Alarum Technologies Ltd (ALAR) 2025 Q1 法說會逐字稿

Good day, ladies and gentlemen. Thank you for standing by. Welcome to the Alarum Technologies first- quarter 2025 corporate update conference call. (Operator Instructions) This conference call is being recorded today, May 29, 2025.

女士們、先生們，大家好。感謝您的支持。歡迎參加 Alarum Technologies 2025 年第一季公司更新電話會議。（操作員指示）本次電話會議於今天（2025 年 5 月 29 日）錄製。

Before we get started, I will read a forward-looking statements disclaimer. This conference call may contain, in addition to historical information, forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. Forward-looking statements include statements about plans, objectives, goals, strategies, future events of performance and underlying assumptions, and other statements that are different than historical facts.

在我們開始之前，我將閱讀一份前瞻性聲明免責聲明。除歷史資訊外，本次電話會議可能包含《1995 年私人證券訴訟改革法案》和其他聯邦證券法的安全港條款所定義的前瞻性聲明。前瞻性陳述包括關於計劃、目的、目標、策略、未來績效事件和基本假設的陳述以及其他與歷史事實不同的陳述。

For example, when we discuss our second quarter of 2025 guidance, our future strategy and longer term vision, our potential for continued sustainable future growth, the potential of long-term collaborations, future opportunities, and success, we are using forward-looking statements. These forward-looking statements are based on current management expectations and are subject to risks and uncertainties that may result in expectations, not being realized and may cause actual outcomes to differ materially from expectations reflected in these forward-looking statements.

例如，當我們討論 2025 年第二季的指導、我們的未來策略和長期願景、我們未來持續可持續成長的潛力、長期合作的潛力、未來的機會和成功時，我們正在使用前瞻性陳述。這些前瞻性陳述是基於目前管理階層的預期，並受風險和不確定性的影響，可能導致預期無法實現，並可能導致實際結果與這些前瞻性陳述中反映的預期有重大差異。

Potential risks and uncertainties, including those discussed under the heading Risk factors in Alarum's Annual report on Form 20-F filed with the Securities and Exchange Commission SEC on March 20, 2025, and any subsequent filing with the SEC.

潛在風險和不確定性，包括 Alarum 於 2025 年 3 月 20 日向美國證券交易委員會 (SEC) 提交的 20-F 表年度報告以及隨後向 SEC 提交的任何文件中「風險因素」標題下討論的風險和不確定性。

All such forward-looking statements, whether written or oral, made on behalf of the company are expressly qualified by these cautionary statements, and such forward-looking statements are subject to risks and uncertainties, and we caution you to not play undue reliance on these.

所有此類前瞻性陳述，無論是書面的還是口頭的，只要是以公司的名義做出的，均明確受到這些警示性聲明的限制，並且此類前瞻性陳述具有風險和不確定性，我們提醒您不要過分依賴這些陳述。

On the call, the company will also present non IFRS key business metrics. The non IFRS key business metrics the company uses are EBITDA and adjusted EBITDA, non-IFRS gross margin and non IFRS net profit or loss, and non IFRS basic earnings or loss per share or ADS.

在電話會議上，該公司也將介紹非國際財務報告準則的關鍵業務指標。本公司使用的非國際財務報告準則關鍵業務指標包括EBITDA及調整後EBITDA、非國際財務報告準則毛利率及非國際財務報告準則淨利潤或虧損、以及非國際財務報告準則每股或美國存託憑證基本收益或虧損。

The exact definitions and reconciliations of these non IFRS key business metrics are described in the company's first quarter 2025 financial results press release, which is available on the investor lobby of our website alarum.io/investor lobby.

這些非國際財務報告準則關鍵業務指標的確切定義和對帳在公司 2025 年第一季財務業績新聞稿中有描述，該新聞稿可在我們網站 alarum.io/investor lobby 的投資者大廳查閱。

I'll now turn the call over to Shachar Daniel, Alarum's Technologies Chief Executive Officer. Mr. Daniel, the floor is yours.

現在我將把電話轉給 Alarum 技術執行長 Shachar Daniel。丹尼爾先生，請您發言。

Thank you very much, operator. Hi everyone and welcome to Alarum Technologies Q1 2025 results conference call. I'm joined today by Shai Avnit, our Chief Financial Officer. I will kick off today's call by reviewing our recent achievements, the main market trends we see shaping the data collection space and how our strategic vision and outlook are coming to life.

非常感謝，接線生。大家好，歡迎參加 Alarum Technologies 2025 年第一季業績電話會議。今天和我一起參加的是我們的財務長 Shai Avnit。在今天的電話會議上，我將首先回顧我們最近的成就、我們看到的塑造資料收集領域的主要市場趨勢以及我們的策略願景和前景如何實現。

Shai will then walk through the detailed financials and provide our Q2 2025 guidance. I will come back with a summary before we will open the call for the Q&A session. To highlight the top and bottom line results, first quarter of 2025 revenue came in as guided at $7.1 million. Net profit was $0.4 million and the adjusted EBITDA exceeded the high end of guidance at $1.3 million.

然後，Shai 將介紹詳細的財務狀況並提供我們的 2025 年第二季指引。在我們開始問答環節之前，我會回來做一個總結。為了突顯頂線和底線業績，2025 年第一季的營收預計為 710 萬美元。淨利潤為 40 萬美元，調整後的 EBITDA 超過預期上限 130 萬美元。

The beginning of 2025 marks a turning point one that we anticipated and prepared for. As the air revolution is reshaping every industry at an unmatched rate, allowance data collection operating is increasingly becoming a key enabler, a backbone, helping to power the global AI boom.

2025年的開始是一個轉捩點，我們已經預料到並且已經做好了準備。隨著航空革命以前所未有的速度重塑每個產業，配額資料收集營運日益成為推動全球人工智慧繁榮的關鍵推動因素和支柱。

The need for reliable, scalable, and the most accurate data is rising steeply. Models must be trained, retrained, and fine tuned daily, and to do that, they need infrastructure like ours. We intend to grasp this momentum and opportunities.

對可靠、可擴展和最準確的數據的需求正在急劇增長。模型必須每天進行訓練、再訓練和微調，為此，它們需要像我們這樣的基礎設施。我們打算抓住這股勢頭和機會。

At the same time, it's important to acknowledge that the market we are operating in is still taking shape and at this point continues to be highly dynamic and unpredictable. Volatility may remain high, and we are planning accordingly. With focused execution, a forward thinking, innovative approach, and growing interest from AI driven customers, our goal is not just to participate in the evolution, but to power lead and accelerate it.

同時，我們必須認識到，我們所處的市場仍在形成中，目前仍然高度動態且難以預測。波動性可能仍然很高，我們正在做出相應的計劃。透過專注的執行、前瞻性的思維、創新的方法以及人工智慧驅動客戶日益增長的興趣，我們的目標不僅是參與變革，而且是引領和加速變革。

I would like to show that both major tech giants and emerging startups are turning us to help them overcome the growing barriers to data access from compliance to geographical distribution and traffic unblocking. In fact, the momentum we have identified earlier on has carried into the beginning of 2025. Our offerings from our flagship data collector and website unblocker to our robust proxy network are quickly becoming foundational to how companies collect public web data.

我想表明，無論是大型科技巨頭還是新興新創公司都在向我們尋求幫助，以克服從合規性到地理分佈和流量暢通等日益嚴重的資料存取障礙。事實上，我們之前發現的勢頭已經延續到了 2025 年初。我們提供的產品，從旗艦資料收集器和網站解鎖器到強大的代理網絡，正迅速成為公司收集公共網路資料的基礎。

As AIU cases expand, so does the demand for fast reliable and high quality data in a scale. As we are seeing this shift starting to play out with the more top tier global companies, new logos are telling us to support the training in real world data collection needs.

隨著 AIU 案件的擴大，對快速、可靠、高品質的數據的需求也在不斷增長。正如我們所看到的，這種轉變開始在更多頂級全球公司中發揮作用，新的標誌告訴我們要支援現實世界資料收集需求的培訓。

Considering the tremendous opportunity we see ahead of us, we made a strategic decision to increase our investment by leveraging our profitable operations and reinvesting earnings back into the company. We are building the operation foundation to meet this unique moment. While investing in scale, we stay focused on efficiency, profitability, and disciplined execution being backed by a strong balance sheet for sustained growth.

考慮到我們面前的巨大機遇，我們做出了一項戰略決策，即利用我們的盈利業務並將收益再投資於公司來增加投資。我們正在建立營運基礎以迎接這一特殊時刻。在投資規模的同時，我們始終注重效率、獲利能力和嚴格的執行，並以強勁的資產負債表為後盾，實現持續成長。

We are moving forward and expanding our network and establishing infrastructure to serve the growing demand, stemming from AI related projects. We are also growing our high quality talent pool and developing a comprehensive suite of data collection products designed for the AI era.

我們正在向前邁進，擴大我們的網路並建立基礎設施，以滿足人工智慧相關專案日益增長的需求。我們也正在擴大我們的高素質人才庫，並開發一套專為人工智慧時代設計的全面資料收集產品。

As we are seeing strong momentum not just in volume, but in the depth and scale of customer engagement, we are accelerating the development of new products and capabilities for large scale customer projects. We believe that first mover advantage in this space will create significant long term value. That said, we remain sharply focused on operation excellence while gross margins are currently lower due to our ongoing investments in scale and capability. We are actively optimizing our network infrastructure and product delivery with a clear roadmap to drive efficiency and maintain high margins and long term profitability.

由於我們看到不僅在數量上，而且在客戶參與的深度和規模上都呈現強勁勢頭，因此我們正在加速為大型客戶專案開發新產品和新功能。我們相信，該領域的先發優勢將創造巨大的長期價值。儘管如此，我們仍然高度重視卓越運營，而由於我們持續對規模和能力進行投資，目前的毛利率較低。我們正在積極優化我們的網路基礎設施和產品交付，並製定明確的路線圖來提高效率並保持高利潤率和長期盈利能力。

One of the most important milestones we achieved is that several large scale AI and e-commerce platforms, including one of the world's largest online marketplace in Asia and a leading global consumer economy, as well as a fast growing European air analytics company have expanded their collaboration with us over the past quarter.

我們取得的最重要的里程碑之一是，包括亞洲最大的線上市場之一和全球領先的消費經濟體以及一家快速發展的歐洲空氣分析公司在內的幾個大型人工智慧和電子商務平台在過去一個季度擴大了與我們的合作。

These collaborations cover use cases such as large scale data labeling and model fine tuning with fresh public data. I would like to highlight that we will continue to expand our infrastructure to support these growing opportunities.

這些合作涵蓋了大規模資料標記和使用新公共資料進行模型微調等用例。我想強調的是，我們將繼續擴大我們的基礎設施以支持這些不斷增長的機會。

To sum up, before I call over to Shai to review our financial performance in Q2 2025 guidance (inaudible) is integral building the backbone of modern data collection for AI applications. We see the demand, we feel the urgency, and we are executing on our long term vision one that just now is starting to be real foods. We kicked off 2025 with growing demand. We are very proud of the business we have built and even more excited about what's ahead.

總而言之，在我請 Shai 回顧我們 2025 年第二季的財務績效指引（聽不清楚）之前，建構人工智慧應用現代資料收集的骨幹是不可或缺的。我們看到了需求，我們感受到了緊迫性，我們正在執行我們的長期願景，現在我們開始將其變成真正的食物。我們在 2025 年開始時就面臨著不斷增長的需求。我們對於我們已經建立的業務感到非常自豪，並且對未來更加興奮。

Now I'm handing it over to you now, to you, Shai, please.

現在我把它交給你，Shai，請交給你。

Thank you, Shachar, and hello everyone. I will start by reviewing our key financial results for the first quarter of 2025, comparing them to the same period last year unless otherwise stated. Following that, I will provide you guidance for the second quarter of 2025.

謝謝你，Shachar，大家好。我將首先回顧我們 2025 年第一季的主要財務業績，並將其與去年同期進行比較，除非另有說明。接下來，我將為您提供 2025 年第二季的指導。

These definitions and reconciliations of our non IFRS key business metrics can be found in our Q1 2025 financial results press release. And one final note before I begin, the figures I will be discussing are rounded for clarity and ease of reference.

我們的非國際財務報告準則關鍵業務指標的定義和對帳可以在我們 2025 年第一季財務業績新聞稿中找到。在我開始之前最後要說明的是，我將要討論的數字都是四捨五入的，以便於清晰和參考。

Turning now to our financial performance. In line with our guidance, revenues in the first quarter of 2025 reached $7.1 million of which $7 million was attributed to data collection. This compared to $8.4 million in the first quarter of 2024, of which $8.1 million was for data collection.

現在來談談我們的財務表現。根據我們的指導，2025 年第一季的營收達到 710 萬美元，其中 700 萬美元來自數據收集。相較之下，2024 年第一季的投資為 840 萬美元，其中 810 萬美元用於資料收集。

We made a strategic decision to reinvest earnings into scaling operations, expanding infrastructure, and strengthening our IP network to meet customers' stability, responsiveness and speed expectations, thereby positioning, allowing to capture long term value and meet the demand from AI driven customers.

我們做出了一項策略決策，將收益再投資於擴大營運、擴展基礎設施和加強我們的 IP 網絡，以滿足客戶對穩定性、響應能力和速度的期望，從而定位，從而獲取長期價值並滿足人工智慧驅動客戶的需求。

During this phase of transition, we are dedicated to managing our operations efficiently while ensuring we progress towards our long term goals. As a result of this move, our non-IFRS gross margin for the first quarter of 2025 reached 69.4% compared to 80.4% in the first quarter of 2024.

在此過渡階段，我們致力於高效管理我們的營運，同時確保我們朝著長期目標邁進。由於這項舉措，我們 2025 年第一季的非國際財務報告準則毛利率達到 69.4%，而 2024 年第一季為 80.4%。

Operating expenses in the first quarter of 2025 were $4.5 million compared to $4 million in the first quarter of 2024. The change was driven mainly by the increase in employees' salary related costs, primarily as we diligently grew the team to accelerate product development, laying the foundation to the new AI era.

2025 年第一季的營運費用為 450 萬美元，而 2024 年第一季的營運費用為 400 萬美元。這項變化主要是由於員工薪酬相關成本的增加所致，主要是因為我們努力擴大團隊以加速產品開發，為新人工智慧時代奠定基礎。

In the first quarter of 2025, we recorded a financial income of $200,000 compared to an expense of $800,000 in the same period last year. The shift to financial income was mainly driven by the fair value decrease of warrants issued in 2019 and 2020, most of those warrants will expire during 2025.

2025 年第一季度，我們記錄的財務收入為 20 萬美元，而去年同期的支出為 80 萬美元。向金融收入的轉變主要是由於 2019 年和 2020 年發行的認股權證的公允價值下降，其中大部分認股權證將於 2025 年到期。

Bottom line, non-IFRS net profit was $1.1 million for the first quarter of 2025 compared to a net profit of $2.8 million in the first quarter of 2024. Adjusted EBITDA in the first quarter of 2025 topped out guidance, reaching $1.3 million compared to $3.2 million in the first quarter of 2024.

重點是，2025 年第一季的非國際財務報告準則淨利潤為 110 萬美元，而 2024 年第一季的淨利潤為 280 萬美元。2025 年第一季的調整後 EBITDA 超出預期，達到 130 萬美元，而 2024 年第一季為 320 萬美元。

Our current share count is 70 million ordinary shares or 7 million ADSs. On a fully diluted basis, the count is 79.3 million ordinary shares or 7.9 million ADSs. The first quarter of 2025 basic earnings per share was $0.16 per ADS on non-IFRS basis compared to $0.45 in the first quarter of 2024.

我們目前的股份總數為 7,000 萬股普通股或 700 萬股 A​​DS。以完全稀釋後計算，普通股總數為 7,930 萬股，或 790 萬股 A​​DS。2025 年第一季非國際財務報告準則每股基本收益為每股 ADS 0.16 美元，而 2024 年第一季為 0.45 美元。

As of March 30, 2025, the company's shareholders equity increased substantially to a record of $27.6 million up from $17.1 million on March 31, 2024. The company's cash, cash equivalent and long-term investment balance, including interest at the end of March 2025 were $24 million, up nearly 60% from $15.1 million on March 31, 2024. Allowing solid cash balance ensures we can invest strategically while maintaining a focus on sustainable value creation.

截至 2025 年 3 月 30 日，該公司股東權益從 2024 年 3 月 31 日的 1,710 萬美元大幅增加至創紀錄的 2,760 萬美元。該公司截至 2025 年 3 月底的現金、現金等價物及長期投資餘額（包括利息）為 2,400 萬美元，較 2024 年 3 月 31 日的 1,510 萬美元增長近 60%。維持穩定的現金餘額可確保我們能夠進行策略性投資，同時專注於永續價值創造。

Let's move on to our outlook for the second quarter of 2025. Our guidance considers favorable market movements we have seen recently along with our continued focus on execution. We anticipate that in the second quarter of 2025 revenue will range at $7.9 million plus minus 3%. The second quarter of 2025 adjusted EBITDA is expected to range from $0.5 million to $0.8 million.

讓我們繼續展望2025年第二季。我們的指導考慮了我們最近看到的有利的市場趨勢以及我們對執行的持續關注。我們預計 2025 年第二季的營收將在 790 萬美元上下浮動 3%。預計 2025 年第二季調整後 EBITDA 將在 50 萬美元至 80 萬美元之間。

We started 2025 with strong momentum, a solid balance sheet, and growing market interest in this unique period, with some uncertainty as the market continues to reshape the early impact of our vision, investments, and pipeline visibility, support the confident guidance we are providing today. We remain focused on our commitment to generating long term sustainable value for our stakeholders.

2025 年開始，我們發展勢頭強勁，資產負債表穩健，市場興趣日益增長。儘管市場繼續重塑我們的願景、投資和通路可見性的早期影響，但仍存在一些不確定性，這支持了我們今天提供的自信指導。我們始終致力於為利害關係人創造長期可持續的價值。

With that, I will hand the call back over to Shachar.

說完這些，我會把電話轉回給 Shachar。

Thanks, Shai. To summarize, 2025 began with major shifts in the air landscape. We are closely tracking these trends which are driving increased demand for data and advanced solutions. Data is the engine behind it all, and this is precisely why we're fully committed to investing and pushing forward to capitalize on the momentum.

謝謝，Shai。總而言之，2025年伊始，空中格局將發生重大轉變。我們正在密切關注這些趨勢，它們正在推動對數據和先進解決方案的需求增加。數據是這一切背後的引擎，這正是我們全力致力於投資並推動利用這股勢頭的原因。

We aim to create impact and long term strategic advantages by strengthening and expanding our product portfolio, investing in innovation, growing our customer base, and deepening collaborations with some of the world's largest and most influential companies.

我們的目標是透過加強和擴大我們的產品組合、投資創新、擴大我們的客戶群以及深化與世界上一些最大和最具影響力的公司的合作來創造影響力和長期戰略優勢。

2025 has begun with growing demand and increasing recognition of (inaudible) or empowering the AI data infrastructure. We are seeing strong momentum, deepening relationships with top-tier companies and are expanding our operational capacity to meet this moment.

2025 年伊始，對（聽不清楚）或增強人工智慧資料基礎設施的需求和認可度不斷提高。我們看到了強勁的發展勢頭，與頂級公司的關係不斷加深，並且正在擴大我們的營運能力以應對這一時刻。

While we continue to invest in scale. We remain committed to efficiency, long term profitability, and disciplined execution, all supported by a strong balance sheet that positions as well for sustained growth. We are proud of what we've built and even more excited about what lies ahead.

同時我們繼續擴大投資。我們始終致力於提高效率、實現長期盈利和嚴格執行，所有這些都由強勁的資產負債表支持，這也為持續成長奠定了基礎。我們為我們所取得的成就感到自豪，並對未來更加充滿期待。

With that, we will now open the call for the Q&A session. Operator, please.

現在，我們將開始問答環節。接線員，請說。

Thank you. The floor is now open for questions.(Operator instructions)

謝謝。現在開始接受提問。 （操作員指示）

Brian Kinstlinger, Alliance Global Partners.

布萊恩金斯特林格 (Brian Kinstlinger)，Alliance Global Partners 成員。

Hi, good morning. Thanks for taking my questions. I'm curious, the second quarter revenue guidance suggests a more meaningful sequential pick up from usage from your customer base after what we saw was about three quarters of slower flat line demand trends. Is the stronger second quarter revenue guidance the result of one or two customers, or is it a more broad-based pick up in demand?

嗨，早安。感謝您回答我的問題。我很好奇，在我們看到大約三個季度的緩慢平穩需求趨勢之後，第二季的收入指引表明，您的客戶群的使用量將出現更有意義的連續回升。第二季營收預期的增強是源自於一兩個客戶，還是更廣泛的需求回升？

Hi Brian. So basically more or less same diversity, meaning it's not coming from one untypical customer or bigger than our current big customers. It's just growing its new customers, it's current customers that are upselling and the usual business, not something unique.

你好，布萊恩。因此，基本上或多或少是相同的多樣性，這意味著它不是來自一個非典型的客戶或比我們目前的大客戶更大的客戶。它只是在增加新客戶，現有客戶正在追加銷售，並且進行常規業務，而不是什麼獨特的業務。

Got it. Is, I guess my follow up is, we've discussed and you've been clear about the challenges that are becoming more difficult to scrape data. Is the increased guidance scraping from data or is it more the unblocker product. And then I guess follow up to that is can you speak to the competitive landscape of website unblocking.

知道了。我想我的後續問題是，我們已經討論過了，而且您也清楚，抓取資料所面臨的挑戰越來越困難。增加的指導是從數據中抓取的還是更多的是解鎖產品。然後我想接下來的問題是，您能否談談網站解鎖的競爭格局。

Okay, so basically, first of all, let's start on this. The demand and the revenues that are have been generated in the last period and looking ahead from the new products which are the data collectors and the unblocker are growing. So growing (inaudible) second here. Okay, so they are growing and even growing dramatically from two quarters ago.

好的，基本上，首先，讓我們開始這個。上一時期產生的需求和收入以及展望新產品（資料收集器和解鎖器）正在成長。因此這裡增長（聽不清楚）第二。好的，所以他們正在成長，甚至比兩個季度前成長得更快。

The increase in revenues is coming from both, although the ratio is still much stronger much higher. So for the proxy, so according to this ratio, so also the ratio of the growth is coming most of it from the data collection, meaning from the IP proxy network and this infrastructure, but we see a demand that is growing for our data collectors and the unblocker.

收入的成長來自兩者，儘管比例仍然高得多。因此對於代理商來說，根據這個比例，成長的比例也大部分來自資料收集，即來自 IP 代理網路和這個基礎設施，但我們看到對我們的資料收集器和解鎖器的需求正在增長。

Now for your second question, sorry about the unblocker competitive landscape. Yeah, so I think I think more or less it's the same competitive landscape. As I said a few times in the past, this is, let's say this is most technology products, a lot of technology inside. We build it with a dedicated team that came from the special unit of the, from the Israeli army, and we see from one side as the trend of the data is coming into our life, of course, it makes the life of those that wants to collect data more challenging because websites are trying to block more and more this traffic.

現在回答您的第二個問題，對於解鎖器的競爭格局，我深感抱歉。是的，所以我認為競爭格局或多或少是相同的。正如我過去多次說過的，這是，可以說這是大多數技術產品，裡面有很多技術。我們與來自以色列軍隊特別部隊的一支專門團隊合作構建了它，我們從一個方面看到，隨著數據的趨勢進入我們的生活，當然，這使得那些想要收集數據的人的生活變得更具挑戰性，因為網站正試圖阻止越來越多的這種流量。

So the demand for unblocking for a scraper that knows how to bypass this technology of the website is growing. From the other side it's a product that needs to be maintained and revised on a permanent basis because, it's like at the end of the day it's like a cat and a mouse game that is playing on a daily, it can be on a weekly, sometimes on a daily basis.

因此，對於知道如何繞過網站這項技術的抓取工具的需求正在增長。從另一方面來說，它是一種需要永久維護和修改的產品，因為它就像是一場每天、每週、有時甚至是每天進行的貓捉老鼠遊戲。

We don't have the accurate data about feature versus feature with our competitors, but I can tell you that the feedback that we are getting from our customers, especially one of them that is the biggest customer at this point in time for this broker which is Fortune 200, the company is that we have if not the best, but one of the best products in the market, and that's why this customer is growing upselling and very satisfied for this point of time.

我們沒有關於與競爭對手的功能對比的準確數據，但我可以告訴你，我們從客戶那裡得到的反饋，特別是其中一位客戶，他是目前該經紀商的最大客戶，該經紀商是財富 200 強企業，該公司認為，我們的產品即使不是最好的，也是市場上最好的產品之一，這就是為什麼這位客戶的追加銷售不斷增長並且目前非常滿意的原因。

Sorry, let me just make sure I understand as a follow up on that piece. There are companies, several companies that are doing web scraping that also have unblocking products or there's only a couple. I just didn't understand.

抱歉，請容許我確認一下我是否理解了該文章的後續內容。有一些公司，有幾家公司在進行網頁抓取，同時也有解鎖產品，或是只有幾家。我就是不懂。

Yeah, of course, our competitors, some of them is also down and local products, yeah, absolutely.

是的，當然，我們的競爭對手中，有些也是本地產品，是的，絕對的。

Okay, is there a clear leader in the market in terms of revenue.

好的，從收入來看，市場上是否有明顯的領導者。

In the market of block (inaudible). I don't have formal and accurate data. So I don't want to miss.

在砌塊市場（聽不清楚）。我沒有正式和準確的數據。所以我不想錯過。

Okay, my last question is, you've got the second quarter that's stronger revenue than the first quarter but lower adjusted EBITDA. Does that reflect further investments compared to the first quarter that drive pressure on the gross margin? Maybe if not you can speak to any more investments or incremental driving down EBITDA for 2Q compared to 1Q.

好的，我的最後一個問題是，第二季的營收比第一季更高，但調整後的 EBITDA 較低。這是否反映出與第一季相比進一步的投資會對毛利率造成壓力？如果不是，您可以談談與第一季相比，第二季是否有任何更多投資或增量降低 EBITDA。

So as I mentioned, now in my part in the in the call, so we took a strategic decision a few months ago as we started to see the boom. Meaning the demand, by the way, it's unbelievable growing demand. And the fact that it's maybe once in a lifetime opportunity for a company to be part of a revolution and to be maybe a major part because if you will now generate your leadership and and become a significant player, it it might stay for years as in other revolutions in the past.

正如我在電話會議中提到的那樣，幾個月前，當我們開始看到繁榮時，我們做出了戰略決策。順便說一下，這意味著需求正在以令人難以置信的速度成長。事實上，對於一家公司來說，參與一場革命並成為其中重要一員可能是一生難得的機會，因為如果你現在發揮你的領導力並成為一個重要的參與者，那麼它可能會持續數年，就像過去的其他革命一樣。

So, we are investing and growing our network sometimes even not without proportion to the revenues, but much more than current revenues in order to be ready for each and every big or medium it can be, but especially for these giants that they want to come in now and start to scale up with you. We don't want to be in the point that we are losing.

因此，我們正在投資並擴大我們的網絡，有時甚至與收入不成比例，但遠遠超過當前收入，以便為每個大型或中型企業做好準備，特別是為那些他們現在想要加入並開始與您一起擴大規模的巨頭做好準備。我們不想陷入失敗的境地。

One or two or maybe more customers because we saved some few dollars in the bank. So we are profitable for many quarters. Our balance sheet is strong enough as we think that for the best of the company and for the best of our investors that are expected from us to invest our money in the company in order to build the future because there is a war in future for this industry. And that's why you can see that the projection for the (inaudible) for for this quarter, meaning the second quarter and and maybe others in the future, but from the other side, I can tell you that if we take a decision or we took a decision that now profitability is the main thing for, so this EBITDA can change even significantly with the decision, but it's not the place now that we want to be and it's not only the COGS. We hire talents. We invest in our employees in training, in AI trainings, in meeting our customers and growth, meaning we are growing and when we take the company fuel levels up.

由於我們在銀行存了一些錢，所以我們有了一兩個甚至更多的顧客。因此我們在多個季度都保持盈利。我們的資產負債表夠強勁，因為我們認為，為了公司的最大利益，也為了投資者的最大利益，我們希望將資金投資於公司，以建立未來，因為這個產業未來將面臨一場戰爭。這就是為什麼你可以看到對本季（即第二季度以及未來其他季度）的預測，但從另一方面來說，我可以告訴你，如果我們做出決定，或者我們做出決定，現在盈利能力是主要因素，那麼這個 EBITDA 可能會隨著這個決定而發生顯著變化，但這不是我們現在想要的，而且不僅僅是 COGS。我們聘用人才。我們對員工進行培訓、人工智慧培訓、滿足客戶需求和發展進行投資，這意味著我們正在成長，並且當我們提升公司燃料水平時。

Great. Thank you.

偉大的。謝謝。

Thank you very much, Brian.

非常感謝，布萊恩。

Kingsley Crane, Canaccord Genuity.

金斯利·克蘭（Kingsley Crane），Canaccord Genuity。

Hi, thanks, just a couple from my side. So I believe last quarter you were talking about, you were in active discussions with a handful of larger customers that were looking at some AI model training trial projects. Just curious how those conversations progressed in Q1 and maybe that's related to your plans to try to increase capacity for some of these larger customers. Thanks.

嗨，謝謝，這只是我這邊的幾個例子。所以我相信您談到的上個季度，您正在與一些正在研究一些 AI 模型訓練試驗專案的大客戶進行積極討論。只是好奇這些對話在第一季的進展如何，也許這與您嘗試為一些大客戶增加容量的計劃有關。謝謝。

Hi, thank you. So yes, I mentioned it and I will say it now again, yes, it's not just discussions. Some of them are current customers, but not just customers. There are customers that are growing and upselling over this quarter, last quarter, so these discussions converted for the customers and even for partnerships, which is more strategic than just being a customer, but a partner that together we will sell data maybe to other companies or we will embed ourselves in the infrastructure of these customers in order to be the only or major data enabler that allow them to collect data in scale and basically to provide insights and AI outcomes for their customers.

你好，謝謝。是的，我提到過，現在我再說一遍，是的，這不僅僅是討論。他們有些人是現有客戶，但不僅僅是客戶。本季和上個季度，有些客戶在成長，銷售額也在增加，因此這些討論轉化為客戶，甚至轉化為合作夥伴關係，這比僅僅成為客戶更具戰略意義，而是一個合作夥伴，我們將共同向其他公司出售數據，或者我們將自己嵌入到這些客戶的基礎設施中，以成為唯一或主要的數據推動者，使他們能夠大規模收集數據，並從根本上為他們的客戶提供見解和人工智能結果。

So for your second question, so not just for this because we have many other customers, but the answer is absolutely, yes. We are investing in our infrastructure, in our network and in bringing more and more employees and talents in order to support the requirements, these customers, they have their own requirements.

所以對於您的第二個問題，不僅僅是因為我們有許多其他客戶，但答案絕對是肯定的。我們正在投資我們的基礎設施、我們的網絡，並引進越來越多的員工和人才來滿足這些客戶的需求，他們有自己的需求。

They expect to get a level of service, a level of professionalism and we want to fulfill all the requirements because we believe it's a major milestone for our future. So yes, this is one of the major reasons why we are investing more.

他們期望獲得一定程度的服務、一定程度的專業精神，我們希望滿足所有的要求，因為我們相信這是我們未來的重要里程碑。是的，這是我們加大投資的主要原因之一。

No, it makes perfect sense. And so specifically on the network and the infrastructure, I mean, where do you think you are in terms of capacity today versus where do you want to go? I mean, is this, it could be a quarter by quarter conversation or is this something where you think you need to double, triple over a couple of years? Just kind of curious your thoughts on that part.

不，這完全有道理。因此，具體到網路和基礎設施方面，我的意思是，您認為您目前的容量處於什麼水平，以及您希望達到什麼水平？我的意思是，這可能是逐季度的對話，還是您認為需要在幾年內增加一倍或兩倍？只是有點好奇你對這部分的想法。

Sorry, the line was broken for one second to just have a repeat to make sure I understand your question. So you are asking from the aspect of the investment, our investment in the network. So what was the question again? Can you repeat?

抱歉，電話斷了一秒鐘，只是想再說一遍，確保我理解了您的問題。所以你是從投資的角度，也就是我們在網路上的投資來詢問的。那麼問題又是什麼呢？你能重複一遍嗎？

Yes, so specifically on the network, just thinking about the pace and then the total scope of the investments that you're aiming to make, is this something where, this is something that you'd like to double or triple in a couple of years, or you just know that you'd like to add capacity now and you were taking it on a quarter by quarter basis.

是的，所以具體到網路上，只需考慮速度，然後考慮您計劃進行的投資的總體範圍，這是您希望在幾年內翻一番或三倍的事情，還是您只是知道您現在想增加容量，並且您正在按季度進行。

Okay. So we are investing in our network based on two main factors. One is the current demand, our current customer base, the amount of traffic, and the needs in order to meet these traffic requirements. And the second is the projection, meaning how do we see the market in one or two places? How we can, it's a projection at the end of the day.

好的。因此，我們根據兩個主要因素對我們的網路進行投資。一個是現在的需求，我們目前的客戶群，流量的數量，以及為了滿足這些流量需求而需要做的事情。第二個是預測，也就是我們如何看待一、兩個地方的市場？我們如何做到這一點，這最終是一個預測。

Maybe it will not come to reality, but we have analysts that are trying to project all the time the trends and markets. So based on these two factors, we take a decision quarter by quarter. It's not quarter, it's day by day.

也許它不會成為現實，但我們有分析師一直在努力預測趨勢和市場。因此，我們會根據這兩個因素逐季度做出決定。這不是按季度計算的，而是按天計算的。

If we want, for example, to increase our investment in geographic, more geographical coverage, more servers, more end points, et cetera. So we don't have, we cannot have this market now. It's a market that in these days is defined itself and we are together in this market. So we don't have even, I think we don't have even the or nobody has accurate data to project where we will be one or two years from now, so we are doing it day by day and an ongoing process.

例如，如果我們想增加在地理方面的投資，擴大地理覆蓋範圍、增加伺服器、增加端點等等。所以我們現在沒有、也不可能擁有這個市場。如今，這個市場已經自我定義，我們共同處於這個市場之中。所以我們甚至沒有，我想我們甚至沒有或沒有人有準確的數據來預測我們一兩年後會在哪裡​​，所以我們每天都在做這件事，這是一個持續的過程。

That makes sense. That's helpful. And so just on the other side of it in terms of investing in the people and the processes just would be nice to hear a little bit more about what types of roles, what geographies you're hiring in, and then how you're thinking about the talent market. I mean, definitely with some of the AI capabilities, there are only a handful of people in the world that are able to that are well versed in at this time.

這很有道理。這很有幫助。因此，從投資人才和流程的角度來看，如果能多了解你們的職位類型、招募地區，以及你們對人才市場的看法，那就太好了。我的意思是，目前世界上只有少數人能夠精通某些人工智慧功能。

Okay. So for this point of time, in most, I'll say, I will not say 100%, but more than 95% of our operation, basically our employees are in Israel in our headquarters. Now in these days, if you would ask me, let's say one quarter ago say [98%], why? Because now we are trying to scale and to support the team to be in some different locations in the world, and today it's still we are still in a place that we can support our customers, our operation, and even the big customers, we can support them in an online mode and do much more flights, yes, to visit them from time to time to stay ahead maybe in shifts because our professional services guys, the architect solutions, these guys that are basically supporting the customer in the proof of concept stage and then.

好的。因此就目前而言，在大多數情況下，我不會說 100%，但超過 95% 的業務，基本上我們的員工都在以色列的總部。現在，如果你問我，假設一個季度前是[98%]，為什麼？因為現在我們正在嘗試擴大規模並支持團隊在世界不同的地方開展工作，而今天我們仍然可以支持我們的客戶、我們的運營，甚至是大客戶，我們可以以在線模式為他們提供支持，並進行更多的航班，是的，我們會不時地拜訪他們以保持領先地位，也許是輪班，因為我們的專業服務人員、架構師解決方案

After this, when you become a customer, support him on a daily basis, trying to meet his requirements and of course, trying to offer him more solutions and to maintain his retention and of course, try to increase his usage in our system and to upset.

在此之後，當您成為客戶時，請每天為他提供支持，努力滿足他的要求，當然，努力為他提供更多解決方案並維持他的保留率，當然，努力增加他在我們的系統中的使用率並讓他感到不安。

So major part of the, let's say the vertical of the employees that we are hiring now is this professional services, pre sales solution architects that know how to support it. It's a combination between business and technical knowledge that support customers on site and of course, R&D.

因此，我們現在招募的員工的主要垂直領域是專業服務，知道如何提供支援的售前解決方案架構師。它是商業和技術知識的結合，為現場客戶和研發提供支援。

R&D is the bread and butter, and we have many, we have a very rich roadmap with so many features and capabilities and products that we know that there is a demand that the customers that are waiting for these items from our side. So it's a combination between this vertical professional services and architects to R&D to develop products and and innovative products.

研發是我們賴以生存的支柱，我們擁有大量的研發資源，我們擁有非常豐富的產品路線圖，其中包含眾多特性、功能和產品，我們知道客戶對我們這些產品的需求是存在的。因此，這是垂直專業服務和建築師與研發部門的結合，以開發產品和創新產品。

Perfect. That's really helpful context, exciting to hear about all the progress. That's it for me. Thanks.

完美的。這確實是很有幫助的背景訊息，聽到所有的進展令人興奮。對我來說就是這樣。謝謝。

Thank you very much. I appreciate your time.

非常感謝。感謝您抽出時間。

Thank you. At this time, I would like to turn the floor back over to Mr. Daniel for closing comments.

謝謝。現在，我想把發言權交還給丹尼爾先生，請他發表最後評論。

Okay, so thank you very much operator. So we thank you all for your time today. We look forward to hosting you on Alarum technology second quarter of 2025 results. Thanks.

好的，非常感謝操作員。我們感謝大家今天抽出時間。我們期待您出席 Alarum 技術 2025 年第二季業績發表會。謝謝。

Ladies and gentlemen, thank you for your participation. This concludes today's event. You may disconnect your lines or log off the webcast at this time and enjoy the rest of your day.

女士們、先生們，感謝你們的參與。今天的活動到此結束。現在您可以斷開線路或退出網路廣播，享受剩餘的一天。