Cloudastructure Inc (CSAI) 2026 Q2 法說會逐字稿

Good day. Welcome to Cloudastructure Inc.'s second quarter 2026 business update conference call. (Operator Instructions) Please note this conference is being recorded.

大家好。歡迎參加 Cloudastructure Inc. 2026 年第二季業務更新電話會議。(接線員指示) 請注意，本次會議將被錄音。

I will now turn the conference over to your host, Rob Kelly, Vice President of Investor Relations at KCSA. Rob, you may begin.

現在我將把會議交給本次主持人——KCSA 投資人關係副總裁 Rob Kelly。Rob，請開始。

Good afternoon, everyone. Thank you all for participating in today's conference call. On the line with us today are James McCormick, Chief Executive Officer of Cloudastructure, and Greg Smitherman, Chief Financial Officer.

各位下午好。感謝各位參與今天的電話會議。今天與會的有 Cloudastructure 執行長 James McCormick，以及財務長 Greg Smitherman。

Earlier today, the company issued a press release announcing its operating results for the second quarter ended June 30th, 2026. The release is available on our website at cloudastructure.com. Also earlier today, the company filed a Form 12b-25 with the SEC, notifying the commission that it requires additional time to complete the review of its financial results for the quarter.

今天稍早，公司發布新聞稿，公布截至 2026 年 6 月 30 日止第二季的營運結果。新聞稿可於我們的網站 cloudastructure.com 查閱。此外，公司也於今日稍早向美國證券交易委員會（SEC）提交 Form 12b-25，通知委員會公司需要額外時間完成本季財務結果的審閱。

Cloudastructure expects to file its Form 10-Q within the five calendar day extension period provided under that rule, and the report will be available on our website and at www.sec.gov once filed. Because the review is ongoing, the results discussed on today's call are preliminary and potentially subject to change.

Cloudastructure 預期將在該規則所提供的 5 個日曆日延長期限內提交 Form 10-Q；一旦提交，報告將可於我們的網站以及 www.sec.gov 查閱。由於審閱仍在進行中，今天電話會議中討論的結果屬初步資料，且可能會有所變動。

Please also note that on July 31, 2026, the company affected a one for 30 reverse stock split of all classes of its issued and outstanding common stock.

另請注意，公司於 2026 年 7 月 31 日對其已發行且流通在外的各類普通股實施 1 比 30 的反向股票分割。

Unless otherwise noted, per share figures discussed on today's call reflect that adjustment. Before Mr. McCormick reviews the company's operating results for the second quarter ended June 30, 2026, and provides a business update.

除非另有說明，今天電話會議中討論的每股數據均已反映該項調整。在 McCormick 先生回顧截至 2026 年 6 月 30 日止第二季的營運結果並提供業務更新之前，

I want to remind everyone that today's call may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

我想提醒各位，今天的電話會議可能包含《1995 年私人證券訴訟改革法》所定義的前瞻性陳述。

These statements include, among other things, statements regarding our expected business performance, strategy, market opportunities, customer demand, deployment activity, recurring revenue, operating results, liquidity, and growth plans.

這些陳述包括但不限於：我們對預期業務表現、策略、市場機會、客戶需求、部署活動、經常性收入、營運結果、流動性以及成長計畫的相關說明。

Forward-looking statements are based on the current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these statements.

前瞻性陳述係基於目前的預期與假設，並受風險與不確定性影響，可能導致實際結果與這些陳述所明示或暗示者存在重大差異。

Important factors that could cause actual results to differ materially are described in today's earnings release and Cloudastructure's filings with the SEC, including the risk factors discussed in our most recent annual report on Form 10-K and subsequent filings.

可能導致實際結果出現重大差異的重要因素，已載於今日的財報新聞稿以及 Cloudastructure 向 SEC 提交的文件中，包括我們最近一期 Form 10-K 年報及後續申報文件所討論的風險因素。

Forward-looking statements made on this call speak only as of today, and Cloudastructure undertakes no obligation to update them except as required by law.

本次電話會議中的前瞻性陳述僅截至今日為準；除法律要求外，Cloudastructure 不承擔更新該等陳述之義務。

We may also discuss non-GAAP financial measures on today's call. Reconciliations to the most direct comparable GAAP measures, where applicable, are included in today's earnings release and related materials available on our investor relations website.

我們也可能在今天的電話會議中討論非 GAAP 財務衡量指標。在適用情況下，與最直接可比的 GAAP 指標之調節表已包含於今日的財報新聞稿及相關資料中，並可於我們的投資人關係網站取得。

I would now like to turn the call over to James McCormick, Chief Executive Officer of Cloudastructure. James?

現在我想把電話會議交給 Cloudastructure 執行長 James McCormick。James？

Thank you, Rob, and thank you all for joining us today. We spoke with many of you just four weeks ago on our first quarter call, so I'll keep the background brief and focus our time on what changed during the second quarter.

謝謝你，Rob，也感謝各位今天加入我們。我們在四週前的第一季電話會議才與許多各位交流過，因此我會簡要帶過背景，將時間聚焦在第二季期間有哪些變化。

Turning to the second quarter, the most important development was the continued growth of the recurring portion of our business and the impact that is beginning to have on our revenue mix and margins.

談到第二季，最重要的進展是我們業務中經常性部分的持續成長，以及這項成長開始對我們的營收組合與毛利率帶來的影響。

Our annualized recurring revenue run rate increased to approximately $3.1 million exiting the second quarter, compared with approximately $2.6 million exiting the first quarter. Revenue for the quarter was approximately $1.2 million, representing a 13% year-over-year growth rate.

我們的年化經常性收入（ARR）運行率在第二季末提升至約 310 萬美元，相較第一季末約 260 萬美元。本季營收約 120 萬美元，年增率為 13%。

Recurring subscription revenue increased 164% year- over- year to approximately $764,000, while hardware revenue declined 49% and installation revenue declined 32%.

經常性訂閱收入年增 164% 至約 76.4 萬美元，而硬體收入下滑 49%，安裝收入下滑 32%。

Recurring revenue now represents approximately 62% of total revenue, compared with 27% a year ago. That growing mix of recurring revenue is translating directly into improved economics.

經常性收入目前約占總營收的 62%，相較一年前為 27%。經常性收入占比的提升，正直接轉化為更佳的經濟效益。

Gross profit increased 51% year-over-year, while gross margin expanded approximately 13 percentage points to nearly 50%.

毛利年增 51%，毛利率擴張約 13 個百分點，接近 50%。

The decline in hardware and installation revenue is a direct result of the kind of business we are winning, and it reflects a deliberate choice about how we compete.

硬體與安裝收入的下滑，直接源於我們正在贏得的業務類型，也反映了我們在競爭方式上的刻意選擇。

In 2025, 57% of the cameras we signed in new contracts were taking over from a previous vendor. Through the first six months of 2026, that figure is 77%.

在 2025 年，我們在新合約中簽下的攝影機有 57% 是從先前供應商手中接手而來。而在 2026 年前六個月，該比例為 77%。

We do not require a customer to rip out equipment that still works in order to adopt our platform. That is central to how we win competitive displacements, and it is why that percentage is climbing. Excuse me. The trade is straightforward. A takeover generates Apologies.

我們不要求客戶為了採用我們的平台而拆除仍可運作的設備。這是我們贏得競爭性替換案的核心原因，也因此該比例持續上升。不好意思。這個取捨很直接。接手案會產生 抱歉。

I just had a blip in my communication line. A takeover generates materially less hardware and installation revenue up front, and it gets us to the recurring subscription faster and at a higher margin. We are not walking away from installation work, though.

我的通訊線路剛剛有點短暫中斷。接手案在前期帶來的硬體與安裝收入明顯較少，但能讓我們更快、且以更高毛利切入經常性訂閱收入。不過，我們並不是放棄安裝工作。

Where a customer needs infrastructure built, as in Southern California and Baltimore, we build it, and we capture that revenue as well.

在客戶需要建置基礎設施的情況下，例如南加州與巴爾的摩，我們會進行建置，並同樣取得該部分收入。

But we would rather win the recurring seat on a customer's existing camera system than lose the account defending a hardware sale. It's also worth putting that growth in context.

但相較於為了守住一筆硬體銷售而失去整個客戶，我們更願意在客戶既有的攝影機系統上贏得經常性訂閱席位。同時，也值得把這樣的成長放在脈絡中看。

Our customer retention rate is approximately 99%. That means substantially every dollar we add is a net new dollar rather than a dollar replacing something we lost.

我們的客戶留存率約為 99%。這表示我們新增的幾乎每一美元都是淨新增，而不是用來補回流失的收入。

Many companies at our stage have to rebuild a meaningful portion of their revenue base each year before they grow at all. We do not.

許多處於我們這個階段的公司，每年必須先重建相當一部分的營收基礎，才談得上成長。我們不需要。

Combined with expansion inside existing accounts, that is what allows growth that looks modest in any single quarter to compound into a durable recurring base.

再加上在既有客戶內部的擴張，這使得單一季度看似溫和的成長，能夠複利累積成為穩健的經常性收入基礎。

Our objective for the second half is straightforward: convert more of the pipeline we have already built into deployed customers and recurring revenue. More on this shortly.

我們下半年的目標很明確：把我們已建立的管線中更多機會，轉化為已部署的客戶與經常性收入。稍後我會再多談一些。

Multifamily remains our largest and most established vertical, and we continue to see meaningful opportunity within the customer relationships we have already built.

多戶住宅（multifamily）仍是我們最大且最成熟的垂直領域，我們也持續在既有客戶關係中看到可觀的機會。

Earlier this month, we announced our third deployment with a luxury multifamily operator in Houston, bringing Cloudastructure into approximately 38% of that customer's Texas portfolio. That progress is important.

本月稍早，我們宣布在休士頓與一家高端多戶住宅營運商完成第三次部署，使 Cloudastructure 覆蓋到該客戶德州資產組合約 38%。這項進展很重要。

We started with an individual property, demonstrated the platform's value in production, and earned subsequent deployments across the portfolio.

我們從單一物業開始，在實際運行環境中證明平台價值，並贏得在其資產組合內的後續部署。

That is the land and expand model we have discussed in the past, and we are pleased to continue to see tangible evidence of it within our customer base.

這就是我們過去討論過的「先落地、再擴張」（land and expand）模式；我們很高興在客戶群中持續看到具體的佐證。

Because our retention is high, expansion inside an existing account adds to the base rather than replacing something that left it.

由於我們的留存率很高，在既有帳戶內的擴張是對基礎的增加，而不是取代已流失的部分。

We also continue to serve eight of the 10 largest NMHC-ranked multifamily property managers in the United States. We are also beginning to see our platform gain traction beyond multifamily, particularly in commercial real estate.

我們也持續服務美國 NMHC 排名的前十大多戶住宅物業管理公司中的 8 家。同時，我們也開始看到平台在多戶住宅以外的領域取得進展，特別是在商用不動產方面。

Earlier this month, we announced a five-building Southern California office portfolio managed by one of the world's largest commercial real estate services and investment firms.

本月稍早，我們宣布了一個位於南加州、由全球最大商用不動產服務與投資公司之一管理的五棟辦公大樓投資組合。

What makes this deployment particularly important is that we are not replacing another technology provider. We are replacing the property's dedicated on-site security guards with AI-powered surveillance and live remote guarding.

這次部署之所以特別重要，是因為我們並非在取代另一家技術供應商。我們是以 AI 驅動的監控與即時遠端警衛，取代該物業專屬的現場駐點保全人員。

This represents our first commercial office portfolio where remote guarding is replacing an on-site guard program outright across multiple buildings.

這是我們第一個商用辦公投資組合案例：在多棟建築中，遠端警衛全面取代現場警衛方案。

We will also design and install the camera infrastructure across all five properties from the ground up, creating both installation revenue and a larger recurring subscription footprint.

我們也將從零開始為全部五處物業設計並安裝攝影機基礎設施，創造安裝收入，並擴大經常性訂閱收入的規模。

The opportunity came through a referral from a sister property within the same institutional portfolio, providing another example of how successful deployments can create additional opportunities within an existing customer ecosystem.

這個機會來自同一機構型投資組合中姊妹物業的轉介，再次說明成功的部署如何能在既有客戶生態系中創造更多機會。

More broadly, we believe rising labor costs, staffing challenges, and demand for consistent 24/7 coverage are creating a meaningful opportunity for technology-enabled remote guarding to replace portions of the traditional on-site guard model.

更廣泛而言，我們認為勞動成本上升、人力配置挑戰，以及對一致的 24/7 覆蓋需求，正在為以科技賦能的遠端警衛取代傳統現場警衛模式的部分環節，創造一個具實質意義的機會。

One of the advantages of our cloud-native architecture is that it allows us to engage customers at multiple points in the life cycle of a property.

我們雲端原生架構的優勢之一，是能讓我們在物業生命週期的多個節點與客戶互動。

In Southern California, we are designing and installing an entirely new surveillance infrastructure across a five-building office portfolio where no lobby camera coverage previously existed.

在南加州，我們正在為一個五棟辦公大樓投資組合設計並安裝全新的監控基礎設施；此前大廳並沒有任何攝影機覆蓋。

Last week, we also announced another example of that flexibility with a new multifamily development in Baltimore, where we were selected during the construction phase based on the performance of our platform across the developer's existing portfolio.

上週，我們也宣布了另一個展現此彈性的案例：在巴爾的摩的一個新多戶住宅開發案中，開發商基於我們平台在其既有投資組合中的表現，在施工階段就選定了我們。

Because the property is still under construction, the initial phase consists of the surveillance installation, with AI surveillance and remote guarding expected to be added as the building nears completion.

由於該物業仍在施工中，初期階段將以監控安裝為主；預計在建築接近完工時，再加入 AI 監控與遠端警衛服務。

Being specified into a project before a building is completed changes how early we can establish a customer relationship.

在建築完工前就被納入專案規格，改變了我們能多早建立客戶關係。

Rather than competing to replace an incumbent system after the fact, we are becoming part of the property's security infrastructure from the beginning.

我們不是在事後競爭以取代既有系統，而是從一開始就成為該物業安防基礎設施的一部分。

More broadly, these engagements demonstrate that customers can adopt Cloudastructure at multiple stages of a property's life cycle, from new construction to existing portfolios that expand over time as customers gain confidence in the platform.

更廣泛而言，這些合作顯示客戶可在物業生命週期的多個階段採用 Cloudastructure——從新建案到既有投資組合；隨著客戶對平台信心提升，投資組合也會隨時間擴大。

While the Southern California deployment is expected to begin contributing this year, the Baltimore installation aligns with the property's construction schedule and is expected to begin in the first half of 2027.

南加州的部署預計將於今年開始貢獻營收；而巴爾的摩的安裝則配合該物業的施工進度，預計於 2027 年上半年開始。

That timing difference is important, but both engagements reflect the same underlying trend. Customers are bringing Cloudastructure into their portfolios earlier and expanding the relationship over time.

這個時程差異很重要，但兩項合作都反映相同的底層趨勢。客戶正更早將 Cloudastructure 納入其投資組合，並隨時間擴大合作關係。

As we scale our business, we are also strengthening the team responsible for converting this opportunity into revenue. Separately this morning, we were pleased to announce the appointment of Nile Coates as Chief Revenue Officer.

在我們擴大業務規模的同時，也在強化負責將此機會轉化為營收的團隊。今天上午另外一項消息，我們很高興宣布任命 Nile Coates 擔任首席營收長（Chief Revenue Officer）。

Nile joins us from ECAMSECURE, a GardaWorld company and one of the largest physical security services organizations in the world, where he most recently served as vice president of sales for the United States.

Nile 加入我們之前任職於 ECAMSECURE（GardaWorld 旗下公司，亦為全球最大的實體安防服務組織之一），最近的職務是美國區銷售副總裁。

In that role, he led the US sales organization and oversaw the integration of the ECAMSECURE and Stealth Monitoring sales teams. Before that, he spent nearly 18 years at Reynolds and Reynolds, most recently as director of sales for the East.

在該職務中，他領導美國銷售組織，並負責整合 ECAMSECURE 與 Stealth Monitoring 的銷售團隊。在此之前，他在 Reynolds and Reynolds 任職近 18 年，最近的職務是東區銷售總監。

Across his career, he has built and scaled enterprise sales organizations and closed complex multimillion-dollar agreements.

在其職涯中，他建立並擴張企業級銷售組織，並完成複雜的數百萬美元級合約。

His experience is especially relevant because he understands both sides of the market we are addressing, traditional security service and technology-enabled remote monitoring. Nile's mandate at Cloudastructure is very clear.

他的經驗特別相關，因為他理解我們所面向市場的兩端：傳統安防服務，以及以科技賦能的遠端監控。Nile 在 Cloudastructure 的任務非常明確。

We have established meaningful customer relationships and built a growing pipeline across multiple verticals.

我們已建立具實質意義的客戶關係，並在多個垂直領域建立了持續成長的商機管線。

The next step is converting those opportunities into deployments and recurring revenue more consistently at a greater scale.

下一步，是更一致地、以更大規模將這些機會轉化為實際部署與經常性收入。

Nile will be responsible for building the sales organization, processes, and channel strategy required to accelerate that conversion.

Nile 將負責建立銷售組織、流程與通路策略，以加速這項轉化。

We believe bringing in a revenue leader with experience operating at substantially greater scale is an important step as we move into the next phase of Cloudastructure's growth.

我們相信，引進一位具備在顯著更大規模下營運經驗的營收領導者，是我們邁入 Cloudastructure 下一階段成長的重要一步。

Across these deployments, the common thread is that customers are looking for a more proactive, scalable and cost-efficient approach to physical security.

在這些部署中，共通點是客戶正在尋求更主動、可擴展且更具成本效益的實體安防方法。

Whether we are protecting a multi-family property, commercial office portfolio, or critical infrastructure site, the proposition remains the same.

無論我們保護的是多戶住宅物業、商用辦公投資組合，或關鍵基礎設施場址，其價值主張都相同。

Use AI to identify activity earlier, combine that intelligence with live intervention, and provide customers with consistent coverage without relying exclusively on on-site personnel. Overall, Q2 demonstrated meaningful progress in the underlying economics of our business.

運用 AI 更早辨識活動，將該智慧與即時介入結合，並在不完全依賴現場人員的情況下，為客戶提供一致的覆蓋。整體而言，第二季在我們業務的底層經濟性方面展現了具實質意義的進展。

Recurring revenue increased 164%, gross profit increased 51%, and gross margin expanded approximately 13 percentage points.

經常性收入成長 164%，毛利成長 51%，毛利率擴大約 13 個百分點。

Just as importantly, that recurring revenue is not a spike in a single period. It is the base we carry into every quarter that follows and add to.

同樣重要的是，這些經常性收入並非單一期間的短期飆升。它是我們帶入後續每一季並持續累加的基礎。

At the same time, we recognize that the pace of top-line revenue growth needs to accelerate. We've built significant customer relationships, established a growing presence across multiple verticals, and demonstrated that customers are willing to expand after initial deployment.

同時，我們也認知到營收（top-line）成長的速度需要加快。我們已建立重要的客戶關係，在多個垂直領域建立了持續擴大的能見度，並證明客戶在初次部署後願意擴大採用。

The work now is converting that opportunity into deployed, recurring revenue more consistently and at greater scale, and strengthening our commercial leadership through Nile's appointment is an important part of that effort.

目前的工作，是更一致且以更大規模將這些機會轉化為已部署的經常性收入；透過任命 Nile 來強化我們的商業領導力，是這項努力的重要一環。

With that, I'd like to turn the call over to Greg Smitherman.

接下來，我想把電話會議交給 Greg Smitherman。

Thanks, James. With that context, let me walk you through our financial results for the quarter. Revenue in the second quarter was approximately $1.2 million, as James said, representing a 13% growth compared to the same period last year.

謝謝，James。在這樣的背景下，讓我帶各位回顧本季的財務結果。第二季營收約為 120 萬美元，如 James 所說，較去年同期成長 13%。

As James had also said earlier, the composition of our revenue continued to shift during the quarter. Subscription revenue increased a 164% year-over-year to approximately $764,000, driven by continued strength in both our cloud video surveillance business and our remote guarding business.

如 James 先前也提到，本季我們的營收結構持續轉變。訂閱收入年增 164% 至約 76.4 萬美元，主要受惠於我們雲端影像監控業務與遠端警衛業務的持續強勁表現。

While hardware and installation revenue declined compared to the prior year as customer activity shifted towards higher value recurring services.

相較之下，硬體與安裝收入較去年同期下滑，因客戶活動轉向更高價值的經常性服務。

As we've discussed in prior periods, our business includes a mix of recurring subscription revenue and deployment-related revenue, and the balance between those revenue streams will vary from quarter to quarter, depending upon customer implementation, timing, type of deal, et cetera.

如我們在先前期間所討論，我們的業務包含經常性訂閱收入與與部署相關的收入組合；兩者之間的比重將因客戶導入進度、時程、交易類型等因素而在各季間有所變動。

Cost of goods sold decreased 9% year-over-year to approximately $623,000, primarily reflecting lower hardware and installation activity during the quarter, which carry a higher cost of sale than our recurring services.

銷貨成本年減 9% 至約 62.3 萬美元，主要反映本季硬體與安裝活動較少；相較於經常性服務，這些活動的銷售成本較高。

At the same time, gross profit increased 51% year-over-year to approximately $610,000, supported by the continued growth in our recurring subscription business.

同時，毛利年增 51% 至約 61.0 萬美元，受惠於我們經常性訂閱業務的持續成長。

Gross margin expanded to approximately 49%, compared to approximately 37% in the prior year period, as recurring revenue represented a larger percentage of total revenue.

毛利率擴大至約 49%，相較去年同期約 37%，原因是經常性收入占總營收的比重提高。

We believe this continued improvement in revenue mix is an important component of our path forward to improved operating leverage and profitability.

我們認為，營收組合的持續改善，是我們邁向更佳營運槓桿與獲利能力的重要組成部分。

Operating expenses for the quarter totaled approximately $2.7 million, compared to approximately $2.3 million in the prior year period.

本季營業費用合計約 270 萬美元，去年同期約為 230 萬美元。

These increases primarily reflect continued investment in the business, including expanding our sales and marketing organizations, increased operational capacity to support deployment activity in remote guarding, and continued investment in the infrastructure required to support future growth.

這些增加主要反映我們持續對業務投資，包括擴大銷售與行銷組織、提升營運產能以支援遠端警衛的部署活動，以及持續投資於支援未來成長所需的基礎設施。

General and administrative expenses declined approximately 15% year-over-year, reflecting lower professional services costs.

一般及行政費用年減約 15%，反映專業服務成本降低。

Loss from the operations for the quarter was $2.1 million, compared to approximately $1.9 million in the prior year period. Net loss was approximately $1.8 million, compared to approximately $2.2 million in the prior year period.

本季營運虧損為210萬美元，相較於去年同期約190萬美元。淨虧損約為180萬美元，相較於去年同期約220萬美元。

The improvement reflects stronger gross profits, partially offset by higher operating expenses, together with a non-cash gain related to the change in fair value of derivative liabilities.

此改善反映毛利更強勁，部分被較高的營運費用所抵銷，並包含與衍生性負債公允價值變動相關的非現金收益。

For the quarter, adjusted EBITDA loss was approximately $3.8 million, compared to approximately $3.1 million in the prior year period.

本季調整後EBITDA虧損約為380萬美元，相較於去年同期約310萬美元。

Stock-based compensation was approximately $376,000 this quarter, compared to approximately $542,000 a year ago, and remains our largest non-cash expense.

本季以股份為基礎的薪酬約為37.6萬美元，相較於一年前約54.2萬美元，且仍是我們最大的非現金費用。

From a balance sheet perspective, we ended the quarter with approximately $3.8 million in cash and approximately $4.5 million in working capital.

從資產負債表角度來看，我們在本季末的現金約為380萬美元，營運資金約為450萬美元。

We believe our current cash position, together with available financing under our equity line, and at-the-market facility provides flexibility as we continue investing in the business.

我們認為目前的現金部位，加上我們股權額度融資（equity line）以及隨行就市（at-the-market）融資機制下可用的資金，能在我們持續投資業務的同時提供彈性。

Although our ability to access additional capital remains subject to market conditions and the terms of those facilities.

不過，我們取得額外資本的能力仍取決於市場狀況以及這些融資機制的條款。

On July 31, we completed a one for 30 reverse stock split of all classes of our capital stock. Our common stock continues to trade on Nasdaq Capital Market under the symbol CSAI, and the reverse split supports our efforts to maintain compliance with Nasdaq's minimum bid price requirement.

7月31日，我們完成了所有類別資本股票按1比30進行的反向股票分割。我們的普通股仍以代號CSAI在納斯達克資本市場交易，而此次反向分割有助於我們維持符合納斯達克最低買價要求的合規努力。

Overall, we are encouraged by the continued growth in recurring revenue, meaningful gross margin expansion, improved profitability, and the progress we are making towards building a stronger, more scalable business.

整體而言，我們對經常性收入持續成長、毛利率顯著擴張、獲利能力改善，以及我們在打造更強健、更具可擴展性業務方面所取得的進展感到鼓舞。

With that, I will turn it back over to James.

接下來，我把時間交還給James。

Okay, thank you, Greg. Well, we're demonstrating two important paths to growth. Expanding within customers that already use the platform and entering new verticals where our technology can replace or modernize traditional security infrastructure.

好的，謝謝你，Greg。我們正在展現兩條重要的成長路徑。一是擴大既有使用平台客戶的導入範圍，二是進入我們的技術能取代或現代化傳統安防基礎設施的新垂直領域。

Our priority for the balance of 2026 is converting those opportunities into deployed revenue at a faster and more consistent pace.

我們在2026年剩餘期間的優先事項，是以更快且更一致的節奏，將這些機會轉化為已部署的收入。

With Nile joining the organization to lead that effort, a growing recurring revenue base, and an expanding addressable market, we believe we have the right pieces in place to drive the next stage of the business.

隨著Nile加入組織來領導這項工作、經常性收入基礎持續成長，以及可服務市場擴大，我們相信已具備推動業務下一階段所需的正確要素。

With that, operator, we'll open the line for questions.

接下來，接線員，我們開放提問。

(Operator Instructions) Jack vander Aarde, Maxim Group.

（接線員指示）Maxim Group 的 Jack vander Aarde。

Okay, great. Good morning. Good afternoon, Greg and James. Great results on the growth engine from the SaaS side of the business. Maybe just a quick housekeeping question. I'm not sure if I missed it. Is the 10-Q, will that be filed in the coming days or today?

好的，很棒。早安。午安，Greg 和 James。SaaS 端的成長引擎表現很出色。我先問一個簡單的行政問題。不確定我是否漏聽了。10-Q 會在接下來幾天或今天提交嗎？

Yes.

會的。

Just wondering-

我只是想知道——

That is.

是的。

What to expect

預期會——

That is imminently to be filed, Jack.

Jack，將會很快提交。

Okay.

好的。

Yeah.

嗯。

EExcellent. And so that will have a full financial statement breakout. But there is great detail here in the press release, obviously, and you have covered a lot of this. Can we touch on maybe, has anything changed in terms of how you are thinking about the installation in hardware side of the business, o r is it still lumpy, or is there an intentional focus to shift more towards SaaS, just pure play? Just would like to get your answer.

太好了。那裡面會有完整的財務報表拆解。不過新聞稿裡顯然也有很詳盡的資訊，而且你們也已經談了很多。我們能否談談硬體端的安裝業務，你們的看法是否有任何改變？還是仍然比較不均勻（lumpy）？或者是否有刻意把重心更多轉向SaaS、走純SaaS路線？想聽聽你們的看法。

Yeah. Sure. The answer is sort of a hybrid, right, of a number of things you just posited, Jack. We are not specifically looking at deals, right. Takeovers, as we call them, that would essentially boost the recurring revenue piece.

是的。當然。答案算是你剛才提出幾點的混合，Jack。我們並不是特別去尋找交易——我們稱之為「接管」（takeovers）的案子——來本質上拉升經常性收入那一塊。

Our model is the same, right. And we said that earlier in our remarks, which is we approach customers. Some have existing infrastructure, some do not.

我們的模式沒有改變。我們在先前的談話也提過：我們接觸客戶時，有些客戶已有既有基礎設施，有些則沒有。

For the ones that do not, where a facility is already built or it is new construction, we are happy to provide installation and hardware components.

對於沒有既有基礎設施的客戶——不論是既有設施已建好或是新建案——我們都很樂意提供安裝與硬體組件。

What we were just seeing in the first half of this year is that a substantial portion of the transactions that we closed on were takeovers, and people understood our differentiation, what we could do better, and accordingly, it was easier for us to take over those cameras, install our Cloud Video Recorder, and get up and running with the customer very quickly.

我們在今年上半年看到的是，我們成交的交易中有相當大一部分是接管案；客戶理解我們的差異化與我們能做得更好的地方，因此我們更容易接手那些攝影機、安裝我們的雲端錄影機（Cloud Video Recorder），並很快讓客戶上線運作。

Not really a fundamental change in anything we are doing. It is just the way that things played out in the first half of this year, is how I would put it.

我們所做的事情並沒有真正的根本性改變。我會說，這只是今年上半年事情發展的結果。

Yep. And it is a positive, right. It is a bit lumpy, right, just because you just do not know what does a customer. When we talk to customers, what are their particular needs? And it really does vary.

是的。而且這是正面的。確實會有些不均勻（lumpy），因為你無法預先知道客戶會是什麼情況。當我們與客戶溝通時，他們各自的需求是什麼？這真的差異很大。

Yep. No, it makes sense to me b ecause I was just curious because the mix is definitely noticeable in terms of the SaaS stuff for the quarter.

是的。了解，這對我來說很合理，因為我只是好奇，從本季的SaaS占比來看，組合確實很明顯。

I guess as I look at your operating expenses as well, it looks like you guys have been doing a good job of controlling those. I think they dipped down quite a bit this quarter. Is there any takeaways there from, especially the G&A line? Is this a new kind of normal base level, or is this just a snapshot of this quarter?

另外我也看了你們的營運費用，看起來你們在控制費用方面做得不錯。我覺得本季費用下降不少。這方面有什麼重點可以分享嗎？特別是管理費用（G&A）那一行。這會是新的常態基準水準，還是只是本季的單一狀況？

No. I think especially when you are comparing it to last year, where we had just come out of our direct listing and a lot of expenses of switching from a private company to a public company, right? It is not an inexpensive endeavor. They were substantially higher last year. I think as you said, we have got them under control. Everything is smoothing out. Obviously, cost control for any business is something to really pay attention to, and it is something we always have our eye on.

不會。我想特別是你拿它跟去年相比時，去年我們剛完成直接上市（direct listing），而且從私人公司轉為上市公司會有很多相關費用，對吧？這不是一件便宜的事。所以去年費用顯著更高。我想如你所說，我們已經把費用控制住了。一切都在趨於平穩。當然，成本控管對任何企業都非常重要，也是我們一直密切關注的事情。

Another thing, just if I double-click on the gross margins here, I am not sure if I have a full breakout of every revenue segment stream, but the 49%, blended average, it seems like things are picking up again, I guess, year-over-year there. I am not sure what the breakout is there for hardware and other. Can you talk about maybe kind of the threshold, the range, remind us, for the cloud video and the remote guarding gross margin levels as you continue to gain scale?

再來，如果我更深入看一下毛利率，我不確定我是否有看到每個營收分項的完整拆解，但49%的綜合平均看起來年增又回升了。我不確定硬體和其他項目的拆分是多少。能否談談隨著規模擴大，雲端影像與遠端警戒（remote guarding）的毛利率水準大概的門檻與區間，並幫我們回顧一下？

It does vary by quarter. For the service side of business, like any SaaS business, the bigger that gets, the better the margins get because you do have fixed infrastructure costs.

這會因季度而異。就服務端業務而言，像任何SaaS業務一樣，規模越大，毛利率就越好，因為你有固定的基礎設施成本。

When you can apply more revenue to that same fixed infrastructure, your margins go up. It is straightforward. Although, given the growth that we are seeing, we will be, and actually have already ordered some additional infrastructure equipment to deal with the continued customer increases, which is great.

當你能把更多營收攤在同一套固定基礎設施上，你的毛利率就會上升。這很直接。不過，鑑於我們看到的成長，我們將會——而且其實已經——訂購一些額外的基礎設施設備，以因應客戶持續增加，這很棒。

Our hardware margins are pretty substantial. They are generally north of 50%. It is the installation revenue that is generally pretty small. It is in the 10% range, we will call it.

我們的硬體毛利相當可觀。一般都在 50% 以上。通常比較小的是安裝收入。大約在 10% 左右，我們就這麼說吧。

Again, varies by deal. Some a little more, some a little less, but it is a ballpark figure, b ut the bulk of it is, the more we can continue to build and drive to just be pure SaaS, those margins will continue to move upward.

同樣地，會因交易而異。有些高一點、有些低一點，但這是一個大致的數字；不過主要是，隨著我們能持續建置並推動走向純 SaaS，那些毛利將會持續上升。

Okay, great. And maybe a follow-on for James. The large project that was kind of emphasized here, you put a press release out on it. You are now 38% of this customer's Texas portfolio, I guess once that is installed-

好的，很棒。接著可能想請 James 再補充一下。這裡特別強調的那個大型專案，你們也為此發布了新聞稿。等到安裝完成後，你們將占這位客戶德州資產組合的 38%，我想是這樣——

Yeah.

對。

And I think it is early 2027 that is on track for?

我想時程是預計在 2027 年初完成、目前進度符合預期？

Yep.

對。

How does this compare across your entire, I guess, installed base of properties and opportunity? Is this a good, I guess, case study of what to expect? And also just kind of how much higher can you penetrate a customer like this?

這跟你們整體的——我想——已安裝的物件基礎與機會相比如何？這算是一個很好的——我想——可用來預期的案例研究嗎？另外，像這樣的客戶，你們的滲透率還能提高到多高？

Yeah.

對。

Not a hypothetical-

不是假設性的——

Yeah.

對。

But this specific customer.

而是這個特定客戶。

Yeah. Excellent question. Hard to put definitives around it, right? Because we're sort of experiencing some of this in real time. Let's start with the basics, right? We've talked for the past year about land and expand, right? And indeed, that is exactly what's happening.

對。問題非常好。很難給出明確定論，對吧？因為我們某種程度上是即時在經歷這些。先從基本面說起，對吧？我們過去一年一直在談「先落地、再擴張」（land and expand），對吧？而且確實，現在正在發生的就是這件事。

So with this Baltimore property, right? We're across 38% of their portfolio. If you're asking for modeling purposes or just general thinking purposes, is 38% a good number to use for all the multi-family partners that we have? I'd say it's too early to assume that, right? Just think about it.

以這個巴爾的摩物件來說，對吧？我們覆蓋了他們資產組合的 38%。如果你是為了建模或一般思考而問：對我們所有的多戶型合作夥伴而言，38% 是否是一個可用的數字？我會說現在就這樣假設還太早，對吧？你想想看。

We work with Cushman & Wakefield. 38% of their properties, by golly, that'd be a heck of a business, wouldn't it?

我們和 Cushman & Wakefield 合作。要是能覆蓋他們 38% 的物件，天啊，那會是一門很不得了的生意，不是嗎？

That's what I'm exploring here. Exactly.

這正是我在探討的。沒錯。

No, I understand. I would put it this way, Jack. Each customer or partner, if you will, that we work with, each one moves at their own pace and their own velocity. I can tell you that for the larger customers that we have, we do have a concerted effort in meeting with those folks and building relationships at the highest levels of their organizations to facilitate that additional expansion.

不，我理解。Jack，我會這樣說。我們合作的每一位客戶或夥伴（如果你願意這麼稱呼），每一個都有自己的節奏與推進速度。我可以告訴你，對於我們較大型的客戶，我們確實有一套有計畫的作法：與他們會面，並在其組織最高層級建立關係，以促成進一步的擴張。

And it's going pretty well. I think it's just a little too soon for us to start giving some guidance on what we think percentage expansion in a particular customer portfolio might look like. But we think you should see additional expansion opportunities across a broad range of our customer base in the second half of this year.

而且進展得相當不錯。我認為現在要開始提供我們對於某個特定客戶資產組合可能擴張到多少百分比的指引，還稍微早了一點。但我們認為，今年下半年你應該會在我們廣泛的客戶基礎中看到更多擴張機會。

Okay, excellent. And maybe just one more follow-up, and then I'll hop back in the queue. Is there any bottlenecks that you're working on to unlock an acceleration of growth even further? You're growing very fast. Just curious with your footprint, your overhead, and your remote guards themselves.

好的，很棒。再追問最後一個問題，然後我就回到排隊序列。你們是否正在處理任何瓶頸，以進一步解鎖更快的成長加速？你們成長非常快。只是好奇，以你們的佈點、管理費用，以及遠端警衛本身的配置來看。

Yeah.

對。

They have quite a bit of scale, I believe, that they can service.

我相信他們有相當的規模可以提供服務。

Yeah.

對。

Anything that you are working on that could speed up installations, or do you need more personnel as well? I would just be curious to know if that is a growth driver.

有沒有什麼你們正在做的事情可以加快安裝速度？或者也需要更多人員？我只是想了解這是否是一個成長驅動因素。

Yeah. Indeed, Jack, that is something that we focus on, right? Time to complete installations, number of installations, that we believe as we model things out, we can get to during the course of a month, right? We announced previously that we brought Ed Burnett on board as our Chief Security and Operations Officer, and Ed is heading those efforts from an installation standpoint.

對。確實，Jack，這是我們關注的重點之一，對吧？安裝完成所需時間、安裝數量——我們相信在建模推算時，我們每個月可以達到的安裝量，對吧？我們先前宣布已聘請 Ed Burnett 擔任首席安全與營運長，而 Ed 正從安裝面向領導這些工作。

Internal personnel, yeah, we constantly look at that, right, to support the installations. That is a small handful, right? That is not hundreds of people. Remember, we outsource most of our installations to third-party providers.

內部人員方面，是的，我們一直在檢視，對吧？以支援安裝。那只需要少數人手，對吧？不是幾百人的規模。記得，我們大部分的安裝是外包給第三方供應商。

Okay.

好的。

People that we have worked with and we trust, and that is relatively easy to scale as we continue to expand our footprint across the United States.

那些是我們合作過、也信任的人，而且隨著我們在美國持續擴大佈局，這相對容易擴充規模。

I will also say we are at the front end of conversations with a third party that might give us the opportunity to tap into their complete nationwide installation network, just to further that momentum, if you will.

我也想補充，我們正處於與某家第三方洽談的初期階段，對方可能讓我們有機會運用其完整的全國安裝網路，以便進一步推進這股動能（如果你願意這麼說）。

But we are pretty satisfied with where we are at right now from a monthly installation standpoint. When we have everything hitting on all cylinders, that number is probably something, Jack, like 45 installations a month or so, theoretically.

不過就目前每月安裝的角度來看，我們對現況相當滿意。當一切都全速運轉時，那個數字理論上可能是每月大約 45 個安裝左右，Jack。

So there is a lot of untapped capacity that as we bring in new sales opportunities, we should be able to get implemented in the customer up and running

所以還有很多尚未被充分利用的產能；隨著我們帶進新的銷售機會，我們應該能夠完成導入，讓客戶上線運作

Okay, no, that sounds great. I look forward to the next update and that's it for me. Thanks, guys.

好的，不，聽起來很棒。我期待下一次更新，我這邊就到這裡。謝謝各位。

All right, thanks, Jack.

好的，謝謝你，Jack。

James Kisner, Water Tower Research.

James Kisner，Water Tower Research。

Hi, thanks for taking my questions, and congrats on the very nice gross margin here, and the recurring revenue. It's been a month here, I think, since your last call, and you talked about the second half being stronger than the first.

嗨，謝謝讓我提問，也恭喜你們這次非常漂亮的毛利率，以及經常性收入。距離你們上次電話會議大概一個月了，我記得你們提到下半年會比上半年更強。

I'm just kind of wondering if you can maybe update on your confidence in the last four weeks, how pipeline may have changed. Just some general commentary on how the second half might be looking versus even a month ago, but obviously versus the first half.

我想請教你們能否更新一下：過去四週你們對此的信心如何、管線可能有哪些變化。想聽一些整體評論：下半年相較於一個月前的展望如何，當然也相較於上半年。

Well, I could take a shot at that, James. Again, I just want to start by saying, as you well know, we don't provide revenue guidance, right? Generically. But I think what we would say is multifamily, as well as the other verticals that we're working to operate in, right?

James，我可以試著回答。同樣地，我想先說，如你所知，我們不提供營收指引，對吧？一般而言。但我想我們會說，多戶型住宅，以及我們正在努力切入營運的其他垂直領域，對吧？

Commercial properties, construction, etc., none of those are instantaneous, like you do a site walk, you give a proposal to the customer, and boom, right, you're ready to go.

商用不動產、營建等，這些都不是即時的，不是你去現場勘查、給客戶一份提案，然後砰的一下就準備上線。

We would say the pipeline continues to build. It continues to build as we add senior members to our sales organization, and I'm talking about direct reps, right?

我們會說，銷售管線仍在持續累積。隨著我們為銷售組織增添資深成員，管線也持續擴大；我指的是直銷業務代表，對吧？

All of that on top of the new guidance and leadership of Nile Coates, all has us feeling very optimistic about the second half of this year. I'm trying to say something without saying something,

再加上 Nile Coates 的新指引與領導，這一切都讓我們對今年下半年感到非常樂觀。我是在試著說點什麼，但又不把話說得太明白。

James. We believe the second half of the year will equate to substantially more revenue than the first half of the year and the numbers that were reported and I think that's as far as I can push it without really getting deeper.

James。我們相信下半年將帶來顯著高於上半年的營收，相較於已公布與報告的數字也是如此；在不進一步深入細節的前提下，我大概只能說到這裡。

Okay.

好的。

The pipeline continues to build. We continue to add salespeople. We continue to monitor every active transaction, and we're confident that that will translate to demonstrable growth as we go forward in the future, in the second half.

商機管線持續累積。我們持續增聘業務人員。我們持續監控每一筆進行中的交易，我們有信心，隨著未來推進、在下半年，這將轉化為可見的成長。

Yeah, that's helpful. Nile looks like a great addition here. Background is a good fit. Anything that is changing, perhaps, in terms of focus in the go-to-market motion here potentially, or is this kind of more of executing the current playbook better? Any kind of general thoughts on what that might signify, that hire?

是的，這很有幫助。Nile 看起來是個很棒的補強。背景也很契合。在這裡的 go-to-market 推進方式上，是否有任何可能的重點轉變？還是說這比較像是把現有作戰手冊執行得更好？對於這次聘用可能代表的意義，有沒有一些整體想法？

Yeah. Mm-hmm. Well, I think a few things. I think a few things, James. One, yes, it's taking the playbook and making it better. It's kind of like a coaching change in the NFL, right?

是的。嗯哼。我想有幾點。我想有幾點，James。第一，沒錯，就是把作戰手冊拿來做得更好。有點像 NFL 換教練，對吧？

Where you read that the quarterback's like, well, geez, I had this system that I played under for six years with a previous coach, and I got this new guy with all these crazy ideas. And it takes a while to learn the new playbook, right? I think that's part of what Nile brings to the equation as well.

你會看到四分衛說，唉，我在前一位教練的體系下打了六年，現在來了個新教練，帶著一堆瘋狂的新點子。而學會新的作戰手冊需要一些時間，對吧？我想這也是 Nile 帶來的一部分。

He has his own thoughts and experiences from companies exactly in our space, but generating significantly more revenue. I believe we all see his guidance and where he wants to take the organization.

他在與我們完全同一領域、但營收規模顯著更大的公司累積了自己的想法與經驗。我相信我們都看得到他的指導，以及他希望帶領組織前進的方向。

In a short period of time, we can already see demonstrable actions and results, for lack of a better phrase, right? I think it's two things.

在很短的時間內，我們已經能看到可衡量的行動與成果（姑且這麼說），對吧？我認為有兩件事。

I think it's improving the old playbook, but also adding a bunch of things to it. Honestly, James, when it goes to sales, and I'm not undermining anything from the hard efforts that our really great sales team puts in, but at the end of the day, it's just good old-fashioned hard work, right?

一方面是改善舊的作戰手冊，另一方面也加入了很多新內容。老實說，James，談到銷售——我並不是要貶低我們非常優秀的業務團隊所付出的努力——但到頭來，就是傳統的苦幹實幹，對吧？

Understand the product, get in front of customers, be passionate about explaining the value proposition, and be relentless, or, as someone said to me recently, professionally persistent. That's what our team is doing.

了解產品、站到客戶面前、熱情地說明價值主張，並且鍥而不捨——或者像最近有人跟我說的：專業地持續跟進。這就是我們團隊正在做的事。

Yeah, that makes sense. As we're kind of looking here at your recurring revenue growth, it's pretty substantial year-over-year. Looks like something like $500,000 or so.

是的，這說得通。我們看你們的經常性收入成長，年增幅相當可觀。看起來大概是 50 萬美元左右。

I don't know if there's any way to kind of, if you look at it this way at all, but is there a way to look at how much of this is coming from new deployments versus expansion with existing customers?

我不確定你們是否會用這種方式來看，但有沒有辦法拆解一下：其中有多少來自新部署，多少來自既有客戶的擴張？

I know you've said there's a pretty massive penetration opportunity with your existing customers, but maybe you could double-click and give us just some perspective on how much of that is coming from kind of same store sales, for lack of a better term, versus totally new deployments, new customers.

我知道你們提過既有客戶有很大的滲透機會，但也許你可以再深入一點，給我們一些觀點：其中有多少是（姑且這麼說）同店銷售帶來的成長，多少是全新的部署、新客戶？

Yeah. Greg, do you want to take that one?

是的。Greg，你要回答這題嗎？

Yeah

好。

Take that one?

回答那題？

Sure. We do not break out the numbers exactly that way. But if we look at, let's just talk about our eight of the top 10.

當然。我們沒有用那種方式精確拆分數字。但如果我們看——就先談我們前十大客戶中的八個。

Excuse me.

不好意思。

If we look at the sites that were deployed year-over-year since Q2 of last year, we're up 150%, which is spectacular. We continue to build that. While land expand is very important to us, especially since we have so many of the top properties,

如果我們看自去年第二季以來、按年比較的部署站點數，我們成長了 150%，非常亮眼。我們也持續在累積。雖然「先落地再擴張」（land and expand）對我們很重要，尤其是因為我們擁有許多頂級物業，

We're not solely focused on that, so we continue to build from all aspects. Any customer is a good customer, put it that way, right? We haven't said of the incremental revenue, how much is one versus the other? But anecdotally, I'd say it's kind of split evenly, right? Good land and expand, but still new good logo growth. You don't want to limit yourself to any one component. It's a tremendously large market.

但我們並不只專注於那一塊，所以我們從各個面向持續拓展。任何客戶都是好客戶，可以這麼說，對吧？我們沒有說增量營收中，哪一部分來自哪一種？但就經驗來看，我會說大概各半，對吧？既有良好的落地擴張，同時也有不錯的新客戶（新 Logo）成長。你不希望把自己限制在任何單一構成上。這是一個非常龐大的市場。

That makes sense. One more, sort of a different angle on the same question. I'm kind of guessing here the multifamily is the vast majority of the revenue here, but you've had some forays into transportation, logistics, and retail.

了解。再一題，算是從不同角度問同一個問題。我猜多戶住宅（multifamily）應該佔了你們絕大部分營收，但你們也有涉足運輸、物流與零售。

I'm guessing those are pretty de minimis right now and are mostly on potentially upside. Any kind of update on the verticals, ones that may be kind of already contributing or more likely to contribute sooner than others? Just general thoughts on the kind of the vertical strategy.

我猜那些目前占比很小，主要是潛在上行空間。在各垂直領域方面，有沒有什麼更新：哪些已經開始貢獻，或哪些更可能較快貢獻？對垂直策略整體有什麼想法？

Yeah. I can take that one. Already contributing. Again, it's all about scale, right? Takes a while, as we mentioned earlier, to get up to speed, and really penetrating things from a new vertical standpoint.

好。我可以回答這題。已經在貢獻的部分——再次強調，關鍵在於規模，對吧？如同我們先前提到的，要上手並真正從新垂直領域的角度深入滲透，需要一些時間。

But already contributing would be critical infrastructure, commercial properties, transportation and logistics, and construction.

但已經在貢獻的包括關鍵基礎設施、商用不動產、運輸與物流，以及營建。

Are the dollars smaller? Yeah. But like the commercial property deal that we announced about five open-air shopping malls, the portfolio of that particular company is pretty large, and once they have a little bit of experience under their belt with using our system, we're confident that we will get additional opportunities in that portfolio.

金額比較小嗎？是的。但像我們宣布的那筆商用不動產案子——大約五座露天型購物中心——該公司那個投資組合的規模相當大；一旦他們在使用我們系統上累積一些經驗，我們有信心能在該投資組合中取得更多機會。

Same with transportation and logistics, right? We're deployed at a few of these higher-end remote truck parking lots, and their plan is to grow exponentially throughout the United States, and we are their selected security provider, right?

運輸與物流也是一樣，對吧？我們已在幾個較高端的偏遠卡車停車場完成部署，他們的計畫是在全美呈指數型擴張，而我們是他們選定的安防供應商，對吧？

Yes, it's still a bit nascent, as you said, some of these new verticals, but we're excited at the head of steam we're starting to see with them, all while multifamily keeps cranking away in the background.

是的，正如你所說，這些新垂直領域仍然有點早期，但我們對開始看到的動能感到振奮；同時，多戶住宅業務仍在背景中持續推進。

All right. Great perspective. Thanks. Those are my questions.

好。觀點很棒。謝謝。我的問題就這些。

Okay, James.

好的，James。

Thank you. There were no other questions at this time, and this does conclude today's conference. You may disconnect your lines at this time. Thank you for your participation.

謝謝。目前沒有其他問題，今天的電話會議到此結束。您現在可以掛斷電話線。感謝您的參與。