CXApp Inc (CXAI) 2025 Q4 法說會逐字稿

Good day, everyone, and welcome to the CXApp fourth quarter 2025 earnings call. (Operator Instructions)

各位好，歡迎參加 CXApp 2025 年第四季財報電話會議。（接線員指示）

It is now my pleasure to hand the floor over to your host, Khurram Sheikh. Sir, the floor is yours.

現在我很榮幸把會議交給主持人 Khurram Sheikh。先生，請開始。

Thank you, Matthew. Good afternoon, everyone, and thank you for joining CXApp fiscal year 2025 earnings call. I'm joined today by our Chief Financial Officer, Joy Mbanugo. I am Khurram Sheikh, Chairman and CEO of CXApp.

謝謝你，Matthew。各位下午好，感謝各位參加 CXApp 2025 財政年度財報電話會議。今天與我一同出席的是我們的財務長 Joy Mbanugo。我是 CXApp 的董事長兼執行長 Khurram Sheikh。

Before we begin, I want to frame today's discussion. 2025 was a year of deliberate transformation. 2026 is a year of AI-driven acceleration. Today, we will walk you through what we accomplished, where the market is heading and why we believe 2026 represents a true inflection point for CXAI, as we know, you pronounce as sky. With CXAI, we are moving beyond simple workplace apps to an autonomous agentic platform where we define the employee experience.

在開始之前，我想先為今天的討論定調。2025 年是我們有意識、循序漸進轉型的一年。2026 年將是由 AI 驅動加速的一年。今天，我們將帶各位回顧我們完成了什麼、市場正走向何方，以及為何我們相信 2026 年將是 CXAI 的真正拐點；如各位所知，你們把它唸作「sky」。透過 CXAI，我們正從單純的職場應用，邁向一個自主的代理式平台（agentic platform），由我們來定義員工體驗。

Let me start by directing your attention to our Safe Harbor statement over the next few slides. Please read at your leisure once you have the slide deck. All right. For those newer to the CXAI story, let me give you a quick snapshot of who we are. CXApp trades on Nasdaq under the ticker CXAI. We're headquartered in the San Francisco Bay Area with offices in Toronto and Manila, giving us a global engineering and delivery footprint. CXAI is a global AI-native workplace experience platform deployed across 200-plus cities, 50-plus countries with over 1 million plus users.

首先請各位留意接下來幾張投影片中的「安全港」聲明。待各位取得簡報後，可自行於方便時閱讀。好的。對於較不熟悉 CXAI 故事的朋友，我先快速介紹我們是誰。CXApp 於納斯達克上市，股票代號為 CXAI。我們總部位於舊金山灣區，並在多倫多與馬尼拉設有辦公室，形成全球化的工程與交付佈局。CXAI 是全球 AI 原生的職場體驗平台，已部署於 200 多個城市、50 多個國家，使用者超過 100 萬人。

We built this with a lean and highly technical team with over 70% focus on R&D, which is critical given our pivot into Agentic AI. Importantly, we now have 39 patents filed, including a new provisional filed on Agentic AI just recently, and we're really proud of that filing because it is a landmark in our space. And then we also have -- already have 18 granted patents. This patent portfolio is not -- is a meaningful competitive moat. This is not just a product company. This is becoming a defensible AI platform company.

我們以精實且高度技術導向的團隊打造此平台，超過 70% 的資源聚焦於研發；在我們轉向代理式 AI 的過程中，這點至關重要。重要的是，我們目前已提交 39 件專利申請，其中包含近期剛提交的一件與代理式 AI 相關的新臨時專利（provisional）；我們對這項申請非常自豪，因為它是我們領域的里程碑。此外，我們也已經取得 18 件核准專利。這個專利組合構成了重要的競爭護城河。我們不僅僅是一家產品公司。我們正成為一家具備防禦性的 AI 平台公司。

We maintain enterprise-grade compliance with ISO 2701, SOC 2, and GDPR certification. This is a global enterprise-ready platform with the security credentials that Fortune 500 procurement teams aspire to. So very proud of that. We're proud of the accomplishment of the team over the last year, and we're going to share with you what this strategic transformation has been about and why this is a really great point for our investors to understand what is really happening in the market.

我們維持企業級合規標準，包含 ISO 2701、SOC 2 與 GDPR 認證。這是一個可供全球企業採用的平台，具備《財富》500 大企業採購團隊所期望的安全資質。因此我們對此非常自豪。我們也為團隊過去一年的成果感到驕傲；接下來我們將與各位分享這次策略轉型的核心內容，以及為何這是投資人理解市場正在發生什麼的絕佳時點。

So I want to start with the market. Why is this timing right for CXAI, right? We are seeing a fundamental market shift in enterprise workplace technology. Three forces are converging simultaneously. First, hybrid workplace orchestration. Fortune 500 enterprises are actively procuring unified platforms that consolidate desk booking, room booking, parking, dining and attendance into a single workflow. They want calendar and HR system integration with AI-driven smart bookings. The days of coming together 5 or 6-point solutions are ending.

我想先從市場談起。為什麼現在對 CXAI 來說是正確的時機，對吧？我們正在看到企業職場科技出現根本性的市場轉變。三股力量正同時匯聚。第一，混合式職場的協同編排（orchestration）。《財富》500 大企業正積極採購統一平台，把工位預訂、會議室預訂、停車、餐飲與出勤整合到單一工作流程中。他們希望與行事曆與人資系統整合，並搭配 AI 驅動的智慧預訂。把 5 或 6 個點狀解決方案拼湊在一起的時代正在結束。

Secondly, AI and specifically Agentic AI have moved from nice-to-have to require or must-have. Enterprise buyers are now mandating AI agents with three-year road map. They want conversational assistance, proactive suggestions, auto routing and AI-enhanced incident reporting. This is not a future requirement. This is the current RFP today. And this is why we're seeing this good momentum because we've seen a lot of RFPs from large enterprise that are exactly what we've been working on.

第二，AI，尤其是代理式 AI，已從「加分項」變成「必要條件」或「必備」。企業買方現在要求具備三年產品路線圖的 AI 代理。他們想要對話式協助、主動式建議、自動分派（auto routing）以及 AI 強化的事件回報。這不是未來才需要的功能。這就是今天 RFP（招標需求書）裡的現行要求。也正因如此我們看到良好動能，因為我們收到許多大型企業的 RFP，內容正是我們一直在投入打造的方向。

And thirdly, we have started our journey with indoor intelligence and IoT, the Internet of Things. Enterprise want interactive map with real-time occupancy data from IoT sensors, wayfinding, colleague finders, and visitor management with multimodal physical and access control. That kind of gives us a new advantage in terms of the AI world. It gives us that localization and edge experience. So CXAI, CXAI sits at the intersection of all these three trends. We're not chasing the market, the market is coming to us now. And that's why we see as way, way different from 2025.

第三，我們已開始在室內智慧與 IoT（物聯網）方面的旅程。企業希望有互動式地圖，結合 IoT 感測器提供的即時佔用率資料、導引（wayfinding）、同事查找，以及具備多模態實體與門禁控制的訪客管理。這讓我們在 AI 世界中取得新的優勢。它帶來在地化（localization）與邊緣端體驗（edge experience）。因此，CXAI 正位於這三大趨勢的交會點。我們不是在追逐市場，而是市場正在走向我們。這也是為什麼我們認為這與 2025 年相比是截然不同的局面。

Now what is happening with Agentic AI and the defining trend there? Let me put some numbers behind the AI opportunity. By the end of 2026, Gartner estimates that 40% of enterprise apps will feature task-specific AI agents, up from less than 5% in 2025. This is an 8 times increase in a single year, and workplace is identified as a primary deployment domain booking, service request, contextual suggestions. This is exactly what we built.

那麼，代理式 AI 正在發生什麼？其關鍵趨勢是什麼？我用一些數字來說明 AI 的機會。Gartner 預估到 2026 年底，40% 的企業應用將具備特定任務的 AI 代理，高於 2025 年不到 5%。這代表一年內成長 8 倍，而「職場」被認定為主要部署領域：預訂、服務請求、情境式建議。這正是我們打造的內容。

The AI agent market currently sits at $7.8 billion and is projected to reach $52 billion by 2030. Gen AI model spending alone is growing at north of 80% in 2026. On the adoption side, 88% of organizations now report regular AI use in at least one business function. Enterprise software spending is up to around 15% year-over-year, driven primarily by AI investment.

AI 代理市場目前規模為 78 億美元，預計到 2030 年將達到 520 億美元。僅生成式 AI 模型的支出，在 2026 年就以超過 80% 的速度成長。在採用面，88% 的組織現在表示至少在一項業務職能中 नियमित使用 AI。企業軟體支出年增約 15%，主要由 AI 投資所驅動。

The validation from Fortune 500 buyers is clear. They now require AI agents, conversation systems, and AI road maps in their procurement decisions. They are specifying exactly what CXAI does. And as you all know, we didn't pivot to AI. We've been building towards this for years.

《財富》500 大買方的驗證非常明確。他們現在在採購決策中要求 AI 代理、對話系統，以及 AI 路線圖。他們所指定的，正是 CXAI 所做的事。而且各位都知道，我們不是臨時才轉向 AI。我們多年來一直朝這個方向建構。

The market has now validated our thesis. So what I see is this is really a platform shift, Agentic AI becoming the control layer of enterprise software and CXAI is positioned directly in that layer as the interception on workflows, data and physical environment. You heard at GTC, Jensen talked about physical AI. We are the physical AI for that workplace environment. So I'm super excited about the direction the market is heading and what we've been accomplishing over the last two years with our Agentic AI platform.

市場如今已驗證了我們的論點。因此我看到的是：這確實是一場平台層級的轉移——代理式 AI 正成為企業軟體的控制層，而 CXAI 直接定位在這一層，作為工作流程、資料與實體環境之間的攔截點（interception）。你們在 GTC 上也聽到 Jensen 談到「實體 AI」。我們就是職場環境中的實體 AI。因此我對市場走向以及我們過去兩年在代理式 AI 平台上的成果感到非常振奮。

It's interesting when I have been working with our sales team on all the different opportunities that come in. It is super interesting to watch that our competition is actually no longer there because with our Agentic platform, our clients are coming to us saying, this is what we actually want. We want you to be successful and build it for us. So all the new clients coming in are asking for Agentic AI as critical, as part of the road map. Without it, they will never deploy a solution and the existing customers are naturally evolving to this very rapidly.

當我與我們的銷售團隊一起處理所有進來的各種商機時，這很有意思。非常有趣的是，我們看到競爭對手其實已經不再構成威脅，因為透過我們的 Agentic 平台，客戶會主動來找我們說：這才是我們真正想要的。我們希望你們能成功，並替我們把它打造出來。因此，所有新進客戶都把 Agentic AI 視為關鍵，並納入產品路線圖的一部分。沒有它，他們就永遠不會部署解決方案，而現有客戶也正自然地、非常快速地朝這個方向演進。

So let me summarize also what has been the strategic transformation in 2025 and what do we actually do? We executed a comprehensive strategic transformation built on four pillars. First, we focused on high-quality recurring revenue. We mean a deliberate decision to prioritize subscription revenue over onetime services and implementation fees. That shows up clearly in the numbers, which our CFO, Joy, will walk through shortly.

那麼我也來總結一下：2025 年的策略轉型是什麼，以及我們實際做了什麼？我們執行了一項全面的策略轉型，建立在四大支柱之上。第一，我們聚焦於高品質的經常性收入。也就是我們刻意做出決策：優先發展訂閱收入，而非一次性的服務與導入費用。這在數字上表現得很清楚，我們的 CFO Joy 很快會帶大家詳細說明。

Secondly, we implemented an AI-driven cost structure. As you know, we have a partnership with Google where we are implementing a lot of the GCB-based solutions. We're a big AI user. We're using Gemini. We're using all the different tools out there with different providers. I won't name all of them because some of them maybe have said that we're not using them, but we're using a number of those guys.

第二，我們導入了 AI 驅動的成本結構。如各位所知，我們與 Google 有合作夥伴關係，正在導入許多以 GCB 為基礎的解決方案。我們是 AI 的重度使用者。我們在使用 Gemini。我們也在使用市面上各種不同供應商的工具。我不會把它們全部點名，因為其中有些可能曾說我們沒有使用，但我們確實使用了其中不少家。

But it's all driven towards productivity and to drive operational efficiency, reduced cloud cost in automating the process that previously required manual effort, that AI-driven cost structures across all our functions, be it engineering, be it sales, be it marketing, and that has resulted in, as you've seen the numbers, a much reduced cost structure for us.

但這一切都是以提升生產力、推動營運效率為目標，透過自動化原本需要人工投入的流程來降低雲端成本；在我們所有職能中建立 AI 驅動的成本結構，不論是工程、銷售或行銷；而這也帶來了——如各位從數字所見——我們的成本結構大幅下降。

Thirdly and most importantly, we built our platform from the ground up as an AI-native CXAI platform. This wasn't a bolt-on. We will talk about BOND and CORTEX. They were our key orchestration and intelligence layer solutions. We had designed from day one as core platform components, not afterthought.

第三，也是最重要的，我們從零開始打造平台，使其成為 AI 原生的 CXAI 平台。這不是後加的功能。我們會談到 BOND 與 CORTEX。它們是我們關鍵的編排與智慧層解決方案。我們從第一天起就把它們設計為平台的核心組件，而不是事後才補上的想法。

And fourth, we balance short-term impact with long-term scalability. Yes, revenue declined in 2025, and we're transferring above that, but the revenue we have today is dramatically higher quality and the platform we built positions us for a sustainable, scalable growth in 2026 and beyond.

第四，我們在短期影響與長期可擴展性之間取得平衡。是的，2025 年營收下滑，我們也正在扭轉這個情況，但我們今天所擁有的營收品質顯著更高，而我們打造的平台也讓我們在 2026 年及之後具備可持續、可擴展的成長定位。

I'm going to talk a little bit more about the impact of all of that to our clients and to the end market. This slide illustrates the fundamental transformation we made and how our product delivers value. Because a lot of the customers ask a question, so what? Why is this so important to me, what's the ROI? What's the value?

我會再多談一點：這一切對我們的客戶以及終端市場的影響。這張投影片說明了我們所做的根本性轉型，以及我們的產品如何交付價值。因為很多客戶會問一個問題：那又怎樣？這對我為什麼這麼重要？投資報酬率（ROI）是什麼？價值在哪裡？

And given all the information out there on AI and Agentic AI, all the promising we made, why is our solution relevant? And this is where we want to show you what the legacy systems are and what our system. We're going to describe those systems in detail later, but I want to show the value and outcome, right?

在外界充斥著關於 AI 與 Agentic AI 的各種資訊、以及我們所做的各種承諾之下，我們的解決方案為何仍然相關？這就是我們想向各位展示傳統系統是什麼樣子，以及我們的系統是什麼樣子。我們稍後會更詳細描述這些系統，但我想先展示價值與成果，對吧？

If you look at the legacy world, workplace tools required multiple clicks, manual configuration, fragmenting analytics across different tools. That's what most of our competitors still offer, right? With our AI platform, we replaced those pain points with four core capabilities. BOND plus CORTEX replaces multi-click workflows with instant actions and autonomous workflows. CXAI VU replaces static analytics with real-time insights that produce actionable outcomes.

如果你看傳統世界，工作場所工具需要多次點擊、手動設定，並且分析分散在不同工具之間。這就是我們多數競爭對手至今仍提供的東西，對吧？透過我們的 AI 平台，我們用四項核心能力取代了這些痛點。BOND 加上 CORTEX 以即時動作與自主工作流程取代多次點擊的流程。CXAI VU 以即時洞察取代靜態分析，並產生可執行的成果。

Our One-Map engine and Experience engine replaces fragmented tools with a single source for all workplace data and actions. And finally, our Zero-Touch deployment replaces months of manual configuration with site deployments measured in days now versus months.

我們的 One-Map 引擎與 Experience 引擎，以單一來源取代碎片化工具，涵蓋所有工作場所資料與動作。最後，我們的 Zero-Touch 部署以按「天」計的站點部署，取代過去需要數月手動設定的流程——現在是以天計，而不是以月計。

This is an incremental improvement. This is a category shift from SaaS to intelligent AI platform. And it's the reason enterprises are choosing CXAI over legacy alternatives. And that's being delivered from us in terms of our design, our capability and how we thought about making this system frictionless for our clients.

這不是漸進式改善。這是從 SaaS 到智慧型 AI 平台的類別轉移。這也是企業選擇 CXAI 而非傳統替代方案的原因。而這一切是我們透過設計、能力，以及我們如何思考讓系統對客戶而言無摩擦地使用所交付的成果。

So I'm going to pause now and turn it over to the CFO, Joy Mbanugo to go through the financial results, and I'll be back with the strategic implications for 2026. Joy, over to you.

我現在先暫停，把時間交給 CFO Joy Mbanugo，請她帶大家回顧財務結果；之後我會回來談 2026 年的策略意涵。Joy，交給你。

Thank you, Khurram. Let me walk you through the financial results for fiscal year 2025. I want to start by framing how we think about the past year. As Khurram mentioned, fiscal year 2025 was a year of intentional and strategic reset. We made very deliberate decisions to exit lower quality revenue, transition the platform from SaaS to AI and build a more durable foundation. Those decisions had a short-term cost, and you'll see that impact on the top line. But the underlying health of the business has improved meaningfully, and I want to walk you through exactly why.

謝謝你，Khurram。我來帶各位回顧 2025 會計年度的財務結果。我想先從我們如何看待過去一年來做個框架說明。如 Khurram 所提到，2025 會計年度是我們有意識且具策略性的重置之年。我們做出非常刻意的決策：退出較低品質的收入、將平台從 SaaS 轉向 AI，並建立更持久的基礎。這些決策在短期內有成本，你們會在營收端看到其影響。但公司的基本面健康度已顯著改善，我想帶各位逐一說明原因。

Starting with the headline numbers on slide 10. Total revenue came in at $4.6 million compared to $7.2 million in the prior year. I'll address the decline directly in a moment, but first, let me highlight what moved in the right direction.

先看第 10 張投影片的重點數字。總營收為 460 萬美元，相較前一年的 720 萬美元。我稍後會直接說明下滑原因，但首先讓我強調哪些指標朝正確方向改善。

Subscription revenue now represents 98% of total revenue up from 87% a year ago. That shift matters because subscription revenue is recurring, predictable and very high margin. It's a foundation that every AI -- before it was SaaS, and it's the foundation that every AI company wants to be built on, and we're essentially there. Gross margin expanded to 87% in up 5 points from 82% in 2024. That improvement came from disciplined cloud cost management and platform efficiency gain. It demonstrates the operating leverage in our model.

訂閱收入目前占總營收的 98%，高於一年前的 87%。這個轉變很重要，因為訂閱收入具備經常性、可預測性，且毛利率非常高。這是每一家 AI 公司——在此之前是 SaaS——都希望建立的基礎，而我們基本上已經達成。毛利率擴張至 87%，較 2024 年的 82% 提升 5 個百分點。這項改善來自嚴謹的雲端成本管理與平台效率提升。這也展現了我們模型的營運槓桿。

We ended the year with a really healthy cash balance of $11.1 million as of December 31, strengthened by various capital raises throughout the year. And that gives us a real runway to execute for the rest of this year. So we have enough cash to cover our expenses for the next six quarters.

截至 12 月 31 日，我們年末現金餘額相當健康，為 1,110 萬美元，並在全年多次募資的支持下得到強化。這讓我們有充足的跑道去執行今年剩餘的計畫。因此，我們有足夠現金可支應未來六個季度的費用。

On a per share non-GAAP basis, our diluted earnings per share was negative 58%, improving from last year, which was negative $1.2. So yes, revenue decline, but the business that remains is fundamentally stronger than what we started the year with.

以每股非 GAAP 口徑計算，我們的稀釋每股盈餘為負 0.58 美元，較去年（負 1.2 美元）有所改善。所以，是的，營收下滑，但留下來的業務在基本面上比我們年初時要強得多。

Can we go to the next slide? So now I go line by line on the P&L, so you have a more robust picture of what happened over the last year. Revenue was $4.6 million, down 36% year over year. This reflects three things: the exit of noncore and low -- noncore contracts and professional services, customer churn during our platform transition and reduced bookings during the positioning period. We expect that some of this decline, and it's the cost of doing the reset correctly.

我們可以到下一張投影片嗎？現在我會逐行帶大家看損益表（P&L），讓各位更完整地了解過去一年發生了什麼。營收為 460 萬美元，年減 36%。這反映了三件事：退出非核心與低價值——非核心合約及專業服務、在我們平台轉換期間的客戶流失，以及在重新定位期間訂單（bookings）減少。我們預期其中一部分下滑是不可避免的，這是把重置做對所需付出的成本。

Cost of revenues dropped 55% from $1.3 million to $578,000. That declined significantly outpaced the revenue decline, which is exactly what drove the margin expansion. We became materially more efficient at delivering the product. Gross profit was $4 million at 87% gross margin, up 5% -- up 5 points year over year. For context, that puts us in best-in-class with other companies in this area. This is a structural improvement, not a onetime event.

營收成本從 130 萬美元下降 55% 至 57.8 萬美元。這一下降幅度明顯超過營收下滑幅度，這正是推動毛利率擴張的原因。我們在產品交付上變得顯著更有效率。毛利為 400 萬美元，毛利率 87%，年增 5%——年增 5 個百分點。作為參考，這使我們在同領域公司中屬於同級最佳（best-in-class）。這是結構性的改善，而非一次性事件。

Now on to operating expenses. Total OpEx was $21.6 million, up 10% from $19.6 million. I want to be direct about what drove that. R&D modestly increased by 4%, but that was intentional and we'll continue to invest in R&D while we continue to invest in AI and improve in the product. We believe that this investment is what's going to position us for double-digit growth in 2026.

接著看營業費用。總營業費用（OpEx）為 2,160 萬美元，較 1,960 萬美元增加 10%。我想直接說明是什麼推動了這個變化。研發（R&D）小幅增加 4%，但這是刻意為之；在我們持續投資 AI 並改善產品的同時，也會持續投入研發。我們相信這項投資將使我們在 2026 年具備雙位數成長的定位。

Sales and marketing was cut by a significant 36% as we use AI in our marketing efforts and made our go-to-market motion leaner, more targeted enterprise sales approach. G&A increased 10% and part of that is restructuring related, we're actively managing this down this year. The most important part in OpEx is the goodwill impairment of $2.1 million. This is a noncash accounting charge. It does not reflect cash outflow. It does not affect operations, and it's not recurring.

銷售與行銷大幅削減 36%，因為我們在行銷工作中運用 AI，並讓我們的 go-to-market 動作更精實，採取更聚焦的企業銷售方式。一般與行政（G&A）增加 10%，其中一部分與重組相關；我們今年正積極把這部分管理下來。營業費用中最重要的一項是 210 萬美元的商譽減損。這是一項非現金的會計費用。它不代表現金流出。它不影響營運，也不是經常性項目。

It is the primary reason that OpEx increased year over year. Excluding that item, our operating cost base was essentially flat. Loss from operations was $17.6 million. Adjusted for the goodwill impairment of $2.1 million, the underlying operating loss was approximately $15.4 million, roughly in line with the prior year even as we continue building this platform.

這是營業費用年增的主要原因。排除該項目後，我們的營運成本基礎基本持平。營業損失為 1,760 萬美元。若調整 210 萬美元的商譽減損，基礎營業損失約為 1,540 萬美元；即使我們持續建置這個平台，仍大致與前一年相當。

Now let's walk through the EBITDA bridge. If we can go to the next slide, please. Going through EBITDA and adjusted EBITDA, this is really important because this shows where some of the operational improvement comes from.

現在我們來走一遍 EBITDA 橋接表。如果可以的話，請到下一張投影片。我們會看 EBITDA 與調整後 EBITDA；這非常重要，因為它顯示部分營運改善是從哪裡來的。

Starting at a net loss of $13.5 million for the year, is already a meaningful improvement from $19.4 million of last year. And in back interest, taxes, depreciation, we arrive at negative EBITDA at $10 million compared to negative $15.6 million EBITDA in 2024. That is a 35% improvement year-over-year. This is a number I would point you to as the clearest measure of our operational progress in 2025, their trajectory is definitely trending in the right direction.

從全年淨損 1,350 萬美元開始，這已經相較去年的 1,940 萬美元有顯著改善。再加回利息、稅項、折舊與攤銷後，我們得到 EBITDA 為負 1,000 萬美元，相較 2024 年負 1,560 萬美元。這代表年增改善 35%。我會請各位特別關注這個數字，因為它是我們 2025 年營運進展最清楚的衡量指標；我們的走勢確實朝正確方向前進。

Now adjusted EBITDA came in at negative $9.8 million compared to negative $8.3 million in 2024. I want to address this directly because on the surface, it could look like a step backwards. And I don't want that to go unexplained. The entire difference comes down to one line, our change in fair value of derivative liabilities. And if you remember from last year, this is related to our convertible notes.

而調整後 EBITDA 為負 980 萬美元，相較 2024 年負 830 萬美元。我想直接說明這點，因為表面上看起來可能像是倒退一步。我不希望這件事沒有被解釋清楚。全部差異都來自一個科目：衍生性負債公允價值變動。如果各位還記得去年，這與我們的可轉換公司債（convertible notes）有關。

In fiscal year 2024, this line item was a positive $3.2 million and it flattened adjusted EBITDA. In 2025, it looked to a negative $4.5 million. That is a $7.7 million noncash swing driven entirely by mark-to-market accounting on derivative liabilities. This has zero impact on our cash position, zero impact on our operations. It is purely an accounting timing item.

在 2024 會計年度，這個科目是正 320 萬美元，因而拉平了調整後 EBITDA。在 2025 年，它變成負 450 萬美元。這是由衍生性負債的按市價（mark-to-market）會計處理所造成的 770 萬美元非現金擺動。這對我們的現金部位沒有任何影響，對我們的營運也沒有任何影響。它純粹是會計認列時點的項目。

If you strip that one item out, adjusted EBITDA improved year over year. The other adjustments are pretty straightforward, stock-based comp, $2.8 million to $2.1 million of goodwill impairment, we already discussed in smaller items that net close to zero.

如果把這一項剔除，調整後 EBITDA 其實是年對年改善的。其他調整項相當直接：股份基礎給付（stock-based comp）、以及 280 萬美元到 210 萬美元的商譽減損；我們已經討論過，另外還有一些較小項目，合計後大致接近零。

The real punchline is that our $11.1 million cash balance more than covers our cash-based operating loss. We have the necessary runway to execute, and the hard part of this transition is behind us. If you remember last year, we ended with a significantly lower cash balance. And so we're starting off 2026 very, very strong.

真正的重點是：我們 1,110 萬美元的現金餘額，足以覆蓋以現金為基礎的營運虧損。我們有必要的資金跑道來執行，而這次轉型最艱難的部分已經過去了。如果各位記得去年，我們期末的現金餘額明顯更低。因此我們在 2026 年的起步非常、非常強勁。

Now let's talk about pipeline and sales momentum, which is really exciting to discuss. As Khurram mentioned earlier, I think if we were at this time last year, we had momentum, but the momentum we see now as enterprises move towards Agentic AI is really exciting. And even at CFO conferences and other tech conferences, you can see the excitement and the flurry of activity as people think about moving away from pure SaaS platforms and look into adopting Agentic AI.

現在來談談管線與銷售動能，這部分非常令人振奮。如 Khurram 先前提到的，我認為如果回到去年此時，我們是有動能的；但現在隨著企業走向 Agentic AI，我們看到的動能真的令人興奮。即使在 CFO 研討會與其他科技會議上，你也能看到大家的興奮與密集活動，因為人們開始思考從純 SaaS 平台轉向，並評估採用 Agentic AI。

So where does that leave us as we head into 2026? The pipeline is growing. We are seeing expansion activity within existing enterprise customers. Accounts that have been on the platform are now asking for more. We are seeing new vertical opportunities that we're not pursuing 12 months ago, and we are seeing early signs of acceleration in bookings. In Q4 2025, we had really strong bookings and that has really continued into this year.

那麼，當我們邁入 2026 年時，這對我們意味著什麼？管線正在成長。我們看到既有企業客戶內部的擴張活動。已在平台上的客戶帳戶現在要求更多。我們也看到一些新的垂直領域機會——這些是 12 個月前我們尚未追求的；同時也看到訂單（bookings）加速的早期跡象。在 2025 年第四季，我們的訂單非常強勁，而且這股趨勢延續到了今年。

On the market signal side, three things stand out. First, enterprises are consolidating, as you can see in the news, they're moving away from point solutions towards unified experience solutions that is exactly what CXAI is. The procurement conversations we are having today are fundamentally different from a year ago. Buyers are not comparing us to individual tools, they are evaluating us as a complete platform.

就市場訊號而言，有三點特別突出。第一，企業正在整併；如你在新聞中所見，他們正從點狀解決方案轉向統一體驗解決方案，而這正是 CXAI。我們今天進行的採購對話，與一年前在本質上已截然不同。買方不再把我們拿來與單一工具比較，而是把我們視為完整平台來評估。

Second, and very importantly, Agentic AI has become a buying requirement. Executive buyers like CFOs and real estate -- people that own real estate are now specifying AI agents, conversational agents and three-year AI road map as a baseline requirement before they sign, before you even having a conversation, and we have built exactly that. The platform spent rebuilding is what enterprise procurement teams are now asking for by name.

第二點，而且非常重要的是，Agentic AI 已成為採購的必要條件。像 CFO 這類高階決策者，以及房地產——擁有房地產資產的人——現在在簽約前就會把 AI 代理、對話式代理，以及三年 AI 路線圖列為基本要求；甚至在你開始對話之前就已如此，而我們正是打造了這些。我們投入重建的平台，正是企業採購團隊現在會指名要求的內容。

Third, and this is the one that gives us the most confidence, customers are telling us that they need our agentic capabilities to make their final buy decision. That is a closing signal, that is pipeline converting. 2025 was a strategic reset, 2026 is where that investment pays off.

第三點，也是最讓我們有信心的一點，客戶正在告訴我們，他們需要我們的代理式（Agentic）能力來做出最終的購買決策。這是一個成交訊號，代表管線正在轉換。2025 年是策略性重置，2026 年就是這項投資開始回收成果的一年。

With that, I'll turn it back to Khurram, who will go through the rest of the presentation.

接下來，我把時間交還給 Khurram，他將帶大家走完簡報的其餘部分。

Thank you, Joy. So let's talk about 2026 outlook. Looking ahead to 2026, we expect AI-driven acceleration to deliver double-digit growth. Let me outline the four pillars of our outlook.

謝謝你，Joy。那我們來談談 2026 年展望。展望 2026 年，我們預期 AI 驅動的加速將帶來雙位數成長。我先概述我們展望的四大支柱。

First, our Agentic AI platform, BOND + CORTEX is in market now and it's generating a lot of enterprise interest. As I said, all the RFPs we've responded to, all the wins that we're getting in this quarter and the coming quarter are all driven because customers have tested and evaluated and understood that what we have, is our road map, is the right thing. And this is our primary growth engine for 2026 is because of that differentiation.

第一，我們的代理式 AI 平台 BOND + CORTEX 已經上市，並且正在引發大量企業客戶的興趣。如我所說，我們回覆過的所有 RFP、我們在本季與下季拿下的所有案子，都是因為客戶已經測試、評估並理解：我們所擁有的、我們的產品路線圖，是正確的方向。也正因為這種差異化，這將成為我們 2026 年的主要成長引擎。

Secondly, we expect large enterprise wins and a strong power pipeline conversion as Joy mentioned, we've been involved with a lot of these RFPs for a while. I think it's very competitive. And the competition is not just smaller companies. They're also looking at much larger enterprises that are looking into solutions in our space. And the good news is we are winning.

第二，我們預期將拿下大型企業客戶，並如 Joy 提到的那樣，會有強勁的「高能量」管線轉換；我們已經參與許多這類 RFP 一段時間了。我認為競爭非常激烈。而競爭對手不只是較小的公司。他們也在評估規模更大的企業，這些企業也在尋找我們這個領域的解決方案。好消息是，我們正在贏。

And we're winning big in terms of these client opportunities. So I'm very hopeful on that. These deals are in our funnel today are larger and more strategic than they were ever before. And the reason is -- because Agentic AI is so critical to an enterprise. It is not a senior manager level decision.

而且在這些客戶機會上，我們是以「大勝」的方式在贏。所以我對此非常有信心。目前在我們漏斗中的這些案子，比以往任何時候都更大、也更具策略性。原因在於——代理式 AI 對企業而言至關重要。這不是資深經理層級就能做的決策。

This is a C-level decision. At the CIO, the CTO, the CHRO, the Head of Real Estate and even the CEO of the company. This is [sacrosan] for them. So that's why they're deliberately taking the time to test it, to validate. They do the RFP and then they show up in our labs, CXAI labs here in the Bay Area and they're wowed by our engineers and our team, and they go back and tell their procurement guys, we need to get CXAI. And that's what's happening. And so I'm super excited about that. So we're confident we're going to achieve those large enterprise. They take a little longer, but they are for the long run.

這是 C-level 的決策。由 CIO、CTO、CHRO、不動產部門主管，甚至公司的 CEO 來決定。對他們而言，這是不可侵犯的核心事項（[sacrosan]）。因此他們會刻意花時間去測試、去驗證。他們先做 RFP，接著到我們位於灣區的實驗室——這裡的 CXAI labs——親自體驗，並被我們的工程師與團隊驚豔，然後回去告訴他們的採購同仁：我們需要採用 CXAI。這就是正在發生的事。所以我對此非常興奮。因此我們有信心能拿下這些大型企業客戶。它們需要更長的時間，但這是長期的生意。

Certainly, strategic partnerships and particularly in vertical AI. And this is creating new distribution channels for us. We'll talk about our TouchSource partnership, that alone gives us access to over 11,000 digital directory deployments. Huge opportunity for us to partner with them and to scale our business through those distribution channels. And we'll talk about more in the coming weeks and months, but that is super exciting one for us right now.

當然，還有策略性合作夥伴關係，特別是在垂直領域 AI。這正在為我們創造新的分銷通路。我們會談到與 TouchSource 的合作；僅此一項就讓我們能接觸到超過 11,000 個數位目錄的部署點。這對我們而言是巨大的機會，能與他們合作，並透過這些分銷通路擴大我們的業務規模。未來幾週與幾個月我們會再分享更多，但這對我們目前來說非常令人振奮。

And fourth, we are committed to sustainable, high-quality revenue growth. We will not sacrifice the quality of our revenue base to chase top line numbers. Growth will come from subscription expansion, not onetime fees. So we stay with that philosophy. I think with the Agentic AI world, the monetization mechanism changing too from not just pure subscription, but also for outcome-based, and I think we're super excited about those opportunities, especially with the new clients who are coming in with a fresh perspective of the market.

第四，我們承諾追求可持續、且高品質的營收成長。我們不會為了追逐營收（top line）數字而犧牲營收基礎的品質。成長將來自訂閱擴張，而不是一次性費用。因此我們會堅持這個理念。我認為在代理式 AI 的世界裡，變現機制也在改變，不再只是純訂閱，也會走向以成果為基礎（outcome-based）；我們對這些機會感到非常興奮，尤其是新客戶以全新的市場視角加入。

The 2025 reset is behind us. We entered 2026 with a stronger product, cleaner revenue, better margins, and a validated market demand. That, to me, gives me confidence and hope that we're going to be super successful in 2026.

2025 年的重置已經在我們身後。我們以更強的產品、更乾淨的營收結構、更好的毛利，以及已被驗證的市場需求進入 2026 年。對我而言，這讓我有信心，也有希望我們在 2026 年會非常成功。

So let me talk about some of these elements in more detail. And I'll start with the product road map. So this is a clear evolution and revolution from CXAI. CXAI 1.0 is our current platform. That's where all our current clients have. It's a single code base, delivering space booking, navigation, enterprise, SSO integrations, and the full mobile app experience. This is what's in production with everybody, and this is still going to be around for a long time because it's the basis.

接下來我更詳細談談其中一些要素。我先從產品路線圖開始。這是 CXAI 的一次清晰的演進與革命。CXAI 1.0 是我們目前的平台。我們現有的所有客戶都在使用它。它是單一程式碼基礎，提供空間預訂、導航、企業級 SSO 整合，以及完整的行動 App 體驗。這是目前所有客戶都在正式環境中使用的版本，而且它仍會存在很長一段時間，因為它是基礎。

And it gives us a strong leverage in terms of building CXAI 2.0, which is our major evolution, and it's going to be released in June 2026 with our new clients as well as the existing clients who are upgrading there. And this includes our behind the scenes or access control and [Agentic] system, plus our One Mapping engine, delivering a unified One Map experience. It has the Agentic AI interface powered by BOND and CORTEX. Achieves full web parity with our mobile experience and enables Zero-Touch campus deployment.

它也讓我們在打造 CXAI 2.0（我們的重大演進）方面具備很強的槓桿；CXAI 2.0 將於 2026 年 6 月釋出，提供給新客戶以及正在升級的既有客戶。它包含我們幕後的門禁／存取控制與 [Agentic] 系統，以及我們的 One Mapping 引擎，提供一致的 One Map 體驗。它具備由 BOND 與 CORTEX 驅動的代理式 AI 介面。它可達成與行動端體驗完全一致的 Web 端功能（full web parity），並支援零接觸（Zero-Touch）的校園部署。

CXAI 2.0 is the version that unlocks our next phase of enterprise open. So all the new clients I talk about are getting CXAI 2.0. They're already having their sandboxes, they're doing their first MVP deployments. And by June, they will be launching their campuses, their first deployments with that, and this is going to be the growth engine for all the new clients and then the existing clients are all wanting to upgrade to CXAI 2.0. So a huge opportunity for us, and this has been the making in the last 12 months.

CXAI 2.0 是能解鎖我們下一階段企業拓展的版本。所以我提到的所有新客戶都會採用 CXAI 2.0。他們已經有自己的沙盒環境，正在進行第一批 MVP 部署。到了 6 月，他們將以此上線其園區、完成第一批部署；這將成為所有新客戶的成長引擎，而既有客戶也都希望升級到 CXAI 2.0。因此這對我們是巨大的機會，而這一切是在過去 12 個月逐步打造出來的。

Looking further ahead, our future vision is CXAI Sky. What I mean by that is tongue-in-cheek, it's really the full Agentic AI-driven user experience with predictive intelligence. It includes reactive and generative UIs, zero-friction onboarding and also enables a new segment besides the large enterprise it enables mid-market expansion. This is where the platform really goes, and this is where the opportunities with the distribution partners, with what we mentioned TouchSource earlier in terms of certain vertical markets, a huge opportunity. This is now an MVP right now in our labs, in our CXAI labs.

再往更遠看，我們的未來願景是 CXAI Sky。我的意思是帶點玩笑的說法，它其實代表完整的、由代理式 AI 驅動且具備預測智慧的使用者體驗。它包含反應式與生成式 UI、零摩擦導入（onboarding），並且除了大型企業之外，也能開啟新的市場區隔，推動中型市場（mid-market）擴張。平台最終會走向這裡；而這也正是與分銷夥伴的機會所在，例如我們先前提到 TouchSource 在特定垂直市場的合作，都是巨大的機會。目前這已經在我們的實驗室——我們的 CXAI labs——以 MVP 形式運作中。

So if you're in the Bay Area and you want to play with CXAI Sky, come talk to us, we'll give you access. We're testing it in all labs. We're going to go to certain initial clients locally here, but this, we think, is a big opportunity for us in both 2026 and 2027. So building for the future already.

所以如果你在灣區，並且想試用 CXAI Sky，來找我們聊聊，我們會提供你存取權限。我們正在所有實驗室中測試它。我們會先在本地這裡接觸特定的初期客戶，但我們認為這在 2026 年與 2027 年對我們而言都是一個重大機會。所以我們已經在為未來打造。

And by the way, we're just not building features. We're building a platform that gets smarter and more autonomous with every single deployment. So this platform is solid. It's very exciting, and we just also filed our provisional patent, a broad patent on Agentic AI. I've got the number in there when we talk about it in the next slide about the Agentic AI platform, but it really is a landmark in our industry and we're very excited about it. We're going to have multiple filings beyond this.

順帶一提，我們不只是打造功能。我們正在打造一個平台，它會在每一次部署後變得更聰明、更自主。因此這個平台很扎實。這非常令人振奮，而且我們也剛提交了臨時專利申請，一項涵蓋範圍廣的 Agentic AI 專利。當我們在下一張投影片談到 Agentic AI 平台時，我會把申請編號放在裡面，但這確實是我們產業的一個里程碑，我們對此非常興奮。在此之外我們還會有多項後續申請。

But I want to go under the hood since we filed the IP, the patent provision is there, I want to go under the hood and tell the world what we actually have done and what are our very strong technology team here in CXAI labs has accomplished.

但我想在我們已提交智慧財產權、臨時專利也已就位之後，深入談談細節，向外界說明我們實際做了什麼，以及我們在 CXAI 實驗室的強大技術團隊完成了哪些成果。

One of the things on the left you see is our Unified Data Fabric. This is the ingestion layer that connects IoT sensors for occupancy data, calendar systems for scheduling, enterprise systems like HRIS and IT and spatial data from maps and navigation. This is kind of combining all the integrations we do, and now we're going to connect them all together.

左邊你看到的其中一項是我們的統一資料織網（Unified Data Fabric）。這是資料擷取層，連接用於佔用率資料的 IoT 感測器、用於排程的行事曆系統、像 HRIS 與 IT 這類企業系統，以及來自地圖與導航的空間資料。這等於把我們所做的所有整合彙整起來，而現在我們要把它們全部串接在一起。

That data flows into our Intelligence and Orchestration layer, which has two engines, CORTEX is our intelligence engine. It handles predictive analytics, natural language processing, context understanding and intelligence extraction. BOND is our Agentic partner. It provides autonomous orchestration, proactive recommendations, task execution and multisystem control. Think of BOND as a multi-agent solution that allows multiple agents to work together, orchestrate and then with CORTEX knowing the personal recommendations, the preferences the things that matter contextually and making the right decision.

這些資料會流入我們的智慧與協同編排層（Intelligence and Orchestration layer），其中有兩個引擎：CORTEX 是我們的智慧引擎。它負責預測分析、自然語言處理、情境理解與智慧萃取。BOND 是我們的 Agentic 夥伴。它提供自主式協同編排、主動式建議、任務執行與多系統控制。你可以把 BOND 想成一個多代理（multi-agent）解決方案，讓多個代理能一起工作、進行編排；再由 CORTEX 了解個人化建議、偏好與在情境上重要的事項，並做出正確決策。

What we do is something super unique that nobody else does because we take in account what's really happening in the campus, in the site at Agentic AI, what is happening within the enterprise, and we stay within the enterprise. That is really the core of our IP and patents and what we believe is going to unlock a lot of shareholder value.

我們做的事情非常獨特，沒有人在做，因為我們把校園、場域在 Agentic AI 層面實際正在發生的事情納入考量，也把企業內部正在發生的事情納入考量，而且我們始終在企業內部運作。這正是我們智慧財產與專利的核心，也是我們相信將能解鎖大量股東價值的關鍵。

On the right, you see the actual outcomes this produced. And this is what our clients want. This is what our users want, smart navigation and wayfinding, instant booking of rooms, desks and services, workforce analytics for real-time decision support, space optimization with automated utilization management and proactive context-aware alerts. This is where the world is headed. This is what they want, and we are going to be delivering this very soon to all our clients.

右邊你看到的是它所產生的實際成果。而這正是我們客戶想要的。這也是我們使用者想要的：智慧導航與導引（wayfinding）、即時預訂會議室、座位與服務、用於即時決策支援的人力分析、透過自動化使用率管理進行空間最佳化，以及主動式、具情境感知的警示。世界正朝這個方向前進。這就是他們想要的，而我們很快就會把這些交付給所有客戶。

The key insight here is that we are transforming passive data into proactive operational force multipliers. This is not a dashboard. It's a system that takes action on behalf of the enterprise, and that's the core of Agentic AI.

這裡的關鍵洞見是：我們正在把被動資料轉化為主動的營運倍增器。這不是一個儀表板。這是一個代表企業採取行動的系統，而這就是 Agentic AI 的核心。

So let me talk about this another pillar, which is really our strategic partnerships. And we believe this is going to be transformative for our distribution. Our partnership with TouchSource is a joint marketing, sales and product strategy that extends and also embeds CXAI's Agentic AI as the intelligence layer for TouchSource existing base of over 11,000 digital directory deployment.

接著我來談另一個支柱，也就是我們的策略夥伴關係。我們相信這將對我們的通路與分銷帶來變革。我們與 TouchSource 的合作是一項聯合行銷、銷售與產品策略，將 CXAI 的 Agentic AI 延伸並嵌入為 TouchSource 既有超過 11,000 個數位導覽目錄部署的智慧層（intelligence layer）。

We signed an MOU. We've signed a marketing and co-selling agreement with them. We're super excited working with the team, and we've had -- we've already got some really key targets lined up. This partnership really extends our workplace AI capabilities from enterprise offices into physical commercial real estate, lobbies, common areas, health care facilities, retail spaces and mixed-use properties. The verticals we're tackling together include enterprise office, health care, retail and these mixed-use properties. Each of these represents a significant expansion of our addressable market.

我們簽署了一份 MOU。也與他們簽了行銷與共同銷售協議。我們非常期待與他們的團隊合作，而且我們已經——我們已經鎖定了一些非常關鍵的目標客戶。這項合作把我們的職場 AI 能力從企業辦公室延伸到實體商用不動產：大廳、公共區域、醫療照護設施、零售空間與複合式物業。我們共同切入的垂直領域包括企業辦公、醫療照護、零售以及這些複合式物業。每一個都代表我們可服務市場（TAM）的重大擴張。

What makes this partner compelling is the math. TouchSource already has 11,000-plus deployed screens. We're providing the AI intelligence layer that makes those screens dramatically more valuable. This is a capital-efficient growth channel. And as you recall from me we also have a product, the CXAI Kiosk that we're selling into our enterprise clients, the large clients, and all of them are wanting to have the ability to scale that and knowing that we're the software layer, TouchSource already has those kiosk capabilities in different form factors with the hardware sizes and with the different media players.

這個合作夥伴之所以吸引人，在於數字。TouchSource 已經部署了 11,000+ 個螢幕。我們提供 AI 智慧層，讓那些螢幕的價值大幅提升。這是一個資本效率高的成長通路。而且如你所記得的，我們也有一個產品 CXAI Kiosk，正在銷售給我們的企業客戶、大型客戶；他們都希望能夠擴大規模，而既然我們是軟體層，TouchSource 已經具備不同外型規格的 kiosk 能力，包含不同硬體尺寸與不同媒體播放器。

So it's a really great partnership, and we hope to sell both ways, meaning that we're enabling the Agentic AI Orchestration layer to those kiosks, and vice versa, we're also partnering with them to deploy their kiosks in our enterprise environment where every single floor needs a multiple of them.

所以這是一個非常棒的合作關係，我們希望能雙向銷售：也就是我們把 Agentic AI 協同編排層導入那些 kiosks；反過來，我們也與他們合作，在我們的企業環境中部署他們的 kiosks——在那裡每一層樓都需要多台。

So there's a huge expansion opportunity. The teams are working very closely. We're going to start giving you updates from this partnership, but this is really a very interesting model for us and it allows us to go beyond the indoor campus environments that we've been in, but to get to a larger piece of the puzzle. And with the CORTEX BOND-based Agentic AI platform, this is going to be much, much simpler and easier for us to do than what we'll be doing for our enterprise clients.

因此這裡有巨大的擴張機會。雙方團隊正非常緊密地合作。我們會開始向各位提供這項合作的最新進展，但這對我們而言確實是一個非常有意思的模式，讓我們能超越過去所處的室內園區環境，進而切入更大的一塊拼圖。而有了以 CORTEX 與 BOND 為基礎的 Agentic AI 平台，這對我們來說會比為企業客戶所做的事情簡單、容易得多。

All right. So let me just bring it all together in terms of a summary of what we just shared with you. When you think of the bigger picture, the product market fit is confirmed now. Fortune 500 enterprises requirements now match CXAI's capabilities precisely. AI and Agentic AI moved from optional to mandatory in procurement.

好。那我把剛才分享的內容做個總結。從更大的格局來看，產品市場契合度（product-market fit）現在已被確認。《財富》500 大企業的需求如今與 CXAI 的能力精準匹配。AI 與 Agentic AI 在採購中已從「可選」變成「必須」。

So no longer it is like, oh, maybe we'll check this out. It is becoming the right standard, and it is becoming critical. So anybody who doesn't have it is not going to be part of these discussions. And this is where, like I said at the start, we see ourselves really ahead of the competition in our space and even the big guys that are playing the space do not have the capability that we have.

所以不再是那種「喔，也許我們看看」的狀態。它正在成為正確的標準，也正在變得至關重要。因此，任何沒有這個能力的公司，都不會成為這些討論的一部分。而這也就是為什麼——如我一開始所說——我們認為自己在這個領域確實領先競爭對手；甚至那些在這個領域競逐的大型公司，也沒有我們所具備的能力。

Secondly, our addressable market exceeds $100 billion, spanning digital workplace platforms is $77 billion with a 20% CAGR and AI assistance at $3.35 billion, going to $21 billion at a 45% plus CAGR. And the timing could not be better. 40% of enterprise after adding AI agents in 2026, that is from Gartner, they're really on top of it and they feel like this is where every app has to go. And the enterprise software spending is also increasing north of 15% year-over-year. And hybrid work is permanent now. It's no longer a transition. It is there, is going to be there and the platform consolidation is accelerating.

其次，我們的可觸及市場規模超過 1,000 億美元，涵蓋數位工作場所平台（770 億美元、20% 的年複合成長率）以及 AI 助理（33.5 億美元，將以 45% 以上的年複合成長率成長至 210 億美元）。而且時機再好不過。根據 Gartner 的資料，到了 2026 年，40% 的企業將在導入 AI 代理之後運作；他們確實掌握趨勢，並認為這是每個應用程式都必須前進的方向。企業軟體支出也在增加，年增率超過 15%。而混合辦公如今已成為常態。這不再是一個過渡期。它已經存在、也將持續存在，而平台整併正在加速。

So in a nutshell, 2025 reset is complete. 2026 is about scaling the platform and capturing the opportunity. While we believe CXAI is positioned at the center of Agentic AI, enterprise workflows and physical space in thousands and we're excited about what's ahead. Our foundation is stronger than it has ever been. We have a differentiated AI platform, and we are entering the next phase of growth. This is the right company in the right market at the right time.

總而言之，2025 年的重置已完成。2026 年將聚焦於擴大平台規模並把握機會。我們相信 CXAI 站在代理式 AI、企業工作流程與實體空間（遍布數千處）的核心位置，我們也對未來充滿期待。我們的基礎比以往任何時候都更穩固。我們擁有具差異化的 AI 平台，並正邁入下一階段的成長。這是在對的時間、對的市場、對的公司。

Okay. Let me go to some Q&A. Joy, do you want to check if there are any questions from the audience?

好的。我來進入一些問答。Joy，你要不要看看觀眾是否有任何問題？

Yes. Absolutely. I think we have a good handful of questions. I think I'll start with questions around our stock because there seem to be quite a few. There's one on are you in danger of being delisted? And the second one related to the stock is, what is your time line on becoming compliant and what is the action plan?

是的。當然。我想我們有不少問題。我先從與我們股價相關的問題開始，因為看起來有好幾個。其中一個是：你們是否有被下市的風險？第二個與股價相關的是：你們達到合規的時間表是什麼？行動計畫是什麼？

And I'll take the first part of it, Khurram, if you want to take the second part. So first, we did receive a delisting notice from Nasdaq, but we received an extension and we have until September, and we do plan on being compliant before September and there are multiple ways we can get there, but we believe we'll get there through growth.

第一部分我來回答，Khurram，如果你願意的話請你回答第二部分。首先，我們確實收到了納斯達克的下市通知，但我們也獲得了延期，我們的期限到 9 月；我們計畫在 9 月之前達到合規。我們有多種方式可以達成，但我們相信會透過成長來達成。

Khurram, do you want to add anything?

Khurram，你要補充什麼嗎？

Absolutely. Look, we are very focused on that. When Nasdaq gave us extension, they understood that we have met all the requirements for listing, except the bid price, so all the other requirements are met in terms of shareholder equity, in terms of market cap, in terms of other requirements that Nasdaq has. The only requirement is the bid price.

當然。你看，我們非常專注在這件事上。納斯達克給我們延期時，他們理解我們除了買價（bid price）之外，已符合所有上市要求；也就是說，在股東權益、市值以及納斯達克的其他要求方面，我們都已達標。唯一的要求就是買價。

And we believe that given that we are severely undervalued and we believe that with the results we're going to be demonstrating to the market in the coming months and the momentum we have with our wins as well as our Agentic AI platform, we believe that we can meet that level. And then we also have mitigating factors. So we will be confined much before our September date. That is our goal, and our Board is fully committed to that.

我們相信，鑑於我們目前被嚴重低估，加上未來幾個月我們將向市場展現的成果，以及我們在贏單與代理式 AI 平台上的動能，我們相信可以達到該水準。此外我們也有緩解措施。因此我們會在 9 月期限之前很早就達到合規。這是我們的目標，而董事會也對此全力投入。

Okay. Next question. What can investors look forward to from the company in the near future? I'll take the first part of it again. And Khurram, if you want to take the second part. From a growth standpoint, like we mentioned, we're not giving specific guidance, but directionally, we expect to grow in the double digits, and we're already seeing great momentum with landing new customers and new logos for 2026.

好的。下一個問題。投資人近期可以期待公司帶來什麼？第一部分我再回答一次。Khurram，如果你願意的話請你回答第二部分。就成長而言，如同我們提到的，我們不提供具體指引，但就方向性來看，我們預期將有雙位數成長，而且我們已看到在 2026 年新增客戶與新增標誌性客戶（new logos）方面有很好的動能。

No, absolutely. And we made the press release, I think, in Q4, we had five large clients renew in the fourth quarter. All those clients are also expanding with the Agentic AI this year. And as Joy mentioned, we've got the 20-plus in the pipeline. We believe we're closing deals. There are things in contract right now. They're in contract with us right now, and there are other deals coming our way.

是的，完全同意。而且我們在第四季發布了新聞稿，我記得在 Q4 有五家大型客戶於第四季完成續約。這些客戶今年也都在擴大導入代理式 AI。如 Joy 所提到的，我們的管線裡有 20 多個案子。我們相信我們正在成交。目前有一些正在簽約中。他們現在正與我們進行合約流程，另外也有其他案子正在向我們靠攏。

So we're pretty excited about moving them from pilots and initial discussions to now contracts and hopefully scale deployments in 2026. So it's a pretty exciting time at the company, and our team is fully focused on executing those contracts and making sure they deliver. And I think if we deliver even a small percent of those, we're going to hit the double-digit number. So I think we believe that, that is very realistic. And we believe there will be more happening hopefully, in the coming weeks and months as these customers go from their pilots to their first appointment.

所以我們對於把它們從試點與初步討論推進到合約，並希望在 2026 年擴大部署規模，感到非常興奮。因此這對公司而言是相當令人振奮的時刻，而我們的團隊也全力專注於執行這些合約並確保交付成果。我認為即使我們只交付其中一小部分，我們也會達到雙位數成長。所以我們相信這非常務實可行。我們也希望在接下來幾週與幾個月，隨著這些客戶從試點走向他們的首次正式上線（first appointment），會有更多進展。

Next question, and Khurram I'll have to punt this over to you. How do you plan on setting yourself apart from other AI companies?

下一個問題，Khurram，我得把這題交給你。你們打算如何讓自己與其他 AI 公司區隔開來？

That's a great question. And in our space, if you look at our landscape, there's a lot of companies that have been around for a while in the new space management and other space. And that market is getting commoditized, and those companies are really at a very low margin.

這是個很好的問題。在我們的領域，如果你看競爭版圖，有很多公司在新的空間管理以及其他領域已經存在一段時間。而那個市場正在商品化，那些公司的毛利率其實非常低。

Secondly, you see people that have built apps. As you see, the SaaS model is on the threat. And so when you think about Agentic AI, there are only a handful of companies that actually can do it. I think the large AI companies are focused on horizontal solutions. We believe we are a vertically integrated solution that is really tied to campus environment, campus intelligence, intelligent AI system inside buildings. And that's where we have the big moat.

其次，你也會看到有人打造了各種應用程式。如你所見，SaaS 模式正面臨威脅。因此當你談到代理式 AI，真正能做到的公司其實只有少數幾家。我認為大型 AI 公司更專注於水平式解決方案。我們相信我們是一個垂直整合的解決方案，真正與園區環境、園區智慧，以及建築物內的智慧 AI 系統緊密結合。而這正是我們的深厚護城河所在。

And our BOND and CORTEX are designed to provide the same level of Agentic interface that you see in the horizontal apps, but in a more burdening integration -- integrated way with the security and privacy that are needed by our clients. And as a reminder, all our clients -- most of our clients are large financial guys, they are not going to -- they don't compromise on security and privacy. So I think that is a core part of our offering and core part our IP. And that sets us apart, right?

我們的 BOND 與 CORTEX 的設計，是要提供你在水平式應用中看到的同等代理式介面，但以更深度整合的方式來實現——並具備客戶所需的資安與隱私保護。提醒一下，我們的客戶——我們的大多數客戶都是大型金融業者，他們不會——他們不會在安全與隱私上妥協。所以我認為這是我們產品的核心部分，也是我們智慧財產（IP）的核心部分。而這就是我們的差異化所在，對吧？

So when I look at the competition, I think it's more about -- naturally competition is good, but I feel like we've got a significant advantage of others. And even when winning these RFPs, we have very large companies competing with us that don't have the depth of the capability that is required by the client. So I think that is my focus is really that differentiation. And you will see more and more filings on the patents as we move forward as we started implementing these solutions.

所以當我看競爭時，我認為更重要的是——競爭本來就是好事，但我覺得我們相較其他人有顯著優勢。即使在贏得這些 RFP 時，也有非常大型的公司與我們競爭，但他們沒有客戶所要求的那種能力深度。所以我認為我的重點就是這種差異化。而隨著我們開始落地這些解決方案，你也會看到我們持續提交更多專利申請。

But it's going to be a competitive space for sure, but it's going to be a much growing space because now these clients are looking at full transformation across the whole enterprise. They're not looking at just the space booking function or the desk booking function. They're looking at everything they do inside the enterprise and in a hybrid fashion. And we provide that solution today, and we're going to grow that capability over time.

但這肯定會是一個競爭激烈的領域，不過也會是一個快速成長的領域，因為現在這些客戶正在尋求橫跨整個企業的全面轉型。他們看的不只是空間預訂功能或工位預訂功能。他們關注的是他們在企業內部以及以混合模式所做的一切。而我們今天就提供這樣的解決方案，並且會隨時間推進持續擴展這項能力。

Okay. And the last two questions are sort of related on deal size and revenue growth. So I'll ask the longer one. Can you contextualize the double-digit growth target relative to 20-plus customer pipeline? How much conversion that would imply how much is new customers versus expected expansion? Was there a total of five major customer renewals in 2025, more or less. And for renewal contracts, how much do you see ARR increasing on average? I'll take some of this, Khurram, if you want to take the second half.

好的。最後兩個問題大致都與交易規模和營收成長有關。所以我先問比較長的那個。你能否就 20 多個客戶的管線，說明一下雙位數成長目標的背景脈絡？這意味著需要多少轉換，其中多少來自新客戶、多少來自既有客戶的預期擴張？2025 年是否大約有五個主要客戶續約，或多或少？而對於續約合約，你們看到 ARR 平均會增加多少？Khurram，如果你願意接後半段，我可以先回答其中一部分。

So there are more than five renewals in 2025. How much is new versus expected expansions, I think we expect more growth on the new logo side just because we haven't seen it, but I think healthy on the expected expansion. And then renewal contracts, how much do you see ARR increasing? Hard to tell right now we have large renewals to happen in Q1 and then more throughout the year. So I don't have that exact figure at the moment.

2025 年的續約不只五個。至於新客戶與預期擴張各占多少，我認為我們預期新客戶（新 Logo）端的成長會更多一些，主要是因為我們還沒完全看到它的表現，但我也認為預期擴張會維持健康。至於續約合約，你們看到 ARR 會增加多少？目前很難判斷，我們在第一季有大型續約要發生，之後全年也還會有更多。所以我現在沒有那個確切數字。

Khurram, if you want to take the double-digit growth relative to the 20-plus customer pipeline, do you want to take that?

Khurram，關於雙位數成長相對於 20 多個客戶管線的部分，你要不要來回答？

Yeah, absolutely. So as Joy said, we don't just have -- five customers renewed in Q4. We've had many more renewals than that. I think on the deal size and the -- it depends on clients. A lot of our clients start with a couple of hundred thousand and then go to higher. And so think of that as the baseline. But a lot of our clients, as you know, are in this -- they're doing this a strategic move. This is through RFPs and a lot of diligence.

好的，當然。如 Joy 所說，我們不只是——第四季續約了五個客戶。我們的續約數量遠不止如此。我想在交易規模以及——這取決於客戶。我們很多客戶一開始的合約規模是幾十萬美元，之後再往更高的規模成長。所以可以把那當作基準。但你也知道，我們很多客戶是在做一個——他們把這視為策略性動作。這通常是透過 RFP（招標書）流程，並且會做大量的盡職調查。

So from their perspective, this is a multimillion dollar opportunity or multimillion dollar total value for contract, but it's over a number of years. So we believe the starting point is there, but they're making long-term decisions. They're doing -- these deals are three-year deals. They are three-year commitments, okay? So they're not just a single year. Let's see what happens. These folks are really wanting to do multiyear deals.

因此從他們的角度來看，這是一個數百萬美元的機會，或是合約總價值達數百萬美元，但會分攤在多年期間。所以我們相信起點是存在的，但他們是在做長期決策。他們在做——這些交易是三年期的交易。也就是三年的承諾，好嗎？所以不是只有一年。不是那種「先看看會怎樣」。這些客戶真的希望做多年期合約。

So I think that's the exciting part. But on deal size, yes, it depends on the client. If a client has 100-plus campuses, you can imagine that's going to be much larger than somebody who has 10. But the interesting piece I would tell you is, and this goes back to our product capability and others, there's a client that has around 10,000 employees, not the 50,000, 100,000, but they also do around 10,000 events, and they're super excited about our Agentic AI event module because they want to now create events on demand and have all these different events. So from that customer, you would have -- you could -- potentially even have more revenue just from the events module than the employee engagement modules.

所以我認為這是令人振奮的部分。但就交易規模而言，是的，取決於客戶。如果一個客戶有 100 個以上的園區，你可以想像那會比只有 10 個園區的客戶大得多。但我想告訴你一個有趣的點，這也回到我們的產品能力以及其他因素：有一個客戶大約有 10,000 名員工，不是 50,000、100,000 那種規模，但他們一年也會辦大約 10,000 場活動，而且他們對我們的 Agentic AI 活動模組非常興奮，因為他們現在想要隨需建立活動，並且有各式各樣不同的活動。所以對那個客戶而言——你可能——甚至可能僅靠活動模組就帶來比員工互動模組更多的營收。

So there's a lot of opportunity in the growth of these businesses because Agentic AI is going across all their different functions, whether it's space management, whether it's event management, whether it's food ordering. So we see this as even a bigger opportunity. But again, we're starting off on a good piece. And now we just need to make sure that we can execute and deliver and get these customers onboarded as soon as possible. But I see a very bright future for Agentic AI across different dimensions of our space.

因此，這些業務的成長有很大的機會，因為 Agentic AI 正在橫跨他們各種不同的職能，不論是空間管理、活動管理，或是餐飲訂購。所以我們把這視為更大的機會。但同樣地，我們目前的起步基礎不錯。接下來我們只需要確保能夠執行、交付，並且盡快讓這些客戶完成導入上線。但我看到 Agentic AI 在我們領域的不同面向都有非常光明的未來。

That was the last question.

那是最後一個問題。

Okay. Great. Well, thank you, everybody, for joining our call. Joy and I are super excited to be hosting you today. We will look forward to future discussions. We are going to have our Q1 earnings call coming up, we're going to have our Annual Shareholder Meeting. We're going to be super proactive out there. We were a little bit under the cover because of the 10-K had to be filed and with the IP and patents. Now that we file those 10-Ks available, you can go read it. The patent has been issued.

好的。很好。那麼，感謝各位參加我們的電話會議。Joy 和我今天非常興奮能夠主持並與各位交流。我們期待未來的進一步討論。我們接下來會有第一季財報電話會議，也會有年度股東大會。我們會在市場上非常積極主動。之前因為必須提交 10-K，以及與智慧財產權和專利相關的事項，我們相對低調了一些。現在這些 10-K 已經提交並可供查閱，你們可以去閱讀。專利也已核發。

We're going to be super vocal in the market, and we look forward to sharing with you the positive news on our upcoming deployments, and we look forward to hosting the next earnings call in the next, I think, 30 to 45 days, but we'll keep you posted. Thank you, everybody.

我們會在市場上更積極發聲，也期待與各位分享即將部署的正面消息；並且我們期待在接下來我想大約 30 到 45 天內主持下一次財報電話會議，但我們會隨時向各位更新。謝謝大家。