A2Z Cust2Mate Solutions Corp (AZ) 2026 Q1 法說會逐字稿

Good day, everyone, and welcome to A2Z First Quarter 2026 Financial Results and Business Update Conference Call. (Operator Instructions) As a reminder, this call is being recorded. It is now my pleasure to turn the floor over to your host, Brett Moss, with Hayden IR. The floor.

各位大家好，歡迎參加 A2Z 2026 年第一季財務業績與業務更新電話會議。（接線員指示）提醒各位，本次電話會議將被錄音。現在我很榮幸把會議交給今天的主持人、來自 Hayden IR 的 Brett Moss。請。

Thank you, operator. Good day, everyone. Before we begin, please note that today's call will contain forward-looking statements within the meaning of a Private Securities Litigation Reform Act of 1995. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected.

謝謝接線員。各位大家好。在開始之前，請注意今天的電話會議將包含《1995 年私人證券訴訟改革法》所定義的前瞻性陳述。這些陳述存在風險與不確定性，可能導致實際結果與預期有重大差異。

Please refer to our earnings release as well as our filings to the SEC, including our 2025 Form 10-K for discussion of these risks. A replay of this call will be available shortly after its conclusion. With that, I'd like to turn the call over to our CEO, Mr. Gadi Graus, Chief Executive Officer of A2Z.

有關這些風險的討論，請參閱我們的財報新聞稿以及向美國證券交易委員會（SEC）提交的文件，包括我們的 2025 年 Form 10-K。本次電話會議的重播將在會議結束後不久提供。接下來，我想把電話交給我們的執行長 A2Z 首席執行官 Gadi Graus 先生。

Thank you, Brett, and good morning, everyone. Thank you for joining our call today. Before we get started, I'd like to provide a brief overview of who we are and what we do. So A2Z Customer Solutions Corp is a global retail technology company focused on transforming the in-store shopping experience through our smart cart and connected retail platform.

謝謝你，Brett，各位早安。感謝各位今天加入我們的電話會議。在開始之前，我想先簡要介紹我們是誰以及我們做什麼。A2Z Customer Solutions Corp 是一家全球零售科技公司，專注於透過我們的智慧購物車與連網零售平台，改造門市內的購物體驗。

A core solution digitizes the physical store by enabling self-scanning, personalized engagement, and real-time retail intelligence at the point of purchase. Through our integrated platform, which combines smart cart infrastructure, AI-powered shopper engagement, and emerging retail media capabilities, Kustomate helps retailers improve operational efficiency, enhance shopper experience, and unlock new monetization opportunities within the physical retail environment.

我們的核心解決方案透過在購買點提供自助掃描、個人化互動與即時零售洞察，將實體門市數位化。透過我們的整合式平台（結合智慧購物車基礎設施、AI 驅動的消費者互動，以及新興的零售媒體能力），Kustomate 協助零售商提升營運效率、強化消費者體驗，並在實體零售環境中開啟新的變現機會。

Over the last several quarters, we've been working to transition Custom Made from an early-stage pilot-driven deployment model into a scalable commercial platform designed for global rollout and mass deployment across leading retail partners. This shift has required building the operational, manufacturing, and commercial infrastructure necessary to support large-scale deployments, while simultaneously expanding our product capabilities beyond smart card functionality into a fully integrated connected retail ecosystem.

在過去幾個季度，我們一直致力於將 Kustomate 從早期以試點為主的部署模式，轉型為可擴展的商業化平台，以支援全球推廣與大規模部署至主要零售合作夥伴。這項轉變需要建立支援大規模部署所需的營運、製造與商業基礎設施，同時也將產品能力從智慧購物車功能擴展為完整整合的連網零售生態系。

As a result, we are now increasingly positioned as a core in-store technology layer that sits at the center of the modern retail environment and enables entirely new sources of value creation for retailers through data and media-driven monetization. Q1 2026 was a breakout quarter as we continued our transition from pilot validation to scaled commercial deployment.

因此，我們如今愈來愈被定位為現代零售環境的核心門市技術層，位於中心位置，並透過數據與媒體驅動的變現，為零售商帶來全新的價值創造來源。2026 年第一季是突破性的一季，我們持續從試點驗證邁向規模化商業部署。

We are no longer in the pilot phase of smart retail. We are entering the early stages of scaled infrastructure deployments across global physical retail. What we are building is advancing rapidly into real-world infrastructure. Retailers are transitioning from pilot programs into committed, multi-phase deployments, and custom made is increasingly being integrated as part of the core operating layer of the physical retail landscape.

我們已不再處於智慧零售的試點階段。我們正進入在全球實體零售中進行規模化基礎設施部署的早期階段。我們所打造的正快速演進為真實世界的基礎設施。零售商正從試點計畫轉向承諾式、多階段部署，而 Kustomate 也愈來愈被整合為實體零售版圖的核心作業層之一。

Revenue growth in our first quarter was driven by delivery of our Smart Cart solution to retail stores. While we are early in the process of converting signed contracts to revenue at scale, the conversion curve is accelerating in a meaningful way.

我們第一季的營收成長主要由智慧購物車解決方案交付至零售門市所帶動。雖然我們仍處於將已簽署合約大規模轉換為營收的早期階段，但轉換曲線正以顯著的速度加快。

Importantly, we are gaining clear and measurable validation of the platform in live retail environments as deployments expand. Retailers are already capturing tangible economic impact from our solutions. Across deployments. Retailers are experiencing an uptick in sales throughput with approximately five additional items per transaction and approximately 15% increase in basket value.

更重要的是，隨著部署擴大，我們在實際零售環境中獲得了清晰且可衡量的平台驗證。零售商已經從我們的解決方案中取得具體的經濟效益。在各項部署中，零售商的銷售吞吐量提升，每筆交易平均多約 5 件商品，且客單價（購物籃金額）約提升 15%。

Smart Cart baskets are reaching 165% of manned checkout baskets and 275% of self-checkout baskets. Daily utilization rates are above 95% with smart cart usage reaching 100% during peak hours and we have now processed over $1million transactions.

智慧購物車的購物籃金額達到有人收銀台購物籃的 165%，以及自助結帳購物籃的 275%。每日使用率高於 95%，尖峰時段智慧購物車使用率可達 100%，而我們目前已處理超過 100 萬筆交易。

While these metrics are certainly strong signals, there is a broader transformation in store operations and shopper engagement within the physical retail environment. These outcomes are showing up across a wider set of important ROI drivers, including customer engagement, reduced checkout friction, operational efficiency, labor optimization, loyalty activation, and emerging retail media monetization. Together, these dimensions underscore that the platform is not just improving sales.

雖然這些指標確實是強勁訊號，但在實體零售環境中，門市營運與消費者互動正發生更廣泛的轉型。這些成果也反映在更廣泛且重要的投資報酬（ROI）驅動因素上，包括顧客互動、降低結帳摩擦、營運效率、勞動力最佳化、會員／忠誠度啟動，以及新興的零售媒體變現。綜合而言，這些面向凸顯平台不僅僅是在提升銷售。

It is fundamentally reshaping store performance across both the top-line and operational layers. Importantly, our business model is increasingly driven by three reinforcing growth engines. First, recurring smart cart platform revenues. Second, retail media monetization. And third, retail intelligence and data services.

它正在從營收端與營運層面，根本性地重塑門市績效。重要的是，我們的商業模式愈來愈由三個相互強化的成長引擎所驅動：第一，智慧購物車平台的經常性收入；第二，零售媒體變現；第三，零售洞察與數據服務。

Together, these layers create a connected commerce ecosystem where each deployment expands both platform utility and long-term monetization potential. What makes the model particularly powerful is that these growth engines reinforce one another through a compounding flywheel effect. Better shocker engagement drives increased platform usage. Increased usage generates stronger retailer outcomes and ROI.

這些層次共同打造出一個連網商務生態系，每一次部署都能同時擴大平台效用與長期變現潛力。此模式特別強大的原因在於，這些成長引擎會透過複利式的飛輪效應彼此強化。更好的消費者互動帶動平台使用量提升；使用量提升則帶來更強的零售商成果與 ROI。

Stronger retail outcomes support broader deployment expansion. Larger deployments create growing retail media inventory and improved platform economics, which further supports adoption and monetization. At the same time, expanded deployments and engagement generate increasingly valuable behavioral datasets, strengthening personalization, retail intelligence, and future data monetization opportunities. As this flywheel scales.

更強的零售成果支持更廣泛的部署擴張。更大規模的部署帶來更多零售媒體庫存與更佳的平台經濟性，進一步促進採用與變現。同時，部署與互動的擴大也會產生愈來愈有價值的行為數據集，強化個人化、零售洞察，以及未來的數據變現機會。隨著這個飛輪擴大。

The platform becomes increasingly valuable to retailers, advertisers and ecosystem partners alike. This quarter also marked the commencement of revenues from retail media, which we believe represents one of the largest untapped opportunities in physical commerce today. We are not only digitizing the shopping cart, we are establishing a real-time engagement and media layer within physical retail, positioned directly inside the highest intent moment in commerce, the in-store shopping journey.

該平台對零售商、廣告主與生態系夥伴的價值也將同步提升。本季也標誌著零售媒體收入的開始，我們相信這是當今實體商務中最大的未被充分開發的機會之一。我們不僅是在將購物車數位化，更是在實體零售中建立即時互動與媒體層，直接置於商務中意圖最高的時刻——門市購物旅程之中。

At deploying at scale, we believe this creates a highly valuable and increasingly monetizable media environment for retailers, brands, and ecosystem partners. While still in the early stages, retail media introduces a significant new monetization layer to the platform and meaningfully expands the long-term economics of our connected retail ecosystem. All of this is occurring within a market that fundamentally remains under-digitized.

我們相信，當部署達到規模時，這將為零售商、品牌與生態系夥伴創造一個高度有價值且愈來愈可變現的媒體環境。雖仍處於早期階段，零售媒體為平台引入了一個重要的新變現層，並顯著擴大我們連網零售生態系的長期經濟效益。而這一切都發生在一個本質上仍然欠缺數位化的市場之中。

Physical retail is one of the largest sectors of the global economy, yet the majority of it still operates without real-time intelligence, without visibility into shopper behavior, and without integrated digital engagement layers. That structural gap between where the industry is today and what we are beginning to demonstrate in live deployments is what defines the scale of the opportunity ahead.

實體零售是全球經濟中最大的產業之一，但其中大多數仍在缺乏即時洞察、缺乏對消費者行為的可視性、且缺乏整合式數位互動層的情況下運作。產業現況與我們在實際部署中開始展現的能力之間的結構性落差，正是定義未來機會規模的關鍵。

We are already seeing increasing interest across multiple categories and geographies, including grocery, toys, home goods and international retail markets. This breadth of interest reinforces that the opportunity is not confined to a single format or use case, but is applicable across a wide range of retail environments.

我們已在多個品類與地理區域看到日益增加的興趣，包括雜貨、玩具、家居用品以及國際零售市場。這種廣泛的興趣進一步證明，機會並不局限於單一業態或使用情境，而是可適用於各式各樣的零售環境。

As retailers gain visibility into performance and ROI, we are seeing increased willingness to expand deployments across traditional stores, formats and regions, further validating the scalability of the platform globally. As this market evolves, we believe long-term leadership will not be determined by a single product capability, but by platform integration, deployment experience and operational scale, and this is where our competitive position continues to strengthen.

隨著零售商對績效與 ROI 的可視性提高，我們看到他們更願意在傳統門市、不同業態與不同區域擴大部署，進一步驗證平台在全球的可擴展性。隨著市場演進，我們相信長期領導地位不會由單一產品能力決定，而是取決於平台整合度、部署經驗與營運規模；而這正是我們競爭地位持續強化之處。

Our competitive moat is not based solely on hardware it is built through the combination of deep retail integrations, real-world deployment experience, proprietary shopper engagement data, AI-driven personalization, retail media infrastructure, operational know-how, and a growing installed base.

我們的競爭護城河不僅建立在硬體之上，而是由深度零售整合、真實世界部署經驗、專有的消費者互動數據、AI 驅動的個人化、零售媒體基礎設施、營運專業能力，以及不斷成長的裝機基礎共同構成。

At deployment scale, these advantages reinforce one another. Each additional deployment strengthens integration, enriches data, improves system intelligence, and deepens our operational footprint within the retail environment. Over time, this creates a compounding advantage that becomes increasingly difficult to replicate. Within this context, AI is not a standalone initiative. It is a core enabler embedded directly into the platform.

在規模化部署下，這些優勢會彼此強化。每新增一次部署，都會強化整合、豐富數據、提升系統智慧，並加深我們在零售環境中的營運足跡。隨著時間推移，這會形成一種複利式優勢，變得愈來愈難以複製。在此背景下，AI 並非一項獨立計畫，而是直接嵌入平台的核心賦能要素。

We deploy AI where it improves retailer economics and shopper outcomes in a meaningful way, integrating it into the operational fabric of the in-store experience. This includes personalization, contextual recommendations, fraud mitigation, operational optimization, and shopper intelligence. As deployment scale and data richness increases.

我們在能以有意義的方式改善零售商經濟效益與消費者成果之處部署 AI，並將其整合進門市體驗的營運脈絡之中。這包括個人化、情境式推薦、防詐欺、營運最佳化，以及消費者洞察。隨著部署規模與數據豐富度提升。

These capabilities become increasingly powerful, improving decision-making at the point of interaction and enhancing both shopper engagement and store efficiency. AI is a compounding force that strengthens our platform over time and reinforces the structural advantages of a digitized retail environment. I want to briefly touch on our financial performance, which continues to reflect both early-stage scaling and strengthening underlying momentum.

這些能力將變得愈發強大，能在互動當下提升決策品質，並同時強化消費者參與度與門店營運效率。AI 具有複利效應，會隨時間推進持續強化我們的平台，並鞏固數位化零售環境的結構性優勢。我想簡要談一下我們的財務表現；該表現持續反映出我們仍處於早期規模化階段，同時底層動能也在增強。

We delivered $3.3 million in revenue in the first quarter, representing 114% year-over-year growth. This increase was driven primarily by the expansion of our Smart Cart deployments across leading retail partners and reflects the early stages of conversion from our growing backlog into recurring commercial activity.

我們在第一季實現 330 萬美元營收，年增 114%。此一成長主要由我們在主要零售合作夥伴中擴大 Smart Cart 部署所帶動，並反映出我們不斷成長的在手訂單（backlog）正處於轉化為經常性商業活動的早期階段。

We continue to expand our installed base during the quarter, reaching more than 2,500 Smart Carts delivered, including approximately 500 units delivered in Q1. Importantly, deployment activity is shifting in nature. We are transitioning from initial site-level pilots to programmatic rollouts across retail networks. We have expanded a multi-year contracted backlog to more than $195 million, representing over 19,000 Smart Carts scheduled for deployment globally.

本季我們持續擴大已安裝基礎，Smart Cart 累計交付已超過 2,500 台，其中約 500 台於第一季交付。重要的是，部署活動的性質正在轉變。我們正從初期的單店試點，轉向在零售網路中以計畫化方式推廣。我們已將多年期合約在手訂單擴大至超過 1.95 億美元，代表全球已排程部署超過 19,000 台 Smart Cart。

This is a defining milestone for the company. We have transitioned beyond pilots and isolated deployments into structured, repeatable, multi-phase rollout programs with leading retailers. What is emerging is not simply demand, but a large-scale infrastructure deployment pipeline spanning regions, formats, and retail networks. This backlog now provides a high degree of visibility into future deployments, reinforces the scalability of the platform, and reflects the strength of underlying demand.

這是公司的一個關鍵里程碑。我們已從試點與零星部署，轉型為與領先零售商合作的結構化、可重複、分階段推廣計畫。正在形成的不僅是需求，而是一條跨區域、跨業態、跨零售網路的大規模基礎設施部署管線。這些在手訂單如今為未來部署提供高度能見度，強化平台的可擴展性，並反映出底層需求的強勁。

Importantly, this backlog does not include revenue from data or retail media, which we expect to add incremental revenue as those streams continue to ramp. While we remain early in the scaling curve, we are seeing increasing alignment between deployment activity, backlog conversion and revenue growth, reflecting improving visibility and a more scalable operating model. We have also strengthened our financial position.

重要的是，這些在手訂單尚未包含資料或零售媒體的收入；隨著這些收入來源持續爬坡，我們預期將帶來額外增量收入。雖然我們仍處於規模化曲線的早期，但我們看到部署活動、在手訂單轉化與營收成長之間的連動性日益提高，反映出能見度改善以及更具可擴展性的營運模式。我們也強化了財務狀況。

Total liquidity, working capital at quarter end was approximately $63.2 million, including cash and cash equivalents. In addition, we secured a firm proposal for a $30 million contract-backed non-dilutive bank credit facility. This facility is directly aligned with customer contracts and deployment schedules, meaning capital availability is structurally linked to contracted commercial activity.

截至季末，我們的總流動性與營運資金約為 6,320 萬美元，包括現金及約當現金。此外，我們取得一份 3,000 萬美元、以合約作為擔保的非稀釋性銀行授信額度之確定提案。該授信額度與客戶合約及部署時程直接對應，意味著資金可得性在結構上與已簽約的商業活動相連結。

We view this as a strong external validation of our business model, backlog quality and execution trajectory. The facility further enhances financial flexibility and supports efficient non-dilutive funding of deployments, while preserving balance sheet strength for other working capital needs as we scale. Including under the credit facility, our current total available liquidity is over $90 million, approximately $2 per share.

我們將此視為對我們商業模式、在手訂單品質與執行軌跡的有力外部驗證。該授信額度進一步提升財務彈性，並在不稀釋股權的情況下支持部署的有效資金供應，同時在我們擴張之際，保留資產負債表的強度以因應其他營運資金需求。納入該授信額度後，我們目前可用的總流動性超過 9,000 萬美元，約每股 2 美元。

We also initiated the share repurchase program earlier this year, reflecting our confidence in the long-term trajectory of the business and our commitment to disciplined capital allocation. The program authorizes us to repurchase up to $20 million of our common shares, and we have begun executing against it opportunistically in the open market.

我們也在今年稍早啟動股票回購計畫，反映我們對公司長期發展軌跡的信心，以及對嚴謹資本配置的承諾。該計畫授權我們最多回購 2,000 萬美元的普通股，我們已開始在公開市場上視情況機動執行。

As of March 31, '26, we have repurchased 542,845 shares for a total of approximately $3.5 million, and those shares will be cancelled. This program remains in place and gives us additional flexibility to return capital to shareholders while continuing to prioritize investments in growth and execution.

截至 2026 年 3 月 31 日，我們已回購 542,845 股，總金額約 350 萬美元，且這些股份將予以註銷。該計畫仍然有效，使我們在持續優先投入成長與執行的同時，也能更具彈性地向股東回饋資本。

Overall, we believe the financial results this quarter reflect a business that is still early in its scaling cycle, but increasingly supported by contracted visibility, growing deployment activity and a strengthening commercial foundation. As demand accelerates, we continue to scale our operational infrastructure in parallel. We expanded manufacturing readiness, increasing production capacity and strengthening supply chain execution to support large-scale global deployment.

整體而言，我們認為本季財務結果反映出公司仍處於規模化週期的早期，但正日益受到合約能見度、持續增加的部署活動與更強健的商業基礎所支撐。隨著需求加速，我們也同步擴大營運基礎設施。我們提升了製造就緒度，增加產能並強化供應鏈執行，以支援全球大規模部署。

We also expanded our international operational footprint with the establishment of customer support centers in Panama and Bulgaria. These centers materially enhance our global service architecture, improve deployment execution capability, and ensure we are positioned to support sustained multi-region expansion. Collectively, these investments represent the foundation of a global-scale organization. In summary, what is unfolding at CustomMate is a clear transition into large-scale commercial deployment.

我們也透過在巴拿馬與保加利亞設立客戶支援中心，擴大國際營運版圖。這些中心顯著強化我們的全球服務架構、提升部署執行能力，並確保我們具備支援多區域持續擴張的能力。綜合而言，這些投資構成全球規模化組織的基礎。總結來說，CustomMate 正在發生的是明確轉向大規模商業部署。

We are moving from pilot programs to structured rollouts. We are transitioning from a smart card provider into a connected retail infrastructure platform, and we are beginning to unlock new revenue layers, including retail media, that expand the long-term economics of the ecosystem. Physical retail remains one of the largest and least digitized sectors globally.

我們正從試點計畫走向結構化推廣。我們正從智慧購物車供應商，轉型為互聯零售基礎設施平台，並開始解鎖新的收入層次（包括零售媒體），以擴大生態系的長期經濟效益。實體零售仍是全球最大且數位化程度最低的產業之一。

We believe this sector is transforming into an intelligent, connected and measurable commerce environment in which HZ customers can play a significant role. What is most important is that this transformation is no longer theoretical. Our solutions are being deployed today and our contracted backlog is substantial. Thank you. And we will now open the call for questions.

我們相信該產業正轉型為一個智慧化、互聯且可衡量的商業環境，HZ 的客戶可在其中扮演重要角色。最重要的是，這場轉型已不再只是理論。我們的解決方案已在今日部署，且我們的合約在手訂單相當可觀。謝謝。接下來我們將開放提問。

Thank you, guys.

謝謝，各位。

(Operator Instructions) Dan Kernos, Stonex.

（接線員指示）Dan Kernos，Stonex。

Great, thanks. Good morning. Scotty, let's just start, appreciate all the color, thank you for doing this. And taking our questions here. First, can we just talk about the Chinese manufacturing facility? You guys said that it would be fully up and running by before Q3. Can you just tell us where we are? And then in terms of product that's coming from there, talk about Q&A testing, what is and what does production look like at scale?

很好，謝謝。早安。Scotty，我們先從這裡開始；非常感謝你提供的所有細節，也謝謝你安排這場並回答我們的問題。首先，我們能談談中國的製造工廠嗎？你們說在第三季之前就會全面啟用。能否說明目前進度？另外，就從那裡出貨的產品而言，請談談 QA 測試，以及量產規模下的生產會是什麼樣子？

So, Dan, thank you very much. So, yes, we have a production facility in China, which is coming online as we speak. We see this as a very important milestone in supporting our transition to scaled commercial deployment.

Dan，非常感謝。是的，我們在中國有一座生產設施，正如我們所說正在上線。我們將此視為支援我們轉向規模化商業部署的一個非常重要的里程碑。

The facility is designed to support mass production capabilities. And very significantly expands our manufacturing capacity as deployment activity increases globally. We've been working closely with our manufacturing partners on production processes, QA protocols, operational readiness to ensure the platform can scale reliably and consistently.

該設施的設計旨在支援大規模量產能力，並在全球部署活動增加之際，大幅擴充我們的製造產能。我們一直與製造合作夥伴密切合作，涵蓋生產流程、QA 規範與營運就緒度，以確保平台能可靠且一致地擴展。

Very importantly, we believe the facility provides the manufacturing foundation needed to support our existing contracted backlog. But not only that, it also supports our additional global expansion opportunities going forward, no matter how large these may be.

非常重要的是，我們相信該設施提供了支援既有合約在手訂單所需的製造基礎。不僅如此，它也支援我們未來額外的全球擴張機會，無論規模有多大。

And this expanded production capability is part of the broader operational infrastructure we have been building over the last several quarters to support larger multi-region rollout programs. As always, deployment cadence will continue to be coordinated alongside retailer rollout schedules and implementation timing. But from a manufacturing standpoint, we believe we are in a very strong. Position today to support scale as needed.

而這項擴充的產能，是我們過去幾季為支援更大型、多區域推廣計畫所建構之更廣泛營運基礎設施的一部分。如同以往，部署節奏仍將與零售商的推廣時程與導入時間協同安排。但就製造端而言，我們認為目前已處於非常有利的位置，可在需要時支援規模化。

And to that point, Gadi, given the backlog that you have, the purchase order book, obviously 19,000 carts right now, and we understand that deployment largely depends on store readiness and retrofitting.

就此而言，Gadi，考量你們的在手訂單、採購訂單簿——目前顯然是 19,000 台購物車——而我們也理解部署在很大程度上取決於門店就緒度與改裝。

But you've kind of pointed to Q3 as sort of the big pivot quarter for deployments here. How should we think about cadence starting to begin in the back half of the year? I'm not looking necessarily for specific numbers, but just how should we think of that beginning to scale? And you've also talked about the new contract wins, so I'm just curious how the order book pipeline is also starting to shape up?

但你們似乎把第三季視為部署的重大轉折季度。對於今年下半年開始的節奏，我們應該如何看待？我不一定要具體數字，但想了解應如何理解其開始放量的方式。另外你們也提到新的合約得標，所以我也好奇訂單簿管線目前的形狀如何？

So, as we've said, we're continuing to see our transition into large structured rollout programs with our partners.

如同我們所說，我們持續看到與合作夥伴轉向大型、結構化的推廣計畫。

Our manufacturing facility is now online and we have started from Q3, beginning of Q3, we will de facto have no real restriction on our manufacturing capabilities. So we exited Q1 with approximately 2,500 smart cars. Delivered a 19,000 card scheduled for deployment through the end of 2027.

我們的製造設施現已上線，而從第三季、第三季初開始，實際上我們在製造能力方面將不再有任何實質限制。因此，我們在第一季結束時累計交付約 2,500 台智慧購物車；並有 19,000 台已排程於 2027 年底前部署。

As far as cadence, we can't expect it to be perfectly linear quarter-to-quarter. They depend on all sorts of operational factors, including store readiness and retail implementation. But from a manufacturing level, we're totally ready. So we do expect activity levels to continue increasing as we move through the scaling phase of the business and as the year progresses, particularly as manufacturing readiness and deployment infrastructure continue to expand.

就節奏而言，我們不預期每一季都會完全線性成長。這取決於各種營運因素，包括門店就緒度與零售端導入。但從製造層面來看，我們已完全就緒。因此，隨著我們進入業務規模化階段並且年度推進，尤其是在製造就緒度與部署基礎設施持續擴張之際，我們確實預期活動水準將持續提高。

And as I mentioned, we've also invested in expanding operational infrastructure with our new support hubs in Panama and Bulgaria, specifically to support multi-region deployment execution and customer support as our rollout. Activity grows.

正如我提到的，我們也投資擴充營運基礎設施，透過在巴拿馬與保加利亞設立新的支援中心，專門用於支援多區域部署的執行與客戶支援，隨著我們的推廣，相關活動也在成長。

So although we are still in the early stages of what can become a much broader deployment cycle across physical retail, the current backlog gives us a lot of visibility into that scaling process. And without us providing specific deployment guidance, we expect deployments to pick up from quarter to quarter and from year to year.

因此，儘管我們仍處於可能在實體零售領域展開更廣泛部署週期的早期階段，但目前的積壓訂單讓我們對該擴張流程有很高的能見度。而且即使我們不提供具體的部署指引，我們也預期部署將在每一季、每一年逐步加速。

Got it. Super helpful. One more for me, just on retail media, you guys announced several significant brand name contracts, obviously, you're starting to get attention. We know that it's going to scale. I think in the filing, I think there was like 200-ish thousand of revenue or so, give or take, from services. I don't know if that's the retail media number in the quarter, but just can you help us think about how.

了解。非常有幫助。我再問一個，關於零售媒體，你們宣布了幾個重要的知名品牌合約，顯然你們開始受到關注。我們知道這會擴大規模。我記得在申報文件裡，服務收入大概是20萬美元左右（上下浮動）。我不確定那是不是本季的零售媒體數字，但你能否幫我們思考一下，這要如何看待。

Rapidly that can scale. I know this is a scale game, Gadi, but just what you're seeing and whether or not you expect those contracts that you announced with Under Armour and others to contribute and how quickly.

它能多快擴大規模。我知道這是一個規模競賽，Gadi，但就你目前看到的情況，以及你是否預期你們宣布與 Under Armour 等品牌簽訂的合約會帶來貢獻、以及貢獻速度有多快？

So first of all, you're quite right. The retail media is a very significant opportunity. We've just started generating revenues in Q1, and we believe that's a very important early validation point for the model, as well as the extra top-class brands that we've signed on.

首先，你說得完全正確。零售媒體是一個非常重大的機會。我們在第一季才剛開始產生收入，我們認為這是對該模式非常重要的早期驗證點，同時也驗證了我們所簽下的額外頂級品牌。

Yes, we're in the early stage of building that business, but we're already seeing very meaningful interest from brands and ecosystem partners that are keen to engage shoppers directly at the point of purchase, which is always the strong point of in-store retail media.

是的，我們仍在建立這項業務的早期階段，但我們已經看到品牌與生態系夥伴非常有意義的興趣，他們希望在購買當下直接觸及消費者，而這一直是店內零售媒體的強項。

But similar to other retail media platforms, scale does matter. So as the installed base grows, shopper engagement increases across the network, the value of the media inventory and targeting capabilities become significantly more attractive.

但與其他零售媒體平台類似，規模確實很重要。因此，隨著裝機基礎擴大、整個網路的消費者互動提升，媒體庫存與定向能力的價值會變得顯著更具吸引力。

Larger deployments create more impressions, more shopper data, more engagement opportunities, and ultimately stronger monetization potential per retail partner. So, as we've always said, the Smart Cart is uniquely positioned within the in-store journey because it sits directly at the highest intent moment in physical commerce, while shoppers are actively making purchasing decisions.

更大規模的部署會帶來更多曝光（impressions）、更多消費者資料、更多互動機會，最終也會為每個零售合作夥伴帶來更強的變現潛力。因此，正如我們一直所說，Smart Cart 在店內旅程中具有獨特定位，因為它直接位於實體商務中意圖最高的時刻——當消費者正在做購買決策時。

As we scale, we expect our retail media revenues to increase not linearly, but geometrically, so not only do the more carts you have more retail media inventory to monetize, but we strongly believe that the more carts you have, the value of the retail medium monetized will increase too.

隨著我們擴大規模，我們預期零售媒體收入的成長不會是線性的，而是幾何式的；也就是說，不僅購物車越多，可變現的零售媒體庫存越多，我們也堅信購物車越多，被變現的零售媒體本身的價值也會提高。

And once again, I can remind everyone that our contracted backlog of $195 million does not include retail media revenues. These are in addition. So the retail media, it's a digital revenue stream. It's a high margin recurring revenue layer. And we hope that they will generate digital profits that can strengthen our economics of deployment going forward.

再提醒大家一次，我們1.95億美元的已簽約積壓訂單並不包含零售媒體收入；這些是額外的。因此，零售媒體是一條數位收入來源，是高毛利的經常性收入層。我們希望它們能帶來數位利潤，進一步強化我們未來部署的經濟效益。

Got it. Thank you, Gadi. Congrats on your first earnings call, and good luck.

了解。謝謝你，Gadi。恭喜你第一次財報電話會議，祝順利。

Thank you.

謝謝。

Greg Gibas, Northland Securities.

Greg Gibas，Northland Securities。

Hey, great. Good morning, Gadi. Thanks for taking the questions, and congrats on the early progress as it relates to the strong contracting momentum.

嗨，很好。早安，Gadi。謝謝你回答問題，也恭喜你們在強勁簽約動能方面取得的早期進展。

One of two, as it relates to maybe the timeframe on deployments on existing contracts, how we should think about average time it takes to fully deploy carts, from one to the time a contract is signed, and, perhaps what are some of the limiting factors or bottleneck factors that could affect timing.

我有兩個問題。第一個是關於既有合約的部署時程：我們應該如何看待從合約簽署到購物車完全部署的平均時間？以及有哪些限制因素或瓶頸因素可能影響時程？

So, thank you. So, there always is a certain delay between announcing the contracts and actually revenue recognition. So, revenue recognition is closely tied to deployment activity and delivery milestone. So, there's always going to be a timing gap between commercial announcement, signed agreements. Deployment execution and revenue recognition.

謝謝。確實，從宣布合約到實際認列收入之間，總會有一定的延遲。收入認列與部署活動及交付里程碑密切相關。因此，在商業宣布、簽署協議、部署執行與收入認列之間，必然會存在時間落差。

But we've given guidance where we can, where we've contracted with our clients on when we're going to start deploying. So we've already started deploying with Yochananov and that is going a pace and it's going to be increasing as we everywhere from quarter to quarter. We are starting soon with Sapir and that's also increasing from quarter to quarter, but our expectation is that our entire contracted backlog at present will be deployed by the end of 2027. So that gives visibility into our deployment activity.

但在我們能提供指引的地方，我們已就何時開始部署與客戶完成合約約定。我們已經開始為 Yochananov 進行部署，進度按計畫推進，並且會在各地隨著季度推移而增加。我們也將很快開始為 Sapir 部署，同樣會逐季增加。不過，我們的預期是，目前全部已簽約的積壓訂單將在2027年底前完成部署，這讓我們的部署活動具備能見度。

Remember that the revenue recognition of our contracts is staggered over the mostly five-year contracts. So the revenue recognition will take approximately five years to be reflected fully in our reports from the time of deployment.

請記得，我們合約的收入認列是分期進行的，主要是五年期合約。因此，自部署開始起，收入認列大約需要五年時間才會在我們的報表中完整反映。

Got it. Got it. Great. That's helpful. And then wondering if you could maybe speak to the overall demand environment that you're seeing as it relates to incremental contracting progress, activity, or discussions with prospective customers?

了解，了解。很好，這很有幫助。第二個問題是，你能否談談你們目前看到的整體需求環境，特別是新增簽約進展、活動，或與潛在客戶的討論情況？

We're continuing to see strong commercial momentum and in multiple markets and multiple retail verticals. So, we're working diligently to further expand our commercial pipeline and convert the opportunities into additional agreements and contracted backlog. The retail sales cycles in this industry are long. And operationally driven, especially with large-scale enterprise deployments.

我們持續在多個市場與多個零售垂直領域看到強勁的商業動能。因此，我們正努力進一步擴大商業管線，並將機會轉化為更多協議與已簽約積壓訂單。這個產業的零售銷售週期很長，而且以營運為驅動，尤其是大規模企業級部署。

With that, as we're seeing, as retailers gain this ability into our performance metrics, into the shopping engagement with our carts and into the ROI that we can show, we are seeing increasing willingness to move forward to broader rollout discussions.

在此同時，正如我們所看到的，隨著零售商逐步掌握我們的績效指標、購物車帶來的消費者互動，以及我們能展示的投資報酬率（ROI），他們更願意推進到更大範圍的推廣（rollout）討論。

So, we believe that our growing contracted backlog also provides visibility.

因此，我們相信不斷成長的已簽約積壓訂單也提供了能見度。

At the same time, we remain disciplined in how we communicate externally, and we continue to announce material developments as appropriate and in line with our disclosure practices.

同時，我們在對外溝通上仍保持紀律，並會在適當時機、且符合我們揭露規範的前提下，公布重大進展。

But overall, we believe the pipeline environment remains active, it's very constructive, and it's supported by increasing retailer interest in digitizing the in-store shopping experience and adopting connected retail infrastructure solutions at scale.

但整體而言，我們認為管線環境仍然活躍、非常正向，並且受到零售商對店內購物體驗數位化、以及大規模採用連網零售基礎設施解決方案的興趣提升所支持。

Got it. Thanks very much.

了解。非常感謝。

Giuliano Balagna, Compass Point

Giuliano Balagna，Compass Point

Good morning, Neil. Congrats on the first earnings call.

早安，Neil。恭喜第一次財報電話會議。

First question, you put a lot of information out in April about some of the performance of the cards, basket sizes, utilization, and so on. I'm curious, now that you're kind of going from pilot to larger deployments, does that help at all in the. Cycle going to approach new retailers and new potential clients, and does that help move the ball forward when it comes to getting sign-on or getting approval and having some of the retailers want to move forward now that there's actual data to prove that the product is working and providing increasing basket sizes, providing interesting economies of scale and usage?

第一個問題：你們在4月公布了很多資訊，關於購物車的部分績效、客單價（basket sizes）、使用率（utilization）等等。我很好奇，現在你們正從試點走向更大規模部署，這是否在接觸新零售商與新潛在客戶的流程上有所幫助？而且，當有實際數據證明產品有效、能提高客單價、帶來有趣的規模經濟與使用情況時，是否有助於推動簽約或取得核准，讓部分零售商更願意往前推進？

Absolutely. There's no question that the fact that we can show utilization rates and usage rates and increased product purchases and et cetera, is a key factor in showing an ROI, because in the end, our retailers, they're hard-nosed businessmen and business people, and in addition to the superior shopper experience, they want to know that deploying our product is going. Bring them extra money.

絕對有。毫無疑問，我們能展示使用率、使用頻率、產品購買增加等等，是呈現投資報酬率（ROI）的關鍵因素。因為歸根結底，我們的零售商是務實的商人與企業經營者；除了更好的消費者體驗之外，他們也想知道部署我們的產品是否能為他們帶來額外收入。

So the fact that we can show that there are increased sales, that we can show that there's uptake in usage from the shoppers and that retail media is starting to generate revenues as well. These all make the entry level smoother for us to actually progress.

因此，我們能證明銷售增加、能證明消費者使用採用率提升，以及零售媒體也開始產生收入，這些都讓我們在推進的入門門檻更順暢。

That's very helpful. And from a-- kind of a sales cycle perspective, is there any change in kind of the existing contracts? Are you seeing appetite to want to expand and increase the rollouts of existing customers? And are any of the new discussions pointing to similar size rollouts or are they pointing towards larger rollouts across a larger install base?

這非常有幫助。從——有點像銷售週期的角度來看，既有合約方面是否有任何變化？你們是否看到既有客戶有意願擴大並增加推廣規模？而新的討論是否指向類似規模的推廣，還是指向在更大的裝機基礎上進行更大規模的推廣？

Yeah, well, almost all the clients we've signed up are in the process of expansion, so they're continuing to grow their businesses, but they also have concrete plans to significantly expand their store count, and they plan to open quite a significant number of stores over the next 12 to 18 months. The contracted backlog is intended to be deployed in existing stores, so we can definitely. Reasonably expected that as our customers open new stores, they will want to deploy our carts in those stores as well, and our backlog will increase. So on that basis, we have strong reasonable expectations that the clients will increase their orders when they increase their store count.

是的，嗯，我們簽約的幾乎所有客戶都正處於擴張階段，因此他們持續成長其業務，同時也有具體計畫要大幅增加門市數量，並計畫在未來 12 到 18 個月內開設相當可觀數量的門市。已簽約的積壓訂單（contracted backlog）預計會部署在既有門市中，所以我們當然可以合理預期，隨著客戶開設新門市，他們也會希望在那些門市部署我們的購物車，而我們的積壓訂單也會增加。因此，基於此，我們有很強且合理的預期：當客戶增加門市數量時，他們會提高訂購量。

That's very helpful. I appreciate the time and congrats on the first call, and I'll jump back in the queue.

這非常有幫助。感謝你撥冗，也恭喜第一次電話會議，我先回到等候隊列。

Thank you very much. If.

非常感謝。如果。

There are no further questions, I would like to turn the conference back over to John for pre-submitted analyst questions.

如果沒有進一步的問題，我想把電話會議交回給 John，回答預先提交的分析師問題。

Thank you very much, and Gary, thanks for your time, and thanks to Giuliano, Greg, and Dan for their input. I know it was greatly appreciated. A lot of the questions have been answered and asked at this point in time.

非常感謝，Gary，謝謝你撥冗，也感謝 Giuliano、Greg 和 Dan 的意見。我知道大家非常感激。到目前為止，很多問題都已經被回答並且也被問到了。

I suppose one of the questions a lot of the U.S. Investors will have is, and Amir is touching on what Greg had spoken about already, is that very much this is really centric right now, in the sense that the majority of the rollouts in the context are coming from that geographic.

我想美國投資人會有的一個問題是，而 Amir 也在呼應 Greg 先前談到的，就是目前這件事在某種意義上非常以某個地理區域為中心，因為在此脈絡下的大多數推廣（rollouts）都來自那個地區。

Are you seeing the same concerns on a more global scale, i.e. In Central America, South America and Europe? And then are you also seeing an appetite to move towards.

你們是否在更全球的範圍也看到同樣的疑慮，例如在中美洲、南美洲和歐洲？另外，你們是否也看到有意願朝向。

Platform technology solutions in order to ease the issues that those retailers have may be the same, may be different than the Israeli retailers are seeing right now.

平台技術解決方案發展，以緩解那些零售商所面臨的問題——這些問題可能與以色列零售商目前看到的相同，也可能不同。

So, yes, we are, our backlog is concentrated in Israel. I think that's part of market dynamics, but we're continuing to see growing international interests. Or from many regions around the world and our pipeline is becoming increasingly global in nature.

所以，是的，我們的積壓訂單主要集中在以色列。我認為這是市場動態的一部分，但我們也持續看到國際興趣在成長，來自全球許多地區，而我們的商機管線（pipeline）也正變得越來越全球化。

I'd also say that the US is a very important and strategic market for the company. We feel that we are mature enough now to actually go out and deploy there and we're putting significant focus on expanding our presence and commercial activity there.

我也想說，美國對公司而言是一個非常重要且具策略性的市場。我們覺得我們現在已經足夠成熟，能夠實際到那裡部署，我們也正把相當多的重點放在擴大我們在當地的存在與商業活動。

In the US, your platform, the integrators player. An integral role in the U.S. Retail ecosystem, especially for large-scale enterprise and platform deployment. So, we're continuing to work towards expanding our relationships and go-to-market capabilities with the integrators as a central part of that, as a central part of our broader market penetration strategy.

在美國，平台與系統整合商（integrators）在美國零售生態系中扮演關鍵角色，特別是針對大型企業與平台級部署。因此，我們持續努力擴大與整合商的合作關係與市場進入（go-to-market）能力，並將其作為核心，作為我們更廣泛市場滲透策略的核心部分。

So, yes, we are continuing to build the operational and commercial infrastructure necessary to support long-term global. Expansion, and that is where we're putting most of our efforts now.

所以，是的，我們持續建置支持長期全球擴張所需的營運與商業基礎設施，而這也是我們目前投入最多努力的方向。

Excellent. And this is from Brett. This is in relation to the announcement yesterday of the $30 million line of credit. I suppose a couple of things on it from Brett's perspective. Can you elaborate on it? What does it do for you, the company?

很好。這題來自 Brett，與昨天宣布的 3,000 萬美元信用額度（line of credit）有關。我想從 Brett 的角度有幾點想問：你能否進一步說明？這對公司有什麼作用？

How does it support your deployment as such? And then.

它如何支持你們的部署？然後。

A follow-on question from out of breath as well is how much due diligence was put into the decision by the major financial institution in Israel to get involved in this.

Brett 也有一個延伸問題：以色列主要金融機構決定參與此案時，做了多少盡職調查（due diligence）？

Yes, thank you. So, yes, we are very proud that we have received approval for the bank facility.

是的，謝謝。所以，是的，我們非常自豪已獲得這項銀行融資額度的核准。

When we are now transitioning into larger-scale commercial deployment activity and as our business model, as we've always said, is you have a minimal upfront payment, but essentially it's multi-year, it's a five-year contract, it's payments over 60 months, notwithstanding that we are very liquid.

當我們現在正轉向更大規模的商業部署活動時，而我們的商業模式——如同我們一直所說——是前期付款很少，但本質上是多年期合約，是五年合約，分 60 個月付款；儘管我們的流動性非常充足。

And well financed, we think it would not be a good use of our financial resources to fund what is essentially our working capital. So even though our unit costs are continuing to grow down, it's still a significant outlay of funds to actually manufacture and deploy our cars and get payments for them over many months. So this is a facility which is based on the contracts we've already signed.

而且資金也很充裕，我們認為用我們的財務資源去資助本質上屬於營運資金（working capital）的部分，並不是好的資源運用方式。即便我們的單位成本持續下降，實際製造並部署我們的購物車，並在多個月後才收款，仍然需要相當可觀的資金支出。因此，這是一項以我們已簽署的合約為基礎的融資額度。

As I said, it's a non-diluted. It's a bank credit facility and it's directly linked to customer contracts and deployment schedule. So as deployment activity scales, we have an increased need for manufacturing and inventory and logistics and this operational working capital will be funded by the banks to support the rollout execution.

如我所說，這是不稀釋（non-dilutive）的銀行信貸額度，並且直接與客戶合約及部署時程相連結。隨著部署活動擴大，我們對製造、庫存與物流的需求也會增加，而這些營運資金將由銀行提供，以支持推廣部署的執行。

They look through our contracts, they look through our costings, they look through our business model, they examine the clients. So in addition to the funds that we actually get and our ability to utilize non-diluted bank financing to fund our increased deployment, it's also meaningful because it reflects external confidence from a professional body that's giving us a lot of money in both the quality of our backlog and our execution trajectory.

他們會審視我們的合約、審視我們的成本結構、審視我們的商業模式，並檢視客戶。因此，除了我們實際取得的資金，以及我們能夠運用不稀釋的銀行融資來支持部署擴張之外，這也很有意義，因為這反映出一個專業機構的外部信心：他們願意提供我們大量資金，代表他們對我們積壓訂單的品質以及我們的執行軌跡都有信心。

Excellent. And then just a follow-up from Brett was, is there opportunities to increase this facility or have other facilities from other institutions in Israel? And then does this translate across other markets as you roll, Karz, into other demographics?

很好。接著 Brett 的追問是：是否有機會提高這項額度，或從以色列其他機構取得其他融資額度？另外，當你們把購物車（Karz）推向其他市場、其他族群時，這是否也能在其他市場複製？

So our model, and I think we've always been open about it, is to actually receive bank financing, to fund our deployments at scale, wherever they are in the world. Any new contracts that come in, we would expect to be able to receive similar financing. The first one proves that the model can work, but our expectation is that this will be done wherever we are, this will be done if we increase.

所以我們的模式——我想我們一直都很公開——是實際取得銀行融資，來支持我們在全球各地的大規模部署。任何新進合約，我們都預期能取得類似的融資。第一筆融資證明這個模式可行，但我們的預期是：無論我們在哪裡、無論我們是否增加。

Our backlog, whether for new contracts or increased contracts from existing clients, we expect that we will be able to receive bank financing in Israel from Israeli banks when we deploy abroad from local banks wherever we deploy.

我們的積壓訂單——不論是新合約，或既有客戶增加合約——我們預期在以色列能從以色列銀行取得銀行融資；而當我們在海外部署時，則能在我們部署的當地，從當地銀行取得融資。

Excellent. I think what we'll do is we'll wrap it up there. I know we're pushing up on our time. So what I will do is I'll leave it to you for a couple of minutes for closing remarks or anything that you want to emphasize over the last 15 minutes or 20 minutes or half an hour of this call.

很好。我想我們就到這裡做個收尾。我知道時間快到了。所以我會留給你幾分鐘做結語，或強調一下在過去 15 分鐘、20 分鐘或半小時這段通話中你想特別指出的重點。

Excellent. So first of all, thank you all for taking the time early morning. This is our first earnings call. We look forward to being able to report on our progress from quarter to quarter. It's very exciting times. We are liquid. We have built up the infrastructure, the research team, the deployment team, our channels and partners abroad, operational hubs to allow us to enter into the mass employment at scale, and we're also building up our retail media opportunities and retail media commercialization.

很好。首先，感謝大家一大早撥冗參與。這是我們第一次財報電話會議。我們期待能夠逐季回報我們的進展。這是一段非常令人振奮的時期。我們的流動性充足。我們已建立起基礎設施、研發團隊、部署團隊、海外通路與合作夥伴、營運樞紐，使我們能夠以規模進入大規模部署，同時我們也在建立零售媒體（retail media）機會與零售媒體商業化。

So we look forward to being able to report on our progress next time. Thank you all very much for your time. It's much appreciated.

因此，我們期待下次能回報我們的進展。非常感謝各位撥冗參與，感激不盡。

Thank you. This will conclude today's conference. You may disconnect at this time, and thank you for your participation.

謝謝。今天的電話會議到此結束。您現在可以中斷連線，並感謝您的參與。

Thank you.

謝謝。