Allot Ltd (ALLT) 2025 Q4 法說會逐字稿

Good day to all of you, and welcome to Allot's conference call to discuss its results for the fourth quarter and full year 2025. I would like to thank Allot's management for hosting this conference call. (Event Instructions)

各位好，歡迎參加 Allot 的電話會議，討論其 2025 年第四季及全年業績。我要感謝 Allot 管理團隊主辦本次電話會議。(活動說明)

As a reminder, this conference call is being recorded. If you have not received the company's press release, please check the company's website at www.allot.com. With me today on the line are Mr. Eyal Harari, CEO; and Ms. Liat Nahum, CFO.

提醒各位，本次電話會議將被錄音。若您尚未收到公司新聞稿，請至公司網站 www.allot.com 查閱。今天與我同線的有 Allot 執行長 Eyal Harari 先生，以及財務長 Liat Nahum 女士。

Following Eyal's prepared remarks, we will open the call for the question-and-answer session. Both Eyal and Liat will be available to answer those questions. You can all find the highlights of the quarter, including the financial highlights and metrics, including those we typically discuss on the conference call in today's earnings press release. Before we start, I'd like to point out the following safe harbor statement. This conference call may contain projections or other forward-looking statements regarding future events or the future performance of the company.

在 Eyal 的事先準備發言之後，我們將開放問答環節。Eyal 與 Liat 皆會回答相關問題。各位可在今日的財報新聞稿中找到本季重點摘要，包括財務亮點與各項指標，以及我們通常在電話會議中討論的內容。在開始之前，我想先提醒以下的安全港聲明。本次電話會議可能包含對未來事件或公司未來表現的預測或其他前瞻性陳述。

Those statements are early predictions and Allot cannot guarantee that they will, in fact, occur. Allot does not assume any obligation to update that information. Actual events or results may differ materially from those projected, including as a result of changing market trends, delays in the launch of services by Allot customers, reduced demand and the competitive nature of the security services industry as well as other risks identified in the documents filed by the company with the Securities and Exchange Commission. Also, the financial results in this call will be presented mainly on a non-GAAP basis. Allot believes that these non-GAAP financial measures provide more consistent and comparable measures to help investors understand Allot's operating performance in the quarter for all the data, please refer to the financial tables published in the results press release issued earlier today, which also include the GAAP to non-GAAP reconciliation tables.

這些陳述屬於初步預測，Allot 無法保證其一定會發生。Allot 不承擔更新該等資訊的任何義務。實際事件或結果可能與預測存在重大差異，原因包括市場趨勢變化、Allot 客戶服務推出延遲、需求下降，以及資安服務產業的競爭性等，亦包括公司向美國證券交易委員會（SEC）提交文件中所識別的其他風險。此外，本次電話會議中的財務結果將主要以非 GAAP 基礎呈現。Allot 認為，這些非 GAAP 財務衡量指標可提供更一致且更具可比性的衡量方式，協助投資人理解 Allot 本季的營運表現。所有數據請參閱今日稍早發布之業績新聞稿中的財務表格，其中亦包含 GAAP 與非 GAAP 的調節表。

And with that, I would now like to hand the call over to Eyal Harari, CEO of Allot. Eyal, please go ahead.

接下來，我將把電話交給 Allot 執行長 Eyal Harari。Eyal，請開始。

Thank you, Kenny. We delivered a strong fourth quarter, concluding a year of accelerated revenue growth, significant expansion in cybersecurity ARR and solid improvements in profitability and operating cash flow. In 2025, we returned to double-digit year over year revenue growth, reaching $102 million, up 11% versus 2024. We reported our highest level of profit and cash flow in over a decade, reflecting a significant step-up in operating leverage and demonstrating the scalability of our business model. Our primary driver of growth, our Cybersecurity as a Service offering continues to scale rapidly and is increasingly driving the quality and predictability of our revenue base.

謝謝你，Kenny。我們交出強勁的第四季表現，為全年加速的營收成長、網路資安 ARR 的顯著擴張，以及獲利能力與營運現金流的穩健改善畫下句點。2025 年，我們重回兩位數的年增營收成長，達到 1.02 億美元，較 2024 年成長 11%。我們創下逾十年來最高的獲利與現金流，反映營運槓桿顯著提升，並展現我們商業模式的可擴展性。作為我們主要成長動能的「資安即服務」方案持續快速擴張，並日益提升我們營收基礎的品質與可預測性。

As of year-end 2025, the ARR was up 69% year over year, and we continue to experience very strong traction. Recurring revenue continued to grow as share of total revenue and increased to 28% of revenues for the fourth quarter, underlying our transition towards a structurally recurring and more resilient revenue model.

截至 2025 年底，ARR 年增 69%，我們持續看到非常強勁的市場動能。經常性收入占總營收比重持續提升，第四季已增至營收的 28%，凸顯我們正轉型為結構性經常性、且更具韌性的營收模式。

For the full year, recurring revenue representing 62% of total revenue, significantly enhancing our revenue visibility. We ended the year with the strongest balance sheet in many years with over $88 million in cash and no debt, providing strategic flexibility to invest in growth initiatives while maintaining financial discipline. Overall, our results illustrate the success of our go-to-market focus and the power of our Cybersecurity-first strategy.

就全年而言，經常性收入占總營收的 62%，大幅提升我們的營收能見度。我們以多年來最強健的資產負債表結束年度，現金超過 8,800 萬美元且無負債，使我們在維持財務紀律的同時，具備投資成長計畫的策略彈性。整體而言，我們的成果展現了市場推進（go-to-market）聚焦的成功，以及「資安優先」策略的力量。

At the start of 2025, I laid out Allot's strategy for renewed growth. We are focused on being a cybersecurity-first company operating globally under a unified business unit with a proven synergetic capabilities of cybersecurity and network intelligence. Our success in 2025 demonstrates that this strategy is working.

在 2025 年初，我提出 Allot 重啟成長的策略。我們聚焦成為一家資安優先、以單一事業單位在全球營運的公司，並具備已驗證的資安與網路智慧之協同能力。我們在 2025 年的成功證明這項策略正在奏效。

We believe our integrated cybersecurity and network intelligence solutions uniquely position us within the service provider ecosystem. Our subscription-based cybersecurity offering as a service generates recurring monthly revenue and provide us with good visibility. The pipeline of new potential business continues to be strong, and our offering is gaining broad traction.

我們相信，我們整合式的資安與網路智慧解決方案，使我們在服務供應商生態系中具備獨特定位。我們以訂閱制提供的資安即服務可帶來每月經常性收入，並提供良好的能見度。新潛在業務的管線仍然強勁，我們的方案正獲得廣泛採用。

The growth from cybersecurity as a Service offering is built on four pillars. First, we constantly are working to expand the number of CSPs and telcos that we work with to launch cybersecurity protection. Every new CSP we partner with immediately expand our addressable market as it brings us a large, new customer base. We recently reported the Compax Venture selected us as a cybersecurity partner, enabling its brands and community-based MVNO customers to differentiate their services with built-in cybersecurity powered by our solution. This partnership significantly enhanced the value proposition that these MVNOs offer to their customers and opens for us another scalable avenue of recurring revenue, extending our reach into new customer segments and use cases.

資安即服務的成長建立在四大支柱之上。第一，我們持續擴大合作的 CSP 與電信業者數量，以推出資安防護。每新增一家合作的 CSP，便能立即擴大我們的可服務市場，因為它為我們帶來龐大且全新的客戶基礎。我們近期宣布 Compax Venture 選擇我們作為其資安合作夥伴，使其旗下品牌與社群型 MVNO 客戶能以我們解決方案所驅動的內建資安來差異化其服務。此合作顯著提升這些 MVNO 提供給其客戶的價值主張，並為我們開啟另一條可擴展的經常性收入途徑，將觸角延伸至新的客群與使用情境。

The second pillar, after launch, we expand our services to new end user segments at the CSP or telco, for example, from broadband to mobile customers. Third, we focus on growing penetration of our cybersecurity protection services among our end users by partnering with the customer to market the solution and ensure those subscribers understand the significant added protection they will get at the marginal increase to the monthly bill.

第二個支柱是在上線後，我們將服務擴展至該 CSP 或電信業者的其他終端用戶族群，例如從寬頻客戶延伸至行動客戶。第三，我們著重提升終端用戶對資安防護服務的滲透率，透過與客戶共同推廣解決方案，並確保訂戶理解在每月帳單僅小幅增加的情況下，將獲得顯著的額外防護。

And finally, fourth, we look to upsell new applications and product to customers. As part of this strategy, we recently released our off-net solution, an example of a product with significant value added because it ensures that the end user can remain connected and protected to the CSPs or telcos even when the end user is not on their network. These innovations enable our customers to introduce high-tier security plans to their subscribers, increasing ARPU and driving incremental recurring revenue for both the operator and Allot. We have already upsell this product to both existing and new customers.

最後第四，我們致力於向客戶加售（upsell）新的應用與產品。作為此策略的一部分，我們近期推出 off-net 解決方案；這是一項具顯著附加價值的產品，因為它可確保終端用戶即使不在其 CSP 或電信業者的網路上，也能保持連線並受到保護。這些創新使我們的客戶能向其訂戶推出高階資安方案，提高 ARPU，並為營運商與 Allot 雙方帶來額外的經常性收入。我們已將此產品加售給既有與新客戶。

Looking ahead to 2026, as cybersecurity threats continue to intensify, we remain focused on protecting the consumer and SMB markets, segments that we believe remain underserved by traditional security solution. Our ambition is to evolve from providing 360 degrees protection of data to delivering 360 degrees protection of the digital life of the consumer. This expands security beyond networks and devices to the individual encompassing identity protection, scam prevention and AI-driven security services. This vision reflects how we see consumer cybersecurity evolving over time and is supported by a pipeline of new AI-enabled products that we have been developing for over a year, strengthening our competitiveness and long-term differentiation.

展望 2026 年，隨著資安威脅持續升高，我們仍聚焦保護消費者與中小企業（SMB）市場；我們認為這些區隔仍未被傳統資安解決方案充分服務。我們的目標是從提供資料的 360 度防護，進一步演進為提供消費者數位生活的 360 度防護。這將把安全防護從網路與裝置擴展到個人層面，涵蓋身分防護、詐騙防制與 AI 驅動的資安服務。此願景反映我們對消費者資安長期演進方向的看法，並由我們已開發逾一年的新一代 AI 賦能產品管線所支持，進一步強化我們的競爭力與長期差異化。

AI is fundamentally reshaping the cybersecurity landscape. Attackers are increasingly using AI to operate at greater scale, speed, precision and personalization. At the same time, enterprises and consumer are rapidly adopting AI-driven application, introducing new and often unmanaged attack surface. This shift requires rethinking of traditional security approach. AI-enabled world must be proactive, seamless embedded into the everyday digital usage and require minimal to no end-user configuration.

AI 正從根本上重塑資安版圖。攻擊者正日益運用 AI，以更大的規模、更快的速度、更高的精準度與更強的個人化來發動攻擊。與此同時，企業與消費者正快速採用 AI 驅動的應用，帶來新的、且往往未被妥善管理的攻擊面。這種轉變要求我們重新思考傳統的資安方法。在 AI 賦能的世界中，資安必須是主動式、可無縫嵌入日常數位使用情境，並且需要極少甚至不需要終端用戶設定。

Our Cybersecurity as a Service platform already delivers real-time zero effort protection, providing scalable, always-on security that evolves in step with rapidly advancing AI-driven threats. In parallel, we are actively leveraging the latest AI technology to further enhance our solutions, addressing current risk while anticipating emerging AI-powered threats. The significant global investment in AI infrastructure is creating a growing need for advanced cybersecurity protections, and it is a meaningful opportunity for Allot.

我們的資安即服務平台已提供即時、零負擔（zero effort）的防護，提供可擴展、全天候運作的安全性，並能隨著快速演進的 AI 驅動威脅同步進化。同時，我們也正積極運用最新的 AI 技術進一步強化解決方案，在因應當前風險的同時預判新興的 AI 驅動威脅。全球對 AI 基礎設施的大量投資正帶動對先進資安防護的需求成長，這對 Allot 而言是一項重要機會。

Within the SMB segment, we are executing aggressively to deliver more competitive end-to-end security solutions. We believe the small and midsized business market remains underserved in the cybersecurity landscape and that delivering protection via the network is the most effective approach. We now offer immense protection beyond the business network with OffNetSecure, have launched Firewall as a Service, which is already live and deployed, and we introduced DDoS protection for SMBs, enabling protection of inbound traffic, not just outbound. In addition, we expanded into identity with domain-level identity theft monitoring, helping SMB protect the digital identity of all the users across the organization. Together, these capabilities bring enterprise-grade security to SMB through a simple cloud-delivered model.

在中小企業（SMB）市場區隔中，我們正積極執行，以提供更具競爭力的端到端資安解決方案。我們相信，在網路資安版圖中，中小企業市場仍然未被充分服務，而透過網路提供防護是最有效的方法。我們現在透過 OffNetSecure 提供超越企業網路的強大防護，已推出並上線部署「防火牆即服務」（Firewall as a Service），並為中小企業導入 DDoS 防護，使其能夠保護入站流量，而不僅是出站流量。此外，我們也擴展至身分領域，提供網域層級的身分盜用監控，協助中小企業保護組織內所有使用者的數位身分。綜合而言，這些能力透過簡單的雲端交付模式，為中小企業帶來企業級資安。

Today, our Smart product is sold as part of our unified cybersecurity first platform with its best-in-class technology continue to drive strong demand. We are executing on recently won projects, including SG Tera redeployments and upgrades while continuing to invest to maintain our technology leadership. Interest in the SG Tera platform remains strong, supported by the healthy pipeline from both existing customers upgrading and new customer wins.

目前，我們的 Smart 產品作為我們統一的「資安優先」平台的一部分進行銷售，其同級最佳的技術持續帶動強勁需求。我們正執行近期贏得的專案，包括 SG Tera 的重新部署與升級，同時持續投資以維持技術領先地位。在既有客戶升級與新客戶得標所帶來的健康商機管道支持下，市場對 SG Tera 平台的興趣仍然強勁。

We were recently selected by a Tier 1 telecom provider in Asia in a multiyear deal worth high-single-digit millions to deploy our network intelligence solution. This deployment will enable the operator to gain detailed application level visibility into network traffic and extract actionable insights. This follows our largest customer win in over five years, a tens of millions of dollar agreement signed last year with a Tier 1 operator in the EMEA region. The deals include a long-term recurring maintenance and support component, underscoring the strength of our cybersecurity first strategy. Together, these two deals provide increased revenue visibility with Smart product revenues expected to be recognized in 2026 and 2027.

我們近期獲亞洲一家第一級（Tier 1）電信業者選用，簽訂一項多年期合約，金額達數百萬美元的高個位數，用於部署我們的網路智慧解決方案。此部署將使該營運商能在網路流量中取得細緻的應用層級可視性，並萃取可採取行動的洞察。這也延續了我們五年多來最大的一筆客戶得標：去年與 EMEA 地區一家第一級營運商簽署的數千萬美元協議。這些交易包含長期、可重複的維護與支援收入組成，凸顯我們「資安優先」策略的強勁力道。綜合這兩筆交易，將提升營收能見度，預期 Smart 產品營收將於 2026 年與 2027 年認列。

Looking ahead, we have a pipeline of solid opportunity for Smart. While SECaaS is our primary growth engine, the recent multimillion-dollar project wins reinforce Smart's role in providing multiyear revenue visibility and supporting the overall profitability with potential upside depending on the project conversion timing. We continue to invest in marketing and sales. These investments are focused on strengthening our go-to-market capabilities, supporting new product launches and driving demand across both service providers and enterprise segments. As part of this effort, we will be participating in major industry events in the coming months.

展望未來，我們在 Smart 方面擁有穩健的商機管道。雖然 SECaaS 是我們主要的成長引擎，但近期數百萬美元等級的專案得標，強化了 Smart 在提供多年期營收能見度、並支撐整體獲利能力方面的角色；其上行空間則取決於專案轉換時點。我們持續投資於行銷與銷售。這些投資聚焦於強化我們的市場進入（go-to-market）能力、支援新產品上市，並推動服務供應商與企業兩大市場區隔的需求。作為此努力的一部分，我們將在未來幾個月參與主要產業活動。

In a few weeks, we will attend Mobile World Congress in Barcelona, where we plan to meet with many of our existing and new potential customers and partners and showcase our latest product and services. We will also participate in the RSA Conference in March, one of the leading global cybersecurity conferences. At RSA, we will demonstrate our cybersecurity solution and capabilities. Our goal is to generate increased traction with new potential customers interested in our Cybersecurity as a Service offering.

幾週後，我們將出席在巴塞隆納舉行的世界行動通訊大會（Mobile World Congress），計畫與許多既有及潛在新客戶與合作夥伴會面，並展示我們最新的產品與服務。我們也將於三月參與 RSA 大會（RSA Conference），這是全球領先的資安會議之一。在 RSA 大會上，我們將展示我們的資安解決方案與能力。我們的目標是與對我們「資安即服務」（Cybersecurity as a Service）產品有興趣的潛在新客戶，取得更高的市場牽引力。

In summary, we are pleased with our 2025 performance, highlighted by the strong fourth quarter, double-digit revenue growth, improved profitability and cash flow and a significantly strengthened balance sheet. We believe 2025 mark for Allot a structural transition to a more scalable and profitable growth model, driven by our differentiated security first strategy and expanding recurring revenue base.

總結而言，我們對 2025 年的表現感到滿意，亮點包括強勁的第四季、營收雙位數成長、獲利能力與現金流改善，以及資產負債表顯著強化。我們相信，2025 年標誌著 Allot 結構性轉型至更具可擴展性且更高獲利的成長模式，動能來自我們差異化的「資安優先」策略與持續擴大的經常性收入基礎。

Given the continued growth in our cybersecurity business, strong visibility and solid backlog, our momentum is set to continue in 2026. We expect SECaaS to continue delivering strong double-digit ARR growth, increasing its contribution to the total revenue and driving overall revenue growth in 2026 to between $113 million and $117 million alongside continued profitability improvements. Overall, I'm increasingly optimistic about Allot's future and excited to continue executing on our cybersecurity first strategy.

鑑於我們資安業務持續成長、能見度強以及穩健的在手訂單，我們的動能可望延續至 2026 年。我們預期 SECaaS 將持續帶來強勁的 ARR 雙位數成長，提高其對總營收的貢獻，並推動 2026 年整體營收成長至 1.13 億至 1.17 億美元，同時持續改善獲利能力。整體而言，我對 Allot 的未來愈發樂觀，也很期待持續推進我們的「資安優先」策略。

And now I would like to hand it over to our CFO, Liat Nahum, for the financial summary.

接下來我想把時間交給我們的財務長 Liat Nahum，進行財務摘要。

Thanks, Eyal. Revenue in the fourth quarter were $28.4 million, up 14% year over year. Revenue from our growth engine, Cybersecurity as a Service were $8.1 million in the quarter, up 70% year over year and comprising 28% of our revenue in the quarter. Cybersecurity as a Service ARR as of December 2025 was $30.8 million, up 69% year over year.

謝謝你，Eyal。第四季營收為 2,840 萬美元，年增 14%。來自我們成長引擎「資安即服務」（Cybersecurity as a Service）的季度營收為 810 萬美元，年增 70%，占本季營收的 28%。截至 2025 年 12 月，「資安即服務」ARR 為 3,080 萬美元，年增 69%。

For the year, total revenue was $102 million, up 11% versus $92.2 million last year, with Cybersecurity as a Service up to $26.8 million, representing 26% of our overall revenue. We finished 2025 with more than 60% of our total revenue being recurring revenue. I will now discuss the non-GAAP financial measures.

全年總營收為 1.02 億美元，較去年的 9,220 萬美元成長 11%；其中「資安即服務」增至 2,680 萬美元，占整體營收的 26%。我們在 2025 年結束時，總營收中超過 60% 為經常性收入。接下來我將說明非 GAAP 財務衡量指標。

For all our financial results, including the GAAP financial measures and the other various breakdowns of our revenue, please refer to the table in our results press release. Non-GAAP gross margin in the quarter was 71.9% compared with 69.7% in the fourth quarter of last year. Non-GAAP gross margin for the full year 2025 was 72% compared with 70.6% for the full year of 2024.

關於我們所有財務結果（包含 GAAP 財務衡量指標）以及營收的其他各項拆分，請參閱我們業績新聞稿中的表格。本季非 GAAP 毛利率為 71.9%，相較去年第四季的 69.7%。2025 年全年非 GAAP 毛利率為 72%，相較 2024 年全年的 70.6%。

Non-GAAP operating expenses were $16.8 million compared with $15.6 million in the fourth quarter of last year. Non-GAAP operating expense for the full year of 2025 were $64.5 million, similar to $64.4 million for the full year of 2024. We reported Q4 non-GAAP operating income of $3.6 million, up 101% compared with $1.8 million in Q4 2024. Non-GAAP operating income for the full year 2025 were $8.9 million, a significant improvement compared with $0.6 million for the full year of 2024. Allot had 490 full-time employees as of December 31, 2025.

本季非 GAAP 營業費用為 1,680 萬美元，較去年第四季的 1,560 萬美元增加。2025 年全年非 GAAP 營業費用為 6,450 萬美元，與 2024 年全年的 6,440 萬美元相近。我們第四季非 GAAP 營業利益為 360 萬美元，較 2024 年第四季的 180 萬美元成長 101%。2025 年全年非 GAAP 營業利益為 890 萬美元，較 2024 年全年的 60 萬美元大幅改善。截至 2025 年 12 月 31 日，Allot 全職員工人數為 490 人。

Non-GAAP net income was $4.1 million in the quarter or a profit of $0.08 per diluted share, up 105% compared with $2 million in Q4 2024 or a profit of $0.05 per diluted share. Non-GAAP net income for the full year 2025 was $10.9 million or a profit of $0.23 per diluted share compared with $1.6 million in 2024 or $0.04 per diluted share. We reported $8.1 million in positive operating cash flow in the fourth quarter and $17.8 million positive operating cash flow for the full year of 2025. Significantly improving our liquidity position and demonstrating the cash-generating nature and potential of our business model. Cash, bank deposits and investments as of December 31, 2025, totaled $88 million versus $59 million as of December 31, 2024. As of year-end 2025, Allot has no debt.

本季非 GAAP 淨利為 410 萬美元，或稀釋後每股盈餘 0.08 美元，較 2024 年第四季的 200 萬美元（或稀釋後每股盈餘 0.05 美元）成長 105%。2025 年全年非 GAAP 淨利為 1,090 萬美元，或稀釋後每股盈餘 0.23 美元，相較 2024 年的 160 萬美元（或稀釋後每股盈餘 0.04 美元）。我們第四季營運現金流為正 810 萬美元，2025 年全年營運現金流為正 1,780 萬美元。這顯著改善了我們的流動性狀況，並展現我們商業模式的現金創造特性與潛力。截至 2025 年 12 月 31 日，現金、銀行存款及投資合計為 8,800 萬美元，較 2024 年 12 月 31 日的 5,900 萬美元增加。截至 2025 年底，Allot 無負債。

Looking ahead to 2026. As mentioned in previous quarters, our non-GAAP gross margin depends on the specific product mix sold in the quarter. Our expectations for gross margin in the coming year is in the range of 70% as it has been in the previous years. Significant spending on AI data centers has created a sharp increase in demand and supply constraints for key components such as memory and servers.

展望 2026 年。如前幾季所提，我們的非 GAAP 毛利率取決於當季銷售的特定產品組合。我們對來年毛利率的預期約在 70% 的區間，與過去幾年相同。AI 資料中心的大量支出，已使記憶體與伺服器等關鍵零組件的需求大幅上升並造成供應受限。

While we are actively managing our supply chain and cost structure, we expect this industry-wide trend to contribute to cost of goods pressure in the near term. As for operating expenses, we expect an increase in our sales and marketing expenses as we invest in sales and building our pipeline for the next three years. We also expect a modest increase in R&D expenses as we continue to invest in developing our products. In addition, since the beginning of Q3, the US dollar weakened significantly versus the Israeli shekels.

雖然我們正積極管理供應鏈與成本結構，但我們預期這項全產業趨勢在短期內將對銷貨成本帶來壓力。至於營業費用，我們預期銷售與行銷費用將增加，因為我們將投資於銷售並為未來三年建立商機管道。我們也預期研發費用將小幅增加，因為我們持續投資於產品開發。此外，自第三季初以來，美元兌以色列謝克爾顯著走弱。

Given the fact that our headquarters are in Israel, we have significant operating expenses in shekel. Although we are hedging part of that expense exposure for 2026, the negative effect of this weaker dollar has been included in our profitability projections for 2026. Despite this FX and cost of hardware challenges, as Eyal noted, we are seeing strong traction with our security-first strategy that integrates cybersecurity and network intelligence, and we are forecasting double-digit revenue growth in 2026, driving revenues to between $113 million and $117 million. We also expect to drive continued profitability improvement. That ends my summary.

鑑於我們的總部位於以色列，我們有相當可觀的營運費用以謝克爾計價。雖然我們已就 2026 年的部分費用曝險進行避險，但美元走弱所帶來的負面影響已納入我們對 2026 年的獲利預測之中。儘管面臨此外匯與硬體成本的挑戰，如 Eyal 所提到的，我們看到以整合資安與網路智慧的「安全優先」策略正獲得強勁動能；我們預測 2026 年營收將呈現兩位數成長，推動營收達到 1.13 億至 1.17 億美元之間。我們也預期將持續推動獲利能力改善。以上是我的摘要。

Eyal and I are now happy to take your questions.

Eyal 和我現在很樂意回答各位的提問。

(Operator Instructions) Jonathan Ho, William Blair.

(接線員指示) Jonathan Ho，William Blair。

Hi. Congratulations on the strong results and guidance. I just wanted to see if you could give us a little bit of additional detail on maybe what drove the strength in the SECaaS business this quarter as well as any additional detail on your comments about robust double-digit ARR growth in 2026. Is there any way you can maybe triangulate that for us in terms of what that ARR growth could look like?

嗨。恭喜本季表現與財測指引都很強勁。我想請教能否再多提供一些細節：本季 SECaaS 業務的強勁表現主要是由哪些因素帶動？以及你們提到 2026 年 ARR 將有強勁的兩位數成長，能否再補充一些細節？是否有辦法從不同角度幫我們推估一下，這個 ARR 成長可能會呈現什麼樣的樣貌？

Thank you, Jonathan. The results in the quarter for the SECaaS ARR were definitely strong and above our expectations. This was based on the very good adoption rates we see for the security services we already have launched with our customers. We announced in the last four quarters, multiple wins between Verizon and Vodafone and adding the new wins in MasMovil in Panama and additional services that were launched with new and existing customers.

謝謝你，Jonathan。本季 SECaaS ARR 的表現確實非常強勁，且高於我們的預期。這主要來自我們已向客戶推出之資安服務所呈現的非常良好的採用率。在過去四個季度，我們宣布了多項勝出案，包括 Verizon 與 Vodafone 的多個案子，並新增了在巴拿馬 MasMovil 的新勝出案，以及與新舊客戶推出的額外服務。

This expanded our addressable market. And we see that the traction for the security service continues to be strong and therefore, deliver this increased ARR number and revenue.

這擴大了我們的可服務市場。我們看到資安服務的動能仍然強勁，因此帶動 ARR 與營收的提升。

As for next year, we are just in the beginning of the year. We are still seeing that the demand is very high for our security services. And we are expecting, as we said, robust double-digit growth, which means we are -- while our revenue for the total company is double digit in about 13% to 14% in the midpoint, we are expecting the SECaaS ARR to be much higher than that.

至於明年，我們才剛開始進入年度初期。我們仍看到對我們資安服務的需求非常高。我們預期如先前所說，將有強勁的兩位數成長；也就是說，雖然公司整體營收在中位數約為 13% 到 14% 的兩位數成長，但我們預期 SECaaS ARR 的成長將遠高於此。

While we don't have exact number to share in this stage, we believe it will be significantly strong. And this is why most of the growth for the year will come from the SECaaS ARR. The SECaaS ARR, just as a last comment, as you saw, was just passed one-fourth of our total revenue. So it starts to be affecting our total revenue with that increase.

雖然此階段我們沒有可分享的精確數字，但我們相信其表現將顯著強勁。因此，今年大部分的成長將來自 SECaaS ARR。最後補充一點，正如各位所見，SECaaS ARR 已剛超過我們總營收的四分之一。因此，隨著其增加，開始對我們的總營收產生影響。

Excellent. And then just in terms of your opportunity with the MVNOs, can you talk a little bit about what that could mean in terms of unlocking additional total addressable market? How long it takes for that partnership to maybe translate into revenue and bookings? Yeah. Just help us with a little bit more detail there.

很好。另外，關於你們在 MVNO 的機會，能否談談這在開拓額外的總可服務市場（TAM）方面可能代表什麼意義？這類合作通常需要多久才可能轉化為營收與訂單？是的。請再多提供一些細節。

So I will start with the general comment about the MVNO market. We identified that our cybersecurity as an add-on is a unique value proposition. While we started focusing on the MNOs, the network providers, we identified that if we target MVNOs that are coming with a unique business proposition, this might make a lot of sense because they are typically looking for a differentiator. And we are working to offer different MVNOs to add cyber to their base package. And by that come with a more secure network proposition.

我先就 MVNO 市場做一個概括性的說明。我們認為將網路資安作為加值服務是一個獨特的價值主張。雖然我們一開始聚焦於 MNO（網路營運商／網路提供者），但我們發現若鎖定具備獨特商業主張的 MVNO，可能非常合理，因為他們通常在尋找差異化。因此我們正與不同 MVNO 合作，讓他們能在其基本方案中加入資安。藉此提供更安全的網路主張。

They are typically not differentiated by the network quality or the big network provider brand like the Verizon or the Vodafone. And we believe cybersecurity could be a nice differentiator. The partnership with Compax, which is an enabler to an MVNO launch is around embedded our security in their infrastructure, which makes it easier to the MVNOs to launch new services. We are currently targeting two new MVNOs that are about to launch during Q2 that the cybersecurity will be embedded in their offering. It's hard to know the exact influence because it's -- our success is relied on their success.

他們通常不會因網路品質或像 Verizon、Vodafone 這類大型網路提供者品牌而形成差異化。我們相信資安可以成為一個很好的差異化因素。與 Compax 的合作（Compax 是協助 MVNO 啟動的賦能者）主要是把我們的資安能力嵌入其基礎架構，讓 MVNO 更容易推出新服務。我們目前鎖定兩家預計在第二季推出的新 MVNO，其產品將內建資安功能。影響程度很難精確判斷，因為——我們的成功取決於他們的成功。

We know they are targeting into going to millions of new subscribers, and therefore, it could be significant, but we really are dependent on their success in the market, and it's very hard for us to assess it internally at Allot. So overall, we believe it's a new seed we planted that might evolve into something bigger over time. It's not going to influence in the next couple of quarters.

我們知道他們的目標是發展到數百萬新用戶，因此潛在影響可能相當可觀；但我們確實依賴他們在市場上的成功，對 Allot 內部而言也很難評估。整體而言，我們認為這是一顆新種下的種子，可能隨時間演變成更大的機會。它不會在接下來幾個季度產生影響。

But over time, with their subscriber growth and their new network launch, this is another addition to the mix. And we are hoping that following the successful two new MVNOs, we will be able to continue to market to additional MVNOs across the world.

但隨著他們的用戶成長與新網路的啟動，長期來看這會成為組合中的另一項增量。我們也希望在這兩家新 MVNO 成功之後，能持續向全球更多 MVNO 推廣。

Nehal Chokshi, Northland.

Nehal Chokshi，Northland。

Congrats on the great results, fantastic cash from operations. On the SECaaS ARR, you've already given a lot of color here on the qualitative drivers. Could you remind us a year ago, you, I believe, described also in a somewhat nebulous way your SECaaS ARR expectations of double digit.

恭喜取得很棒的成果，營運活動現金流也非常出色。關於 SECaaS ARR，你們已就定性驅動因素提供了很多說明。能否提醒我們，一年前你們我記得也以某種較為概括的方式描述過對 SECaaS ARR 的兩位數成長預期。

And I guess this is additional characterization from robust ARR -- SECaaS ARR growth. So the first question here is, is the wording intentionally more positive than a year ago?

而我想這次又進一步用「強勁」來形容 ARR——SECaaS ARR 的成長。所以第一個問題是：這個用詞是否刻意比一年前更正面？

I don't want anyone to speculate. We do see good demand for the solution. We are giving the visibility we have as we shared before, we are dependent on when we will bring the new customer wins, when there's new wins will be launched and go to market and the timing of those launches are not always in our control and also different marketing campaigns that our customers are having. We believe that the overall strong growth will continue, and this is reflected in our overall top line growth. And we will share more visibility as the quarter progress, and we have more certainty and clarity on service launches.

我不希望任何人做過度揣測。我們確實看到對該解決方案有良好需求。我們提供的是目前所能掌握的能見度；如同先前分享的，我們仍取決於何時能取得新客戶勝出案、這些新勝出案何時會上線並推向市場，而這些上線時點並不總是在我們掌控之中；此外也取決於客戶所進行的不同市場行銷活動。我們相信整體的強勁成長將會延續，這也反映在我們整體營收成長上。隨著季度推進、我們對服務上線有更高的確定性與清晰度時，我們會分享更多能見度。

I would say that a significant part of our growth is coming from services that are already launched and already in the market. And we don't see any reason why this should not continue to drive strongly.

我會說，我們成長的相當一部分來自已經上線、且已在市場上的服務。我們看不出有任何理由使其無法持續帶來強勁推動力。

Okay. And then as far as the sequencing of incremental ARR as we go through calendar '26 by quarter, what are your initial thoughts on what that profile would most likely look like? I understood that there's a lot of uncertainty still.

了解。另外，就 2026 年曆年期間按季度來看，新增 ARR 的節奏會是如何？你們目前初步認為最可能呈現什麼樣的輪廓？我理解目前仍有很多不確定性。

So again, we are looking for strong double digit. If you compare to where we are and you see the incremental growth quarter-by-quarter, you can see that we are progressing very well. And even if you just take Q4 number, compared to where we were in Q1, you'll see an increase. We believe that the incremental revenue and also incremental ARR to be in the same range. But as mentioned, this all depends on the go-to-market campaigns of our customers, which can bring us to even higher numbers as we see some strong campaigns going on in the market for the beginning of the year.

所以再次強調，我們目標是強勁的兩位數成長。如果你把目前的水準與逐季的增量成長相比，你會看到我們進展得非常好。即使只看第四季的數字，與第一季相比也能看到增加。我們相信增量營收以及增量 ARR 會落在相近的區間。但如前所述，這一切仍取決於客戶的市場推廣（go-to-market）活動；若我們看到年初市場上有一些強勁的活動進行中，這也可能把數字推升到更高。

And we will know more once we see the results coming in from the campaigns that are undergoing now and to see how they are successful. On the first quarter, we are not -- we are building mostly on what we already have launched. And this is the shorter-term growth as we described in the different growth pillars. And when we go down into the year, we are relied on additional service launches that will drive additional growth to the second part of year. So overall, we are very confident about our SECaaS opportunity this year.

而且一旦我們看到目前正在進行的行銷活動結果回來，並了解其成效，我們就會知道更多。第一季我們不會——我們主要是在既有已推出的基礎上持續推進。這就是我們在不同成長支柱中所描述的較短期成長。而隨著年度往下走，我們將仰賴額外的服務上線，帶動下半年進一步成長。因此整體而言，我們對今年的 SECaaS 機會非常有信心。

Okay. Great. Last question for me is that in the beginning part of your prepared remarks, you talked about a new SKU already being adopted by existing customers. Can you just give a little bit more detail around that?

好的。很好。我最後一個問題是，在你們事先準備的發言開頭部分，你提到一個新的 SKU 已經被既有客戶採用。你能否就此提供更多細節？

I mentioned the OffNet product that last quarter, we announced the first customer win since we are continuing to work with both our existing and new customers to add this OffNet security component. While our key differentiator is that our security is embedded with the network, we identified additional demand for customers that they want to keep the same best-in-class protection even when they are not on the home network of their customer or their carrier. So if I am now moving from a cellular connectivity to a WiFi, I want to make sure that I don't lose the same high level of protection. And this is where the off-net protection step in.

我提到的是 OffNet 產品；上季我們宣布了第一個客戶得標，因為我們持續與既有及新客戶合作，加入這個 OffNet 的資安元件。雖然我們的關鍵差異化在於資安與網路深度整合（embedded with the network），但我們也辨識到客戶有額外需求：即使不在其客戶或其電信商的主網路上，也希望維持同樣的同級最佳防護。因此，如果我現在從行動網路連線切換到 WiFi，我希望確保不會失去同樣高等級的防護；這就是 off-net 防護發揮作用的地方。

This is an increased value that helps our customers to increase the revenue from the security package. It's like a higher deal of security. And by that is another revenue generator for Allot.

這是一種提升價值，能幫助我們的客戶提高資安套裝的營收；就像是更高階的資安方案。而這也成為 Allot 的另一個營收驅動來源。

As I also added, we are adding additional new products that are being launched as we speak. We are going to share more information as part of the product launch campaign to further increase and add more cybersecurity protections and capabilities that will add into our upsell, cross-sell growth opportunity and drive the shorter and midterm growth for the company.

如我也補充的，我們正在新增其他新產品，並且此刻正陸續推出。我們會在產品上市推廣活動中分享更多資訊，進一步提升並新增更多網路資安防護與能力，納入我們的加購（upsell）、交叉銷售（cross-sell）成長機會，並帶動公司短期與中期成長。

Shaul Eyal, TD Cowen.

Shaul Eyal，TD Cowen。

Congrats on completing a very solid year. Eyal, one of the topics (inaudible) in recent weeks is whether AI is hitting software. And in that context, the more resilient cyber arena was not immune to sharp stock declines, although a lot shares showed great stability. Talk to us about what your customers are telling you in that context as you drive a different model than other pure security companies? And I have a follow-up.

恭喜完成非常穩健的一年。Eyal，近幾週其中一個話題是 AI 是否正在衝擊軟體。在這樣的背景下，較具韌性的資安領域也未能免於股價大幅下跌，儘管 Allot 的股價展現了很好的穩定性。在你們採用與其他純資安公司不同的模式之下，談談客戶在這方面對你們說了什麼？我還有一個追問。

Thank you, Shaul. So we do see that AI is increasing the awareness of the cybersecurity threat. I remind we are focusing on the lower-tier customers, the consumer and the SMBs that are typically more open market for cybersecurity. So most of us as consumers and small business owners are still very much unprotected and the awareness is much lower compared to where other enterprise customers are.

謝謝你，Shaul。我們確實看到 AI 正在提高對網路資安威脅的認知。我提醒一下，我們聚焦在較低階客群，也就是消費者與中小企業（SMB），這些通常是網路資安更開放的市場。因此，我們大多數人作為消費者與小企業主，仍然在很大程度上缺乏防護；相較於其他企業級客戶，這些族群的認知也低得多。

We see that it's easier to explain consumers that cyber threat is real and the whole buzz around AI and with all the good that it brings, but also the cybersecurity hazards that are created by it. This is something that we believe overall increase the demand and helps carriers to sell more cybersecurity protection in Israel, we see some commercial ads that are targeting for this audience. And this is why we believe that this will drive our demand for our product. And the beauty is that it comes from the network, and therefore, it's always on embedded in the solution and provide you a more secured service.

我們看到，向消費者解釋網路威脅是真實存在的變得更容易；圍繞 AI 的各種熱潮，除了帶來許多好處，也帶來其所造成的網路資安風險。我們相信這整體上會提升需求，並幫助電信商在以色列銷售更多網路資安防護；我們也看到一些商業廣告正針對這類受眾。因此我們相信，這將帶動對我們產品的需求。而其優勢在於它來自網路端，因此解決方案中永遠是開啟且內建（embedded）的，能提供你更安全的服務。

Eyal, maybe talk to us about progress at Verizon, maybe as an example. And how do you envision any potential upsells you haven't seen previously? In other words, how long does it take you to penetrate one of those CPSs and then start and upsell new capabilities that, for example, were not under the master agreement. Just curious.

Eyal，也許以 Verizon 為例，跟我們談談進展？以及你如何看待任何你們過去尚未看到的潛在加購？換句話說，你們要花多久才能滲透其中一家 CSP，然後開始加購新的能力——例如先前不在主合約（master agreement）之下的能力？只是好奇。

So obviously, working with CSP is a long sales cycle. The beauty is that once you are working with the CSP and once you show you are a trusted partner and you already have the contractual framework, the sales cycle is typically shorter. And we definitely demonstrate that in past expansions, even with Verizon that we, in the past -- in the middle of last year, announced the expansion from -- moving from the protecting the fixed wireless access to protecting the mobile business customers.

很明顯，與 CSP 合作的銷售週期很長。優勢在於，一旦你已經與 CSP 合作、證明你是可信賴的夥伴，且已具備合約架構，銷售週期通常會更短。我們在過去的擴張案中確實展現了這點；即使以 Verizon 為例，我們在去年年中宣布擴張——從保護固定無線接入（fixed wireless access）擴展到保護行動端的企業客戶（mobile business customers）。

Without getting into specific opportunities with specific customers, I would say that definitely those new additions of the OffNet, as mentioned, and the other new cyber protection engines that I shared on the prepared remarks, these are creating opportunity with our installed base to further enhance our revenue and ARR from those customers.

在不談特定客戶的具體機會下，我會說，正如先前提到的 OffNet 新增項目，以及我在事先準備發言中分享的其他新網路資安防護引擎，這些都正在為我們的既有客戶基礎創造機會，進一步提升我們來自這些客戶的營收與 ARR（年度經常性收入）。

Jonathan Ruykhaver, Cantor Fitzgerald.

Jonathan Ruykhaver，Cantor Fitzgerald。

So the question I have -- the first question I have is just around the opportunity you're seeing from Sandvine. From what I've read, it seems like Sandvine has emerged as a new entity. It seems like the focus might be more enterprise, cloud and MSP relative to Tier 1 carriers. So I'm just curious if you're seeing any incremental change as it relates to share gains vis-a-vis Sandvine?

我有的問題——第一個問題是關於你們從 Sandvine 看到的機會。從我讀到的內容來看，Sandvine 似乎以新實體的形式重新出現。其重點似乎更偏向企業、雲端與 MSP，而非相對於 Tier 1 電信商。所以我想了解，你們是否看到任何增量變化，特別是相對於 Sandvine 的市占提升（share gains）？

In general, we are not commenting on competition. I would say that -- most of our focus, as you see in our plans and results is around the cybersecurity. So this is where we are mainly putting most of our R&D efforts and our strategic investment. We do see, as mentioned before, that our Smart product line is performing very well.

一般而言，我們不評論競爭對手。我會說——從你們在我們的計畫與成果中看到的，我們大部分的重點都放在網路資安。因此，我們主要把大部分研發投入與策略性投資放在這裡。我們也看到，如先前提到的，我們的 Smart 產品線表現非常好。

As mentioned in my prepared remarks, we added another high seven-digit new agreement during the last few months that is adding to our backlog of opportunities around the Smart that give us good visibility into '26 and '27 to continue have the Smart product line as important contributor to our revenue growth and profitability. And we continue while executing well and capturing the opportunity in the network intelligence space, we continue to grow and invest strongly into the cyber and continue to grow strongly in this space.

如我在事先準備的發言中提到，過去幾個月我們新增了另一份高七位數的新合約，這也增加了我們在 Smart 相關機會的在手訂單（backlog），讓我們對 2026 與 2027 年有良好的能見度，得以持續讓 Smart 產品線成為營收成長與獲利的重要貢獻者。我們在網路智慧（network intelligence）領域持續良好執行並掌握機會的同時，也持續在資安領域強力成長與投資，並在此領域持續強勁成長。

Yeah. No, that -- I understand that completely. It just -- it seems to me, obviously, the Smart business is still pretty meaningful overall. And as it relates to AI as a potential disruptor, I am just curious when you look at resources and where you're going to invest in the future and just how does that coincide with the potential increase in network traffic that could be driven by AI. It seems that, that could be a benefit for the SG-Tera III platform.

是的。不，我完全理解。只是——在我看來，Smart 業務整體仍然相當重要。而就 AI 作為潛在顛覆因素而言，我想了解當你們看資源配置與未來投資方向時，這如何與 AI 可能帶來的網路流量增加相互呼應。看起來這可能對 SG-Tera III 平台有利。

Yeah. Definitely, AI adds some network traffic in the AI data centers, and we are looking on ways how this adds more demand for traffic intelligence like giving more visibility on the AI use cases that are implemented, getting the right priority to make sure AI critical workloads are getting the right quality of service. And this is why we believe part of the Smart product line should add more capabilities that are in this space.

是的，確實如此，AI 會在 AI 資料中心增加一些網路流量；我們也在研究這如何帶來對流量智慧（traffic intelligence）更高的需求，例如針對已導入的 AI 使用情境提供更多可視性，並給予適當的優先順序，以確保 AI 關鍵工作負載獲得正確的服務品質（QoS）。因此我們相信，Smart 產品線的一部分應該在這個領域增加更多能力。

Yeah. Okay. That makes sense. And then the final question, and you've alluded to this already, but from where I sit, it seems like being deployed across the telco infrastructure really has a lot of advantages as it relates to the traditional endpoint deployment for most consumer cyber vendors today. And I know you've talked about new capabilities on the cyber side coming out.

是的。好的。這很合理。最後一個問題，你們也已經提到一些，但從我的角度看，部署在電信基礎設施上，相較於目前多數消費者資安廠商採用的傳統端點（endpoint）部署，似乎有很多優勢。我也知道你們談到資安端會推出新能力。

Can you give us any more color on timing and specific products? It seems like AI-driven malware, phishing scams, identity theft. It's all a network native problem that you seem to be well addressed to -- well positioned to address. So any other details on that?

你能否就時程與具體產品提供更多說明？看起來像是 AI 驅動的惡意軟體、網路釣魚詐騙、身分盜用。這些都是原生於網路（network native）層面的問題，而你們似乎具備很好的條件來因應——也就是很有利的位置來解決。所以還有其他細節可以分享嗎？

Yeah. So one of the things I mentioned before that we see that consumers are looking for a higher level of protection, not only from the network threats, but more from, as you indicated, fraud-related concerns. And part of our innovation and where we are going to add more value is how we can further enhance our protection around identity, how we can use the network data to identify fraud.

是的。所以我之前提到的一點是，我們看到消費者正在尋求更高層級的防護，不僅是針對網路威脅，更是如你所指出的、與詐騙相關的疑慮。而我們創新的其中一部分、以及我們將如何增加更多價值的方向，是我們如何進一步強化身分相關的防護，以及如何運用網路數據來識別詐騙。

For example, if you are trying to go into your bank account and suddenly you get a fraudulent domain like phishing attempts or that becomes today much easier to create. And we see that with AI, you create a new domain like instantaneously. And this is something we want to add as additional level of protection to our customers.

例如，如果你嘗試登入你的銀行帳戶，卻突然遇到詐騙網域（像是網路釣魚嘗試），而這在今天變得更容易被建立。我們也看到在 AI 的助力下，你幾乎可以瞬間建立一個新網域。這也是我們希望為客戶增加的額外一層防護。

So from a timing perspective, are these opportunities that become monetizable as we look into 2027?

所以從時程的角度來看，當我們展望 2027 年時，這些機會會變得可變現嗎？

Yes. We are going to launch those capabilities during 2026, the first batch of capabilities. And therefore, we believe this will start to contribute to our revenue, some of them even in '26 and some of them into 2027.

會的。我們將在 2026 年推出這些能力，第一批能力會先上線。因此，我們相信這些能力將開始對營收做出貢獻，其中有些甚至在 2026 年就會貢獻，另一些則會延伸到 2027 年。

Matthew Calitri, Needham & Co.

Matthew Calitri，Needham & Co.

This is Matt Calitri over at Needham. I wanted to stick on the fraud point for a second here. And I was wondering if you guys have any anecdotes you can share on what end users are seeing in regards to the rapid evolution and increased occurrence of AI-generated fraud attempts and how Allot's technology is keeping pace with these more sophisticated attacks.

我是 Needham 的 Matt Calitri。我想在詐騙這個點上再追問一下。我想知道你們是否能分享一些案例，說明終端使用者在面對 AI 生成詐騙嘗試快速演進、發生頻率提高時看到了什麼，以及 Allot 的技術如何跟上這些更精密的攻擊。

Yes. So I don't know if there is, again, a specific anecdote, but as pointed before, we see an increased sophistication and celerity in how often you are encountered with sophisticated impersonation when it's so easy to create new application and it's so easy to create new websites, it's easier for attackers now to go and target you with those fraudulent activities.

是的。所以我不確定是否有一個特定的案例，但如前所述，我們看到在你遭遇精密冒充的頻率與速度上，確實變得更複雜、更迅速；因為建立新應用程式很容易、建立新網站也很容易，攻擊者現在更容易用這些詐騙活動來鎖定你。

While in the past, maybe it was done for larger enterprise because it required a lot of efforts to implement. We see that today, it's so easy that also all of us as consumers and small businesses are under attack. What we are trying to do is leverage the unique visibility we have to the network, the fact we see the whole network traffic. We see new network patterns that are happening. And by that, we have -- we are well positioned to identify those frauds in a faster and more accurate way and give this level of protection to our customers.

過去這可能更多是針對大型企業，因為需要投入大量努力才能實施。但我們看到今天變得非常容易，因此我們所有人作為消費者與小型企業也都在遭受攻擊。我們正在做的是運用我們對網路的獨特可視性，也就是我們能看到整體網路流量；我們能看到正在發生的新網路模式。因此，我們具備很好的條件，以更快、更準確的方式識別這些詐騙，並為客戶提供這個層級的防護。

Got it. Very helpful. And then are you seeing any acceleration in pipeline progression? And specifically, I'm wondering if you're hearing from CSPs that they've either lost deals because they don't have a security offering or they've had customers get breached and need more protection there? Anything in that regard would be helpful.

了解。非常有幫助。另外，你們是否看到銷售管線推進有任何加速？具體來說，我想知道你們是否聽到 CSP 表示，他們因為沒有資安產品而丟單，或是他們的客戶遭到入侵、因此需要更多防護？任何相關資訊都會很有幫助。

Yeah. We definitely see around the globe, different occasions of cybersecurity events that affect dramatically the carriers around the globe. This usually gets front page on this -- on the country. And we all see that the risk on the consumer is higher, and we see different use cases and events that are populated. Now we are seeing that cybersecurity services are becoming more and more popular but still a lot of -- there are still a lot of CSPs in different countries that are not yet offering that.

是的。我們確實在全球各地看到不同的資安事件，對全球各地的電信業者造成重大影響。這通常會登上該國的頭版新聞。我們也都看到消費者面臨的風險更高，並且看到各種使用情境與事件不斷出現。目前我們看到資安服務越來越受歡迎，但仍有許多——在不同國家仍有不少 CSP 尚未提供這類服務。

So we do see some countries which we start to work with and then some other carriers also want to add this service. We see regions that in a certain country, there is no offering, and they are looking to now get also this as cybersecurity becomes more important. So overall, the awareness for cybersecurity for consumer market is getting higher. And SMBs are -- weren't so concerned years ago, now are being more and more concerned with this and asking for higher level of protection. For example, we launched a new firewall as a service.

因此，我們確實看到一些國家我們開始合作後，其他電信業者也希望加入這項服務。我們也看到某些地區在特定國家沒有相關產品供給，而他們現在也在尋求導入，因為資安變得更重要。總體而言，消費者市場對資安的認知正在提高。而中小企業（SMB）——幾年前可能沒那麼在意，現在則越來越在意，並要求更高層級的防護。例如，我們推出了新的「防火牆即服務」。

Firewall is very well known and commoditized in the enterprise space. And we see that now also small businesses want to get the same level of protection from the incoming traffic, not only making sure their outbound is protected. Adding to that, we are also looking to add DDoS protection based on the assets we have from the Smart product line that we are introducing as part of the SECaaS. So small businesses could get higher care of protection with the higher risk evolves.

防火牆在企業市場非常知名，也已相當商品化。我們看到現在小型企業也希望獲得同等層級的防護，針對進站流量的防護，而不只是確保出站流量受到保護。此外，我們也在評估加入 DDoS 防護，基於我們從 Smart 產品線所擁有的資產，並將其作為 SECaaS 的一部分導入。因此，隨著風險演進，小型企業也能獲得更高層級的防護。

Rory Wallace, Outerbridge.

Rory Wallace，Outerbridge。

I was wondering if you could comment on book-to-bill in the Smart business in 2025. I know you mentioned securing the additional high single-digit millions order from an APAC customer in Q4 on top of the tens of millions order earlier in the year. So is it safe to assume that the book-to-bill was fairly positive? And if so, maybe you could contextualize the guidance for 2026 and what you're baking in as far as how much of the pipeline converts to revenue and backlog?

我想請你評論一下 2025 年 Smart 業務的接單出貨比（book-to-bill）。我知道你提到在第四季從一位亞太客戶那裡，除了年初那筆數千萬美元的訂單之外，又拿到一筆額外的高個位數百萬（high single-digit millions）訂單。所以是否可以合理推論接單出貨比相當正向？如果是的話，能否也說明一下 2026 年的指引，你們在管線轉換為營收與積壓訂單（backlog）方面納入了多少假設？

So the book-to-bill we have is way over one as we announced during the year. Starting the year, we announced multiple new accounts of multimillion dollars, then further updating about the tens of millions of dollars and then another new opportunity that we talked about with high seven digits. All of that is accumulated to many millions of dollars that are still not recognized and our backlog is in a very good shape.

我們的接單出貨比遠高於 1，如同我們在年度期間所公告的。年初我們宣布了多個數百萬美元的新客戶，之後又更新到數千萬美元的訂單，接著還有我們提到的另一個高七位數的新機會。這些累積起來形成了仍尚未認列的多筆百萬美元金額，而我們的積壓訂單狀況非常良好。

And as we start '26, we have very good visibility with the mix of those new wins that adds to the backlog, adding to the recurring revenue that we ended the year of north of 60%. So we are very well positioned to the year, and this is why we guided for continued accelerated double-digit growth on the total revenue for the company.

而當我們進入 2026 年時，對於這些新贏單所帶來、並加入積壓訂單的組合，我們有非常好的能見度；同時也疊加到我們在年底時經常性收入占比超過 60% 的基礎上。因此，我們在新年度具備非常好的布局，這也是為什麼我們給出公司總營收將持續加速、維持雙位數成長的指引。

Got it. And with the new product launches, for example, the Firewall as a Service and even identity protection at the domain level, which you mentioned, I believe, for the first time today, how is Allot specifically well positioned to sort of modularly add on these additional products for SMBs and consumers? And is this something that's allowing you to stand out in current RFPs or bids with new carriers that see that you can offer more than just a simple anti-malware product, but you can actually bring this one-stop shop solution.

了解。另外，隨著新產品推出，例如「防火牆即服務」，甚至你提到的網域層級身分防護（我相信這是你今天第一次提到），Allot 具體而言如何能以模組化方式，為中小企業與消費者加掛這些額外產品？而這是否讓你們在目前與新電信業者的 RFP 或投標中更能脫穎而出，因為你們不只是提供簡單的反惡意軟體產品，而是能提供一站式解決方案？

So Rory, it's both. It's -- first of all, when we are now going into new customers, our offering in cybersecurity engines is more enhanced and we can meet more and more requirements and demand. Part of our strategy was always to this 360 degrees protection. So in the years of product innovation, we build protection from the network, from the WiFi routers and from the DNS. We added the OffNet protection, and we added more capabilities on those different touch points.

Rory，兩者都有。首先，當我們現在切入新客戶時，我們在資安引擎方面的產品供給更完整、更強化，能滿足越來越多的需求與要求。我們策略的一部分一直是提供 360 度的防護。因此，在多年產品創新中，我們建立了從網路、WiFi 路由器以及 DNS 的防護。我們加入了 OffNet 防護，也在這些不同觸點上增加了更多能力。

So firewall, DDoS, identity are different additions that make our portfolio more robust and more attractive when we enhance with new customers. But as you pointed, it's super critical for our existing customers. We have more than a dozen of customers that contribute significantly into our ARR today. Large Tier 1 customers that are offering our current services. And all of those additions are an easier, quicker wins to add on top of the service because we already have the relationship, we already have the agreements.

因此，防火牆、DDoS、身分防護等不同新增項目，讓我們的產品組合更強健，也讓我們在拓展新客戶時更具吸引力。但如你所指出的，對我們既有客戶而言這也極其關鍵。我們目前有十多家客戶對我們的 ARR 有顯著貢獻。這些是提供我們現有服務的大型 Tier 1 客戶。而所有這些新增功能，因為我們已經有合作關係、也已經有合約在身，會更容易、更快速地在既有服務之上加購、取得勝利。

We already have the success in the market with the current service. And they like us looking to see how we can make more money together. And all of those additions are going to support the growth in the coming year.

我們目前的服務已經在市場上取得成功。而且他們也喜歡我們，並希望看看我們如何能一起賺更多錢。而所有這些新增項目都將支持明年的成長。

Got it. And then with the vision on the consumer side and how you plan to sort of extend capabilities beyond just data protection to digital life cycle. Could you maybe elaborate a little bit on how you see that unfolding?

了解。接著，關於消費者端的願景，以及你們計畫如何把能力從僅僅資料保護延伸到數位生命週期。你能否再多談一點你們如何看待這會如何展開？

Yeah. So if we take the value of the networking as the anchor and the base of our protection, but once we are already offering a solution to the customer and with AI coming and creating those additional worries and threats, we want to have a wider and more robust protection to all of these capabilities or requirements. And identity is one example. So even if you are -- your identity is transverse in the network and exposed from different websites and different applications, while this is not a network security, that we are providing. We believe that for the same customers that have already sold from the CSP new service, they want to see and hear how we can protect from identity tests and how we can help them with fraud, how we can help them with increased phishing attempts.

是的。如果我們把網路的價值作為我們保護的錨點與基礎，但一旦我們已經向客戶提供了解決方案，且 AI 的到來帶來了額外的擔憂與威脅，我們就希望對所有這些能力或需求提供更廣、更強韌的保護。身分（identity）就是其中一個例子。因此即使你——你的身分在網路中橫向流動，並且從不同網站與不同應用程式被暴露，雖然這並不是我們所提供的網路安全，但我們相信，對於那些已經從 CSP 購買新服務的同一批客戶，他們希望看到並聽到我們如何保護他們免於身分測試（identity tests），以及我們如何協助他們防範詐騙、如何協助他們因應增加的網路釣魚嘗試。

We all get those messages. And with the current technology, there are still a lot of concerns from customers. And we are trying to get and answer this demand and create this upsell opportunity for us. So networking is our anchor. This is our secret sauce.

我們都會收到那些訊息。而以目前的技術來看，客戶仍然有很多疑慮。我們正試著掌握並回應這個需求，並為我們創造這個加購（upsell）機會。所以網路是我們的錨點。這就是我們的獨門秘方。

This is where we see a lot of the data. And we are taking this not only to protect the data part of the customer, but the whole identity, the whole experience and try to minimize all the threat that he has in the digital environment.

這也是我們看到大量資料的地方。我們不僅用它來保護客戶的資料部分，而是保護整個身分、整體體驗，並嘗試把他在數位環境中面臨的所有威脅降到最低。

Got it. And then with the near-term environment, you mentioned kind of the incremental SECaaS ARR that we saw in Q4 of around $3.3 million. That's sort of a good level to use in Q1. And you mentioned promotional activity and go-to-markets that are going on.

了解。那麼就近期環境而言，你提到我們在第四季看到的 SECaaS ARR 增量約為 330 萬美元。這大概是第一季可以參考的良好水準。你也提到正在進行促銷活動與市場推進（go-to-market）。

It seems like Verizon, in particular, is really leaning into the FWA business Internet security product. And is that something that you think could bode well, I guess, for the SECaaS business this year?

看起來 Verizon 尤其是在大力推進 FWA 企業網際網路安全產品。你認為這是否可能對今年的 SECaaS 業務帶來正面助益？

Yeah. We see a lot of potential and demand for the SECaaS. As mentioned, our existing customers are promoting the services in different campaigns without specifying which customer is doing what. And as you saw the incremental revenue and incremental ARR this quarter was very strong, we don't have any reason to assume it's going to be softer in the coming quarters. We still see a lot of potential demand coming from our base.

是的。我們看到 SECaaS 有很大的潛力與需求。如前所述，我們現有的客戶正在不同的行銷活動中推廣這些服務，但不便具體說明是哪一位客戶在做什麼。而且如你所見，本季的增量營收與增量 ARR 都非常強勁，我們沒有任何理由認為接下來幾季會轉弱。我們仍然看到來自既有客戶基礎的龐大潛在需求。

And on top of that, we want to add more upsells and cross-sells with new customer launches that we are working -- our sales team are working to add new CSPs to the mix and upsell into existing CSPs, those new cyber protection. So we have all the reasons to believe that the SECaaS growth will continue to be very strong this year. And we are working to continue to ensure that it's going to be a multiyear opportunity and some of our investment is already to secure additional very strong growth into following years.

此外，我們也希望透過新客戶上線加入更多加購與交叉銷售（cross-sell）；我們的銷售團隊正努力把新的 CSP 納入組合，同時在既有 CSP 中加購這些新的資安防護。因此我們有充分理由相信，今年 SECaaS 的成長將持續非常強勁。我們也在努力確保這會是一個多年期的機會，而我們的部分投資已經是為了在未來幾年鎖定額外且非常強勁的成長。

Got it. And sorry, I'm running on here, but one more question just on the cost side. Liat mentioned the DRAM shortages impacting margins, which I think is no surprise for people in the networking space. With the Smart gross margins at around 70%, is it safe to assume that the -- I guess, the percent of the BOM of the product that's DRAM is likely not too material.

了解。抱歉我再追問一下，但還有一個關於成本面的問題。Liat 提到 DRAM 短缺正在影響毛利率，對網路領域的人來說這應該不意外。在 Smart 毛利率約 70% 的情況下，是否可以合理假設——也就是說，產品物料清單（BOM）中 DRAM 的占比可能並不算太高。

And so this is maybe a few hundred basis points of margin headwind? Or is there any way that you could help us think a little bit more about gross margin and the DRAM impact in 2026?

因此這可能是毛利率幾百個基點的逆風？或者你們能否協助我們更進一步理解 2026 年毛利率與 DRAM 影響？

Liat?

Liat？

Yeah, sure. So in general, as we said, we factored some of the cost constraints that we see around the hardware due to the demand and the constraints that we see with AI and specific chips and related items. We are still forecasting the 70% gross margin. And as we also stated, SECaaS is becoming more and more material as a percentage of our revenue. So of course, it also compensates.

好的，當然。整體而言，如我們所說，我們已將硬體方面的一些成本限制納入考量，這些限制來自需求，以及我們在 AI 與特定晶片及相關項目上看到的供應限制。我們仍然預測毛利率為 70%。而且如我們也提到的，SECaaS 在我們營收中的占比正變得越來越重要。因此當然也會形成抵銷。

So we don't expect to be on the lower ranges like previous years, still in the range of 70% factors in those constraints as we currently know (inaudible).

所以我們不預期會落在像前幾年那樣的較低區間，仍會維持在 70% 的區間；這已把我們目前所知的那些限制因素納入考量。(聽不清楚)。

Got it.

了解。

Just to add to this, Rory, we still look on -- as you saw in the prepared remarks, that our profitability will continue to improve. We are seeing that while this external pressure is there, there is an opportunity for -- some of it will be to increase the price with the customers because we cannot control the whole price of the supply chain. And some of it is going to continue to improve because of the SECaaS, as Liat mentioned, that is coming with higher margin, and this goes into a higher portion of our total revenue.

再補充一點，Rory，我們仍然認為——如你在事先準備的講稿中看到的——我們的獲利能力將持續改善。我們看到雖然外部壓力存在，但也有機會——其中一部分將是對客戶提高價格，因為我們無法控制整個供應鏈的價格。另一部分則會因 SECaaS 而持續改善，如 Liat 所提到的，SECaaS 具有較高毛利，且其在我們總營收中的占比正在提高。

So with all this pressure, we are still looking for expansion of our profitability. And with the growth that is expected, both top line and bottom line will improve very positively.

因此在所有這些壓力之下，我們仍然以擴大獲利能力為目標。而且在預期的成長帶動下，無論營收端或獲利端都將非常正面地改善。

Understood. So it's more of an acknowledgment of the DRAM cost, but not a warning that it's going to significantly hinder the progress. Well, I think you -- great job with the results in the call. I think you really -- you laid out the vision here for why a lot is both the traffic management and security capabilities really play into the current environment and how AI is a force multiplier for the hacking side and requires that protection on the SMB and consumer side. And I think also talked a lot about how Smart is benefiting.

明白。所以這更像是對 DRAM 成本的認知，但不是在警告它會顯著阻礙進展。嗯，我認為你們——這次電話會議的成果做得很好。我覺得你們確實——清楚闡述了願景，說明為什麼流量管理與安全能力在當前環境中非常契合，以及 AI 如何成為駭客端的力量倍增器，並要求在 SMB 與消費者端提供相應的防護。我也認為你們談了很多 Smart 如何從中受益。

So in light of the volatility in the stock today, would just encourage you and the Board to think about having a share buyback authorization to take advantage of days like today, I think with $88 million of net cash and $18 million of cash flow in 2025. You're more than adequately capitalized. And as we know, markets can be volatile and irrational in the short term. So just few steps from a long-term committed shareholder.

因此，鑑於今天股價的波動，我想鼓勵你們與董事會考慮授權股票回購，以便在像今天這樣的日子加以利用；我認為以 8,800 萬美元的淨現金以及 2025 年 1,800 萬美元的現金流來看，你們的資本相當充足。而且如我們所知，市場在短期內可能波動且非理性。以上只是來自一位長期承諾的股東的幾點建議。

Thank you Rory, noted.

謝謝你，Rory，我們已記下。

There are no further questions at this time. Allot's replay will be available on Allot's website in the next day. Thank you for your participation. You can go ahead and disconnect.

目前沒有其他問題。Allot 的電話會議重播將於明天在 Allot 的網站上提供。感謝各位的參與。各位可以結束連線。