Acorn Energy Inc (ACFN) 2026 Q1 法說會逐字稿

Good morning, and welcome to Acorn Energy's first-quarter 2026 conference call. (Operator Instructions) As a reminder, today's call is being recorded.

早安，歡迎參加 Acorn Energy 2026 年第一季財報電話會議。（接線員指示）提醒各位，今天的電話會議將被錄音。

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

現在我把電話交給 Acorn Energy 財務長、以及其 OmniMetrix 子公司營運長 Tracy Clifford。

Thank you, Regina, and thank you all for joining us today. First, I'd like to remind everyone that today's remarks, including responses to questions, contain forward-looking statements. These statements involve a number of risks and uncertainties that could cause actual results to differ materially from those projected. Factors that may impact our future operating results and financial performance include general risks such as potential disruptions to business operations or changes in consumer or 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, competition or shifts in the macroeconomic or financial environment.

謝謝你，Regina，也謝謝各位今天加入我們。首先，我想提醒大家，今天的發言（包括對提問的回覆）包含前瞻性陳述。這些陳述涉及多項風險與不確定性，可能導致實際結果與預期有重大差異。可能影響我們未來營運成果與財務表現的因素，包括一般性風險（例如營運可能中斷或消費者／客戶需求變化），以及與我們執行營運計畫、維持強勁客戶續約率並擴大客戶基礎之能力相關的特定風險。其他風險亦可能因技術變化、競爭或總體經濟或金融環境的變動而產生。

These forward-looking statements are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995 and are based on management's current beliefs, assumptions and information that is available as of today. There can be no assurances that the company will meet its growth targets or other strategic goals and objectives. The company undertakes no obligation to update or revise such forward-looking statements to reflect future events or specific circumstances that may occur after today. For a more detailed discussion of risks and uncertainties that may affect our business, please refer to the Risk Factors section of our most recent Form 10-K and our Form 10-Q for the first quarter of 2026, which are available online at www.sec.gov or on our own website.

上述前瞻性陳述係依據 1995 年《私人證券訴訟改革法》（Private Securities Litigation Reform Act of 1995）的安全港條款作出，並以管理層截至今日可得之資訊、以及目前的信念與假設為基礎。公司無法保證將達成成長目標或其他策略性目標與目的。公司亦不承擔任何義務更新或修訂此等前瞻性陳述，以反映今日之後可能發生的未來事件或特定情況。關於可能影響我們業務之風險與不確定性的更詳細討論，請參閱我們最新的 Form 10-K 以及 2026 年第一季 Form 10-Q 中的「風險因素」章節；相關文件可於 www.sec.gov 或我們公司網站線上取得。

Now I'll turn the call over to Jan Loeb, CEO of Acorn and OmniMetrix. Jan?

現在我把電話交給 Acorn 與 OmniMetrix 的執行長 Jan Loeb。Jan？

Thank you, Tracy, and to everyone for your interest in our company. Our Q1 2026 results reflect continued expansion of our base of monitoring endpoints, offset by an anticipated decrease in year-over-year hardware revenue related to our material cell phone provider contract. We recognized $93,000 of hardware revenue from this customer in Q1 2026 related to our original contract and now hardware shipments for our initial contract are largely complete. This compares to $876,000 of hardware revenue from this customer in Q1 2025. Our Q1 2026 results also reflected $167,000 of monitoring revenue from this customer compared to $69,000 in Q1 2025 related to first year monitoring revenues on the original contract.

謝謝你，Tracy，也謝謝各位對我們公司的關注。我們 2026 年第一季的結果反映監控端點基礎持續擴張，但也被一項重要的手機供應商合約所帶來、符合預期的硬體收入年對年下降所抵銷。我們在 2026 年第一季就該客戶原始合約認列了 93,000 美元的硬體收入，而目前初始合約的硬體出貨已大致完成。相較之下，我們在 2025 年第一季自該客戶認列的硬體收入為 876,000 美元。我們 2026 年第一季的結果亦包含自該客戶認列的 167,000 美元監控收入；相較之下，2025 年第一季為 69,000 美元，係與原始合約第一年的監控收入相關。

Based on our ongoing dialogue with this customer, we are optimistic about securing further hardware deployments and related revenue that will build on our initial contract starting in Q2 2026. It has always been our goal to build on this customer opportunity, so this initial follow-on activity is a good indication of the strength of our relationship and the customer satisfaction with our solutions and the services we have been providing for over a year. We currently expect incremental hardware revenue from this customer in the range of $350,000 to $500,000 in 2026.

基於我們與該客戶持續的對話，我們對於自 2026 年第二季起在初始合約基礎上取得更多硬體部署及相關收入持樂觀態度。擴大此一客戶機會一直是我們的目標，因此這次初步的後續活動良好地顯示我們關係的強度，以及客戶對我們解決方案與我們一年多來所提供服務的滿意度。我們目前預期 2026 年來自該客戶的新增硬體收入約在 350,000 至 500,000 美元之間。

Tracy will review our financial highlights, but I would like to address one item upfront regarding increase noncash management and Board compensation in Q1. Based on our record financial performance in 2025, accomplishing our Nasdaq uplisting and the completion of the AIO partnership agreement on January 1, the Board approved an increase in our 2026 stock option awards to compensate management and the Board in lieu of additional cash compensation or Board fees.

Tracy 將回顧我們的財務重點，但我想先就第一季非現金管理層與董事會薪酬增加的一項事項先行說明。基於我們 2025 年創紀錄的財務表現、完成納斯達克上市（uplisting），以及 1 月 1 日完成 AIO 夥伴關係協議，董事會核准提高我們 2026 年的股票選擇權獎勵，以用來補償管理層與董事會，取代額外的現金薪酬或董事費用。

These options were issued at a market price of $19.02, so their potential value is tied directly to value creation for all shareholders. The 50,000 options issued to management vest over 12 quarters. So higher stock comp expense will have an impact on financial results through the third quarter of 2028. If you exclude the impact of noncash compensation, Acorn's consolidated results would have been profitable in Q1. And the company continues to generate cash as reflected by $53,000 of cash provided by operating activities in the quarter and a stable cash balance of $4.3 million at quarter end.

這些選擇權以 19.02 美元的市價發行，因此其潛在價值與所有股東的價值創造直接連動。發放給管理層的 50,000 份選擇權將於 12 個季度內分期歸屬。因此，較高的股票薪酬費用將對財務結果造成影響，直至 2028 年第三季。若排除非現金薪酬的影響，Acorn 的合併結果在第一季本可獲利。而公司亦持續產生現金，反映於本季營運活動提供的現金流入 53,000 美元，以及季末維持穩定的 430 萬美元現金餘額。

In past communications, including our year-end news announcement, we have reviewed our five complementary growth initiatives, one of which is our ongoing pursuit of accretive M&A opportunities to expand our monitoring product offerings, market reach, and revenue and customer base. Through this process, we identified the AIO opportunity, which we decided to pursue as an acquisition of commercialization and distribution rights through a technology partnership. We are now actively working to bring their industry-leading multifaceted suite of products for cell towers, data centers and utility substations in North America for the first time. These infrastructure solutions protect against theft, power issues, environmental, and other risks and maximize energy utilization.

在過去的溝通中（包括我們的年終新聞稿），我們已回顧五項互補的成長計畫，其中之一是持續尋求具增益性的併購（accretive M&A）機會，以擴大我們的監控產品供應、市場觸及範圍，以及收入與客戶基礎。透過此一流程，我們辨識出 AIO 的機會，並決定以技術合作夥伴關係的方式，取得其商業化與通路／配銷權利。我們目前正積極推動，首次將其業界領先、涵蓋多面向的產品套件帶入北美市場，應用於基地台、資料中心與公用事業變電站。這些基礎設施解決方案可防範竊盜、供電問題、環境與其他風險，並最大化能源使用效率。

We believe the acquisition of these rights is an ideal way to leverage our 20-plus year reputation and established base of customers and substantially expand our capabilities and reach within the North American infrastructure market in a focused and highly capital-efficient way. We are currently working to finalize sales and marketing materials for the OmniMetrix-branded solutions. We are initially targeting cell tower operations where we have a good base of existing customer relationships.

我們相信，取得這些權利是理想的方式，可運用我們 20 多年的聲譽與既有客戶基礎，以聚焦且高度資本效率的方式，大幅擴展我們在北美基礎設施市場的能力與觸及範圍。我們目前正著手完成以 OmniMetrix 品牌推出之解決方案的銷售與行銷素材。我們初期鎖定基地台營運商，因為我們在該領域已建立良好的既有客戶關係基礎。

Utilizing that experience, we will then pursue opportunities in fast-growing markets for data-driven and utility scale infrastructure management. Relative to our focus on backup generators at cell towers, this new suite of solutions provide remote oversight for the full cell tower campus. Our solutions provide actionable insights through advanced analytics, machine learning and comprehensive real-time monitoring that significantly reduce downtime, improve maintenance processes and extend asset lives, lowering cost and delivering measurable ROI.

運用上述經驗，我們接著將在資料驅動與公用事業規模（utility-scale）基礎設施管理等快速成長市場中尋求機會。相較於我們過去聚焦於基地台備援發電機，本套新的解決方案可對整個基地台園區提供遠端監督。我們的解決方案透過先進分析、機器學習與全面的即時監控提供可採取行動的洞察，能顯著降低停機時間、改善維護流程並延長資產壽命，進而降低成本並帶來可衡量的投資報酬率（ROI）。

Based on our initial assessments and customer discussions, we view theft as perhaps the most pressing issue facing cell tower operators today. Theft alone can potentially cost cell tower operators hundreds of millions of dollars annually and it is a growing and largely unaddressed problem in the United States. As copper, fuel and assets costs rise, it's widely expected that theft could become an even bigger risk management issue in North America as it already is on other continents. To combat this risk, we are bringing to market the strongest available solution backed by years of proven performance.

根據我們的初步評估與客戶討論，我們認為竊盜可能是目前基地台營運商面臨最迫切的問題。僅竊盜一項就可能使基地台營運商每年付出數億美元的成本，而且在美國這是一個日益嚴重、且在很大程度上尚未被妥善處理的問題。隨著銅、燃料與資產成本上升，普遍預期竊盜在北美可能成為更大的風險管理議題，正如其在其他洲早已如此。為了對抗此風險，我們正將市場上最強的可用解決方案推向市場，並以多年經驗證的表現作為後盾。

We are still working through final hardware and services pricing models. But given the expanded scope of the AIO solutions, we currently expect our average AIO sale to be 5 to 6 times the average sale of existing OmniMetrix products. Given expected pricing and the scale of the opportunity, it provides a very meaningful growth potential for our company.

我們仍在推進最終的硬體與服務定價模型。不過，鑑於 AIO 解決方案的範疇更廣，我們目前預期 AIO 的平均銷售金額將為現有 OmniMetrix 產品平均銷售金額的 5 至 6 倍。考量預期定價與機會規模，這將為公司帶來非常可觀的成長潛力。

We currently have our first two AIO-based tower sites live and running for customer demonstrations. For those of you who may or may not be familiar, cell towers are typically managed by independent tower companies who own and operate the physical structure and lease space to multiple wireless carriers. The two sites we are running are both in the Atlanta area with an existing telecom customer, where we are monitoring their shelter or hot within the cell tower as well as the front gate.

我們目前已有前兩個以 AIO 為基礎的基地台站點上線運行，用於客戶展示。對於可能熟悉或不熟悉的各位，基地台通常由獨立的塔台公司管理，這些公司擁有並營運實體結構，並將空間出租給多家無線電信業者。我們正在運行的兩個站點都位於亞特蘭大地區，服務一位既有電信客戶；我們在該基地台內監控其機房（shelter 或 hut），同時也監控前方大門。

Our dashboard shows everything, including stats on power systems, fuel levels, battery voltage, operating equipment, temperature, humidity, HVAC run time, flood detection, et cetera, along with live feeds from security cameras that monitor physical access. We have secured permission to take prospective customers to these sites and expect to begin these efforts in the coming weeks.

我們的儀表板顯示所有資訊，包括電力系統統計、燃料液位、電池電壓、運轉中的設備、溫度、濕度、HVAC 運轉時間、淹水偵測等，並提供監控實體出入的保全攝影機即時影像串流。我們已取得許可，可帶領潛在客戶前往這些站點參觀，並預期在未來幾週開始推動這些活動。

As I mentioned, we are in the process of advancing our program to launch these products in the US, including fine-tuning features and alerts the sales approach, installation protocols, customer materials as well as sales and training collateral that our team will need to scale this offering. The AIO team has been to Atlanta for several weeks to train and work with our engineering, tech support and sales and marketing teams to set up for success in this product launch.

如我先前提到的，我們正在推進在美國推出這些產品的計畫，包括微調功能與警示、銷售方式、安裝流程、客戶資料，以及我們團隊為擴大此項產品/服務所需的銷售與訓練支援材料。AIO 團隊已在亞特蘭大停留數週，與我們的工程、技術支援以及銷售與行銷團隊一同訓練與合作，為此次產品上市做好成功準備。

In terms of our financial reporting, we have set up a separate reporting segment called Infrastructure Solutions, or IS, to track this line of business, which you will note in our 10-Q. We do not expect revenues from this segment in the first half of 2026.

就財務報導而言，我們已設立一個獨立的報導部門，稱為基礎設施解決方案（Infrastructure Solutions，或 IS），以追蹤這條業務線，您可在我們的 10-Q 中看到。我們預期 2026 年上半年該部門不會產生營收。

We continue to believe that attractive secular tailwinds should support our value propositions and growth potential for years to come. Companies are increasingly focused on ensuring reliable access to the energy infrastructure and the compliance support they need. At the same time, broader demand drivers such as AI, data centers, electrification, EV adoption, and reshoring continue to strain an aging US grid, compounded by severe weather trends, all of which underscore the importance of energy resilience.

我們仍然相信，具吸引力的長期結構性順風將在未來多年支持我們的價值主張與成長潛力。企業愈來愈重視確保能源基礎設施的可靠可用性，以及其所需的合規支援。同時，AI、資料中心、電氣化、電動車普及，以及製造業回流等更廣泛的需求驅動因素，持續對老化的美國電網造成壓力，再加上極端天氣趨勢，使得能源韌性的重要性更加凸顯。

In March, we saw severe storms across the Midwest and Mid-Atlantic leave more than 1 million customers without power in the PJM and MISO territories. Even with significant investment, it will take years, if not decades, to address these challenges, and we believe this positions us well both for the near term and longer term.

3 月份，我們看到中西部與中大西洋地區出現嚴重風暴，導致 PJM 與 MISO 轄區超過 100 萬名用戶停電。即使投入大量資本，也需要多年、甚至數十年才能解決這些挑戰；我們相信這使我們在短期與長期都處於有利位置。

Given substantial unmet needs in our current markets plus opportunities in adjacent addressable markets, we believe 20% average annual revenue growth over a three- to five-year period remains achievable. Further, our capital-light, cost-efficient, and scalable business model positions us to bring roughly 50% of each incremental revenue dollar from our existing businesses to operating income line. As a small company, large hardware shipments will make our quarterly results down, but our high-margin recurring revenue model supported by strong secular trends positions us well to continue to deliver growth and value to our shareholders.

鑑於我們現有市場仍存在大量未被滿足的需求，加上鄰近可服務市場的機會，我們認為在三到五年的期間內，平均每年 20% 的營收成長仍可達成。此外，我們的輕資本、成本效率高且可擴展的商業模式，使我們能將既有業務每新增 1 美元營收中的約 50% 轉化為營業利益。作為一家小型公司，大型硬體出貨會使我們的季度業績出現波動，但在強勁長期趨勢支撐下的高毛利經常性收入模式，使我們具備持續為股東帶來成長與價值的良好條件。

With that, I'll turn the call over to Tracy for financial and operational insights. Tracy?

接下來，我把電話交給 Tracy，請她分享財務與營運洞見。Tracy？

Thank you, Jan. The headline takeaway from our Q1 2026 results is the continued strength of our recurring monitoring revenue stream and the improved gross margin profile of the business set against a challenging year-over-year hardware comparison driven by the timing of our largest contract.

謝謝你，Jan。我們 2026 年第一季（Q1 2026）業績的重點結論是：我們的經常性監控營收持續強勁，且在與去年同期硬體比較基期具挑戰（主要受最大合約時點影響）的情況下，公司的毛利率結構有所改善。

I'll also point out that our OmniMetrix operating subsidiary remained solidly profitable in the quarter, delivering operating income of $395,000. We provided a fair amount of detail in today's news release and in our Form 10-Q, so I'll just touch on a few of the key highlights, focusing on Q1 '26 versus Q1 '25.

我也要指出，我們的 OmniMetrix 營運子公司本季仍維持穩健獲利，營業利益為 395,000 美元。我們已在今日新聞稿與 Form 10-Q 中提供相當多細節，因此我僅就幾個重點摘要說明，聚焦於 2026 年第一季相較 2025 年第一季（Q1 '26 vs. Q1 '25）。

Total revenue was $2.227 million, down 28.1% from $3.098 million in Q1 '25. The decrease was driven by a $1.019 million or a 55.7% decline in hardware revenue, primarily attributable to the timing of deliveries under our material cell phone provider contract, Partially offset by $148,000 or 11.7% increase in monitoring revenue. Monitoring revenue grew $1.417 million, reflecting continued expansion of our installed base of monitored endpoints.

總營收為 222.7 萬美元，較 2025 年第一季的 309.8 萬美元下降 28.1%。下降主要來自硬體營收減少 101.9 萬美元（下降 55.7%），主要歸因於我們與主要手機供應商合約下的交付時點；部分被監控營收增加 14.8 萬美元（成長 11.7%）所抵銷。監控營收增加至 141.7 萬美元，反映我們受監控端點的裝機基礎持續擴張。

Hardware revenue was $810,000, which included $556,000 of new hardware sales and $110,000 from the amortization of deferred hardware revenue. The latter compared to $315,000 in the prior year period as we approach the final recognition of the remaining deferred hardware balance later this year.

硬體營收為 81.0 萬美元，其中包含 55.6 萬美元的新硬體銷售，以及 11.0 萬美元來自遞延硬體營收的攤銷。後者相較去年同期為 31.5 萬美元；隨著我們接近在今年稍晚完成剩餘遞延硬體餘額的最終認列，該金額將逐步下降。

Gross margin improved 510 basis points to 80.2% from 75.1% in Q1 2025, reflecting both the higher mix of monitoring revenue, which carried a 94% gross margin in the quarter and a lower contribution from material contract hardware. Operating expenses rose 11.2% to $1.914 million, driven by a $228,000 increase in SG&A, partially offset by a $36,000 reduction in R&D following completion of the new Omni and OmniPro development programs.

毛利率較 2025 年第一季的 75.1% 提升 510 個基點至 80.2%，反映監控營收占比提高（本季監控營收毛利率為 94%），以及主要合約硬體貢獻降低。營業費用增加 11.2% 至 191.4 萬美元，主要由 SG&A 增加 22.8 萬美元所帶動；部分被研發費用減少 3.6 萬美元所抵銷，原因是新的 Omni 與 OmniPro 開發計畫已完成。

The SG&A increase was primarily due to $136,000 increase in noncash stock-based compensation expense related to stock option grants to officers and directors plus $111,000 in higher OmniMetrix SG&A, reflecting incremental personnel and technology investments, partially offset by lower commissions. OmniMetrix segment operating income, the combined operating results of our PG, CP, and IS segments was $395,000, demonstrating the continued profitability of our core operating subsidiary even in our seasonally lowest revenue quarter and even after absorbing approximately $50,000 of operating expense in our pre-revenue Infrastructure Solutions segment, which included the hiring of a new sales manager in February for the IS segment.

SG&A 的增加主要來自兩項因素：其一，與授予高階主管與董事之股票選擇權相關的非現金股票基礎補償費用增加 13.6 萬美元；其二，OmniMetrix 的 SG&A 增加 11.1 萬美元，反映新增人員與技術投資，部分被較低的佣金所抵銷。OmniMetrix 部門營業利益（即我們 PG、CP 與 IS 部門的合併營運結果）為 395,000 美元，顯示即使在我們季節性營收最低的季度，且在吸收約 50,000 美元的尚未產生營收之基礎設施解決方案（IS）部門營業費用後（其中包含 2 月為 IS 部門聘用一位新的銷售經理），我們的核心營運子公司仍持續獲利。

On a consolidated basis, including unallocated corporate headquarters costs, we reported a net loss of $77,000 or $0.03 per basic and diluted share compared to net income of $464,000 or $0.19 per basic and diluted share in Q1 '25. The Q1 '26 results include $197,000 in noncash-based stock compensation expense versus $61,000 in the prior year period.

以合併基礎計（包含未分攤的公司總部成本），我們報告淨損 77,000 美元，或每股基本及稀釋後虧損 0.03 美元；相較之下，2025 年第一季為淨利 464,000 美元，或每股基本及稀釋後盈餘 0.19 美元。2026 年第一季結果包含 197,000 美元的非現金股票基礎補償費用，而去年同期為 61,000 美元。

We recognized an income tax benefit of $25,000 in Q1 '26 compared to income tax expense of $154,000 in Q1 '25. We did not record any change to our deferred tax asset valuation allowance in the quarter. We continue to maintain a partial valuation allowance of $10.3 million, leaving a meaningful base of NOL and capital loss carryforwards to support future growth and potential M&A initiatives.

我們在 2026 年第一季認列所得稅利益 25,000 美元，而 2025 年第一季為所得稅費用 154,000 美元。本季我們未對遞延所得稅資產的評價備抵（valuation allowance）做任何調整。我們仍維持 1,030 萬美元的部分評價備抵，保留相當規模的 NOL（淨營業損失）及資本損失結轉，以支持未來成長與潛在的併購（M&A）計畫。

Turning to the balance sheet and cash flow. We ended the quarter with cash of $4.257 million compared to $4.454 million at year-end 2025. Excluding deferred revenue and deferred cost of goods sold, net working capital was $6.024 million at March 31, '26, versus $6.184 million at year-end, and I remind you all, we remain debt-free.

接著看資產負債表與現金流。我們本季末現金為 425.7 萬美元，較 2025 年底的 445.4 萬美元下降。排除遞延營收與遞延銷貨成本後，2026 年 3 月 31 日的淨營運資金為 602.4 萬美元，較年末的 618.4 萬美元略降；並提醒各位，我們仍維持零負債。

Q1 cash flow from operations was $53,000. We also used $260,000 in investing activities, of which $250,000 represented the upfront payment for the acquisition of the exclusive commercialization and distribution rights under the AIO technology partnership agreement executed January 1 with the remainder of the other capital items. Stock option exercises generated $10,000 of financing cash inflow.

第一季營運活動現金流入為 53,000 美元。我們亦在投資活動中使用 260,000 美元，其中 250,000 美元為依 1 月 1 日簽署之 AIO 技術合作協議，取得獨家商業化與分銷權利的預付款，其餘為其他資本性項目。股票選擇權行使帶來 10,000 美元的籌資現金流入。

OmniMetrix's deferred revenue or what we refer to as our backlog was $3.269 million at quarter end, of which $2.934 million is expected to be recognized as revenue in the next 12 months. Operationally, our next-generation Omni and OmniPro generator monitors and our RAD eX cathodic protection product are all built on our new OCOM proprietary communication core are now being deployed in the field. These platforms reduce installation time, lower service costs, and enhance reliability, which strengthens our value proposition on our competitive position as we move further into 2026.

OmniMetrix 的遞延營收（或我們所稱的在手訂單／backlog）於季末為 326.9 萬美元，其中 293.4 萬美元預期將在未來 12 個月內認列為營收。在營運方面，我們新一代 Omni 與 OmniPro 發電機監控器，以及 RAD eX 陰極防蝕產品，皆建立在我們新的 OCOM 專有通訊核心之上，現已開始在現場部署。這些平台可縮短安裝時間、降低服務成本並提升可靠性，進一步強化我們的價值主張與競爭地位，隨著我們邁入 2026 年後續期間更是如此。

Within the Infrastructure Solutions segment, as Jan mentioned, we now have two telecommunications tower sites live for customer demonstrations. We're really excited about this opportunity to bring AIO solutions to North America under the Omni brand and the broader set of growth opportunities ahead of us. I very much look forward to updating you as we progress in the coming quarters.

在基礎設施解決方案（Infrastructure Solutions）部門方面，如 Jan 所提到的，我們目前已有兩個電信塔站點上線，可供客戶進行示範展示。我們對於以 Omni 品牌將 AIO 解決方案帶入北美、以及未來更廣泛的一系列成長機會感到非常振奮。我非常期待在接下來幾個季度的進展中，持續向各位更新。

Operator, at this time, please prepare the lines for questions. Thank you very much.

接線員，現在請準備開放提問線路。非常感謝。

(Operator Instructions) We take our first question from the line of Joel Sklar.

（接線員指示）我們的第一個問題來自 Joel Sklar。

Let me start off by saying I'm suffering with a bad head cold, so if I'm -- point I'm inaudible or cough, please let me know and bear with me. First, just a comment in that your option package. I'm an investor in a lot of other public companies, and I don't think it's in any way unreasonable given the success that OmniMetrix and Acorn has had. I think it's wonderful that your leadership is going to participate in the future success of the company. And I don't think the number of options is in any way out of line. So that's my opinion.

我先說一下，我現在重感冒，所以如果我——某個時候聽不清楚或咳嗽，請告訴我，也請多包涵。首先，針對你們的期權方案，我想評論一下。我投資了很多其他上市公司，我認為以 OmniMetrix 和 Acorn 所取得的成功來看，這完全不算不合理。我覺得你們的管理團隊能夠參與公司未來的成功是很棒的事，而且我也不認為期權數量有任何不合比例之處。以上是我的看法。

Question, we've seen very long sales cycles for the OmniMetrix generator monitoring equipment. Given that the -- your new infrastructure solutions partnering with AIO are going to maybe be even greater outlays, is there a chance that we're also going to see a very long sales cycle there? Or do you feel that the solutions that you're offering in this infrastructure segment are so compelling and urgent that we'll see a shorter sales cycle?

問題是，我們看到 OmniMetrix 發電機監控設備的銷售週期非常長。鑑於——你們新的基礎設施解決方案與 AIO 的合作可能需要更大的前期投入（outlays），是否也可能出現同樣很長的銷售週期？還是你們認為在這個基礎設施領域所提供的解決方案足夠有吸引力且具迫切性，因此銷售週期會更短？

Joe, thank you very much for your comments, and I hope you feel better. The answer is we're not 100% sure yet. Yes, typically, I would say that the cell tower solution will have as long a sales cycle as our generating monitoring solution just because we're dealing with large corporations. And so there's just a lot of take to get through with large corporations. Offsetting that is that theft is really a very big problem that they are now beginning to address.

Joe，非常感謝你的評論，也希望你早日康復。答案是我們目前還不能 100% 確定。是的，一般來說，我會說基地台（cell tower）解決方案的銷售週期可能會和我們的發電監控解決方案一樣長，原因在於我們面對的是大型企業，而與大型企業合作需要走完很多流程。另一方面，偷竊確實是個非常嚴重的問題，他們現在也開始著手處理。

So it could be that because of the need, the sales cycle will be quicker. I just don't know yet because we haven't really started to get into the leads with our customers. But certainly, the technicians that we've spoken to in the field as we were putting up these units, they certainly feel that there is a strong and very current need for the product.

因此也有可能因為需求迫切，銷售週期會更快。我目前還不確定，因為我們還沒有真正開始跟客戶的潛在商機（leads）深入推進。不過，我們在架設這些設備時與現場技術人員交流，他們確實認為這個產品有很強、而且非常即時的需求。

(Operator Instructions) Our next question will come from the line of James Khan.

（接線員指示）下一個問題來自 James Khan。

Well, so you've got a lot of new initiatives that are interesting. I just wanted to ask about -- you had that big sale about a year ago to the large customer and then they didn't renew in September. Can you just give us some background on what happened there? Was it the product that didn't really work or -- why that one did not get continued?

你們有很多新的計畫都很有意思。我想問的是——大約一年前你們對某個大型客戶有一筆大額銷售，但他們在 9 月沒有續約。你能否提供一些背景，說明當時發生了什麼？是產品其實不好用，還是——為什麼那筆合作沒有延續？

James, your basic assumptions need to be corrected. So the contract was for approximately between 5,000 and 10,000 monitoring units. They wanted us to ship it to them within a year. Initially, when we were negotiating with them, it was two years, but then they changed it, they wanted to have it all within a year. And so we did that.

James，你的基本假設需要修正。那份合約大約是 5,000 到 10,000 台監控單元。他們希望我們在一年內把貨交付給他們。最初我們與他們談判時是兩年期，但後來他們改了，要求一年內全部交付。我們也照做了。

And so Q3, Q4 of 2024 and Q1 and Q2 of 2025, we basically shipped all the product to them, which doesn't actually mean that that's when all of the total revenue of that was recognized because they need to -- it needs to go into the system, whatever. But we finished that major contract, and that's that. Now -- and what I've said in my prepared remarks here is that they have come back to us in 2026 and that I anticipate that we'll have another $350,000 to $500,000 worth of equipment sales. Now this is not monitoring because we continue to monitor everything. So that's approximately, again, call it, 7% to 10% of the original order.

因此在 2024 年第 3 季、第 4 季，以及 2025 年第 1 季、第 2 季，我們基本上把所有產品都出貨給他們。這並不代表那段期間就認列了全部收入，因為他們還需要——需要把設備納入系統等等。但我們已完成那個大型合約，就到此為止。現在——而我在事先準備的講稿中也提到，他們在 2026 年又回來找我們，我預期會有另一筆約 35 萬到 50 萬美元的設備銷售。這不是監控服務，因為我們持續在監控所有設備。所以這大約——再說一次，大概是原始訂單的 7% 到 10%。

They now come back for additional stuff. So I mean they have installed the original number of units that we've sold to them. And now as they're putting it into new cell towers, they're ordering new stuff for us. So we have a very good relationship with them. The product works very well. They're very happy with it, and they continue to be a very big and happy customer of ours.

他們現在回來是為了額外的需求。也就是說，他們已經安裝了我們賣給他們的原始數量的單元。現在他們在新建基地台時，就向我們訂購新的設備。所以我們與他們的關係非常好。產品運作得非常好，他們也非常滿意，並且仍然是我們非常重要且滿意的客戶。

(Operator Instructions) We'll take a question from the line of Richard Sosa.

（接線員指示）我們接著接聽 Richard Sosa 的提問。

Another great quarter. Love to see monitoring revenue continue to trend upward. Sorry, I did get on the call really, really late. Just on the AIO, did you guys discuss -- and I can go back to the notes afterward, but did you discuss the go-to-market strategy for the product?

又是一個很棒的季度。很高興看到監控收入持續走升。抱歉，我真的很晚才加入電話會議。關於 AIO，你們是否有討論——我之後可以回去看紀要，但你們是否有談到這個產品的上市／推廣（go-to-market）策略？

We mentioned it briefly. We mentioned it briefly that our main focus is going to be telecom customers because we already have them as customers. So it's an easy -- we don't have to sell the OmniMetrix name to those customers. So that's going to be our first target. And we have these two demo sites up and live that we take people to.

我們有簡單提到。我們簡單提到，我們的主要重點會放在電信客戶，因為他們本來就是我們的客戶。所以這很容易——我們不需要向這些客戶重新推銷 OmniMetrix 這個品牌。因此這會是我們的第一個目標。我們也已經有兩個示範站點建置完成並上線，可以帶人去現場看。

So that's going to be our first strategy. Data center is going to be our second strategy. AIO has a very good data center product, and that will be -- after telecom, we're going to focus on data centers. And then third is utility substations. So that's kind of how we see it.

所以這會是我們的第一個策略。資料中心會是第二個策略。AIO 有非常好的資料中心產品，而在電信之後，我們會把重點放在資料中心。第三則是公用事業變電站（utility substations）。大致上我們是這樣規劃的。

We've already put out some initial phone calls to our customers. We're working on the pricing models, CapEx model and an OpEx model that we're going to roll out in the next few weeks. And so that's kind of our game plan.

我們已經先對客戶打了一些初步電話。我們正在制定定價模型，包括資本支出（CapEx）模式與營運支出（OpEx）模式，預計在接下來幾週推出。這就是我們的作戰計畫。

All right. Very exciting. And I noticed on your 10-Q that you did break out -- you are breaking out in IS division going forward. Is that something you had to do or do you just feel strong enough that it was worth doing?

好的。非常令人振奮。我也注意到你們在 10-Q 裡把——你們未來會把 IS 部門單獨揭露。這是你們必須做的嗎？還是你們只是覺得這件事的把握夠大，值得這麼做？

I'll take that, Jan.

Jan，這題我來回答。

Okay, take it.

好，你來回答。

I mean our expectation, Richard, is that this will be a material contributor moving forward. So we felt like in an abundance of transparency, it was important to carve that out from the initiation point to monitor this segment and give our shareholders the opportunity to see that from the beginning.

Richard，我們的預期是，這項業務未來會成為重要的貢獻來源。因此，基於高度透明的考量，我們認為從啟動之初就把它獨立出來很重要，這樣才能追蹤這個部門，並讓股東有機會從一開始就看到它的表現。

Okay. That's great. So you didn't have to do it, you just felt strongly enough that it was worth doing for transparency.

好的。很棒。所以你們不是被要求一定要這麼做，而是你們對透明度的需求很強烈，覺得值得這麼做。

Well, from the statement of half, you evaluate whether something is material. And certainly, it's not material today because the expenses we've spent so far wouldn't be material from the context of looking at it as a percentage of the total. But we just felt like it will be material. That's our plan. That's our hope.

嗯，從財報的角度來看，你會評估某項目是否具重大性（material）。當然，以目前而言它還不具重大性，因為我們到目前為止投入的費用，若以占總體的比例來看並不重大。但我們就是覺得它未來會變得重大。這是我們的計畫，也是我們的期望。

That's our focus, and we felt like doing that from the beginning was the right thing to do.

這是我們的重點，因此我們覺得從一開始就這麼做是正確的。

Yes, it definitely makes things easier. Perfect. All right. Well, continue the good the work. I look forward to future updates.

是的，這確實讓事情更容易。完美。好吧。那麼，請繼續保持良好的工作。我期待未來的更新。

We have a follow-up from the line of Joel Sklar.

我們有一個來自 Joel Sklar 線路的追問。

Just a couple of quick follow-ups. One is sort of leveraging off of Richard's question. I was curious, this may be a little nit-picky, but your partnership with AIO, is that with Acorn, the parent or with OmniMetrix? So in other words, I know your -- the branding is going to be OmniMetrix. I don't know whether that means it falls into OmniMetrix and we own 99% of what we wind up getting from that partnership or whether it's under Acorn and we get 100%. That's the first question.

我只有幾個簡短的追問。其中一個算是延伸 Richard 的問題。我有點好奇，這可能有點吹毛求疵，但你們與 AIO 的合作，是與 Acorn（母公司）合作，還是與 OmniMetrix 合作？換句話說，我知道你們——品牌會是 OmniMetrix。我不確定這是否表示它會歸入 OmniMetrix，而我們最終從該合作中取得的部分有 99% 歸我們所有；或者它是在 Acorn 之下，而我們拿到 100%。這是第一個問題。

Okay. It's going to be under -- I mean, everything is going to be done under OmniMetrix, put that way. I mean the sales, the sales manager that we've hired for AIO is under OmniMetrix and is resident in Atlanta. So -- and it's going to be -- have an OmniMetrix brand name. So we view it as an OmniMetrix product.

好的。它會在——我的意思是，一切都會在 OmniMetrix 之下進行，就這麼說吧。我的意思是，我們為 AIO 聘用的銷售、銷售經理是在 OmniMetrix 之下，並常駐亞特蘭大。所以——而且它會——使用 OmniMetrix 的品牌名稱。所以我們把它視為 OmniMetrix 的產品。

Okay. So your former CEO of OmniMetrix will be happy about that, I guess. The other question is, can you tell us whether -- I expect the answer is yes, but whether the existing AIO sales model is also a subscription model where there are customers overseas, they make money from both -- certainly from hardware sales, but then they also get continuing revenue from monitoring and maintenance and whatnot?

好的。那你們前任 OmniMetrix 的 CEO 應該會對此感到高興，我想。另一個問題是，你能否告訴我們——我預期答案是肯定的——現有的 AIO 銷售模式是否也是訂閱模式？也就是說，他們有海外客戶，除了——當然來自硬體銷售——之外，他們也會從監控、維護等等獲得持續性收入嗎？

Yes. So their model is that they mainly sell the equipment and then they have what they call SLA, they have an ongoing revenue stream as well. We don't think it's going to be as big as our monitoring revenue because we're going to be offering more services.

是的。所以他們的模式主要是銷售設備，然後他們有所謂的 SLA，也有一條持續性的收入來源。我們不認為它會像我們的監控收入那麼大，因為我們將提供更多服務。

And we also, as I said, might have an OpEx model where we will roll in the complete package, meaning equipment monitoring, et cetera, for one price, one monthly price. So our model is going to be a little bit different than their model because we think our market is a little bit different than the markets that they address.

而且我們也，如我所說，可能會採用一種 OpEx 模式，把完整套裝打包進去，也就是設備、監控等等，以一個價格、每月一個價格提供。所以我們的模式會和他們的模式有些不同，因為我們認為我們的市場與他們所服務的市場有些不同。

Okay. Great. At the risk of getting greedy, just one more question. So the existing cell tower or other customer who would potentially be a customer for your generator monitoring came to you and they wanted generator monitoring as well as your full infrastructure solution through the AIO partnership. Will you be then -- will you need to integrate the OmniMetrix generator monitoring or -- my impression is that the infrastructure solution will -- as the name of the company implies, All-In-One, will encompass that. Can you comment on that?

好的。很棒。冒著有點貪心的風險，再問一個問題。假設現有的基地台或其他客戶——他們可能會成為你們發電機監控的客戶——來找你們，他們既想要發電機監控，也想透過與 AIO 的合作取得你們的完整基礎設施解決方案。那麼你們是否——你們是否需要整合 OmniMetrix 的發電機監控？或者——我的印象是，這個基礎設施解決方案——正如公司名稱所暗示的 All-In-One——會涵蓋那部分。你能評論一下嗎？

Yes. So they have their own generator monitoring solution and we have our own generator monitoring solution. Ours is a little bit more comprehensive than theirs. And we will be integrated in the software.

是的。所以他們有自己的發電機監控解決方案，我們也有自己的發電機監控解決方案。我們的比他們的更全面一些。而且我們會在軟體中進行整合。

So for example, the two cell towers that we are on as the dental models happen to have our generator monitors in them. And so they are integrated into the software system of AIO.

例如，我們作為示範模型所部署的那兩座基地台，剛好裡面裝的是我們的發電機監控器。因此它們已整合到 AIO 的軟體系統中。

Right. So your customers will get the best of both worlds that they'll get the maybe slightly more advanced and the feature-driven current OmniMetrix generator monitoring together with the new infrastructure solutions provided by AIO, if I understand correctly.

對。所以如果我理解正確的話，你們的客戶將能兼得兩者之長：他們會得到可能稍微更先進、以功能驅動的現有 OmniMetrix 發電機監控，同時也能得到 AIO 提供的新基礎設施解決方案。

Yes. We hope our customers believe the same thing.

是的。我們希望客戶也會這麼認為。

(Operator Instructions) While we compile the roster, I'll hand the call over to Bill Jones for any pre-submitted questions.

（接線員指示）在我們整理名單的同時，我會把電話交給 Bill Jones，請他回答任何預先提交的問題。

Thank you, operator. We do have a pre-submitted question from a private investor. And the question is, over the past two quarters, companies like Generac and Caterpillar have both reported greater than 20% year-over-year growth in their power generation segments, along with increasing backlogs, primarily selling into C&I customers in the data center market.

謝謝你，接線員。我們確實有一個來自私人投資人的預先提交問題。問題是，在過去兩個季度，像 Generac 和 Caterpillar 這樣的公司都在其發電業務部門報告了超過 20% 的年增長，同時積壓訂單也在增加，主要是銷售給資料中心市場的 C&I 客戶。

Are you seeing any opportunity whatsoever in OmniMetrix's ability to attach itself to this opportunity? I understand that there is the AIO partnership, which in theory helps to address this market, but would be great to hear any further thoughts on this.

你們是否看到任何機會，讓 OmniMetrix 能夠搭上這個機會？我理解有 AIO 的合作夥伴關係，理論上有助於切入這個市場，但也很希望聽到你們對此的進一步想法。

Sure. So as I said in previous calls, we at OmniMetrix have not been focused on the data center market because our product is a remote monitor and most of the data centers have 24/7 people on-site monitoring their equipment, their servers, et cetera. And we only had one product, a generator monitor. And so that was not a focus of ours.

當然。正如我在之前的電話會議中所說，我們 OmniMetrix 一直沒有把重點放在資料中心市場，因為我們的產品是遠端監控器，而大多數資料中心都有 24/7 的人員在現場監控他們的設備、伺服器等等。而且我們只有一個產品——發電機監控器。因此那並不是我們的重點。

With the AIO product, AIO has, again, a full suite of products for data center. And one of the other things we are getting with the AIO partnership is a NOC. So we think that the data center market is a market that we can address, and we hope to address it shortly. But again, as I said before, it's -- we want to first tackle the cell tower market, and then we would go after the data center market. Sorry, I said NOC, that is a network operations center.

有了 AIO 產品之後，AIO 同樣擁有一整套面向資料中心的產品。並且我們透過與 AIO 的合作還會獲得一個 NOC。因此我們認為資料中心市場是我們可以切入的市場，我們也希望很快就能切入。不過再次強調，正如我之前所說——我們想先攻克基地台市場，然後再進軍資料中心市場。抱歉，我剛才說 NOC，那是 network operations center（網路營運中心）。

Excellent. And the second question is regarding potential OEM white labeling and bundling progress that you've mentioned in the past. Could you provide an update on any ongoing dialogues for bundling OmniMetrix solutions with new OEM equipment?

很好。第二個問題是關於你們過去提到的潛在 OEM 白牌與捆綁進展。你能否更新一下，是否有任何正在進行的對話，將 OmniMetrix 的解決方案與新的 OEM 設備進行捆綁？

Yes. I have no update. We continue to have discussions with two OEMs, but no update to report.

是的。我沒有更新。我們仍在與兩家 OEM 進行討論，但沒有可報告的最新進展。

And this concludes our question-and-answer session. I'll now hand the call back over to Jan for any closing comments.

我們的問答環節到此結束。現在我會把電話交回給 Jan，請她做任何結語。

Thank you all for joining today's call. We appreciate the continued support from all of our shareholders. If you have any follow-up questions, please reach out to myself or to our IR team, whose contact information is in today's press release.

感謝各位參加今天的電話會議。我們感謝所有股東持續的支持。如果你們有任何後續問題，請聯繫我本人或我們的投資人關係（IR）團隊，其聯絡資訊已載於今天的新聞稿中。

We hope to meet some of you next month at the Planet MicroCap Showcase that we are planning to attend on June 17 and 18 in Las Vegas. And as always, we look forward to updating you on our next conference call. All the best.

我們希望下個月能在 Planet MicroCap Showcase 與各位中的一些人見面；我們計畫於 6 月 17 日與 18 日在拉斯維加斯參加該活動。並且一如既往，我們期待在下一次電話會議中向各位更新近況。祝一切順利。

This concludes today's call. Thank you all for joining. You may now disconnect.

今天的電話會議到此結束。感謝各位參與。您現在可以掛線。