliminated our debt and strengthened our balance sheet, ending the year with over $115 million in working capital. 2025 was a transformative period for the company as we executed on our strategic vision.

We completed the acquisitions of CompuSystems, Inc. or CSI, as well as API Media in early 2026. We are now operating an internal initiative of the joint companies under a project known as Event Citadel. These highly complementary businesses enable us to unify data from events, capture audience engagement, and monetize across both physical and digital environments. This creates a scalable ecosystem for tokenized data asset creation and recurring revenue generation through our exchanges. As we integrate these platforms, we increasingly are positioned to deliver end-to-end solutions that combine AI, data analytics, and blockchain-based monetization, strengthening our competitive position across multiple high-growth vertical markets. We believe that the blockchain and Web3 ecosystems represent a large and rapidly expanding market opportunity driven by the shift towards data ownership, tokenization, and the decentralized monetization.

Datavault AI is positioned to provide end-to-end platform that enables enterprises to securely transform their data into monetizable assets through our exchanges. Data is our commodity, and data is always been the most significant and critical asset that organizations have in facing growing challenges around security, cybersecurity, ownership, and monetization. We are ready to address these needs through a secure, transparent, and scalable platform operating in a large, rapidly growing market. Adoption already widespread and projected to expand at a 25.8% year-over-year growth rate. Real-world asset tokenization represents one of the most significant emerging opportunities in the financial markets today. The market is staged for blockbuster growth. $126 trillion of equity markets content is being tokenized currently.

The system has grown over the past several years, driven by the increase of institutional adoption and the change in the regulatory environment around digital assets. The demand for more efficient, transparent, and yield-focused AI-driven infrastructure has taken the RWA market to over $30 trillion growth projection. We address this market through a patented infrastructure that provides an exchange for the fair valuation, the scoring, and the monetization through transaction in a system that can clear anywhere in the world. We believe Datavault AI is uniquely situated with patented technologies covering tokenomics and exchange that real-world assets will be tokenized in a market that is exploding in size, where we represent the sole source of exchange within a company that has the freedom to operate and the entire control of market systems that enable transaction to occur on a worldwide basis.

The monetization and capture and tokenization of digital assets creates real-world recurring revenue generative sources. Our IP-driven license model, combined with our acquisitions of CSI and API Media, provides both the infrastructure and real-world asset sources needed to scale. We are well-positioned at the intersection of AI, data, and blockchain that enable us to capture value and tokenization and adoption that accelerates growth through the use of AI and automated systems that we present in platform.

Our patented indexes or exchanges are essentially structured data sets that are organized, scored, valued, and observable from a system that organizes and indexes data in a system that allows participation from any entity that needs to claim its assets of data, never relinquishing them, never giving them to a third party, but instead claiming them and understanding the value and score of them, the cybersecurity risk around them, and the other measurements of these assets that provide quality information for ultimate insights and decision-making. We represent these products in the form of data that is tokenized and traded on the Information Data Exchange. We’ve developed a number of genre-specific exchanges under this patented technology framework. We’ve also licensed the NYIAX, which gives us access to the Nasdaq financial framework.

This entity, the Information Data Exchange, has spawned the ability to capture one’s name, image, and likeness, the ability to monetize within sports and entertainment. We’ve now labeled the Sports Illustrated Exchange. The addition of real-world assets to the public stage and the ability to utilize real-world assets such as real estate, precious metals, gases, uranium, titanium, aluminum, chromium, other assets that can be tokenized and developed into monetizable systems that provide needed capital to miners and to individuals that extract or own or control precious metals, other real-world assets. We’ve brought that forward in an exchange that will be known as the International Elements Exchange.

We have, thirdly, an American Politics Exchange that we position at the end of this year to solve for the relationship between candidates and causes and their constituents, providing a direct exchange for those individual operations under a Federal Election Commission approved system that keeps compliance and oversight and insights at the forefront of political operation systems. We have a exchange genre that stems from data that is being carved up into individual exchanges that allow us to monetize and turn raw data into measurable, comparable assets to support pricing and valuation for tokenization. We enable licensing and royalties tied to data usage, and we’ve developed genre-specific exchanges to allow us to monetize rapidly these assets. We have patented technology stack second to none.

Our patented technology stack includes CLEAR, which is a KYC system that allows us to know our customer, allows our systems to recentralize the decentralized wallets and other aspects of the Web3 ecosystem. Our CLEAR advantage is that we bring a KYC system that’s recognizable, well-regulated, and has a large user base that is automatically catapulted into a Datavault account. We have international corollaries for CLEAR and other CLEAR function where we have KYC provided by international providers that bolster that capability within our platform. We’ve developed with IBM software that orchestrates our systems. We have a developer and a platinum partnership with IBM. We also have a system with IBM that we’ve created within our platform that allows for the use of our proprietary scoring and valuation engines to both score and value data the moment it is born at the edge of the Internet.

The moment that data appears on the scene, our systems stand ready to score and value on behalf of the owner and point towards yield management systems that are ultimately injected into our exchanges to be monetized at maximum yield. We are licensors of NYIAX, a financial framework and a system that allows for tokenization and patented infrastructure towards exchange of those tokenized assets. NYIAX gives us access to the Nasdaq financial framework, allowing our tokens to be traded on one of the most trusted financial frameworks in the world. We have Fiserv as a partner that can reduce to fiat, reduce to debit card proceeds from digital assets. A toggle switch from fiat to token and token to fiat. The idea that we’re able to have a partner recognizable worldwide that allows us to clear within seconds transactions is a very powerful tool within this platform.

We have, of course, audit and responsibility, a new element around the comprehensive compliance infrastructure required to operate an exchange in digital assets in all aspects of management regarding tokenomics and the transactions that occur on a worldwide basis with compliant, high integrity, very transparent and very high-quality tokenomics platforms that are cyber secure. Houlihan Lokey, a smart contract auditor, will be reviewing all smart contracts created from our platform, the architecture of those contracts, the legality and the underlying compliance infrastructure related to smart contract execution on a worldwide basis. We are taking high-quality digital assets to the highest quality exchange within a patented infrastructure that is second to none. Our acoustic division is essentially a combination of WiSA, API, and Event Citadel. We generate ongoing revenue by enabling real-time data transmission, engagement, and authentication through sound-based technology, notably ADIO and WiSA.

Importantly, this division also serves as a key data organization layer. It’s creating highest quality value assets. It is a manufacturer of semiconductor. If you remember that Nvidia came from video, Datavault AI comes from audio. We have created a system that has been world-renowned for eliminating latency in audio transmission that is of high definition quality. Our platform enables both direct and downstream revenue opportunities that include licensing and large-scale operations within the licensing in robotics and in the future of AI technology. It is a key component of our platform that serves as a secure foundation of our ecosystem, that cybersecurity is job number one. The most important aspect to digital assets is cybersecurity. Cybersecurity is a problem that we’ve addressed head on.

We’ve looked at the necessary requirement of the cybersecurity related to digital twins and securing tokens within a Sanctum that provides for a leap to quantum computing, that provides high performance computing capability to track, manage, index, score, and value data in a secure environment that has no cybersecurity threats. The ability to view a digital twin is an extremely valuable experience. The ability to make digital twins a reality requires infrastructure. The investment into Sanctum provides a railway. This security layer is critical as it allows for the transformation of data into verifiable, monetizable assets, whether through licensing or tokenization, or whether through financial products that are traded on exchanges that are genre-specific and towards the use case that is most advantageous to the owner of data and product in the digital realm.

By combining Sanctum with our broader tokenization, monetization, and acoustic systems that allow us to use our Sumerian crypto-anchors and our other patented technology to revolutionize the end-to-end, secure, cyber secure ability to transact in an open system of blockchain that is both breakthrough and enlightening. We capture real-world assets through our acoustic and enterprise technologies. We can capture data in ways that other companies cannot. We have the ability to validate and secure it through our cyber secure Sanctum. We organize and assign value through the index platform known as Datavault. Ultimately, we monetize data through AI systems focused on yield management and the maximization of financial yield related to digital assets. We license and tokenize assets in a recurring revenue model that creates a renewable stream of revenue and a growing opportunity for the clients that jump on board the tokenization revolution.

This is the end-to-end approach that allows us to participate across a full lifecycle of data from the moment it is born, it is valued and is scored, it’s understood in context, it’s understood in value of all its subordinates, all of its antecedents, all its prerequisites. It is fully understood, it is scored, valued, and tokenized. It is available for monetization on the exchange when it qualifies for all regulatory compliant requirements, and it is traded in a way that provides a lifeblood of revenue for our clients and for the users of these systems. As noted in our press release, we are reiterating the guidance that we provided in the fall of 2025. We expect top line revenue of $200 million for the full year 2026.

We expect sequential growth each quarter, with momentum building throughout the year and the majority of our $200 million outlook weighted to the second half. One more thing we’d like to add this morning is that our team will be infused with the talent of NYIAX and the technology that they have patented many years ago. We will join forces at Datavault AI to create the ultimate exchange experience and exploit the opportunity of tokenomics for American companies and companies worldwide. I’d also like to thank our management team for their exceptional leadership throughout the end of last year. Their relentless focus and disciplined execution and strategic alignment gives me strong confidence in our ability to deliver sustained long-term value for our shareholders. As we scale this vision with them, I’d like to thank all of them and now open the call for questions.

Operator: Thank you. We’ll now be conducting a question-and-answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment please while we poll for questions. Thank you. Our first question comes to the line of Jack Vander Aarde with Maxim Group. Please proceed.

Jack Vander Aarde, Analyst, Maxim Group: Okay, great. Great update, guys. Congrats on all the positive momentum in the recent acquisitions as well. It sounds like there’s quite a bit of progress that’s been made since the last quarter. Congrats on all the momentum. Nate, can you talk to me a little bit more about NYIAX and then also just the whole licensing revenue stream that’s really kicked in here. How does NYIAX fit into your overall strategy and what we’re seeing so far with the tokenization strategy? Can you maybe just help us understand, tie that together?

Nathaniel Bradley, Chief Executive Officer, Datavault AI: Yeah, sure. There’s been a number of movements in this space. You can see a $27 billion valuation just across on other exchanges, where they’ve brought in token technology that gives them exchange. One thing that I’ve, you know, considered important in our space is the freedom to operate. You wouldn’t just wander into healthcare or pharmaceuticals or any other technology without the freedom to operate. What we have here is a union with NYIAX that really starts with IP. We met each other and have been working with each other now for years around intellectual property.

That culminated into a license that we’ve had kind of time to kick the tires and realize that they’re the real deal, and that their relationship with the Nasdaq Stockholm, Sweden, gives us a technology layer that endears us to the exchange. It brings us closer. It gives us the ability to do all the things that in our trade for that technology. If you look at the historic deal there, it’s really the ability for the Nasdaq to trade stocks and bonds, ETFs, and all the great work that they do. Us saying that, "Hey, we’ll likely never do those things, but we’d like to do all other things that are data related." Data relations to RWA into the image and likeness of human beings.

If you have a beating heart in this country, you have data that’s valuable, and that’s a message that we carry as a company. Also, the fact that human beings and their name, image, likeness need a mechanism to be able to monetize it, and we provide that. People being real world assets that are obviously the most precious, but that indeed precious metals and the treasures of this world that are indeed finite, not infinite. They have a scarcity and a value that is very well known and well published, and we give a mechanism to bring that to market. NYIAX gives us the best name in the business, the best exchange in the business, the most trust we could garner from a brand name and from a technology and from a system, and that’s what we’re gonna bring to market.

NYIAX to us is talent, it’s people, it’s technology, and preeminently brand affiliation and a partnership that’s long forged around this tokenomics phenomenon, the ability to tokenize real-world assets. That’s what that’s about.

Jack Vander Aarde, Analyst, Maxim Group: Excellent. I appreciate that. Just maybe if you could touch on a little bit more about, I guess, the relationship with IBM, and also this has been ongoing, and there’s a few moving parts here in terms of licensing arrangements and payments. Can you talk to me a little bit about the SanQtum AI as well, the SanQtum cities, and just kind of how that fits into the strategy? Where does this fit in terms of your priorities and also importance for the company’s strategy?

Nathaniel Bradley, Chief Executive Officer, Datavault AI: Well, thank you for the question. You know, again, Jack, I really appreciate you following our company this closely and asking that question. You know, look, IBM is special to us. It’s a chosen partner of us because we believe AI should be subordinate to human beings. We believe that this is a long-known name in AI that’s built Watson. Early in my career, they were right upstairs from me at the University of Arizona Science and Tech Park, where they were building the face of Watson. Some of the concepts that IBM brings to the table, none were more important than cybersecurity. You can’t really say IBM and Datavault without saying Available.

Their CEO, Dan Gregory, is responsible for cyber securing a lot of our energy grid and helps foreign countries do the same. He’s brought his intelligence and his infrastructure to really what is a VPN for Quantum, and he’s a partner of both IBM and Datavault AI. That partnership is about creating Sanctums and how it fits into our strategy is that, as I described in the call, data can create extreme value. It can also be an extreme threat. If you have a digital twin of a city, it’d be making that mayor more exceptional in the management of that city.

If it fell into the hands of individuals that meant us harm or that meant to game a system or understand a city for nefarious means, that data becomes precious to the entire community that it remains cybersecure and in the hands of elected officials that work in our best interests. These are all things that the blockchain exposes and our technology fits around these communities where we’re using tokenomics to solve American problems. We have True Valor that ends for the stolen valor of individuals. We have NIL systems that monetize for people, but none of it would manage to mean anything without cybersecurity. Sanctum is about job one, taking care of home base, cybersecurity.

When you have cybersecure Sanctums, you can invite the mayor in to use a tool that can revolutionize his effectiveness. Give communities a promising efficiency that raises the bar in how we can do more for less and move forward in systems that are much more efficient. That goes hand in glove with the tokenomics strategies, where we’re eliminating fraud and identifying systems simply through the nature of using blockchain and using AI to aid us in perfecting our democracy and our communities.

Jack Vander Aarde, Analyst, Maxim Group: That’s one. You know, maybe if I just follow up on. There’s quite a few different pillars here we could talk about here, and I wanna save some room for others on the call if there’s any other questions. Maybe touch on the verticals that you have in terms of the tokenization strategy. Which one of these verticals do you see being the most meaningful, I guess, with pharmaceuticals, for instance, with Scilex? Is this a larger area? Is there any particular area that you’re focused on more, or is this just, you know, a rising tide lifts all ships here? How do you see things playing out in terms of the tokenization verticals?

Nathaniel Bradley, Chief Executive Officer, Datavault AI: There is an Excalibur principle with Datavault AI. You simply cannot wield it. A single entity cannot. It must be licensed. It’s licensed into verticals. Scilex wields the weapon. They utilize our technology to create a biotech exchange, and to your point, it is enormous. We license into it because we’re not trying to boil the ocean. We make technology that uniformly makes data monetizable. Data exists in silos that lie to waste without our exchanges. Our exchanges are vertically centric. We have the biotech exchange that Scilex will brand, and they will move forward with their energy and their know-how, and they will build a biotech exchange with our technology. We just took over the New York Interactive Advertising Exchange, NYIAX.

We have the ability to use our exact same infrastructure, data scoring, data value, and data monetization under the same umbrella. It is marketing. The Elements Exchange is about real-world assets, and the NIL Exchange is about human-made assets and the asset of being yourself. These assets are all monetized over a uniform system. We are like Salesforce is to sales. Datavault AI is to data. Our platform hunts in all of these markets, and we’ve licensed it because we know that Sports Illustrated, for instance, was a better brand name than Datavault for sports and entertainment. We built the Sports Illustrated Exchange to meet that need. We’ve looked at the highest value markets in the world, human beings and real-world assets.

We have everything in between that’s covered in our Information Data Exchange, which can allow emerging datasets to become known, to become scored, to become valued, and to become traded. We have a very compliant process to get everyone there on a system that we can trust. IBM in the middle, CLEAR on the front, Fiserv in the middle, and you’ve got the Nasdaq at the back. The ability to use Nasdaq financial framework to close transactions in vertical markets that we’ve identified, but license those verticals so they can grow fast and move quicker towards the value that we’re creating for our shareholders.

Jack Vander Aarde, Analyst, Maxim Group: Well, excellent. I really appreciate the update. Maybe just one more, if we could just touch on the acquisitions that you have made, and then I’ll hop back in the queue. But API, and now NYIAX also, and then that was after CSI as well. Is there anything else, I guess, part of the puzzle that you’re looking to maybe acquire? Or are all the pieces kind of in place now from your acquisition strategy today? How do you see that playing out?

Nathaniel Bradley, Chief Executive Officer, Datavault AI: End-to-end, the stack is ready. We have regulatory compliance at the forefront. We’ll launch these exchanges until we have a green thumbs up from everyone regarding commodity, regarding every aspect of these assets that we are taking to marketplace. So that’s number one. Number two, you know, just in terms of these acquisitions, API Media is an American treasure. It’s run by incredibly talented, well-heeled technology professionals that have added culture to our company. They are ladies and gentlemen that serve ladies and gentlemen. We’re trying to infuse that, like The Ritz-Carlton would, into the fabric of our company. So number one, API Media is a cultural acquisition. They chose us ’cause they saw scale, but we chose them because we saw quality.

We take over big events through that acquisition, in terms of technological management of systems that are involved in some of the biggest events and biggest products of America, meaning that our golf game, our horse racing, all of the things that we do at a high pedigree sports level. API seems to have an acute knowledge of which we find incredible. I would also say that the acquisition of CSI is an infusion into WiSA and ADIO. It gives us a forum of events to show off how we can control HD quality sound and how we can move sound around rooms and use data over sound as the voice of robots that greet you and have better service and better manners than any human being.

The idea that we could have a perfection of systems that use AI and events and people to maximize yield together so that we have ability to have a passive recurring revenue generation through events. That’s what CSI was about. The ability for us to take those two, a cultural and event-based strategy to create more data and use our audio systems to prove how we do it better than anyone in the business.

Jack Vander Aarde, Analyst, Maxim Group: Okay, great. Well, I really appreciate the time, guys. Good luck on everything. Thank you.

Nathaniel Bradley, Chief Executive Officer, Datavault AI: Thank you.

Operator: Thank you. Our next question comes to the line of Edward Wu with Ascendiant Capital Markets. Please proceed.

Edward Wu, Analyst, Ascendiant Capital Markets: Yeah, congratulations on all the progress that you guys did last year. My question is, how much of your business is focused on the U.S., and how much of it do you think can grow internationally and globally in the future?

Nathaniel Bradley, Chief Executive Officer, Datavault AI: Thanks for the question. I’ve literally spent my first night at home last night after being on the road for, you know, around 62 days. I have traveled the world, and I would tell you the opportunity internationally is rivaled by that here domestically. It has a lot of incredible potential. You’ll see from announcements that PacRim in Asia is an extremely strong growth market for us, and we have adoption coming at us like a fire hose. We’ve opened offices. We have office in Seoul, Korea. We have operation in Tokyo, Japan. We have a large operation in Taiwan through our partners in semiconductor patents around WiSA. We have an office in Beaverton that is meant to service that Asian market.

From Philadelphia, of course, our eyes are on the UK. I just got back from London. We have now office in Mayfair. We have ability to capture business from London all throughout the UK. We spent some time there and realized that there’s massive cybersecurity and data operations there that feed our exchanges. International scope of our relationship with NYIAX will extend into the Nasdaq Stockholm, Sweden, and obviously the Swiss exchange, where we have the ability on SIX to expand our European trading platform chops around these exchanges. Simultaneous with the turn-up of our exchange in America, which will be the guiding light because of the regulatory kind of excellence and the trust that American markets garner when you affiliate with the Nasdaq and IBM and Fiserv.

This is a regulatory requirement that we’re meeting. That combined with this international strategy where we can take that kind of excellence and spread it into the international markets with a great deal of security and a great deal of discipline towards the quality of the assets that are listed on our exchanges. We’re focused on international, and that puts our focus on international quality digital assets. We’ve had the pleasure of working with companies in the Asian and Pacific Rim regions as well as the European regions. It’s certainly scalable to Australia and other international spots that we started to look at very heavily. Thank you for the question. International is a huge part of our play. It could rival or trump our revenue from the United States.

Edward Wu, Analyst, Ascendiant Capital Markets: A lot of opportunities. A little part of that question is, do you believe you have to make an acquisition internationally to help you expand, or would you be able to grow it organically with the, you know, acquisitions that you have made over the past year?

Nathaniel Bradley, Chief Executive Officer, Datavault AI: I think the acquisitions that we made over the past year give us American-made technology base and a base of customers that have international reach and influence that draws us overseas. I’d also state that, you know, from an acquisition standpoint, you’re only acquiring business entities for the purpose of booking business in geo regions. Abu Dhabi and United Arab Emirates and other places require you to domicile an LLC there or have a shingle up in those facilities to start to do business there, in particular when you’re working with their governments.

Those are the types of acquisitions I’m looking to make, which are largely financial in nature, but small, almost inconsequential in their costs, given the revenue that they unlock. I’m looking for cash accretive acquisitions that allow us to turn on revenue streams from international sources. Some of that’s qualitative, like you need to qualify to do businesses in particular regions, and we’re meeting those qualifications carefully and with a, again, a focus on our regulatory partnerships to really drive excellence around best practices. As we expand, we do so carefully with technology that’s incredibly well-heeled and patented in all these regions.

Edward Wu, Analyst, Ascendiant Capital Markets: Excellent. Well, thank you very much for answering my question, and I wish you guys good luck. Thank you.

Nathaniel Bradley, Chief Executive Officer, Datavault AI: Thank you.

Operator: Thank you. Our next question comes from the line of Alfred Blake, a private investor. Please proceed.

Alfred Blake, Private Investor: Yes. Hi, guys. Congratulations on a great quarter. I wanted to ask you a question about the NYIAX. What was the financial framework on that merger or takeover, so to speak, if you’re allowed to announce that?

Nathaniel Bradley, Chief Executive Officer, Datavault AI: I would point you to the press release issued this morning in terms of the financials related to the transaction. The deal is quite fresh. We finished it right here at the last moment before this call. Just getting into the detail of that, it’s best to refer to the documents that’s been published. I would tell you that the Nasdaq financial framework breathes life into an international strategy of launching exchanges. We intend from Philadelphia to build a rival to Wall Street. At One Commerce Center, we’re building something very special in Philadelphia, and this will be the token exchanges. These token exchanges will take on the Nasdaq financial framework.

We will run the NYIAX, which is the New York Interactive Advertising Exchange. That exchange, through this transaction, gives us control over a marketing interface and a marketing platform that’s really the future of how advertising will be bought and sold. We’re gonna prove out the NYIAX model. We’re adding the NYIAX Nasdaq infrastructure to our exchanges. That’s the kinda forward look of what we’re gonna do with that transaction. I would say though that the NYIAX transaction is highly accretive to our ability to own the token exchange technology here in the United States in particular.

Alfred Blake, Private Investor: Okay. Thank you very much. I just was seeing if it was like a stock transaction or anything such as that, was my question.

Nathaniel Bradley, Chief Executive Officer, Datavault AI: Again, the numbers will speak for themselves. You know, it’s pretty hard negotiated. I would tell you that the dollar amount that we traded per share in that transaction was $1.90, the recognized stock price in that transaction, I believe. The overall approach was to recognize more value in our equity than what’s present in this market that we believe has been not reflective of the value of our company.

Alfred Blake, Private Investor: Thank you very much. That was my question.

Operator: Thank you. There are no further questions at this time. I’d like to pass back to management for any closing remarks.

Nathaniel Bradley, Chief Executive Officer, Datavault AI: Thank you, everyone. It’s a very exciting time for the company. I appreciate you joining us and the interest in our company. We are grateful and looking forward to the next steps together. Thank you very much.

Operator: Thank you. This concludes today’s teleconference. You may disconnect your lines at this time. Thank you for your participation.