Arrive AI Inc (ARAI) 2025 Q4 法說會逐字稿

Good morning, everyone, and thank you for joining us today. With me on the call are Dan O'Toole, Arrive AI's Chairman, CEO, and Founder; and Todd Petmeier Chief Financial Officer. The earnings press release issued this morning is available in the Investor Relations section of the company's website at arriveai.com.

各位早安，感謝今天加入我們的電話會議。與我一同在線上的有 Arrive AI 董事長、執行長兼創辦人 Dan O'Toole，以及財務長 Todd Petmeier。今天早上發布的財報新聞稿可於公司網站 arriveai.com 的投資人關係（Investor Relations）專區查閱。

Before we begin, please note that today's remarks may include forward-looking statements regarding the future financial results, operations, and performance.

在開始之前，請注意今天的發言可能包含有關未來財務結果、營運與績效的前瞻性陳述。

These statements are not guarantees of future results and are subject to risks and uncertainties that could cause actual outcomes to differ materially. We encourage investors to review the risk factors detailed in Arrive AI's SEC filings, which are also available on the company's website.

這些陳述並非對未來結果的保證，且存在風險與不確定性，可能導致實際結果出現重大差異。我們鼓勵投資人查閱 Arrive AI 向美國證券交易委員會（SEC）提交之文件中所詳述的風險因素；相關文件亦可於公司網站取得。

Now, I'll turn the call over to Dan O'Toole.

現在，我把電話會議交給 Dan O'Toole。

Hey, guys. Dan O'Toole, CEO of Arrive AI here. I want to thank you so much for joining our earnings call today. I'm really excited about where we are and the trajectory that this company is under. So I couldn't be more excited. I wanted to start out by saying that running Arrive AI has been the journey of a lifetime for me, and I would not trade one moment of it. And what I mean by that, true integrity dictates that acknowledging the challenges and the successes equally is what it's all about.

各位好，我是 Arrive AI 的執行長 Dan O'Toole。非常感謝大家今天參加我們的財報電話會議。我對我們目前所處的位置以及公司正在走的軌跡感到非常振奮，所以我再興奮不過了。我想先說，經營 Arrive AI 對我而言是一生一次的旅程，我不會用任何事物交換其中任何一刻。我所說的意思是：真正的誠信在於同等地承認挑戰與成功，這才是重點。

Is anything ever straight up and perfect? Of course not. But you know what? That creates opportunities, and that's what this company is all about.

事情有可能一路順遂、完美無缺嗎？當然不會。但你知道嗎？這正是創造機會的來源，而這也是這家公司所追求的一切。

I want you to know that I continue to be hyper-confident about where we are heading and how we're getting there. And I know that in the very near future, there's going to be a moment when a switch flips and things happen in a hyperscale way. But right now, we are super focused on prudently executing on our roadmap. As part of that roadmap.

我想讓大家知道，我對我們前進的方向以及達成方式仍然極度有信心。我也知道在不久的將來，會有一個「開關被打開」的時刻，事情將以超大規模（hyperscale）的方式發生。但此刻，我們非常專注於審慎地執行我們的路線圖。作為該路線圖的一部分。

It's crucial to have the right people guiding your business.

讓合適的人來引導你的業務至關重要。

Our Board of Directors plays a key role every single day with their decades of experience and leadership across logistics, healthcare, finance, and now cellular networks. I'm really happy right now to announce Mike Fitts has just joined our Board. Mike is the Vice President of Indirect Channels and Solutions Sales at T-Mobile for Business. He brings over three decades of experience in telecommunications and. Enterprise technology and global network solutions. His insight into 5G, IoT, and partner ecosystems will be invaluable in accelerating our growth. And these are all areas that we are very focused on right now. It's a very timely acquisition to get Mike on our board, and I'm looking for some big things.

我們的董事會每天都扮演關鍵角色，憑藉其在物流、醫療保健、金融，以及現在的行動通訊網路等領域累積數十年的經驗與領導力。我很高興在此宣布，Mike Fitts 剛加入我們的董事會。Mike 現任 T-Mobile for Business 的間接通路與解決方案銷售副總裁。他在電信、企業技術與全球網路解決方案方面擁有超過三十年的經驗。他對 5G、IoT 與合作夥伴生態系的洞見，將在加速我們成長方面帶來無可取代的價值，而這些也正是我們目前高度聚焦的領域。此時邀請 Mike 加入董事會非常及時，我期待能帶來重大成果。

I'm going to let CFO Todd Pettmeyer provide details on our financial results in a moment, but before that, I do want to stress that we are in a moment where new partnerships, deployments, and innovations have significant potential to drive material growth and revenue, and we have put together a dynamic sales team to execute on that every single day.

我稍後會請財務長 Todd Pettmeyer 提供我們財務結果的細節，但在此之前，我確實想強調：我們正處於一個關鍵時刻，新合作夥伴關係、部署與創新具有推動實質成長與營收的重大潛力；我們也已組建一支充滿活力的銷售團隊，每天全力以赴執行。

Now, speaking of innovation, one of the areas we particularly are excited about is artificial intelligence. We believe AI will play a critical role in how packages move, how delivery networks operate, and how systems coordinate with one another in the future. So in the spirit of that, we decided to do something kind of novel today. I'm not sure that it's been done before, but we are going to have today's entire earnings call given to you in AI voices of the team that's reporting. We wanted to showcase. In a small way, how AI can be used as a practical tool to help communicate and operate more efficiently.

談到創新，我們特別感到興奮的領域之一是人工智慧。我們相信，AI 將在未來包裹如何移動、配送網路如何運作，以及系統彼此如何協同方面扮演關鍵角色。因此，本著這樣的精神，我們今天決定做一件有點新穎的事。我不確定以前是否有人做過，但我們將以團隊成員的 AI 聲音，向各位呈現今天整場財報電話會議。我們希望以一個小小的方式展示 AI 如何作為實用工具，協助更有效率地溝通與運作。

Our leadership team will join the call shortly after, and we will all be live to answer your questions. But for now, let's begin with our prepared remarks, voiced with AI. Kylie, why don't you go ahead and hit the play button and let's see what happens.

我們的管理團隊稍後將加入電話會議，我們也都會即時在線回答各位的提問。但現在，先從我們以 AI 配音的預先準備發言開始。Kylie，妳先按下播放鍵，讓我們看看會發生什麼。

When we founded Arrive AI and set out to change last mile logistics forever, it was a bold move. We started. By shaping and building a market before it even existed, including by securing patents that we believe provide a significant competitive advantage for the company. The logistics industry has spent billions of dollars trying to automate how packages move between trucks, drones, robots, couriers, but we are the first company to strictly focus on how and where these packages successfully and securely arrive.

當我們創立 Arrive AI，並著手要永遠改變最後一哩物流時，這是一個大膽的舉措。我們從在市場尚未存在之前就開始塑造並建立市場做起，其中包括取得我們相信能為公司帶來顯著競爭優勢的專利。物流產業已投入數十億美元，試圖自動化包裹在卡車、無人機、機器人與快遞員之間的移動方式，但我們是第一家嚴格聚焦於包裹如何以及在何處能成功且安全「送達」的公司。

They need a home, and for that to happen, there has to be an infrastructure, that final exchange point, the secure handoff between sender, courier, and recipient is what we call the last inch of the last mile.

包裹需要一個「家」，而要做到這一點，就必須有基礎設施——那個最終的交換點；在寄件人、配送者與收件人之間的安全交接，就是我們所稱的「最後一哩的最後一吋」。

That's the problem Arrive.AI was created to solve. We are building the infrastructure layer for autonomous logistics, a network of intelligent delivery endpoints that allow people, robots, drones, and logistics providers to exchange goods securely. You can think of it as the shipping store at your door. Or said another way, if cell towers created the network for mobile phones, then Arrive.AI is building the network for autonomous delivery.

這正是 Arrive.AI 為解決而誕生的問題。我們正在打造自主物流的基礎設施層——一個由智慧配送端點所構成的網路，讓人、機器人、無人機與物流服務商能安全地交換貨物。你可以把它想像成「你家門口的寄送門市」。或者換句話說，如果基地台建立了行動電話的網路，那麼 Arrive.AI 正在建立自主配送的網路。

Next. Progress. We kicked things off in 2020, and since then, we have raised capital through three successful crowdfunding campaigns, completed our direct public offering in May. 2025, built a team of nearly 50 full-time employees, began real-world deployments of our technology.

接下來，談進展。我們在 2020 年啟動，從那時起，我們透過三次成功的群眾募資活動募集資金，並於 2025 年 5 月完成直接公開發行（DPO），建立了一支近 50 名全職員工的團隊，並開始在真實世界中部署我們的技術。

Today, Arrive AI trades on NASDAQ under the symbol ARAI. With approximately 47 million shares outstanding and roughly 52% insider ownership. That level of insider ownership reflects our belief in the long-term value we're building and closely aligns our leadership team with shareholders.

目前，Arrive AI 於納斯達克（NASDAQ）以代號 ARAI 交易，流通在外股數約 4,700 萬股，內部人持股約 52%。如此高比例的內部人持股反映了我們對所打造之長期價值的信念，也使管理團隊與股東的利益高度一致。

Part of that long-term value comes from our robust portfolio of U.S. And international patents, which is one of the most important assets we possess. Our patents protect the digital architecture around secure delivery endpoints, autonomous handoff between humans and machines, climate-assisted storage, chain of custody verification, and interoperability across multiple delivery methods.

這份長期價值的一部分來自我們強健的美國及國際專利組合，這是我們所擁有最重要的資產之一。我們的專利保護圍繞安全配送端點的數位架構、人與機器之間的自主交接、氣候輔助儲存、保管鏈（chain of custody）驗證，以及跨多種配送方式的互通性。

We recently secured our 10th patent, which allows multiple people to use the same secure arrive point. The patent was issued on March 31, 2026, and protects the IP that enables our units to handle packages for many different users with built-in storage and sorting to manage deliveries and pickups efficiently.

我們近期取得第 10 項專利，允許多人使用同一個安全的 arrive point。該專利於 2026 年 3 月 31 日核發，保護使我們的設備能為許多不同使用者處理包裹的智慧財產權，並具備內建儲存與分揀功能，以有效管理投遞與取件。

These units offer the same security, chain of custody, and communication features as a single arrive point, but are designed for shared use across multiple homes or businesses. Additionally, the patent advances the intelligence and coordination capabilities of our logistics platform, enhancing how secure delivery endpoints interact with drones, ground robotics, and human couriers.

這些設備提供與單一 arrive point 相同的安全性、保管鏈與通訊功能，但設計為可供多戶住宅或多家企業共享使用。此外，該專利也推進了我們物流平台的智慧化與協調能力，強化安全配送端點與無人機、地面機器人以及人工快遞員之間的互動方式。

With these IP-protected capabilities combined. Bind, the arrive point becomes the clear winner for an exchange point in the delivery ecosystem. And the more endpoints we have connected to that network, the more valuable the network becomes. That's the network effect. I saw a meme recently that drove this point home. You know what was better than the first telephone, the second telephone. The scale of our opportunity is enormous. In the United States alone, there are approximately 170 million delivery addresses, and this. Number increases by 4,000 addresses every day.

結合這些受智慧財產權保護的能力後，arrive point 成為配送生態系中交換點的明確勝出者。而連接到該網路的端點越多，網路的價值就越高。這就是網路效應。我最近看到一張迷因很能說明這點：比第一支電話更好的，是第二支電話。我們的機會規模極其龐大。僅在美國，就約有 1.7 億個配送地址，而且這個數字每天增加 4,000 個地址。

Each of those locations receives packages, increasingly including items that require secure or time-sensitive delivery, like pharmaceuticals and medical supplies, groceries, lab samples, and high-value retail goods. An arrive point allows for unattended asynchronous delivery and pickup across these addresses, meaning each mode of delivery can come and go. At its own cadence without waiting on a human or any other party to arrive. This prevents wasted time and increases efficiency and opportunity. Think of it this way. Right now, a ground robot can bring a delivery to you, but you have to be there to accept that delivery before it can move to the next. Or a drone might drop its package in a puddle-filled yard.

每個地點都會收包裹，而且越來越多包含需要安全或具時效性的配送品項，例如藥品與醫療用品、雜貨、實驗室樣本，以及高價值零售商品。arrive point 讓這些地址能進行無人值守、非同步的投遞與取件，意即各種配送方式都能依自己的節奏來去，而不必等待人或任何其他一方到場。這能避免時間浪費，並提升效率與機會。你可以這樣想：現在地面機器人可以把貨送到你家，但你必須在場簽收，它才能前往下一站；或者無人機可能把包裹丟在積水的院子裡。

Arrive AI solves these and many similar issues. With our solution, a robot can drop its package into our arrive point and immediately continue on its route. For drones, our network enables secure, weatherproof delivery while optimizing routing so drones carry payloads on more. Lights, significantly reducing empty return trips. It can deliver your hamburger and at the same time, pick up the shirt you need to return. One of the most important proof points of our progress is our live deployment with Hancock Health in Indiana.

Arrive AI 解決了這些以及許多類似問題。使用我們的解決方案，機器人可以把包裹放入我們的 arrive point，並立刻繼續其路線。對無人機而言，我們的網路可在安全且防風雨的條件下完成投遞，同時最佳化路徑，讓無人機在更多航班（flights）上載運有效載荷，大幅降低空載返航。它可以送來你的漢堡，同時取走你要退貨的襯衫。我們進展中最重要的驗證之一，是我們在印第安納州 Hancock Health 的實地部署。

In that deployment, arrived points were installed between the Sue Ann Wortman Cancer Center and the hospital laboratory to support biospecimen transport using an autonomous robot.

在該部署中，我們在 Sue Ann Wortman 癌症中心與醫院實驗室之間安裝了 arrived points，以支援使用自主機器人進行生物檢體運送。

The route covers roughly a quarter-mile round trip and supports multiple deliveries throughout the day. We recently released an in-depth white paper to explain our findings in detail. During this live deployment at Hancock Health, we demonstrated that our platform can seamlessly integrate into real-world hospital workflows while delivering measurable efficiency gains. We reduced staff walking time without adding steps and effectively extended staff capacity. In a resource-constrained environment, freeing up their time for higher-value, patient-facing care.

該路線往返約四分之一英里，並支援全天多次配送。我們近期發布了一份深入的白皮書，詳細說明我們的發現。在 Hancock Health 的這項實地部署中，我們證明平台能無縫整合至真實世界的醫院工作流程，同時帶來可衡量的效率提升。我們在不增加額外步驟的情況下，降低了員工步行時間，並有效延伸了人力產能。在資源受限的環境中，釋放他們的時間以投入更高價值、面向病患的照護。

The system operated reliably within active care conditions, reinforcing trust through consistent performance and clear handoff signals. These results validate our ability to drive durable operational improvements in complex healthcare environments. You can find the white paper on our website for more details. Now, I'd like to speak briefly about our partnerships. Autonomous delivery is not a single technology. It involves robotics, drones, logistics platforms, and AI coordination systems.

系統在實際照護條件下運作可靠，透過一致的效能與清晰的交接訊號強化信任。這些結果驗證了我們在複雜醫療環境中推動持久營運改善的能力。您可在我們的網站上找到白皮書以了解更多細節。現在，我想簡要談談我們的合作夥伴關係。自主配送不是單一技術；它涵蓋機器人、無人機、物流平台，以及 AI 協調系統。

Rather than trying to build every one of those components ourselves, Arrive AI focuses on the network layer. We provide the secure endpoint infrastructure and orchestration platform, while partners provide delivery systems. For example, our partnership with Autonomy, a like-minded early-stage company that develops autonomous delivery robots, allows robots to integrate directly into Arrive point deployments. This allows us to quickly evolve and refine how. How our network aligns with their hardware, iterating and adapting in real time for better efficiencies and processes from software to hardware. This ecosystem approach allows us to support multiple delivery technologies while we stay focused on building the network itself. We are also taking advantage of being a member in the NVIDIA Connect program. NVIDIA is proving to be an invaluable asset for our development by exponentially increasing our. Speed to deployment.

我們不會嘗試自行打造上述每一個元件，Arrive AI 專注於網路層。我們提供安全的端點基礎設施與編排平台，而合作夥伴則提供配送系統。舉例來說，我們與 Autonomy 的合作——這是一家理念相近、開發自主配送機器人的早期公司——使其機器人能直接整合至 Arrive Point 的部署中。這讓我們能快速演進並精煉我們的作法，並使我們的網路如何與其硬體對齊，從軟體到硬體進行即時迭代與調整，以提升效率與流程。這種生態系方法讓我們能支援多種配送技術，同時仍專注於建構網路本身。我們也善用身為 NVIDIA Connect 計畫成員的優勢。NVIDIA 透過大幅提升我們的部署速度，正成為我們開發上極具價值的資產。

Our engineers are using NVIDIA Blackwell workstations, allowing them to create models that are taking them hours instead of days, which has materially accelerated our development.

我們的工程師正在使用 NVIDIA Blackwell 工作站，讓他們能建立原本需要數天、現在只需數小時的模型，實質加速了我們的開發。

We also want to provide some context on how our product development has evolved over the past year.

我們也想提供一些背景，說明過去一年我們的產品開發如何演進。

Before we became a public company, Arrive AI had a relatively small engineering team working on what was essentially the third generation of our Arrive Point platform, the AP3. When we went public, gaining access to capital allowed us to significantly expand our workforce. In fact, we were able to grow our team tenfold. Those additional engineers immediately began advancing the next generation of Arrive Point technology.

在成為上市公司之前，Arrive AI 的工程團隊規模相對較小，主要投入於本質上屬於第三代的 Arrive Point 平台——AP3。上市後，取得資本使我們得以大幅擴編人力。事實上，我們將團隊規模擴大了十倍。這些新增工程師立即開始推進下一代 Arrive Point 技術。

Creating the AP5 platform. Today, we've brought all of those engineering teams together around a single objective, accelerating product development and refining the ArrivePoint platform as quickly and cohesively as possible. Instead of separate development tracks, we now have the full strength of our engineering organization focused on building, improving, and advancing the ArrivePoint platform together.

打造 AP5 平台。如今，我們已將所有工程團隊整合在單一目標之下，以盡可能快速且一致地加速產品開發並精煉 ArrivePoint 平台。不再是分開的開發軌道，我們現在動員整個工程組織的完整力量，共同建置、改善並推進 ArrivePoint 平台。

Our development can now happen internally, leveraging the expertise of the team we've built while materially reducing our dependence on external resources. This has also allowed us to move faster, remove redundancies, reduce third-party R&D costs, and have more real-time quality control. For example, we've implemented AI simulations to support the growing ARRIVE network for the next generation AP5 platform while remaining backwards compatible. With our AP3 platform, ensuring that both systems can work seamlessly together.

我們現在可在內部完成開發，運用我們所建立團隊的專業，同時實質降低對外部資源的依賴。這也讓我們能更快推進、消除重複、降低第三方研發成本，並進行更即時的品質控管。舉例來說，我們已導入 AI 模擬，以支援下一代 AP5 平台日益成長的 ARRIVE 網路，同時維持向下相容；並透過 AP3 平台，確保兩套系統能無縫協同運作。

Now, our goal is to convert these innovations into sales in the near future. We are advancing our conversations with organizations in the healthcare and manufacturing sectors. With a goal of securing early-stage deployment arrangements for both our AP3 and AP5 systems.

現在，我們的目標是在不久的將來將這些創新轉化為銷售。我們正推進與醫療與製造領域組織的洽談，目標是為 AP3 與 AP5 系統爭取早期部署安排。

With that, I'd now like to turn the call over to Arrive AI's Chief Financial Officer, Todd Peppmeyer, to talk through the financials and provide more background on our revenue model.

接下來，我想把電話會議交給 Arrive AI 的財務長 Todd Peppmeyer，請他說明財務狀況並提供我們營收模式的更多背景。

Thank you, Dan. When Arrive AI became a public company, we were clear that the early years would be about building the right infrastructure rather than maximizing short-term revenue. After all, infrastructure businesses. Require upfront investment, you build the network first, and revenue grows as that network expands. For the fourth quarter, our total revenue was $15,000, all of which was recurring subscription revenue.

謝謝你，Dan。Arrive AI 成為上市公司時，我們就明確表示，早期幾年將著重於建構正確的基礎設施，而非最大化短期營收。畢竟，基礎設施型企業需要前期投資：先建網路，隨著網路擴張，營收才會成長。第四季我們的總營收為 15,000 美元，全部為經常性訂閱營收。

For the full year, revenue was just over $113,000. Our net loss for the fourth quarter was $2.7 million, compared to a loss of about $1.3 million in the same quarter of 2024.

全年營收略高於 113,000 美元。第四季淨損為 270 萬美元，相較於 2024 年同季約 130 萬美元的淨損。

The increase was primarily due to higher operating expenses. For the full year, net loss was $12.8 million versus $4.5 million in the prior year. We ended the year with $2.1 million in cash on the balance sheet, and in January 2026, we executed a $10 million draw from our existing credit facility on favorable terms.

增加主要來自較高的營運費用。全年淨損為 1,280 萬美元，對比前一年的 450 萬美元。我們在年末資產負債表上的現金為 210 萬美元，並於 2026 年 1 月以有利條件自既有信用額度提取 1,000 萬美元。

This significantly strengthens our balance sheet and provides a meaningful runway to continue executing our business plan and funding our growth initiatives.

這顯著強化了我們的資產負債表，並提供充足的資金跑道，以持續執行我們的商業計畫並資助成長計畫。

Our quarterly cash burn rate of approximately $3 million has been mostly driven by increased hiring as we built out the team to support growth, and we expect that level of investment to moderate over time as revenue scales.

我們每季約 300 萬美元的現金消耗率主要由擴大招募所驅動，因為我們建立團隊以支援成長；隨著營收規模化，我們預期這樣的投資水準將隨時間趨於緩和。

These 2025 results are being filed within the 15-day extension we requested on March 31, 2026. During our preparation of these financial statements, we discovered an error with the previous accounting treatment related to our convertible note payable financing. In short, the structure of the agreement creates a derivative instrument according to US Accounting standards. This complexity required us to engage an independent expert to perform the complex modeling required to accurately fair value both the convertible notes and attached derivative instruments.

這些 2025 年的結果將在我們於 2026 年 3 月 31 日申請的 15 天延長期限內提交。在編製這些財務報表的過程中，我們發現先前與可轉換票據應付融資相關的會計處理存在錯誤。簡而言之，依照美國會計準則，該協議結構形成一項衍生性金融工具。此複雜性使我們需要聘請獨立專家，進行複雜模型計算，以準確衡量可轉換票據及其附帶衍生性工具的公允價值。

As a result, we have subsequently applied the new method to our previously reported quarterly results. We expect to file amended reports for both the June 30th quarter and the September 30th quarter alongside the full-year results. The net result of this change will be higher reported net income in the June 30 period and lower net income in the September 30 period.

因此，我們已將新方法追溯適用於先前已公布的季度結果。我們預期將在提交全年結果時，同步提交截至 6 月 30 日季度與截至 9 月 30 日季度的更正報告。此變更的淨結果將使 6 月 30 日期間的申報淨利較高，而 9 月 30 日期間的申報淨利較低。

This change affects net income and the presentation of assets, liabilities, and stockholders' equity on the balance sheet. There is no cash impact. Revenue model. As we look ahead, our long-term revenue model has three primary components. The first is ArrivePoint subscriptions, where organizations like hospitals, laboratories, manufacturers, and enterprise campuses. Deploy Arrive points as part of their logistics infrastructure.

此變更會影響淨利以及資產負債表上資產、負債與股東權益的呈列方式；不影響現金。營收模式方面，展望未來，我們的長期營收模式有三個主要組成。第一是 ArrivePoint 訂閱，醫院、實驗室、製造商與企業園區等組織，會將 Arrive points 作為其物流基礎設施的一部分進行部署。

The second is network as a service revenue. As more endpoints are deployed, they connect into the Arrive AI network, enabling logistics providers to route deliveries between locations.

第二是「網路即服務」（Network as a Service）營收。隨著更多端點部署，它們會連接至 Arrive AI 網路，使物流服務供應商能在各地點之間進行配送路由。

The third and final revenue component is from data and AI insights. Autonomous logistics generates valuable operational data that can be used to optimize delivery networks. Over time, we expect our revenue mix to evolve toward approximately 50% network infrastructure revenue and 50% transactional and data-driven services. With that, Dan, I'll turn it back over to you.

第三也是最後一項營收來源來自資料與 AI 洞察。自主物流會產生有價值的營運資料，可用於最佳化配送網路。隨時間推進，我們預期營收組合將演進至約 50% 來自網路基礎設施營收，50% 來自交易型與資料驅動服務。接下來，Dan，我把時間交還給你。

Thank you, Todd. Looking ahead, our overall strategy for the next five years focuses on scaling the network in stages.

謝謝你，Todd。展望未來，我們未來五年的整體策略聚焦於分階段擴大網路規模。

Early deployments provide real-world learning and product refinement, and from there, we plan to scale manufacturing and deployment. Our long-term goal is to have thousands, then tens of thousands, and eventually hundreds of thousands of arrive points deployed annually. That scale is where the network effects of autonomous logistics infrastructure begin to emerge. Our focus is simple, build the network, connect the endpoints, enable the future. Of autonomous logistics.

早期部署可帶來真實世界的學習與產品精煉，接著我們計畫擴大製造與部署。我們的長期目標是每年部署數千台、接著數萬台，最終達到每年數十萬台 arrive points。達到那樣的規模後，自主物流基礎設施的網路效應才會開始顯現。我們的重點很簡單：建構網路、連接端點、啟動自主物流的未來。

At the end of the day, we are ahead of where we plan to be at this stage. Our stock price might not indicate that, but everything else about what we are doing does. And ultimately, I would not trade a higher stock price in this moment for an inferior product that would ultimately not scale. Success and scale are built on the foundation of diligence and dedication. And that is what will ultimately deliver for every shareholder, every customer, and every partner.

歸根結底，我們目前的進度已超前於這個階段原本的規劃。股價或許沒有反映這點，但我們所做的一切其他面向都反映了。而且最終，我不會在此刻用較高的股價去交換一個最終無法規模化的較差產品。成功與規模建立在勤勉與投入的基礎之上，而這也將最終為每一位股東、每一位客戶與每一位合作夥伴帶來成果。

Thank you for joining us today. We'll now return live to answer your questions.

感謝各位今天加入我們。接下來我們將回到線上即時回答各位的問題。

(Operator Instructions)

（接線員指示）

Jack Hardy, Maxim Group.

Jack Hardy，Maxim Group。

Okay. Hey, Dan. Hey, Tom. Good morning. Thanks for the update. Thanks for taking my questions.

好的。嗨，Dan。嗨，Tom。早安。謝謝更新，也謝謝讓我提問。

Hey, thanks for being here, Jack. Dan, here, go ahead, man.

嗨，謝謝你到場，Jack。Dan 在這裡，你先請吧，老兄。

Absolutely. So, Dan, just a quick question to start. Can you speak to your recent team hiring and expansion progress? I think I heard you hired a team of maybe 50 employees during 2025.

當然。Dan，我先問個簡短問題。你能談談近期團隊招募與擴編的進展嗎？我想我聽到你們在 2025 年聘用了大約 50 名員工的團隊。

One, is that true? And then two, what's on tap for 2026 with the team expansion? Thanks.

第一，這是真的嗎？第二，2026 年團隊擴編有什麼規劃？謝謝。

Yeah, thanks for being on here, Jack, and asking. That's fairly accurate. We're just under 50 employees currently. We just onboarded two new employees this week. We're peddled to the metal. We've got a plan and we're executing it.

是的，謝謝你在這裡，Jack，也謝謝提問。這大致正確。我們目前員工數略低於 50 人。我們這週剛讓兩位新員工到職。我們全速前進；我們有計畫，並且正在執行。

One great thing I can say is through the advent of AI, our future hiring plan over the next year called for around 200 people, and we now see an opportunity to.

我可以說的一個好消息是，隨著 AI 的出現，我們原本未來一年的人才招募計畫大約需要 200 人，而我們現在看到一個機會可以……

Complete that full demand with about 20% of those people, so about 40 new people. So that is the reality of AI and how it's impacting businesses in real time. So that's a big tailwind on the company, and it should deliver some good progress in our operational costs. So we're really excited about that. Todd, do you have anything you want to add to that?

用大約原本人數的 20% 來滿足全部需求，也就是大約新增 40 人。這就是 AI 的現實，以及它如何即時影響企業。因此，這對公司是一大順風，並且應能在營運成本上帶來一些良好進展。我們對此非常興奮。Todd，你有什麼想補充的嗎？

I think we just want to highlight a couple of the particularly key ads that we announced Ian Geiss to lead our sales organization. Really important guy to head our commercialization efforts.

我想我們只是想強調幾項特別關鍵的人事任命：我們宣布由 Ian Geiss 領導我們的銷售組織。他是帶領我們商業化推進工作的非常重要的人選。

Along with a lot of very talented engineers from the AI and robotics space. Yeah, actually, everybody that we are hiring is what I would say is accretive to what we're doing.

同時也加入了許多來自 AI 與機器人領域、非常有才華的工程師。是的，實際上，我會說我們正在招募的每一位人才，都能為我們正在做的事情帶來增益。

Todd just mentioned Ian Geis. Ian came from the early days of DirecTV when it was a nascent technology being developed. He was present for every aspect of product market fit, pricing strategies, all those kind of things. Also came from Sirius XM Radio, which is much similar platform from a pricing or a recurring revenue model, things like that. So really proud to get Ian. He happened to be available in our own backyard, so it was just kind of a thing that I say was meant to be.

Todd 剛剛提到 Ian Geis。Ian 來自 DirecTV 的早期階段，當時那還是一項正在開發中的新興技術。他參與了產品市場契合度、定價策略等各個面向。也曾任職於 Sirius XM Radio，從定價或經常性收入模式等角度來看，那是一個非常相似的平台。所以我們能延攬到 Ian 真的很自豪。他剛好就在我們自家後院、就在附近可用，所以我只能說這有點像是命中注定。

But we're building out the sales team, and we're doing a lot of things to lay groundwork for a big opportunity that presents itself this year.

不過我們正在擴建銷售團隊，也在做很多事情，為今年出現的一個重大機會打下基礎。

Okay, great. I have two more questions, Dan. I'll come back to you on the product design, but just a real quick one for Todd. Just given the comments about restating 2Q3Q, are the numbers, the 4Q numbers in this press release, it says that you back out the nine months 3Q numbers. So are these numbers correct, at least like the revenue, the subscription revenue?

好的，很棒。我還有兩個問題，Dan。我會再回到產品設計的部分，但先快速問 Todd 一個：鑑於你們提到要重編 2Q、3Q 的數字，這份新聞稿裡的 4Q 數字——它說你們把前九個月的 3Q 數字回沖掉——所以這些數字是正確的嗎？至少像營收、訂閱營收這些？

Yeah, nothing. Yeah, Jack, nothing changed. Nothing in the restatement affected revenue.

對，沒有——對，Jack，沒有任何變動。這次重編不影響營收。

Okay, great. So my next question is, what can we extrapolate, if anything, from the subscription revenue of about $15,000 in the fourth quarter 25? Was this all Hancock Health? And just, Steve, maybe just kind of expand on that a little bit more. Thanks.

好的，很棒。那我下一個問題是：我們能從 25 年第四季大約 15,000 美元的訂閱營收推論出什麼嗎（如果能的話）？這是否全部都來自 Hancock Health？另外 Steve，能否再稍微延伸說明一下？謝謝。

Yeah, Jack. So I would say over 90% of the number you see there was from Hancock Health in the quarter.

好的，Jack。我會說你看到的那個數字中，超過 90% 是該季度來自 Hancock Health。

We had one other smaller deployment in the period, but that's predominantly what you see there. And our deployments are limited right now.

期間內我們還有另一個較小的部署，但主要就是你看到的那部分。而且我們目前的部署數量仍然有限。

We haven't put hundreds of units out there only to replace them with the next generation and so on. So.

我們沒有把數百台設備先放出去，然後又用下一代產品把它們替換掉，如此反覆。所以。

One other thing I'd like to jump in on, Dan, Jack, when you're nascent and you're conditioning the market for a new technology, what you don't want to do is extinguish those opportunities by trying to monetize the heck out of them. So a lot of times on the deployments that we're doing, the ROI for us is the learnings and figuring out how to condition the market. That's the most important thing that we can be doing right now, and that's what we're doing, and that is totally aligned with, our business strategy. When Google announced to Waymo back in 2009, that's how long ago they came up with that idea.

Dan、Jack，我還想補充一點：當你處於早期階段、正在為一項新技術培育市場時，你最不想做的，就是因為過度變現而把那些機會給熄滅掉。所以很多時候，對我們正在做的部署而言，我們的 ROI 來自於學習與摸索如何培育市場。這是我們現在能做的最重要的事，而我們也正在這麼做，並且這完全符合我們的商業策略。Google 在 2009 年宣布 Waymo 時——那已經是很久以前他們提出那個想法的時候了。

They spent $30 billion between 2009 and today, and they're still not scaled. I would put what we're doing here at Arrive AI up against the biggest companies in the world as to traction, market acceleration, first position, all the IP we have, and all the opportunities that we continue to see throughout the world. And I could tell you that every metric that. That we track internally is pegged to the max. And I know we have an impatient world out here, and frankly, we're part of it.

他們從 2009 年到今天花了 300 億美元，但仍然沒有規模化。我會把 Arrive AI 在這裡所做的事情，拿來和世界上最大的公司相比——不論是牽引力、市場加速、先發位置、我們擁有的所有 IP，以及我們在全球持續看到的所有機會。我可以告訴你，我們內部追蹤的每一項指標都已經拉到最大。我知道外面的世界很沒有耐心，坦白說，我們也是其中一部分。

As the largest shareholders represented here in the whole company, insiders, we want to deliver as quickly as we can too, but we want that to be durable. And the way you do that is by building a great foundation. So I appreciate that question and opportunity for us to share that with you. Go ahead, Jack. What else you got?

作為公司內部、也是整家公司中持股最多的股東代表——內部人——我們也希望能盡快交付，但我們希望那是可持續、經得起時間考驗的。而做到這點的方法，就是建立一個很好的基礎。所以我很感謝這個問題，也謝謝你給我們機會跟你分享。繼續吧，Jack。你還有什麼問題？

Yes, absolutely. Just one last question, then I'll hop back in the queue. Dan, on the product development and design stage, so I heard you mentioned some updates on the AP3 and the AP5 platforms. Is there an AP4 or do we leapfrog that? And then also just how does the AP5 compare to the AP3 and any customer discussions you could touch on regarding your recent design updates? Thanks.

是的，當然。最後一個問題，然後我就回到隊列。Dan，關於產品開發與設計階段：我聽到你提到 AP3 與 AP5 平台的一些更新。那有 AP4 嗎，還是我們會直接跳過？另外 AP5 相較於 AP3 有哪些差異？以及你們最近的設計更新，在客戶討論上有沒有什麼可以分享的？謝謝。

Absolutely. Yes, hey, great question. I want to announce to everyone in the room with me, in addition to Todd, our CFO and Mediano Tools CEO, we have Kylie, obviously, Nirav Shar, our Chief Strategy Officer, John Richardson, our Chief Legal Counsel.

當然可以。是的，嘿，很好的問題。我想向在場各位介紹一下，除了 Todd 之外——我們的 CFO 以及 Mediano Tools 的 CEO——我們還有 Kylie，當然還有我們的首席策略長 Nirav Shar、我們的首席法務顧問 John Richardson。

I want to throw that one over to Nirav and let him speak to that. Nirav.

我想把這題交給 Nirav，讓他來說明。Nirav。

Yeah, thanks, Jack. Thanks, Dan. So, yeah, regarding some of the product changes and design changes that we're looking at in AP3, I'll start with that, Jack, is we're looking at an improved door design. That's going to make a big difference in the robotic handoffs. We kind of optimized a lot for the drones, but we're seeing a lot more activity in the ground robotic space. So the optimization of the door design is going to be shared both with AP3 and AP5. That should be coming out this summer. I think what was the other part of that chat was around just the, some of the development and.

好的，謝謝，Jack。謝謝，Dan。關於我們在 AP3 上正在評估的一些產品變更與設計變更，我先從這個開始，Jack：我們正在看一個改良的門體設計。這會在機器人交接方面帶來很大的差異。我們之前在無人機方面做了很多優化，但我們看到地面機器人領域的活動更多。所以門體設計的優化會同時應用在 AP3 與 AP5 上。預計今年夏天推出。我想你剛剛那段對話的另一部分是關於一些開發以及——

I guess we skipped, maybe we skipped over the AP4 and then just how does the AP5 compare to the AP3?

我想我們略過了——可能略過了 AP4，然後還有 AP5 相較於 AP3 的差異？

Sure, okay, so I'll start with the AP4. So the AP4 is something that we have a placeholder for, a sorting unit that we're looking at potentially for getting packages dropped in by robot or drone.

當然。好，那我先從 AP4 開始。AP4 是我們預留的一個概念位置：一個分揀單元，我們正在評估是否用於讓包裹由機器人或無人機投遞進來。

Aerial robot or drone and basically sort the package and then just the package that the user would want would come out with the access control. So that's for multi-dwelling units. Now, some of the changes for AP5 are a brand new receiving unit for the drone deliveries. And I think that's going to be something that we can't really touch on too much, but stay tuned for some big developments on getting packages by a drone for AP5 units and beyond.

由空中機器人或無人機投遞，基本上先把包裹分揀，然後透過存取控制，只有使用者想要的那個包裹才會被取出。這是針對多戶住宅（MDU）。至於 AP5 的一些變更，則是針對無人機配送的全新接收單元。我想這會是我們目前不太能透露太多的部分，但請持續關注：在 AP5 單元以及後續產品上，關於以無人機取得包裹會有一些重大進展。

Excellent. Very cool. Well, guys, I appreciate the update. Wish you best of luck and look forward to tracking the story. Thanks.

太棒了。非常酷。各位，我很感謝這次更新。祝你們好運，也期待持續追蹤這個故事。謝謝。

Thank you.

謝謝你。

Alex Lattimore with Northland.

Northland 的 Alex Lattimore。

Hey, guys. Thanks for taking my question. I love that you had some fun here on the earnings call with your voices in AI. I think that was cool to hear. I just got two questions for you. My first one is, are you guys pursuing an acquisition pipeline? And if so, what are some capabilities at the top of that pipeline?

嗨，各位。謝謝讓我提問。我很喜歡你們在法說會上用 AI 聲音玩得很開心，我覺得聽起來很酷。我只有兩個問題。第一個是：你們是否在推進併購（M&A）的標的管線？如果是，這個管線最優先的能力/項目有哪些？

Hey, Alex, Dan O'Toole here. Thanks for joining. I think we can all agree that I sound better in person than AI. But thank you. Thanks for noting that we do try to have fun, and every day we have a lot of fun here, and that's the main thing. But as far as M&A, when we went public, as the leader of the company, there's a couple things that are really important to me. I've been an investor since I was a kid, and companies that I was always attracted to were companies that were actively always doing deals, doing things that were organically accretive, but also bolt-on opportunities that were.

嗨，Alex，我是 Dan O'Toole。謝謝參與。我想我們都同意，我本人現場的聲音比 AI 好聽。但謝謝你。也謝謝你提到我們確實會試著找點樂子——我們每天在這裡都很開心，這是最重要的。不過就併購而言，當我們上市之後，作為公司的領導者，有幾件事對我非常重要。我從小就是投資人，我一直被那種積極做交易的公司吸引——一方面做能帶來有機增益的事情，另一方面也做一些外掛式（bolt-on）的機會，這些機會是——

Is accretive from a revenue standpoint or strategic or technology, also like companies that split the right way. Early on when we started as a company, we did a two-for-one split through our crowdfunding.

在營收面或策略面或技術面都能帶來增益；也喜歡那些做對拆股方式的公司。我們公司早期透過群眾募資做過一次 1 拆 2。

Later, we did a four-for-one reverse, which wasn't as popular, but we had to do that to go public to get to a threshold. But I digress a little bit. We do have a big appetite for M&A. We love -- we think that being a public. Public company opens up so many opportunities to use our stock as currency to acquire great opportunities that are out there.

之後我們做過一次 4 合 1 的反向拆股，這就沒那麼受歡迎，但為了上市、達到門檻，我們必須這麼做。不過我有點離題了。我們對併購有很大的胃口。我們很喜歡——我們認為成為一家上市公司，讓我們有很多機會可以把股票當作貨幣，去收購外面很棒的機會。

We have a big leg up as a public company. It's very rare air, as and it gives us a lot of market clout. And we are exploring opportunities every day. One of the things we do here is.

作為一家上市公司，我們有很大的優勢。這是非常稀有的身分，也讓我們在市場上更有影響力。而且我們每天都在探索機會。我們在這裡做的一件事是。

We do not focus on one thing. And what I mean by that is, if you're so hyper-focused on one thing, sometimes you miss the bigger opportunity that might be right beside it. So we explore the horizon every day. We look at everything. One of the prisms of how I personally look at things is, if the last guy that put a dime into this company, if he would be happy with the deal, then I knew I would be happy with it. And that's a prism. We don't want our investors. Trade dollars. We want everybody to win. And that's how we're looking at things. So I hope that answers your questions. We do have deals that we're evaluating and we're.

我們不會只專注於一件事。我這麼說的意思是，如果你過度聚焦在單一事項上，有時候就會錯過可能就在旁邊、更大的機會。所以我們每天都在探索地平線。我們會看所有事情。我個人看事情的一個「棱鏡」是：如果最後一個把一毛錢投進這家公司的人，會對這筆交易感到滿意，那我就知道我也會對它感到滿意。這是一種視角。我們不希望我們的投資人彼此對賭、用美元互相交易。我們希望每個人都能贏。這就是我們看事情的方式。所以我希望這回答了你的問題。我們確實有一些正在評估的交易，而且我們也正在……

Awesome. I appreciate it. My second question is, can you guys talk about how many arrive points you expect by year end? Maybe in the ballpark.

太棒了。感謝你。我第二個問題是，你們能談談預期到年底會有多少個 Arrive points 嗎？大概的區間也可以。

Pardon me, this is the host. Please stand by. Your conference will resume momentarily. Thank you for your patience. Your conference will resume momentarily.

不好意思，我是主持人。請稍候。您的電話會議將在片刻後恢復。感謝您的耐心。您的電話會議將在片刻後恢復。

Thank you.

謝謝。

Okay.

好的。

Dan, I see that you have rejoined. Are you able to hear me?

Dan，我看到你已重新加入。你聽得到我嗎？

Yes, I am. Did we drop out?

是的，我聽得到。我們剛剛斷線了嗎？

Yes, you may go ahead and proceed.

是的，你可以繼續。

Okay, hey, Alex, sorry about that. I don't know what happened. See, when you go from AI to live, this is what happens.

好的，嗨，Alex，抱歉剛剛那樣。我不知道發生了什麼。你看，當你從 AI 切換到真人直播時，就會發生這種事。

Hey, Alex, what part of, where did I end on that? Where did I end on that?

嗨，Alex，我剛剛講到哪一段結束？我剛剛講到哪裡？

Do you know? You just started, I'd say, closing up the question, talking about exploring opportunities.

你知道嗎？你剛開始收尾那個問題，大概是在談探索機會。

Okay, did I tell you, I'll just kind of restate that last sentence. We do have M&A targets in front of us right now that we are exploring, not in a position to talk about those right now. But, I can tell you, we want to actively be looking at, exciting opportunities, things that could accelerate what we're doing or enhance, the offerings that we already have. And we're not we're a small, nimble company that likes to evaluate opportunities and.

好的，那我就把最後一句稍微重述一下。我們目前確實有一些擺在眼前、正在探索的併購（M&A）標的，但現在還不方便談。不過我可以告訴你，我們希望積極尋找令人興奮的機會，能夠加速我們正在做的事情，或強化我們既有的產品／服務內容。而我們不是——我們是一家小而靈活的公司，喜歡評估各種機會並且……

And so that's kind of summing that up. I'm sorry about the blip that we had there. I'm not sure exactly what happened, but we'll keep this thing going here.

以上算是總結。很抱歉剛剛出現那個小插曲。我不太確定到底發生了什麼，但我們會繼續把這場會議進行下去。

All good, Dan. All good. I appreciate it. My next question is, can you guys give maybe a ballpark of how many arrive points you expect by year end here?

沒問題，Dan。沒問題。謝謝你。我的下一個問題是，你們能不能給個大概的區間，說到年底你們預期會有多少個 Arrive points？

We have a I'll tell you what we do have it. We're not trying to get totally granular on things. There's a lot of moving parts, and what we're doing is we're doing we're not doing.

我們有——我這麼說吧，我們確實有相關數字。但我們不想把事情講得太細。因為變動因素很多，而我們正在做的是——我們正在做——我們並沒有在做……

Permanent deployments right now. What I mean by that is, as I mentioned a little bit earlier when we were speaking to Jack, is the ROI for us is the learnings. What we're doing is we're doing short-term deployments, learning how the customer is interacting with our product.

目前不是永久性部署。我意思是，如同我稍早在和 Jack 對談時提到的，我們的投資報酬（ROI）在於學習成果。我們現在做的是短期部署，去了解客戶如何與我們的產品互動。

We're trying to get ergonomically better with each deployment. We're trying to rapidize the way the system works, speed it up, be 100%. You can't work most of the time. You have to work every time. And so that's what we're really. And for that reason, we're not, as Todd mentioned a little bit ago, we don't want to put out a ton of units that we believe essentially are kind of obsolete going out the door because you can see we've already got two additional products on our roadmap right now that we're developing simultaneously. And so what we're doing is we're working with our AP3 units right now and getting learnings off of those and rapidly iterating those into our APX and AP5 models, and those are going to be the scalable. That we will start hoping to put out later this year.

我們希望每一次部署都能在人體工學／使用體驗上做得更好。我們希望把系統運作方式快速迭代、加快速度，做到 100%。你不能「大多數時候」能用；你必須「每一次」都能用。所以這才是我們真正關注的。也因此，正如 Todd 剛剛提到的，我們不想推出大量我們認為基本上出門就可能已經有點過時的機台，因為你也看到我們的產品藍圖上，現在已經同時在開發另外兩個產品。所以我們目前是用 AP3 機型來取得學習回饋，並快速把這些迭代導入 APX 與 AP5 機型；而那些將會是可規模化的產品。我們希望在今年稍晚開始推出。

Okay, great. And then maybe if I can ask one more here. I know you guys talked about your AI services pipeline and ALM marketplace last quarter. I was wondering if there are any active trials there or, any insights you've gained on the process there and just any information would be great.

好的，很棒。那如果我可以再問一個。我知道你們上季談到 AI 服務的管線以及 ALM marketplace。我想了解那邊是否有任何正在進行的試點／試用，或你們在流程上有沒有得到什麼洞見？任何資訊都很有幫助。

Yeah, those are gifts that we're going to have at scale, obviously, right? But those are also things that we are developing right now. We have our own in-house team, as we mentioned, through the hiring of nearly 50 people. And, the people that we've hired are skilled.

有的，那些顯然會是我們未來可以規模化的「禮物」，對吧？但那些也都是我們現在正在開發的東西。我們有自己的內部團隊，如同我們提到的，透過招募將近 50 人。並且，我們招募的人才都很專業。

We're not hiring admin and management layers. They're all hands-on AI, informatics, human.

我們不是在招行政或管理層級。他們全部都是第一線、實作型的人才：AI、資訊科學、人因……

Factors. I'm sorry, I'm losing it here. We're doing a lot of things that are really dedicating to the product development, really linear to what we're doing. And we are going to have some really, when we roll this stuff out, you're not going to believe it. I can tell you that.

人因工程。抱歉，我有點卡住。我們正在做很多事情，都是非常專注於產品開發，和我們正在做的事情高度一致。等我們把這些東西推出來，你會不敢相信。我可以這麼跟你說。

I'm privileged to see next-gen tech that we're developing in our own building every day. And it's just amazing. I'm so proud of what we're doing here, and it is a real, it is all very real. So nobody wants to get that out sooner than I do. But we also want to make sure when we do put it out, it's the right thing at the right time and working the way it needs to. So I hope that answers that.

我很有幸每天都能在我們自己的大樓裡看到我們正在開發的下一代技術。真的很驚人。我為我們在這裡做的事情感到非常自豪，而且這一切都非常真實。所以沒有人比我更想更早把它推出去。但我們也想確保，一旦推出，就是在對的時間推出對的東西，而且能以它應該有的方式運作。所以希望這回答了你的問題。

Awesome. Dan, Todd, thank you. Best of luck this year. I appreciate it guys.

太棒了。Dan、Todd，謝謝你們。祝你們今年一切順利。感謝各位。

Thanks for joining the call. Appreciate that.

謝謝你加入這通電話會議。很感謝。

Thank you.

謝謝。

Go ahead.

請繼續。

I am sorry, thank you, and I am showing there are no further questions through the phone, and I would now like to turn it back over to Kylie.

很抱歉，謝謝你。我這邊顯示電話線上已沒有其他問題，接下來我想把時間交回給 Kylie。

Michelle, thank you. We are going to continue with questions and answers that were pre-submitted, and those that came in during the webcast will get every single one of them. Before we get to the questions, Dan has one more thing he would like to add.

Michelle，謝謝。我們將繼續回答事先提交的問答；而在網路直播期間進來的問題，我們也會每一題都回答。在進入問題之前，Dan 還有一件事想補充。

Yeah, thanks, Kyle. A couple of things, actually, quick story. My son, Bryce, I saw him this morning when I was heading out. I said, Hey, Bryce, I hope you're going to listen to our earnings call. He goes, Hey, Dad, I'm going to get a haircut.

是的，謝謝，Kyle。其實有幾件事，先講個小故事。我兒子 Bryce，我今天早上出門時看到他。我說：嘿，Bryce，我希望你會聽我們的財報電話會議。他說：嘿，爸，我要去剪頭髮。

And I said, Well, Bryce, I hope you get them all cut. So anyway, Bryce, I hope you got back to hear this. But anyway, one of the things I want to jump on real quick here is, you may have noticed that we had an 8-K that came out last night announcing a couple of things. One is.

我說：好吧，Bryce，我希望你把它們都剪掉。總之，Bryce，希望你有回來聽到這段。不過我想很快補充的一件事是：你可能注意到我們昨晚發布了一份 8-K，宣布了幾件事。其中一件是……

Obviously, Mike Fitz joining from T-Mobile, big get for us, really aligned with what we're doing. I'm so proud of that. And I'm so excited about the leadership that we have in-house already, too. Don't want to leave anybody out.

很明顯，Mike Fitz 從 T-Mobile 加入，對我們來說是很大的收穫，也和我們正在做的事情高度一致。我對此非常自豪，也對我們目前內部既有的領導團隊同樣感到非常興奮，不想漏掉任何人。

But I wanted to also call attention to the fact that we did restate the earnings from Q2 and Q3 of last year. And I wanted to hand this to Todd to talk about it a little bit. But one thing I wanted to say about it is when you go public.

但我也想提醒大家，我們確實重編了去年第二季與第三季的盈餘。我想把這部分交給 Todd 稍微說明一下。不過我想先說的是，當你成為上市公司時……

You have an accounting team that you work with that's external, and then you also have an auditor, PCAOB auditor, which is a public company audit board. It's a very specialized form of audits that are done, and it's very...

你會與外部的會計團隊合作，同時也會有審計師——PCAOB 審計師，也就是上市公司會計監督委員會（Public Company Accounting Oversight Board）規範下的審計。這是一種非常專門的審計形式，而且非常……

Important that the cadence is always kept up and you work, you keep these things up. Timing is everything when you're public. And one of the things we always did as a, since we really started as a business, we always had a cadence of PCAOB audits even before we were a... Public company, so I'm really proud of that.

重要的是要始終維持既定的節奏並持續配合，把這些事情做好。作為上市公司，時機就是一切。我們一直以來做的一件事是，自從我們真正開始經營以來，即使在成為上市公司之前，我們就一直維持 PCAOB 審計的節奏，所以我對此非常自豪。

But I'm proud of my internal team here, led by Todd, doing our own internal quality control check on our earnings. It came to note that the Streeterville deal that we have in place is a derivative. I know, speaking a little bit above some of the normal parlance here that we talked about, but.

但我也為我們內部團隊感到自豪，在 Todd 的帶領下，對我們的盈餘做了內部品質控管檢查。結果注意到我們目前的 Streeterville 交易安排屬於衍生性商品。我知道這可能有點超出我們平常談話的用語範圍，但……

It's, it was something that came to light and we vetted it very thoroughly internally. And when we felt like there was something there, we approached, both our external CPAs and our auditors. And I'll let Todd take it from there. But I just want to say that this is the kind of work we do here at Arrive AI. We're highly focused on transparency, communication. And even though you hear your statement and people don't like that, admittedly, I don't think this has any.

這件事被揭露出來後，我們在內部做了非常徹底的審視與查核。當我們覺得確實有需要處理的地方時，我們就同時聯繫了外部的註冊會計師（CPA）以及審計師。接下來我讓 Todd 繼續說明。不過我想說的是，這就是我們 Arrive AI 在做的工作。我們高度重視透明度與溝通。即使你聽到「重編」這個詞，大家通常不喜歡——坦白說，我不認為這有任何……

Impact on us. I want to say that, but I also want to say how proud I am that we found it and we were able to timely report it. And I think we're moving forward in a great way. And this is the kind of company you guys want to deal with.

對我們的影響。我想這麼說，但我也想說，我為我們發現了它並且能夠及時回報而感到非常自豪。我認為我們正以很好的方式向前推進。而這就是你們想要打交道的那種公司。

So, Todd, jump in there, man.

所以，Todd，兄弟，你來接一下。

Yeah, as we mentioned earlier on the call, in addition to filing these annual results today, we also announced last night that we'll be restating Q2 and Q3 from 2025.

是的，正如我們先前在電話會議中提到的，除了今天提交這些年度業績之外，我們昨晚也宣布將重編 2025 年第二季與第三季的財報。

As discussed, the underlying cause was the derivative portion of the convertible notes payable. It's one of the most complex aspects of corporate accounting. We discovered it. We needed an extra 15 days to get these annual results out.

如前所述，根本原因在於應付可轉換票據中的衍生性商品部分。這是公司會計中最複雜的面向之一。我們發現了這個問題。我們需要額外 15 天才能把這些年度業績發布出來。

When we discovered, from the time we discovered the material impact on Q2 and Q3, we had a certain amount of time to disclose that, which we did. Last night. So we'll be filing those amended quarters alongside what we're filing today.

當我們發現第二季與第三季存在重大影響後，從發現之時起，我們有一定的時間必須揭露，而我們也已經做了揭露——就在昨晚。因此，我們將在今天提交的文件旁，同步提交那些經修正的季度報告。

I would say that this is really it's a positive net income effect on the second quarter results last year, kind of similar size negative impact on the third quarter results. And for the full year.

我會說，這其實對去年第二季的結果是正向的淨利影響，而對第三季的結果則是規模相近的負向影響。以及對全年也是如此。

Broadly in line with where we would have been under under the old accounting treatment. So that's that's the long and short event. Yeah.

整體而言，與在舊會計處理方式下我們本來會呈現的水準大致一致。所以這就是事情的來龍去脈。是的。

And hey, I'm not throwing anyone under the bus, but when you do go public, sometimes you don't know what you don't know. And I just want to say that, yeah, we rely on experts. We hire experts to help support what we're doing here. But our own internal team are the guys that found this and we did the right thing. We came out immediately with it. We still are reporting earnings today within the. The time constraints of being timely, and I'm really proud of that, so I can't underscore that enough. So, anyway, back to you, Kyle.

還有，嘿，我不是要把任何人推下車，但當你上市時，有時候你不知道自己不知道什麼。我只想說，是的，我們依賴專家。我們聘請專家來協助支援我們在這裡所做的事。但真正發現這件事的是我們自己的內部團隊，而我們也做了正確的事。我們立刻就把它公開。我們仍然在符合及時性的時間限制內於今天公布財報，我對此非常自豪，這點我再怎麼強調都不為過。總之，交回給你，Kyle。

And one more thing before we get to the Q&A is all of our subscribers to Arrive AI or notifications. Received an email yesterday to opt in to a new subscription. This is a legitimate email. We recently launched a new investor relations site that will provide you with instant alerts like daily stock quotes, SEC filings, news releases, a lot more. You only have to click a button and you'll begin receiving all of these. The email came from Arrive AI with a different email address. That email address is noreply@alert.gcs-web.com.

在進入問答之前還有一件事：所有訂閱 Arrive AI 通知的用戶，昨天都收到一封電子郵件，邀請選擇加入新的訂閱。這是一封合法的郵件。我們最近上線了一個新的投資人關係網站，將為你提供即時提醒，例如每日股價報價、SEC 申報文件、新聞稿等等。你只需要點一下按鈕，就會開始收到這些資訊。該郵件來自 Arrive AI，但使用了不同的寄件信箱地址。該地址是 noreply@alert.gcs-web.com。

If you have any questions about your shares or transferring them, email investorrelations@ariveai.com. We will respond to each and every one of those and help you as much as possible. Now, when we get to the question-and-answers, we'll first go to the pre-submitted questions that came in through our Arrive AI Ideas Board. We've emailed that out over the last couple of weeks. Several of the questions address the same things. We will be answering those.

如果你對你的持股或轉移股份有任何問題，請寄信到 investorrelations@ariveai.com。我們會逐一回覆並盡可能協助你。接下來進入問答時，我們會先回答透過 Arrive AI Ideas Board 預先提交的問題。我們在過去幾週已經透過電子郵件發送該連結。多個問題涉及相同主題，我們會一併回答。

Singularly, but we do want to thank every single person who did submit these questions. The first one that had the most votes, which was a common question, was about stock shares and what is being done in an effort to increase the stock price. So we want to thank Hans, Jake. Caitlin, Anthony, and a few others we'll get to in a bit for asking this question.

以單一方式回答，但我們也想感謝每一位提交問題的人。得票最多、也是常見的一個問題，是關於股票與為提升股價所做的努力。因此我們要感謝 Hans、Jake、Caitlin、Anthony，以及稍後會提到的其他幾位提出這個問題。

Thanks, Kyle. Hey, thanks, everyone, for participating and asking questions and voting. What are we doing about our stock price?

謝謝你，Kyle。嘿，也謝謝大家參與、提問並投票。我們對股價做了什麼？

The answer is everything. I've said this before. This is Dan here, by the way. I always used to think the market was a meeting indicator. After seeing the stark difference between how we're executing here at Arrive AI every single day and how the market has treated our shares, I'm quite...

答案是：所有事情。我以前說過。順帶一提，我是 Dan。我過去一直以為市場是一個領先指標。但在看到我們在 Arrive AI 每天的執行力，與市場對我們股票的對待之間如此鮮明的差異後，我相當……

I believe now that it's a lagging indicator. As I mentioned earlier, I believe every factor that we internally track is pegged to the top, except for our share price. And that's a little bit of a disappointment. But you know what? That creates a ton of opportunity. I would say the day we went public, we traded as high as $40 a share that we were a unicorn in that moment. And I think that shows that we have the ability to be back there and much higher. And that's what we are dedicated to every day. Everything we do.

我現在相信它是一個落後指標。如我先前提到的，我相信我們內部追蹤的每一項因素都已經拉到頂，唯獨股價沒有。這有點令人失望。但你知道嗎？這也創造了大量機會。我會說，我們上市那天，股價最高交易到每股 40 美元，那一刻我們就是獨角獸。我認為這顯示我們有能力回到那個水準，甚至更高。而這就是我們每天所投入、所致力的目標——我們做的每一件事。

Has the long-term prospect of share appreciation. We're not doing things for the day. We're not doing flash in the pan kind of things to surge for a moment. That's a sugar high, and pretty soon you're back down lower than you were. We're building a great foundation here. If you track the real news that's coming out of this company, the addition of new patents, which are just monumental in this space, I don't know how anyone could do anything near what we're doing with.

都著眼於長期的股價增值。我們不是為了今天而做事。我們不做那種曇花一現、只為了短暫拉升的事情。那只是糖分飆升，很快你就會跌得比原來更低。我們正在建立一個很棒的基礎。如果你追蹤這家公司發布的真正新聞——新增的專利，這在這個領域是極其重大的——我不知道有誰能在不參與我們的情況下，做出任何接近我們所做的事，因為我們公司擁有的。

Amount of IP that we have at this company without us being a part of it. We have built a huge moat around this company. And if you guys believe, like I do with every piece of my being, that autonomous delivery is going to happen, and the idea of it happening without, mailbox 2.0 is what I call it, in that infrastructure, it's just not going to happen. Do you look back to 1,858, when the first mailbox was created, even in 1,858, there was a notion that you can't drop things on the ground and picking them up from the ground.

智慧財產（IP）數量。我們已經為這家公司建立了巨大的護城河。而如果你們像我一樣，打從心底相信自動化配送一定會發生，而且我所稱的「信箱 2.0」那樣的基礎設施若不先到位，這件事根本不可能發生——那就不會發生。你回頭看 1858 年第一個信箱被創造時，即便在 1858 年，人們就有一個概念：你不能把東西丟在地上，然後再從地上撿起來。

And if you believe the same today as people did in 1,858, the idea of drones dropping things on the ground or picking up from the ground are robots. It's a non-starter. It's not scalable. We have unattended asynchronous delivery. We own that platform. We own the sidewalk. We own in front of the business. We're the gateway to every home and business throughout the world. We have an IP in the U.S. and the world, and we are executing on that every day in such a big way.

如果你今天也像 1858 年的人一樣相信這點，那麼無人機把東西丟在地上或從地上拾取、或是機器人這樣做的想法，根本行不通。它無法規模化。我們擁有無人值守、非同步的配送。我們擁有那個平台。我們擁有人行道。我們擁有商家門前的那一段。我們是通往全球每一個家庭與企業的入口。我們在美國以及全球擁有 IP，而我們每天都在以非常大的力度執行。

This is the next Google. I truly believe that if you look at the amount of shares I own in this company, I haven't sold anything below 13 bucks when we went public, and I've even bought more shares if you check that along the way. I'm hyper-focused on Arrive AI, I believe, with every fabric of my being in this company, and I want you guys to all know that stock appreciation. In addition, obviously, to building the best product ever, is job one here. And I would, when we want public, and I'm kind of ranting here, but I am passionate about this.

這就是下一個 Google。我真心相信，如果你看看我在這家公司持有的股份數量，我在上市時股價低於 13 美元時一股都沒賣過，而且如果你查一下沿途的申報，我甚至還買了更多。我對 Arrive AI 高度專注，我打從心底相信這家公司，我希望你們都知道：股價增值——當然還有打造史上最好的產品——是我們這裡的第一要務。而且我會說，當我們上市時，我有點在碎念，但我對此充滿熱情。

When we went public, the thing that we kind of said to ourselves was, we're not going to be focused on the share price every day. Guess what? That's not really possible. It drives everything. It drives your mood, frankly. And being down in the doldrums sometimes with bad share prices, it's really depressing. But you know what else it is? It's very motivating. I can tell you that we're executing, you guys are going to see it, but we're in a. Show me, don't tell me world. And that's what we're hyper-focused on. So, great questions, guys. I understand why everybody asked those. And I'm sorry that we didn't handle them all individually, but the theme of all those were very much the same. So, but we wanted to acknowledge everyone's name, right?

我們上市時，我們對自己說的一件事是：我們不會每天都盯著股價。結果呢？那其實不太可能。它驅動一切。坦白說，它也會影響你的心情。有時候股價低迷、陷在泥沼裡，真的很令人沮喪。但你知道它還是什麼嗎？它非常能激勵人。我可以告訴你，我們正在執行，你們會看到的，但我們身處一個「拿出成果給我看，不要只告訴我」的世界。而這正是我們高度聚焦的方向。所以，大家的問題都很好。我理解為什麼每個人都會問這些。也很抱歉我們沒有逐一單獨回覆，但這些問題的主題其實非常一致。不過，我們也想要點名致謝每個人的名字，對吧？

Absolutely. One from Callian, just about the NASDAQ notice. Callian says, Could the team provide any updates on the NASDAQ delisting notice? What steps have the management taken to prevent a delisting? And then any possibility of reverse stock split speculation.

當然。有一個來自 Callian 的問題，是關於 NASDAQ 通知。Callian 問：團隊能否提供關於 NASDAQ 下市通知的任何最新進展？管理層採取了哪些措施來避免下市？另外，是否有任何反向股票分割的可能性（市場揣測）？

Yeah, I'll jump in and I'm going to let Todd, our CFO, say something to that as well. Thank you for your question. transparency and communication. If you guys watch our Dan show that we're out ahead of everything. The minute we got those, Kylie and I did a Dan show, we wanted to, our philosophy is you're always going to hear everything here first, good, bad, whatever it is. that's our promise. So the minute we were.

是的，我先來回應，然後也會讓我們的 CFO Todd 也補充一下。謝謝你的提問。透明與溝通——如果你們有看我們的 Dan Show，就會知道我們總是走在所有事情前面。我們一拿到那些通知，Kylie 和我就做了一集 Dan Show；我們的理念是：你們永遠會在這裡第一時間聽到所有事情，不管是好是壞、無論是什麼。這是我們的承諾。所以當我們一被。

Notified of those opportunities or potential situations, we wanted to get out with those. As far as the reverse stock split, that specifically comes into play when your shares are below a dollar for a 30-day period or longer, a 30-day trading period. We have not experienced that yet. We did proactively discuss the potential of that in the last Dan Show, because I know it's out there and some people are thinking about it.

通知到那些機會或潛在情況時，我們就想把資訊對外說明。至於反向股票分割，那通常是在你的股價低於 1 美元且持續 30 天或更久（30 個交易日）時才會特別需要考量。我們目前還沒有遇到那種情況。我們在上一集 Dan Show 中主動討論了這種可能性，因為我知道外界有這樣的聲音，也有人在思考這件事。

Today, we're above a dollar. The cure for that is anytime you. Trade above a dollar without having gone 30 straight days below a dollar, you kind of reset that. So, none of us want to get into the world of reverse splits. And, as of today, that's not a reality. I'll turn this over to Todd, and he can speak out. I think we've somewhat heard the flood thing and the market cap is hanging out there. Go ahead, Todd.

今天，我們的股價在 1 美元以上。解決方式是：只要你在未曾連續 30 天低於 1 美元的情況下交易在 1 美元以上，就等於把那個計算重置。所以，我們都不希望走到反向分割（reverse split）的那一步。而截至今天，這並不是現實情況。我把這個交給 Todd，讓他來說明。我想我們多少已經聽過關於「浮額」的事情，以及市值門檻也還懸在那裡。Todd，你來吧。

Yeah, we received two deficiency letters from NASDAQ. One related to being below the $15 million publicly available floats. To some extent, that has been cured in the last few weeks. Just we need to give the updated share count information to NASDAQ to confirm that. The second letter we got related very much, but it was around being below the $50 million Market capitalization threshold. Again, with share conversions in the last few weeks, we believe that's largely been eliminated, but we're going to work with PasDAQ.

是的，我們收到了 NASDAQ 兩封不符合規定（deficiency）通知函。第一封與「公開流通股（publicly available float）低於 1,500 萬美元」有關。在某種程度上，這在過去幾週已經改善了；我們只需要把更新後的流通股數資訊提供給 NASDAQ 以確認。第二封通知函也很相關，但它是關於「市值低於 5,000 萬美元」的門檻。同樣地，隨著過去幾週的股份轉換，我們認為這個問題大致已被消除，但我們會與 PasDAQ 合作。

To give the most updated information we can.

以提供我們能提供的最新資訊。

One thing I also want to say is these are not overnight, you get a notice and the next day you're deemed listed. There's a long process, usually six months or more to allow for curing. And we think that, good things take care of themselves while, we're obviously take everything seriously.

我還想說一點：這不是一夜之間的事，不是你今天收到通知、明天就被認定下市。這是一個很長的流程，通常會給六個月或更久的時間來改善。我們認為，好的事情會自己解決；當然，我們也會非常嚴肅地看待每一件事。

I personally don't believe that we are going to be in the world of reverse splits anytime soon, if ever, knock on wood, that's something I don't want to do. I want to do the splits the other way, if you remember that.

我個人不認為我們短期內會走到反向分割的世界，如果有的話也希望永遠不會——敲敲木頭——那是我不想做的事。我想做的是相反方向的分割，如果你還記得我以前說過的。

And then, we will deal with things in real time as they occur, and we'll always report those to you guys. And you guys are all co-owners and Arrive AI with me and this team, and you have a right to know what's going on when it's happening. Okay.

然後，我們會在事情發生時即時處理，也會一律向各位回報。各位和我以及這個團隊一樣，都是 Arrive AI 的共同擁有人，你們有權利在事情發生時知道狀況。好。

And Dan, you kind of just touched on this, so we'll go to Brian's question. What if delisting occurs? I want to not only ask about preventing delisting, but confirming what would happen if it happened.

Dan，你剛剛其實有提到一些，所以我們來看 Brian 的問題：如果真的發生下市怎麼辦？我不只想問如何避免下市，也想確認如果真的發生，會是什麼情況。

No, you always, thanks for your question, Brian. obviously, you have to think about every scenario, right? That's just good stewardship. while you don't want something to happen, what if it does, right? I appreciate the question. we were a Non-public company before we went public, right? And everyone that was a shareholder was a shareholder. If that should have happened, I don't see anything changing. Everybody would still be a shareholder. We would just not be listed on the NASDAQ at that point. I hate even saying that. We worked so hard to be a NASDAQ company. We're so proud to be a NASDAQ company. And it is so...

不，你永遠都要——Brian，謝謝你的問題。顯然，你必須把每一種情境都想過，對吧？那才是良好的受託管理。即使你不希望某件事發生，但如果它真的發生了呢？我很感謝這個問題。我們在上市之前是一家非公開公司，對吧？當時每一位股東都是股東。如果真的發生那種情況，我不認為會有任何改變。每個人仍然會是股東；只是那時我們不會在 NASDAQ 掛牌。我甚至不想說出這句話。我們為了成為 NASDAQ 公司付出了那麼多努力。我們以成為 NASDAQ 公司為榮。而且這是如此……

It's such a great thing, a status thing for us from a customer perception and gravitas. It opens up so many doors. It's opened up the public capital markets to us. We could not have done anywhere near the hiring that we've done. We would not have the building that we have. We wouldn't.

這對我們而言是一件非常棒的事——從客戶觀感與企業份量（gravitas）來看，是一種身分象徵。它為我們打開了很多大門，也讓我們能進入公開資本市場。我們不可能做到現在這樣的招募規模；我們也不會有現在這棟大樓。我們不會……

There's so many things we couldn't do had we not done this. It was the best thing we ever did. And hopefully it was great for every one of our investors. The thing I'm proud of along those lines is...

如果沒有做這件事，有太多事情我們做不到。這是我們做過最正確的一件事，也希望對每一位投資人都是很棒的事。我在這方面最自豪的是……

When we went public day one, every single shareholder that had come into this company was a winner on day one. And, unfortunately, today, I can't say that, but, I think we can get back there. I think we will. And we'll just keep rolling here. What else do we have, Kyla?

我們上市的第一天，所有曾投資進來的股東在第一天都是贏家。不幸的是，今天我不能這麼說，但我認為我們可以回到那裡，我也相信我們會。我們就繼續往前推進。Kyla，還有什麼問題？

From Ryan, a question regarding capital structure. Could you please explain the current capital structure of the company? As I understand it, most of the operating cash the company holds is currently debt on the balance sheet. Many other small. Companies do not take on debt financing. I'm curious as to why the company hasn't focused more on equity financing.

Ryan 提了一個關於資本結構的問題：可以請你們解釋公司目前的資本結構嗎？據我理解，公司持有的大部分營運現金目前在資產負債表上是以負債呈現。許多其他小型公司並不採用債務融資。我很好奇為什麼公司沒有更專注於股權融資。

Could you please provide short-term, measurable steps the company plans on achieving in the next 12 months? As in arrive points, how many should we expect, or when the company expects to be generating revenue to cover operating expenses? Something to give us clarity on progress of the business as revenue is still not materializing. Could you also briefly describe the lease relationship on your primary operating facility.

也請提供公司在未來 12 個月計畫達成的短期、可衡量步驟？例如 arrive points（到達點）方面，我們應該預期多少，或公司預期何時能產生足以覆蓋營運費用的營收？希望能給我們一些對業務進展的清晰度，因為營收似乎仍未實質出現。也請你們簡要說明主要營運設施的租賃關係。

Specifically, the structure with the CEO.

具體來說，是與 CEO 之間的架構。

Great. A lot of questions there, Ryan. Thanks for doing your homework, man. That's really good. Real quick, and I'm going to let Todd handle this, but I do want to state.

很好。Ryan，你這裡面有很多問題，謝謝你做了功課，兄弟，真的很棒。很快地，我會讓 Todd 來處理，但我也想先說明。

As most of our legacy or our heritage as a company, we had I call some We the People story. We had 5,000 pre-public retail investors on our cap table, so proud of that. And, the way that we were able to all come together was through three successive rounds of crowdfunding. And while crowdfunding was great, and it really got us to where we are today, it is a grind.

就我們公司的傳承或歷史而言，我把它稱作某種「我們人民（We the People）」的故事。我們在資本結構表（cap table）上有 5,000 位上市前的散戶投資人，我對此非常自豪。而我們能夠凝聚在一起的方式，是透過三輪連續的群眾募資（crowdfunding）。群眾募資很棒，也確實帶我們走到今天，但它非常辛苦。

And I can tell you can never get ahead of your burn rate. When you're crowdfunding. It keeps you in the moment, but it's very important when you have a very ambitious project like we do here that you get access to the public capital markets to really accelerate what you're doing. So I wouldn't trade one thing about the fact that, we did the crowdfunding, but I also wouldn't trade the fact that we had to go public and we were able to do that. And when we were able to do that.

我可以告訴你，當你在做群眾募資時，你永遠無法超前你的現金消耗率（burn rate）。它能讓你撐在當下，但當你像我們這樣有非常宏大的計畫時，能進入公開資本市場以真正加速你在做的事情就非常重要。所以，我不會拿群眾募資這件事去交換任何東西；但我也不會拿我們必須上市、且我們做到了這件事去交換任何東西。而當我們能做到上市時。

The way that we were able to capitalize the company was through the financing that you're talking about there. And I'm going to turn it over to Todd to shed a little bit of light on that, Todd.

我們能夠為公司注資的方式，就是你在那裡提到的那種融資。我把時間交給 Todd，請他多說明一些。Todd。

Thanks for your question, Ryan. The equity line of capital that we entered upon going public presents on the balance sheet as convertible debt.

Ryan，謝謝你的問題。我們在上市時簽訂的股權資金承諾額度（equity line of capital），在資產負債表上會呈現為可轉換債務（convertible debt）。

In reality, it becomes equity upon conversion. So it's not a cash repayment. It converts to equity. That has been our primary, really, method of financing the company in absence of significant revenue. We're dependent on that. The other thing I would say is when we went public as a pre-revenue company.

但實際上，它在轉換後會變成股權。所以這不是現金償還，而是轉換為股權。在缺乏顯著營收的情況下，這一直是我們為公司融資的主要方式。我們確實依賴它。另一點是，當我們以一家尚未有營收的公司身分上市時。

We weren't really an ideal candidate for a more traditional equity IPO, underwritten IPO that you see with a lot of other companies. So, this structure that we put in place was really the best option we evaluated to fund the future of the business. The question about the building, I think, the lease relationship.

我們其實不是那種更傳統的股權 IPO（equity IPO）、也就是你在很多公司看到的承銷式 IPO（underwritten IPO）的理想候選者。因此，我們所採用的這個架構，是我們評估後用來為公司未來提供資金的最佳選項。至於大樓的問題，我想是租賃關係。

So when we hired or set out to hire 40-plus people in the middle of last year, we needed permanent office space. We did an extensive study of the community here in Fishers, Indiana. We needed a rather unique setup, which included both office facility and workshop space, so kind of dual use. We evaluated the market, got a lot of quotes, got a lot of estimates.

所以，當我們在去年年中聘用或著手聘用 40 多位員工時，我們需要永久的辦公空間。我們在印第安納州 Fishers 這個社區做了大量研究。我們需要相當獨特的配置，包含辦公設施與工作坊空間，也就是雙用途。我們評估了市場，拿到了很多報價與估算。

The one building that met all of our needs was available for purchase. The company did not have the liquidity at the time to make the purchase outright. Dan, our CEO, ended up purchasing the building and entering into a lease arrangement back to the company. Those lease terms, I would add, are actually in line or slightly favorable than the prior tenant was paying. Under that arrangement. So, we did a lot of economic evaluation of it. Price is competitive, and it's on point. Yeah, I just wanted to add to that.

唯一符合我們所有需求的那棟大樓，當時是可以購買的。但公司當時沒有足夠的流動性直接買下來。Dan，我們的 CEO，最後買下了那棟大樓，並與公司簽訂回租（lease back）安排。我補充一下，那些租賃條款其實與前一位承租人支付的水準一致，甚至略為有利。在那個安排之下，我們做了很多經濟性評估。價格具有競爭力，也很到位。是的，我只是想補充這點。

Thanks for answering that, Ron. I mean, Todd, thanks for your question, Ron. I didn't want to buy the building, to be honest with you. It's a big liquidity hit for me personally, but.

謝謝你回答，Ron。呃，Todd，謝謝你的問題，Ron。我老實說並不想買那棟大樓。對我個人而言，那是一筆很大的流動性支出，但是。

In the interest of doing, executing the vision of what we're trying to do here, and I could see how much buying the team had to really being attracted to this building. It just made sense to do it. So, I did go ahead and buy it, and I did offer it at a below market, in my mind, a below market, and we did, as Todd said, there was obviously the fact that there is a related party transaction. It gets through all the scrutiny of our auditors and things like that, and I wanted to really. Good faith so I came in I think fairly substantially lower than the market on this building so but I'm proud that we did it I'm it's validated every day I walk in here I can see the morale of the utility we have being able to operate here in the great location that we have so I. That's it, but thank you for asking that question.

為了實現我們在這裡想做的願景、並把它執行出來，而且我也看得出來，團隊對這棟大樓有多麼被吸引、也多麼投入，這樣做就是合理的。所以我確實去把它買下來了，而且我也以我認為低於市場的價格提供租賃——我心目中是低於市場——而且我們也如 Todd 所說，這當然屬於關係人交易（related party transaction），必須通過我們審計師等各方面的審查。我也希望真正以善意來做，所以我認為我在這棟大樓上給出的價格相當程度低於市場。不過我很自豪我們做到了；我每天走進來都得到驗證——我能看到士氣、看到我們能在這個絕佳地點運作所帶來的效用。所以就這樣，謝謝你問這個問題。

Raul also asked the question about the stock price. He has a few questions in his one submission. We've already answered much of the stock price questions and the revenue by selling unit providers. The third part of this question is, what are some other sources of revenue and potential acquisition by larger established companies?

Raul 也問到了股價的問題。他在同一份提交中提出了幾個問題。我們已經回答了大部分關於股價的問題，以及透過銷售單位供應商所帶來的營收。這個問題的第三部分是：還有哪些其他營收來源，以及被更大型、成熟公司收購的潛在可能性？

Great question. I don't want to answer every question here. We do have John Richardson, our patent attorney, Chief Legal Counsel, Nirav Shaw is here, our Chief Strategy Officer. But I will speak to this one. Of course, part of the dream is, I'm sorry, I'm going to cough her, but you think my voice would be better because I did all that AI stuff. I didn't have to talk as much.

好問題。我不想在這裡把每個問題都逐一回答。我們有 John Richardson（我們的專利律師、首席法律顧問）在場，Nirav Shaw（我們的首席策略長）也在。但這一題我來回應。當然，夢想的一部分是——抱歉，我要咳一下——你會以為我的聲音會更好，因為我做了那些 AI 的東西，就不用講那麼多話。

So everybody has a dream and vision of being acquired by Amazon or Google or Walmart or one of these big guys. Those are aspirational dreams that we would all love to explore and experience. But the reality is, I think I said this earlier, we're in a show me, don't tell me space. People want to see what you're doing. What we want to do here is we want to build something so compelling, so much needed.

所以每個人都有一個夢想與願景：被 Amazon、Google、Walmart 或這些大公司之一收購。那是我們都很想探索並親身體驗的願景式夢想。但現實是，我想我之前也說過，我們處在一個「用行動證明、別只用嘴說」的領域。人們想看到你正在做什麼。我們在這裡想做的是打造一個足夠有說服力、且市場非常需要的東西。

And we want to create something that some of these companies can't live without you know I have this kind of internal mantra that I say in five years We will be either acquired by one of the biggest companies in the world or we will be one of the biggest companies in the world And I'll take you to one of us The only absence of Amazon or one of these guys coming in today making us an offer We have a job to do every day and that's what we're doing if you came to this company today You saw all the activity the high morale the synergies that. Happening, the new ideas that are coming every single day, so much so that John Richardson, our patent attorney, is located on site and he's fielding new IP every week. Right, John? That's correct. You want to talk about that real quick?

而且我們想創造出一個讓其中一些公司離不開的東西。你知道，我內部有一句口頭禪：五年內，我們不是被世界上最大的公司之一收購，就是我們會成為世界上最大的公司之一。我會選擇其中之一。只要今天 Amazon 或這些公司沒有進來開價收購，我們每天就有一份工作要做，而我們正在做。如果你今天來到這家公司，你會看到所有的活動、高昂的士氣、正在發生的協同效應，以及每天湧現的新點子，多到我們的專利律師 John Richardson 就駐點在現場，每週都在處理新的智慧財產。對吧，John？沒錯。你要不要很快談一下？

Yeah, I was going to hit a couple things on patents if I can jump in just for a second. We talk a lot about the patents and where we are with the US. We've got 10 approved patents that have been issued. The most recent one you mentioned earlier, the multi-use patent, which gives us the ability to handle commercial situations and residential situations with more than one user. So the person doesn't have to have their own arrive point. They can have, arrive point that they share with some other folks. But outside the US, we've got, currently we're in 23.

好，我想我可以插話一下，簡單提幾點關於專利的內容。我們談了很多專利，以及我們在美國的進展。我們已經有 10 件核准並核發的專利。你剛才提到最新的一件——多用途專利——它讓我們能同時處理商用與住宅情境，並支援多位使用者。所以使用者不必各自擁有自己的 arrive point；他們可以有一個與其他人共享的 arrive point。不過在美國以外，我們目前在 23 個不同國家申請專利。

Different countries where we're seeking patents. We've got about 77 outstanding patent applications. We were achieved issue on 11 of those, so we are moving forward. We had a couple of questions in there. I know I'm rambling around a little bit, but I'm trying to hit them about are we here, are we there? We're going to go wherever the opportunities are, but at the same point.

我們大約有 77 件尚在審查中的專利申請。其中有 11 件已經取得核准核發，所以我們正在往前推進。剛剛裡面也有幾個問題。我知道我講得有點散，但我想把它們帶到：我們到哪裡了、我們會去哪裡？我們會往有機會的地方走，但同時——

When we chose the 23 countries, we chose that in a logical way, we think. We hit the big three, we hit Europe, of course, the European Union, we hit China, we hit India, because that's where the volume is. We chose the time to not go after Russia because of the Ukrainian conflict, and I think that was the right decision at the time. It continues to be the right decision until those folks learn how to play good together.

當我們選擇這 23 個國家時，我們認為是以合乎邏輯的方式選的。我們涵蓋了三大重點：我們涵蓋了歐洲，當然是歐盟；我們涵蓋了中國；我們涵蓋了印度，因為那裡的量體最大。我們選擇在當時不去申請俄羅斯，因為烏克蘭衝突，我認為那在當時是正確的決定。直到那些人學會好好相處之前，這仍然會是正確的決定。

But as we look at our patents, the interesting point, and my being on site, is we've got 40 plus engineers. I want to say young engineers, and they are young compared to me, but, we've got a couple right out of school. We've got a couple that have been out there for 20, 25 years. But I will tell you, I've been in engineering for my entire life, and these folks. Make your head hurt. They are thinking so far beyond what we need to think, and they're taking the AP3, which was a good start, into the APX or AP4, which is a big change up, like Naroff mentioned earlier, and into the AP5 and 6, which are going to be, they're going to be the Cadillacs of, I don't want to get too much GM on, but they're the Cadillacs of the future. And I think that our patent position is out there.

但當我們看我們的專利時，有趣的一點——也因為我在現場——是我們有 40 多位工程師。我想說是年輕工程師；相較於我，他們確實年輕，但我們也有幾位剛畢業的，也有幾位在業界 20、25 年的。不過我得告訴你，我一輩子都在工程領域，這些人會讓你腦袋痛。他們思考得遠遠超出我們需要思考的範圍；他們把 AP3（那是個不錯的起點）推進到 APX 或 AP4（如 Naroff 先前提到的，那是一次很大的升級），再推進到 AP5 和 AP6——那將會是未來的「凱迪拉克」。我不想太 GM 化，但它們就是未來的凱迪拉克。我認為我們的專利布局已經在那裡了。

Dan came up with the idea very early.

Dan 很早就提出了這個想法。

Dan and I have been together for over 10 years, and we started talking drone decks, and then we started talking arrive points, and this is great. The other question that comes through, and I'll try and answer it upfront, is what about licensing?

Dan 和我合作超過 10 年了。我們一開始談的是 drone decks，接著開始談 arrive points，這很棒。接下來出現的另一個問題——我會盡量先直接回答——是：授權（licensing）怎麼辦？

What are you going to do with these patents? Well, first thing we're going to do is get the patents out there, getting our product out there, get the market started. And we mentioned a couple of things where our new board member, our board director, Mike Fitz, is going to bring on. We've got a great sales guy coming in that's here now, Ian Geist. They're both bringing.

你們要拿這些專利做什麼？嗯，第一件事是把專利布局完成，把產品推出去，把市場啟動。我們也提到幾件事：我們的新董事會成員、董事 Mike Fitz 會帶來助力。我們也有一位很棒的業務人員加入，現在已經在這裡了，Ian Geist。他們兩位都在帶來——

Major focus into where the market's going to go and get more sales out there. Once that starts, we believe that this thing is going to catapult into such a big market that there's going to be a lot of people out there trying to copycat. And when those folks need the license, we're going to be available to sell those licenses to other makers and manufacturers and go from there and generate more revenue.

對市場走向的重大聚焦，並把更多銷售推向市場。一旦這件事開始，我們相信它會躍升成一個非常大的市場，屆時會有很多人試圖仿製。而當那些人需要授權時，我們會提供授權，將授權賣給其他製造商與生產商，並由此創造更多營收。

Todd, thank you. You just answered two of the different submitted questions. One was from Ron about how the patents be used. You just eloquently delivered that answer. And then the other was from Lance about sales plan and trajectory, which also went hand in hand with your answer. Correct.

Todd，謝謝你。你剛剛其實回答了兩個不同的提問。一個是 Ron 問專利會如何被使用；你剛才很精闢地回答了。另一個是 Lance 問銷售計畫與成長軌跡，這也和你的回答相互呼應。沒錯。

It was on the top of the four for one.

那是四合一裡面的第一個。

Yeah, I was going to get you that we can do that right now if you want. So Todd had a question about the reverse share split that happened. Free public offering. So what do you say to people who invested and then you did a reverse 41 stock split to get on that stack?

對，我本來就要接著問你，如果你願意我們現在就可以談。Todd 有一個關於先前發生的反向股票分割的問題。公開發行。那麼對於那些投資之後，你們又做了 4 比 1 的反向股票分割、以便達到那個門檻的人，你會怎麼說？

Yes, thank you. I wanted to address this. I've heard this from people along the way, right? Todd, good question. Did we arbitrarily going public just say, hey, let's do a four for one. It was actually a one for four split is what it was. If you had.

是的，謝謝。我想回應這一點。我一路上也聽過有人提到，對吧？Todd，好問題。我們是不是為了上市就隨便說：嘿，我們來做個四合一？其實那是 1 比 4 的分割。也就是說，如果你有——

Four shares, those shares became one, and I kind of liken it to this: if you're holding a dollar and I say, Hey, let me give you, or I'm holding a dollar, and I say, Hey... I'm going to give you four, I'm going to give me your four quarters, I'm going to give you a dollar. That's kind of what it was. It was an even transaction.

四股，那四股會變成一股。我把它比喻成這樣：如果你手上拿著一美元，而我說，嘿，讓我給你——或者我手上拿著一美元，我說，嘿……你把四個 25 美分給我，我給你一張一美元。大概就是那樣。這是一筆等值交易。

We didn't diminish any value or anything. There was no change in value whatsoever. It's just that NASDAQ has a limit when you go public. We have to have a threshold of, I think it was $12 a share. We came at $13.

我們沒有減損任何價值或任何東西。價值完全沒有改變。只是 NASDAQ 在你上市時有一個限制。我們必須達到某個門檻，我記得是每股 12 美元。我們是以 13 美元進去的。

But in the way that we mean to diminish. In fact, I said earlier in this call, one of the things as a student of the market, like I've been my whole life, I love companies that split the right way, two for one versus one for four. And that wasn't something we did, again, because we wanted to, didn't mean to hurt anybody's share count. But hopefully we get to a point where.

但我們並不是要減損。事實上，我在這通電話前面也說過，作為一個像我一輩子那樣研究市場的人，我喜歡公司用正向的方式分割，例如 2 比 1，而不是 1 比 4。而我們這次這麼做，再說一次，不是因為我們想這樣做，也不是要傷害任何人的持股數。只是希望我們能走到某個階段——

Our shares get really high, and we can start doing the splits the back way and get you back those shares and do all that kind of thing. That's what I want to do. So let's stay tuned on that.

我們的股價變得很高，然後我們可以用相反的方式做分割，把那些股數再還給你，做那一類的事情。那是我想做的。所以我們就拭目以待。

The next question is regarding expansion. It comes from Barushka. Given the awareness of the vast opportunities within emerging markets, will Arrive AI go into countries like South Africa, Botswana, and Namibia, will Arrive AI ever think of building the units in the countries that will be serviced?

下一個問題是關於擴張，來自 Barushka。鑑於新興市場中存在龐大的機會，Arrive AI 會進入像南非、波札那、納米比亞這些國家嗎？Arrive AI 是否會考慮在將提供服務的國家當地建造這些單位？

This will bring down the overhead costs and duties that tend to have an impact on the entry market.

這將降低間接成本與關稅，而這些往往會影響進入市場的成本。

Hey, thanks for your question. I'm going to throw this one over to Nirav Shah. Nirav, you got that.

嘿，謝謝你的提問。我把這題交給 Nirav Shah。Nirav，你來回答。

Yeah, thanks, Dan. So yeah, we would absolutely support a distributed supply chain. We want to minimize shipping costs and take advantage of unit strength in local supply chains. So that's very much on our agenda. And then just speaking about different countries, I don't know how much, Bharush, we've been looking at the news, but we're announcing some activity in India. We're working with a company called Sky Air and other leading delivery companies.

是的，謝謝你，Dan。沒錯，我們絕對支持分散式供應鏈。我們希望把運輸成本降到最低，並善用在地供應鏈的規模優勢。所以這確實是我們的重點之一。再談到不同國家，我不確定 Bharush 你看新聞看了多少，但我們正在宣布在印度的一些動作。我們正與一家名為 Sky Air 的公司以及其他領先的配送公司合作。

And effectively, what we're doing is taking part in a revolution, they're called quick commerce, where they're expecting deliveries in minutes, 10 minutes or less, not hours or days. So, yeah, great question, 100% open. As Jr. Mentioned, we have patents in 23 countries. And just to kind of round up, this thought is that, following the old adage of follow the money, in order to maintain the patents in the 23 countries, there's quite a lot of dollars involved in maintaining them on an annual, monthly basis, and Jr. Can speak to that. But so effectively, we're extremely committed, and you can see that we pay on a very regular basis to maintain those international patents.

實際上，我們正在參與一場革命，他們稱之為「快速商務」（quick commerce），預期配送是以分鐘計、10 分鐘以內，而不是以小時或天計。所以，是的，問得很好，我們 100% 開放。如 Jr. 所提到，我們在 23 個國家擁有專利。再稍微補充一下這個想法：依照「跟著錢走」這句老話，為了在 23 個國家維持專利，每年、每月的維護都涉及相當多的美元支出，Jr. 可以談更多。但總之，我們投入度非常高，你也可以看到我們非常規律地付款，以維持這些國際專利。

So thank you, Varusha.

所以謝謝你，Varusha。

Yeah, thanks. Joseph, thanks for a very kind comment that you placed in our Ideas Board. Let's get to Wilkinson right now for a question here, he says, Do you guys see any type of partnership with those companies like Amazon, et cetera, for the endpoint Smartbox in the near future? And is there any approach from NVIDIA to partner with us or some type of capital investment because we've been using a product for a while now?

是的，謝謝。Joseph，也謝謝你在我們的 Ideas Board 留下非常友善的評論。現在我們來看 Wilkinson 的問題，他說：你們是否在不久的將來，會與像 Amazon 等公司就端點 Smartbox 進行任何形式的合作夥伴關係？另外，NVIDIA 是否有任何方式來與我們合作，或進行某種資本投資，因為我們已經使用某個產品一段時間了？

Please and thank you.

麻煩了，謝謝。

Great questions. We are exploring partnerships with several companies. You're aware of the NVIDIA Connect opportunity. We're leveraging that every day. And, we would love to have NVIDIA take a bigger, look at us. And that's part of our hope that we're focused on, frankly.

問題很棒。我們正在探索與多家公司建立合作夥伴關係。你也知道 NVIDIA Connect 的機會，我們每天都在善用它。而且，我們很希望 NVIDIA 能更深入地關注我們。坦白說，這也是我們聚焦與期待的一部分。

But we will keep you apprised as to when, and if something like that happens, as far as any big partnership. We're early and we believe that those are big drivers for us, so we are focused on developing some big opportunities and when the moment is right, we will be able to announce those as they happen.

但就任何大型合作而言，如果、以及何時發生類似的事情，我們會持續向你們更新。我們還在早期階段，也相信這些會是我們的重要驅動力，因此我們正專注於開發一些大型機會；當時機成熟，我們就能在事情發生時對外宣布。

Just executing every day. We hear what you guys are all saying and all the things that you're saying are the things that we're saying and doing within the full walls of this company every single day. So, I would say REM wasn't built in a day. I think it took a day and a half.

就是每天把執行做好。我們聽到各位所說的一切，而你們說的這些，也正是我們在公司內部每天都在說、也在做的事。所以我會說，REM 不是一天造成的。我想它花了一天半。

I would literally put up the evolution of this company where we are against the biggest companies in the world and where they were in the same moment of evolution. And I would say we're blowing them away. We are moving at the speed of a startup. We're agile.

我真的會把我們公司目前的演進階段，拿來跟世界上最大的公司在同一演進時點的狀態做對照。我會說我們把他們遠遠甩在後面。我們以新創的速度在前進，我們很敏捷。

We're proactive. We're inquisitive. We're doing all the things that you would want to see us do. And I would just say, just watch us. Just watch. Great things are about to happen.

我們很主動、很好奇、我們正在做所有你會希望看到我們去做的事。我只想說，請看著我們。就看著。很棒的事情即將發生。

And thanks to Rock for sending in a question about the patent. John has answered your question as well.

也謝謝 Rock 提交關於專利的問題。John 也已經回答了你的問題。

The final question we'll be taking from the pre-submitted questions is from Brian, some of which has also been answered, but we'll go ahead and make sure we thoroughly answer this one. It says, see some actual products. When do we see the products in a working situation, actual video of real deliveries, and not animated depiction? I'd like to see in products that you're presenting to future partners at work, are they in production, and how many are being used in testing areas? I have to admit I haven't followed as closely as I should. I'm an early investor from Start Engine.

最後一個我們要回答的預先提交問題來自 Brian，其中有些也已經被回答過，但我們仍會確保完整回覆。他說：想看到一些實際產品。我們何時能看到產品在實際運作情境中、真實配送的實際影片，而不是動畫示意？我想看到你們向未來合作夥伴展示、正在運作中的產品；它們是否已量產？在測試區域有多少台在使用？我必須承認我沒有像應該的那樣密切追蹤。我是 Start Engine 的早期投資人。

Hey, Brian. Thanks for your question. Thanks for being an early investor. We have made that transition. In fact, we talk about that a lot.

嗨，Brian。謝謝你的問題，也謝謝你作為早期投資人。我們已經完成那個轉變。事實上，我們也常常談到這件事。

We're not showing vaporware, we're showing reality. And if you start following us more closely, I think you'll see those things happening really all over the world. We're pretty good about keeping everyone updated and we're proud of that.

我們展示的不是概念產品（vaporware），而是現實。如果你開始更密切地關注我們，我想你會看到這些事情真的正在全球各地發生。我們很擅長讓大家保持更新，我們也以此為傲。

And, I would also say that any shareholder in this company has the invitation that if you want to get a hold of us, we'd love to, if you want to come visit, we'd love to show you what we're doing in real. Time and you could go out and tell the world what you've seen. So that's what we're doing.

另外我也想說，任何本公司的股東都受到邀請：如果你想聯絡我們，我們很樂意；如果你想來參觀，我們也很樂意在真實時間向你展示我們正在做的事，你也可以出去告訴全世界你看到了什麼。所以這就是我們正在做的。

Now we'll go over to the questions that were submitted through the webcast. First is from Aumi. As premium costs are rising globally, how are we planning to maintain our competitive position against competitors that may be leveraging cheaper materials? There are the recent price hikes in Japan, and also now we have the uncertainty with the goal.

接下來我們來看透過網路直播提交的問題。第一個來自 Aumi。隨著全球高階材料成本上升，我們打算如何維持相對於可能使用更便宜材料的競爭對手之競爭地位？日本近期有漲價，另外現在我們也面臨目標的不確定性。

You want to take that? Yeah, thanks, Dan. So yeah, it's a kind of a, I mean, a multi-response here. So regarding the current situation, we're obviously optimizing, looking for multiple sources for product and not sticking to one market, so we've been my shipping, which I mentioned earlier. And then the other thing I want to mention is that we've got a head of supply chain that's constantly looking at the future and thinking about what materials are going to be more costly, et cetera. In fact, I can't speak to the specifics, but.

你要回答嗎？好的，謝謝你，Dan。是的，這算是一個——我的意思是——需要多面向回覆的問題。就目前情況而言，我們顯然正在做最佳化，為產品尋找多元來源，而不是只依賴單一市場，所以我們一直在做運輸方面的調整，我先前也提過。另一點我想提的是，我們有一位供應鏈負責人，持續著眼未來，思考哪些材料會變得更昂貴等等。事實上，我不能談太多細節，但是。

He had identified the material that we were going to use in two to three years' time, and the plan, again, not to really get into specifics, was to do some risk buying on that to minimize our future risk. So these are the kinds of things that we're constantly thinking about.

他已經辨識出我們在兩到三年後可能會使用的材料，而計畫——同樣地，不深入細節——是針對該材料做一些風險性採購（risk buying），以降低我們未來的風險。這些就是我們一直在思考的事情。

Next question is from James. Can you say more about Arrive AI and how AI is allowing you to dramatically reduce your hiring plans?

下一個問題來自 James。你能多談談 Arrive AI，以及 AI 如何讓你們大幅降低招募計畫嗎？

Are advances in Agentic AI powering that? Is it automation of support function, sales, or some other source of leverage? Are advances in Agentic AI also potentially speeding your time to market revenue?

這是否是由 Agentic AI 的進展所驅動？是支援功能、銷售或其他方面的自動化帶來的槓桿？Agentic AI 的進展是否也可能加速你們的上市時間與營收實現？

Yeah, they're all jumped in there.

是的，這些都涵蓋在內。

I'd like to announce who's taking it, so our listeners know.

我想先宣布由誰來回答，讓我們的聽眾知道。

Yeah, thanks, Dan. You're upshot, Chief Strategy Officer. So yeah, for sure, we're definitely looking at Agentic AI. In fact, there's a lot of desire to internally use open call, but we're trying to hold that back until we understand some of the risks. So regarding some of the other questions around Agentic AI, we're looking at implementing that very much so in workflows and customer service. Again, can't say too much on that, but yeah.

好的，謝謝你，Dan。我是 Upshot，首席策略長。是的，當然，我們確實在看 Agentic AI。事實上，內部很想使用 open call，但我們正試著先按住，直到我們理解一些風險。至於其他關於 Agentic AI 的問題，我們正在非常積極地把它導入工作流程與客服之中。同樣地，不能說太多，但沒錯。

Yeah, it's all happening currently.

是的，這些都正在進行中。

Next is a multi-faceted, multi-part question from Sergio. Hi, Sergio, thanks for this.

下一題是 Sergio 的多面向、多部分問題。嗨，Sergio，謝謝你提出這個問題。

Appreciate a concise response across the areas of... Based on your recent SEC filings, could you help investors understand, one, how you're managing current and potential dilution under the Streetable Agreement, particularly in a more conservative or downside scenario, and how this could impact shareholders over time, including its effect on future ownership, value per share, and overall capital structure? I'll get to Part 2 in a second.

希望能在以下領域給出精簡回覆……根據你們近期的 SEC 申報文件，你能否協助投資人理解：第一，你們如何在 Streetable Agreement 下管理目前與潛在的稀釋，特別是在較保守或下行情境中，以及這可能如何隨時間影響股東，包括對未來持股比例、每股價值與整體資本結構的影響？第二部分我等一下再問。

Sergio, that was a nice, concise question. This is Dan here. I'm going to let Todd answer, but I do want to say one thing.

Sergio，這真是個很「精簡」的問題。我是 Dan。我會讓 Todd 來回答，但我想先說一點。

There is dilution that has taken place and not all dilution is bad. And by that, what I mean by that is even though I've been substantially diluted, I still look at, I saw the exact number of shares that I have. One of the recent NASDAQ violations that we had was centered around our flood. And I think a byproduct of the Streeterville agreement has been a way to cure the flood issue. I'm going to let Todd jump in. I just wanted to preface it with that.

確實發生了稀釋，但並非所有稀釋都是壞事。我這樣說的意思是，即使我被大幅稀釋，我仍然看的是我持有的確切股數。我們最近一次 NASDAQ 違規之一是圍繞我們的流通股（float）。我認為 Streeterville 協議的一個副產品，是提供了一種方式來修復流通股問題。我讓 Todd 來補充。我只是想先做這個前言。

Yeah, thanks for the question. Regarding dilution, one of the things is we don't control when the convertible notes become equity. That's up to the investor, Streeterville. What we do control is how quickly we use the cash and how soon we take more. And in that aspect, I think we're managing costs very relentlessly here. We're monitoring our burn rate, non-essential costs.

好的，謝謝你的問題。關於稀釋，其中一點是：我們無法控制可轉換票據何時轉為股權，那取決於投資人 Streeterville。我們能控制的是我們使用現金的速度，以及我們多快再去取得更多資金。在這方面，我認為我們在成本管理上非常嚴格。我們在監控現金消耗率（burn rate），非必要成本。

Are being sacrificed to focus on real product development expenses AI, these technologies we're using are quite expensive. So we're trying to focus our expenditure where it has the biggest return on investment for us.

會被犧牲，以便聚焦在真正的產品開發支出上；AI、以及我們正在使用的這些技術都相當昂貴。因此我們正努力把支出集中在能為我們帶來最大投資報酬的地方。

The second part is help investors understand your approach to capital allocation and risk management, particularly in light of the options trading activity disclosed in your filings.

第二部分是協助投資人理解你們在資本配置與風險管理上的做法，特別是考量到你們在申報文件中揭露的選擇權交易活動。

Yeah, so we do have from time to time, we have cash setting on the balance sheet to fund operations. What is not being actively used to fund daily operations is typically invested in money market funds, things that will generate some return.

是的，所以我們確實會不時在資產負債表上保留現金以支應營運。未被積極用於日常營運資金的部分，通常會投資於貨幣市場基金等能產生一些報酬的工具。

We do occasionally use a covered call strategy to produce income. So these are some of the ways we're trying to get a return on that cash while it's waiting to be consumed.

我們也會偶爾採用備兌買權（covered call）策略來創造收益。這些就是我們在現金等待被使用期間，嘗試讓它產生報酬的一些方式。

So Joe, I believe we addressed your question three and five regarding NASDAQ compliance and building out the team. So let's go to number four, how your current liquidity position and expected runway support your ability to execute.

所以 Joe，我相信我們已經回答了你關於 NASDAQ 合規以及擴建團隊的第 3 與第 5 個問題。那我們來看第 4 個問題：你們目前的流動性狀況與預期的資金續航期（runway）如何支撐你們的執行能力。

Todd, I'll let you continue with that. So as we mentioned earlier on the call, in January, we had an unusually high volume day. That gave both the investor and us the opportunity to bring down $10 million from our equity line.

Todd，我讓你繼續說這個。如同我們先前在電話會議中提到的，一月有一天成交量異常高。那讓投資人與我們都有機會，從我們的股權融資額度（equity line）中提取 1,000 萬美元。

It's important to us to put that money, to have that money when it's available, secure the next several months of runway. We mentioned our cash burn rate earlier on the call, about $1 million a month, so you can. You can do the math to see why it was prudent to take down the money when we had the opportunity to do it. Really adds some security for our operations in the next several months.

對我們而言，把這筆錢拿到手、在可取得時就先確保下來，以保障接下來幾個月的資金續航期，是很重要的。我們先前也提到現金消耗率（cash burn rate）大約每月 100 萬美元，所以你可以算得出來，為什麼在有機會時提取資金是審慎的作法。這確實為未來幾個月的營運增加了安全性。

And I want you to talk about the fact that wasn't like an impromptu thing. Those shares were already envisioned to be sold.

而且我希望你談一下，這並不是臨時起意的事情。那些股份原本就已經規劃要出售。

Yeah, absolutely. I mean, the Streeterville line went in place last May with the defined number of shares. It was simply a matter of timing when we request the money and when the investor converts out. So that was all known to the market. It's the timing of when we choose to take it that we have to disclose.

對，完全正確。我的意思是，Streeterville 的額度是在去年五月設立的，且有明確的股份數量。這只是我們何時提出資金請求、以及投資人何時轉換（convert）退出的時間點問題。所以市場對此是已知的。我們需要揭露的是我們選擇在何時提取的時間點。

The next two questions come from Deepak. First is, on the AP3 to AP5 transition, what's the unit economics difference? What's the target unit cost at scale, and when do you expect AP.5 to be deployed, deployment ready?

接下來兩個問題來自 Deepak。第一個是：在 AP3 到 AP5 的轉換上，單位經濟（unit economics）的差異是什麼？規模化後的目標單位成本是多少？以及你們預期 AP.5 何時會部署、達到可部署狀態？

Yeah, thanks, Dan. So, Deepak, regarding AP.3 and AP.5 unit economics is order of magnitude. I can't really talk about the exact unit cost at scale, but again, order of magnitude difference.

好的，謝謝你，Dan。Deepak，關於 AP.3 與 AP.5 的單位經濟差異，是「數量級」的差距。我無法談規模化後的確切單位成本，但同樣是數量級的差異。

In not only the cost, but the functionality, the use case, the intelligence on board. Dan has mentioned earlier some Nvidia products that we're using in there. So we're expecting a very powerful endpoint with a much cheaper price point.

不只是成本，還包括功能性、使用情境、以及端上（on board）的智慧程度。Dan 先前也提到我們在其中使用的一些 Nvidia 產品。所以我們預期會有一個非常強大的端點（endpoint），但價格點會便宜得多。

Regarding the deployment, the plan is for this year. So we're going to be modeling things and showing some key customers potentially. So stay tuned on that, and you'll see something hopefully in Q3, Q4.

至於部署方面，計畫是在今年。我們會進行建模，並可能向一些關鍵客戶展示。所以請持續關注，希望你能在第三季、第四季看到一些成果。

Question two from Deepik. On the recurring subscription revenue, what's the typical contract duration? And is there any minimum commitment from customers, or can they turn quarter to quarter?

Deepik 的第二個問題：關於經常性訂閱收入，典型的合約期間是多久？客戶是否有任何最低承諾，還是可以按季續約、逐季調整？

Yeah, let me handle this. I think I can handle quickly. Thank you, Todd. Dan, here. As I mentioned earlier in the call, the big ROI that we are getting right now is the learnings. And so what's important to us is we don't want to make. Tons and tons of units and have them simultaneously out.

我來回答這個。我想我可以很快說明。謝謝你，Todd。我是 Dan。如同我先前在電話會議中提到的，我們目前獲得的最大投資報酬（ROI）是「學習」。因此對我們而言重要的是，我們不想製造非常非常多的設備，並同時大量部署在外。

The thing that we're finding is really good for us is to deploy a small amount of units for a short period of time in different use cases and bring those back and get the learnings and school those into new development. In the situations where we are doing more permanent deployments, we're looking for a minimum of a two-year deal.

我們發現對我們很有幫助的是：在不同使用情境中，短期部署少量設備，然後把它們收回來取得學習，再把這些學習回饋到新的開發中。在我們進行較為永久性的部署時，我們會尋求至少兩年的合約。

We think that that is a good time horizon to condition the customer and have. Realize, the benefit of what we're doing so that we can. Long-term life cycle through these deployments. Churn is obviously something that, if you have a great product and you're bringing great ROIs, hopefully churn takes care of itself.

我們認為這是一個良好的時間跨度，能讓客戶建立使用習慣並真正體會我們所做事情的效益，讓我們可以在這些部署中形成長期的生命週期。流失率（churn）當然是個議題；但如果你有很棒的產品、帶來很好的 ROI，希望流失率自然就會被解決。

And we haven't outscaled enough to a level yet where we can really quote a churn rate, but we're mindful of that. And we're conditioning every deployment with patients built-in flexibility. And the customer knows that everything we learn at their specific use case are benefits that they're going to be able to take advantage of because they're going to be centric to what they're already doing.

而我們目前還沒有擴張到足以真正給出流失率的程度，但我們對此保持警覺。我們在每一次部署中都內建彈性與耐心，而客戶也知道：我們在他們特定使用情境中學到的一切，都是他們能受益的，因為這些會以他們既有作業為中心來優化。

We have three questions left. Next question from Greg. For the early investors, such as the first $3,000, can you provide an estimate as to how long it might be before the share price gets back to our investment purchase cost per share after $41 split at $13? I'm in for the long haul and still completely believe you're going to arrive AI.

我們還剩三個問題。下一個問題來自 Greg。對於早期投資人，例如最初投入的 3,000 美元，你能否估計在 41 比 1 分割後、以 13 美元計算的情況下，股價大概需要多久才可能回到我們每股的買入成本？我會長期持有，也仍然完全相信你們會實現 AI。

Hey, Greg, good to hear you out there, ma'am. I know we've talked several times. Thank you for your question. Obviously, I want the same thing you do. It's really inappropriate for us to talk about. Specific share price or time horizons to get back where you want to be, or I think I mentioned earlier, I'd love to get to a point where we start splitting the stock the right way, and by getting more shares and all those kind of things, but we have to get there, but just know that.

嗨，Greg，很高興聽到你的聲音，先生。我知道我們談過好幾次。謝謝你的問題。顯然我也希望達到你希望的結果。但我們不適合談論特定股價或回到你希望水準的時間範圍。或者如我先前提到的，我很希望能走到一個階段，我們開始以正確的方式進行股票分割，透過增加股數等等那類事情，但我們必須先走到那一步；不過請你知道——

We are aligned in that way of thinking. I'm an investor doing a lot of the same things you guys do, and I want the same things that you guys want. And I just want you to know that's the thought leadership that you have here at this company. So if you're aligned with that, stay tuned.

我們在這種思維上是一致的。我也是投資人，也在做很多你們會做的事情，我想要的也和你們想要的一樣。我只是想讓你知道，這就是你在這家公司所看到的思維領導（thought leadership）。所以如果你也認同這點，請持續關注。

And from Owen, what would a five to 10-year outlook as robotics and drones are becoming increasingly popular? And what would be a field for heavy interest, such as food, medical, or package?

接著是 Owen 的問題：隨著機器人與無人機越來越普及，你們對未來 5 到 10 年的展望是什麼？以及你們會特別關注哪些領域，例如食品、醫療或包裹？

Nero.

Nero。

Yeah, thanks, Dan. So, Owen, yeah, great question. So, as you're following us, you're seeing that we're really focusing on medical initially, high-value items, smaller, right, easy to move around. In five or 10 years, frankly, we see everything on the table, from food.

好的，謝謝你，Dan。Owen，是的，這是個好問題。你如果一直在關注我們，你會看到我們一開始確實聚焦在醫療領域：高價值物品、體積較小、對吧，也更容易搬運。坦白說，五到十年後，我們認為一切都有可能，包括食品。

To just all kinds of things, moving, your kids' lunch from, if you forget to drop their lunch off, we see this as being completely ubiquitous by 10 years out. So, again, starting at medical, but we'll be hitting everything in 10 years.

到各式各樣的物品運送；甚至如果你忘了幫孩子送午餐，我們也能把孩子的午餐送過去。我們認為在十年後這會變得無所不在。所以同樣地，從醫療起步，但十年內我們會涵蓋所有領域。

Anir just had a thought leadership piece published regarding restaurant infrastructure and food deliveries and things like that. So we'll be looking for that. We're getting our leadership out there with some great pieces.

Anir 最近發表了一篇思維領導文章，談到餐廳基礎設施、食品外送等相關內容。所以請留意那篇文章。我們正在讓我們的領導團隊透過一些很棒的文章走到台前。

Finally, question, second question, and our last question is from Amen. It's already been addressed by Dan, just about dilution and things of that nature. So that concludes all of our questions for the call.

最後一個問題、也是第二個問題、同時也是我們的最後一題，來自 Amen。Dan 已經回答過了，主要是關於稀釋（dilution）以及類似議題。所以我們的提問到此結束。

Thanks, everyone, for joining. We love the interaction. When we do these calls, we're committed to answering every question and no matter how long it takes. I know these can be lengthy. We apologize for that, but we don't want to leave anything.

謝謝大家參與。我們很喜歡這樣的互動。每次做這些電話會議時，我們都承諾會回答每一個問題，不管需要花多久時間。我知道這些會議可能會很長，對此我們致歉，但我們不想遺漏任何事情。

We want to be totally transparent, communicative, and this is your company. So stay tuned. We've had some great things happening. You've seen it in the market recently, and I want you to stay tuned for the next great thing that's coming down the pike here. Thanks, guys.

我們希望完全透明、保持溝通，而這是你們的公司。所以請持續關注。最近我們有一些很棒的進展，你們也在市場上看到了。我希望你們繼續關注接下來即將到來的下一件大事。謝謝各位。

And Michelle, we'll send it back to you.

Michelle，我們把時間交還給你。

Thank you. This concludes today's conference call. Thank you for participating, and you may now disconnect.

謝謝。今天的電話會議到此結束。感謝各位參與，現在可以掛線。