AXIL Brands Inc (AXIL) 2027 Q1 法說會逐字稿

Greetings, and welcome to the AXIL Brands first quarter 2027 financial results.

各位好，歡迎參加 AXIL Brands 2027 會計年度第一季財務業績發布。

(Operator Instructions)

(接線員指示)

As a reminder, this conference is being recorded. I'll now turn the conference over to Peter Salzberg, VP Investor Relations. Thank you, Peter. You may begin.

提醒各位，本次電話會議將被錄音。現在我將把電話會議交給投資人關係副總裁 Peter Salzberg。謝謝你，Peter。你可以開始了。

Good afternoon, and thank you for joining us for AXIL Brands' first quarter 2027 financial update and earnings conference call. I'm Peter Seltzberg, working with the team here at AXIL, and we're excited to get back in front of our shareholders with the first quarter 2027 update.

各位下午好，感謝各位參加 AXIL Brands 2027 會計年度第一季財務更新與財報電話會議。我是 Peter Seltzberg，與 AXIL 團隊一同工作；我們很高興能帶著 2027 會計年度第一季更新再次與股東見面。

Before we begin, I'd like to remind everyone that certain statements made during today's call may constitute forward-looking statements and are subject to risks and uncertainties that could cause actual results to differ materially from those projected.

在開始之前，我想提醒各位，今天電話會議中的某些陳述可能構成前瞻性陳述，並受各項風險與不確定性影響，可能導致實際結果與預期有重大差異。

Please refer to our filings with the Securities and Exchange Commission for a discussion of these risks and other important factors, as well as an explanation of any non-GAAP items that we may refer to in today's press release and on this call.

請參閱我們向美國證券交易委員會（SEC）提交的文件，以了解這些風險與其他重要因素的討論，以及我們在今日新聞稿與本次電話會議中可能提及之任何非 GAAP 項目的說明。

Presenting on behalf of management today are Jeff Toghraie, AXIL's Chief Executive Officer, and Jeff Brown, AXIL's Chief Financial Officer.

今天代表管理團隊出席簡報的是 AXIL 執行長 Jeff Toghraie，以及 AXIL 財務長 Jeff Brown。

We will begin with prepared remarks and then open the line for Q&A. Thank you for the questions submitted in advance. You can continue to send questions during the call to investors@goAXIL.com and we will add them to the queue.

我們將先進行事先準備的發言，接著開放問答。感謝各位事先提交的問題。您也可以在會議期間持續將問題寄到 investors@goAXIL.com，我們會將其加入提問序列。

With that, I'll turn the call over to Jeff Toghraie, AXIL's Chairman and Chief Executive Officer.

接下來，我把電話會議交給 AXIL 董事長兼執行長 Jeff Toghraie。

Good afternoon, and thank you for joining us. I am pleased to discuss our results for the three months ended August 31, 2026, and the direction we see in AXIL's business at the start of the new fiscal year. We are more constructive on the business than we have been at any point.

各位下午好，感謝各位參與。我很高興與各位討論截至 2026 年 8 月 31 日止三個月的業績，以及我們在新會計年度開始時對 AXIL 業務方向的看法。我們對業務的看法比以往任何時候都更為正面。

We see several milestones ahead that we believe will serve shareholders well. In the first quarter, we remained profitable, continued to fund the business from operations, and ended the quarter in the strongest cash position in our history.

我們看到前方有數個里程碑，我們相信這些將能為股東帶來良好回報。在第一季，我們維持獲利、持續以營運資金挹注業務，並在季末達到公司史上最強的現金部位。

Operations provided $3.8 million, compared with the use of $739,000 a year ago. We closed August 31 with $7.9 million of cash, or approximately $0.96 per diluted share, up from $4.5 million on May 31, and remain debt-free.

營運活動提供現金 380 萬美元，相較於去年同期使用現金 73.9 萬美元。截至 8 月 31 日，我們持有現金 790 萬美元，或約每股稀釋後 0.96 美元，高於 5 月 31 日的 450 萬美元，且仍維持零負債。

That is the position from which we intend to fund the next phase of growth, including the XCOR II launch. For those less familiar with the product, XCOR II is our next-generation flagship wireless platform. It carries our most advanced active noise reduction and our most immersive soundstage to date.

我們將以此作為資金基礎，投入下一階段的成長，包括 XCOR II 的上市。對於較不熟悉該產品的各位，XCOR II 是我們下一代旗艦無線平台。它搭載我們迄今最先進的主動降噪，以及最具沉浸感的音場表現。

The transition to XCOR II is the context for the quarter. Turning to the quarterly results, sales were $6.1 million, down 11.2% from $6.9 million a year ago.

向 XCOR II 的轉換是本季的背景脈絡。就季度業績而言，銷售額為 610 萬美元，較去年同期的 690 萬美元下降 11.2%。

Two items explain the comparison.

有兩項因素可解釋這項比較。

The first is the shift from XCOR I to XCOR II. During the quarter, XCOR I orders slowed while customers prepared for the next-generation launch. Direct-to-consumer in hearing was down less than 1%. The other side of that transition is already visible.

第一項是從 XCOR I 轉換至 XCOR II。本季期間，隨著客戶為下一代產品上市做準備，XCOR I 的訂單放緩。在聽力產品的直面消費者（DTC）銷售下降不到 1%。而這項轉換的另一面已經開始顯現。

XCOR II has produced the strongest early demand of any AXIL product to date, and demand remains healthy across retail, distribution, and direct to consumer. Those figures are orders, not revenue. On August 26, we announced initial orders of more than $2.8 million.

XCOR II 迄今帶來的早期需求強度為 AXIL 任何產品之最，且在零售、經銷分銷與直面消費者等通路的需求仍維持健康。這些數字是訂單，不是營收。8 月 26 日，我們宣布初始訂單超過 280 萬美元。

By September 30, that order book had grown to more than $3.6 million. Those figures are orders, not revenue.

截至 9 月 30 日，該訂單簿已成長至超過 360 萬美元。這些數字是訂單，不是營收。

The product became available on September 15, and the majority of those orders have shipped and will be recognized in the second quarter, with the remainder expected to ship in October.

該產品於 9 月 15 日開始供貨，其中大多數訂單已出貨，並將於第二季認列，其餘預計於 10 月出貨。

Although orders can be canceled or returned, and this is not a guarantee of revenue, we expect that demand to begin showing up in revenue this quarter and in the periods that follow. The larger factor is the timing of orders from our retail partners.

雖然訂單可能被取消或退貨，且這並不保證營收，但我們預期本季以及後續期間，需求將開始反映在營收上。更大的因素在於零售合作夥伴下單時點。

Last year's first quarter included a significant big box order that did not repeat this quarter. Our relationships with major retail chains continue to expand, and follow-on purchase orders have continued to come in.

去年第一季包含一筆顯著的大型量販通路訂單，但本季未再重複。我們與主要零售連鎖的合作關係持續擴大，後續採購訂單也持續進來。

Those partners buy on their own shelf and promo calendars, so the timing of any one order sits outside our control.

這些合作夥伴會依其自身的上架與促銷行事曆採購，因此任何單筆訂單的時點並非我們所能控制。

As we said in August, retail coverage is still early, and one order can move a quarter. We expect that effect to moderate as the footprint deepens. That is a coverage issue, not a demand issue. In our observation, this channel is better judged over two to four quarters than by any single quarter comparison.

如同我們在 8 月所說，零售覆蓋仍在早期階段，一筆訂單就可能影響單季表現。我們預期隨著覆蓋版圖加深，這種影響將趨於緩和。這是覆蓋問題，而非需求問題。依我們觀察，評估此通路以兩到四季的期間比單一季度的比較更為適切。

Jeff Brown will now take you through the financials.

接下來由 Jeff Brown 帶各位檢視財務數據。

Thanks, Jeff. I will cover revenue and mix, gross margin, and the IEEPA refunds, operating expenses and profitability, a brief Reviv3 accounting note, then cash flow and the balance sheet.

謝謝你，Jeff。我將說明營收與組合、毛利率與 IEEPA 退稅、營業費用與獲利能力、簡短的 Reviv3 會計說明，最後是現金流量與資產負債表。

Consolidated retail and wholesale revenue was $2.2 million, or 35.5% of net revenues, compared with $2.9 million, or 42.5% a year ago.

合併零售與批發營收為 220 萬美元，占淨營收 35.5%，相較去年同期為 290 萬美元，占比 42.5%。

Direct to consumer was $3.9 million, or 64.2%, compared with 57.5%. The Hearing Enhancement and Protection segment generated $5.8 million, down 12.4%. Within that, retail and wholesale were $1.9 million, down 29.2% from $2.7 million, and direct to consumer was $3.85 million, down less than 1%.

直面消費者營收為 390 萬美元，占比 64.2%，相較去年同期占比為 57.5%。聽力增強與防護（Hearing Enhancement and Protection）部門營收為 580 萬美元，下降 12.4%。其中，零售與批發為 190 萬美元，較 270 萬美元下降 29.2%；直面消費者為 385 萬美元，下降不到 1%。

Reviv3 and Sharper Vision marketing together generated $328,000, or roughly 5% of net revenues. No customer represented more than 10% of net sales or more than 10% of gross receivables at quarter end. Gross profit was $5 million, up 8.6%. Reported gross margin was 82.6%, compared with 67.6% a year ago.

Reviv3 與 Sharper Vision 行銷合計貢獻 32.8 萬美元，約占淨營收 5%。截至季末，沒有任何單一客戶占淨銷售額超過 10%，或占應收帳款總額超過 10%。毛利為 500 萬美元，成長 8.6%。報告毛利率為 82.6%，相較去年同期為 67.6%。

We collected $907,000 from US Customs and Border Protection, including interest. Of that, $551,000 related to duties on goods already sold and was recognized as a reduction of cost of revenues. $321,000 related to goods still in inventory and reduced inventory on the balance sheet.

我們自美國海關與邊境保護局（US Customs and Border Protection）收回 90.7 萬美元（含利息）。其中，55.1 萬美元與已售出商品的關稅相關，並認列為營收成本的減項；32.1 萬美元與仍在庫存中的商品相關，並在資產負債表上減少庫存。

The remaining $35,000 was interest and is in other income. No IEEPA refund claims remain outstanding. Excluding the $551,000 cost of revenues benefit, gross profit would've been $4.48 million and gross margin 73.6%, still above last year's 67.6%.

其餘的 35,000 美元為利息，列於其他收入。目前沒有任何 IEEPA 退款申請仍未結案。若不計入 551,000 美元的營收成本利益，毛利本應為 448 萬美元，毛利率為 73.6%，仍高於去年的 67.6%。

On operating expenses, we reclassified certain prior period amounts to match the current presentation. Stock-based compensation previously included in sales and marketing and professional fees is now in compensation and related taxes.

在營業費用方面，我們將部分前期金額重新分類，以符合目前的呈列方式。先前列在銷售與行銷以及專業費用中的股份基礎給付，現已改列於薪酬及相關稅費。

Other professional and consulting costs relating to consulting fees are now in general and administrative. The reclassifications did not change total operating expenses or income from operations.

與顧問費相關的其他專業與諮詢成本，現已改列於一般及行政費用。這些重新分類不影響營業費用總額或營業利益。

Total operating expenses were $4.6 million, up $372,000 or 8.8%. As a percentage of revenue, they rose from 61.6% to 75.4%, primarily because of increased charges related to our build-out and marketing of XCOR II and because of a non-cash expense related to the issuance of Reviv3 shares, which I will discuss shortly.

營業費用總額為 460 萬美元，增加 372,000 美元（或 8.8%）。以營收百分比計，營業費用由 61.6% 上升至 75.4%，主要因為與 XCOR II 的建置與行銷相關費用增加，以及與發行 Reviv3 股份相關的一項非現金費用（我稍後會說明）。

R&D expense reflects employees and contractors who are focused on specific product development projects like XCOR II during the quarter. Under GAAP, that work is recorded as research and development rather than compensation or contractor costs.

研發費用反映本季專注於特定產品開發專案（如 XCOR II）的員工與承包商。依 GAAP，該等工作列為研究與開發費用，而非薪酬或承包商成本。

Sales and marketing was $2.84 million, up about $78,000 or 2.8%. Advertising was essentially flat at $1.53 million versus $1.55 million.

銷售與行銷費用為 284 萬美元，增加約 78,000 美元（或 2.8%）。廣告費用基本持平，為 153 萬美元，去年同期為 155 萬美元。

About $360,000 of that spend went to XCOR II branding and launch and did not produce revenue in the first quarter. Those shipments began in September at the start of the second quarter.

其中約 360,000 美元用於 XCOR II 的品牌塑造與上市推廣，且在第一季未產生營收。相關出貨於第二季開始（9 月）啟動。

Compensation and related taxes were $374,000 compared with $397,000. General and administrative expenses were $0.9 million compared with $1.1 million and include the one-time non-cash charge of $138,000 related to the Reviv3 share issuance.

薪酬及相關稅費為 374,000 美元，去年同期為 397,000 美元。一般及行政費用為 90 萬美元，去年同期為 110 萬美元，其中包含與 Reviv3 股份發行相關的一次性 138,000 美元非現金費用。

Non-cash stock-based compensation and operating expenses was $322,000, up from $199,000, with the Reviv3 charge accounting for most of the increase. Income from operations was $437,000 compared with $412,000, up 6.1%.

非現金的股份基礎給付及營業費用為 322,000 美元，高於去年的 199,000 美元；其中大部分增幅來自 Reviv3 的費用。營業利益為 437,000 美元，去年同期為 412,000 美元，增加 6.1%。

That increase primarily reflects the customs refunds, partially offset by lower revenue and higher operating expenses, including the XCOR II launch and the Reviv3 charge.

該增幅主要反映關稅退款，部分被較低的營收與較高的營業費用所抵銷，其中包括 XCOR II 上市以及 Reviv3 的費用。

The tax provision was $100,000, an effective rate of about 19%, compared with $115,000 or about 26% a year ago.

所得稅費用為 100,000 美元，有效稅率約 19%，去年同期為 115,000 美元或約 26%。

Net income was approximately $420,000, or five cents per diluted share, compared with $334,000 or four cents per diluted share.

淨利約為 420,000 美元，稀釋後每股盈餘 0.05 美元；去年同期為 334,000 美元，稀釋後每股盈餘 0.04 美元。

Adjusted EBITDA, a non-GAAP measure, was $827,000 compared with $674,000. That figure includes the $551,000 refund benefit.

調整後 EBITDA（非 GAAP 指標）為 827,000 美元，去年同期為 674,000 美元。該數字包含 551,000 美元的退款利益。

Excluding this, Adjusted EBITDA would've been approximately $276,000. The reconciliation of Adjusted EBITDA to net income is in today's release.

若排除此項，調整後 EBITDA 本應約為 276,000 美元。調整後 EBITDA 與淨利的調節表載於今日的新聞稿。

On August 25, Reviv3 issued 12,501 of its own common shares to three strategic partners for services at $11 per share or $137,511 in total. We expensed that amount at issuance. It is a non-cash charge. Because we kept control, the ownership change was recorded in equity.

8 月 25 日，Reviv3 以每股 11 美元（合計 137,511 美元）的價格，向三位策略夥伴發行其自有普通股 12,501 股，以換取服務。我們於發行時將該金額費用化。此為非現金費用。由於我們仍保有控制權，該所有權變動列入權益。

The non-controlling interest was adjusted to the partner's share of Reviv3 net assets, and the difference went to additional paid-in capital.

非控制權益調整為夥伴所占 Reviv3 淨資產份額，差額列入額外實收資本。

That equity adjustment did not affect net income or cash. AXIL still owns about 75% and still consolidates Reviv3, and AXIL stockholders were not diluted.

該權益調整不影響淨利或現金。AXIL 仍持有約 75% 並仍合併 Reviv3，且 AXIL 股東未被稀釋。

What the partners received is a minority stake in Reviv3, not a claim on AXIL. Reviv3 does not currently intend to pay dividends, and any distributions are at the discretion of Reviv3's board, which AXIL controls.

夥伴取得的是 Reviv3 的少數股權，而非對 AXIL 的請求權。Reviv3 目前無意發放股利，任何分配均由 Reviv3 董事會酌情決定，而該董事會由 AXIL 控制。

As a result, we expect the partners to realize the value of their interest principally upon a sale of Reviv3 or another liquidity event.

因此，我們預期夥伴主要將在 Reviv3 出售或其他流動性事件發生時，實現其權益價值。

Net cash provided by operating activities was $3.8 million compared with $739,000 used in the first quarter last year. The largest driver was collections.

營業活動提供之淨現金為 380 萬美元，相較去年第一季為使用 739,000 美元。最大驅動因素為收款。

Accounts receivable fell from $4.7 million on May 31, to $1.3 million. Cash was strong this quarter, in large part because we collected on the retail and wholesale shipments that were outstanding at year-end. That is the other side of the model we leaned into last year, a mix of offline retail and direct-to-consumer.

應收帳款由 5 月 31 日的 470 萬美元降至 130 萬美元。本季現金表現強勁，很大一部分原因是我們收回了年末尚未收款的零售與批發出貨款項。這正是我們去年加大投入的模式的另一面：線下零售與直接面向消費者（DTC）的組合。

That mix is what allows us to fund our growth from operations. Inventory was $4.4 million, flat with year-end, and included $1 million in transit. Prepayments to vendors for inventory rose to $558,000 from $145,000.

這種組合使我們能以營運資金支持成長。存貨為 440 萬美元，與年末持平，其中包含 100 萬美元在途存貨。對供應商的存貨預付款由 145,000 美元上升至 558,000 美元。

We used the quarter to pre-market and stage XCOR II so shipments could start when the product went live in September. We invested $165,000 in intangibles and equipment, including product certification testing.

我們利用本季對 XCOR II 進行上市前行銷並完成備貨安排，使產品於 9 月上線時即可開始出貨。我們在無形資產與設備上投資 165,000 美元，其中包括產品認證測試。

We ended the quarter with $7.9 million of cash and cash equivalents, working capital of $10.3 million, and no outstanding borrowings.

本季末，我們持有現金及約當現金 790 萬美元，營運資金 1,030 萬美元，且無任何未償借款。

Based on current cash and anticipated operating cash flows, we believe we have sufficient liquidity to meet working capital needs. We intend to use that liquidity to fund inventory and the launch and do not see a need for outside capital.

基於目前現金水位與預期的營運現金流，我們認為具備足夠流動性以滿足營運資金需求。我們計畫運用該流動性為存貨與上市推進提供資金，且不認為需要外部資金。

I will turn the call back to Jeff Toghraie.

我將把電話會議交回給 Jeff Toghraie。

Thanks, Jeff. We expect fiscal 2027 to be a year of top-line and bottom-line growth, with results more visible from Q2 onward. That view rests on three things we are executing now. The first is XCOR II. The product became available on September 15.

謝謝，Jeff。我們預期 2027 會計年度將是營收與獲利（上線與下線）同步成長的一年，且自第二季起成果將更為明顯。此一觀點建立在我們目前正在執行的三件事之上。第一是 XCOR II。該產品已於 9 月 15 日開始供應。

By month-end, we had fulfilled the majority of the pre-orders and backlog, and demand remains healthy in wholesale, retail, and direct to consumer. The launch is no longer ahead of us. It is on the market, and it is converting.

截至月底，我們已履行大部分預購與積壓訂單，且在批發、零售與直接面向消費者通路的需求仍然健康。上市已不再是未來式。它已在市場上，並正在轉化為銷售。

The second is fuller retail coverage. The work now is to deepen that footprint so quarterly performance is less exposed to swing from any one order.

第二是更完整的零售覆蓋。目前的工作是加深該布局，使季度表現較不易因單一訂單的波動而受影響。

The third is Reviv3. We brought highly experienced operators into the subsidiary ahead of the global relaunch without spending significant cash or issuing AXIL stock.

第三是 Reviv3。在全球重新上市之前，我們已將經驗豐富的營運團隊引入該子公司，且未花費大量現金或發行 AXIL 股票。

The team expects to start onboarding new distributors and retailers in the US and overseas as early as next quarter.

團隊預期最快將於下個季度開始在美國及海外導入（onboard）新的經銷商與零售商。

This concludes our prepared remarks. We are happy to take any questions.

以上為我們事先準備的發言。我們很樂意回答任何問題。

Thank you. Management has received questions in advance of the call, and we will now respond to as many as time will allow. Go ahead, Peter, and start the Q&A session.

謝謝。管理層在電話會議前已收到一些預先提交的問題，我們現在將在時間允許的情況下盡可能多地回覆。彼得，請開始問答環節。

Thank you. Your quarterly sales seem to fluctuate. Would you please describe the seasonality in the business? Specifically, will Q1 generally be the lowest of the four quarters? And will fiscal Q2 generally be the highest? Thank you.

謝謝。你們的季度銷售似乎有波動。請說明業務的季節性因素嗎？具體而言，第一季通常會是四個季度中最低的一季嗎？而第二財季通常會是最高的一季嗎？謝謝。

Well, I think Q2 has been a strong quarter because of the proximity to the holiday. But that dynamic is skewed when large orders from big box retailers, for example, Q4 was our highest earner last year, last fiscal year, and I think it was the softest year prior.

我認為第二季之所以表現強勁，是因為接近假期。但當大型零售商（例如大賣場通路）的重大訂單進來時，這種動態就會被扭曲；例如去年、上一個財年第四季是我們收入最高的一季，而在此前一年我認為第四季反而是最疲弱的一季。

So it really depends on when these big box orders come in, and that is essentially what creates the fluctuations. Also particular to Q1 holiday, lower impacted revenues. But I want to emphasize that we are more than that shortfall in XCOR II in Q2. Next question.

所以這真的取決於這些大賣場訂單何時進來，而這基本上就是造成波動的原因。另外，第一季也會受到假期因素影響，營收較低。但我要強調的是，我們在第二季的 XCOR II 缺口已經不只補回。下一題。

Okay, thank you. Another question is, how do you envision getting to $10 million per quarter in sales?

好的，謝謝。另一個問題是，你們如何構想把銷售提升到每季 1,000 萬美元？

Well, we are pretty close to $10 million now. We did $8.6 million Q4. Any given quarter can get us to $10 million moving forward.

我們現在其實已經非常接近 1,000 萬美元。我們在第四季做到了 860 萬美元。往後任何一個季度都有機會讓我們達到 1,000 萬美元。

I think if the question is getting consistently over $10 million every quarter, a function of how many new doors are we able to open and how many SKUs are we able to put in existing doors. That has been our primary focus since 2025, and we are making excellent progress in that front. Next question.

我想如果問題是要每一季都能穩定超過 1,000 萬美元，那就取決於我們能開出多少新的通路門店（doors），以及能在既有門店中上架多少個 SKU。自 2025 年以來，這一直是我們的主要重點，我們在這方面進展非常好。下一題。

We have, what has been the range of your quarterly gross margin for the past three years?

過去三年你們的季度毛利率區間是多少？

You want to take that, Jeff?

Jeff，你要回答這題嗎？

I can jump in. Yeah, I can jump in for this.

我可以補充一下。對，這題我來回答。

Yeah.

好。

Over the last three years, AXIL Brands quarterly gross margin has been in a pretty tight range. It has been approximately 67% to 74%.

過去三年，AXIL Brands 的季度毛利率落在相當窄的區間內。大約是 67% 到 74%。

Of course, that excludes this quarter, which was an outlier of 82.6% due to the customs and duties that were refunded. But if you remove that, it would have been a gross margin of 73.6%, which is in that range. And we expect to maintain that range going forward through fiscal 2027. Next question.

當然，這不包含本季；本季因為退還了關稅與進口稅（customs and duties），毛利率達到 82.6%，屬於異常值。但如果把這個因素扣除，毛利率會是 73.6%，仍在該區間內。我們預期在 2027 財年之前都能維持在這個區間。下一題。

Okay. Next is, can you describe the credit quality of your receivables?

好的。下一題是，你們能描述一下應收帳款的信用品質嗎？

Yeah. The credit quality of our receivables remains high. Over the last year, we have reserved and expensed about half a percent of our account receivables, which is a low loss rate.

可以。我們的應收帳款信用品質仍然很高。過去一年，我們對應收帳款提列並認列費用約為應收帳款的 0.5%，這是很低的損失率。

This quarterly provision was actually a gain under our policy. We expense receivables that are more than 90 days past due. So the gain came from recoveries of amounts that had already been written off under the rule.

依照我們的政策，本季的提列實際上是認列為收益（gain）。我們會將逾期超過 90 天的應收款項認列費用。因此這個收益來自於收回先前依規則已沖銷的款項。

Okay. Next question is, what business could AXIL acquire to get this company to a level of $100 million in annual sales?

好的。下一題是，AXIL 可以收購什麼樣的業務，讓公司年銷售額達到 1 億美元的水準？

$100 million in annual sales is completely achievable. I don't think we need to acquire a business to get to $100 million.

年銷售額 1 億美元完全可達成。我不認為我們需要透過收購才能達到 1 億美元。

If you look at the global hearing protection market, it's $3 billion, and we're at a little over 1% of that a year. I would argue that our customers are using our systems for more than just hearing protection. Either way, I think there's plenty of runway to get to $100 million a year, and it's quite achievable without acquisitions. Next question.

如果你看全球聽力防護市場，規模約 30 億美元，而我們一年大約略高於其中的 1%。我會主張，我們的客戶使用我們的系統不僅僅是為了聽力防護。不管怎麼看，我認為要達到年營收 1 億美元仍有很大的成長空間，而且不需要收購也相當可行。下一題。

Okay. We have a final question. Why is there a health and beauty care business in AXIL?

好的。我們最後一個問題是，為什麼 AXIL 會有健康與美容護理業務？

I can take that. Reviv3 is a small part of the company, 4% of the revenues last year. Where we find the business is attractive is we believe this deal gives us the ability to market and scale the brand globally. We'll have early indications how well we're executing by next quarter.

我來回答。Reviv3 只是公司的一小部分，去年占營收的 4%。我們之所以覺得這項業務有吸引力，是因為我們相信這筆交易讓我們有能力在全球行銷並擴大該品牌規模。到下個季度，我們就會有初步跡象來判斷執行得如何。

I think it's important for us to point out to AXIL shareholders that at this stage, Reviv3 is essentially running entirely independent. We're not drawing on AXIL people or AXIL resources to help out, the Reviv3 team.

我認為重要的是要向 AXIL 股東指出，在現階段 Reviv3 基本上是完全獨立運作。我們沒有動用 AXIL 的人力或資源來支援 Reviv3 團隊。

There isn't a drag as far as talent or time from whatever the AXIL team is doing in order to help Reviv3. Reviv3 team is extremely capable at this point. It's fully operational, and we have a lot of confidence that they're going to do great. Ultimately, it's a pretty straightforward equation for us.

就人才或時間而言，AXIL 團隊為了協助 Reviv3 並沒有造成任何拖累。Reviv3 團隊目前非常有能力。它已全面運作，我們非常有信心他們會做得很好。最終對我們而言，這是一個相當直接的算式。

If this plan executes, AXIL can achieve a very meaningful upside. If it doesn't, for any other reason, something goes wrong, it's more or less a neutral for us.

如果這個計畫執行成功，AXIL 可以獲得非常可觀的上行空間。如果因為任何其他原因沒有成功、出了狀況，對我們而言大致上也就是中性影響。

We see this as a high reward, low risk opportunity for AXIL. Makes a lot of sense to us, and we'll know soon enough. We'll have early indications how well we're doing, and we'll keep everyone updated. Is there another question?

我們把這視為對 AXIL 而言高報酬、低風險的機會。這對我們來說很合理，而且我們很快就會知道結果。我們會有初步跡象來判斷做得如何，並會持續向大家更新。還有其他問題嗎？

No, we're all set.

沒有，問題都問完了。

Awesome. Well, thank you everyone for participating. We'll see you early June.

太好了。那麼謝謝各位的參與。我們六月初再見。

Thank you. This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的電話會議到此結束。您現在可以掛斷電話線。感謝您的參與。