CXApp Inc (CXAI) 2026 Q1 法說會逐字稿

Greetings. Welcome to the CXApp First Quarter 2026 Earnings Call. (Operator Instructions) I will now turn the conference over to your host, Khurram Sheikh, Chairman and CEO. You may begin.

各位好。歡迎參加 CXApp 2026 年第一季財報電話會議。(接線員指示) 現在我將把會議交給您的主持人、董事長兼執行長 Khurram Sheikh。您可以開始了。

Thank you, John. Good afternoon, everyone, and thank you for joining CXAI's Q1 2026 Earnings Call. I'm also joined on the call by our CFO, Joy Mbanugo. This quarter represents an important step forward for CXAI, for Sky. We're not simply building workplace software.

謝謝你，John。各位下午好，感謝各位參加 CXAI 2026 年第一季財報電話會議。今天與我一同出席的還有我們的財務長 Joy Mbanugo。本季對 CXAI、對 Sky 而言，是向前邁出的重要一步。我們不只是打造職場軟體。

We are building an AI-driven orchestration layer for the modern enterprise. The enterprise workplace is changing quickly. Companies are looking for platforms that can connect employees, spaces, assets, services, workflows and data into one intelligent system. This is exactly where CXAI is positioned. Our message today is clear.

我們正在為現代企業打造一個由 AI 驅動的協同編排層。企業職場正在快速改變。企業正在尋找能將員工、空間、資產、服務、工作流程與資料連結為單一智慧系統的平台。這正是 CXAI 的定位所在。我們今天的訊息很明確。

Enterprise demand is increasing. Our product road map is accelerating. Our monetization model is expanding, and we believe CXAI is positioned to convert that demand into recurring margin protected revenue growth. With that, I'm going to start going through the disclaimer slides. Please -- I want to remind everybody that today's presentation includes forward-looking statements.

企業需求正在增加。我們的產品路線圖正在加速推進。我們的變現模式正在擴展，我們相信 CXAI 已具備條件，能將這些需求轉化為具備毛利保護的經常性營收成長。接下來，我將開始說明免責聲明投影片。請 -- 我想提醒各位，今天的簡報包含前瞻性陳述。

These statements are based on current expectations and assumptions and are subject to risks and uncertainties. Please review our SEC filings for a complete discussion on those risks. Next one. We will also reference certain financial information, including non-GAAP measures and market data. We believe these metrics help investors understand our operating performance and the direction of the business, but they should be reviewed together with our GAAP results and public filings.

這些陳述係基於目前的預期與假設，並可能受到風險與不確定性影響。請查閱我們向 SEC 提交的文件，以取得對相關風險的完整討論。下一頁。我們也會引用特定財務資訊，包括非 GAAP 指標與市場資料。我們相信這些指標有助於投資人理解我們的營運表現與業務方向，但應與我們的 GAAP 結果及公開申報文件一併檢視。

And by the way, we have also filed our 10-Q for Q1, so you should be able to see that in parallel to this presentation. So let me start with the scale of CXAI or Sky today. We are deployed across more than 200 cities, over 50 countries and 5 continents, reaching more than 1 million users. We have a global operating footprint, a strong IP foundation and a team that remains heavily focused on product and engineering with more than 70% of our team in R&D. That is important because enterprise AI is not just about launching an assistant.

另外，我們也已提交第一季的 10-Q，因此您應可在觀看本簡報的同時查閱該文件。接著我先談談目前 CXAI 或 Sky 的規模。我們已部署於超過 200 座城市、50 多個國家與 5 大洲，觸及超過 100 萬名使用者。我們具備全球營運版圖、堅實的智慧財產基礎，以及一支仍高度聚焦產品與工程的團隊，其中超過 70% 的人力投入研發。這很重要，因為企業 AI 不只是推出一個助理而已。

It requires secure deployment, trusted integrations, global scalability, support infrastructure and domain-specific intelligence. Our installed base and global platform footprint create a foundation for future expansion. We believe both -- we believe growth can come from new enterprise wins, renewals, user expansion, analytic modules, integration, AI consumption and the launch of (inaudible), our flagship agentic AI solution. So you're going to hear about that today, but I just want to recap that we are still doing really well with all our customers. We're growing, and it's been a really exciting quarter.

它需要安全部署、可信整合、全球可擴展性、支援基礎設施，以及特定領域的智慧。我們的既有客戶基礎與全球平台版圖，為未來擴張奠定了基礎。我們相信成長可同時來自新的企業客戶得標、續約、使用者擴張、分析模組、整合、AI 使用量，以及（聽不清）—我們的旗艦代理式 AI 解決方案的推出。因此今天您會聽到相關內容，但我也想先回顧一下：我們與所有客戶的合作仍進展非常順利。我們正在成長，這是一個非常令人振奮的季度。

So let me move forward to the next slide where we talk about our mission. And our mission is really to power the AI orchestration layer for the modern enterprise. As you know, we've been talking about people, places and things for a while, and I know that the team has seen a lot of growth in the way our customers are responding to our vision. But our mission becomes more and more important every day as we work with our clients. And today, I want to launch this new mission, which is really at the heart of where our agentic AI solution drives.

接著我到下一張投影片，談談我們的使命。我們的使命是為現代企業提供 AI 協同編排層的動力。如各位所知，我們談「人、地點與事物」已經有一段時間了，我也知道團隊看到客戶對我們願景的回應方式出現了很大的成長。但隨著我們與客戶合作，我們的使命每天都變得更加重要。而今天，我想發布這個新的使命，它正是我們代理式 AI 解決方案所驅動的核心。

CXAI connects people, places, assets, workflows and enterprise context into one intelligent platform. That means the workplace is no longer just a static environment. It becomes a system that understand, decide and act. This is the evolution from workplace experience to workplace intelligence. And we've seen that now with Gartner recognizing us as one of the leaders in workplace industry and calling us the workplace visionary leader.

CXAI 將人員、地點、資產、工作流程與企業情境整合到單一智慧平台中。這意味著職場不再只是靜態環境。它會成為一個能理解、決策並採取行動的系統。這是從職場體驗走向職場智慧的演進。我們也看到 Gartner 已將我們認定為職場產業的領導者之一，並稱我們為職場願景領導者。

And I think that's a testament to the team's strategy and vision, but now also the execution. We believe the future of enterprise work will be shaped by platforms that can connect context with action. CXAI is being built for the future. As you become more deeply embedded into enterprise workflows, we believe our revenue opportunity expands beyond software licensing into workflow automation, AI usage, analytics and recurring integrations. So let me show you a video that describes the user experience and why we think CXAI is going to be that operating layer for the enterprise.

我認為這證明了團隊的策略與願景，也證明了我們的執行力。我們相信，企業工作的未來將由能把情境與行動連結起來的平台所塑造。CXAI 正是為未來而打造。隨著我們更深度嵌入企業工作流程，我們相信營收機會將從軟體授權擴展到工作流程自動化、AI 使用、分析，以及經常性的整合收入。接下來我想播放一段影片，說明使用者體驗，以及為何我們認為 CXAI 將成為企業的作業層。

(video playing)

(影片播放中)

So hopefully, people on the webcast could hear the folks on the phone, you're going to get the video as part of the recording when we get out there. But as you can see, CXAI is all about the user experience. We really focus on that. And the workplace experience needs to become more intelligent, more personalized and more automated. That's our mission.

希望觀看網路直播的朋友能聽到；電話線上的各位，影片會包含在之後釋出的錄影中。但如各位所見，CXAI 的核心就是使用者體驗。我們非常專注於此。而職場體驗需要變得更智慧、更個人化、也更自動化。這就是我們的使命。

Employees want to know where to work, who is nearby, what resources are available and how to get things done quickly. CXAI brings that together through one intelligent interface. But what matters most is what happens behind the scenes, identity, maps, reservations, way finding, services, analytics, integrations and now agenda. We do all of that. We do all that heavy lifting to make the user experience simple and contextual.

員工想知道在哪裡工作、附近有誰、有哪些資源可用，以及如何快速把事情完成。CXAI 透過單一智慧介面把這些整合在一起。但最重要的是幕後發生的事：身分識別、地圖、預約、路徑導引、服務、分析、整合，以及現在的 agenda。這些我們都能做到。我們承擔所有繁重工作，讓使用者體驗保持簡單且具情境感。

This is why we believe CXAI will become an operating layer for the enterprise work, and that's our focus. The more workflows we connect, the more value we deliver and the more opportunities that we have to expand revenue per customer over time with this strategy. So let me talk about the market. We believe the timing is right right now. CXAI systems convergence of 2 major growth markets.

這就是為什麼我們相信 CXAI 將成為企業工作的作業層，而這也是我們的重點。我們連結的工作流程越多，交付的價值就越大，也就越有機會透過這項策略，隨時間推進提高每位客戶的營收。接著我談談市場。我們相信現在的時機正好。CXAI 正處於兩個主要成長市場的匯流點。

Number one, the digital workplace platforms and secondly, the enterprise AI assistance and agents. Digital workplace platforms are projected to grow significantly through 2030 and enterprise AI systems and agents are to grow even faster. CXAI plays across both markets. We play at the intersection of these. On one side, we support workplace orchestration, platform adoption, mobile and web experiences, maps and reservations.

第一是數位職場平台；第二是企業 AI 助理與代理。預期數位職場平台將在 2030 年前顯著成長，而企業 AI 系統與代理的成長速度將更快。CXAI 橫跨這兩個市場。我們就在兩者的交會處運作。一方面，我們支援職場協同編排、平台採用、行動與網頁體驗、地圖與預約。

On the other side, we are building embedded AI task agents, workflow automation and the CXAI agentic layer. This convergence is what creates the opportunity. We're not trying to be a generic AI company. We are applying AI to a specific enterprise problem, making the workplace intelligent, automated and operationally efficient. That market convergence supports a large revenue opportunity for CXAI from enterprise SaaS today to AI native licensing, analytics, consumption and platform expansion over time.

另一方面，我們正在打造內嵌式 AI 任務代理、工作流程自動化，以及 CXAI 的代理式層。這種匯流正是機會所在。我們並不是要成為一家通用型 AI 公司。我們將 AI 應用於特定的企業問題：讓職場更智慧、更自動化，並提升營運效率。這種市場匯流，支持 CXAI 擁有龐大的營收機會：從今日的企業 SaaS，逐步擴展到 AI 原生授權、分析、使用量計費與平台擴張。

So this, I believe, is a compounded 30x plus opportunity for us and not happening 10 years from now, happening in the next couple of years. So we're super excited about this space, and this has been validated through our work with Gartner and all the other analysts who are watching this industry and now are really calling it a new Magic Quadrant for this market, which is a validation of the space and a huge market opportunity for all of us. So let's talk about Q1. What happened in Q1. It was a very breakout quarter for us.

因此我相信，這對我們而言是一個 30 倍以上的複合式機會，而且不是 10 年後才會發生，而是在未來幾年內就會發生。所以我們對這個領域非常興奮；而這也已透過我們與 Gartner 以及其他關注此產業的分析師的合作獲得驗證。他們現在正把它稱為這個市場的一個新的魔力象限（Magic Quadrant），這既是對此領域的肯定，也代表對我們所有人而言是一個巨大的市場機會。那我們來談談第一季。第一季發生了什麼？對我們而言，這是一個非常突破性的季度。

We had a lot of great wins, but I want to highlight the key highlights from this. Number one, we delivered on $1.4 million in bookings, which included 2 large renewals of existing clients and new client has also been onboarded. And this represents an increase from last year, but also it's the starting point of the strategy that we articulated in our last earnings call. And more importantly, we have added more than $5 million in new deals for contract value across 3 enterprise deals. These are 3-year term deals with large enterprises in financial services markets that are really at the leading edge of innovation, and they have selected us for a multiyear contract.

我們取得了許多重大勝利，但我想特別強調其中的關鍵亮點。第一，我們達成了 140 萬美元的預訂額（bookings），其中包含 2 筆既有客戶的大型續約，並且也完成了新客戶的導入上線。這不僅較去年有所成長，也同時是我們在上一季財報電話會議中所闡述策略的起點。更重要的是，我們在 3 筆企業級交易中新增了超過 500 萬美元的合約價值（TCV）新案。這些是與金融服務市場中大型企業簽訂的 3 年期合約；這些企業正站在創新的最前沿，並選擇我們作為其多年期合約的合作夥伴。

This is super exciting. I know that we talked about this in our last earnings call that we've been working really hard in different RFPs and different pipeline opportunities. Now those pipelines have become real and real meaning that they're being deployed now. So in terms of why we won these things, we won it because we had our Agent AI solution. I'm going to talk more about that in detail.

這非常令人振奮。我知道我們在上一季財報電話會議中提到，我們一直在不同的 RFP（招標案）以及不同的銷售管線機會上非常努力。現在這些管線已經成為實際成果——所謂「實際」是指它們正在部署落地。至於我們為什麼能贏得這些案子，是因為我們具備 Agent AI 解決方案。我接下來會更詳細說明。

But the CXAI Sandbox is what our clients have been testing with, which includes our agentic AI platform as well as our CXAI 1.0 platform. And those deployments are happening with not only the existing clients, but more importantly, the new clients as well as the pipeline of clients. And so those clients came in. They did their RFPs. They had our responses, they did the product across vendors across the ecosystem, and they tried CXAI Sandbox and they've said we love it.

而 CXAI Sandbox 是我們客戶用來測試的環境，其中包含我們的代理式 AI（agentic AI）平台以及 CXAI 1.0 平台。這些部署不僅發生在既有客戶身上，更重要的是也正在新客戶以及管線中的客戶群中推進。因此這些客戶進來之後，他們進行 RFP。他們收到我們的回覆，並在整個生態系中對各家供應商的產品進行比較評估；他們試用了 CXAI Sandbox，並表示他們非常喜歡。

We think it's the best thing out there, and now they're onboarded with us and working with us to scale up their systems. So I think that's been a significant win for us, and I applaud our sales team and our product team and our engineering teams for really working hard to make it happen. I'm super proud of them. And I think this is a testament of the capability of the team as well as the capability of the product. Next, we've been talking about CXAI VU.

他們認為這是市面上最好的產品，現在也已經與我們完成導入並合作，來擴大其系統規模。所以我認為這對我們而言是一項重大勝利，我也要讚揚我們的銷售團隊、產品團隊與工程團隊，為了促成這一切付出了極大的努力。我為他們感到非常自豪。我認為這也證明了團隊的能力以及產品的能力。接下來，我們一直在談 CXAI VU。

As you know, and we'll talk a little bit more about our partnership with Google Cloud, but we have built it as a platform that will allow for analytics to be identified, and that means that you ask a question, you get a result and an answer pretty quickly. And Google has also appreciated the partnership with us. We made a press release on that. I'm going to talk more about how we're actually engaging with Google to make it successful, but we are one of the leading vendors working with Google in making this happen using their Looker platform. And lastly, we were recognized by Gartner, as I mentioned, as a visionary in the Enterprise Workplace Magic Quadrant.

如各位所知，我們也會再多談一些與 Google Cloud 的合作夥伴關係；我們將其打造為一個平台，能夠識別並呈現分析洞察——也就是說，你提出問題，就能很快得到結果與答案。Google 也很肯定與我們的合作關係。我們也就此發布了新聞稿。我會再多談我們實際上如何與 Google 合作以確保成功；我們是與 Google 合作推動此事的領先供應商之一，並使用其 Looker 平台來實現。最後，如我所提到的，我們也獲 Gartner 認可，在 Enterprise Workplace Magic Quadrant（企業工作場所魔力象限）中被評為「願景者」。

So this is a new Magic Quadrant that has been officially launched by Gartner. It was the first one out there. And we've been working with the analysts for the last couple of years on our vision and our strategy and how we think agentic AI is so critical to this market. I think it's a testament of the recognition, but also it just shows that we are really driving the innovation in the industry, and we're super proud of that recognition. So the key point in all of this is the enterprise demand we have been discussing is now showing up in real customer activity, renewals, new wins, multiyear commitments, AI pilots and analytic opportunities.

這是 Gartner 正式推出的一個全新魔力象限。這是市場上的第一份。過去幾年我們一直與分析師合作，討論我們的願景與策略，以及我們為何認為代理式 AI（agentic AI）對這個市場至關重要。我認為這不僅是對我們的肯定，也顯示我們確實正在推動產業創新，我們對此項認可感到非常自豪。因此，這一切的關鍵在於：我們一直在討論的企業需求，如今正以真實的客戶活動形式呈現，包括續約、新案勝出、多年期承諾、AI 試點以及分析機會。

Bookings and TCV are important leading indicators. Revenue recognition follows deployment, implementation, user adoption expansion. So while Q1 revenue reflects timing, the forward-looking opportunity is increasingly supported by enterprise commitments. Well, the next question is, why did they choose us? Why did they choose CXAI?

預訂額（bookings）與 TCV 是重要的領先指標。營收認列會隨著部署、導入、使用者採用擴張而後續發生。因此，雖然第一季營收反映的是時點因素，但前瞻性的機會正日益受到企業承諾的支撐。那麼下一個問題是：他們為什麼選擇我們？他們為什麼選擇 CXAI？

And I think -- we think -- in my view, we bring 5 capabilities together. First, agent AI. Our platform is designed to understand workplace context and automate intelligent actions. Second, any workspace native. We work across the tools employees already use, whether it's Microsoft 365, Google Workspace, we are compliant to all of them, we connect with all of them.

我認為——我們認為——以我的觀點，我們整合了 5 項能力。第一，Agent AI。我們的平台旨在理解工作場所情境並自動化智慧行動。第二，原生支援任何工作空間（any workspace native）。我們可跨員工已在使用的工具運作，無論是 Microsoft 365、Google Workspace，我們都符合其規範並可與其連接。

And we make it so easy to connect with all the bookings and calendars and maps and way finding in one experience. Third, one platform, every service. We deliver a consistent experience across mobile, web, kiosks and signage. So no matter where you're at, you will see a similar kind of experience with CXAI. Fourth, spatial intelligence.

而且我們讓一切連接變得非常容易，將所有預訂、行事曆、地圖與導引（wayfinding）整合在同一個體驗中。第三，一個平台，涵蓋所有服務。我們在行動端、網頁端、自助機（kiosks）與數位看板（signage）上提供一致的體驗。因此無論你身在何處，都會看到 CXAI 類似的一致體驗。第四，空間智慧（spatial intelligence）。

Our mapping and wayfinding capabilities create a real-world context for the enterprise. So our One Map Experience and all the immersive spatial layer of access we have provides that contextual awareness provides that intelligence, provides that moat for the agent solution that makes it super different and super unique to anything else out there. And finally, and most importantly, we are enterprise ready. We're built with security, compliance, support and global deployment. For these large enterprises to select us is not only a testament of our product, but our stability and our reliability of our solution and the fact that we meet the difficult requirements that large enterprise have.

我們的地圖與導引能力為企業建立真實世界的情境脈絡。因此，我們的 One Map Experience 以及我們所具備的沉浸式空間層（spatial layer）存取能力，提供了情境感知、提供了智慧，也為代理解決方案建立了護城河，使其與市面上任何其他方案都截然不同且極具獨特性。最後，也是最重要的，我們具備企業級就緒（enterprise ready）。我們在安全性、合規、支援與全球部署方面皆為企業需求而打造。這些大型企業選擇我們，不僅是對產品的肯定，也證明我們解決方案的穩定性與可靠性，以及我們能滿足大型企業嚴苛需求的能力。

It's not easy, and this is where when we look at the competition, we are heads and shoulders above them because of all these 5 things together. So this is why these customers choose CXAI. We're not offering a single point solution. We are offering an integrated platform that connects the enterprise workplace into one intelligent operating system. That's why my belief becomes stronger and stronger every day as I see these clients going through multiple RFPs, multiple product valuations, understanding all the different options out there and then selecting us because we have the full solution.

這並不容易；而當我們看競爭對手時，因為這 5 項能力的整合，我們明顯高出他們一大截。這就是這些客戶選擇 CXAI 的原因。我們提供的不是單點式解決方案。我們提供的是一個整合式平台，將企業工作場所連結成一個智慧作業系統。因此，當我看到這些客戶經歷多輪 RFP、多次產品評估，理解市面上各種不同選項，最後仍選擇我們，因為我們提供完整解決方案時，我的信念每天都在變得更強。

We have that capability, and we're growing more and more in that capability day in, day out. Next, I want to talk a little bit about -- and when you think about all of this, you kind of say, well, what does this mean long term? Well, long term, what it means is we are the vertical AI for the office. CXAI's platform is purpose-built for the office environment where employees, visitors, facilities, teams and enterprise systems interact every day. By connecting workplace data and workflows, CXAI enables organizations to deliver more personalized experiences, improve utilization, reduce friction and create a more responsible and responsive physical workspace.

我們具備這樣的能力，而且這項能力也在日復一日持續成長。接下來我想稍微談一下——當你把這一切放在一起思考時，你可能會問：那長期而言這代表什麼？長期來看，這代表我們是辦公室的垂直 AI（vertical AI）。CXAI 的平台是為辦公室環境量身打造，在那裡員工、訪客、設施、團隊與企業系統每天都在互動。透過連結工作場所資料與工作流程，CXAI 讓組織能提供更個人化的體驗、提升使用率、降低摩擦，並打造更負責任且更具回應性的實體工作空間。

So we believe -- we strongly believe the next phase of workplace technology will be defined by AI that understands context where people are, where resources are available, which systems need to be coordinated and how the office can adapt in real time. CXAI's agentic AI capabilities are being developed to help automate routine workplace tasks, surface recommendations, orchestrate integration and improve the employee and customer experience across complex enterprise environments. In a nutshell, what that means is the broader platform value, the greater the potential multiyear renewals, larger deployments, integration fees, AI monetization and expansion module. So when our -- you saw the video, when Maya is out there, she's using it every day for all the things, it may be a small thing for you, but it may be great for her. Maybe somebody else has a different use case.

因此我們相信——我們堅信——工作場所科技的下一階段，將由能理解情境的 AI 所定義：人在哪裡、資源在哪裡可用、哪些系統需要協同，以及辦公室如何即時調整。CXAI 的代理式 AI（agentic AI）能力正在開發中，旨在協助自動化例行的工作場所任務、呈現建議、編排整合，並在複雜的企業環境中提升員工與客戶體驗。簡而言之，平台價值越廣，潛在的多年期續約、較大規模部署、整合費用、AI 變現以及擴充模組的機會就越大。所以當我們——你看了那段影片，當 Maya 在外面時，她每天用它來做各種事情；對你來說可能只是小事，但對她而言可能非常重要。也許其他人會有不同的使用情境。

But all these use cases combined make it the day in the life of user that's so connected to their enterprise, they can't let go. And that's what we're seeing with our clients that are scaling up. They see that connectivity. They see the secret blue that connects them together to make sure that they're using this every single day. And that's what we aim for.

但把所有這些使用情境加總起來，就構成了使用者與其企業高度連結的日常，他們根本離不開。這正是我們在那些正在擴張規模的客戶身上看到的情況。他們看見了那種連結性。他們看見了把一切串在一起的「秘密藍線」，確保他們每天都在使用這個平台。而這就是我們所追求的。

And that's why -- and the analytics show us all the value of that. And that's where the next piece comes in, which is behind our Q1 wins, I'm going to run this quick animation to show you some of the data set that we collect. But as you can see, our partnership with Google is a major validation point for CXAI VU and our analytics strategy. The quote from Sean here at Google Cloud highlights the importance of embedded Looker as a scalable API-first data layer across our clients. So this allows us to deliver real-time insights at enterprise scale and create the foundation for AI-powered analytics and conversational intelligence.

這也是為什麼——而分析數據向我們展示了其中所有的價值。接下來要談的就是下一塊：在我們 Q1 的勝利背後，我會快速播放一段動畫，讓各位看看我們蒐集的一些資料集。但如各位所見，我們與 Google 的合作，是對 CXAI VU 以及我們分析策略的一個重大驗證。Google Cloud 的 Sean 在此的引述，凸顯了嵌入式 Looker 作為可擴展、API 優先的資料層，能跨越我們的客戶群的重要性。因此，我們得以在企業規模下提供即時洞察，並為 AI 驅動的分析與對話式智慧奠定基礎。

So you ask a question, you get an answer. You go deeper, you ask a second question, it goes deeper. You want to show a dashboard that you want to create, it can create it for you. You can create a visualization, you can create a report, you can create an animation, everything you want within the data set that's provided and within the context of what's valuable to you. At the end of the day, all of this enterprise AI needs enterprise data.

所以你問一個問題，就得到一個答案。你再深入一點，問第二個問題，它就能更深入。你想展示一個你想建立的儀表板，它可以替你建立。你可以建立視覺化、建立報告、建立動畫——在所提供的資料集之內，並在對你有價值的脈絡下，做你想做的一切。歸根結底，所有這些企業級 AI 都需要企業級資料。

Without trust data, AI remains generic. With real workplace data, location intelligence, usage patterns and operational signals, AI becomes actionable. That is the strategic value of CXAI VU, and analytics can become a meaningful expansion layer. Customers increasingly want predictive insights, utilization intelligence, real estate optimization and AI-driven recommendations. We believe these capabilities support higher value pricing and expanded customer relationships over time.

沒有可信任的資料，AI 仍然只是泛用的。有了真實的職場資料、位置智慧、使用模式與營運訊號，AI 才能變得可落地、可執行。這就是 CXAI VU 的策略價值，而分析也能成為一個有意義的擴展層。客戶愈來愈希望獲得預測性洞察、使用率智慧、不動產最佳化，以及 AI 驅動的建議。我們相信，這些能力將支撐更高價值的定價，並隨時間推進擴大客戶關係。

So that's kind of like my view of how the market is expanding, how our customer wins are happening, how we're going forward. Let me turn it over to my colleague, Joy, to talk about the financial highlights. Joy?

以上大概就是我對市場如何擴張、我們如何贏得客戶、以及我們如何向前推進的看法。接下來我把時間交給我的同事 Joy，來談談財務重點。Joy？

Thanks, Khurram. I'll walk through our Q1 2026 financial performance and do some comparisons to previous quarter. Starting with revenue, we delivered $950,000 in total revenue for the quarter. compared to $1.02 million in Q4. While this represents a slight decline, I want to provide context here.

謝謝你，Khurram。我將帶各位回顧我們 2026 會計年度第一季（Q1）的財務表現，並與前一季做一些比較。先從營收開始，本季我們的總營收為 95 萬美元，相較於 Q4 的 102 萬美元。雖然這代表小幅下滑，但我想在這裡提供一些背景。

The quarter-over-quarter decrease reflects the timing of new deal closures and the revenue recognition pattern of our enterprise contracts, which I'll get into more detail in the upcoming slides. What's really encouraging is our subscription revenue mix, which improved to 98% of total revenue, up from 96% in Q4. This demonstrates the continued strength and predictability of our recurring revenue model. Gross margin came in at 83% for the quarter compared to 87% in Q4. The slight compression reflects some incremental infrastructure investments we made to support our agentic AI rollout and support our Google Cloud partnership.

季對季的下降反映了新案成交時點，以及我們企業合約的收入認列模式；我會在接下來的投影片中更詳細說明。真正令人鼓舞的是，我們的訂閱營收占比提升至總營收的 98%，高於 Q4 的 96%。這顯示我們經常性收入模式持續具備強度與可預測性。本季毛利率為 83%，相較於 Q4 的 87%。這個小幅壓縮反映了我們為支援代理式 AI（agentic AI）上線，以及支援與 Google Cloud 的合作，而進行的一些額外基礎設施投資。

We expect gross margin to stabilize in the 80%-ish range as we scale these new capabilities and continue to invest in cutting-edge Google products. On the balance sheet side, cash increased to $12.3 million, up from $11.1 million at the end of Q4. This improvement came despite increased expenses in operating activities, reflecting a better working capital management and timing of customer collections. Finally, earnings per share improved to negative $0.08 per share compared to negative $0.13 in Q4. This 38% improvement reflects both the operating leverage we're achieving and the normalization of expenses, which we'll get into in the next slide.

隨著我們擴大這些新能力並持續投資於尖端的 Google 產品，我們預期毛利率將穩定在約 80% 左右的區間。資產負債表方面，現金增加至 1,230 萬美元，高於 Q4 期末的 1,110 萬美元。即便營運活動支出增加，現金仍改善，反映我們在營運資金管理與客戶收款時點上的改善。最後，每股盈餘改善至每股 -0.08 美元，相較於 Q4 的每股 -0.13 美元。這 38% 的改善反映了我們正在達成的營運槓桿，以及費用的正常化；我們會在下一張投影片進一步說明。

If we can move to Slide 12. Now let's dig into our operating expense story because this is where the discipline in our execution -- one area and the discipline in our execution really shows. Total operating expenses declined by $1.87 million or 27.6% quarter-over-quarter. But the critical context here is in Q4, we took a $2.15 million noncash goodwill impairment charge. When you exclude that onetime item, our underlying expenses actually increased only by $278,000 or 6%.

如果我們可以切到第 12 張投影片。現在讓我們深入談談營運費用，因為這正是我們執行上的紀律——其中一個面向——以及我們執行紀律最能展現的地方。總營運費用季對季下降 187 萬美元，或 27.6%。但關鍵背景是：在 Q4，我們認列了 215 萬美元的非現金商譽減損費用。若排除這項一次性項目，我們的核心費用其實僅增加 27.8 萬美元，或 6%。

I'll walk through the key items here. So research and development was essentially flat at $1.5 million, up just $10,000. This stability reflects our strategic choice to maintain our innovation pipeline while operating efficiently. Our R&D team is now 70% of our total headcount, and we're continuing to invest in agentic AI capabilities that are differentiating us in the market.

我來帶各位看幾個重點項目。研發費用基本持平在 150 萬美元，只增加 1 萬美元。這樣的穩定反映了我們的策略選擇：在有效率營運的同時，維持創新管線。我們的研發團隊目前占總人力的 70%，並持續投資於能在市場上形成差異化的代理式 AI 能力。

Sales and marketing decreased by $79,000 or 16%, down to $413,000. This reduction came from optimizing our digital marketing spend and focusing our outbound efforts on higher probability enterprise opportunities. We're seeing much better conversion rates with this very targeted approach. G&A expenses increased by $347,000 or 17.6% to $2.3 million. This increase was driven by 3 specific factors: audit and compliance-related costs, legal expenses related to strategic partnerships and negotiations and costs tied to overall governance enhancements.

銷售與行銷費用減少 7.9 萬美元，或 16%，降至 41.3 萬美元。這項下降來自我們最佳化數位行銷支出，並將外呼拓展聚焦在成交機率更高的企業級機會。透過這種高度聚焦的方法，我們看到更好的轉換率。一般及行政（G&A）費用增加 34.7 萬美元，或 17.6%，至 230 萬美元。這項增加由 3 個特定因素驅動：稽核與合規相關成本、與策略合作及談判相關的法律費用，以及與整體治理強化相關的成本。

These are foundational investments in our infrastructure as we prepare for our next phase of growth, and we hope to see the payoffs of these investments in future quarters. Amortization of intangibles remained flat at $683,000, consistent with what we outlined last quarter. The bottom line here is that we're managing our expense base very tightly while making targeted investments in the areas that drive long-term value, innovation, partnerships and governance. Let's move to the revenue slide. Let's talk a little bit about the forward momentum in the business, which Khurram alluded to earlier, which we're really excited about.

這些都是我們在準備進入下一個成長階段時，對基礎設施所做的奠基性投資；我們也希望在未來幾季看到這些投資的回報。無形資產攤銷維持持平在 68.3 萬美元，符合我們上季所說明的內容。總結來說，我們在非常嚴格地控管費用基礎的同時，也在能驅動長期價值的領域進行有針對性的投資：創新、合作夥伴關係與公司治理。我們切到營收那張投影片。我們也想再談談業務的前進動能——Khurram 先前提到過——我們對此非常振奮。

As we talked about, this is our reset. And so we're really excited about our future and where we're headed. Even though revenue was down, our bookings tell a different story. And as we've said consistently, bookings are a leading indicator for this business. Q1 bookings came in at $1.4 million, up 12.5% year-over-year compared to $1.25 million in Q1 2025.

如同我們所談到的，這是我們的重置。因此，我們對未來以及前進方向感到非常興奮。即使營收下滑，我們的簽約額（bookings）呈現的是不同的故事。而且我們一直強調，簽約額是這門業務的領先指標。Q1 簽約額為 140 萬美元，較 2025 年 Q1 的 125 萬美元年增 12.5%。

More importantly, we closed 3 enterprise deals with 3-year terms representing approximately $5 million in total contract value. These aren't transactional deals. These are strategic multiyear commitments from organizations continuing to bet on CXF as their workplace experience platform. Breaking that down, we signed 1 new logo and renewed 2 large existing customers, both of which we hope to continue to expand their deployments with new offerings. These renewals are particularly significant because they validate both our product market fit and our ability to deliver ongoing value.

更重要的是，我們完成了 3 筆為期 3 年的企業級合約，合計約 500 萬美元的總合約價值（TCV）。這些不是一次性的交易型訂單。這些是組織對 CXF 作為其職場體驗平台所做出的策略性多年承諾。進一步拆解來看，我們簽下 1 個新客戶標誌（new logo），並續約 2 個大型既有客戶；我們也希望透過新產品持續擴大他們的部署規模。這些續約特別重要，因為它們同時驗證了我們的產品市場契合度，以及我們持續交付價值的能力。

Our NRR improved to 98% in Q1, up 12 percentage points year-over-year from 86% in Q1 2025. This is a really critical metric because it shows that our existing customer base is not only staying with us, but they are expanding their usage of the platform. So that's a really good growth story from previous years. Now the real story here is the operational drivers. We beat our own internal bookings forecast by 19%, and we're a little ahead of plan.

我們的 NRR 在第一季提升至 98%，較 2025 年第一季的 86% 年增 12 個百分點。這是一個非常關鍵的指標，因為它顯示我們既有客戶不僅持續與我們合作，還在擴大對平台的使用。因此，這相較於過去幾年是一個非常好的成長故事。而這裡真正的重點在於營運面的驅動因素。我們的簽約（bookings）表現較內部預測高出 19%，也略微超前於計畫。

And so this outperformance comes from 3 sources. First, our agentic AI capabilities are starting to resonate with enterprise clients. We have 5 CXAI Sandbox deployments live with enterprise clients now. These aren't pilots. These are production implementations where customers are seeing real productivity gains.

因此，這項超預期表現來自 3 個來源。第一，我們的代理式（agentic）AI 能力開始引起企業客戶的共鳴。目前我們已在企業客戶端有 5 個 CXAI Sandbox 部署上線。這些不是試點。這些是正式的生產環境導入，客戶正在看到實質的生產力提升。

Second, the Google Cloud partnership is creating a differentiation flywheel. Google published a case study on our Looker integration. And as Khurram mentioned, Sean Zinsmeister, their Director of Product Management for Data Cloud, specifically called out our differentiated approach to embedding Looker as a scalable API-first data layer. That validation from a Tier 1 hyperscaling is opening doors with enterprise clients who want to know that their platform is built on best-in-class infrastructure. Third, also, as Khurram mentioned, our Gartner recognition as the visionary and Enterprise Workplace Magic Quadrant has given our sales team incredible air cover in competitive evaluations.

第二，與 Google Cloud 的合作正在形成差異化的飛輪效應。Google 發布了一篇關於我們 Looker 整合的案例研究。而如 Khurram 所提到的，他們 Data Cloud 產品管理總監 Sean Zinsmeister 特別點出我們在將 Looker 以可擴展、API 優先的資料層嵌入方面的差異化作法。來自一級超大規模雲端業者（Tier 1 hyperscaling）的這項背書，正在為我們打開企業客戶的大門；這些客戶希望確信其平台建立在同級最佳的基礎設施之上。第三，同樣如 Khurram 所提到的，我們在 Gartner 的認可——被評為「具遠見者」並入選 Enterprise Workplace 魔力象限——在競爭性評估中為我們的銷售團隊提供了極強的背書與支撐。

The key takeaways here are we have leads -- have ongoing leads that are turning into bookings, which revenue trails behind that. So we expect to see the impact of the increased bookings in the upcoming quarters. The Q1 bookings momentum we generated, especially the new 3-year enterprise commitment sets us up for revenue growth as these contracts convert and as we continue to expand within our installed base. We're building a high-quality predictable revenue engine and the foundational work we've done on product differentiation, strategic partnerships and customer success is now translating into commercial traction. We can move to the next slide.

這裡的關鍵重點是：我們有線索——有持續進行中的線索正在轉化為簽約，而營收會落後於簽約入帳。因此，我們預期在接下來幾個季度會看到簽約增加所帶來的影響。我們在第一季所帶動的簽約動能，尤其是新的 3 年期企業承諾，將在這些合約轉為營收、以及我們持續在既有客戶基礎中擴張之際，為營收成長奠定基礎。我們正在打造高品質、可預測的營收引擎，而我們在產品差異化、策略夥伴關係與客戶成功上的基礎工作，現在正轉化為商業動能。我們可以進到下一張投影片。

So we are building -- as we said, we're building for the agentic era and the new contracts that we landed have come from our -- increase our focused efforts in marketing and some of the changes we've made from an implementation standpoint, changing our pricing and not necessarily abandoning the SaaS model, but thinking more about the future and what agentic AI looks like for our enterprise clients. And because of that, we're focused on maximizing revenue growth, continuing to control our costs and protecting our margin. Khurram, back to you.

因此我們正在打造——如我們所說，我們正在為代理式時代打造；而我們拿下的新合約，來自於我們在行銷上的更聚焦投入，以及我們在導入層面所做的一些調整，包括調整定價；我們並非一定要放棄 SaaS 模式，而是更多地思考未來，以及代理式 AI 對我們企業客戶而言會是什麼樣貌。也因此，我們專注於最大化營收成長、持續控管成本並保護我們的利潤率。Khurram，交回給你。

Yes. Thank you, Joy. And so as Joy alluded to, the new deals we have are built on this new pricing and monetization model. And we have purposely designed it with our clients in a way that it's scalable, it's repeatable, but more importantly, it protects our margins and it helps us scale with agentic AI. So very proud of the work the team has done on this.

是的。謝謝你，Joy。因此，如 Joy 所暗示的，我們的新交易是建立在這個新的定價與變現（monetization）模式之上。我們刻意與客戶共同設計，使其具備可擴展性、可複製性，但更重要的是，它能保護我們的利潤率，並幫助我們在代理式 AI 的情境下擴張。我對團隊在這方面所做的工作感到非常自豪。

And I think it's a testament that these new clients have come on with this new structure, which I think is going to be, as Joy said, maximize our revenue growth, but also manage our costs efficiently in the new AI agentic world. So you heard about SaaS is under threat. Well, our solution is actually really full AI native now. It has a cost structure implemented upfront so that we get our cost back. But more importantly, it scales with AI usage and consumption.

我認為這也證明了這些新客戶願意在這個新架構下加入；如 Joy 所說，這將最大化我們的營收成長，同時也能在新的代理式 AI 世界中有效率地管理成本。所以你聽到有人說 SaaS 正受到威脅。但我們的解決方案現在其實已經是完全 AI 原生（AI native）。它在一開始就導入了成本結構，讓我們能把成本收回來。但更重要的是，它會隨著 AI 的使用與消耗而擴展。

So anyway, let me move to the next slide to our road map and to tell you the story of where we're headed, what we're doing now and where the success has been super beneficial for us. So number one, CXAI 1.0 is our core enterprise platform. It supports the installed base, existing ARR that you see, the renewals and add-on modules. That's our base platform, that's our foundation, and that's there. All the new clients we have been signing up to CXAI 2.0.

總之，讓我進到下一張投影片，談談我們的產品路線圖，並告訴你我們要往哪裡走、現在在做什麼，以及哪些成功對我們帶來了非常有利的影響。第一，CXAI 1.0 是我們的核心企業平台。它支援既有客戶基礎、你所看到的既有 ARR、續約以及加購模組。那是我們的基礎平台，是我們的根基，而且一直都在。而我們所有新簽的客戶都已加入 CXAI 2.0。

So they're day 1, starting with the 2.0 agentic AI operating layer. And it is designed to capture agentic growth inside large enterprises through AI assistance, workflow intelligence, AI consumption and expansion. So these clients didn't come in just on 1.0. They have signed up to 2.0. We're focused on delivering that in the June time frame.

也就是說，他們從第 1 天起就以 2.0 的代理式 AI 作業層（operating layer）開始。它的設計目標，是透過 AI 協助、工作流程智慧、AI 消耗與擴張，在大型企業內部捕捉代理式成長。因此，這些客戶不是只採用 1.0 進來；他們已經簽約採用 2.0。我們專注於在 6 月的時間點交付。

It's still on schedule, but the sandboxes have been tested, the validation has happened. The product is being deployed by them in this quarter, so we can launch it with their customer base. And as I said in previous calls, they do 1 or 2 campuses and then they scale to 100. All of these clients have done it purposely to design it so they can scale to those 50 to 100 campuses or global access for them for all the employees. So this has been a (inaudible) effort from my team, and I'm pretty proud of it.

目前仍按進度進行，但沙盒已完成測試、驗證也已完成。本季產品正由他們部署，因此我們可以與他們的客戶群一起正式推出。如我在先前的電話會議中所說，他們會先做 1 或 2 個園區，然後擴展到 100 個。所有這些客戶都刻意以可擴展為設計目標，讓他們能擴到 50 到 100 個園區，或提供全球存取，讓所有員工都能使用。因此，這對我的團隊而言是一項（聽不清）努力，我對此相當自豪。

But the beauty of it is we're the first ones that provide this agentic AI system, and that's why we filed the IP on it. The patents were filed. We are pretty much a leader in both the orchestration layer of AI, but also the recommendation engine, the bond and Cortex that I mentioned last quarter. Those accounts are going through their provisional process, and we will be filing their definitive on them as well. And that provides us really a moat and something that's unique that nobody else in the industry has.

但它的精妙之處在於，我們是第一個提供這套代理式 AI 系統的公司，這也是我們為其申請智慧財產權的原因。專利已經提出申請。我們幾乎可以說是在 AI 編排層（orchestration layer）以及推薦引擎方面的領導者，也包括我上季提到的 bond 和 Cortex。這些申請正在走臨時（provisional）程序，我們也將就此提交正式（definitive）申請。這為我們提供了真正的護城河，以及業界其他人所沒有的獨特性。

So that is our growth engine for now. This is for large enterprises. This is what 3 new clients have had. This is what the pipeline of new clients, the sandboxes that Joy mentioned are all testing that. And now we have a repeatable system where we can test with these clients, we can show them the capability and they can scale up with us.

所以，這就是我們目前的成長引擎。這是針對大型企業。這也是 3 家新客戶所採用的。這也是新客戶管線、以及 Joy 提到的那些沙盒正在測試的內容。而現在我們有一套可複製的系統：我們可以與這些客戶一起測試、向他們展示能力，並讓他們與我們一起擴張。

The third thing that we've been working on in parallel has been our CXAI (inaudible) or [SkySquare] or just CXAI, if we make it easy. This is our disruptive mid-market expansion platform. It is designed for rapid deployment, channel distribution, marketplace availability and broad market reach. So that is something that is designed really for the small, medium enterprise. It is something that we have really worked on with our team to focus on kind of companies like our size that want to have a solution because they face the similar problems of workplace experience and engagement among the employees.

第三件我們同步在進行的工作，是我們的 CXAI（聽不清）或 [SkySquare]，或如果簡化一點就叫 CXAI。這是我們具顛覆性的中型市場（mid-market）擴張平台。它的設計目標是快速部署、通路分銷、市集上架以及廣泛的市場觸及。因此，這是專為中小型企業所設計的。我們與團隊在這方面投入了大量工作，聚焦於像我們這種規模的公司——他們希望有一套解決方案，因為他們同樣面臨員工職場體驗與參與度的類似問題。

And we're happy to share that we are making strong progress on that. We launched the pilot in our campus here in San Ramon, and now we're working closely with our channel partners, including Google and AWS, and we're going to put it on to the Google Marketplace and AWS marketplace this quarter. So that's going to be exciting. And we also believe that there's other channel partners that want to engage with us because this is a huge opportunity for growth. And so the mid-market is our disruptive scale platform.

我們也很高興分享，我們在這方面取得了強勁進展。我們已在加州聖拉蒙（San Ramon）的園區啟動試點，現在正與通路夥伴密切合作，包括 Google 和 AWS；並且我們將在本季把它上架到 Google Marketplace 與 AWS Marketplace。因此這會很令人振奮。我們也相信還有其他通路夥伴希望與我們合作，因為這是一個巨大的成長機會。因此，中型市場是我們具顛覆性的規模化平台。

It's very frictionless, very simple, very easy, but very powerful in terms of that personalized experience. So when we think about all of these 3 things, these are the 3 things that are the key pillars of CXAI, and they will continue for the growth. The existing will continue. Those customers will move to 2.0. The 2.0 customers may even use CXAI Sky for some of their applications, but there's going to be a big road map for CXAI 2.0 in terms of its agent capabilities.

它非常順暢、非常簡單、非常容易使用，但在提供個人化體驗方面又非常強大。因此，當我們思考這三件事時，這三件事就是 CXAI 的關鍵支柱，並將持續推動成長。既有的將會延續。那些客戶將會升級到 2.0。2.0 客戶甚至可能在部分應用中使用 CXAI Sky，但就 CXAI 2.0 的代理能力而言，將會有一個龐大的產品路線圖。

And then CXAI Sky is going to really drive into the mid-market. So we can -- we believe that the combination of enterprise expansion and mid-market scale is what gives us confidence in our long-term growth model. So when we talk about the growth, the 30x plus, this is all driven by this. So let me close with why we believe CXAI is entering an important inflection point. First, enterprise demand.

接著，CXAI Sky 將真正深入推進到中型市場。因此，我們相信，企業端擴張與中型市場規模化的結合，正是讓我們對長期成長模型有信心的原因。所以當我們談到成長、30 倍以上時，這一切都是由此驅動。最後我想以我們為何相信 CXAI 正進入一個重要拐點作結。第一，企業需求。

Q1 showed that large customers are making real commitments to AI-powered workplace transformation. Second, agentic OS for the workplace. CXAI is evolving from a workplace application into an operating layer for people, places, assets, workflows and context. Third, AI native modernization. Our model is built around implementation, licenses, integrations and AI consumption, creating multiple revenue streams.

第一季顯示，大型客戶正在對 AI 驅動的職場轉型做出實質承諾。第二，職場的代理式作業系統（agentic OS）。CXAI 正從一個職場應用，演進為涵蓋人員、場所、資產、工作流程與情境的作業層。第三，AI 原生現代化。我們的模型圍繞導入、授權、整合與 AI 使用量（消耗）而建立，形成多元收入來源。

Fourth, dual growth vectors. CXAI 2.0 supports large enterprise expansion, while CXAI opens the door to mid-market and channel-led growth. And fifth, solid financial foundation. We have a high recurring revenue mix, 80% plus gross margin profile, stronger cash position and disciplined operating focus. In my view, Q1 was about proof, proof that enterprise demand is real, proof that our platform strategy is aligned where the market is going, proof that our monetization model is designed for the AI era and proof that CXAI is positioned to convert enterprise AI demand into recurring margin-protected revenue growth.

第四，雙重成長向量。CXAI 2.0 支援大型企業擴張，而 CXAI 則為中型市場與通路驅動的成長打開大門。第五，穩健的財務基礎。我們擁有高比例的經常性收入組合、80% 以上的毛利率結構、更強的現金部位，以及自律的營運聚焦。在我看來，第一季是關於「驗證」：驗證企業需求確實存在；驗證我們的平台策略與市場走向一致；驗證我們的變現模式是為 AI 時代而設計；並驗證 CXAI 已就位，能將企業 AI 需求轉化為具備毛利保護的經常性營收成長。

We are focused on execution, customer expansion, product innovation and building durable shareholder value. Thank you to our customers, partners, employees and shareholders for your continued support. With that, I'm going to open up the question for question and answers. I know that, Joy, you've seen some questions come up. Happy to respond to some questions here.

我們專注於執行、客戶擴張、產品創新，以及打造可持續的股東價值。感謝我們的客戶、合作夥伴、員工與股東持續支持。接下來，我將開放問答。我知道 Joy，你已經看到有一些問題出現。很樂意在這裡回覆一些問題。

Yes. The first question we have is, do you believe it is possible to regain compliance organically? Also, how is CXAI 2.0 coming and will cash flow positive come in 2026? So I'll take part of this and then Khurram, hand it over to you. We do believe that it's possible to regain compliance organically, and we are feverishly working on that.

是的。我們收到的第一個問題是：你們認為有可能透過內生成長（有機方式）重新恢復合規嗎？另外，CXAI 2.0 進展如何？2026 年會實現正向現金流嗎？我先回答其中一部分，然後 Khurram 再補充。我們確實相信有可能以有機方式重新恢復合規，而且我們正全力以赴在做這件事。

I think Kim gave you the road map to CXAI 2.0. It's coming along really well, and you'll see that out in the marketplace in the upcoming weeks and months. And then positive cash flow, we're not going to give any guidance, but we are always working towards positive EBITDA, and that is one of the goals we'd like to achieve, but I can't give any solid guidance there. Khurram, do you want to add anything?

我想 Kim 已經向各位說明了 CXAI 2.0 的路線圖。它進展得非常順利，你們將在未來幾週到幾個月內在市場上看到。至於正向現金流，我們不會提供任何指引，但我們一直朝正向 EBITDA 努力，這也是我們希望達成的目標之一，不過我無法在此提供明確指引。Khurram，你要補充嗎？

No, that was very good. I would just say that when we think about the business, we are trying to scale up organically and inorganically as well. So we are looking at different options and different ideas to scale up. I think the fact that we have a CXAI 2.0 platform is great news because now there are a lot of people coming to us with partnership opportunities and things. So you will be seeing more from us on that side because now with the platform working and deployable and going to be on Google Marketplace and AWS Marketplace, I think you're going to see a lot more opportunities.

沒有，你說得很好。我只想補充，當我們思考這門生意時，我們也在嘗試以有機與非有機方式擴大規模。因此我們正在評估不同選項與不同想法來擴張。我認為我們擁有 CXAI 2.0 平台是個很棒的消息，因為現在有很多人帶著合作機會等來找我們。所以你們會在這方面看到我們更多動作；因為平台已可運作、可部署，並將上架 Google Marketplace 與 AWS Marketplace，我想你們會看到更多機會。

So we are actively pursuing that. But to answer the first question, yes, absolutely, we feel that we're going to work very hard and today's results hopefully demonstrate that we are on the right path to scale up. And hopefully, that will lead us to get back into compliance before our September deadline.

因此我們正在積極推進。但回到第一個問題，是的，絕對可以；我們會非常努力，而今天的結果希望能證明我們正走在擴大規模的正確道路上。並希望這能讓我們在 9 月截止期限前重新恢復合規。

I think the next one is for you, but I'll read it. Do the current pending patents granted infringe on already existing businesses? This is a multipart question. Does the company plan to license the software to competitors in the space? With the June rollout, will the software have capabilities to integrate with the government agencies?

我想下一題是給你的，但我先念出來。目前待核准的專利一旦核准，是否會侵犯既有企業？這是一個多段式問題。公司是否計畫將軟體授權給同領域的競爭對手？隨著 6 月上線，該軟體是否具備與政府機關整合的能力？

Those are 3 great questions. So I'll take one at a time. On the first one, I would say we have our attorneys pull the brief -- have done the filing. They will look at actually if there's any infringements. We believe that we are not infringing on anybody.

這是三個很好的問題。我會逐一回答。第一點，我會說我們的律師已經把簡報資料拉出來——也已完成申請文件的提交。他們會實際檢視是否存在任何侵權。我們相信我們沒有侵犯任何人的權利。

We don't know if anybody else is infringing us, but we do believe we have a moat and we have something unique and different that nobody else has. So we're going to get those patents filed, filed but get them definitive. And then in terms of licensing to competitors, look, we're always open to that. I think it's early days in the agentic AI world. I think our -- the reason why we filed also is given these impending agreements with our clients, it's super important to get those out there.

我們不知道是否有人侵犯我們，但我們確實相信我們有護城河，且我們有獨特、不同於他人的東西。所以我們會把這些專利申請送出——已送出——並讓它們最終確定下來。至於授權給競爭對手，坦白說，我們一直持開放態度。我認為在代理式 AI 的世界裡，現在仍是早期階段。我們之所以也提出申請，是因為考量到與客戶即將簽訂的這些協議，盡快把這些內容提交並公開是非常重要的。

So you're going to see large multinational companies using the agentic AI switch from CXAI. So I think that will definitely create a buzz in the marketplace, and we'll hopefully see that product launch here in the coming weeks and months. So that is the plan there. And with the June rollout, the software, naturally, we are building is as universal solution that can be implemented by any enterprise, including government. We have not focused on the government market as yet, but I think with the approach that our team is having with channel partners, absolutely, we will be looking into that opportunity.

因此你們將會看到大型跨國公司使用 CXAI 的代理式 AI 切換（agentic AI switch）。我認為這肯定會在市場上引發討論熱度，我們也希望在未來幾週到幾個月內看到產品在此正式推出。這就是我們的計畫。至於 6 月上線，這套軟體本質上我們打造的是一個通用解決方案，任何企業都能導入，包括政府機關。我們目前尚未聚焦政府市場，但我認為以我們團隊與通路夥伴合作的方式來看，絕對會評估這個機會。

We're also looking at international opportunities as well. So there's a huge potential of other things, but our first focus was to get the product working as we described our vision. I think we're super close there. We've got the sandboxes. Now we're going to be doing the final implementation.

我們也在看國際機會。因此還有其他很多潛在可能，但我們的首要重點是先讓產品如同我們所描述的願景那樣運作起來。我認為我們已經非常接近了。我們已經有沙盒環境。接下來我們將進行最終導入。

And more importantly, we have really large U.S.-based clients that are now adopting it and going to be deploying it very soon. So I think we're on the right path, but absolutely, we're going to be focused on not only the licensing opportunity, but also the access to other verticals besides the work vertical that we're in to. Joy, do you have other questions or...

更重要的是，我們已有非常大型的美國客戶正在採用，並將很快部署。所以我認為我們走在正確道路上；而且我們絕對會不只聚焦授權機會，也會著眼於進入除我們目前所處的工作垂直領域之外的其他垂直產業。Joy，你還有其他問題嗎，或是……

Yes. We have a couple of questions on revenue, but I think we already asked -- we already answered them about recurring revenue. We've talked about the $5 million in bookings and just what we expect to see from a pacing standpoint from revenue. So I don't think we need to go back over those questions. There's a question on can you detail -- I think the question is really, can you detail a little bit about our partnership with Google Cloud.

是的。我們有幾個關於營收的問題，但我想我們已經問過——也已經回答過關於經常性營收的部分。我們談到了 500 萬美元的訂單（bookings），以及就營收節奏（pacing）的角度我們預期會看到什麼。所以我認為我們不需要再回頭重複那些問題。有一個問題是你能否詳細說明——我想問題其實是，你能否稍微詳細說明一下我們與 Google Cloud 的合作夥伴關係。

Yes. that's a great question. So look, there's 2 sides of the Google Cloud partnership. The first is on the product side. So as we mentioned, we've been working very closely with them to build that agentic AI platform for analytics using their Looker platform.

是的，這是個很好的問題。所以你看，Google Cloud 的合作夥伴關係有兩個面向。第一個是在產品面。如同我們提到的，我們一直與他們非常緊密合作，使用他們的 Looker 平台來打造用於分析的代理式 AI（agentic AI）平台。

So we have access to all the Looker code, and we've integrated all of that into our platform, and that provides us the engine for our application. And also with the Gemini and the Vertex AI systems, we have access to all of those. So naturally, end-to-end, we are -- we can use the full Google solution. We're not exclusive to that. There are other people that could do it, but we have implemented in a way that I think is unique and is differentiated as Google put a press release out, did a case study.

因此我們可以存取所有 Looker 的程式碼，並已將其全部整合到我們的平台中，這為我們的應用提供了引擎。另外，透過 Gemini 與 Vertex AI 系統，我們也能存取這些全部資源。所以很自然地，端到端而言，我們——可以使用完整的 Google 解決方案。我們並非只限於那一套。其他人也可以做到，但我們的實作方式我認為是獨特且具差異化的；Google 也發布了新聞稿並做了案例研究。

They believe that we've kind of implemented in a very intelligent way. So that product partnership is really going well and continues to go well. I think the other side of the equation is we're helping -- using Google and their workforce to help us with the go-to-market and to really launch the new CXAI Sky product, which is really more something that can be for the small medium enterprise, self-serve easy to use. That is going to be the exciting part this quarter as we launch it on that. And overall, I think as you can see, Google is investing heavily in enterprise AI.

他們認為我們的實作方式相當聰明。所以這個產品合作進展非常順利，並且持續良好。我想另一個面向是，我們正在協助——運用 Google 及其團隊來幫助我們推進市場（go-to-market），並真正推出新的 CXAI Sky 產品；這更像是面向中小企業（SME）的產品，自助式、易於使用。本季在我們於該平台上推出它時，這將是令人興奮的部分。整體而言，如你所見，Google 正在大力投資企業級 AI。

So we get the value of that. And we're also proud to be partners with them in looking at the next generation of AI systems. So we're working very closely with the IP that we have, with the patents we have on that solution, leveraging their infrastructure. So there's a lot that can be done. But right now, the idea is to really drive innovation and get it to the next level of deployment.

因此我們能獲得其中的價值。我們也很自豪能與他們合作，一起著眼於下一代 AI 系統。所以我們正非常緊密地合作，運用我們的智慧財產（IP）與我們在該解決方案上的專利，並借助他們的基礎設施。因此有很多事情可以做。但目前的想法是，真正推動創新並把它提升到下一個部署層級。

And I think you probably saw that Google Cloud announced when they made our announcement that Google Cloud next in Las Vegas, and they made a bunch of announcements there in terms of their investment in enterprise AI. So all in all, it's a very good partnership, and I'm hopeful that we're going to create more value for both companies. And actually, we're the smaller guy, but we leverage them and they use our -- and they're also excited about working with us just because we are at the leading edge of innovation in our space.

而且我想你可能也看到，Google Cloud 在發布我們的消息時也宣布了 Google Cloud Next（拉斯維加斯），並在那裡就其對企業級 AI 的投資做了多項宣布。總體而言，這是一個非常好的合作夥伴關係，我也希望我們能為兩家公司創造更多價值。其實我們是較小的一方，但我們借力於他們，而他們也使用我們的——他們也很期待與我們合作，因為我們在本領域的創新前沿。

Thanks, Khurram. I think we have one more question. What are your expectations for the upcoming quarter? I don't know if you said at the beginning of the call, but we don't give guidance. We don't give revenue or bookings guidance.

謝謝你，Khurram。我想我們還有最後一個問題。你對即將到來的一季有什麼預期？我不確定你是否在電話會議一開始就說過，但我們不提供指引（guidance）。我們不提供營收或訂單（bookings）指引。

This is very directional. But we expect to see just the results of the team working really hard, onboarding new customers and just more progress with CXAI 2.0 and just our agentic platform. Khurram, do you want to add?

這只是非常方向性的說法。但我們預期會看到團隊努力工作的成果、導入新客戶，以及 CXAI 2.0 與我們代理式平台的更多進展。Khurram，你要補充嗎？

Yes. I think the only thing I would add there is that we've been sharing with you a lot of information regarding this quarter anyway, I mean we say upcoming quarter, I mean this quarter that we're in. So we're super busy with the new clients that we've onboarded, and we're working with them on getting their application working as well as the CXAI 2.0 and the CXAI Sky deliverables we have. So the team is very focused on that. It's a busy time at CXAI.

是的。我想我唯一要補充的是，其實我們已經就本季分享了很多資訊給你們——你說即將到來的一季，我指的是我們正在進行的這一季。所以我們非常忙於新導入的客戶，並與他們合作，讓他們的應用順利運作，同時也在推進我們的 CXAI 2.0 與 CXAI Sky 交付項目。所以團隊非常專注在這些事情上。對 CXAI 來說這是一段忙碌的時間。

And I think the good news is there's a lot of enterprise demand coming. There's a lot of interesting use cases coming on board. And then so I think we're super excited to convert all of these opportunities into real revenue and show the growth in the coming quarter. And I think you can expect hopefully good news from us in terms of execution and delivery in the coming weeks and months here. I think that's all the questions we have.

我想好消息是，企業端需求正在大量湧現。也有很多有趣的使用案例正在加入。因此我們非常興奮，能把這些機會轉化為實際營收，並在下一季展現成長。我想在接下來幾週與幾個月內，你們可以期待我們在執行與交付方面帶來一些好消息。我想這就是我們所有的問題了。

So I want to thank everybody for joining the call. Thanks for your interest in CXAI, and we look forward to the next quarter's call. And hopefully, we'll be keeping you updated as new things happen. We're really focused on execution, and we hope to deliver on the things we mentioned in our call today. So thank you so much for your time, and take care.

所以我想感謝各位加入本次電話會議。感謝你們對 CXAI 的關注，我們期待下一季的電話會議。也希望在有新進展時持續向各位更新。我們非常專注於執行，也希望能交付我們今天在電話會議中提到的事項。非常感謝各位的時間，請多保重。

Bye.

再見。

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

今天的電話會議到此結束，您現在可以掛斷電話線。感謝您的參與。