Coda Octopus Group Inc (CODA) 2025 Q1 法說會逐字稿

Good morning. Welcome to Coda Octopus Group's first-quarter fiscal 2025 earnings conference call. My name is Sherry, and I will be your operator today.

早安.歡迎參加 Coda Octopus Group 2025 財年第一季財報電話會議。我叫雪莉，今天我將擔任您的接線生。

Before this call, Coda Octopus issued its financial results for the first quarter ended January 31, 2025, 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. Joining us on today's call from Coda Octopus are its chair and CEO Annemarie Gayle, its interim CFO, Gayle Jardine; and its President of Technology, Blair Cunningham. Following their remarks, we will be opening the call for questions.

在本次電話會議之前，Coda Octopus 發布了截至 2025 年 1 月 31 日的第一季財務業績，其中包括一份新聞稿，其副本將在提交給美國證券交易委員會的報告中提供，並可在公司網站的投資者關係部分查閱。參加今天 Coda Octopus 電話會議的有其董事長兼執行長 Annemarie Gayle、臨時財務長 Gayle Jardine 和技術總裁 Blair Cunningham。在他們發言之後，我們將開始提問。

Before we begin, Geoff Turner from our investor relations team will make a brief introductory statement. Geoff, please proceed.

在我們開始之前，我們投資者關係團隊的 Geoff Turner 將做一個簡短的介紹性演講。傑夫，請繼續。

Thank you, operator. Good morning, everyone, and welcome to Coda Octopus first-quarter fiscal 2025 earnings conference call.

謝謝您，接線生。大家早安，歡迎參加 Coda Octopus 2025 財年第一季財報電話會議。

Before management begins their formal remarks, we would 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. 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. For more detailed risks, uncertainties, and assumptions related to our forward-looking statements, please see the disclosures in our earnings release and public filings made with the Securities and Exchange Commission.

在管理階層開始正式發言之前，我們想提醒大家，我們今天所做的一些聲明可能會根據證券法被視為前瞻性聲明，並涉及許多風險和不確定性。因此，我們提醒您，有許多因素，其中許多是我們無法控制的，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。有關我們前瞻性陳述的更多詳細風險、不確定性和假設，請參閱我們的收益報告和向美國證券交易委員會提交的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 as may be required by law. 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 ended October 31, 2024, and Forms 10-Q for the first quarter of our fiscal 2025 year. You may get Coda Octopus' Securities and Exchange Commission filings free by visiting the SEC website at www.sec.gov. I would also like to remind everyone that this call is being recorded and will be made available for replay via a link in the Investor Relations section of the Coda Octopus website.

我們不承擔任何義務或承諾更新前瞻性陳述以反映前瞻性陳述作出之日後發生的情況或事件，除非法律另有規定。請您參閱我們向美國證券交易委員會提交的文件，其中詳細披露和描述了我們的業務以及不確定因素和其他可變情況，包括但不限於我們在截至 2024 年 10 月 31 日的 10-K 表格和 2025 財年第一季度的 10-Q 表格中確定的風險和不確定性。您可以透過造訪美國證券交易委員會 (SEC) 網站 www.sec.gov 免費取得 Coda Octopus 提交的美國證券交易委員會文件。我還想提醒大家，本次電話會議將被錄音，並將透過 Coda Octopus 網站「投資者關係」版塊的連結提供重播。

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

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)。安瑪莉？

Thanks, Geoff, and good morning, everyone. Thank you for joining us for our first-quarter fiscal year 2025 earnings call. Despite the challenging global policy environment, our revenue in the first quarter 2025 increased by 16.8%, and I believe that we've delivered a solid set of results, including increasing our operating income, net income, and earnings per share. I would like to now provide some of the key highlights relating to our financial results for the first-quarter fiscal 2025. For those who are new to the Coda Octopus story, our business is made up of three discrete business operations, the Marine Technology Business, the Engineering Businesses, and our recently added Acoustic Sensors and Material business units.

謝謝，傑夫，大家早安。感謝您參加我們的 2025 財年第一季財報電話會議。儘管全球政策環境充滿挑戰，但我們在 2025 年第一季的營收仍成長了 16.8%，我相信我們已經取得了一系列穩健的業績，包括增加我們的營業收入、淨收入和每股盈餘。現在，我想提供一些與我們 2025 財年第一季財務業績相關的關鍵亮點。對於那些不熟悉 Coda Octopus 故事的人來說，我們的業務由三個獨立的業務運營組成，即海洋技術業務、工程業務以及我們最近增加的聲學感測器和材料業務部門。

Now turning to highlights relating to the Marine Technology Business. This business sells its products and solutions worldwide. In the first quarter, we were confronted with significant headwinds internationally, which we believe is related to the uncertainty around the policies of the new US administration as it moves to rebalance its trade relations through the application of tariffs and rethink major policies such as energy transition, and more broadly, geopolitical alignment and its foreign policy. As part of this, the new administration has suspended offshore renewable permits and many leading US developers such as Shell, Orsted, BP, and Total Energy have either reduced or halted their US offshore renewables programs.

現在來談談與海洋技術業務相關的亮點。該企業在全球範圍內銷售其產品和解決方案。第一季度，我們在國際上面臨巨大的阻力，我們認為這與美國新政府政策的不確定性有關，美國新政府正透過徵收關稅來重新平衡貿易關係，並重新考慮能源轉型等重大政策，以及更廣泛的地緣政治調整和外交政策。作為其中的一部分，新政府暫停了海上可再生能源許可證，殼牌、Orsted、BP和道達爾能源等許多美國領先開發商都已減少或停止了其美國海上可再生能源計劃。

We believe that these factors have resulted in a weak demand for our solutions across all sectors which caused a decrease in revenue from our Marine Technology Business. Notwithstanding the change in the US policy on renewables, its new policy on prioritizing domestic energy production of oil and gas also favors our products and solutions, and we believe that this new policy will, in the foreseeable future, offset any reduction of revenue from US offshore renewables.

我們認為，這些因素導致各行業對我們的解決方案的需求疲軟，從而導致我們的海洋技術業務收入下降。儘管美國再生能源政策有所變化，但其優先發展國內石油和天然氣能源生產的新政策也對我們的產品和解決方案有利，我們相信，這項新政策將在可預見的未來抵消美國海上再生能源收入的減少。

Furthermore, a key part of our strategy as a group relies on defense spending. Although the policy of the new US administration is to reduce defense spending by 8% over a number of years, its foreign policy on defense has also seen Europe, including United Kingdom, committing to significantly increase spending on defense. For example, Germany is expecting to spend about $428 billion on defense over the coming years in addition to creating a special fund of $535 billion for infrastructure spending over the next 10 years.

此外，我們集團戰略的關鍵部分依賴國防開支。儘管美國新政府的政策是在未來幾年削減8%的國防開支，但其國防外交政策也使得包括英國在內的歐洲承諾大幅增加國防開支。例如，德國預計未來幾年將在國防上投入約4,280億美元，此外還將在未來10年設立5,350億美元的基礎建設支出專款。

The leaders of the European Union member states have also agreed to allow the member states to exceed the debt ceilings that are in place to allow these countries to borrow for defense investments. We, therefore, believe that despite the short-term disruption caused by uncertainty around critical policies relating to trade, defense spending, and foreign policy, we believe that these changes will favor our business in the medium to long term.

歐盟成員國領導人也同意允許成員國超過現有的債務上限，以允許這些國家借款用於國防投資。因此，我們相信，儘管貿易、國防開支和外交政策等關鍵政策的不確定性會在短期內造成混亂，但我們相信這些變化將在中長期內有利於我們的業務。

Now turning to highlights relating to the engineering business. In the first quarter, our engineering business revenue increased by 77%. This business unit is reliant on receiving funding on the Defense Programs, and therefore, it is likely to experience delays in receiving orders until there is more clarity on the new US administration's spending priorities.

現在來談談與工程業務相關的亮點。一季度，我們的工程業務收入成長了77%。該業務部門依賴國防計畫的資金，因此，在新一屆美國政府的支出重點更加明確之前，其訂單接收可能會出現延遲。

Now turning to highlights relating to the newly acquired business unit, Precision Acoustics Limited. In the first quarter, this newly added business unit contributed 25.2% to our consolidated revenue and 33.3% to our operating income. As we navigate the broader headwinds relating to the global policy environment, this new business which is less reliant on the defense spending has added to our diversification and resilience of our revenue structure. Despite these broader headwinds, we continue to make it our priority to focus on sowing the seeds to grow our business.

現在來談談與新收購的業務部門 Precision Acoustics Limited 相關的亮點。第一季度，該新業務部門為我們貢獻了25.2%的合併收入和33.3%的營業收入。在我們應對與全球政策環境相關的更廣泛的逆風時，這項不太依賴國防開支的新業務增加了我們收入結構的多樣化和彈性。儘管面臨這些更廣泛的不利因素，我們仍將重點放在播下發展業務的種子上。

And in the first quarter 2025, we continued to make progress around our growth pillars, Echoscope and DAVD. Blair Cunningham, our President of Technology, who is the market maker for our technologies will today be providing a broad overview of some of our activities under these programs during our first quarter. Blair will also be available to answer any questions you may have on our technologies, so please use the opportunity to raise such questions during the Q&A session if you have any.

2025 年第一季度，我們繼續圍繞成長支柱 Echoscope 和 DAVD 取得進展。我們的技術總裁布萊爾坎寧安 (Blair Cunningham) 是我們技術的市場製造者，今天他將概述我們在第一季度根據這些計劃開展的一些活動。布萊爾還將回答您對我們的技術可能提出的任何問題，因此如果您有任何問題，請利用這個機會在問答環節中提出。

I will now turn the call over to Blair Cunningham, where he will give a short overview of our core technologies, around which we are postulating our growth agenda.

現在我將把電話轉給布萊爾·坎寧安 (Blair Cunningham)，他將簡要介紹我們的核心技術，並圍繞這些技術制定我們的成長議程。

Thank you, Annmarie, and good morning, everyone. I'll keep my remarks very concise on this call to allow for questions. As Annmarie mentioned, due to uncertainty around critical policies such as trade and defense, foreign policy, we saw reduced momentum on several of our Defense Programs. Notwithstanding, we continue to invest in the advancement of our growth pillars. We continue to believe that our most promising opportunities for growing our business are around our defined growth pillars, the Echoscope technology and the DAVD technology. We also believe the addition of Precision Acoustics positions us nicely to compete for larger defense contracts.

謝謝你，安瑪麗，大家早安。我將在這次電話會議上簡短地發言，以便回答問題。正如安瑪莉所提到的，由於貿易、國防、外交政策等關鍵政策的不確定性，我們的幾個國防項目的進展勢頭有所減弱。儘管如此，我們仍將繼續投資於我們成長支柱的推進。我們始終相信，我們業務成長最有希望的機會在於我們定義的成長支柱，即 Echoscope 技術和 DAVD 技術。我們也相信，收購 Precision Acoustics 將使我們在競爭更大的國防合約方面處於更有利的地位。

For those who are new to the Coda Octopus story, our DAVD technology is an advanced augmented reality display technology designed to enhance diver's safety, performance, and situational awareness, especially in low visibility and technically challenging environments. It seamlessly integrates real-time data, on-demand information, and Echoscope 3D sonar imagery projecting these onto the diver's field of vision through the DAVD augmented reality head-up display. Developed under a three-year future naval capabilities contract with ONR and NAVSEA, this fully developed augmented reality system is commercially available. The DAVD Tethered System is currently operational across 9 naval commands within the US Navy.

對於不熟悉 Coda Octopus 故事的人來說，我們的 DAVD 技術是一種先進的擴增實境顯示技術，旨在提高潛水員的安全性、性能和態勢感知能力，特別是在低能見度和技術挑戰性的環境中。它無縫整合即時資料、按需資訊和 Echoscope 3D 聲納影像，並透過 DAVD 擴增實境平視顯示器將這些資料投射到潛水員的視野中。該擴增實境系統是根據與 ONR 和 NAVSEA 簽訂的為期三年的未來海軍能力合約開發的，現已全面投入商業使用。DAVD 系留系統目前已在美國海軍的 9 個海軍司令部投入使用。

The DAVD Untethered System presents the largest market opportunity for the technology. And as we have stated previously, this is going through adoption evaluation, both by the US Navy and the foreign navy, under the DUS Hardening Program. This variant employs the same augmented reality display technology, but is used by divers wearing dive masks, operating at shallower depths and not physically tethered to a surface mothership for air supply.

DAVD 無線系統為此技術提供了最大的市場機會。正如我們之前所說，美國海軍和外國海軍正在根據 DUS 強化計劃對其進行採用評估。該變體採用了相同的增強現實顯示技術，但由佩戴潛水面罩的潛水員使用，在較淺的深度操作，並且不物理地拴在水面母艦上進行空氣供應。

These divers are typically military divers performing special forces operations. As I reported on our last earnings call, in our fiscal year 2024, we made significant progress under this program and delivered, amongst other things, our Gen 4 DAVD head-up display in fiscal year 2024. This next-generation technology platform boasts a more compact design, a 200% increase in resolution, and an expanded visual field of view. These enhancements significantly improve compatibility with specialized dive helmets and masks, unlocking new possibilities for previously underutilized markets. This accomplishment represents a major milestone in the success of the DUS Hardening Program.

這些潛水員通常是執行特種部隊行動的軍事潛水員。正如我在上次收益電話會議上所報告的那樣，在 2024 財年，我們在該計劃下取得了重大進展，並在 2024 財年交付了第四代 DAVD 平視顯示器等產品。這款新一代技術平台擁有更緊湊的設計、200% 的解析度提升和更廣闊的視野。這些改進顯著提高了與專用潛水頭盔和麵罩的兼容性，為以前未充分利用的市場開闢了新的可能性。這項成就代表了 DUS 強化計畫成功的一個重要里程碑。

In the first quarter, we also reached another pivotal milestone under the program, receiving our first order for approximately $800,000 for 16 DUS systems. These systems, once delivered, will be integrated into the MK16 Underwater Breathing Apparatus, the UBA system for SPECWAR and EOD applications, as well as for the pre-adoption of the DUS systems within the untethered diving naval community. This program delivery will include several key enhancements such as the tight integration of the MK16 UBA system, operations, and status directly into the Gen 4 DAVD head-up display. Additionally, the supported dive masks for DAVD will expand to include the Interspiro AGA MK20 full-face mask and the Kirby Morgan M-48 MOD-1 half mask. I think this is a pivotal milestone for the adoption of the technology.

在第一季度，我們還達到了該計劃的另一個關鍵里程碑，收到了第一筆訂單，價值約 80 萬美元，用於 16 個 DUS 系統。這些系統一旦交付，將整合到 MK16 水下呼吸器、用於 SPECWAR 和 EOD 應用的 UBA 系統以及非束縛潛水海軍社區內 DUS 系統的預採用中。該計劃的交付將包括幾項關鍵的增強功能，例如將 MK16 UBA 系統、操作和狀態直接緊密整合到 Gen 4 DAVD 平視顯示器中。此外，DAVD 支援的潛水面罩將擴展到包括 Interspiro AGA MK20 全面罩和 Kirby Morgan M-48 MOD-1 半面罩。我認為這是該技術採用的關鍵里程碑。

Our Navy customers continue to emphasize the criticality of this technology for future operations, and we believe this program will continue full steam ahead despite the uncertain policy environment. In the current quarter, we also started to work directly with a foreign navy, who is participating in the DUS Hardening Program. And their divers were able to perform a full five-day trial which we believe was very successful, and we received positive feedback. We continue to believe that the DUS System represents the largest addressable market for DAVD technology.

我們的海軍客戶繼續強調這項技術對於未來作戰的重要性，我們相信，儘管政策環境不確定，但該計劃仍將全速推進。本季度，我們也開始與參與 DUS 強化計畫的外國海軍直接合作。他們的潛水員進行了為期五天的整整一次試驗，我們認為這次試驗非常成功，我們也收到了正面的回饋。我們仍然相信 DUS 系統代表 DAVD 技術最大的潛在市場。

For example, the US Navy with approximately 4,000 active divers, 75% of these divers use Full-Face Mask Untethered systems, which aligns with the DUS solution. Similarly, the majority of public safety and law enforcement divers in the US, an estimated 10,000 divers, use the same Full-Face Mask dive systems. I want to wrap up my briefing on the DAVD technology by stating that I am truly excited by this technology. In the quarter, we made significant progress under the program. And as I mentioned, received our first order for 16 Untethered Systems, which is pivotal for the broader adoption of the technology in the defense community.

例如，美國海軍擁有約 4,000 名現役潛水員，其中 75％ 使用全臉面罩自由繫繩系統，這與 DUS 解決方案一致。同樣，美國大多數公共安全和執法潛水員（估計有 10,000 名潛水員）都使用相同的全臉面罩潛水系統。最後，我想說，我對 DAVD 技術的介紹感到非常興奮。本季度，我們在該計劃下取得了重大進展。正如我所提到的，我們收到了第一份 16 套非受限系統的訂單，這對於國防領域更廣泛地採用該技術至關重要。

Turning to the Echoscope technology, another of our growth pillars. To remind those who are new to the company, our company is the home of the Echoscope, which is the world's first and highest resolution real-time volumetric 3D imaging sonar for underwater applications. This is a single sensor for multiple undersea applications. We are well established in the commercial offshore sector, and our Echoscope solutions have revolutionized subsea operations and inspections for decades, delivering significant time savings, cost reductions and enhanced operational efficiency in the most challenging conditions. The Echoscope sonar is utilized globally across a wide range of applications in the commercial, offshore and subsea markets and continue delivering game-changing economies of scale to customers.

談到 Echoscope 技術，這是我們另一個成長的支柱。提醒剛加入公司的人，我們公司是 Echoscope 的所在地，它是世界上第一個用於水下應用的最高解析度即時體積 3D 成像聲納。這是一個適用於多種海底應用的單一感測器。我們在商業海上領域有著良好的聲譽，我們的 Echoscope 解決方案幾十年來徹底改變了海底作業和檢查，在最具挑戰性的條件下節省了大量時間、降低了成本並提高了營運效率。Echoscope 聲納在全球廣泛應用於商業、海上和海底市場，並繼續為客戶帶來改變遊戲規則的規模經濟。

The breakwater market is a good example of where we have moved the market from placing only 4 blocks per day up to 260 blocks. A significant percentage of our consolidated revenue quarter-on-quarter is from the commercial marine market. Due to the acquisition profile of the defense market, our growth strategy is therefore centered around increasing the number of Defense Programs into which our Echoscope technology is included. We hope by this strategy to receive multiple recurring sales under Defense Programs. The new generation of undersea vehicles is fueling growth for smart sensors like the Echoscope, and we continue to work to increase the number of Defense Programs that our technology is written into.

防波堤市場就是一個很好的例子，我們將市場從每天僅放置 4 個區塊發展到每天放置 260 個區塊。我們季度合併收入的很大一部分來自商業船舶市場。由於國防市場的收購情況，我們的成長策略圍繞著增加包含我們的 Echoscope 技術的國防項目的數量。我們希望透過這項策略在國防計劃下獲得多次經常性銷售。新一代海底航行器正在推動 Echoscope 等智慧感測器的發展，我們將繼續努力增加採用我們技術的國防項目的數量。

Although there is a shift in global policy on offshore renewables, our technologies are also crucial for oil and gas applications, and more broadly underwater monitoring. A critical area currently is undersea cables monitoring, which the Echoscope, a technology widely used and adopted for real-time 3D monitoring has a key role to play once the global stakeholders have agreed on a comprehensive approach to monitoring these underwater cables, which are the backbone of our nation's daily existence. We also believe that although the US budget for defense is reported to be subject to 8% cut, we believe that from the areas specified as the new administration's priorities, these favor our business. Moreover, with Europe's defense rearmament budget, we also believe that in the medium- to long term, these present significant opportunities for our business.

儘管全球海上再生能源政策發生了變化，但我們的技術對於石油和天然氣應用以及更廣泛的水下監測也至關重要。目前的一個關鍵領域是海底電纜監測，一旦全球利益相關者就全面監測這些水下電纜（我國日常生活的支柱）的方法達成一致，Echoscope 這種廣泛用於即時 3D 監測的技術將發揮關鍵作用。我們也認為，儘管據報道美國國防預算將削減8％，但我們認為從新政府指定的優先事項來看，這些對我們的業務有利。此外，隨著歐洲國防重整預算的增加，我們也相信從中長期來看，這些將為我們的業務帶來重大機會。

In this quarter, as part of the DAVD trials with the foreign navy, the Echoscope was part of these trials, and we believe will be part of the Navy's adoption plan. In summary, we continue to develop opportunities for our Echoscope technology within global Defense Programs, which have recurring long-tail revenue associated with it. We believe we are making progress and that this is a key part of our strategy to grow the business. Finally, the acquisition of Precision Acoustics into our group also strengthens the group. And as we said in our last earnings call, the addition of their renowned acoustics expertise positions us to compete for larger defense contracts.

本季度，作為與外國海軍進行的 DAVD 試驗的一部分，Echoscope 參與了這些試驗，我們相信它將成為海軍採用計劃的一部分。總之，我們繼續在全球國防計畫中為我們的 Echoscope 技術開發機會，這些計畫具有與之相關的經常性長尾收入。我們相信我們正在取得進展，這是我們業務成長策略的關鍵部分。最後，收購 Precision Acoustics 也增強了集團的實力。正如我們在上次收益電話會議上所說的那樣，他們享有盛譽的聲學專業知識的加入使我們能夠競爭更大的國防合約。

We believe with the seismic shift in defense as a priority with the European Union removing fiscal rules on defense spending, and more budget becoming available in the short to medium-term in Europe, this is a significant opportunity for our business.

我們相信，隨著歐盟取消國防開支的財政規則，國防成為優先事項，歐洲在短期至中期內將獲得更多預算，這對我們的業務來說是一個重大機會。

I will turn the call over to Annmarie and I will be available to take your questions during the Q&A session.

我會將電話轉給 Annmarie，我將在問答環節回答您的問題。

Thank you, Blair. Let me now turn the call over to our interim CFO, Gayle Jardine, to take you through our financials for the first quarter 2025 before I provide my closing remarks. Gayle?

謝謝你，布萊爾。現在，讓我將電話轉給我們的臨時財務長蓋爾賈丁 (Gayle Jardine)，讓她向大家介紹我們 2025 年第一季的財務狀況，然後再做最後的總結。蓋爾？

Thank you, Annmarie, and good morning, everyone. Let me take you through our first-quarter fiscal 2025 financial results. All figures are in US dollars.

謝謝你，安瑪麗，大家早安。讓我帶您了解我們 2025 財年第一季的財務表現。所有數字均以美元計算。

Starting with revenue. In the first quarter of 2025, we recorded total revenue of $5.2 million compared to $4.5 million in the first quarter of 2024, an increase of 16.8%. The Marine Technology business, our Products business, generated revenue of $2.3 million compared to $3.5 million, representing a 35.8% decrease over the first quarter of 2024. Our Acoustic Sensors and Materials business, which was added to our group in October 2024, recorded revenue of $1.3 million. Our Marine Engineering business or Services business generated revenue of $1.6 million compared to $0.9 million, representing a 7.6% increase over the first quarter of 2024.

從收入開始。2025 年第一季度，我們的總收入為 520 萬美元，而 2024 年第一季為 450 萬美元，成長了 16.8%。我們的產品業務——海洋技術業務——的收入為 230 萬美元，而去年同期為 350 萬美元，比 2024 年第一季下降了 35.8%。我們的聲學感測器和材料業務於 2024 年 10 月併入我們的集團，收入達 130 萬美元。我們的海洋工程業務或服務業務創造了 160 萬美元的收入，而去年同期為 90 萬美元，比 2024 年第一季成長了 7.6%。

As discussed earlier, our total consolidated revenue increased in the first quarter by 16.8%. The increase is due to the addition of our Acoustic Sensors and Materials business in our revenue mix. As Annmarie mentioned in our previous earnings call, we were anticipating a weak quarter for our core business, the Marine Technology Business, where we saw reduced demand, which we believe is due to the uncertain global policy environment.

如前所述，我們第一季的綜合收入成長了 16.8%。成長的原因是我們的收入組合中增加了聲學感測器和材料業務。正如 Annmarie 在我們之前的收益電話會議上提到的那樣，我們預計我們的核心業務——海洋技術業務將在本季度表現疲軟，需求減少，我們認為這是由於全球政策環境的不確定性造成的。

Moving on to gross profit and margin. In the first quarter of 2025, we generated gross profit of $3.4 million compared to $3.1 million in the first quarter of 2024. Consolidated gross margin was 65.8% versus 69.2% in the first quarter of last year. In our Marine Technology Business, gross margin increased to 73.1% in the first quarter of 2025 compared to 72.5% in 2024, reflecting changes in the mix of sales and a reduction in commission costs in the period. The Acoustic Sensors and Materials business realized gross margin of 61.7%, and we expect, on an annualized basis, this to be between 57% and 61% depending on the mix of sales. Our Marine Engineering business gross margin increased to 58.9% in the first quarter of 2025 versus 56.4% in the first quarter of 2024, again, reflecting the mix of engineering projects during the first quarter of this year.

繼續討論毛利和利潤率。2025 年第一季度，我們的毛利為 340 萬美元，而 2024 年第一季為 310 萬美元。綜合毛利率為 65.8%，去年第一季為 69.2%。在我們的海洋技術業務中，毛利率從 2024 年的 72.5% 上升至 2025 年第一季的 73.1%，這反映了該期間銷售結構的變化和佣金成本的降低。聲學感測器和材料業務的毛利率為 61.7%，我們預計，以年率計算，該利率將在 57% 至 61% 之間，具體取決於銷售組合。我們的海洋工程業務毛利率從 2024 年第一季的 56.4% 上升至 2025 年第一季的 58.9%，這再次反映了今年第一季工程項目的組合。

Now moving on to operating expenses. Total operating expenses for the first quarter of 2025 increased to $2.8 million compared to $2.5 million in the first quarter of 2024. And this is largely due to the addition of the new business unit into the group, which added 13.5% to our operating costs. We expect to remain at this level on an annualized basis. Included in operating expenses, our selling, general and administrative costs in the first quarter of 2025 totaled $2.2 million, an increase of 8.7% from $2 million in the first quarter of 2024, again, reflecting the addition of the new business unit into the group. As a percentage of revenue, our selling, general, and administrative costs for the first quarter of 2025 were 42.7%, reducing from 45.8% in the first quarter of 2024.

現在談談營運費用。2025 年第一季的總營運費用從 2024 年第一季的 250 萬美元增加到 280 萬美元。這主要是由於集團增加了新的業務部門，導致我們的營運成本增加了 13.5%。我們預計年化成長率將維持在這一水準。包括在營運費用中，我們 2025 年第一季的銷售、一般和行政費用總計 220 萬美元，比 2024 年第一季的 200 萬美元增長 8.7%，這再次反映了新業務部門加入集團的影響。作為收入的百分比，我們 2025 年第一季的銷售、一般和管理費用為 42.7%，低於 2024 年第一季的 45.8%。

Operating income in the first quarter of 2025 was $0.7 million compared to $0.6 million in the first quarter of 2024, an increase of 19.2%. Operating margin was 12.7% compared to 12.4% in the first quarter of 2024, which we attribute to the increase in revenue, resulting primarily from the addition of the new business unit. Income before taxes in the first quarter of 2025 was $0.93 million compared to $0.8 million in the first quarter of 2024. Net income after taxes in the first quarter of 2025 was $0.91 million or $0.08 per diluted share compared to $0.6 million or $0.06 per diluted share in the first quarter of 2024.

2025 年第一季的營業收入為 70 萬美元，而 2024 年第一季為 60 萬美元，成長 19.2%。營業利益率為 12.7%，而 2024 年第一季為 12.4%，我們將其歸因於收入的成長，主要原因是增加了新的業務部門。2025 年第一季的稅前收入為 93 萬美元，而 2024 年第一季的稅前收入為 80 萬美元。2025 年第一季稅後淨收入為 91 萬美元，即每股攤薄收益 0.08 美元，而 2024 年第一季稅後淨收入為 60 萬美元，即每股攤薄收益 0.06 美元。

Moving now to our balance sheet. As of January 31, 2025, we had $22.54 million in cash and cash equivalents on hand and no debt. This represents an increase of $0.06 million from October 31, 2024, with a comparable figure of $22.48 million.

現在轉到我們的資產負債表。截至 2025 年 1 月 31 日，我們手頭上有 2,254 萬美元的現金和現金等價物，沒有債務。這比 2024 年 10 月 31 日增加了 0.06 萬美元，而同期的數字為 2,248 萬美元。

Finally, to summarize the financial impact in the current quarter of the introduction of our new Acoustic Sensors and Materials business, it contributed 25.2% of group revenue. Gross margin was $0.8 million, margin of 61.7%. And on a stand-alone basis, it generated operating income of $0.5 million and net income of $0.6 million. That completes my financial summary.

最後，總結我們新推出的聲學感測器和材料業務對本季的財務影響，它貢獻了集團收入的 25.2%。毛利率為80萬美元，利潤率為61.7%。從獨立角度來看，它創造了 50 萬美元的營業收入和 60 萬美元的淨收入。我的財務摘要到此結束。

So let me turn the call back over to Annmarie for her closing remarks.

因此，請允許我將電話轉回給 Annmarie，請她作最後發言。

Thank you, Gayle. I first want to touch on tariffs. As of today, we are not directly impacted by tariffs. However, to the extent that these may result in a weakening of the global economy, we may be affected. Furthermore, some of our products are manufactured in the United Kingdom and should the new administration change its policy vis-a-vis the United Kingdom, if our products are within the items that are subject to tariffs and these are imported into the US, we would be impacted.

謝謝你，蓋爾。我首先想談談關稅問題。截至今天，我們尚未受到關稅的直接影響。然而，如果這些因素可能導致全球經濟疲軟，我們可能會受到影響。此外，我們的部分產品是在英國生產的，如果新政府改變對英國的政策，如果我們的產品屬於需繳納關稅的商品，而這些產品進口到美國，我們就會受到影響。

However, as I said, we are not directly impacted at this moment in time. Despite the challenges we're seeing in the global economy, I am very pleased with our first quarter 2025 results. We continue to work to create stable, long-term shareholder value and execute 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. We believe that many of the new global policies favor our business, such as increased defense spending in Europe.

然而，正如我所說，我們目前還沒有受到直接影響。儘管全球經濟面臨挑戰，但我對 2025 年第一季的業績感到非常滿意。我們將繼續努力創造穩定、長期的股東價值，並執行我們的策略，增加我們的技術所嵌入的國防計劃的數量，目標是確保這些計劃下多個單元的經常性銷售。我們相信，許多新的全球政策有利於我們的業務，例如增加歐洲的國防開支。

We are also very pleased with reaching another pivotal milestone under the DAVD Untethered System Hardening Program, where we have received our first order for $800,000 for 16 DAVD Untethered Systems. We will also continue to prosecute our M&A strategy and in fiscal year 2025, subject to the satisfactory completion of due diligence and the settling of the global policy environment, we anticipate completing another acquisition into the group. Through our strategy, we aim to pivot the revenue model of the Marine Technology Business to a multiyear, multi-sales model as we have started to see with a DAVD product line. To conclude, we would like to thank our shareholders for their continued support.

我們也非常高興在 DAVD 無線系統強化計劃下達到了另一個關鍵里程碑，我們已收到第一筆訂單，價值 80 萬美元，將購買 16 個 DAVD 無線系統。我們也將繼續推行我們的併購策略，在 2025 財年，在盡職調查順利完成和全球政策環境穩定下來的前提下，我們預計將完成對集團的另一項收購。透過我們的策略，我們旨在將海洋技術業務的收入模式轉變為多年、多銷售模式，正如我們在 DAVD 產品線中看到的那樣。最後，我們要感謝股東們的持續支持。

We are now happy to answer any questions. Operator?

我們現在很樂意回答任何問題。操作員？

(Operator Instructions) Brian Kinstlinger, Alliance Global Partners.

（操作員指示）Brian Kinstlinger，Alliance Global Partners。

My first question is what do you think Annmarie needs to happen from a macro or a micro point of view for investors to reasonably expect the marine products to materially recover in the first quarter results? Or should we expect demand could remain depressed for a few quarters until there's more global certainty?

我的第一個問題是，從宏觀或微觀角度來看，您認為 Annmarie 需要發生什麼，才能讓投資者合理地預期海洋產品在第一季的業績會大幅回升？或者我們應該預期需求可能會持續低迷幾個季度，直到全球情況更加確定？

Thank you, Brian, for that. So what we are seeing in -- we've got a good pipeline of opportunities, but what we are really seeing is that customers are on standstill. And I think that's generally the principle of standing still until I know what's going to happen. So I think I would anticipate that Q2 will be quiet for business just because I think until the policy environment is a little bit more settled, customers are holding out. So -- but I think based on what I see in the pipeline, I think that our revenues will be back-ended this year.

謝謝你，布萊恩。所以我們看到的是——我們擁有良好的機會管道，但我們真正看到的是客戶停滯不前。我認為這基本上就是靜靜地等待直到我知道會發生什麼的原則。因此，我認為我預計第二季的業務將會比較平靜，因為我認為在政策環境更加穩定之前，客戶會堅持下去。所以——但我認為，根據我所看到的情況，我認為今年我們的收入將會受到限制。

So I think we should see a robust Q3 and Q4 and a softer Q2.

因此我認為我們應該會看到強勁的第三季和第四季以及疲軟的第二季。

Okay. By the way, that was in regards to marine products, is that right? I mean, obviously, you also talked about defense engineering business until the budgets are more mature -- they get past the budget cycle, that's the unknown there as well. Is that right?

好的。順便問一下，那是關於海鮮，對嗎？我的意思是，顯然，您還談到了國防工程業務，直到預算更加成熟——它們度過了預算週期，這也是未知數。是嗎？

That's correct. That -- yes, that is -- overall, I would expect that we'll have a softer Q2, but a more robust Q3 and Q4.

沒錯。是的，總的來說，我預計第二季經濟會比較疲軟，但第三季和第四季經濟會更加強勁。

Yes. It's great to see the 16-unit $800,000 order, and then there was also the DUS Hardening Program, I think you said was completed. Can you help frame for investors a time line going forward for tethered and untethered markets, especially as it relates to revenue or maybe share some targets for the short and medium-term?

是的。很高興看到 16 個單元 80 萬美元的訂單，然後還有 DUS 強化計劃，我想您說的已經完成了。您能否幫助投資者制定未來綁定和不綁定市場的發展時間表，特別是與收入相關的時間表，或分享一些短期和中期目標？

So I think Blair will talk a little bit more about that. But just to say that it's the DAVD Tethered System is, as you know, operational. So I think last year, in terms of DAVD, we did around $1.5 million in revenues. This year, we're targeting $4.5 million in revenues for DAVD. So a huge jump in DAVD revenues.

所以我認為布萊爾會就此進一步談一談。但如您所知，DAVD 系留系統已經可以運作。所以我認為，就 DAVD 而言，去年我們的收入約為 150 萬美元。今年，我們的目標是讓 DAVD 的收入達到 450 萬美元。因此 DAVD 收入大幅增加。

So I would expect -- and what I'm excited about on the DAVD revenue side, on the Tethered Systems that we have that are operational, we're seeing new commands, putting in for acquisition budgets and therefore, the product is moving forward. The biggest barrier to adoption at scale is really when the technology falls into disuse. But what we're really seeing is an expanding footprint for the Tethered System, and as I said, last year, we did $1.5 million in DAVD sales. This year, we're targeting and feel pretty good about $4 million, $4 million to $4.5 million for DAVD sales. And a large part of that will be made up of the Tethered System for example.

因此，我預計——我對 DAVD 收入感到興奮，在我們正在運營的 Tethered Systems 上，我們看到了新的命令，投入了收購預算，因此產品正在向前發展。大規模採用的最大障礙實際上是技術被廢棄了。但我們真正看到的是 Tethered System 的足跡正在擴大，正如我所說，去年我們的 DAVD 銷售額為 150 萬美元。今年，我們的目標是 DAVD 銷售額達到 400 萬美元、400 萬至 450 萬美元，並且對此感到非常滿意。其中很大一部分將由 Tethered System 組成。

And just to talk a little bit more about that also, Brian, what I'm excited about is we're seeing consistently pull-through sales for the Echoscope. And so when we get a requisition for DAVD, we're seeing automatically a bundle of Echoscope sale. So that's the sort of programs we've been targeting, and I feel we're seeing that now maturing. So for this year then, as I said, we expect to see for the DAVD system, for the tethered variant, we expect to see new orders for new commands. For the Untethered System, where we've just received $800,000 for 16 systems.

布萊恩，我想再多談這一點，令我興奮的是，我們看到 Echoscope 的銷售持續成長。因此，當我們收到 DAVD 的申請時，我們會自動看到一捆 Echoscope 銷售。這就是我們一直瞄準的專案類型，我覺得我們現在看到它正在成熟。因此，正如我所說，對於今年，我們期望看到 DAVD 系統、對於系留變體，我們期望看到新命令的新訂單。對於不受束縛的系統，我們剛剛收到了 80 萬美元，用於 16 個系統。

That's a preadoption that is really crucial for the full-scale adoption. So I think really, these systems will be fielded and it will be performance related. But I feel we've reached an critical milestones within that program, as Blair mentioned, delivering the new generation of head-up display, which has 200% more resolution and a smaller form factor, which means for us, it opens the technology significantly. And on the back of that excitement with the user community, we've seen the first orders for the 16 systems free adoption. And I think in terms of -- Blair, can you talk a little bit about the road map for broader adoption following the delivery of the 16 systems.

這是一項預先採用，對於全面採用而言至關重要。所以我認為這些系統確實會被投入使用，而且與效能有關。但我覺得我們已經在該專案內達到了一個關鍵的里程碑，正如布萊爾所提到的，我們推出了新一代平視顯示器，其解析度提高了 200%，體積更小，這對我們來說意味著它極大地開拓了技術。在用戶社群的熱情推動下，我們看到了 16 個系統免費採用的首批訂單。我認為就布萊爾而言，您能否談談這 16 個系統交付後更廣泛採用的路線圖。

16 systems. Yes. Thank you, Annmarie. Yes. So thank you, Brian, for the question.

16個系統。是的。謝謝你，安妮瑪麗。是的。布萊恩，謝謝你提出這個問題。

Yes, I think as Annmarie pointed out, it was disappointing for us internally to not see more of the momentum continuing on the programs. Financially, I should say, it's certainly not for demand from the operational context, I should absolutely point that out. So as Annmarie mentioned, the UBA or the untethered variant of DAVD, it's very closely aligned to the Tethered System, but that taking on with the EOD and the special warfare community, that's a whole new group of users who are work in close ally with the tethered divers, but are themselves a separate unit. So the Tethered System, as Annmarie pointed out, is already operationally fielded, but there's been demand from the fleet for more systems, upgrades to systems, et cetera. And critically, I think of all of the core teams, they're now either all using Echoscope as part of their day-to-day operations or have requested Echoscope as part of the day-to-day operation.

是的，我認為正如 Annmarie 所指出的那樣，對於我們內部而言，看到這些項目未能繼續保持這樣的勢頭是令人失望的。從財務角度來說，我應該說，這肯定不是出於營運環境的需求，我絕對應該指出這一點。因此，正如 Annmarie 所提到的，UBA 或 DAVD 的非束縛變體，與束縛系統非常接近，但它與 EOD 和特種作戰社區相結合，這是一個全新的用戶群體，他們與束縛潛水員密切合作，但他們自己是一個獨立的單位。因此，正如 Annmarie 所指出的那樣，系留系統已經投入使用，但艦隊需要更多系統、系統升級等。至關重要的是，我認為所有核心團隊現在要么都將 Echoscope 作為日常運營的一部分，要么已經要求將 Echoscope 作為日常運營的一部分。

So this feels like we're settling into the new norm there. In addition, that's within the US context, but within the foreign navies, that's been a significant advancement, I would say, in Q1, for sure for us and the engagement with the foreign navies and several foreign navies. And they themselves are now looking at their investment plans as we move forward. So I think as Annmarie said, we feel very comfortable with the growth level that we've set and there's certainly operational demand within the community.

所以感覺我們正在適應那裡的新常態。此外，這是在美國範圍內，但對於外國海軍來說，這是一個重大進步，我想說，在第一季度，這對我們以及與外國海軍和幾個外國海軍的接觸來說肯定是這樣的。隨著我們不斷前進，他們自己現在也在審視他們的投資計畫。所以我認為，正如 Annmarie 所說，我們對設定的成長水準感到非常滿意，而且社區內肯定存在營運需求。

The Untethered System that will be delivered, hopefully going through kind of Q2, Q3, that will be a complete product in its own right. So that will have the legs to be able to take into other operational use cases. And also, as Annmarie mentioned, this is really a not quite a pilot program, but this is basically like a pre-fleet deployment, but it's a large-scale investment. The prior investment we had on the DUS Hardening Program was for 8 systems, split between the US and a foreign navy.

即將交付的 Untethered System 預計將在第二季或第三季推出，它本身將是一款完整的產品。這樣，它才能夠被應用到其他操作案例中。而且，正如 Annmarie 所提到的，這實際上不是一個試點項目，而基本上就像是艦隊部署前的部署，但這是一項大規模的投資。我們先前對 DUS 強化計畫的投資是針對 8 個系統，由美國和外國海軍分擔。

This is now a further 16 systems, but specifically targeted for the EOD and the SPECWAR community.

目前，該系統已增至 16 個，但專門針對 EOD 和 SPECWAR 社群。

And just one follow-up on that $4.5 million. Is that largely US and US Navy? Or maybe is there a big component outside of the US?

針對這 450 萬美元，我們僅採取了一項後續行動。其中大部分是美國和美國海軍嗎？或者也許美國以外有一個很大的組成部分？

No, it is within the US. And so I expect 20% of that number is foreign and the remainder in the US.

不，它在美國境內。因此我預計其中 20% 是外國人，其餘的在美國。

Great. And then I guess I'm wondering if the market conditions and uncertainty impacts demand at Acoustic Solutions, if in any way?

偉大的。然後我想知道市場條件和不確定性是否會影響 Acoustic Solutions 的需求？

Well, it's very difficult to -- I mean, that most we can go by is the pipeline and level of inquiries that we see. I think it's not immune to what's going on. But look, their sensors are used, for example, I mean, to -- for ultrasound for pregnant women. So I think that women will continue to be pregnant and continue to need their ultrasounds and the measurements to be done. So not to be tried, but I think that, that market, like the medical sector is less exposed than the other sectors that we work in.

嗯，這很難——我的意思是，我們最多只能根據我們看到的詢問管道和水平來判斷。我認為它並不能免受正在發生的事情的影響。但是，看看，它們的感測器是用來為孕婦做超音波檢查的。所以我認為女性將繼續懷孕，並繼續需要進行超音波檢查和測量。所以不要嘗試，但我認為，那個市場，例如醫療行業，比我們工作的其他行業受到的影響更小。

So we're not seeing any kind of slowdown for Precision Acoustics that feels very stable at the moment. So I feel that will also operate as some diversification of our revenues in the short run.

因此，我們目前沒有看到 Precision Acoustics 出現任何放緩跡象，感覺非常穩定。所以我覺得這在短期內也會讓我們的收入多樣化。

Great. My last question is related to M&A. You commented at the end, Annmarie, about a potential target that you've been, I assume, in discussions with or negotiations with. Has anything changed, again, based on global uncertainty, whether it's pricing, their fundamentals. I guess I'm just wondering, again, how that might be impacted.

偉大的。我的最後一個問題與併購有關。安瑪麗，你最後評論了一個潛在目標，我猜你正在與該目標進行討論或談判。基於全球不確定性，是否發生了任何變化，無論是定價還是基本面。我想我只是再次想知道這可能會受到怎樣的影響。

No, it's not impacted, but I think it is wise for everyone to wait until the policy environment settles. So I mean, one cannot pivot in a direction of unknowns. So I think for -- as a significant investment for our business, we've deliberately slowed down the acquisition only to see where the global policy environment, which direction of travel that is going. So at the moment, we're still working on this. We're still very excited and we still see it as an opportunity.

不，沒有受到影響，但我認為大家最好等到政策環境穩定下來。所以我的意思是，人們不能轉向未知的方向。因此我認為——作為我們業務的重大投資，我們故意放慢了收購速度，只是為了觀察全球政策環境以及發展方向。因此目前我們仍在努力中。我們仍然非常興奮，我們仍然將其視為一個機會。

But as I said, I definitely think we want to just understand the global policy environment a little bit more before closing the transaction.

但正如我所說，我確實認為我們希望在完成交易之前更多地了解全球政策環境。

(Operator Instructions) John Deysher, Pinnacle Value Fund.

（操作員指示） John Deysher，Pinnacle Value Fund。

Just a follow-up on the acquisition possibility. You mentioned, I think, that you were doing due diligence. Do you have a definitive agreement and you're doing further due diligence or you're doing due diligence in anticipation of a possible definitive agreement?

這只是對收購可能性的後續關注。我認為您曾提到您正在進行盡職調查。您是否已經達成最終協議並正在進行進一步的盡職調查，或者正在進行盡職調查以期達成最終協議？

The latter, the latter.

後者，後者。

Okay. So you're doing -- okay, good. And that's one target. Are there other targets that you're working on?

好的。所以你做得——好的，很好。這就是一個目標。您還在努力實現其他目標嗎？

Well, for this year, within our pipeline, we're focused on one target this year. We are very, very much in close contact with the sellers of that business. And we have a good relationship. I think it's not going away. But as I said, and we're still doing low-level work short of signing any agreement at this point.

嗯，就今年而言，在我們的計劃中，我們今年專注於一個目標。我們與該業務的賣家保持著非常密切的聯繫。我們的關係很好。我認為它不會消失。但正如我所說，目前我們仍在做一些低層次的工作，還沒有簽署任何協議。

We just need to understand a bit more the global policy environment before we move forward.

在繼續前進之前，我們只需要更多地了解全球政策環境。

Okay. That makes sense. Is it related to any of the businesses you already own? Or would it be a new business like the Acoustics business?

好的。這很有道理。它與您已經擁有的任何企業相關嗎？或者它會是像聲學業務那樣的新業務嗎？

It's a new business, but also plays very well into the defense space also. So I mean, our vision is to grow the business to become, if you like, a mid-tier defense contractor where we are offering -- we have bigger defense contracts that we can respond to. I think that the skills and expertise that we would have as a group would really make us a formidable supplier into that market.

這是一項新業務，但在國防領域也發揮著很好的作用。所以我的意思是，我們的願景是發展業務，如果你願意的話，成為一家中型國防承包商，我們可以提供——我們有更大的國防合約可以回應。我認為，我們團隊所擁有的技能和專業知識確實會讓我們成為該市場的強大供應商。

Okay. Good. That's exciting. When will you know whether it's go or no-go for this possible transaction? A couple of months, six months? What do you think is the timing there?

好的。好的。這太令人興奮了。什麼時候才能知道這筆可能的交易是否可以進行？幾個月，六個月？您認為現在的時機是怎麼樣的？

Well, it's a global policy environment. Until that settled, we're not going to really move forward. So I think we need to see the market settling a little bit more, clear policies. Are these tariffs going to stick? There are lots, lots and lots that we need to sort of unpack to make this decision for our business.

嗯，這是一個全球政策環境。除非這個問題得到解決，否則我們不會真正向前邁進。所以我認為我們需要看到市場更加穩定，政策更加明確。這些關稅會持續下去嗎？為了為我們的業務做出這個決定，我們需要處理很多很多的事情。

So until that happens, that's the precursor to moving forward with the transaction. In the meantime, the business -- the target is doing very well. So we're keeping very close, if you like, relationship with the target at the moment. But I think it is wise and prudent that we understand the environment that we are working with before closing such a significant transaction for our group.

因此，在此之前，這是推進交易的先決條件。同時，業務——目標——進展順利。因此，如果你願意的話，我們目前與目標保持著非常密切的關係。但我認為，在完成對我們集團如此重要的交易之前，了解我們所處的工作環境是明智和謹慎的。

(Operator Instructions) William Bremer, Vanquish Capital Partners.

（操作員指示）William Bremer，Vanquish Capital Partners。

Annmarie. Congratulations on the untethered order, sizable $800,000, 16 being deployed. I'm just curious if this occurred during the quarter, it seems that it's quite material, either on product development, something that we've been waiting for untethered for quite some time as well as dollar amount. I mean, it equates quick math over 15% of the quarterly revenue. I'm just curious why a press release wasn't released during the quarter on such a material event.

安瑪麗。恭喜您獲得無限訂單，金額高達 80 萬美元，已部署 16 個。我只是好奇這是否發生在本季度，它似乎非常重要，無論是在產品開發方面，還是在金額方面，都是我們已經等待了很長時間的事情。我的意思是，這相當於季度收入的 15% 以上。我只是好奇為什麼本季沒有就如此重大的事件發布新聞稿。

Well, you are assuming, Bill, that we received this very early in the quarter. In fact, we received this very, very late in our quarter. So we knew we were doing this call. So it seemed appropriate at this -- I mean, I think we received this order a week ago or so. And there are certain protocols we have to follow before we release a press -- make a press release.

嗯，比爾，你假設我們在本季初就收到了這個消息。事實上，我們在本季很晚才收到這封郵件。所以我們知道我們正在進行這個通話。因此，這似乎是合適的——我的意思是，我認為我們大約在一周前收到了這個訂單。在發布新聞稿之前，我們必須遵循一定的規程。

So we knew this call was coming up, so it would make sense that we report it at this point. And in fact, most times, we are not allowed to release -- make announcements because we've got to get the customers approval. So this is also a problem for our business because of the sensitivity. So we, for example, can't give you the customer's name.

所以我們知道這個電話即將打來，所以我們現在報告它是有意義的。事實上，大多數時候，我們不允許發佈公告，因為我們必須獲得客戶的批准。由於其敏感性，這對我們的業務來說也是一個問題。例如，我們不能告訴你客戶的姓名。

At this time, there are no further questions. This will conclude our question-and-answer session. I would like to turn the call back over to Annmarie Gayle for closing remarks.

目前，沒有其他問題。我們的問答環節到此結束。我想將電話轉回 Annmarie Gayle 做最後發言。

Thank you, operator. Thank you for your continued interest in Coda Octopus, and thank you for attending this call today. Have a great day. Thank you.

謝謝您，接線生。感謝您對 Coda Octopus 的持續關注，也感謝您今天參加本次電話會議。祝你有美好的一天。謝謝。

Thank you. This will conclude today's conference of Coda Octopus. You may disconnect at this time.

謝謝。今天的 Coda Octopus 發表會就到此結束。您現在可以斷開連線。