Coda Octopus Group Inc (CODA) 2025 Q3 法說會逐字稿

Good morning, and welcome to the Coda Octopus Group's third quarter fiscal 2025 earnings conference call. My name is Melissa, and I will be your operator today. Before this call, Coda Octopus issued its financial results for the third quarter ended July 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.

早上好，歡迎參加 Coda Octopus Group 2025 財年第三季財報電話會議。我叫梅麗莎，今天由我來為您接聽電話。在本次電話會議之前，Coda Octopus® 發布了截至 2025 年 7 月 31 日的第三季財務業績，包括一份新聞稿，該新聞稿的副本將包含在提交給美國證券交易委員會的報告中，並可在公司網站的投資者關係部分查閱。

Joining us on today's call from Coda Octopus are its Chair and CEO, Annmarie Gayle; its interim CFO, Gayle Jardine; its President of Technology and Director, Blair Cunningham. Following their remarks, we will open the call for questions. Before we begin, Geoff Turner from our Investor Relations team will make a brief introductory statement. Geoff, please go ahead.

今天參加 Coda Octopus 電話會議的有：董事長兼執行長 Annmarie Gayle；臨時財務長 Gayle Jardine；技術總裁兼董事 Blair Cunningham。在他們發言結束後，我們將開放提問環節。在正式開始之前，我們投資者關係團隊的傑夫·特納將作簡短的介紹性發言。傑夫，請繼續。

Thank you, operator. Good morning, everyone, and welcome to Coda Octopus third quarter fiscal 2025 earnings conference call. Before management begins their formal remarks, we would like to remind everyone that some statements we are making today may be considered forward-looking statements under securities law and involve a number of risks and uncertainties.

謝謝接線生。各位早安，歡迎參加 Coda Octopus 2025 財年第三季財報電話會議。在管理階層開始正式發言之前，我們想提醒大家，我們今天所作的一些陳述可能被視為證券法意義上的前瞻性陳述，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​​多因素是我們無法控制的）可能導致實際結果和事件與前瞻性聲明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. 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.

有關我們前瞻性聲明的更詳細的風險、不確定性和假設，請參閱我們的獲利報告和向美國證券交易委員會提交的公開文件中的揭露資訊。除法律另有規定外，我們不承擔任何義務或責任更新前瞻性陳述以反映前瞻性陳述發布之日後發生的情況或事件。

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, second and third quarters 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.

有關我們業務的詳細揭露和描述，以及不確定性和其他可變情況，包括但不限於截至 2024 年 10 月 31 日止年度的 10-K 表格和 2025 財年第一、第二和第三季度的 10-Q 表格中確定的風險和不確定性，請參閱我們向美國證券交易委員會提交的文件。您可以造訪美國證券交易委員會 (SEC) 網站 www.sec.gov 免費取得 Coda Octopus® 的證券交易委員會備案文件。

I would 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. Finally, as a reminder, this is our third quarter fiscal 2025 reporting, and all comparisons, unless explicitly stated otherwise, are with our third quarter fiscal 2024.

我想提醒大家，本次電話會議正在錄音，錄音將透過 Coda Octopus 網站投資者關係部分的連結提供回放。最後提醒大家，這是我們 2025 財年第三季的報告，除非另有明確說明，所有比較均與 2024 財年第三季進行比較。

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

現在我將把電話交給公司董事長兼執行長安瑪莉‧蓋爾。安瑪莉？

Thanks, Geoff, and good morning, everyone. Thank you for joining us for our third quarter fiscal year 2025 earnings call. Despite the challenging global policy environment, our revenue in the third quarter 2025 increased by 29%, and I believe that we have delivered a solid set of results.

謝謝傑夫，大家早安。感謝您參加我們2025財年第三季財報電話會議。儘管全球政策環境充滿挑戰，但我們2025年第三季的營收成長了29%，我相信我們已經取得了一系列穩健的業績。

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 Marine Engineering Businesses and our recently added Acoustics Sensors and Materials business unit.

對於那些還不了解 Coda Octopus 的人來說，我們的業務由三個獨立的業務部門組成：海洋技術業務、海洋工程業務以及我們最近新增的聲學感測器和材料業務部門。

Within our group, our core business is the Marine Technology business. This business generates most of our revenue. And in the third quarter, it generated 56.4% of our net revenue. It is around this business that we're building our growth strategy. The Marine Technology business operates in the subsea market and is home to key disruptive underwater technologies.

我們集團的核心業務是海洋技術業務。這項業務為我們帶來了大部分收入。第三季度，它貢獻了我們 56.4% 的淨收入。我們正是圍繞這項業務建立我們的成長策略。海洋技術業務在海底市場運營，是關鍵顛覆性水下技術的發源地。

These technologies are bringing the smartphone revolution on the water by providing a comprehensive real-time information platform which allows our customers to make real-time decisions and also significantly reducing the cost of these operations while increasing safety. The specific addressable markets that we operate in are the imaging sonar market and diving market. It is these market segments that our growth strategy is built around.

這些技術透過提供全面的即時資訊平台，將智慧型手機革命帶到了水上，使我們的客戶能夠做出即時決策，同時顯著降低營運成本，並提高安全性。我們營運的具體目標市場是成像聲吶市場和潛水市場。我們的成長策略正是圍繞這些細分市場所建構的。

Turning to our imaging sonar, the Echoscope. The Echoscope is a real-time three dimensional volumetric imaging sonar that can generate real-time three dimensional images underwater in zero visibility water conditions. This is widely used in the commercial offshore marine market for a range of underwater applications. A significant part of our annual revenue is derived from the commercial offshore marine market.

接下來我們來看看成像聲吶，迴聲儀。Echoscope 是一款即時三維體積成像聲吶，能夠在零能見度水下條件下產生即時三維影像。這種技術廣泛應用於商業海上市場的各種水下應用領域。我們年度收入的很大一部分來自商業海上船舶市場。

To achieve the growth that shareholders want to see from our company, we have to increase our market share for underwater imaging sensors in the defense space. There are many ongoing defense programs globally where new classes of underwater vehicles are being adopted. Significant budgets are appropriated for this.

為了實現股東希望看到的公司成長，我們必須提高我們在國防領域水下成像感測器的市場份額。目前全球有許多國防項目正在採用新型水下航行器。為此撥出了相當可觀的預算。

The Echoscope's uniqueness of being a single sensor for multiple on-the-sea activities presents a significant advantage over other technologies. It allows the consolidation of multiple sensors into a single power-efficient unit without compromising the various missions to be executed by the customer.

Echoscope 的獨特之處在於，它只需一個感測器即可進行多種海上活動，這使其比其他技術具有顯著優勢。它允許將多個感測器整合到一個節能單元中，而不會影響客戶要執行的各種任務。

We recently launched our next generation of ultra-small form factor three dimensional sonars, the NANO GEN Series. The three dimensional sonars within our NANO GEN Series are a shade bigger than a smartphone and have been specifically designed for the small class of underwater vehicles, drones and diver-wearable applications.

我們最近推出了新一代超小型三維聲吶——NANO GEN系列。我們 NANO GEN 系列中的三維聲吶比智慧型手機略大一些，專為小型水下航行器、無人機和潛水員穿戴裝置而設計。

Our second key technology is the DAVD, the Diver Augmented Vision Display system. The DAVD provides the real-time information platform for diving operations, increasing safety and efficiency. The addressable market for DAVD includes both the defense and commercial diving sectors. The untethered variant addresses the Special Forces type of divers and we believe constitutes the largest addressable market for the DAVD technology.

我們的第二個關鍵技術是 DAVD，即潛水員增強視覺顯示系統。DAVD 為潛水作業提供即時資訊平台，提高安全性和效率。DAVD 的目標市場包括國防和商業潛水領域。無線版本針對的是特種部隊類型的潛水員，我們認為這是 DAVD 技術最大的潛在市場。

Following the successful conclusion of the funded DUS Hardening Program, in the third quarter, we delivered the 16 DAVD untethered system to the Navy for use by the Special Forces. This now allows select group of Special Forces personnel to start evaluating the DAVD technology on live missions. We are providing all support required to ensure the success of this program and the rollout of the technology to the Special Forces market.

在資助的 DUS 加固計劃成功完成後，第三季度，我們向海軍交付了 16 套 DAVD 無線系統，供特種部隊使用。現在，部分特種部隊人員可以開始在實戰任務中評估 DAVD 技術。我們將提供一切必要的支持，以確保該計劃的成功實施以及該技術向特種部隊市場的推廣。

We also delivered the final deliverables under the funded DAVD untethered system hardening program to the foreign Navy sponsor. This now puts this foreign Navy in a position to start using the technology in live missions.

我們也向外國海軍贊助商交付了由 DAVD 無線系統加固計劃資助的最終成果。這使得該外國海軍現在能夠開始在實戰任務中使用這項技術。

Now turning to third quarter highlights. Relating to our core business, the Marine Technology business. This business sells its products and solutions worldwide and increased revenue in the third quarter by 30.7%. Key highlights include 57.7% of revenue generated by this business relates to Echoscope and 42.3% relates to DAVD. Hardware sales increased by 103.6% and were $2.7 million compared to $1.3 million in the third quarter 2024.

現在來看第三節的精彩時刻。與我們的核心業務—海洋技術業務相關。該公司的產品和解決方案銷往世界各地，第三季營收成長了 30.7%。主要亮點包括：在該業務產生的收入中，57.7% 與 Echoscope 有關，42.3% 與 DAVD 有關。硬體銷售額成長了 103.6%，達到 270 萬美元，而 2024 年第三季為 130 萬美元。

Hardware sales to Asia decreased by approximately 27.9% and were $1.1 million compared to $1.5 million in the third quarter 2024. This resulted in lower commission costs. Rental assets were significantly underutilized in the third quarter resulting in lower units of rentals and associated services.

對亞洲的硬體銷售額下降了約 27.9%，為 110 萬美元，而 2024 年第三季為 150 萬美元。這降低了佣金成本。第三季租賃資產利用率嚴重不足，導致租賃單位和相關服務減少。

This also impacted on the gross profit margins of this business. This reflects the change in US policy on funding for offshore renewables, which caused many projects to be shelved as reported by Shell, Orsted and BP.

這也影響了該企業的毛利率。這反映了美國對海上再生能源融資政策的變化，正如殼牌、沃旭能源和英國石油公司所報告的那樣，這導致許多項目被擱置。

Now turning to highlights relating to the Marine Engineering business. In the third quarter, our Marine Engineering Business revenue decreased by 33.2% caused by delays in receiving contract awards. Gross profit margin in the third quarter 2025 was 58.9% compared to 62.6% in third quarter 2024, which reflects the mix of engineering projects in the period. This business has long-standing relationships with prime defense contractors and has served the defense market for over 48 years. It is reliant on receiving funding on the defense programs.

接下來，我們將重點放在與海洋工程業務相關的亮點。第三季度，由於合約授予延遲，我們的海洋工程業務收入下降了 33.2%。2025 年第三季的毛利率為 58.9%，而 2024 年第三季的毛利率為 62.6%，這反映了該時期工程項目的組合。這家公司與主要國防承包商建立了長期合作關係，並已為國防市場服務超過 48 年。它依賴國防項目的資金支持。

During the third quarter, it continued to see an increase in the level of inquiries on the defense programs. However, many programs are still waiting for funds to be appropriated under the federal budget, and therefore, this affected contract awards to the engineering business in the period. The success of the Marine Engineering Business is predicated on increasing the number of programs to which it supplies proprietary parts.

第三季度，有關國防項目的諮詢量持續增加。然而，許多項目仍在等待聯邦預算撥款，因此，這影響了該時期工程企業的合約授予。船舶工程業務的成功取決於其向哪些項目供應專有零件，以及增加這些項目的數量。

Now turning to highlights relating to the newly acquired business unit, Precision Acoustics Limited. In the third quarter, this newly added business unit contributed 20.6% to our net revenue and 18% to our operating income. This business unit has added some diversification and resilience to our revenue structure.

現在讓我們來看看與新收購的業務部門 Precision Acoustics Limited 相關的亮點。第三季度，這個新加入的業務部門貢獻了我們淨收入的 20.6% 和營業收入的 18%。該業務部門為我們的收入結構增加了一些多元化和韌性。

We continue to be very pleased with this acquisition, which we made in October 2024 and reiterate that it positions the group to collectively respond to larger defense requirements, particularly in the underwater acoustics space. We continue to make it our priority to focus on executing against our growth strategy. And in the third quarter, we saw an increase in sales of both Echoscope and DAVD.

我們對此收購感到非常滿意，該收購於 2024 年 10 月完成，並重申，此次收購使集團能夠共同應對更大的國防需求，尤其是在水下聲學領域。我們將繼續把執行成長策略當作首要任務。第三季度，Echoscope 和 DAVD 的銷量均有所成長。

Blair Cunningham, our President of Technology, who is the market maker for our technologies, will be updating you on progress and various milestones around our core technologies. Blair will also be available to answer any questions you may have about our technologies, so please use the opportunity to raise such questions during the Q&A session, if you have any.

我們的技術總裁布萊爾·坎寧安（Blair Cunningham）是我們技術的市場開拓者，他將向大家報告我們核心技術的進展和各個里程碑。布萊爾也會在現場回答您可能對我們的技術提出的任何問題，所以如果您有任何疑問，請利用問答環節提出。

I will now turn the call over to Blair Cunningham.

現在我將把電話交給布萊爾·坎寧安。

Thank you, Annmarie, and good morning, everyone. Today, I will focus on progress that we have made around our core technologies, Echoscope and DAVD. The Echoscope. Our flagship technology, the Echoscope, continues to represent the largest opportunity for scalable growth, particularly within the defense and security market.

謝謝你，安瑪麗，大家早安。今天，我將重點介紹我們在核心技術 Echoscope 和 DAVD 方面取得的進展。迴聲鏡。我們的旗艦技術 Echoscope 繼續代表著可擴展成長的最大機遇，尤其是在國防和安全市場。

This sector is undergoing a transformational shift driven by the increasing deployment of next-generation underwater vehicles and platforms, including manned, unmanned, surface, subsurface and fully autonomous robotic systems.

該行業正在經歷一場變革性的轉變，其驅動力是新一代水下航行器和平台（包括載人、無人、水面、水下和完全自主的機器人系統）的日益部署。

The latest generation of underwater vehicles, including drones, is trending towards smaller form factors, creating newer opportunities in the subsea market. To meet this demand, we've spent the last two years developing a new series of compact real-time 3D imaging sonars, supported by a significant investment in our next-generation custom technology chipset.

最新一代水下航行器（包括無人機）正朝著更小的尺寸發展，為水下市場創造了新的機會。為了滿足這一需求，我們在過去兩年裡開發了一系列新型緊湊型即時 3D 成像聲吶，並對我們的下一代客製化技術晶片組進行了大量投資。

This breakthrough IP investment has enabled us to miniaturize our advanced imaging technology for key defense and commercial applications. The first products in this line are now on the market, and I commend our R&D team for their exceptional work in making this possible.

這項突破性的智慧財產權投資使我們能夠將先進的成像技術小型化，從而應用於關鍵的國防和商業領域。該系列的首批產品現已上市，我要讚揚我們的研發團隊，感謝他們為實現這一目標所付出的卓越努力。

Designed to meet the evolving needs of underwater vehicles and platforms in the defense sector, we are excited to report that we have now launched our ultra compact real-time 3D imaging sonars, the Echoscope PIPE NANO GEN Series.

為了滿足國防領域水下航行器和平台不斷變化的需求，我們很高興地宣布，我們現在推出超緊湊型即時 3D 成像聲吶——Echoscope PIPE NANO GEN 系列。

These next-generation sonars enable small platforms to enhance situational awareness and consolidate multiple sensors into a single power-efficient unit, delivering both 3D spatial awareness and forward-looking obstacle avoidance.

這些新一代聲吶使小型平台能夠增強態勢感知能力，並將多個感測器整合到一個節能單元中，從而實現 3D 空間感知和前視避障。

Beyond subsea vehicles, the NANO GEN SERIES is also ideal for diver-wearable systems, diving platforms and a wide range of underwater robotics. We've already concluded several successful trials in the quarter with our NANO GEN Series sonars with key defense customers who are excited about the technology and have started to look at this integration into programs.

除了水下航行器之外，NANO GEN 系列也非常適合潛水員穿戴式系統、潛水平台和各種水下機器人。本季我們已經與幾家重要的國防客戶成功完成了 NANO GEN 系列聲吶的試驗，他們對這項技術感到興奮，並已開始考慮將其整合到專案中。

Looking ahead, I will personally be involved in three additional trials in Q4 with both the US and international naval forces, including integration into subsea vehicle platforms and Special Forces diver systems. This level of engagement reflects the strong market interest we anticipated and validates the strategic importance of this product line.

展望未來，我將在第四季度親自參與與美國和國際海軍部隊的三項額外試驗，包括整合到水下航行器平台和特種部隊潛水員系統中。這種程度的參與反映了我們預期的強烈市場興趣，並驗證了該產品線的策略重要性。

Our Ship Hull scanning solution developed under a multiyear funded defense program received additional funding this quarter, marking a key milestone in the continued validation and deployment of this technology. This expanded investment includes the integration of another variant of our real-time 3D imaging sonar, Echoscope PIPE CIVS, which is used for closed-in inspection missions.

我們根據一項多年資助的國防計劃開發的船體掃描解決方案在本季度獲得了額外的資金，這標誌著該技術在持續驗證和部署方面取得了關鍵性進展。這項擴大的投資包括整合我們實時 3D 成像聲吶的另一種變體 Echoscope PIPE CIVS，該聲吶用於近距離檢查任務。

The original SLIDE platform has been significantly enhanced to support a wider range of diver missions. In addition to its core applications for ship hull scanning, the platform now includes capabilities for infrastructure inspection and sea dive mapping, enabled by forward and downward-looking imaging functionality.

原有的 SLIDE 平台已顯著增強，以支援更廣泛的潛水員任務。除了船舶船體掃描的核心應用外，該平台現在還具備基礎設施檢查和海底潛水測繪功能，這得歸功於前視和下視成像功能。

This expansion follows successful trials and continued confidence from the defense customers. The integration of our CIVS, close-up visualization sonar, has demonstrated exceptional performance in delivering real-time close-range imaging, critical for detailed target detection and conducting complex inspection tasks in confined or challenging underwater environments. A final Phase 3 evaluation is scheduled for October with the original US defense customer, focused on validating the ship hull scanning solution in operational conditions.

此次擴建是在成功試驗和國防客戶持續信任的基礎上進行的。我們的近距離可視化聲吶 (CIVS) 整合在提供即時近距離成像方面表現出了卓越的性能，這對於在狹窄或具有挑戰性的水下環境中進行詳細的目標檢測和執行複雜的檢查任務至關重要。最終的第三階段評估計畫於 10 月進行，評估對象為最初的美國國防客戶，重點在於實際操作條件下驗證船體掃描解決方案。

A second SLIDE system was delivered during the quarter to a foreign Navy as part of a larger DAVD Special Forces development program. This international deployment utilizes the same technology platform, including our DAVD, Diver Augmented Vision Display software, and support seabed and infrastructure mapping applications.

本季度，作為 DAVD 特種部隊發展計劃的一部分，向外國海軍交付了第二套 SLIDE 系統。這次國際部署採用了相同的技術平台，包括我們的 DAVD（潛水員增強視覺顯示）軟體，以及支援海底和基礎設施測繪的應用程式。

These two deployments now with distinct defense customers mark a critical transition of our technology from R&D to real-world operational use. We believe our integrated diver SLIDE solution offers the most advanced capability available today for diver-based underwater inspection and mapping.

這兩項與不同國防客戶的合作部署標誌著我們的技術從研發到實際應用的關鍵性轉變。我們相信，我們整合的潛水員 SLIDE 解決方案為當今基於潛水員的水下檢查和測繪提供了最先進的功能。

The unmanned underwater vehicle market valued at $4.8 billion in 2024 is projected to reach $11.1 billion by 2030, driven by the growing complexity of maritime threats and the demand for cost-effective, low-risk technologies.

2024 年無人水下航行器市場價值 48 億美元，預計到 2030 年將達到 111 億美元，主要得益於海上威脅日益複雜化以及對經濟高效、低風險技術的需求。

As a result, ROVs, UUVs and underwater drones are becoming critical components of modern defense strategies worldwide. In general, the Echoscope currently accounts for approximately 80% of Marine Technology business revenues. With the launch of the NANO GEN Series and strong ongoing customer engagement, we are well positioned to capture significant value in the expanding defense and underwater robotics markets.

因此，遙控潛水器、無人水下航行器和水下無人機正在成為世界各地現代國防戰略的關鍵組成部分。整體而言，迴聲儀目前約佔海洋技術業務收入的 80%。隨著 NANO GEN 系列的推出以及與客戶的持續密切合作，我們已做好充分準備，在不斷擴大的國防和水下機器人市場中獲得巨大價值。

DAVD, the other significant pillar of our growth strategy is the DAVD, Diver Augmented Vision Display, a cutting-edge augmented reality technology, purpose built to enhance diver safety, performance and situational awareness in low visibility and technically demanding underwater environments. The DAVD Untethered System, which represents the largest growth opportunity for this transformative technology, achieved two critical milestones during the quarter.

DAVD，我們成長策略的另一個重要支柱，是 DAVD（潛水員增強視覺顯示器），這是一種尖端的擴增實境技術，旨在提高潛水員在低能見度和技術要求高的水下環境中的安全、性能和態勢感知能力。DAVD 無線系統代表了這項變革性技術最大的成長機會，在本季實現了兩個關鍵里程碑。

For context, in the US alone, there are 14,000 divers within the potential community of government and defense users for the untethered system. Firstly, the initial order of 16 complete DAVD Untethered Systems received in Q1 was successfully delivered in Q3 and is now ready for fleet evaluation by US Special Forces. These systems are the combination of extensive field testing and direct feedback from operational divers, funded under the DUS Hardening Program.

作為參考，光是在美國，就有 14,000 名潛水員屬於政府和國防等無線潛水系統的潛在使用者群體。首先，第一季收到的首批 16 套完整的 DAVD 無線系統訂單已於第三季成功交付，現在已準備好由美國特種部隊進行艦隊評估。這些系統結合了廣泛的實地測試和來自一線潛水員的直接回饋，由 DUS 加固計劃資助。

The advancement in this specific deployment is the system's seamless integration with the US Navy's MK 16 underwater breathing apparatus. This integration allows real-time life support data, including system status and alerts to be projected directly into the DAVD augmented reality head-up display.

此次部署的進步之處在於該系統與美國海軍的 MK 16 水下呼吸器實現了無縫整合。此整合可將即時生命維持資料（包括系統狀態和警報）直接投射到 DAVD 擴增實境抬頭顯示器。

The second key milestone achieved during the quarter was the completion of all remaining system component deliveries to the foreign Navy sponsor of the DUS Hardening Program. This marks a significant step forward in demonstrating international alignment and growing global interest in our DAVD technology.

本季度實現的第二個關鍵里程碑是完成了向DUS加固計劃的外國海軍贊助商交付所有剩餘的系統組件。這標誌著我們在展現國際一致性以及全球對我們 DAVD 技術日益增長的興趣方面邁出了重要一步。

Together, these milestones validate the technological maturity of both the DAVD tethered and untethered systems and marks a critical inflection point in our trajectory from development and field testing to active fleet evaluation and operational deployment.

這些里程碑共同驗證了 DAVD 系留系統和無線系統的技術成熟度，標誌著我們從開發和現場測試到積極艦隊評估和運行部署的軌跡上的關鍵轉折點。

Importantly, both US and international program partners remain committed to comprehensive fleet evaluations and live mission evaluations throughout the year, underscoring the strategic relevance and near-term potential of our data technology in next-generation underwater operations.

重要的是，美國和國際專案合作夥伴仍然致力於全年進行全面的艦隊評估和實戰任務評估，這凸顯了我們的資料技術在下一代水下作業中的戰略意義和近期潛力。

In Q3, we received an initial order for DAVD systems from a major European Navy with extensive diving operations and regional influence, an organization we've been actively supporting. In Q4, I would personally lead our team in supporting this Navy during real-world dive missions in operational waters, deploying our latest DAVD tethered systems alongside the Echoscope underwater inspection system, a rapid response, mobile inspection and mapping platform designed for seamless DAVD integration.

第三季度，我們收到了來自歐洲某主要海軍的首批 DAVD 系統訂單，該海軍擁有廣泛的潛水作業和區域影響力，我們一直積極支持該組織。第四季度，我將親自帶領我們的團隊，在實際的潛水任務中為海軍提供支持，在作戰水域部署我們最新的 DAVD 繫繩系統以及 Echoscope 水下檢查系統。 Echoscope 是一個快速反應的行動檢查和測繪平台，旨在與 DAVD 無縫整合。

Notably, this is the same UIS configuration used by the US Navy Supervisor of Salvage and the US Army Corps of Engineers during the Francis Scott Key Bridge collapse response. This upcoming deployment further underscores the operational maturity and versatility of both the DAVD and Echoscope UIS technologies as well as our continued support for frontline military and infrastructure response missions worldwide.

值得注意的是，這與美國海軍打撈主管和美國陸軍工程兵團在弗朗西斯·斯科特·基大橋坍塌事故應對期間使用的 UIS 配置相同。即將進行的部署進一步凸顯了 DAVD 和 Echoscope UIS 技術的運作成熟度和多功能性，以及我們對全球前線軍事和基礎設施應變任務的持續支援。

Finally, we are pleased to report a significant increase in active development programs centered around our DAVD technology, reflecting strong momentum in expanding DAVD Systems capabilities, integrating DAVD with additional platforms and broadening support across a wider range of operational environments.

最後，我們很高興地報告，圍繞我們的 DAVD 技術開展的活躍開發項目顯著增加，這反映出 DAVD 系統能力擴展、DAVD 與其他平台集成以及在更廣泛的操作環境中擴大支持方面取得了強勁勢頭。

Among the most notable new programs, DAVD, along with the newly launched Echoscope PIPE NANO GEN Series, is being integrated into the US Navy's Deep Sea Expeditionary with No Decompression, or DSEND system.

在眾多新項目中，DAVD 與新推出的 Echoscope PIPE NANO GEN 系列一起，正在整合到美國海軍的深海免減壓遠徵 (DSEND) 系統中。

The DSEND system features a lightweight, hardened atmospheric dive suit designed for extreme underwater missions. The suit incorporates rotating detachable joints to provide divers with increased dexterity, flexibility and maneuverability in challenging environment. This program is sponsored by the Office of Naval Research in collaboration with three US Department of Defense entities, NAWC, NIWC and NSWC.

DSEND 系統採用輕盈、堅固的大氣潛水服，專為極端水下任務而設計。這款潛水衣採用可旋轉可拆卸關節，使潛水員在充滿挑戰的環境中更加靈活、敏捷和機動。該計劃由美國海軍研究辦公室贊助，並與美國國防部的三個實體——海軍航空武器中心 (NAWC)、國家海軍武器中心 (NIWC) 和海軍水面作戰中心 (NSWC) 合作開展。

DAVD is being leveraged as a critical life support and visualization component of the DSEND system, enhancing diver safety and mission effectiveness by delivering real-time life support data via the DAVD Head-up Display and 3D situational awareness through the compact Echoscope PIPE NANO GEN sonar mounted directly to the DSEND suit.

DAVD 被用作 DSEND 系統的關鍵生命支持和視覺化組件，透過 DAVD 平視顯示器提供即時生命維持數據，並透過直接安裝在 DSEND 潛水衣上的緊湊型 Echoscope PIPE NANO GEN 聲音吶提供 3D 態勢感知，從而增強潛水員的安全性和任務效率。

This initiative exemplifies the growing recognition of DAVD and Echoscope technology as mission-critical tools in the evolving landscape of advanced military diving and underwater operations. We are currently awaiting the outcome of four additional US Department of Defense proposals, all of which are in the final evaluation stages, are anticipated to move forward into immediate execution upon award.

這項舉措體現了 DAVD 和 Echoscope 技術作為先進軍事潛水和水下作戰領域的關鍵任務工具，正日益受到認可。我們目前正在等待美國國防部另外四項提案的結果，所有這些提案都處於最終評估階段，預計一旦中標，將立即投入執行。

Each of these proposed programs focuses on the integration of our DAVD system and Echoscope sonar technologies with robotics platforms, further expanding our role in the evolution of autonomous and semi-autonomous underwater systems.

這些提議的計劃都專注於將我們的 DAVD 系統和 Echoscope 聲吶技術與機器人平台相結合，進一步擴大我們在自主和半自主水下系統發展中的作用。

The timing of these opportunities aligns perfectly with two major recent milestones. The finalization of the DAVD untethered system and the launch of our new Echoscope PIPE NANO GEN Series, a suite of compact real-time 3D imaging sonars optimized for small and robotic platforms. These pending awards reflect the growing demand for underwater, vision and augmented reality technologies in next-generation defense systems, and we are well positioned to support this strategic shift.

這些機會的出現時機與近期兩個重大里程碑完美契合。DAVD 無線系統的最終定型以及我們全新 Echoscope PIPE NANO GEN 系列的推出，這是一套緊湊型實時 3D 成像聲吶，專為小型和機器人平台而優化。這些待定的合約反映了下一代國防系統對水下、視覺和擴增實境技術日益增長的需求，我們已做好充分準備來支持這項戰略轉變。

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

我將把電話轉給安瑪麗，我會在問答環節回答大家的問題。

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

謝謝你，布萊爾。現在，我將把電話交給我們的臨時財務長蓋爾賈丁，讓她為大家介紹我們 2025 年第三季的財務狀況，之後我將作總結發言。蓋爾？

Thank you, Annmarie, and good morning, everyone. I will now take you through our third quarter fiscal 2025 financial results. For reference, all income statement comparisons are with third quarter fiscal 2024, and all figures are in US dollars.

謝謝你，安瑪麗，大家早安。接下來，我將帶大家了解我們2025財年第三季的財務表現。供參考，所有損益表比較均與 2024 財年第三季進行比較，所有數字均以美元計。

Starting with revenue. In the third quarter of 2025, we recorded total revenue of $7.1 million compared to $5.5 million in the third quarter of 2024, an increase of 29.0%. Our core business, the Marine Technology business, generated revenue of $4.0 million compared to $3.0 million, representing a 30.7% increase over the third quarter of last year.

首先從營收說起。2025 年第三季度，我們的總營收為 710 萬美元，而 2024 年第三季為 550 萬美元，成長了 29.0%。我們的核心業務——海洋技術業務，創造了 400 萬美元的收入，而去年同期為 300 萬美元，比去年第三季度增長了 30.7%。

Our Acoustic Sensors and Materials business, which was added to our group in October 2024, recorded revenue of $1.5 million. Our Marine Engineering business or Services business generated revenue of $1.6 million compared to $2.4 million, representing a 33.2% decrease over the third quarter of 2024. In summary, our net revenue increased by 29%, and the newly added business, Precision Acoustics, added 20.6% to our consolidated revenue in the third quarter of 2025.

我們於 2024 年 10 月併入集團的聲學感測器和材料業務實現了 150 萬美元的收入。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 2024 年第三季為 240 萬美元，比 2024 年第三季下降了 33.2%。總而言之，我們的淨收入成長了 29%，而新加入的業務 Precision Acoustics 在 2025 年第三季使我們的合併收入增加了 20.6%。

Moving on to gross profit and margin. In the third quarter of 2025, we generated gross profit of $4.8 million compared to $4.0 million in the third quarter of 2024. Consolidated gross margin was 68.3% versus 73.9% in the third quarter of last year.

接下來討論毛利和毛利率。2025 年第三季度，我們的毛利為 480 萬美元，而 2024 年第三季為 400 萬美元。綜合毛利率為 68.3%，而去年第三季為 73.9%。

In our Marine Technology business, gross margin decreased to 77.0% in the third quarter of 2025 compared to 82.9% in 2024, reflecting the mix of sales with more units of hardware sales compared to rental sales. The Acoustic Sensors and Materials business realized gross margin of 54.8%, a little lower than the previous two quarters, reflecting increased commission costs and mix of sales.

在我們的海洋技術業務中，2025 年第三季的毛利率下降至 77.0%，而 2024 年為 82.9%，這反映了銷售結構的變化，硬體銷售量較租賃銷售量增加。聲學感測器和材料業務的毛利率為 54.8%，略低於前兩個季度，反映出佣金成本增加和銷售組合變化。

Our Marine Engineering Business gross margin decreased to 58.9% in the third quarter of 2025 versus 62.6% in the third quarter of 2024, again, reflecting the mix of engineering projects during the third quarter 2025.

2025 年第三季度，我們的海洋工程業務毛利率下降至 58.9%，而 2024 年第三季度為 62.6%，這再次反映了 2025 年第三季工程項目的組合。

Now looking at our operating expenses. Total operating expenses for the third quarter of 2025 increased to $3.4 million compared to $2.7 million in the third quarter of 2024. The main factors for the increase in total operating expenses were the addition of Precision Acoustics Limited into the group, which added 16.0% to these costs; as well as the weakening of the US dollar against the British pound and Danish krone, which impacts costs when translated into US dollars from the base currencies for reporting purposes.

現在來看我們的營運費用。2025 年第三季的總營運支出增加至 340 萬美元，而 2024 年第三季為 270 萬美元。總營運費用增加的主要原因是Precision Acoustics Limited併入集團，使這些成本增加了16.0%；此外，美元對英鎊和丹麥克朗貶值，這影響了出於報告目的而從基礎貨幣換算成美元時的成本。

Our selling, general and administrative costs in the third quarter of 2025 totaled $2.9 million, an increase of 32.8% from $2.2 million in the third quarter of 2024, reflecting the addition of the new business unit to the group as well as the contingent liability accrual for year one earn-out related to the acquisition of Precision Acoustics Limited and exchange rate adjustment charges.

2025 年第三季度，我們的銷售、一般及行政費用總計 290 萬美元，比 2024 年第三季度的 220 萬美元增長了 32.8%，這反映了集團新增了業務部門，以及與收購 Precision Acoustics Limited 相關的第一年盈利或有負債計提和匯率調整費用。

As a percentage of revenue, our selling, general and administrative costs for the third quarter of 2025 were 40.6% compared to 39.5% in the third quarter of 2024. Operating income in the third quarter of 2025 was $1.38 million compared to $1.39 million in the third quarter of 2024, a decrease of 0.8%.

2025 年第三季度，我們的銷售、一般及行政費用佔營收的 40.6%，而 2024 年第三季為 39.5%。2025 年第三季營業收入為 138 萬美元，而 2024 年第三季為 139 萬美元，下降了 0.8%。

Operating margin was 19.5% compared to 25.4% in the third quarter of 2024, which we attribute to the increase in cost of revenue and operating expenses for the reasons explained earlier. Pre-tax income in the third quarter of 2025 was $1.5 million compared to $1.6 million in the third quarter of 2024. Net income after taxes in the third quarter of 2025 was $1.28 million or $0.11 per diluted share compared to $1.27 million, also $0.11 per diluted share in the third quarter of 2024.

營業利益率為 19.5%，而 2024 年第三季為 25.4%，我們認為這是由於前面解釋過的收入成本和營運費用增加所致。2025 年第三季稅前收入為 150 萬美元，而 2024 年第三季為 160 萬美元。2025 年第三季稅後淨收入為 128 萬美元，即每股攤薄收益 0.11 美元，而 2024 年第三季稅後淨收入為 127 萬美元，同樣為每股攤薄收益 0.11 美元。

Focusing now to our balance sheet. As of July 31, 2025, with $26.2 million in cash and cash equivalents on hand and no debt, this represents an increase of $3.7 million from October 31, 2024, with the comparable figure of $22.5 million.

現在我們來看一下資產負債表。截至 2025 年 7 月 31 日，公司擁有 2,620 萬美元現金及現金等價物，且無債務，比 2024 年 10 月 31 日的 2,250 萬美元增加了 370 萬美元。

Finally, to summarize the financial impact in the current quarter of the introduction of the Acoustic Sensors and Materials business into the group, it contributed 20.6% of revenue, and gross profit margin was $0.8 million or 54.8%.

最後，總結本季將聲學感測器和材料業務引入集團的財務影響，該業務貢獻了 20.6% 的收入，毛利率為 80 萬美元，即 54.8%。

That completes my financial summary. So let me turn the call back over to Annmarie for her closing remarks.

我的財務總結就到這裡。那麼，現在我把電話交還給安瑪麗，請她做總結發言。

Thank you, Gayle. I'm very pleased with the increase in revenue in the third quarter 2025 and our overall financial results. I'm also pleased with the progress we're making against our key milestones for growing our business. Some of these include the delivery of the 16 DAVD systems for the US Special Forces evaluation.

謝謝你，蓋爾。我對2025年第三季的營收成長以及我們的整體財務表現感到非常滿意。我對我們在實現業務成長關鍵里程碑方面取得的進展感到滿意。其中包括向美國特種部隊交付 16 套 DAVD 系統進行評估。

The delivery of the final DAVD deliverables to the foreign Navy sponsor under the funded DUS Hardening Program. We believe the Hardening Program has been a success, and we are starting to see the positive results of this.

在資助的 DUS 加固計劃下，向外國海軍贊助商交付最終的 DAVD 交付成果。我們認為強化計畫取得了成功，我們已經開始看到正面的成果。

The launch of our NANO GEN Series sonars which, together with our existing sonar range, puts us in a position to address the sizable portion of the imaging sonar market. The receipt of our first order from a foreign navy for the DAVD untethered system, this order, which is for two systems, is from a very influential European Navy. We are very pleased with this as we believe this will be the precursor to broader adoption by this influential European Navy.

我們推出的 NANO GEN 系列聲吶，加上我們現有的聲吶產品系列，使我們能夠佔據成像聲吶市場相當大的份額。我們收到了來自外國海軍的第一份 DAVD 無線系統的訂單，這份訂單包含兩套系統，來自一個非常有影響力的歐洲海軍。我們對此感到非常高興，因為我們相信這將是歐洲這支頗具影響力的海軍更廣泛採用該技術的先兆。

We continue to work to create stable, long-term shareholder value and execute against our strategy to grow the business which is our single biggest priority as a group. In terms of cash deployment, we will continue to prosecute our M&A strategy in fiscal year 2025 and are continuing to build our M&A pipeline. Through our strategy, we aim to pivot the revenue model of the Marine Technology business to a multiyear multiple sales model as we've started to see with DAVD product line.

我們將繼續努力創造穩定、長期的股東價值，並執行我們的業務成長策略，這是我們集團最重要的優先事項。在現金部署方面，我們將繼續在 2025 財年推動我們的併購策略，並繼續建立我們的併購專案儲備。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次銷售模式，正如我們在 DAVD 產品線中開始看到的那樣。

To conclude, we would like to thank our shareholders for their continued support. We're now happy to answer any questions. Operator?

最後，我們要感謝各位股東一直以來的支持。我們現在很樂意回答任何問題。操作員？

(Operator Instructions)

（操作說明）

Brian Kinstlinger, Alliance Global Partners.

Brian Kinstlinger，Alliance Global Partners。

Hi, this is Kevin for Brian. Thank you for taking my question. With the launch of the Echoscope PIPE NANO GEN Series and its trials during the quarter, what type of feedback have you guys received so far?

你好，我是凱文，我是布萊恩的。感謝您回答我的問題。隨著 Echoscope PIPE NANO GEN 系列的推出以及本季的試驗，你們目前收到了哪些類型的回饋？

Blair, would you like to take that, please?

布萊爾，請問您要接招嗎？

Certainly, Annmarie. Thank you very much, and thank you again for the question. I think the most striking feedback from all of the customers that have seen the system is the remarkable reduction in form factor, size and weight, which is critical as we can outline for the new vehicles that are coming into the market. So really, that's been transformational. Many of these customers are familiar with the Echoscope performance so that we were delivering the same again, but in a much, much, much smaller form factor.

當然，安瑪莉。非常感謝，也再次感謝您的提問。我認為所有見過這套系統的客戶最引人注目的反饋是其外形尺寸和重量的顯著降低，正如我們所概述的，這對於即將進入市場的新車型來說至關重要。所以，這確實帶來了巨大的改變。許多客戶都熟悉 Echoscope 的性能，因此我們再次提供了相同的性能，但體積卻小得多得多。

So I think everyone is very excited to look for new opportunities of where they can now integrate the Echoscope into their platforms where perhaps size or weight perhaps that prevented them from doing so in previous development organizations.

所以我認為大家都很興奮地尋找新的機會，將 Echoscope 整合到他們的平台中，而之前在開發組織中，可能是尺寸或重量等因素阻礙了他們這樣做。

And just to like to add to that, the DSEND program, which Blair cited earlier, that's a very, very good example of the sonar actually being in a diving suit. With our previous generation of sonars, that wasn't possible because of the form factors. So really being able to reduce the sonar to the size of almost a smartphone really opens the aperture for our business and the potential for opportunities to expand opportunities base.

補充一點，布萊爾之前提到的 DSEND 計劃，就是一個非常好的例子，說明聲吶實際上就安裝在潛水服裡。由於外形尺寸的限制，我們上一代聲吶無法做到這一點。因此，能夠將聲音吶縮小到幾乎智慧型手機的大小，確實為我們的業務打開了大門，並帶來了擴大業務範圍的潛在機會。

So we're very, very excited about this because our previous generation of sonars is a bit bigger, would be locked out of applications like the DSEND. So opening the aperture and getting more -- reducing the form factor of sonar and therefore, having the opportunity to broaden the scope of what we can do on smaller vehicles is a seismic move forward for our business.

所以我們對此感到非常非常興奮，因為我們上一代聲吶體積稍大，無法用於像 DSEND 這樣的應用。因此，擴大聲吶的孔徑，獲得更多探測範圍，縮小聲吶的外形尺寸，從而有機會擴大我們在小型車輛上的應用範圍，這對我們的業務來說是一次巨大的進步。

Great. Thank you. And then congrats on all the progress on the DAVD -- the Untethered DAVD program. During the March conference call, you commented the company is targeting $4.5 million in DAVD-related revenue. Can you talk about what transpired since then? That target in the press release today is $3.5 million to $4 million.

偉大的。謝謝。然後祝賀你們在 DAVD（無線 DAVD）項目上取得的所有進展。在三月的電話會議上，您提到公司目標是實現 450 萬美元的 DAVD 相關收入。能說說之後發生了什麼事嗎？今天新聞稿中公佈的目標是 350 萬美元至 400 萬美元。

Well, we're still -- I mean we think we're going to hit $4 million in DAVD revenues so for this fiscal year, which we think it's really, really significant given that last year, we did $1.2 million. So still seeing really significant move forward with the DAVD product line, and I feel very, very happy with this year potentially hitting $4 million in revenue being $1.2 million last year at the same time. So really happy about that.

嗯，我們仍然——我的意思是，我們認為本財年 DAVD 的收入將達到 400 萬美元，考慮到去年我們只達到了 120 萬美元，我們認為這真的意義重大。因此，DAVD 產品線仍然取得了非常顯著的進展，我對今年的收入預計將達到 400 萬美元感到非常非常高興，因為去年同期收入為 120 萬美元。我真的很高興。

Great. Thank you.

偉大的。謝謝。

(Operator Instructions)

（操作說明）

[Richard Deutsch], private investor.

[理查德·多伊奇]，私人投資者。

Yes. Thank you for taking my call, and congratulations to your R&D team over the past few years. I followed the progress, and it's vast. In fact, that's one of the hard parts of understanding your company is how many opportunities you have with the technology that you've produced. So I have a few questions, but I'll start off with one.

是的。感謝您接聽我的電話，並祝賀您的研發團隊在過去幾年中取得的成就。我一直關注著進展情況，進展非常巨大。事實上，了解公司的困難之一在於，如何利用公司已有的技術創造多少機會。我有一些問題，但先問一個吧。

In terms of your exposure to China or countries that we're not looking to do business with, what should we be thinking about in terms of sales opportunities or lost opportunities? And also the supply chain in terms of getting critical components, parts and supplies. That's my first question.

就您在中國或我們不打算開展業務的國家的業務往來而言，我們應該考慮哪些銷售機會或錯失的機會？以及取得關鍵零件和耗材的供應鏈。這是我的第一個問題。

Well, thank you very much, Richard, for that question. In terms of supply chain, we're really not exposed to China at all. So most of our products' components are originating mainly from Europe, so we don't really have any exposure in terms of supply chain in China, not significant at all.

非常感謝理查德的提問。就供應鏈而言，我們實際上完全沒有接觸到中國。因此，我們大部分產品的零件主要來自歐洲，所以我們在中國的供應鏈方面幾乎沒有任何風險，一點也不重要。

In terms of selling to China, really, that was an issue from more than five years now that because for the UK government, for example, has made it really difficult to get export licenses to China. So for a long time, that market is rather tame for this business due to the barriers to import products into China. So although we have a strong presence in Asia, China is not our biggest target market. Although there are lots of opportunities in China, it's not the biggest target market for our business.

就對華銷售而言，這確實是一個持續了五年多的問題，因為例如英國政府就讓獲得對華出口許可證變得非常困難。因此，由於進口產品到中國存在許多障礙，長期以來，該市場對這項業務而言都相當平靜。因此，儘管我們在亞洲擁有強大的影響力，但中國並不是我們最大的目標市場。雖然中國有很多機會，但它並不是我們公司最大的目標市場。

Okay. And one more here on your technology. I've been impressed at how superior it appears to be over many years, and the developments you keep making just keep pushing that envelope forward. But I've been surprised we've had quarter after quarter of sales that have not really expanded very much.

好的。關於你們的技術，還有一點要說明。多年來，它展現出的卓越性能一直令我印象深刻，而你們不斷取得的進步更是讓這種卓越性能不斷向前發展。但令我驚訝的是，我們連續幾季的銷售額都沒有真正大幅成長。

So I want to know, is Echoscope still your main short-term revenue driver in terms of overall revenues? And why has it taken so long? And what are the impediments or the opportunities short term in the market? Considering your technological advances, I don't understand why the sales have been not going up faster. Thank you.

所以我想知道，就整體收入而言，Echoscope 是否仍然是你們短期內的主要收入來源？為什麼花了這麼長時間？那麼，短期內市場存在哪些障礙或機會？考慮到你們的技術進步，我不明白為什麼銷售額成長不夠快。謝謝。

Okay. Thank you for that question. So just to remind you, in this quarter, the Marine Technology Business sales went up by 30.7%, I believe, and hardware sale component also went up significantly. And I think, yes, by 103.6%. And within that mix, it's mainly Echoscope and DAVD. So that's the first thing to see that we do believe that we're making good progress.

好的。謝謝你的提問。提醒一下，本季海洋科技業務銷售額成長了 30.7%，硬體銷售額也大幅成長。我認為，是的，比預期高出 103.6%。其中主要包括 Echoscope 和 DAVD。所以，首先要看到的是，我們相信我們正在取得良好的進展。

In the quarter, the disappointing part of our quarter is really about rentals where rentals have decreased largely because of the shift in funding opportunities for offshore renewables. And while we believe that in the longer run, that will be offset by more projects for oil and gas, it still takes time to spin up a development.

本季最令人失望的部分是租賃業務，由於海上再生能源融資機會的轉變，租賃業務大幅下降。雖然我們相信從長遠來看，更多的石油和天然氣項目將會抵消這種情況，但啟動一個開發案仍然需要時間。

So overall, I think that we're making good progress. But really, as I've emphasized over and over, for the business to grow, we do -- I mean, a sizable part of our revenue comes from the commercial offshore marine market. The model for that market is different because then often a sale is a single sale or a rental. Really, the opportunity for sizable or scalable growth lies in the defense space. And that's a process. It's not an event.

總的來說，我認為我們取得了良好的進展。但實際上，正如我反覆強調的那樣，為了業務成長，我們確實——我的意思是，我們相當一部分收入來自商業海上市場。該市場的模式有所不同，因為在該市場中，銷售通常是一次性銷售或租賃。實際上，真正具有可觀或可擴展成長機會的領域在於國防領域。這是一個過程。這不是一場活動。

I believe we're making all the right progress to get the technology into programs where the technology is being looked at for integration into these broader programs. And last quarter, I did report on some significant findings for some of the defense programs that have evaluated the Echoscope technology and concluded the Echoscope is superior in terms of its performance and capabilities.

我相信我們正在取得所有正確的進展，將這項技術引入那些正在考慮將其整合到這些更廣泛的項目中的項目中。上個季度，我報告了一些國防項目的重要發現，這些項目評估了 Echoscope 技術，並得出結論：Echoscope 在性能和功能方面都更勝一籌。

So I do believe we're making progress in really where it matters is the defense market because there, first of all, there's budget, and then there's opportunity for multiple sales, recurring sales. And that's what we're targeting. And we're starting to see some of that from the DAVD product line where we're seeing year in, year out budget now being appropriated for that line of product with pull-through Echoscope sales.

所以我相信我們在真正重要的國防市場取得了進展，因為首先，那裡有預算，其次，那裡有許多銷售和重複銷售的機會。這就是我們的目標。我們已經開始從 DAVD 產品線中看到一些這樣的例子，我們看到每年都有預算分配給該產品線，並且透過拉式超音波心動圖的銷售實現了這一目標。

So overall, I feel the pace is a bit slow, but that is not unusual for programs that they take a longer time in evaluating the technology. And once it's really then adopted, that's when we start seeing the sales that we would like to see.

總的來說，我覺得進度有點慢，但這對於需要更長時間評估技術的程序來說並不罕見。一旦它真正被接受，我們就能開始看到我們想要看到的銷售。

And a critical juncture we've reached in this quarter also is the successful conclusion of the Hardening Program for the DAVD where I think that program, two years ago, it started where the whole purpose of that was to deliver prototypes for evaluation by operational divers in the Special Forces and really getting feedback and refining the technology. We have now delivered what we believe is the refined product for this key market. So I do believe that we're making really good progress against the key milestones that are important for the growth of the business.

本季我們也達到了一個關鍵節點，那就是 DAVD 強化計畫的成功完成。我認為該計劃始於兩年前，其全部目的是為了向特種部隊的作戰潛水員提供原型進行評估，並真正獲得回饋，從而改進技術。我們現在已經向這個關鍵市場推出了我們認為已經臻於完善的產品。所以我相信，我們在實現對公司發展至關重要的關鍵里程碑方面取得了非常好的進展。

Okay. Thank you, Annmarie. And just one final question. Your M&A program is interesting, but I wonder why -- we'd like to hear what your thoughts are on the stock buyback program. As your company is extremely attractive itself as an M&A target, I'd like to hear what thoughts are about reducing the shares through a stock buyback program.

好的。謝謝你，安瑪莉。最後一個問題。你們的併購計畫很有意思，但我想知道為什麼——我們想聽聽你們對股票回購計畫的看法。鑑於貴公司本身作為併購目標極具吸引力，我想聽聽您對透過股票回購計畫減少股份的看法。

Sorry, I'm not sure what the question is.

抱歉，我不太明白您的問題。

The question is, what status and thoughts do you have about a stock buyback program for Coda shares?

問題是，您對 Coda 股票回購計畫的現狀和想法是什麼？

Well, that's something for our Board to think about. And I'll raise that with our Board, but really that's really a Board decision on stock buybacks. So right now, I feel very much, in terms of our M&A program, we're building a pipeline of opportunities for the business and looking for value-accretive technologies that may be highly complementary to the DAVD product line. That's our thinking on our M&A strategy for the time being.

嗯，這需要我們董事會考慮一下。我會向董事會提出這個問題，但實際上，股票回購確實是董事會的決定。所以現在，就我們的併購計劃而言，我深切地感受到，我們正在為公司建立機會管道，並尋找可能與 DAVD 產品線高度互補的增值技術。這就是我們目前對併購策略的設想。

Alright. Thank you. Really stunningly great work that you guys are doing. Looking forward to continuing to follow you. Thank you.

好吧。謝謝。你們的工作真是太棒了！期待繼續關注您。謝謝。

Thank you very much. Thank you.

非常感謝。謝謝。

Thank you. There are no other questions at this time. I'll turn the floor back to Ms. Gayle for any final comments.

謝謝。目前沒有其他問題。現在我把發言權交還給蓋爾女士，請她做最後的總結發言。

Thank you, operator. Thank you for attending today's call.

謝謝接線生。感謝您參加今天的電話會議。

Thank you. This concludes today's conference call. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的電話會議到此結束。您可以在此時斷開線路。感謝您的參與。