Cloudastructure Inc (CSAI) 2025 Q4 法說會逐字稿

Greetings. Welcome to the Cloudastructure Inc year-end 2025 business update conference call.

問候各位。歡迎參加 Cloudastructure Inc 2025 年年終業務更新電話會議。

(Operator instructions)

(接線員指示)

Please note this conference is being recorded. I will now turn the conference over to your host, David Waldman, Investor Relations. You may begin.

請注意，本次電話會議將被錄音。現在我將把會議交給主持人——投資人關係部的 David Waldman。您可以開始了。

Thank you, Holly. Good afternoon and thank you for joining Cloudastructure 's fourth-quarter year-end 2025 earnings conference call and business update.

謝謝你，Holly。各位下午好，感謝各位參加 Cloudastructure 2025 年第四季暨年終財報電話會議與業務更新。

On the call with us today are James McCormick, Chief Executive Officer of Cloudastructure , and Greg Smitherman, Chief Financial Officer. Earlier today, the company issued a press release announcing its operating results for the three months and year ended December 31, 2025. The release is available on our website at www.cloudstructure.com, and our Form 10-K can be found both there and at. If you have any questions after today's call, please contact Crescendo Communications at 212-671-1020.

今天與會的有 Cloudastructure 執行長 James McCormick，以及財務長 Greg Smitherman。公司稍早已發布新聞稿，公布截至 2025 年 12 月 31 日止三個月及全年之營運結果。新聞稿可於我們網站 www.cloudstructure.com 查閱，而我們的 Form 10-K 亦可在該網站以及（亦可於）查詢。若您在今日會後有任何問題，請致電 Crescendo Communications：212-671-1020。

Before Mr. McCormick reviews the company's operating results for the quarter and year-ended December 31, 2025, and provides a business update, I would like to remind everyone that this conference call may contain forward-looking statements. All statements other than statements of historical facts contained in this conference call, including statements regarding our future results of operations and financial position.

在 McCormick 先生回顧公司截至 2025 年 12 月 31 日止之季度與全年營運結果並提供業務更新之前，我想提醒各位，本次電話會議可能包含前瞻性陳述。除歷史事實陳述外，本次電話會議中所有陳述，包括關於我們未來營運結果與財務狀況的陳述，均屬前瞻性陳述。

Strategy and plans and our expectations for future operations are forward-looking statements. The words aim, anticipate, believe, could, expect, may, plan, project, strategy, will, and the negative of such terms and other words in terms of similar expressions are intended to identify forward-looking statements.

有關策略與計畫，以及我們對未來營運的預期，均為前瞻性陳述。「目標」、「預期」、「相信」、「可能」、「預估」、「或許」、「計畫」、「預測」、「策略」、「將會」等詞語及其否定形式，以及其他類似用語，旨在識別前瞻性陳述。

These forward-looking statements are based largely on the company's current expectations and projections about future events and trends that it believes may affect its financial condition, results of operations, strategy, short-term and long-term business operations. And objectives and financial needs.

這些前瞻性陳述主要基於公司目前對未來事件與趨勢的預期與推估；公司相信這些事件與趨勢可能影響其財務狀況、營運結果、策略、短期與長期業務營運。以及目標與資金需求。

These forward-looking statements are subject to several risks, uncertainties, and assumptions as described in the company's filings with the SEC, including the company's annual report on Form 10-K for the year ended December 31, 2025. Because of these risks, uncertainties, and assumptions, the forward-looking events and circumstances discussed in this conference call may not occur, and actual results could differ materially and adversely from those anticipated or applied in the forward-looking statements.

這些前瞻性陳述受到多項風險、不確定性與假設的影響，相關內容已載於公司向美國證券交易委員會（SEC）提交的文件中，包括公司截至 2025 年 12 月 31 日止年度之 Form 10-K 年報。由於上述風險、不確定性與假設，本次電話會議所討論的前瞻性事件與情況可能不會發生，且實際結果可能與前瞻性陳述中所預期或暗示者存在重大且不利的差異。

You should not rely upon forward-looking statements as predictions of future. Events. Although the company believes the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, level of activity, performance, or achievements. In addition, neither the company nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. The company disclaims any duty to update any of these forward-looking statements except as required by law.

您不應將前瞻性陳述視為對未來的預測。事件。儘管公司認為前瞻性陳述所反映的預期屬合理，但公司無法保證未來結果、活動水準、表現或成就。此外，公司或任何其他人士均不對任何前瞻性陳述之準確性與完整性承擔責任。除法律要求外，公司不承擔更新任何前瞻性陳述之義務。

All forward-looking statements attributable to the company are expressly qualified in their entirety by these cautionary statements, as well as others made on this conference call. You. Evaluate all forward-looking statements made by the company in the context of these risks and uncertainties. I would now like to turn the call over to James McCormick, Chief Executive Officer of Cloud Structure. James, please go ahead.

所有可歸因於公司的前瞻性陳述，均在整體上明確受上述警示性陳述以及本次電話會議中其他陳述之限制。您。應在上述風險與不確定性的背景下評估公司所作的所有前瞻性陳述。現在我想把電話交給 Cloud Structure 執行長 James McCormick。James，請開始。

Okay. Thanks so much, David. Good afternoon and thank you for joining Cloudastructure 's fourth-quarter 2025 earnings conference call and business update. We would like to apologize for shifting the call out one day, but we're glad that we could be with you here today.

好的。非常感謝你，David。各位下午好，感謝各位參加 Cloudastructure 2025 年第四季財報電話會議與業務更新。我們對於將會議延後一天表示歉意，但很高興今天能與各位在線上相聚。

2025 was a very important year for Cloudastructure , not just because of the growth we delivered, but because of what that growth tells us about where the market is going and how we're positioned within it. We grew revenue 271% to just over $5 million, driven by broad-based growth across our business.

2025 年對 Cloudastructure 而言是非常重要的一年，不僅因為我們實現了成長，更因為這樣的成長告訴我們市場的走向，以及我們在其中的定位。我們的營收成長 271%，達到略高於 500 萬美元，成長動能來自我們業務各面向的廣泛成長。

Customers are adopting more of our platform, expanding deployments across additional locations, and increasingly standardizing on cloud structure as their long-term solution. And this is reflected in a 342% increase in total contract value year-over-year, highlighting a clear shift towards larger multi-site deployments and deeper customer adoption.

客戶正在採用我們平台的更多功能，將部署擴展至更多據點，並日益將 cloud structure 標準化為其長期解決方案。這也反映在總合約價值（TCV）年增 342%，凸顯市場明顯轉向更大型的多據點部署與更深度的客戶採用。

This momentum is being driven by a fundamental shift in how organizations approach security. Traditional models are reactive. They record incidents after they happen, while customers today are looking for something much more proactive. They want to detect issues earlier, respond in real time, and ultimately prevent incidents altogether. And that's exactly what our platform is designed to do.

這股動能源自組織在安全防護思維上的根本轉變。傳統模式偏向被動反應。它們在事件發生後才進行記錄，而如今客戶尋求的是更具前瞻性的方案。他們希望更早偵測問題、即時回應，並最終全面預防事件發生。而這正是我們平台的設計初衷。

By combining AI-driven video analytics, cloud-based infrastructure, and remote guarded, we are able to identify potential threats and intervene before they escalate. We're seeing that translate directly into measurable outcomes, including a 98% real-time deterrence rate across deployments.

透過結合 AI 驅動的影像分析、雲端基礎架構與遠端警戒（remote guarded），我們能辨識潛在威脅並在其升級前介入處置。我們看到這直接轉化為可量化的成果，包括在各項部署中達到 98% 的即時嚇阻率。

And also, as a reference point, excuse me. Estimates are out that say that there are 1 billion security cameras deployed on a worldwide basis now. And those 1 billion cameras capture 1.44 trillion minutes of video each day. And a substantial portion of that 1.44 trillion minutes is not proactive. So, just think of the opportunity that's available at that scale.

另外，作為一個參考點，抱歉。目前有估計指出，全球已部署 10 億支監視攝影機。而這 10 億支攝影機每天會捕捉 1.44 兆分鐘的影像。其中相當大一部分的 1.44 兆分鐘並非用於主動式防護。因此，請想像在如此規模下所存在的機會。

So, the demand is showing up very clearly in multifamily housing, which continues to be one of our strongest verticals, where property owners are dealing with rising crime rates, increasing liability exposure, and higher insurance costs, and they're actively looking for more effective solutions.

因此，需求在多戶住宅（multifamily housing）領域表現得非常明顯；該領域持續是我們最強勢的垂直市場之一。物業業主正面臨犯罪率上升、責任風險暴露增加以及保險成本提高，並正積極尋求更有效的解決方案。

As a result, we've now secured contracts with six of the 10 largest property management companies in the US, according to the NMHC 50 rankings. What's particularly encouraging is how those relationships develop over time. Customers typically begin with a single-site deployment, and once they see the results, including measurable reductions in incidents such as car break-ins.

因此，根據 NMHC 50 排名，我們目前已與美國前十大物業管理公司中的六家簽訂合約。特別令人鼓舞的是，這些合作關係會隨時間推進而深化。客戶通常先從單一據點部署開始，一旦看到成效，包括可量化的事件降低，例如車輛破窗行竊。

Vandalism and unauthorized access, along with faster response times and lower overall security costs, they expand across additional properties. We also saw a significant increase in total contract value during the year, driven by larger multi-site deployments and deeper customer commitments as organizations move to standardized security across their portfolios.

破壞行為與未經授權的進出，同時也看到更快的反應時間與更低的整體安保成本後，他們便會擴展至更多物業。我們也看到全年總合約價值顯著增加，主要由更大型的多據點部署與更深度的客戶承諾所帶動，因為各組織正推動其資產組合的安保標準化。

In 2025, we saw multiple customers transition from initial deployments to broader portfolio rollouts, in some cases, moving from a single property to multi-site implementations within the same ownership group. That transition from single-site to portfolio-wide deployments is a key driver of our growth and supports long-term recurring revenue expansion building on that momentum in multifamily, we're also expanding into different verticals, including construction, logistics.

在 2025 年，我們看到多位客戶從初期部署轉向更廣泛的資產組合推廣；在某些情況下，甚至在同一所有權集團內，從單一物業擴展到多據點導入。從單一據點到全資產組合部署的轉換，是我們成長的關鍵驅動因素，並支持長期經常性收入的擴張。在多戶住宅的動能基礎上，我們也正擴展至其他垂直領域，包括建築、物流。

And distributed infrastructure environments where security challenges tend to be more complex. These are areas where traditional approaches often fall short and where our ability to monitor, detect, and respond in real time provides a clear advantage.

以及分散式基礎設施環境；在這些環境中，安保挑戰往往更為複雜。這些領域是傳統方法經常力有未逮之處，而我們即時監控、偵測並回應的能力，提供了明確優勢。

At the same time, we've continued to invest in expanding the capabilities of the platform itself. During the year, we introduced mobile surveillance trailers, rapid deployment security enclosures, and solar-powered monitoring systems designed for off-grid environments.

同時，我們也持續投入資源，擴充平台本身的能力。在本年度，我們推出了行動監控拖車、快速部署的安全圍護設施，以及專為離網環境設計的太陽能供電監控系統。

These solutions allow us to bring our technology into locations where traditional infrastructure may not be practical, such as construction sites or remote facilities. More broadly, we're focused on building a unified hardware agnostic platform that allows customers to integrate multiple camera systems and security devices into a single environment that can be monitored and analysed centrally, which becomes increasingly valuable as they scale. As adoption grows, we're also seeing.

這些解決方案讓我們能將技術帶到傳統基礎設施可能不切實際的地點，例如工地或偏遠設施。更廣泛而言，我們專注於打造一個統一、硬體不可知（hardware agnostic）的平台，讓客戶能將多套攝影機系統與安防設備整合到單一環境中，並可集中監控與分析；隨著客戶規模擴大，這一點將愈發有價值。隨著採用率提升，我們也看到。

Our platform scale operationally over the course of the year, our system reviewed approximately 11.2 million alerts and supported more than 112,000 live verbal interventions, which gives you a sense of both the volume we're managing and the level of real-time engagement across customer deployments.

在本年度期間，我們的平台在營運規模上持續擴張；我們的系統約審查了 1,120 萬則警示，並支援超過 112,000 次即時語音介入，這讓各位能感受到我們所管理的量體，以及在客戶部署現場的即時互動程度。

And at the same time, our AI detection accuracy has reached approximately 96%, helping us minimize false alerts and focus on meaningful events. As a result, less than 1% of incidents require escalation to emergency services, meaning the vast majority of situations are resolved proactively before they become more serious issues. All of this is reflected in how customers are responding.

同時，我們的 AI 偵測準確率已達約 96%，協助我們將誤報降到最低，並聚焦於真正重要的事件。因此，只有不到 1% 的事件需要升級通報至緊急服務，代表絕大多數情況都能在變成更嚴重問題之前就主動解決。這些成果也反映在客戶的回饋上。

We are seeing very strong satisfaction and retention metrics, including a 100% customer satisfaction score, a net promoter score of 100 plus, and approximately 99% customer retention. These metrics reflect not just adopting, but long-term value as customers continue to see improvements in safety, operational efficiency, and cost management.

我們看到非常強勁的滿意度與留存指標，包括 100% 的客戶滿意度分數、100 以上的淨推薦值（NPS），以及約 99% 的客戶留存率。這些指標不僅反映採用情況，更反映長期價值，因為客戶持續看到在安全性、營運效率與成本管理方面的改善。

That performance has also been recognized externally through multiple industry awards, reinforcing our positioning as a leader in AI-driven security. So when we step back and look at 2025 as a whole, what stands out is that the model is working. We are seeing strong demand, continued expansion within existing customers, entry into new verticals and clear validation from both customers and the broader industry.

這樣的表現也透過多項產業獎項獲得外部肯定，進一步鞏固我們在 AI 驅動安防領域的領導地位。因此，當我們回頭看整個 2025 年，最突出的重點是：這個模式正在奏效。我們看到強勁需求、既有客戶內的持續擴張、進入新的垂直領域，以及來自客戶與更廣泛產業的明確驗證。

At the same time, we believe we're still in the early stages of a much larger shift towards AI-driven security, and as organizations continue moving towards more proactive solutions, we continue to see a significant opportunity ahead. As we move into 2026, our focus remains on. On scaling the platform, expanding enterprise adoption, and continuing to build on the momentum we have established.

同時，我們也認為，我們仍處於邁向 AI 驅動安防這場更大轉變的早期階段；隨著各組織持續轉向更主動式的解決方案，我們仍看到前方有顯著的機會。展望 2026 年，我們的重點仍然在於。擴大平台規模、提升企業級採用，並持續延續我們已建立的成長動能。

And with that, I'll turn it over to Greg to walk through the financials in more detail. Greg.

接下來，我把時間交給 Greg，請他更詳細地說明財務狀況。Greg。

Thanks, James. Good afternoon, everyone. As James mentioned, revenue for the full year 2025 was $5.1 million, representing a 271% growth compared to 2024. This was driven by expansion across all areas of the business, as adoption of our AI-powered video surveillance and remote guarding platform accelerated. We saw strong performance across each of our revenue streams, with cloud video surveillance revenue increasing 137%, remote guarding was up 150%.

謝謝，James。各位下午好。如 James 所提到，2025 全年營收為 510 萬美元，較 2024 年成長 271%。這主要來自業務各面向的擴張，因為我們的 AI 驅動影像監控與遠端警衛平台的採用加速。我們在各項營收來源上都表現強勁：雲端影像監控營收成長 137%，遠端警衛成長 150%。

Hardware revenue up 329%, and other revenue, including installation and additional subscription-based services, increasing 410%. This growth was supported by continued expansion in customer commitments and larger contract sizes, reflecting increased adoption of the platform across customer portfolios.

硬體營收成長 329%，其他營收（包含安裝與額外的訂閱制服務）成長 410%。這項成長也受到客戶承諾持續擴大與合約規模提升的支持，反映平台在客戶資產組合中的採用程度提高。

The cost of goods sold for the year was $3.6 million compared to $1 million in 2024, reflecting higher hosting costs, increased hardware sales, increased installation activity, and the operational support required to scale the platform alongside this growth.

本年度銷貨成本為 360 萬美元，較 2024 年的 100 萬美元增加，反映更高的託管成本、硬體銷售增加、安裝活動增加，以及為配合成長擴大平台所需的營運支援。

From a profitability standpoint, gross profit increased to $1.5 million, up approximately 304% year-over-year, which highlights the scalability of the model as revenue continues to grow and contributions from our various products and service offerings expand.

從獲利角度來看，毛利提升至 150 萬美元，年增約 304%，凸顯在營收持續成長、且我們各項產品與服務貢獻擴大之下，該模式具備可擴展性。

At the same time, we continue to invest in the business to support that growth. Operating expenses for the year totalled $9.7 million compared to $6.6 million in 2024, reflecting increased investments in product development, sales and marketing, and corporate infrastructure as we continue expanding and scaling the platform.

同時，我們也持續投資於業務以支撐成長。本年度營業費用合計 970 萬美元，較 2024 年的 660 萬美元增加，反映我們在產品開發、銷售與行銷，以及公司基礎建設方面加大投入，以持續擴張並擴大平台規模。

General and administrative expenses were $2.4 million compared to $1.2 million in the prior year, driven primarily by higher payroll and consulting expenses as we scaled the organization as a public company. Net loss for the year was $8.5 million or $0.48 per share, compared to a net loss of $6.5 million or $0.45 per share in 2024. These results reflect the company's continued expansion of the platform and investments to support long-term growth and scalability.

一般及行政費用為 240 萬美元，較前一年的 120 萬美元增加，主要由於在我們作為上市公司擴編組織的過程中，薪資與顧問費用提高。本年度淨損為 850 萬美元或每股 0.48 美元，相較之下 2024 年淨損為 650 萬美元或每股 0.45 美元。這些結果反映公司持續擴展平台，並投入資源以支持長期成長與可擴展性。

EBITDA was negative $5.5 million in 2025 compared to negative $4.4 million in 2024, with the change primarily driven by higher stock-based compensation and non-cash interest expense. From a balance sheet perspective, we ended the year with approximately $8.5 million in cash and $8.6 million in working capital supported by a debt-free balance sheet. We believe this positions us with strong financial foundation to continue investing in growth initiatives while maintaining flexibility as we scale the business.

2025 年 EBITDA 為負 550 萬美元，較 2024 年的負 440 萬美元惡化，變動主要由較高的股份基礎給付與非現金利息費用所致。從資產負債表角度來看，我們年底約有 850 萬美元現金與 860 萬美元營運資金，且資產負債表無負債。我們認為，這使我們具備穩健的財務基礎，能在維持彈性的同時持續投資成長計畫，並隨著業務擴張而前進。

Overall, we're encouraged by the combination of strong revenue growth, expanding gross profit, and continued progress in building a more efficient and scalable business model.

整體而言，我們對強勁的營收成長、毛利擴大，以及在打造更高效率且更具可擴展性的商業模式方面持續取得進展的組合感到鼓舞。

That concludes our financial review. Operator, please open the line for questions.

以上為我們的財務回顧。接線員，請開放提問。

(Operator instructions)

(接線員指示)

Jack Vander Art, Maxim Group.

Jack Vander Art，Maxim Group。

Great. Good afternoon, James, Greg. I appreciate the solid update. Thanks for taking my questions.

很好。下午好，James、Greg。我很感謝這次扎實的更新。謝謝你們回答我的問題。

Of course. How are you, Jack?

當然。Jack，你最近如何？

I'm doing well, guys. So, James, maybe I'll start with, clearly the property management vertical that you guys are targeting is rapidly expanding. You have active relationships with six of the largest property managers in the US. Can you maybe just, I guess, touch on your overall install base and just the number of your active locations today? Just how is that ramped, I guess, in the last year, it sounds like quite aggressively.

我很好，各位。James，那我先從這裡開始：很明顯你們鎖定的物業管理垂直領域正在快速擴張。你們與美國最大的六家物業管理公司都有積極合作關係。你能否談談你們整體的安裝基礎（install base），以及目前活躍據點的數量？過去一年這個數字大概是如何爬升的？聽起來相當積極。

And then just based on your discussions recently looking forward, like, how do we, how does this play out? Are we going to see these kind of growth rates and expansion going forward? Just circling around this number of active locations if you could.

另外，根據你們近期的討論、往前看，這會如何發展？我們是否會在未來看到這類成長率與擴張？如果可以的話，請再回到活躍據點數量這個問題。

Yeah, let's, sure. Good question. So we have over. I think the number is, and Greg can correct me if I'm wrong, 150 active locations right now. And if you think about it, just the six of the top 10 that we work with have something like over 1.2 million units under management. That's not properties, that's units. But still, these are just really big, really strong numbers.

好的，當然可以。好問題。所以我們目前有超過。我想數字是——如果我說錯 Greg 可以糾正——目前大約有 150 個活躍據點。而且如果你想一下，我們合作的前十大中的其中六家，管理的單位數加總大概超過 120 萬戶。那不是物業數，是單位數。但即便如此，這些都是非常大、非常強勁的數字。

And I think what we are seeing right now, as we mentioned in our comments. Is that, in the past couple of years, we would get into a particular property and then hope to pick off another one from that same management group and then another one. But what we're starting to see, like in the Denver area, we put a press release out in this, people are now going and saying, Hey, we want you to take over.

而我認為我們現在所看到的，正如我們在評論中提到的。是，在過去幾年裡，我們會先進入某一個特定物業，然後希望能從同一個管理團隊再拿下一個，接著再拿下一個。但我們開始看到的是，例如在丹佛地區，我們就此發了一則新聞稿，現在人們會主動來說，嘿，我們希望你們接手。

Our entire complex of five buildings right from the start. So we're just seeing a number of shifts like that. And we consider or we believe that multifamily will continue to be an important vertical for us in 2026 and beyond. But we're also really enthused about some of the work that we're doing and some of the pilots that are going on and some of the additional verticals as well. So there's a lot to look forward to.

從一開始就接手我們整個由五棟建築組成的園區。所以我們確實看到像這樣的一些轉變。而我們認為或我們相信，多戶住宅在2026年及之後仍將是我們重要的垂直領域。但我們也對目前正在進行的一些工作、一些試點，以及一些額外的垂直領域感到非常振奮。所以有很多值得期待的。

Excellent. No, it sounds like it. I'm just trying to get a grasp of the overall opportunity relative to where you are today. Just it sounds like there's plenty of blue sky and undraped. Great way to put it.

太好了。不，聽起來確實如此。我只是想掌握一下，相對於你們目前所處的位置，整體機會到底有多大。聽起來似乎還有很大的上行空間，而且尚未被充分開發。這個說法很貼切。

Great way to put it.

這個說法很貼切。

And then can you maybe just, part of the other side of the equation then is also, with all this blue sky and room to rum. The other side of it is, what's your existing capacity and bandwidth to actually, how fast and quickly can you actually activate these properties and deploy these properties? I think in the past, you guys were able to support maybe 20 new locations per month. Is that still the case? Where's that side of the equation today?

那麼也許你可以再談談，方程式的另一面是，在有這麼多上行空間與成長餘地的情況下。另一面是，你們現有的產能與人力帶寬如何？也就是說，你們實際上能以多快的速度啟動這些物業並完成部署？我記得過去你們大概每月能支援約20個新據點。現在仍然是這樣嗎？目前這一端的情況如何？

Sure. I think there's two pieces to that answer, right? There's the physical installation piece, which is what you're referring to, and then there's the back-end systems. So from a back-end system standpoint, we're very confident of our capacity and ability to deal with.

當然。我想這個答案有兩個部分，對吧？一個是實體安裝的部分，也就是你所指的；另一個是後端系統。所以從後端系統的角度來看，我們對自身的產能與處理能力非常有信心，能夠應對。

The growth that we have projected for 2026 and beyond, and just as a reference point, we are now processing approximately 9 million videos a day, okay? So that's on the back-end piece. As far as installations go, we are expanding our pre-sales capabilities that supports installations. We are expanding our network of third-party installation partners to help us with getting these projects implemented and up and running.

我們對2026年及之後所預期的成長；作為參考，我們目前每天大約處理900萬段影片，好嗎？這是後端的部分。至於安裝方面，我們正在擴充支援安裝的售前能力。我們也在擴大第三方安裝合作夥伴網路，協助我們把這些專案落地並上線運作。

And I think the easiest way to put it would be, yes, in the past, we would deal with something like 20 deployments a month. I would say that you could anticipate that we will see that increase by 50% or so as we start to get into the second-half of 2026.

我想最簡單的說法是：是的，過去我們大概每月處理約20個部署。我會說，當我們進入2026年下半年時，你可以預期這個數字會增加約50%左右。

Excellent. Okay, great. I appreciate that. And then maybe a question for Greg on some of the nuts and bolts of the numbers here. Greg, if I'm trying to get a sense of the annual recurring revenue run rate, or the ARR, just based on the fourth-quarter results here, it looks like things have been picking up on that and quite rapidly as well. So if I were to add the cloud video surveillance and the remote guarding revenue streams, that's more than $500,000 in the fourth-quarter alone.

很好。好的，太棒了。謝謝你的說明。接著也許有個問題想請教Greg，關於這裡一些數字的細節。Greg，如果我想從第四季的結果來推估年化經常性收入的運行率，也就是ARR，看起來這方面的動能正在加速，而且相當快。所以如果我把雲端影像監控與遠端警衛這兩條營收流加總，光第四季就超過50萬美元。

So it seems like this implies that ARR is now well above $2 million. Is that a fair way to assess that? And just what is the general trends with ARR going forward?

所以看起來這意味著ARR現在已經遠高於200萬美元。這樣評估合理嗎？另外，ARR未來的整體趨勢如何？

Yeah, Jack, great question. 100%, that is spot-on analysis. Our current ARR or year-ending ARR was over $2 million, so we had kind of $2 million in the bank just to start off. And just like with any other SaaS company, right, that is a relentless driving force, really pushing the company forward.

是的，Jack，問得很好。百分之百，你的分析非常到位。我們目前的ARR，或年末ARR，超過200萬美元，所以我們一開始就等於有大約200萬美元在手作為基礎。而且就像任何其他SaaS公司一樣，對吧，這是一股持續不斷的驅動力，真正推動公司向前。

And we see that continuing. We are quite bullish on where the company is going. We expect and we've got very strong growth targets for this year. We're not putting out specific guidance, but we'll just say we've got some pretty strong growth, internal growth targets that.

我們也看到這種趨勢會持續。我們對公司未來走向相當樂觀。我們預期今年會有、而且我們也設定了非常強勁的成長目標。我們不提供具體指引，但我們只能說，我們內部有一些相當強的成長目標。

Just like you saw where, recurring revenue at the end of 2024 was substantially smaller, under a million dollars kind of coming into 2025, or over $2 million coming into 2026. I think that kind of progression is what you would typically see out of any SaaS company, and we are certainly shooting and driving for that.

就像你看到的那樣，2024年底的經常性收入明顯更小，進入2025年時不到100萬美元；而進入2026年時則超過200萬美元。我認為這種進展是你通常會在任何SaaS公司看到的，而我們也確實朝這個方向努力並推動。

Towards that I do -- before we go to your next question, I just want to -- I misspoke earlier when I was giving our financial reports, and I had said a loss of $0.48 a share for the year. I meant to say $0.55, just glanced at the wrong number. My apologies for that. Everything else was correct on that, but I just wanted to make sure I got that correction in before we moved on.

在談到這點之前——在進入你下一個問題前，我想先補充一下——我先前在做財務報告時口誤了，我說全年每股虧損0.48美元。我本來要說的是0.55美元，只是看錯了數字。對此我很抱歉。其他部分都正確，但我想在我們繼續之前先把這個更正說清楚。

Got it. No worries there. No worries there at all. And so I guess it sounds like though that the ARR trend though is definitely ramping up quite aggressively. And this is higher margin. This is high margin. Software revenues as well. And can you maybe just touch on -- the two are kind of interconnected, that cloud surveillance service, the base core offering, and then remote guarding. Can you just touch on the attach rates and just the overall ASP, I guess, of that offering?

了解。沒問題。完全沒問題。所以我想聽起來ARR的趨勢確實正在非常積極地加速上升。而且這是較高毛利。這是高毛利。也屬於軟體收入。那你能否談談——這兩者其實有點相互連結，也就是雲端監控服務這個核心基礎產品，以及遠端警衛。你能否談談綁定率（attach rates）以及我想這個方案的整體ASP（平均售價）？

If you're selling both together combined at more properties, I'm assuming that lifts the ASP as well. Can you maybe just touch on the trends of attach rates and ASPs?

如果你們把兩者一起打包、在更多物業上銷售，我假設也會拉升ASP。你能否談談綁定率與ASP的趨勢？

Sure. So, when we -- right now, our sort of ASP for surveillance is about $35 per camera per month. And for remote guarding, it's about $79 per camera per month depending on the size and the length of a contract that someone wants to sign and a variety of things, there might be some discounts offered off of that.

當然。所以，目前我們監控服務的ASP大約是每支攝影機每月35美元。而遠端警衛大約是每支攝影機每月79美元，會依客戶想簽的合約規模與期限，以及各種因素而有所不同，可能也會提供一些折扣。

But that's sort of the starting point. And the remote guarding, one of the great things about the remote guarding is that the core surveillance product has the bulk of the features. It's got all the AI. Right? We process that. It's got alerts, because customers can get their own alerts in addition to going to our guards.

但那算是起始價位。而遠端警衛的一個優點是，核心監控產品已經包含大部分功能。它具備所有AI。對吧？我們會處理這些。它也有警示功能，因為客戶除了可以把警示送到我們的警衛之外，也可以收到自己的警示。

It's got all the storage. It's got the review capability. It's an incredibly robust platform. And the remote guarding really just seamlessly layers on top of that. And so the only incremental cost for us. For the most part, is the addition of the humans in the loop, which we feel is an incredibly important component.

它包含所有的儲存。它具備回看/審閱能力。這是一個非常強大的平台。而遠端警衛基本上就是無縫地疊加在其上。因此對我們而言，唯一的增量成本。在大多數情況下，就是增加「人員在迴路中」（humans in the loop），而我們認為這是極其重要的一個組成部分。

Especially if you are going to have to call emergency services, you want to make sure that someone has eyes on what the issue is, can direct the issues, and motivate people to get there, like, I'm seeing this happening right now. It's much more important than, oh, an alarm went off, and we think something might be going wrong.

特別是如果你必須致電緊急服務，你會希望確保有人能即時掌握問題狀況、能夠指揮處置並動員人員趕到現場，例如：我現在就看到這件事正在發生。這比起「喔，警報響了，我們覺得可能哪裡出問題了」要重要得多。

So we think humans in the loop are incredibly powerful. But that really layers on top, so that's a very nice addition. And as customers see the performance, they initially don't start with all of their cameras guarded, but as they see the performance and they see the value and they see the prevention of problems, they come back and say what, we'd like to add a couple more cameras, we'd like to increase the value that we're seeing there.

所以我們認為「人員在迴路中」（human in the loop）非常有力量。但那其實是在既有基礎上再疊加，因此是很好的加值。而且當客戶看到成效時，他們一開始不會把所有攝影機都納入守護，但隨著他們看到表現、看到價值、看到問題被預防，他們會回來說：我們想再加幾支攝影機，我們想把我們在那裡看到的價值再提高一些。

So it's great, and while it's very good margin, and we do anticipate margins to continue to expand, we still expect and want all that other revenue because that's saying we're getting new customers, and we continue to expand, and we continue to grow. And so I don't see any of that slowing down in the foreseeable future, which is a good thing for the company.

所以這很棒；雖然這部分毛利率很高，而且我們也預期毛利率會持續擴張，但我們仍然期待並希望有其他所有那些營收，因為那代表我們正在獲得新客戶、持續擴張、持續成長。因此我不認為在可預見的未來這些會放緩，這對公司而言是好事。

It sounds like it. I appreciate the color there. Maybe just one more question, then I'll hop back in the queue for James. James, just based on all the discussions you've had recently and just the tone of discussions, what sort of -- what are some of these new verticals maybe that you're getting excited about, most excited about?

聽起來確實如此。感謝你提供這些補充說明。也許再問最後一個問題，然後我就回到隊列，讓 James 發問。James，根據你最近所有的討論以及討論的氛圍，你覺得有哪些新的垂直領域——你可能最感到興奮、最看好的？

And also, what's the level of urgency and just kind of awareness now from your end customers, regardless of vertical, just do they know what you guys bring to the table now? Are you feeling like they're coming to your door? Just what are some of the things you're getting excited about outside the multifamily property space? And then also just the tone of your overall discussions and the level of urgency and awareness.

另外，從你們終端客戶的角度來看，不論是哪個垂直領域，他們現在的急迫性與認知程度如何？他們現在知道你們能帶來什麼了嗎？你是否感覺他們開始主動找上門？在多戶住宅（multifamily）物業之外，你們還有哪些讓你們感到興奮的方向？以及你們整體討論的氛圍、急迫性與認知程度。

Yeah. Another good question. No clunker so far, Jack. Here's what we would say. Here's what we would say. There's a couple verticals, all the verticals that we mentioned, right, remote infrastructure, construction, that kind of stuff, we're really excited about. But there's two that I think we have made additional progress in. So far in 2026 that we think holds just really large potential for us. One is, let's just call it transportation and logistics. That's one. And the other one is commercial properties.

是的。又是一個好問題。到目前為止沒有爛問題，Jack。我們會這麼說。我們會這麼說。有幾個垂直領域——我們提到的那些領域，例如遠端基礎設施、營建等——我們都非常興奮。但我認為有兩個領域我們取得了更多進展。截至 2026 年目前為止，我們認為它們對我們具有非常大的潛力。第一個，我們就稱之為運輸與物流。這是一個。另一個是商用不動產。

And, is it people are coming to us? I would say. It's kind of 50/50 right now because of the success we've had in the past in demonstrating what our solutions can do, what they offer, it's becoming easier for us to get people to understand how we can support them in their particular vertical. So, for instance, I'll give you a couple generic thoughts.

至於是不是人們主動找上我們？我會說，目前大概各半（50/50），因為我們過去成功展示了我們的解決方案能做什麼、能提供什麼，讓我們更容易讓人理解我們如何在他們各自的垂直領域中提供支援。例如，我給你幾個比較概括的想法。

One would be in transportation and logistics, think a couple of things. Think secure truck yards, right? Cargo theft is just; it's out of control. So, someone driving a big rig now has to worry not just about, being on the road and following those kinds of rules and regulations, but if they go somewhere to, nap or rest or whatever, they have to worry about someone breaking into their, into the trailer, right? Thieves don't generally know what's in there, but they know it's valuable.

一個是在運輸與物流方面，想幾件事。想想安全的卡車停車場，對吧？貨物竊盜簡直失控。所以現在開大貨車的人不只要擔心在路上行駛、遵守各種規章制度，還要擔心他們去某個地方小睡或休息之類時，有人闖入他們的拖車，對吧？竊賊通常不知道裡面是什麼，但他們知道那一定很值錢。

And we are finding now that, with certain customers that have secure parking facilities, our solution is a perfect answer to provide safety and security for those folks. Another is, think of any. Larger package delivery company, right? Just, companies that are delivering millions and millions of packages a day. We think there's a lot of opportunity there as well from a standpoint of again external threats, but also just keeping the internal employees honest as well, if you will, right?

我們現在發現，對於某些擁有安全停車設施的客戶而言，我們的解決方案是提供這些人安全與保全的完美答案。另一個是，想想任何大型包裹配送公司，對吧？就是那些每天配送數以百萬計包裹的公司。我們也認為那裡有很多機會，從再次面對外部威脅的角度，但也包括在某種程度上確保內部員工誠實守規，如果你願意這麼說的話，對吧？

So there's all sorts of interesting opportunities there. Commercial properties, not think malls, shopping malls, not necessarily protecting the interior of the facility, but the exterior to keep things safe at night from people having or trying to get egress into the building. But maybe as importantly, the human factor, think about employees.

所以那裡有各式各樣有趣的機會。商用不動產方面，不是指商場、購物中心那種，不一定是保護設施內部，而是保護外部，讓夜間保持安全，防止有人進入或試圖闖入建築物。但也許同樣重要的是人為因素，想想員工。

That are locking up the storefronts, going to their cars where it's dark out, we have solutions like with mobile trailers and other things where we can provide a protected environment for those people so they feel safe when they're going back to their cars at the end of the day.

他們在打烊後鎖店面，天色已暗時走去停車場，我們有像是行動拖車等解決方案，以及其他方式，可以為這些人提供受保護的環境，讓他們在一天結束走回車上時感到安全。

There's a couple of the verticals we're very excited about, in addition to multifamily, which continues to be a centrepiece for us as well.

以上是我們非常興奮的幾個垂直領域，此外，多戶住宅仍然是我們的核心重點之一。

Excellent. Well, hey, I appreciate the time, gentlemen, and wish you best of luck and continued growth momentum. Wish you best, and I'll hop back in the queue until next time.

太好了。那個，感謝你們撥冗，先生們，祝你們好運並持續保持成長動能。祝一切順利，我先回到隊列，下次再聊。

All right. Sounds great, Jack. Thanks so much. Thanks.

好的。聽起來很棒，Jack。非常感謝。謝謝。

[James Kistner, Water Tower Research]

[James Kistner, Water Tower Research]

Hi, guys. Congrats on a nice year, so thanks for taking my questions. So just first on, yeah, I guess you guys have done so much innovation in the last year. I know these things are all kind of new, but maybe it's kind of ties to your answer on vertical. So I'm just kind of curious, are there any of these new offerings that are kind of getting more traction than others or perhaps driving more sales or maybe just have more interest amongst the four or five different kind of new things?

嗨，各位。恭喜你們交出很不錯的一年，謝謝你們回答我的問題。首先，嗯，我想你們在過去一年做了很多創新。我知道這些東西都算是新的，但也許和你剛才對垂直領域的回答有關。所以我有點好奇：在這些新產品/新方案中，有沒有哪一些比其他的更有動能、或帶動更多銷售、或在四、五個不同的新項目之中引起更多興趣？

That are percolating. Yeah, James, I think both the, we're very optimistic and we're seeing some initial traction with both the powered enclosure and the solar-powered enclosure. That's, it's more useful in remote locations where there's essentially no infrastructure, right, as construction goes on.

正在醞釀中的那些。是的，James，我認為我們對「供電式機箱」（powered enclosure）以及「太陽能供電機箱」（solar-powered enclosure）都非常樂觀，而且也看到一些初步的採用動能。這在偏遠地點更有用，因為那裡基本上沒有任何基礎設施，對吧，尤其是在施工進行期間。

And what's an enclosure? Well, it's basically taking the brains of our fixed systems that we would put into a commercial property or a multi-family property and just incorporating and encapsulating it into a smaller form factor that can be mounted, on a pole, on a building, those sorts of things. So it makes it easier to deploy our solution. And we're seeing some very good early successes with that. And I think we'll also continue to see some.

那什麼是機箱（enclosure）？基本上就是把我們固定式系統的「大腦」——我們原本會部署在商用不動產或多戶住宅物業中的那套核心——整合並封裝到一個更小的外形尺寸裡，可以安裝在電桿上、建築物上等。所以它讓我們的解決方案更容易部署。而我們在這方面看到非常好的早期成果。我也認為我們會持續看到一些。

Some good growth in the mobile security trailer offerings, particularly as we mentioned a little bit with helping to protect commercial properties, construction sites, those sorts of things.

行動保全拖車（mobile security trailer）產品也會有不錯的成長，特別是如我們稍早提到的，用於協助保護商用不動產、工地等這類場景。

This is James. Can you hear me?

我是 James。你聽得到我嗎？

Yeah, I can hear you.

對，我聽得到你。

Yeah, so as soon as I finished my question, the phone hung up. So whatever you just said, I'm sure it was great.

對，所以我一問完問題，電話就斷線了。所以你剛剛說的內容，不管是什麼，我相信一定很精彩。

Oh my God. It was spectacular. Yeah, it was spectacular.

我的天啊。那真是太精彩了。對，真的太精彩了。

I assume that it wasn't Greg just slamming the phone down on me. That's never happened to me before. So we'll blame my phone. So anyway, I will go back to the transcript to the full answer. I think I caught the end of that. So just to maybe just talk about, too, with all the momentum, I think I'm modelling Q1 down. I don't think you're guiding by quarter, but maybe you're going to talk about seasonality and whether or not we should Q1 should be kind of a light quarter or if it makes sense to keep doing that or just in general. If there's any cases now that it isn't through the year.

我想應該不是 Greg 把電話直接掛我吧。這種事以前從沒發生在我身上。所以就怪我的手機吧。總之，我會回去看逐字稿把完整回答補上。我想我有聽到最後一段。所以也許再談一下：在這麼強的動能之下，我目前模型裡把 Q1 往下調。我知道你們不會按季度給指引，但也許你們可以談談季節性，以及 Q1 是否應該算是相對偏淡的一季，或是否仍然合理維持這樣的假設，或更一般地說，現在是否有任何情況會讓它不再呈現全年這種型態。

Yeah. Greg, I could answer that, but you want to answer that one?

對。Greg，我可以回答，但你想回答這題嗎？

Yeah, sure. Well, I think it's an excellent point. If you look historically, Q1 is always the smallest quarter of the year for us. We really build momentum towards the end. If you look at last year, Q4, we had a spectacular Q4.

好，當然。我覺得這點提得很好。如果看歷史數據，Q1 一直都是我們全年最小的一季。我們通常會在年末逐步累積動能。如果看去年，Q4 我們表現非常亮眼。

But oftentimes, Q3 is our largest quarter. But certainly, the second-half of the year has always historically been stronger for us than the first half. And new budgets, people are trying to figure out their plans for the year. So, yeah, there is a little bit of seasonality and ramp-up over the year, absolutely.

但很多時候，Q3 會是我們最大的一季。不過可以確定的是，歷史上我們下半年一直比上半年強。因為新年度預算下來後，大家會先釐清一整年的規劃。所以，是的，確實存在一些季節性，並且會在一年當中逐步爬坡，絕對如此。

Yeah, and I think, James, I think just maybe just to put a little bit more of a point on that, I think what we find is that in Q4, a number of customers are, it's the end of their fiscal year. They're trying to get, decisions completed and contracts executed before the end of the year. So there's that Q4 momentum seems to take away as well a little bit from Q1. So, but yeah, but again, we're very optimistic about 2026 in general.

對，而且 James，我想再把這點講得更明確一些：在 Q4，有不少客戶正好是他們的會計年度末。他們會想在年底前把決策完成、把合約簽妥。所以 Q4 的動能也會在某種程度上「挪走」一點原本可能落在 Q1 的量。不過是的，總之，我們對 2026 年整體仍然非常樂觀。

Okay, that's helpful. What about, so I'm going to kind of drill into Q4 a little bit and I don't embarrass myself because I have to do some math but is installation revenue up quite a bit in Q4?

好，這很有幫助。那我想再深入問一下 Q4，我得算點數學希望別出糗：Q4 的安裝收入是不是大幅增加？

And if that's the case, I don't know if that's a leading indicator of additional revenue down the road or. You can comment at all on kind of like if the quarter was kind of how you thought it might end up in terms of mix and how that might progress kind of going forward?

如果是的話，我不確定這是否代表未來還會帶來更多收入的領先指標，或是……你們能否評論一下：就收入組合而言，這一季的結果是否大致符合你們原先的預期，以及往後可能會如何演變？

Again, right.

對，沒錯。

Yeah, I'll start with that. Insulation revenue was up pretty significantly, which is, as I had referenced earlier in the call, that's what we want, right? That means new customers. New sites getting installed, more growth, which will end up driving more recurring revenue. Obviously, we recognize revenue as we provide the service, so while someone may sign up for a year contract, that revenue doesn't get.

好，我先回答。安裝收入確實顯著成長；正如我先前在電話會議中提到的，這正是我們想看到的，對吧？這代表有新客戶。有新據點完成安裝、帶來更多成長，最終會推動更多經常性收入。當然，我們是在提供服務時才認列收入，所以即使有人簽了一年期合約，那筆收入也不會立刻被認列。

Recognized right away. It gets recognized over the 12 months that it's provided. So with a big installation, yeah, that's going to -- we get the installation revenue in Q4, and then that adds to this relentless nature of the recurring revenue that just keeps building and building and driving momentum and driving profitability as we continue to build the business.

不會馬上認列。而是會在提供服務的 12 個月期間內逐月認列。所以如果安裝量很大，是的——我們在 Q4 會認列安裝收入，接著它會為這種「持續不斷」的經常性收入增添動能，讓它不斷累積、持續推升動能與獲利能力，因為我們持續擴大業務規模。

I think it's kind of like a quarter or so of kind of lag between installation revenue and, say, cloud services or other revenue.

我覺得安裝收入到雲端服務或其他收入之間，大概會有一季左右的落後期。

No, I wouldn't say it's quite a full quarter, cause once the install's done, right, the recurring revenue starts, we start generating that revenue. But as with anything, right, while we had some pretty good-sized contracts, it's also for service over the years. That revenue continues to slowly build month by month by month on for it. But yeah, as soon as that installation is done, we start providing the service. There's not a lag in that continued increase.

不，我不會說有整整一季那麼久，因為安裝一完成，對吧，經常性收入就開始了，我們就開始產生那部分收入。但就像任何事情一樣，雖然我們有一些規模不小的合約，但它們也是跨年度提供服務。那部分收入會一個月一個月慢慢累積。不過是的，只要安裝完成，我們就開始提供服務。在持續增加這件事上並不存在落後期。

And the cost kind of disappears to you and the cost is kind of one-time in nature too, as it kind of hits those insulation cogs.

那成本對你們來說也會消失掉，而成本本質上也算一次性，因為它會反映在那些安裝的銷貨成本裡。

Right. Yes. That's a one-time cost.

對。是的。那是一次性成本。

Yeah, they hit, the cogs hit in the period that we recognize the revenue.

對，它會在我們認列收入的期間反映在銷貨成本（COGS）裡。

Perfect. So just sort of in the sort of opposite direction on cost, it seems like, at least if I backed into it, right, sales and marketing looks like it might have been down sequentially.

完美。那在成本的另一個方向上，看起來——至少如果我倒推的話——銷售與行銷費用似乎是較前一季下降。

Just wondering kind of your, if that's right and if, how can I think about your investments in sales and marketing, given how you, what a high growth company you are, kind of expecting to continue to go up generally, but any kind of, sort of, idiosyncrasies in Q4 on that front, perhaps it's a quieter quarter, sales guys going home for vacation during Christmas or what have you, less conferences, what are your thoughts?

想請教我這樣看是否正確；以及考量你們是一家高成長公司，我原本預期你們在銷售與行銷上的投資通常會持續增加，但 Q4 在這方面是否有任何特殊因素？例如 Q4 比較安靜、業務在聖誕節回家休假之類，或是會議比較少——你們怎麼看？

Certainly less conferences and those can be right with a lot of travel and everything. Else that can drive it. But, yeah, I didn't really think of it as, significantly down. But, yes, there are some -- there's just not a lot of -- we're focused on closing those deals and driving towards the end of the year. So, yes, I think the conference of travel is where you see it most.

確實會議比較少，而會議往往伴隨大量差旅等，這些都可能推升費用。不過，是的，我不覺得它是「顯著」下降。但確實有一些——年底我們更專注在把交易關掉、衝刺到年末。所以是的，我想你看到的主要差異是在會議與差旅上。

And James, I would also -- well, hold on, James. I would also add, though, right, if you -- as we look at 2026 and beyond, but specifically 2026, I think you will see that we are making additional investments in sales and marketing. Specifically, sales from a -- let's just call it a sales infrastructure standpoint, we continue to beef up and add to our sales reps.

另外 James，我也想——先等一下，James。我也想補充：如果你看我們對 2026 年及之後的規劃，尤其是 2026 年，我想你會看到我們在銷售與行銷上會加大投資。特別是在銷售端，從——就稱作銷售基礎建設的角度——我們會持續強化並增加銷售代表人數。

And we're finding, we now have an ability to land very experienced people with, knowledge of the AI security space, which is incredibly helpful. And as you would expect, as we continue to grow in 2026, we'll continue to invest in sales and marketing.

而且我們發現，我們現在有能力招募到非常資深、且熟悉 AI 資安領域的人才，這非常有幫助。也如你所預期，隨著我們在 2026 年持續成長，我們也會持續投資於銷售與行銷。

And lastly for me, just kind of being a little modelling clunker, just in terms of how you think about cash from operations, I think you've talked about kind of that gradually improving, like less burn over time, like any updated thoughts on that actually came in a little better on cash usage this quarter than I expected.

最後一題，我這邊比較偏模型上的笨問題：關於營運活動現金流，你們之前提到會逐步改善、也就是現金消耗會隨時間降低；對這點有沒有更新的看法？因為這一季的現金使用其實比我預期好一些。

Can you say that a question again? I wasn't quite sure what you were asking.

你能再把問題說一次嗎？我不太確定你在問什麼。

How are you thinking about cash usage kind of through the year? I think you previously said that you thought you kind of like use a little less on a quarterly basis, maybe not monotonically or consistently but directionally that your cash flow would be reduced. I'm just kind of curious how you're thinking about that.

你們如何看待全年現金使用的情況？我記得你之前提到，你認為按季度來看現金使用會稍微少一些，可能不是單調或一致地下降，但方向上現金流出會減少。我只是想了解你們是怎麼思考這件事的。

We continue to grow the business, right? As we grow, there will be additional cash use for CapEx, although we are a very CapEx-like model, but we will have periods where we continue to beef up our core servers and core infrastructure.

我們會持續成長業務，對吧？隨著我們成長，資本支出（CapEx）的現金使用會增加，雖然我們是一個非常偏輕資本支出的模式，但我們也會有一些期間持續強化核心伺服器與核心基礎設施。

And while our overall expenses. Will continue to decrease, because we are, as James said, investing heavily in sales and marketing, growing the team, expanding the business revenues are also coming in. So we anticipate cash burn to continue to decrease over the year.

同時，我們的整體費用會持續下降，因為如 James 所說，我們正在大力投資於銷售與行銷、擴編團隊、擴大業務，而收入也在持續進來。因此，我們預期今年的現金消耗（cash burn）會持續下降。

We feel we're in a good -- we ended the year with a very strong cash position. Certainly, we feel, cash for more than a year. How much more will depend on how fast we achieve our growth and continue to drive our profitability, but we feel very good about our cash position and our ability to keep costs under control. And really, we're spending focused on hitting that growth and servicing our customers.

我們覺得我們處於一個很好的狀態——我們在年底時擁有非常強勁的現金部位。當然，我們認為現金足以支撐超過一年。能支撐多久取決於我們達成成長的速度以及持續推動獲利能力的進展，但我們對現金部位與控管成本的能力非常有信心。而且實際上，我們的支出聚焦在達成成長目標並服務客戶。

But cash will continue to be invested in the business. But overall cash burn will continue to decrease as the year goes on.

不過，現金仍會持續投入到業務中。但整體現金消耗會隨著今年推進而持續下降。

All right, very good. Thanks, guys, and congrats.

好，非常好。謝謝各位，恭喜。

Thanks a lot, James. Glad your phone stayed on.

非常感謝，James。很高興你的電話一直沒斷線。

(Operator instructions)

（接線員指示）

[Ellen Litsak, Force Capital]

[Ellen Litsak，Force Capital]

Thank you guys so much for taking my question. I really appreciate it. And thankfully, Jack and James actually did a lot of work for me and asked a lot of the questions that I want to ask, which makes my job a little bit easier. So I just have one question for you. And you actually touched on this a little bit already, but maybe you can expand on margin expansion and the path to profitability as revenue skills.

非常感謝你們回答我的問題。我真的很感激。而且幸好 Jack 和 James 其實已經替我做了不少功課，問了很多我想問的問題，讓我的工作輕鬆一些。所以我只有一個問題要問你們。你們其實已經稍微提到了一點，但也許可以再延伸談談，隨著營收規模擴大，毛利率擴張以及邁向獲利的路徑。

Sure. Greg, again, right, I'm happy to start off, but do you want to take it?

當然。Greg，再次說，我很樂意先開頭，但你要不要來回答？

Sure. We saw a significant increase from 2024 to 2025 on our margin. We expect that to continue this year. That is tempered somewhat, I will say, we do have, as I said earlier, internal strong growth plans. And part of that strong growth plan will continue to be new installations, which is our lowest margin business.

好的。我們看到 2024 到 2025 年的毛利率有顯著提升。我們預期今年會延續這個趨勢。不過我也要說，這會在某種程度上受到影響，因為如我先前提到，我們內部有很強的成長計畫。而這個強勁成長計畫的一部分，會持續包含新的安裝案（new installations），而這是我們毛利率最低的業務。

So I don't look at that as a bad thing. I look at that as an exceptionally positive thing. But over time, as the recurring revenue just continues to build, margin expansion will continue. And we absolutely expect you will see that in a slowly widening margin throughout the year. But I wouldn't want that to be too fast, frankly, because I want to have as many new customers, as many new installations.

所以我不認為那是壞事。我認為那是非常正面的事。但隨著時間推進，經常性收入持續累積，毛利率擴張也會持續。我們也完全預期你會看到毛利率在全年逐步擴大。但坦白說，我不希望它擴張得太快，因為我希望能有越多新客戶、越多新安裝案。

Because that just will grow everything, the whole pie faster and we are focused on building a much larger sustainable business, doing it profitably, making sure we are good stewards of the cash, and making sure that everything that we are doing has positive margins. But for the nit of the margin, I'm less worried about how fast it expands. I'm more concerned that it just continues to expand. And as that happens, we continue to drive towards profitability.

因為那會讓所有事情、整個大餅更快變大；而我們專注於打造一個更大且可持續的業務，同時以獲利的方式進行，確保我們善盡現金管理責任，並確保我們所做的一切都有正向的利潤率。但就毛利率的細節而言，我比較不擔心它擴張得有多快。我更在意的是它能持續擴張。而隨著這件事發生，我們也會持續推進邁向獲利。

No, I totally get that. And I mean, you guys have done such a great job so far but thank you again for taking my question.

不，我完全理解。而且我的意思是，你們到目前為止做得非常好，但也再次感謝你們回答我的問題。

Yeah, absolutely.

是的，當然。

Of course. Thank you.

當然。謝謝你。

We have reached the end of the question-and-answer session, and I will now turn the call over to management for closing remarks.

問答環節到此結束，我現在把電話交回管理層做結語。

Okay. Thank you. And thanks, everyone, for listening and for digging in a little bit from a question standpoint. Well. As we look back on 2025, we are very pleased with what the company has accomplished during its first full year as a public company. We delivered significant revenue growth, expanded our customer base, advanced our technology, and demonstrated the real-world impact of our platform across multiple industries.

好的。謝謝。也謝謝大家收聽，並在提問方面更深入地探討。那麼。回顧 2025 年，我們對公司作為上市公司第一個完整年度所達成的成果感到非常滿意。我們實現了顯著的營收成長、擴大了客戶基礎、推進了技術，並在多個產業中展現了我們平台的實際影響力。

What's most encouraging is the momentum that we have built. We're seeing customers expand deployments, increase their commitment to the platform, and standardize cloud structure more broadly across their portfolios, while continuing to enter new verticals and enhance our platform in ways that drive meaningful results.

最令人鼓舞的是我們所建立的動能。我們看到客戶擴大部署、提高對平台的投入，並在其投資組合中更廣泛地標準化雲端架構，同時持續進入新的垂直領域，並以能帶來實質成果的方式強化我們的平台。

Looking ahead, we believe Cloudastructure is well-positioned to continue building on that momentum. With a scalable platform, growing enterprise adoption, and increasing demand for more proactive security solutions, we're focused on executing and driving continued growth. We have a management team, a board of directors, and a dedicated group of employees that are passionate about our mission and our business objectives.

展望未來，我們相信 Cloudastructure 已具備良好條件，能在這股動能上持續發展。憑藉可擴展的平台、日益增加的企業採用，以及對更主動式安全解決方案不斷上升的需求，我們專注於落實執行並推動持續成長。我們擁有一支管理團隊、董事會，以及一群對我們的使命與業務目標充滿熱情的員工。

As we continue to grow and scale our operations, we will all work even harder to identify opportunities and eliminate obstacles. And all of this means that we're very excited about the direction of the business and the opportunities in front of us. And we remain committed to building long-term value for our shareholders. Thank you again for your time and your continued support and have a great day.

隨著我們持續成長並擴大營運規模，我們都會更加努力去辨識機會並排除障礙。而這一切都意味著，我們對業務方向以及眼前的機會感到非常振奮。我們也將持續致力於為股東創造長期價值。再次感謝各位撥冗與持續支持，祝各位有美好的一天。

Thank you.

謝謝。

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

今天的會議到此結束，您現在可以掛斷電話線。感謝您的參與。