Alarum Technologies Ltd (ALAR) 2026 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Alarum Technologies first-quarter 2026 earnings results conference call.

各位女士、先生，感謝您耐心等候。歡迎參加 Alarum Technologies 2026 年第一季財報結果電話會議。

(Operator Instructions) This conference is being recorded.

(接線員指示) 本次會議將被錄音。

I'll now turn the call over to Ehud Helft, Investor Relations at Alarum. Ehud, please go ahead.

現在我將把電話交給 Alarum 投資人關係部的 Ehud Helft。Ehud，請開始。

Thank you, operator. Good day, everyone. Welcome to Alarum Technologies' conference call to discuss the results of the first quarter ended March 31, 2026.

謝謝，接線員。各位好。歡迎參加 Alarum Technologies 的電話會議，討論截至 2026 年 3 月 31 日止第一季的業績結果。

Joining us today are Mr. Shachar Daniel, Chief Executive Officer; and Mr. Shai Avnit, Chief Financial Officer.

今天與會者包括：執行長 Shachar Daniel 先生，以及財務長 Shai Avnit 先生。

Shachar will begin with an overview of the quarter and recent business developments; followed by Shai, who will review the financial results and guidance. We will, then, open the call for the questions.

Shachar 將先就本季概況與近期業務進展進行說明；接著由 Shai 回顧財務結果與財測指引。之後我們將開放提問。

Before we begin, I would like to remind listeners that today's discussion contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws.

在開始之前，我想提醒各位，今天的討論包含《1995 年私人證券訴訟改革法》及其他聯邦證券法所定義的前瞻性陳述。

These forward-looking statements involve known and unknown risks and uncertainties that may cause actual results or performance to differ materially from those expressed or implied by such statements.

這些前瞻性陳述涉及已知與未知的風險與不確定性，可能導致實際結果或表現與該等陳述所明示或暗示者存在重大差異。

Forward-looking statements include, among other things, statements regarding expected market demand, future growth opportunities, infrastructure investments, profitability trends, customer demand patterns, product expansion, future financial guidance, and long-term strategic positioning.

前瞻性陳述包括但不限於：對預期市場需求、未來成長機會、基礎設施投資、獲利趨勢、客戶需求型態、產品擴張、未來財務指引，以及長期策略定位等之陳述。

For a discussion of these risks and uncertainties, please refer to the company's filing with the SEC, including the company's annual report on Form 20-F and subsequent filings.

關於這些風險與不確定性的討論，請參閱公司向美國證券交易委員會（SEC）提交的文件，包括公司 Form 20-F 年報及後續申報文件。

In addition, during this call, the company will discuss certain non-IFRS financial measures, including adjusted EBITDA and non-IFRS gross margin.

此外，在本次電話會議中，公司將討論若干非 IFRS 財務衡量指標，包括調整後 EBITDA 與非 IFRS 毛利率。

Definitions and reconciliation to the most directly comparable IFRS measures are available in the earnings press release issued earlier today.

其定義以及與最直接可比的 IFRS 指標之調節表，已載於公司今日稍早發布的財報新聞稿中。

With that, I will turn the call over to Shachar Daniel, Chief Executive Officer of Alarum Technologies. Shachar, please go ahead.

接下來，我將把電話交給 Alarum Technologies 執行長 Shachar Daniel。Shachar，請開始。

Thank you, Ehud. Thank you, everyone, for joining us today.

謝謝你，Ehud。也謝謝各位今天加入我們。

Alarum continued scaling its AI data infrastructure platform during the first quarter of 2026, supported by strong demand from AI and enterprise data workloads.

在 2026 年第一季，Alarum 在 AI 與企業資料工作負載的強勁需求支持下，持續擴大其 AI 資料基礎設施平台的規模。

First-quarter revenues reached $11.7 million, representing 64% year-over-year growth.

第一季營收達 1,170 萬美元，年增 64%。

We also delivered positive IFRS net income of $0.6 million, adjusted EBITDA of $2.1 million, while continuing investing in infrastructure scale and platform expansion.

我們亦實現 IFRS 淨利 60 萬美元、調整後 EBITDA 210 萬美元，同時持續投資於基礎設施擴容與平台擴展。

Importantly, we believe the first quarter demonstrated the operating leverage potential of the AI data infrastructure platform we built throughout 2025.

重要的是，我們認為第一季展現了我們在 2025 年打造的 AI 資料基礎設施平台所具備的營運槓桿潛力。

At the same time, we continue viewing the current market environment as highly dynamic and still in relatively early stages.

同時，我們仍認為目前的市場環境高度動態，且仍處於相對早期階段。

The AI infrastructure ecosystem is evolving rapidly. Demand patterns remain volatile, at times. We continue prioritizing long-term infrastructure leadership and strategic positioning over short-term profitability optimizations.

AI 基礎設施生態系正在快速演進。需求型態有時仍然波動。相較於短期獲利最佳化，我們持續優先著重於長期的基礎設施領導地位與策略定位。

As a result, investment levels, infrastructure expansion, and profitability may continue fluctuating, as we scale the platform and pursue what we believe is a very large long-term opportunity.

因此，隨著我們擴大平台規模並追求我們認為極為龐大的長期機會，投資水準、基礎設施擴張與獲利能力可能仍將持續波動。

The AI infrastructure market. Demand for large-scale public web data infrastructure continues to expand rapidly, particularly around AI and agentic training; fine-tuning; retrieval systems; inference optimization; and continuous model updating.

AI 基礎設施市場。大型公共網路資料基礎設施的需求持續快速擴張，特別是在 AI 與代理式（agentic）訓練、微調、檢索系統、推論最佳化，以及模型持續更新等方面。

At the same time, public web environments continue becoming more dynamic and operationally complex, increasing the technological barriers required to reliably collect data, at scale.

同時，公共網路環境持續變得更動態且在營運上更為複雜，提升了要能可靠且大規模蒐集資料所需的技術門檻。

We believe this trend increasingly favors companies with large-scale infrastructure, operational know-how, routing-optimization capabilities, global IP scale, and the ability to maintain reliability under increasingly sophisticated anti-bot protections.

我們認為，這一趨勢愈來愈有利於具備大規模基礎設施、營運專業能力、路由最佳化能力、全球 IP 規模，以及能在日益精密的反機器人防護下維持可靠性的公司。

During the first quarter of 2026, our infrastructure handled an average of more than 50 petabytes of monthly data traffic and tens of billions of requests across a global network, supported by more than 80 million IP addresses worldwide, while maintaining success rates exceeding 85%.

在 2026 年第一季，我們的基礎設施在全球網路上平均每月處理超過 50 PB 的資料流量與數百億次請求，並由全球超過 8,000 萬個 IP 位址支援，同時維持超過 85% 的成功率。

This compares with a baseline of approximately only 5 petabytes of monthly traffic in the end of 2024, reflecting the rapid scaling of our infrastructure to support growing AI workloads.

相較之下，2024 年底的基準約僅為每月 5 PB 的流量，反映我們為支援日益成長的 AI 工作負載而快速擴大基礎設施規模。

We believe this combination of scale, infrastructure depth, operational experience, and ongoing investment is becoming an increasingly important competitive differentiator.

我們認為，這種規模、基礎設施深度、營運經驗與持續投資的組合，正成為愈來愈重要的競爭差異化因素。

Platform evolution. Over the past year, Alarum continued evolving from a traditional proxy-focused provider into a broader AI data infrastructure platform.

平台演進。過去一年，Alarum 持續從傳統以代理（proxy）為核心的供應商，演進為更廣泛的 AI 資料基礎設施平台。

Our platform today includes global proxy infrastructure; Website Unblocker self-solutions; AI-ready datasets; and planning agentic workflow capabilities, which we expect to gradually introduce to customers during the second half of 2026.

我們目前的平台包含：全球代理基礎設施、Website Unblocker 自助式解決方案、AI 就緒資料集，以及規劃代理式工作流程的能力；我們預期將在 2026 年下半年逐步向客戶推出。

This broader product mix expands our addressable market. Over time, we believe it should support stronger customer relationships, improved unit economics, and stronger long-term platform economics.

這種更廣泛的產品組合擴大了我們的可服務市場。隨著時間推進，我們相信這將支持更強的客戶關係、更佳的單位經濟效益，以及更強的長期平台經濟性。

We are also seeing encouraging diversification trends across both customers and verticals.

我們也看到在客戶與產業垂直領域方面令人鼓舞的多元化趨勢。

While AI-related workloads remain a major growth driver, we continue expanding across additional enterprise use cases, including e-commerce, sales intelligence, digital monitoring, data enrichment, and broader enterprise workloads.

雖然 AI 相關工作負載仍是主要成長動能，我們也持續擴展至更多企業應用情境，包括電商、銷售情報、數位監測、資料增補，以及更廣泛的企業工作負載。

Operating leverage and infrastructure. Throughout 2025, we invested heavily in infrastructure, network expansion, platform capabilities, and organizational scaling.

營運槓桿與基礎設施。在 2025 年期間，我們在基礎設施、網路擴張、平台能力與組織擴編方面進行了大量投資。

In the first quarter of 2026, we began seeing encouraging early benefits from those investments through improved infrastructure utilization, routing efficiency improvements from infrastructure scale, operating leverage, and an improved product mix.

在 2026 年第一季，我們開始看到這些投資帶來令人鼓舞的初步效益，包括基礎設施使用率提升、因基礎設施規模而帶來的路由效率改善、營運槓桿，以及產品組合改善。

However, we do not currently manage the business for short-term margin maximization. We continue prioritizing infrastructure scale, strategic positioning, customer expansion, and long-term market leadership during what we believe remains an early phase of the AI infrastructure build-out scale.

然而，我們目前並非以短期毛利率最大化來經營公司。在我們認為仍屬 AI 基礎設施建置擴張的早期階段之際，我們持續優先著重於基礎設施規模、策略定位、客戶擴張與長期市場領導地位。

We believe the AI data infrastructure market is still in the relatively early stages. We expect customer demand patterns and deployment scales to continue evolving rapidly.

我們認為 AI 資料基礎設施市場仍處於相對早期階段。我們預期客戶需求型態與部署規模將持續快速演進。

Market dynamics. The AI infrastructure market remains dynamic and, at times, volatile. Large AI customers may adjust consumption patterns, based on training cycles, model releases, dataset refreshes, inference optimization, or internal infrastructure decisions.

市場動態。AI 基礎設施市場仍然充滿動態，且在某些時候波動較大。大型 AI 客戶可能會根據訓練週期、模型發布、資料集更新、推論最佳化或內部基礎設施決策而調整使用／消耗模式。

As a result, quarter-to-quarter variability may continue. At the same time, we believe long-term secular trend remains very strong.

因此，季度之間的波動性可能會持續。同時，我們認為長期的結構性趨勢仍然非常強勁。

Importantly, as our platform broadens across products, workloads, customers, and enterprise verticals, we believe the business should gradually become more diversified and resilient, over time.

重要的是，隨著我們的平台在產品、工作負載、客戶以及企業垂直領域上持續擴展，我們相信隨著時間推移，業務應會逐步變得更加多元化且更具韌性。

Looking ahead, we remain focused on scaling infrastructure, improving operational efficiency, expanding higher-value products, deepening enterprise customers' relationships, and strengthening our long-term leadership position in the AI data infrastructure.

展望未來，我們仍專注於擴大基礎設施規模、提升營運效率、擴展更高價值的產品、深化企業客戶關係，並強化我們在 AI 資料基礎設施領域的長期領導地位。

We believe we are still in the early stage of a very large market opportunity.

我們相信，我們仍處於一個極為龐大市場機會的早期階段。

With that, I will turn the call over to Shai for the financial review and guidance. Shai?

接下來，我把電話交給 Shai 進行財務回顧與展望指引。Shai？

Thank you, Shachar. Hello, everyone.

謝謝你，Shachar。各位好。

I will briefly review our financial performance for the first quarter of 2026. Unless otherwise stated, all comparisons are against the same period last year.

我將簡要回顧我們 2026 年第一季的財務表現。除非另有說明，所有比較皆以去年同期為基準。

Revenue. Revenues for the first quarter of 2026 were $11.7 million compared with $7.1 million in the first quarter of 2025, representing growth of approximately 64%, year over year.

營收。2026 年第一季營收為 1,170 萬美元，較 2025 年第一季的 710 萬美元增加，年增約 64%。

The increase was primarily driven by continued demand from large-scale AI-related customers, alongside growth across additional enterprise workloads and products.

成長主要由大型 AI 相關客戶的持續需求所帶動，同時也來自其他企業工作負載與產品的成長。

Gross profit and margins. Gross margin for the first quarter of 2026 was 61.7% compared with 67.5% in the first quarter of 2025 and 53.8% in the prior quarter.

毛利與毛利率。2026 年第一季毛利率為 61.7%，相較於 2025 年第一季的 67.5% 以及上一季的 53.8%。

The sequential improvement reflects improved infrastructure utilization, operating leverage, and continued efficiency initiatives implemented throughout the business.

季對季改善反映了基礎設施使用率提升、營運槓桿效益，以及全公司持續推行的效率提升措施。

This improvement is even more notable, given the depreciation of the US dollar against the NIS during the quarter, while most of our operating expenses are NIS-denominated, creating an additional foreign-exchange headwind.

鑑於本季美元兌新謝克爾（NIS）貶值，而我們大部分營運費用以 NIS 計價，造成額外的外匯逆風，這項改善更顯著。

The operating expenses in the first quarter of 2026 were $6.4 million compared with $4.5 million in the first quarter of 2025.

2026 年第一季營運費用為 640 萬美元，較 2025 年第一季的 450 萬美元增加。

The increase resulted mainly from payroll; and other employee-related costs, primarily research and development. This increase is a key part of Alarum's strategy to invest in innovation and improve the quality of its infrastructure and capacity.

增加主要來自薪資及其他員工相關成本，主要為研發支出。這項增加是 Alarum 策略的重要一環，用以投資創新並提升其基礎設施與產能的品質。

At the same time, we remain disciplined regarding operational efficiency and capital allocation.

同時，我們在營運效率與資本配置方面仍保持紀律。

Net income and EBITDA. IFRS net income for the first quarter of 2026 was approximately $0.6 million compared with $0.4 million in the first quarter of 2025 and $0.2 million in the prior quarter.

淨利與 EBITDA。2026 年第一季 IFRS 淨利約為 60 萬美元，較 2025 年第一季的 40 萬美元以及上一季的 20 萬美元增加。

Adjusted EBITDA for the quarter was approximately $2.1 million compared with $1.3 million in the first quarter of 2025 and $1 million in the prior quarter.

本季調整後 EBITDA 約為 210 萬美元，較 2025 年第一季的 130 萬美元以及上一季的 100 萬美元增加。

These results demonstrate improving operating leverage characteristics, as the platform continues to scale.

這些結果顯示，隨著平台持續擴張，營運槓桿特性正在改善。

Balance sheet. We ended the quarter with a strong balance sheet and no financial debt.

資產負債表。本季結束時，我們的資產負債表強勁，且沒有金融負債。

Cash, cash equivalents, and debt investments, as of March 31, 2026, totaled $24.2 million compared with $22.5 million, as of December 31, 2025.

截至 2026 年 3 月 31 日，現金、約當現金及債務投資合計為 2,420 萬美元，較截至 2025 年 12 月 31 日的 2,250 萬美元增加。

Shareholders' equity increased to $33.4 million, as of March 31, 2026, compared with $32.1 million, as of December 31, 2025, primarily reflecting the company's net profit for the quarter.

截至 2026 年 3 月 31 日，股東權益增加至 3,340 萬美元，較截至 2025 年 12 月 31 日的 3,210 萬美元增加，主要反映公司本季淨利。

Outstanding ordinary share count, as of March 31, 2026 was approximately 72.6 million shares, representing 7.3 million Nasdaq-listed ADSs.

截至 2026 年 3 月 31 日，流通在外普通股約為 7,260 萬股，相當於 730 萬股在那斯達克上市的 ADS。

Our financial position continues to support ongoing investment in infrastructure, platform development, and long-term growth opportunities.

我們的財務狀況持續支持對基礎設施、平台開發以及長期成長機會的持續投資。

Guidance. For the second quarter of 2026, based on current visibility, we currently expect revenues of approximately $12.2 million, plus or minus 5%, representing approximately 39% year-over-year growth at the midpoint; and adjusted EBITDA of approximately $1.8 million, plus or minus $1.5 million (sic - see earnings release, "$0.5 million").

財測指引。針對 2026 年第二季，基於目前能見度，我們目前預期營收約為 1,220 萬美元，上下浮動 5%，以中位數計算約為年增 39%；調整後 EBITDA 約為 180 萬美元，上下浮動 150 萬美元（原文如此—請參閱財報新聞稿，「50 萬美元」）。

Our guidance reflects current visibility, based on customer activity, existing workloads, and current consumption patterns.

我們的指引反映目前能見度，係基於客戶活動、既有工作負載以及目前的使用／消耗模式。

At the same time, we continue prioritizing long-term infrastructure leadership and strategic positioning within AI data infrastructure market.

同時，我們仍持續優先著重於在 AI 資料基礎設施市場中的長期基礎設施領導地位與策略定位。

We remain focused on maintaining operational discipline, while continuing to invest strategically in infrastructure, platform capabilities, and long-term positioning within the AI data infrastructure market.

我們仍專注於維持營運紀律，同時持續在基礎設施、平台能力以及在 AI 資料基礎設施市場中的長期定位上進行策略性投資。

I will now turn the call back to the operator for questions.

我現在把電話交回給接線員，進行提問。

Before the operator, Shai, I think you were a little bit cut. Please repeat again the projection for the adjusted EBITDA and the plus-minus?, okay?

在交給接線員之前，Shai，我想你剛剛有一點被切斷了。請再重複一次調整後 EBITDA 的預估以及上下浮動範圍，好嗎？

Okay. The total guidance for the second quarter of 2026.

好的。2026 年第二季的整體指引。

Based on current visibility, we currently expect revenues of approximately $12.2 million, plus or minus 5%. That represents approximately 39% year-over-year growth at the midpoint; and adjusted EBITDA of approximately $1.8 million, plus or minus $500,000.

基於目前能見度，我們目前預期營收約為 1,220 萬美元，上下浮動 5%。以中位數計算約為年增 39%；調整後 EBITDA 約為 180 萬美元，上下浮動 50 萬美元。

Thank you very much.

非常感謝。

Operator?

接線員？

Thank you. We will now be conducting a question-and-answer session.

謝謝。我們現在將進行問答環節。

(Operator Instructions)

（接線員指示）

Kingsley Crane, Canaccord Genuity.

Kingsley Crane，Canaccord Genuity。

Hi. Congrats on a nice quarter. Thanks for taking the questions.

嗨。恭喜你們交出漂亮的一季。謝謝讓我提問。

Thank you very much.

非常感謝。

A couple from me.

我這邊有幾個問題。

Just wanted to dive in a little bit more into the agentic workflow product that is coming online in the back half of the year. Just want to hear more about the vision, the monetization model; and then, what you're hearing from customers and what they want out of that product; and then, how quickly that could affect the revenue model.

我想再更深入了解一下將在今年下半年上線的 agentic 工作流程產品。想多聽聽你們的願景、變現模式；以及你們從客戶那邊聽到的回饋、他們希望這個產品能提供什麼；另外，這會多快影響到營收模式。

Okay. First of all, hi, Kingsley. Nice to hear from you. Thanks for joining us; and for your questions.

好的。首先，嗨，Kingsley。很高興聽到你的聲音。謝謝你加入我們，也謝謝你的提問。

Regarding the product, you will forgive me in advance because, from commercial aspects, I cannot expose too much because I prefer not to.

關於這個產品，先請你見諒，因為從商業層面來說，我不能透露太多，我也比較不希望這麼做。

But, in high level, all the world is moving, basically, to the agentic mode; meaning, the customer that is hitting our platform, he needs to take his own decisions.

但從高層次來看，基本上全世界都在往 agentic 模式移動；也就是說，使用我們平台的客戶需要自己做決策。

For example, which products he needs. For example, which geographic; what's the main domains that he's going to hit. What's, exactly, the data; how he needs the data; and which structure.

例如，他需要哪些產品。例如，需要哪些地理區域；他主要會觸及哪些領域。到底需要哪些資料；他需要資料的方式；以及需要什麼樣的結構。

The agentic means that you will come in and it will be much more simple. And then, as a customer, you can just -- for example, hitting your use case and your need, the model can take you directly to the relevant product, relevant geographic, relevant sub-product.

所謂 agentic 的意思是，你進來之後流程會簡單得多。然後，作為客戶，你只要——例如，輸入你的使用情境與需求，模型就能直接把你帶到相關的產品、相關的地理區域、相關的子產品。

For example, the IP Proxy. But the IP Proxy is relatively under this title.

例如，IP Proxy。但 IP Proxy 相對而言只是這個類別底下的一項。

There are many sub-products related to -- it can be ISPs. It can be others. It can be this geographic. It can be sticky or not sticky. Many, many elements that basically will provide you the best or the optimum result.

還有很多相關的子產品——可能是 ISP。也可能是其他類型。可能是這個地理區域。可能是 sticky 或非 sticky。有非常非常多的元素，基本上會為你提供最佳或最優的結果。

Agentic is just a layer above the product in order to make the life of our customers much more simple. Of course, for us, it's an opportunity for upsell or attracting new customers, et cetera.

Agentic 只是位於產品之上的一層，用來讓我們客戶的使用更簡單。當然，對我們而言，這也是加購（upsell）或吸引新客戶等的機會。

But it's not supposed to be buying, selling a product that will generate its own revenues. It's a layer that is wrapping all our products.

但它並不是要作為一個獨立買賣、能自行產生營收的產品。它是一層包裹我們所有產品的外層。

Okay. Yeah. That's helpful. Looking forward to seeing that roll out.

好的。是的。這很有幫助。期待看到它推出上線。

Just another question. I just want to take a step back on the vision around scraping.

再一個問題。我想先退一步，談談你們對抓取（scraping）的願景。

I know that web environments are increasingly dynamic and difficult to access. That is a big reason why you have a moat there. Because you're more able to successfully circumvent those (multiple speakers) --

我知道網路環境越來越動態、也越來越難以存取。這是你們能建立護城河的一大原因。因為你們更能成功繞過那些(多位講者) --

Yeah.

對。

-- blockages. You also have things like Cloudflare, Pay per crawl, robots.txt enforcement. Just, they're doing their best to fight fire with fire.

-- 阻擋。你們也面臨像 Cloudflare、Pay per crawl、robots.txt 強制執行等情況。他們就是盡其所能以牙還牙。

Just curious on your renewed thoughts on the moat there and the challenges you're facing on the scraping side?

想請教你們對這道護城河的最新看法，以及在抓取端所面臨的挑戰是什麼？

Okay.

好的。

Basically, as I mentioned, also, in my part of this call, I say that, as time is running, it becomes more and more challenging to collect data in scale due to the reasons that you mentioned and due to many, many other reasons that make the life of those that want to collect data more challenging.

基本上，如同我在本次電話會議中我那一段也提到的，隨著時間推進，由於你提到的原因，以及許多其他原因，想要大規模蒐集資料會變得越來越具挑戰性，這也讓資料蒐集者的工作更困難。

To answer your question, nothing changed significantly. We are in this game for years. It's a game that we need to find the best way -- of course, everything related to public data; everything according to all the policies, where we need to find the way.

回答你的問題，並沒有什麼重大改變。我們在這個領域已經很多年了。這是一場我們必須找到最佳方式的遊戲——當然，一切都與公開資料相關；也都必須符合所有政策，我們需要在這些框架下找到方法。

It's all around the size, if you ask our opinion here. It starts from the size of your network.

如果你問我們的看法，這一切都圍繞著規模。從你的網路規模開始。

As you will have -- let's say, the size of your network, you will have a diversified IPs. You will have much more geographics. You will have a bigger amount of endpoints and IPs from all kinds.

當你的網路規模夠大——比方說，你的網路規模越大，你就會有更多元的 IP。你會涵蓋更多地理區域。你會有更多端點，以及各種類型的 IP。

In this way, you can demonstrate better the experience of what our customers need from us and to increase the success rate.

透過這種方式，你就能更好地呈現我們客戶所需要的使用體驗，並提高成功率。

In special cases, we have the Unblocker; and our very successful scraper, which is called SERP API, that knows how to bypass this anti-bots or anti-others -- the names that you mentioned -- not specifically them but in general.

在特定情況下，我們有 Unblocker；以及我們非常成功的抓取器，叫做 SERP API，它知道如何繞過這些反機器人或其他反制——你提到的那些名稱——不是特指它們，而是泛指整體。

As you know, they develop their technologies and they are progressing. But we are progressing, also.

如你所知，他們在開發技術、也在持續進步。但我們也在進步。

It looks like that if you will review our main KPIs, which is success rate; downtime and, of course, the size of our network -- went dramatically higher -- and, still, the KPIs looks great.

看起來，如果你檢視我們的主要 KPI，也就是成功率、停機時間，當然還有我們的網路規模——都大幅提升——而且 KPI 仍然表現很好。

Our customers, basically downloading or collecting petas of data on a monthly or on a daily basis, basically.

我們的客戶基本上每月或每天都在下載或蒐集 PB 等級的資料。

Okay. Yeah. Really appreciate that. And then, just a couple quick ones on financials.

好的。是的。非常感謝。接著再問幾個關於財務的快速問題。

Gross margins performed really well in the quarter. Revenue, roughly flat from Q4; of course, better than expected. But, COGS, down about $1 million.

本季毛利率表現非常好。營收相較 Q4 大致持平；當然也優於預期。但銷貨成本（COGS）下降了大約 100 萬美元。

Could you just help us unpack what's going on underneath there; and then, just expectations for COGS or gross margins through the rest of the year?

你能否協助我們拆解一下背後發生了什麼；以及對今年剩餘期間的 COGS 或毛利率有什麼預期？

Okay. I talked about it, in general. But I want to be more -- specifically now.

好的。我之前有大致談過。但我現在想更——具體一點。

As I mentioned -- and I will say it again -- our main purpose, now -- in these days, in the previous quarters, and it looks like that in the coming quarters -- is the penetration; is to become more and more significant and leader -- part of this AI revolution.

如我提到的——我再說一次——我們目前的主要目標——在這段時間、在前幾季，以及看起來在接下來幾季——是滲透率；是在這場 AI 革命中成為越來越重要、並且成為領導者的一部分。

The data collection is a layer in this funnel. This is our main purpose.

資料蒐集是這個漏斗中的一層。這是我們的主要目的。

If we will need to invest more or to decrease our margins in order to penetrate to additional customer or to additional vertical, we will do it.

如果我們需要投入更多資金，或為了打入更多客戶或更多垂直領域而降低我們的利潤率，我們會這麼做。

In this quarter, also, I mentioned, it's a demonstration for our capabilities -- for the leverages we can get from our platform because we invested more in the previous quarter in our infrastructure.

另外，在本季我也提到，這是一個展示我們能力的例子——展示我們能從平台取得的槓桿效益，因為我們在上一季對基礎設施投入了更多。

In this quarter, basically, we bear fruits from this. Most of the verticals and the use cases were not new for us. We didn't need to build something new or to use a new third-party company in order to win the opportunity.

基本上，本季我們正在收穫這些成果。大多數垂直領域與使用案例對我們而言都不是新的。為了贏得這個機會，我們不需要打造新的東西，也不需要使用新的第三方公司。

It's a combination of our improvement, over time. I can tell you that our R&D -- I think the major part of these KPIs and this day-to-day is to adjust and to improve the efficiency of our IP, the routing -- everything behind -- which translate to money, at the end of the day.

這是我們隨時間推進所做改善的綜合結果。我可以告訴你，我們的研發——我認為這些KPI與日常工作的主要部分，是去調整並提升我們IP、路由以及背後的一切的效率——最終都會轉化為金錢。

This and the current use cases that we improved, ourselves -- because we just learned them in the previous two quarters -- make this quarter to be better or great, even not comparing to the previous quarter.

再加上我們自行改進的現有使用案例——因為我們在前兩個季度才剛學到——使得本季表現更好甚至很出色，即使不與上一季相比也是如此。

But -- and I will answer you like this -- the purpose is to be as much as efficient as we can. If all goes according to this -- like this quarter from verticals, from other -- no new surprises, we can be here and even better.

但是——我會這樣回答你——我們的目標是盡可能高效率。如果一切都照這樣發展——像本季來自各垂直領域、其他方面——沒有新的意外，我們可以維持在這個水準，甚至更好。

If we take a decision to invest or to penetrate new customers; or the market will change and will come with new use cases, we will allow ourselves to go back in order to go back after -- but to allow ourselves to go back to penetrate.

如果我們決定投資或打入新客戶；或市場改變並帶來新的使用案例，我們會允許自己回頭調整，以便之後再前進——也就是允許自己先回撤，來達成滲透。

Because, as you can see now, the penetration that we did in Q -- in the third quarter of 2025, is greater ROI in this quarter. Hopefully, that's how we'll react in the future.

因為，如你現在所見，我們在Q——在2025年第三季所做的滲透，在本季帶來更高的投資報酬率（ROI）。希望未來我們也會以同樣方式應對。

Okay. And then, just last one from me: NRR continues to be a lumpy metric. In some ways, it's not the best way to judge the business in any given quarter.

好的。最後一個問題：NRR仍然是一個波動很大的指標。在某些方面，它並不是評估任何單一季度業務表現的最佳方式。

You did call out that the trends in the AI customer segment are more positive so curious if there's just any more quantification to that.

你提到AI客戶族群的趨勢更為正向，所以我想知道是否能再多一些量化說明。

And then, just an update on the durability of those customers in that segment. Is it shaping up to be that customers in the AI and LLM infrastructure-related segment are going to be multi-year customers and then, have significant expansion opportunities?

另外，也想更新一下該族群客戶的持久性。AI與LLM基礎設施相關族群的客戶，是否正在形成多年度客戶，並且具有顯著的擴張機會？

I know they can come in and spend a lot in the first year, as well, so that can create a tough comp.

我知道他們也可能在第一年就投入大量支出，因此會造成比較基期很難看。

First of all, let's discuss about the NRR. If you remember, you can see it in our documents.

首先，我們來談談NRR。如果你記得，你可以在我們的文件中看到。

The way we are measuring our NRR is basically based on big data, okay? It's going back -- we are measuring 4 times; four quarters versus four quarters.

我們衡量NRR的方式基本上是基於大數據，好嗎？我們是回溯來衡量——我們以四個季度對四個季度來衡量。

The shift -- basically, it's a huge shift of our customers that just, let's say, one year ago, the AI training and all these AI verticals were zero, from our customers' portion.

這個變化——基本上，是我們客戶結構的一個巨大轉變：比方說，一年前，AI訓練以及所有這些AI垂直領域，在我們客戶的占比中是零。

This shift, it basically takes the NRR a little bit back because we are not measuring quarter versus the previous quarter. That's the way we chose to measure.

這個轉變基本上會讓NRR稍微往下，因為我們不是用本季對上一季來衡量。這就是我們選擇的衡量方式。

We can discuss about it. Maybe we will show something that is more related to the last quarters in order to answer your second question about the retention level of the AI customer.

我們可以再討論。也許我們會展示一些更貼近最近幾季的指標，以便回答你第二個問題：AI客戶的留存水準。

In general, before we talk about our customers, data, it's like in cars, yes? You need fuel or electric whatever all the time; otherwise, you cannot drive.

一般來說，在我們談客戶與數據之前，這就像汽車一樣，對吧？你需要燃料或電力之類的東西一直供應；否則你就無法行駛。

Data is the fuel of all the AI in the training stage and later on, in the production stage, because everything is related to data. The data is coming back from the Internet. Nobody generates data by himself.

數據是所有AI在訓練階段以及之後在生產階段的燃料，因為一切都與數據相關。數據來自網際網路。沒有人能靠自己生成數據。

In general, yes, it's here to stay forever. As we see in the last three or four quarters, as these AI customers, AI training use cases, came in, we see that we have a great retention.

總體而言，是的，這會長期存在。從過去三到四個季度來看，當這些AI客戶、AI訓練使用案例進來後，我們看到留存表現非常好。

From logo perspective, it's an amazing retention.

從客戶標誌（logo）角度來看，留存非常驚人。

From revenue perspective: because that it's volatile so you can see a quarter, they consumed amazing amount of data; and then, in the next quarter, they consume less; and then, they will go to the next use case and they consume more because it's quite volatile.

從營收角度來看：因為它具有波動性，所以你可能會看到某一季他們消耗了驚人的數據量；下一季消耗較少；接著他們進入下一個使用案例又消耗更多，因為波動相當大。

But, as a retention, for this point of time, it looks a very good retention.

但就留存而言，以目前這個時間點來看，留存看起來非常好。

I really appreciate the comments. Thanks, again. Congrats.

非常感謝你的說明。再次謝謝。恭喜。

Thank you very much.

非常感謝。

Thank you. We have no further questions at this time.

謝謝。目前沒有其他問題。

Mr. Daniel, I'd like to turn the floor back over to you for closing comments.

Daniel先生，我想把時間交還給您做結語。

Okay. Thank you very much, ladies and gentlemen. We appreciate your time.

好的。非常感謝各位女士先生。感謝大家撥冗參與。

We believe the quarter reflects important progress in the evolution of Alarum into a scaled AI data infrastructure platform; and remain focused on long-term execution, operational discipline, and sustainable growth within what we believe remains an early stage of the biggest evolution of the AI infrastructure.

我們相信，本季反映了Alarum在演進為具規模的AI數據基礎設施平台過程中的重要進展；我們仍專注於長期執行、營運紀律，以及可持續的成長——在我們看來，AI基礎設施最大演進仍處於早期階段。

We look forward to updating you, again, next quarter. Thank you very much.

我們期待在下個季度再次向各位更新。非常感謝。

Ladies and gentlemen, this does conclude today's teleconference.

各位女士先生，今天的電話會議到此結束。

You may disconnect your lines at this time.

您現在可以掛斷電話。

Thank you for your participation. Have a wonderful day.

感謝您的參與。祝您有美好的一天。