Allot Ltd (ALLT) 2026 Q1 法說會逐字稿

Good day to all of you and welcome to Allot's conference call to discuss its financial results for the quarter. I would like to thank Allot's management for hosting this conference call. All participants are present in listen-only mode. Following the formal presentation, instructions will be given for the question-and-answer session. 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.alot.com.

各位好，歡迎參加 Allot 的電話會議，討論本季財務業績。我謹代表各位感謝 Allot 管理團隊主辦本次電話會議。所有與會者目前皆處於僅收聽模式。正式簡報結束後，將提供問答環節的指引。提醒各位，本次電話會議正在錄音。若您尚未收到公司新聞稿，請至公司網站 www.alot.com 查閱。

With me today on the line are Mr. Eyal Harari, CEO; and Mr. Liat Nahum, CFO.

今天與我一同在線上的有 Allot 執行長 Eyal Harari 先生，以及財務長 Liat Nahum 先生。

Following Eyal's prepared remarks, we will open the call for the question-and-answer session. Both Eyal and Niat will be available to answer those questions.

在 Eyal 的事先準備發言之後，我們將開放電話會議進入問答環節。Eyal 與 Niat 皆將出席回答問題。

You can also find the highlights of the quarter, including the financial highlights and metrics, including those we typically discuss in 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. Those statements are early predictions and a lot cannot guarantee that they will in fact occur.

您也可以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，我想提醒以下「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。這些陳述屬於初步預測，Allot 無法保證其一定會發生。

A lot 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 a lot 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.

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（Securities and Exchange Commission）提交文件中所識別的其他風險。

Also, the financial results in this call will be presented mainly on a non-GAAP basis. Alot believes that these non-GAAP financial measures provide more consistent and comparable measures to help investors understand ALOT'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.

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 財務衡量指標能提供更一致且可比較的衡量方式，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財報新聞稿所附的財務表格，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 ALOT. 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.

謝謝你，Kenny。

We are pleased to report a very strong start to 2026.

我們很高興報告 2026 年有一個非常強勁的開局。

Our first quarter revenues were up 14% year-over-year, representing a meaningful acceleration over last year and marking our third consecutive quarter of double-digit year-over-year growth.

我們第一季營收年增 14%，相較去年呈現明顯加速，並且是連續第三個季度達成兩位數的年增成長。

Our results reflect the continued successful execution of our Cybersecurity First strategy.

我們的成果反映出「Cybersecurity First（資安優先）」策略持續成功落地執行。

Both with CCAS ARR growing nearly 60% year-over-year in the quarter.

其中，CCAS 的 ARR 在本季年增近 60%。

CCAS revenue rose to approximately one-third of the total revenues in the quarter, up from approximately a fifth a year ago.

本季 CCAS 營收上升至約占總營收的三分之一，高於一年前約五分之一的占比。

CCAS growth is driving the continuous scaling up of our recurring revenue base, which now represents 67% of total revenue. And provide us with strong visibility into the quarters ahead.

CCAS 的成長正推動我們經常性收入基礎持續擴大，目前經常性收入已占總營收的 67%，並為我們提供對未來幾季的高度能見度。

We clearly have transformed a lot into a profitable growth company.

我們已明確將 Allot 轉型為一家兼具獲利與成長的公司。

These solid results, combined with the strong visibility, gives us increased confidence that we are well positioned to continue our revenue growth trajectory at the mid-teens rate over the coming year.

這些穩健成果，加上強勁的能見度，使我們更有信心：未來一年我們具備良好條件，得以在中十位數（mid-teens）的增速下延續營收成長軌跡。

In terms of profitability. We are benefiting from the significant operating leverage inherent in Alot's business model.

就獲利能力而言，我們正受惠於 Allot 商業模式中固有的顯著營運槓桿。

Improving gross margin, along with significant operating leverage, led to substantial improvement in profitability.

毛利率改善，加上顯著的營運槓桿，帶動獲利能力大幅提升。

This operating leverage and enhanced profitability contributed to Alot generating its strongest-ever quarterly operating cash flow.

這些營運槓桿與獲利能力的提升，促使 Allot 創下史上最強的單季營運現金流。

Other contributors of this strong cash flow generation of over $10 million in the quarter include the large multi-million-dollar smart projects we have won in the recent quarters as we began to execute on the backlog and the increased contribution from our CKAS business.

本季營運現金流超過 1,000 萬美元的強勁表現，其他貢獻因素包括：我們在近幾季贏得的大型數百萬美元 Smart 專案，隨著我們開始執行積壓訂單（backlog），以及 CKAS 業務貢獻提升。

This strong cash flow enabled us to end the quarter with almost $100 million in cash and no debt, further strengthening our increasingly healthy balance sheet.

強勁的現金流使我們在季末擁有接近 1 億美元的現金且無負債，進一步強化我們日益健康的資產負債表。

This gives us significant flexibility to continue investing in our long-term business growth.

這也讓我們在持續投資長期業務成長方面具備相當大的彈性。

The Board regularly reviews its capital allocation strategy.

董事會會定期檢視資本配置策略。

Our three main considerations are investment in organic growth, pursuing strategic compelling acquisitions and return on capital to shareholders.

我們的三項主要考量為：投資於有機成長、追求具策略性且具吸引力的併購，以及向股東回饋資本。

The goal of our capital allocation strategy is to maximize long-term shareholder value.

我們資本配置策略的目標，是最大化股東的長期價值。

We are very pleased with the continued growth in the Sikas business.

我們對 Sikas 業務的持續成長感到非常滿意。

Given the significant long-term potential we continue to see in this market, we have increased our investment in R&D, where we are innovating and bringing new products, services and capabilities to the market.

鑑於我們在此市場仍看到顯著的長期潛力，我們已提高研發投資，持續創新並將新產品、服務與能力推向市場。

We have also invested in increased sales and marketing efforts, where we are expanding our reach further into existing customers and reaching new potential customers.

我們也加大銷售與行銷投入，進一步擴大在既有客戶中的觸及範圍，並接觸新的潛在客戶。

These investments are translating into the strongly growing pipeline we see today.

這些投資正轉化為我們目前所見的強勁成長中的商機管線（pipeline）。

The pipeline expands across all of our regions, and we are gaining more prospects all the time.

該管線橫跨我們所有地區，我們也持續獲得更多潛在客戶。

At the same time, we are supporting our existing customers to successfully market more of the cybersecurity services we power, leading to strong end-user adoption while upselling new potential services, which would be attractive to their user base.

同時，我們也協助既有客戶成功行銷更多由我們提供支援的資安服務，帶動終端用戶的強勁採用率，並在此基礎上向上銷售（upsell）新的潛在服務，以吸引其用戶族群。

Our smart product line remains an important and a highly complementary part of the unified cybersecurity-first platform.

我們的 Smart 產品線仍是統一的「資安優先」平台中重要且高度互補的一環。

These products are built on decades of a lot innovation and deliver best-in-class network intelligence.

這些產品建立在 Allot 數十年的創新基礎之上，並提供同級最佳（best-in-class）的網路智慧（network intelligence）。

We are executing well on the multimillion-dollar projects we have won in the recent quarters, including the deployment and upgrades of our Terra Suite platform with Tier 1 operators.

我們正良好執行近幾季贏得的數百萬美元專案，包括與 Tier 1 電信營運商的 Terra Suite 平台部署與升級。

As a reminder, the Terra3 platform is our highly strategic, next-generation, ultra-high-capacity multi-service gateway, offering deep visibility and control over network traffic and providing a scalable foundation for our advanced cybersecurity and value-added services.

提醒各位，Terra3 平台是我們高度策略性的次世代、超高容量多服務閘道器（multi-service gateway），可對網路流量提供深度可視性與控制能力，並為我們先進的資安與加值服務提供可擴展的基礎。

During the quarter, we secured a significant Terra3 win, a multimillion-dollar upgrade deal with an existing Tier 1 customer.

本季期間，我們取得一項重要的 Terra3 訂單：與既有 Tier 1 客戶簽下數百萬美元的升級合約。

This win further underscores the strong customer interest and growing demand we are seeing for the Terra 3.

此一勝利進一步凸顯客戶對 Terra3 的高度興趣，以及我們所看到的需求持續成長。

Looking beyond this last win, our smart pipeline remains very healthy with strong opportunities at multiple stages, both from existing customer planning their upgrades to Terra 3 and for new customer engagements that are advancing well through our sales process.

除這筆最新訂單外，我們的 Smart 商機管線仍非常健康，在多個階段都有強勁機會，來源包括既有客戶規劃升級至 Terra3，以及新客戶合作案在我們銷售流程中持續順利推進。

Our multi-year Smart projects continue to provide good revenue visibility into 2026, 2027 and beyond and add an additional layer of long-term revenue stability.

我們的多年期 Smart 專案持續為 2026、2027 及更長遠提供良好的營收能見度，並增添一層長期營收穩定性。

During March, we participated in Mobile World Congress in Barcelona, where we held a large number of meetings with both existing and potential customers and partners.

3 月期間，我們參加了在巴塞隆納舉行的世界行動通訊大會（Mobile World Congress），並與既有及潛在客戶與合作夥伴進行大量會議。

And showcased our latest cybersecurity and network intelligence offering.

並展示我們最新的資安與網路智慧解決方案。

The feedback was very positive, particularly around the converged cybersecurity and network intelligence positioning and our roadmap for AI-enabled security.

回饋非常正面，尤其是對於「融合式資安與網路智慧」的定位，以及我們 AI 賦能（AI-enabled）安全的產品路線圖。

At the end of March, we also attended the RSA conference in San Francisco, one of the leading global cybersecurity event.

在 3 月底，我們也參加了於舊金山舉行的 RSA 大會，這是全球領先的資安活動之一。

RSA was again a highly productive event for us with strong interest in our offering.

RSA 對我們而言再次是一場高產出的活動，市場對我們的產品與服務展現強烈興趣。

Both events help us further build our pipeline of opportunities for the rest of the year.

這兩場活動都協助我們進一步建立今年其餘時間的商機管線。

It is clear that our broad suite of products and services driven by our cybersecurity first strategy is increasingly resonate with operates globally. Leading to new revenue streams for new customers and from upselling and cross-selling to existing customers.

很明顯，我們以「資安優先」策略驅動的廣泛產品與服務組合，正日益與全球營運商產生共鳴，為新客戶帶來新的營收來源，並透過對既有客戶的向上銷售與交叉銷售（cross-selling）創造更多收入。

As I discussed last quarter, but I think it's important to stress again, the cyber threat landscape continues to evolve quickly, particularly with the RTKI, which together are dramatically expanding the cyber attack surface for consumer, small businesses and enterprises.

如同我上季所提到的，但我認為有必要再次強調：網路威脅態勢仍在快速演變，特別是隨著 RTKI 的發展，兩者正大幅擴張消費者、小型企業與企業的網路攻擊面。

Alot plays an important role in protecting businesses and consumers from ever-increasing cyber threats, and we strongly believe that today's environment has never been more conductive to our embedded network-native, always-on cybersecurity offering.

Allot 在保護企業與消費者免於日益增加的網路威脅方面扮演重要角色；我們堅信，當前環境從未像現在這樣更有利於我們的嵌入式、網路原生（network-native）、常時啟用（always-on）的資安方案。

Alot solutions offer a highly differentiated and convenient experience for end consumers who cannot easily protect themselves.

Allot 的解決方案為不易自行防護的終端消費者提供高度差異化且便利的使用體驗。

Our SICAS platform delivers real-time, zero-effort protection that scales seamlessly with the operator subscriber base with no end-user configuration required, exactly what is needed to defend against fast-moving AI-powered cyber threats.

我們的 SICAS 平台提供即時、零負擔（zero-effort）的防護，可隨營運商用戶基礎無縫擴展，且不需要終端用戶進行任何設定；這正是防禦快速演進、由 AI 驅動的網路威脅所需的能力。

We continue to invest in extending our platform with new capabilities, many of them significantly enhanced by AI. Both to address current risk and to anticipate the next generation of threats.

我們持續投資擴展平台的新能力，其中許多能力都因 AI 而大幅增強，以同時因應當前風險並預判下一代威脅。

These investments reinforce our competitive position and support our long-term differentiation in the consumer and SMB segments which are underserved by traditional security solutions.

這些投資強化我們的競爭地位，並支持我們在消費者與 SMB（中小企業）市場的長期差異化；這些市場長期以來未能被傳統資安解決方案充分服務。

In summary, we are proud of our first quarter performance.

總結而言，我們為第一季的表現感到自豪。

Our success was driven by strong growth in our cybersecurity revenues, following strong uptake by end users adopting the telco-provided cybersecurity services that we power.

我們的成功來自資安營收的強勁成長，這反映終端用戶對由電信業者提供、且由我們提供支援的資安服務採用度大幅提升。

This strength led directly to substantial improvement in revenue, margins, profitability, and cash flow generation for the third consecutive quarter.

這股動能直接帶動營收、毛利率、獲利能力與現金流生成的顯著改善，並已連續第三個季度達成。

With 67% of total revenues recurring. We have strong visibility.

在總營收中有 67% 為經常性收入的情況下，我們具備強勁的能見度。

We believe that we can maintain and build on our positive momentum in the quarters ahead.

我們相信，在未來幾個季度，我們能夠維持並延續目前的正向動能。

Looking ahead, we are reiterating our 2026 revenue guidance of between $130 million and $117 million with continued profitability improvements for the year.

展望未來，我們重申 2026 年營收指引為 1.30 億美元至 1.17 億美元之間，並預期全年獲利能力將持續改善。

Following the strong first quarter, we feel increasingly confident toward the upper end of that range. And furthermore, we now have the strong visibility ahead to predict 40% or more CCAS revenue growth in 2026.

在第一季表現強勁之後，我們對於達成該區間上緣更具信心。此外，我們目前對未來具備高度能見度，可預期 2026 年 CCAS 營收成長達 40% 或以上。

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

接下來，我想把時間交給我們的財務長 Liat Nakhoum，進行財務摘要。

Liat, please go ahead.

Liat，請開始。

Thanks, Ayal. We reported revenue of $26.4 million in the quarter, up 14% year over year. Revenue from our GOS engine, Security as a Service, were $8.7 million in the quarter, up 71% year over year, comprising 33% of our total revenue.

謝謝，Ayal。本季我們的營收為 2,640 萬美元，年增 14%。來自我們 GOS 引擎（Security as a Service）的營收為 870 萬美元，年增 71%，占總營收的 33%。

Our Security as a Service annual recurring revenue as of March 31st, 2026, were $33.7 million.

截至 2026 年 3 月 31 日，我們的 Security as a Service 年度經常性收入（ARR）為 3,370 萬美元。

Up 59% year over year.

年增 59%。

67% of our overall revenues this quarter were recurring revenue.

本季我們整體營收中有 67% 為經常性收入。

I will now discuss the non-GAAP financial measures.

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.

關於我們所有財務結果（包含 GAAP 財務衡量指標以及營收的各項拆分），請參閱我們業績新聞稿中的表格。

Our non-GAAP gross margin in the quarter was 71.3%, compared with the 70.4% in the first quarter of last year.

本季非 GAAP 毛利率為 71.3%，相較去年第一季的 70.4%。

The improvement reflects the high contribution of CCAS to our overall revenue mix.

此改善反映 CCAS 對我們整體營收組合的高貢獻度。

As mentioned in previous quarters, our non-GAAP gross margin depends on the specific product mix sold in the quarter.

如同前幾季所提到，我們的非 GAAP 毛利率取決於當季銷售的特定產品組合。

Our expectation for gross margin in 2026 remains in the range of 70%.

我們對 2026 年毛利率的預期仍維持在約 70% 的區間。

As it has been in previous years. As CCAS revenue continue growing as a percentage of overall revenue, we expect our gross margin to continue trending higher over time.

與過去幾年一致。隨著 CCAS 營收占整體營收的比重持續提升，我們預期毛利率將隨時間推移持續走高。

Non-GAAP operating expenses for the quarter were $16.2 million, compared with the $15.9 million in the first quarter of last year.

本季非 GAAP 營業費用為 1,620 萬美元，去年第一季為 1,590 萬美元。

Slight increase in OpEx reflects our increased investment in sales and marketing to support our pipeline build, as well as investment in R&D to support our product development roadmap and innovation, in particular, our cybersecurity offering, which we discussed last quarter.

營業費用的小幅增加，反映我們加大對銷售與行銷的投資以支持管線建置，同時也投資研發以支持產品開發藍圖與創新，特別是我們在上季討論過的資安產品。

While we are making select investments in sales and marketing and R&D, we remain disciplined and working at a high operational efficiency.

儘管我們在銷售與行銷以及研發方面進行選擇性投資，我們仍維持紀律，並以高營運效率運作。

We reported a non-GAAP operating income.

我們本季錄得非 GAAP 營業利益。

$2.6 million with an operating margin of 9.9%, compared with the non-GAAP operating income of $0.4 million or an operating margin of 1.8% in the first quarter of last year.

為 260 萬美元，營業利益率為 9.9%；相較去年第一季非 GAAP 營業利益 40 萬美元、營業利益率 1.8%。

Alot had 499 full-time employees as of March 2026.

截至 2026 年 3 月，Alot 共有 499 名全職員工。

In terms of non-GAAP net profit, we reported $3.1 million in the quarter or a profit of $0.06 per diluted share compared with the non-GAAP net income of $0.8 million or a profit of $0.02 per diluted share in the first quarter of last year.

就非 GAAP 淨利而言，本季我們錄得 310 萬美元，或稀釋後每股盈餘 0.06 美元；相較去年第一季非 GAAP 淨利 80 萬美元，或稀釋後每股盈餘 0.02 美元。

We generated record operating cash flow in the first quarter of $10.6 million, reflecting robust profitability and strong cash collection.

第一季我們創下營運現金流新高，達 1,060 萬美元，反映強勁的獲利能力與良好的現金回收。

Strong operating cash flow was partially attributable to one-time advance payments after reaching milestones from a few of our major smart deals that we reported in recent quarters.

強勁的營運現金流部分來自一次性的預收款項，係我們在近期幾季所揭露的幾筆主要 SMART 交易於達成里程碑後所收到的預付款。

This is also reflected in our increase in deferred revenue.

這也反映在我們遞延收入的增加上。

This is a positive sign that we progress executing those projects, and related revenue will materialize this year.

這是我們推進並執行這些專案的正面訊號，相關營收將於今年實現。

I'll also add a robust balance sheet with no debt. Cash, short and bank deposit, restricted deposit and investment as of March 31, 2026 totaled $98 million versus $88 million as of December 31, 2025.

我也補充說明，我們資產負債表穩健且無負債。截至 2026 年 3 月 31 日，現金、短期及銀行存款、受限制存款與投資合計為 9,800 萬美元，相較 2025 年 12 月 31 日的 8,800 萬美元。

Looking ahead to the rest of 2026, we are reaffirming our full year 2026 revenue guidelines of between $113 million to $117 million.

展望 2026 年剩餘期間，我們重申 2026 全年營收指引為 1.13 億美元至 1.17 億美元。

Following the strong first quarter, we feel increasingly confident toward the upper end of that range, and furthermore, we now have the strong visibility ahead to predict 40% or more CCAS revenue growth in 2026.

在第一季表現強勁之後，我們對於達成該區間上緣更具信心；此外，我們目前對未來具備高度能見度，可預期 2026 年 CCAS 營收成長達 40% 或以上。

Our gross margin expectation for the year remains in the range of 70%, with a specific gross margin in any given quarter depend on our product mix.

我們對全年毛利率的預期仍維持在約 70% 的區間；而任何單一季度的具體毛利率將取決於我們的產品組合。

On the operating expense side, we expect to increase our sales and marketing as we continue to build our pipeline for the next several years. We also expect modest increase in R&D expenses as we continue to invest in developing our products.

在營業費用方面，我們預期將增加銷售與行銷投入，因為我們將持續為未來數年建置管線。我們也預期研發費用將小幅增加，以持續投資產品開發。

Overall, we continue to expect profitability improvement for 2026 as the operating leverage inherent in Alot's financial model shines through.

整體而言，隨著 Alot 財務模型內含的營運槓桿效益逐步展現，我們仍預期 2026 年獲利能力將持續改善。

That ends my summary. Eyal and I are now happy to take your questions.

以上是我的摘要。接下來 Eyal 和我很樂意回答各位的問題。

Thank you.

謝謝。

Ladies and gentlemen, at this time we will begin the question-and-answer session.(Operator Instructions) Jonathan Ho of William Blair. Please go ahead.

各位女士、先生，現在我們將開始問答環節。（接線員指示）William Blair 的 Jonathan Ho，請開始。

Hi. Good morning. I wanted to better understand what opportunities you see ahead, particularly with your pipeline commentary and also just a broader question in terms of how you think about the adoption of AI within your customer bases and particularly autonomous agents. What could that also bring in terms of opportunities for a lot ahead?

嗨，早安。我想更深入了解你們看到的未來機會，特別是你們對管線的評論；另外也想更廣泛地請教，你們如何看待 AI 在客戶群中的採用，尤其是自主代理（autonomous agents）。這可能為 Alot 帶來哪些機會？

Good morning, Jonathan.

早安，Jonathan。

So as for the pipeline, we see a solid improvement both in the SMART and CCAS opportunities.

就管線而言，我們看到 SMART 與 CCAS 的機會都有明顯改善。

I would start with the CCAS. As we pointed out in previous quarters, we expanded our SAS efforts into reaching more CSPs and trying to build new partnerships. As well as working closely with our existing CSP base in order to continue and evolve the current partnerships. We see an increased number of opportunities, different stages, what we do in existing customers, and we believe this will continue and evolve and mature along the year.

我先從 CCAS 談起。如同我們在前幾季指出的，我們擴大了 SAS 的拓展工作，觸及更多 CSP，並嘗試建立新的合作夥伴關係；同時也與既有的 CSP 客戶基礎密切合作，以延續並深化目前的合作。我們看到機會數量增加，且分布在不同階段，包含在既有客戶中的拓展；我們相信這將在今年持續演進並逐步成熟。

On the Smart side.

在 SMART 方面。

As I pointed out earlier, we see a good demand for our newly released platform, the Terra 3, which we launched last year, which is coming both from existing customers looking to upgrade their current solution as they need more capacity as their network grow, as well as interest from new customers looking on this platform with its advanced capabilities with a mix of networking and cybersecurity protection. As a platform of choice. So overall, we see good demand and we expect this to materialize over the next quarters. As for AI, as we focus on consumer and SMBs, we mainly see a lot of initial adoption of like we all hear and like the ChatGPTs, the cloud, we are not focusing on.

如我先前提到的，我們看到市場對新推出的平台 Terra 3（去年上市）有良好需求，這些需求一方面來自既有客戶希望升級現有解決方案，因為隨著其網路成長需要更高容量；另一方面也來自新客戶，對這個具備先進能力、結合網路與資安防護的平臺感興趣，並將其視為首選平台。整體而言，我們看到良好需求，並預期在未來幾季逐步轉化為實際成果。至於 AI，由於我們聚焦於消費者與中小企業（SMB），我們主要看到的是初期採用，例如大家常聽到的 ChatGPT 等雲端工具，這部分並非我們的聚焦。

When we are talking about our end customers, we are not focusing on the enterprise customers, but more on the lower end, and there the current usage is really unprotected. Many people are experiencing those tools without the awareness in many cases of the risk that it's encountered. We are looking in our product roadmap and our innovation to see how we can add. Using our uniquely positioned network protection, how we can also protect them from the new threats that are raising due to those new tools. And what I can definitely say when we talk to our TSP partners and also when we do some surveys with customers, the awareness of the risk that is coming due to the AI agent is increasing and.

當我們談到終端客戶時，我們並非聚焦企業客戶，而是較偏向市場的低端區隔；在那裡，目前的使用其實缺乏防護。許多人在使用這些工具時，往往未意識到其中所伴隨的風險。我們正在產品藍圖與創新中思考如何加入相關能力：運用我們在網路防護上的獨特定位，如何也能保護他們免於因這些新工具而產生的新型威脅。我可以明確地說，當我們與 TSP 合作夥伴交流、以及對客戶進行調查時，對 AI 代理所帶來風險的認知正在提升，而且。

People are worried of fraud and impersonation that might come from those very powerful tools.

人們擔心這些非常強大的工具可能帶來詐騙與冒用身分（impersonation）。

And then just in terms of a follow-up, where do you see the most opportunities to continue investing in sales and R&D? Can you provide a little bit more specific color around where those dollars are going? And how do you think about balancing that with showing operating leverage?

接著追問一下，你們認為在銷售與研發方面，最值得持續加碼投資的機會在哪裡？能否更具體說明這些資金的投入方向？以及你們如何在此與展現營運槓桿之間取得平衡？

Thank you.

謝謝。

So as described last quarter when we laid out the plan for 2026, our main R&D focus is to see how we can continue and add more cybersecurity engines to our portfolio. This allows us to have better protection for consumer and SMBs, but it also provides us an upsell and cross-sell opportunity to our existing base. So we discussed last quarter about solutions like network firewall and DDoS protection, and also part of the coming innovation is how we protect from the AI threats, how we add identity protection as people are worried of their credentials being stolen and shared in the dark web.

如同我們上季在提出 2026 年計畫時所說明的，我們研發的主要重點是思考如何持續在產品組合中加入更多資安引擎。這讓我們能為消費者與中小企業提供更好的防護，同時也為既有客戶基礎帶來加購（upsell）與交叉銷售（cross-sell）的機會。因此，我們上季討論了像是網路防火牆與 DDoS 防護等解決方案；而接下來的創新也包含如何防護 AI 威脅、以及如何加入身分防護，因為人們擔心其憑證被竊取並在暗網上散布。

Geographically, we see that most of the.

在地理區域方面，我們看到大多數的。

Advanced market, mature market are already aware of the need for cybersecurity, but we are starting to see that the demand for cyber protection is also starting to mature also in developing market, as we have global partners and a lot with its decades of.

先進市場、成熟市場早已意識到資安的需求，但我們也開始看到，隨著我們擁有全球合作夥伴以及數十年的累積，開發中市場對網路防護的需求也正開始走向成熟。

Presence in the CSP space. We have a very global presence and we try to leverage our good relationships with carriers around the globe. But definitely the biggest worry today is in the developed market and we believe over time this will continue globally.

在 CSP 領域的佈局。我們在全球都有很強的據點，並嘗試善用我們與全球各地電信業者的良好關係。但毫無疑問，當前最大的擔憂仍在已開發市場，而我們相信隨著時間推移，這將在全球持續擴大。

In terms of operation leverage, the fact we have the install base of smart customers. Which we have hundreds of customers around the globe, that we can have the same sales team, also upselling them the security solution and cross-selling them other tools, improve our operational efficiency over time. We see that as we continue to grow the revenue, our gross margin strengthens and our profitability expands.

就營運槓桿而言，關鍵在於我們擁有智慧型客戶的既有裝機基礎。我們在全球有數百家客戶，因此可以由同一個銷售團隊向他們加售資安解決方案、並交叉銷售其他工具，隨時間提升營運效率。我們看到，隨著營收持續成長，我們的毛利率走強、獲利能力也擴大。

The next question. It's from Nehal Chokshi of Northland Capital Markets. Please go ahead.

下一個問題來自 Northland Capital Markets 的 Nehal Chokshi。請發問。

Yeah, thank you.

好的，謝謝。

Congrats on the good results. I got two sets of questions. First one is on the cash from operations, very strong. Is that a result of some outsized bookings that you experienced within the March quarter?

恭喜取得不錯的成果。我有兩組問題。第一個是關於營運活動現金流，非常強勁。這是否是因為你們在 3 月季度出現了一些特別大的訂單（bookings）所致？

So the cash expense has overall the profitability expand and we saw this trend in the last few quarters. As pointed out in the prepared remarks, some of it is coming from new orders that we got through the Q1 quarter, but some of it is also milestone we reach from orders we received during 2025 as we start to progress with the project milestone of some of our.

所以現金支出整體上隨著獲利能力擴大而改善，我們在過去幾個季度也看到這個趨勢。如同在事先準備的發言中提到，其中一部分來自我們在第一季取得的新訂單，但另一部分也來自我們在推進部分大型客戶專案里程碑時，針對 2025 年收到的訂單所達成的里程碑。

Large customers, we start to get repayments available as we progress well with the project.

隨著我們在專案推進上進展良好，我們開始能取得可收回的款項（repayments）。

Could you describe backlog levels relative to a quarter ago and a year ago?

你能否描述一下，積壓訂單（backlog）水位相較於上一季與去年同期的變化？

Can you repeat the question, sorry.

抱歉，可以重複一下問題嗎？

Could you give some characterization as to the backlog levels relative to a quarter ago and a year ago?

你能否就積壓訂單水位相較於上一季與去年同期，做一些定性描述？

So we don't share on the quarterly level our backlog and this is something that we focus on the revenues.

我們不會在季度層級揭露積壓訂單，這也是我們聚焦在營收表現的原因。

Overall, we are seeing a good demand for our products and this reflects by our increased visibility and our comment on our increased confidence that we can meet our highest range of the guidance and also our higher.

整體而言，我們看到對我們產品的需求良好，這反映在我們能見度提升，以及我們對於能達成指引區間上緣的信心增加，並且也反映在我們更高的。

Projection for the revenue for the year.

全年營收預測。

Okay, great. And then the other question is around the CCAS.

好的，很棒。另一個問題是關於 CCAS。

Glad to see the formal raise from double-digit to at least 40% year-over-year growth, which then you could say roughly equates to about $12 million of incremental ARR for calendar '26. You did almost $3 million in the first quarter. How should we think about the linearity of that incremental ARR as we go through Calendar '26? And is this being driven by incremental carriers being layered in, incremental SKUs from carriers, or just the ongoing expansion within existing carriers?

很高興看到你們正式把年增成長率從雙位數上調到至少 40%，換句話說，大致相當於 2026 年曆年約 1,200 萬美元的新增 ARR。你們第一季就做了將近 300 萬美元。對於 2026 年曆年接下來的新增 ARR 線性（linarity）該如何看待？這是由於新增電信業者逐步導入、電信業者新增 SKU、還是既有電信業者內部持續擴張所驅動？

Okay, so overall we see that the CCAS revenue is growing sequentially and it's quite stable growth.

好的，整體來看，我們看到 CCAS 營收逐季成長，而且成長相當穩定。

So I think it's a safe assumption to assume it will grow about linearly over the year.

因此我認為，可以合理假設它在全年大致會呈線性成長。

We have strong growth coming from our base customers. This is what we call the organic growth of customers that already launch services as we proceed along the year and mainly towards the end of the year.

我們的強勁成長主要來自既有客戶基礎。這就是我們所說的有機成長：已經推出服務的客戶，會在年度推進過程中、尤其在年底前後，持續帶動成長。

The growth is going to be supported by new wins within our existing customers and mostly new customers that we will win during the year will support our growth into 2027 as there is some time between the wins, the implementation of the solution and the ramp up of the services. So majority is coming from the services that we see and we see higher touch rates and. Traction for the service. This is the majority of the revenue and the growth.

成長也會由既有客戶中的新案（new wins）所支撐；而我們在年度中贏得的新客戶，則多半會支撐我們 2027 年的成長，因為從贏單、解決方案導入到服務放量之間需要一些時間。因此，多數成長來自我們看到的服務表現：我們看到更高的觸達率（touch rates）以及服務的。牽引力（traction）。這是營收與成長的主要來源。

And then it goes with some upselling and new customers that come mostly support our longer-term growth.

此外還會搭配一些加售（upselling）與新客戶，主要用來支撐我們較長期的成長。

Great.

很好。

Thank you very much.

非常感謝。

Thank you, Neel.

謝謝你，Neel。

The next question is from Matt Kalitri of Midham & Company. Please go ahead.

下一個問題來自 Midham & Company 的 Matt Kalitri。請發問。

Hey, good morning. This is Matt Calici from Needham here.

嗨，早安。我是 Needham 的 Matt Calici。

Thank you for taking our questions.

謝謝讓我們提問。

To follow-up on the strong CCAS strength seen here, is there any color you can provide on any progress made with new business wins or rollouts that occurred during the quarter?

延續這裡看到的 CCAS 強勁表現，你能否分享一些本季在新業務贏單或上線推廣（rollouts）方面的進展？

So, again.

所以，再次。

The quarter is based on the customer we won last year like Mass Mobile in Panama and our good success with other Tier 1 customers around the globe that continue to promote their services with their customer base. I think what we see is that CSP finds cybersecurity as a very important service and they give more retention in order to promote the service with their customers. We see some customers doing. Promotions and offer our cybersecurity service in higher priority, I would say, and use it in some of the promos, which support the growth from our existing base. We do see good progress with our pipeline, as asked before, and we see more carriers in different stages of our pipeline.

本季主要來自我們去年贏得的客戶，例如巴拿馬的 Mass Mobile，以及我們在全球其他第一級（Tier 1）客戶的良好成果，他們持續向其客戶群推廣服務。我認為我們看到的是，CSP 認為資安是一項非常重要的服務，並且他們更重視留存（retention），因此更積極向客戶推廣該服務。我們看到有些客戶在做。促銷，並把我們的資安服務放在更高優先順序，我會這麼說，並把它納入一些促銷活動中，進而支撐既有客戶基礎的成長。我們確實看到我們的管線（pipeline）有良好進展，如先前所問，我們也看到更多電信業者處於管線的不同階段。

This goes with both.

這同時也涵蓋。

Our new models, as we mentioned, like the DDoS, the network firewall, the identity monitoring that are added capabilities that have more value to potential existing customers, as well as customers that we reach with our extended sales effort as we continue to have more salespeople on the ground, working with more CSPs to build new partnerships.

我們的新模型，如我們提到的 DDoS、網路防火牆、身分監控等，這些新增能力對潛在的既有客戶以及我們透過擴大銷售投入所觸及的客戶都更具價值；同時，隨著我們持續在第一線配置更多業務人員，與更多 CSP 合作建立新夥伴關係，也會帶動成長。

That's great to hear.

很高興聽到。

As it relates specifically to the updated guidance for the 40% plus CCaS revenue growth compared to the commentary for robust double-digit growth given last quarter, how did that change relative to your internal expectations and what did you see over the quarter that informed this update to the outlook?

就將 CCaS 營收成長指引上調至 40% 以上而言，相較於上一季提到的「強勁的雙位數成長」，這個變化與你們內部預期相比如何？本季你們看到了什麼，促使你們更新展望？

We are overall aligned with what we planned. We are, let's say, somewhat more optimistic. And mainly, once Q1 passed, our visibility is higher.

整體而言，我們與原先規劃一致；可以說我們稍微更樂觀一些。主要是第一季結束後，我們的能見度更高。

We are relied on our customers to do their promotions and go to market. So a lot of the growth is dependent on the CSP marketing activities. As we see that Q1 ARR growth was very high.

我們仰賴客戶去做促銷與上市（go-to-market）。因此，很多成長取決於 CSP 的行銷活動。由於我們看到第一季 ARR 成長非常高。

This means that we have the visibility to sustain growth of 40% or more in our secrets for the year. So we are one quarter further into the year and we are more confident that this high, robust double-digit that we targeted for the year, we can give more color and we also heard our investor want to see more.

這代表我們有能見度可以支撐全年 40% 或更高的成長。因此我們已經比年初多走過一個季度，對於我們原先設定的強勁雙位數成長目標更有信心，也能提供更多說明；同時我們也聽到投資人希望看到更。

Accurate estimates, so we try to give more exact number and we are now feeling more comfortable to commit on this 40% expectation.

精準的估計，因此我們嘗試給出更明確的數字，而現在我們也更有把握承諾這個 40% 的預期。

That makes sense.

了解。

Thank you for that.

謝謝你的說明。

Just one last one for me. Can you help walk us through the mechanics of the Smart Deal that you called out? I think you said you saw some prepayments this quarter that led to the free cash flow strength.

我最後一個問題：你能否協助我們理解你提到的 Smart Deal 的運作機制？我想你說本季看到一些預收款（prepayments），帶動自由現金流表現強勁。

Will there be any more of those prepayments coming through and how exactly is that expected to flush through the revenue line?

接下來還會有更多這類預收款進來嗎？而這些款項預期會如何反映到營收項目上？

As we pointed, the high cash flow was generated from a few one-time advance payments related to smart deals that we started executing.

如我們所指出，高現金流來自少數與我們開始執行的 smart deals 相關的一次性預付款（advance payments）。

The model of the smart deals can.

Smart deals 的模式可能會。

Fluctuate over quarter, so payments are not necessarily related to revenue and this is why we also remarked that you see also the increase in deferred revenue and this deferred revenue will be materialized over the year.

在各季度之間波動，因此收款不一定與營收同步，這也是我們提到你們也會看到遞延收入增加的原因；而這些遞延收入將在年度內逐步轉為認列。

Basically, the way that those deals are structured is that we are.

基本上，這些交易的結構是我們會。

I'm getting a lot of times prepayments that are related to executing milestones, and this is what happened this quarter.

很多時候收到與執行里程碑相關的預付款，而本季就是這種情況。

Awesome.

太棒了。

Thank you so much.

非常感謝。

The next question is from Jonathan Roykhaber of Santo St. Gerald. Please go ahead.

下一個問題來自 Santo St. Gerald 的 Jonathan Roykhaber。請發問。

Yes, thank you. Good morning, Al, and good afternoon, Leah.

是的，謝謝。早安，Al；午安，Leah。

So, Al, your prepared remarks, I thought were quite constructive just around everything you're doing, right, the investments in R&D, sales and marketing. You commented on strong pipeline broadly for new customers, also, the expansion opportunity for CCAT.

Al，你事先準備的發言我覺得相當正面，涵蓋你們正在做的各項事情，像是對研發、銷售與行銷的投資。你也提到整體新客戶的強勁管線，以及 CCAT 的擴張機會。

And, I appreciate the heightened confidence just.

而且，我也認同你們信心提升。

Given what we're seeing in the increased guidance for CCAS revenue growth. But I'm just curious, philosophically, what keeps you from providing a formal CCAS ARR guidance? It does seem like that is the leading indicator in terms of where you're focused strategically.

因為我們看到你們上調了 CCAS 營收成長指引。但我想從理念層面請教：為什麼你們不提供正式的 CCAS ARR 指引？看起來那才是你們策略聚焦方向的領先指標。

So again, as I mentioned, our growth in CCAS is dependent on our CSP customers.

所以再次強調，如我所提，我們的 CCAS 成長取決於我們的 CSP 客戶。

Launch time of new services, their service adoption and their marketing campaigns and therefore we are relied on their efforts and their success and their success becomes our success.

新服務的上線時間、服務採用率，以及他們的行銷活動；因此我們仰賴他們的投入與成功，而他們的成功也就成為我們的成功。

Our ARR in the quarter give us the visibility to grow the revenue for the year. As we proceed over the year and we see more and better visibility to the new wins and new launches and then we continue to evolve our CCAS growth over this year and next.

我們本季的 ARR 讓我們對全年營收成長具備可見度。隨著我們在今年推進並看到更多且更清晰的新案贏單與新上線的可見度，我們也將在今年及明年持續推進 CCAS 的成長。

We continue to see the cybersecurity strategy as our main focus and we are.

我們仍將資安策略視為主要重點，我們也是如此。

Focusing both on the short-term growth and long-term growth in order to sustain this high double-digit CCAS as the main growth driver for the company.

同時聚焦短期成長與長期成長，以維持這個高雙位數的 CCAS，作為公司主要的成長驅動力。

And I think that this is working well for us, as you see in the numbers, and we hope to continue to do well as we proceed along the year with the.

我認為這對我們運作得很好，從數字上你也看得到；我們希望在今年接下來的進程中，能持續有良好表現，並隨著。

Further adoption of the cybersecurity services by our existing customers as well as new services that are going to be offered.

既有客戶對資安服務的進一步採用，以及即將推出的新服務。

So I'm just curious, product revenue seemed to drive more upside than services, and that's a dynamic we saw last quarter as well. So can you just talk about that outperformance?

所以我只是好奇，產品營收似乎比服務帶來更多上行空間，而這也是我們上季看到的動態。你能談談這種超預期表現嗎？

Obviously, the Smart portfolio is doing well, but how do you see that. Played out as we go through the rest of the year, CCAS adoption seemed like it could reverse that trend, maybe some clarity on how we should think about that going forward.

顯然 Smart 產品組合表現不錯，但你如何看待這在今年剩餘時間的發展？CCAS 的採用看起來可能會扭轉那個趨勢；希望你能更清楚說明我們未來應該如何看待。

No, so again, most of our growth is coming from the CCAS.

不，所以再說一次，我們的大部分成長都來自 CCAS。

What we see, the SMART is giving us good support with good stability in revenues and with some modest growth so far.

我們看到 SMART 以良好的穩定性支撐營收，並且迄今有一些溫和成長。

As mentioned also in the previous quarter, in SMART we have.

如同上一季也提到的，在 SMART 方面我們有。

Because this is less recurring, it's more it might fluctuate between the quarters but so it also give us the potential upside as it depends on project maturity and execution milestones. As we have some of our customers are in the millions of dollars and this depends on meeting the milestone, it can move sometimes between quarters and this includes.

因為這部分的經常性較低，季度之間可能會波動，但也因此帶來潛在上行空間，取決於專案成熟度與執行里程碑。由於我們有些客戶的規模達數百萬美元，且取決於是否達成里程碑，有時會在季度間移動，而這也包括。

Potential to go even higher on the product if we execute faster and if we continue to see the good demand that we are seeing.

如果我們執行得更快，並且持續看到目前所見的良好需求，產品端還有進一步走高的潛力。

Overall, most of the growth, as you saw in the quarter and this is the plan for the year, should be supported by the very high growth we are seeing from the CCAS and the total revenue is.

整體而言，如你在本季所見、且這也是全年計畫，大部分成長應由我們在 CCAS 看到的非常高成長所支撐，而總營收則是。

Supported in giving us the smart, it's giving us the scale as well as it's giving us the upside opportunity working with existing smart customers to upset our security solutions.

由 SMART 來支撐；SMART 提供規模，也提供上行機會，讓我們能與既有 SMART 客戶合作，向上銷售我們的資安解決方案。

So this was the model, this is the model and we see it's working well and we continue to go in this approach.

所以這一直是、也仍然是我們的模式；我們看到它運作良好，並會持續採取這個方法。

Yeah, fair enough. And then the last question I have is can you talk about the adoption trends you're seeing. Around the introduction of the new security capabilities you've been making available. And just also just the strategy between monetization to your higher tier price packages relative to a goal of improving subscriber expansion and retention. How do you balance those two when you look at those new products?

好的，合理。那我最後一個問題是：你能談談你們看到的採用趨勢嗎？關於你們推出的新資安能力。另外，也想請你談談在變現（導向更高階定價方案）與提升訂戶擴張與留存之間的策略。你們在看這些新產品時，如何平衡這兩者？

So overall, we got a very good market feedback about our new capabilities. Obviously, as we have some strategic partners, we work closely with them to share and adjust our roadmap and development to their strategy and direction.

整體而言，市場對我們的新能力回饋非常好。顯然，因為我們有一些策略夥伴，我們與他們緊密合作，分享並調整我們的產品路線圖與開發，以符合他們的策略與方向。

I would say that.

我會說。

Our customer really like the fact that they could offer very easily or relatively easily additional capabilities as they see this monetization opportunity both directly as increased revenue. Some of them are looking to increase the cybersecurity package.

我們的客戶非常喜歡的一點是，他們可以非常容易或相對容易地提供額外能力，因為他們看到這個變現機會：一方面可直接帶來營收增加。有些客戶希望提升資安方案。

For example, if I'm offering a package for a dollar, I can uplift it to $1.50 by adding more capabilities. Some are looking for those capabilities as a way to attract more users and increase their attach rates and some are also using its defensive mode as they see competition from their other CSPs and they believe they want to stay more competitive in order to retain their growth rate. Overall, the market understands that the.

例如，如果我提供一個 1 美元的方案，加入更多能力後可以把價格提高到 1.50 美元。有些客戶把這些能力視為吸引更多用戶、提高附加率（attach rates）的方式；也有一些以防禦模式使用，因為他們看到來自其他 CSP 的競爭，並認為需要保持更強競爭力以維持其成長率。整體而言，市場理解到。

Consumer and SMBs are underserved and are underprotected and they really like the concept that we provide, telling a lot to a wider and more extensive platform with more cyber engines. It's really well received by our customers.

消費者與中小企業（SMB）長期服務不足、保護不足；他們也非常認同我們提供的概念：打造更廣、更完整的平台，搭載更多資安引擎。我們的客戶對此反應非常正面。

Yeah, and just on those CSPs looking at that, looking at the monetization aspect of those new capabilities, what is the lag before you would begin to see an uptick in ARPU?

好的，針對那些 CSP 在看新能力的變現面向時，從推出到你們開始看到 ARPU 上升，通常會有多長的落後期？

So it really depends on the go-to-market. If they are to go and update the price for existing package, it could be faster. If they are going to launch it as a new package for new customers, therefore it takes more time. So it's very hard to give color in this stage and it's vary between different customers.

這真的取決於其上市策略（go-to-market）。如果他們要更新既有方案的價格，可能會更快；如果他們要把它作為新方案、面向新客戶推出，那就需要更多時間。所以在這個階段很難提供更具體的說明，而且不同客戶之間差異很大。

What we do see is that. And again, back to the previous remark, we already have this visibility that we can grow at 40% or more in our CCAS revenue. I think this gives you the most important part of the answer.

我們確實看到的是：再回到先前的說法，我們已經有可見度，CCAS 營收可以成長 40% 或更高。我認為這就是答案中最重要的部分。

Yes, understood.

是的，了解。

Thank you very much.

非常感謝。

The next question is from Sharul Eyal of TD Cohen. Please go ahead.

下一個問題來自 TD Cohen 的 Sharul Eyal。請開始提問。

Thank you. Hi, Liat and Eyal. Congrats on a strong start to the year.

謝謝。嗨，Liat 和 Eyal。恭喜今年有個強勁的開局。

Eyal, I wanted to ask about how you are using AI internally within a lot on sales and marketing, on R&D.

Eyal，我想問你們如何在內部使用 AI，涵蓋銷售與行銷、研發等方面。

Can you share some thoughts with us? And also, how do you think about hiring into 2026? And I have a follow-up for Liat.

你能和我們分享一些想法嗎？另外，你們如何看待 2026 年的人才招募？我還有一個問題要問 Liat。

Thank you, Shaul. So AI is something that keeps us busy, I'm sure, like any management in any company these days. We are looking on three dimensions. One is, first of all, what is the cyber threats for our customers that require us to enhance our product and roadmap? And our product team is busy now to identify the new threats and create new innovation to help. Consumer and SMB be more protected with the newly introduced threats coming from AI. For example, if we are able today to protect from fraudulent sites, we see new categories of sites that are purely AI, either adult content that is purely generated by AI or malicious phishing attempts that are generated by AI. So all of these is. Changes in the tech surface that we prioritize by our product team to see how we address.

謝謝你，Shaul。AI 這件事讓我們很忙，我相信如今任何公司的管理層都一樣。我們從三個面向來看。第一，對我們客戶而言，AI 帶來哪些資安威脅，迫使我們強化產品與路線圖？我們的產品團隊目前正忙於辨識新威脅並創造新創新，協助消費者與中小企業更好地防護 AI 帶來的新型威脅。舉例來說，我們今天能防護詐騙網站，但我們看到新的網站類別是純 AI 生成的，例如純 AI 生成的成人內容，或由 AI 生成的惡意網釣嘗試。因此，這些都是。技術攻擊面上的變化，我們的產品團隊會優先處理，並思考如何應對。

Second, of course, we are trying to see where AI can help us in the development cycle. We are looking on the most advanced tools that are integrated into our R&D cycles in order to see how we can get more efficiency. We are in this stage mainly focused as. We want to create more innovation and to expand our portfolio. We are mainly trying to see how we can accelerate R&D and accelerate time to market and introduce more capabilities with our current teams.

第二，當然，我們也在評估 AI 能在哪些地方協助我們的開發週期。我們在看最先進、可整合進研發流程的工具，以提升效率。我們目前主要聚焦在：希望創造更多創新並擴展產品組合。我們主要在思考如何加速研發、縮短上市時間，並在現有團隊規模下導入更多能力。

And third, we are looking how to create more operational efficiency across the organization. We are working on different initiatives trying to create.

第三，我們在看如何在整個組織中創造更多營運效率。我們正在推動不同的計畫，嘗試打造。

Automated processes that will make our team stronger.

自動化流程，讓我們的團隊更強。

I would say that in general, what you could see that while our top-line continue to grow, we are managing to keep the same operational expense, and again, it stays in similar level, which eventually increase our profitability. If we use AI smartly, we can continue to create.

我會說，整體而言，你可以看到在我們營收持續成長的同時，我們仍能把營運費用維持在相同水準，而且仍大致持平，最終提升我們的獲利能力。如果我們聰明地使用 AI，我們可以持續創造。

More product differentiation and unique value proposition in one end, but also overall organization efficiency that continue to expand our profitability. So this is very much across the organization.

一方面帶來更多產品差異化與獨特價值主張；另一方面也提升整體組織效率，持續擴大我們的獲利能力。所以這確實是橫跨整個組織的。

Got it. And how should we be thinking about hedging the U.S. Dollar versus the shekel, vice versa? Liat, can you help us in that respect?

了解。那我們應該如何思考美元兌謝克爾的避險，或反過來？Liat，你能在這方面協助說明嗎？

Yes, sure.

好的，當然。

We mentioned also last quarter, we continue to see the shackles threatening and we have expenses.

我們上季也提到，我們持續看到謝克爾走強，而我們有費用。

In Israel since we have headquarters in Israel. However, we are edged for 2026 and therefore when we modeled our expectations for 2026, this is already taken into consideration and we expect to drive continuous profitability improvement and we feel very comfortable doing so with our edging approach for 2026.

在以色列，因為我們總部在以色列。不過，我們已針對 2026 年做了避險，因此在我們建模 2026 年的預期時，這已納入考量；我們預期能持續推動獲利能力改善，並且對我們 2026 年的避險做法感到非常有信心。

Thank you very much.

非常感謝。

There are no further questions at this time. I will now hand back the call to Eyal Harari, Allot CEO, for concluding statement.

目前沒有其他問題。我現在把電話交回 Allot 執行長 Eyal Harari，請他做結語。

Mr. Harari, please go ahead.

Harari 先生，請開始。

So thank you everyone for joining us on the call and hope to see you all in our next quarter results.

感謝各位參與本次電話會議，希望在我們下一季的財報結果時再與各位相見。

Thank you.

謝謝。