Aixcrypto Holdings Inc (AIXC) 2025 Q4 法說會逐字稿

Greetings. Welcome to AIXC full-year 2025 earnings call. (Operator Instructions). Please note this conference is being recorded.

各位好。歡迎參加 AIXC 2025 全年財報電話會議。(接線員指示)。請注意，本次會議將被錄音。

I will now turn the conference over to Andrew Grossman, Head of Legal for AIXC. Thank you. You may begin.

現在我將把會議交給 AIXC 法務主管 Andrew Grossman。謝謝。您可以開始了。

Good afternoon and welcome to the inaugural full-year 2025 earnings conference call of AIX Crypto Holdings Inc. My name is Andrew Grossman, Head of Legal for AIXC, and I'll be your moderator today.

各位下午好，歡迎參加 AIX Crypto Holdings Inc.（AIXC）2025 全年首次財報電話會議。我是 AIXC 法務主管 Andrew Grossman，今天將擔任主持人。

Before we begin, please note that today's discussion may contain forward-looking statements within the meaning of US federal securities laws. These statements involve risks and uncertainties that could cause actual results to differ materially. For more detailed description of these and other risks and uncertainties, please refer to our filings with the Securities and Exchange Commission.

在開始之前，請注意今天的討論可能包含符合美國聯邦證券法定義的前瞻性陳述。這些陳述涉及風險與不確定性，可能導致實際結果出現重大差異。如需更詳細的風險與不確定性說明，請參閱我們向美國證券交易委員會提交的文件。

I will now turn the call over to Jerry Wang, Co-Chief Executive Officer.

現在我將把電話會議交給聯合首席執行長 Jerry Wang。

Thank you and greetings to everyone joining us today. Welcome to AIXC's inaugural earnings call for the full fiscal year ended December 31, 2025. This is a milestone moment for AIXC, our first earnings call as a fully transformed, Nasdaq listed company dedicated to build a world leading ecosystem that integrates AI and blockchain while bridging Web2 and Web3.

謝謝，也向今天加入我們的各位致意。歡迎參加 AIXC 截至 2025 年 12 月 31 日止完整會計年度的首次財報電話會議。這是 AIXC 的里程碑時刻——作為一家完成全面轉型、在納斯達克上市的公司，我們致力於打造整合 AI 與區塊鏈、並連結 Web2 與 Web3 的世界級生態系。

I want to take a moment to acknowledge what this company has accomplished in a very short period, and then lay out clearly where we are going. Fiscal year 2025 was a year of strategic repositioning and capital formation. The pivotal event was the completion in September 2025 of a $41 million private placement led by Faraday Future Intelligent Electric, Nasdaq FFAI, which is now our majority controlling shareholder. This transaction transformed our balance sheet and provided the capital foundation for the AIXC crypto platform.

我想花點時間肯定公司在極短時間內所完成的成果，並清楚說明我們將前往的方向。2025 會計年度是策略重塑與資本形成的一年。關鍵事件是在 2025 年 9 月完成 4,100 萬美元的私募增資（private placement），由 Faraday Future Intelligent Electric（納斯達克代號 FFAI）領投，該公司現為我們的多數控股股東。這筆交易重塑了我們的資產負債表，並為 AIXC 加密平台提供了資本基礎。

We simultaneously rebranded from collagen Therapeutics to AIXC Crypto Holdings Inc., in November 2025, and assembled an entirely new management team, effective October 2, 2025, to execute our new strategy.

我們也在 2025 年 11 月將公司名稱由 Collagen Therapeutics 更名為 AIXC Crypto Holdings Inc.，並自 2025 年 10 月 2 日起組建一支全新的管理團隊，以執行我們的新策略。

I want to be direct about Faraday relationship because I know it will be a topic of interest for investors. Faraday Future is our majority controlling shareholder. They led the pipe transaction. They have representation on our Board. That relationship is disclosed fully in our 10-K.

我想就與 Faraday 的關係直言不諱，因為我知道這會是投資人關注的議題。Faraday Future 是我們的多數控股股東。他們主導了 PIPE 交易。他們在我們董事會中有代表席次。該關係已在我們的 10-K 中完整揭露。

Our independent Board members and audit committee provide oversights of all related party transactions, and the company's fiduciary obligations run to all shareholders. With that context established, let me explain the AIXC investment thesis on its own merits.

我們的獨立董事與審計委員會對所有關係人交易提供監督，而公司的受託義務是對所有股東負責。在此背景說明之後，讓我就 AIXC 的投資論點本身進一步說明。

While AIXC was completing its internal transformation, we also reached a historic inflection point in the microenvironment. Throughout 2025 and early 2026, digital asset policy, particularly in the United States, has moved from ambiguity to clarity.

在 AIXC 完成內部轉型的同時，我們也在外部環境迎來歷史性的拐點。在 2025 年及 2026 年初，數位資產政策——尤其在美國——已從模糊走向清晰。

The enactment of the Genius Act, which established a federal framework for stable coins, alongside the significant legislative momentum of the Clarity Act, marks the end of regulation by enforcement and the beginning of a new cycle of compliant growth. This regulatory tailwind has not only catalyzed a massive return of institutional capital but also validated AIXC's compliance-first strategy. With market sentiment towards RWA tokenization and AI-driven digital finance reaching record highs, we're operating with some powerful macroeconomic wind at our backs. Against this backdrop of industry resurgence, AIXC has solidified a more focused and high velocity positioning.

《Genius Act》的通過建立了穩定幣的聯邦框架，加上《Clarity Act》顯著的立法動能，標誌著「以執法代替監管」時代的結束，以及合規成長新週期的開始。這股監管順風不僅促使機構資本大規模回流，也驗證了 AIXC「合規優先」的策略。隨著市場對 RWA 代幣化與 AI 驅動的數位金融情緒達到歷史高點，我們正處於強勁的宏觀順風之中。在產業復甦的背景下，AIXC 已鞏固更聚焦且高速度的定位。

Regarding our positioning, AIXC is a US-listed company focused on the integration and deployment of AI agents and embodied AI, EAI devices, building a three-layer ecosystem covering infrastructure, protocol device, and applications connecting Web2 and Web3, enabling intelligent devices such as robots, smart vehicles, and drones to autonomously collaborate and transact through agents and driving the silicon-based economy from concept to reality.

就我們的定位而言，AIXC 是一家在美國上市的公司，專注於 AI 代理（AI agents）與具身 AI（embodied AI）、EAI 裝置的整合與部署，打造涵蓋基礎設施、協議裝置與應用的三層生態系，連結 Web2 與 Web3，使機器人、智慧車輛、無人機等智慧裝置能透過代理自主協作與交易，推動以矽為基礎的經濟從概念走向現實。

Specifically, our three-layer ecosystem architecture includes, first, infrastructure layer, defines on-chain identity and settlement rules for machines, enabling each device to have an economic identity. Second, protocol device layer, standardize the scheduling, collaboration, and transaction methods between agents and devices, covering the full spectrum from physical devices to virtual agents. Third, application layer -- supports users, developers, and device manufacturers to directly build and use agent services.

具體而言，我們的三層生態系架構包括：第一，基礎設施層，定義機器的鏈上身分與結算規則，使每一台裝置都具備經濟身分。第二，協議裝置層，標準化代理與裝置之間的排程、協作與交易方式，涵蓋從實體裝置到虛擬代理的完整範疇。第三，應用層——支援使用者、開發者與裝置製造商直接建置並使用代理服務。

Our strategy: focus on the AI agent and EAI ecosystem. Our core strategy is to focus on the AI agent and EAI ecosystem. AIXC leverages its unique advantage at the intersection of hardware, blockchain, and public company compliance to build decentralized infrastructure for collaboration, settlement, and data ownership between machines and AI agents, with the goal of becoming a foundational standard setter in the era of AI and the crypto economy.

我們的策略：聚焦 AI 代理與 EAI 生態系。我們的核心策略是聚焦 AI 代理與 EAI 生態系。AIXC 憑藉在硬體、區塊鏈與上市公司合規交會點的獨特優勢，建置機器與 AI 代理之間協作、結算與資料所有權的去中心化基礎設施，目標是在 AI 與加密經濟時代成為基礎性標準制定者。

Specifically, we execute this strategy first by establishing an open source and open developer platform to build a more efficient and comprehensive AI agent and EAI ecosystem. Second, by generating revenue through the RWA business.

具體而言，我們首先透過建立開源、開放的開發者平台來執行此策略，以打造更高效率且更完整的 AI 代理與 EAI 生態系。其次，透過 RWA 業務創造營收。

Why is this strategy? First, strategic alignment and a clear commercialization path. This direction is highly aligned with our core capabilities and partner ecosystem, including FFAI, offering the clearest path to compliant deployment and institution participation, while also providing the most direct route to commercialization.

為什麼是這個策略？第一，策略一致性與清晰的商業化路徑。此方向與我們的核心能力與合作夥伴生態（包括 FFAI）高度一致，提供最清楚的合規部署與機構參與路徑，同時也提供最直接的商業化途徑。

Second, positioning in AI and crypto infrastructure level opportunities. By focusing on machine identity, machine settlement, and agent protocols, we have the potential to become a next-generation TCP IP like foundational standard setter. At the same time, the combination of hardware, protocol, and public company structure forms a unique competitive advantage in the industry. Third, fully leverage the technological hardware advantages and the accumulated strengths of the controlling shareholder FFAI. Fourth, rapidly generate high margin revenue by creating real world value.

第二，卡位 AI 與加密基礎設施層級的機會。透過聚焦機器身分、機器結算與代理協議，我們有潛力成為下一代如同 TCP/IP 的基礎性標準制定者。同時，硬體、協議與上市公司架構的結合，形成產業中獨特的競爭優勢。第三，充分發揮控股股東 FFAI 的技術硬體優勢與累積實力。第四，透過創造真實世界價值，快速產生高毛利營收。

What this means for shareholders: First, we have a clear revenue path. AI agent service fees, RW tokenization fees, platform servers, and the device data marketplace are all monetizable business lines with existing devices and users already on the platform.

這對股東意味著什麼：第一，我們有清晰的營收路徑。AI 代理服務費、RWA 代幣化費用、平台伺服器，以及裝置資料市集，都是可變現的業務線，且平台上已存在裝置與使用者。

Second, significant network effects. Each additional connected device and each new developer building an agent store increases the value of the entire ecosystem for all participants.

第二，顯著的網路效應。每新增一台連網裝置、每新增一位建立代理商店的開發者，都會提升整個生態系對所有參與者的價值。

Third, strong compliance advantages. As a US-listed company with an SEC reporting framework, AIXC enables institutional capital to participate in an environment of tightened global digital asset regulation, which is not possible with offshore protocols.

第三，強大的合規優勢。作為一家在美國上市且具備 SEC 申報架構的公司，AIXC 使機構資本能在全球數位資產監管趨嚴的環境中參與，這是離岸協議所無法做到的。

Fourth, a $1 trillion market opportunity. AI devices, autonomous driving, robotics, and IoT together represent a $1 trillion market. We're building the infrastructure with growth scaling alongside the network.

第四，1 兆美元的市場機會。AI 裝置、自動駕駛、機器人與物聯網合計代表 1 兆美元市場。我們正在建置基礎設施，並將隨著網路擴張同步放大成長。

The macro environment fully supports our strategy. I will explain from four dimensions. First, explosion of the AI agent and EAI market. The global AI agent market is currently about $7 billion and is expected to exceed $47 billion by 2030, with a compound annual growth rate of nearly 45%. Embodied AI is rapidly entering the physical world, and the large scale deployment of devices such as robots, smart vehicles, and drones is providing entirely new real-world scenarios for AI agents.

宏觀環境完全支持我們的策略。我將從四個面向說明。第一，AI 代理與 EAI 市場的爆發。全球 AI 代理市場目前約 70 億美元，預計到 2030 年將超過 470 億美元，年複合成長率接近 45%。具身 AI 正快速進入物理世界，而機器人、智慧車輛、無人機等裝置的大規模部署，正在為 AI 代理提供全新的真實世界應用場景。

Second, rapid growth of blockchain. The adoption of blockchain across industries is accelerating, growing from approximately $41 billion in 2025 to about $1.9 trillion by 2034, with a compound annual growth rate exceeding 50%. Institutional interest continue to rise, with surveys showing more than 70% of the institutions are adopting or planning to adopt blockchain for supply chains, payments, and data systems.

第二，區塊鏈的快速成長。區塊鏈在各產業的採用正在加速，市場規模預計將從 2025 年約 410 億美元成長至 2034 年約 1.9 兆美元，年複合成長率超過 50%。機構投資者的興趣持續上升，調查顯示超過 70% 的機構正在採用或計畫採用區塊鏈，用於供應鏈、支付與資料系統。

Third, rapid expansion of RWA. The on-chain RWA market has grown to over $20 billion in 2025, representing more than 300% growth over three years, with some forecasts suggesting tokenized assets could reach tens of trillions within a decade.

第三，RWA 的快速擴張。鏈上 RWA 市場在 2025 年已成長至超過 200 億美元，三年內成長超過 300%；部分預測指出，代幣化資產在十年內可能達到數十兆美元規模。

Fourth, recent policy tailwinds and anticipated regulatory support. Regulatory certainty has significantly improved, with the SEC clarifying token clarification under the new leadership of the new chair, substantially reducing industry compliance uncertainty.

第四，近期政策順風與預期的監管支持。監管確定性已顯著提升；在新任主席的新領導下，SEC 就代幣相關釐清作出說明，大幅降低產業合規不確定性。

Nasdaq is advancing a pilot for tokenized securities, making that on-chain technology is beginning to integrate into core trading and clearing systems. Each of these four markets is growing at an extremely high rate. While there is almost no competition in the intersection between them, AIXC is positioned exactly at this intersection.

納斯達克正在推進代幣化證券的試點，這表明鏈上技術正開始整合進核心交易與清算系統。這四個市場皆以極高速度成長。雖然它們的交集幾乎沒有競爭，但 AIXC 正好位於這個交集之上。

Regarding our competitive positioning, AIXC's competitive differentiation is built on four core advantages that are difficult to replicate. First, cross-sector advantage. We're simultaneously positioned across AI, RWA, and crypto infrastructure, while most competitors focusing only a single direction.

就我們的競爭定位而言，AIXC 的競爭差異化建立在四項難以複製的核心優勢之上。第一，跨領域優勢。我們同時布局於 AI、RWA 與加密基礎設施，而多數競爭者僅聚焦單一方向。

Second, real-word hardware entry point. Through collaboration with Faraday Future, we obtain real data sources from the electric vehicle and robotics ecosystem, providing critical data support for embodied AI.

第二，真實世界硬體入口。透過與 Faraday Future 的合作，我們可取得來自電動車與機器人生態系的真實資料來源，為具身 AI 提供關鍵資料支援。

Third, compliance and institutional advantage. As a US-listed company with an SEC disclosure framework, we provide a compliant participation pathway for institutions amid tightening global digital asset regulation.

第三，合規與機構優勢。作為一家在美國上市且具備 SEC 資訊揭露框架的公司，在全球數位資產監管趨嚴之際，我們為機構提供合規的參與途徑。

Fourth, team advantage. Our team combines both Web2 and Web3 experience, while also closely collaborating with the EAI professional team from our strategic partner, FFAI.

第四，團隊優勢。我們的團隊兼具 Web2 與 Web3 經驗，並與策略夥伴 FFAI 的 EAI 專業團隊緊密合作。

Strategic partnerships and recent milestones overview. The company is advancing simultaneously across four dimensions: business, finance, capital, and systems. On the business side, a strategic upgrade has been carried out, initially completing the design and preliminary implementation of the three-layer architecture of the AI agent and EAI ecosystem.

策略夥伴關係與近期里程碑概覽。公司正同時在四個面向推進：業務、財務、資本與系統。在業務面，已完成策略升級，初步完成 AI agent 與 EAI 生態系三層架構的設計與初步落地。

Financially, the company remains in the investment phase with a focus on ensuring resource allocation and capacity building. On the capital side, maintaining prudent capital objectives while promoting long-term shareholder value growth. On the system side, building management and compliance frameworks to ensure standardized, efficient, and sustainable overall operations.

在財務面，公司仍處於投資階段，重點在於確保資源配置與能力建設。在資本面，在維持審慎資本目標的同時，推動股東長期價值成長。在系統面，建立管理與合規框架，以確保整體營運標準化、高效率且可持續。

Regarding business progress. First, development of the AI agent and EAI blockchain ecosystem. We completed the initial strategic planning of the AI agent and EAI ecosystem together with AIXC Foundation and completed the planning and initial setup of the AI agent and EAI ecosystem, including application layer, complete the early stage build of AIxC Hub, and general AI agent ecosystem applications.

關於業務進展。第一，AI agent 與 EAI 區塊鏈生態系的建設。我們與 AIXC Foundation 共同完成 AI agent 與 EAI 生態系的初步策略規劃，並完成包含應用層在內的規劃與初始搭建，完成 AIxC Hub 的早期建置，以及通用 AI agent 生態應用。

Protocol device layer built the foundational platform for on-chain robotic EAI devices. And infrastructure layer completed planning of the technical direction.

協議裝置層已為鏈上機器人 EAI 裝置建立基礎平台。基礎設施層已完成技術方向規劃。

In terms of AI agents, we are advancing along three tracks. First, the product layer, building AI agent to serve enterprise and individual users, solving real efficiency problems. Second, the protocol device layer, building a full stack agent protocol based on ERC-8004, including identity, capability, reputation, task, coordination, and resource allocation, enabling autonomous agent transactions. Third, embodied intelligence integration, connecting hardware such as robots and smart vehicles, leveraging real-world data and frameworks such as open claw to enable autonomous decision making and execution.

在 AI agents 方面，我們正沿著三條主線推進。第一，產品層，打造服務企業與個人用戶的 AI agent，解決真實的效率問題。第二，協議裝置層，基於 ERC-8004 建構全棧代理協議，涵蓋身分、能力、聲譽、任務、協作與資源配置，實現自主代理交易。第三，具身智慧整合，連接機器人與智慧車輛等硬體，利用真實世界資料與 open claw 等框架，實現自主決策與執行。

The AIxC Hub platform was launched on January 7, 2026, serving as the core entry and interaction platform for the AIxCrypto ecosystem and positioned as a behavioral data engine for training embodied intelligence models.

AIxC Hub 平台已於 2026 年 1 月 7 日上線，作為 AIxCrypto 生態系的核心入口與互動平台，並定位為用於訓練具身智慧模型的行為資料引擎。

As of March 2026, AIxC Hub has exceeded 5.8 million registered wallets and 1.39 million daily active participants, laying a solid foundation for the next phase of business revenue, the next phase focused achieving commercialization in 2026.

截至 2026 年 3 月，AIxC Hub 的註冊錢包已超過 580 萬個，日活躍參與者達 139 萬，為下一階段的業務營收奠定堅實基礎；下一階段將聚焦於在 2026 年實現商業化。

Second, advancement of RWA business. RWA is the first business line we're bringing to market in 2026, with two tracks advancing in parallel.

第二，RWA 業務推進。RWA 是我們在 2026 年首先推向市場的第一條業務線，並以兩條主線並行推進。

Equity tokenization -- deployed $10 million in February 2026 into FFAI stock, which the AIXC ecosystem intends to explore as an underlying asset for future on-chain equity tokenization frameworks. This transaction has been reviewed and approved by the Audit Committee as a related-party transaction.

股權代幣化——於 2026 年 2 月向 FFAI 股票投入 1,000 萬美元，AIXC 生態系擬將其作為未來鏈上股權代幣化框架的底層資產進行探索。該交易已作為關聯方交易經審計委員會審閱並批准。

Real estate loan tokenization. Established a strategic partnership with Pinnacle Real Estate Group, aiming to build the first end-to-end online real estate loan ecosystem, improving the liquidity and execution efficiency of loan assets and sharing returns.

不動產貸款代幣化。與 Pinnacle Real Estate Group 建立策略合作夥伴關係，目標打造首個端到端線上不動產貸款生態系，提升貸款資產的流動性與執行效率，並共享收益。

Third, strategic partnerships. With BitMart launched a co-branded prepaid card, enabling real-world daily consumption use cases for crypto assets. BitMart is a top 20 global cryptocurrency exchange with over 12 million registered users. We partnered with BitMart to launch a co-branded virtual prepaid cards, allowing users to use digital assets for everyday shopping and online payments. This is our first product extending Web3 capabilities into real-world consumption scenarios.

第三，策略合作夥伴關係。與 BitMart 推出聯名預付卡，讓加密資產具備真實世界的日常消費使用場景。BitMart 為全球前 20 大加密貨幣交易所，註冊用戶超過 1,200 萬。我們與 BitMart 合作推出聯名虛擬預付卡，讓用戶可使用數位資產進行日常購物與線上支付。這是我們首個將 Web3 能力延伸至真實消費場景的產品。

SEI Foundation -- partnered with a high-performance Layer 1 to support EAI, DePIN, and real-time chain application deployment. SEI is currently the fastest EVM Layer-1 blockchain with sub-second finality. We have established a strategic technology partnership with the Sei Development Foundation, with Sei providing high-performance blockchain infrastructure support for the AIXC crypto mobility and EAI robotics ecosystem.

SEI Foundation——與高效能 Layer 1 合作，以支援 EAI、DePIN 與即時鏈上應用部署。SEI 目前是最快的 EVM Layer-1 區塊鏈，具備亞秒級最終確認。我們已與 Sei Development Foundation 建立策略技術合作夥伴關係，由 Sei 為 AIXC 的加密移動性與 EAI 機器人生態系提供高效能區塊鏈基礎設施支援。

Fourth, progress in system development. From the fourth quarter of 2025 to the first quarter of 2026, we completed the following ecosystem development: First, undertook the buildout of a professional management team across Web2 and Web3 domains. Second, commenced establishing governance, compliance, and financial system aligned with Nasdaq-listed company standards. Third, began to build a scalable and standardized operational foundation.

第四，系統建設進展。自 2025 年第四季至 2026 年第一季，我們完成以下生態系建設：第一，完成跨 Web2 與 Web3 領域的專業管理團隊搭建。第二，啟動建立符合納斯達克上市公司標準的治理、合規與財務制度。第三，開始打造可擴展且標準化的營運基礎。

2026 execution priorities outlook. Strategic outlook. Looking ahead, our strategic direction can be summarized in four points. First, cross domain, non-consensus opportunity. Focus on the key intersection of AI plus blockchain plus real-world industries. Second, clear strategic blueprint. Establish AIXC-integrated infrastructure as a core growth path. Third, execution focus. Drive user scale, deepen application scenarios, and bridge the critical connection between physical and digital economics. Fourth, build a bridge between Web2 and Web3, connecting AI agents and EAI.

2026 年執行重點展望。策略展望。展望未來，我們的策略方向可歸納為四點。第一，跨領域、非共識機會。聚焦於 AI + 區塊鏈 + 真實世界產業的關鍵交匯點。第二，清晰的策略藍圖。將建立 AIXC 整合式基礎設施作為核心成長路徑。第三，聚焦執行。推動用戶規模、深化應用場景，並打通實體與數位經濟之間的關鍵連結。第四，搭建 Web2 與 Web3 的橋樑，連接 AI agents 與 EAI。

Business outlook. Our overall goal is to complete the phase development and implementation of the AI agents and the EAI ecosystem, launch an open platform for EAI online ecosystem applications, advance the implementation of RWA business, and establish standardized development capabilities, lnd drive all products and services to reach monthly active user MAU of 100,000, not including AIxC Hubs.

業務展望。我們的整體目標是完成 AI agents 與 EAI 生態系的階段性開發與落地，上線 EAI 線上生態應用的開放平台，推進 RWA 業務落地，並建立標準化的開發能力，並推動所有產品與服務的月活躍用戶（MAU）達到 100,000（不含 AIxC Hubs）。

First, development of the AI agent and EAI blockchain ecosystem. The three-layer architecture of the AI agent and EAI ecosystem is the underlying framework supporting the operation of the silicon-based economy. The first step is to build an ecosystem centered on the Asian economy. For it to truly run, underlying infrastructure is required. AIXC provides the foundation for collaboration and value exchange between machines and between agents through our three-layer protocol ecosystem.

首先，AI 代理與 EAI 區塊鏈生態系的發展。AI 代理與 EAI 生態系的三層架構，是支撐矽基經濟運作的底層框架。第一步是建立以亞洲經濟為核心的生態系。要讓其真正運轉，需要底層基礎設施。AIXC 透過我們的三層協議生態系，為機器之間以及代理之間的協作與價值交換提供基礎。

Role of Faraday Future. As the controlling stockholder and first strategic partner, FF has entered into a collaboration with AIXC to bring real-world hardware scenarios, including smart vehicles and robotics, into the protocol network for validation and iteration from day one.

Faraday Future 的角色。作為控股股東與第一個策略合作夥伴，FF 已與 AIXC 展開合作，從第一天起就將真實世界的硬體場景（包括智慧車輛與機器人）導入協議網路，用於驗證與迭代。

Open ecosystem strategy. The protocol is open to the entire industry. And any robotics, smart vehicle, or IOT manufacturer can connect to the AIXC ecosystem to participate in the on-chain economy. There is already a first validator, and more participants will continue to join in the future.

開放式生態策略。該協議對全產業開放。任何機器人、智慧車輛或物聯網（IoT）製造商都可以接入 AIXC 生態系，參與鏈上經濟。目前已經有第一位驗證者，未來還會有更多參與者持續加入。

In terms of specific AI agent business, we have two major entry [paths]. First, general AI agent products, targeting both consumer and enterprise scenarios, such as financial assistance, consumer service automation, supply chain coordination, and content generation, focusing on solving real efficiency pinpoints and having direct monetization capability.

就具體的 AI 代理業務而言，我們有兩個主要切入[路徑]。第一，通用型 AI 代理產品，面向消費者與企業場景，例如金融助理、消費者服務自動化、供應鏈協同與內容生成，聚焦解決真實的效率痛點，並具備直接變現能力。

Second, connecting AI agent capabilities with embodied intelligent devices, EAI, equipping robots with the brain, enabling robotic arms in factories to decide whether to procure parts, allowing warehouse robots to coordinate delivery plans with logistic systems, and enabling each EAI device to evolve from executing instructions to autonomous decision making. This direction opens up in an entirely new market, and currently, no company is scaling in this capacity globally.

第二，將 AI 代理能力與具身智慧裝置（EAI）連接，為機器人裝上大腦，使工廠的機械手臂能決定是否採購零件，讓倉儲機器人能與物流系統協調配送計畫，並使每一台 EAI 裝置從執行指令進化為自主決策。這一方向將開啟一個全新的市場，而目前全球尚無公司能在此能力上實現規模化。

Our revenue model is built across three primary streams: agent service fees as direct revenue, platform and ecosystem transition commissions as intermediate revenue, and on-chain digital ID and reputation system as the identity and trust infrastructure supporting the network. Over the long term, value is driven by network effects, data accumulation, protocol standard setting power, and ecosystem aggregation, positioning AIXC with structural advantages at the infrastructure layer.

我們的營收模式建立在三大主要來源之上：以代理服務費作為直接收入、以平台與生態系的交易／轉換佣金作為中介收入，以及以鏈上數位 ID 與聲譽系統作為支撐網路的身分與信任基礎設施。長期而言，價值由網路效應、資料累積、協議標準制定權與生態聚合所驅動，使 AIXC 在基礎設施層具備結構性優勢。

Strategically, we operate with a dual positioning. As a US-listed company, providing institutional investors with a complied entry point into the convergence of AI and crypto, and as an early ecosystem builder, responsible for protocol design, infrastructure development, and initial network growth. As the ecosystem matures, governance and operations will progressively transition on chain, expanding participation across developers, users, and connected devices.

在策略上，我們採取雙重定位。作為一家在美國上市的公司，為機構投資人提供一個合規的切入點，以參與 AI 與加密融合的趨勢；同時作為早期生態建設者，負責協議設計、基礎設施開發與初期網路成長。隨著生態系成熟，治理與營運將逐步上鏈，擴大開發者、使用者與連接裝置的參與。

This creates two reinforcing value curves: one in traditional capital markets driven by revenue growth, institutional adoption, and compliance positioning, and the other in the on-chain network economy driven by protocol usage, ecosystem activity, and network scale. Together, these dynamics form a compounding growth model.

這將形成兩條相互強化的價值曲線：一條是在傳統資本市場中，由營收成長、機構採用與合規定位所驅動；另一條是在鏈上網路經濟中，由協議使用量、生態活躍度與網路規模所驅動。兩者共同構成一個複利式的成長模型。

Second, open platform for EAI ecosystem applications. The phased objective of the open ecosystem platform is based on the initial user scale formed by the frontend software to systematically open up the capabilities across our three-layer structure. Through unified APIs, SDK, and protocols, it connects the full chain of device data, computing power, skills, on-chain finality, lowers the barriers to development and integration, attracts the first batch of developers and partners to co-build the ecosystem, and establishes an open platform system with coordinated growth among users, developers, and the resource supply side.

第二，面向 EAI 生態系應用的開放平台。開放式生態平台的分階段目標，是基於前端軟體所形成的初始使用者規模，系統性地打開我們三層結構的各項能力。透過統一的 API、SDK 與協議，打通裝置資料、算力、技能、鏈上最終性等全鏈路，降低開發與整合門檻，吸引第一批開發者與合作夥伴共建生態，並建立一個使用者、開發者與資源供給端協同成長的開放平台體系。

Third, RWA business. In the RWA sector, we're advancing along two tracks. First, dual track advancement of RWA. In terms of asset class expansion, starting with real estate and equity tokenization, we will gradually expand to the equipment assets and data assets. Each new asset class introduced enhance the generality of the protocol device layer.

第三，RWA 業務。在 RWA 領域，我們沿著兩條路線推進。第一，RWA 的雙軌推進。在資產類別擴展方面，從不動產與股權代幣化起步，將逐步擴展至設備資產與資料資產。每引入一個新的資產類別，都將提升協議裝置層的通用性。

In terms of efficiency restructuring, we're not only putting asset on chain but also reshaping traditional RWA processes through AI agents, which is our core differentiation. Second, AI-driven process optimization. Traditional RWA processes, such as real estate loans, relying on manual work involving multiple steps such as credit review, asset evaluation, and legal review, resulting in long cycle and high costs.

在效率重構方面，我們不僅是把資產上鏈，也透過 AI 代理重塑傳統 RWA 流程，這是我們的核心差異化。第二，AI 驅動的流程優化。傳統 RWA 流程（例如不動產貸款）依賴人工，涉及信用審查、資產評估、法務審查等多個步驟，導致週期長、成本高。

AI intends to significantly reduce time and labor costs by introducing AI agents to deeply participate in review and decision making. At the same time, it empowers industry participations such as real estate agents by enhancing their efficiency and decision-making capabilities through AI agents, achieving a multiplication of productivity.

AI 旨在透過引入 AI 代理深度參與審查與決策，大幅降低時間與人力成本。同時，透過 AI 代理提升不動產經紀等產業參與者的效率與決策能力，實現生產力倍增。

Strategic significance. AIXC is not only an RWA tokenization platform but also is building the efficiency infrastructure layer for the RWA industry, establishing long-term differentiated competitive advantages through AI capabilities. System development outlook, build the internal control and manning system to achieve full AI integration.

策略意義。AIXC 不僅是一個 RWA 代幣化平台，也正在為 RWA 產業打造效率型基礎設施層，透過 AI 能力建立長期且差異化的競爭優勢。系統建設展望：建立內控與人員配置體系，以實現全面 AI 整合。

First, establish our internal management system on a compliant basis, promoting deep collaboration of AI across business, organizational, and management systems. Second, promote large scale deployment of AI in core scenarios, achieving quantifiable value improvement in business efficiency, human machine collaboration within organizations, management decision making, and risk control. Third, upgrade AI into a core productivity engine, evolving from a normal tool into a key capability, participating in decision making, continuously driving growth, risk control, and innovation. Fourth, comprehensive AI systemization, effectively improved business efficiency under the premise of security and compliance.

第一，在合規基礎上建立我們的內部管理體系，推動 AI 在業務、組織與管理系統中的深度協作。第二，推動 AI 在核心場景的大規模部署，在業務效率、組織內人機協作、管理決策與風險控制方面實現可量化的價值提升。第三，將 AI 升級為核心生產力引擎，從一般工具演進為關鍵能力，參與決策，持續驅動成長、風控與創新。第四，全面 AI 系統化，在安全與合規前提下有效提升業務效率。

With that, I will now turn the call to Koti, our CFO.

接下來，我把電話會議交給我們的財務長 Koti。

Thank you, Jerry. Good afternoon, everyone. I will briefly review our financial highlights and capital position.

謝謝你，Jerry。各位下午好。我將簡要回顧我們的財務重點與資本狀況。

As of December 31, 2025, the company reported approximately $31 million in total assets, including approximately $19 million in cash and cash equivalents, and total liabilities of approximately $3 million, resulting in shareholders' equity of approximately $28 million. This balance sheet provides sufficient liquidity to support our continued investment in digital asset and AI-enabled infrastructure initiatives.

截至 2025 年 12 月 31 日，公司報告的總資產約為 3,100 萬美元，其中包括約 1,900 萬美元的現金及約當現金；總負債約為 300 萬美元，因此股東權益約為 2,800 萬美元。這份資產負債表提供了充足的流動性，以支持我們持續投資於數位資產與 AI 賦能的基礎設施計畫。

2025 was a year of business transformation. During the year, we strengthened our capital position through financing activities that generated approximately $42 million in proceeds, supporting the company's transition toward digital asset platform development and related technology initiatives. In addition, the company began building its digital asset treasury, which as of yearend included holdings across several major cryptocurrencies with a fair value of approximately $10 million as disclosed in our 10-K. These assets represent the initial foundation of our digital asset treasury strategy and support our programmable infrastructure platform initiatives.

2025 年是業務轉型的一年。在此期間，我們透過融資活動強化資本狀況，取得約 4,200 萬美元的資金，用以支持公司轉向數位資產平台開發及相關技術計畫。此外，公司開始建立數位資產庫存（digital asset treasury），截至年末，已持有多種主要加密貨幣，公允價值約 1,000 萬美元，並已在我們的 10-K 中揭露。這些資產構成我們數位資產庫存策略的初始基礎，並支持我們可程式化基礎設施平台的相關計畫。

Net cash used in operating activities was 6,951,458 for 2025 compared to 6,327,503 in 2024. The operating burn reflects the transformation period G&A costs, partially offset by improvements in working capital.

2025 年營運活動使用的淨現金為 6,951,458，2024 年為 6,327,503。營運現金消耗反映了轉型期間的管理及一般費用（G&A）成本，部分被營運資金改善所抵銷。

Our path to profitability is grounded in a clear and deliberate progression: first, scaling revenue, then normalizing costs, and ultimately realizing operating leverage. On the revenue side, profitability is anchored in EAI and AI agent-enabled blockchain and RWA activity.

我們通往獲利的路徑建立在清晰且審慎的推進節奏之上：首先擴大營收，其次使成本正常化，最終實現營運槓桿。在營收端，獲利能力以 EAI 與 AI 代理賦能的區塊鏈與 RWA 活動為核心支撐。

We prioritize use cases where AI agents directly reduce time, labor, or processing cost, creating a clear willingness to pay. Revenue is generated through agent service fees, transaction-based commissions, and infrastructure-level services, including on-chain identity and reputation systems. Importantly, these revenue streams scale with usage and transaction volume rather than headcount.

我們優先聚焦於 AI 代理能直接降低時間、人力或處理成本的使用案例，從而形成明確的付費意願。營收來自代理服務費、以交易為基礎的佣金，以及基礎設施層級的服務，包括鏈上身分與聲譽系統。重要的是，這些收入來源會隨使用量與交易量擴張，而非隨人頭數增加。

Structurally, our EAI-RWA three-layer architecture enables standardized onboarding, verification, and finality. This standardization is critical, as it supports higher transaction volumes while reducing marginal cost per transaction, which is the primary source of operating leverage. On the cost side, 2025 reflected elevated spending related to organizational buildout, compliance, and platform readiness.

在結構上，我們的 EAI-RWA 三層架構可實現標準化的導入、驗證與最終確定性。這種標準化至關重要，因為它在降低每筆交易的邊際成本的同時，支援更高的交易量，而這正是營運槓桿的主要來源。在成本方面，2025 年反映出與組織建置、合規以及平台就緒相關的支出偏高。

As we move through 2026, these transition-related costs are normalizing. We are operating with a leaner, more stable cost base, with capital allocated only to initiatives that have a clear, near-term path to monetization. Profitability, therefore, is driven by increasing transaction activity, improving unit economics, and disciplined cost control.

隨著我們進入 2026 年，這些轉型相關成本正在趨於正常化。我們以更精簡、更穩定的成本基礎運作，資本僅配置於具備明確、短期變現路徑的計畫。因此，獲利能力來自交易活動增加、單位經濟效益改善，以及嚴謹的成本控管。

Based on our current operating plan and disciplined capital allocation, we believe our existing liquidity provides sufficient runway to execute against our strategy while progressing toward a more balanced operating and cash flow profile.

基於我們目前的營運計畫與嚴謹的資本配置，我們相信現有流動性可提供足夠的資金跑道，以執行我們的策略，同時朝向更均衡的營運與現金流結構邁進。

I will now turn the call back to Jerry for closing remarks.

我現在把電話交回給 Jerry 作結語。

Thank you, Koti. I will summarize our strategic direction and execution priorities in three sentences. First, locking the strategy at the three major intersections. We focus on the integration of AI, blockchain, and real-word industrials, establishing a differentiated growth path.

謝謝你，Koti。我將用三句話總結我們的策略方向與執行優先事項。第一，在三個主要交會點鎖定策略。我們聚焦於 AI、區塊鏈與真實世界產業的整合，建立差異化的成長路徑。

Second, build the AIXC infrastructure blueprint. Transform non-consensus opportunities into a high certain integrated infrastructure strategy. Third, focus on scaling and scenario deployment. Drive user growth, deepen application scenarios, and bridge physical assets with the [on-chain] digital economy.

第二，打造 AIXC 的基礎設施藍圖。將非共識機會轉化為高確定性的整合式基礎設施策略。第三，聚焦於規模化與情境部署。推動用戶成長、深化應用情境，並將實體資產與[鏈上]數位經濟連結起來。

We have successfully completed $41 million in capital raising, assembled a new leadership team, build a platform with over 5 million registered wallets, and made our first $10 million RWA investment in the future. We have established strategic partnerships with Sei Network, BitMart, and Pinnacle Real Estate. This represents a significant amount of execution completed in approximately four months.

我們已成功完成 4,100 萬美元的募資，組建新的領導團隊，打造一個擁有超過 500 萬個註冊錢包的平台，並在未來完成我們第一筆 1,000 萬美元的 RWA 投資。我們已與 Sei Network、BitMart 以及 Pinnacle Real Estate 建立策略合作夥伴關係。這代表我們在約四個月內完成了大量的執行工作。

We believe that by building a three-layer ecosystem, integrating AI agent and embodied AI, we're strongly positioned to become the first AI-focused US-listed company connecting Web2 and Web3. We commit to quality transparency, reporting according to the KPIs described by Koti, and disclosing all material developments and relate to our relationship with Faraday and other related party transactions every 90 days.

我們相信，透過打造三層生態系、整合 AI 代理與具身 AI，我們具備強勁的定位，有望成為第一家以 AI 為核心、連結 Web2 與 Web3 的美國上市公司。我們承諾高品質的透明度，依照 Koti 所描述的 KPI 進行報告，並每 90 天揭露所有重大進展，以及與 Faraday 的關係與其他關係人交易的相關事項。

Thank you, Jerry. We will now move on to the Q&A section. Question one, what are the opportunities you see on your blockchain and crypto strategy considering current relatively weak crypto trading and high volatility environment?

謝謝你，Jerry。我們現在進入問答環節。第一個問題，在目前加密交易相對疲弱且波動性高的環境下，您在區塊鏈與加密策略上看到哪些機會？

We view the current environment characterized by elevated volatility and soften near-term trading volumes in spot crypto markets as a structural tailwind for our specific strategy, not a headwind.

我們認為，當前以高波動與現貨加密市場短期交易量走弱為特徵的環境，對我們的特定策略而言是結構性的順風，而非逆風。

Let me explain why. First, our model is infrastructure driven, not trading driven. AIXC does not generate revenue from crypto trading spreads, token specialization, or exchange volume.

我來解釋原因。第一，我們的模式是由基礎設施驅動，而非由交易驅動。AIXC 不從加密交易價差、代幣投機，或交易所成交量中產生收入。

Our revenue model is built on platform licensing fees, RWA structuring and transaction fees, and ecosystem participation revenue derived from the AIxC Hub. These revenue streams are tied to on-chain activity, asset tokenization through output, and platform usage, none of which are directly correlated to spot price movements. Volatility in Bitcoin or Ethereum does not structurally impair our business model.

我們的營收模式建立在平台授權費、RWA 結構設計與交易手續費，以及來自 AIxC Hub 的生態參與收入。這些收入來源與鏈上活動、透過輸出進行的資產代幣化，以及平台使用情況相關，且都不會與現貨價格波動直接相關。比特幣或以太坊的波動不會在結構上損害我們的商業模式。

Second, volatility accelerates institutional demand for compliant, yield-bearing RWA alternatives. When crypto markets are turbulent, institutional capital does not disappear. It rotates. It moves from speculative positions towards tokenized real assets that offers clearer cash flows, legal enforcement ability, and on-chain execution transparency. That is precisely the product AIXC is building.

第二，波動性會加速機構對合規、可產生收益的 RWA 替代方案的需求。當加密市場動盪時，機構資金不會消失。它會輪動。它會從投機部位轉向代幣化的真實資產，這些資產提供更清晰的現金流、法律可執行性，以及鏈上執行透明度。這正是 AIXC 正在打造的產品。

Our initial RWA implementation, the equity tokenization of FFAI shares, and our partnership with Pinnacle Real Estate Group are designed to capture that rotation. Third, regulatory clarity is arriving at exactly the right moment. The legislative progress of the Genius Act, establishing a federal stable coin framework and broader momentum toward digital asset market structure legislation means that institutions that were waiting on the regulatory sidelines are now clear to engage.

我們最初的 RWA 落地案例——FFAI 股票的股權代幣化——以及我們與 Pinnacle Real Estate Group 的合作，旨在把握這種輪動。第三，監管清晰度正好在最適當的時點到來。《Genius Act》的立法進展，建立聯邦穩定幣框架，以及推動數位資產市場結構立法的更廣泛動能，意味著先前在監管觀望的機構如今已可明確參與。

AXIC's compliance-first positioning as a Nasdaq-listed, SEC reporting company places us ahead of offshore protocols that cannot serve this demand. In summary, [we are] trading environments, filter out speculative participants and leave behind builders. We're building compliant AI-enabled infrastructure for the next wave of institutional adoption. The short-term noise in crypto markets does not change our thesis. It validates the need for what we're building.

AXIC 以合規優先的定位，作為納斯達克上市、向 SEC 申報的公司，使我們領先於無法滿足此需求的離岸協議。總結而言，[在]交易環境中，會篩除投機參與者，留下建設者。我們正在為下一波機構採用打造合規、AI 賦能的基礎設施。加密市場的短期雜訊不會改變我們的論點。它反而驗證了我們所打造之事的必要性。

Question two, why did you invest $10 million in Faraday Future stock? Isn't that a conflict of interest?

第二個問題，你們為什麼投資 1,000 萬美元於 Faraday Future 股票？這不會構成利益衝突嗎？

The $10 million investment in Faraday Future Class A common stock serves two purposes. First, it is the foundational proof of concept for exploring how listed equity instruments could be utilized on chain within our RWA tokenized equity product ecosystem.

對 Faraday Future A 類普通股的 1,000 萬美元投資有兩個目的。第一，它是用於探索上市股權工具如何能在鏈上被運用於我們 RWA 代幣化股權產品生態系中的基礎概念驗證。

Second, It deepens the strategic connectivity between AIXC's digital infrastructure, and Faraday's EV and robotic ecosystem. This transaction was subject to full audit committee review and approved as a related party transaction. Independent director reviewed and approved it in accordance with their fiduciary duty to all AIXC shareholders.

第二，它加深了 AIXC 的數位基礎設施與 Faraday 的電動車與機器人生態系之間的策略連結。此交易經過審計委員會完整審查，並作為關係人交易獲得核准。獨立董事依其對所有 AIXC 股東的受託責任進行審查並予以核准。

Question three, when does AIXC expect its first revenue?

第三個問題，AIXC 預計何時會有第一筆營收？

Our planning assumption is that initial revenue contributions will begin in Q3 2026 with RWA tokenization and fee as the primary initial source, including fees from our real estate partnership with Pinnacle and future tokenized equity transactions.

我們的規劃假設是，初期營收貢獻將於 2026 年第三季開始，以 RWA 代幣化與相關費用作為主要的初始來源，包括我們與 Pinnacle 的不動產合作所產生的費用，以及未來代幣化股權交易的費用。

Revenue from AI agent services and the broader EAI ecosystem is expected to follow as the ERC-8004 protocol platform reach commercial readiness. We will provide a more specific update when we report Q1 2026 results.

AI 代理服務與更廣泛的 EAI 生態系收入，預期將在 ERC-8004 協議平台達到商業就緒後陸續跟進。我們將在公布 2026 年第一季業績時提供更具體的更新。

This concludes today's AIXC earnings call. Thank you for your time and participation.

今天的 AIXC 財報電話會議到此結束。感謝各位的時間與參與。

Thank you. This does conclude today's conference. You may disconnect at this time.

謝謝。今天的會議至此結束。您現在可以中斷連線。