CSP Inc (CSPI) 2025 Q3 法說會逐字稿

Good day, ladies and gentlemen, and welcome to CSPI's fiscal 2025 third-quarter results conference call.

女士們、先生們，大家好，歡迎參加 CSPI 2025 財年第三季業績電話會議。

(Operator Instruction) It is now my pleasure to turn the call over to your host, Michael Polyviou.

（接線員指示）現在我很高興將電話轉給主持人 Michael Polyviou。

Michael, the floor is yours.

邁克爾，現在輪到你了。

Thank you, Tom.

謝謝你，湯姆。

Hello, everyone, and thank you for joining us to review CSPI's financial results for the fiscal 2025 third quarter ended June 30, 2025, as well as recent operating developments. Today with me on the call is Victor Dellovo, CSPI's Chief Executive Officer; and Gary Levine, CSPI's Chief Financial Officer.

大家好，感謝您與我們一起回顧 CSPI 截至 2025 年 6 月 30 日的 2025 財年第三季度的財務業績以及近期的營運發展。今天與我一起參加電話會議的還有 CSPI 的執行長 Victor Dellovo 和 CSPI 的財務長 Gary Levine。

After Victor and Gary conclude their opening remarks, we'll then open the call for questions. During the Q&A session, we ask participants to limit themselves to one question and one follow-up question, then requeue if you have additional questions.

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，如果有其他問題，請重新排隊。

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 those 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聯邦證券法所認定的前瞻性陳述。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 the current expectations about 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 that 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，可能會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 Factors section of the annual report on our Form 10-K and the quarterly report on Form 10-Q filed with the Securities and Exchange Commission. Forward-looking statements are based on the 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 their entirety by this cautionary statement and CSPI undertakes no obligation to publicly revise or update any forward-looking statements, whether as a result of new information, future events, or otherwise after the date thereof.

可能影響公司業績的因素包括但不限於我們向美國證券交易委員會提交的 10-K 表年度報告和 10-Q 表季度報告中「風險因素」部分中討論的風險和不確定性。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，且 CSPI 不承擔公開修改或更新任何前瞻性陳述的義務，無論其是否由於新資訊、未來事件或該日期之後的其他情況而發生。

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.

謝謝，邁克爾，大家早安。

Our fiscal third-quarter revenue was $15.4 million, representing an 18% increase over last year third-quarter revenue. It also represents 18% sequential increase over our prior quarter and illustrates the building momentum our business segments are generating in the market.

我們的第三季營收為 1,540 萬美元，比去年第三季營收成長 18%。這也比上一季成長了 18%，顯示我們的業務部門在市場上正在形成強勁勢頭。

Our Technology Solutions segment is currently driving our revenue growth as in the High Performance Products segment, we continue to build awareness and more importantly, significant deal pipeline for our highly differentiated AZT PROTECT cybersecurity offering. Midway through the fiscal fourth quarter, the momentum is continuing, and we believe that if current trends continue, we'll be able to grow both top and bottom line for the full fiscal year.

我們的技術解決方案部門目前正在推動我們的收入成長，就像在高效能產品部門一樣，我們繼續為我們高度差異化的 AZT PROTECT 網路安全產品建立知名度，更重要的是，建立重要的交易管道。在第四財季中期，這種勢頭仍在持續，我們相信，如果目前的趨勢持續下去，我們將能夠在整個財年實現營收和利潤的成長。

Our managed cloud business provides customers with customized managed infrastructure solutions, moving their technology and data management to the cloud and continues to exceed our expectations. We have signed significant -- gained significant traction in niche markets, including the container shipping industry.

我們的託管雲端業務為客戶提供客製化的託管基礎架構解決方案，將他們的技術和資料管理轉移到雲端，並不斷超越我們的預期。我們簽署了重要協議，在包括貨櫃航運業在內的利基市場取得了顯著進展。

Recently, one of our customers increased our involvement with their operation to provide cloud services to their headquarters after we built a hugely successful track record with their vessels. TS has experienced strong momentum in the cloud initiatives, driven by successful execution over 20 active projects in the span range from industries and use cases.

最近，在我們為一位客戶的船舶建立了非常成功的業績記錄後，我們加強了對其營運的參與，為其總部提供雲端服務。TS 在雲端運算計畫中經歷了強勁的發展勢頭，這得益於在各個行業和用例領域成功執行的 20 多個活躍專案。

The growth reflects the company's strategic focus on delivering secure, scalable and high-performance cloud solutions tailored to clients' needs from infrastructure modernization to advanced cybersecurity services. By leveraging its deep expertise and strong customer relationship, TS has been able to rapidly expand its cloud portfolio, enabling organizations to accelerate digital transformation and achieve greater operational agility.

這一成長反映了公司的戰略重點，即提供安全、可擴展和高效能的雲端解決方案，以滿足客戶從基礎設施現代化到先進網路安全服務的需求。透過利用其深厚的專業知識和強大的客戶關係，TS 能夠迅速擴展其雲端產品組合，使組織能夠加速數位轉型並實現更高的營運敏捷性。

The breadth and diversity of these active projects underscore TS' ability to meet complex technical demands while positioning itself as a trusted partner in the evolving cloud market. Overall, the TS business generated strong revenue growth and demand remained strong during the fourth quarter. In the High-Performance Products, or HPP segment, our AZT PROTECT continues to build momentum in the operational technology marketplace.

這些活躍專案的廣度和多樣性凸顯了 TS 滿足複雜技術需求的能力，同時將自己定位為不斷發展的雲端市場中值得信賴的合作夥伴。整體而言，第四季 TS 業務收入成長強勁，需求依然強勁。在高性能產品（HPP）領域，我們的 AZT PROTECT 在營運技術市場上持續強勁發展勢頭。

During the fiscal third quarter, working through our Gold Star Rockwell Automation resellers, we deployed new customers in steel, concrete and lumber industries. In most cases, the customer who is deploying AZT PROTECT at an individual site and through successful implementation of our solution, we pursue expansion within the organization, creating a potential for five to six figures long-term relationships with these end-user customers.

在第三財季，我們透過金星羅克韋爾自動化經銷商，在鋼鐵、混凝土和木材行業中拓展了新客戶。在大多數情況下，客戶在單一站點部署 AZT PROTECT 並透過成功實施我們的解決方案，我們在組織內部進行擴展，與這些最終用戶客戶建立五到六位數的長期關係的潛力。

We have settled on a land and expand sales approach with the feedback from our resellers. So what does that mean by land and expand in the steel industry? We recently signed the first customer, one of the US largest steel producer mill sites.

根據經銷商的回饋，我們確定了土地和擴大銷售的方法。那麼，鋼鐵業的「土地擴張」意味著什麼呢？我們最近簽下了第一位客戶，美國最大的鋼鐵生產商之一。

The customer love our ability to lock down the environment and already have seen success in stopping an unintentional update that could have taken down the mill production. We have called this feature industrial control lockdown as we built a track record, at that time, we have gained trust and traction with other plants within the company operations, especially now that we have internal reference plant is willing to vouch for us.

客戶喜歡我們鎖定環境的能力，並且已經成功阻止了可能導致工廠生產中斷的意外更新。我們將此功能稱為工業控制鎖定，因為我們建立了良好的記錄，當時，我們贏得了公司運營中其他工廠的信任和關注，特別是現在我們有內部參考工廠願意為我們擔保。

Over time, this could result in a significant company-wide relationship for us. This approach is broadening our deal pipeline for AZT, which continues to offer our operational technology marketplace a unique effective cybersecurity industrial control solution. This is the same process in which we secured a multimillion dollar opportunity within the global pharmaceutical company in fiscal 2024, which will continue to support AZT PROTECT for 6-figure annually for this customer, as mentioned in the last quarter's press release.

隨著時間的推移，這可能會為我們帶來重要的全公司關係。這種方法拓寬了我們對 AZT 的交易管道，AZT 將繼續為我們的營運技術市場提供獨特有效的網路安全工業控制解決方案。這與我們在 2024 財年獲得全球製藥公司數百萬美元機會的過程相同，正如上個季度的新聞稿中提到的那樣，該公司將繼續每年為該客戶向 AZT PROTECT 提供 6 位數的支援。

Q3 was the first quarter working with the three largest Rockwell resellers, each which does tens of billions of revenue in the US each year. We talked to each of their top executives in July, and the feedback was overwhelmingly positive.

Q3 是我們與羅克韋爾三大經銷商合作的第一個季度，這三家經銷商每年在美國的收入都達到數百億美元。我們在七月與他們的每位高管進行了交談，反饋非常積極。

So starting, they all feel we're right on track to meet their sales plans for the product, which should see strong expansion within the next three to six months after laying out the groundwork in Q3 and Q4. One of these resellers is Rexel USA, an industrial leader and supplies industrial equipment throughout the United States.

因此，一開始，他們都覺得我們正朝著實現其產品銷售計劃的方向前進，在第三季和第四季奠定基礎之後，該產品將在未來三到六個月內實現強勁擴張。其中一個經銷商是 Rexel USA，它是工業領導者，為美國各地供應工業設備。

Rexel provides a variety of products to industrial customers across the US and is a premier Rockwell Automation distributor. Here is the feedback, quoting. We can now see how to properly position this product and unlike other industrial automation products we sell, the sales cycle is much shorter. It gives us a chance to have conversations at an executive management level with our customers.

Rexel 為美國各地的工業客戶提供各種產品，並且是羅克韋爾自動化的頂級經銷商。以下是回饋，引用。我們現在可以看到如何正確定位該產品，而且與我們銷售的其他工業自動化產品不同，其銷售週期要短得多。這使我們有機會與客戶進行高階管理對話。

And we are already engaged in opportunities to deploy in large multisite US customers. They also asked for patience as they positioned our AZT for expanding revenue opportunities within their large customer base. CED and Sonepar USA. echoed similar statements, saying they are both excited about the opportunity to grow business in FY26, now that they have had initial success with selling the product.

我們已經開始尋求在美國大型多站點客戶中部署的機會。他們也要求大家保持耐心，因為我們的 AZT 旨在擴大其龐大客戶群中的收入機會。CED 和 Sonepar USA 也發表了類似的聲明，表示既然他們在產品銷售方面已經取得了初步成功，他們都對 2026 財年業務成長的機會感到興奮。

Based on their expert opinion, they estimate we are somewhere near the end of early adoption cycle and moving towards revenue acceleration. One of our major wins, which was received late in Q2 and announced during the fiscal third quarter, was the initial order was to protect energy management equipment at the -- at each towers at one of the largest cell towers in South Africa. This came from the South Africa distributor, Oryx. Later in the quarter, we announced a follow-up order to provide protection for security camera monitoring systems deployed at the same company's towers. This is an important development as we currently have ARIA team members on the ground in South Africa to foster stronger relationships.

根據他們的專家意見，他們估計我們正接近早期採用週期的尾聲，並正朝著收入加速的方向發展。我們在第二季末獲得並在第三財季宣布的一項重大勝利是，最初的訂單是保護南非最大的手機訊號塔之一的每個塔的能源管理設備。這是來自南非經銷商 Oryx 的產品。本季度晚些時候，我們宣布了一項後續訂單，為部署在同一家公司大樓的安全攝影機監控系統提供保護。這是一個重要的進展，因為我們目前在南非有 ARIA 團隊成員來建立更牢固的關係。

Deployment of these AZT PROTECT installation often requires a customized approach for the first deployment. Specifically involved our team integrated our software to be used within the systems and products supplied by other vendors. As a result, the initial deployment process could take longer than we would like. However, once the initial integration is done, the result is a sticky solution that can be deployed automatically across each vendor's customers as they deploy or upgrade their products.

這些 AZT PROTECT 裝置的部署通常需要針對首次部署採用客製化方法。具體來說，我們的團隊整合了我們的軟體，以便在其他供應商提供的系統和產品中使用。因此，初始部署過程可能比我們希望的要花費更長的時間。然而，一旦完成初始集成，就會得到一個黏性解決方案，可以在每個供應商的客戶部署或升級其產品時自動部署。

This ability to add AZT PROTECT to the company's existing industrial IoT system is a new major driver behind our growing pipeline while facing a market segment with little current competition. What this means is that not only can we expand by protecting cell tower industrial IoT infrastructure in other regions of the world, but also protect the same type of products as they are deployed across a variety of industries sectors.

將 AZT PROTECT 添加到公司現有的工業物聯網系統的能力是我們面對當前競爭較少的細分市場時不斷增長的產品線背後的新的主要驅動力。這意味著我們不僅可以透過保護世界其他地區的蜂窩塔工業物聯網基礎設施進行擴展，還可以保護部署在各個產業領域的同類型產品。

Oryx is extremely bullish on AZT PROTECT and its unique value proposition for large growing industrial IoT markets. Looking at the feedback from the three largest Rockwell resellers in the US, combined with the exciting progress with the pioneer in Oryx, we believe we have made tremendous progress and are confident in our ability to maximize our returns from AZT PROTECT.

Oryx 非常看好 AZT PROTECT 及其針對大型成長型工業物聯網市場的獨特價值主張。透過查看美國三大 Rockwell 經銷商的回饋，結合 Oryx 先鋒公司取得的令人振奮的進展，我們相信我們已經取得了巨大的進步，並且有信心能夠從 AZT PROTECT 中獲得最大回報。

We continue to make prudent investments in the marketing AZT PROTECT, which includes conference participation and attending region events held by distributors to build off their existing customer relationships. We finished the quarter with more than $26 million in cash and cash equivalent, while continuing to invest in our AZT product line.

我們繼續對 AZT PROTECT 行銷進行審慎投資，包括參加會議和參加經銷商舉辦的地區活動，以建立他們現有的客戶關係。本季結束時，我們擁有超過 2,600 萬美元的現金和現金等價物，同時繼續投資於我們的 AZT 產品線。

Additionally, we repurchased 19,000 common shares on the open market during the quarter, and the Board of Directors authorized another $0.03 per share quarterly cash dividend. In summary, the TS business continues to generate consistent strong growth while we continue to build our presence with major customers for AZT PROTECT in the HPP segment. Our fiscal fourth quarter at this point is going really well, and we are positioned to finish the year ahead of fiscal 2025. CSPI was added to the Russell 3000 Index, effectively June 30, 2025, as part of the 2025 Russell Index reconstitution, which enhances our visibility among institutional investors.

此外，我們在本季在公開市場上回購了 19,000 股普通股，董事會批准再派發每股 0.03 美元的季度現金股利。總而言之，TS 業務持續保持強勁成長，同時我們繼續在 HPP 領域為 AZT PROTECT 的主要客戶建立影響力。目前，我們的第四財季進展順利，我們預計在 2025 財年之前完成本財年。作為 2025 年羅素指數重組的一部分，CSPI 於 2025 年 6 月 30 日起被納入羅素 3000 指數，這提高了我們在機構投資者中的知名度。

Now I will ask Gary to provide a brief overview of the fiscal third quarter and nine months financial performance. Gary.

現在，我請加里簡要概述一下第三財季和前九個月的財務表現。加里。

Thanks, Victor.

謝謝，維克多。

For the third quarter ended June 30, 2025, we reported revenue of $15.4 million compared to $13.1 million for the prior year. Product revenue grew 29% over last year's third quarter while service revenue of $5.3 million was slightly higher than the third quarter of fiscal 2024. Gross profit for the 3 months ended June 30, 2025, was $4.5 million or 29% of sales compared to gross profit of $4.6 million or 35% of sales for the quarter ended June 30, 2024, due to our sales mix and reflects higher component costs in the product side of the business.

截至 2025 年 6 月 30 日的第三季度，我們報告的營收為 1,540 萬美元，而去年同期為 1,310 萬美元。產品營收比去年第三季成長了 29%，而服務收入 530 萬美元略高於 2024 財年第三季。截至 2025 年 6 月 30 日的 3 個月的毛利為 450 萬美元，佔銷售額的 29%，而截至 2024 年 6 月 30 日的季度的毛利為 460 萬美元，佔銷售額的 35%，這是由於我們的銷售組合，並反映了業務產品方面的組件成本。

Our engineering and development expenses increased 7% comparing the current quarter to the prior year quarter due to increased consulting on the AZT product. The SG&A expenses for the quarter were up over the prior year by $0.2 million, largely due to increased sales and marketing expenses related to the AZT PROTECT. We had a tax benefit of $751,000 due to the quarterly loss and a refund of federal taxes for fiscal 2019 of $296,000 in the quarter.

由於 AZT 產品的諮詢增加，我們的工程和開發費用與本季相比增加了 7%。本季的銷售、一般及行政費用較上年同期增加了 20 萬美元，主要原因是與 AZT PROTECT 相關的銷售和行銷費用增加。由於季度虧損，我們獲得了 751,000 美元的稅收優惠，並且本季度退還了 2019 財年的 296,000 美元聯邦稅。

For the 9 months, our revenue of $44.3 million was $2.1 million over the $42.2 million in revenue generated during the first 9 months of fiscal 2024. The 9-month income tax benefit was $1.5 million, allowing us to record a net profit of $0.1 million or $0.01 per diluted share of common. The company continues to maintain a robust balance sheet as of June 30, 2025.

這 9 個月，我們的收入為 4,430 萬美元，比 2024 財年前 9 個月的 4,220 萬美元收入高出 210 萬美元。9 個月的所得稅收益為 150 萬美元，使我們實現了 10 萬美元的淨利潤或每股稀釋普通股 0.01 美元。截至 2025 年 6 月 30 日，該公司繼續維持強勁的資產負債表。

We had cash and cash equivalents of over $26 million. A higher cash balance relative to our liability, enhances the company's resources to pay a quarterly cash dividend while executing growth, which includes the continued rollout and marketing awareness of the AZT product offering. We spent $251,000 during the quarter purchasing 19,000 shares of common. Lastly, as Victor mentioned, the Board of Directors approved a $0.03 cash dividend for shareholders of record on August 29, 2025, payable on September 15, 2025.

我們的現金和現金等價物超過 2600 萬美元。相對於我們的負債而言，更高的現金餘額增強了公司的資源，可以在實現成長的同時支付季度現金股息，其中包括繼續推出和提高 AZT 產品的行銷知名度。本季我們花了 251,000 美元購買了 19,000 股普通股。最後，正如 Victor 所提到的，董事會批准向 2025 年 8 月 29 日登記在冊的股東派發 0.03 美元的現金股息，並於 2025 年 9 月 15 日支付。

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

說完這些，我將把問題交給接線員來回答您的問題。

(Operator Instruction) Brett Davidson.

（操作員指令）布雷特·戴維森。

Good morning, pretty exciting release this morning, awful lot to digest.

早安，今天早上發布的消息非常令人興奮，有很多內容需要消化。

Gary, you had just mentioned something about consulting expense. Can you guys expand on exactly what that is?

加里，你剛才提到了諮詢費用。你們能詳細說明一下那到底是什麼嗎？

Those were consultants that we -- additional engineers to do some additional high-level testing of the product with the -- some of the improvements and enhancements we have made with the product.

這些都是顧問，我們額外的工程師對產品進行一些額外的高級測試，並對產品進行一些改進和增強。

Is that going to be a recurring thing or is that -- that was just a one-time --

這會是重複發生的事情嗎？還是說這只是一次性的事？

It's probably be for another quarter.

可能還要再等一個季度。

Got it. You announced that there was some sort of lumber mill, concrete facilities. Can you disclose just generally where like the lumber mill is located? Is this a Pacific Northwest thing or --

知道了。您宣布那裡有某種木材廠和混凝土設施。能透露一下木材廠的大概位置嗎？這是太平洋西北地區的事嗎？--

Yes. Yes.

是的。是的。

Okay. Good enough.

好的。夠好了。

And concrete thing, what's -- I mean, kind of what does that look like? I mean, I know these things are kind of a regional thing, and I don't know that there's maybe some of these entities, there's some ownership overlap in regional or national, but I think a lot of these concrete plants are local ownership, small concrete plants. So what does the concrete plant business look like?

那麼具體的東西是什麼——我的意思是，它看起來像什麼？我的意思是，我知道這些事情有點地區性，我不知道這些實體中是否有一些，在地區或國家層面存在一些所有權重疊，但我認為很多混凝土廠都是當地所有，是小型混凝土廠。那麼混凝土廠業務情況如何？

It's just basically doing the same thing, protecting the facilities and the machinery that's being worked on the IoT side, and some of these concrete is like 23 sites for one where we were able to get into one and then evangelize to get into the -- to try to get into all 23 sites. Some of these sites have 10 end points and some of them have hundreds of endpoints. And that's kind of where I kind of gave you, hopefully, way more information to kind of let you know what our approach to the market is now instead of trying to do an 18-month deal that takes -- that might take 18 months for $1 million try to get it seeded and see if we can move things along a little quicker.

它基本上只是在做同樣的事情，保護在物聯網方面工作的設施和機器，其中一些具體的例子是 23 個站點，我們可以進入其中一個，然後宣傳進入 - 嘗試進入所有 23 個站點。其中一些站點有 10 個端點，而有些站點有數百個端點。這就是我希望向你們提供更多資訊的地方，讓你們了解我們現在的市場策略，而不是試圖達成一項為期 18 個月的交易——這可能需要 18 個月才能獲得 100 萬美元的種子資金，看看我們是否可以更快地推進事情的發展。

So are there any other concrete plants or group of plants that you're currently dealing with? Or this is just your entry is just dealing with this one concrete?

那麼您目前正在處理其他混凝土廠或混凝土廠群嗎？或者這只是你的條目只是處理這一個具體的事情？

So the concrete plants -- these customers are coming from the resellers. So when we do a local event, that customer will show up to the regional event. We'll get to talk to them and tell them what we have to offer and then they allow us to come in, do a POC, POV, and then that's where it goes. So it's kind of we're not dictating the customers, the resellers are dictating who they're bringing to the table. Now in our own -- once we have success with that industry, of course, we're going to go out and try to market to that industry because we already have a credible reference.

因此，混凝土廠的這些客戶來自經銷商。因此，當我們舉辦本地活動時，該客戶就會出現在地區活動中。我們會與他們交談並告訴他們我們可以提供什麼，然後他們允許我們介入，進行 POC、POV，然後事情就這樣發生了。因此，這並不是說我們決定了客戶，而是經銷商決定了他們要向誰提供產品。現在在我們自己的行業中——一旦我們在該行業取得成功，我們當然會走出去並嘗試向該行業推銷產品，因為我們已經有一個可靠的參考。

Well, does that back feed through the resellers channels then where they start going back to concrete plants to who are customers are saying, hey, these other folks did this, you might want to look at it, or not?

那麼，這是否會透過經銷商管道回饋到混凝土廠，然後他們開始回到混凝土廠，客戶會說，嘿，其他人做了這個，你可能想看看，還是不想看看？

I would hope so. Yes, we would hope so. Yes, we would -- we're doing joint marketing events with these individuals based on success we've already happened. So we're talking at high levels at these organizations. So when we do a marketing event, we can do it at the 75 locations instead of just doing it at 1 location.

我希望如此。是的，我們希望如此。是的，我們會－根據我們已經取得的成功，我們正在與這些人進行聯合行銷活動。因此，我們正在與這些組織的高層進行交談。因此，當我們開展行銷活動時，我們可以在 75 個地點開展，而不僅僅是在 1 個地點開展。

Yes, all right. Well, thanks a lot for the added color. The release was great. Glad to hear that the current quarter is rocking. So all sounds good to me.

是的，好的。好吧，非常感謝您添加的顏色。這次發布非常棒。很高興聽到本季表現良好。所以對我來說一切都很好。

Joseph Nerges.

約瑟夫·內爾格斯。

One quick question. We released this product in, I guess, about July of '23, I am talking about AZT PROTECT. And over the ensuing -- well, I guess now we're 25 months into it, we put quite a bit of R&D. I'm assuming a great -- a fair amount of that R&D is directed at AZT. And -- can you maybe elaborate where we are with that software today?

一個簡單的問題。我們大概在 23 年 7 月發表了這款產品，我說的是 AZT PROTECT。在接下來的時間裡——嗯，我想我們已經進行了 25 個月，我們投入了相當多的研發。我認為很大一部分研發都是針對 AZT 的。並且—您能否詳細說明一下我們目前使用該軟體的情況？

What have we added? What features have we added that might be -- make it a more compelling product today than it was in '23?

我們添加了什麼？我們添加了哪些功能，使它今天比 23 年更具吸引力？

Okay.

好的。

Well, the first release was XP to server 2022 and had 1 countermeasure to stop ransomware, malware. Today's version, it's Windows and Linux, all the way XP to 2025 releases and its one universal agent to both Microsoft and Linux. It also has AMcore support now, which the old version did not. This has 14 countermeasures compared to the 1 to stop all forms of like code-based attacks, including nation state.

嗯，第一個版本是從 XP 到伺服器 2022，並且有 1 個對策來阻止勒索軟體和惡意軟體。今天的版本是 Windows 和 Linux，一直到 XP 到 2025 年發布，並且是 Microsoft 和 Linux 的一個通用代理程式。現在它也支援 AMcore，而舊版本則不支援。與 1 項相比，該措施有 14 項，可以阻止所有形式的類似代碼攻擊，包括民族國家攻擊。

It also has the USB lockdown. It also has a host-based micro segmentation to remove threats of lateral movements. It's also integrated into IT SIMs. So that was there. And there's probably another 30-plus little additions that customers wanted.

它還具有 USB 鎖定功能。它還具有基於主機的微分段，以消除橫向移動的威脅。它還整合到 IT SIM 中。原來如此。而且可能還有超過 30 位客戶想要的小附加功能。

So yes, there's been a lot of changes from version 1 to this version. So that's where a lot of the R&D is. And a lot of this came from what customers' needs were, right? So we feel we're in a pretty good position right now.

是的，從版本 1 到這個版本發生了很多變化。很多研發工作都在這裡進行。其中很多都來自於客戶的需求，對嗎？所以我們覺得我們現在處於相當有利的地位。

I'm assuming that we -- there's not too much that we can't do. You kind of mentioned in the cell tower application, that that's something quite different, right? A little bit where we were talking about the black box being or the microcomputer that was on these towers was very small CPU capacity, limited storage and our software kind of worked. But are we tweaking our software at all to work with that environment, that -- are we doing any R&D to make that work?

我認為我們——沒有什麼是我們做不到的。您在手機訊號塔應用中提到過，那是完全不同的東西，對嗎？我們剛才談到的黑盒子或這些塔上的微型電腦的 CPU 容量非常小，儲存空間有限，但我們的軟體可以正常運作。但是，我們是否會調整我們的軟體以適應該環境，我們是否會進行任何研發以使其發揮作用？

Yes.

是的。

We're actually doing -- yes, we have to make some changes because what we're doing is, I don't want to give too much information about -- we're going to be loading it at the facilities when the box is being burned in at the core. So we had to make our software work as they build the gold image that rolls out these systems. Same thing with the cameras, the same thing with there. So it's all Linux based on Linux -- different versions of Linux.

我們實際上正在做——是的，我們必須做出一些改變，因為我們正在做的事情是，我不想透露太多資訊——我們將在盒子在核心燒製時將其裝載到設施中。因此，當他們建立推出這些系統的黃金形象時，我們必須讓我們的軟體能夠正常運作。相機也是一樣，那裡也是一樣。所以它們都是基於 Linux 的 Linux——不同版本的 Linux。

So yes, there's been some work, it hasn't been a lot for us to do, to be honest with you, but working with third parties that are in other countries has been the difficult part, getting them to move as fast as we move here. But the work hasn't been overwhelming for our engineers. Let's just put it that way.

所以是的，確實有一些工作要做，說實話，我們能做的並不多，但與其他國家的第三方合作是最困難的部分，讓他們像我們在這裡一樣快速行動。但這項工作對我們的工程師來說並不是太過繁重。我們就這麼說吧。

But -- and you kind of alluded in your presentation that what we're doing might be something that we can utilize in other areas or other customers, that maybe our competition can't. Am I correct and that's what you kind of alluded to in the --

但是—您在演講中暗示，我們所做的事情也許可以應用於其他領域或其他客戶，而我們的競爭對手可能無法做到。我是對的嗎？這就是你在--

Yes, absolutely. Yes.

是的，絕對是。是的。

And that Linux space that we're at, the way we're doing things, no one else is doing it, the way we're doing it right now. So that's why we have -- the people we're working with, Oryx is very excited with the way we go to market and then we were able to work with their end user customers. They're talking about putting this out to tens of thousands of cell towers over the next 12 to 18 months.

而我們所處的 Linux 領域，我們做事的方式，是其他人沒有做過的，我們現在就是這麼做的。這就是為什麼我們與 Oryx 合作，他們對我們的行銷方式感到非常興奮，並且我們能夠與他們的最終用戶客戶合作。他們正在討論在未來 12 到 18 個月內將其推廣到數萬個手機訊號塔。

And I'll just one more follow-up. There's a third party here, there's obviously the cell tower, there's a visual security. But again, we go back to the black box --

我只想再跟進一下。這裡有第三方，顯然有手機訊號塔，還有視覺安全。但我們再次回到黑盒子--

Yes, there's a third-party that makes that box.

是的，有第三方製造了該盒子。

Yes. Do we know whether or not there are -- those boxes are being utilized outside of the cell tower industry. Do we know that other customers --

是的。我們是否知道這些盒子是否在手機訊號塔行業之外使用。我們是否知道其他顧客--

Yes. Yes.

是的。是的。

Is there a possibility -- is there a possibility of working with them?

有沒有可能──有沒有可能與他們合作？

Correct.

正確的。

(Operator Instruction) Mike Price.

（操作員指示）麥克·普萊斯。

You mentioned the early success for Oryx, so you talked about the resellers for Rockwell. But what about some of the other resellers? I would have thought, in particular, UFT protecting water facilities would have been a big one, but you don't talk about that at all.

您提到了 Oryx 早期的成功，因此您談到了 Rockwell 的經銷商。但其他一些經銷商的情況怎麼樣？我原本以為，UFT 保護水設施將會是一件大事，但你根本沒有談到這個。

Yes, we could talk about that, too. Yes, we've made some progress with them. Under some NDA stuff, I can't tell you much more, but we are making progress with that. There's a way we had to go to market with that company and we kind of -- there was a bunch of legal stuff that had to get situated. So we kind of pushed through that.

是的，我們也可以談論這個。是的，我們與他們取得了一些進展。由於一些保密協議，我無法告訴你更多，但我們正在取得進展。我們必須透過某種方式與該公司一起進入市場，而且我們必須處理好一系列法律問題。所以我們努力克服了這一點。

And yes, we're definitely making progress with them, and we look forward to some real success in 2026 in our current year.

是的，我們確實在與他們一起取得進步，我們期待在 2026 年取得真正的成功。

Okay. And you once identified the OT market as being potentially $50 billion and all along, I thought that when this catches on, there's going to be exponential growth. Do you have any projections going out 12, 24, 36 months as far as AZT revenues? I mean here we plot along, it's -- yes, it's what, an 8% increase in revenues for CSPI for the quarter. But you're talking about $15 million and in the whole space, it's a negligible amount.

好的。您曾經指出 OT 市場的潛在規模為 500 億美元，而我一直認為，當這個市場流行起來時，它將會呈指數級增長。您對 AZT 未來 12、24、36 個月的收入有什麼預測嗎？我的意思是，按照我們先前的計劃，CSPI 本季的收入成長了 8%。但你說的是 1500 萬美元，而在整個領域，這只是一個微不足道的數字。

Do you have any projections that you can give us, what you're thinking longer term?

您能給我們一些預測嗎？您對長期發展有何看法？

Not that I'm willing to share. No, we have them internally.

並不是說我願意分享。不，我們內部有。

There are no further questions in queue at this time. I would now like to turn the floor back to Victor Dellovo for closing comments.

目前隊列中沒有其他問題。現在我想請 Victor Dellovo 發表最後評論。

Thank you.

謝謝。

I want to thank our shareholders for their continued interest and support. We have momentum heading into the end of the fiscal year due to some recent contract wins and the increased activity we are experiencing and encouraging. The resellers are helping raise AZT PROTECT game and it's becoming more widely known and the relationship with Rockwell ensures this will continue. Our goal is to go out there with maximum effort, close deals and once installed, grow that base as we are demonstrating with the South African cell tower company.

我要感謝我們的股東一直以來的關注與支持。由於最近贏得的一些合約以及我們正在經歷和鼓勵的活動的增加，我們在財政年度末取得了良好的發展勢頭。經銷商正在幫助提高 AZT PROTECT 遊戲的知名度，而且它變得越來越廣為人知，與羅克韋爾的合作關係確保了這種情況將繼續下去。我們的目標是盡最大努力，達成交易，並在安裝完成後擴大客戶群，正如我們向南非手機訊號塔公司展示的那樣。

We're fortunate to have the TS business that generates the profit to fund the ARIA business, and we look forward to updating you on our progress during the fiscal fourth quarter and full year call in November. Until then, stay safe.

我們很幸運能夠透過 TS 業務創造利潤來資助 ARIA 業務，我們期待在 11 月的第四財季和全年電話會議上向您通報我們的進展。在那之前，請保持安全。

Thank you.

謝謝。

This does conclude today's call. You may disconnect your phone lines at this time, and have a wonderful day.

今天的電話會議到此結束。現在您可以斷開電話線，並享受美好的一天。

Thank you once again for your participation

再次感謝您的參與