BIO-Key International Inc (BKYI) 2026 Q1 法說會逐字稿

Good morning, everyone.

各位早安。

Thank you for standing by, and welcome to the BIO-Key's International first quarter 2026 conference call. (operator instructions) I would now like to turn the call over to Mr. Bill Jones of Investor Relations. You may proceed.

感謝各位稍候，歡迎參加 BIO-Key International 2026 年第一季財報電話會議。(接線員指示) 現在我想將電話交給投資人關係部的 Bill Jones 先生。請開始。

Thank you, Chuck.

謝謝你，Chuck。

Hosting today are BIO-Key's Chairman and CEO, Mike DePasquale, and its CFO, C.C. Welch.

今天與會的有 BIO-Key 董事長兼執行長 Mike DePasquale，以及財務長 C.C. Welch。

(event instructions)

(活動指示)

Now, I'll turn the call over to Mike to begin.

現在，我把電話交給 Mike 來開始。

Thanks, Bill, and thanks to everyone for joining us today.

謝謝，Bill，也感謝各位今天加入我們。

After my remarks, CC will review the financials and we'll open up the call to investor questions.

在我發言之後，CC 將回顧財務狀況，接著我們會開放投資人提問。

Our Q1 26 results and Q2 26 outlook reflect the benefit of our team's hard work, particularly over the last year.

我們 2026 年第一季的結果以及 2026 年第二季的展望，反映了團隊努力工作的成果，尤其是過去一年。

We're also seeing expanded appreciation for the unparalleled value that our biometric identity and access management solutions provide in securing mission-critical applications and data.

我們也看到市場對我們生物辨識身分與存取管理解決方案所提供的無可比擬價值有更高的認同，這些解決方案可用於保護關鍵任務應用與資料。

Borrowing the old phrase, BIO-Key has built a powerful suite of biometric solutions with the belief that customers will come.

借用一句老話，BIO-Key 打造了一套強大的生物辨識解決方案組合，並相信客戶自然會上門。

That strategy is really starting to play out for us in a meaningful way, and I will discuss that.

這項策略正開始以具體且有意義的方式在我們身上展現成效，我也會進一步說明。

Our Q1 26 revenues reflect both new customer wins and growing long-term customer deployments in defense and financial services.

我們 2026 年第一季的營收同時反映了新客戶的贏單，以及在國防與金融服務領域既有長期客戶部署的成長。

Last year, we launched our Defense and Intelligence Cybersecurity Initiative, targeted primarily in foreign markets for more secure identity and access management solutions.

去年，我們推出「國防與情報網路安全倡議」，主要鎖定海外市場，以提供更安全的身分與存取管理解決方案。

Our customer base now includes several of the world's most prominent and significant defense organizations, and our success in meeting their strategic. Strategic needs is proving very valuable in supporting new opportunities. But it's not just government, defense and highly regulated industries. We're also seeing traction with enterprise customers, particularly in EMEA and the EMEA markets. Our progress in these regions is supported by an expanding base of strong regional distribution partners, as well as foreign regulatory frameworks that are favorable to our strong biometric options.

我們的客戶群如今包含全球數個最知名且最重要的國防組織，而我們在滿足其策略性需求方面的成功。在支援新機會上證明非常有價值。但不僅限於政府、國防與高度監管產業。我們也看到企業客戶的動能，特別是在 EMEA 以及 EMEA 市場。我們在這些地區的進展，來自於強大的區域通路夥伴基礎持續擴大，以及海外監管架構對我們強大的生物辨識選項相對有利。

Outside of EMEA, we have also added new partners in India and Vietnam, where we are seeing solid opportunities in future periods as these partners ramp up their marketing and sales efforts.

在 EMEA 之外，我們也在印度與越南新增了合作夥伴；隨著這些夥伴逐步加大行銷與銷售投入，我們預期未來期間將看到不錯的機會。

To better reach public sector opportunities in the US, which often require working with a pre-approved vendor, we recently partnered with DLT Solutions, a division of TD SYNNEX, the world's largest IT distributor and solutions aggregator.

為了更好地觸及美國公共部門的機會（這些機會往往需要與預先核准的供應商合作），我們近期與 DLT Solutions 建立合作關係；DLT Solutions 是 TD SYNNEX 旗下部門，而 TD SYNNEX 是全球最大的 IT 經銷商與解決方案整合商。

TD SYNNEX, employs 23000 people globally and offers a massive portfolio of IT hardware, software, cybersecurity, and cloud services to over 150000 customers in more than 100 countries, while DLT is their kind of public sector arm domestically.

TD SYNNEX 在全球雇用 23,000 名員工，向 100 多個國家超過 150,000 家客戶提供龐大的 IT 硬體、軟體、資安與雲端服務產品組合；而 DLT 則是其在美國國內偏公共部門的業務單位。

We're integrating our PortalGuard IAM and Passkey U biometric solutions into DLT's platform of offerings.

我們正將 PortalGuard IAM 與 Passkey U 生物辨識解決方案整合至 DLT 的產品平台中。

The partnership provides a streamlined procurement path, enabling their extensive base of public sector customers to easily purchase and deploy our solutions, many of which face mandates to adopt zero-trust digital infrastructure and implement multi-factor authentication.

此合作夥伴關係提供更精簡的採購途徑，使其龐大的公共部門客戶群能夠輕鬆採購並部署我們的解決方案；其中許多客戶面臨採用零信任數位基礎架構與導入多因素驗證的強制要求。

With our solutions, customers can easily meet these requirements and anchor digital access to a person rather than to just a device.

透過我們的解決方案，客戶可輕鬆符合這些要求，並將數位存取的錨點建立在「人」身上，而不僅僅是「裝置」。

We're working closely with the DLT team to help them educate public sector customers on the solutions and compelling ROI that BIO-Key can provide.

我們正與 DLT 團隊密切合作，協助他們向公共部門客戶宣導 BIO-Key 可提供的解決方案與具吸引力的投資報酬率（ROI）。

On our year-end call, I reviewed several factors that are shaping the market for our solutions today, so I'll just provide a brief overview of those.

在我們的年終電話會議上，我回顧了幾項正在形塑當前市場、影響我們解決方案需求的因素，因此我在此僅做簡要概述。

First, the continued expansion of digital services and mobile use cases that require secure authentication is widening our market opportunity.

第一，數位服務與行動使用情境持續擴張，且需要安全驗證，這正在擴大我們的市場機會。

Second, we believe demand for the secure digital access BIO-Key uniquely provides will continue to expand as organizations confront a more sophisticated and persistent cybersecurity threat landscape.

第二，我們相信，隨著組織面對更精密且更持續的資安威脅環境，對 BIO-Key 所獨特提供的安全數位存取需求將持續擴大。

Third, we expect passwordless authentication to continue to gain traction and become the standard this year and beyond, as enterprises look to reduce risk from phishing, credential reuse, and misuse, as well as account takeover attacks.

第三，我們預期無密碼驗證將持續獲得採用，並在今年及未來成為標準；企業希望降低釣魚攻擊、憑證重複使用與濫用，以及帳戶接管攻擊所帶來的風險。

BIO-Key enables unique and highly secure passwordless solutions.

BIO-Key 可提供獨特且高度安全的無密碼解決方案。

Fourth, biometric authentication. Should see growing adoption in the highest value use cases, as we've seen in military, defense, financial services, healthcare, and other highly regulated industries where security and trust are most critical.

第四，生物辨識驗證。在最高價值的使用情境中應會看到更廣泛的採用；正如我們在軍事、國防、金融服務、醫療保健及其他高度監管產業所見，在這些領域安全與信任最為關鍵。

Fifth, the rise of AI-driven threats really escalates the need for more resilient identity strategies that surpass vulnerable yet widely deployed authentication methods, like phones.

第五，AI 驅動的威脅崛起，確實大幅提升了對更具韌性的身分策略之需求，這些策略必須超越脆弱但仍被廣泛部署的驗證方式，例如手機。

And finally, the market is moving towards more unified access platforms that unite workforce, partner, and privileged access under a single, flexible foundation.

最後，市場正朝向更統一的存取平台發展，將員工、合作夥伴與特權存取整合在單一且具彈性的基礎之上。

These trends play directly into BIO-Key's strengths, and we are starting to see them in our financial results.

這些趨勢正好直接契合 BIO-Key 的優勢，而我們也開始在財務結果中看到反映。

Today, our business is predominantly A subscription-based business with recurring revenues.

目前，我們的業務主要是以訂閱為主的業務，並帶來經常性收入。

Approximately 50% of our new business comes through our partnership model domestically, and as I've mentioned a number of times before, 100% of our business is sold through channel partners internationally, providing a very efficient and more importantly, scalable model.

約有 50% 的新業務在美國國內是透過我們的合作夥伴模式取得；而如我先前多次提到的，我們在國際市場 100% 透過通路夥伴銷售，這提供了非常高效率、且更重要的是可擴展的模式。

I also want to mention that we launched a new website in mid-April that is designed to better support our partners and customers in understanding how BIO-Key can meet their needs.

我也想提到，我們在 4 月中旬推出了新版網站，旨在更好地協助合作夥伴與客戶了解 BIO-Key 如何滿足其需求。

We believe it's an important step to support our growth goals. I want to thank our team who put a lot of hard work and effort into this launch, and I encourage investors to review it at www.biokey.com.

我們相信這是支持我們成長目標的重要一步。我要感謝投入大量心力完成此次上線的團隊，也鼓勵投資人至 www.biokey.com 瀏覽。

And as always, we welcome any feedback that you can provide.

一如既往，我們也歡迎各位提供任何回饋。

From a financial standpoint, BIO-Key is in a solid position to continue to fund our growth.

從財務角度來看，BIO-Key 處於穩健的狀態，能持續為成長提供資金。

We ended Q1 with a book value of $7.6 million or approximately $7 a share, including over $2 million or $2.07 per share in cash, and we expect this position to continue to hold or improve as we approach the second quarter, the end of the second quarter.

第一季結束時，我們的帳面價值為 760 萬美元，約合每股 7 美元，其中包含超過 200 萬美元（每股 2.07 美元）的現金；我們預期，隨著我們接近第二季、也就是第二季末，這一狀況將可維持或進一步改善。

As we mentioned a few days ago, our shares were recently suspended from NASDAQ. Today, we are actively working to return our shares to the NASDAQ Capital Market and have secured an appeals hearing, which will be held on June 16th, which is next month, about four weeks from tomorrow.

如同我們幾天前所提到的，我們的股票近期已被 NASDAQ 暫停交易。今天，我們正積極努力讓股票回到 NASDAQ 資本市場，並已取得申訴聽證會資格；聽證會將於 6 月 16 日舉行，也就是下個月、距離明天約四週。

In the interim, our shares continue to trade on the OTC markets under the symbol BKYI.

在此期間，我們的股票仍以代號 BKYI 於 OTC 市場交易。

Although we cannot be certain of the success or timing of the panel's decision, our advisors believe there is reason for optimism regarding a return to NASDAQ trading by the summer.

雖然我們無法確定審議小組決定的成功與時間點，但我們的顧問認為，有理由對於在夏季前恢復 NASDAQ 交易抱持樂觀。

In summary, our business is off to a very strong start and we are confident in our first half outlook and very optimistic regarding the balance of the year and beyond.

總結來說，我們的業務開局非常強勁；我們對上半年展望充滿信心，並對今年剩餘期間及未來保持非常樂觀。

After years of hard work, we believe BIO-Key has never been better positioned for growth and improved financial performance, and we will continue to update you, all of our shareholders, on our business and listing process as we proceed forward.

經過多年的努力，我們相信 BIO-Key 從未像現在這樣具備更佳的成長定位與更好的財務表現條件；隨著我們持續推進，我們也將持續向各位股東更新我們的業務進展與上市流程。

With that, I'll turn the call over to CC to review the Q1 financial results.

接下來，我把電話交給 CC，請他回顧第一季的財務結果。

Thank you, Mike.

謝謝你，Mike。

We released our results this morning via press release, and we plan to file our 2025 10-K this week, after which we will file the 10-Q and be up to date on our filing.

我們今天早上已透過新聞稿發布結果；我們計畫在本週提交 2025 年的 10-K，之後將提交 10-Q，讓我們的申報進度保持最新。

So let me provide a brief overview of our Q1 results.

接著我先簡要概述我們第一季的結果。

Keep in mind that the review of our financial statements has not yet been completed by the independent public accounting firm, and results are therefore subject to adjustments.

請注意，我們的財務報表尚未由獨立會計師事務所完成審閱，因此結果仍可能需要調整。

In Q1 26, our revenues increased 34% to $2.1 million versus $1.6 million in Q1 25.

在 26 年第一季，我們的營收較 25 年第一季的 160 萬美元成長 34%，達到 210 萬美元。

With the current year benefiting from expanded one-year software license renewal from a long-time banking customer, we're serving over 30 million clients with our biometric identity solution.

由於本年度受惠於一位長期銀行客戶擴大一年期軟體授權續約，我們的生物辨識身分解決方案正服務超過 3,000 萬名客戶。

Overall, the license fee revenue increased 24% to $1.4 million.

整體而言，授權費收入成長 24%，達到 140 萬美元。

Our hardware revenue increased more than 100% to approximately $531000 due to increased purchase from biometrics hardware solutions, including hardware sales related to a foreign defense ministry defense expansion, as well as the sales from our previously fully reserved inventory.

由於生物辨識硬體解決方案的採購增加（包括與某外國國防部國防擴編相關的硬體銷售），以及我們先前已全額提列備抵之庫存的銷售，我們的硬體收入成長超過 100%，至約 531,000 美元。

In line with revenue, our Q1 gross profit grew 33%.

隨著營收成長，我們第一季毛利成長 33%。

Versus the Q1 25 $1.8 million, and we maintained a strong gross margin of 82% in both periods. This compares to the first-year gross margin of 77.5% in 2025 and 81% in 2024.

相較於 25 年第一季的 180 萬美元，我們在兩個期間皆維持 82% 的強勁毛利率。相較之下，2025 年全年毛利率為 77.5%，2024 年為 81%。

Gross margin benefited growth in high-margin license fee revenue and the sales of the fully reserved inventory.

毛利率受惠於高毛利的授權費收入成長，以及已全額提列備抵之庫存的銷售。

Our operating expenses were approximately $2 million in Q1 25 and Q1 26, as higher R&D was offset by lower SG&A expenses in Q1 2026.

25 年第一季與 26 年第一季的營業費用約為 200 萬美元；26 年第一季研發費用較高，但被較低的銷售、一般及管理（SG&A）費用所抵銷。

Higher revenue and gross profit combined with relatively flat operating expenses led to a net loss improvement of $165036 or $0.15 per share in Q1 2026. Versus the net loss of $736545, or $1.57 per share, in Q125.

較高的營收與毛利，加上營業費用相對持平，使 26 年第一季淨損改善 165,036 美元，或每股 0.15 美元。相較於 25 年第一季淨損 736,545 美元，或每股 1.57 美元。

Per share amounts from weighted average shares outstanding reflect the impact of the company's April 30th 1 for 10 reverse split, warrant exercises, and other financing activities. Share counts are provided in today's press release.

以加權平均流通在外股數計算的每股金額，反映公司 4 月 30 日 1 比 10 反向分割、認股權證行使及其他融資活動的影響。股數資訊已於今日新聞稿中提供。

Sitting to our financial position at $331.26, our book value was $7.6 million, or $7.04 per share, compared with $7.7 million, or $7.07 per share at year-end.

談到我們在 3/31/26 的財務狀況，我們的帳面價值為 760 萬美元，或每股 7.04 美元；相較於年末的 770 萬美元，或每股 7.07 美元。

BIO-Key had approximately $4.5 million of current assets, including $2.2 million of cash and cash equivalents, and $1.6 million of accounts receivable.

BIO-Key 的流動資產約為 450 萬美元，其中包括 220 萬美元的現金及約當現金，以及 160 萬美元的應收帳款。

This compares to December 31st, 25, when BIO-Key had current assets of $4.5 million, including $2.7 million of cash and $1.2 million of accounts receivable.

相較之下，截至 25 年 12 月 31 日，BIO-Key 的流動資產為 450 萬美元，其中包括 270 萬美元現金及 120 萬美元應收帳款。

As Mike mentioned, we expect to be profitable and cash flow positive in Q2.

如 Mike 所提到，我們預期在第二季達成獲利並轉為正向現金流。

Operator, we may now proceed with the questions and answers.

接線員，我們現在可以進行問答。

Thank you. We will now begin the question-and-answer session.

謝謝。我們現在開始問答環節。

(event instructions)

（活動說明）

And the first question will come from Jack Vander Aarde . Please go ahead.

第一個問題來自 Jack Vander Aarde。請發問。

Hey, good morning, guys. Good morning, Mike, CC. Congrats on the strong results and strong fundamental outlook. Obviously, there's a bit of noise here, and it's unfortunate with the NASDAQ delisting, but it sounds like things are on track.

嗨，早安，各位。早安，Mike、CC。恭喜你們交出強勁的成績與良好的基本面展望。顯然這裡有一些雜音，NASDAQ 下市很可惜，但聽起來事情仍在正軌上。

It sounds like you feel good about it. So I guess just maybe some housekeeping questions, Mike, just quickly.

聽起來你們對此感覺不錯。所以我想先問幾個行政性問題，Mike，簡單快速問一下。

A NASDAQ appeal meeting is coming up, I think, next month, you said.

我記得你說 NASDAQ 的申訴聽證會大概在下個月。

And that puts you on track to get relisted, just to revisit those comments quick. And then the 10-K sounds pretty confident that that's going to be filed by next week. Can I just get a confirmation on that?

那會讓你們有望重新上市；想請你快速重申一下。另外，10-K 聽起來很有把握會在下週前提交。可以請你確認一下嗎？

Yes. So by the way, good morning, Jack. So yes, our hearing was scheduled on Friday. We got notice that it was scheduled for the 16th of June.

是的。順帶一提，早安，Jack。是的，我們的聽證原本排在週五。我們收到通知，已排定在 6 月 16 日。

So we're in the process of preparing for that.

所以我們正在準備相關事宜。

We expect that, as I mentioned in my prepared remarks, that we will get through that process and God willing, without any bumps in the road, be fully compliant all the way around and get back on the capital markets certainly maybe late June or July. It depends on the timing for that panel. So everything is in motion there and our advisors are. Very confident that we have, we should be optimistic about being able to do that. As we traded for nine days above a dollar.

如我在事先準備的發言中提到，我們預期能完成該流程；若一切順利、沒有任何波折，我們將在各方面完全符合規定，並在 6 月下旬或 7 月重返資本市場。這取決於該小組的時程安排。因此一切都在推進中，我們的顧問也都在。非常有信心，我們應該對能做到這點保持樂觀。因為我們曾連續九個交易日股價高於 1 美元。

Before we got suspended, which was a statutory scenario with the NASDAQ, it's their process. And so that was our only issue at the time. And so we will get back on and we'll keep everybody posted as we proceed forward. So that's for sure going to happen.

在我們被暫停交易之前，這是 NASDAQ 的法定情境，也是他們的流程。因此當時我們唯一的問題就是這個。我們會重新回到市場，並在後續進展中持續向大家更新。所以這肯定會發生。

As it relates to the filings, yes, we expect that we'll get everything filed. We're hoping to have both the K and the Q filed this week, so we will be fully compliant and up-to-date on everything out there.

至於申報文件，是的，我們預期會把所有文件都提交完成。我們希望本週能同時提交 10-K 與 10-Q，讓我們在所有事項上都完全合規並保持最新狀態。

That's it.

就這些。

Okay.

好的。

I appreciate all that. That's very clear.

感謝你說明這些。非常清楚。

And these results seem to give you a good leg in that race, I would say, to get back to status. That's great to hear, Mike.

我會說，這些結果似乎讓你們在恢復上市資格的競賽中取得不錯的優勢。很高興聽到這點，Mike。

Maybe just in terms of the cash and the balance sheet and given these recent results here, which it sounds like you're on track for potential profitability here, any implications there or distractions with the 10-10 and NASDAQ, just to clarify one more question there.

再請教一下，關於現金與資產負債表，以及近期這些結果——聽起來你們有望達成獲利——那麼 1 比 10 反向分割以及 NASDAQ 相關事項，是否會帶來任何影響或分心之處？我想再釐清最後一個問題。

No. Quite frankly, no. I think you know we have a very broad portfolio of customers in virtually every sector of the economy. And many of them have been with us for many years when we were an OTC company and then uplisted to the NASDAQ. And so it really isn't impacting anything that we do. We're on a greater solid.

不會。坦白說，不會。我想你也知道，我們在幾乎所有經濟部門都有非常廣泛的客戶組合。其中許多客戶在我們還是 OTC 公司、之後再升板到 NASDAQ 之前，就已與我們合作多年。因此這並不會影響我們所做的任何事。我們正處於更穩固的基礎上。

Footing from a financial perspective than we probably have been in many years.

從財務角度來看，我們可能比過去許多年都更穩健。

We have enough money to obviously operate our business and to continue to invest in the growth initiatives that we have. As I mentioned, it's all about scale for us right now. We've got a great product. We continue to improve and evolve that product as is required and is necessary. And we have built a very strong partnership network, especially internationally.

我們有足夠的資金來營運業務，並持續投資於我們的成長計畫。如我所提到，對我們而言現在重點在於規模化。我們有很棒的產品。我們會依需求與必要性持續改進並演進該產品。而且我們已建立非常強大的合作夥伴網路，尤其是在國際市場。

And it's really in our hands right now just to continue to scale this business, and it will scale very profitably, as you can see.

現在真正掌握在我們手上的是持續把這門生意做大；而且如你所見，它會以非常高的獲利能力擴張。

Our gross margins have been hovering in that 75% to 85% range for years, and that will continue to be, as we scale revenue into the $5 million and $10 million range on a quarterly basis, you can imagine what will drop to the bottom line.

我們的毛利率多年來一直維持在 75% 到 85% 的區間，未來也會持續如此；當我們把季度營收規模化到 500 萬美元與 1,000 萬美元的水準時，你可以想像會有多少會直接落到淨利。

Excellent.

非常好。

And Mike, just looking at your outlook for the second quarter/the first half of this year, it's significant progress from last year, obviously, and also just historically in recent memory.

Mike，再看你對第二季／今年上半年的展望，顯然相較去年有顯著進展，也比近期歷史表現更好。

I guess like what's going on in your, I guess, pipeline here, your go-to-market, are you feeling like do you have more visibility than you've had in the past two, three years in terms of this demand funnel, all of a sudden you have this $5 million of revenue it looks like set up for the first half, how is the back half looking to you, are you already thinking ahead that far?

我想問的是，你們這邊的管線、你們的上市推進（go-to-market）目前到底是什麼狀況？就這個需求漏斗而言，你是否覺得相較於過去兩、三年，你們突然有了更高的能見度？看起來上半年好像已經安排好了約 500 萬美元的營收；那下半年你怎麼看？你是否已經開始提前想到那麼遠？

Well, it looks very good. It looks very strong. I mentioned that in my prepared comments. So there's no question we have better visibility. What's happening, Jack, is we are -- first of all, we're going after larger opportunities. And so when you have $500000 to $1 million or over $1 million transactions in the pipeline and they're with larger partners who have very strong positions in those end user customer.

嗯，看起來非常好。看起來非常強勁。我在事先準備的發言裡有提到。所以毫無疑問，我們的能見度更好了。Jack，正在發生的是——首先，我們正在追逐更大型的機會。因此，當你的管線裡有 50 萬到 100 萬美元、或超過 100 萬美元的交易，而且這些交易是與在終端使用者客戶那邊具有非常強勢地位的較大型合作夥伴一起進行時。

Environments, the confidence goes up, right? And it doesn't mean, again, you win every deal, but we have a very strong pipeline for 2026, full year, right? First half, certainly, we're very Honoured in on, and we know exactly where we stand at this point. And for the rest of the year, we have a number of contracts that have already been won, but need to be -- have been awarded, but yet need to be papered, meaning we need to get orders and. Forth and so on. So we're feeling real good about the entirety of 2026.

信心就會提高，對吧？當然，這也不代表你每一筆案子都會贏，但我們對 2026 年整年度有非常強的管線，對吧？上半年當然，我們非常有把握，而且此刻我們很清楚自己處於什麼位置。至於今年剩下的時間，我們已經拿下了若干合約，但還需要——已經獲得授予，但仍需要完成文件作業，也就是我們需要拿到訂單以及。後續等等。所以我們對 2026 年整體感覺非常好。

Excellent.

太好了。

Maybe just if I'm looking at, I guess, just sort of it looks like Arbor revenue really picked up this quarter.

另外，如果我看一下，我想，Arbor 的營收這一季似乎真的拉升了不少。

Is this just -- I know it could be lumpy, but is this something that's a new dynamic that's being integrated in most of your deals that you're seeing now?

這只是——我知道它可能會有波動，但這是否是一種新的動態，現在你看到的大多數交易都在整合這個部分？

You have strong gross margins on the hardware side, but it's just interesting to look at because hardware can kind of go up and down while license revenue seems to be more steady.

你們硬體端的毛利率很強，但看起來很有意思，因為硬體營收可能上下波動，而授權營收似乎更穩定。

What are you seeing from the hardware side in terms of the deals that you are bringing to the table?

就你們帶到桌面上的交易而言，你們在硬體端看到了什麼？

Well, I think as you close these larger license opportunities, the requirement for hardware is also significant. So many of our Ministry of Defense customers that utilize our technology have to put many touch points in place for access for all of their force members or their staff. So again, it can go hand in hand. As you mentioned, we maintain really good gross margins in our hardware. And Ceci mentioned in her prepared remarks that we are selling our fully reserved inventory right now in greater volumes. And so that's going right to the bottom line. And obviously, it's all cash and all margins. So that's helping us certainly this year and will continue to help us as we evolve through the year.

嗯，我認為當你結案這些更大型的授權機會時，對硬體的需求也會相當可觀。因此，我們許多使用我們技術的國防部客戶，必須部署許多接觸點，讓其所有部隊成員或員工都能存取。所以再說一次，兩者往往是相輔相成的。如你所提，我們的硬體毛利率一直維持得非常好。而且 Ceci 在她事先準備的發言中提到，我們目前正以更大的量在銷售我們完全預留的庫存。因此這會直接反映到最終獲利。而且很明顯，這全部都是現金、全部都是毛利。所以這當然在今年幫助了我們，並且會在我們今年持續推進的過程中繼續帶來助益。

But again, hardware is part and parcel of our larger opportunities, so it's always going to be there. And yes, it's certainly more lumpy than the software and license revenue is, but it's still a very strong part of our full and complete offering, which is what customers want. They want a full and complete offering from one vendor, and we provide that for them.

不過再說一次，硬體是我們更大型機會中不可或缺的一部分，所以它一定會一直存在。是的，它確實比軟體與授權營收更不平滑，但它仍然是我們完整解決方案中非常強的一環，而這正是客戶想要的。他們希望由單一供應商提供完整且全面的方案，而我們能為他們做到這一點。

And Mike, just with all your main core verticals, obviously defense has been very strong and there doesn't seem to be any shortage of developments in the geopolitical world here today to keep driving that.

Mike，再來就你們主要的核心垂直領域而言，顯然國防一直非常強，而且以今天的地緣政治局勢來看，似乎也不缺推動因素來持續帶動那一塊。

Outside of defense, looking at education and financial services, I suppose, where do you see you're having.

在國防之外，看看教育與金融服務，我想，你覺得你們在哪裡正在取得。

I guess where's the next leg up for you within those two segments, do you feel like you're growing at is is there an opportunity in education in your business as well as financial services that you're seeing with Defense?

我想問的是，在這兩個領域裡，你們下一段成長動能會來自哪裡？你是否覺得你們的成長——教育與金融服務這兩塊，你們是否也看到了像國防那樣的機會？

Absolutely. So we have a really good, sizable base in education, as and that's continuing to evolve. And so, yes, education is a great market for us, but does it have hyper-growth potential like financial services? No. I believe financial services has. Significant growth for us. We have been targeting with our partners internationally, national banks, so the banks and countries that manage the currency.

絕對是。我們在教育領域有一個非常不錯、相當可觀的基礎，而且這還在持續演進。所以，是的，教育對我們來說是很好的市場，但它是否像金融服務那樣具有超高速成長的潛力？沒有。我認為金融服務對我們而言具有。顯著的成長空間。我們一直透過國際合作夥伴鎖定各國的國家級銀行，也就是管理貨幣的那些銀行。

And we've had a number of wins. We have a number of opportunities in our pipeline that you're going to hear about over time as we knock them down.

而且我們已經拿下了多個案子。我們的管線裡也有不少機會，之後隨著我們逐一拿下，你會陸續聽到。

And they have a very specific need for ultra-strong authentication. And in the international venue.

而他們對於超強身分驗證有非常明確的需求。而在國際市場。

They have no restrictions or very few restrictions in the context of privacy and so forth that we deal with here in the US, right, on a daily basis. And so biometrics are a really good option for them because they can positively identify individuals, staff, and the likes who enter their portals or their applications. So I think financial services is a very strong. And growing vertical for us, and you're going to hear a lot more about that going forward.

在隱私等面向上，他們不像我們在美國每天面對的那樣有很多限制，對吧？因此，生物辨識對他們而言是非常好的選項，因為它能夠對進入其入口網站或應用程式的個人、員工等進行明確的身分確認。所以我認為金融服務對我們而言是非常強。而且正在成長的垂直領域，未來你會聽到更多相關消息。

Excellent. And Mike, if I could just ask kind of one more thematic question. Just wondering if you could share any thoughts that you may have.

太好了。Mike，如果可以的話，我想再問一個比較主題性的問題。想請你分享一下你可能有的任何看法。

Two of the kind of.

關於兩個算是。

I guess, growing industry dynamics that are these trends now, especially in the legal world, you have the Clarity Act that's coming up here, seems to be moving further with just tokenization, real-world assets and just crypto in general, given your financial services industry. And also.

我想，正在成長的產業動態與趨勢，特別是在法律領域，你們有即將推出的 Clarity Act，看起來在代幣化、實體資產（real-world assets）以及整體加密貨幣方面正持續推進，考量到你們在金融服務產業的佈局。另外。

With your cybersecurity and just protecting biometrics in general, quantum is becoming somewhat of a theme that people are focused on a bit. Just wondering if you have any thoughts on where BIO-Key sees or fits in these themes of quantum down the road as well as tokenization and crypto being more mainstream.

就你們的資安以及一般對生物辨識的保護而言，量子（quantum）正逐漸成為大家有點關注的主題。想請問你是否有任何看法：BIO-Key 在未來量子這個主題，以及代幣化與加密貨幣更主流化這些趨勢中，會如何看待或如何定位自己？

Great. Those are two great questions. So RWA, right, real-world tokenization, all that stuff that everyone is hearing about and talking about is certainly evolving, but it's happening much slower than anyone had anticipated. And I think this year you see it kind of hit the rails because there are other priorities. So, I kind of feel really good about where we are because we're serving the real world today, their needs and their requirements. While we're investing in things like quantum, all of the latest and newest generation encryption theories around quantum proofing and so forth are all things that are on our plate right now and that we're researching.

很好。這是兩個很棒的問題。所以 RWA，也就是實體世界資產代幣化，所有大家都在聽、都在談的那些事情，確實正在演進，但進展比任何人原先預期的都慢得多。我認為今年你會看到它某種程度上「卡在軌道上」，因為還有其他優先事項。所以我對我們目前的位置其實感覺很好，因為我們正在服務當下的真實世界，滿足他們今天的需求與要求。同時我們也在投資像量子這樣的領域，所有最新一代、圍繞抗量子（quantum-proof）等概念的加密理論，都是我們目前正在處理並研究的事項。

Don't get caught up in the hype, is my comment, on both of those scenarios. Look at where we are today, look at the real-world issues that we have today, and look at real-world solutions that solve those problems today, but also have a perspective for where the puck is going and where we're going to be tomorrow. And certainly, we're right in the heart of that.

我的評論是：不要被炒作牽著走，這兩個情境都是。看看我們今天所處的位置，看看我們今天面臨的真實世界問題，並看看能在今天就解決這些問題的真實世界解決方案，但同時也要對冰球將往哪裡去、我們明天會在哪裡有前瞻視角。而我們確實正處於那個核心位置。

I mean, again, if you look at where the money's being spent today and where things are moving, it's taking much longer. And that's why you're seeing a number of the companies that fundamentally have no current technology to address issues and problems and are only looking in the future are really struggling. Now, again, it's kind of like AI, right?

我的意思是，再說一次，如果你看今天資金花在哪裡、事情往哪裡走，它需要更長的時間。這也是為什麼你會看到一些公司——它們本質上沒有任何可用於解決當前議題與問題的現有技術，只是把目光放在未來——正面臨很大的掙扎。現在，再說一次，這有點像 AI，對吧？

There's no doubt that AI is currently impacting our lives, personal and business, and it's going to continue to evolve. But it still has to find its footings, and the companies that are engaged in that technology are going to come and go. We've been around a long time, providing very basic and yet sophisticated, highly secure solutions for some of the most important applications on the globe.

毫無疑問，AI 目前正在影響我們的生活——無論是個人或企業——而且它將持續演進。但它仍然需要找到立足點，而投入這項技術的公司也會來來去去。我們已經深耕很長一段時間，為全球一些最重要的應用提供非常基礎但同時精密、且高度安全的解決方案。

And I think, again, we're going to continue to do that, right? And we have proven that we can do that. We've been here for over 30 years.

而我認為，我們會繼續這麼做，對吧？而且我們已經證明我們做得到。我們在這裡已經超過 30 年了。

That's my perspective, Jack.

這就是我的觀點，Jack。

That's a great perspective, and I appreciate that. Rhonda, It sounds like things are going very well right now for BIO-Key. So I appreciate the time. I'll hop back in the queue. Thanks.

這是很棒的觀點，我很感謝。Rhonda，聽起來 BIO-Key 目前各方面都進展得非常順利。所以我感謝你撥冗。我會回到排隊序列裡。謝謝。

The next question will come from Dan Kamis. Investor, please go ahead.

下一個問題來自 Dan Kamis。投資人，請發問。

Hi, guys. Yeah, very nice quarter. That's quite nice.

嗨，各位。是的，這一季表現非常不錯。真的很棒。

Got a couple housekeeping questions, I guess.

我想先問幾個例行性的問題。

Do you have a cash flow from operations number for the first quarter by any chance? I know you guys don't usually do that, but I'm just wondering.

你們是否剛好有第一季的營運活動現金流數字？我知道你們通常不會提供，但我只是想問問。

I'd have to revert to CC. I think we.

我得回去請 CC 協助確認。我想我們……

We ended the year with about $2.7 million or so in cash, and we ended the first quarter with about $2.3 million. So back of the envelope, that's sophisticated, right?

我們年底現金大約是 270 萬美元左右，而第一季結束時大約是 230 萬美元。所以用粗略估算，這很「精密」對吧？

And timing, right, on collections, receivables, that kind of thing. So I think we're pretty solid, let's put it this way. We're not hemorrhaging, as we have in the past.

還有時點問題，對吧，像是收款、應收帳款之類。所以我認為我們相當穩健，這麼說吧。我們不像過去那樣在大量失血。

What, Mike, your current ARR run rate, is that now improved with some of these contracts?

那麼，Mike，你們目前的 ARR 年經常性收入）run rate（運行率）是否因為這些合約而有所提升？

Similar, I guess, the answer, it's episodal, right? So you have to look at our receivables, right, from quarter to quarter. But I would say, yes, as these larger projects land, obviously, the receivables are pretty significant.

答案大概類似：它是階段性（episodal）的，對吧？所以你得逐季去看我們的應收帳款。但我會說，是的，隨著這些較大型的專案落地，顯然應收帳款會相當可觀。

Yeah, I think it's certainly improving as the business is improving.

是的，我認為隨著業務改善，確實正在提升。

I'll just add too, it depends on when some of the bigger shipments are. Some of them come at the end of the quarter and some come at the beginning because we didn't get them the quarter before. So like Mike said, it's episodal based on timing.

我再補充一下，這也取決於一些較大批出貨發生的時間點。有些在季末，有些在季初，因為前一季沒趕上。所以如 Mike 所說，這是依時點而呈現階段性的。

Okay.

好的。

Can you say how much of the hardware sales was the written off inventory?

你能說一下硬體銷售中，有多少是先前已沖銷的庫存嗎？

Yeah, I was in the financials, and I don't remember it off the top of my head, but hold on second.

可以，我在財報裡有看到，但我一時想不起來，等我一下。

Sorry, too much open up here.

抱歉，這邊開太多東西了。

Basically $100000.

基本上是 10 萬美元。

I see. I got it.

了解。我知道了。

And Mike, were these inventory sales kind of a one-off thing, or was there any software licensing associated with the sales?

Mike，這些庫存銷售算是一次性的（one-off）嗎？還是銷售中也包含任何軟體授權？

There's a combination of both.

兩者都有。

And I think we're starting to see, and I think it will be reflected in our results in Q2 and beyond, more significant sales of that reserved inventory.

而且我認為我們開始看到——我想這會反映在我們第二季及之後的結果中——保留庫存的銷售會更顯著。

If you're profitable from the second quarter, would you be able to offset profits with prior losses to avoid taxes? Like we've been hoping for years.

如果從第二季開始獲利，你們能用以前的虧損來抵減獲利、以避免繳稅嗎？就像我們多年來一直期待的那樣。

I assume. I mean, we have plenty of NOLs, right, net operating losses. And so I'm sure our accountants will and our tax accountants will help us with that. But yeah, for sure.

我想可以。我的意思是，我們有很多 NOL（淨營運虧損）可用。所以我相信我們的會計師以及稅務會計師會協助我們處理。但對，肯定可以。

Okay.

好的。

A couple more conceptual questions, I guess.

我想再問幾個比較概念性的問題。

Is it harder to win the large.

要拿下大型……是不是更困難。

U.S. Contracts in the military and financial area than EMEA, and if so, can you give some color on why that might be?

在軍方與金融領域，要贏得美國的大型合約是否比 EMEA（歐洲、中東與非洲）更難？如果是，你能說明一下可能的原因嗎？

I think what you asked is why are we so successful internationally on the defense side, and is it more difficult on the U.S. Side to win those contracts.

我理解你的問題是：為什麼我們在國際市場的國防領域如此成功，以及在美國市場是否更難拿下那些合約。

And financially, too.

還有金融領域也是。

Yeah, I mean, it's hard to say. I think there's a different dynamic internationally.

是的，我的意思是，這很難一概而論。我認為國際市場的動態不同。

There's no reticence at all to using biometrics, right? I mentioned in my comments the privacy and concerns about all the regulatory scenarios like FIPA in the United States, right?

對使用生物辨識完全沒有任何顧忌，對吧？我在評論中提到隱私以及對各種監管情境的疑慮，例如美國的 FIPA 之類，對吧？

They don't exist internationally.

在國際上並不存在這些。

We've had programs in the US, like for example in Texas, where they were using biometrics to manage the food stamp program.

我們在美國也有一些專案，例如在德州，他們曾使用生物辨識來管理食品券計畫。

And the privacy mongers fundamentally killed that program, and their expenditure went up 4x because people were cheating.

而隱私倡議者基本上扼殺了那個計畫，結果支出增加了 4 倍，因為有人作弊。

So we have a different dynamic here in the US, and it permeates throughout not only the public sector, but also the private sector as well.

所以在美國，我們面臨不同的動態，而且這種情況不只滲透到公部門，也同樣影響私部門。

And that doesn't exist, it is much less difficult on the international front.

而這種情況在國際市場並不存在；在國際端要推行這些解決方案困難度低得多。

To deploy these solutions. So, I mean, I think that's the simple answer. Now, do we have US Opportunities? Absolutely. Do we have US Customers? Absolutely. Do I believe that business is going to grow? Absolutely. I do believe that.

去部署這些解決方案。所以，我想這就是最簡單的答案。那我們在美國有機會嗎？當然有。我們在美國有客戶嗎？當然有。我相信那邊的業務會成長嗎？當然。我確實相信。

In particular, I am really excited about the TD SYNNEX DLT opportunity because they're a monster in that space and they have. Customers in every state in the US, we are doing really well in state and local government. We have the perfect solution for biometrics, right, for highly secure access.

特別是，我對 TD SYNNEX DLT 的機會非常興奮，因為他們在那個領域是巨頭，而且他們在美國每一州都有客戶；我們在州與地方政府的表現非常好。

And with a partner that size, that gives us, it just opens up a whole market for us. So working closely with those partners, that's really the force multiplier in how we're going to scale our business. So.

而有那樣規模的合作夥伴，能帶給我們——它等於為我們打開整個市場。所以與這些合作夥伴緊密合作，這真的是我們擴大業務規模的力量倍增器。所以。

Yeah, I do believe that there's a difference, and I do believe, though, however, there is an opportunity on both sides of the world.

是的，我確實相信存在差異；但同時我也相信，世界兩端都有機會。

Great.

很好。

Well, on some of these global bank contracts or financial contracts, defense contracts, can you say who your competition is for these contracts? And again, maybe you've talked about this before, but just to reiterate, what's the differentiator in.

那麼，針對一些全球銀行合約或金融合約、國防合約，你能說一下你們在這些合約上的競爭對手是誰嗎？另外，也許你以前談過，但想請你再重申一次，你們在金融服務領域的差異化是什麼——在這些……

Financial services for you in these.

金融服務方面，對你們而言在這些……

Global It's clearly the full and complete authentication, biometric authentication option that we provide and the flexibility to use 16, 17 other factors.

在全球範圍內，很明顯是我們所提供的完整且全面的身分驗證——生物辨識驗證選項——以及可彈性搭配另外 16、17 種因素的能力。

So one size doesn't fit all.

所以並不是一套方案適用所有情境。

And in banks, for example, in branch or for staff in office, biometrics may be perfect. However, they may have.

以銀行為例，在分行或辦公室內給員工使用時，生物辨識可能非常合適。然而，他們可能也有。

Outsiders, meaning outside the physical infrastructure, that need to access information. And we provide, because we have a full complete platform with PortalGuard, we can provide all of those different options, using a phone, using a card, using a token or a key. So I think that's our competitive differentiator. And bringing again that very strong option with biometrics. Really separates us from everybody else in the space. There are large biometric players like IDEMIA , for example, or NEC, but they're going after airports and border control and all that other stuff. They don't have the authentication, SSO, single sign-on, network log-on. They don't have all of that software that's the front end of companies and enterprises or a public sector agencies. Portals and applications, right? We front-end all of that. That's our competitive differentiator.

外部人員，意指在實體基礎設施之外、需要存取資訊的人員。而我們能提供，因為我們透過 PortalGuard 擁有一個完整的平台，我們可以提供所有這些不同的選項：使用手機、使用卡片、使用權杖或金鑰。所以我認為那就是我們的競爭差異化。並且再次帶來那個非常強的生物辨識選項。真的讓我們在這個領域中與其他所有人區隔開來。例如有像 IDEMIA 或 NEC 這樣的大型生物辨識業者，但他們主要鎖定機場、邊境管制以及其他那類應用。他們沒有驗證、SSO（單一登入）、網路登入。他們沒有那些作為企業、機構或公部門機關前端的軟體。入口網站與應用程式，對吧？我們就是所有那些的前端。那就是我們的競爭差異化。

I see. And who, when you go after these contracts, who do you see competitive-wise?

我了解。那你們在爭取這些合約時，從競爭角度來看，你們認為對手是誰？

Going for these contracts too.

也在爭取這些合約的。

Well, if they're looking at and seriously considering biometric for everybody or even for just a piece, well, guess what? It's not Okta, it's not SailPoint, it's not Forge Rock, it's not them because they don't have that. They can partner with us. In fact, SailPoint is becoming a very big.

嗯，如果他們在看、並且認真考慮要讓所有人都用生物辨識，或即便只用在其中一部分，那你猜怎麼著？不是 Okta，不是 SailPoint，不是 ForgeRock，也不是他們，因為他們沒有那個。他們可以跟我們合作。事實上，SailPoint 正在成為一個非常大的。

Partner for us internationally, where they're providing all of the privileged access and all of the higher level authentication management, and we're providing the actual authentication technology, as I just mentioned, the 16 factors, including the biometric. So it really is, I always think it's.

我們在國際市場上的合作夥伴，他們提供所有特權存取以及更高層級的驗證管理，而我們提供實際的驗證技術，正如我剛提到的 16 種因素，包括生物辨識。所以它確實是，我一直覺得它是。

Everyone has a competitor, right? There's no such thing as one company that dominates a space without competition. But we just really don't see any of those players able to do the same things that we do for a customer. So it's pretty unique. There are probably a bunch of regional or smaller players that we may compete against. Or an MSP that's trying to pull together pieces of a solution to do what we do, but no one big player that actually matches exactly what we do for what we do, right, which is strictly authentication.

每個人都有競爭對手，對吧？不存在某家公司在一個領域裡沒有競爭就能稱霸。但我們真的看不到那些業者能為客戶做到我們能做的同樣事情。所以這相當獨特。可能會有一些區域性或較小的業者是我們可能會競爭的對象。或者有 MSP（託管服務供應商）試圖把解決方案的各個部分拼湊起來做出我們做的事，但沒有任何大型業者能在我們所做的事情上、以我們的方式，完全對應我們的能力，對吧？也就是純粹的驗證。

That's actually amazing. I got just a couple more.

這真的很驚人。我再問最後幾個。

Outside of cash, I think the market is assigning the value of your business at about $2.5 million.

撇除現金不談，我認為市場給你們公司的估值大約是 250 萬美元。

If you start generating cash, could you see the company buying back shares or declaring a dividend or something like that?

如果你們開始產生現金流，你們會考慮公司回購股票或宣告股利之類的嗎？

We'd love to do that.

我們很希望能那樣做。

I don't think we're in a position to do that today. I don't think it would be prudent, right? Obviously, we want to be able to reinvest in the things that are going to help us scale, right? So our partner network, again, ensuring our technology is leading edge, right? Not bleeding edge, as Jack had asked questions about what's the future, right? I call that bleeding edge. We want to be on the leading edge, not the bleeding edge. But.

我不認為我們目前處於能那樣做的位置。我不認為那會是審慎的作法，對吧？顯然，我們希望能把資金再投入到能幫助我們擴張規模的事情上，對吧？所以像是我們的合作夥伴網路，再次確保我們的技術保持領先，對吧？不是走在「過度超前」（bleeding edge），就像 Jack 問到未來是什麼那樣，對吧？我把那稱為 bleeding edge。我們想要站在領先邊緣（leading edge），而不是 bleeding edge。但是。

Yes, we'd love to be able to do that. And over time, I'm hoping we will be able to do that. We only have 1.1 million shares outstanding right now, and so anything we can do in that realm would be just incredible. We are grossly undervalued, especially with the NASDAQ suspension that certainly devalued us probably about 20%. Where we below where we were when we were on the NASDAQ and we were still undervalued at that time, if you think about our first half revenues projected to be about $5 million, we'd be trading one-time, one-half year's revenue, it's obscene, but again.

是的，我們很希望能做到。而且隨著時間推進，我希望我們能做到。我們目前流通在外的股份只有 110 萬股，所以在那方面我們能做的任何事都會非常驚人。我們被嚴重低估，尤其是 NASDAQ 停牌一事，確實可能讓我們的估值貶損了大約 20%。我們現在低於當初在 NASDAQ 上市時的水準，而那時我們其實也仍被低估；如果你想想我們上半年營收預估約 500 萬美元，我們的交易估值大概只有半年的營收倍數，這很荒謬，但再說一次。

In the road with the NASDAQ suspension and the timing of that, it wasn't, again, an issue with us from an operational perspective, it was strictly a miscalculation.

在 NASDAQ 停牌這件事的過程與時點上，這並不是我們營運面的問題，而完全是一個計算錯誤。

Of the very specific date requirements for the NASDAQ, right, 10-day notice, 10 days trading above a dollar, so that devalued us for sure, but I think that's recoverable, right, all ships rise with the tide, if the business continues to perform, right, we're going to achieve the level of value that we should achieve. And there aren't many, look around the industry, there aren't many profitable companies, public companies that, smaller companies like BIO-Key and security that are profitable, if any.

是對 NASDAQ 非常特定的日期要求的誤判，對吧？10 天通知、10 個交易日股價高於 1 美元，所以這確實讓我們被貶值，但我認為那是可以恢復的，對吧？水漲船高，如果公司持續表現，對吧？我們會達到我們應該達到的價值水準。而且你看看這個產業，像 BIO-Key 這樣規模較小、做資安的上市公司，能獲利的並不多，如果有的話。

I can name a couple.

我可以舉出幾家。

Trust Standards, they're not profitable. And so I think we're going to grow into that valuation if we continue to perform.

Trust Standards，他們並不獲利。所以我認為，只要我們持續表現，我們會成長到符合那個估值。

Okay, last question.

好，最後一個問題。

The associated hearing, I believe that has legal advisor fees to get back on the NASDAQ,, will that be expensed against your revenue in the second quarter?

我相信相關的聽證會會有法律顧問費用，用來回到 NASDAQ；那會在第二季作為費用列在你們的營收中嗎？

We don't believe so.

我們認為不會。

We don't believe so.

我們認為不會。

We have some help with that and we're not concerned at this stage. But yes, we do have advisors that we've hired who have deep experience in the process, so we want to put our best foot forward, but all of that will be covered.

我們在這方面有一些協助，目前這個階段我們不擔心。不過是的，我們確實聘請了顧問，他們在這個流程上有很深的經驗，所以我們希望做到最好，但這些都會被涵蓋。

Okay, that's all I got.

好，我就這些。

Thank you very much. Great quarter.

非常感謝。很棒的一季。

Thank you.

謝謝。

(event instructions)

（活動指示）

And this will conclude our question-and-answer session. I would like to turn the conference back over to Mr. Mike DePasquale for any closing remarks. Please go ahead.

接下來將結束我們的問答環節。我想把電話會議交回給 Mike DePasquale 先生，請他做結語。請開始。

Thank you again for joining today's call. We genuinely appreciate your interest in BIO-Key, and I look forward to updating investors on our progress on our next call. As always, we will update investors via press release of significant developments in the interim. If you have any additional questions, please reach out to our IR team, whose contact information is provided in today's press release. Have a great day.

再次感謝各位參加今天的電話會議。我們由衷感謝各位對 BIO-Key 的關注，也期待在下一次電話會議中向投資人更新我們的進展。一如既往，在此期間如有重大進展，我們將透過新聞稿向投資人更新。若您有任何其他問題，請聯繫我們的投資人關係（IR）團隊，其聯絡資訊已在今天的新聞稿中提供。祝各位有美好的一天。

The conference is now concluded.

本次電話會議到此結束。

Thank you for attending today's presentation. You may now disconnect.

感謝您參加今天的簡報。您現在可以中斷連線。