CSP Inc (CSPI) 2025 Q1 法說會逐字稿

Greetings. Welcome to CSPi's first-quarter fiscal year 2025 conference call. (Operator Instructions) Please note, this conference is being recorded.

問候。歡迎參加 CSPi 2025 財政年度第一季電話會議。（操作員指示）請注意，本次會議正在錄音。

I will now turn the conference over to your host, Michael Polyviou. Michael, you may begin.

現在我將會議交給主持人 Michael Polyviou。邁克爾，你可以開始了。

Thank you, Paul. Hello, everyone, and thank you for joining us to review CSPi's fiscal 2025 first quarter financial results as well as recent operating developments. The fiscal quarter ended December 31, 2024.

謝謝你，保羅。大家好，感謝您與我們一起回顧 CSPi 2025 財年第一季的財務表現以及近期的營運發展。本財政季度截至 2024 年 12 月 31 日。

Today with me on the call is Victor Dellovo, CSPi's Chief Executive Officer; and Gary Levine, CSPi's Chief Financial Officer. After Victor and Gary conclude their opening remarks, we'll then open the call for questions. During the Q&A session, we asked participants to limit themselves to one question and one follow-up question, and then we queue if they have additional questions.

今天與我一起參加電話會議的是 CSPi 的執行長 Victor Dellovo；以及 CSPi 財務長 Gary Levine。在 Victor 和 Gary 結束開場白後，我們將開始提問。在問答環節，我們要求參與者只提出一個問題和一個後續問題，如果他們還有其他問題，我們就會排隊。

Statements made by CSPi's management on today's call regarding the company's business that are not historical facts may be forward looking statements as the terms identified in federal securities laws. The words may, will, expect, believe, anticipate, project, plan, intend, estimate, and continue, as well as similar expressions are intended to identify forward looking statements.

CSPi 管理階層在今天的電話會議上就公司業務所作的非歷史事實的陳述可能是前瞻性陳述，正如聯邦證券法所確定的術語。可能、將要、預期、相信、預期、預計、計劃、打算、估計、繼續等詞語以及類似的表達旨在識別前瞻性陳述。

Forward looking statements should not be meant as a guarantee of future performance or results. The company cautions you that these statements reflect current expectations of the company's future performance or events and are subject to several uncertainties, risks, and other influences, many of which are beyond the company's control and may influence the accuracy of the statements and the projections upon which the segment and statements are based.

前瞻性陳述不應被視為對未來績效或結果的保證。本公司提醒您，這些聲明反映了對公司未來業績或事件的當前預期，並受到若干不確定性、風險和其他影響的影響，其中許多因素超出了公司的控制範圍，並可能影響聲明的準確性以及分部和聲明所依據的預測。

Factors that may affect the company's results include, but are not limited to, the risks and uncertainties discussed in the risk factor section of the annual report in Form 10-K. And the quarterly report on Form 10-Q filed, Securities and Exchange Commission.

可能影響公司績效的因素包括但不限於10-K表格年度報告風險因素部分中討論的風險和不確定性。以及向美國證券交易委員會提交的10-Q表季度報告。

Forward looking statements are based on information available at the time those statements are made and management's good faith belief as of the time with respect to future events. All forward-looking statements are qualified in entirety by this cautionary statement, and CSPi undertakes no obligation to publicly revise or update any further statements, whether as a result of new information, future events, or otherwise after the date thereof.

前瞻性陳述是基於做出這些陳述時可用的資訊以及管理階層對未來事件當時的誠信信念。所有前瞻性陳述均受本警告聲明的完整限制，CSPi 不承擔公開修改或更新任何進一步聲明的義務，無論其是否因新資訊、未來事件或其他原因而發生。

With that, I'll turn the call over to Victor Dellovo, Chief Executive Officer. Victor, please go ahead.

說完這些，我將把電話轉給執行長 Victor Dellovo。維克多，請繼續。

Thanks, Michael, and good morning everyone. It has been less than two months since we last talked with you, and during the first quarter our business maintained the momentum we described to you back in December. We generated an increase in total revenue boosted by 17% in service revenue and expanded our gross margins by a healthy 200 basis points while earning $0.05 per diluted common share.

謝謝，邁克爾，大家早安。距離我們上次與您交談已經過去不到兩個月了，在第一季度，我們的業務保持了我們 12 月向您描述的勢頭。我們的總收入增加了 17%，服務收入增加了 17%，毛利率提高了 200 個基點，同時每股攤薄普通股收益為 0.05 美元。

We finished the quarter with more than $30 million in cash in cash equivalent, while continuing to invest in our AZT PROTECT product line. In the Board of Directors authorize another $0.03 per share quarterly cash dividend. Our Technology Solution business once again led the way for us during the quarter, generating approximately $15.2 million in sales.

本季末，我們的現金等價物超過 3,000 萬美元，同時繼續投資於我們的 AZT PROTECT 產品線。董事會授權再派發每股 0.03 美元的季度現金股利。我們的技術解決方案業務在本季再次領先，創造了約 1,520 萬美元的銷售額。

We've added a second major cruise line order to the one we mentioned back in December, and we continue to succeed in the ocean freight liner market where we continue to add new ships whose operators are utilizing a managed service offering following the retrofit boosting our monthly recurring revenue.

除了去年 12 月提到的訂單外，我們又增加了第二筆大型郵輪訂單，並且我們繼續在遠洋貨運班輪市場取得成功，我們繼續增加新船，這些新船的運營商在改造後使用託管服務，從而增加了我們的每月經常性收入。

Another bright spot during the quarter was the increased demand for our cloud-based service from companies wanting to outsource these critical needs to our value tested platform. Overall, service revenue grew 17% during the quarter and drove our gross margins up 200 basis points. We continue to introduce AZT PROTECT into the operation technology or OT markets where the need for enhanced solutions have never been higher.

本季的另一個亮點是，許多公司希望將這些關鍵需求外包給我們經過價值測試的平台，對我們的基於雲端的服務的需求增加。總體而言，本季服務收入成長了 17%，推動毛利率上升了 200 個基點。我們繼續將 AZT PROTECT 引入操作技術或 OT 市場，這些市場對增強型解決方案的需求從未如此高漲。

We signed up several new customers during the first quarter and in the process increased both. There are first of all industries we are addressing, as well as customers for whom we are providing critical cybersecurity solutions.

我們在第一季簽約了幾位新客戶，並且在這過程中實現了成長。首先，我們針對的是各行業，同時也為客戶提供關鍵的網路安全解決方案。

We should also note that the large pharmaceutical company that purchased AZT PROTECT a year ago has renewed their annual six-figure post-contract support agreement, and we are glad to report they are completely satisfied with the product and related services.

我們還應該注意到，一年前購買 AZT PROTECT 的大型製藥公司已經續簽了每年六位數的合約後支援協議，我們很高興地報告他們對產品和相關服務完全滿意。

An example of how we are building presence for AZT PROTECT and target operational technology, cybersecurity markets is a partnership we announced with Unified Flow technologies just before the end of the calendar year. UFT provides products and system integration services to water and waste treatment facilities located in 40 states.

我們如何為 AZT PROTECT 建立影響力並瞄準營運技術、網路安全市場，其中一個例子就是我們在年底前宣布與 Unified Flow 技術建立合作夥伴關係。UFT 為位於 40 個州的水和廢棄物處理設施提供產品和系統整合服務。

Water treatment facilities have hard hit by zero-day malware and ransomware that today's cybersecurity solutions struggle to prevent. In addition, these facilities are often targeted by nation state sponsored attacks that bypass today's leading protection measures.

水處理設施受到零日惡意軟體和勒索軟體的嚴重打擊，當今的網路安全解決方案難以阻止。此外，這些設施經常成為國家發動的攻擊的目標，​​而這些攻擊會繞過當今領先的保護措施。

We are now working with UFT to implement AZT PROTECT into water treatment operations to better protect them against cyberattacks, and our first deployment included protecting one of UFT's own operational technology facilities.

我們目前正在與 UFT 合作將 AZT PROTECT 實施到水處理營運中，以更好地保護它們免受網路攻擊，我們的首次部署包括保護 UFT 自己的一個營運技術設施。

AZT PROTECT uses AI-based countermeasures to stop categories of attacks as they land on the water treatment facility's most vulnerable critical production control systems. These countermeasures lock down critical applications from adulteration while stopping code-based attacks such as malware and ransomware from executing.

AZT PROTECT 使用基於人工智慧的對策來阻止針對水處理設施最脆弱的關鍵生產控制系統的各種攻擊。這些對策可以防止關鍵應用程式被摻假，同時阻止惡意軟體和勒索軟體等基於程式碼的攻擊的執行。

Further, they disrupt any nation state effort to take control of the facility. UFT has more than 16,000 customers to sell a built-in solution for effective cyber protection, and we are quite excited about the potential for our partnership as a reference flow installations are developed.

此外，他們還破壞了任何民族國家控制該設施的努力。UFT 擁有超過 16,000 名客戶，銷售用於有效網路保護的內建解決方案，隨著參考流程安裝的開發，我們對合作夥伴關係的潛力感到非常興奮。

AZT PROTECT also has the ability to drive our high performance product business, and we expect to see increasing levels of revenue from a partnership with the likes of UFT and Rockwell Automation as a fiscal year unfolds.

AZT PROTECT 還可以推動我們的高效能產品業務，隨著財政年度的展開，我們預計與 UFT 和羅克韋爾自動化等公司的合作將帶來收入水準的提高。

As we reported back in December, we had a very successful participation in the Rockwell Automation Fair back in late November 2024 with Gary Southwell, our Vice President and General Manager of a high performance, presenting an in-depth review of the latest attack techniques in their financial impact.

正如我們去年 12 月報導的那樣，我們在 2024 年 11 月下旬參加了羅克韋爾自動化博覽會，取得了巨大成功，我們的高性能副總裁兼總經理 Gary Southwell 對最新攻擊技術及其財務影響進行了深入回顧。

Gary's presentation, as well as our participation in the American Petroleum Institute show for oil and natural gas resulted in generating approximately 100 leads. We've been following up on these leads with several already transitioning into active proposals. We are hoping to convert a growing number of these proposals to orders during the next couple quarters with the help of our Rockwell distribution partners.

加里的演講以及我們參加美國石油學會石油和天然氣展會產生了大約 100 條線索。我們一直在跟進這些線索，其中一些已經轉變為積極的提案。我們希望在羅克韋爾分銷合作夥伴的幫助下，在接下來的幾季內將越來越多的此類提案轉化為訂單。

Along those lines, we have targeted the top US Rockwell distributors having signed up three and hoping to have two more signed by the end of this month. Our strategy with the Rockwell Distribution channel is to focus on the middle market OT customers, which tend to have a shorter sales cycle than the larger OT organizations and successfully executing on this strategy will be a major factor behind our performance for the remainder of fiscal 2025.

按照這個思路，我們已將目標鎖定在美國頂級的羅克韋爾經銷商，目前已與三家經銷商簽約，並希望在本月底前再與兩家經銷商簽約。我們與羅克韋爾分銷通路的策略是專注於中端市場 OT 客戶，這些客戶的銷售週期往往比大型 OT 組織更短，成功執行此策略將成為我們在 2025 財年剩餘時間內業績的主要因素。

With the large OT customers, our internal sales team continues to address the market, which has sales cycles up to 18 months. A typical point of entry is through a project for one operation and then as the installation proves its worth, we are introducing to other opportunities within the corporate entity. We are actively working that expansion opportunity as many as the results from AZT PROTECT are certainly worthy of broader system roll out at these big customers.

對於大型OT客戶，我們的內部銷售團隊持續應對市場，銷售週期長達18個月。典型的切入點是透過一個操作的項目，然後隨著安裝證明其價值，我們將引入公司實體內的其他機會。我們正在積極努力拓展這一擴展機會，因為 AZT PROTECT 的成果無疑值得向這些大客戶更廣泛地推出系統。

All of our sales and marketing efforts is supported by the nine major industry awards AZT PROTECT has received since its launch, including the winner of the application security category at the 2024 Fortress Cybersecurity Award presented by Business Intelligence Group. We continue to benefit from the CrowdStrike update failure of last July.

我們所有的銷售和行銷工作都得到了 AZT PROTECT 自推出以來獲得的九項主要行業獎項的支持，其中包括商業智慧集團頒發的 2024 年 Fortress 網路安全獎的應用安全類別獲獎者。我們繼續受益於去年 7 月 CrowdStrike 更新失敗。

With the risk that continuous cloud updates can have on an OT applications, including industrial automation industries control systems, there is a growing recognition from the industrial automation vendors that their distribution channels that the traditional IT focus endpoint protection methodologies are not meeting their requirements.

由於持續的雲端更新可能會對 OT 應用程式（包括工業自動化產業控制系統）造成風險，工業自動化供應商越來越認識到，他們的分銷管道中傳統的以 IT 為重點的端點保護方法無法滿足他們的要求。

In summary, we are off to a solid start for fiscal 2025, and we are working to continue this momentum as the year progresses. With that, I will now ask Gary to provide a brief overview of the fiscal first quarter financial performance.

總而言之，我們在 2025 財年取得了良好的開端，並且我們正在努力在未來繼續保持這一勢頭。現在，我將請加里 (Gary) 簡要介紹一下第一財季的財務表現。

Thanks, Victor. For the first quarter ended December 31, 2024, we reported revenue of $15.7 million as compared to $15.4 million for the prior year's first quarter, and $13 million for the fiscal fourth quarter ended September 30, 2024. Service refer -- service revenue represented $4.7 million of overall sales compared to $4 million of overall sales during the year ago period and $4 million of overall sales during the fiscal 2024 fourth quarter.

謝謝，維克多。截至 2024 年 12 月 31 日的第一季度，我們報告的營收為 1,570 萬美元，而去年同期第一季的營收為 1,540 萬美元，截至 2024 年 9 月 30 日的第四財季的營收為 1,300 萬美元。服務參考－服務收入佔總銷售額的 470 萬美元，而去年同期的總銷售額為 400 萬美元，2024 財年第四季的總銷售額為 400 萬美元。

Gross profit for the three months ended December 31, 2024 was $4.6 million or 29.1% of sales compared to gross profit of $4.1 million or 26.6% of sales for the quarter ended December 31, 2024, reflecting the continued execution of the company's strategy to focus on higher margin offerings.

截至 2024 年 12 月 31 日的三個月的毛利為 460 萬美元，佔銷售額的 29.1%，而截至 2024 年 12 月 31 日的季度的毛利為 410 萬美元，佔銷售額的 26.6%，這反映了公司繼續執行專注於更高利潤的策略。

Driven by the improved gross margin, interest income, and foreign currency exchange, the company reported net income of $472,000 or $0.05 per diluted common share for the fiscal first quarter compared to a net loss of $73,000 or $0.01 per diluted common share for the prior fiscal year's first quarter.

受毛利率、利息收入和外匯兌換提高的推動，該公司報告第一財季淨收入為 472,000 美元或每股稀釋普通股 0.05 美元，而上一財年第一季淨虧損為 73,000 美元或每股稀釋普通股 0.01 美元。

For the fiscal first quarter, our engineering and development expenses were $786,000 compared to $700,000. The increase was for outside consulting services and stock compensation. For SG&A was at $4.1 million compared to $3.7 million in the year ago fiscal quarter. The increase was marketing expenses, for the trade show and travel expenses as we scaled up the, our conferences and participation for the AZT PROTECT and for higher commission on sales in the TS group.

第一財季，我們的工程和開發費用為 786,000 美元，去年同期為 700,000 美元。增加的部分用於外部諮詢服務和股票薪酬。銷售、一般及行政費用為 410 萬美元，去年同期為 370 萬美元。增加的是行銷費用，用於貿易展覽和差旅費用，因為我們擴大了會議和 AZT PROTECT 的參與，以及 TS 集團更高的銷售佣金。

The company had a tax benefit from reversal of the valuation allowance related to expiring state and R&D credit and investment credits and benefits from our federal R&D credit. The company continues to maintain a robust balance sheet as of December 30, 2024. And had cash and cash equivalents of $30.7 million.

該公司因與即將到期的州和研發信貸以及投資信貸相關的估值準備金的逆轉而獲得了稅收優惠，並因我們的聯邦研發信貸而獲得了收益。截至 2024 年 12 月 30 日，該公司繼續維持強勁的資產負債表。並擁有3070萬美元的現金和現金等價物。

The higher cash balance relative to liabilities enhances the company's resources to pay a quarterly cash dividend. While executing growth, which includes the continued rollout and market awareness of the AZT Protect offering.

相對於負債而言，更高的現金餘額增強了公司支付季度現金股利的資源。在實現成長的同時，包括繼續推出 AZT Protect 產品並提高市場知名度。

With that, I will turn it over to the operator for questions.

說完這些，我將把問題交給接線員。

(Operator Instructions)

（操作員指示）

Joseph Nerges, Segren Investments.

約瑟夫‧內格斯 (Joseph Nerges)，塞格倫投資公司。

Thank you. Good morning guys. How are you today?

謝謝。大家早安。你今天怎麼樣？

Good morning, Joe.

早安，喬。

First, I want to thank you guys for your the time that you gave, all to the investors that were at the annual meeting last week. And I want to start with one question that this is off from off of your LinkedIn with the web page and it was sort of a summation of AZT PROTECT, which it said no updates, no upgrades, no daily maintenance saves time, reduce expenses. This is a sort of a summation of what AZT PROTECT in managing that in -- the any security team we have in managing it except for one exception there and you mentioned it at the annual meeting. I think it's important.

首先，我要感謝你們為上週參加年度會議的投資者付出的時間。首先我想問一個問題，這個問題來自您的 LinkedIn 網頁，它是對 AZT PROTECT 的總結，它說無需更新、無需升級、無需日常維護，從而節省時間、減少開支。這是 AZT PROTECT 在管理方面所做的總結——我們管理的任何安全團隊都在管理它，除了一個例外，您在年度會議上提到了這一點。我認為這很重要。

We are -- you are doing -- you are currently doing a slight -- well, an additional feature upgrade to AZT Protect. You haven't announced it yet, but there is a, there is some work on an upgrade and I just want to get that on the record.

我們正在——您正在做——您目前正在對 AZT Protect 進行輕微的——嗯，額外的功能升級。您還沒有宣布，但是確實有一些升級工作，我只是想將其記錄下來。

You're correct. We will announce it soon.

你是對的。我們將很快宣布。

Okay, very good, thank you. And one other point I know we've discussed this in the past. You have a number of patents that have already been assigned or awarded to you on the ARIA platform. And I'm assuming you have some pending patents to do you have a summation of that at all of the total we have on that?

好的，非常好，謝謝。還有一點，我知道我們過去討論過這個問題。您擁有多項已在 ARIA 平台上分配或授予的專利。我假設您有一些正在申請的專利，您是否可以總結一下我們擁有的這些專利的總數？

Yes, three have been completed. Two more have gone through all office actions by the patent office and are expected to issue by year-end. And then two more recent submissions that should be done sometime in 2026, so three issued and four in the middle stages.

是的，已經完成了三項。另外兩項專利已通過專利局的所有審查程序，預計將於年底前頒發。最近還有兩份提交應該會在 2026 年的某個時候完成，所以三份已經發布，還有四份處於中間階段。

All right thanks a lot. I appreciate it. I'll leave it open to somebody else on the questions.

好的，非常感謝。我很感激。我將把這些問題留給其他人來回答。

Thanks, Joe.

謝謝，喬。

(Operator Instructions)

（操作員指示）

Brett Davidson, Investletter.

布雷特戴維森，Investletter。

Good morning, gentlemen. I have, questions regarding the, AZT sales. I was wondering if you guys could shed some light on what sales channels those sales have been coming through, and I know Victor, you indicated that, the Rockwell is going to be important the rest of the year. Have any of those sales come through the Rockwell sales channel?

先生們，早安。我對 AZT 銷售有疑問。我想知道你們能否解釋一下這些銷售是透過哪些銷售管道實現的，我知道維克多，你曾表示，羅克韋爾在今年剩餘時間內將發揮重要作用。這些銷售有透過羅克韋爾的銷售管道實現的嗎？

No, those are all been the stuff that we've been working on. The Rockwell channels, we literally have just been setting up contracts with these large distributors. I announced one, I think you guys saw, CED back a month ago or so.

不，這些都是我們一直在努力的事情。羅克韋爾通路，我們實際上剛剛與這些大型分銷商簽訂了合約。我想你們大約在一個月前就看到了，CED。

And there'll be another announcement here soon, of another one. And then the other ones are we're pretty close to signing. So I'll announce all those as they they come along, but these channels are really new. So some of the sales we've had have been the ones we've been working on for months or years.

很快這裡還會發布另一個公告。其他的我們已經快要簽署了。因此，我會在它們發佈時宣布所有這些，但這些管道確實是新的。因此，有些銷售是我們花費數月甚至數年時間才完成的。

So you're anticipating that, some of these these Rockwell partners are going to generate sales through the course of the year?

那麼，您是否預計這些羅克韋爾合作夥伴中的一些人將在全年實現銷售成長？

Yes, absolutely. We're hoping that next quarter, if everything goes well because the way we're going to work it is, we're going to push all the -- even sales come directly to us, we're going to stop pushing it through the Rockwell channels of some sort. So that's our game plan long term is to fulfill all through the Rockwell channels.

是的，絕對是。我們希望，如果一切進展順利的話，下個季度，因為我們的工作方式是，我們將推動所有 - 即使銷售直接來自我們，我們也將停止通過某種羅克韋爾渠道來推動它。所以我們的長期計劃是透過羅克韋爾管道來實現。

And one other quick question, is there anything that prevents AZT from being sold in the overseas markets?

還有一個快速問題，有什麼因素阻止 AZT 在海外市場銷售嗎？

No.

不。

Perfect. All right, thank you very much.

完美的。好的，非常感謝。

Thank you, Brett.

謝謝你，布雷特。

Mike Price, Private Investor.

麥克普萊斯，私人投資者。

Good morning. Thanks for taking my question. It was July of 2023 that you first issued the press release, calling AZT game changing technology. And a month later, you said that CSPi lacks name recognition. And at that time, I asked if you have game changing technology without the name recognition, you're better off trying to find a partner that can get this into a market more quickly and in a big way.

早安.感謝您回答我的問題。2023 年 7 月，您首次發布新聞稿，稱 AZT 為改變遊戲規則的技術。一個月後，您又說 CSPi 缺乏知名度。當時，我問過自己，如果你擁有一項能夠改變遊戲規則的技術，但卻沒有知名度，那麼你最好尋找一個合作夥伴，以便能夠更快、更大規模地將該技術推向市場。

And here it is, and you said at that time, it's only been 30 days. So here we are 19 months later, and you've won nine awards, which has, I assume, given you visibility and credibility. You've got several resalers and the Rockwell relationship. And the AZT revenues are not material in an OT market that you have estimated at about $50 billion.

現在就在這裡，你當時說，才過了 30 天。19 個月過去了，您已經贏得了 9 個獎項，我想這為您帶來了知名度和可信度。您與多家經銷商以及 Rockwell 都有合作關係。而 AZT 的營收對於您估計約 500 億美元的 OT 市場來說並不重要。

And the last conference call, the year-end conference call, you said that this is pretty much like a startup and you're building infrastructure. So the question is, have you gone to somebody with name recognition or has somebody come to you saying, you have game changing technology?

在上次電話會議，也就是年終電話會議上，您說這很像一家新創公司，您正在建立基礎設施。所以問題是，您是否去找過某個知名人士，或者是否有人來找您，告訴您，您擁有改變遊戲規則的技術？

We have infrastructure, you don't, we have name recognition, you don't, where this could get into the market more quickly in a bigger way. And this isn't seemingly just important to the CSPi shareholders, but it seems to be important for national security.

我們有基礎設施，而你們沒有；我們有知名度，而你們沒有；這些優勢使我們能夠更快、更大規模地進入市場。這似乎不僅對 CSPi 股東很重要，對國家安全也很重要。

The quick answer to that is no one's approached us and working with these large distributors is our first step into trying to build a name recognition and get into more feet on the street.

對此的快速回答是，沒有人與我們接洽，與這些大型經銷商合作是我們嘗試建立知名度並吸引更多消費者的第一步。

Okay, but with the larger customers where you say it's harder to get in the door. You haven't gone to anybody looking for any partnership to get this done in a big way. Because, when you put out some of these blogs about, 2024 in review and 2025, what's in front of for cybersecurity, measures, it's these things all take time, and every day that passes there's higher risk to infrastructures they're not. So it seems like the sooner that AZT gets in the market, the better and the safer it is for everybody.

好的，但是對於較大的客戶來說，您說進門會更困難。您沒有向任何人尋求合作來大規模地完成這項工作。因為，當你發布一些關於 2024 年回顧和 2025 年網路安全面臨的挑戰和措施的部落格時，這些事情都需要時間，而且每過一天，基礎設施面臨的風險就會增加，但事實並非如此。因此，AZT 越早進入市場，對每個人來說就越好、越安全。

Absolutely. We're evangelizing that, through our partners directly to the customers. We're at trade shows. We have Gary Southwell, who are speaking to him, we're trying to get the blogs, we're trying to, it's education. With the Rockwell partners, it's all about training them right now, getting in front of them, getting the message out to them on how to position it, where it falls in place, why it's different than the other products that are out there, how we complement in case you, come up with some issues of, oh, we already have this, product, the messaging and how we -- while there's still faults in those products.

絕對地。我們正在透過合作夥伴直接向客戶宣傳這一點。我們正在參加貿易展覽會。我們有加里·索斯韋爾 (Gary Southwell)，他正在與他交談，我們正在嘗試獲取博客，我們正在嘗試，這是教育。對於羅克韋爾的合作夥伴來說，現在最重要的就是對他們進行培訓，走在他們前面，向他們傳達如何定位它的信息，它在哪裡，為什麼它與現有的其他產品不同，我們如何補充，以防萬一你提出一些問題，哦，我們已經有了這個產品，信息傳遞以及我們如何——儘管這些產品仍然存在缺陷。

As you can see there are people getting hacked constantly. This is how we would protect that infrastructure along with whatever product they may be using already. So unfortunately things take time as impatient as, probably, most people are, but we are definitely, working the channels, working in the messaging, developing the product, and trying to evangelize in as many areas as possible to get that messaging out there.

正如你所見，人們不斷遭受駭客攻擊。這就是我們保護基礎設施以及他們可能已經在使用的任何產品的方式。因此，不幸的是，事情需要時間，可能大多數人都是不耐煩的，但我們肯定會透過各種管道、各種訊息傳遞、開發產品，並嘗試在盡可能多的領域進行宣傳，以將這些訊息傳播出去。

And a lot of people still have that. Even with the news as what it is, a lot of people be like, well, I haven't been hacked yet, so I'll be okay right now. And then we have to be like, well, it's only a matter of time when you won't be saying that.

許多人仍然有這種感覺。即使新聞是這樣的，很多人還是會說，好吧，我還沒有被駭客攻擊，所以我現在沒事。然後我們必須要說，好吧，你不再這麼說只是時間問題。

Do you see an inflection sometime this year where we see some significant ramp up in AZT revenues? You think it takes place as soon as this year? Or is it longer than that?

您是否認為今年某個時候會出現一個轉折點，即 AZT 收入將大幅增加？您認為它最早會在今年發生嗎？或比這更長？

We're counting on this year to have a significant increase in revenue. Yes, we're budgeting for that.

我們預計今年的收入將大幅增加。是的，我們正在為此做預算。

Okay, all right, thank you.

好的，好的，謝謝。

Yeah.

是的。

(Operator Instructions)

（操作員指示）

Mike Price.

麥克普萊斯。

Yeah, thanks for taking another question. This comes up every quarter. Joe Nirjes just didn't ask it, but the question about using some of the cash to buy back shares, and if you are so optimistic about AZT and the future of CSPi, it still seems like a good use of the cash, especially at least to offset any shares that go to management and directors such that the rest of the CSPi shareholders aren't deluded. Can you comment on using cash to buy back shares a little bit more aggressively than the past.

是的，感謝您回答另一個問題。每個季度都會發生這種情況。Joe Nirjes 只是沒有問這個問題，但關於使用部分現金回購股票的問題，如果你對 AZT 和 CSPi 的未來如此樂觀，那麼這似乎仍然是一種很好的現金用途，尤其是至少可以抵消流向管理層和董事的任何股票，這樣其他 CSPi 股東就不會受到欺騙。您能否評論一下比過去更積極地使用現金回購股票的做法？

Well, last quarter we were in a complete blackout period at the company, so and we're actively looking at it, to support the stock this quarter and then in the future.

嗯，上個季度我們公司處於完全停電期，所以我們正在積極考慮這個問題，以支持本季及未來的股票。

Right, but the quarter before, I think you bought what, 4,200 shares, it's been nominal from one quarter to the next.

好的，但是上一季度，我想你買了 4,200 股，從一個季度到下一個季度，這個數字一直很低。

Yeah, we're taking a good close look at that Mike, so we will be purchasing probably more shares going forward.

是的，我們正在仔細研究麥克，因此我們將來可能會購買更多股票。

Okay, and again, I know it's a pretty good size number that is going to management, but you can see if management is getting these shares and you don't use cash to buy back shares. My position, everybody else's position in CSPi is somewhat diluted.

好的，我再說一次，我知道這是一筆相當大的數目，將分配給管理層，但你可以看看管理層是否獲得了這些股份，而你沒有使用現金回購股份。我以及 CSPi 中其他人的地位都在某種程度上被削弱了。

Right, so, okay, alright, thank you, appreciate it.

好的，好的，好的，謝謝，感激不盡。

Thank you.

謝謝。

(Operator Instructions)

（操作員指示）

I'll now have the call back to Victor Delovo for closing remarks.

我現在將電話回撥給 Victor Delovo，請他作最後發言。

Thank you. As always, I want to thank our shareholders for the continued interest and support. Our results in Q1 demonstrate the progress we are making in this success also highlights the ever-growing market interests of AZT Protect. We look forward to updating you on our Q2 progress in May. Thank you.

謝謝。一如既往，我要感謝股東們持續的關注與支持。我們第一季的業績證明了我們在這一成功方面所取得的進展，也凸顯了 AZT Protect 不斷增長的市場利益。我們期待在五月向您通報我們第二季的進展。謝謝。

This concludes today's conference.

今天的會議到此結束。

(Operator Instructions)

（操作員指示）