Arrive AI Inc (ARAI) 2026 Q1 法說會逐字稿

Good day, and welcome to the Arrive AI Inc. Q1 2026 earnings call. (Operator Instructions) Please note this call is being recorded. I would now like to turn the call over to Kylie Conway, Arrive AI, Senior Communications. Please go ahead.

各位早安，歡迎參加 Arrive AI Inc. 2026 年第一季（Q1 2026）財報電話會議。（接線員指示）請注意，本通話將被錄音。我現在要把電話交給 Arrive AI 資深傳播人員 Kylie Conway。請開始。

Thank you, Michelle. And before we going further, our CEO, Dan O’Toole, has something he'd like to recognize this morning.

謝謝你，Michelle。在我們繼續之前，我們的執行長 Dan O’Toole 今天早上有些話想先致意。

Thanks, Kylie, hey everybody, and thanks for being here and listening. This is an exciting day for us. One year ago today, we actually made our public debut on the Nasdaq ticker ARAI. It was the combination of a huge journey that took us through a lot of twists and turns, and it's something that I'll never forget my whole life. So I appreciate everyone that helped make that happen.

謝謝你，Kylie。各位大家好，也謝謝大家到場並收聽。今天對我們來說是令人振奮的一天。就在一年前的今天，我們其實在納斯達克以股票代號 ARAI 正式公開亮相。那是一路走來的重大旅程，過程中充滿許多曲折轉折，而這件事我一輩子都不會忘記。所以我很感謝每一位協助促成這一切的人。

I ordered a chicken and egg a little bit earlier, and I'm going to let you know which one comes first. But go ahead, Kylie, take it back.

我剛剛稍早點了一份雞和蛋，我會告訴你到底哪個先來。不過 Kylie，你繼續吧，交回給你。

Dan, thank you, and good morning, everyone. Thank you for joining us today. With me on the call, of course, you defer from Dan O'Toole, Arrive AI, Chairman, CEO and Founder; and Todd Pepmeier, Chief Financial Officer. The rest of our leadership team is also here in the room to answer questions later in the call. The earnings press release issued this morning is available on the Investor Relations section of the company's website at arriveai.com.

Dan，謝謝你，大家早安。感謝各位今天加入我們。與我一同在線上的，當然包括剛才各位聽到的 Arrive AI 董事長、執行長暨創辦人 Dan O'Toole，以及財務長 Todd Pepmeier。我們其餘的領導團隊也在會議室內，稍後將在問答環節回答問題。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）專區取得。

Before we begin, please note that today's remarks may include forward-looking statements regarding future financial results operations and performance. 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. Now I'll turn the call over to Arrive AI's CEO, Dan O'Toole.

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。這些陳述並非對未來結果的保證，且受風險與不確定性影響，可能導致實際結果與所述內容有重大差異。我們鼓勵投資人查閱 Arrive AI 向 SEC 提交文件中所詳述的風險因素，相關文件亦可於公司網站取得。現在我將把電話交給 Arrive AI 的執行長 Dan O'Toole。

Hey, everyone, Dan O'Toole here. Thank you for joining us today. As always, we appreciate you taking the time to be with us and follow our progress. Building Arrive AI continues to be an incredible journey like any company creating an entirely new infrastructure, the path is not always linear, but our vision remains clear, and we continue executing against that vision with discipline and focus. One thing I want to emphasize before we begin is how we think about our progress as we continue to build infrastructure and processes that will help us begin to ramp our commercial activities beginning later this year.

各位好，我是 Dan O'Toole。感謝各位今天加入我們。一如既往，我們感謝大家撥冗與會並持續關注我們的進展。打造 Arrive AI 仍是一段令人難以置信的旅程；如同任何正在建立全新基礎設施的公司一樣，這條路並不總是線性的，但我們的願景依然清晰，我們也持續以紀律與專注來落實該願景。在開始之前，我想強調一點：隨著我們持續建立基礎設施與流程，以協助我們在今年稍晚開始提升商業活動的推進速度，我們如何看待自身的進展。

The same way in early-stage pharmaceutical company's progress is evaluated by milestones they achieved along their way to commercialization, development progress, validation points, regulatory steps, manufacturing readiness and commercialization preparation is the way we view the consistent progress we are making. What matters most right now for the company is whether we are continuing to hit our operational milestones that move us closer to scalable deployment and recurring revenue.

就像早期階段的製藥公司，其進展常以邁向商業化過程中所達成的里程碑來評估——研發進度、驗證節點、法規步驟、製造就緒度與商業化準備——我們也以同樣方式看待我們所取得的持續進展。對公司目前最重要的是：我們是否持續達成營運里程碑，讓我們更接近可規模化部署與經常性收入。

And over the last 30 days, we believe we've made measurable progress in several important areas. Before we get into those updates, I also want to mention that we're continuing to experiment with innovative formats for our earnings calls. The prepared remarks you're about to hear will be delivered using the AI generated versions of my voice and Todd Pepmeier, Chief Financial Officer at Arrive AI.

而在過去 30 天內，我們相信自己在幾個重要領域取得了可衡量的進展。在進入這些更新之前，我也想提到，我們持續嘗試以創新形式進行財報電話會議。各位即將聽到的事先準備發言，將使用 AI 生成的版本來呈現我以及 Arrive AI 財務長 Todd Pepmeier 的聲音。

For us, this is more than a novelty. It reflects how we think about artificial intelligence as a practical tool that can improve efficiency, scalability and communication. The same philosophy that drives our broader platform and autonomous logistics network. After the prepared remarks conclude, Todd and I will return live to answer questions that were submitted ahead of this call. I'll also be joined by the rest of our leadership team Chief Strategy Officer, Neerav Shah, Chief Operating Officer, Mark Hamm; and Chief Legal Counsel, John Richardson.

對我們而言，這不只是新奇的嘗試。它反映了我們如何將人工智慧視為一種實用工具，可提升效率、可擴展性與溝通效果；這與驅動我們更廣泛平台與自主物流網路的理念一致。在事先準備發言結束後，Todd 和我將以現場方式回來回答在本次電話會議前提交的問題。我也將與我們其餘的領導團隊一同參與：策略長 Neerav Shah、營運長 Mark Hamm，以及首席法律顧問 John Richardson。

Also, Todd will rejoin. So with that, let's begin the prepared remarks. Thanks, everyone. Given it has only been about 30 days since our last update. Today's call will focus primarily on our execution progress and operational milestones -- and as I noted earlier on this call, we believe we've made meaningful progress in this short period of time.

此外，Todd 也會再次加入。那麼，就讓我們開始事先準備的發言。謝謝各位。鑑於距離我們上次更新大約只有 30 天，今天的電話會議將主要聚焦於我們的執行進展與營運里程碑——正如我先前在本通話中提到的，我們相信在這段短時間內已取得具意義的進展。

As I've said before, building a category-defining company is not linear, but we continue executing deliberately and we're seeing those efforts translate into stronger operational fundamentals across the business. But at Arrive AI, we believe our most meaningful metric of progress right now is not financial such as revenue or EPS. It is MPQ or milestones per quarter. At this phase, our focus is on building the right infrastructure validating deployments, strengthening our technology, expanding partnerships and preparing for scalable recurring revenue opportunities. These milestones matter because they are what ultimately creates the foundation for long-term shareholder value.

如我先前所說，打造一家定義類別的公司並非線性過程，但我們持續有計畫地執行，也看到這些努力轉化為全公司更強健的營運基本面。不過在 Arrive AI，我們認為目前最有意義的進展衡量指標不是財務指標，例如營收或每股盈餘（EPS），而是 MPQ（每季里程碑數，milestones per quarter）。在這個階段，我們的重點是建立正確的基礎設施、驗證部署、強化技術、擴大合作夥伴關係，並為可規模化的經常性收入機會做好準備。這些里程碑之所以重要，是因為它們最終將奠定長期股東價值的基礎。

And when we look back since becoming a public company in May of 2025, we believe we've accomplished a significant amount in a relatively short period of time. Since going public, we have strengthened and reorganized our leadership team advanced our AP3 platform, optimized our supply chain, brought software development in-house expanded development of our proprietary operating system, Arrive OS, advanced deployment and demonstration initiatives added experienced leadership to our Board expanded strategic conversations across logistics and infrastructure sectors and continued positioning Arrive AI as a foundational platform for autonomous logistics and intelligent delivery infrastructure. We have also strengthened our patent portfolio to now 10 US utility patents. While we recognize we are still early in the commercialization cycle we believe these operational milestones continue moving the company meaningfully forward.

當我們回顧自 2025 年 5 月成為上市公司以來的表現，我們相信在相對短的時間內已完成相當多的工作。自上市以來，我們強化並重整了領導團隊、推進 AP3 平台、優化供應鏈、將軟體開發內部化、擴大自有作業系統 Arrive OS 的開發、推進部署與展示計畫、為董事會增添具經驗的領導者、在物流與基礎設施領域擴大策略性對話，並持續將 Arrive AI 定位為自主物流與智慧配送基礎設施的基礎平台。我們也強化了專利組合，目前已擁有 10 項美國實用專利。雖然我們也認知到商業化週期仍處於早期階段，但我們相信這些營運里程碑正持續且具意義地推動公司向前。

I'll walk through several recent important updates before turning it over to Todd. One of the most important developments since our last call has been progress within our supply chain and manufacturing operations. We've taken significant steps to optimize and stabilize AP3 production through a new manufacturing partnership in India. This has improved both our supply chain reliability and cost structure, giving us a more scalable and predictable manufacturing base moving forward while also speeding up unit delivery. This configuration represents what we believe is the finalized supply chain structure for the current AP3 platform as we prepare for our transition toward next-generation hardware.

在交給 Todd 之前，我將先說明幾項近期的重要更新。自上次電話會議以來，最重要的發展之一，是我們在供應鏈與製造營運方面的進展。我們透過在印度的新製造合作夥伴，採取了重大措施來優化並穩定 AP3 的生產。這同時改善了供應鏈可靠性與成本結構，讓我們未來擁有更可擴展且更可預測的製造基礎，同時也加快了單位交付速度。此一配置代表我們所認為的、針對現行 AP3 平台已定案的供應鏈結構，並為我們轉向下一代硬體做好準備。

Importantly, we remain on track for an improved AP3 release in July with broader availability expected beginning in October. We believe this increased availability is important because until now, deployment capacity has naturally limited the pace at which we could onboard new customers and expand deployments the July release is not a complete platform redesign. It is a meaningful refinement and enhancement of the existing AP3 platform focused on reliability, deployment, readiness and customer scalability as availability expands later this year, we believe it positions us to accelerate customer deployments and move closer toward consistent and growing recurring revenue generation.

重要的是，我們仍按計畫在 7 月推出改良版 AP3，並預期自 10 月起可更廣泛供應。我們認為供應量提升很重要，因為截至目前，部署產能自然限制了我們導入新客戶與擴大部署的速度。7 月的版本並非完整的平台重新設計，而是對既有 AP3 平台進行具意義的精煉與強化，重點在可靠性、部署就緒度與客戶可擴展性。隨著今年稍晚供應量擴大，我們相信這將使我們得以加速客戶部署，並更接近穩定且成長的經常性收入產生。

At the same time, we continue progressing toward our next-generation platform internally referred to as APX. We expect to receive early APX prototypes in the coming development cycle and this platform represents a major step forward in functionality, manufacturability and long-term scalability, while AP3 establishes the operational network foundation, APX is designed to support larger scale commercialization and broader deployment opportunities across autonomous logistics, health care, enterprise delivery and smart infrastructure applications.

同時，我們也持續推進下一代平台（內部稱為 APX）。我們預期在接下來的開發週期中收到早期 APX 原型，而該平台在功能性、可製造性與長期可擴展性方面代表重大躍進。當 AP3 建立營運網路的基礎時，APX 的設計則是為了支援更大規模的商業化，以及在自主物流、醫療保健、企業配送與智慧基礎設施應用上的更廣泛部署機會。

Another important development is the advancement of Arrive OS, the software layer that will help unify deployment management, monitoring, integrations and future network functionality across the Arrive ecosystem. Much of this foundational work was completed during Q1, and we expect phased rollout activity to begin during Q3. This is an important strategic initiative as it creates a more scalable and cohesive operating environment across our intelligent delivery network.

另一項重要發展是 Arrive OS 的推進。Arrive OS 是一個軟體層，將協助在 Arrive 生態系中統一部署管理、監控、整合，以及未來的網路功能。這些基礎性工作多在第一季完成，我們預期第三季開始分階段推出。這是一項重要的策略性計畫，因為它能在我們的智慧配送網路中建立更可擴展且更一致的作業環境。

In addition, following our recent internal reorganization, we have now brought software development fully in-house, which has already created meaningful operational efficiencies. We have stripped out portions of our legacy software stack and replace them with internally developed systems that are already improving performance and iteration speed on our current AP3 units owning more of our software stack internally improves our ability to move faster, deploy updates more efficiently and build a stronger long-term technology foundation to sum this up, we own and control all of our software that is being built in-house.

此外，在我們近期的內部重整之後，我們已將軟體開發全面內部化，並已帶來具意義的營運效率提升。我們已移除部分既有的舊版軟體堆疊，並以內部開發的系統取代，這些系統已在現行 AP3 單位上提升效能與迭代速度。將更多軟體堆疊掌握在內部，能提升我們加速推進的能力、更有效率地部署更新，並建立更強健的長期技術基礎。總結來說，我們擁有並掌控所有由內部建置的軟體。

It's saving us money and time while keeping us in control of our success. This is exactly where we want to be. We've also continued advancing plans for a digital demonstration initiative with a realistic target of conducting that demonstration in Texas later this year. This important milestone will provide customers, enterprise partners municipalities and logistics stakeholders with the opportunity to evaluate our platform operating in more realistic deployment conditions. These demonstrations are critical because autonomous logistics infrastructure requires trust, validation and operational proof points as we continue demonstrating real-world functionality it strengthens both customer confidence and future deployment opportunities.

這為我們節省了金錢與時間，同時讓我們能掌控成功的關鍵。這正是我們希望達到的狀態。我們也持續推進數位展示計畫，並以今年稍晚在德州進行該展示為一個務實的目標。這項重要里程碑將讓客戶、企業合作夥伴、市政單位與物流利害關係人，有機會在更貼近真實的部署條件下評估我們的平台運作。這些展示至關重要，因為自主物流基礎設施需要信任、驗證與營運證明；隨著我們持續展示真實世界的功能性，將同時強化客戶信心與未來部署機會。

From a governance standpoint, we recently held our first Board meeting with Mike Fitz as a member of our Board. Mike is a member of T-Mobile's leadership team and brings invaluable experience in networks connectivity and large-scale infrastructure operations to Arrive AI. His addition further strengthens what we believe is an experienced and highly engaged leadership group and we are already benefiting from his strategic perspective and operational insight. We continue to believe strong governance and experienced leadership will play an important role as we scale the business. While we remain careful about discussing initiatives prior to execution, we are encouraged by the level of engagement and interest we continue to see.

從公司治理的角度來看，我們最近召開了第一次由 Mike Fitz 以董事會成員身分參與的董事會會議。Mike 是 T-Mobile 領導團隊的一員，為 Arrive AI 帶來在網路連線與大規模基礎設施營運方面無可取代的寶貴經驗。他的加入進一步強化了我們所相信的、經驗豐富且高度投入的領導團隊，而我們也已經從他的策略視角與營運洞見中受益。我們仍然相信，隨著我們擴大業務規模，健全的治理與有經驗的領導將扮演重要角色。雖然在執行之前我們仍會謹慎避免討論相關計畫，但我們對於持續看到的投入程度與興趣感到鼓舞。

Given the progress I've just highlighted, I am confident you will agree with me that the foundation we are building continues getting stronger quarter-by-quarter. With that, I'll turn it over to Todd Pepmeier, Chief Financial Officer of Arrive AI.

鑑於我剛才強調的進展，我有信心你會同意，我們正在打造的基礎正一季比一季更為強健。接下來我把時間交給 Arrive AI 的財務長 Todd Pepmeier。

Thanks, Dan. Given the short period since our last update, there are a few major changes to report from a financial standpoint today. Our priorities remain consistent, disciplined capital allocation, infrastructure investment, deployment readiness and operational scalability. As we've said previously, Arrive AI is building a network-driven business model. For the first quarter, our total revenue was $14,925, all of which was recurring subscription revenue from our deployed Arrive points.

謝謝，Dan。由於距離我們上次更新的時間不長，今天從財務角度來看仍有幾項重大變化需要報告。我們的優先事項維持一致：嚴謹的資本配置、基礎設施投資、部署就緒以及營運可擴展性。如同我們先前所說，Arrive AI 正在打造以網路驅動的商業模式。第一季我們的總營收為 14,925 美元，全部來自已部署 Arrive points 的經常性訂閱收入。

Our net loss for the first quarter was $6.4 million compared to a loss of about $2 million in the same quarter of 2025. The increase was primarily due to higher operating expenses and noncash items related to our convertible note facility. We ended the quarter with $5.7 million in cash and $2.8 million in short-term investments on the balance sheet, primarily as a result of the January 2026, $10 million draw from our existing credit facility. This significantly strengthens our balance sheet and provides a meaningful runway to continue executing our business plan and funding our growth initiatives. Our quarterly cash burn rate of approximately $3 million has been mostly driven by salary costs and R&D expenses as we built out the team to support growth.

第一季我們的淨損為 640 萬美元，相較於 2025 年同季約 200 萬美元的虧損有所增加。增加的主因是營運費用提高，以及與我們可轉換票據融資安排相關的非現金項目。季末我們在資產負債表上有 570 萬美元現金與 280 萬美元短期投資，主要是因為 2026 年 1 月自既有信用額度提領 1,000 萬美元。這大幅強化了我們的資產負債表，並提供有意義的資金跑道，以持續執行我們的商業計畫並資助成長計畫。我們每季約 300 萬美元的現金消耗率，主要由薪資成本與研發費用所驅動，因為我們擴編團隊以支援成長。

We expect expenses to remain at or near this level in the short term before increasing modestly in the fourth quarter. We continue managing capital carefully while maintaining a focus on long-term scalability on a housekeeping note related to capital markets activity in the days immediately following this call, we expect to file a shelf registration statement with the SEC as we are now eligible to do so. This filing is standard corporate practice for public companies and does not reflect any immediate financing plans. What it does reflect is the optionality that benefits the company. when the opportunity arises to capitalize Arrive AI on our own terms and at the lowest cost of capital, the shelf filing will position us to take advantage of that opportunity in the most efficient manner.

我們預期短期內費用將維持在此水準或接近此水準，之後在第四季小幅增加。我們持續審慎管理資本，同時維持對長期可擴展性的聚焦。就一項與資本市場活動相關的例行事項而言，在本次電話會議結束後的幾天內，我們預期將向 SEC 提交一份貨架式註冊聲明（shelf registration statement），因為我們現在已符合提交資格。此類提交是上市公司的標準公司作法，並不代表任何立即的融資計畫。它所反映的是對公司有利的選擇權：當出現機會、能以我們自己的條件並以最低資本成本為 Arrive AI 進行資本化時，該貨架式申報將使我們能以最有效率的方式把握該機會。

Our capital strategy has not changed. Our operating framework has not changed, and we remain focused on disciplined execution moving forward. As an example of this discipline, earlier this week, we reached a standstill agreement with Streeterville capital through the end of the year, which we believe represents an important step forward in strengthening Arrive AI's capital markets position. The standstill substantially reduces the volatility, which resulted from the previous routine conversion activity by the investor. This should provide the conditions for more natural price discovery and thus reduce a significant source of market uncertainty.

我們的資本策略沒有改變。我們的營運框架沒有改變，我們仍專注於未來的嚴謹執行。作為這種紀律的例子，本週稍早我們與 Streeterville Capital 達成停滯協議（standstill agreement），有效期至年底；我們相信這是強化 Arrive AI 資本市場地位的重要進展。該停滯安排大幅降低了先前因投資人例行轉換活動所造成的波動。這應能提供更自然的價格發現條件，從而降低一項重要的市場不確定性來源。

Importantly, we accomplished this from a position of operational and balance sheet strength. We believe we have sufficient capital available to support our business plan through the standstill period under ordinary market conditions. At the same time, the structure of this recent agreement preserves flexibility for the orderly reduction of the remaining Streeterville balance during periods of significant market liquidity, which could further improve our capital structure over time. Overall, we view this as a positive alignment between shareholder interest, market stability and long-term value creation for Arrive AI. Additional details for the standstill agreement will be noted in a Form 8-K we plan to file later today.

重要的是，我們是在營運與資產負債表都具備實力的情況下完成這件事。我們相信在一般市場條件下，我們有足夠資本可在停滯期間支持我們的商業計畫。同時，這份近期協議的結構也保留彈性，使我們能在市場流動性顯著的期間，有序地降低剩餘的 Streeterville 餘額，並可能隨時間進一步改善我們的資本結構。整體而言，我們將此視為股東利益、市場穩定與 Arrive AI 長期價值創造之間的正向一致。停滯協議的更多細節將載於我們計畫於今日稍晚提交的 Form 8-K。

Additional financial commentary and detailed results will be included in our filed earnings materials. With that, I'll turn it back to Dan.

更多財務評論與詳細結果將包含在我們已提交的財報資料中。接下來我把時間交還給 Dan。

Thanks, Todd. To wrap up, we believe the last 30 days have demonstrated meaningful operational progress across several important areas of the business. We strengthened our supply chain. We improved execution internally. We advanced software infrastructure, we continued progressing deployment demonstrations, and we further positioned the company for future scalability.

謝謝，Todd。總結來說，我們相信過去 30 天已在業務的幾個重要領域展現了具意義的營運進展。我們強化了供應鏈。我們改善了內部執行。我們推進了軟體基礎設施，持續推動部署示範，並進一步讓公司為未來的可擴展性做好準備。

We strengthened our first position patent portfolio we added significant bandwidth to our world-class team. And most importantly, we continue building the foundation required to support a long-term autonomous logistics infrastructure. Our focus remains straightforward, execute the road map, expand deployments and continue positioning Arrive AI to capture what we believe is a significant long-term market opportunity. We appreciate your continued support and engagement. With that, Todd and I will now return live for Q&A, along with the rest of our team.

我們強化了我們的第一順位（first position）專利組合，為我們的世界級團隊增添了顯著的戰力。最重要的是，我們持續打造支援長期自主物流基礎設施所需的基礎。我們的重點仍然很明確：執行路線圖、擴大部署，並持續讓 Arrive AI 站上位置，以掌握我們所相信的重大長期市場機會。感謝各位持續的支持與參與。接下來，Todd 和我將與團隊其他成員一起回到線上進行問答。

(Operator Instructions) James Kisner, Water Tower Research.

（接線員指示）James Kisner，Water Tower Research。

Hancock Health has been a very encouraging proof point. Can you just talk about your confidence about health care in general, like how repeatable vertical for Arrive is that?

Hancock Health 一直是非常令人鼓舞的驗證案例。你能否談談你們對整體醫療保健領域的信心？例如，對 Arrive 而言，這個垂直領域的可複製性有多高？

Yes, thanks, James. Dan O’Toole here, CEO. Appreciate that very much. We do highly value and appreciate the Hancock opportunity. It's been a great showcase for us not only within the hospital and how it's really helped their ROI as far as maintaining health care professionals dedicated to areas, keeping them in those areas and letting automation streamline a lot of things.

是的，謝謝你，James。我是執行長 Dan O’Toole。非常感謝。我們確實非常重視並感謝 Hancock 的機會。這對我們而言是一個很好的展示，不僅是在醫院內部，也在於它如何真正幫助他們的投資報酬率（ROI），例如讓醫護人員能持續專注於特定區域、留在那些區域，並讓自動化簡化許多事情。

But it's also afforded us an opportunity to bring several other groups to Hancock to showcase what we're doing there. And I can say that, that opportunity is growing. We have a new -- we've newly identified additional opportunities within the Hancock that we're going to be rolling it out. Neerav Shah, our Chief Strategy Officer. Do you want to add to that anyway, go ahead.

但這也讓我們有機會帶其他幾個團體到 Hancock，展示我們在那裡所做的事情。我可以說，那個機會正在成長。我們新近——我們剛新辨識出 Hancock 內部更多的機會，接下來會逐步推行。Neerav Shah，我們的策略長。你想補充一下嗎？請。

Yes. Thanks, Dan. I just wanted to kind of hone in on one point, Dan made, and that's about the labor. Dan said about saving time. And that pressure isn't going anywhere. Labor pressures are going to continue to grow. In fact, and nursing shortages will be there. So we're taking that basic burden off of the nurse is massive and cuts across the entire country, frankly.

是的，謝謝，Dan。我只是想聚焦在 Dan 提到的一點，也就是人力。Dan 談到節省時間，而那種壓力不會消失。人力壓力將持續增加。事實上，護理人力短缺也會一直存在。因此，將這個基本負擔從護理人員身上移除是非常巨大的，而且坦白說，這是全國性的議題。

James, do you have anything else? James, do you want to ask?

James，你還有其他問題嗎？James，你還想問嗎？

Yes, sure, actually, I got a couple of quick ones if I can sneak it in. So let me just talk about kind of the near-term opportunity? Just I'm kind of wondering how much of it depends on kind of drone approvals versus workflows that can scale today with ground robots, couriers and kind of internal campus logistics.

有，當然，其實我還有幾個簡短的問題，如果我能插問一下。那我先談談短期機會？我有點想了解，其中有多少取決於無人機核准，相對於那些今天就能用地面機器人、快遞，以及校園內部物流等方式擴展的工作流程。

Mark, do you want to take that one? Mark Hamm, our COO.

Mark，你要回答這題嗎？我們的營運長 Mark Hamm。

Yes. While there are still some hurdles on the drone front, there are areas of the country that are very active with drones like Texas, for instance. So we are targeting them in time. With regard to kind of robots and traditional logistics couriers and now kind of DoorDash services, things like that. Of course, that's all very active now. You can see that on hundreds of campuses and yes, we're actively pursuing that.

好的。雖然在無人機方面仍有一些障礙，但美國有些地區的無人機活動非常活躍，例如德州。因此我們會在適當時機鎖定那些地區。至於機器人、傳統物流快遞，以及現在像 DoorDash 這類服務，當然目前都非常活躍。你可以在數百個校園看到這些，我們也正在積極推進。

You talked about kind of international opportunities. Just how are you kind of balancing pursuit of international versus the opportunity to go deeper in the US? Like how are you prioritizing that?

你們談到一些國際機會。你們如何在追求國際市場與在美國市場深耕之間取得平衡？你們如何設定優先順序？

Yes. We -- being a low to no revenue company as we are really building a brand-new platform in an emerging technology market. What's really important to us is deploying human resources as efficiently and cost effectively as we can for support of those opportunities and also just capital overall we're kind of doing a home first approach. We're trying to iterate and develop as close to home just for all those reasons, plus all for us, the ROI right now is the learnings. So we're able to have those learnings be very linear and pull them back and redeploy new things that we're learning and getting those into our next-gen product.

是的。我們——作為一家低營收到幾乎沒有營收的公司，因為我們正在新興技術市場打造一個全新的平台。對我們來說非常重要的是，以盡可能高效率、具成本效益的方式配置人力資源來支援這些機會，以及整體資本的運用。我們採取「先本土」的做法。我們希望盡可能在離家近的地方迭代與開發，原因包括上述各點；此外，對我們而言，目前的 ROI 在於學習。因此我們能讓這些學習非常線性地累積，並把學到的新東西回收再部署，將其導入我們的下一代產品。

So that's kind of our strategy. I mean the reality is there's lesser restrictions in a lot of the parts of the world besides the US, and it would be easy to iterate in those areas. But when you put that against the backdrop of all those costs and human resource costs, it just really makes sense to iterate here at home as close as possible, and that's what we're really focused on.

這就是我們的策略。現實是，世界上許多地區相較於美國限制更少，在那些地方迭代會更容易。但若把這點放在各種成本與人力成本的背景下衡量，在本土、盡可能就近迭代就更合理，而這也是我們真正專注的方向。

That's helpful. Last one for me. Just I apologize if you addressed this in the opening comments. Because I had to hop from another call, but just talk about the cash runway, like how to kind of think about that, especially given, I assume that some of the stuff you're working on has some cash requirements like the AP3 availability and software development and all that.

這很有幫助。我最後一題。若你們在開場已提到我先道歉，因為我得從另一通電話跳過來。不過想請談談現金跑道（cash runway），該如何思考這件事，尤其是考量到我猜你們正在做的一些事情需要現金投入，例如 AP3 的可用性與軟體開發等等。

Yes. I'm going to have Todd our CFO jump in on that, but I want to preface one thing that we're really excited about. Today, we announced a standstill agreement with Streeterville we figure that we feel like we're really well positioned from a capital standpoint to not have that headwind of draws coming off of that line. So I'm going to hand us over to Todd.

是的。我會請我們的財務長 Todd 來補充說明，但我想先提一點我們非常振奮的事情。今天，我們宣布與 Streeterville 達成一項暫停協議（standstill agreement），我們認為、也覺得從資本角度來看我們的定位非常好，不必再承受從那條融資額度被提領（draws）所帶來的逆風。因此我把時間交給 Todd。

Yes. Thanks, Dan. James, as we noted earlier, our cash burn is about $3 million a quarter right now. We expect it to remain at that level for the next couple of quarters. It may tick up modestly as we go into the fourth quarter and increase unit deliveries and things like that.

是的。謝謝你，Dan。James，如同我們先前提到的，我們目前每季的現金消耗（cash burn）大約是 300 萬美元。我們預期未來幾季會維持在這個水準。隨著我們進入第四季、增加出貨量等事項，可能會小幅上升。

We ended the quarter with about $8.5 million of cash and short-term investments on the balance sheet, which is something like eight months of runway at the end of the quarter if we do nothing else. As we said earlier, we are going to file a shelf registration statement and access capital at much lower cost of capital here at the right opportunity. So we do have that available to us as well. And finally, with regard to the Streeterville, we did request the standstill agreement they complied. We think that will significantly reduce the volatility, their routine conversions, where they're choosing not ours.

本季結束時，我們資產負債表上的現金與短期投資約為 850 萬美元；若不採取其他行動，以季末狀態來看大約相當於 8 個月的資金跑道（runway）。如同先前所說，我們將提交一份擱置式註冊聲明（shelf registration statement），並在適當時機以更低的資本成本取得資金，因此我們也有這個選項可用。最後，關於 Streeterville，我們確實提出了暫停協議的要求，他們也配合了。我們認為這將大幅降低波動性；他們例行性的轉換（conversions）是由他們選擇、不是由我們選擇。

So they've agreed to stand still and vice versa. We don't really need to take more cash in the very short term. We think we have runway to get much further out in the year. And I would say we do still have 19 million capital left on the facility with Streeterville if we choose to take it. So with all that said, we feel like we're in a pretty good place runway-wise to execute the business plan in front of us.

因此他們同意暫停，我們也同意相互暫停。短期內我們其實不需要再拿更多現金。我們認為我們的資金跑道足以支撐我們把時間拉得更長、延伸到今年更後面。我也想說，如果我們選擇動用的話，我們在與 Streeterville 的融資安排中仍有 1,900 萬美元的可用資金。綜合以上，我們認為就資金跑道而言，我們處於相當不錯的位置，足以執行眼前的營運計畫。

Jack Vander Aarde, Maxim Group.

Maxim Group 的 Jack Vander Aarde。

First kind of clarification question quick. On the revenue front, it was relatively small, but any revenue is positive. Can you parse that out? Is that entirely Hancock Health and then can you just give us kind of a general update on all of the different sort of pilot programs that are progressing? Where do you expect to see kind of revenue start to build?

先快速問一個釐清問題。營收方面金額相對小，但任何營收都是正面的。你們能拆解一下嗎？那是否完全來自 Hancock Health？另外也請就各種正在推進的試點（pilot）計畫，給我們一個大致更新。你們預期何時會看到營收開始累積成長？

Yes. Thanks, Jack, for being here. I appreciate it. I'll hand this to Todd, but I'd just like to preface this by saying we are very early. We are building the platform.

是的。謝謝你，Jack，謝謝你參與，我很感激。我會把這題交給 Todd，但我想先說明：我們還在非常早期的階段。我們正在打造平台。

We are building the technology. We are not focused on some de minimis revenue that becomes the guidepost of our valuation. The value in what we're building is the product all the software layers and all proprietary AI items that we're engineering and developing right here in our building. And if you could contrast that against the small revenue, you'd be really shocked at where we are and how fast we're moving. And we will flip a switch at some point, and you'll see this in a big issue way. But I'm going to hand that over to Todd on our CFO, and Todd can further answer that, Todd?

我們正在打造技術。我們並不聚焦於一些微不足道（de minimis）的營收，然後把它當作我們估值的指標。我們正在打造的價值在於產品：所有軟體層、以及我們在這棟大樓裡正在設計與開發的所有專有 AI 項目。若你把這些與那一點點營收做對比，你會對我們目前的位置與推進速度感到非常震驚。某個時間點我們會「切換開關」，你會以很大的方式看到這件事。但我先把時間交給我們的財務長 Todd，讓 Todd 進一步回答。Todd？

Thanks for the question, Jack. So yes, predominantly, more than 90% of the reported revenue was from the deployment at Hancock Health, not unlike what we reported in Q4 as well. So they remain the vast preponderance of our revenue stream at the moment. We did have one other small revenue deployment that was active in the quarter, but de minimis compared to the Hancock opportunity.

謝謝你的問題，Jack。是的，已揭露營收中主要部分（超過 90%）來自於在 Hancock Health 的部署，與我們在第四季所報告的情況類似。因此目前他們仍是我們營收來源的絕大部分。本季我們也有另一個小型的營收部署在運作，但相較於 Hancock 的機會而言屬於微不足道。

In want to come back -- just to kind of put a bow on this is being an early company in an early emerging market, what's important is not nickel and diamond opportunities to the point where you extinguish them. For us, the ROI is the opportunity more than the capital at this point on the revenue. So we're focused on that. We're not trying to extinguish opportunities by being very giddy about how can we nikle and diamond. That to us the cost of doing business is being in these opportunities.

我想再補充一下——作為一家早期公司、身處早期新興市場，重要的不是那些零零碎碎（nickel and dime）的機會，甚至把它們榨乾到極致。對我們而言，此刻的投資報酬（ROI）更多在於「機會本身」，而不是當下營收帶來的資金。因此我們專注在那裡。我們不會因為想著如何斤斤計較（nickel and dime）而過度興奮，進而把機會消耗殆盡。對我們來說，參與這些機會就是做生意的成本。

And I can say that we are having a very robust cycle of inbound contacts, just wanted to explore how to work together, doing deployment, scheduling opportunities doing presentations it's a very frothy environment for us right now as the market starts to realize that scalability of autonomous delivery and pickup cannot happen without the infrastructure, and that's us.

我也可以說，我們目前有非常強勁的一波主動來洽談（inbound）的聯繫，大家只是想探索如何合作、進行部署、安排機會、做簡報；對我們來說現在的環境非常熱絡（frothy）。隨著市場開始意識到：自動化配送與取件的可擴展性（scalability）若沒有基礎設施就無法實現，而那就是我們。

Okay. That's helpful. And then I had another question kind of in that same ilk. What do you think catalyzes that kind of commercialization progress? Is it just time through these pilots where people realize how useful it is.

好的，這很有幫助。接著我還有一個同類型的問題。你認為推動商業化進展的催化劑是什麼？只是隨著這些試點推進、時間一久大家就會意識到它有多有用嗎？

You mentioned kind of the OpEx expected to stay roughly flat to near this level. But given the head count increased, do you expect the head count to drive things forward? Or do you have any plans to kind of scale sales and marketing? How should we think about that?

你們提到營運費用（OpEx）預期大致維持在接近目前的水準。但既然人員編制（head count）增加了，你們是否預期人力會推動進展？或者你們有任何擴大銷售與行銷的計畫？我們應該如何看待這件事？

Yes. I want to turn this over to Mark, but I do want to say one thing. The market is -- there's a lot of alignment happening, drone delivery, robotic delivery Arrive AI, all these things are converging. So it's really coming to a boiling point, which is going to be huge for everybody. But I can say there's other deployment at Hancock that we have, we've had dozens of groups come in and see that -- and that is what's creating excitement and people becoming aware of this.

是的。我想把這題交給 Mark，但我想先說一點。市場正在——有很多對齊正在發生：無人機配送、機器人配送、Arrive AI，所有這些都在匯聚。所以真的快到沸點了，這對所有人都會是巨大的機會。不過我可以說，我們在 Hancock 還有其他部署；我們已經讓數十個團體來參觀並看到那個——而這正是帶來興奮、並讓人們開始認識這件事的原因。

So as that continues to happen, we continue to roll out we see a day when the biggest challenge we have is filling opportunities and not getting ahead of ourselves in that regard. I'll let Mark finish the thought here, go ahead Mark.

因此，隨著這種情況持續發生、我們持續推出，我們看到有一天我們最大的挑戰會是如何承接並填滿這些機會，而不是在這方面操之過急。我讓 Mark 把想法補完，Mark 請。

Yes. What I would add is -- our intention is to continue learning in the present mode at the present levels. And then as we stated by end of next year, we're pursuing deploying the next generation. And as we build up to that, you also heard that we've announced a digital demo that we're exposing strategic partners to that we believe is the foundation for engaging them and preparing for that next-gen and it's really that next-gen where we're targeting larger deployments with larger customers. And that, I believe, is a step function that kind of you're referring to.

是的。我想補充的是——我們的意圖是在目前的模式與目前的水準下持續學習。然後如同我們所說，到明年年底，我們將推動部署下一代（next generation）。在我們為此做準備的過程中，你們也聽到我們宣布了一個數位展示（digital demo），我們正在向策略夥伴展示；我們相信那是與他們互動、並為下一代做準備的基礎。而我認為真正的躍升點（step function）——也就是你所指的那種——會出現在下一代，因為我們的目標是在那時面向更大的客戶進行更大規模的部署。

I think that's the real trigger point.

我認為那才是真正的觸發點。

That concludes our analyst questions. Now I'll pass the call back over to Kylie.

分析師提問到此結束。現在我把電話會議交回給 Kylie。

Thank you, Michelle. We did receive a number of thoughtful pre-submitted investor questions ahead of today's call. Many centered around similar themes. So we've grouped them in a broader topic to make the discussion as efficient and informative as possible. We'd like to think Benjamins Eli, Calian, Rahul, Betty, Damien, Christopher, Matthew Ryan, Shelley Tim and also thanks to James and Jack for dialing in.

謝謝你，Michelle。我們在今天的電話會議前收到了多個深思熟慮、預先提交的投資人問題，其中許多聚焦在相似主題。因此我們把它們歸類成較大的主題，以便讓討論盡可能有效率且具資訊性。我們想感謝 Benjamins、Eli、Calian、Rahul、Betty、Damien、Christopher、Matthew Ryan、Shelley、Tim，也謝謝 James 和 Jack 撥入參與。

So first, kind of piggy backing off of some of James' questions. We received several regarding Arrive AI's international initiatives, including updates on Antigua and SkyAirpilot program, the expected path toward monetization from those deployments broader international expansion opportunities, including health care markets overseas and the company's global intellectual property position and patent protection.

首先，延續 James 的一些問題。我們收到數個關於 Arrive AI 國際計畫的提問，包括安地卡（Antigua）與 SkyAirpilot 計畫的最新進展、這些部署預期的變現（monetization）路徑、更廣泛的國際擴張機會（包括海外醫療保健市場），以及公司在全球的智慧財產權布局與專利保護。

That's a lot. Thanks for asking your questions. And for future calls, just so you guys know, we do have a proprietary questionnaire that we put out to all of our shareholders, and you're welcome and encouraged to submit your questions so we can get to all of them. So I want to let Neerav start on that one and I think John might add to that too.

這很多。謝謝大家提問。也讓各位知道，未來的電話會議，我們確實有一份專有的問卷會發給所有股東，歡迎並鼓勵大家提交問題，讓我們能一一回覆。所以我想先請 Neerav 來回答這題，我想 John 也會補充。

That's right. Yes. Thanks, Dan. So I'll start with Antigua. So right now, the unit economics of BVLOS operations are just not there because of the regulations.

沒錯。是的，謝謝你，Dan。我先從安地卡（Antigua）開始。目前 BVLOS（超視距）作業的單位經濟效益（unit economics）因為法規限制而尚未到位。

So for an example, in the US with Part 107, you need to have visual observers, and that just drives up the cost of drone operations. Part 108, we see that dropping, and that would reduce the cost internationally of beyond visual line sight type operations and autonomy. And so once that happens, I think the unit economics in places like Antigua make a lot more sense. And so stay tuned on that.

舉例來說，在美國依 Part 107，你需要配置目視觀察員（visual observers），這會推高無人機作業成本。我們看到在 Part 108 下，這些成本會下降，而這將降低國際上超視距（beyond visual line of sight）作業與自主化（autonomy）的成本。因此一旦發生，我認為像安地卡這樣的地方，其單位經濟效益就會合理得多。所以請持續關注。

We're monitoring that very closely. The second question was around Skye Air. So stay tuned, there's a lot happening there. The CEO of Skye Air was in Indianapolis about two weeks ago for some critical conversations and discussions, stay tuned. Like I said, we'll be announcing something hopefully here in the not-too-distant future.

我們正在非常密切地監控。第二個問題是關於 Skye Air。請持續關注，那邊有很多事情正在發生。Skye Air 的執行長大約兩週前到印第安納波利斯，進行了一些關鍵對話與討論；請持續關注。如我所說，我們希望在不久的將來能宣布一些消息。

I'll turn it over to John around the international patents.

我把時間交給 John，請他談談國際專利。

Thanks, Neerav. Before we started commercially here in the US we secured our position. Dan mentioned already that we've got 10 issued patents. We've actually down with our (inaudible) system of some excellent engineering staff.

謝謝你，Neerav。在我們開始在美國進行商業化之前，我們就已經鞏固了我們的布局。Dan 已經提到我們有 10 項已核發專利。實際上，我們也已經與我們的（聽不清）系統以及一些優秀的工程團隊完成了相關工作。

We've got over 14 in the pipeline. So IP in the US continues to where it's been, and it's growing very rapidly with the new personnel. Similar to that, we have prepared ourselves internationally and you say, okay, how do you do that? Where do you go from here?

我們的管線裡有超過 14 項。所以美國的 IP 仍延續既有的發展方向，而且隨著新進人員加入，成長非常迅速。類似地，我們也已在國際上做好準備，你會說，好，那要怎麼做？接下來要往哪裡走？

We looked around and used the World Bank GNP took the top countries from that and looked at their GNP and look at other things, if we had contact there, we had interest from marketeer, potential licensors, also contacts with drone and robotic people. All those places that we've got, and that's over -- we've got 23 countries now around the world. And in those places, we've got -- we've now got 77 international patents on a pending stage. Of those 77, we've had over 10 issued or allowed and the rest of them are still the pending stage going through examination. But the important part I'd say is with the commercialization, we're prepared with our protection ahead of time.

我們環顧四周，參考世界銀行的 GNP，從中挑選排名前列的國家，檢視其 GNP 以及其他因素，例如我們在當地是否有人脈、是否有行銷端的興趣、潛在被授權方（licensors），以及與無人機與機器人領域人士的聯繫。我們已布局到所有這些地方——目前在全球已有 23 個國家。而在這些地方，我們目前有 77 件國際專利處於申請待審階段。在這 77 件中，已有超過 10 件核准核發或獲准，其餘仍在審查流程中。但我認為重點在於商業化：我們已事先把保護措施準備到位。

All right, John. Thanks, Neerav. We also received a number of questions related to commercialization progress and operational scale, including current deployment, recurring revenue expectations, production time line, commercialization milestones investors should be watching over the next 12 to 18 months and the broader path towards scaling operations and achieving cash flow breakeven.

好的，John。謝謝你，Neerav。我們也收到許多與商業化進展與營運規模相關的問題，包括目前部署狀況、經常性收入的預期、量產時程、投資人未來 12 到 18 個月應關注的商業化里程碑，以及更廣泛的擴大營運與達成現金流損益兩平的路徑。

I'll ask Mark to handle this one.

我請 Mark 來回答這題。

Yes. Thanks, Dan. Yes. We know everybody wants revenue, and we wanted too. And towards that end, we're executing a milestone-based process framework to innovate and produce more revenue.

是的，謝謝 Dan。是的，我們知道大家都想看到營收，我們也一樣。為此，我們正在執行一套以里程碑為基礎的流程框架，來創新並創造更多營收。

So the way we think of it is innovation equals invention plus realization plus commercialization. So right now, we're kind of in that realization phase where we're building next-gen AI-enabled product. We're building an AP network and a new Arrive Point platform to go with all of that. So last quarter, we actually slowed down to incorporate some of the latest learnings from the AP3 in the field from Hancock and others and also to improve the supply chain of the AP3 as well as the pull forward some next-gen technologies we've already developed for what was referred to earlier as APX. And so all of that is improving what we plan to release in July as our AP3, which is a significant set of improvements.

我們的思考方式是：創新＝發明＋落地實現＋商業化。所以目前我們大致處於「落地實現」階段，正在打造下一代 AI 賦能產品。我們正在建置 AP 網路，以及配套的全新 Arrive Point 平台。所以上一季我們其實放慢了腳步，以納入 AP3 在現場（Hancock 等客戶）所得到的一些最新學習，同時也改善 AP3 的供應鏈，並把我們已開發的一些下一代技術提前導入——先前提到的 APX。這些工作都在強化我們計畫於 7 月發布的 AP3，這將是一套重大改良。

and will allow us to do some further deployments and learning. So the AP3 will also be available in higher quantities in Q4 with the supply chain improvement. So beyond that, as stated earlier, we're looking in the second half of this year to be employing our digital demo with some strategics as we build towards larger next-gen deployments and delivering next-gen Arrive Points by the end of next year. So those are the major milestones, I'd say, for the next 18 months.

並且將讓我們能進一步部署並持續學習。同時，隨著供應鏈改善，AP3 也將在第四季以更高的數量供應。除此之外，如先前所述，我們預計在今年下半年，與部分策略夥伴採用我們的數位展示（digital demo），一邊朝更大規模的下一代部署邁進，一邊在明年年底前交付下一代 Arrive Points。我認為這些就是未來 18 個月的主要里程碑。

Thanks, Mark. Another topic investors asked about was residential adoption, including opportunities with homebuilders, integrating Arrive AI technology into new housing developments and the company's long-term vision for residential delivery infrastructure.

謝謝你，Mark。投資人也問到另一個主題：住宅端的採用情況，包括與建商合作的機會、將 Arrive AI 技術整合進新住宅開發案，以及公司對住宅配送基礎設施的長期願景。

Thanks, Kylie. This is Dan. I'm going to answer that. We're looking at every aspect of delivery and deployment for Arrive Point. The total addressable market in the US is 170 million addresses, and the cool thing is that number grows by 4,000 new addresses every day. So when you talk about rolling out into new subdivisions and things like that, that is something that is our radar studying infrastructure and for new developments is a great and easy way to do it. And so we see that as a great growth opportunity. Also, 80% of the market is residential, 20% is commercial. So the residential aspect is probably the largest opportunity ultimately for us.

謝謝你，Kylie。我是 Dan，我來回答。我們正在檢視 Arrive Point 在配送與部署上的每一個面向。美國的總可服務市場（TAM）是 1.7 億個地址，而很酷的是，這個數字每天還會新增 4,000 個新地址。所以當你談到在新社區、新分區推廣等，這正是我們雷達上的重點；研究新開發案的基礎設施是一個很棒、也很容易切入的方式。因此我們把它視為很好的成長機會。另外，市場有 80% 是住宅、20% 是商用。所以住宅面向最終可能是我們最大的機會。

So we are looking at all these areas. We're developing some really optically and specially really modern I would say Apple-esque looking products that are going to really monitor the streets of America and the world. So stay tuned for that. But obviously, we're looking at all these opportunities. And it's an exciting moment.

所以我們正在看所有這些領域。我們正在開發一些在外觀上、特別是非常現代化、我會說有點 Apple 風格的產品，將真正去監測美國乃至全球的街道。所以敬請期待。但顯然，我們正在評估所有這些機會。這是一個令人興奮的時刻。

I can tell you that.

我可以這麼告訴你。

Thanks, Dan. We also saw several questions around strategic partnerships and infrastructure opportunities, including potential licensing arrangements with major logistics providers collaboration opportunities with biotech and medical device companies and how the platform could support medication and grocery delivery for elderly or disabled population.

謝謝你，Dan。我們也看到幾個關於策略夥伴關係與基礎設施機會的問題，包括與大型物流供應商的潛在授權安排、與生技與醫療器材公司的合作機會，以及該平台如何支援對高齡或身心障礙族群的藥品與雜貨配送。

Mark, why don't you take that one?

Mark，你來回答這題如何？

Yes. So we're excited when our investors are thinking along the same lines we are about the future of all those opportunities. I think I guess it was right around the time we were going public. We did talk about some of the assisted living and those types of opportunities and of course, in due course, down the road, we will definitely be looking at international and licensing. But again, when you're delivering next-gen product a network, a platform, the AI and then all the associated certifications and compliance that goes with that.

好的。當投資人跟我們一樣在思考這些機會的未來時，我們很興奮。我想大概就在我們準備上市前後，我們確實談過一些關於安養／輔助生活（assisted living）等類型的機會；當然，隨著時間推進，未來我們也一定會看國際與授權。但同樣地，當你要交付下一代產品——一個網路、一個平台、AI，以及所有相關的認證與合規要求——

We believe the big opportunity here is here for quite a while, and we will not be limited on opportunity. And so we'll get to those items as it makes sense to continue the momentum.

我們相信這裡的重大機會會存在相當長一段時間，我們不會受限於機會的多寡。因此，我們會在合理的時點、在能延續動能的前提下，逐步推進那些項目。

Thank you, Mark. And finally, we received questions related to capital strategy, including the company's cash runway approach to dilution and future financing as well as questions surrounding treasury management activities referenced on previous calls.

謝謝你，Mark。最後，我們收到與資本策略相關的問題，包括公司的現金跑道、對稀釋的看法與未來融資，以及先前電話會議中提到的資金（treasury）管理活動。

Todd, CFO.

Todd，財務長（CFO）。

Thanks, Dan. Yes, as we noted earlier, I think it was Jack's question. At the end of the quarter, we had liquidity on hand, including the cash and the liquid investments to fund us for the next eight months or so. We're also putting in place an at-the-market facility which will give us the opportunity to raise additional capital at a much lower overall cost of capital. Together, we believe that gives us enough dry powder to execute our plan into 2027 and beyond.

謝謝，Dan。是的，如我們先前提到的，我想是在 Jack 的提問中。季度末，我們手上有流動性資金，包括現金與流動性投資，足以支應我們接下來大約八個月。我們也正在建立一個隨市發行（at-the-market, ATM）機制，讓我們有機會以更低的整體資本成本募集額外資金。綜合來看，我們相信這能提供足夠的「乾火藥」（資金彈藥），讓我們把計畫執行到 2027 年及更遠。

You have to remember, we're developing and deploying a whole new technology platform in an emerging market, and this business plan will require new capital over the next several years to achieve the scale we're talking about. My job is to make sure we do that in the most efficient way for the shareholders. In the meantime, we do have a treasury management program that puts a portion of our idle cash to work to earn favorable returns until we need it. We evaluate that risk tolerance periodically to ensure we're being good stewards of our assets, and we may adjust that treasury allocation from time to time.

你必須記得，我們正在一個新興市場中開發並部署一個全新的技術平台，而這份商業計畫在未來幾年要達到我們所談的規模，將需要新的資本。我的工作是確保我們以對股東最有效率的方式做到這件事。同時，我們確實有一套資金管理計畫，讓部分閒置現金投入運用，在需要之前賺取較佳報酬。我們會定期評估風險承受度，以確保我們善盡資產管理責任，並且可能不時調整該資金配置。

Todd, thank you. And I'll turn it to Dan for final closing remarks.

Todd，謝謝你。接下來我把時間交給 Dan 做最後結語。

Thanks, Kylie. Thanks, everyone, for being here. Thanks to my team, everyone that invested in this company or is considering that. This is all of our company. I just want to reiterate that today marks a huge milestone in this company's evolution.

謝謝你，Kylie。也謝謝各位今天參與。謝謝我的團隊，謝謝每一位投資這家公司或正在考慮投資的人。這是我們大家的公司。我想再次強調，今天標誌著這家公司演進過程中的一個重大里程碑。

We were marking our one-year anniversary to the day of us going public on NASDAQ. That was a North Star goal that we had for a long time, and we accomplished it -- and if you love this as we went through that journey, you should really love us now because as we move forward, we have never been more well positioned than we are at this moment. And with the acceleration in the market around us with the announcement of the Streeterville standstill agreement today, I see that as a big breathing opportunity for our stock to breathe. And I think that's important. But we are moving fast.

我們正好在今天迎來我們在 NASDAQ 上市滿一週年的紀念日。那是我們長期以來的北極星目標，而我們做到了——如果你喜歡我們一路走來的這段旅程，那你現在應該會更喜歡我們，因為往前走，在此刻我們的定位從未像現在這樣好。再加上市場環境的加速，以及今天宣布的 Streeterville 停止協議（standstill agreement），我把它視為讓我們股價有更大「喘息空間」的機會。我認為那很重要。但我們正在快速前進。

We're up to nearly 50 employees at this point. We're well capitalized, and we've got cutting-edge technology that the market is going to be anxious to take receipt of. So thanks for being with us. Thanks for all of your questions, and I'll hand it back to our operator, Michelle.

我們目前員工人數接近 50 人。我們資本充足，並且擁有最尖端的技術，市場會迫不及待想要接收。謝謝各位與我們同行，謝謝大家的提問，我把時間交回給我們的主持人 Michelle。

Thank you for your participation. This does conclude the program. You may now disconnect. Everyone, have a great day.

感謝您的參與。本次活動到此結束。您現在可以中斷連線。祝各位有美好的一天。