Here's a concise, retail-friendly summary: **1. Business Performance:** Subex, a telco AI company, reported YTD Dec 25 revenue of ₹206 Cr.

It's back to profitability, with EBITDA improving to 7.2% and PAT to 9%. The company maintains 95% customer retention and ~70% recurring revenue by preventing ~$42B in telco fraud annually. **2. Growth Drivers or Strategy:** Its strategy centers on AI and GenAI, dramatically cutting product development times; for instance, 'Fraudzap' was built in months.

Subex is expanding into a $4.3B new Total Addressable Market, including device fraud and agentic operations, much of which didn't exist three years ago. **3. Recent Developments:** Successful deployments of AI/ML models and its GenAI-powered 'Fraudzap' solution across Tier 1 Telcos globally demonstrate its rapid product-to-market capability and customer adoption. **4. Key Financial Metrics:** Key financial highlights for YTD Dec 25 include ₹206 Cr revenue.

EBITDA improved to 7.2% from -11%, and PAT turned profitable at 9% from -18.4%. Cash and cash equivalents also saw a 25% increase. **5. Management Commentary / Outlook:** Management emphasizes a proven AI-native product flywheel where data continuously improves models, attracting new customers and strengthening its moat.

Subex is positioned for a re-rating, driving growth through AI on its stable annuity base.