Coda Octopus Group Inc (CODA) 2024 Q3 法說會逐字稿

Good morning.

早安.

Welcome to Coda Octopus Group's third quarter 2024 earnings conference call.

歡迎參加 Coda Octopus Group 2024 年第三季財報電話會議。

My name is Sherry, and I will be your operator today.

我叫雪莉，今天我將成為你們的接線生。

Before the call, Coda Octopus issued its financial results for the third quarter 2024 ended July 31, 2024, including a press release, a copy of which will be furnished in a report filed with the SEC and will be available in the investor relations section of the company's website.

在電話會議之前，Coda Octopus 發布了截至2024 年7 月31 日的2024 年第三季財務業績，其中包括一份新聞稿，該新聞稿的副本將在向SEC 提交的報告中提供，並將在投資者關係部分中提供。

Joining us on today's call from Coda Octopus are it's Chair and CEO, Annmarie Gayle; it's Interim CFO, Gayle Jardine.

參加今天 Coda Octopus 電話會議的有其董事長兼執行長 Annmarie Gayle；我是臨時財務長蓋爾‧賈丁 (Gayle Jardine)。

Following their remarks, we will open the call for questions.

在他們發表講話後，我們將開始提問。

Before we begin, Geoff Turner will make a brief introductory statement.

在我們開始之前，傑夫·特納將做一個簡短的介紹性發言。

Mr. Geoff Turner, please proceed.

傑夫·特納先生，請繼續。

Thank you, operator.

謝謝你，接線生。

Good morning, everyone, and welcome to Coda Octopus third quarter fiscal 2024 earnings conference call.

大家早安，歡迎參加 Coda Octopus 2024 財年第三季財報電話會議。

Before management begins their formal remarks, we'd like to remind everyone that some statements we're making today may be considered forward-looking statements under securities law and involve a number of risks and uncertainties.

在管理階層開始正式發言之前，我們想提醒大家，我們今天發表的一些聲明可能被視為證券法下的前瞻性聲明，並涉及許多風險和不確定性。

As a result, we caution you that there are a number of factors, many of which are beyond our control, which could cause actual results and events to differ materially from those described in the forward-looking statements.

因此，我們提醒您，有許多因素（其中許​​多因素超出了我們的控制範圍）可能導致實際結果和事件與前瞻性陳述中描述的結果和事件有重大差異。

For more detailed risks, uncertainties and assumptions relating to our forward-looking statements, please see the disclosures in our earnings release and public filings made with the Securities and Exchange Commission.

有關我們前瞻性陳述的更詳細的風險、不確定性和假設，請參閱我們向美國證券交易委員會提交的收益報告和公開文件中的揭露內容。

We disclaim any obligation or undertaking to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made, except that may be required by law.

我們不承擔任何更新前瞻性陳述以反映前瞻性陳述做出之日後發生的情況或事件的義務或承諾，除非法律可能要求這樣做。

We refer you to our filings with the Securities and Exchange Commission for detailed disclosures and descriptions of our business as well as uncertainties and other variable circumstances, including but not limited to risks and uncertainties identified in our Form 10-K for the year, October 31, 2023 and Forms 10-Q for the first, second and third quarters of this fiscal year.

我們請您參閱我們向美國證券交易委員會提交的文件，以了解我們業務的詳細披露和描述以及不確定性和其他可變情況，包括但不限於我們10 月31 日當年的10-K 表格中確定的風險與不確定性、2023 年以及本財年第一、二、三季的 10-Q 表格。

You might get Coda Octopus Securities and Exchange Commission filings free by visiting the SEC website at www.sec.gov.

您可以造訪 SEC 網站 www.sec.gov 免費取得 Coda Octopus 證券交易委員會備案文件。

I would also like to remind everyone that this call is being recorded and will be made available for replay via link in the investor relations section of Coda Octopus website.

我還想提醒大家，這次電話會議正在錄音，並將透過 Coda Octopus 網站投資者關係部分的連結進行重播。

Now I will turn the call over to the company's Chair and CEO, Annmarie Gayle.

現在我將把電話轉給公司董事長兼執行長安瑪莉‧蓋爾 (Annmarie Gayle)。

Annmarie?

安瑪莉？

Thanks, Jeff, and good morning, everyone.

謝謝傑夫，大家早安。

Thank you for joining us for our third quarter 2024 earnings call.

感謝您參加我們的 2024 年第三季財報電話會議。

Our revenue in the third quarter 2024 increased by 12% over the third quarter 2023 revenue.

我們 2024 年第三季的營收比 2023 年第三季的營收成長了 12%。

And we have delivered a solid set of results, including increasing our gross profit margin, operating income, net income and earnings per share.

我們已經取得了一系列紮實的業績，包括提高毛利率、營業收入、淨利潤和每股盈餘。

During the second and third quarters, fiscal year 2024, there was a notable slowdown in the pace of placing orders concerning US defense programs.

2024財年第二、三季度，美國國防項目的訂單速度明顯放緩。

We believe that this is attributed to the funding gap created by the upcoming election, which is not unusual in a presidential election year.

我們認為，這是由於即將舉行的選舉造成的資金缺口，這在總統選舉年並不罕見。

This has resulted in lower order intake from US defense programs in the second and third quarters of fiscal year 2024, an area of critical for our growth strategy.

這導致 2024 財年第二季和第三季美國國防項目的訂單量減少，而這對我們的成長策略至關重要。

Notwithstanding these temporary challenges, I am very pleased with our overall results, including increasing revenue by 12%.

儘管有這些暫時的挑戰，我對我們的整體業績感到非常滿意，包括收入增加了 12%。

In the third quarter 2024, the marine technology business, revenue increased by 6.5% over the third quarter 2023.

2024年第三季度，海洋技術業務營收較2023年第三季成長6.5%。

I am particularly pleased with the increased utilization of our rental assets so far in fiscal year 2024, including during the third quarter, resulting in an increase in our gross profit margin to 82.9% in the third quarter 2024 compared to 82.1% third quarter 2023.

我對 2024 財年迄今（包括第三季）租賃資產利用率的提高感到特別滿意，這使得我們的毛利率在 2024 年第三季從 2023 年第三季的 82.1% 增至 82.9%。

As stated previously in the year, we expected that the revenue of our engineering business would be backloaded.

正如今年稍早所述，我們預計工程業務的收入將有所回升。

And indeed, in the third quarter, the engineering business saw an increase in revenue of 19.8% over the third quarter 2023 and an increase in gross profit margin from 50% in the third quarter 2023 to 62.6%.

事實上，第三季工程業務的營收較2023年第三季成長19.8%，毛利率從2023年第三季的50%成長至62.6%。

Moving to our third quarter 2024 overview during the third quarter of 2024, we continued to make progress against our key growth drivers, and we participated in some high-profile and high impact events.

進入我們的 2024 年第三季度概覽，在 2024 年第三季度，我們繼續在關鍵成長驅動力方面取得進展，並參加了一些備受矚目和高影響力的活動。

To recap our strategy is to work to include our technologies into defense and other programs, which have an opportunity profile for multiple year purchases of multiple systems.

回顧我們的策略是努力將我們的技術納入國防和其他項目，這些項目有機會在多年內購買多個系統。

We have been performed business development focused on achieving this.

我們一直致力於實現這一目標進行業務開發。

The DAVD program is a good example of this, where we are seeing funding allocated onto the program for repeat annual purchases, including pulls through Echoscope sales.

DAVD 計劃就是一個很好的例子，我們看到分配給該計劃的資金用於重複年度購買，包括透過迴聲鏡銷售拉動。

This model is critical for the success of our growth strategy.

這種模式對於我們成長策略的成功至關重要。

Bearing this in mind, in the third quarter, we continued to execute against the strategy outlined.

考慮到這一點，在第三季度，我們繼續執行所概述的策略。

A short summary of some of the highlights in the third quarter are, we completed a successful demonstration of the Echoscope PIPE sonar technology or a new major US defense contractor for multiple undersea applications.

第三季度的一些亮點的簡短總結是，我們成功完成了 Echoscopy PIPE 聲納技術的演示，或為美國新的主要國防承包商提供了多種海底應用。

Following this very successful demonstration we are now going through this contractor's vetting process.

在這次非常成功的演示之後，我們現在正在經歷該承包商的審查過程。

We are very excited and pleased with the growing interest and realization of the power and added imaging capability that our real-time 3D Echoscope sonar uniquely provide over the traditional sonar systems.

我們的即時 3D 迴聲鏡聲納相對於傳統聲納系統所提供的獨特功能和附加成像功能受到越來越多的關注和認識，對此我們感到非常興奮和高興。

Based on the ship hull scanning platform, which we developed and delivered to our Navy customer in fiscal year 2023, we have now completed several new ship hull scanning trials with different US Navy groups and for different applications.

基於我們於 2023 財政年度開發並交付給海軍客戶的船體掃描平台，我們現已與不同的美國海軍團體針對不同的應用完成了幾項新的船體掃描試驗。

Again, we are particularly pleased with the momentum and level of interest we're seeing in this area of ship hull scanning applications for which there is a real requirement to find a global solution.

同樣，我們對船體掃描應用領域的勢頭和興趣程度感到特別高興，因為該領域確實需要找到全球解決方案。

Although this application is challenging largely due to the complex geometry and features on the ship hull.

儘管該應用在很大程度上由於船體上複雜的幾何形狀和特徵而具有挑戰性。

We have developed a solid understanding and capability, and we are supporting several Navy groups with their ongoing evaluation of our custom design ship hull scanning solution, which has been developed under a multiyear US Navy program.

我們已經形成了紮實的理解和能力，並且我們正在支持多個海軍團體對我們的定制設計船體掃描解決方案進行持續評估，該解決方案是根據美國海軍的多年計劃開發的。

We provided three mission support and training on the DAVD to two Navy commands in preparation for their field deployments on critical mission.

我們向兩個海軍司令部提供了三項 DAVD 任務支援和培訓，為他們執行關鍵任務的現場部署做好準備。

The utilization of the DAVD in operations is vital for the continued adoption within the fleet, and we are happy that these teams are now actively using the technology and realizing the benefits for their live operation.

在營運中使用 DAVD 對於在車隊中持續採用至關重要，我們很高興這些團隊現在正在積極使用該技術並實現現場營運的優勢。

We also continue to see that these commands are submitting funding request for further investment in the technology.

我們也繼續看到這些命令正在提交進一步投資該技術的資金請求。

This again is exciting because we are seeing pull through sales of the Echoscope from the DAVD program as we continue to build upon these relationships, which we are establishing.

這再次令人興奮，因為隨著我們繼續建立我們正在建立的這些關係，我們看到 DAVD 計劃對迴聲鏡的銷售產生了拉動。

We provided support to a major defense technical demonstration event.

為重大國防技術示範活動提供支援。

The rim of specific exercise RIMPAC held by annually in Pearl Harbor, Hawaii is the world's largest international maritime warfare exercise.

每年在夏威夷珍珠港舉行的環太平洋演習是世界上最大規模的國際海上作戰演習。

At this event, we supported the Navy's MDSU-1 division to actively demonstrate a combined DAVD and Echoscope solution to multiple dive teams from many visiting countries who specifically attended in order to dive the DAVD system.

在本次活動中，我們支援海軍的 MDSU-1 部門向來自許多來訪國家的多個潛水隊積極展示了 DAVD 和迴聲鏡組合解決方案，這些潛水隊專門參加了 DAVD 系統的潛水。

Subsequent to the event, we have engagements with several allied navies for local trials of the DAVD and the Echoscope system.

活動結束後，我們與幾個盟國海軍進行了 DAVD 和迴聲鏡系統的本地試驗。

We supported NIWIC in their demonstration of the Echoscope technology at the capability demonstration events for the Coastal Trident for undersea vehicles applications.

我們支援 NIWIC 在用於海底車輛應用的 Coastal Trident 能力演示活動中示範 Echoscopy 技術。

The Echoscope was mounted on the VideoRay Defender platform.

Echoscope 安裝在 VideoRay Defender 平台上。

We were able to demonstrate the capability of the Echoscope to many potential uses who we believe were able to witness the power of the technology and its applicability to their undersea defense application.

我們能夠向許多潛在用途展示迴聲鏡的功能，我們相信他們能夠見證該技術的力量及其在海底防禦應用中的適用性。

Let me now turn the call over to our Interim CFO, Gayle Jardine to take you through our financials before I provide our closing remarks.

現在讓我把電話轉給我們的臨時財務長蓋爾賈丁 (Gayle Jardine)，在我發表結束語之前，他會向您介紹我們的財務狀況。

Thank you, Annmarie, and good morning, everyone.

謝謝你，安娜瑪麗，大家早安。

Let me take you through our third quarter 2024 financial results.

讓我帶您了解我們 2024 年第三季的財務表現。

Starting with revenue, in the third quarter of 2024, we recorded total revenue of $5.5 million compared to $4.9 million in the third quarter of 2023, an increase of 12%.

從營收開始，2024 年第三季我們的總營收為 550 萬美元，而 2023 年第三季為 490 萬美元，成長了 12%。

The marine technology business or products business generated revenue of $3.1 million compared to $2.9 million, representing a 6.5% increase over the third quarter of 2023.

海洋技術業務或產品業務的營收為 310 萬美元，較 2023 年第三季的 290 萬美元成長 6.5%。

A marine engineering business, our services business generated revenue $2.4 million compared to $2 million, representing a 19.8% increase over the third quarter of 2023.

我們的服務業務是海洋工程業務，營收從 200 萬美元增至 240 萬美元，比 2023 年第三季成長 19.8%。

As discussed earlier, our total consolidated revenue increased in the third quarter by 12%.

如前所述，我們第三季的綜合總收入成長了 12%。

Both marine technology and engineering business saw an increase in revenue in the third quarter.

海洋技術和工程業務第三季營收均成長。

However, sales to North America were down.

然而，對北美的銷量卻有所下降。

We believe that this relates to the US presidential election, where the convention is to make decisions on defense acquisitions after the outcome of the election is decided.

我們認為，這與美國總統選舉有關，會議將在選舉結果確定後做出國防採購的決定。

Moving on to gross profit and margin.

接下來是毛利和利潤率。

In the third quarter of 2024, we generated gross profit of $4 million compared to $3.4 million in the third quarter of 2023.

2024 年第三季度，我們的毛利為 400 萬美元，而 2023 年第三季為 340 萬美元。

Consolidated gross margin was 73.9% this quarter versus 68.8% in the third quarter of last year.

本季綜合毛利率為 73.9%，去年第三季為 68.8%。

In our marine technology business, gross margin increased to 82.9% in the third quarter of 2024 compared to 82.1% in the same quarter of 2023.

在我們的海洋技術業務中，2024年第三季的毛利率增加至82.9%，而2023年同期為82.1%。

This reflected changes in the mix of sales, which included a high utilization of our rental assets and associated services.

這反映了銷售組合的變化，其中包括我們租賃資產和相關服務的高利用率。

Our marine engineering business gross margin increased to 62.6% in the third quarter of 2024 versus 50.0% in the third quarter of 2023.

我們的海洋工程業務毛利率從2023年第三季的50.0%增加至2024年第三季的62.6%。

Again, reflecting the mix of engineering projects during the third quarter of 2024.

再次反映 2024 年第三季工程項目的組合。

I must point out that the gross margin of engineering business in the current quarter is atypical and not to be viewed as an output trend that will persist.

我必須指出，本季工程業務的毛利率不典型，不應被視為將持續的產出趨勢。

Now moving on to our operating expenses.

現在轉向我們的營運費用。

Total operating expenses for the third quarter of 2024 increased to $2.7 million compared to $2.5 million in the third quarter of 2023 which is largely due to increases and selling, general and administrative costs.

2024 年第三季的總營運費用增加至 270 萬美元，而 2023 年第三季為 250 萬美元，這主要是由於銷售、一般和管理成本的增加。

Our SG&A costs in the third quarter of 2024 totaled $2.2 million, an increase of 11.7% from $1.9 million in the third quarter of 2023.

我們 2024 年第三季的 SG&A 成本總計 220 萬美元，比 2023 年第三季的 190 萬美元成長 11.7%。

As a percentage of revenue, our SG&A costs for the third quarter of 2024 were 39.5% compared to 39.6% in the third quarter of 2023.

以佔營收的百分比計算，2024 年第三季我們的 SG&A 成本為 39.5%，而 2023 年第三季為 39.6%。

The increase in SG&A is mainly due to an increase in wages and salaries and office costs and then marketing.

SG&A 的增加主要是由於工資、薪水、辦公成本以及行銷費用的增加。

In accordance with our strategy, we continue to recalibrate our working capital bias from R&D towards business development marketing activities accordingly, our third quarter, marketing expenses increased by approximately 180%.

根據我們的策略，我們繼續相應地重新調整我們的營運資金偏向，從研發轉向業務發展行銷活動，我們第三季的行銷費用增加了約180%。

This included the fees relating to the appointment of a business development focus group we hired in the US to assist us in this area.

這包括與我們在美國聘請的業務發展焦點小組的任命相關的費用，以協助我們在這一領域進行工作。

Operating income in the third quarter of 2024 was $1.4 million compared to $0.9 million in the third quarter of 2023, an increase of 61.2%.

2024 年第三季的營業收入為 140 萬美元，較 2023 年第三季的 90 萬美元成長 61.2%。

Operating margin was 25.4% compared to 17.6% in the third quarter of 2023, primarily due to the increase in revenue and gross profit margin.

營業利潤率為 25.4%，而 2023 年第三季為 17.6%，這主要是由於收入和毛利率的增加。

Income before taxes in the third quarter of 2024 was $1.6 million compared to $1.1 million in the third quarter of 2023.

2024 年第三季的稅前利潤為 160 萬美元，而 2023 年第三季為 110 萬美元。

Net income after taxes in the third quarter of 2024 was $1.3 million or $0.11 per diluted share compared to $1 million or $0.09 per diluted share in the third quarter of 2023.

2024 年第三季的稅後淨利為 130 萬美元，即稀釋後每股 0.11 美元，而 2023 年第三季為 100 萬美元，即稀釋後每股 0.09 美元。

Moving now to our balance sheet.

現在轉向我們的資產負債表。

As of July 31, 2024, we had $25.2 million in cash and cash equivalents on hand and no debt.

截至 2024 年 7 月 31 日，我們手頭上有 2,520 萬美元現金和現金等價物，沒有債務。

This represents an increase of $0.8 million from October 31, 2023 where the comparable figure was $24.4 million.

這比 2023 年 10 月 31 日增加了 80 萬美元，而可比較數字為 2,440 萬美元。

I would like in this call to address the use of cash.

我想在這次電話會議中討論現金的使用問題。

We intend to use a portion of our excess cash to fund an acquisition in this 2024 fiscal year.

我們打算使用部分多餘現金為 2024 財年的收購提供資金。

We have identified a target and are actively going through our due diligence.

我們已經確定了目標，並正在積極進行盡職調查。

Subject to a satisfactory conclusion of this process, we intend to close this within this fiscal year, which ends on October 31, 2024.

如果這個過程取得令人滿意的結果，我們打算在本財年（即 2024 年 10 月 31 日結束）內完成此過程。

Thank you.

謝謝。

I will now turn the call back over to Annmarie for closing remarks.

現在，我將把電話轉回給安瑪麗，讓她發表結束語。

Thank you, Gayle.

謝謝你，蓋爾。

I am very pleased with our third quarter results, which saw an increase in revenue, gross profit and earnings per share.

我對我們第三季的業績非常滿意，營收、毛利和每股盈餘都有所成長。

We continue to work to create stable long-term shareholder value and executing against our strategy to increase the number of defense programs that our technologies are embedded in with the goal of securing recurring sales of multiple units under these programs.

我們繼續努力創造穩定的長期股東價值，並執行我們的策略，增加我們的技術嵌入的國防項目的數量，以確保這些項目下多個單位的經常性銷售。

Our team is doing an outstanding job in maintaining superior margins and profits for our shareholders, while over time seeking to grow sustainably without compromising our track record of being a tightly run profitable business.

我們的團隊在為股東維持較高的利潤和利潤方面做得非常出色，同時隨著時間的推移尋求可持續增長，而不損害我們作為嚴格運營的盈利企業的記錄。

We believe that we are making good progress against some of the goals that we have set for ourselves in 2024, including advancing the DAVD untethered system program for adoption by the special forces in early 2025.

我們相信，我們在 2024 年為自己設定的一些目標方面正在取得良好進展，包括推進 DAVD 不受束縛系統計劃，以供特種部隊在 2025 年初採用。

Supporting the rollout of the DAVD technology, returning the engineering business to its pre COVID $10 million revenue profile and continuing to develop our pipeline of candidates under our M&A strategy.

支持 DAVD 技術的推出，使工程業務恢復到新冠疫情前 1000 萬美元的收入狀況，並根據我們的併購策略繼續開發我們的候選人管道。

And through our M&A strategy, we aim to add complementary capabilities, which will broaden the scope of our capabilities and opportunities with a focus on defense applications.

透過我們的併購策略，我們的目標是增加互補能力，這將擴大我們的能力和機會範圍，並專注於國防應用。

Through our strategy, we aim to paper the revenue model of the marine technology business to a multiyear and multi sale model as we started to see with a DAVD product line.

透過我們的策略，我們的目標是將海洋技術業務的收入模式轉化為多年和多次銷售模式，正如我們開始在 DAVD 產品線中看到的那樣。

To conclude, we would like to thank our shareholders for their continued support.

最後，我們要感謝股東的持續支持。

We are now happy to answer any questions.

我們現在很樂意回答任何問題。

Operator?

操作員？

(Operator Instructions)

（操作員說明）

Brian Kinstlinger, Alliance Global Partners.

Brian Kinstlinger，聯盟全球合作夥伴。

Great, thanks.

太好了，謝謝。

Good morning.

早安.

Excuse me.

打擾一下。

My first question is in the press release, the 10-Q and you began your prepared comments with delays for orders that are typical at this stage of the election cycle.

我的第一個問題是在新聞稿中，即 10-Q，當您開始準備評論時，延遲了命令，這在選舉週期的這個階段是典型的。

And I'm fairly certain we're headed for another CR that's going to begin in October.

我相當確定我們將前往另一場將於 10 月開始的 CR。

Do you expect as a result, both segments of your business will experience near term pressure compared to the July quarter just reported and if so, how long do you think that will last or do you have enough commercial business as well as opportunity with foreign governments that you think you can offset this pressure.

您是否預計，與剛剛報告的7 月份季度相比，您的兩個業務部門近期都會面臨壓力？的機會你認為你可以抵銷這種壓力。

Good morning, Brian.

早安，布萊恩。

Thank you very much for your well-considered questions.

非常感謝您提出經過深思熟慮的問題。

So as we've really said, actually, Brian, when you look at our year to date results, you can see that sales from Americas was down by 35.9% or thereabout.

正如我們所說的，Brian，當您查看我們今年迄今為止的業績時，您會發現美洲的銷售額下降了 35.9% 左右。

I mean, last year at this time, we were $7.3 million compared to $4.6 million this year.

我的意思是，去年這個時候，我們的收入是 730 萬美元，而今年是 460 萬美元。

So this is really a reflection of the ongoing elections and therefore, what it really means is that sustenance programs are being funded, but new programs are really, really in abeyance until the outcome of the elections.

因此，這實際上反映了正在進行的選舉，因此，它真正的意思是，維持生計計劃正在得到資助，但新計劃實際上處於擱置狀態，直到選舉結果出來。

What I am pleased to see despite revenues from the Americas falling by 35%.

儘管美洲地區的收入下降了 35%，但我很高興看到這一點。

What we have demonstrated is the resilience of our revenues and really most of that is from the commercial marine market.

我們所展示的是我們收入的彈性，其中大部分來自商業海運市場。

The focus of our growth strategy is certainly in the defense markets because that's really where you have requirements -- real requirements and budget.

我們成長策略的重點當然是國防市場，因為這才是真正有需求的地方──真正的需求和預算。

But it has always been the case for our business.

但我們的業務一直都是這樣。

We're well established in the commercial marine market, and you could see from our revenue, I mean that, we had strong increase in our revenue outside of the US.

我們在商業海運市場上已經站穩了腳跟，你可以從我們的收入中看到，我的意思是，我們在美國以外的收入增長強勁。

Of course, I would like to see that we are dependent on funding from US defense program for a broader growth strategy.

當然，我希望看到我們依賴美國國防計畫的資金來實現更廣泛的成長策略。

Okay.

好的。

And then, with that said, last quarter you mentioned the first US commercial service provider with using the DAVD for a tunnel inspection project.

話雖如此，上個季度您提到了第一家使用 DAVD 進行隧道檢查專案的美國商業服務提供者。

Given what's happening on the government side of the US, that's going to be potentially important.

考慮到美國政府方面正在發生的事情，這可能很重要。

So I'm hoping you can discuss the near-term pipeline for commercial and or sorry -- or is the DAVD adoption right now, could you comment on the Pearl Harbor demonstration is that more a function of foreign government?

因此，我希望您能討論一下近期的商業管道，或者抱歉，或者 DAVD 目前正在採用，您能否對珍珠港示威發表評論，這更多是外國政府的職能嗎？

Well, yes, so it's the RIMPAC event, it's really all about the untethered system really there, and we had a really good turnout there.

嗯，是的，這就是 RIMPAC 活動，它實際上是關於那裡的不受束縛的系統，我們在那裡的投票率非常高。

We have some good quality ongoing follow up, but that was a really, really pivotal event for our technology.

我們有一些高品質的持續跟進，但這對我們的技術來說是一個非常非常關鍵的事件。

And it's -- as we have always said, this event was led by MDSU, which is the Mobile Diving and Salvage units Division-1.

正如我們一直所說，本次活動由 MDSU（移動潛水和打撈單位 Division-1）領導。

And really what we're seeing is that the US is championing the technology because that it's event and they had a superb turnout and a lot of focus was on the DAVD.

我們真正看到的是，美國正在支持這項技術，因為這是一項盛事，他們的投票率很高，而且很多注意力都集中在 DAVD 上。

Yes, it's low, but we are very, very excited where we've got to with the untethered variant.

是的，它很低，但我們對不受限制的變體感到非常非常興奮。

And for the tethered variant now, what we are seeing, as I said, is that there is requisitions being put forward by different commands for acquisition of the technology.

對於現在的系留變體，正如我所說，我們看到的是不同的司令部提出了獲取該技術的申請。

All of those acquisitions are on hold, but that doesn't mean they won't happen once budget is available.

所有這些收購都被擱置，但這並不意味著一旦預算到位，它們就不會發生。

And also what we are also seeing is, as I said, and I'm really excited about it because it validates our strategy.

正如我所說，我們也看到了這一點，我對此感到非常興奮，因為它驗證了我們的策略。

We're seeing pull through sales of the Echoscope.

我們看到迴聲鏡的銷量有所成長。

So when we started this program, we weren't sure how the Navy would adopt the technology.

因此，當我們開始這個計劃時，我們不確定海軍將如何採用該技術。

Would it be just a DAVD system or what we see our Echoscope being pulled through.

這只是一個 DAVD 系統還是我們看到的迴聲鏡被拉過的東西。

And indeed, we're seeing pull through sales and we're also seeing that they are excited about our real-time 3D sonar technology and so that's quite exciting.

事實上，我們看到了銷售的成長，我們也看到他們對我們的即時 3D 聲納技術感到興奮，所以這非常令人興奮。

In terms of the commercial opportunities for the DAVD itself, those are ongoing and we have it slower than we would like.

就 DAVD 本身的商業機會而言，這些機會仍在持續，但我們的發展速度比我們希望的要慢。

But there are complexities for the adoption of the technology wholesale, we still have active discussions with three major offshore -- commercial offshore providers.

但大規模採用此技術存在複雜性，我們仍在與三大離岸商業離岸供應商進行積極討論。

But all the discussions are about how to integrate the DAVD into their -- if you like their analog diving bell.

但所有的討論都是關於如何將 DAVD 整合到他們的系統中——如果您喜歡他們的模擬潛水鐘的話。

So it needs, prework one such a commercial offshore service provider.

因此，它需要預先建立一個這樣的商業離岸服務提供者。

We are actually working on an engineering project that the first part of that is the conversion of from their analog systems on their dicing bell because, for example, having to transfer the data over Ethernet when they don't have Ethernet capabilities and possibilities.

我們實際上正在進行一個工程項目，該項目的第一部分是從切丁鐘上的模擬系統進行轉換，因為例如，當他們沒有乙太網路功能和可能性時，必須透過乙太網路傳輸資料。

So those are barriers that we didn't envisage.

所以這些都是我們沒有預見的障礙。

But as I said, there is nonetheless quite -- still quite some excitement around the DAVD technology, it's capabilities.

但正如我所說，DAVD 技術及其功能仍然令人興奮。

And we are seeing, as I said now in the Navy we're seeing different commands using those now on critical mission.

正如我所說，我們現在在海軍中看到不同的司令部正在使用那些正在執行關鍵任務的司令部。

I'm really excited because the biggest threat to the adoption of technology is it falls into this use.

我真的很興奮，因為技術採用的最大威脅就是它落入這種用途。

We're not seeing that we're definitely seeing the fleet using the technology asking for more.

我們並沒有看到我們肯定會看到使用該技術的車隊要求更多。

We see also at RIMPAC, we see the event was largely about the DAVD.

我們在 RIMPAC 上也看到，活動主要是關於 DAVD 的。

They were absolutely excited to dive the systems and we were sold out.

他們對潛水系統感到非常興奮，我們的票已經售罄。

So all in all, I'm excited about the DAVD and the prospect for the DAVD.

總而言之，我對 DAVD 以及 DAVD 的前景感到興奮。

It's slower than we would like, but nonetheless, we feel this is going to be a significant program for our business.

它比我們希望的要慢，但儘管如此，我們認為這對我們的業務來說將是一個重要的計劃。

Okay.

好的。

And then last quarter, you talked about a Thermite program where they were pre-production orders to Navy.

然後上個季度，您談到了鋁熱劑計劃，其中他們是海軍的預生產訂單。

Can you talk about how these programs advancing?

您能談談這些專案進度如何嗎？

And are you seeing any impact from the election on this program?

您認為這次選舉對該計劃有何影響嗎？

Does that impact it?

這樣有影響嗎？

No, not at all that as I said in my last call, we've got the first pre-production low quantity order that's just ongoing.

不，完全不像我在上次電話中所說的那樣，我們已經收到了第一個預生產的小批量訂單，該訂單正在進行中。

We expect the production order in 2025 and I do expect that to be impacted.

我們預計 2025 年的生產訂單將受到影響。

This also the second opportunity for an aircraft program that's also a big opportunity for us.

這也是飛機計畫的第二次機會，對我們來說也是一個巨大的機會。

We expected that order a little bit earlier, and we still don't have that order.

我們預計該訂單會提前一點，但我們仍然沒有收到該訂單。

And the biggest barrier there is the terms and conditions that they've put forward to us and we're negotiating their terms and conditions right now, before we accept the order.

最大的障礙是他們向我們提出的條款和條件，在我們接受訂單之前，我們現在正在談判他們的條款和條件。

The orders there, but we want to be sure that the terms that we are signing up to buy before business.

那裡有訂單，但我們希望在業務之前確定我們簽署購買的條款。

So the negotiations are ongoing and that's another program that if we could overcome the contractual hurdles would be significant for the Thermite itself.

因此，談判正在進行中，這是另一個計劃，如果我們能夠克服合約障礙，那麼對於 Thermite 本身來說將具有重大意義。

Great.

偉大的。

Two more questions from me.

我還有兩個問題。

First, you touched on the ship hull scanning feasibility study being done.

首先，您談到了正在進行的船體掃描可行性研究。

How should we think about the market opportunity as well as the pipeline in the near term and the sales cycle there?

我們應該如何考慮市場機會以及近期的管道和銷售週期？

Yeah.

是的。

So it's what I call an absolute white space because it's -- there no solutions for ship hull scanning.

所以這就是我所說的絕對空白，因為它沒有船體掃描的解決方案。

There are hodgepodge of things, but not a solution.

事情雜七雜八，但沒有解決方法。

And we were funded under this program to put forward a solution.

我們在該計劃下獲得資助來提出解決方案。

We delivered the platform, which is on a diver sled, if you like, which embeds not only our Echoscope, but our heads up display system. and I think we've now had several trials with a number of different stakeholders.

我們交付的平台位於潛水員雪橇上，如果您願意的話，它不僅嵌入了我們的迴聲鏡，還嵌入了我們的平視顯示系統。我認為我們現在已經與許多不同的利害關係人進行了多次試驗。

I think we are close.

我認為我們很接近。

I think we are at least the closest to what a solution could look like in the market.

我認為我們至少是最接近市場上的解決方案。

So -- and we are and there are lots of different stakeholders.

所以，我們有很多不同的利害關係人。

The addressable market is global because what's on the ship hull, it's a problem, what attachments are there a problem.

潛在市場是全球性的，因為船體上的東西是一個問題，哪些配件有問題。

So it is a real requirement and we think we are close to being adopted, but we do still have more trials to go through and more features to introduced.

所以這是一個真正的要求，我們認為我們已經接近被採用，但我們仍然需要進行更多的試驗並引入更多的功能。

But I think, I am excited about this program, I'm really and it's one of the things our focus group is helping us to understand and model more the opportunities.

但我認為，我對這個計劃感到很興奮，我真的很興奮，這是我們的焦點小組幫助我們理解和模擬更多機會的事情之一。

So we're understanding that more.

所以我們對此有了更多的了解。

And as I said, the market is the global market if we were supposed to be the solution of choice.

正如我所說，如果我們應該成為首選的解決方案，那麼市場就是全球市場。

Great.

偉大的。

My last question is around the discussion you guys talked about M&A, it sounded like a target that has complementary products.

我的最後一個問題是圍繞著你們談論的併購的討論，這聽起來像是一個具有互補產品的目標。

Can you touch in any way on size?

你能以任何方式觸摸尺寸嗎？

Is it a small tuck-in something larger?

它是一個小的塞進更大的東西嗎？

Anything you can provide would be helpful.

您可以提供的任何內容都會有所幫助。

Well, this target really it's about expanding the group's capabilities.

嗯，這個目標其實是為了擴大團隊的能力。

Notice what I just said, not the product segment or the engineering, but the group's capabilities.

請注意我剛才所說的，不是產品部門或工程，而是團隊的能力。

So to that extent, I'm very, very excited about it.

所以從這個意義上來說，我對此非常非常興奮。

The price -- the acquisition price we have in mind is using about $6.5 million in cash at this stage for this.

價格－我們考慮的收購價格是現階段使用約 650 萬美元現金。

So that's what I can see at this stage.

這就是我現階段所看到的。

If it goes well and goes to plan in six weeks' time, I can talk at nauseum, Brian, about this.

如果進展順利並在六週後按計劃進行，我可以令人作嘔地談論這件事，布萊恩。

Great.

偉大的。

Okay.

好的。

Thank you.

謝謝。

Welcome.

歡迎。

Richard Deutsch, Sutter Securities.

理查德·多伊奇，薩特證券。

Yes, thank you.

是的，謝謝。

Annmarie, it's such a comfort to have somebody with your vast history and knowledge running the show and having followed this business for several years now, it's nice to see all this hard work starting to come into commercial reality.

安瑪麗，有一個像你一樣擁有豐富歷史和知識的人來管理這個節目，並且已經關注這個行業好幾年了，真是太令人欣慰了，很高興看到所有這些艱苦的工作開始進入商業現實。

So really appreciate all the hard work you and the crew have done.

非常感謝您和工作人員所做的所有辛勤工作。

Brian asked a bunch of questions, but a couple of things I'd like to go into here.

布萊恩問了很多問題，但我想在這裡談談一些事情。

On the acquisition, do you see any shares being offered as part of this acquisition shares of Coda or would it be mostly all cash?

在此次收購中，您認為 Coda 收購股份中是否會提供任何股份，還是大部分都是現金？

It's all cash.

都是現金。

It's all cash, it's not to say just to clarify in terms of once we do integration that do some of those key employees would not be participating in the group stock incentive plan.

都是現金，這並不是說只是為了澄清一旦我們進行整合，一些關鍵員工將不會參與集團股票激勵計劃。

But the cash on the table is what we are we've offered.

但擺在桌面上的現金就是我們所提供的。

But just to clarify that in the future, 40 key employees in that business, they will be eligible over time to participate in our stock incentive plan.

但需要澄清的是，未來該業務的 40 名關鍵員工，隨著時間的推移，他們將有資格參與我們的股票激勵計劃。

Sure.

當然。

So would this be a mostly engineering software R&D acquisition, or are you acquiring an existing hardware line?

那麼，這主要是工程軟體研發收購，還是您收購現有的硬體產品線？

Richard, as I said, if this goes to plan, we're close in six weeks' time, I believe to talk more about this.

理查德，正如我所說，如果一切按計劃進行，我們將在六週內接近，我相信會更多地討論這個問題。

On this call, I'm not prepared to discuss the target what they do or anything else.

在這次電話會議上，我不准備討論目標公司所做的事情或其他任何事情。

I'm sorry, I just think it's

抱歉，我只是覺得

--

--

I understand.

我明白。

On your call today, unless I missed it, did you have any update on your digital audio product, which I think has tremendous potential?

今天在您的電話中，除非我錯過了，您是否有關於您的數位音訊產品的任何更新，我認為該產品具有巨大的潛力？

You didn't actually.

你實際上沒有。

And just I do to think that it has quite a lot of opportunity.

我確實認為它有很多機會。

So I expect Richard, purchase orders in September from the Navy for the digital audio stuff.

所以我預計理查德會在 9 月從海軍購買數位音訊產品的訂單。

There's going to be another round of funding, I think in September, it's not going to be at the level that we anticipate, but I think they'll start.

我認為九月將會有另一輪融資，它不會達到我們預期的水平，但我認為他們會開始。

They have started buying but in lower quantities, but I expect additional purchase orders in this September.

他們已經開始購買，但數量較少，但我預計今年 9 月會有額外的採購訂單。

So that passed all the safety assessments, and now it's really about waiting for the purchase orders to come forward.

這樣就通過了所有安全評估，現在真正需要等待採購訂單的到來。

Okay.

好的。

That's great.

那太棒了。

Is there any above water application for the digital audio, or is it all just the underwater?

數位音訊是否有水上應用，或只是水下應用？

Well, there's a big one, but I do think it's massive.

嗯，有一個很大的，但我確實認為它很大。

It like a medical chambers could use the digital audio because we have the same theme of someone going into a medical base that you have to communicate with them, so for like a decompression chamber something like that.

就像醫療室可以使用數位音頻，因為我們有一個相同的主題，即有人進入醫療基地，你必須與他們溝通，所以就像減壓室一樣。

So there is that medical application for the digital audio communication system that we have.

因此，我們擁有數位音訊通訊系統的醫療應用。

Okay.

好的。

Just two quick ones here on the ship scanning, how close are we to a winner of the technology being approved?

這裡只有兩個關於船舶掃描的快速掃描，我們距離獲得批准的技術獲勝者還有多遠？

Or would this just be another round of further development?

或者這只是又一輪的進一步發展？

Well, I don't think we have a massive development, but the thing is in terms of the budgets and the pockets of budgets where it's coming from.

嗯，我不認為我們有大規模的發展，但問題在於預算和預算的來源。

As I said, we are working very closely with our focus groups to understand the budgets and where that is going to come from, who are the people behind the program.

正如我所說，我們正在與我們的焦點小組密切合作，以了解預算以及預算從何而來，以及該計劃背後的人員是誰。

So that's still being understood.

所以這還在理解中。

So I didn't have more information, but the thing also to see that as soon as we have the safety sign-off under the program, we will start targeting the global market.

所以我沒有更多的信息，但值得注意的是，一旦我們根據該計劃獲得安全認可，我們將開始瞄準全球市場。

Right now, we are just working with the US Navy, but as soon as we have their safety assessments done, then we will start broader global marketing for the solution.

目前，我們只是與美國海軍合作，但一旦我們完成了他們的安全評估，我們就會開始對該解決方案進行更廣泛的全球行銷。

Okay.

好的。

And my final question is, do we currently have any sales or exposure to China during that situation?

我的最後一個問題是，在這種情況下，我們目前在中國有任何銷售或接觸嗎？

Yes, we do, of course, China I have to say again, China is the biggest global market for offshore renewables.

是的，我們當然有，中國我必須再說一遍，中國是全球最大的海上再生能源市場。

That's the main thing that we were using our technology for.

這是我們使用科技的主要目的。

So to that extent we do have exposure where it's becoming increasingly impossible to sell to China.

因此，從這個意義上說，我們確實面臨著向中國出售產品變得越來越不可能的情況。

And also on this call, I'd really like to address that outside of us selling to China there's also the broader problem like a lot of components used by a lot of companies are finding themselves on the security, the Bureau of Investigation, security blacklist.

另外，在這次電話會議上，我真的很想解決除我們向中國銷售產品之外還存在更廣泛的問題，例如許多公司使用的許多組件發現自己被列入安全、調查局、安全黑名單。

And what that means is that you can't buy those components anymore and it also needs reengineering additional costs.

這意味著你不能再購買這些組件，而且還需要重新設計額外的成本。

So the situation with China is fraught, not just from a sales cycle, but also you never know when a component and that component may not be anything major, it could be quite innocuous and suddenly it's no longer available because then it's on that blacklist.

因此，中國的情況令人擔憂，不僅來自銷售週期，而且你永遠不知道什麼時候一個組件和那個組件可能不是什麼大事，它可能非常無害，突然之間就不再可用，因為它就在黑名單上。

So the kind of it expands beyond selling to China, but also buying from China components.

因此，這種方式不僅限於向中國銷售，還包括從中國購買零件。

I see.

我懂了。

Well, just to go a little further into that during this recent quarter, can you tell us how much revenue that we were generating from China?

好吧，為了進一步說明最近這個季度的情況，您能告訴我們我們從中國產生了多少收入嗎？

I can't tell you, I can't give you an approximate number.

我無法告訴你，也無法給你一個大概的數字。

I would think that was about $600,000, something like that.

我認為大約是 60 萬美元，類似的東西。

Fair enough.

很公平。

Well, thank you again so much.

嗯，再次非常感謝你。

We appreciate your work and thanks for your answers.

我們感謝您的工作並感謝您的回答。

Thank you, Richard, for your questions.

謝謝你，理查德，提出問題。

(Operator Instructions)

（操作員說明）

[Andrew Scott, 395 Group].

[安德魯·斯科特，395 小組]。

Hello?

你好？

Go ahead, please.

請繼續。

Thank you.

謝謝。

Annmarie, great quarter.

安瑪麗，很棒的季度。

Your enthusiasm is very strong on this call, so it's making us a lot more hopeful.

你們對這次電話會議的熱情非常強烈，這讓我們更加充滿希望。

Your financial results were great.

您的財務表現非常出色。

The return on equity ROE, your management effective ratios is very good.

股本回報率ROE，你的管理有效比率非常好。

I just had one question heard about the acquisition, heard about the potential defense contractors.

我剛剛聽說了一個關於收購的問題，聽說了潛在的國防承包商。

So it sounds like a lot of great things around the come.

所以聽起來很多偉大的事情即將到來。

How about overall market adoption?

整體市場採用情況如何？

I know things have slowed down in North America a little bit with the presidential election.

我知道隨著總統選舉，北美的情況有所放緩。

But more on a macro perspective, are you seeing greater adoption with the multitude of Coda Octopus products?

但從宏觀角度來看，您是否看到眾多 Coda Octopus 產品得到了更大的採用？

Have you started to see it turn, or more market penetration?

您是否開始看到情況轉變，或看到更多的市場滲透？

Can you give a little bit of an outlook to what you're seeing?

您能對您所看到的情況發表一點展望嗎？

Well, as you saw year to date, you could see that what I'm particularly excited about is just the increased utilization of our rental really and the associated services, which I think went up year to date from and $1 million to $1.8 million, I think actually what's striking to me and most of the rentals have been around an application called cable laying.

嗯，正如您今年迄今為止所看到的，您可以看到我特別興奮的是我們的租賃和相關服務的利用率的增加，我認為今年迄今為止的利用率從100 萬美元增加到180 萬美元，我認為實際上令我震驚的是，大多數租賃都是圍繞著一種稱為電纜敷設的應用程式進行的。

What I am seeing is that we are truly just slight the breakwater solution where whenever you think of placing a breakwater, it's called Octopus.

我所看到的是，我們確實只是忽略了防波堤解決方案，每當你想到放置防波堤時，它就被稱為「章魚」。

It's really the case when you think of laying cable, it is called Octopus and also in this year, barely, but we have had major success with is we had a patent a few years ago, which is the -- around the cable laying application.

當你想到鋪設電纜時，情況確實如此，它被稱為“章魚”，今年也幾乎沒有，但我們取得了重大成功，因為我們幾年前擁有一項專利，這是圍繞電纜鋪設應用的。

And that particular app patent is about really automating the Echoscope technology where through our tracking algorithm, it actually can predict the cable touchdown points.

該特定應用程式專利是關於真正實現迴聲鏡技術的自動化，透過我們的追蹤演算法，它實際上可以預測電纜著陸點。

Now that is a massive thing because then the cables that you are paying out first of all, you can't see and it gets tangled, then that's a deal breaker.

現在這是一件大事，因為你首先要支付的電纜，你看不到並且它會纏結，那麼這就是一個交易破壞者。

It stops and it cost a lot of money.

它停止了並且花費了很多錢。

Within the engineering specs you have to also know precisely where the cable touchdown point is going to be.

在工程規格中，您還必須準確地知道電纜著陸點的位置。

And we are -- let's say, through our solution conquered that and I can see in Europe, we're definitely the standard and the solution for cable laying.

可以說，透過我們的解決方案克服了這個問題，我可以看到在歐洲，我們絕對是電纜敷設的標準和解決方案。

So I'm particularly excited about that.

所以我對此感到特別興奮。

And the broader, as I said, rentals going up because I think I'm I particularly like our rentals because of their profitability for our business.

正如我所說，更廣泛的租金上漲是因為我認為我特別喜歡我們的租金，因為它們為我們的業務帶來了盈利能力。

So that we are seeing in the broader sense that, as I said, although slow on the actual getting the purchase order for the DAVD, I'm still very, very excited about the DAVD and we have several opportunities that we are working through the details of getting customers over the line.

因此，我們從更廣泛的意義上看到，正如我所說，儘管實際獲得 DAVD 採購訂單的速度很慢，但我仍然對 DAVD 感到非常非常興奮，並且我們有幾個機會正在努力解決吸引客戶上線的詳細資訊。

So I feel that that's going ahead.

所以我覺得這一切都會繼續下去。

And the broader acceptance of the Echoscope throughout for anything to do with real-time monitoring, real-time threat detection, forward-looking obstacle avoidance.

迴聲鏡在即時監控、即時威脅偵測、前瞻性避障等方面得到了更廣泛的認可。

The Echoscope is singled out for that, and we still don't see any competition for those markets for the Echoscope.

Echoscope 正是因此而被單獨挑選出來的，而且我們仍然沒有看到 Echoscope 在這些市場上有任何競爭。

Yeah.

是的。

Thank you.

謝謝。

A great job.

幹得好。

Great quarter.

很棒的季度。

Yeah, we think your products are the best.

是的，我們認為你們的產品是最好的。

All right.

好的。

Thank you.

謝謝。

I'll turn it over to the next question.

我將把它轉到下一個問題。

Thank you.

謝謝。

Steve Emerson, Emerson Investment Group.

史蒂夫艾默生，艾默生投資集團。

Thank you.

謝謝。

Annmarie, great, great quarter and in particular, great call, and greatly appreciate the insight into opportunities, I didn't without word in my model.

安瑪麗，很棒，很棒的季度，特別是很棒的電話，非常感謝對機會的洞察力，我在我的模型中沒有說過。

I'd like to flesh out a little bit this whole attachment market sounds like that has to be a live diver, not a robot.

我想充實整個配件市場，聽起來必須是現場潛水員，而不是機器人。

When you think of -- I think you're thinking about the ship hull scanning, Steve, is that right?

當你想到——我想你正在考慮船體掃描時，史蒂夫，是嗎？

Yes.

是的。

Yes.

是的。

So when you think of a robot actually -- look the biggest challenge on the water is the turbidity.

因此，當你實際上想到機器人時，水面上最大的挑戰是渾濁度。

It's the water conditions, current, turbidity, all of that is the barrier to really working on the underwater.

水況、水流、渾濁度，所有這些都是真正在水下工作的障礙。

Even if you have a robot and we do have some applications where we're working with customers on embedding the Echoscope into their robot.

即使您有機器人，而我們確實有一些應用程序，我們正在與客戶合作將迴聲鏡嵌入到他們的機器人中。

You still need something like the Echoscope there, because that's the real thing that's going to give you real-time visualization and zero visibility, water conditions.

你仍然需要像迴聲鏡這樣的東西，因為這是真正的東西，它將為你提供即時視覺化和零能見度、水況。

So that's the first being it's not replaced by a robot but a robot, but could be a means of deploying the technology as a platform just like a diver handheld platform.

因此，這是第一個，它不是被機器人取代，而是被機器人取代，但可能是將該技術部署為平台的一種手段，就像潛水員手持平台一樣。

So -- and also some of the limitations of when you're dealing with ship hull scanning it's really not only is the geometry where you're looking how do I look at under a hull.

因此，當您處理船體掃描時，還有一些限制，它實際上不僅僅是您要查看的幾何形狀，我如何查看船體下方的幾何形狀。

The thing is that you're in what we call a GPS denied area.

問題是您處於我們所說的 GPS 拒絕區域。

So what that means is that you don't have things like you're hedging, your accurate position of where you are and this is really our solution.

所以這意味著你不需要對沖，你的準確位置，這確實是我們的解決方案。

Not only does it embed the Echoscope, but it has underwater navigation systems on the platform.

它不僅嵌入了迴聲鏡，還在平台上安裝了水下導航系統。

So I can derive some semblance of position and heading for how do I stitch that data together, if I don't know where I am.

因此，如果我不知道自己在哪裡，我可以得出一些類似的位置和航向，以了解如何將這些資料拼接在一起。

So these are some of the challenges we have worked through and continue to work through with our customers.

這些是我們已經解決並將繼續與客戶合作解決的一些挑戰。

Okay.

好的。

What I'm wondering is these ports in, call it conflict zones, can they have a huge number of ships going in and out or they go in and out in the convoy.

我想知道的是這些港口，稱之為衝突地區，他們是否可以有大量的船隻進出，或者他們以船隊的形式進出。

So maybe I'm just wondering, how many of the systems need to be employed in a particular port or how long it takes to scan a home?

所以也許我只是想知道，特定連接埠需要使用多少個系統，或掃描一個家庭需要多長時間？

And maybe as an add-on question, how much funding have you received or have an R & D funding for this application?

也許作為一個附加問題，您為此應用程式收到了多少資金或擁有多少研發資金？

I'll start with the funding.

我將從資金開始。

I think this was a multiyear, three year program.

我認為這是一個多年、三年的計劃。

And I think over the life of the program, we were funded I think $1.7 million, which includes also delivering the solutions.

我認為在該專案的整個生命週期中，我們獲得了 170 萬美元的資助，其中還包括提供解決方案。

Look, Steve, that's a big, big thing question, you're asking me about.

聽著，史蒂夫，你問我的是一個非常非常大的問題。

The way that if I move away from your conflict situation.

如果我遠離你的衝突處境的話。

Let's just do the bread and butter stuff, the bread-and-butter stuff for ship hull scanning, Steve, you do need to know what's coming in your port.

讓我們只做麵包和黃油的事情，船體掃描的麵包和黃油的事情，史蒂夫，你確實需要知道你的港口有什麼。

So all ship that into your port could be the subject of an attachment, whether it be drought or somehow style thing that could blow up the ports.

因此，所有進入您港口的船隻都可能成為附件的對象，無論是乾旱還是可能炸毀港口的某種類型的事情。

It's those are the things, so you don't need to go to a comeback to, in other words, for the application to be viable, the application is viable for anything that's entering your water.

正是這些，所以您不需要返回，換句話說，為了使應用程式可行，該應用程式對於進入您的水中的任何東西都是可行的。

So that's the kind of humble application we're looking at right now.

這就是我們現在正在研究的那種簡單的應用程式。

So it sounds like $1 billion total available market or when you have penciled out the available market, what kind of ranges, certain number of units do you come up with?

因此，聽起來總可用市場價值為 10 億美元，或者當您勾勒出可用市場時，您會想出什麼樣的範圍和一定數量的單位？

Steve, I would say that I'm not prepared to discuss that.

史蒂夫，我想說我不准備討論這個問題。

I mean first thing we've got to do is to understand if we have the solution, we're focused on getting the solution.

我的意思是，我們要做的第一件事就是了解我們是否有解決方案，我們專注於找到解決方案。

I would say again that the market is global.

我要再說一遍，市場是全球性的。

But I dare say I would not want to start throwing out numbers about addressable market to mislead the audience.

但我敢說，我不想拋出潛在市場的數據來誤導觀眾。

I mean, the first thing we have to do is to get that solution and we are close and excited about it.

我的意思是，我們要做的第一件事就是找到解決方案，我們已經很接近並對此感到興奮。

And in fact, as I said in the quarter, we had successful events around the ship hull scanning application, but we still need to get to the point where we have the safety assessment and we have this as the solution for the Navy, but it's getting closer.

事實上，正如我在本季度所說，我們圍繞船體掃描應用程式開展了成功的活動，但我們仍然需要進行安全評估，並將其作為海軍的解決方案，但它越來越近了。

Okay.

好的。

Are we -- what year of this three year R&D contract are we?

我們是──這個三年研發合約的哪一年？

Are we close to the end waiting for them to valuate?

我們是否已接近尾聲等待他們評估？

Or can you give any timing guesstimates on this project where we are?

或者您能否對我們目前所處的這個項目給出任何時間猜測？

We have completed the project.

我們已經完成了這個專案。

We -- as I said, we've delivered the platform last year.

正如我所說，我們去年已經交付了該平台。

And now what we are doing, we are supporting the Navy with their trials -- ongoing trials.

現在我們正在做的，我們正在支持海軍進行試驗——正在進行的試驗。

So that's where we are.

這就是我們現在的情況。

We don't have any more funding because we have delivered our final deliverable in fiscal 2023.

我們沒有更多資金，因為我們在 2023 財政年度交付了最終成果。

And since then, we have been supporting them on with their trials to their own stakeholders.

從那時起，我們一直支持他們向自己的利害關係人進行試驗。

Okay.

好的。

So at this point, are we waiting for a follow-on R&D or we're waiting to complete our and their evaluation with potential orders?

那麼在這一點上，我們是在等待後續研發，還是在等待完成我們和他們對潛在訂單的評估？

They're doing their evaluation.

他們正在做評估。

So there is nothing on our side outside of when we get an order from them to come and support the trial, which we -- that's what's ongoing, the ongoing support.

因此，除了當我們接到他們的命令來支持試驗之外，我們沒有任何支持，這就是我們正在進行的、持續的支持。

So as I said, I don't have a road map at the time then, and but I know the system is now in evaluation.

正如我所說，當時我沒有路線圖，但我知道該系統現在正在評估中。

This is a US Navy program and it does take time.

這是美國海軍的一項計劃，確實需要時間。

Got it.

知道了。

And regards to a possible acquisition negotiation, can you give us some idea as to what area of your business this acquisition would, shall we say, augment?

關於可能的收購談判，您能否告訴我們，這項收購將增強您的哪些業務領域？

Well, what I'm prepared to see on this call, Steve, is that it expands the group capabilities and it's highly complementary to our business.

史蒂夫，我準備在這次電話會議中看到的是，它擴展了團隊的能力，並且與我們的業務高度互補。

Okay.

好的。

Is that the aerospace business or is this the marine business?

這是航空航太業務還是海洋業務？

It is the group capabilities that it extends that.

它擴展了團隊的能力。

And I specifically said that we weren't looking at a segment expansion, but the group expansion.

我特別說過，我們關注的不是細分市場的擴張，而是集團的擴張。

Okay.

好的。

Excuse me.

打擾一下。

Again, thank you for your help and great progress.

再次感謝您的幫助和巨大的進步。

Thank you, Steve, for your always insightful questions.

謝謝你，史蒂夫，總是提出富有洞察力的問題。

Thank you very much.

非常感謝。

And this will conclude our question-and-answer session.

我們的問答環節到此結束。

I would like to turn the conference back over to Annmarie Gayle for closing remarks.

我想將會議轉回給安瑪麗·蓋爾 (Annmarie Gayle) 致閉幕詞。

Thank you very much for attending the earnings call today.

非常感謝您參加今天的財報電話會議。

Have a great day.

祝你有美好的一天。

Thank you.

謝謝。

Thank you.

謝謝。

This will conclude Coda Octopus conference call.

Coda Octopus 電話會議到此結束。

You may disconnect at this time.

此時您可以斷開連線。