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Selective Bull Market Driving Smarter, More Thoughtful Crypto Plays Among Singaporeans – 2025 Independent Reserve Cryptocurrency Index Shows

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Flight-to-quality resulted in strategic profit-taking among Singaporean crypto investorsStablecoins are fast becoming the bridge between traditional finance and decentralised finance (DeFi)In Bitcoin, Singaporeans trust: BTC remains a preferred choice over all other crypto

SINGAPORE, May 22, 2025 /PRNewswire/ — The 5th edition of the annual cryptocurrency study[1] by Independent Reserve (IR), Singapore’s first licensed cryptocurrency exchange for all investors, shows that Singapore is experiencing a unique phase in the cryptocurrency cycle: a selective bull market that has not led to widespread buying, but has instead prompted strategic profit-taking and portfolio rebalancing.

Amid a shifting macro environment marked by political changes and rising global costs, nearly half of Singaporean crypto investors[2] or 49% have sold part or all of their holdings. Amongst these, a whopping 67% reported locking in profits as savvy investors cash in on earlier positions and capitalise on the opportunity to secure gains after volatile conditions in recent years.

As a result, crypto ownership in Singapore trended downward despite the market rally in 2024, with 29% reporting owning crypto (2024: 40%). Bitcoin and Ethereum continue to be the most popular crypto assets  amongst crypto investors, with 68% and 48% ownership respectively.

Unlike past cycles driven by speculative hype and accumulation of crypto assets, Singaporean crypto investors today are showing a flight-to-quality. Even as 79% of crypto investors diversified their portfolio to own more than one type of crypto, 65% only invest in 2 to 5 types of crypto assets. This reflects a narrowing investor focus on a select few cryptocurrencies for long-term asset growth.

Mr Lasanka Perera, CEO, Independent Reserve Singapore, said, “What we’re seeing from this year’s IRCI data is not a retreat from crypto, but a recalibration. Seasoned investors in Singapore have weathered a few market cycles and are now choosing to concentrate on a handful of strong, well-established cryptocurrencies they have conviction in.”

“Singaporeans now have a more thoughtful, disciplined approach to investing in crypto. They have been making smart plays and know that being in the right asset class matters. It’s been exciting to witness the market becoming more informed and mature when it comes to digital assets.”

This year’s index score stands at 43[3] compared to 56 in 2024, reflecting a mixed set of findings across Singaporeans’ awareness, adoption, confidence and trust in crypto. Public awareness is at an all-time high with 94% of respondents being familiar with at least one crypto asset, and long-term confidence and trust in crypto remain robust, even as overall ownership dipped.

1. AWARENESS [more on page 10 of report]

●       94% are aware of at least one cryptocurrency

 

●       91% are aware of Bitcoin, 54% know Ethereum

●        41% have heard of Dogecoin, jumping 12 pp from 2024

●        43% of Singaporeans are aware of at least one memecoin

The overall surge in awareness suggests that digital assets have firmly established themselves in Singapore’s financial consciousness, even as adoption rates fluctuate with market conditions.

Bitcoin maintains its dominance with a significant 9 percentage points (pp) jump in awareness from 2024. Ethereum had a similar growth in awareness of 9 pp. In addition, the rise of memecoins has driven crypto’s growing traction in 2025. Dogecoin saw a boost in recognition likely due to Elon Musk’s high-profile mentions and increased media attention on ongoing U.S. crypto policy developments.

The “Trump effect” [more on page 11 of report]

The “Trump effect” has rippled into Singapore’s crypto scene this past year, and many view the United States’ increasingly pro-crypto stance as a positive development for the global digital asset market.  President Trump’s administration introduced crypto-friendly policies, including the creation of a strategic Bitcoin reserve and proposals for deregulation of the digital asset space. This has coincided with a dramatic surge in Bitcoin’s value, which surpassed US$100,000 in December 2024. As a result: 

33% of Singapore respondents including non-crypto investors viewed President Trump as positive for cryptocurrency62% of bullish local crypto investors held this same view

Interestingly, the longer investors have been in crypto, the more favourably they view President Trump. Among those with over 10 years of crypto investing experience, support is unanimous — 100% see him as a positive force for the industry.

“There’s no denying that U.S. regulatory and market signals continue to influence investor confidence worldwide. Crypto investors globally also expect the Trump administration’s influence to persist in policy discussions around innovation, regulation, and the broader financial ecosystem.

However, Singaporeans on the whole tend to take a more measured view, factoring in broader global trends beyond just the U.S. They are generally more attuned to a wider range of global developments and are likely less swayed by the Trump-era crypto rhetoric.

We will be gearing up for an interesting year ahead as the developments in the U.S. continue to unfold in the coming months,” commented Mr Perera.

2. ADOPTION [more on page 22 of report]

●       29% own or have owned crypto in the last 12 months

 

●       Crypto investors’ reasons for investing: 48% for portfolio diversification, 36% to grow wealth, 35% via media-driven curiosity

 

●       49% of crypto investors sold part or all of their holdings in the last 12 months, 67% of this group made a profit

 

●       53% cite price volatility as a barrier to crypto investing, 32% want more consumer protection & regulation

Crypto ownership has moderated downwards in 2024. About half of those who exited the market in the past year did so after locking in gains, reflecting a wave of strategic profit-taking in a bull market.

Singaporeans are taking a more defensive financial posture against the backdrop of global macroeconomic uncertainty, and reallocating toward traditional investments. More respondents are keeping cash in savings or fixed deposits at 49%, up from 42% in 2024. This suggests that investors are selectively managing risk and diversifying across asset classes in response to broader economic conditions.

Portfolio diversification remains the primary motivation for cryptocurrency investment. Singaporeans continue to view digital assets as a distinct asset class that can complement traditional investments.

They are also increasingly pragmatic, using crypto to save for the future and to trade for gains. Most avoid experimental areas like DAOs, metaverse platforms, or blockchain-based social media, suggesting a shift toward seeing crypto as a practical investment vehicle.

However, there was a marked decline in other motivating factors for crypto investing compared to 2024:

Friends and family influence: 27%, down from 50%Media-driven curiosity: 35%, down from 45%Promotions from crypto exchanges: 15%, down from 29%

This points to a significant reduction in “FOMO” (fear of missing out) and hype-driven investment decisions. Instead, Singaporean crypto investors are making more deliberate, strategically motivated choices based on portfolio considerations rather than external influences or promotional incentives.

1 IN 5 SINGAPOREANS INVEST IN CRYPTO

●       21% invest in crypto

●       27% invest in exchange-traded funds

●       28% invest in bonds

●       49% invest in cash or fixed deposits

●       50% invest in stocks

TOP HELD CRYPTOS IN SINGAPORE

●       Bitcoin: 68%, down from 73%

●       Ethereum: 48%, up from 41%

●       Solana: 19%, up from 17%

●       Dogecoin: 18%, down from 19%

●       XRP: 17%, up from 14%

 

3. CONFIDENCE [more on page 28 of report] 

●       17% of Singaporeans  say they are likely to buy crypto within the next 12 months, while crypto investors are more bullish: 53% are likely or very likely to buy more in the next 12 months

 

●       77% of crypto investors believe Bitcoin will remain over S$100,000 by 2030

 

●       57% of crypto investors believe crypto will achieve mainstream adoption

 

●       Non-investors wish to invest in crypto, but 20% are unsure where to start, 18% lack the financial means

While some Singaporeans are still likely to purchase cryptocurrency within the next 12 months, about half of crypto investors plan to buy more. Against an evolving macroeconomic backdrop, 44% of Singaporean crypto investors said they will hold their crypto and will wait to see what happens.

Nevertheless, crypto owners stand out as confident believers in the future of cryptocurrencies. Conversely, only 19% of non-crypto investors believed crypto would become mainstream. Unsurprisingly, the younger generation (Gen Z and Young Millennials[4]) are more likely to believe that the mainstream will accept crypto compared to the older generation.

Mark Wong, Head of Trading, Independent Reserve Singapore added: “The scars of past market losses have upended investor behaviour, steering them towards high-quality assets that maintain resilience in volatile conditions. Painful lessons from speculative crypto assets have taught investors to prioritise robustness over hype.

“The 2025 IRCI data reveals that 75% of investors holding two to five cryptocurrencies are most likely to report gains or break even, whilst those with eleven or more cryptocurrencies fare worse with only a 40% success rate – highlighting the advantage of focused, high-quality portfolios. Looking ahead, confidence in the crypto market remains strong as half of Singaporean crypto owners plan to increase their holdings in the next year.”

4. TRUST [more on page 34 of report]

●       58% say that clarity in regulation would help increase their trust in cryptocurrency

 

●       47% want crypto companies to behave responsibly and ensure the safety of their crypto assets

 

●       44% say stability in price would increase their trust in crypto, while 42% think more education is the trick

Singaporeans have consistently mentioned that they want clarity and a well-regulated environment before deepening their involvement in crypto, and this year is no exception: more than half do not view the current measures as sufficient.

Increasingly, Singaporeans also expect responsible corporate practices from market players, underscoring the importance of ethical business practices. This shows that trust is shaped not only by strong regulatory oversight but also by sound corporate governance and robust risk management.

The Monetary Authority of Singapore (MAS) has been playing a proactive role in building trust. In 2025, MAS updated its licensing and conduct requirements for digital payment token service providers, with a focus on operational soundness and customer protection. These requirements underscore MAS’ efforts to strengthen customer safeguards within the digital asset ecosystem.

However, consumers may remain unaware of the steps regulators and licensed exchanges are taking to create a safer and more transparent crypto environment.

Hannah Puganenthran, Head of Compliance, Independent Reserve Singapore observed: “Even though regulatory oversight is seen as a key driver of trust at 58%, it does not necessarily deter individuals from engaging with unlicensed platforms. More consumers are familiar with unregulated exchanges because of media exposure and the wider service offerings, with fewer barriers to entry. Ironically, the media exposure is frequently linked to adverse events, which can erode public trust in the legitimate crypto industry and licensed players.

“Regulated exchanges in Singapore, on the other hand, are subject to strict advertising and media restrictions, which limit their visibility. The MAS enforces stringent regulatory standards on them, designed to protect users, but these are not always obvious to consumers who may see these safeguards as inconveniences or barriers to entry.  While consumers feel that the solution lies in stronger efforts by the regulators or the exchanges, in fact, we all have a part to play in building trust within the industry. Consumers therefore, also need to conduct their own research on the assets they invest in and the exchanges they engage with.”

Stablecoins gain ground: from trading to real-world use [more on page 13 of report]

Stablecoins are emerging as one of the most practical use cases in crypto today, gaining traction for payments, overseas transfers and everyday transactions – thanks to their perceived price stability and ease of use. Stablecoins are also gaining momentum as both regulators and markets globally move toward legitimising their role in the financial system. In Singapore, 46% of crypto investors currently own or used to own stablecoins.

The 2025 IRCI data also reflects a broader adoption trend where stablecoins are emerging as trading tools and functional assets within payment systems. These include subscriptions, payments for goods and services or transferring funds to other people overseas, lending and borrowing on DeFi platforms, or as on-chain reserves. Globally, stablecoin supply is projected to soar to USD 1 trillion by end 2025[5], up from around USD 225 billion at the beginning of the year, reflecting a growing recognition of stablecoins’ utility.

68% 

used stablecoins as an intermediary to buy and sell other crypto for crypto trading

53% 

or one in two stablecoin holders used them for real-world transactions

Fiona Murray, APAC Managing Director at Ripple said: “This year’s Independent Reserve Cryptocurrency Index (IRCI) makes one thing abundantly clear: stablecoins are becoming essential infrastructure across APAC (and the globe) for the adoption of crypto as a whole. The IRCI data shows the market is ready. The question is no longer whether to engage with stablecoins, but how quickly they can be adopted to keep up in an increasingly digital global landscape.”

The stablecoin and Bitcoin divide [more on page 15 of report]

When polled, Singaporeans’ trust in Bitcoin vis-à-vis stablecoin was split. While both groups share an interest in the crypto space, their motivations highlight two distinct visions and investment styles: one centred on pragmatic, stable growth, the other on decentralisation and long-term disruption.

56% trust Bitcoin more, because of its transparency, decentralised architecture and resilience.

44% trust stablecoins more, largely because of their price stability and connection to fiat currency.

37% say Bitcoin’s history and resilience over time inspire confidence.

59% like stablecoins as they are pegged to a stable asset, such as US dollars.

30% like that Bitcoin’s blockchain is fully public and auditable.

36% find stablecoins more relatable and intuitive as they are similar to fiat currency.

In Bitcoin, Singaporeans trust [more on page 18 of report]

86% 

 

of crypto investors view Bitcoin as money, a store of value or an investment asset68% 

 

of crypto investors hold Bitcoin61% 

 

of crypto investors prefer investing in Bitcoin directly vs via an ETF

55% 

 

of crypto investors prefer Bitcoin over other digital assets

Bitcoin continues to command exceptional trust among Singaporean investors and even non-investors. It is the most recognised cryptocurrency and a large majority of crypto investors regard Bitcoin as a form of money, store of value, or investment asset.

Aside from being the most widely held crypto, Bitcoin supporters still prefer direct investment and would purchase via crypto exchanges rather than ETFs or intermediated products. Bitcoin also remains a preferred choice over other crypto.

Mr Perera concluded: “Fuelled by market optimism around the U.S.’s crypto-friendly policies, Bitcoin reached an all-time high in January 2025. Over the long term, Bitcoin has far outperformed traditional asset classes, despite its short-term volatility. We’re in a digital age, and Bitcoin is ‘digital gold’. Bitcoin is computationally scarce but offers additional advantages like easier storage, 24/7 transferability, and accessibility. In today’s global economy, that’s a serious game-changer.”

Download the report: https://www.independentreserve.com/blog/news/independent-reserve-cryptocurrency-index-irci-singapore-2025

Media Contacts
Independent Reserve | media@independentreserve.com

Notes to Editors
The Independent Research Cryptocurrency Index (IRCI) Singapore is an annual survey of around 1,500 Singapore residents conducted in partnership with Milieu Insight Market Research. IRCI Singapore is the only industry-led research that deep dives into Singapore’s blockchain and cryptocurrency sector.

The survey is a cross-sectional and unbiased sample of everyday Singapore residents and is designed to represent the nation as a whole. This year marks the 5th year of IRCI in Singapore, and the survey was conducted in February 2025, reflecting Singapore residents’ attitudes toward cryptocurrency in 2024.

About Independent Reserve
Founded in 2013, Independent Reserve is Singapore’s trusted cryptocurrency exchange. Independent Reserve is the first exchange licensed by the Monetary Authority of Singapore to provide a secure platform for trading and investing in digital assets. With a focus on trust and safety, the exchange serves discerning traders and investors by offering competitive fees, advanced trading tools, and comprehensive educational resources. Adhering to the highest standards of governance, compliance, and security, Independent Reserve empowers institutions and individuals in Singapore to confidently navigate the world of cryptocurrencies.

Beyond our core business, Independent Reserve is dedicated to positively impacting the communities we serve by promoting equal opportunities and fostering a society where everyone can thrive. We focus particularly on helping individuals with special needs lead independent lives and supporting athletes in pursuing their dreams and aspirations.

[1] The 2025 Independent Reserve Cryptocurrency Index (IRCI) Singapore polled 1,500 everyday Singapore residents in February 2025 on their attitudes toward cryptocurrency in 2024.

[2] Crypto investors refer specifically to those who currently own or have owned cryptocurrency in this period.

[3] A score of 100 indicates maximum awareness, optimism, trust and adoption of cryptocurrency, and 0 indicates a complete ignorance of cryptocurrency and blockchain technology, and that no one has heard of Bitcoin.

[4] Gen Z: 18-25 y.o., Young Millennials: 26-35 y.o.

[5] Cointelegraph: $1T stablecoin supply could drive next crypto rally, 29 March 2025

 

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/selective-bull-market-driving-smarter-more-thoughtful-crypto-plays-among-singaporeans—2025-independent-reserve-cryptocurrency-index-shows-302461821.html

SOURCE Independent Reserve Singapore

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Technology

Sabio Holdings Inc. Announces Fiscal 2025 Results, Achieves Continued Growth and Advances Strategic Revenue Diversification

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Achieved full-year IFRS revenue of $38.2 million and consolidated gross revenues1 of $41.3 million in FY2025, with continued growth in core ad-supported streaming businessFull-year gross margin of 60% in FY2025Scaled programmatic and international channels to 48% of Q4 2025 gross revenue1 mixEntering 2026 with strong momentum ahead of U.S. mid-term election cycle expected to drive increased demand and margin expansionConference call to be hosted on May 01, 2026 at 10:00 a.m. ET / 7 a.m. PT

TORONTO, April 30, 2026 /PRNewswire/ — Sabio Holdings Inc. (TSXV: SBIO) (OTCQB: SABOF) (the “Company” or “Sabio”), a Los Angeles-based ad-tech company helping global brands reach, engage and validate (R.E.V.) streaming TV audiences, today announced its audited consolidated financial results for the fiscal fourth quarter and year ended December 31, 2025. Unless otherwise indicated, all amounts are expressed in U.S. dollars.

“Despite economic uncertainties, including tariff-related impacts on two of our larger verticals, automotive and telecommunications, Sabio delivered double-digit top-line growth in its core business, supported by ongoing investment in product innovation and geographic expansion,” said Aziz Rahimtoola, Sabio Holdings’ CEO. “2025 was a year of strategic execution and transformation for Sabio. We scaled programmatic, expanded internationally, and built out Creator TV, further diversifying our revenue base. These initiatives are now contributing meaningfully to our results and positioning us for more predictable, scalable growth, underscoring the resilience of our platform and customer base even amid category-specific softness.”

“As we enter 2026, we are doing so with strong momentum across our business and ahead of a major U.S. mid-term election cycle. Historically, these cycles drive significant demand for streaming TV and mobile video advertising, and we believe Sabio is better positioned than ever to capture that opportunity.”

Fiscal 2025 Financial Highlights

Full-year consolidated gross revenue1 of $41.3 million (vs. $49.6 million in FY2024) and up 15% from $36.0 million in the last non-election year (2023). Core-business gross revenue2 grew 10% year over year, normalized for political and advocacy.Core ad-supported streaming gross revenue2 grew 18% year over year (normalized for political and advocacy). Total ad-supported streaming gross revenue2 declined to $30.2 million from $38.6 million, reflecting the expected post-election pullback in political and advocacy spending.Sabio’s newest international and programmatic offerings accelerated through 2025, with international sales3 rising from $0.2 million in Q1 to $2.6 million in Q4, and programmatic sales from $0.2 million to $2.7 million.Full year gross margin of 60%.Full-year Adjusted EBITDA4 loss of $7.1 million (vs. $3.8 million gain in FY2024), driven by lower political and advocacy spend in a non-election year, continued investment in growth initiatives (international, programmatic and Creator TV), and higher cloud infrastructure costs to support scaling programmatic and international volumes.

Fourth Quarter 2025 Financial Highlights

Consolidated gross revenue1 of $11.2 million in Q4 2025 (vs. $18.3 million in Q4 2024), reflecting the expected post-election decline in political and advocacy spend, with some softness in select verticals tied to tariff uncertainty. Despite these headwinds, core-business gross revenue2 grew 10% year over year, normalized for political and advocacy.Core ad-supported streaming gross revenue2 grew 29% year over year (normalized for political and advocacy). Total ad-supported streaming gross revenue2 declined to $8.4 million from $14.5 million, reflecting elevated spend in the prior year tied to the 2024 U.S. general election.Programmatic and international channels represented 48% of Q4 2025 revenue mix.Gross margin remained strong (57%), supported by Sabio’s end-to-end technology stack amid an evolving revenue mix.Adjusted EBITDA4 loss of $2.1 million (vs. $2.8 million gain in Q4 2024), reflecting lower political and advocacy spend in a non-election year and temporary softness in select advertiser categories tied to tariff uncertainty.

Subsequent Highlights

On April 29, 2026, the Company completed a tranche of a non-brokered private placement of 12% subordinated, secured convertible debentures for gross proceeds of CAD $900,000. The debentures have a 12-month term, bear 12% simple interest (calculated daily, paid semi-annually in arrears and at conversion or maturity), and are convertible at the holder’s option at C$0.30 per share. The debentures are secured by a general security agreement over all present and after-acquired personal property. At maturity, any unconverted principal is repayable at 107% plus accrued interest. The Company may complete additional tranches.

Business Highlights

Strategic Diversification Driving Scalable Growth

Programmatic and international channels scaled significantly throughout 2025, reaching 48% of Q4 2025 revenue mixBoth channels contributed meaningfully to full-year revenue growth, reflecting successful execution of diversification strategy

Core Branded Business

Core ad-supported streaming revenue2 grew 29% year-over-year (normalized)Growth was achieved despite softness in the automotive category in the second half of 2025, reflecting broader industry headwindsApproximately 80% reoccurring revenue5 base, supporting revenue stability Strong client retention with increased spend from existing customers

Expanding and Diversifying Customer Base

New customer logos increased 153% year-over-yearGrowth across telecommunications, financial services, entertainment, and technology verticalsIncreasing engagement with Fortune 500 advertisers

Creator TV Growth and Monetization

Expanded Creator TV distribution across major streaming platformsGrowth in original content and live programmingStrengthening of Sabio’s owned-and-operated media ecosystem

App Science® Platform and Data Leadership

Reaches approximately 80 million U.S. households, representing ~70% of the estimated 115 million U.S. streaming households, according to eMarketer6AI-powered targeting, analytics, and performance measurement capabilitiesIncreasing adoption across campaigns and insights offerings

Operational and Financial Position

Continued investments in programmatic, Creator TV, and international expansionBalance sheet strengthened through financing and debt restructuring initiatives Positioned to benefit from increasing operating leverage as scalable channels grow

Business Outlook
Sabio enters fiscal 2026 with strong momentum following the successful diversification of its revenue base in 2025.

The Company’s scaled programmatic and international offerings, combined with its expanding Creator TV ecosystem, are expected to contribute more meaningfully to results in 2026. As these channels grow, Sabio expects to benefit from increased operating leverage through its technology platform, enabling more efficient revenue growth with limited incremental headcount.

Sabio’s strengthened customer base and high level of reoccurring revenue also provide increased visibility and predictability entering the year.

Early 2026 Trends
Based on current internal data and sales pipeline trends, early activity in the first quarter of 2026 indicates continued strong momentum, with programmatic and international revenues3 growing at over 20x year-over-year levels. 

________________________

1

Gross revenue is a non‑IFRS (non‑GAAP) financial measure; see “Use of Non‑IFRS Measures” and “Selected Financials” for definitions and reconciliations to the most directly comparable IFRS measure.

2

Core-business gross revenue, core ad-supported streaming gross revenue and total ad-supported streaming gross revenue are supplementary financial measures; see “Use of Non‑IFRS Measures” for definitions.

International sales is a supplementary financial measure; see “Use of Non‑IFRS Measures” for its definition.

4

Adjusted EBITDA is a non‑IFRS (non‑GAAP) financial measure; see “Use of Non‑IFRS Measures” and “Selected Financials” for definitions and reconciliations to the most directly comparable IFRS measure.

5

Reoccurring revenue is a non‑IFRS (non‑GAAP) financial measure; see “Use of Non‑IFRS Measures” and “Selected Financials” for definitions and reconciliations to the most directly comparable IFRS measure

eMarketer “CTV households will be more than double traditional pay TV ones by next year

Positioned for U.S. Mid-Term Election Cycle
Sabio is entering the 2026 U.S. mid-term election cycle, which historically drives significant demand across streaming TV and mobile video advertising.

The Company expects:

Increased political and advocacy advertising spendImproved cash flow visibility due to prepaid campaign spendingPotential margin expansion driven by premium demand for targeted advertising

With a more diversified revenue base, expanded product capabilities, and scaled global footprint, Sabio expects strong performance throughout 2026, with momentum building through the election cycle and continuing into the remainder of the year.

Conference Call Details

Date: May 01, 2026Time: 10:00 a.m. ET / 7:00 a.m. PTWebcast Registration Link: https://us02web.zoom.us/webinar/register/WN_jj3qt1ZbSMKAHOTuS5_sZg

Selected Financials
(All figures in US$ unless otherwise noted)

For the three months ended

For the twelve months ended

December
31, 2025

December
31, 2024

December
31, 2025

December
31, 2024

$

$

$

$

Revenue

9,778,763

18,301,162

38,231,397

49,602,885

Gross profit

5,563,171

11,286,755

22,753,955

30,627,389

Gross margin

57 %

62 %

60 %

62 %

Adjusted EBITDA(*)

(2,100,718)

2,843,977

(7,147,846)

3,832,162

Net increase in cash and cash
equivalents during the period

(633,639)

428,553

(1,957,308)

688,327

Cash and cash equivalents – end of
the period

1,343,131

3,300,439

1,343,131

3,300,439

For the three months ended

For the twelve months ended

December
31, 2025

December
31, 2024

December
31, 2025

December
31, 2024

$

$

$

$

Income (loss) for the period

(2,817,019)

1,194,528

(9,834,993)

(110,875)

Finance costs

444,032

329,055

1,395,878

1,292,344

Interest earned

(9,199)

(9,957)

(39,177)

(41,568)

Amortization of intangible Assets

39,224

45,053

172,346

193,668

Stock-based compensation

52,571

53,129

281,791

216,037

Employee retention tax credit
received

(225,918)

(809,063)

Impairment loss on ROU asset

20,275

Gain on early lease termination

(7,317)

Loss on loan forgiveness

935,567

935,567

Amortization of lease

185,061

148,627

694,617

689,255

Income taxes

35,985

8,600

80,504

41,606

Foreign exchange differences

22,618

7,379

45,587

20,151

State and local taxes

123,343

1,457

171,874

42,340

Severance expenses

48,584

128,539

679,832

553,637

Adjusted EBITDA(*)

(2,100,718)

2,843,977

(7,147,846)

3,832,162

For the three months ended

For the twelve months ended

December
31, 2025

December
31, 2024

December
31, 2025

December
31, 2024

$

$

$

$

Net revenue

9,778,763

18,301,162

38,231,397

49,602,885

Add: platform costs

1,431,691

3,070,269

Gross revenue*

11,210,454

18,301,162

41,301,666

49,602,885

*See “Use of Non-IFRS Measures” below.

The financial disclosures in this news release are subject to a number of cautionary statements, assumptions, contingencies and risks as set forth in this news release. The foregoing outlook and expectations constitute forward-looking statements and financial outlook and are qualified in their entirety by the “Forward-Looking Statements” cautionary statement below. Readers are cautioned that this release if for information purposes only and may not be appropriate for other purposes.

* Use of Non-IFRS Measures
This press release makes reference to certain non-IFRS (International Financial Reporting Standards) measures including, but not limited to, Adjusted EBITDA and Gross Revenue. These measures do not have a standardized meaning prescribed by IFRS and therefore they may not be comparable to similarly titled measures presented by other companies and should not be considered in isolation nor as a substitute for analysis of financial information reported under IFRS. Rather, these non-IFRS measures are provided as additional information to complement IFRS measures by providing a further understanding of operations from management’s perspective.

Management uses adjusted earnings before interest, income taxes, depreciation, and amortization (“Adjusted EBITDA”) as a key financial metric to evaluate Sabio’s operating performance as a complement to results provided in accordance with IFRS. The term “Adjusted EBITDA”, as defined by management, refers to net income (loss) before adjusting earnings for finance costs, income taxes, stock-based compensation, amortization, non-recurring items, and severance costs. Management believes that the items excluded from Adjusted EBITDA are not connected to and do not represent the operating performance of Sabio. Management believes that Adjusted EBITDA is useful supplemental information as it provides an indication of the results generated by Sabio’s main business activities prior to taking into consideration how those activities are financed and taxed as well as expenses related to stock-based compensation, depreciation, amortization, restructuring costs, other expense (income), and foreign exchange (gain) loss. Accordingly, management believes that this measure may also be useful to investors in enhancing their understanding of Sabio’s operating performance. It is a key measure used by Sabio’s management and board of directors to understand and evaluate Sabio’s operating performance, to prepare annual budgets, and to help develop operating plans.

The term “Gross Revenue”, as defined by management, represents revenue adjusted by adding back third-party platform costs that are deducted under IFRS presentation. This measure is intended to provide additional insight into the scale of Sabio’s advertising operations, particularly in its programmatic advertising business.  Management believes that Gross Revenue is useful supplemental information as it provides an indication of the overall transaction volume processed by Sabio’s platform, which management uses to evaluate operational scale and market penetration. Accordingly, management believes that this measure may also be useful to investors in understanding the size and growth of Sabio’s advertising operations. It is a key measure used by Sabio’s management and board of directors to assess platform activity, monitor business trends, and support strategic planning.

Refer to reconciliation to Adjusted EBITDA and Gross Revenue under the “Selected Financials” section of this release and in the Company’s MD&A for the three and twelve months ended December 31, 2025 and December 31, 2024, copies of which can be found under Sabio Holdings Inc.’s profile on SEDAR Plus at sedarplus.ca.

Reoccurring revenue is a supplementary financial measure. This measure refers to the percentage of quarterly revenue generated from customers who have previously transacted with Sabio (defined as those with the same brand logo). It is derived from internal tracking systems and is used to assess customer retention and revenue predictability. This metric is not audited.

Ad-supported streaming sales and Mobile advertising revenue are supplementary financial measures that represent the proportion of the Company’s consolidated revenue as reported in its financial statements contributed by the Company’s ad-supported and mobile display product offerings, as is also presented in the Company’s MD&A for the three and twelve months ended December 31, 2025 and December 31, 2024, copies of which can be found under Sabio’s profile on SEDAR+ at sedarplus.ca.

Core ad-supported streaming revenue is a supplementary financial measure that represents revenue generated from Sabio’s core streaming TV and mobile video advertising services, excluding revenue from political and advocacy advertising campaigns.

Programmatic revenue is a supplementary financial measure represents revenue earned from advertising transactions executed through programmatic platforms, including Sabio’s and/or third parties.

International revenue is a supplementary financial measure which represents revenue generated from customers located outside the United States.

About Sabio
‍Sabio Holdings (TSXV: SBIO, OTCQB: SABOF) is a technology and services leader in the fast-growing ad-supported streaming space. Its cloud-based, end-to-end technology stack works with top blue-chip, global brands and the agencies that represent them to reach, engage, and validate (R.E.V.) streaming audiences.

Sabio consists of a proprietary ad-serving technology platform that partners with the top ad-supported streaming platforms and apps in the world, App Science™, a non-cookie-based software as a service (SAAS) analytics and insights platform with AI natural language capabilities, and Creator Television®(Creator TV), the first creator-led streaming network and content studio dedicated to bringing the authenticity and energy of social media storytelling to TV.  For more information, visit: sabioctv.com

Forward-Looking Statements
This press release may contain certain forward-looking information and statements (“forward-looking information”) within the meaning of applicable Canadian securities legislation, which is often, but not always, identified by the use of words such as “believes,” “anticipates,” “plans,” “intends,” “will,” “should,” “expects,” “continue,” “estimate,” “forecasts,” or the negative thereof and other similar expressions. All statements herein other than statements of historical fact constitute forward-looking information, including but not limited to, statements relating to Sabio’s outlook for fiscal 2026; expectations regarding growth in programmatic, international and Creator TV revenues; anticipated operating leverage, margin expansion and cash flow visibility; expected increased demand for streaming TV and mobile video advertising during the 2026 U.S. mid‑term election cycle; the timing, magnitude and revenue mix of political and advocacy advertising spend; expectations regarding scalability of the Company’s technology platform; anticipated benefits from revenue diversification initiatives; early‑stage indications of year‑over‑year growth rates in programmatic and international channels; and the Company’s ability to maintain customer retention and reoccurring revenue levels. Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements. The Company undertakes no obligation to comment on analyses, expectations, or statements made by third parties in respect of the Company, its securities, or financial or operating results (as applicable). Material assumptions used to develop the forward-looking information in this press release include, but are not limited to: continued advertiser demand for connected TV and mobile video advertising; historical spending patterns associated with U.S. election cycles; successful execution and adoption of Sabio’s programmatic, international and Creator TV offerings; stable pricing and availability of streaming inventory; continued access to data, measurement and distribution partners. Although the Company believes that the expectations reflected in forward-looking information in this press release are reasonable, such forward-looking information has been based on expectations, factors, and assumptions concerning future events that may prove to be inaccurate and are subject to numerous risks and uncertainties, certain of which are beyond the Company’s control, including fluctuations or delays in political and advocacy advertising spend; changes in advertiser budgeting or campaign timing; continued or worsening macroeconomic conditions, including tariff‑related impacts affecting key advertiser verticals; increased competition in the ad‑tech and streaming advertising markets; changes in consumer viewing behavior; pricing pressure or shifts in advertising mix; reliance on third‑party platforms, data providers and cloud infrastructure and other risk factors disclosed in the Company’s annual information form and management’s discussion and analysis (MD&A), which are  publicly available on SEDAR Plus at www.sedarplus.ca . The Company has assumed that the material factors referred to herein will not cause such forward-looking statements and information to differ materially from actual results or events. However, there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. The forward-looking information contained in this press release is expressly qualified by this cautionary statement and is made as of the date hereof. The Company disclaims any intention and has no obligation or responsibility, except as required by law, to update or revise any forward-looking information, whether as a result of new information, future events, or otherwise.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction.

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For further information: Sajid Premji, Chief Financial Officer, investor@sabio.inc, Phone: 1.844.974.2662; Sam Wang, Investor Relations, investor@sabio.inc

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SOURCE Sabio Inc.

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TMO Labs Integrates with Sei Network to Bring Blockchain into Everyday Payments in Korea

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NEW YORK, April 30, 2026 /PRNewswire/ — The Sei Development Foundation announced today that TMO Labs, a Web3 fintech company, will integrate with Sei Network, a high-performance Layer-1 blockchain, with the integration aimed at bringing blockchain technology into Korea’s everyday payments and financial infrastructure.

As part of the integration, TMO Labs will use Sei as the core blockchain behind TMO Wallet, with a focus on expanding real-world use cases across consumer payments, rewards, and digital finance in Korea.

Sei was chosen for its ability to handle real-time payment environments. With sub-second finality and high throughput, it supports large-scale activity and high-frequency transactions without sacrificing the speed and reliability users expect from modern payment systems.

TMO Labs is a Korean payment infrastructure company with deep experience in transit payments, mobile payments, loyalty systems, and consumer financial services. Built on this foundation, TMO Labs develops platforms that connect digital assets with real-world utility.

Its flagship product, TMO Wallet, is already connected to DaemDaem, a widely used transportation top-up and lifestyle rewards app in Korea, and has access to a large existing user base. TMO Wallet is also designed to connect with major domestic payment and loyalty ecosystems, including Naver Pay, Payco, Happy Point, L.POINT, and transportation-linked payment rails such as TMONEY and EZL.

Even accounting for overlapping users, these platforms represent tens of millions of consumer touchpoints across Korea’s payment and rewards landscape.

Sei will serve as the blockchain layer powering TMO Wallet‘s next phase of real-world financial utility. Users will be able to hold Sei-based digital assets, including stablecoins, within the wallet and link those assets to TMO Labs’ point and payment infrastructure for use in everyday transactions.

This will enable a more unified wallet experience where users can manage digital assets, rewards points, and payment balances in one place, and apply them across real-life use cases such as retail purchases, online commerce, and transportation top-ups.

More broadly, the integration is part of an effort to better connect blockchain infrastructure with the real economy—linking onchain assets to the payment and rewards systems people in Korea already use every day.

TMO Labs’ integration with Sei will span several key areas, including:

blockchain-based payment and rewards infrastructure;integration with Korean payment and loyalty services;expansion into transportation, mobility, and lifestyle use cases; anddevelopment of consumer-facing Web3 financial services grounded in real-world utility.

Jin Kim, Founder of TMO Labs said, “This partnership marks an important step toward making blockchain technology a natural part of everyday financial activity and consumer spending in Korea. By combining TMO Labs’ payment infrastructure with Sei’s high-performance blockchain, we aim to deliver a practical digital finance experience centered on real usage.”

Justin Barlow, Executive Director of Sei Development Foundation added, “TMO Labs is closely connected to Korea’s payment, transit, and rewards infrastructure. Through this integration, TMO Labs is well positioned to deliver one of the most meaningful examples of blockchain being applied in real consumer environments.”

About TMO Labs

TMO Labs is a Korean payment infrastructure company. It develops services that connect digital assets with real-world financial use cases. Its flagship product, TMO Wallet, is an all-in-one digital wallet that enables users to manage blockchain assets, reward points, and prepaid balances in a single platform and apply them across transportation, shopping, and everyday consumer activities.

To learn more about TMO Labs, visit www.tmolabs.io.

About Sei Development Foundation

Sei Development Foundation is an independent US non-profit dedicated to the advancement and adoption of open source, permissionless protocols like Sei – the fastest EVM Layer 1 blockchain built to support world-scale decentralized applications. Through education, funding, and ecosystem support, the Sei Development Foundation collaborates with a global community of builders and users to promote and expand the benefits of Sei and related projects.

To learn more about Sei Development Foundation, visit www.seifdn.org.

About Sei Network

Sei is a blockchain designed for fast, cheap financial transactions, combining the network effects of Ethereum with the performance of Solana. Sei has processed more than five billion transactions across more than 95 million wallets and has become the #1 EVM chain by number of active users.

Learn more at www.sei.io.

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SOURCE Sei Development Foundation

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ANGHAMI REPORTS FY2025 REVENUE OF $99.3M, UP 27%, ON 3.5M SUBSCRIBERS AND LANDMARK STRATEGIC PARTNERSHIPS

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ABU DHABI, UAE, April 30, 2026 /PRNewswire/ — Anghami Inc. (NASDAQ: ANGH) (“Anghami”), the leading music and entertainment streaming platform in the MENA region, today announced its consolidated financial results for the year ended December 31, 2025, marked by revenue growth and subscribers reaching 3.5 million with a registered user base now exceeding 130 million, supported by landmark strategic partnerships.

HIGHLIGHTS

Revenue increased to $99.3 million in 2025, up 27% from $78.1 million in 2024. Growth came from subscriber gains across OSN+ and Anghami Plus, and the first full-year consolidation of OSN+ (April 1, 2024).Paid Subscribers exceeded 3.5 million across Anghami and OSN+, and registered users crossed 130 million.Warner Bros. Discovery closed its $57 million minority investment in OSN Streaming Limited in March 2025, expanding the content partnership and committing to joint investment in regional original production.Multiple strategic partnerships launched for OSN+ with Noon as well as a regional distribution agreement with talabat and the first-of-its-kind “Epic Bundle” with Shahid and Disney+ in December, delivering strong subscriber traction, high activation rates, and above-average conversion, reinforcing Anghami’s expanding distribution and monetization ecosystem.

Commenting on Anghami’s results, Elie Habib, CEO of Anghami, said: “2025 was the first full year of the combined Anghami and OSN+ business, and a year in which the scale of the opportunity became clear. Revenue grew 27% to $99.3 million. Paying subscribers exceeded 3.5 million, and our registered user base crossed 130 million across the MENA region.

We made important progress across the business. We rebuilt the OSN+ platform in-house, launched our first OSN+ Original, expanded strategic distribution partnerships with talabat and Noon, and signed the Epic Bundle with Shahid and Disney+, bringing three leading entertainment platforms into one subscription for the first time in the region. Warner Bros. Discovery’s investment in OSN Streaming Limited reflects confidence in our model, our market position, and the long-term value of premium regional streaming. Our HBO content commitments remain contractual and unchanged.

With a stronger product, a deeper content slate, Ramadan momentum, and early Epic Bundle traction, we enter 2026 focused on scaling revenue, improving unit economics, and converting momentum into sustainable growth.”

BUSINESS UPDATE

2025 marked a significant year in Anghami’s evolution as it progressed the integration of OSN+ into its multi-media streaming ecosystem and expanded its content, partnerships, and technology capabilities.

Anghami continued to invest in its proprietary technology, including AI-powered content recommendations, and completed the in-house rebuild of the OSN+ streaming platform, delivering improved performance, 4K capabilities, and full control over the user experience. 

In January 2025, OSN+ premiered its original production The Fashionista, reinforcing the platform’s investment in locally relevant content alongside its exclusive HBO catalogue, which includes House of the Dragon, The Last of Us, and Game of Thrones.

In March 2025, Warner Bros. Discovery announced an agreement to acquire a minority stake in OSN Streaming Limited, Anghami’s majority shareholder, investing $57 million. The transaction expands the existing content partnership and includes plans to jointly invest in locally produced content targeting regional audiences.

OSN+ partnerships with talabat and Noon expanded distribution and opened new customer acquisition channels, while high-profile live events including the Amr Diab & Adam Port concert in Abu Dhabi and Nancy Ajram Riyadh Boulevard activation reinforced Anghami’s cultural leadership position. Regional conflicts have impacted live events and regional content production; however, Anghami continued to scale its cultural footprint through flagship initiatives such as “Aktar Men Ayya Waqt,” a pan-Arab collaboration uniting leading artists across the region, alongside a focused Ramadan content strategy that delivered resilient engagement and outperformed industry trends that typically see lower metrics during the period.

As the year drew to a close, OSN+ launched the “Epic Bundle”, a first-of-its-kind bundled subscription with Shahid and Disney+, bringing all three platforms together under a single plan and broadening content access for consumers.

Anghami also continued to expand its telco partnership ecosystem in 2025, maintaining integrations with 45 telco operators across the MENA region. Telco partnerships serve as a dual-purpose growth lever by facilitating frictionless subscription payments, helping Anghami maintain one of the highest paying conversion rates among music streaming services in the MENA region, while also providing a significant marketing channel through co-branded campaigns and data bundle offerings.

From a financial perspective, revenue increased to $99.3 million in 2025, from $78.1 million in 2024, driven by subscriber growth across Anghami Plus and OSN+ and the first full-year contribution from the OSN+ video streaming segment which was consolidated from 1 April 2024. Profitability was impacted by the fixed video content licensing fees reflecting the full 12 month impact compared to 2024.

During 2025 and early 2026, the Company strengthened its Board of Directors with the appointments of Bassil Almouallimi (SRMG), James Cooke (Warner Bros. Discovery), Moustapha Chami (KIPCO), and Eman Al Awadhi (KIPCO).

OUTLOOK

Anghami is positioned to capitalize on continued growth in digital entertainment demand across the MENA region. The Company’s platform-led partnerships enhance distribution, content access and audience reach, further differentiating Anghami within an increasingly competitive streaming market.

Strategic collaborations with leading regional and global platforms, including Shahid, Disney+, talabat, and the expanded Warner Bros. Discovery relationship, are expected to remain key growth drivers. The content lineup is set to remain exceptional throughout the year, featuring highly anticipated global releases and returning flagship series. This includes A Knight of the Seven Kingdoms, Euphoria Season 3, Season 2 of The Pitt, which has emerged as one of the most widely watched series globally, and Season 4 of FROM. This is further reinforced by upcoming seasons of The House of the Dragon and a robust pipeline of award-winning and globally successful films, including major 2025 theatrical releases such as Sinners, Superman, and other leading box office titles.

Building on this early traction, Anghami aims to scale embedded and bundled distribution models to support more efficient user acquisition and deeper engagement across its core markets.

Management remains focused on balancing growth with operational discipline, as continued investment in platform capabilities, reshaping content acquisition costs, advertising optimization and partner integrations support scale benefits over time. As these initiatives mature, Anghami aims to drive improved monetization and stronger operating leverage across its digital entertainment platform that will lead to material unit economics improvements in 2026.

Anghami’s annual report on Form 20-F (the “Form 20-F”) for the year ended December 31, 2025 was filed today with the U.S. Securities and Exchange Commission. The Form 20-F can be accessed by visiting either the SEC’s website at www.sec.gov or the Company’s website at https://www.anghami.com/investors.

About Anghami Inc. (NASDAQ: ANGH)

Anghami is the leading multi-media technology streaming platform in the Middle East and North Africa (“MENA”) region, offering a comprehensive ecosystem of exclusive premium video, music, podcasts, live entertainment, audio services, and more.

With a user base exceeding 130 million registered users and over 3.5 million paid subscribers, Anghami has partnered with 45 telcos across MENA, facilitating customer acquisition and subscription payment, in addition to establishing relationships with major film studios, entertainment giants, and music labels, both regional and international. Headquartered in Abu Dhabi, UAE, Anghami operates in 16 countries across MENA, with offices in Beirut, Dubai, Cairo, and Riyadh.

To learn more about Anghami, please visit: https://anghami.com. Any questions for the Investors Relations Department can be emailed to IR@anghami.com or anghami@apcoworldwide.com.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Anghami’s actual results may differ from its expectations, estimates, and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “start,” “project,” “budget,” “forecast,” “preliminary,” “anticipate,” “position,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “continue,” “predicts,” “potential,” “transform,” “commitment” and similar expressions (or the negative versions of such words or expressions) are intended to identify such forward-looking statements. These statements include those related to the effect of the OSN+ integration, Warner Bros. Discovery investment in OSN Streaming, other new partnerships and collaborations, and future growth. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from those discussed in the forward-looking statements. Most of these factors are outside Anghami’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: the outcome of any legal proceedings that may be instituted against Anghami; wars, conflicts and political instability; foreign exchange fluctuations, changes in applicable laws or regulations; and the possibility that Anghami may be adversely affected by other economic, business, and/or competitive factors; and other risks and uncertainties identified in Anghami’s fiscal 2025 annual report on Form 20-F filed with the SEC on April 30, 2026, including those under “Risk Factors” therein, and in other documents filed or to be filed with the SEC by Anghami and available at the SEC’s website at www.sec.gov. Anghami cautions that the foregoing list of factors is not exclusive. Anghami cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Except as required by law, Anghami does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based.

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SOURCE Anghami

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