Aware Inc (AWRE) 2025 Q2 法說會逐字稿

Good afternoon and welcome to Aware's second-quarter 2025 conference call. Joining us today are the company's CEO and President, Ajay Amlani; CFO, David Traverse; and CRO, Brian Krause.

下午好，歡迎參加 Aware 2025 年第二季電話會議。今天與我們一起出席的有公司執行長兼總裁 Ajay Amlani、財務長 David Traverse 和首席風險長 Brian Krause。

(Operator Instructions) Before we begin today's call, I'd like to remind everyone that the presentation contains forward looking statements that are based on the current expectations of Aware's management and involve inherent risks and uncertainties that could cause actual results that differ materially from those described.

（操作員指示）在我們開始今天的電話會議之前，我想提醒大家，該演示文稿包含前瞻性陳述，這些陳述基於 Aware 管理層的當前期望，並涉及固有風險和不確定性，可能導致實際結果與描述的結果存在重大差異。

Listeners should please take note of the Safe Harbor paragraph that is included at the end of today's press release. This paragraph emphasizes the major uncertainties and risks inherent and forward-looking statements that management will be making today. Aware wishes to caution you that there are factors that could cause actual results that differ materially from those results indicated by such statements.

請聽眾注意今天新聞稿末尾的安全港段落。本段強調了管理階層今天將做出的重大不確定性和固有風險以及前瞻性陳述。Aware 希望提醒您，有些因素可能會導致實際結果與此類聲明所示的結果有重大差異。

These results and uncertainties are also outlined in the company's SEC filings, including its annual report on Form 10k, quarterly reports on Form 10Q. Any forward-looking statements should be considered in light of these factors.

這些結果和不確定性也在公司的美國證券交易委員會文件中有所概述，包括其 10k 表年度報告和 10Q 表季度報告。任何前瞻性陳述都應根據這些因素進行考慮。

You were cautioned not to place undue reliance upon any forward-looking statements which speak only as of the date made. Although it may voluntarily do so from time to time, Aware undertakes no commitment to update or revise the forward-looking statements, whether as a result of new information. Future events or otherwise except as required by applicable securities laws.

我們提醒您不要過度依賴任何前瞻性的陳述，這些陳述僅代表截至當時的觀點。儘管 Aware 可能會不時自願這樣做，但並不承諾更新或修改前瞻性陳述，無論是否出現新資訊。未來事件或其他情況，除非適用證券法另有規定。

Additionally, this call contains certain non-GAAP financial measures as the term is defined by the SEC and Regulation G. Non-GAAP financial measures should not be considered in isolation from or as a substitute for financial information presented in compliance with GAAP. Accordingly, Aware has provided a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures in the company's earnings release issued today.

此外，本次電話會議包含某些非 GAAP 財務指標，該術語由美國證券交易委員會 (SEC) 和 G 條例定義。非 GAAP 財務指標不應孤立地考慮或取代符合 GAAP 的財務資訊。因此，Aware 在今天發布的公司收益報告中提供了這些非 GAAP 財務指標與最直接可比較的 GAAP 指標的對帳表。

I'd like to remind everyone that the presentation will be recorded and made available for replay via link available in the investor relations section of the company's website.

我想提醒大家，演示將被錄製，並透過公司網站投資者關係部分提供的連結提供重播。

Now I'd like to turn the call over to Aware's CEO and President, Ajay Amlani. Ajay?

現在我想將電話轉給 Aware 的執行長兼總裁 Ajay Amlani。阿傑？

Thank you, Matt, and good afternoon, everyone. This quarter marked another step forward in the strategic transformation we began earlier this year. We're building a durable, scalable business grounded in operational rigor, market alignment, and differentiated technology. Since February, we've laid the foundation for future growth through deeper customer engagement, enhancements to our industry leading technology, and strategic hires that reinforce our science forward, customer obsessed approach to go to market execution.

謝謝你，馬特，大家下午好。本季標誌著我們今年稍早開始的策略轉型又向前邁進了一步。我們正在建立一個以營運嚴謹性、市場一致性和差異化技術為基礎的持久、可擴展的業務。自二月份以來，我們透過更深入的客戶參與、增強我們行業領先的技術以及策略性招聘，為未來的成長奠定了基礎，這些招聘強化了我們以科學為先導、以客戶為中心的市場執行方式。

At the core of our transformation is Aware's deep rooted expertise and three decades of innovation and biometric technology from pioneering fingerprint and facial recognition to leading in passive liveness and multimodal identity platforms, we've consistently earned the trust of some of the world's most security conscious institutions. Our proven track record across both public and private sectors gives us a unique advantage in today's market where trust, performance, and interoperability are paramount.

我們轉型的核心是 Aware 深厚的專業知識和三十年的創新和生物識別技術，從開創性的指紋和臉部識別到領先的被動活體和多模式身份平台，我們一直贏得世界上一些最注重安全的機構的信任。我們在公共和私營部門的良好業績記錄使我們在當今信任、性能和互通性至關重要的市場中擁有獨特的優勢。

As we've engaged with customers, we have identified new opportunities to be their trusted technology partner in biometrics, helping transform data into actionable intelligence. To meet a growing market need, we've harnessed the power of our core technology and repositioned our product suite as the awareness platform.

在與客戶接觸的過程中，我們發現了新的機會，成為他們在生物辨識領域值得信賴的技術合作夥伴，幫助將數據轉化為可操作的情報。為了滿足日益增長的市場需求，我們利用核心技術的力量，將我們的產品套件重新定位為認知平台。

This evolution allows us to deploy our capabilities in new and innovative ways, including strategic partnerships with customers and best in class providers. The result for customers is greater flexibility to deliver fast, accurate verification to help fight fraud, prove humanity, and protect revenue with confidence. In Q2, we achieved best in class performance in the Department of Homeland Security's remote identity validation Technology demonstration. For passive lines detection, this is one of the most rigorous biometric benchmarks in the world, and we excelled. Our solution stood out for its strength in combating identity fraud and reducing friction. These results validate not only our evolving technology, but also our ability to meet real world performance requirements for secure seamless identity verification in the ever-changing identity fraud landscape.

這種演變使我們能夠以新的創新方式部署我們的能力，包括與客戶和一流供應商建立策略合作夥伴關係。客戶將能夠更靈活地進行快速、準確的驗證，從而幫助打擊詐欺、證明人性並自信地保護收入。在第二季度，我們在國土安全部的遠端身份驗證技術演示中取得了一流的表現。對於被動線路檢測，這是世界上最嚴格的生物辨識基準之一，我們表現出色。我們的解決方案因其在打擊身分詐欺和減少摩擦方面的強大優勢而脫穎而出。這些結果不僅驗證了我們不斷發展的技術，也驗證了我們在不斷變化的身份詐欺環境中滿足安全無縫身份驗證的現實世界效能要求的能力。

We also received strong third-party validation of our techno technological prowess. We were recognized as a luminary and core identity technology in the PRISM project's Deepfake and Synthetic Identity Report, an independent evaluation of over 200 organizations. Aware was specifically recognized for standout capabilities in deep fake detection, injection detection, and both active and passive liveness, highlighting the depth of our science and the sophistication of our awareness platform. These validations underscore that we're not just keeping pace with the market but rather helping shape it.

我們的技術實力也得到了第三方的強力驗證。在 PRISM 計畫的 Deepfake 和合成身分報告中，我們被公認為傑出的核心認同技術，該報告對 200 多個組織進行了獨立評估。Aware 因其在深度偽造檢測、注入檢測以及主動和被動活性方面的出色能力而獲得認可，凸顯了我們科學的深度和意識平台的複雜性。這些驗證強調了我們不僅跟上市場的步伐，而且還幫助塑造市場。

Though continuous through continuous product innovation and independent validation, Awa is becoming the trusted biometric infrastructure partner for governments and global enterprises alike. As we outlined last quarter, advancing our core technology remains a central focus for our transformation strategy.

透過持續的產品創新和獨立驗證，Awa 正在成為政府和全球企業值得信賴的生物辨識基礎設施合作夥伴。正如我們上個季度所概述的，推進我們的核心技術仍然是我們轉型策略的核心重點。

In Q2, we continue to focus on our first pillar of transformation. To enhance our awareness platform, our system agnostic infrastructure that integrates the best-in-class biometric algorithms into a single interoperable rapidly deployable solution.

在第二季度，我們繼續專注於轉型的第一個支柱。為了增強我們的意識平台，我們的系統無關基礎設施將一流的生物辨識演算法整合到一個可互通的快速部署解決方案中。

We improved both facial matching speed and mobile face capture reliability, allowing for a more frictionless user experience. These improvements reflect our science forward approach, our focus on scalability, and our decades of experience. With large commercial enterprises struggling to build this internally, our platform will give the market a plug and play biometric security solution that can be that can be deployed in weeks.

我們提高了臉部匹配速度和移動式臉部捕捉可靠性，從而提供更順暢的使用者體驗。這些改進反映了我們的科學前瞻性方法、對可擴展性的關注以及我們數十年的經驗。由於大型商業企業難以在內部建構此解決方案，我們的平台將為市場提供即插即用的生物辨識安全解決方案，可在數週內完成部署。

To support and accelerate this market opportunity, we further strengthen strengthened our leadership team. This quarter, we welcomed Lona Therrien as Chief Marketing Officer. With over 15 years of cybersecurity marketing experience, Lona has a proven track record of building high performing teams, driving demand, and strengthening brand visibility. Her leadership at companies like ExtraHop, Cybereason, Mimecast, RSA, and Symantec reflects deep industry expertise and a data driven customer first approach.

為了支持和加速這一市場機遇，我們進一步加強了我們的領導團隊。本季度，我們歡迎 Lona Therrien 擔任首席行銷長。Lona 擁有超過 15 年的網路安全行銷經驗，在打造高績效團隊、推動需求和增強品牌知名度方面有著良好的記錄。她在 ExtraHop、Cyber​​eason、Mimecast、RSA 和賽門鐵克等公司的領導地位體現了深厚的行業專業知識和數據驅動的客戶至上方法。

Her expertise is already helping amplify our voice and drive stronger engagement across both the enterprise and government sectors. We anticipate that Lona's leadership will be instrumental in increasing brand visibility, accelerating pipeline velocity, and generating more consistent marketing sourced demand in the second half of the year.

她的專業知識已經幫助我們擴大聲音，並推動企業和政府部門之間更強有力的合作。我們預計，Lona 的領導力將有助於提高品牌知名度、加快通路速度，並在下半年產生更一致的行銷需求。

The second pillar of our transformation is continuing to strengthen our go to market strategy to scale the business thoughtfully and sustainably. We're executing effectively against our 2025 plan with strong momentum across both the pipeline and our strategic accounts to improve win rates and accelerate the onboarding of key customers, we're making targeted investments in critical areas. This intentional and disciplined approach to spending is designed to de-risk long cycle opportunities and position us for accelerated revenue growth in the latter half of 2025. The final pillar of our strategy is deepening our strategic partnerships across both the public and commercial sectors. This quarter, we expanded our presence in the federal space by engaging external experts to support our strategic positioning and drive opportunity development within key US government agencies.

我們轉型的第二個支柱是繼續加強我們的市場策略，以深思熟慮和永續地擴大業務規模。我們正在有效執行我們的 2025 年計劃，在通路和策略客戶方面都保持強勁勢頭，以提高中標率並加快關鍵客戶的入職，我們正在關鍵領域進行有針對性的投資。這種有目的、有紀律的支出方式旨在降低長週期機會的風險，並為我們在 2025 年下半年加速收入成長做好準備。我們策略的最後一個支柱是深化公共和商業領域的策略夥伴關係。本季度，我們透過聘請外部專家來支持我們的策略定位並推動美國主要政府機構內的機會發展，從而擴大了我們在聯邦領域的影響力。

These efforts are aimed at increasing our visibility and alignment with government priorities, ultimately strengthening our public sector opportunity pipelines. In addition, we expanded our federal footprint internationally.

這些努力旨在提高我們的知名度並與政府優先事項保持一致，最終加強我們的公共部門機會管道。此外，我們也擴大了聯邦的國際影響力。

In Q2, we secured national ID programs for two Middle Eastern governments. These contracts were secured through a new partner, highlighting the strength of our growing network and customer success team.

在第二季度，我們為兩個中東政府提供了國家身分證計劃。這些合約是透過新的合作夥伴獲得的，突顯了我們不斷成長的網路和客戶成功團隊的實力。

A key customer secured this quarter was a Top 15 global financial institution, marking the continued expansion of Aware in the commercial sector.

本季度獲得的關鍵客戶是一家全球排名前 15 位的金融機構，標誌著 Aware 在商業領域的持續擴張。

Our customer obsessed go to market execution is translating into real wins and a growing pipeline of meaningful opportunities across our target markets. We're building real momentum and doing it with customers that understand the strategic value of what we're offering and in particular the uniqueness of our Aware's platform. With that, I'll turn it over to David for a closer look at our Q2 financials. Over to you, David.

我們以客戶為中心的市場執行正在轉化為真正的勝利，並在我們的目標市場中帶來越來越多的有意義的機會。我們正在建立真正的動力，並與那些了解我們所提供產品的策略價值，特別是我們 Aware 平台的獨特性的客戶一起努力。接下來，我將把任務交給大衛，讓他仔細研究我們的第二季財務狀況。交給你了，大衛。

Thank you, Ajay. I'll walk you through our financial results for the second quarter that ended on June 30th, 2025.

謝謝你，阿傑。我將向您介紹截至 2025 年 6 月 30 日的第二季的財務表現。

Total revenue for the quarter is $3.9 million compared to $4.3 million in the prior year period. The year over year decrease was largely the result of timely perpetual license sales. As we mentioned in our last call, we expect revenue to fluctuate as we execute where strategic transformation, all of which is building the foundation for sustainable future growth.

本季總營收為 390 萬美元，而去年同期為 430 萬美元。年比下降主要是由於及時永久許可證銷售造成的。正如我們在上次電話會議中提到的那樣，我們預計隨著策略轉型的實施，收入將會出現波動，所有這些都為未來的永續成長奠定了基礎。

Recurring revenue increased 2% year over year to $2.7 million for the second quarter. The slight increase was primarily due to increased software maintenance. Moving down the income statement, operating expenses were $5.9 million compared to $5.7 million in Q2 of 2024.

第二季經常性營收年增 2%，達到 270 萬美元。略微增加主要是由於軟體維護增加。從損益表中可以看出，營運費用為 590 萬美元，而 2024 年第二季為 570 萬美元。

The increase is the result of expanding the war team, particularly the key executive leaders we've hired throughout the year to accelerate growth. Operating loss was $2 million compared to an operating loss of $1.3 million in the prior year period. GAAP net loss of $1.8 million or $0.08 per diluted share compared to GAAP net loss of $1.1 million or $0.05 per diluted share in the same year ago period.

這一增長是擴大作戰團隊的結果，特別是我們全年為加速成長而聘請的關鍵執行領導人。營業虧損為 200 萬美元，而去年同期的營業虧損為 130 萬美元。GAAP 淨虧損為 180 萬美元，即每股攤薄虧損 0.08 美元，去年同期 GAAP 淨虧損為 110 萬美元，即每股攤薄虧損 0.05 美元。

Adjusted EBITDA loss for Q2, which are the GAAP net income in our earnings release, was $1.4 million compared to an adjusted EBITDA loss of $1 million in the second quarter of 2024. The year over year increase in adjusted even a loss was attributed to lower revenue as discussed above.

第二季調整後的 EBITDA 虧損（即我們收益報告中的 GAAP 淨收入）為 140 萬美元，而 2024 年第二季調整後的 EBITDA 虧損為 100 萬美元。如上所述，調整後虧損的年增率歸因於收入下降。

Turning to our financial results for the six-month end of June 30, 2025, total revenue was $7.5 million compared to $8.7 million in the first half of 2024, and recurring revenue was $5.4 million compared to $5.9 million in the first six months of 2024. The year over year decrease in revenue was the result of timing of perpetual license sales, as well as the impact to recurring revenue of some customers right sizing their transaction pre-payments based on prior year usage.

回顧我們截至 2025 年 6 月 30 日的六個月財務業績，總收入為 750 萬美元，而 2024 年上半年為 870 萬美元，經常性收入為 540 萬美元，而 2024 年前六個月為 590 萬美元。收入年減是由於永久許可證銷售的時間安排，以及一些客戶根據前一年使用情況調整交易預付款對經常性收入的影響。

Our operating expenses were flat year over year at $11.3 million. Operating loss of $3.8 million compared to an operating loss of $2.6 million in the prior year period. Net loss was $3.4 million or $0.16 per diluted share, which are net loss of $2.1 million or $0.10 per diluted share the same year ago period. Adjusted EBITDA loss was $3 million compared to adjusted EBITDA loss of $1.9 million in the first half of 2024.

我們的營運費用與去年同期持平，為 1,130 萬美元。營業虧損 380 萬美元，去年同期營業虧損為 260 萬美元。淨虧損為 340 萬美元，即每股攤薄虧損 0.16 美元，去年同期淨虧損為 210 萬美元，即每股攤薄虧損 0.10 美元。調整後的 EBITDA 虧損為 300 萬美元，而 2024 年上半年調整後的 EBITDA 虧損為 190 萬美元。

Transitioning now to the balance sheet as of June 30th, 2025, we have cash equivalent, and marketable securities totalling $23.7 million compared to $27.8 million as of December 31, 2024. We remain well capitalized, and our strong balance sheet provides the flexibility to continue investing with purpose.

現在轉到截至 2025 年 6 月 30 日的資產負債表，我們的現金等價物和有價證券總額為 2,370 萬美元，而截至 2024 年 12 月 31 日為 2,780 萬美元。我們的資本仍然充足，強勁的資產負債表為我們繼續進行有目的的投資提供了靈活性。

In the months ahead, we'll focus on spending on areas that directly support growth, including customer success and commercial execution. These investments are designed to accelerate pipeline conversion, improve onboard readiness, and create long-term value.

在接下來的幾個月裡，我們將重點放在直接支援成長的領域的支出，包括客戶成功和商業執行。這些投資旨在加速管道轉換、提高船上準備度並創造長期價值。

We are monitoring progress closely to ensure our spending stays disciplined and aligned with revenue opportunities. Well, the first half reflected a transitional phase of our business where you to see early traction from the foundational work completed across our market strategy. Leadership auditions and platform enhancements. These efforts are starting to generate signs of momentum that we believe will translate into improved revenue performance as we exit 2025.

我們正在密切監控進展情況，以確保我們的支出保持紀律並與收入機會保持一致。嗯，上半年反映了我們業務的過渡階段，您可以看到我們整個市場策略的基礎工作所取得的早期進展。領導力試鏡和平台增強。這些努力開始產生勢頭，我們相信到 2025 年時這些勢頭將轉化為收入表現的改善。

With that, I'll turn our call over to our Chief Revenue Officer, Brian Krause. Brian?

說完這些，我將把電話轉給我們的首席營收長 Brian Krause。布賴恩？

Thank you, David. When I joined Aware, we set out to bring discipline, accountability, and scalability to our go to market plan, and we're already making great progress on this front. Our pipeline value and potential opportunities have increased significantly. Last quarter, we introduced the Awareness platform and have already made meaningful technical progress while garnering strong interest from the commercial sector.

謝謝你，大衛。當我加入 Aware 時，我們著手為我們的市場計劃帶來紀律性、責任感和可擴展性，並且我們在這方面已經取得了很大進展。我們的管道價值和潛在機會已大幅增加。上個季度，我們推出了 Awareness 平台，並已取得重大技術進展，同時引起了商業領域的濃厚興趣。

Our Awareness platform serves as a system agnostic biometric infrastructure that delivers fast, flexible, and secure identity capabilities at scale. In the second quarter, we introduced a series of performance and usability enhancements that further strengthen its position as an enterprise grade solution. Key updates included a 14 times improvement in face matching speed through optimization of our one to end search algorithm, significantly reducing response times for high volume identity checks. The mobile face capture function was also enhanced with improved blur and motion detection, dynamic position and guidance, and refined liveness prompts, leading to higher first-time capture rates and lower user drop off across a range of devices and conditions.

我們的感知平台作為與系統無關的生物辨識基礎設施，可大規模提供快速、靈活且安全的識別功能。在第二季度，我們推出了一系列效能和可用性增強功能，進一步鞏固了其作為企業級解決方案的地位。主要更新包括透過優化我們的一對一搜尋演算法，將人臉匹配速度提高了 14 倍，大大縮短了大容量身分檢查的回應時間。行動端人臉捕捉功能也得到了增強，改進了模糊和運動檢測、動態定位和引導以及精細的活體提示，從而提高了首次捕捉率，並在各種設備和條件下降低了用戶流失率。

These upgrades are already being deployed in customer pilots and delivering measurable gains in throughput, reliability, and user experience. By improving both web and mobile performance, the awareness platform is becoming even more deployable and resilient, a clear differentiator for enterprise and government customers building identity systems that must perform at scale.

這些升級已經在客戶試點中部署，並在吞吐量、可靠性和用戶體驗方面帶來了可衡量的提升。透過提高網路和行動效能，認知平台變得更加易於部署和具有彈性，這對於建立必須大規模執行的身份系統的企業和政府客戶來說是一個明顯的差異化因素。

The innovativeness of the Awareness platform in conjunction with our marketing, sales, and customer success initiatives has intensified customer engagement. This quarter our sales team Advanced Enterprise deals with several Fortune 500 companies across a range of sectors, notably we're nearing contract finalization with a digital identity wallet provider and are actively engaged with one of the world's largest and most influential financial institutions with whom we expect to begin testing in the third quarter. Additionally, we initiated conversations with a global digital marketplace that serves the consumer services sector and our first major US airport.

意識平台的創新性與我們的行銷、銷售和客戶成功計畫相結合，增強了客戶參與度。本季度，我們的銷售團隊 Advanced Enterprise 與多個行業的多家財富 500 強公司打交道，值得注意的是，我們即將與一家數字身份錢包提供商達成合同，並積極與全球最大、最具影響力的金融機構之一合作，我們預計將在第三季度開始與其進行測試。此外，我們也與服務於消費者服務產業和我們的第一個美國主要機場的全球數位市場展開了對話。

Momentum is also building across our federal government relationships. Agencies are ramping up their use of biometrics and modernizing legacy systems, creating new opportunities for our core offerings, including Awareness platform.

我們與聯邦政府的關係也正在增強。各機構正在增加生物辨識技術的使用力度並對遺留系統進行現代化改造，為我們的核心產品（包括意識平台）創造了新的機會。

Separately, we're seeing continued traction within the law enforcement market where our (AIS) product is being used to support large scale multi-agency identity workflows. These parallel efforts highlight the expanding demand for both secure identity management and scalable biometric infrastructure across different segments of the public sector.

另外，我們看到執法市場持續受到關注，我們的（AIS）產品被用來支援大規模多機構身分工作流程。這些並行的努力凸顯了公共部門不同領域對安全身分管理和可擴展生物辨識基礎設施日益增長的需求。

Our late stage pipeline is growing in both value and quality, with many opportunities progressing beyond discussion and into well-structured buying processes that include clear budgets and timelines. This includes deals moving through pricing, contracting, and proof of value testing stages. Our confidence is reinforced that the second half of 2025 and 2026 will deliver meaningful revenue acceleration as these opportunities convert into production deployments.

我們的後期管道在價值和品質上都在不斷增長，許多機會已經超越了討論的範圍，進入了包括明確預算和時間表在內的結構良好的購買流程。這包括定價、簽約和價值證明測試階段的交易。我們更有信心，隨著這些機會轉化為生產部署，2025 年下半年和 2026 年將實現顯著的收入成長。

To support this growth, we continue to refine and professionalize our go to market strategy guided by two core principles science forward solutions and customer obsessed execution. Our plug and play platform now incorporates best in class third party technologies, allowing for more flexible and tailored deployments in a system agnostic infrastructure with interoperability.

為了支持這一成長，我們繼續完善和專業化我們的市場策略，並以兩大核心原則——科學前瞻性解決方案和以客戶為中心的執行為指導。我們的即插即用平台現在採用了一流的第三方技術，允許在具有互通性的系統無關基礎設施中進行更靈活、更客製化的部署。

Simultaneously, our customer success team is empowered to manage end to end solution delivery with greater speed and precision. This combination strengthens customer relationships, accelerates time to value, and drives expansion opportunities for aware. As I mentioned earlier, we are also seeing steady progress with several key accounts moving into testing and evaluation stages.

同時，我們的客戶成功團隊能夠以更快的速度和更高的精度管理端到端解決方案的交付。這種結合加強了客戶關係，加快了價值實現時間，並推動了擴張機會。正如我之前提到的，我們也看到了穩定的進展，幾個關鍵帳戶進入了測試和評估階段。

Engagement is deepening across both commercial and government sectors as we broaden our footprint across multiple verticals. Our ongoing focus on execution and onboarding is critical to maximizing pipeline conversion and ensuring long-term value creation.

隨著我們擴大在多個垂直領域的影響力，商業和政府部門之間的合作也日益加深。我們持續關注執行和入職對於最大化管道轉換和確保長期價值創造至關重要。

Both our sales and customer success teams have been strengthened, helping us to deeply understand each client's unique environment, enabling us to tailor and deploy solutions rapidly and effectively. This expertise allows us to offer an alternative to organization trying to build these capabilities internally. By focusing on speed, interoperability, and reduced time to value, we are building stronger, more durable customer relationships, increasing expansion opportunities, and positioning aware as the trusted partner for enterprise and government customers seeking scalable biometric solutions. This disciplined approach to solution delivery and customer engagement will continue to drive momentum as we convert our growing pipeline into long-term high impact deployments with meaningful revenue in the months ahead.

我們的銷售和客戶成功團隊都得到了加強，幫助我們深入了解每個客戶的獨特環境，使我們能夠快速有效地客製化和部署解決方案。這種專業知識使我們能夠為試圖在內部建立這些能力的組織提供一種替代方案。透過專注於速度、互通性和縮短價值實現時間，我們正在建立更強大、更持久的客戶關係，增加擴展機會，並將我們定位為尋求可擴展生物識別解決方案的企業和政府客戶值得信賴的合作夥伴。隨著我們將不斷增長的管道轉化為長期高影響力的部署並在未來幾個月帶來可觀的收入，這種嚴謹的解決方案交付和客戶參與方法將繼續推動這一發展勢頭。

Now I'll hand the call back to Ajay for his closing remarks.

現在我將把電話轉回給阿傑，請他作結束語。

Thanks, Brian. Q2 demonstrated clear progress against the strategic plan we put into motion. We are gaining credibility with enterprise and federal customers, validating our platform through independent benchmarks and real-world deployments, and taking disciplined steps to convert our pipeline into revenue and future opportunities.

謝謝，布萊恩。第二季度，我們實施的策略計畫取得了明顯進展。我們正在贏得企業和聯邦客戶的信任，透過獨立基準和實際部署來驗證我們的平台，並採取嚴謹的步驟將我們的管道轉化為收入和未來機會。

As we enter the second half of 2025, our strategy remains focused build the most flexible, trusted, and science forward biometric infrastructure in the market and scale it with discipline. We are laying the groundwork for sustainable growth by aligning to market needs, tightening operational focus, and leveraging our unique technology. We are executing against a clear roadmap driven by a leadership team purpose built for transformation.

進入 2025 年下半年，我們的策略仍然專注於建立市場上最靈活、最值得信賴、最科學的生物辨識基礎設施，並嚴格擴展其規模。我們正在透過適應市場需求、加強營運重點和利用我們獨特的技術為永續成長奠定基礎。我們正在按照一個明確的路線圖執行，由一個專門為轉型而成立的領導團隊推動。

We are expanding our pipeline through strategic partnerships that unlock long cycle opportunities across both government and enterprise markets while sharpening our go to market strategy through a customer obsessed science forward approach.

我們正在透過策略夥伴關係擴大我們的管道，釋放政府和企業市場的長週期機會，同時透過以客戶為中心的科學前瞻性方法來完善我們的市場策略。

With purposeful investments aimed at accelerating deployments, strengthening customer experience, and deepening our presence in high value markets, we believe Aware is well positioned to lead the next generation of biometric innovation and deliver sustainable growth in 2026. I look forward to sharing more about our progress during our Q3 call. That concludes our prepared remarks. We'll now open the call for questions.

透過有針對性的投資，加速部署、增強客戶體驗並深化我們在高價值市場的影響力，我們相信 Aware 完全有能力引領下一代生物辨識創新並在 2026 年實現永續成長。我期待在第三季電話會議期間分享更多有關我們進展的資訊。我們的準備好的演講到此結束。我們現在開始提問。

Matt, please provide the instructions.

馬特，請提供說明。

Thank you, Ajay. (Operator Instructions) Our first question is for Ajay. Lidos has been a long-standing partner of Aware's. Today they announced a significant task order awarded by the FBI. Can you provide some insight into the press release and what this means for Aware's partnership with Lidos?

謝謝你，阿傑。（操作員指示）我們的第一個問題是問阿傑的。Lidos 一直是 Aware 的長期合作夥伴。今天他們宣布了聯邦調查局授予的一項重要任務命令。您能否對新聞稿提供一些見解，以及這對 Aware 與 Lidos 的合作意味著什麼？

Yes, thank you very much for the question. We're very excited about the ongoing investments by the US federal government into the biometric industry and into identity. While we don't comment on any specific customers or partners, we encourage the ability for ongoing investments and growth, and we look forward to being able to be a part of all of the investments within the federal government as they continue to recognize the importance of identity and biometrics.

是的，非常感謝您的提問。我們對美國聯邦政府對生物辨識產業和身分識別的持續投資感到非常興奮。雖然我們不對任何特定的客戶或合作夥伴發表評論，但我們鼓勵持續投資和成長的能力，並且我們期待能夠成為聯邦政府所有投資的一部分，因為他們繼續認識到身份和生物識別的重要性。

Thanks Ajay. The next question is for David. Based on your current visibility, what do you expect for revenue in the second half of 2025 and what are the key factors that could influence that performance?

謝謝阿傑。下一個問題是問大衛的。根據您目前的預測，您對 2025 年下半年的營收有何預期？哪些關鍵因素可能會影響這項業績？

Thanks, Matt. So we continue to view the second half of 2025 as an important period of progress for the company, particularly in terms of pipeline advancement and as well as customer on boarding.

謝謝，馬特。因此，我們繼續將 2025 年下半年視為公司進步的重要時期，特別是在產品線推進和客戶入職方面。

However, we're still being thoughtful about how that translated into revenue timing and that can be very different on each specific deal and we really don't have a line of sight to that yet. Our focus our focus really remains on execution and bringing new customers into production which will set us up for multi-year contracts and contribute meaningful revenue over time.

然而，我們仍在思考如何將其轉化為收入時機，而每個具體交易的收益時間可能會有很大差異，我們目前還沒有對此有清晰的認識。我們的重點仍然放在執行並將新客戶投入生產上，這將為我們建立多年的合約並隨著時間的推移帶來可觀的收入。

Thanks, David. The next question is for Ajay. Looking into 2026 and beyond, what are the key revenue growth levers you're focused on now?

謝謝，大衛。下一個問題是問阿傑的。展望 2026 年及以後，您現在關注的關鍵營收成長槓桿是什麼？

Our key growth levers today are the federal government work that we continue to be able to pursue, the law enforcement market that we've always had a legacy and a history within, and also the commercial market, which have been showing a significant amount of interest and expansion within the utilization of biometric technology. Historically, the biometric industry has really been formed around federal government work with national ID programs and border security work. Within that, there's been significant increases within the US federal government's budget to the tune of about $165 billion that's been added to the Department of Homeland Security budget over the next 10 years. They've made plans to spend about $44 billion of it in fiscal year 2026.

我們今天的主要成長槓桿是我們能夠繼續進行的聯邦政府工作、我們一直擁有傳統和歷史的執法市場，以及對生物識別技術的利用表現出極大興趣和擴展的商業市場。從歷史上看，生物辨識產業實際上是圍繞著聯邦政府的國家身分證計畫和邊境安全工作而形成的。其中，美國聯邦政府預算大幅增加，未來 10 年內國土安全部的預算將增加約 1,650 億美元。他們計劃在 2026 財年花費約 440 億美元。

Much of which is going to be done and spent on border security work and other related initiatives that involve technology. So, we're very interested and excited to be able to participate in some of that growth, given that the baseline budget for the Department of Homeland Security to begin with is really just $115 billion to begin with. Within the law enforcement community, there's been added emphasis on the law enforcement community to be able to be able to deploy better technology, upgrade, and refresh some of their investments and continue to look for better vendors that will respond quicker to their needs.

其中大部分資金將用於邊境安全工作和其他涉及技術的相關措施。因此，考慮到國土安全部的基準預算實際上只有 1,150 億美元，我們非常感興趣並且很高興能夠參與其中。在執法界，人們更加重視執法界能夠部署更好的技術，升級和更新他們的一些投資，並繼續尋找能夠更快回應他們需求的更好的供應商。

We have a very strong reputation embedded within this industry, and we look forward to be able to grow within it. Within the commercial market, there are 3 levers to identity. Three factors of identity, and that is what you know, what you carry, and who you are.

我們在這個行業中享有很高的聲譽，我們期待能夠在這個行業中成長。在商業市場中，有三個身分槓桿。身份的三個因素，那就是你知道什麼、你攜帶什麼、你是誰。

The who you are at peace has always been biometrics, but that has been pushed down over the last few years with concerns of surveillance and other concerns that people have always had, not recognizing that biometrics actually enhances privacy. What we found is that with face ID and other technologies now being the go-to capability for consumers to be able to identify themselves on their mobile devices.

人們一直以來都透過生物辨識技術來確認自己的身份，但在過去幾年中，由於人們一直擔心監視和其他問題，生物辨識技術被淡化了，人們沒有意識到生物辨識技術實際上可以增強隱私。我們發現，臉部辨識和其他技術現在已成為消費者在行動裝置上辨識自己的首選功能。

The customer reaction to biometrics is now at an all-time positive, and the utilization of the technology will continue to be increased as other factors of identity, namely what you know as in user IDs and passwords and Social Security numbers and phone numbers, continue to be openly available on the dark web and now even on the open web and ongoing AI capabilities from fraudsters continue to infiltrate factor number two.

現在，客戶對生物辨識技術的反應一直非常積極，而且隨著其他身分識別因素（即使用者 ID、密碼、社會安全號碼和電話號碼）在暗網甚至開放網路上繼續公開，以及詐騙者的人工智慧能力不斷滲透到第二個因素中，該技術的利用率將繼續提高。

Factor number three with regards to biometrics is the obvious utilization and opportunity of choice for technology that allows humans to be able to prove that they are human online and prove that they are the right human online at that time. Thank you.

與生物識別技術有關的第三個因素是，該技術顯然具有利用價值，並且具有選擇機會，使人類能夠證明自己是在線人類，並證明自己是當時在線的正確人類。謝謝。

Thanks Ajay. We have a question for Brian. Given that recurring revenue grew modestly, what steps are you taking to accelerate your subscription-based business?

謝謝阿傑。我們想問布萊恩一個問題。鑑於經常性收入成長緩慢，您將採取哪些措施來加速您的訂閱業務？

Thank you for the question. So, we continue to invest in our go to market process and teams with a focus on scalable biometric projects and solutions.

謝謝你的提問。因此，我們繼續投資於我們的市場流程和團隊，重點關注可擴展的生物識別項目和解決方案。

And so as we continue to focus around the markets and the segments that support the core products we've talked about on this call, the awareness platform, the digital biometrics, the AI solutions for law enforcement, our focus is generally on the larger end of the market where our softwares our software solutions are deployed as enterprise infrastructure.

因此，當我們繼續專注於支援我們在這次電話會議上討論的核心產品的市場和細分市場時，我們的重點通常放在更大的市場端，我們的軟體解決方案在其中部署為企業基礎設施。

The commercial models for most of those deployments. Are generally recurring long-term sticky durable relationships and we expect to continued focus on these segments and these products to help our transformation continue and accelerate into the future.

大多數部署的商業模式。通常是反覆出現的長期持久關係，我們希望繼續專注於這些領域和產品，以幫助我們的轉型繼續並加速發展。

Thanks Brian, we have another one for you. How are you improving the sale cycle velocity and what are the bottlenecks today?

謝謝 Brian，我們還有另一個給你。您如何提高銷售週期速度以及目前的瓶頸是什麼？

Sure, thanks again for the question. So, I won't highlight any specific bottlenecks today, but I will say that we have focused, as I mentioned in my comments on really strengthening our end to end sales process and our teams to really focus on customer requirements and being customer obsessed and as a result of this, what we see generally is a closer alignment to customer requirements and understanding of needs.

當然，再次感謝您的提問。因此，我今天不會強調任何特定的瓶頸，但我想說的是，正如我在評論中提到的那樣，我們已經集中精力真正加強我們的端到端銷售流程，我們的團隊真正關注客戶需求並以客戶為中心，因此，我們通常看到的是與客戶需求和對需求的理解更加緊密地結合。

This often manifests and translates into shorter proof of value testing, as well as. Higher success rates with proof of value testing. So, again, our focus is really on aligning closely with these big enterprise customers across a multitude of sectors, deeply understanding requirements and goals and being able to, execute on value delivery and in a short time to value for these customers.

這通常表現為並轉化為更短的價值證明測試，以及。透過價值證明測試提高成功率。因此，我們的重點是與眾多行業的大型企業客戶緊密合作，深入了解需求和目標，並能夠在短時間內為這些客戶實現價值交付。

Thank you, Brian. Ajay, what trends are you seeing globally in government biometric deployments that aware is well positioned to capitalize on?

謝謝你，布萊恩。Ajay，您認為全球政府生物辨識部署有哪些趨勢可以充分利用？

Thank you. I am very excited about this question because there is a lot of interesting trends happening globally, that we are looking to try to advance on. Now, we are a US based customer. I mean US based company. We have a history going back 35 years to really the foundation of this company in Boston by MIT graduates who responded back to a request by the FBI to really create a common standard for fingerprint technology so that they can have open vendor agnostic solutions and the capability for the market to be able to grow in the biometric realm.

謝謝。我對這個問題感到非常興奮，因為全球正在發生許多有趣的趨勢，我們正在努力推動這些趨勢的發展。現在，我們是一位美國客戶。我指的是美國公司。我們的歷史可以追溯到 35 年前，當時麻省理工學院的畢業生在波士頓創立了這家公司，他們響應了聯邦調查局的請求，真正創建了指紋技術的通用標準，以便他們能夠擁有開放的、與供應商無關的解決方案，並使市場能夠在生物識別領域發展。

What we've understood and accepted. From the beginning is that our focus on the North American market doesn't preclude us from being able to operate internationally. We select very carefully our partners to be able to work with internationally, and we grow those partners and we look for their success and we stay hyper focused on being able to make sure that we can deliver the things that we promise on our end.

我們已經理解並接受了什麼。從一開始，我們對北美市場的關注並不妨礙我們開展國際業務。我們非常謹慎地選擇我們的合作夥伴，以便能夠在國際上合作，我們發展這些合作夥伴，我們期待他們的成功，我們高度專注於確保我們能夠兌現我們的承諾。

Those partners that we have internationally and the work that we're doing here domestically is very focused on a few different fundamental components and opportunities around the biometric industry and especially as it relates to the federal government work that we have done for the last 30 years and continue to do and will grow.

我們的國際合作夥伴和國內工作主要集中在生物辨識產業的一些不同基本組成部分和機會上，特別是與我們過去 30 年來一直在做的聯邦政府工作有關的工作，我們將繼續做下去，並且還會不斷發展。

Much of that involves both federal uses of issued identities, whether that's for federal government employees or for individual residents of the country. Mobile driver's licenses continue to roll out, companies that have large digital wallets are looking at growing the utilization of those both within the United States as the issuers are DMVs and other organizations. And then the issuers globally who also have national ID programs that that represents a very large opportunity for us as basically in any ID verification flow there is first the presentation of a credential and then the recognition that the face matches the live face of the human matches the face that's on the credential. So as that transitions into a digital world, which is very important because the digital world now far exceeds the number of transactions that you see in the physical world.

其中大部分涉及聯邦政府頒發的身份證明的使用，無論是聯邦政府僱員還是該國個人居民。行動駕駛執照繼續推廣，擁有大型數位錢包的公司正在考慮增加美國境內行動駕駛執照的使用率，因為發行者是車輛管理局 (DMV) 和其他組織。然後，全球的發行者也擁有國家身份證計劃，這對我們來說是一個非常大的機會，因為基本上在任何身份驗證流程中，首先要出示證件，然後識別人臉與真人臉相符，與證件上的臉相符。因此，隨著世界向數位轉型，這一點非常重要，因為數位世界的交易數量現在遠遠超過了實體世界的交易數量。

Digital identity globally government issued digital identity globally can help to serve to protect the internet and protect consumers and help to recognize what is a bot, what is not a bot, recognize the difference between AI enabled capabilities and who is a human and whether or not the human has in fact authorized the bot on their behalf.

全球數位身分政府發布的全球數位身分有助於保護網路和消費者，並有助於識別什麼是機器人，什麼不是機器人，識別人工智慧功能與人類之間的區別，以及人類是否確實代表他們授權了機器人。

So, there's a large growth in federal government issued digital identities, as there are also in global travel. Global travel has expanded dramatically. Here in the United States, we're expecting huge leaps in global travel going into the World Cup in 2026 and the Olympics in 2028.

因此，聯邦政府頒發的數位身分數量大幅成長，全球旅行數量也大幅增加。全球旅行規模急劇擴大。在美國，我們預計 2026 年世界盃和 2028 年奧運會將使全球旅遊業出現巨大飛躍。

And the way to be able to accommodate for all of that growth with very limited resources and the inability to be able to hire or expand footprints is through the utilization of technologies such as biometrics.

在資源非常有限且無法僱用員工或擴大業務的情況下，能夠適應所有這些成長的方法是利用生物辨識等技術。

And so the utilization of biometrics across the globe in the travel sector presents a unique opportunity for a aware to be able to capitalize on its legacy and its presence that it established post 9/11 as one of the vendors of choice for most of the major travel organizations to be able to secure travel. So those are two of the opportunities that we're looking at within the federal government sector globally.

因此，全球旅遊業對生物識別技術的利用為一家有意識的公司提供了一個獨特的機會，使其能夠利用其傳統和存在，即在 9/11 之後成為大多數主要旅遊組織的首選供應商之一，以確保旅行安全。這是我們在全球聯邦政府部門內尋找的兩個機會。

Thank you, Ajay. We received several questions from John Bassler from Bassler Capital. His first question is for David. Why is the second quarter GNA up more than the sum of R&D and selling and marketing on a year over year basis?

謝謝你，阿傑。我們收到了 Bassler Capital 的 John Bassler 提出的幾個問題。他的第一個問題是問大衛的。為什麼第二季的 GNA 年成長超過了研發和銷售與行銷的總和？

Thanks for the question. I think it's easier to break those down into two parts. I'll start first with the R&D and sales and marketing combining those. So both of those areas with the changes we made to the executive team have gone over really purposeful transformation over the past year.

謝謝你的提問。我認為將其分為兩部分更容易。我將首先從研發和銷售與行銷結合開始。因此，我們對管理團隊所做的調整以及這兩個領域的變革在過去一年中都經歷了真正有目的的轉變。

And what we've been doing, we've been reigning these teams to focus on execution, efficiency, and strategic priorities, and we're making investments in those groups. So we do expect these costs to increase in the second half of the year as we make those investments.

我們一直在做的是，我們一直在指導這些團隊專注於執行、效率和策略重點，並且我們正在對這些團隊進行投資。因此，我們確實預計，隨著我們進行這些投資，這些成本將在下半年增加。

On the GNA side, it's really worth noting it can really fluctuate from quarter to quarter depending on kind of timing of kind of one-time events, and also kind of some other kind of.

在 GNA 方面，值得注意的是，它會根據一次性事件的時間表以及其他一些因素而在每個季度之間波動。

Just actions, but there's nothing really of note there, just kind of, one thing was there were some performance-based stock option expense in there for when we brought AJ on that's happening on a quarterly basis that wasn't there last year, but it's really just kind of an up and down expense that that can happen so just natural fluctuations that we expect GNA to hold pretty steady kind of the second half of the year.

只是一些行動，但實際上沒有什麼值得注意的，只是，有一件事是，當我們引入 AJ 時，其中有一些基於績效的股票期權費用，這是按季度發生的，而去年沒有，但這實際上只是一種可能發生的上下費用，所以只是自然波動，我們預計 GNA 在今年下半年將保持相當穩定。

Thank you, David. John has three questions for Brian. His first question is, how does your current pipeline and volume of deal flow compare to the first quarter?

謝謝你，大衛。約翰有三個問題要問布萊恩。他的第一個問題是，與第一季相比，您目前的交易管道和交易量如何？

Yeah, good question John, thank you. I can say without providing sort of specifics on our internal KPIs, I can say that the acceleration of our pipeline both from a volume and value size, have accelerated significantly. Q2 was an investment quarter and go to market and I think, most of the growth in pipeline exceeded our internal expectations in terms of acceleration and We feel very confident from my comments that the second half we'll start to see some of that revenue acceleration and into 2026.

是的，約翰，問得好，謝謝你。我可以說，無需提供有關我們內部 KPI 的具體信息，我可以說，我們的管道無論從數量還是價值規模來看，都已顯著加速。第二季度是投資季度，進入市場後，我認為，大部分的管道成長都超出了我們內部對加速的預期，從我的評論來看，我們非常有信心，下半年我們將開始看到部分收入加速成長，並持續到 2026 年。

Brian, what are your customer and revenue retention rates?

布萊恩，您的客戶和收入保留率是多少？

So, our current customer revenue and retention rates are, without getting into specifics, are very consistent with previous years. Our efforts to continue to focus on, end to end customer relationship management and investments in our customer success team, that's an area of focus that we hope to actually continue to improve upon as well as in the future, of course, but so far, both gross data retention, net data retention are consistent with previous years.

因此，我們目前的客戶收入和保留率，無需贅述，與前幾年非常一致。我們將繼續努力專注於端到端客戶關係管理和對客戶成功團隊的投資，這是我們希望在未來繼續改進的重點領域，當然，到目前為止，總資料保留和淨資料保留都與前幾年一致。

Brian, can you speak to any notable recent RFP wins or losses?

布萊恩，您能談談最近任何值得注意的 RFP 勝利或失敗嗎？

Yeah, we don't comment on specific projects or customers. I will say that the market is very active both in commercial and government, as you've heard today throughout the call. We have been very active in pursuing, a lot of competed projects, some of which will take some time, of course, but we are very excited by the validation that that provides from the market that there is a lot of interest in our technology, and there's a lot of formal process being undertaken by customers, both public and private, to thoroughly evaluate their technology providers.

是的，我們不對具體項目或客戶發表評論。我想說的是，正如大家今天在整個電話會議中所聽到的，商業和政府市場都非常活躍。我們一直非常積極地開展許多已完成的項目，當然，其中一些項目需要一些時間，但我們對市場提供的驗證感到非常興奮，這表明市場對我們的技術很感興趣，並且公共和私人客戶正在進行許多正式流程，以徹底評估他們的技術提供者。

As you heard in some of the comments and as you can see in some of the reports, our product is performing very well, as being validated very highly. So, we feel confident that those projects that we are competing in will do well in, and we are competing in a fair number of them on a quarterly basis at this point.

正如您在一些評論中聽到的以及在一些報告中看到的，我們的產品表現得非常好，並得到了高度認可。因此，我們相信，我們所參與競爭的專案將會取得良好的業績，目前，我們每季都會參與相當數量的專案競爭。

John’s final question is for Ajay. Can you give some color on Aware's M&A pipeline?

約翰的最後一個問題是問阿傑的問題。能介紹一下 Aware 的併購計畫嗎？

Sure, absolutely. At this point in time, we're focused on tenacious execution internally and making sure that our phenomenal team that we have within the company, continues to stay and understand the corporate strategy, has a part in developing the corporate strategy, and continues to also work with that level of intensity to be able to serve customers with white glove service, go over and above what we need to do to be able to deliver.

當然，絕對是如此。此時，我們專注於內部的頑強執行，並確保我們公司內部的傑出團隊繼續留守並了解公司策略，參與制定公司策略，並繼續以這種強度工作，以便能夠為客戶提供白手套服務，超越我們需要做的事情。

A great experience for the new customers that we bring on board of Aware, making sure that we can under promise and over deliver, and then continue to grow within them, very much a land and expand strategy for the company. Much of that is tied into investments internally within the company to make sure that we have, the best. Software engineers that we can have within the company to complement our existing amazing team of developers and engineering leaders.

對於我們為 Aware 引入的新客戶來說，這是一次很棒的體驗，確保我們能夠少承諾、多交付，然後繼續在他們內部成長，這對公司來說是一項非常重要的擴張策略。其中大部分都與公司內部投資有關，以確保我們擁有最好的產品。我們公司內部擁有的軟體工程師可以補充我們現有的優秀的開發人員和工程領導團隊。

We continue to invest in internal go to market function and capability as evidenced with the hiring of Lona Tarian who has built multiple multi-billion dollar companies with her marketing prowess and capabilities, and with Brian Krause leading up our revenue organization and individuals underneath those teams. So, as we continue to invest in our customer success function, our sales function, our engineering function. We take a look at new customers coming on board and we look at awareness platform, the awareness platform.

我們繼續投資於內部的行銷功能和能力，例如聘請 Lona Tarian，她憑藉其行銷實力和能力建立了多家價值數十億美元的公司，以及 Brian Krause 領導我們的收入組織和這些團隊下屬的個人。因此，我們將繼續投資於我們的客戶成功功能、銷售功能和工程功能。我們關注新加入的客戶，並關注認知平台。

Which in itself has many of the capabilities and components that are necessary to be able to serve today's demand and market need for biometrics globally.

它本身俱有許多必要的功能和組件，能夠滿足當今全球對生物辨識技術的需求和市場需求。

So, from a technology perspective, a product perspective, there are not gaps necessarily in our products that we need to be filled with M&A and from a customer standpoint and a growth standpoint, we look towards internal execution as opposed to external M&A to be able to drive that growth. Thank you.

因此，從技術角度和產品角度來看，我們的產品中並不一定存在需要透過併購來填補的空白；從客戶角度和成長角度來看，我們期待透過內部執行而不是外部併購來推動成長。謝謝。

Thank you Ajay. Our next question is from Nat Stewart from NAS Capital. It's good to hear that the pipeline is growing in substantial entities such as Federal government and Fortune 500. What is the revenue model for these sales, one-time licensing fees, multi-year contracts, or pay as use?

謝謝你，阿傑。我們的下一個問題來自 NAS Capital 的 Nat Stewart。很高興聽到聯邦政府和財富 500 強等重要實體的管道正在增長。這些銷售的收入模式是什麼，一次性授權費、多年合約還是按使用付費？

Sure, yeah, I think it's consistent with my comments earlier about, where our focus is right now, so the pipeline is obviously a byproduct of where I go to market focuses in our process and a program works and so most of these, most of this newer pipeline that we've been able to successfully develop is in, large scale biometric projects that align more closer to sales models of enterprise software, and infrastructure licensing.

當然，是的，我認為這與我之前關於我們目前關注點的評論一致，因此渠道顯然是我進入市場過程中關注的副產品，並且程序有效，因此其中大多數，我們已經能夠成功開發的大部分較新的渠道是大型生物識別項目，這些項目更接近企業軟體和基礎設施許可的銷售模式。

So, we expect to see, as I mentioned earlier, sort of continued transformation of our overall revenue as more of these projects are successful and start to move towards more of an enterprise licensing model, not across the board, of course, but we still have a very strong, components business across the world, and we'll continue to service that and continue to support that. But our focus right now is on being a true enterprise infrastructure provider to large scale biometrics projects and those projects are typically sold as enterprise licenses.

因此，正如我之前提到的，隨著更多專案取得成功並開始轉向企業授權模式（當然不是全方位的），我們預計我們的整體收入將持續轉型，但我們在全球範圍內仍然擁有非常強大的零件業務，我們將繼續為其提供服務並繼續支援。但我們目前的重點是成為大型生物辨識計畫的真正的企業基礎設施供應商，這些計畫通常以企業許可證的形式出售。

Thanks Brian. At this time this concludes our question-and-answer session. If your question wasn't answered, please email Aware's IR team at awre@gateway-dashgrp.com.

謝謝布萊恩。我們的問答環節到此結束。如果您的問題沒有得到解答，請發送電子郵件至 Aware 的 IR 團隊 awre@gateway-dashgrp.com。

Before we conclude, I'd like to remind everyone that a replay of today's call will be available via link in the investor relations section of Aware's website. Thank you for joining us for Aware's second-quarter 2025 conference call. You may now disconnect.

在我們結束之前，我想提醒大家，今天的電話會議重播可以透過 Aware 網站投資者關係部分的連結取得。感謝您參加 Aware 2025 年第二季電話會議。您現在可以斷開連線。