Beam Global (BEEM) 2026 Q1 法說會逐字稿

Good day, and welcome to the Beam Global first quarter 2026 operating results conference call. (Operator Instructions) Please note this event is being recorded.

各位好，歡迎參加 Beam Global 2026 年第一季營運成果電話會議。（接線員指示）請注意，本活動將被錄音。

I would now like to turn the conference over to Ms. Lisa Potok, Chief Financial Officer. Please go ahead, ma'am.

現在我想將會議交給財務長 Lisa Potok 女士。女士，請開始。

Hi. Good afternoon, and thank you for participating in Beam Global's first quarter 2026 operating results conference call. We appreciate you joining us today. Desmond Wheatley, President, CEO and Chairman of Beam Global is joining me by phone. Desmond will be giving his thoughts on 2026 and providing an update on recent activities at Beam Global, followed by a question-and-answer session.

您好。下午好，感謝各位參與 Beam Global 2026 年第一季營運成果電話會議。我們很感謝您今天加入。我們的總裁、執行長兼董事長 Desmond Wheatley 也將透過電話與我一同出席。Desmond 將分享他對 2026 年的看法，並就 Beam Global 近期活動提供最新進展，之後將進行問答環節。

But first, I'd like to remind you that during this call, management will be making forward-looking statements, including statements that address Beam's expectations for future performance or operational results. Forward-looking statements involve risks and other factors that may cause actual results to differ materially from those statements. For more information about these risks, please refer to the risk factors described in Beam's most recently filed Form 10-K and other periodic reports with the SEC.

不過首先，我想提醒各位，在本次電話會議中，管理層將作出前瞻性陳述，包括涉及 Beam 對未來表現或營運結果之預期的陳述。前瞻性陳述涉及風險及其他因素，可能導致實際結果與該等陳述存在重大差異。關於這些風險的更多資訊，請參閱 Beam 最近提交的 Form 10-K 以及向美國證券交易委員會（SEC）提交的其他定期報告中所描述的風險因素。

The content of this call contains time-sensitive information that is accurate only as of today, May 15, 2026. Except as required by law, Beam disclaims any obligation to publicly update or revise any information to reflect events or circumstances that occur after this call.

本次電話會議內容包含具時效性的資訊，僅在今日（2026 年 5 月 15 日）為準確。除法律要求外，Beam 不承擔公開更新或修訂任何資訊以反映本次電話會議後發生之事件或情況的義務。

I'm going to go ahead and start with a couple a few key highlights. Our backlog grew 50% during the quarter from $6 million at December 31 of '25 to $9 million at March 31 of '26, with more than half attributable to the smart city applications, approximately one-third to energy storage and the balance to the EBR and related products. And perhaps most importantly, our Q2 2026 revenue through today has already exceeded our first quarter results, a clear signal that the business is accelerating.

我先從幾項重點摘要開始。我們的在手訂單（backlog）於本季成長 50%，由 2025 年 12 月 31 日的 600 萬美元增至 2026 年 3 月 31 日的 900 萬美元，其中超過一半來自智慧城市應用，約三分之一來自儲能，其餘來自 EBR 及相關產品。或許最重要的是，截至今日，我們 2026 年第二季的營收已超過第一季的成果，清楚顯示業務正在加速。

Operationally, the quarter was active. We made our first EV Arc sale in Abu Dhabi for public EV charging. We launched a patented autonomous wireless charging system for autonomous vehicles, we were selected to supply patented battery systems for drones, supporting life-saving aerial operations globally.

在營運方面，本季活動頻繁。我們在阿布達比完成首筆 EV Arc 銷售，用於公共電動車充電。我們推出一套已獲專利的自動駕駛車輛自主無線充電系統；我們也獲選供應無人機用的專利電池系統，以支援全球救命的空中作業。

Beam Europe achieved a record $1.7 million in smart city infrastructure orders in a single week across Romania, Croatia, Montenegro, Serbia, and Italy, approximately doubling the strongest weekly order volume achieved in 2025. And we secured the largest residential EVR orders to date in New York. We continue to operate with no debt, no going concern, and an unused $100 million line of credit.

Beam Europe 在羅馬尼亞、克羅埃西亞、蒙特內哥羅、塞爾維亞與義大利於單週內取得創紀錄的 170 萬美元智慧城市基礎設施訂單，約為 2025 年最強單週訂單量的兩倍。我們也在紐約取得迄今最大筆住宅 EVR 訂單。我們持續維持無負債、無持續經營疑慮（no going concern），並擁有未動用的 1 億美元信用額度。

Turning to the financials. Our first quarter revenue was $3.1 million, a decrease of 51% compared to $6.3 million in Q1 of '25. The decline reflects order timing with two large orders moving out of the quarter, a seasonally slow period for our European operations and the ongoing reduction in federal government EV spending. Our international customers comprised 51% of revenues in Q1 of '26 versus 25% in Q1 of '25, and revenues from nongovernment commercial entities increased 48% year-over-year to represent 78% of our total revenues, continuing the diversification trend we have been executing against.

接著談財務表現。我們第一季營收為 310 萬美元，較 2025 年第一季的 630 萬美元下降 51%。下降反映訂單時點因素，有兩筆大型訂單移出本季；此外，本季亦為我們歐洲業務的季節性淡季，以及聯邦政府電動車支出持續縮減。我們 2026 年第一季的國際客戶占營收 51%，而 2025 年第一季為 25%；來自非政府商業實體的營收年增 48%，占總營收 78%，延續我們正在推動的多元化趨勢。

On gross profit, we reported a gross loss of $0.4 million or negative 13.3% compared to a gross profit of $0.5 million or 7.9% in Q1 of '25. Our gross results included $0.7 million of noncash depreciation and intangible amortization and cost of revenues. Excluding these items, the adjusted non-GAAP gross margin was 9.4%, compared to 20.6% in the prior year period. The decline reflects the impact of our fixed overhead allocations against the lower product volume and is not indicative of deterioration in our underlying unit economics, which continues to improve.

在毛利方面，我們錄得毛損 40 萬美元，或負 13.3%，相較於 2025 年第一季毛利 50 萬美元、毛利率 7.9%。我們的毛利結果包含 70 萬美元的非現金折舊與無形資產攤銷，並計入營收成本。排除這些項目後，調整後非 GAAP 毛利率為 9.4%，而去年同期為 20.6%。下降反映在較低產品出貨量下固定間接費用分攤的影響，並不代表我們基本單位經濟（unit economics）惡化；該項指標仍在持續改善。

Our operating expenses were $6.3 million compared to $16 million in Q1 of '25. The prior period includes a noncash goodwill impairment charge of $10.8 million, not represented this quarter. Excluding that charge, our operating expenses increased approximately $1 million year over year. This is primarily due to a $1.8 million noncash provision for credit losses related to a single customer balance that was reserved in accordance with our policy.

我們的營業費用為 630 萬美元，去年同期為 1,600 萬美元。去年同期包含 1,080 萬美元的非現金商譽減損費用，本季未出現。排除該項費用後，我們的營業費用年增約 100 萬美元，主要因依據公司政策，針對單一客戶餘額提列 180 萬美元的非現金信用損失準備。

When we remove these one-timers, our reductions in compensate -- the reduction is related to compensation, facilities, and other G&A expenses, which partially offset the increase. Our net loss was $6.9 million compared to $15.5 million in Q1 of '25. The Q1 of '26 net loss includes the $3.5 million of noncash charges.

當我們剔除這些一次性項目後，我們在薪酬、設施及其他一般與行政（G&A）費用方面的降低，部分抵銷了上述增加。我們的淨損為 690 萬美元，相較於 2025 年第一季的 1,550 萬美元。2026 年第一季淨損包含 350 萬美元的非現金費用。

Excluding these items, the non-GAAP net loss was $3.7 million compared to $3 million in Q1 of '25. We believe the relative consistency of our non-GAAP net loss across both periods despite a 51% decline in revenue reflects our disciplined cost structure and is indicative of our meaningful operating leverage as revenue recovers.

排除這些項目後，非 GAAP 淨損為 370 萬美元，相較於 2025 年第一季的 300 萬美元。我們認為，儘管營收下降 51%，兩期非 GAAP 淨損仍相對一致，反映我們具紀律的成本結構，並顯示當營收回升時，我們具有顯著的營運槓桿。

On liquidity, our working capital decreased $2.7 million to $6.2 million at March 31 of '26. Excluding the $1.8 million noncash credit loss provision, the underlying operational decrease was approximately $0.9 million. Our cash increased $1 million during the quarter. We remain debt-free, and we have an unused $100 million credit facility. And we believe we are well positioned to fund operations. In closing, our Q1 was a challenging quarter on revenue.

在流動性方面，截至 2026 年 3 月 31 日，我們的營運資金減少 270 萬美元至 620 萬美元。排除 180 萬美元的非現金信用損失準備後，基礎營運面的減少約為 90 萬美元。我們的現金於本季增加 100 萬美元。我們仍維持零負債，並擁有未動用的 1 億美元信用額度。我們認為自身具備良好條件以支應營運資金需求。最後總結，我們第一季在營收方面是一個具挑戰性的季度。

Desmond, do you want to go ahead let me go ahead and hand it over to Desmond.

Desmond，我把時間交給你。

Okay. And thanks all of you for tuning into this first quarter. Lisa, maybe you could mute your phone just while you choke to death here on the other one. Yes. Thanks, everybody, for tuning into the call.

好的。也謝謝各位收聽第一季電話會議。Lisa，也許你可以先把電話靜音一下，因為你在另一支電話上好像快被嗆到了。好的。謝謝大家收聽本次電話會議。

It was only about a month ago that we had the earnings call for the release of our 10-K. And during that call, I went through a pretty comprehensive update on the happenings of 2025 in the first quarter of 2026, both operationally and financially. So I'm going to keep my comments fairly brief today and leave plenty of time for any questions that you may have.

大約就在一個月前，我們才就發布 10-K 舉行了法說會。在那次會議中，我對 2025 年以及 2026 年第一季的各項進展（無論營運或財務）做了相當全面的更新。因此今天我會把發言控制得相對簡短，並保留充足時間回答各位可能提出的問題。

Well, as Lisa said, our first quarter revenues in 2026 were not what we'd like them to have been, they are in no way an indication of an underlying or fundamental weakness in the business or our strategic plan. First quarter has historically always been a slow quarter for us, and that's particularly true of the contributions from our Beam Europe offices, where the Orthodox Christmas and New Year pushes well into January. And whether and other considerations tend to slow down the deployment of the traditional infrastructure products, which we manufacture and sell across Europe, like streetlights, traffic portals, and other street furniture.

如同 Lisa 所說，我們 2026 年第一季的營收並非我們希望看到的水準，但這絕不代表公司業務或策略計畫存在任何根本性或結構性的弱點。第一季歷來一直是我們的淡季，對 Beam Europe 各辦公室的貢獻尤其如此，因為東正教聖誕節與新年會延續到一月中下旬。此外，天候及其他因素往往會放緩我們在歐洲製造並銷售的傳統基礎設施產品的部署，例如路燈、交通入口門架（traffic portals）以及其他街道設施（street furniture）。

Coincidentally, and unfortunately, from a timing point of view, we also had two large deployments of EVAR systems pushed from the first quarter into the second, which have had an outsized impact on our Q1 revenues.

同時，且不幸的是，就時點而言，我們也有兩項大型 EVAR 系統部署從第一季延後到第二季，對我們第一季營收造成了不成比例的影響。

At first, we haven't lost those orders, both good orders, and we expect to recognize the revenue from them. Also has to be said that the war in the Middle East has not helped our efforts because we were actually anticipating some material revenues to come in from our new operations being Middle East. But those, like everything else in the region, seems to have been put on hold while the authorities and decision-makers prioritize dealing with the immediate impact of the war.

首先，我們並沒有失去這些訂單，兩筆都是很好的訂單，我們預期將認列其營收。同時也必須說，中東戰事並未有助於我們的推進，因為我們原本預期新設立的中東營運將帶來一些可觀的營收。但這些，如同該地區的其他事務一樣，似乎都被暫緩，因為主管機關與決策者正優先處理戰爭的即時影響。

I've just spent a significant amount of time on our bin Middle East offices and -- Well, I certainly did absorb a lack of momentum where all business dealings are concerned. It's also very clear that the United Arab Emirates and the Gulf region in general are determined to get through this conflict and come out on the other side stronger with even more aggressive plans for future growth. And in fact, we did actually make our first sale of EVAR for public charging in Abu Dhabi while it was there a couple of weeks ago. We've already got it deployed for some other reasons, but this was for public charging.

我最近在我們位於中東的辦公室花了相當多時間——嗯，我確實感受到在各項商務往來上缺乏動能。同時也非常清楚，阿拉伯聯合大公國以及整個海灣地區都決心度過這場衝突，並在衝突結束後以更強的姿態走出來，對未來成長提出更積極的規劃。事實上，幾週前我在當地時，我們確實在阿布達比完成了首筆用於公共充電的 EVAR 銷售。我們先前已因其他原因部署過，但這次是用於公共充電。

So while we didn't get the material contribution to revenues that we've been hoping for in the first quarter, we have managed to make some sales in the Middle East since that time. And I'll spend a few minutes on my time in the Middle East later in the call.

因此，雖然我們在第一季未能取得我們一直期待的、對營收具有實質貢獻的成果，但自那之後，我們已在中東促成了一些銷售。我稍後也會在電話會議中花幾分鐘談談我在中東的行程。

Back to our results. Like any manufacturing company with facilities across the world, we have fixed overhead costs, which do not reduce when the volumes of products, which we deliver reduce. Those costs like rent, insurance and other day-to-day operational costs associated with owning and maintaining our factories stay pretty much exactly the same, whether we do a small volume of products or a very large volume.

回到我們的業績。像任何在全球各地設有工廠的製造公司一樣，我們有固定的間接費用；當我們交付的產品量下降時，這些費用並不會隨之降低。像租金、保險，以及與擁有並維護工廠相關的其他日常營運成本，無論我們生產與交付的產品量是很小或非常大，幾乎都維持完全相同。

The result of this as you've seen in the first quarter is that our gross profits can be negatively impacted by the allocation of fixed overhead across a smaller number of units produced and delivered to the customer. That explains the decline that you see in the gross profits, which we reported during the quarter. But that's a metric that works both ways.

如你們在第一季所見，其結果是：當固定間接費用分攤到較少的生產與交付單位時，我們的毛利可能會受到負面影響。這也解釋了你們在本季看到、我們所報告的毛利下滑。但這個指標是雙向運作的。

As our sales volumes return to growth, and we certainly believe they will, the allocation of those fixed overheads becomes less and less burdensome. And in fact, we get a great deal of operating leverage coming from the fact that we do not need to invest in infrastructure to produce higher volumes of products, we're already set up to do that.

當我們的銷售量回到成長——而我們確實相信會如此——這些固定間接費用的分攤負擔就會愈來愈小。事實上，由於我們不需要再投資基礎設施就能生產更高的產品量（我們已具備產能配置），因此我們能獲得相當可觀的營運槓桿。

I consider that the most important metric from an operational point of view are our unit economics. And those, I'm happy to report -- continue to improve and are currently running at greater than 30% across our entire portfolio, with some products are doing much better than that.

從營運角度來看，我認為最重要的指標是我們的單位經濟性（unit economics）。我很高興地報告——它們持續改善，目前在我們整體產品組合中已超過 30%，其中部分產品的表現甚至遠優於此。

That's to say at the unit level, we're spending less and less money to produce an individual product, while our revenue numbers stay fixed or in some cases, have even increased. That, in turn, means that as our volumes increase and our overhead allocations are diluted over larger volumes of products, there was improved unit economics will return even better gross margins in the future. We've demonstrated this to some extent over the last couple of years, as you've seen improving gross margins when our volumes have been consistent or growing.

也就是說，在單位層級，我們生產單一產品所花的成本愈來愈低，而我們的營收數字則維持不變，或在某些情況下甚至有所增加。進而，當我們的出貨量增加、且間接費用分攤被更大量的產品稀釋時，這些改善的單位經濟性將在未來帶來更佳的毛利率。過去幾年我們在某種程度上已證明了這一點：當我們的出貨量維持穩定或成長時，你們也看到毛利率隨之改善。

So while our revenues and gross margins declined during the first quarter, this is not part of a broader trend. I can say this with a high degree of confidence because again, as Lisa said, our contracted backlog was 50% higher at the first -- at the end of the first quarter than it was at the beginning, showing growth in sales.

因此，雖然我們在第一季的營收與毛利率下滑，但這並非更大趨勢的一部分。我能以高度信心這麼說，因為如同 Lisa 所說，我們的已簽約在手訂單（contracted backlog）在第一季末較季初高出 50%，顯示銷售正在成長。

Furthermore, I can tell you that as of today, we've already generated the same amount of revenue in just half of the second quarter as we generated in all of the first. And we now have the second half of the second quarter to continue this trend of both which we demonstrated so material in the fourth quarter of 2025, which if you remember, was 50% higher than the previous quarter.

此外，我可以告訴各位，截至今天，我們在第二季僅過了一半的時間，就已創造出與第一季整季相同的營收。而第二季下半段我們仍有時間延續這個趨勢——這也是我們在 2025 年第四季所展現的、非常顯著的趨勢；如果你們還記得，當季營收比前一季高出 50%。

Also worth pointing out that we often generate more revenue late in any given quarter than we do at the beginning. So that's another metric to consider. Incidentally, the FCC is currently considering a move away from quarterly filing for companies like ours, believing, as I do that biannual reporting would be just as useful for the investment community and much less impactful and expensive for the reporting companies. We spend an enormous amount of time and money going through this quarterly reporting. Had we already moved to biannual reporting, I'm pretty confident that we could report a first half of this year, which would not raise eyebrows for anything other than books.

另外值得指出的是，我們在任何一個季度的後段，往往比季度初期創造更多營收。因此，這也是另一個需要納入考量的指標。順帶一提，FCC 目前正在考慮讓像我們這樣的公司不再採用季度申報；他們認為——我也同意——改為半年報對投資社群同樣有用，且對申報公司而言影響更小、成本也更低。我們在季度申報上投入了大量時間與金錢。若我們已改為半年報，我相當有信心，我們可以報告今年上半年業績，而不會因任何事情（除了帳面上的季節性）而引起側目。

Our sales and backlog numbers are increasing at a time when, as I've already mentioned in previous calls, we're responding to a complete cessation of orders of our electric vehicle charted products what was previously our largest customer, the US federal government.

在我們的銷售與在手訂單數字增加的同時——如我在先前的電話會議中已提到——我們正因應我們電動車充電產品訂單的全面停止；而先前我們最大的客戶是美國聯邦政府。

And I think this is proof positive that our strategy of diversifying our product portfolio and also the geographic markets into which we're selling is working. Simply put, even absent what was previously our largest customer contributing to our revenues, we're returning to growth in sales and backlog. Revenue contribution from international customers were over half of our first quarter revenues, up from under quarter during the same period last year. That's a trend which I think we're going to see continuing and even growing as the year progresses.

我認為這充分證明，我們分散產品組合、以及分散銷售地理市場的策略正在奏效。簡而言之，即使先前最大的客戶不再對我們營收做出貢獻，我們的銷售與在手訂單仍回到成長。第一季來自國際客戶的營收貢獻超過第一季總營收的一半，較去年同期不到四分之一大幅提升。我認為這個趨勢將在今年持續，並隨著年度推進而進一步成長。

This shows that without a doubt, it was the right move for us to expand internationally through our acquisitions in Europe and also the joint venture, which we created in Abu Dhabi with the Platinum Group. The fact I can tell you that as of this moment, the largest opportunities that we are currently addressing are all coming from our international expansion.

這顯示毫無疑問，我們透過在歐洲的併購，以及與 Platinum Group 在阿布達比成立的合資企業來拓展國際市場，是正確的決策。事實上，我可以告訴各位，就目前此刻而言，我們正在處理的最大機會，全部都來自我們的國際擴張。

Similarly, our efforts to expand our selling beyond federal, state, and municipal government customers are continuing to bear fruit. Sales to nongovernment entities in the first quarter were actually up by almost 50% and now comprise 78% of our total revenues in the quarter.

同樣地，我們將銷售拓展至聯邦、州與市政政府客戶以外的努力，也持續開花結果。第一季對非政府實體的銷售實際上成長了將近 50%，目前已占本季總營收的 78%。

When you consider the -- just two years ago, almost all of our revenues came from government contracts and the majority is also from the federal government, you can see that our efforts to broaden our sales funnel have really paid off.

如果你們回想——就在兩年前，我們幾乎所有營收都來自政府合約，而且其中多數也來自聯邦政府——你們就能看出，我們擴大銷售漏斗的努力確實獲得了回報。

I'm particularly enthusiastic about the way our products are being used by new customers and in ways that we haven't previously seen. It's certainly a new thing for us to have our teams of battery engineers and scientists now perfecting battery solutions for top secret weapons and highly specialized drones and robots. We now have US law enforcement using our Beam patrol product, which is a bundle of four electric motorcycles and are rapidly deployed off-grid charging products.

我對我們產品被新客戶使用、以及以我們過去未曾見過的方式使用，感到特別振奮。對我們而言，現在讓電池工程師與科學家團隊為最高機密武器，以及高度專用的無人機、機器人完善電池解決方案，確實是全新的事情。我們也看到美國執法單位正在使用我們的 Beam patrol 產品——這是一套包含四輛電動機車與可快速部署的離網充電產品的組合。

Incidentally, this is a very popular solution in the Middle East. We recently presented this product to the Chief of Police of Dubai and a cadre of senior ranking officers. Our Beam Middle East team is now putting together a proposal at the request of that law enforcement agency.

順帶一提，這在中東是一個非常受歡迎的解決方案。我們最近向杜拜警察總長及一批高階警官展示了這項產品。我們的 Beam Middle East 團隊目前正依該執法機關的要求，彙整一份提案。

We now have Beam bike solutions operating in North America, Europe, and the Middle East. This product bundle, which comprises 12 Beam bike -- Beam branded electric bicycles, rapidly deployed and highly scalable charging infrastructure and an application for Android or iOS which controls the bikes and allows for billing, geolocation and all of other fantastic utility is also creating opportunity revenue for us, which we've never had before. I actually believe that this new opportunity will also increasingly provide a source of recurring and very profitable revenue.

我們目前已在北美、歐洲與中東部署 Beam bike 解決方案。這套產品組合包含 12 輛 Beam 品牌電動自行車、可快速部署且高度可擴充的充電基礎設施，以及一個 Android 或 iOS 應用程式，用於控制車輛並提供計費、地理定位及其他各種出色的功能；它也正在為我們創造過去從未有過的機會型營收。我確實相信，這個新機會也將日益成為經常性且非常高獲利的營收來源。

Another good example of a new technology solution, which we've recently introduced in the market, is our patented wireless autonomous charging for autonomous vehicles. Autonomous vehicles has been around for a long time, but as with so many things, solving for the last 5% of true autonomy has probably taken as much time investment and work as the first 95%. But it looks as though we're there now. Millions of miles have been safely and successfully driven by autonomous vehicles on city streets across the world. And the level of mainstream user adoption has surprised even many of the so-called experts in the field.

另一個我們近期在市場上推出的新技術解決方案的良好例子，是我們具專利的自動駕駛車輛無線自主充電技術。自動駕駛車輛已存在很長一段時間，但如同許多事情一樣，解決真正自主的最後 5% 可能投入的時間與工作量，幾乎與前 95% 一樣多。不過看起來我們現在已經達標。全球各地的城市道路上，自動駕駛車輛已安全且成功地行駛了數百萬英里。而主流使用者的採用程度，甚至讓許多所謂的領域專家都感到意外。

So while solving for that last 5% of autonomy used to be the biggest hurdle facing the industry, now not surprisingly, the biggest challenge faced by operators of fleets of autonomous vehicles is actually how to charge them.

因此，過去解決自主性的最後 5% 曾是產業面臨的最大障礙；如今不令人意外地，自動駕駛車隊營運商面臨的最大挑戰其實是如何為它們充電。

It might seem a bit surprising that the developers of this futuristic and very challenging technology have so far settled for predictable and traditional methods to charge autonomous vehicles. At the moment, operators of fleets have all their vehicles come to a central location where a human being has to plug them in and try to charge them as quickly as possible so they can fleet as many vehicles as possible across a limited number of charging cables. This is inefficient, very expensive, and certainly not autonomous.

或許有點令人驚訝的是，這些開發如此前衛且極具挑戰性技術的公司，迄今在自動駕駛車輛充電方面，仍採用可預期且傳統的方法。目前，車隊營運商會讓所有車輛回到一個集中地點，由人員插上充電，並盡可能快速充電，以便在有限數量的充電線上，讓盡可能多的車輛輪流充電。這樣做效率低、成本非常高，而且當然也不算自主。

Beam Global's patented wireless off-grid charging technology allows an autonomous fleet operator to deploy charging throughout their service on so that an autonomous taxi might never be more than 2 minutes away from the nearest wireless EVA.

Beam Global 具專利的離網無線充電技術，讓自動駕駛車隊營運商能在其服務範圍內分散部署充電設備，使得一輛自動駕駛計程車距離最近的無線 EVA 可能永遠不超過 2 分鐘。

Our research shows that we're able to keep autonomous taxis full throughout the day by simply having them charged for short periods of time between each right. This means that tax is no longer have to go back to a central location where there's an incredibly expensive and inefficient infrastructure waiting for them.

我們的研究顯示，只要讓自動駕駛計程車在每次行程之間進行短時間充電，我們就能讓它們整天保持滿電狀態。這表示計程車不再需要回到一個集中地點，去面對那套極其昂貴且低效率的基礎設施在那裡等著它們。

It also means that the infrastructure that they rely on to fill their vehicles is not vulnerable to centralized failures such as those that you get during a blackout or for some other reason, the power fails to that centralized charging depot.

這也意味著，他們用來為車輛補能所依賴的基礎設施，不會像集中式系統那樣容易遭受集中式故障的影響，例如停電時，或因其他原因導致電力無法供應到那個集中式充電場站。

Finally, it means that we can provide about twice as many rides per vehicle as the current traditional taxi model provides in the markets we've studied. I think what that does to the cost and revenue model of those operators, and you'll quickly appreciate why we're so bullish on this opportunity.

最後，這意味著在我們研究過的市場中，每輛車可提供的乘車服務次數約為目前傳統計程車模式的兩倍。我認為，一旦你看到這對那些營運商的成本與營收模型造成的影響，你很快就會理解為什麼我們對這個機會如此看多。

This Ateam technology is a game changer. I'm not alone in thinking that the autonomous vehicle are going to be the next big thing in transportation. And a unique, simple, and highly efficient way of charging these vehicles will, I believe, bring very significant opportunities for growth. And this is particularly true in the Middle East where the regulatory environment and general appetite for these sorts of new technologies is much more favorable for the rapid and scaled growth that we expect to see.

這項 Ateam 技術是改變遊戲規則的關鍵。我並不是唯一認為自動駕駛車將成為交通運輸下一個重大趨勢的人。而我相信，一種獨特、簡單且高度高效的車輛充電方式，將帶來非常可觀的成長機會。這在中東尤其如此，因為那裡的監管環境以及對此類新技術的整體接受度，更有利於我們預期將看到的快速且規模化成長。

So it's clear that this geographic and product portfolio diversification and expansion has been crucial to us, not just surviving the EV slowdown in the United States. But actually, it's been enabled us to take advantage of a whole new set of fantastic opportunities for which our products and technologies are ideally suited.

因此很明顯，這種地理與產品組合的多元化與擴張對我們至關重要，不僅讓我們得以在美國電動車放緩期間存活下來；實際上，它也使我們能夠把握一整套全新的絕佳機會，而我們的產品與技術正好非常適配。

I've said before that I'm convinced that the United States will refer to the electrification of transportation, probably starting most aggressively at the federal level. And when it does, we'll be ready to take advantage of that returning opportunity too. What will be different next time is that it will come on top of and be accretive to all the other revenue and profit opportunities that we've created in its absence.

我之前說過，我深信美國將會重新推動交通運輸電氣化，可能會先從聯邦層級最積極地開始。當那件事發生時，我們也會準備好把握那個回歸的機會。下一次不同之處在於：它將建立在我們在其缺席期間所創造的其他所有營收與獲利機會之上，並對其形成增益。

This level of diversification will not only create opportunities for more revenue and profits, but it will also insulate us the kind of swings that we've just witnessed in this quarter where one or two large sales moving right can have an outsized impact on our results. We're going to continue both of these diversification efforts as we evolve. And as usual, we're going to continue to do so with an extreme sense of financial discipline, just as we always have.

這種程度的多元化不僅會創造更多營收與獲利機會，也會讓我們免於承受我們在本季剛見到的那種波動：只要一兩筆大型銷售案的時點往右移，就可能對我們的業績造成不成比例的影響。隨著我們持續演進，我們將同時推進這兩項多元化工作。並且一如既往，我們會以極度嚴謹的財務紀律持續推進，就像我們一直以來所做的那樣。

On the product side, you can see us continue to create new intellectual property. In the first quarter, we were granted patents, which are important to defending our position with some of the unique and very relevant technologies we produce.

在產品方面，你可以看到我們持續創造新的智慧財產。在第一季，我們獲得了專利核准，這對於捍衛我們在一些獨特且高度相關的技術上的地位非常重要。

These patents, which were granted both in the United States and Europe, other products, which enable us to maximize off energy, off-grade energy generation in which we're increasingly discovering are so very important in diverse markets across the world.

這些在美國與歐洲獲准的專利，以及其他產品，使我們能夠將離網能源、非標準等級能源的發電效益最大化；而我們也越來越發現，這在全球各地多元市場中極其重要。

We also received another patent for our battery portfolio, which, as I've said previously in this call, is now creating opportunities in generating revenue for us in high-growth military and commercial applications, not least of which are the diverse and highly specialized unmanned vehicles or drones for which we are developing bespoke, highly energy dense, and safe battery pack solutions.

我們也為電池產品組合取得了另一項專利；正如我先前在本次電話會議中提到的，該組合如今正在為我們於高成長的軍用與商用應用中創造營收機會，其中尤其包括各式多元且高度專業化的無人載具或無人機。我們正為其開發客製化、高能量密度且安全的電池模組解決方案。

The drone market appears to still be in its infancy. It's growing very rapidly, and it's probably just a tiny fraction of what it's set to become. Beam Global is producing batteries for unmanned vehicles which operate in the air, on the ground, and both on and under the surface of the sea. Combining those activities with what we expect to see in terms of opportunity generation through our Beam flight product, I think you should anticipate ever increasing contributions to our business from our focus on the drone market.

無人機市場看起來仍處於萌芽階段。它成長非常迅速，而目前的規模可能只是它未來將成為的樣貌中的一小部分。Beam Global 正在為可在空中、地面，以及海面與海面下運作的無人載具生產電池。結合這些活動與我們預期透過 Beam flight 產品所帶來的機會創造，我認為你應該預期我們聚焦無人機市場將對公司帶來持續增加的貢獻。

One of the most impressive attributes of our product portfolio is its universal appeal anywhere I've traveled across the globe. I've just returned from a 6-week business trip, which attribute to Europe, the Middle East and Africa. I visited London, Dubai, Abu Dhabi, Nairobi in Kenya, Dar es Salaam in Tanzania, Zanzibar in Tanzania, and Kigali in Rwanda before returning to the Middle East and then ending my trip in New York City.

我們產品組合最令人印象深刻的特點之一，是我在全球各地旅行時所見到的普遍吸引力。我剛結束一趟為期 6 週的商務出差，行程涵蓋歐洲、中東與非洲。我造訪了倫敦、杜拜、阿布達比、肯亞奈洛比、坦尚尼亞達累斯薩拉姆、坦尚尼亞桑給巴爾，以及盧安達基加利，之後回到中東，並在紐約市結束行程。

And those are all very diverse and different environments. And yet the enthusiasm and genuine need that I continue to discover for our products is universal. It's no product -- it's no secret that our products create a lot of value in New York City, where since 2015, they providing rapidly deployed off-grid electric vehicle charging and crucially vital backup power during grid failures caused by hurricanes or lack of grid capacity.

而這些都是非常多元且不同的環境。然而，我持續發現人們對我們產品的熱情與真實需求是普遍存在的。這並不令人意外——眾所周知，我們的產品在紐約市能創造大量價值；自 2015 年以來，它們提供可快速部署的離網電動車充電，並且在因颶風或電網容量不足而造成的電網故障期間，提供至關重要的備援電力。

Well, in terms of the utility grid constraints, the requirement for uninterrupted robust and reliable electricity and the provision of mobility or universal requirements, at least across those markets, which I visited in the last couple of years.

就公用電網限制、不間斷且強韌可靠的電力需求，以及移動性（mobility）的提供而言，至少在我過去幾年造訪的那些市場中，這些都是普遍性的需求。

While in East Africa, I met with senior government ministers officials from the United Nations, NGOs, and commercial enterprises. Our ability to deploy transportation and energy infrastructure without going through construction or electrical work turns out to be just as important in East Africa as in New York City, although perhaps for somewhat different reasons and also for many of the same reasons.

在東非期間，我與政府高層部長、聯合國官員、非政府組織（NGO）以及商業企業會面。我們能在不需要施工或電氣工程的情況下部署交通與能源基礎設施，結果證明在東非與在紐約市同樣重要，儘管原因可能有些不同，但也有許多相同之處。

Certainly, when talking to the United Nations about deploying capital to democratize access to electricity and transportation in the region, being global products' ability to provide that type of infrastructure without an ecosystem of service providers, officials, and regulators and regulations who can draw these types of projects out and make them much more expensive for reasons both legal and illegal -- it's a real game changer. It was encouraging to see the UN and other NGOs becoming so excited when they realize how much impact our products could have without all of the usual hurdles, risk, and never-ending processes.

當與聯合國討論在該地區投入資本、以民主化方式提升電力與交通可及性時，Beam Global 產品能在缺乏服務供應商生態系、官員與監管機構，以及可能把這類專案拖得很長、並因合法與非法原因使成本大幅上升的各種規範與流程的情況下，仍能提供那種基礎設施——這確實是改變遊戲規則的關鍵。令人鼓舞的是，當聯合國與其他 NGO 意識到我們的產品能在沒有那些常見障礙、風險與無止盡流程的情況下帶來多大影響時，他們變得非常興奮。

An indication of how much excitement there was around Beam Global perhaps and the impact of our products can have in East Africa was the amount of mainstream national press coverage that my trip received.

一個能顯示外界對 Beam Global 以及我們產品在東非可能帶來影響有多興奮的指標，是我的行程獲得了大量主流全國性媒體的報導。

I was, in most cases, at the airport, even sometimes at 1:00 in the morning by the press who were eager to question me about our energy and mobility products. I also spent time in interviews both in-studio and on-location discussing the merits of our approach and the enthusiasm of both government and enterprise in East Africa for these types of solutions. And again, these were not sort of esoteric niche publications. I'm talking about mainstream national media.

在多數情況下，我在機場，甚至有時在凌晨 1 點，都會被媒體攔訪，他們急切地想就我們的能源與移動性產品向我提問。我也花時間接受棚內與外景採訪，討論我們方法的優點，以及東非政府與企業對這類解決方案的熱情。而且再次強調，這些並不是什麼冷門的小眾刊物；我指的是主流的全國性媒體。

Beam Global already has product deployed across broad swaths of particularly West Africa, as a result of our acquisition of what is now Beam Europe. That team in Serbia has a great deal of experience in deploying infrastructure across many nations in Africa. That experience will be essential and a significant differentiator for us as we start to deploy our portfolio of innovative energy and transportation solutions.

由於我們收購了如今稱為 Beam Europe 的業務，Beam Global 已在非洲，特別是西非的廣大地區部署了產品。塞爾維亞的那個團隊在跨越非洲多國部署基礎設施方面擁有豐富經驗。當我們開始部署創新的能源與交通解決方案產品組合時，這些經驗將至關重要，並成為我們的重要差異化優勢。

And I look forward to bringing in news of our first wins in Africa and also the fantastic good our products enable in environments where people have not previously had access to reliable and robust sources of electricity and even less so to affordable transportation.

我也期待能帶來我們在非洲的首批勝利消息，以及我們的產品在那些人們過去無法取得可靠且強韌電力來源、甚至更難取得可負擔交通的環境中所能帶來的巨大正面效益。

Just as there was never a universal adoption of landline telephones in Africa and yet now everyone has a mobile phone. So I believe there will never be universal adoption of internal combustion engine vehicles. I do, however, feel certain that the young and growing population on the African continent will have access to mobility and that all of it will be electric. We intend to provide solutions to cater to that enormous opportunity for growth. Products like our Beam bike and Beam Petrol, in particular, absolute perfect fit as our energy storage and generation solutions.

正如非洲從未普及採用有線電話，但如今人人都有手機一樣。我相信內燃機車輛也不會在非洲達到普遍採用。不過，我確信非洲大陸年輕且持續成長的人口將能獲得移動性，而其中全部都將是電動化。我們打算提供解決方案，以滿足那個龐大的成長機會。像是我們的 Beam bike 與 Beam Petrol 等產品，尤其是與我們的儲能與發電解決方案搭配時，都是絕佳的契合。

I also think it's likely there will never be a mass and universal adoption of centralized utility grid like those to which we were used in the West. Africa will have an opportunity to leapfrog that outdated model and develop an energy infrastructure, which is highly disintegrated and dispersed, generating and storing electricity close to where it's used in a manner which is rapidly scalable and does not rely on vast centralized power stations and equally vast transmission and distribution infrastructure.

我也認為，像我們在西方所習慣的那種集中式公用電網，不太可能在非洲出現大規模且普遍的採用。非洲將有機會跳躍式超越那種過時的模式，發展出高度去整合、分散式的能源基礎設施：在接近使用地點的地方發電並儲存電力，以可快速擴展的方式運作，且不依賴龐大的集中式電廠，以及同樣龐大的輸電與配電基礎設施。

That's a very last century approach to energy infrastructure. And I firmly believe that the future will find in Africa, which has universal access to electricity, most of which comes from renewable sources, which are generated and stored close to the load.

那是一種非常上個世紀的能源基礎設施做法。而我堅信，未來的非洲將實現全民用電，其中大部分電力來自再生能源，並在接近負載端的地方發電與儲存。

Now, of course, I'm describing an energy future in Africa, which has made up products just like the ones that being global patents and manufacturers today. And I firmly believe that market where over 60% of the population is under 25 years old, will comprise a very significant opportunity for our future growth.

當然，我是在描述非洲的能源未來；非洲也將像當今擁有全球專利與製造能力的企業一樣，打造出同類型的產品。我堅信，在那個超過 60% 人口年齡低於 25 歲的市場，將構成我們未來成長非常重要的機會。

And we opened Beam Middle East not only because that market where there's already a commitment to spend over $1 trillion on sustainable energy infrastructure over the next decade or say, provides excellent opportunity for our expansion.

我們成立 Beam Middle East，不僅是因為該市場已承諾在未來十年投入超過 1 兆美元於永續能源基礎設施，這為我們的擴張提供了絕佳機會。

But also because the location of the Beam Middle East headquarters provides an excellent access gateway to the African continent. There's already significant investment from the United Arab Emirates and into sub-Saharan Africa. And the politics, economics, and geography of that region make it an excellent portal for us.

也因為 Beam Middle East 總部所在地，能提供通往非洲大陸的絕佳進入門戶。阿拉伯聯合大公國對撒哈拉以南非洲已經有相當可觀的投資，而該地區的政治、經濟與地理條件，使其成為我們極佳的入口。

While on the subject of the Middle East, we've just exhibited alongside our partners, the Platinum Group at MITT or Make It in the Emirates. This is certainly one of the largest, if not the largest trade events in the Gulf States. We had a prominent and highly visible booth, and we also had real-world deployment of our EV arc and Beam bite products working at the event. This was an excellent opportunity to get in front of the most influential decision-makers and purchasers in the region.

談到中東，我們剛與合作夥伴 Platinum Group 一同在 MITT（Make It in the Emirates）展出。這無疑是海灣國家最大、或至少是最大之一的貿易活動。我們設置了醒目且高度可見的攤位，並在活動現場實際部署了我們的 EV ARC 與 Beam Bite 產品運作。這是一次極佳的機會，讓我們能直接面對該地區最具影響力的決策者與採購方。

It was also an opportunity for us to further test the validity of our relationship with the Platinum Group tiered by Haines, (inaudible). They certainly did not come at wanting and in fact, again and again demonstrated their ability to bring the most influential leaders in the region to the Beam Middle East booth.

這同時也是一個機會，讓我們進一步驗證與 Platinum Group 的合作關係（由 Haines 分層安排，(聽不清)）。他們確實沒有讓人失望，並且一再展現其能力，能把該地區最具影響力的領袖帶到 Beam Middle East 的攤位。

Fortunately, our products are so compelling and unique that once we're introduced to these types of influential people, we do not have much difficulty in keeping their attention. The fact is that while there were many fantastic solutions don't display at this massive event, you would have been hard-pressed to find any which were more relevant and better suited to the gulf markets than those which being global presented.

幸運的是，我們的產品極具吸引力且獨一無二，一旦我們被介紹給這類具影響力的人士，就不太需要費力就能維持他們的關注。事實上，雖然這場大型活動展示了許多很棒的解決方案，但你很難找到比全球 Beam 所展示的方案更貼近、也更適合海灣市場的。

As a result, even during a time when we were justifiably concerned that the war might make the event less of a success than in previous years. We were actually very encouraged by the volume of attendees, and particularly the volume and quality of those attendees who visited our location.

因此，即使在我們有理由擔心戰爭可能使本次活動不如往年成功的情況下，我們仍對出席人數感到非常振奮，尤其是到訪我們展位的來賓數量與品質。

High-ranking members of the government, the military, the police, and industry, particularly the oil and gas industry, visited and spent meaningful amounts of time learning about our solutions. I can't go into details at this point, but oil and gas is now using our products in the Middle East as strange as that might send to you. I look forward to releasing more information about this as permitted by our very excellent and very, very large customer over there.

政府、軍方、警察以及產業界（特別是石油與天然氣產業）的高階人士都前來參觀，並花了相當多時間了解我們的解決方案。我目前還不能透露細節，但石油與天然氣產業如今正在中東使用我們的產品，儘管這聽起來可能有些出乎你的意料。我期待在我們那位非常優秀、而且規模非常非常大的當地客戶允許的情況下，釋出更多相關資訊。

The BMT Middle East has a significant amount of follow-up work at prosecuting all of these opportunities. And if sales are the best possible metric to judge one of these events, and I believe they are then we were certainly not disappointed in that area. In fact, we actually sold one of the units that we had on display right there and then and deployed it for a customer the following day. such as the robust and dynamic nature of our products that we can demonstrate electricity and mobility infrastructure products at a trade show and then have those products operating in the field for a customer less than 24 hours after the event includes.

BMT Middle East 需要投入大量後續工作來推進所有這些機會。如果以銷售作為衡量這類活動的最佳指標——我也相信確實如此——那麼我們在這方面當然沒有失望。事實上，我們當場就賣出了展示的一台設備，並在隔天就為客戶完成部署。我們產品的強韌與動態特性，使我們能在貿易展上展示電力與移動基礎設施產品，並在活動結束後不到 24 小時就讓產品在客戶現場投入運作。

Now before I wrap up, I just want to come back to the financials for a moment or two and echo a couple of other things that Lisa started out with. During 2025, we had to take a significant noncash impairment of goodwill, which was reflected in our net loss. This impairment of goodwill was driven by accounting rules. -- not by any belief on our part that there's been any decline in the value of our acquisitions.

在我結束之前，我想再花一兩分鐘回到財務面，並呼應 Lisa 一開始提到的幾點。2025 年期間，我們必須認列一筆相當可觀的商譽非現金減損，並反映在我們的淨損中。這筆商譽減損是由會計規則所驅動——並非因為我們認為所收購資產的價值有任何下滑。

On the country, it should be obvious from the comments I've made during this call that our acquisitions are performing well and contributing significantly to the most material opportunities for growth that we have ahead of us.

相反地，從我在本次電話會議中的評論應該很清楚，我們的收購案表現良好，並且對我們未來最具實質性的成長機會做出了重大貢獻。

Now, in the first quarter of 2026, we've taken another significant hit to the bottom line, again, driven by accounting rules rather than by what we actually believe is going on with the business. In this instance, we've reserved for a couple of million dollars worth of AR because the rules that actually tell us that that's what we need to do.

而在 2026 年第一季，我們的損益底線再次受到一筆顯著衝擊，同樣是由會計規則所驅動，而不是我們對業務實際狀況的判斷。在這個案例中，我們針對約數百萬美元的應收帳款（AR）提列備抵，因為相關規則告訴我們必須這麼做。

But the fact is that we believe we will collect these monies, we have an excellent working relationship with a company to whom the AR is attributed. And in fact, I just met a day with them in New York this week looking at a whole host of new and material opportunities, which we hope to close together. This reserve has significantly impacted our bottom line and also our working capital. This is the impairment did last year, and that was purely driven by our share price.

但事實是，我們相信這些款項將會收回；我們與該筆應收帳款所屬的公司維持非常良好的合作關係。事實上，我本週在紐約才與他們會面一天，討論一系列新的、且具重大意義的機會，我們希望能共同完成。這項備抵已顯著影響我們的損益底線以及營運資金。這與去年那次減損類似，而那次完全是由我們的股價所驅動。

But in both cases, these are noncash items and not in my belief, truly reflective of what we're doing with the business. So I encourage you all to look at our financial performance absent these noncash impacts because it will give you a much better understanding for what's actually going on with the business and particularly where you're looking at the earnings per share, which are blown way out of proportion by these items.

但在這兩種情況下，這些都是非現金項目，而且在我看來，並不能真正反映我們在業務上的實際作為。因此，我鼓勵各位在排除這些非現金影響後來看我們的財務表現，因為那會讓你更清楚了解公司實際的營運狀況；尤其當你看每股盈餘時，這些項目會把數字放大到不成比例。

We continue to be debt-free, except for a couple of vehicle leases, and have sufficient cash and working capital to continue to execute on all of the opportunities that I've outlined during this call. Hence, no going concern.

除了少數車輛租賃之外，我們仍維持零負債，並且擁有充足的現金與營運資金，得以持續執行我在本次電話會議中所概述的所有機會。因此，不存在持續經營疑慮。

As a measure of our financial discipline, we've managed to hold our net loss essentially flat even in the face of what I believe is an anomalous decline in revenue in the first quarter. We can only have done that through continuation of the rigorous discipline that we bring to all our financial activities. When our revenue cadence returns to growth, as I certainly expect it will, we believe that we'll see a significant improvement in both gross and net profitability, just as we have in the past.

作為我們財務紀律的衡量，我們即使面對我認為第一季營收出現異常下滑的情況，仍成功讓淨損基本持平。我們之所以能做到這點，只能歸功於我們在所有財務活動中持續採取的嚴格紀律。當我們的營收節奏回到成長——我確實預期會如此——我們相信毛利與淨利能力都將顯著改善，就像過去一樣。

Please remember that as I said at the beginning of this call, we've already generated the same amount of revenue in the first half of the second quarter that we did in all of the first quarter. So we have good reason to believe that we will return to growth this year, particularly in light of the fact that we very often get much more revenue in the second half of any given quarter than we do in the first.

請記得，正如我在本次電話會議一開始所說，我們在第二季前半段已經創造了與第一季全季相同的營收。因此，我們有充分理由相信今年將重回成長，尤其考量到我們往往在任何一季的後半段取得的營收會遠高於前半段。

So to sum up, while we are disappointed in the first quarter revenue number, which was largely driven by order timing in the war, we were nevertheless able to continue to create an environment and set foundations for significant growth throughout the rest of this year.

總結來說，雖然我們對第一季營收數字感到失望——這主要是由於戰爭導致訂單時點延後——但我們仍然能持續打造環境並奠定基礎，以支持今年其餘時間的顯著成長。

We're delivering products for incredibly relevant segments of the economy, both in the United States and the rest of the world. The work that we're doing with drones and autonomous vehicles are setting us up for what I believe could be potentially catalytic change, while our diversified product portfolio and geographic expansion is laying the foundation for credible and sustainable growth with upside associated with each value proposition and downside protection against political or market volatility.

我們正在為美國以及全球其他地區、極具相關性的經濟部門交付產品。我們在無人機與自動駕駛車輛方面的工作，正讓我們為我認為可能具有催化效果的變革做好準備；同時，我們多元化的產品組合與地理擴張，正在為可信且可持續的成長奠定基礎——每個價值主張都具備上行空間，並且對政治或市場波動提供下行保護。

I'm looking forward to future earnings calls this year in which I can relate more successes coming from each of the new verticals, which we've developed and many others. For now though, I'll return the call to the operator and look forward to taking your questions.

我期待今年後續的財報電話會議，屆時我可以分享更多來自我們所建立的新垂直領域以及其他領域的成功案例。不過現在，我把電話交回給接線員，並期待回答各位的提問。

Thank you very much. Operator, over to you.

非常感謝。接線員，交給你。

(Operator Instructions)

（接線員指示）

Tate Sullivan, Maxim Group.

Tate Sullivan，Maxim Group。

On the UAE, I think you said you had a UAE sale and delivery on the same day of the conference. Is that correct? And was it an EV what was the timing around that delivery?

關於阿聯酋（UAE），我想你說你在會議當天就完成了一筆阿聯酋的銷售與交付。這是正確的嗎？那是一台 EV 嗎？交付的時間點是怎麼安排的？

Yes. So I want to start out by saying that, that is not actually the first deployment of our products in the region. I'm just not really able to go into detail on the other on the other deployment because of customer sensitivity so far. We don't believe that that's a situation that will persist because they're actually delighted with what we're doing. And I think we will be at some point in the future, able to discuss this -- but you are quite right.

是的。我想先說明，那其實不是我們產品在該地區的第一次部署。只是因為目前客戶敏感性因素，我不太能就其他部署細節多談。我們不認為那會是長期狀況，因為他們其實對我們所做的事情非常滿意。我想在未來某個時間點，我們將能討論這件事——但你說得完全正確。

Yes, we had a customer who was so impressed by the product and whose need was urgent and bought the product right there essentially off the show and we deployed it rather than taking it back to a different location, we took it directly to customer location and deployed it. And it's -- what's interesting about that is it's actually for public EV charging. We believe there's going to be a massive opportunity. More details on this on this customer coming up, but they are a significant and central player in public electric vehicle charging in the region -- and they've got an awful lot of work to do.

是的，我們有一位客戶對產品印象非常深刻，而且需求非常緊急，幾乎是在展會現場就直接買下了產品；我們也不是把它運回其他地點，而是直接運到客戶所在地並完成部署。而且——有趣的是——這其實是用於公共電動車充電。我們相信這將是一個巨大的機會。關於這位客戶的更多細節之後會再說，但他們是該地區公共電動車充電領域重要且核心的參與者——而且他們還有非常多的工作要做。

There's a really rapid increase in the deployment of electric vehicles last almost all Chinese in the region, but there's a heavy push towards electrification and they need a blockchain infrastructure. And our ability to solve for this customer in that location where they had some urgency to deploy literally within 24 hours at the end of the event was a record that none of them have seen before. and I think bodes very well for us as we continue to advance our sales there.

該地區電動車的部署正在非常快速地增加，幾乎所有在當地的中國品牌都在推進，但整體上對電動化有很強的推動力，他們也需要區塊鏈基礎設施。我們能在那個地點為這位客戶解決問題——他們在活動結束時有必須在24小時內部署的急迫需求——這樣的紀錄是他們以前從未見過的。我認為，這也為我們持續推進當地銷售帶來非常正面的訊號。

Do you have storage infrastructure? Do you have inventory available in the Middle East already with the joint venture partner SP570507878 Was that just related to the trade show?

你們有儲存基礎設施嗎？你們是否已經在中東透過合資夥伴SP570507878備有可用庫存？還是那只是為了展會？

No. We actually -- we had to rob another opportunity, which we believe will materialize. And we will -- we do -- we are able to ship quickly from our facilities and start at four weeks on the water from Serbia to get there. And so what we did is we approached the other opportunity, and we said, hey, listen, with your permission, we need to help this other customer out really quickly, and they gave us that permission and we have promised them that we would expedite shipping a further product for them from our Serbian facilities. And again, I can't go into detail on this thing either, but all I can tell us they said, okay, well, in that case, you need to ship a few more for us. So we agreed to do that.

沒有。我們其實——我們不得不挪用原本要給另一個機會的產品，而我們相信那個機會之後也會實現。而且我們——我們確實——能夠從我們的設施快速出貨，從塞爾維亞到那裡海運時間最短約四週。所以我們的做法是去找那個另一個機會的對象，我們說，嘿，聽著，在你們允許的前提下，我們需要非常快速地幫另一位客戶一把；他們也同意了。我們承諾會從塞爾維亞的設施加急再出貨一套產品給他們。同樣地，這件事我也不能透露細節，但我能告訴你的是，他們說，好吧，那既然如此，你們也需要再多出幾套給我們。所以我們同意這麼做。

Yes, it was a good. It was an excellent experience. And obviously, I mean, there's nothing like selling product directly to show, especially something like that. And then there's nothing also like being able to fulfill our customer requirement and with breathtaking speed that -- I mean, literally, they have a lot of experience deploying good-sized infrastructure where they have to go through all the pain of the permitting and planning and engineering and trenching and electrical work and all that sort of stuff.

是的，那很好。那是一次非常棒的經驗。顯然，我是說，沒有什麼比在展會上直接賣出產品更令人振奮，尤其是像那樣的產品。同時，也沒有什麼比能以驚人的速度滿足客戶需求更令人印象深刻——我的意思是，他們在部署相當規模的基礎設施方面經驗非常豐富，通常必須經歷許可申請、規劃、工程設計、開挖、電氣施工等等各種繁瑣流程。

And we literally made their head spend that we were able to get them up and running in less than 24 hours from the receipt of the purchase order.

而我們真的讓他們大吃一驚：從收到採購訂單起不到24小時，我們就讓他們完成上線運行。

Craig Irwin, ROTH Capital Partners.

Craig Irwin，ROTH Capital Partners。

It was nice to see the backlog come up so quickly in the first quarter. So congratulations there. I appreciate the really thorough commentary upfront. And one of the areas that I'm very interested in these days is the drone market, and I spent a week at the XPONENTIAL Conference in Detroit, which is where most of the drone makers in the country gather to meet customers and regulators, et cetera. And you work with Race systems and then your other unnamed drone customer, are your only two publicly announced contracts?

很高興看到第一季積壓訂單這麼快就上來了，所以先恭喜。我也很感謝你們一開始非常詳盡的說明。我最近非常關注的一個領域是無人機市場；我在底特律參加了XPONENTIAL大會待了一週，那裡是全國大多數無人機製造商聚集、與客戶和監管機構等會面的地方。你們與Race systems合作，還有另一位未具名的無人機客戶——這兩個是你們唯一公開宣布的合約嗎？

I assume that the customer engagement is also pretty substantial in that market as well. I met many companies there doing business with end customers that are off grid, everything from Safari game farm owners using drones to help stop poaching of endangered species through to people doing daily freed mapping of construction sites and obviously, oil and gas surveillance and security surveillance, many, many applications that are off-grid and you bring a credible solution.

我猜在那個市場裡，你們與客戶的互動也相當可觀。我在那裡遇到很多公司在做離網（off-grid）終端客戶的生意，從利用無人機協助阻止瀕危物種盜獵的野生動物園／狩獵農場業者，到每天用無人機做施工現場測繪的人，當然還有油氣監控與安防監控等，很多很多應用都在離網環境下，而你們提供的是一個可信的解決方案。

So can you maybe flush out for us what your engagement is with customers in the drone market. Do you see this as potentially additive to where you already have traction? And is there maybe another permutation of the EDR or your existing portfolio that would help you be super competitive in this market?

所以你能否更具體說明一下你們在無人機市場與客戶的合作情況？你是否認為這可能會在你們既有的進展基礎上帶來增量？另外，是否可能有E DR或你們現有產品組合的另一種變體，能讓你們在這個市場更具競爭力？

So that's a great question. I'm really sorry. I didn't get to see you actually that event. I hope to be there. But unfortunately, my travel in the Middle East and Africa prevented me from getting there on time.

這是個很好的問題。很抱歉我沒能在那個活動上見到你。我本來希望能到場，但不幸的是，我在中東和非洲的行程讓我無法及時趕到。

But look, you actually just brought up a couple of really interesting things. For example, the anti-poaching activities while I was in East Africa and well is in Kenya, I met with the Kenya Wildlife services? And it just so happens that they are desperate drone technologies to -- on that coaching, but also to do the census, the counting the numbers of the sort of the wild large game that's out there, it's one of the constant challenges is trying to figure out actually how many of these animals exist and where they are and what their needs and requirements are. So drones are going to play a very important role in that.

不過你剛才其實提到了幾個非常有意思的點。比如反盜獵活動：我在東非、也就是在肯亞時，和肯亞野生動物管理局（Kenya Wildlife Services）見了面。剛好他們非常迫切需要無人機技術——用於反盜獵，也用於普查，也就是統計那裡大型野生動物的數量。一直以來的挑戰之一，就是要弄清楚到底有多少這些動物、牠們在哪裡、以及牠們的需求與必要條件是什麼。所以無人機在這方面將扮演非常重要的角色。

But I'll tell you what else is well, before I come off that, and yes, they need off-grid charging infrastructure just like our beam flight product to make that work because where they operate, they don't have electricity. They don't want to run generators. And there just isn't a better solution.

但我還想補充一點，在我離開這個話題之前：是的，他們需要離網充電基礎設施，就像我們的Beam Flight產品那樣，才能讓這件事運作，因為他們作業的地方沒有電力。他們不想用發電機，而且確實沒有更好的解決方案。

So the answer to your question is, yes, we have a very viable, a very competitive solution for those types of things. And that's equally true in contested environments where you want to keep drones active in a mission in a contested environment, but you don't have infrastructure to support them. We have a game-changing product in Beam Flight to make that happen.

所以回答你的問題：是的，對於這類需求，我們有非常可行、非常具競爭力的解決方案。在受爭奪環境（contested environments）中同樣如此——你希望無人機在任務中保持運作，但又沒有基礎設施支援它們。我們的Beam Flight是一個能改變遊戲規則的產品，可以實現這一點。

Additionally, we are also currently manufacturing batteries for one. You mentioned a couple of those instances. The drone market, as you are very aware, is highly secretive about certain aspects of things that they do. And so as a result, we don't get permission often from our drone customers to describe exactly what we're doing with them.

此外，我們目前也正在為其中一個客戶製造電池。你提到的幾個案例也是如此。你很清楚，無人機市場在某些業務細節上高度保密，因此我們往往無法從無人機客戶那裡獲得許可，去描述我們究竟在與他們做什麼。

But as I said in my comments, we're now in drones in the air, on the land, and on and under the sea, and we're at the very early stages of that. Our ability to make bespoke and highly energy dense batteries, which are form factor agnostic. So most owner operators don't want to carry around a big rectangle or a big heavy square, they want to try and fit energy storage into a form factor, which is more appealing to them. And we are uniquely -- to my knowledge, we are uniquely able to do that. And that's why we -- that's a big part of the reason we get selected by offer.

但正如我在評論中所說，我們現在的無人系統已經涵蓋空中、地面，以及海上與水下，而且仍處於非常早期的階段。我們能夠製作客製化且高能量密度的電池，而且不受外形尺寸（form factor）限制。多數擁有者／操作方不想攜帶一個大長方形或一個又大又重的方塊，他們希望把儲能塞進更符合他們需求、外形更理想的結構裡。而我們——就我所知——具備獨特能力做到這點。這也是我們——這是我們被選中的一個很重要原因。

So we're at the very beginning of this, and I see it as a huge growth opportunities for us, particularly in light of the fact that we have American Bay batteries at a time when there's a huge amount of sensitivity around that.

所以我們才剛剛起步，而我認為這對我們而言是巨大的成長機會，特別是考量到在目前對此高度敏感的時期，我們提供的是美國製造的電池。

But I also want to come back to a couple of other things that you mentioned. It's not just about drones for us. It turns out that in Kenya, the Kenya Wildlife Services are also they have in common with everybody else who's involved in that space. The need for mobility solutions, which don't rely on liquid fuels and internal combustion engine vehicles.

但我也想回到你提到的另外幾點。對我們來說不只是無人機。事實上，在肯亞，肯亞野生動物管理局也和所有在那個領域的人一樣，有一個共同需求：需要不依賴液體燃料與內燃機車輛的機動解決方案。

For the same reason, frankly, the US Marine Corps doesn't want to rely on those any more expensive to get the fuel to a forward operating environment and lots of maintenance and risk associated with internal combustion and vehicles that just do not exist with batteries and electric motors.

原因其實一樣：坦白說，美國海軍陸戰隊也不想再依賴那些了，因為把燃料運到前沿作戰環境的成本更高，而且內燃機與車輛帶來大量維護與風險；而這些在電池與電動馬達上基本不存在。

And so one of the solutions that has got the most excitement there is our Beam petrol solution. You've all seen these incredibly brave people armed anti-poaching agents moving around on the Savannah trying to track down equally armed and dangerous cultures well, our ability to put them on to electric motorcycles as part of our Beam Patrol product and allow them to very rapidly and more or less silently get up on top of the bad guys it's just as important for those anti-coating guys, in fact, from it more so even than it is for the kind of law enforcement.

因此，那裡最令人振奮的解決方案之一就是我們的Beam Patrol解決方案。你們都看過那些極其勇敢、武裝的反盜獵人員在稀樹草原上移動，試圖追蹤同樣武裝且危險的盜獵者；而我們能把他們納入我們Beam Patrol產品的一部分，讓他們使用電動機車，並且能非常快速、幾乎無聲地接近那些壞人——這對那些反盜獵人員而言同樣重要，事實上甚至比對一般執法用途更重要。

As I mentioned, we presented this to the Dubai Police and the Abu Dhabi police department while we're there, and our teams are in the process of putting together a proposal for them right now because it's a perfect solution for them.

如我所提到的，我們在那裡期間已將這個方案向杜拜警察與阿布達比警察局簡報，而我們的團隊目前正為他們整理一份提案，因為這對他們而言是個完美的解決方案。

So I hope and I believe that you're going to see us not just increasing our growing penetration into those markets and playing a bigger and bigger role in the drone market. But I also think you're going to see us deploying a lot of other mobility solutions, electric motorcycles, electric bikes, off-road electric vehicles and those sorts of things to those types of environments where, again, liquid fuels are expensive. By the way, I can tell you that East Africa is having a real problem right now where fuel is concerned, the fuel prices are skyrocketing, there in ways that they're not here. They import most of their oil from the Middle East. None of it's getting to them because of the Strait of Hormuz.

所以我希望、也相信，你們將會看到我們不只是持續提高在那些市場的滲透率、在無人機市場扮演越來越重要的角色。我也認為你們會看到我們部署許多其他的移動解決方案：電動機車、電動自行車、越野電動車，以及諸如此類的產品，導入到那類環境中，因為在那些地方，液態燃料的成本很高。順帶一提，我可以告訴你，東非目前在燃料方面正面臨非常嚴重的問題，燃油價格正在飆升，上漲幅度在某些方面比我們這裡更誇張。他們大部分的石油都從中東進口。但因為荷姆茲海峽的關係，幾乎都運不到他們那裡。

And it's a really very, very serious problem. And Beam to the rescue, we showed up just at the perfect period of time where everyone is up my God, we can do all the stuff without relying on oil and using our own energy sources. So the timing has been very good for this. And it's a great question. And I want everybody to anticipate us doing a lot more within this drone market, but also with our other electric mobility solutions that don't require infrastructure or liquid fuels.

而這確實是一個非常、非常嚴重的問題。Beam 來救援了——我們在一個完美的時間點出現，當時大家都在想：天啊，我們可以在不依賴石油、改用我們自己的能源來源的情況下完成所有事情。所以這次的時機非常好。這是個很棒的問題。我也希望大家預期我們在無人機市場會做得更多，同時也會在其他不需要基礎設施或液態燃料的電動移動解決方案上投入更多。

Well, Desmond in there, you mentioned fuel prices, right? And there's no coincidence that the used TV market in the US was up about 40% as far as unit sales this last month. The US consumers don't face fuel scarcity, but they face a much more expensive proposition when they go to file at their gas tanks.

嗯，Desmond，你剛才提到燃油價格，對吧？而且這並非巧合：美國的二手電動車市場上個月以銷量（台數）計大約成長了 40%。美國消費者不會面臨燃料短缺，但他們在加滿油箱時，面對的是更昂貴的成本。

So we all know that EVs are out of favor with the investment public, but the value buyers, people that are spending their own precious dollars are buying EVs. And I would assume that this translates into still healthy utilizations across the charging networks out there.

所以我們都知道，電動車在投資大眾之間已經不再受青睞，但價值型買家——也就是花自己辛苦錢的人——正在買電動車。我想這也意味著，外面的充電網路整體使用率仍然健康。

Can you maybe comment about what your customers are seeing from a utilization level on their as they have out in the field? Has this kind of swing in interest in UVs impacted the volume of incoming calls related to EV Arc sales. Do you see this maybe spending the curve a little bit for you as far as how this comes together for you in 2026?

你能否評論一下，你們的客戶在現場設備的使用率層面看到了什麼？這種對電動車興趣的擺盪，是否影響了與 EV ARC 銷售相關的來電量？你是否看到這可能讓你們的成長曲線稍微加速一些，尤其是就 2026 年的整體落地節奏而言？

Okay. First of all, I know you travel a lot just as I do. And one of the things that you know is when you travel a lot, is that everywhere you go in the world now, the adoption of electric vehicles is -- I mean, it's just phenomenal. Just what I've seen in the last couple of years, the increase in it. And again, particularly in places that seems antithetical why would petro states like the UAE and Bahrain Kuwait and Saudi driving electric vehicles.

好。首先，我知道你跟我一樣經常旅行。而你也知道，當你經常旅行時，你會發現現在你走到世界各地，電動車的採用——我是說，真的非常驚人。就我在過去幾年看到的，採用率的提升幅度很大。再者，特別是在一些看似矛盾的地方：為什麼像阿聯、巴林、科威特、沙烏地這些石油國家會開電動車？

Well, because they figured out it's better to sell or all in is to burn it. It's as simple as that. And so we're seeing a massive increase in adoption rates. But you're also right that in the US, that falling out a favorite thing, which I suppose it's for another conversation for another time to talk about why that happened. But that thing is reversing now because people are seeing the edible -- being reminded yet again of the incredible volatility of the fuels that are related to the oil and gas industry and the vulnerability associated very interesting article in -- the Wall Street Journal this morning talking about the fact that we are -- oil prices have remained artificially low because the world is draining.

因為他們算清楚了：把石油賣掉比自己燒掉更划算，就這麼簡單。所以我們看到採用率大幅上升。不過你說得也對，在美國，電動車一度變成不受青睞的題材——至於為什麼會這樣，我想那是另一個時間再談的話題。但現在這個趨勢正在反轉，因為人們再次看到、也再次被提醒：與油氣產業相關的燃料價格波動性極高，以及其伴隨的脆弱性。今天早上《華爾街日報》有一篇很有意思的文章談到：油價之所以能維持在人為偏低的水準，是因為全球正在消耗（抽乾）

It supplies that it's been sitting on its reserves rather -- but so that -- they think that there's more pain coming even if the Strait of Hormuz to open up tomorrow, they think there's a lot more pain coming later in the year where this is concerned, even if the federal government does have a fuel tax holiday, which, of course, the wisdom of that, that money gets spent on things like roads and stuff. So there are a lot of problems with that. But the long -- the short answer to your question is yes. And you can see that through the increase in the percentage of sales to commercial customers that we've made although the federal government is not buying at all, and we have seen some other reverses in some of the other governments.

其既有供給——也就是一直在動用庫存／儲備，而不是……但總之——他們認為即使荷姆茲海峽明天就重新開放，之後在今年稍晚仍會有更多痛苦出現。即便聯邦政府真的推出燃油稅假期也是如此；當然，這樣做是否明智也值得討論，因為那筆錢通常用在道路等公共建設上，所以這裡面有很多問題。但就你問題的長話短說：是的。而你也可以從我們對商業客戶銷售占比的提升看出來，雖然聯邦政府目前完全沒有採購，而且我們也看到某些其他政府端出現一些反向變化。

And we're still -- those two -- the two orders that move right for us. Both of those were significant EV arc orders and going into environments where people who are feeling the strain from increased fuel prices and perhaps recognizing that the risk and vulnerability around this is not a risk they want to take. -- along with just increasing acceptance of electric vehicles. I think more and more people now are understanding that 300-plus miles of range is more than they need and the vehicles are very fun to drive, don't require any maintenance or anything else it doesn't take much to tip a consumer. And when they do, they tip really dramatically.

而我們仍然——那兩筆——對我們而言推動方向正確的兩筆訂單，兩者都是重要的 EV ARC 訂單，且導入到一些環境中：那裡的人正感受到燃油價格上升的壓力，並且可能意識到這種風險與脆弱性不是他們想承擔的——再加上對電動車的接受度持續提高。我認為現在越來越多人理解，300 英里以上的續航其實已經超過他們的需求，而且電動車開起來很有樂趣，不需要保養或其他任何東西；要讓消費者改變其實不需要太多誘因，而一旦改變，他們的轉向會非常明顯。

So yes, sorry, long our short answer is yes. We are seeing increase in interest. And as far as the utilization rates of our existing UBX is concerned, they get hammered. And that's because a lot of times people put EV arcs where they can't put traditional infrastructure, and they do it because it's really vital to put the charting in those locations. And so we see lots and lots of EVs, which are basically at capacity.

所以是的，抱歉，長話短說就是：是的。我們確實看到興趣增加。至於我們既有 UBX 的使用率，它們被用得非常兇。原因是很多時候，人們把 EV ARC 放在無法建置傳統基礎設施的地方，而他們之所以這麼做，是因為在那些地點設置充電非常關鍵。因此我們看到大量電動車使用情境，基本上都已接近滿載。

And that that's something we used to kind of shy away from, but now we're recognizing that's actually a real sales opportunity for us to go back and say, you did the right thing first time. It's time to repeat it 3 and 4 times because the adoption rates, as we all anticipated have gone up significantly.

而這件事我們過去有點會避開，但現在我們認知到，這其實是很真實的銷售機會：我們可以回去對客戶說，你第一次做得很對，現在是時候再複製 3 次、4 次了，因為採用率如同我們大家預期的那樣，已經顯著上升。

Ryan Pfingst, B. Riley FBR.

Ryan Pfingst，B. Riley FBR。

Yes, I'll start on the backlog. Lisa mentioned that half of backlog is comprised by smart city solutions and one-third battery storage with the balance largely EV arc. Is this how you're envisioning the revenue mix going forward? Or are you more excited about certain segments or products outpacing the others?

是的，我先從在手訂單（backlog）開始。Lisa 提到，在手訂單有一半由智慧城市解決方案構成，三分之一是電池儲能，其餘大多是 EV ARC。這是否就是你們對未來營收組合的想像？或者你們是否對某些事業／產品線更有期待，認為它們會比其他項目成長更快？

The two things that I'm most excited about right now from a point of view of catalytic change in our business in the future. And of course, as the old Wall Street added says give a number or a date but don't give both. So I can't -- I'm going to tell you when exactly I think these things are going to happen.

就未來可能帶動我們業務發生催化式變化的角度來看，目前我最興奮的有兩件事。當然，華爾街有句老話：給數字或給日期，但不要兩個都給。所以我不能——我不會告訴你我認為這些事情會在什麼時候確切發生。

But the two things that I'm most excited about are first autonomous vehicles. I really -- I think again, you don't tend to see it so much in America, unless you're in markets like Austin and places where Waymo is already operating.

但我最興奮的兩件事，第一是自動駕駛車輛。我真的——我認為同樣地，除非你在像奧斯汀這類市場、或 Waymo 已經在營運的地方，否則你在美國不太會那麼明顯地感受到。

But any of you who are on the call who have been to London will know how incredibly complicated it is to get around London. None of the streets are square or straight rather and street names change in the middle of the street and so really complicate a very hard place to drive around and yet we more get ready to deploy there with the regulatory approval. So it tells you that autonomous vehicles have really become a long way. They are much safer to operate. Think about what will happen to insurance rates, the lack of parking requirement, no liquid fuels because they'll all be electric.

但在電話會議上的各位，只要去過倫敦就會知道，在倫敦移動有多麼複雜。街道幾乎沒有方正或筆直的，而且路名會在同一條路的中段就改變，因此讓駕駛變得非常困難；然而我們正準備在取得監管核准後於那裡部署。這告訴你，自動駕駛車輛真的已經走了很長一段路，它們操作起來安全得多。想想看保險費率會發生什麼變化、停車需求的降低、沒有液態燃料需求，因為它們都會是電動的。

I just think autonomy is going to be a huge deal. And what's broken in the autonomous vehicle market right now is the way people are charging. And they know it. We're talking to them and they are -- they totally understand the vulnerability, the cost the enormous task of trying to build these centralized charging depots with huge amounts of energy and a huge amount of risk associated with them. Our attended wireless autonomous charting solution totally solves for that totally solved for it.

我認為自動化將會是一件大事。而目前自動駕駛車市場壞掉的地方，在於人們充電的方式——他們自己也知道。我們正在跟他們談，他們——他們完全理解其中的脆弱性、成本，以及試圖建置這些集中式充電車隊基地所面臨的龐大工程：需要巨量能源，並伴隨巨大的風險。我們的有人值守無線自動化充電解決方案可以徹底解決這個問題，完全解決。

And so I feel very confident that at some point, we're going to make an announcement that we're getting -- we're doing something really meaningful there, and that's the sort of thing that could be a catalytic event for us.

因此我非常有信心，在某個時間點，我們會發布公告，宣布我們將要——我們正在那裡做一些非常有意義的事情，而這類事情可能會成為我們的催化事件。

The other really -- the other thing I'm very excited about certainly is the drone market. I mean all of us read about that, and we've seen the valuations coming from Jon companies, but it's much more than that. The fact the matter is drones are just incredibly effective.

另外一個我確實——我非常興奮的事情，當然就是無人機市場。我的意思是，我們大家都讀到過相關報導，也看到一些公司（Jon 公司）給出的估值，但那遠不止如此。事實是，無人機就是極其有效。

Craig mentioned a couple of things, doing inspections in oil and gas industry and monitoring agriculture and all these other things. We haven't even got -- we haven't even started on what you're going to see there -- and because we do some really special things with drones, both on the charting and the energy storage side of it, I think you should expect to see us playing a lot more in there.

Craig 提到了幾件事，例如在石油與天然氣產業做檢測、監測農業以及其他各種事情。我們甚至還沒有——我們甚至還沒開始談你將在那裡看到的東西——而且因為我們在無人機方面做了一些非常特別的事情，無論是在測繪（charting）還是能源儲存方面，我認為你應該預期我們會在那個領域投入更多、參與更多。

To your revenue mix question, no, it's not necessarily the way I see the revenue mix moving forward. The quarter was somewhat jiggered, as I said already by these two relatively large orders that moved right. Had that not been the case, you would have seen a completely different percentage makeup.

關於你問的營收組合，不，這不一定是我看待未來營收組合變化的方式。正如我先前所說，本季的數字有點被調整（jiggered）了，因為有兩筆相對較大的訂單提前移入。若非如此，你會看到完全不同的百分比構成。

What I'm working hard to do is get this company to a point where the percentage makeup from any given contributor to our business line is just not meaningful. And that's so that we can afford to take these hits when they come along without it being impactful to the to the bigger impact -- a bigger story.

我正在努力要做的是，讓公司達到一個程度：我們業務線中任何單一貢獻者所占的百分比構成不再具有意義。這樣一來，當這些衝擊出現時，我們就能承受，而不至於對更大的影響——更大的故事——造成實質影響。

But at the same time, yes, smart cities infrastructure is a very important part of our business, but we're a 3-legged stool. It's mobility, it's energy and its intelligence and infrastructure. and we're attacking all of those, and we expect to see growth in all of those areas. But as I say, the two things that have got me most excited right now autonomy and unmanned. And I really think that you're going to see some --

但同時，是的，智慧城市基礎設施是我們業務非常重要的一部分，但我們是一張三腳凳：移動（mobility）、能源（energy）以及智慧與基礎設施（intelligence and infrastructure）。我們正在同時攻這三個面向，也預期在所有這些領域都會看到成長。但如我所說，現在最讓我興奮的兩件事是自動化（autonomy）與無人化（unmanned）。我真的認為你將會看到一些——

Everybody, remember, we -- three or four years ago, we were trading at $75 a share, $0.75 billion market cap. We are 1,000 times the company we were then, but the market is not giving us credit for that because the market doesn't view us doing anything the market thinks is exciting right now I think that can change very quickly with things like autonomy and with -- in the drone market. And Beam has done a lot of work over the years developing a lot of very good patented technology that are perfect solutions for this.

各位記得，三、四年前，我們的股價在每股 75 美分，市值 7.5 億美元。我們現在的公司規模是當時的 1,000 倍，但市場沒有因此給我們應有的評價，因為市場不認為我們現在在做任何市場覺得令人興奮的事。我認為這可以因為像自動化、以及——在無人機市場——這些事情而非常快速地改變。而 Beam 多年來投入大量工作，開發出許多非常優秀、具專利的技術，這些都是該領域的完美解決方案。

And then I guess the last thing I'll say is Africa. You talk about 1 billion-plus people there, 60% under 25 years old. I don't think that there's no money there. There's a lot of money there, both internally and also coming from other parts of the world.

然後我想我最後要說的是非洲。你談到那裡有超過 10 億人口，60% 在 25 歲以下。我不認為那裡沒有錢。那裡有很多錢，既有內部資金，也有來自世界其他地區的資金。

The UN was talking about bringing Brussels money down for some of the things that we're talking about doing. There's a gigantic opportunity on that continent for us as well. And I just don't know of anybody that's better suited to it. as a better ability. Again, because of -- as I said in my comments, what gets people excited down there is if you can get everyone out of the ecosystem for deployment, construction, electrical work, permitting approvals.

聯合國曾談到要把布魯塞爾的資金帶下去，用於我們正在討論要做的一些事情。那個大陸對我們而言也有巨大的機會。而我真的不知道有誰比我們更適合——更有能力。再次強調，因為——正如我在評論中所說，讓那邊的人感到興奮的是：如果你能把部署、施工、電氣工程、許可審批等生態系中的所有人都排除在外。

All of these are opportunities for graft and costs and corruption and all the things we just don't have any of that which opened a 20-foot container and relate to the systems to quote single invoice paid goodbye. And that's just a very powerful solution to bring to a market like that.

這些全部都是尋租、成本、腐敗以及各種問題的機會；而我們完全不需要那些。你只要打開一個 20 呎貨櫃，把系統接上，開出一張發票，付清就結束。這是一個非常有力的解決方案，能帶到那樣的市場。

So I've got lots of stuff to get me really excited at the moment. And we've worked long and hard to position this company to do that. Our growth internationally and the growth in our product portfolio has positioned us just incredibly well to take care And we've got the discipline financially to survive swings in the market and other things like that and to the point where we can really take advantage of these things. That's going to be good for the company, good for our customers and very good for our shareholders.

所以目前有很多事情讓我非常興奮。我們長期努力，讓公司具備做到這些的定位。我們在國際上的成長，以及產品組合的擴張，讓我們具備極佳的條件去承接。而且我們在財務上有紀律，能夠挺過市場波動和其他類似情況，並且達到能真正把握這些機會的程度。這對公司好、對客戶好，也會對股東非常好。

I appreciate all that detail. And then secondly, just it sounds like revenue has really picked up here in the second half or rather the first half of the second quarter. Is it fair to expect further acceleration if the conflict in the Middle East is resolved, just given your opportunity there?

我很感謝你提供這麼多細節。第二點，聽起來營收在下半年——或者說第二季上半段——確實大幅回升。如果中東衝突得到解決，考量你們在那裡的機會，是否可以合理預期會進一步加速？

I think it's -- the fairest thing to expect is that if that conflict is not resolved, we are all in for a lot of hurt. I'm not just talking about being global. But also, it has been incredibly what's the best word I can use here without causing a fence. It's been a very unlucky timing for us that, that war to go because we have been making good progress there. Again, our partners in the plant and group are put us in front of the very, very much the right people, and we have very, very much the right products to do that.

我認為——最公平的預期是：如果那場衝突沒有解決，我們所有人都會遭受很大的痛苦。我不只是指全球層面。而且，用一個我能用、又不至於冒犯人的詞來說，對我們而言那場戰爭爆發的時點非常不走運，因為我們原本在那裡取得了不錯的進展。再次強調，我們在當地的合作夥伴與團隊把我們帶到非常、非常對的人面前，而我們也確實有非常、非常合適的產品來做這件事。

But it's tough to get anybody to move forward with any type of major investment or anything at the moment because again, they're thing -- I'll just tell all of you. While I was there, I had several sleepless nights because they were read warnings and alerts coming in because every time the administration did something like Project Freedom, for example, the Iranians struck at the Emirates.

但目前很難讓任何人推進任何類型的大型投資或任何事情，因為——我就直接告訴各位——我在那裡時，有好幾晚睡不著，因為一直有預警與警報訊息進來；每當政府做了某些事情，例如「自由計畫」（Project Freedom）之類，伊朗人就會對阿聯酋發動攻擊。

And again, it's not -- you're not infer or anything. It's not like there's bugs dropping around it, but it's just disruptive. You're not sleeping properly and everybody else is thinking that way too. And we need this to end right away as quickly as possible for everybody's sake, but I suppose the correlate to that is, yes, you're right that I believe that once it does come to a once things do free up over there, I think you're going to see some significant contributions to our revenue and to our bottom line from that market. That's why we went there.

而且再次強調，並不是——你不會處於恐懼之中或什麼的。也不是說有炸彈到處落下，但就是很干擾。你睡不好，其他人也都以同樣方式在思考。我們需要這件事立刻、盡快結束，為了所有人的利益。但我想相對應的結論是：是的，你說得對，我相信一旦那邊真的出現轉機、事情開始鬆動，我認為你會看到那個市場對我們的營收與獲利（bottom line）帶來一些顯著貢獻。這也是我們去那裡的原因。

And it's -- if you do spend time in that region and if you do look at what's going on there, you don't need to go there, you can just Google it with autonomous vehicles with electrification of transportation and with their commitment to sustainable infrastructure and figuring out what to do with their oil other than burning it themselves.

而且——如果你確實花時間在那個地區、看看那裡正在發生什麼，其實你不一定要親自去，你只要 Google 一下就知道：自動駕駛車輛、交通運輸電氣化、他們對永續基礎設施的承諾，以及他們在思考如何處理石油、而不是自己把它燒掉。

But just one other quick comment on this. The United Arab Emirates has pulled themselves out of OPEC -- now OPEC was previously limiting them to something like 3 million barrels a day. They have capacity to go to 5 million barrels a day.

但就這件事再補充一個很快的評論。阿拉伯聯合大公國已經退出 OPEC——而 OPEC 先前把他們限制在大約每日 300 萬桶。他們的產能可以提升到每日 500 萬桶。

So the little bells going off of my head are they're going to more or less double their revenue, the UAE where we are. And so there's going to be more cash for this kind of technology advancement, post oil world that they're building with vigor. And do we intend to contribute and to benefit from that.

所以我腦中小鈴鐺響起的是：他們的收入將或多或少翻倍——我們所在的阿聯酋。因此，將會有更多現金投入這類技術進步，投入他們正積極打造的後石油世界。而我們是否打算做出貢獻並從中受益？

Noel Parks, Touhy Brothers Investment.

Noel Parks，Touhy Brothers Investment。

I apologize if it turns that you've already touched on this I got on a little late. But I was wondering for -- particularly for the EV arcs, as we sort of see maybe coming full circle back with energy security suddenly back on the front pages. One product line that had been pretty robust for the industry in the charging industry overall, was the outlook for sort of return to base fleet type charging.

如果你們已經談過這點我先道歉，我進來得有點晚。但我想問——特別是針對電動車（EV）這一塊，因為我們似乎看到能源安全突然又回到新聞頭條、形成某種循環。充電產業整體中，有一條曾經相當強勁的產品線，是所謂「回基地」（return to base）的車隊型充電前景。

And I just wondered if between either the US or what you see in some of the emerging markets, sort of what the status of that business line is?

我只是想了解，無論是在美國或你們在一些新興市場看到的情況，這條業務線目前的狀態如何？

I mean, fleet has always been a very big part of our business and continues to be. But let operators are very good at figuring out total cost of ownership and figuring out what maintenance schedules look like. So they're the easiest people to convince about electric vehicles as soon as they get over the range anxiety.

我的意思是，車隊一直都是我們業務中非常重要的一部分，而且現在仍然是。但車隊營運商非常擅長計算總持有成本（total cost of ownership），也很擅長規劃維護排程會是什麼樣子。所以一旦他們克服里程焦慮，他們就是最容易被說服採用電動車的一群人。

And then with a product like ours, we're able to go to a fleet operator and say to them, how would you like to have zero unit costly energy moving forward? Think about what that means to budgeting. You imagine a fleet operator today, who has to budget what future diesel or gasoline prices haven't got a clue and no idea. Nobody last year would have forecasted a gasoline prices were going to do what they're doing right now because nobody last year would have forecast that the stratus were going to get shut down by this war. So just the forecasting aspect of smart.

接著，像我們這樣的產品，我們能夠去找車隊營運商並對他們說：你們想不想在未來擁有單位成本為零的能源？想想這對預算編列意味著什麼。你想像一下今天的車隊營運商，必須去編列未來柴油或汽油價格的預算，但他們毫無頭緒、完全不知道。去年沒有人會預測到汽油價格會變成現在這樣，因為去年也沒有人會預測到因為這場戰爭，供應鏈會被切斷。所以光是預測這一點就很關鍵。

With us, it's pretty easy to forecast the cost of unit cost of energy from our products. It's zero forever. And so those sort of things have always been important to fleet operators. I think you're going to see more much more emphasis because of the points that Craig brought up about just the fact that these -- the oil prices and volatility and uncertainty around that are going to drive more and more people, particularly free operators to electric vehicles. and so that you're going to see more and more of that.

對我們而言，要預測我們產品的單位能源成本相當容易：永遠是零。因此，這類事情一直以來對車隊營運商都很重要。我認為你會看到更、更多的重視，因為 Craig 提到的那些點——油價、波動性以及相關的不確定性——將驅動越來越多人，特別是車隊營運商，轉向電動車。因此你會看到這種趨勢越來越多。

But to your point about return to base type charging, I think that's very appropriate for certain types of fleet operators New York PD, who's one of our customers, lots of Army stuff that we do and all those are vehicles which do always return to a basin, they often spend a long time idle.

但就你提到的「回基地」式充電，我認為這對某些類型的車隊營運商非常合適，例如紐約警局（New York PD），他們是我們的客戶之一；以及我們為軍方做的許多專案——這些車輛確實都會回到基地，而且往往會長時間怠速停放。

Even if they were at two shifts, they still spend 8 hours a day idle somewhere. And those are really good at addressing those. We could charge pet vehicles at the same time off a single ABR at night time of our batteries. I'd still provide them with a full daily range replenishment that the average fleet vehicle needs. So that makes sense.

即使是兩班制，他們每天仍會有 8 小時在某處怠速停放。這些情境非常適合我們去解決。我們可以在夜間用我們電池的一個 ABR 同時為多輛車充電，仍然能提供一般車隊車輛每天所需的完整續航補給。所以這是合理的。

But I'm actually much more interested in this highly diversified charting infrastructure, particularly where autonomous fleets are concerned, we don't want them going back to base -- we want them -- a taxi should drop you off somewhere be 2 minutes away from the nearest CBR and jump on it, spent 15 minutes on that get back all the range that it used on the last trip and just continue that rinse and repeat all day long, 24 hours a day.

但我其實更感興趣的是高度分散的充電基礎設施，特別是針對自動駕駛車隊。我們不希望它們回基地——我們希望它們——計程車應該把你送到某處後，距離最近的 CBR 只要 2 分鐘，立刻接上去，充 15 分鐘就把上一趟行程用掉的續航補回來，然後就這樣一整天不斷重複，24 小時運作。

And as I say, our own research and what we've done is look very carefully at the miles that taxes drive the incidence of their uses. And we looked at all of that, and we have figured out that with an EV arc, we could keep an autonomous taxi operating and actually provide twice as many rights as a traditional taxi does or one that returns to a base just by giving them this top off charging the whole time. So charging becomes like WiFi everywhere. And the fleets are able to operate the whole time. And when you think about, again, what that does in terms of cost reduction, but also revenue increase per unit, it's really phenomenal. So lots of increase in fleet usage.

如我所說，我們自己的研究與實作，是非常仔細地看計程車行駛的里程與其使用頻率。我們把這些都分析過，並且算出：使用 EV Arc，我們可以讓一台自動駕駛計程車持續營運，實際上能提供的載客趟次是傳統計程車、或必須回基地的車輛的兩倍，只要一路提供這種「補電式」充電即可。於是充電就會像到處都有 WiFi 一樣。車隊就能一直運作。再想想這在降低成本、以及提升每單位營收方面的效果，真的非常驚人。所以車隊使用率會大幅提升。

Great. Great. And I'm asking just of your sort of newer generation of product lines. I'm just wondering sort of beyond, say, EBR or the legacy streetlight business in Europe. -- which sort of the newer product lines is closest to, I don't know, sort of like maturity in terms of gross margins as opposed to some of the ones that are that are still a ways away, maybe just because they are so new.

很好，很好。我想問的是你們較新一代的產品線。我在想，除了例如 EBR 或歐洲既有的路燈業務之外——在這些較新的產品線中，哪一個在毛利率的成熟度上最接近成熟？相較之下，有些可能因為太新而還需要一段時間。

Anything that's based on the AVR product line is the closest. And so that's BeamPatrol, BeamBike, [BeamScoot], because they are based very heavily on the existing EVAR platform just performing completely different task and with different value propositions. The growth is the one that's easiest to forecast and manage because it's almost exactly the same production schedule.

任何以 AVR 產品線為基礎的，都是最接近成熟的。因此包括 BeamPatrol、BeamBike、[BeamScoot]，因為它們在很大程度上是基於既有的 EVAR 平台，只是執行完全不同的任務、並提供不同的價值主張。這一塊的成長最容易預測與管理，因為生產排程幾乎完全相同。

And by the way, that was a very deliberate strategy on our part. And I've always liked the idea of having a broad section of products that have a very narrow requirement from logistics, supply chain, and manufacturing point for just the reason that you just brought up.

順帶一提，這是我們非常刻意的策略。我一直喜歡擁有廣泛的產品組合，但在物流、供應鏈與製造端的要求非常集中、非常窄，原因正如你剛剛提到的那樣。

Certainly, beam flight still very nascent, and a lot of that's to do with the fact that it has to be pretty much bespoke for the drone that it services. So it's harder to get the margin -- to forecast the margin currently on that. in the early days. However, it will create so much value that we anticipate to be able to get that on the top end.

當然，BeamFlight 仍然非常早期，其中很大一部分原因是它幾乎必須為所服務的無人機量身打造。因此目前在早期階段較難取得毛利、也較難預測毛利。不過，它將創造非常大的價值，我們預期能在高端把這部分反映出來。

And then BeamSpot is still young. That's a street light replacement product, still young, and we're still making very significant improvements to that but the latest generation of that have been deployed cost far less money to produce and are much more impactful than the first that we deployed. And that's probably a journey that's got some legs on it. Just like -- we spent a long time getting that to the point where we can produce them as inexpensively as we can.

另外 BeamSpot 也還年輕。那是一個路燈替換產品，仍然很新，我們仍在對它做非常顯著的改良；但最新一代的部署版本，生產成本比我們最初部署的版本低得多，而且影響力也大得多。這大概是一段還會持續一段時間的旅程。就像——我們花了很長時間才把它做到能以目前這麼低的成本生產。

And I believe and Lucy, you can correct me if wrong, but I believe that unit economics on AVRs now are better than 40%. We're 30-plus percent across our entire portfolio of products in terms of unit economic gross margin, unit economics, but I think the EDRs closer to 4%, particularly when we make them in Serbia.

我相信——Lucy，如果我說錯請糾正我——但我相信 AVR 的單位經濟效益現在已經超過 40%。以單位經濟毛利率（unit economic gross margin）、單位經濟效益來看，我們整個產品組合都在 30% 以上；但我認為 EDR 更接近 40%，特別是當我們在塞爾維亞生產時。

This will conclude our question-and-answer session. I would like to turn the conference back over to Mr. Desmond Wheatley for any closing remarks. Please go ahead.

我們的問答環節到此結束。我想把電話會議交回給 Desmond Wheatley 先生，請他做任何結語。請開始。

Yes. Thanks again, everybody, for your time and for your continued interest. I just would again point out that this has been a bit of a disappointing from a revenue and gross margin point of view, a quarter, but it is in no way an indication of what's happening at the company. As I said earlier, we saw 1,000 times when we were back in when we the 3/4 of $1 billion market cap. And then also, please, please, guys.

好的。再次感謝各位撥冗，以及持續的關注。我想再次指出，從營收與毛利率的角度來看，這一季確實有點令人失望，但這絕不代表公司正在發生什麼不好的事情。如我先前所說，我們在當時市值約 7.5 億美元時也經歷過一千次這樣的情況。然後也請、請各位。

As you're right about us, particularly when you're talking about EPS. Please take into consideration the noncash impact on these things because it's just throwing us all over the place, that impairment charge last year, which again, our acquisitions are far better than we hoped them to be not worse, but we had to take that goodwill impairment. And then this other noncash event this year, it's just great to let people know that EPS numbers you all got a noncash stuff in it.

當你們撰寫關於我們的內容時，特別是談到 EPS 的時候，請務必把這些項目的非現金影響納入考量，因為它會讓數字大幅波動。去年那筆減損費用——再次強調，我們的收購案其實比我們希望的更好、不是更差，但我們仍必須提列商譽減損。然後今年又有另一個非現金事件。讓大家知道你們看到的 EPS 數字裡包含非現金項目，這點很重要。

Not telling you your jobs, just on you how frustrating is to have these numbers sometimes get out there and people call me and they start screaming out and I said, did you read the filings -- but beyond that, just very grateful for your attention. Great questions and looking forward to the next one. So thank you.

我不是在教你們怎麼做工作，只是想說，有時候看到這些數字被傳出去真的很令人沮喪，然後有人打電話給我開始大吼，我就說：你有讀申報文件嗎——但除此之外，真的非常感謝各位的關注。問題都很棒，也期待下一次。謝謝。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

本次電話會議到此結束。感謝各位參加今天的簡報。您現在可以中斷連線。