Rezolve AI (NASDAQ:RZLV) executives used the company’s second-half and full-year 2025 earnings call to highlight a sharp ramp in recurring revenue, an expanded customer base, and raised financial targets for 2026 as the company positions itself for what it called an “agentic” shift in digital commerce.
2025 results: rising recurring revenue and expanded scale
Founder and CEO Dan Wagner said 2025 marked a turning point for the company, describing Rezolve as moving “past the experimentation phase” and into “live production-grade infrastructure operating at a global scale.” Wagner noted the company entered 2025 as “a newly listed company with limited revenue, less than 100 employees and no offices,” and said it exited the year with a record December monthly recurring revenue (MRR) of $19.4 million, implying an annual recurring revenue (ARR) run rate of $232.8 million.
In prepared remarks, the company said 2025 GAAP gross margin was 66%, while “core software margins remain elite at over 90%.” The company also reported a GAAP net loss of $101.4 million for the year, while Chief Operating and Financial Officer Arthur Yao said Rezolve “only burned $34.2 million in cash,” attributing the difference primarily to “non-cash balance sheet adjustments.”
Yao said Rezolve achieved positive adjusted EBITDA for the first time in December 2025. He also told investors the company is choosing to reinvest rather than prioritize full-year profitability in 2026, saying it is “making the deliberate strategic choice to prioritize aggressive investment in our global sales organization and market expansion.”
Growth strategy: acquisitions plus organic expansion
Wagner framed Rezolve’s growth as being driven by a “dual engine” of acquisitions and organic activity. He said the company’s acquisitions of GroupBy, Crownpeak, and Reward were “transformational building blocks,” and that they contributed “nearly $90 million” to the company’s $232 million ARR exit. Wagner said the deals helped Rezolve “capture the enterprise discovery and transaction layers” and transition acquired customer bases onto its platform.
At the same time, Wagner said “the vast majority of our momentum is purely organic,” citing the company’s enterprise customer base, direct sales efforts, and partnerships with Microsoft and Google.
Responding to a question from Northland Capital Markets analyst Michael Latimore about cross-sells and upsells, Wagner said GroupBy contributed $18 million of ARR in 2025, while Crownpeak—acquired in December—added another $70 million to ARR. He said the company upsold GroupBy customers with “AI-generated enhancements to their product discovery solutions,” including Rezolve’s “SEO studio,” conversational commerce, AI-driven merchandising capabilities, and tools to analyze returns and ensure they are credited via marketplaces such as Amazon.
Wagner also described Rezolve’s business as benefiting from increased usage over time. He said contracts are “largely…based on API calls,” and argued that agent-driven shopping behavior could lead to “100x plus” growth in transaction and query volume, which in turn could increase revenue.
Technology and “agentic commerce” thesis
Wagner said Rezolve’s proprietary commerce-focused model, called BrainPower, is designed for “zero hallucination” and to produce deterministic outputs in commercial settings. He said BrainPower outperforms general-purpose models in “SKU level precision and determinism in commercial outputs,” and argued that the technical approach supports “90%+ core software margin and enterprise trust.”
He also pointed to the acquisition of Subsquid (SQD), which he described as a “proprietary distributed blockchain database” intended to reduce reliance on “third-party ledgers.” Wagner said Rezolve is deploying the database internally to support “112.7 billion API calls today” and sees a path to commercialize it in the future.
Wagner’s broader thesis centered on a shift from manual search to AI-driven “agents” shopping on behalf of consumers. He said AI assistants could query “hundreds of stores simultaneously,” driving a surge in transaction volume and API activity. He described Rezolve as “the toll booth for this surge,” adding that the company has observed a “20% uplift in traffic to customer sites” that it believes is attributable to agentic activity.
Guidance raised: 2026 revenue and ARR targets
Management raised its 2026 outlook on the call. Wagner said Rezolve is “upgrading our 2026 revenue guidance to $360 million,” describing it as “a conservative baseline.” Yao reiterated guidance of $360 million in GAAP revenue for 2026 and added a “targeted ARR exit rate of $500 million.”
In Q&A, Alliance Global Partners analyst Brian Kinstlinger asked whether the 2026 guidance assumed additional acquisitions. Wagner said the guidance “does not include new acquisitions,” characterizing it as based on current operations and “organic momentum.” He added that acquisitions could lead to higher guidance.
Roth Capital Partners analyst Rohit Kulkarni asked about management’s confidence level in the outlook. In response, management pointed to the December MRR level and said it appears in the company’s 20-F as “an audited number.” Management also referenced the company’s contracted revenue base and said it believes it has “a very rock solid foundation” to reach the $360 million revenue target through execution on what is already in place.
Capital position, equity plans, and Rezolve Pay commentary
Both Wagner and Yao emphasized balance sheet flexibility. Wagner said Rezolve has secured “over $750 million in total funding,” including an “oversubscribed $250 million raise” in January, and said the company has “zero requirement for additional operational equity to execute its 2026 mission.” Yao similarly said Rezolve does not intend to raise new equity for operational needs and expects equity use to be limited to acquisitions that bring “immediate self-financing revenue.”
Maxim Group analyst Thomas Forte asked about the company’s partnership with Tether and the ability to purchase merchandise using stablecoins and cryptocurrency. Wagner said “Rezolve Pay” is “one of the most exciting developments in the business,” but noted it “doesn’t represent revenue in the current numbers.” He said the company believes stablecoins can provide advantages in an agent-driven commerce environment and said the company’s approach would allow merchants to adopt the payment method with “no fees associated with their adoption.” Wagner said Rezolve expects “some momentum in Rezolve Pay this year” and reiterated its longer-term potential.
Wagner closed by calling 2025 “the inflection point” and said 2026 will be focused on “capturing the agentic explosion.” He also directed listeners to a newly published annual report available at rezolve.com/annualreport2025.
About Rezolve AI (NASDAQ:RZLV)
Rezolve AI, Inc operates a cloud-based engagement platform that connects physical world touchpoints to digital experiences. Through its proprietary Rezolve platform, the company enables brands and marketers to deploy interactive mobile campaigns triggered by NFC-enabled tags, QR codes, short URLs and other proximity-based technologies. These campaigns facilitate in-the-moment product demonstrations, digital promotions and seamless e-commerce transactions without the need to download a dedicated app.
The company’s platform includes a no-code campaign management portal, real-time analytics dashboard and integration tools for customer relationship management, payment processing and third-party marketing systems.
