Blaize Holdings Inc (BZAI) 2026 Q2 法說會逐字稿

Good afternoon, everyone, and thank you for joining Blaize's second quarter 2026 conference call. Before management begins the prepared remarks, we would like to remind everyone that earlier today, Blaize Holdings issued a press release announcing its Second Quarter 2026 Results. Earnings materials are available on the Investor Relations section of the Blaize Holdings website.

各位下午好，感謝各位參加 Blaize 2026 年第二季財報電話會議。在管理層開始預先準備的發言之前，我們提醒各位，Blaize Holdings 今日稍早已發布新聞稿，公布其 2026 年第二季業績。財報相關資料可於 Blaize Holdings 官網的投資人關係（Investor Relations）專區取得。

Today's earnings call and press release reflect management's views as of today only and include statements related to the company's 2026 financial guidance, revenue, gross margin, competitive position, anticipated industry trends, market opportunities, products, and financing opportunities, all of which constitute forward-looking statements under the federal securities laws.

今日的財報電話會議與新聞稿僅反映管理層截至今日的觀點，並包含與公司 2026 年財務指引、營收、毛利率、競爭地位、預期產業趨勢、市場機會、產品及融資機會相關之陳述；上述內容均構成聯邦證券法所定義的前瞻性陳述。

Actual results may differ materially from those contained or implied by these forward-looking statements due to risks and uncertainties associated with Blaize Holdings' business. For a discussion of the material risk and other important factors that could cause the company's actual results, please refer to the company's Form 10-K and Amendment No. 1 on Form 10-K, for the year ended December 31, 2025, and our Form 10-Q for the period ending June 30, 2026, including the risk factor section therein and today's press release.

由於與 Blaize Holdings 業務相關的風險與不確定性，實際結果可能與這些前瞻性陳述所載或所暗示者存在重大差異。關於可能導致公司實際結果產生差異之重大風險及其他重要因素之討論，請參閱公司截至 2025 年 12 月 31 日止年度之 Form 10-K 及 Form 10-K 修正案第 1 號，以及截至 2026 年 6 月 30 日止期間之 Form 10-Q（包括其中的風險因素章節）與今日新聞稿。

Any forward-looking statements that management makes on this call are based on assumptions as of today, and other than as may be required by law, we undertake no obligation to update these statements as a result of new information or future events.

管理層在本次電話會議中所作之任何前瞻性陳述，均係基於截至今日之假設；除法律可能要求者外，我們不承擔因新資訊或未來事件而更新該等陳述之任何義務。

During this call, management will discuss certain non-GAAP financial measures. These non-GAAP financial measures should be considered as a supplement to and not a substitute for measures prepared in accordance with GAAP. For reconciliation of non-GAAP financial measures discussed during this call to the most directly comparable GAAP measures, please refer to today's press release.

在本次電話會議中，管理層將討論若干非 GAAP 財務衡量指標。該等非 GAAP 財務衡量指標應視為依 GAAP 編製之衡量指標之補充，而非替代。就本次電話會議所討論之非 GAAP 財務衡量指標與最直接可比之 GAAP 衡量指標之調節，請參閱今日新聞稿。

Now I would like to turn the call over to Dinakar Munagala, Chief Executive Officer of Blaize Holdings.

現在我想把電話會議交給 Blaize Holdings 執行長 Dinakar Munagala。

Thank you, and good afternoon. With me today are Harminder Sehmi, our Chief Financial Officer, and Stephen Patak, our Chief Revenue Officer. I will start with the outlook and where the business stands. Harminder will take you through the numbers, and Stephen will cover our commercial engines. I will then have some closing remarks after the Q&A.

謝謝，各位下午好。今天與我一同出席的有我們的財務長 Harminder Sehmi，以及營收長 Stephen Patak。我將先談展望與目前業務狀況。Harminder 會帶各位看財務數字，Stephen 會說明我們的商業引擎。問答結束後，我會再做一些結語。

As you saw from our earnings release this afternoon, we reduced our revenue outlook for 2026. Our full-year revenue is now expected to be between $40 million and $43 million. What that number does not show you is what we have already secured. We hold a signed agreement covering 2,000 servers worth approximately $70 million at current memory prices. Part of that converts into revenue this year. The rest is committed business we carry into 2027.

如各位今天下午從我們的財報新聞稿所見，我們下調了 2026 年的營收展望。我們目前預期全年營收將介於 4,000 萬至 4,300 萬美元之間。這個數字未能呈現的是我們已經鎖定的部分。我們已簽署一份涵蓋 2,000 台伺服器的合約，按目前記憶體價格計算約值 7,000 萬美元。其中一部分將在今年轉為營收，其餘則為我們帶入 2027 年的已承諾業務。

Let me tell you what changed and what did not. First, several engagements have not converted into orders, including some where pilots were completed successfully. Second, other opportunities are still in progress and expected to close later than we forecast. And third, supply chain cost inflation. Memory pricing has risen materially this year and we expect that to persist. Harminder will take you through each of them along with the backlog we expect to be holding at year-end and what we have changed in how we build our expectations.

我來說明哪些改變了、哪些沒有改變。第一，若干合作案尚未轉換為訂單，其中包括一些試點（pilot）已成功完成的案子。第二，其他機會仍在推進中，且預期成交時間將晚於我們原先的預測。第三，供應鏈成本通膨。記憶體價格今年大幅上升，我們預期此趨勢將持續。Harminder 會逐一說明這些因素，以及我們預期年底將持有的積壓訂單（backlog），並說明我們在建立預期方面做了哪些調整。

Behind that number, the business is broadening. Our largest customer in China continues to generate meaningful business for us. We have opened Europe with the first purchase order for several thousand units. And activity across the Asia Pacific region has increased. Let me tell you what we are seeing because it explains both the quarter and the book behind it. The market has made up its mind this year. Building frontier AI costs more than it earns, and the gap is widening.

在這個數字背後，我們的業務版圖正在擴大。我們在中國的最大客戶持續為我們帶來可觀的業務。我們也已在歐洲開拓市場，取得首張涵蓋數千台的採購訂單（purchase order）。此外，亞太地區的活動也有所增加。我想說明我們所觀察到的情況，因為這能解釋本季表現以及背後的訂單動能。今年市場已經做出判斷：打造前沿（frontier）AI 的成本高於其所能帶來的收益，而且差距正在擴大。

At the same time, efficient open models are making AI cheaper to run. Value is moving from who trains the biggest model to who runs it most efficiently. The economics of inference are now the deciding factor. That is the market our architecture was designed for. And we are making real progress in it.

同時，高效率的開源模型正在降低 AI 的運行成本。價值正從「誰訓練出最大模型」轉移到「誰能以最高效率運行模型」。推論（inference）的經濟性如今成為決定性因素。這正是我們架構所設計要服務的市場，而我們也正在其中取得實質進展。

Two market trends are converging, and we are winning in both. First is physical AI. Countries and industrial companies are putting AI into the field on vehicles, on ships, on machines, and inside their own borders and their own sites, partly for security and control of the data, but mostly because the work demands it. Speed of response, scale, places the cloud cannot reach.

兩個市場趨勢正在匯聚，而我們在兩者上都取得勝利。第一是實體 AI（physical AI）。各國與工業公司正把 AI 部署到現場：車輛、船舶、機器，以及其自身國境內與自有場域中；部分原因是為了資料安全與控制，但更主要是因為工作需求所致——回應速度、規模，以及雲端無法觸及的場景。

Next is a new generation of AI data centers built to run AI, not just to train it. Training does not go away. It changes shape into constant tuning and specialization. These sites run many models on many kinds of chips. And they're built on purpose not to depend on one vendor. Both are hybrid, and the operators have learned something important. Renting out GPUs is not a sustainable business. Applications and AI Services are. That makes the software that schedules and tunes the work, the layer that matters, and that is exactly where we sit.

第二是新一代 AI 資料中心，其建置目的在於運行 AI，而不僅是訓練 AI。訓練不會消失，而是轉變為持續調校與專業化。這些場域會在多種晶片上運行多種模型，並且刻意設計為不依賴單一供應商。兩者皆為混合式（hybrid），而營運方也學到一件重要的事：出租 GPU 並非可持續的商業模式；應用程式與 AI 服務才是。因此，負責排程與調校工作的軟體——也就是關鍵的那一層——變得最重要，而那正是我們所在的位置。

That brings me to what we are focused on most right now. The revenue that we produce and the margin we make on it. Let me take each one. First, revenue. We earn revenue in two ways. One is our silicon and SDK designed into OEM's product, shipping inside autonomous systems, robotics, and ruggedized equipment. Once we win the design, we scale with that OEM into markets they already serve. And a proven design opens other platforms and markets for us.

這帶到我們目前最聚焦的重點：我們創造的營收，以及我們在其上取得的毛利。我分別說明。首先是營收。我們有兩種營收來源。其一是我們的晶片（silicon）與 SDK 被設計導入 OEM 的產品中，並隨自動化系統、機器人與強固型設備（ruggedized equipment）出貨。一旦我們贏得設計導入（design win），就能與該 OEM 一起在其既有服務的市場中擴張，而經驗證的設計也能為我們打開其他平台與市場。

The other is our hybrid AI platform, a vertically integrated stack. It runs the industry applications that customers buy, built by us and by our software partners. Service providers and system integrators deliver it as a managed service. Stephen will take you through where each of them stands.

另一項來源是我們的混合式 AI 平台，也就是垂直整合的技術堆疊（stack）。它運行客戶購買的產業應用程式，這些應用由我們及我們的軟體合作夥伴共同打造。服務供應商與系統整合商則以代管服務（managed service）的形式交付。Stephen 會帶各位了解兩者目前的進展。

Second, margin. Behind both sits AI Services, our software suite for AI inference. We expect AI Services to become an increasingly important contributor of our margin over time. Today, AI Services includes capabilities such as facial recognition. Based on requirements from active customer programs, we are developing and integrating additional capabilities, including document processing, quality grading, compliance scoring, video analytics, small language model assistance, and industry-specific services.

第二是毛利。在兩者背後的是 AI Services——我們用於 AI 推論的軟體套件。我們預期隨時間推進，AI Services 將成為我們毛利越來越重要的貢獻來源。目前 AI Services 包含例如人臉辨識等能力。基於現行客戶專案的需求，我們正在開發並整合更多能力，包括文件處理、品質分級、合規評分、影片分析、小型語言模型輔助，以及特定產業服務。

We are also developing model optimization and orchestration capabilities intended to route workloads to the appropriate compute resource and optimize models for the underlying hardware. The goal is to give customers more output per dollar of infrastructure. They get more from what they run, and we expect to be paid for what gets them there. We intend to price it as software per rack, per megawatt, or per fleet.

我們也在開發模型最佳化與編排（orchestration）能力，旨在將工作負載導向適當的運算資源，並針對底層硬體最佳化模型。目標是讓客戶以每一美元的基礎設施投入，獲得更多產出。他們能從其運行的系統中獲得更多價值，而我們預期也將因為能帶他們達成該目標而獲得報酬。我們計畫以每機櫃（per rack）、每兆瓦（per megawatt）或每車隊（per fleet）的軟體方式定價。

That brings me to this quarter. Our gross margin was 8%, reflecting a mix weighted to third-party hardware. Our branded hardware and AI Services is what we expect will shift that mix. And building it out is the work in front of us this year.

接著談本季。我們的毛利率為 8%，反映產品組合偏向第三方硬體。我們自有品牌硬體與 AI Services 預期將改變這個組合，而在今年把它建置完善，就是我們眼前的工作。

Finally, onto the next generation. The deployments we are supporting today increasingly require a mixture of models and inference workloads. Serving that demand pulls us deeper into the stack, both in what we build ourselves and what we integrate from others.

最後，談下一代。我們目前支援的部署案，越來越需要混合多種模型與推論工作負載。為了滿足這項需求，我們將更深入技術堆疊：一方面擴大自研內容，另一方面也整合外部方案。

Based on requirements that we are seeing across current customer engagements, we are working on our next-generation AI inference product designed for production environments. We expect it to complement what we ship today and extend the same architecture to higher-performance workloads.

根據我們在現行客戶合作案中所看到的需求，我們正在研發下一代 AI 推論產品，專為生產環境（production environments）設計。我們預期它將補強我們目前出貨的產品，並將相同架構延伸至更高效能的工作負載。

We also intend to incorporate confidential computing capabilities to address requirements from sovereign customers. We view this plan as a staged investment and intend to pace development against customer requirements, commercial progress, and what the business can support. The platform comes first, and the next-generation product is intended to extend that platform into larger inference workloads we expect customers to deploy over the coming years.

我們也計畫納入機密運算（confidential computing）能力，以滿足主權客戶（sovereign customers）的需求。我們將此計畫視為分階段投資，並打算依客戶需求、商業進展以及公司可支撐的程度來安排研發節奏。平台優先，而下一代產品旨在把該平台延伸至更大型的推論工作負載——我們預期客戶在未來數年將部署這些工作負載。

With that, I will hand it over to Harminder to take you through the outlook and the quarter. Harminder?

接下來我把時間交給 Harminder，請他帶各位了解展望與本季表現。Harminder？

Thank you, Dinakar, and good afternoon, everyone. Before I get into our second quarter results, I will address why we're revising our full-year 2026 revenue guidance, what's driving that, and how we're managing the balance sheet through this transition. Dinakar addressed the change from $130 million to a range of between $40 million and $43 million. That is a significant reduction, and I want to walk through exactly why.

謝謝你，Dinakar，各位下午好。在我進入第二季業績之前，我會先說明我們為何修訂 2026 年全年營收指引、背後的驅動因素，以及我們如何在這段轉型期間管理資產負債表。Dinakar 已提到營收指引從 1.3 億美元下修至 4,000 萬至 4,300 萬美元的區間。這是相當顯著的下調，我想逐一說明確切原因。

There are three primary factors behind this change. First, I would like to emphasize that while pilot programs have been successfully completed, several commercial opportunities did not materialize as we expected. We had planned on fulfilling a regular cadence of purchase orders from customers already under contract.

這項變動背後有三個主要因素。第一，我想強調，雖然試點專案已成功完成，但若干商業機會並未如我們預期般落地。我們原本規劃由已簽約的客戶按固定節奏持續下達採購訂單。

With respect to Starshine specifically, we made the decision not to engage further until Starshine pays its outstanding balance. We have fully reserved the receivable this quarter, engaged local partners to pursue collection, and are reevaluating that commercial relationship. There is meaningful uncertainty as to whether it will progress further.

就 Starshine 而言，我們已決定在 Starshine 支付其未清餘額之前，不再進一步合作。我們本季已對該應收款全額提列備抵，並委託當地合作夥伴進行催收，同時重新評估該商業關係。其是否能進一步推進仍存在相當大的不確定性。

Second, as we progress into the third quarter, customers are deferring follow-on orders based on their broader scaling of overall deployment of AI solutions. Opportunities are proceeding just more slowly than our prior forecast assumed. Cloud and data center customers have taken longer to qualify new technology. Certain government programs are on longer procurement timelines than expected, and regional uncertainty has pushed a smart city opportunity in the Middle East into an extended field trial.

第二，隨著我們進入第三季，客戶基於其更廣泛的 AI 解決方案整體部署擴張節奏，正在延後追加訂單。機會仍在推進，但速度比我們先前預測假設的更慢。雲端與資料中心客戶在新技術認證上花了更長時間。部分政府專案的採購時程比預期更長，而區域不確定性也使中東的一個智慧城市機會延長為更長期的實地試驗。

Finally, memory economics have gotten harder. DRAM and LPDDR pricing has increased materially this year as industry capacity has shifted toward High-Bandwidth Memory. Additionally, the requirement for advanced payments from suppliers has increased. We expect these supply conditions to persist.

最後，記憶體的經濟性變得更具挑戰。今年 DRAM 與 LPDDR 價格因產業產能轉向高頻寬記憶體（HBM）而顯著上升。此外，供應商要求預付款的情況也增加。我們預期這些供應條件將持續。

Taken together, we have raised the bar for what we are willing to include in guidance going forward. Stephen will walk through the pipeline in more detail shortly, but I want to be precise about how we built this specific number because the methodology matters as much as the figure.

綜合上述，我們提高了未來納入財測指引的門檻。Stephen 稍後會更詳細說明管線，但我想精準說明我們如何建立這個具體數字，因為方法論與數字本身同等重要。

As mentioned, our revised guidance is between $40 million and $43 million for the full year 2026. We project backlog at December 31 this year of approximately $50 million at current memory prices. It is weighted heavily toward revenue from our largest account and based on binding non-cancellable purchase orders that we can fulfill with inventory commitments already made or planned to order.

如前所述，我們修訂後的指引為 2026 全年營收介於 4,000 萬至 4,300 萬美元。我們預估在今年 12 月 31 日的在手訂單（backlog）約為 5,000 萬美元（以目前記憶體價格計）。其結構高度偏向我們最大客戶的營收，並以具約束力、不可取消的採購訂單為基礎，且我們可透過已承諾的庫存或已規劃下單的庫存承諾來履約。

Let me explain the difference between bookings and revenue recognition. Several of the opportunities that we're currently pursuing are intended to generate bookings during 2026, but will only partially convert to recognized revenue this year, with the remainder entering backlog for future periods.

我來說明「接單（bookings）」與「營收認列」之間的差異。我們目前正在推進的若干機會，目標是在 2026 年產生接單，但今年僅會部分轉換為已認列營收，其餘將進入在手訂單並於未來期間認列。

Backlog for us means a committed contract or purchase order exists that we have not yet fulfilled. This guidance reflects what we currently expect to recognize as revenue in 2026, not the full value of business that we expect to book by year-end. Stephen will address where activity continues and revenue upside is in play.

對我們而言，在手訂單是指已存在承諾性的合約或採購訂單，但我們尚未履約。本次指引反映的是我們目前預期在 2026 年可認列為營收的部分，而非我們預期在年底前可接單的全部業務價值。Stephen 會說明哪些活動仍在持續，以及潛在的營收上行空間。

With continued supply chain cost inflation that we may not be able to immediately pass through and some higher-margin opportunities pushed into 2027, we now expect gross margin of 17% to 19% for the second half of the year and an adjusted EBITDA loss of $62 million to $65 million for the full year.

在供應鏈成本持續通膨、且我們可能無法立即轉嫁的情況下，加上部分較高毛利的機會延後至 2027 年，我們目前預期下半年毛利率為 17% 至 19%，全年調整後 EBITDA 虧損為 6,200 萬至 6,500 萬美元。

A reduction in gross margin from lower revenue and the Starshine provision are key contributors in the increase in the loss from our prior guidance. This is offset by reductions in operating expenses and a change in the timing of payments for the next-generation chip program.

由於營收降低導致毛利率下滑，以及 Starshine 的提列，是本次虧損較先前指引擴大的主要因素。這部分由營業費用下降，以及次世代晶片計畫付款時點的調整所部分抵銷。

Now, turning to our financial results for the second quarter ended June 30, 2026. Revenue was $12 million, a significant increase from $2.7 million in the prior quarter. For the first half of 2026, revenue totaled $14.7 million, compared with $3 million in the same period last year, a year-on-year increase of 390%.

接著看截至 2026 年 6 月 30 日的第二季財務結果。營收為 1,200 萬美元，較前一季的 270 萬美元大幅成長。2026 年上半年營收合計 1,470 萬美元，較去年同期的 300 萬美元年增 390%。

On NeoTensr specifically, the amount due from our fourth quarter 2025 sale has been paid in full. And the receivable associated with our second quarter 2026 sale remains within its contractual payment terms. Third and fourth quarter deliveries of our hybrid servers are being planned.

就 NeoTensr 而言，我們 2025 年第四季銷售所應收款已全數收回。而與 2026 年第二季銷售相關的應收款仍在合約付款條款期限內。我們正在規劃第三季與第四季的混合式伺服器出貨。

Gross profit was $0.9 million, representing a gross margin of approximately 8%, compared with 58% in the first quarter. The quarter-on-quarter decline was driven by revenue mix. The second quarter consisted almost entirely of third-party server hardware, which carries constricted gross margins for Blaize. The first quarter gross margin benefited from a mix of higher-margin Blaize software and hardware plus some third-party hardware.

毛利為 90 萬美元，毛利率約 8%，相較第一季的 58% 明顯下降。季對季下滑主要由營收組合所致。第二季幾乎全部為第三方伺服器硬體，對 Blaize 而言毛利率較受限。第一季毛利率則受惠於較高毛利的 Blaize 軟體與硬體組合，並搭配部分第三方硬體。

Operating expenses for the second quarter were $31.5 million, up from $23.9 million in the prior quarter, an increase of 32%. This increase was largely driven by a $7.1 million provision for the balance of Starshine receivable, approximately $1 million additional investment into the new chip, and a $2.8 million one-time non-cash charge in a related party settlement, partially offset by a release of a prior provision in professional fees.

第二季營業費用為 3,150 萬美元，較前一季的 2,390 萬美元增加 32%。增加主要來自對 Starshine 應收款餘額提列 710 萬美元、對新晶片額外投入約 100 萬美元，以及在關係人和解中一次性 280 萬美元的非現金費用；部分則由先前專業服務費用提列的回轉所抵銷。

R&D expense was $10.5 million and included stock-based compensation of $3.7 million. The increase of $0.8 million, or 7.6%, sequentially from the first quarter primarily reflected third-party intellectual property costs associated with the ongoing development of our next-generation chip. Adjusted EBITDA loss of $20.9 million, including the Starshine provision, was up $7 million compared to a loss of $13.9 million in the prior quarter.

研發費用為 1,050 萬美元，其中包含 370 萬美元的股份基礎給付。相較第一季，費用增加 80 萬美元（7.6%），主要反映與次世代晶片持續開發相關的第三方智慧財產成本。調整後 EBITDA 虧損為 2,090 萬美元（包含 Starshine 提列），較前一季 1,390 萬美元的虧損增加 700 萬美元。

Adjusted EBITDA is largely driven by non-cash add-backs, which include stock compensation, changes in the fair value of our financial instruments, and non-cash financing charges, such as the modification of certain warrants this quarter.

調整後 EBITDA 主要受非現金加回項目影響，包括股份基礎給付、金融工具公允價值變動，以及非現金融資費用，例如本季對部分認股權證的修改。

Moving on to our balance sheet, we ended the quarter with $36.8 million in cash, an increase of $3.6 million from the first quarter. We received $9.4 million in customer payments and generated $32.8 million in net proceeds from the equity offering completed during the quarter.

再看資產負債表，本季期末現金為 3,680 萬美元，較第一季增加 360 萬美元。我們收到 940 萬美元的客戶付款，並自本季完成的股權發行取得 3,280 萬美元的淨募資款。

Our revised growth outlook reduces the near-term working capital requirements of the business, as the significant second-half bookings and revenue ramp contemplated in our prior guidance would have necessitated significant upfront commitments to purchase memory-intensive inventory at elevated prices well in advance of customer collections.

我們修訂後的成長展望降低了公司短期營運資金需求，因為先前指引所假設的下半年大幅接單與營收爬坡，將需要在客戶回款之前很早就以高價大量預先承諾採購高記憶體含量的庫存。

We feel it is advantageous to our shareholders to judiciously manage the supply and demand imbalances of the cost of inventory. This enables us to prudently control economics and timing trade-offs for the long run, rather than maximizing revenue at any cost.

我們認為，審慎管理庫存成本的供需失衡，對股東更為有利。這使我們能以長期為導向，謹慎掌控經濟性與時點的取捨，而非不計代價地最大化營收。

In addition, we continually review our cost structure against revenue priorities and our future roadmap. Accordingly, we are identifying further opportunities to reduce operating expenses in light of the lower guidance. The priority is to optimize cash consumption with a goal of extending our financial flexibility and preserve the core capabilities required to execute our strategy.

此外，我們持續以營收優先順序與未來產品路線圖為基準，檢視成本結構。因此，鑑於指引下修，我們正在尋找進一步降低營業費用的機會。優先事項是最佳化現金消耗，以延長財務彈性，並保留執行策略所需的核心能力。

We are exploring ways in which to leverage our customer contracts to secure non-dilutive debt financing. Additionally, we're seeking advance payments from customers to mitigate working capital demands. No financing decision has been made at this time.

我們正在探索如何運用客戶合約來取得非稀釋性的債務融資。此外，我們也在向客戶爭取預付款，以降低營運資金需求。目前尚未做出任何融資決策。

With that, I'll turn the call over to Stephen to discuss our pipeline and provide additional context around our outlook. Stephen?

接下來，我把電話交給 Stephen，請他討論我們的業務管線，並就展望提供更多背景。Stephen？

Thank you, Harminder. First, let me start by adding one additional comment on the quarter. Our Q2 revenue was driven by our momentum with NeoTensr, where they continue to adopt more of our solution stack as they see strong demand in their market.

謝謝你，Harminder。首先，我想就本季再補充一點。我們第二季的營收主要來自 NeoTensr 的動能；隨著他們在其市場看到強勁需求，持續採用我們更多的解決方案堆疊。

Second, and where I want to spend a bit of time, is the commercial picture behind the revised annual outlook Harminder described. You have to start with demand because that is the fundamental starting point. We're seeing real demand across every part of our business and it's growing. What we're working on is our ability to capture it. And we've had several changes in our go-to-market approach in order to execute more effectively.

第二點，也是我想多花一些時間說明的，是 Harminder 所描述之年度展望下修背後的商業面貌。必須從需求開始，因為那是最根本的起點。我們在業務的每個部分都看到真實需求，而且正在成長。我們正在努力的是提升我們捕捉需求的能力。為了更有效執行，我們也對市場進入（go-to-market）策略做了幾項調整。

As it relates to our revised outlook, a couple of things to point out. As opportunities move closer to signed deals, our visibility into end-user demand improves, and that allows us to more effectively align supply to demand and scale the supply chain in a measured, capital-efficient way. We are already seeing this improvement, and I will come back to touch on this shortly.

就修訂後的展望而言，有幾點值得指出。當機會更接近簽約成交時，我們對終端用戶需求的能見度會提升，這讓我們能更有效地使供給與需求對齊，並以更審慎、資本效率更高的方式擴大供應鏈規模。我們已經看到這方面的改善，稍後我會再回到這點。

The rest is timing. Our customers ramp their deployments at the speed in which their own markets grow, and several ramp later than we had forecasted. Those deployments are moving now and the pace is picking up. We are also getting better at reading these cycles early, which is what improves our close rates moving forward. From a region perspective, the biggest impact we had was the Middle East, which remains uncertain.

其餘就是時點問題。我們的客戶會依其自身市場成長的速度來拉升部署，而其中有幾個拉升時點比我們先前預測的更晚。這些部署現在正在推進，且速度正在加快。我們也更擅長及早判讀這些週期，這將提升我們未來的成交率。從區域角度來看，影響最大的是中東，該地區仍存在不確定性。

What we believe is critical moving forward is that we continue to build a broader customer and partner base so that fewer individual deals determine a quarter, and there's evidence that that is working. We received our first purchase order out of Europe, where we've already shipped thousands of units.

我們認為未來向前推進的關鍵在於，持續建立更廣泛的客戶與合作夥伴基礎，讓單一交易對單季表現的影響降低，而且已有跡象顯示這正在奏效。我們收到來自歐洲的第一張採購訂單，而我們在那裡已經出貨了數千台單位。

Opportunities are growing across the portfolio throughout Asia Pacific, where we have very strong partner-led engagements, and we're beginning to build a pipeline in the United States. Our pipeline and customer base is broader and more diversified than it's ever been.

在亞太地區，我們的整體產品組合機會正在成長，我們在當地有非常強的合作夥伴主導型合作案，同時也開始在美國建立銷售管線。我們的管線與客戶基礎比以往任何時候都更廣、更分散。

Next, I will touch on the two primary revenue engines for Blaize moving forward. First is aerial robotics and ruggedized platforms. I mentioned earlier that our focus is on building a scalable and predictable go-to-market engine, and that is exactly what this line of business gives us. These customers have demand for much higher volumes, provide monthly rolling forecasts, and provide deposits to secure inventory.

接下來，我將談談 Blaize 未來的兩大主要營收引擎。第一是空中機器人與強固型平台。我先前提到，我們的重點是打造可擴展且可預測的市場推進引擎，而這條業務線正好提供了這一點。這些客戶對更高出貨量有需求，會提供每月滾動式預測，並會支付訂金以確保庫存。

Our differentiation is our architecture. We are being selected in deployments that are constrained on size, weight, power, and heat, where the customer needs sustained real-time performance inside a fixed envelope rather than peak benchmark numbers, and where they're building our SDK directly into their own product.

我們的差異化在於我們的架構。我們在受尺寸、重量、功耗與散熱限制的部署中被選用；在這些情境下，客戶需要在固定的限制條件內維持持續的即時效能，而不是追求峰值跑分數據；同時，他們也會把我們的 SDK 直接整合到他們自己的產品中。

That is a narrow set of requirements, and it's where a purpose-built accelerator, such as Blaize, does better than a general-purpose part. We are being pulled into these opportunities across every market where we have presence. Once we qualify our solutions, opportunities arise for recurring revenue.

這是一組相當狹窄的需求，而在這裡，像 Blaize 這樣為特定目的打造的加速器，表現會優於通用型元件。我們在所有有佈局的市場都被帶入這些機會。一旦我們的解決方案完成認證，就會出現可帶來經常性收入的機會。

Our second revenue engine is a hybrid AI platform, which we brought to market two quarters ago, and is what our AI Services runs on. It lets cloud and data center providers deploy faster and open new revenue streams for their own customers through API services. We are actively pursuing several national-scale programs, each at a different stage.

我們的第二個營收引擎是混合式 AI 平台，我們在兩個季度前將其推向市場，也是我們 AI Services 所運行的基礎。它讓雲端與資料中心供應商能更快部署，並透過 API 服務為其客戶開啟新的營收來源。我們正積極推進數個國家級規模的專案，每個專案都處於不同階段。

Facility supervision for a national food service group across thousands of sites, production quality grading for a manufacturing company, fuel retail monitoring for a national fuel network with hundreds of stations. In each of these, we are providing the platform and the models, and system integrators are handling the deployment.

例如：針對一家全國性餐飲服務集團、跨數千個據點的設施監督；針對一家製造企業的生產品質分級；以及針對一家擁有數百座加油站的全國性燃料網路之燃料零售監控。在每一個專案中，我們提供平台與模型，而系統整合商負責部署。

These engagements take time to close and are not forecasted in our current guidance. However, when they do close, we get more than just the contract. We get a proven solution that can be replicated with customers anywhere in the world.

這些合作案需要時間才能成交，且未納入我們目前的財測指引。不過，一旦成交，我們得到的不只是合約；我們也會得到一套已被驗證、可在全球任何地方複製給其他客戶的解決方案。

We've also found that there are opportunities to expand even further on our hybrid AI platform and to play a much broader role in new data center build-outs, including providing professional services, our AI Services suite, and advising on the AI architecture of the build. As an example, there's a national government program building out a data center in the range of 150 megawatts. Our role is in active discussion, and while there are many details to work out, the intent on both sides is to move towards binding terms.

我們也發現，在混合式 AI 平台上還有進一步擴展的機會，並能在新的資料中心建置中扮演更廣泛的角色，包括提供專業服務、我們的 AI Services 產品套件，以及就建置案的 AI 架構提供建議。舉例來說，有一個國家政府計畫正在建置一座約 150 兆瓦等級的資料中心。我們的角色正在積極討論中，雖然仍有許多細節需要釐清，但雙方意向是朝向具約束力的條款推進。

We have a second sovereign program under discussion with a similar structure and with a different government, but the same partner model. These types of engagements are much longer in nature and are also not included in any of the guidance that we've given today, but they indicate that not only does our platform work with existing customers, but also new NeoCloud build-outs as well.

我們也在與另一個政府討論第二個主權專案，其結構相似，但合作夥伴模式相同。這類合作案的週期更長，也未包含在我們今天提供的任何指引中，但它們顯示我們的平台不僅能服務既有客戶，也能支援新的 NeoCloud 建置案。

And although these two revenue engines may sound like opposites, they're actually designed to reinforce each other. Physical AI puts our silicon inside real deployments today. The hybrid platform is how we take that into vertical services that enterprises and governments are asking for. And over time, we expect those same customers become the consumption base for the AI data centers of the future that we intend to help enable. That is where our focus is.

雖然這兩個營收引擎聽起來像是相反方向，但其實它們是設計來相互強化的。實體 AI 讓我們的晶片今天就能進入真實部署。混合式平台則是我們把這些能力延伸到企業與政府所要求的垂直服務的方式。隨著時間推進，我們預期同一批客戶也會成為未來 AI 資料中心的用量基礎，而我們打算協助促成這些資料中心。這就是我們的重點。

With that, operator, we're ready for questions.

以上，接線員，我們準備開始回答問題。

(Operator Instructions)

（接線員指示）

Kevin Cassidy, Rosenblatt Securities.

Kevin Cassidy，Rosenblatt Securities。

I guess, just to understand -- could you help us understand a little better about the customer delaying their purchases? Is it the -- you're saying their end markets aren't moving as quickly? Are they not seeing the benefits of AI, or are the price increases slowing them down that maybe there's not as good return on investment? Maybe just a little more detail around why are there so many delays.

我想只是為了理解——你們能否協助我們更清楚了解客戶延後採購的原因？是——你們是說他們的終端市場推進沒有那麼快嗎？還是他們沒有看到 AI 的效益，或是漲價讓他們放慢腳步，可能投資報酬率沒有那麼好？能否再多一些細節，為什麼會有這麼多延遲。

So let me start and then Stephen can jump in. The nature of some of these projects are tied to camera deployments. So they are about cameras being deployed in the field and then behind that pulling in boxes and then software from Blaize. So that's the delay. I'll let Stephen jump in on that as well.

我先說明，然後 Stephen 也可以補充。有些專案的性質與攝影機部署綁在一起。也就是先要在現場部署攝影機，接著才會在後端導入機箱設備，然後再導入 Blaize 的軟體。所以延遲主要在這裡。我也請 Stephen 一併補充。

Sure. For several of our AI Service opportunities, we're working with data center and cloud service providers. And as we continue to build our portfolio on our own capacity, they've also got to drive their own demand in the markets in which they serve. So the faster they drive the demand for those type of services, and in this example being computer vision, we will continue to see more orders and more capacity that they will need from us.

好的。對於我們幾個 AI Service 的機會，我們是與資料中心與雲端服務供應商合作。當我們持續以自有產能擴充我們的產品組合時，他們也必須在其服務的市場中推動自身需求。因此，他們越快推動這類服務的需求——以這個例子來說是電腦視覺——我們就會持續看到更多訂單，以及他們向我們需要的更多產能。

And that's just what some of the delay has been. It has nothing to do with demand, pricing, or anything else. It's just their own services ramping. And so therefore, the capacity that we sell them and they buy from us can ramp at the same levels. And that's where we've seen some of the delay.

而這就是部分延遲的原因。這與需求、定價或其他因素無關，只是他們自身服務的爬坡速度。因此，我們賣給他們、他們向我們購買的產能，也就能以相同的節奏爬坡。這就是我們看到的一些延遲。

Right. And just to -- the underlying demand is definitely there, and that's where the whole backlog comes in that we've announced based on contracts.

沒錯。再補充一下——底層需求確實存在，這也就是我們所公布、基於合約的整體積壓訂單（backlog）來源。

And then, opening up Europe, that's great news. And just wonder if you could compare the opportunities that you have in Europe? How do they compare to the US or Southeast Asia that you've been winning? Are they faster time to market or are they -- I guess, or is it just more shots on goal having another territory opened?

另外，打開歐洲市場，這是很棒的消息。我想請問你們能否比較一下在歐洲的機會？它們與你們在美國或東南亞贏得的機會相比如何？是上市時間更快，還是——我想，或只是多開一個區域、增加更多機會嘗試？

Yes. No, they're -- this is Stephen again. Look, they're very similar and in line with where our revenue engines are -- across all three of those pillars, which we spoke about. What I will say is, is we've got to be very focused on our go-to-market, and we've got to be very intentional on the opportunities that we pursue and when we pursue them.

是的。不——我是 Stephen。你看，它們非常相似，也與我們的營收引擎一致——涵蓋我們提到的那三大支柱。我想說的是，我們必須非常專注於市場推進策略，並且對我們要追逐哪些機會、以及何時追逐，必須非常有意識地做選擇。

And naturally, you mentioned Asia Pacific, and that started showing itself a couple of quarters ago. And then naturally behind that, we had opportunities in Europe that also started showing themselves at customers that we're talking about now. We've been working with them for a couple of quarters to validate and qualify our solutions.

而你提到亞太地區，那在幾個季度前就開始顯現。接著很自然地，我們在歐洲也出現了機會，並且是在我們現在正在洽談的客戶那邊開始浮現。我們已經與他們合作了幾個季度，用以驗證並認證我們的解決方案。

And that's paid off, as we've seen, with our first purchase order. And as they continue to finish their qualification, now we're going to see really that moving at scale. So whether it's the US business, Europe, Asia Pacific, they're all really being driven by those pillars we talked about from both the autonomous systems as well as the hybrid AI platform.

而這也帶來成果，如我們所見，我們拿到了第一張採購訂單。隨著他們持續完成認證，接下來我們會看到真正的規模化推進。所以不論是美國業務、歐洲、亞太，都是由我們談到的那些支柱所驅動，涵蓋自主系統以及混合式 AI 平台。

Gil Luria, D.A. Davidson.

Gil Luria，D.A. Davidson。

Based on the -- you gave something on Starshine and NeoTensr. Based on the other business that you have and the backlog that you're looking at right now, can you give us an early sense for what the picture looks like in terms of revenue and revenue growth for 2027?

根據——你們提到 Starshine 和 NeoTensr。基於你們其他業務以及目前看到的積壓訂單，你們能否先給我們一個初步概念，關於 2027 年在營收與營收成長方面的樣貌會是如何？

Sure. The $50 million that we're talking about is essentially a commitment from NeoTensr, which you remember we announced earlier, contract of up to $50 million. So this $70 million is an amendment to that agreement. And we're expecting that $50 million to go into 2027. I'm expecting 2027 to be probably 2.5x to 3x where we are guiding this year to end at.

當然。我們談到的 5,000 萬美元，基本上是 NeoTensr 的承諾；你應該記得我們先前宣布過，合約金額最高可達 5,000 萬美元。所以這 7,000 萬美元是對該協議的修訂。我們預期那 5,000 萬美元會落在 2027 年。我預期 2027 年大概會是我們今年指引結束水準的 2.5 倍到 3 倍。

Craig Ellis, B. Riley Securities.

Craig Ellis，B. Riley Securities。

The first question is really a clarification inside of the updated calendar year '26 guide. So our midpoint is $41.5 million, and that would imply after the revenues in the first half of the year about $26.5 million in the second half. So we're talking about good half-on-half growth.

第一個問題主要是針對更新後的 2026 日曆年度指引做釐清。我們的中位數是 4,150 萬美元，這意味著在上半年營收之後，下半年大約是 2,650 萬美元。所以我們談的是不錯的上下半年成長。

The question is this, can you help us with the linearity of revenues from the third quarter to the fourth quarter? And it seems like about two-thirds of the second half revenues would be our new server program. Is that right? And what other programs would make up the balance of revenue?

問題是：你們能否協助我們了解第三季到第四季的營收線性度（linarity）？而且看起來下半年營收大約有三分之二會來自我們新的伺服器專案。是這樣嗎？另外還有哪些專案會構成其餘的營收？

Hey Craig, so I would see, I'm expecting Q3 to be similar to Q2, and Q4 will be a little bit heavier than that. Any upside that some of the things that Stephen talked about will more likely come and hit us in Q4. But you're right that the $70 million or part of the $70 million is going to be the majority of what happens in Q3 and Q4.

嗨，Craig，所以我會說，我預期第三季會與第二季相近，而第四季會比那再重一些。Stephen 談到的一些事項若有上行空間，更可能會在第四季落地並影響我們。不過你說得對，那 7,000 萬美元（或其中一部分）將會是第三季與第四季發生事項中的主要部分。

And again, going back to the discipline that we're applying to guidance is, those are contracts in hand. There are others that are -- would expect it to follow shortly or follow in time.

再重申一次，我們在指引上所採取的紀律是：這些都是已在手的合約。還有其他案子——我們預期會在不久後或在適當時間跟進落地。

Maybe I can answer -- I can answer the second part of your question as well. Look, we have an incredibly high confidence level on the way that we just guided, right? We have 90% of those orders in-house. The additional 10% is not single-threaded on any given deal. And so a very high level of confidence as it relates to how we get to the number that we just stated.

也許我也可以回答你問題的第二部分。你看，我們對剛才給出的指引方式有極高的信心，對吧？其中 90% 的訂單已在公司內部到位。其餘 10% 並不是在任何單一交易上「單線依賴」。因此，就我們如何達到剛才所述數字而言，我們有非常高的信心。

Yes. And I think a lot of us will find that conservatism refreshing, Stephen. So thanks for that. And it seems like there's conservatism in the way you framed up your end backlog, just given program size. My follow-up question was really related to longer-term items, and I'll phrase it this way. As the team looked at how it was going to frame this year's expectations, I think the press release indicated there were a number of opportunities that were excluded from this year's new revenue guide, but it seemed like those opportunities were still advancing.

是的。我想我們很多人都會覺得這種保守作風很令人耳目一新，Stephen，所以謝謝你。而且考量到專案規模，你在描述期末積壓訂單（backlog）的方式上似乎也偏保守。我的追問其實是關於較長期的事項，我換個方式問：當團隊在思考如何界定今年的預期時，我想新聞稿提到有一些機會被排除在今年新的營收指引之外，但看起來那些機會仍在推進。

And is that the case? And as we think about the four national-scale hybrid AI platforms, can you just help us understand could those be things that contributed to revenue next year? What would lead to that? And if next year would be the first year of revenue, what's the timeframe we're talking about across these four different opportunities?

是這樣嗎？另外，談到四個國家級規模的混合式 AI 平台，你能否協助我們理解：這些是否可能在明年貢獻營收？需要哪些條件才會發生？如果明年會是首次認列營收的一年，那在這四個不同機會上，我們談的時間框架大概是什麼？

On those, to your point, those are not included in the guide. They are moving forward vigorously through the sales stage, through customer acceptance and qualification. Right now, I would peg at least -- let's call it, I don't want to ever call all four of those, but let's just say those subset of opportunities would look to be Q1 of next year. And our goal is to be able to bring that into this year and provide above and beyond the guidance. But right now, I would peg that for Q1 next year.

關於那些，如你所說，並未納入指引。它們正積極地往前推進，處於銷售階段、客戶驗收與資格認定流程之中。就目前而言，我會把至少——我們就說，我不想把四個都算進去，但就其中一部分機會來看，可能會落在明年第一季。我們的目標是能把它拉進今年，並在指引之上帶來額外貢獻。但就現在而言，我會把它定位在明年第一季。

Yes, and just to calibrate, I think the trends that we're witnessing are important, everything to do with aerial autonomous robotics and hybrid AI, and that's what is driving the demand. So we're feeling good about how our AI Services and hybrid AI is actually helping our customers, and that's driving all the demand.

是的，為了校準一下，我認為我們正在看到的趨勢很重要，包含空中自主機器人與混合式 AI 的一切，而這正是需求的驅動力。所以我們對 AI Services 與混合式 AI 實際上如何幫助客戶感到很有信心，而這也帶動了所有需求。

(Operator Instructions)

（接線員指示）

Richard Shannon, Craig-Hallum Capital Group.

Richard Shannon，Craig-Hallum Capital Group。

I guess the first one is on you talking about an elongated sales cycle here. I guess one thing I want to confirm is that these opportunities are still in the pipeline and not lost. Can you clarify the degree to which that is the case?

我想第一個問題是，你提到這裡的銷售週期拉長。我想確認的一點是，這些機會仍在管線中，並沒有流失。你能否釐清這點在多大程度上屬實？

Absolutely. All these opportunities are still in the pipeline and are not lost. And honestly, our pipeline continues to grow. But the reality is for us right now is we are focused on the opportunities that are in front of us that we can execute and close as quickly as we can. And the ones that we're speaking about now are absolutely still in the pipeline, just simply have moved from a timing perspective.

當然。這些機會都仍在管線中，並沒有流失。坦白說，我們的管線還在持續成長。但對我們而言，眼下的現實是：我們專注於眼前能夠執行並盡快成交的機會。而我們現在談到的那些，絕對仍在管線中，只是就時程而言往後移了。

Okay. And to follow up on this general topic, you cited the memory costs, which are well known in this market here. I mean, do you need to see these come back down in order for these engagements to re-accelerate or reignite or whatever? Or do we just need to stay flat here? Or just what needs to happen here with memory costs in order to make good on this pipeline?

好的。延續這個主題，你提到了記憶體成本，這在這個市場裡眾所周知。我的意思是，我們是否需要看到這些成本回落，這些合作案才會重新加速或重新點燃之類的？還是只要維持在目前持平就行？或者說，為了讓這個管線能夠兌現，記憶體成本需要出現什麼變化？

Hey, Richard. So we're doing a couple of things. Number one, we already started conversations with the memory suppliers to see what it would take to go do some forward buying, what kind of commitments they need, and that conversation is ongoing. And really, the second thing is that we've invested probably $8 million and $9 million already in forward buying certain components, chips, and some of the boxes and so on that are required.

嗨，Richard。我們正在做幾件事。第一，我們已經開始與記憶體供應商對話，了解若要做一些預先採購（forward buying）需要什麼條件、他們需要什麼樣的承諾，這個對話仍在進行中。第二，我們大概已經投入了 800 萬到 900 萬美元，用於預先採購某些元件、晶片，以及所需的一些機箱/設備等。

And most of those are going to turn into revenue over the next six- to nine months. So we're trying to manage the cost that way. The final point I'll make is that with -- we're reserving the right to change pricing as memory pricing changes, change the pricing to the customer. So that we maintain at least, when we're doing third-party software -- third-party hardware, I beg your pardon, at least we're maintaining a reasonable margin.

其中大多數會在未來 6 到 9 個月內轉化為營收。所以我們試著用這種方式管理成本。最後一點是——我們保留隨著記憶體價格變動而調整定價、並將定價調整反映給客戶的權利。如此一來，至少在我們提供第三方軟體——抱歉，是第三方硬體時，我們仍能維持合理的毛利率。

Okay. That makes sense. And one last question for me, and I'll jump out of line here. You mentioned these four national programs. Obviously, I've identified the countries and wouldn't expect you to, but some countries are very small and some are large here. Could you give us some sense of how big these programs can be?

好的。這很合理。我最後一個問題，問完我就不再占用時間。你提到這四個國家級專案。顯然我已經辨識出是哪些國家，也不會期待你說明，但有些國家很小、有些很大。你能否讓我們大概了解這些專案可能有多大規模？

Certainly in your press release and in your prepared remarks, you talked about some deals with thousands of servers. Is that the kind of scale we're talking about or could it be more? Just give us a sense of what these could be.

當然，在你們的新聞稿與事先準備的講稿中，你們談到一些交易涉及數千台伺服器。這就是我們在談的規模嗎？還是可能更大？請給我們一些概念。

Yes, I think that's fair. Look, because of our, I would say our focus in the last couple of quarters, several of these deals that we mentioned are in Southeast Asia, right? And so, really -- primarily we're seeing the acceleration of the sales process and the sales cycle because we have a very strong partner-led model there.

是的，我覺得這樣問很合理。你看，因為我們在過去幾個季度的聚焦，我會說，我們提到的幾筆交易有好幾個是在東南亞，對吧？因此——我們之所以看到銷售流程與銷售週期加速，主要是因為我們在那裡有非常強的夥伴主導（partner-led）模式。

And one we've mentioned in the past, one being Nokia, and that allowed to accelerate that as well. And these are very large opportunities across several countries in Southeast Asia. So I think that, that scope that you gave is reasonable.

而且我們過去也提過其中一個夥伴，例如 Nokia，這也讓加速成為可能。這些是在東南亞多個國家中的非常大型機會。所以我認為你提出的那個規模範圍是合理的。

Thank you. This concludes the question-and-answer portion of today's call. At this time, I would like to turn the call back to Dinakar for closing remarks.

謝謝。今天電話會議的問答部分到此結束。此時，我想把電話交回給 Dinakar 作結語。

Thank you all for joining us. Let me close with the three things we are driving from here. First, conversion. Turning what we are pursuing into committed orders, so it lands as revenue this year and as backlog into 2027. Second, margin. It improves when full solution goes in. Our silicon, our software, with AI Services on top. We expect the first revenue from AI Services this year.

感謝各位加入。我用三件事作結，說明我們接下來要推動的方向。第一，轉換（conversion）。把我們正在追求的機會轉為已承諾的訂單，使其在今年落地為營收，並形成延伸至 2027 年的積壓訂單（backlog）。第二，毛利（margin）。當完整解決方案導入時，毛利會改善——我們的矽晶片、我們的軟體，再加上上層的 AI Services。我們預期今年會有 AI Services 的第一筆營收。

Third, cost. We have reset our revenue outlook this quarter, and aligning our spending to match it. I said earlier that the economics of inference are now the deciding factor, and that this is the market our architecture was designed for. That has not changed and neither has our conviction in it. Every AI deployment being built right now will run inference for years after it goes live.

第三，成本（cost）。我們在本季重設了營收展望，並調整支出以與之匹配。我先前提到，推論（inference）的經濟性如今是決定性因素，而這正是我們架構所設計要服務的市場。這點沒有改變，我們對此的信念也沒有改變。現在正在建置的每一個 AI 部署，在上線後都會進行多年的推論運行。

Stephen showed you where the demand is coming from. Enterprises, governments, sovereign programs. We are built for it on all three fronts. The demand in front of us, the software we are adding, and the next-generation product that comes next. And on current expectations, we are entering 2027 carrying approximately $50 million of that committed business. Thank you for your time and your support.

Stephen 已向各位說明需求從何而來：企業、政府、主權專案。我們在這三個面向都為此而打造：眼前的需求、我們正在加入的軟體，以及接下來的下一代產品。依目前的預期，我們在進入 2027 年時，將攜帶約 5,000 萬美元的已承諾業務。感謝各位的時間與支持。

This will conclude today's conference call. Thank you, everyone, for joining. You may now disconnect your lines.

今天的電話會議到此結束。感謝各位參與。您現在可以掛斷電話。