Banzai International Inc (BNZI) 2025 Q3 法說會逐字稿

I'm Dean Ditto, Chief Financial Officer, and I would like to welcome you to Banzai's third-quarter 2025 financial results and business update conference call. A question-and-answer session will follow the formal presentation. And as a reminder, this conference is being recorded.

我是財務長迪恩·迪托，歡迎各位參加 Banzai 2025 年第三季財務業績和業務更新電話會議。正式演講結束後將進行問答環節。再次提醒大家，本次會議正在錄影。

Before we begin the formal presentation, I'd like to remind everyone that statements made on the call and webcast may include predictions, estimates, and other information that may be considered forward-looking. While these forward-looking statements represent our current judgment on what the future holds, they are subject to risks and uncertainties that could cause actual results that differ materially. You are cautioned not to place reliance on these statements, forward-looking statements, which reflect our opinions as the date of this presentation.

在正式開始演講之前，我想提醒大家，電話會議和網路直播中發表的聲明可能包括預測、估計和其他可能被視為前瞻性的資訊。雖然這些前瞻性陳述代表了我們目前對未來方向的判斷，但它們受到風險和不確定性的影響，可能導致實際結果與預期有重大差異。請注意，您不應依賴這些陳述（前瞻性陳述），這些陳述反映了我們截至本次演示之日的觀點。

Please keep in mind that we are not obligating ourselves to revise or publicly release the results of any revisions to these forward looking statements in light of new information or future events. Throughout today's discussion, we will attempt to present some important factors related to our business that may affect our predictions.

請注意，我們沒有義務根據新的資訊或未來事件修改或公開披露對這些前瞻性聲明的任何修改結果。在今天的討論中，我們將嘗試介紹一些可能影響我們預測的與我們業務相關的重要因素。

You should also review our most recent Form 10-K and our Form 10-Q that was just filed for a more complete discussion of these factors and other risks, particularly under the heading Risk Factors. A press release detailing these results was issued this afternoon and is available in the Investor Relations section of our website, which is banzai.io.

您還應該查看我們最新的 10-K 表格和剛剛提交的 10-Q 表格，以更全面地討論這些因素和其他風險，尤其是在「風險因素」標題下。今天下午發布了一份詳細介紹這些結果的新聞稿，可在我們網站 banzai.io 的投資者關係部分查閱。

Your host today, Joe Davy, who's our Chief Executive Officer, and I are going to present unaudited results of operations for the third quarter ended September 30, 2025.

今天，我們的執行長喬戴維將與我一起，向大家介紹截至 2025 年 9 月 30 日的第三季未經審計的經營業績。

And at this time, I will turn the call over to Banzai's Chief Executive Officer, Joe Davy.

此時，我將電話轉交給 Banzai 的執行長 Joe Davy。

Thanks, Dean. Good afternoon, everyone. First, I'm pleased to welcome you to Banzai's third-quarter 2025 financial results conference call. I'll begin with a brief overview of our business and the market opportunity before delving into Q3 2025 financial and operational highlights.

謝謝，迪恩。大家下午好。首先，我很高興歡迎各位參加 Banzai 2025 年第三季財務業績電話會議。我將首先簡要概述我們的業務和市場機會，然後再深入探討 2025 年第三季的財務和營運亮點。

I'll touch on some product and strategy updates. Our CFO, Dean, will then review our Q3 financial results before I close and open the call up for questions.

我將簡要介紹一些產品和策略的最新進展。接下來，我們的財務長迪恩將回顧我們第三季度的財務業績，之後我將結束會議並開放提問環節。

One thing I want to do, a shameless plug here, I'm going to go back to the first slide. I just want to point out how cool this is. This was made with CreateStudio. So if you're not already a CreateStudio customer, go to createstudio.com. You can make cool stuff like this, too.

我想做一件事，這裡算是厚顏無恥的廣告，我要回到第一張投影片。我只想說這太酷了。這是用 CreateStudio 製作的。所以，如果您還不是 CreateStudio 的客戶，請造訪 createstudio.com。您也可以製作像這樣的酷炫作品。

Okay. For those of you who are new to our story at Banzai, we are developing a platform of AI-powered marketing solutions that make our customers' lives 10 times faster and easier. and our products enable our customer base to target, engage, and measure both new and existing customers more effectively.

好的。如果您是第一次了解 Banzai，我們正在開發一個由人工智慧驅動的行銷解決方案平台，旨在讓客戶的工作效率提升 10 倍。我們的產品能夠幫助客戶更有效地定位、互動並衡量新舊客戶。

Our focus is on the global MarTech market, as we've discussed many times. This market is expanding rapidly due to increasing digital transformation, surging demand for personalized experiences, and the proliferation of automation and AI. And these dynamics have created challenges for modern marketing teams. These teams now have to navigate expansive and complex networks of available tools.

正如我們多次討論過的那樣，我們的重點是全球行銷技術市場。由於數位轉型不斷推進、對個人化體驗的需求激增以及自動化和人工智慧的普及，這個市場正在迅速擴張。這些動態變化為現代行銷團隊帶來了挑戰。這些團隊現在必須駕馭龐大而複雜的可用工具網路。

And our core product suite addresses this by centralizing essential marketing tools on the Banzai platform. And we're continuing to expand our family of products through targeted acquisition strategy, which positions us strongly for capitalizing on industry consolidation.

我們的核心產品套件透過將必要的行銷工具集中在 Banzai 平台上來解決這個問題。我們正透過有針對性的收購策略不斷擴大我們的產品系列，這使我們能夠更好地利用產業整合帶來的機會。

And I'll just point out the average enterprise marketing team uses over 120 different marketing tools. which is quite a lot. We'd love for that number to come down to one. That's what we're working on.

我還要指出，一般企業行銷團隊平均使用超過 120 種不同的行銷工具，這數量相當多。我們希望這個數字能降到1。這就是我們正在努力的方向。

Okay. Talking about our vision real quick. Banzai continues to be focused on the strategy of building and buying products across four key areas: attracting leads, engagement, tracking, and intelligence. We feel these areas are key to marketing success both now and in the future. One of the things that I love to say is that sometimes the factors that aren't going to change in a market are the most important factors in the market.

好的。簡單談談我們的願景。Banzai 繼續專注於在四個關鍵領域建立和購買產品的策略：吸引潛在客戶、互動、追蹤和情報。我們認為這些領域對於現在和未來的行銷成功都至關重要。我常說的一句話是，有時候市場中那些不會改變的因素，反而是市場中最重要的因素。

Obviously, the technology landscape changes very quickly and things like AI, new data availability are all things that we are bringing to the market. But one of the things that doesn't change in the market is the basic desire of customers, which in this case pretty much comes down to: How do I attract more leads? How do I engage them more effectively? How do I get smarter about them? And how do I know what's working and what's not working? And that's where we're focused on delivering value for our customers. Some things never change.

顯然，技術格局變化非常迅速，人工智慧、新數據的可用性等等，都是我們正在推向市場的東西。但市場上不變的一點是顧客的基本需求，在這種情況下，幾乎可以歸結為：如何吸引更多潛在客戶？如何更有效地與他們互動？我該如何更聰明地應對它們？我怎麼知道哪些方法有效，哪些無效呢？而這正是我們致力於為客戶創造價值的地方。有些事永遠不會改變。

Talk real quick about our Q3 2025 and subsequent highlights. So first of all, our Q3 2025 revenue, $2.8 million. This was an increase of 163% year over year. So we're pleased with that result. Obviously, we want to continue to see that year-over-year increase in future periods.

簡單談談我們 2025 年第三季及後續的重點事項。首先，我們 2025 年第三季的營收為 280 萬美元。這比上年同期成長了163%。所以我們對這個結果很滿意。顯然，我們希望在未來的時期繼續看到這種同比增長。

Q3 2025 decreased net loss by $9.5 million. It's a 62% improvement. So again, very pleased with that result. Shareholders' equity increased 72% to $5.4 million. This is a reflection of our continued focus on improving our balance sheet, which we've done dramatically in Q3 and which we've continued to do in Q4. And finally, Q3 2025 gross margin was pretty steady at 82%. This was up about 13% year over year.

2025年第三季淨虧損減少950萬美元。提高了62%。所以，我對這個結果非常滿意。股東權益成長72%，達540萬美元。這體現了我們持續致力於改善資產負債表的努力，我們在第三季度取得了顯著成效，並在第四季度繼續推進了這一目標。最後，2025 年第三季的毛利率相當穩定，為 82%。這比上年同期成長了約13%。

We achieved ARR of $11 million in the third quarter. This is 168% annualized growth rate compared to Q3 2024. Adjusted EBITDA was a $2.2 million loss compared to $1.5 million in Q3 2024. Our cash balance at second quarter end was $0.9 million. Stockholders' equity increased to $5.4 million, which was a 72% increase from June 30.

第三季度，我們的年度經常性收入 (ARR) 達到 1,100 萬美元。與 2024 年第三季相比，年化成長率為 168%。調整後 EBITDA 虧損 220 萬美元，而 2024 年第三季為虧損 150 萬美元。第二季末，我們的現金餘額為 90 萬美元。股東權益增加至 540 萬美元，比 6 月 30 日成長了 72%。

We executed a payoff and debt conversion agreement for the remaining principal balance of our outstanding senior secured debt, totaling approximately $4.8 million. The decision by senior debt holders to convert into equity reflects a strong vote of confidence in Banzai's vision and trajectory. You're not going to see that reflected in the Q3 numbers because that occurred at the beginning of Q4. But we are very happy about that, and you'll see that additional improvement reflected in the Q4 financials when those are released.

我們簽署了償還和債務轉換協議，以償還我們未償還的優先擔保債務的剩餘本金餘額，總額約為 480 萬美元。高級債權人決定將債權轉換為股權，這反映了他們對 Banzai 的願景和發展方向的強烈信心。你不會在第三季的數據中看到這一點，因為那件事發生在第四季初。但我們對此感到非常高興，您將在第四季度財務報告發佈時看到這一額外改善的體現。

One of our institutional investors increased their direct equity stake to 18.7% following the exercise of warrants, demonstrating their continued confidence in our long-term strategy. And we secured an $11 million debt facility with an institutional investor to support acquisitions and ongoing operations.

我們的機構投資者在行使認股權證後，將其直接股權增持至 18.7%，這表明他們對我們的長期策略仍有信心。我們從一家機構投資者那裡獲得了 1,100 萬美元的債務融資，以支持收購和持續營運。

Of course, we appointed Dean Ditto as Chief Financial Officer, bringing over 20 years of experience. Is it 20 or 30, Dean?

當然，我們任命了擁有 20 多年經驗的迪恩·迪托擔任財務長。是20還是30，迪恩？

Well, somewhere in between. I like 20 because it just makes me feel younger.

嗯，介於兩者之間。我喜歡20歲，因為它讓我感覺更年輕。

Okay, I like that, yeah. I was going to say, I'm getting pretty close to 20 myself.

好的，我喜歡。我本來想說，我自己也快20歲了。

Yeah, yeah, let's go with that.

好，好，就這麼定了。

20 years experience as a strategic financial leader with a track record of implementing critical business initiatives to drive profitable growth at both public and private companies.

擁有 20 年策略財務領導經驗，在上市公司和私人公司均成功實施了關鍵業務舉措，推動了獲利成長。

We also appointed Matt McCurdy as VP of Sales to lead strategic growth and enterprise customer adoption of our AI-enabled marketing and sales solutions, including Dimeo, CreateStudio, and OpenReel. Our customer base has expanded to over 140,000 total customers.

我們也任命 Matt McCurdy 為銷售副總裁，負責領導策略成長和企業客戶對我們人工智慧行銷和銷售解決方案（包括 Dimeo、CreateStudio 和 OpenReel）的採用。我們的客戶群已擴大到超過 14 萬名客戶。

This one I'm really excited about, and I hope you guys will join me in your excitement here. We recently announced the acquisition of the assets of privately-held Superblocks, an agentic AI platform for developing and hosting SEO-optimized websites, landing pages, registration pages, and more. This advances our vision of building the AI platform for marketing.

我真的非常興奮，希望你們也能跟我一樣興奮。我們最近宣布收購了私人企業 Superblocks 的資產，Superblocks 是一個用於開發和託管 SEO 優化網站、登陸頁面、註冊頁面等的智慧 AI 平台。這推進了我們建構用於行銷的人工智慧平台的願景。

The Superblocks platform allows marketers to easily create and host websites, landing pages, and simple web applications using conversational AI. Building well-designed functional landing pages and websites has traditionally required teams to use rigid template-based site builders or to possess extensive web development expertise.

Superblocks 平台讓行銷人員可以使用對話式人工智慧輕鬆建立和託管網站、登陸頁面和簡單的 Web 應用程式。傳統上，建立設計精良、功能齊全的登陸頁面和網站需要團隊使用僵化的基於模板的網站建立器，或具備豐富的網站開發專業知識。

Superblock's AI agent builds beautiful brand-compliant web assets quickly for businesses, marketers, and creators. And using the platform's AI agent, users can describe what they want in natural language, and the AI agent can then generate the user interface, the functionality, and host the application, host the website for our customers.

Superblock 的 AI 代理商能夠為企業、行銷人員和創作者快速建立美觀且符合品牌規範的 Web 資產。借助該平台的 AI 代理，用戶可以用自然語言描述他們想要的東西，然後 AI 代理可以產生使用者介面、功能，並為我們的客戶託管應用程式和網站。

We plan to integrate Superblocks with the rest of our platform. So existing Banzai customers can build custom registration pages, event pages, video pages, and more with ease. We have -- I'm going to step out of script for one second. We've talked to customers that it takes 12 weeks to go from launching an event or webinar, for example, to going through their marketing operations team to getting the pages built for that event, let's say. 12 weeks. That's an enormous lead time.

我們計劃將 Superblocks 與我們平台的其他部分整合在一起。因此，Banzai 的現有客戶可以輕鬆建立自訂註冊頁面、活動頁面、影片頁面等等。我們有——我先跳出劇本一秒鐘。我們與客戶交流過，他們提到，例如，從發起活動或網路研討會，到透過他們的行銷營運團隊，再到為該活動建立頁面，通常需要 12 週時間。 12 週。這需要很長的準備時間。

And that's forcing everybody in the organization through this narrow team that has to go do all that development. And we think the future here is to be able to just let AI do it for you. And so that's what this acquisition is really about. That's why we're so excited about it. We believe Superblocks will become a powerful new AI tool for our customers.

這就迫使組織中的每個人都必須透過這個狹窄的團隊來完成所有的開發工作。我們認為未來的發展方向是讓人工智慧為你完成這些工作。所以，這才是此次收購的真正目的。這就是我們如此興奮的原因。我們相信 Superblocks 將成為我們客戶強大的全新人工智慧工具。

Strategic priorities. We entered 2025 with a clear set of strategic priorities and we're making meaningful progress on those goals. First, we've rapidly paid down and converted debt in recent quarters. We intend to opportunistically continue reducing balance sheet leverage.

戰略重點。進入2025年，我們制定了一套清晰的策略重點，並且在實現這些目標方面取得了實質進展。首先，近幾季我們迅速償還並轉換了債務。我們打算伺機繼續降低資產負債表槓桿率。

Banzai stockholders' equity increased by 72% in Q3, reflecting substantial improvements we've made here. The company's also made substantial subsequent improvements in Q4 so far. Organic growth and expense management have provided an opportunity to continue improving the company's cash position.

Banzai 第三季股東權益成長了 72%，反映了我們在這一領域取得的顯著進步。該公司在第四季也取得了實質的後續改進。內生成長和費用控制為公司現金狀況的持續改善提供了機會。

Second, M&A continues to be an important piece of our growth strategy. We follow a well-defined, repeatable process that ensures every M&A opportunity is approached with precision and using best practices. The process starts with smart target identification, focusing on opportunities that align with our strategic vision. From there, we track every step with clear processes and milestone benchmarks.

其次，併購仍是我們成長策略的重要組成部分。我們遵循一套定義明確、可重複的流程，確保每一次併購機會都能精準掌握並運用最佳實務。這個流程始於精準的目標識別，重點關注與我們的策略願景相符的機會。從那以後，我們透過清晰的流程和里程碑基準來追蹤每一步。

We apply a standard modeling evaluation method so we can accurately assess the upside and risks. Our due diligence is rigorous and designed to uncover both opportunities and potential challenges before we move forward. Importantly, we have the ability to close the right deals backed by thoughtful capital planning that ensures every acquisition strengthens our long-term position.

我們採用標準建模評估方法，以便準確評估效益和風險。我們的盡職調查非常嚴格，旨在發現機會和潛在挑戰，然後再繼續前進。重要的是，我們有能力達成正確的交易，並輔以周全的資本規劃，確保每一次收購都能加強我們的長期地位。

Third, accelerating organic growth in our current lines of business. We brought in top talent, including a new Chief Revenue Officer and key sales leaders, and we built an organizational structure that's designed to drive new growth and unlock cross-selling opportunities across our product portfolio. That's very key for us.

第三，加速現有業務線的內生成長。我們引進了頂尖人才，包括一位新的首席營收長和幾位重要的銷售領導，並建立了一個旨在推動新增長並釋放我們產品組合交叉銷售機會的組織結構。這對我們來說至關重要。

Finally, leadership strength. This year, we welcomed Michael Kurtzman as CRO, Dean Ditto as CFO, as I just mentioned, and most recently Matt McCurdy as VP of Sales. These are proven leaders with the experience, discipline and vision to help us capture the opportunities ahead. Very excited to have those folks on board.

最後，是領導力。今年，我們迎來了 Michael Kurtzman 擔任首席營收官，Dean Ditto 擔任財務長（正如我剛才提到的），最近 Matt McCurdy 擔任銷售副總裁。這些都是久經考驗的領導者，他們擁有豐富的經驗、嚴明的紀律和遠見卓識，能夠幫助我們抓住未來的機會。非常高興他們能加入我們。

Talk about customers real quick. We have substantially scaled our customer base to over 140,000 customers. This includes blue chip names across a variety of sectors. Some of our key customers and partners include People Packard Enterprise, Adobe, Cisco, RBC, Thermo Fisher Scientific, United Health, Capital One, and thousands of others. We serve a variety of industries, including healthcare, financial services, e-commerce, technology, media, and we have customers in over 90 countries.

簡單談談客戶。我們的客戶群已大幅成長至超過 14 萬名客戶。這其中包括各行業的藍籌股公司。我們的主要客戶和合作夥伴包括 People Packard Enterprise、Adobe、思科、RBC、賽默飛世爾科技、聯合健康、Capital One 以及其他數千家公司。我們服務眾多行業，包括醫療保健、金融服務、電子商務、科技、媒體等，我們的客戶遍佈90多個國家。

I'll say we've seen a lot of success in the banking, financial services, and insurance space recently, so we are continuing to focus on that space. and seeing a lot of progress there and a lot of great customers and a lot of great pipeline there. We remain focused on targeting the mid-market and enterprise segment while continuing to support our small business customers. We are taking a disciplined approach to focusing on acquiring stickier, high-value customers.

我想說，我們最近在銀行業、金融服務業和保險業取得了很大的成功，所以我們將繼續專注於這些領域，並且看到這些領域取得了很大的進展，擁有了許多優質客戶和許多潛在客戶。我們將繼續專注於中端市場和企業市場，同時繼續支援我們的小型企業客戶。我們採取嚴謹的方法，專注於獲取更忠誠、更有價值的客戶。

Our flywheel, just talk about this for a second, our flywheel business model continues to be the center of our strategy. Developing great products leads to growth in customer usage. This drives additional data and content on our products, which enables us to create additional value through integrations, automation, and AI features. We're building a moat in two key areas. And I think this is, again, really, really important for investors to understand. First area is integration.

請花一點時間談談我們的飛輪，我們的飛輪商業模式仍然是我們策略的核心。開發優秀的產品能夠促進客戶使用量的成長。這為我們的產品帶來了更多的數據和內容，使我們能夠透過整合、自動化和人工智慧功能創造更多價值。我們正在兩個關鍵領域構築護城河。我認為這對投資者來說真的非常重要，需要理解這一點。第一個面向是整合。

Second area is AI enablement. Integrating multiple products on a single platform allows us to simplify our customers' workflows. and deliver on our brand promise of 10 times faster and easier solutions. As an example of that, a customer that uses both OpenReel and Demio can automatically pull their OpenReel videos into Demio to use as assets in their webinars. That's extremely powerful. That's just one example.

第二個領域是人工智慧賦能。將多種產品整合到單一平台上，可以簡化客戶的工作流程，並兌現我們「速度提升10倍，操作更便利」的品牌承諾。例如，同時使用 OpenReel 和 Demio 的客戶可以自動將他們的 OpenReel 影片匯入 Demio，用作網路研討會的素材。那威力非常強大。這只是一個例子。

Second part here, continued investment in AI enablement will ultimately be key to our long-term success here. That AI is obviously the future of the marketing tech industry. We believe that adding more solutions over time will expand the context that's available to us and will enable us to deliver more powerful AI capabilities. I'm just going to elaborate a little bit on that.

其次，持續投資人工智慧技術最終將是我們長期成功的關鍵。人工智慧顯然是行銷科技產業的未來。我們相信，隨著時間的推移，增加更多解決方案將擴大我們可利用的背景信息，並使我們能夠提供更強大的人工智慧功能。我再詳細解釋一下。

Context is really key to us. In AI nomenclature, context is the amount of data that you can get into the AI. Every AI comes with a built-in context, which is the data that was used to train the model. And that's a lot. That's a lot of context.

對我們來說，背景資訊至關重要。在人工智慧術語中，「上下文」指的是你可以輸入到人工智慧中的資料量。每個人工智慧都附帶一個內建上下文，也就是用於訓練模型的資料。那可真不少。這提供了太多背景資訊。

But to make AI work for a business, it really needs to have the data that's specific to that business. It needs to know who their customers are. It needs to understand their products. It needs to understand their value propositions. It needs to understand their strategy, all of that. So the more that we have that data, the more context that we can get into that AI and into those models, the better job we can do of creating value for customers through those features.

但要讓人工智慧為企業服務，它確實需要擁有該企業特有的數據。它需要知道自己的客戶是誰。它需要了解他們的產品。它需要了解他們的價值主張。它需要了解他們的策略，以及所有這些。因此，我們擁有的數據越多，我們就能將越多的背景資訊融入人工智慧和模型中，從而更好地透過這些功能為客戶創造價值。

Finally, continued focus on M&A. Our vision is to generate a substantial long-term value by scaling inorganically in addition to the organic growth of our existing products. Our acquisition framework is centered around finding profitable businesses that align with Banzai's target enterprise and mid-market customer profile and our integration and AI-driven strategy. We evaluate candidates on their ability to solve one of these four problems, attract leads, engage, harness data, and intelligence, and measuring results.

最後，繼續關注併購。我們的願景是透過現有產品的有機成長之外的無機擴張，創造實質的長期價值。我們的收購框架以尋找符合 Banzai 目標企業和中端市場客戶畫像以及我們的整合和人工智慧驅動策略的獲利企業為中心。我們從候選人解決以下四個問題之一的能力來評估他們：吸引潛在客戶、互動、利用數據和情報以及衡量結果。

The opportunity for Banzai is twofold. First, to increase our product capabilities by strategically acquiring strategically aligned products that serve our core customer base. But second, by accelerating our path to profitability and scale, and hopefully benefit from multiple expansion along the way.

Banzai 的機會有兩方面。首先，透過策略性地收購與我們核心客戶群策略契合的產品，來提升我們的產品能力。其次，透過加快實現獲利和規模化進程，並希望在此過程中受益於多次擴張。

I'll just say we're very focused on this. We are actively working on this. Obviously, just saw the Superblocks deal this week, and we are continuing to work on other opportunities.

我只想說，我們非常重視這件事。我們正在積極推進此事。顯然，我們本週剛看到了 Superblocks 的交易，我們也繼續尋找其他機會。

I'll now turn the call over to Dean Ditto, Chief Financial Officer, to discuss our financial results.

現在我將把電話交給財務長迪恩·迪托，讓他來討論我們的財務表現。

Great. Thank you, Joe. I'll walk through the highlights here. Total revenue for the third quarter of 2025 was $2.8 million compared to $1.1 million in the third quarter of 2024. We believe non-GAAP metrics also help investors and management understand our business. So we look at annual recurring revenue, or ARR, as a meaningful way of evaluating our performance -- excuse me -- ARR was $11 million for the third quarter of 2025 and represents 168% increase -- excuse me -- from $4.1 million in the third quarter.

偉大的。謝謝你，喬。我來簡單介紹一下重點。2025 年第三季總營收為 280 萬美元，而 2024 年第三季總營收為 110 萬美元。我們認為非GAAP指標也有助於投資者和管理階層了解我們的業務。因此，我們將年度經常性收入（ARR）視為評估我們業績的一種有意義的方式——抱歉——2025 年第三季度的 ARR 為 1100 萬美元，比第三季度的 410 萬美元增長了 168%——抱歉——

Sorry. Excuse me.

對不起。打擾一下。

It's always right when you're in the middle of something like this.

當你身處類似事情之中時，這句話總是恰到好處。

It is. It is. You're right, Joe. Gross profit for the third quarter was up 2025 was $2.3 million compared to $0.7 million in the third quarter of 2024. This represents an increase of 213%. Gross margin was 81.7% in the third quarter of 2025, which was an increase of 1,302 basis points compared to 68.7 in the third quarter of 2024.

這是。這是。你說得對，喬。 2025年第三季的毛利為230萬美元，而2024年第三季為70萬美元。這意味著成長了213%。2025 年第三季毛利率為 81.7%，比 2024 年第三季的 68.7% 成長了 1,302 個基點。

Boy, I apologize. Total operating expenses for the third quarter of 2025 was $6.8 million, compared to $3.5 million in the third quarter of 2024. The increase in these operating expenses is primarily due to the additions of OpenReel and Vidello and overall operating expenses. And net loss for the three months ended September 30, 2025, was $5.9 million compared to $15.4 million in the prior year quarter.

老兄，我真抱歉。2025 年第三季的總營運支出為 680 萬美元，而 2024 年第三季的總營運支出為 350 萬美元。這些營運費用的增加主要是由於新增 OpenReel 和 Vidello 以及整體營運費用的增加。截至 2025 年 9 月 30 日的三個月淨虧損為 590 萬美元，而去年同期淨虧損為 1,540 萬美元。

For the three months ended September 30, 2025, adjusted EBITDA was a loss of $2.2 million compared to a loss of approximately $1.5 million for the three months ended September 30, 2024.

截至 2025 年 9 月 30 日止的三個月，調整後的 EBITDA 虧損 220 萬美元，而截至 2024 年 9 月 30 日止的三個月，調整後的 EBITDA 虧損約為 150 萬美元。

I'd like to shift here and talk about our nine-month results. Total revenue for the nine months ended September 30, 2025, was $9.4 million, which is an increase of 190% compared to the prior year period. The total cost of revenue for the nine months ended September 30, 2025, was $1.7 million compared to $1.0 million, in the prior year quarter, an increase of 60%. The increase was less than proportional to the increase in revenue for that corresponding period, which resulted in improved gross profits. The growth profit for the nine months ended September 30, 2025, was $7.7 million compared to $2.2 million in the prior year period.

我想轉到這裡談談我們九個月以來的業績。截至 2025 年 9 月 30 日的九個月，總營收為 940 萬美元，比上年同期成長 190%。截至 2025 年 9 月 30 日的九個月，總收入成本為 170 萬美元，而去年同期為 100 萬美元，成長了 60%。此成長幅度小於同期營收成長幅度，因此毛利有所提高。截至 2025 年 9 月 30 日的九個月，成長利潤為 770 萬美元，而上年同期為 220 萬美元。

Gross margin was 82% in the first nine months of 2025 compared to 67.5% in the same period of 2024. Total operating expenses for the nine months ended September 30, 2025, were $21.8 million compared to $11.7 million in the prior year period. The increase in the operating expenses was primarily due to the additions of the OpenReel and Vidello businesses and overall operating expenses.

2025 年前九個月的毛利率為 82%，而 2024 年同期為 67.5%。截至 2025 年 9 月 30 日的九個月，總營運支出為 2,180 萬美元，而去年同期為 1,170 萬美元。營運費用的增加主要是因為新增了 OpenReel 和 Vidello 業務以及整體營運費用。

Net loss for the nine months ended September 30, 2025, was $17.5 million compared to $23.7 million in the prior year period. Adjusted EBITDA for the nine months ended September 30, 2025, was $5.6 million loss compared to adjusted EBITDA loss of $4.8 million in the prior period.

截至 2025 年 9 月 30 日的九個月淨虧損為 1,750 萬美元，而上年同期淨虧損為 2,370 萬美元。截至 2025 年 9 月 30 日的九個月，調整後 EBITDA 虧損 560 萬美元，而上一期間調整後 EBITDA 虧損為 480 萬美元。

Net cash used in operating activities for the nine months ended September 30, 2025, was $13.4 million compared to $5.4 million for the nine months ended September 30, 2024. Cash totaled $0.9 million as of September 30, 2025, compared to $2.3 million as of June 30, 2025.

截至 2025 年 9 月 30 日的九個月，經營活動使用的現金淨額為 1,340 萬美元，而截至 2024 年 9 月 30 日的九個月則為 540 萬美元。截至 2025 年 9 月 30 日，現金總額為 90 萬美元，而截至 2025 年 6 月 30 日，現金總額為 230 萬美元。

I will now turn the call back to Joe for some closing remarks.

現在我將把電話轉回給喬，請他做些總結發言。

I bet you're relieved to do that.

我敢肯定你這樣做會感到如釋重負。

Yes.

是的。

Take a sip of water if you want.

想喝水的話，可以喝一小口。

I apologize for the popping there.

抱歉剛才有爆音。

That's all right. That was a mouthful. Thank you, Dean.

沒關係。真是一口氣說完。謝謝你，院長。

Yeah.

是的。

So we're seeing solid revenue growth across our business at much higher gross margins. Operationally, we're in a great place as we're positioned for improved results in cash position in $10.5 million. We've worked diligently to continue executing the plans we previously communicated, strengthen our balance sheet and stockholders' equity, and increase cash and liquidity to advance long-term growth.

因此，我們看到公司各業務部門的收入實現了穩健成長，毛利率也大幅提高。從營運角度來看，我們目前處境良好，現金狀況已達 1,050 萬美元，有望取得更好的業績。我們一直努力執行先前公佈的計劃，加強資產負債表和股東權益，增加現金和流動性，以促進長期成長。

Our debt facility is also available to support acquisitions and ongoing operations. We have an expanding suite of synergistic products that drive real value for our massive customer base and the right team to achieve our objectives. And we're focused on generating meaningful value for our shareholders. And I look forward to providing additional updates throughout the year.

我們還可以利用債務融資來支持收購和日常營運。我們擁有不斷擴展的協同產品系列，能夠為我們龐大的客戶群創造真正的價值，並且我們擁有合適的團隊來實現我們的目標。我們專注於為股東創造有意義的價值。我期待在今年稍後為大家帶來更多最新消息。

Thank you, everyone, for attending. And I would now like to answer your questions.

謝謝各位的出席。現在我想回答你們的問題。

If you want to put questions in the chat on Demio here. By the way, the platform we're using right now, this is Demio, is one of our products. So if you want to run great interactive webinars, go check it out. So you can enter questions into the chat here, and we will respond to them.

如果你想在Demio的聊天室提問，請點這裡。順便一提，我們現在使用的平台 Demio 是我們自己的產品之一。所以，如果你想舉辦精彩的互動式網路研討會，那就去看看吧。您可以在這裡輸入問題，我們會回覆您。

We have at least one that's already come in here, so I'm going to address these in the order they come in. So first question. Did we experience seasonality in Q3 compared to Q2?

這裡至少已經收到一份了，所以我將按順序處理這些郵件。第一個問題。第三季是否出現了與第二季相比的季節性波動？

I'll say we actually saw, I think the market was stronger in Q3 compared to Q2 in many ways. The slight change that you're seeing here was really due to a small segment of our CreateStudio business.

我認為我們實際上看到了，在很多方面，第三季的市場比第二季更強勁。您在這裡看到的細微變化實際上是由於我們 CreateStudio 業務的一小部分造成的。

When we acquired CreateStudio, and I think we said this on the last earnings call, so I think we're doing what we said we were going to do here. But when we acquired CreateStudio, a lot of the revenue of CreateStudio was one-time license revenue.

當我們收購 CreateStudio 時，我想我們在上次財報電話會議上也說過，所以我覺得我們正在做我們之前說過要做的事情。但當我們收購 CreateStudio 時，CreateStudio 的大部分收入都是一次性授權收入。

And that one-time license revenue is obviously very sensitive to the quarter, very sensitive to what happens in your ROAS and your ads, things like that. And frankly, we just don't like one-time revenue. We like recurring revenue as a SaaS business.

而這筆一次性授權收入顯然對季度業績非常敏感，對廣告支出報酬率和廣告等因素非常敏感。坦白說，我們不喜歡一次性收入。作為一家SaaS企業，我們喜歡經常性收入。

And so what you're seeing is really that we just made a substantial, I would say, efficiency improvement to the way that we acquire customers for CreateStudio and Vidello products. The vast majority of revenue now that you're seeing for that segment in Q3 is recurring revenue, not one-time revenue. So yes, the total face value number came down a little bit, but the composition of that revenue that is recurring revenue was substantially higher.

所以你現在看到的，實際上是我們對 CreateStudio 和 Vidello 產品的客戶獲取方式進行了實質的效率改進。目前您在第三季看到的該業務部門的大部分收入都是經常性收入，而不是一次性收入。所以，雖然總面值略有下降，但經常性收入的佔比卻大幅上升。

And we're also seeing a lot of increase in our customer upsells in that space. We've got a very effective customer upsell program running now in that product suite, which just give a lot of credit to the team for that shift.

而且我們也看到，在該領域，客戶追加銷售的金額也大幅增加。目前，我們在該產品套件中實施了一項非常有效的客戶追加銷售計劃，這要歸功於團隊為此做出的轉變。

Whenever you're making that shift from one-time license revenue to recurring revenue, there's going to be a transition period where we use the example of if you're Dell and you go from selling somebody $1 million data center, $1 million rack of computers, servers, to all of a sudden leasing that or trying to run a cloud, well, cloud, you're not going to get $1 million a quarter like you would for a one-time sale, but the advantage of that obviously is you get revenue every quarter from those customers.

當你從一次性授權收入轉向經常性收入時，總會有一個過渡期。舉個例子，如果你是戴爾，你之前向客戶出售價值 100 萬美元的資料中心、價值 100 萬美元的電腦機架和伺服器，突然轉而出租這些設備或嘗試運行雲端服務，那麼，雲端服務肯定不會像一次性銷售那樣每個季度都帶來 100 萬美元的收入，但這樣做的好處顯而易見，那就是你可以從這些客戶那裡獲得收入。

And so -- and then as you bring in new customers, that revenue compounds. And so that's what we're going to see here with CreateStudio.

因此，隨著新客戶的增加，收入就會倍增。所以，這就是我們將要透過 CreateStudio 看到的內容。

So, and then, what are our pipeline expectations?

那麼，我們對產品線的預期是什麼？

I'll just say right now we're seeing some substantial improvements in pipeline, especially for our mid-market and enterprise customer base, and especially for that banking, financial services, insurance, fintech, some market that we're really focused on right now.

我只想說，目前我們在業務拓展方面看到了一些實質的改善，尤其是在我們的中端市場和企業客戶群中，特別是銀行、金融服務、保險、金融科技等我們目前重點關注的市場。

I don't think we have specific numbers to disclose, but I can tell you we have a number of deals that are in the seven-figure range in that customer segment revenue. And so we're working on executing on that pipeline, and I think we're doing really great there.

我覺得我們沒有具體數字可以透露，但我可以告訴你，我們在這個客戶群中有很多交易的金額都達到了七位數。所以我們正在努力執行這條流程，我認為我們在這方面做得非常好。

I think Michael and Matt and the whole team there are doing fantastic. Bringing in more of those bigger customers you're just going to see higher gross margins, stickier customers, higher ACVs, just overall higher quality of revenue. So that's what we're going after here.

我認為麥可、馬特以及他們的整個團隊都做得非常出色。引入更多大客戶，你會發現毛利率更高、客戶黏性更強、平均合約價值更高，整體收入品質也更高。這就是我們努力的目標。

In terms of expectations for 2026, I think we'll provide that at some point. We're not prepared to provide that today, but definitely appreciate the question, and we will provide that guidance in the future. Thanks for the great question.

至於對 2026 年的預期，我想我們會在某個時候給出答案。我們今天還無法提供這方面的信息，但我們非常感謝您的提問，將來一定會提供這方面的指導。謝謝你的好問題。

Okay. Let's see. I got another question here from Ed. I'm guessing this is Ed Wu. What does the M&A market and valuations for potential targets look like now?

好的。讓我們來看看。我這裡還有個來自Ed的問題。我猜這位Ed就是Ed Wu。目前併購市場狀況以及潛在目標的估價如何？

I'll say we've got a number of really good opportunities. We're seeing some really attractive valuations. I'd say there's probably a little bit more heat coming into the market now, but I also think that's a benefit in a way. It means more companies are coming to the market.

我認為我們有很多非常好的機會。我們看到了一些非常有吸引力的估值。我認為現在市場競爭可能會更加激烈，但從某種程度上來說，這也算是件好事。這意味著將有更多公司進入市場。

Definitely means that multiples may go up slightly, but well within the range of what we think makes sense, still very healthy for us. And I can't really comment on the specific deals that we're working on or looking at right now, but I'd say we do have a number of them that we're looking at, and we're continuing to see new opportunities come in every week, so excited about that.

這肯定意味著倍數可能會略有上升，但完全在我們認為合理的範圍內，對我們來說仍然非常健康。我無法對我們正在洽談或正在考慮的具體交易發表評論，但我可以說我們確實正在關註一些交易，而且我們每週都會看到新的機會出現，對此我們感到非常興奮。

Okay, let's see, got a couple more here. Okay, this is from Garvet. Thanks for joining. So can we comment on the cross-sell or upsell uplift we expect over the next 12 to 24 months?

好的，讓我看看，這裡還有幾個。好的，這是來自 Garvet 的訊息。謝謝參與。那麼，我們能否對未來 12 至 24 個月內的交叉銷售或向上銷售成長做出預測？

I think that, first of all, I think Superblock's going to be a phenomenal upsell. We can't comment on specifically what the financial impact's going to be, but I can say this is something that is going to solve a six to seven-figure problem for every mid-market enterprise company out there.

首先，我認為 Superblock 將會是一款非常暢銷的追加產品。我們無法具體評論財務影響，但我可以肯定的是，這將為所有中型企業解決六位數到七位數的資金問題。

If you think about what does a company with a 30-, 40-person marketing organization spend on building landing pages, registration pages, stuff like that, it is well into the hundreds of thousands, if not millions of dollars a year. This is going to be a major, major improvement for those folks.

想想看，一家擁有 30 到 40 名行銷人員的公司，每年在建立著陸頁、註冊頁等內容上要花費多少錢，那很可能高達數十萬，甚至數百萬美元。這對這些人來說將是一項重大改進。

So I think this is a very big opportunity for a lot of our customers, especially the type of use cases a lot of our customers have where they want to push marketing down into their organization. I think we're really going to be able to support them on that.

所以我認為這對我們許多客戶來說都是一個巨大的機會，特別是對於我們許多客戶來說，他們希望將行銷推向組織內部的各種用例。我認為我們真的能夠在這方面支持他們。

With the balance sheet largely repaired and product suite broadening, what are top two or three operational financial milestones you'd like investors to look at over the next 12 months?

隨著資產負債表基本修復，產品組合不斷擴大，您希望投資者在未來 12 個月內關注哪兩到三個最重要的營運財務里程碑？

Certainly, we expect to see continued improvement to net income, to ARR. Again, we'll share maybe specific milestones. I think we're going to have some analyst guidance maybe associated with 2026. I think the key catalysts for us are going to be just completing the very last little tranche of debt cleanup that remains, that will substantially improve the net income and cash flow for the business.

當然，我們預期淨收入和年度經常性收入將持續改善。我們之後可能會分享一些具體的里程碑事件。我認為我們可能會在 2026 年左右看到一些分析師的預測。我認為對我們來說，關鍵的催化劑將是完成最後一小筆剩餘的債務清理工作，這將大幅改善公司的淨收入和現金流。

As we improve net income and cash flow, what does that enable us to do? It enables us to take that cash flow and invest it in growing the business instead of invest it in servicing debt, and it allows us to improve our net income. And so that is going to obviously be transformational for the business as that continues to unfold. So we're really excited about that. And Dean's done a great job of leading that initiative.

隨著淨收入和現金流的改善，這使我們能夠做什麼？這使我們能夠將現金流投資於業務成長，而不是投資於償還債務，從而提高我們的淨收入。因此，隨著事態的不斷發展，這顯然會對企業產生變革性的影響。所以我們對此感到非常興奮。迪恩在領導這項計劃方面做得非常出色。

Just imagine every dollar that goes to pay interest, every dollar that goes to service debt, being able to put back into the business to grow the business, invest in product development, invest in sales and marketing, it's going to be huge for us. And we've already seen that impact somewhat.

試想一下，原本用於支付利息、償還債務的每一美元，如果能夠重新投入到業務中，用於發展業務、投資產品開發、投資銷售和行銷，這對我們來說將是巨大的。我們已經在一定程度上看到了這種影響。

I was just going to say, we've already seen the positive impact, and we'll continue to see that. Yeah, absolutely.

我正想說，我們已經看到了正面的影響，而且我們還會繼續看到這種影響。是的，絕對的。

Okay, can you provide more color on the current pipeline? Which segments of products are you seeing most traction with?

好的，可以詳細介紹一下目前的流程嗎？哪些產品細分市場最受歡迎？

Let me just put this on the screen so everybody can see it. So, yes, I can. I can say I can't give specific details on the current pipeline other than to say, as I said, we have a number of seven-figure deals now coming into the pipeline.

我把它放到螢幕上，讓大家都能看到。是的，我可以。我只能說，除了我剛才說的，我們現在有一些價值七位數的交易正在籌備中之外，我無法透露當前項目的具體細節。

I'll just use an anecdote because it's top of mind. Our Chief Revenue Officer just got back yesterday afternoon from an event we did in New York this week where we had probably seven or eight new opportunities coming into the pipeline. Probably all of them were six- or seven-figure opportunities, and we're continuing to do those now very regularly.

我就講個軼事吧，因為我腦子裡立刻就想到了。我們的首席營收長昨天下午剛從紐約參加本週的活動回來，我們在那次活動中獲得了七到八個新的潛在客戶。這些機會可能都是六位數或七位數的，而且我們現在還在定期地繼續做這些事情。

We're just seeing a ton of energy from our customers, ton of discussion about how we can help them improve their efficiency, how we can help them grow their business. So I think it's very exciting to see that from our customers.

我們看到客戶們展現了極大的熱情，他們積極討論如何幫助他們提高效率，如何幫助他們發展業務。所以我覺得看到客戶有這樣的回饋非常令人興奮。

The segments that we're seeing the most traction with right now, as I've mentioned, it's that BFSI segment, Banking, Financial Services, Insurance, and FinTech. and when we're looking at acquisitions, we are looking at businesses that have an alignment to that strategy. So if you happen to know of any great MarTech, sales tech businesses that serve that space, we'd really love to talk to them. Thanks for the question.

正如我之前提到的，我們目前看到成長勢頭最強勁的領域是BFSI領域，即銀行、金融服務、保險和金融科技。當我們考慮收​​購目標時，我們會尋找與該策略相符的企業。所以，如果您碰巧知道任何服務於該領域的優秀行銷技術、銷售技術公司，我們非常樂意與他們交流。謝謝你的提問。

I got another question here from Jeffrey. Most recent acquisition would seem to offer great value. Can you elaborate on what it adds for you and your customers? How does the value for it look? As Base44 made a similar acquisition, paid a lot more. Replit and Gamma had big capital raises. Seems this latest acquisition is nowhere accounted for and you're significantly undervalued stock price.

傑弗裡又問了我一個問題。最近收購的幾項似乎都很有價值。您能否詳細說明它能為您和您的客戶帶來哪些好處？它的價值如何？Base44 也進行了類似的收購，但支付的價格要高得多。Replit 和 Gamma 都獲得了巨額融資。看來這筆最新的收購完全沒有被計入帳目，你的股價被嚴重低估了。

First of all, I totally agree with that. I'll say I believe Replit, I think these three are the three largest competitors in the space. None of these three companies are specifically focused on the MarTech opportunity. So I think we're focused on this niche. I think it's a huge niche.

首先，我完全同意這一點。我認為Replit是這個領域最大的三大競爭對手。這三家公司都沒有專門專注於行銷科技領域。所以我覺得我們專注於這個細分市場。我認為這是一個巨大的市場空白。

And I think there are features that we can build that these guys don't have that will make us more relevant in that space. So for example, being able to build brand-compliant assets. These guys don't do that today. We can do that. That's really exciting.

我認為我們可以開發一些他們沒有的功能，這將使我們在該領域更具競爭力。例如，能夠創建符合品牌規範的資產。如今這些人不再那樣做了。我們可以做到。那真是太令人興奮了。

Base44 was acquired recently. I want to say for in the $70 million, $80 million range. Replit, I believe, raised capital at $2.1 billion valuation. Gamma just raised capital this week, I think, at a $1.2 billion valuation. So this is a huge space, a gigantic opportunity for the company. We're very excited to be in that space.

Base44是最近被收購的。我想說的是7000萬美元到8000萬美元之間。據我所知，Replit 的估值達到了 21 億美元，並成功融資。Gamma 本週剛完成了融資，估值達到 12 億美元。所以這是一個巨大的空間，對公司來說是一個絕佳的機會。我們非常高興能涉足這個領域。

I think there's going to be some continued product development investment. There's going to be some sales and marketing investment. But I do think this is something that's really going to pay off for us as we start to roll this out and as customers get their hands on this solution. So I agree with you. I think that this is not baked into our stock price at all right now.

我認為公司會繼續加大對產品研發的投資。將會有一些銷售和行銷方面的投資。但我認為，隨著我們開始推廣這項技術，以及客戶開始使用這項解決方案，這真的會為我們帶來回報。所以我同意你的看法。我認為這一點目前完全沒有反映在我們的股價上。

Thanks for the great question.

謝謝你的好問題。

All right. That is it for questions. And I will say thank you all for joining the call today. I look forward to continuing to update you on our ongoing achievements, innovations, growth. If we were unable to answer any of your questions, please reach out to our IR firm, MZ Group. They would be more than happy to assist. Their contact information is on the screen right now.

好的。問題就這些了。最後，我要感謝今天參加電話會議的各位。我期待繼續向您報告我們所取得的最新成就、創新和發展。如果我們未能解答您的任何問題，請聯絡我們的投資者關係公司 MZ Group。他們非常樂意提供協助。他們的聯絡方式現在就顯示在螢幕上。

So thank you all so much for joining and --

非常感謝大家的參與！--

Thank you, everybody.

謝謝大家。

And we look forward to providing continued updates.

我們將持續為大家帶來最新消息。