Brand Engagement Network Inc (BNAI) 2025 Q2 法說會逐字稿

Good afternoon, and welcome to the Brand Engagement Network, Inc.'s, second-quarter 2025 earnings conference call. Today's call is being recorded. (Operator Instructions)

下午好，歡迎參加品牌互動網路公司2025年第二季財報電話會議。今天的通話將會被錄音。（操作說明）

Before we begin, please note that during this call, our speakers may make forward-looking statements regarding future results and performance. Please refer to the cautionary language included in BEN's filings with the Securities and Exchange Commission, included in their Form 10-K and 10-Q for additional information concerning factors that could cause actual results to differ materially from those forward-looking statements.

在開始之前，請注意，在本次電話會議中，我們的發言人可能會就未來的業績和表現發表前瞻性聲明。有關可能導致實際結果與這些前瞻性聲明存在重大差異的因素的更多信息，請參閱 BEN 向美國證券交易委員會提交的 10-K 表格和 10-Q 表格中的警示性語言。

I would now like to turn the call over to Tyler Luck, acting CEO and Co-Founder of Brand Engagement Network. Tyler, please go ahead.

現在，我想把電話交給品牌互動網絡的代理執行長兼聯合創始人泰勒拉克。泰勒，請繼續。

Thank you, operator, and thank you all for joining us today. I'd like to begin by addressing the timing of this report. While our Q2 10-Q filing was delayed, I want to be clear that this was not the result of negative financial performance. Instead, the delay reflected deliberate decisions to strengthen the company's foundation. First, we focused on reducing ongoing expenses by negotiating with prior and existing vendors to ensure we operate with greater financial discipline.

謝謝接線員，也謝謝各位今天收看我們的節目。我想先談談這份報告的發佈時機。雖然我們第二季 10-Q 報告的提交有所延遲，但我需要澄清的是，這並非由於財務表現不佳所致。相反，此次延期反映了公司為加強自身基礎而做出的深思熟慮的決定。首先，我們專注於透過與現有和先前的供應商談判來減少持續性支出，以確保我們以更嚴格的財務紀律運作。

Second, we made positive management changes, including reengagement with our trusted outside accounting fund that supported us from 2021 to 2024, while continuing with our independent audit firm. These steps require time, but we're taking to build confidence in our financial processes. I've been with this company since day 1. I know our technology, our customers, and our mission. And I can tell you that the entrepreneurial spirit at BEN is alive and strong. Capital has always been a precious commodity, and we are treating it with the discipline and creativity that investors expect.

其次，我們進行了積極的管理變革，包括重新與我們信任的外部會計基金合作（該基金在 2021 年至 2024 年期間為我們提供支援），同時繼續與我們的獨立審計公司合作。這些步驟需要時間，但我們正在採取這些措施來建立人們對我們財務流程的信心。我從公司成立第一天就在這裡工作了。我了解我們的技術、我們的客戶和我們的使命。我可以告訴你，BEN 的創業精神依然充滿活力，而且非常強大。資本一直是一種寶貴的資源，我們正以投資者所期望的紀律和創造力來對待它。

I'd also like to highlight that our team in Seoul, Korea -- today, our Korean Innovation Lab is home to more than 30 employees, and I'm incredibly proud of the work that they are doing to drive product innovation and client success. This team embodies the energy, expertise and commitment that defines BEN globally. In addition to these foundational efforts, I'm pleased to share some key milestones that underscore our progress in building partnerships and expanding our AI solutions. For instance, we entered a global partnership with Swiss Life, a process that began before our merger in March 2024. The announcement in April 2025 marked an important milestone, and as acting CEO, I had the opportunity to attend their global conference in London a few weeks ago.

我還想特別強調一下我們在韓國首爾的團隊——如今，我們的韓國創新實驗室擁有 30 多名員工，我為他們在推動產品創新和客戶成功方面所做的工作感到無比自豪。這支團隊體現了BEN在全球所展現出的活力、專業知識和奉獻精神。除了這些基礎工作之外，我很高興與大家分享一些重要的里程碑，這些里程碑凸顯了我們在建立合作夥伴關係和擴展人工智慧解決方案方面取得的進展。例如，我們與瑞士人壽建立了全球合作夥伴關係，這個過程在我們於 2024 年 3 月合併之前就開始了。2025 年 4 月的公告標誌著一個重要的里程碑，作為代理首席執行官，我有機會在幾週前參加了他們在倫敦舉行的全球會議。

It was encouraging to see first hand the positive feedback from attendees around the world. And we are focused on supporting their partners globally to benefit from the efficiencies of our conversational AI.

親眼看到世界各地與會者的正面回饋，令人倍感鼓舞。我們致力於支持其全球合作夥伴，讓他們能夠從我們對話式人工智慧的高效性中受益。

We've also made strategic inroads in emerging markets such as our entry into Mexico with a partner just over a year ago. And this decision aligns well with markets that prioritize data sovereignty, allowing us to test and refine our products, while positioning us for a potential expansion and execution on our current pipeline. In the pharmacy sector, our launch at a conference in Boston a year ago provided valuable market feedback on our AI solutions. We are pleased with the results so far, though as with any innovation in regulated industries, reviews take time as corporations are rightfully cautious of this new era. But these steps are setting a solid foundation for future developments.

我們也在新興市場取得了策略性進展，例如一年多前與合作夥伴一起進入墨西哥市場。這項決定與那些優先考慮資料主權的市場非常契合，使我們能夠測試和改進我們的產品，同時為我們目前產品線的潛在擴展和執行做好準備。在醫藥領域，我們一年前在波士頓的一次會議上推出的人工智慧解決方案獲得了寶貴的市場回饋。我們對目前的結果感到滿意，但與受監管行業的任何創新一樣，審查需要時間，因為企業對這個新時代保持謹慎是理所當然的。但這些舉措為未來的發展奠定了堅實的基礎。

Looking at verticals like automotive, we see opportunities where AI can help build trusted consumer engagement, a long-standing challenge in the industry. The integrations we've completed today position us well for initiatives we are planning in the coming quarters. And finally, with AI top of mind for many enterprises, it's important to note that brands and regulated sectors approach new technologies with caution to avoid risks from inaccurate engagements. So this is where BEN's emphasis on trusted data shines. By focusing on brand-specific data sovereignty rather than broad web data, we enable authentic and reliable consumer interactions. These efforts reflect our commitment to delivering solutions that meet enterprise needs.

縱觀汽車等垂直產業，我們看到了人工智慧可以幫助建立值得信賴的消費者互動的機會，而這正是該產業長期以來面臨的挑戰。我們今天完成的整合工作，為我們未來幾季計畫開展的各項措施奠定了良好的基礎。最後，鑑於人工智慧已成為許多企業的焦點，值得注意的是，品牌和受監管行業在對待新技術時會保持謹慎，以避免因不準確的互動而帶來的風險。所以，BEN 對可信數據的重視在這裡體現得淋漓盡致。我們專注於品牌專屬數據主權，而不是廣泛的網路數據，從而實現真實可靠的消費者互動。這些努力體現了我們致力於提供滿足企業需求的解決方案的承諾。

And looking ahead, we've already scheduled our next earnings call on November 4, 2025, and our Annual Shareholder Meeting on November 26, 2025. We see this as the start of a new chapter for BEN, one that's built on transparency, accountability, and growth.

展望未來，我們已經安排了下一次收益電話會議（2025 年 11 月 4 日）和年度股東大會（2025 年 11 月 26 日）。我們認為這是 BEN 新篇章的開始，一個建立在透明度、問責制和成長基礎上的篇章。

And with that, let me turn the call over to our CFO and CEO, Walid Khiari, who will walk you through our financial performance.

接下來，我將把電話交給我們的財務長兼執行長瓦利德·希亞裡，他將為大家介紹我們的財務表現。

Thank you, Tyler, and good afternoon, everyone. Our Q2 results demonstrate significant progress in stabilizing operations as well as strengthening our financial position. By reducing expenses by over 55%, we've gained greater flexibility to execute our strategy and accelerate growth initiatives in regulated industries. Looking ahead, we're shifting our focus towards driving revenue growth, supported by a stronger foundation and the operational capacity to launch new customers more rapidly across our target verticals.

謝謝你，泰勒，大家下午好。我們第二季的業績表明，我們在穩定營運和加強財務狀況方面取得了顯著進展。透過削減 55% 以上的開支，我們獲得了更大的靈活性來執行我們的策略，並加速在受監管行業的成長計劃。展望未來，我們將把重點轉移到推動收入成長上，這得益於我們更強大的基礎和營運能力，以便在我們的目標垂直領域更快地推出新客戶。

As for financial highlights, I'll mention a few. Revenue, we did $5,000 of revenue in Q2 compared to none in Q2 of last year 2024, which reflects early traction in some of our conversation AI solutions. As far as operating expenses go, they've decreased, as I mentioned, by 55.6% to $2.8 million for the quarter, down from $6.3 million in the same quarter of 2024, which was driven by streamlined operations and strategic cost optimization. As for other income, plus $3.7 million, primarily from a gain on debt extinguishment of $4 million, which was partially offset by changes in the fair value of warrants.

至於財務方面的亮點，我僅舉幾例。營收方面，我們在第二季度實現了 5,000 美元的營收，而去年同期（2024 年）第二季則為零營收，這反映出我們的一些對話式人工智慧解決方案已取得初步成效。至於營運費用，正如我之前提到的，本季下降了 55.6%，至 280 萬美元，低於 2024 年同期的 630 萬美元，這主要得益於精簡營運和策略成本優化。至於其他收入，加上 370 萬美元，主要來自 400 萬美元的債務清償收益，部分被認股權證公允價值的變動所抵銷。

Net income, about $900,000 in Q2 of this year compared to a net loss of $3 million in Q2 of 2024, and our stockholders' equity increased 126% to $5.9 million from $2.6 million at the year-end 2024, which reflects improved financial health. A detailed summary of BEN's recorded financial results is included in the company's Form 10-Q for the quarter, which ended June 30, 2025, which we have filed with the SEC.

今年第二季淨收入約為 90 萬美元，而 2024 年第二季淨虧損為 300 萬美元；股東權益成長 126%，從 2024 年底的 260 萬美元增至 590 萬美元，這反映出財務狀況的改善。BEN 的財務表現詳細摘要已包含在本公司截至 2025 年 6 月 30 日的季度 10-Q 表格中，我們已向美國證券交易委員會提交了該表格。

And with that, I'll hand it back to the operator to begin our Q&A session.

接下來，我將把電話交還給接線員，開始我們的問答環節。

(Operator Instructions) Jack Vander Aarde, Maxim Group.

（操作員說明）Jack Vander Aarde，Maxim Group。

Tyler, welcome to the CEO role. I don't believe we've spoken last quarter. So would love to get your just kind of thoughts on what you're planning to focus on and if there's any changes on the horizon? Just talk about your management style and what you're focused on.

泰勒，歡迎你擔任執行長一職。我記得上個季度我們好像沒聯絡過。所以很想聽聽您對未來計劃重點關注哪些方面的想法，以及是否有任何變化即將發生？談談你的管理風格和你關注的重點。

Hi, Jack. Nice to meet you. We haven't met before. So I think it's an exciting time to be leading BEN. And I would say my focus is really on three core priorities, the first being execution and discipline, making sure we're delivering against the commitments we've made to our customers and partners and certainly our shareholders. I believe we have built a strong foundation, and now it's about consistent reliable delivery.

嗨，傑克。很高興見到你。我們之前從未見過面。所以我認為現在是領導 BEN 的絕佳時機。我認為我的重點主要有三個核心優先事項，首先是執行和紀律，確保我們履行對客戶、合作夥伴以及股東的承諾。我相信我們已經打下了堅實的基礎，現在關鍵在於持續可靠地交付。

And secondly, I would say the commercial acceleration kind of translating the momentum we're seeing into scalable revenue. That's super important. That means really tightening our go-to-market motion, deepening customer relationships and, I'd say, expanding our footprint in the verticals that we're already winning.

其次，我認為商業加速的關鍵在於將目前看到的動力轉化為可擴展的收入。這非常重要。這意味著要真正收緊我們的市場推廣策略，加深客戶關係，而且我認為，還要擴大我們在我們已經取得勝利的垂直領域的市場份額。

And third, being the -- also the Chief Product Officer, I think it's super important for our focus on product leadership. So continuing to push the boundaries of responsible, reliable AI engagement, and BEN's technology has the potential to redefine how people really interact with brands. And we intend to lead that shift. So in short, it's about clarity, focus and forward motion, just really ensuring that BEN not only grows, but grows with purpose.

第三，身為首席產品官，我認為這對我們專注於產品領導至關重要。因此，不斷突破負責任、可靠的 AI 互動界限，BEN 的技術有可能重新定義人們與品牌互動的方式。我們決心引領這項轉變。簡而言之，關鍵在於清晰的目標、專注的行動和前進的步伐，真正確保 BEN 不僅能夠成長，而且能夠有目標地成長。

Okay. Great. I appreciate that. And maybe just a follow-up, something that was kind of a major ongoing development was the pending acquisition of Cataneo, obviously. I know that, that was terminated.

好的。偉大的。我很感激。或許可以補充一點，一項正在進行中的重大進展是即將收購 Cataneo，這顯然是毋庸置疑的。我知道，那件事已經終止了。

And -- but just maybe can you just touch on what happened there? Or are you still working with them on other opportunities, maybe not M&A related, but just other business verticals and opportunities? And then also is the media -- can you just touch on the media space maybe in general and how that fits into your focus going forward in terms of verticals?

還有——但是您能否簡單談談那裡發生了什麼事？或者你們仍在與他們合作尋找其他機會，也許與併購無關，而是其他業務領域和機會？此外，媒體領域—您能否泛泛地談談媒體領域，以及它如何融入您未來在垂直領域的關注重點？

Jack, this is Walid. Good to hear from you. To answer your question, yes, we're continuing to work with the team at Cataneo. We still think that our partnership is strong. And in effect, we've been working in the field together for quite some time now and have built a good momentum among our customers as well as potential customers.

傑克，我是瓦利德。很高興收到你的來信。回答您的問題，是的，我們正在繼續與 Cataneo 團隊合作。我們仍然認為我們的合作關係很牢固。事實上，我們已經在這個領域合作了相當長一段時間，並在現有客戶和潛在客戶中建立了良好的口碑。

So we see that continuing. I had mentioned in past calls that the advertising side of the business, which is related to media is a very important pillar of this business going forward alongside automotive, healthcare, and financials. And we see that continuing.

所以我們看到這種情況還在繼續。我曾在先前的電話會議中提到，與媒體相關的廣告業務是公司未來發展的重要支柱，與汽車、醫療保健和金融業務並駕齊驅。而且我們看到這種情況還在繼續。

The media space evolves probably the fastest. I think Tyler alluded to earlier, the fact that some of the regulated industries by definition, and rightfully so, as Tyler mentioned, move much slower. This is one that moves very, very fast. And so being nimble through a combination of buy, build partner approach, I think, is going to be critical. There will be M&A, but there will always be both partnership opportunities in that space on an ad hoc basis as well as aligning with our general strategy to kind of keep rejuvenating the stack dedicated -- the technical stack dedicated to the advertising space around AI.

媒體領域可能是發展速度最快的領域。我認為泰勒之前已經暗示過，一些受監管的行業，從定義上來說（而且正如泰勒所提到的，這樣做也是理所當然的），發展速度要慢得多。這件事進展得非常非常快。因此，我認為，透過購買、自建和合作夥伴結合的方式靈活應對，將至關重要。併購在所難免，但同時也會存在一些合作機會，這些機會既可以根據具體情況靈活安排，也會與我們的整體策略保持一致，以不斷更新專門用於人工智慧廣告領域的技術棧。

And of course, under Tyler's leadership, continuing on the build side of the strategy by continuing to build a product, which have a common foundation, but find different use cases across industry verticals.

當然，在泰勒的領導下，公司繼續推進策略的建構方面，不斷打造具有共同基礎的產品，但這些產品可以在不同的行業垂直領域找到不同的用例。

Excellent. Okay. I appreciate that, Walid. Maybe a follow-up too for you. The $5,000 revenue that came in the quarter, I'm not sure if this is -- not that I'm trying to parse that necessarily, but I would be curious to know, is this -- was this a pilot program?

出色的。好的。謝謝你，瓦利德。或許你也需要後續跟進。本季度獲得的 5,000 美元收入，我不確定這是否——我並不是一定要去分析它，但我很好奇，這是否——這是否是一個試點項目？

And was it a series of customers? Just maybe walk me through that. And then what do you expect kind of going forward in terms of are there more revenue pickups like this one? Or is this a one-time development?

是一系列顧客嗎？你能不能跟我講解一下？那麼，您預計未來是否還會出現更多像這樣的收入成長？或者這只是一次性事件？

Tyler, do you want to take that one?

泰勒，你想接那個嗎？

Yeah. So the $5,000 relates to a pilot program for a client we are working with in Armenia relating to hospitality, customer service in the hotel sector. And we expect this to be recurring.

是的。這 5000 美元與我們正在亞美尼亞合作的一位客戶開展的試點項目有關，該項目涉及酒店業的接待和客戶服務。我們預計這種情況會反覆發生。

Excellent. Okay. Great. I appreciate that. And then just maybe a follow-up, too.

出色的。好的。偉大的。我很感激。然後或許還會有後續報道。

Just all of the pilot programs you guys did -- you guys have had in the past over the last few years, a lot of them sound pretty promising, and they've been ongoing for a while. Maybe just to get a quick update on anything in the pharmaceutical healthcare space? Are these past pilot programs and collaborations, are they still ongoing? Or are we -- I guess, when do you determine if you're moving forward and what to focus on? Because there's quite a number of these, and I'm not sure how you're tackling it anymore.

你們過去幾年開展的所有試點項目，很多聽起來都很有前景，而且已經持續了一段時間。或許只是想快速了解醫藥保健領域的最新動態？這些是過去的試點計畫和合作項目，目前還在進行嗎？或者說——我想，你如何判斷自己是否在前進、應該專注於什麼？因為這類問題很多，我不確定你們現在是如何處理的。

So just an update on any of the prior pilots, just so we have a sense of where we're headed.

所以，這裡更新一下之前所有試點計畫的進度，以便我們了解未來的發展方向。

Yeah. So I would say all of our pilots are moving forward. I think initially, when we started to take them on, we were really more perhaps in the generative AI space. And naturally as any business comes to ask what is the ROI on this. And so that's when we have started to move more into the Agentic AI or at least a combination.

是的。所以我認為我們所有的飛行員都在繼續前進。我認為最初當我們開始涉足這些領域時，我們可能更多地在生成式人工智慧領域。當然，任何企業都會問，這樣做的投資報酬率是多少。因此，我們開始更多地轉向智能體人工智慧，或至少是兩者的結合。

So every AI pilot that we are building and deploying needs to have measurable impact. And so really, the next phase, which most, if not all, that are progressing is really about converting these pilots into scalable recurring relationships. And we're moving in that direction with momentum. And I'd say we expect to share more detailed results as those programs formalize into commercial agreements in the near future ideally.

因此，我們正在建置和部署的每一個人工智慧試點專案都需要產生可衡量的影響。因此，實際上，接下來的階段（即使不是全部，也絕大多數都在推進）實際上是將這些試點計畫轉化為可擴展的、持續的合作關係。我們正朝著這個方向穩步前進。我認為，隨著這些項目在不久的將來正式轉化為商業協議，我們有望分享更詳細的結果。

That concludes the Q&A session. I will now turn the call back over to Tyler Luck for closing remarks.

問答環節到此結束。現在我將把電話轉回給泰勒·拉克，請他作總結發言。

Thanks, operator. To close, I want to emphasize once again that BEN is really regaining its entrepreneurial momentum. We are disciplined, focused, and committed to creating value for our shareholders through strategic partnerships, market expansions and innovative AI solutions. We look forward to updating you again on our upcoming November 4 earnings call for Q3 results, and we invite you to join us at our Annual Shareholders Meeting scheduled for November 26, 2025.

謝謝接線生。最後，我想再次強調，BEN 正在真正恢復其創業動能。我們秉持嚴謹的作風，目標明確，致力於透過策略合作、市場拓展和創新的人工智慧解決方案，為股東創造價值。我們期待在 11 月 4 日的第三季業績電話會議上再次向您報告最新情況，並誠摯邀請您參加定於 2025 年 11 月 26 日舉行的年度股東大會。

Thank you, everyone, for your time and continued support.

感謝大家抽出時間並給予持續支持。

Thank you. That wraps up today's call. Transcripts of this call will be posted on BEN's Investor Relations website. We appreciate your interest in the Brand Engagement Network, Inc.

謝謝。今天的電話會議到此結束。本次電話會議的文字記錄將發佈在BEN的投資者關係網站上。感謝您對品牌互動網絡有限公司的關注。