Acorn Energy Inc (ACFN) 2025 Q2 法說會逐字稿

Good morning and welcome to Acorn Energy's second-quarter 2025 earnings conference call.

早安，歡迎參加 Acorn Energy 2025 年第二季財報電話會議。

(Operator Instructions) As a reminder, today's call is being recorded.

（操作員指示）提醒一下，今天的通話正在被錄音。

I'll now turn the call over to Tracy Clifford, CFO of Acorn Energy and COO of its OmniMetrix subsidiary.

現在我將把電話轉交給 Acorn Energy 的財務長兼其 OmniMetrix 子公司的營運長 Tracy Clifford。

Thank you, operator, and thank you all for joining us today. Before we begin, I'd like to remind everyone that today's remarks, including responses to questions may contain forward-looking statements. These statements involve a number of risks and uncertainties that could cause actual results to differ materially from those projected.

謝謝接線生，也謝謝大家今天加入我們。在我們開始之前，我想提醒大家，今天的講話，包括對問題的回答可能包含前瞻性陳述。這些聲明涉及許多風險和不確定性，可能導致實際結果與預測結果有重大差異。

Factors that may impact our future operating and financial performance include general risks such as potential disruptions to business operation or shifts in consumer demand and customer demand as well as specific risks related to our ability to execute our operating plan, maintain strong customer renewal rates and expand our customer base. Additional risks may arise from changes in technology, increased competition or shifts in the macroeconomic or financial environment.

可能影響我們未來營運和財務表現的因素包括一般風險，例如業務營運的潛在中斷或消費者需求和客戶需求的變化，以及與我們執行營運計畫、維持強勁的客戶續約率和擴大客戶群的能力相關的特定風險。技術變革、競爭加劇或宏觀經濟或金融環境的變化可能會帶來額外的風險。

These forward-looking statements are made pursuant safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and are based on management's current beliefs, assumptions and information available as of today. There can be no assurances that the company will meet its growth targets or other strategic objectives.

這些前瞻性陳述是根據 1995 年《私人證券訴訟改革法案》的安全港條款做出的，並且基於管理層目前的信念、假設和截至今天可用的信息。無法保證該公司將實現其成長目標或其他策略目標。

The company undertakes no obligation to update or revise these statements to reflect future events or circumstances after this call. For a more detailed discussion of the risks and uncertainties that may affect our business, please refer to the Risk Factors section of our most recent Form 10-K available on the SEC's website at www.sec.gov or on our own website. With that, I'll now turn the call over to Jan Loeb, CEO of Acorn Energy and OmniMetrix.

本公司不承擔更新或修改這些聲明以反映本次電話會議後未來事件或情況的義務。有關可能影響我們業務的風險和不確定性的更詳細討論，請參閱我們最新的 10-K 表格中的風險因素部分，該表格可在美國證券交易委員會網站 www.sec.gov 或我們自己的網站上找到。現在，我將把電話轉給 Acorn Energy 和 OmniMetrix 的執行長 Jan Loeb。

Jan.

一月

Thanks, Tracy, and thank you all for joining us.

謝謝，特蕾西，也謝謝大家加入我們。

Q2 was a milestone quarter for Acorn. We delivered record remote monitoring and control revenue, strong operating cash flow and EPS of $0.28. And last month, we uplisted to the Nasdaq Capital Market, enhancing our visibility and positioning us for future growth. Let's start with some numbers.

第二季對 Acorn 來說是一個里程碑式的季度。我們實現了創紀錄的遠端監控和控制收入、強勁的營運現金流和每股收益 0.28 美元。上個月，我們成功轉入納斯達克資本市場，提升了我們的知名度，並為未來的成長奠定了基礎。讓我們從一些數字開始。

Second quarter revenue rose 55% year over year to $3.5 million, driven by an 89% increase in hardware sales and a 19% increase in monitoring revenue. Gross margin expanded to 75% from 73% last year. Operating income increased 267% to $947,000 and fully diluted EPS rose to $0.28, up from $0.11 in Q2 2024. Importantly, our EPS is now reported on a fully taxable basis. If we exclude our noncash tax expense in Q2 2025, our EPS would have been $0.36 and be more comparable to our year ago EPS of $0.11, which included no tax provision.

第二季營收年增 55% 至 350 萬美元，這得益於硬體銷售額成長 89% 和監控收入成長 19%。毛利率由去年的73%擴大至75%。營業收入成長 267% 至 947,000 美元，完全稀釋每股收益從 2024 年第二季的 0.11 美元升至 0.28 美元。重要的是，我們的每股盈餘現在是按照完全應稅基礎報告的。如果我們在 2025 年第二季扣除非現金稅費，我們的每股盈餘將為 0.36 美元，與去年同期的每股盈餘 0.11 美元（不含稅項準備）更具可比性。

Our growth continues to be fueled by a strategic contract with a major US cell phone provider, which has provided a material benefit to our financial results since the third quarter of 2024. This approximate $5.4 million contract covers monitoring hardware and first year of monitoring services for the telecom providers cell tower backup generators. To date, we've recognized $4.1 million in revenue, of which approximately 95% is hardware. We expect to complete the hardware shipments under this contract in 2025, while deferred monitoring revenue will extend into 2026 based on the rollout of the monitoring service activations.

與美國一家主要手機供應商簽訂的策略合約繼續推動我們的成長，自 2024 年第三季以來，該合約為我們的財務表現帶來了實質的利益。這份價值約 540 萬美元的合約涵蓋了監控硬體以及電信提供商手機訊號塔備用發電機第一年的監控服務。到目前為止，我們已確認 410 萬美元的收入，其中約 95% 來自硬體。我們預計將於 2025 年完成本合約下的硬體出貨，而遞延監控收入將根據監控服務啟動的推出延長至 2026 年。

Given our over 90% renewal rates and cost prohibitive nature of switching to a competing offering, we expect this relation to generate recurring revenue well beyond the initial term. We believe this contract does not represent the total potential opportunity with this customer, and we're working to expand the scope of our work with this customer when the opportunity arises.

鑑於我們超過 90% 的續約率以及轉換到競爭產品的成本過高，我們預計這種關係將在初始期限之後產生經常性收入。我們認為該合約並不代表與該客戶的全部潛在機會，並且我們正在努力在機會出現時擴大與該客戶的合作範圍。

Now, I'd like to talk about our market position and competitive advantage. OmniMetrix remains the largest independent provider of remote generator monitoring solutions in North America. Our technology supports four major generator brands and our industry-leading solutions are known for valuable features such as ease of installation, comprehensive diagnostic and reporting, a state-of-the-art user interface and support for all major generator brands.

現在我想談談我們的市場地位和競爭優勢。OmniMetrix 仍然是北美最大的遠端發電機監控解決方案獨立供應商。我們的技術支援四大發電機品牌，我們業界領先的解決方案以其易於安裝、全面的診斷和報告、最先進的用戶介面以及對所有主要發電機品牌的支援等寶貴功能而聞名。

These advantages and other advantages have earned us the trust of over 600 generator dealers, many of whom consider us the best-in-class solution. Additionally, while some backup generator OEMs offer some type of remote monitoring solution, dealers are often reluctant to use those services because they do not want to jeopardize their customer relationships and service revenue lines by enabling a direct relationship between the OEM and their customers.

這些優勢和其他優勢使我們贏得了 600 多家發電機經銷商的信任，其中許多經銷商認為我們是同類最佳的解決方案。此外，雖然一些備用發電機 OEM 提供某種類型的遠端監控解決方案，但經銷商往往不願意使用這些服務，因為他們不想透過建立 OEM 和客戶之間的直接關係來危及他們的客戶關係和服務收入線。

As the pioneer of remote generator monitoring, we are committed to maintaining our competitive edge through ongoing investment in product innovation. In June, we launched our next-generation monitors, Omni for residential and OmniPro for commercial and industrial use. These devices feature sleek design and smaller footprint, multicolor LEDs for real-time diagnostics, remote exercising programming and compliance reporting, overview updates and other software enhancements. These innovations improve installation speed, reduce service costs and enhance reliability, further strengthening our value proposition.

作為遠端發電機監控的先驅，我們致力於透過持續投資產品創新來維持我們的競爭優勢。6 月，我們推出了下一代顯示器，用於住宅的 Omni 和用於商業和工業用途的 OmniPro。這些設備具有時尚的設計和更小的體積，以及用於即時診斷的多色 LED、遠端鍛鍊程式設計和合規性報告、概覽更新和其他軟體增強功能。這些創新提高了安裝速度、降低了服務成本並增強了可靠性，進一步加強了我們的價值主張。

Turning to growth opportunities, we are actively pursuing growth in hardware sales and monitoring endpoints by supporting our network of over 600 generated dealer customers and through our internal direct sales efforts targeted at large and commercial industrial accounts. While we have a strong position in the residential market, our growth is more a function of overall economic factors such as interest rates, inflation and employment outlooks as well as region-specific conditions that drive households in prioritizing their investment in backup generated power. The residential market has been relatively flat over the past two quarters, but expect that it will eventually return to its growth trend in the coming years.

談到成長機會，我們正透過支援超過 600 個經銷商客戶網路以及透過針對大型和商業工業客戶的內部直銷努力，積極尋求硬體銷售和監控端點的成長。雖然我們在住宅市場佔據強勢地位，但我們的成長更取決於利率、通貨膨脹和就業前景等整體經濟因素，以及促使家庭優先投資備用發電的地區特定條件。過去兩個季度住宅市場相對平穩，但預計未來幾年最終將恢復成長趨勢。

Larger commercial and industrial opportunities are where we feel best positioned as it is in this market where our technology and service leadership are most valued and where we have the potential to pursue much larger opportunities across a variety of areas. We have a range of ongoing discussions with C&I prospects, but it tends to be a longer sales cycle and so it's harder to predict the outcome.

我們認為，更大的商業和工業機會是最佳選擇，因為在這個市場中，我們的技術和服務領導地位最受重視，而且我們有潛力在各個領域尋求更大的機會。我們與 C&I 潛在客戶進行了一系列持續討論，但銷售週期往往較長，因此更難預測結果。

We are also increasingly being asked to look at other potential areas of monitoring activity that would require some amount of new product development, but are largely rooted in our core strength and capabilities. We will continue to evaluate such opportunities that align most closely with our core strengths and capabilities. Beyond organic growth, we are actively evaluating M&A prospects that complement our focus on remote monitoring, recurring revenue models and could be accretive in year one

我們也越來越多地被要求研究其他潛在的監控活動領域，這些領域需要一定數量的新產品開發，但主要植根於我們的核心優勢和能力。我們將繼續評估與我們的核心優勢和能力最密切相關的機會。除了有機成長之外，我們還在積極評估併購前景，以補充我們對遠端監控、經常性收入模式的關注，並可能在第一年實現增值

Our Nasdaq listing enhances our ability to pursue these opportunities as it provides a more attractive currency for such transactions. We also see potential in the OEM partnerships where our monitoring solutions could be bundled with new equipment sales, offering OEMs a turnkey solution while allowing us to scale efficiently. It is difficult to know if any of these efforts will prove successful, but we believe they offer a great deal of potential to help us drive incremental growth.

我們在納斯達克上市增強了我們尋求這些機會的能力，因為它為此類交易提供了更具吸引力的貨幣。我們還看到了 OEM 合作夥伴關係的潛力，我們的監控解決方案可以與新設備銷售捆綁在一起，為 OEM 提供交鑰匙解決方案，同時允許我們有效擴展。很難知道這些努力是否會成功，但我們相信它們具有巨大的潛力，可以幫助我們推動增量成長。

Longer term, it seems natural that monitoring will become an embedded component in standby generators and other industrial equipment. Given our service and technology leadership, we are working to position OmniMetrix as the obvious partner across commercial, industrial and residential markets and enabling OEMs to focus on their core business.

從長遠來看，監控成為備用發電機和其他工業設備的嵌入式組件似乎是自然而然的事情。鑑於我們的服務和技術領先地位，我們正在努力將 OmniMetrix 定位為商業、工業和住宅市場的首選合作夥伴，並使 OEM 專注於其核心業務。

Importantly, several secular trends are expected to drive growing demand for our solutions, including increasing grid instability and extreme weather events, growing adoption of smart residential and commercial industrial IoT systems and the prevalent need for predictive maintenance and operational analytics. The key takeaway is that remote monitoring is increasingly being seen as a necessary and cost-effective tool to mitigate risks of operational disruption in the commercial and industrial segment and reliability and comfort in the residential segment.

重要的是，預計有幾種長期趨勢將推動對我們解決方案的需求不斷增長，包括電網不穩定性增加和極端天氣事件增加、智慧住宅和商業工業物聯網系統的採用日益增多以及對預測性維護和營運分析的普遍需求。關鍵在於，遠端監控越來越被視為一種必要且經濟有效的工具，可以減輕商業和工業領域營運中斷的風險以及住宅領域的可靠性和舒適度。

And OmniMetrix is ideally positioned to meet this demand. Based on our current trajectory and industry dynamics, we believe we can sustain 20% of average annual revenue growth over the next 3 to 5 years. Our scalable model, lean operating structure and high-margin recurring revenue model give us confidence in our ability to deliver long-term shareholder value. With that, I'll turn the call back to Tracy for a deeper dive into our financials.

OmniMetrix 正好可以滿足這項需求。根據我們目前的發展軌跡和產業動態，我們相信我們可以在未來3到5年內維持20%的平均年收入成長。我們的可擴展模型、精實的營運結構和高利潤的經常性收入模式使我們對實現長期股東價值的能力充滿信心。有了這些，我會把電話轉回給 Tracy，讓她更深入地了解我們的財務狀況。

Tracy.

特蕾西。

Thanks, Jan.

謝謝，簡。

As Jan mentioned, Q2 revenue rose 55% to $3.525, including $1.4 million from the cellphone provider contract leading to 89% growth in hardware revenue and 19% growth in monitoring revenue. Gross profit increased 58% to $2.639 million with gross margin expanding to 75%. Operating expenses rose 20% to $1.692 million, but decreased as a percentage of revenue to 48% in Q2 '25 from 62% in Q2 '24, demonstrating our strong operating leverage. Net income to stockholders rose 166% to $720,000 or $0.28 per fully diluted share despite a $242,000 tax provision, of which $206,000 is a noncash federal tax provision.

正如 Jan 所提到的，第二季度收入增長 55% 至 352.5 萬美元，其中包括來自手機提供商合約的 140 萬美元，導致硬體收入增長 89%，監控收入增長 19%。毛利成長 58% 至 263.9 萬美元，毛利率擴大至 75%。營運費用上漲 20% 至 169.2 萬美元，但佔營收的百分比從 2024 年第二季的 62% 下降至 2025 年第二季的 48%，顯示出我們強大的營運槓桿。儘管有 242,000 美元的稅收準備金（其中 206,000 美元為非現金聯邦稅收準備金），股東淨收入仍增長 166% 至 720,000 美元或每股完全稀釋後 0.28 美元。

First half highlights include revenue of $6.623 million, which is a 50% higher year-over-year, net income of $1.184 million, an increase of 252% year over year. Cash flow from operations of $900,000 and a quarter-end cash balance of $3.253 million, which has increased to $3.428 million as of August 5, 2025, and we continue to be debt-free. We continue to invest in research and development and product development. Q2 R&D rose 17% to 265,000, supporting the launch of Omni and OmniPro, continued enhancement of our remote AC mitigation disconnect product or RAD, within our cathodic pipeline industry segment and exploration of new product lines.

上半年亮點包括營收 662.3 萬美元，年增 50%；淨收入 118.4 萬美元，年增 252%。經營現金流為 90 萬美元，季度末現金餘額為 325.3 萬美元，截至 2025 年 8 月 5 日已增至 342.8 萬美元，我們繼續保持無債務狀態。我們持續投資於研發和產品開發。第二季研發投入成長 17%，達到 265,000，支援了 Omni 和 OmniPro 的推出，繼續增強了我們的遠端交流緩解斷開產品或 RAD，在我們的陰極管道行業領域內，並探索了新的產品線。

With respect to tariffs, our position remains that we don't view them as a significant impact on our cost or margin structure as we source a small fraction of our components from outside the US and assemble our product in the US We are monitoring the situation, but currently believe we could adjust pricing to minimize any tariff-related cost increases if we deem this necessary to maintain our historical margins. We also continue to focus resources on enhancements to our OmniView 2 or OV2 user interface, which we launched in 2024 to provide more features such as custom self-reporting options as well as streamlining our back-end operations and database processing to ready us to meet the anticipated demand and future growth in monitoring connections and to address any potential barriers to such growth.

關於關稅，我們的立場仍然是，我們不認為它們會對我們的成本或利潤結構產生重大影響，因為我們的一小部分零件來自美國以外，而我們的產品則在美國組裝。我們正在監測情況，但目前認為，如果我們認為有必要維持我們的歷史利潤率，我們可以調整價格，以盡量減少與關稅相關的成本增加。我們也繼續集中資源來增強我們的 OmniView 2 或 OV2 使用者介面，該介面於 2024 年推出，旨在提供更多功能，例如自訂自我報告選項，以及簡化我們的後端操作和資料庫處理，以使我們能夠滿足預期的需求和未來監控連接的增長，並解決這種增長的任何潛在障礙。

Additionally, we routinely enhance our cybersecurity protocols to mitigate the risks facing us as an IoT company. To facilitate these efforts, we recently hired a seasoned printable systems architect to further expand our internal technology resources and enable us to continue to build on our strong IT infrastructure.

此外，我們定期加強網路安全協議，以減輕我們作為物聯網公司所面臨的風險。為了促進這些努力，我們最近聘請了一位經驗豐富的可列印系統架構師，以進一步擴展我們的內部技術資源，並使我們能夠繼續建立強大的 IT 基礎架構。

We remain focused on delivering best-in-class solutions and listening to our customers to identify unmet needs that we can incorporate into future offerings and to continue to align ourselves as a true partner to our customers and not just a vendor. In closing, our solutions provide significant value by improving reliability and reporting offering peace of mind and reducing service costs. We're excited about the opportunities ahead and look forward to updating you on our progress. Operator, please open the line for questions.

我們始終專注於提供一流的解決方案，傾聽客戶的意見，發現未滿足的需求，並將其融入未來的產品中，並繼續將自己定位為客戶的真正合作夥伴，而不僅僅是供應商。最後，我們的解決方案透過提高可靠性和報告提供安心並降低服務成本，提供了巨大的價值。我們對未來的機會感到興奮，並期待向您通報我們的進展。接線員，請打開熱線以回答問題。

(Operator Instructions) Hello, Alex. Could your line be muted?

（操作員指示）你好，亞歷克斯。您的線路可以靜音嗎？

Sure. Congratulations on the great quarter and the great year. I'm a longtime shareholder. The expectation of 20% growth for the next several years implies a pretty substantial pipeline on the hardware side. I understand that increasing the size of the telecom deal as part of that, but I wanted to hear some more color on pipeline in other -- for other deals.

當然。恭喜本季和本年度取得的輝煌成就。我是長期股東。預計未來幾年將有 20% 的成長，這意味著硬體方面的產品線將相當龐大。我理解增加電信交易規模是其中的一部分，但我想聽聽其他交易管道的更多細節。

Okay, Alex, thank you for being a long-.time shareholder

好的，亞歷克斯，感謝您成為我們的長期股東

Firstly, I want to just make sure that you heard. I say that we expect 20% on average. So in this business, we can't really project big contracts, what's happening. It's not like we have a large backlog.

首先，我只是想確保你聽到了。我說我們預計平均為 20%。因此，在這個行業中，我們無法真正預測大合約會發生什麼。這並不是說我們有大量積壓工作。

For example, on this telecom order, I mean, we basically shipped within practically [1.5 years], a very significant amount of product. So I will say that we are talking to a number of OEMs. We're responding to a number of RFPs. And so I do have a very good feeling that we can achieve this 20% on average annual growth rate going out 3 to 5 years.

例如，對於這個電信訂單，我們基本上在 [1.5 年] 內就交付了大量產品。所以我想說的是，我們正在與一些原始設備製造商進行洽談。我們正在回應一些 RFP。因此，我確實有非常好的感覺，我們可以在未來 3 到 5 年內實現年均 20% 的成長率。

[Yash Ruperida, David Budget Car Group].

[Yash Ruperida，David Budget 汽車集團]。

Yes. Congratulations on a great quarter.

是的。恭喜您本季取得優異成績。

Yes, now that you've mentioned that you've already accomplished $4.1 million out of the $5.4 million. What's your outlook for the next two quarters? And I had the same question as Alex. Are there any new deals or contracts in the next couple of months that we should be looking forward to?

是的，既然您提到您已經完成了 540 萬美元中的 410 萬美元。您對未來兩季的展望如何？我和亞歷克斯有同樣的疑問。未來幾個月內是否有任何值得我們期待的新交易或合約？

So same answer, I can't tell you when contracts come in or just general flow of business.

所以答案是一樣的，我無法告訴您合約何時簽訂或只是一般的業務流程。

But I have a high degree of confidence that things are happening just because of our industry leadership. In terms of the telco contract, a lot depends on them. We are ahead of them in shipping product versus them installing product.

但我非常有信心，事情的發生正是因為我們在業界的領先地位。就電信合約而言，很多事情都取決於他們。我們在運送產品方面比他們安裝產品方面領先於他們。

So at some point in time, they'll catch up, but I think that they want to get more product in store, which is obviously good for us because we don't book our revenues until the products installed and activated and accepted, so a lot depends on them in terms of the timing when they want more product ship to them.

因此，在某個時間點，他們會趕上來，但我認為他們希望在商店中獲得更多產品，這顯然對我們來說是好事，因為我們只有在產品安裝、激活和接受後才能記錄收入，所以在他們希望收到更多產品的時間方面，很大程度上取決於他們。

Got it.

知道了。

And one more question. In terms of monitoring revenue, how much do you see it growing in the -- just like in terms of the monitoring revenue, how much do you see it growing in the next couple of years?

還有一個問題。就監控收入而言，您認為它在未來幾年會成長多少？就監控收入而言，您認為它在未來幾年會成長多少？

I would say it would be similar to hardware because if you think about it, monitoring follows hardware. Now hardware is a much bigger number. We've said in the past that hardware generally represents about 80% versus first year monitoring versus 20% when somebody buys a product. But as that is established, the two should work hand in hand, again, back to the telecom contract, we've shipped more stuff than they've installed. So monitoring will catch up to that. But in general, they should move generally lockstep.

我想說它與硬體類似，因為如果你仔細想想，你會發現監控是遵循硬體的。現在硬體的數量要大得多。我們過去曾說過，硬體通常佔第一年監控的 80% 左右，而購買產品時僅佔 20%。但既然已經確定了這一點，兩者就應該攜手合作，再次回到電信合同，我們運送的東西比他們安裝的多。因此監控將會跟上這一點。但總體而言，他們應該步調一致。

(Operator Instructions) Kris Tuttle, IPO Candy.

（操作員指示）Kris Tuttle，IPO Candy。

Nice job folks, really executing well. My question is a little bit on -- I know that it's a business that's hard to -- that's going to ebb and flow and appreciate your long-term views on growth and profitability. But maybe you could talk a little bit about your pipeline or your -- what you're seeing in terms of opportunities that you can bid on, whether they're RFPs or other because I sent you some info about the forecast of the reliability of the grid is not good, which would suggest that there's a lot more interest in the type of technology of products that you guys are providing. So maybe you could talk about what does your pipeline look like now versus six months ago or a year ago in terms of opportunities that you're going after?

幹得好，大家，確實做得很好。我的問題有點偏頗——我知道這是一個很難——會起起伏伏的行業，我很欣賞您對成長和盈利能力的長期看法。但也許您可以稍微談談您的管道或 - 您所看到的可以競標的機會，無論是 RFP 還是其他，因為我向您發送了一些關於電網可靠性預測的信息，這表明人們對您們提供的產品技術類型更感興趣。那麼，也許您可以談談，就您所追求的機會而言，您現在的管道與六個月前或一年前相比是什麼樣的？

So I'll say that the number of opportunities today are larger than they were 6 months ago, and they're more varied. So we're getting requests for our solution -- for our monitoring solution that's not even in generators. People are coming to us and say, we see that you're a leader in remote monitoring. We need remote monitoring of this technology sophisticated item, would you be interested in doing that?

所以我想說，今天的機會比六個月前更多，而且更加多樣化。因此，我們收到了針對我們的解決方案的請求——針對我們的監控解決方案，該解決方案甚至不在發電機中。人們來找我們說，我們看到你們是遠端監控領域的領導者。我們需要對這個技術複雜的專案進行遠端監控，您有興趣嗎？

So as I mentioned in my remarks, there are some new and interesting RFPs that are coming out that are coming to us and asking us to provide a solution for them. Again, I don't know that I'm going to win the RFP. But this is the first time that we've had people of size and difference reaching out to us if we can provide a solution. So that's number one. And then just in general, what's going on in the industry, we're getting a bunch of inbound calls.

正如我在演講中提到的那樣，有一些新的、有趣的 RFP 正在向我們提出，要求我們為他們提供解決方案。再說一次，我不知道我是否會贏得 RFP。但這是我們第一次有不同規模和背景的人們向我們尋求幫助，希望我們能提供解決方案。這是第一點。然後，總的來說，我們接到了很多來電，詢問行業的情況。

And then obviously, our salesmen are getting more interest in what we're doing than we've had before. So again, the number of requests and interest is up. How that translates into actual product or sales, it's very hard for me to say at this point in time.

顯然，我們的銷售人員對我們所做的事情比以前更感興趣了。因此，請求和興趣的數量再次上升。至於這將如何轉化為實際產品或銷售，目前我還很難說。

(Operator Instructions) Joel Sklar, a private investor.

（操作員指示）私人投資者喬爾·斯克拉 (Joel Sklar)。

A great job on the progress that Acorn has shown. Question on demand response. Any update there especially with CPower's parent company being acquired? I know you had a -- have a partnership with them. So can you provide any update specifically on what's going on with the CPower relationship and more generally on the future of demand response and generators?

Acorn 取得了很大的進步。關於需求響應的問題。有最新消息嗎，特別是關於 CPower 母公司被收購的消息？我知道你與他們有合作關係。那麼，您能否具體提供有關 CPower 關係的最新情況，以及有關需求響應和發電機的未來發展情況的最新消息？

Sure.

當然。

Thank you, Joe, and thank you for your continued support. So CPower was bought from a private equity firm, EL Power, and it's now owned by NRG. And our partnership is very much intact. We speak to them on a weekly basis.

謝謝你，喬，謝謝你一直以來的支持。因此，CPower 被私募股權公司 EL Power 收購，現在由 NRG 所有。我們的夥伴關係非常牢固。我們每週都會與他們交談。

In general, in terms of revenue, we're not seeing much of revenue today. We see a drop of revenue today, but not much. And we think long-term demand response is -- could be a very big area for us because it's almost all profit. And it's really -- the grid operators themselves don't have their act together in terms of demand response, meaning what does it take to incent company, a residential to put their system into the program that when the demand for electricity is up that they can quickly -- or we can quickly switch on their generators and take their demand off the grid.

總體而言，就收入而言，我們今天沒有看到太多的收入。我們今天看到收入有所下降，但下降幅度不大。我們認為長期需求響應對我們來說可能是一個非常大的領域，因為它幾乎全是利潤。而事實上，電網營運商本身在需求響應方面並沒有採取一致行動，這意味著需要採取什麼措施來激勵公司、住宅將他們的系統納入該計劃，當電力需求上升時，他們可以迅速——或者我們可以迅速啟動他們的發電機，將他們的需求從電網中移除。

So it's really -- our partnership is strong in place, but the grid operators still haven't gotten their act together in terms of their payment and their plan on demand response. So when that happens, we're going to be there and it could be very exciting, but it's not happening yet.

所以，我們的合作關係確實很牢固，但電網營運商在付款和按需回應計畫方面仍未採取一致行動。所以當這種情況發生時，我們就會在那裡，這可能會非常令人興奮，但目前還沒有發生。

Okay.

好的。

But it sounds like you're still very bullish on the future potential of that marketplace, correct?

但聽起來您對該市場的未來潛力仍然非常看好，對嗎？

Correct. I think so. Based on all the things that you've said, you've read and people have sent an article, as Kris said, the grid needs help. And one of the ways is backup generators.

正確的。我認為是的。根據您所說的、所讀到的以及人們發送的文章，正如克里斯所說，電網需要幫助。其中一種方法是備用發電機。

This concludes the question-and-answer session. I would like to hand the conference back over to Mr. Jan Loeb for any closing remarks.

問答環節到此結束。我想將會議交還給 Jan Loeb 先生，請他做閉幕發言。

Thank you all for joining today's call. We appreciate your continued support. For follow-up questions, please reach out to our IR team listed in today's press release. We look forward to speaking with you again next quarter. All the best.

感謝大家參加今天的電話會議。感謝您一直以來的支持。如有後續問題，請聯絡今天新聞稿中列出的 IR 團隊。我們期待下個季度再次與您交談。一切順利。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。