Digital Ally Inc (DGLY) 2025 Q1 法說會逐字稿

Good morning ladies and gentlemen, and welcome to the Digital Ally first-quarter earnings and corporate update conference call. (Operator Instructions) Note that this call is being recorded on Wednesday, May 28, 2025.

女士們、先生們，早安，歡迎參加 Digital Ally 第一季財報和公司更新電話會議。（操作員指示）請注意，此通話是在 2025 年 5 月 28 日星期三錄製的。

This conference call may contain forward-looking statements within the meaning of section 27A of the Securities Act of 1933, and Section 21 of the Securities Exchange Act of 1934. We may use words and other expressions that are predictions of or indicate future events and trends and that do not relate to historical matters. Rather, they represent forward-looking statements.

本次電話會議可能包含《1933 年證券法》第 27A 條及《1934 年證券交易法》第 21 條所定義範圍內的前瞻性陳述。我們可能會使用預測或表明未來事件和趨勢且與歷史問題無關的詞彙和其他表達方式。相反，它們代表前瞻性的陳述。

These forward-looking statements are based largely on our expectations or forecasts of future events can be affected by inaccurate assumptions and are subject to various business risks, unknown and unknown uncertainties, a number of which are beyond our control.

這些前瞻性陳述主要基於我們對未來事件的預期或預測，可能會受到不準確假設的影響，並受到各種商業風險、未知和未知的不確定性的影響，其中許多是我們無法控制的。

Therefore, actual results could differ materially from the forward-looking statements expressed in this conference call, and readers are cautioned not to place undue reliance on such forward-looking statements, which generally do not publicly update or revise any forward-looking statements expressed in this conference call, whether as a result of new information, future events, or otherwise. There can be no assurance that forward-looking statements contained in this document will in fact transpire or prove to be accurate.

因此，實際結果可能與本次電話會議中表達的前瞻性陳述有重大差異，並提醒讀者不要過度依賴此類前瞻性陳述，這些陳述通常不會公開更新或修改本次電話會議中表達的任何前瞻性陳述，無論是由於新資訊、未來事件或其他原因。無法保證本文件中包含的前瞻性陳述將實際發生或被證明是準確的。

I would like to turn the conference over to Mr. Stan Ross, CEO. Please go ahead.

我想將會議交給執行長史坦·羅斯先生。請繼續。

Thank you. Thanks, everybody, for joining us today. I also have Tom Heckman, the company's CFO, with me today. Tom shortly will go over a little bit of the recap of our first quarter numbers that we put out last week, but I thought it was just going to be a great time for finally, for us all to get on a call. It's been some time since we've been able to the last couple of years have been a little bit of a challenge, would be an understatement to what Digital Ally has been through.

謝謝。感謝大家今天加入我們。今天和我一起的還有公司財務長湯姆‧赫克曼 (Tom Heckman)。湯姆很快就會對我們上週發布的第一季數據進行一些回顧，但我認為這對我們來說是一個終於可以打電話的好時機。我們已經有一段時間沒有這樣做了，過去幾年我們遇到了一些挑戰，這可以說是對 Digital Ally 所經歷的一切的輕描淡寫。

But I think with the moves that have been made over the last six months, the numbers reflected, and we are getting into a scenario where hopefully, we've putting a lot of the things that were attempted and were unsuccessful in the past behind us, and we could look forward to the things that we have set out to achieve and rebuild the company to more of its glory days, not only with the video solutions sector of our company, but the custom entertainment side as well.

但我認為，根據過去六個月採取的舉措和數據，我們正在進入這樣一種局面：希望我們能夠把過去嘗試過但未能成功的很多事情拋在腦後，我們可以期待我們設定的目標，重建公司，使其重現昔日的輝煌，這不僅包括我們公司的視頻解決方案部門，還包括定制娛樂方面。

I know we do still have on the books, our medical billing entity, which I think has been in print that we have had discussions about allowing it to be sold off. So that's still a possibility that we will entertain conversations on. So that we really focused on the core businesses and not have as many of the other issues that we've had out there.

我知道我們仍然保留著醫療帳單實體，我認為我們已經討論過將其出售的問題。因此我們仍有可能就此進行討論。因此，我們真正專注於核心業務，而不會遇到太多其他問題。

So anyway, we're really appreciative of everyone getting on here. We have quite a large audience today, which is really good, and we'll try to address all open items and maybe a real clear picture on where we believe we're able to be headed, and the accomplishments we should we've set our goals for '25 and beyond. So that being said, I'll turn it over to Tom.

無論如何，我們非常感謝大家來到這裡。今天我們的聽眾非常多，這非常好，我們將嘗試解決所有未決問題，並可能真正清楚地了解我們認為我們能夠前進的方向，以及我們應該取得的成就，以及我們為 25 年及以後設定的目標。話雖如此，我將把它交給湯姆。

Thank you, Stan, and good morning, everybody. I appreciate you joining us today. We did file our Form 10-Q for the first quarter on May 20th, and I really encourage everyone to take a good look at that. Many, many things changed and gladly for the better. And I'm going to hit the highlights in this presentation. But if you really want to see everything and go through the details, obviously, the 10-Q is a place to do that.

謝謝你，斯坦，大家早安。感謝您今天加入我們。我們確實在 5 月 20 日提交了第一季的 10-Q 表，我真的鼓勵大家仔細看看。很多事情都改變了，而且令人高興的是變得更好了。我將在本次演講中重點介紹這些內容。但如果你真的想了解所有內容並了解細節，顯然 10-Q 是一個可以做到的地方。

Right off the bat, I'd like to acknowledge that we've received many calls and e-mails from interested investors in the last several weeks. And unfortunately, we just -- we do not answer all those and particularly the ones that are requesting public -- material non-public information.

首先我要承認，過去幾週我們收到了許多有興趣的投資者的電話和電子郵件。不幸的是，我們不會回答所有這些問題，特別是那些要求公開重大非公開資訊的問題。

We just cannot piecemeal information like that out to individual shareholders without building a public forum like today. So we'll be talking about a lot of the information requests that have been coming in on shares and reverses and all that stuff. We'll talk through that today in a public form.

如果不建立像今天這樣的公共論壇，我們就無法將這樣的零碎資訊提供給個人股東。因此，我們將討論有關股票、逆轉和所有這些東西的大量資訊請求。今天我們將以公開的形式討論這個問題。

As I look at the first quarter, it really looks to me like it was a watershed quarter for us. We're in -- we're moving on from the SPAC days, which consumed us for probably the last two years and really got us unfocused on the legacy business.

當我回顧第一季時，我覺得這對我們來說確實是一個分水嶺。我們正在從 SPAC 時代走出來，這大概花了我們兩年的時間，讓我們無法專注於傳統業務。

That SPAC deal died in the third quarter last year in 2024. In the first quarter, we really got a chance to focus back on the legacy business and really, really make some improvements and changes. And I think the first quarter too really shows the progress we've made in that regard.

該 SPAC 交易於去年第三季（2024 年）失利。在第一季度，我們確實有機會重新專注於傳統業務，並真正做出一些改進和改變。我認為第一季也確實顯示了我們在這方面取得的進展。

So anyway, what I'm going to do on the P&L, I'm going to compare year-over-year numbers. The first quarter of 2025 ended March 31, versus the first quarter '24 ended March 31, 2024. At the top, the year-over-year revenues were down a little over $1 million, or 19%. But here's really the story on that. If you look at the video product sales, it was down significantly year-over-year.

所以無論如何，我要在損益表上做的就是比較同比數字。2025 年第一季於 3 月 31 日結束，而 2024 年第一季於 2024 年 3 月 31 日結束。最高收入年減了 100 多萬美元，降幅為 19%。但事實上，這是這樣的故事。如果你看一下影片產品的銷量，你會發現它的銷售量比去年同期大幅下降。

But at the same time, our backlog was over $2 million, our firm backlog. We had to get our supply chain back in order to give us products to be able to fulfill backlog. So there's $2 million of backlog that we're going to be able to work off in the second, third and probably even the fourth quarter of this year, that would have really changed the complexion of the revenue figure. So the video product sales was down, but the service was up. So it was a good trend from that standpoint.

但同時，我們的積壓訂單超過 200 萬美元，這是我們公司積壓的訂單。我們必須恢復我們的供應鏈，以便為我們提供產品，以便能夠完成積壓訂單。因此，我們將能夠在今年第二季、第三季甚至第四季處理掉 200 萬美元的積壓訂單，這將真正改變營收數據的面貌。因此，視訊產品的銷售量下降了，但服務卻上升了。從這個角度來看，這是一個好的趨勢。

If you look at the Entertainment segment, we refocused TicketSmarter, our ticketing solution business to shed some of the uneconomical sponsorships that we got involved in. So we really pared some non-gross margin providing, generating businesses, sponsorships, out of TicketSmarter.

如果你看一下娛樂領域，我們重新調整了票務解決方案業務 TicketSmarter，以擺脫一些我們參與的不經濟的贊助。因此，我們確實削減了 TicketSmarter 的一些非毛利率提供、業務產生和贊助。

So the revenues were down, but the profits were up. And then obviously, Kustom 440, which is event production group in the Entertainment segment has not had any 2025 events yet, and the first one coming to Country Stampede, which I'm sure Stan will talk more about is June 26 to 29. So the second quarter is going to be impacted heavily by the first Kustom 440 event called the Country Stampede.

因此收入下降了，但利潤卻上升了。顯然，娛樂領域的活動製作集團 Kustom 440 尚未舉辦任何 2025 年活動，而第一場即將在 Country Stampede 舉辦的活動將於 6 月 26 日至 29 日舉行，我相信 Stan 會更多地談論這個活動。因此，第二季將受到首屆 Kustom 440 活動「Country Stampede」的嚴重影響。

So we think the second-quarter revenue figures will turn around immensely and show a very good comparative year-over-year number and increase. Even though we dropped 19% of revenue, our gross margin dollars improved by $78,000, or 5%.

因此，我們認為第二季的營收數據將出現巨大轉變，並顯示出非常好的同比數字和成長。儘管我們的收入下降了 19%，但我們的毛利率卻提高了 78,000 美元，即 5%。

So you can tell that the refocusing of the TicketSmarter business into economical and efficient sponsorships, as well as paring down some of the P&L, or some of the video segment overhead that hits us in cost of goods sold has come back. The gross -- overall gross margin percentage improved to 36% versus 28% last year. So we're going in the right direction on the gross margin dollars.

因此，您可以說，TicketSmarter 業務重新聚焦於經濟高效的贊助，以及削減部分損益表或部分影響我們銷售成本的影片部分開銷，這些舉措已經回歸。整體毛利率由去年的 28% 提高至 36%。因此，我們在毛利率方面正朝著正確的方向前進。

If you look at the SG&A expenses, you'll notice that there was a very large decline across the board in all areas and all segments. In sheer dollar volume, last year's SG&A was a total of $3.6 million. This year, it was less than $1 million. So that's a $2.6 million pickup, or 72% improvement in our SG&A dollars. We focused on pretty much everything in the SG&A line items.

如果你看一下銷售、一般和行政費用，你會注意到所有領域和所有部門都出現了大幅下降。以純美元計算，去年銷售、一般及行政費用總計 360 萬美元。今年，這數字還不到 100 萬美元。因此，我們的銷售、一般及行政費用增加了 260 萬美元，或提高了 72%。我們幾乎關注了銷售、一般和行政費用 (SG&A) 項目中的所有內容。

We reduced head count across the board. We improved our facilities expense. We sold our building and moved into smaller quarters. And then just our general overhead items, we've really improved the efficiency of those. We believe that year over year, we cut out almost $7 million of SG&A costs, that's on an annualized basis.

我們全面削減了員工人數。我們改善了設施費用。我們賣掉了原來的大樓，搬進了更小的住處。然後，就我們的一般間接費用項目而言，我們確實提高了這些項目的效率。我們相信，與去年同期相比，我們削減了近 700 萬美元的銷售、一般和行政費用，這是全年計算的。

So you look at it, I mean, $7 million out of the SG&A line item is pretty impressive, and we're very happy with that. We believe we've been very successful in reducing our SG&A overhead. As a result of the improved SG&A expense, as well as the gross margin, our operating loss improved to almost $1 million, from the $3.6 million in the prior year, that's a 73% improvement year over year. So obviously, we're seeing some good results from that standpoint.

所以你看，我的意思是，銷售、一般及行政費用中的 700 萬美元相當令人印象深刻，我們對此非常滿意。我們相信我們在降低銷售、一般及行政費用方面已經非常成功。由於銷售、一般及行政費用以及毛利率的改善，我們的營業虧損從上年的 360 萬美元改善至近 100 萬美元，年增 73%。因此，顯然，從這個角度來看，我們看到了一些好的結果。

If you walk down to the nonoperating items, really, the factors that hit us there -- or not hit us, but provided nonoperating income was influenced by the liquidity that came in on our $14 million public offering that we closed in February of 2025.

如果你細數非營業項目，你會發現那些對我們造成影響的因素——或者說沒有對我們造成影響的因素，但非營業收入受到了我們 2025 年 2 月完成的 1400 萬美元公開發行所帶來的流動性的影響。

As a result of that, we had funds and liquidity to make offers and to extinguish debt, or gain from the extinguishment of debt was $1.250 million during the first quarter of '25. The gain on the extinguishment of liabilities that accounts payable accrued expenses, what have you, was $2.2 million in the first quarter.

因此，我們有資金和流動資金來提出要約並償還債務，或在 2025 年第一季從償還債務中獲得的收益為 125 萬美元。第一季度，應付帳款應計費用等負債的清償收益為 220 萬美元。

And then our warrant derivative value gain was $2.5 million. And that's the change in the value of the warrant derivative liabilities, which is kind of a fictional accounting number, but it really recognizes the dilution from the offering that occurred.

我們的認股權證衍生性商品價值收益為 250 萬美元。這就是認股權證衍生負債價值的變化，這是一種虛構的會計數字，但它確實反映了發行所產生的稀釋。

So from a net income standpoint, we had net income of $4.2 million in the first quarter of '25, or $1.41 per share, versus a $3.9 million loss in 2024, or $27.48 a share. So we had a turnaround of $8 million plus in the net income line.

因此，從淨收入的角度來看，我們在 25 年第一季的淨收入為 420 萬美元，即每股 1.41 美元，而 2024 年的虧損為 390 萬美元，即每股 27.48 美元。因此，我們的淨收入實現了 800 多萬美元的扭虧為盈。

So we're very happy with that. And really, as I said before, I think it was a watershed moment in the first quarter, and hopefully, we can build on those results for the rest of the year. And I know Stan will be talking about some of the initiatives and the focus we're planning on for operations in the remainder of 2025.

所以我們對此感到非常高興。正如我之前所說，我認為第一季是一個分水嶺，希望我們能夠在今年剩餘時間內繼續保持這一成果。我知道史丹將會談論一些舉措以及我們計劃在 2025 年剩餘時間內開展營運的重點。

If you turn over to the balance sheet, our balance sheet really reflects the liquidity injection we got from the $14 million offering that closed in February at 2025. As we sit now at March 31, we had $3.8 million of cash on the balance sheet, versus $400,000 at the end of the year.

如果你翻到資產負債表，我們的資產負債表實際上反映了我們從 2025 年 2 月結束的 1,400 萬美元發行中獲得的流動性注入。截至 3 月 31 日，我們的資產負債表上有 380 萬美元現金，而年底時為 40 萬美元。

I'm comparing the March 31, 2025 balance sheet to the 12 -- December 31, '24 balance sheet. So just in one quarter's time, three months' time, we went from $400,000 of cash to almost $4 million of cash on our balance sheet. Our working capital is now positive at $3.4 million, versus a deficit of $19.4 million at the end of the year at '24.

我正在將 2025 年 3 月 31 日的資產負債表與 2024 年 12 月 31 日的資產負債表進行比較。因此，僅僅在一個季度、三個月的時間裡，我們的資產負債表上的現金就從 40 萬美元增加到了近 400 萬美元。我們的營運資本目前為正值 340 萬美元，而 24 年底的赤字為 1,940 萬美元。

That's an improvement of almost $23 million. So very much a turnaround in terms of the complexion of our balance sheet. Our liquidity now is probably better than it has been for several years, and we're looking to build on that strength. If you look at our accounts payable, we paid off $6.7 million of accounts payable during the quarter. We're now down to $4.8 million of accounts payable.

這相當於增加了近 2,300 萬美元。因此，從我們的資產負債表狀況來看，這是一個很大的轉變。我們現在的流動性可能比過去幾年都要好，我們希望在此基礎上再接再厲。如果您查看我們的應付帳款，我們在本季償還了 670 萬美元的應付帳款。現在我們的應付帳款已降至 480 萬美元。

Our overall debt level is down over $5.1 million to $2.7 million at March 31. So obviously, we we've really -- we used the offering dollars to come in and fix our pay down, our debt, and pay down our payables, and really is resulting in a good working capital position. Our equity is now $11.6 million positive versus $9 million negative at the end of 2024. That's an improvement of over $20 million. Now remember, we've only -- we only received $14 million in the offering.

截至 3 月 31 日，我們的整體債務水準已下降 510 多萬美元至 270 萬美元。因此，顯然，我們確實——我們利用發行的資金來償還我們的債務和應付款項，這確實帶來了良好的營運資金狀況。我們的股權目前為正值 1,160 萬美元，而到 2024 年底則為負值 900 萬美元。這意味著增加了 2000 多萬美元。現在請記住，我們只收到了 1400 萬美元的募款。

So there was another $6 million of improvement in the equity based on our operations from 2025. With the influx of liquidity over our balance sheet is now very strong. We believe it gives us a good financial backing to implement our operating plans for the rest of 2025 and beyond, and we really needed to get that done, and we were able to accomplish that in the first quarter. There's a couple of other items of interest that I want to go over in more detail. I know this was a subject of a discussion and questions from e-mail and telephone calls and such.

因此，根據我們 2025 年的營運情況，股權將再增加 600 萬美元。隨著流動性的湧入，我們的資產負債表現在非常強勁。我們相信，它為我們實施 2025 年剩餘時間及以後的營運計劃提供了良好的財務支持，我們確實需要完成這項工作，而且我們能夠在第一季完成這項工作。還有一些其他有趣的事情我想更詳細地討論一下。我知道這是透過電子郵件和電話等進行的討論和提問的主題。

We've made a lot of progress with the NASDAQ. The NASDAQ issued a noncompliance notice to us, several of them during the quarter. And we've met with them in April of 2025 and discussed our plans to regain compliance and they agreed to give us that time. The items of noncompliance were that we had a late filing of our Form 10-K for the year-end, as well as our 9/30 10-Q. Both of those were filed and now we're in compliance on that.

我們在納斯達克取得了很大進展。納斯達克向我們發出了不合規通知，其中幾份是在本季度發出的。我們於 2025 年 4 月與他們會面，討論了重新遵守規定的計劃，他們同意給我們時間。不合規的情況包括我們延遲提交年末的 10-K 表格以及 9 月 30 日的 10-Q 表格。上述兩項均已提交，目前我們已遵守相關規定。

We had -- we were below the $2.5 million equity threshold required for continued listing on the NASDAQ. We're obviously much better than that now. We're almost $12 million of positive equity. So we're certainly in compliance with that. The last item is the item that we're still working on.

我們的股權價值低於繼續在納斯達克上市所需的 250 萬美元門檻。我們現在顯然比那時好多了。我們的正資產淨值接近 1200 萬美元。所以我們肯定會遵守這一點。最後一項是我們仍在努力的項目。

It's the $1 minimum bid price, which we have to show for 10 consecutive days -- 10 consecutive business days. So we're now above that with the reverses that we administered in the last several weeks. We're trading around $4.50 now. So we believe that, that noncompliance issue is also going to be taken care of, but we're what, three or four days into that 10-day period. So we've got to wait another seven or eight days -- trading days to show compliance to the NASDAQ.

這是 1 美元的最低出價，我們必須連續 10 天（連續 10 個工作日）顯示該價格。因此，透過過去幾週實施的逆轉，我們現在已經超過了這一水平。我們現在的交易價格約為 4.50 美元。因此，我們相信，不合規問題也將得到解決，但我們才剛度過這 10 天期限的三、四天。因此，我們必須再等待七、八天交易日才能證明符合納斯達克的規定。

And hopefully, we can get clearance from them that we now are in compliance and will be continued with the listing on the NASDAQ exchange. Here's the split numbers that a lot of people have asked about. We affected two split, one on May 7, there was 1 share for every 20 outstanding. Now on May 23, we issued a second reverse for 1 for 100 shares. So it was very painful.

希望我們能夠得到他們的批准，證明我們現在已經合規，並將繼續在納斯達克交易所上市。這是很多人問的分割數字。我們進行了兩次拆分，一次是在 5 月 7 日，每 20 股流通股拆分成 1 股。現在在 5 月 23 日，我們發行了第二次逆轉，以 100 股配售 1 股。所以非常痛苦。

Obviously, we understand and we recognize that, but it was necessary in order to regain compliance with the $1 bid price with NASDAQ. Had we not done that, we probably would not meet that requirement and be delisted and not on exchange. So it was to avoid a very bad outcome from that standpoint. As we sit today, our total common shares outstanding is 1,668,735 shares. Again, 1,668,735 shares.

顯然，我們理解並承認這一點，但為了重新遵守納斯達克 1 美元的出價，這是必要的。如果我們不這樣做，我們可能就無法滿足這項要求，從而被摘牌，無法在交易所上市。因此從這個角度來看，這是為了避免非常糟糕的結果。截至今天，我們已發行普通股總數為 1,668,735 股。再一次，1,668,735股。

So if you do the math, our market capitalization is a little north of $7 million as we sit today. So obviously, we wish we didn't have to do a reverse split, but it was the only responsible thing to do in order to get back into compliance with the NASDAQ. So again, I appreciate everyone's pace during the quarter and waiting until the public disclosures we made today.

如果你算一下，你會發現我們今天的市值略高於 700 萬美元。因此，顯然，我們希望不必進行反向拆分，但為了重新遵守納斯達克的規定，這是唯一負責任的做法。因此，我再次感謝大家在本季的步伐，並等待我們今天做出的公開披露。

And with that, I'll send it back to Stan.

然後我會把它發回給史丹。

Thanks Tom. Yeah. Obviously, you've seen some pretty dramatic changes that have been made and the effect that's had on not only the balance sheet but the income statement. So real pleased with that. But also I'm very excited about what we've got ahead of us because as Tom mentioned, we had almost $2.2 million in back orders as when we did the raise.

謝謝湯姆。是的。顯然，您已經看到了一些相當顯著的變化，以及這些變化不僅對資產負債表而且對損益表產生的影響。對此我感到非常高興。但我對我們即將取得的成就也感到非常興奮，因為正如湯姆所提到的，當我們加薪時，我們有近 220 萬美元的積壓訂單。

We're able to start to getting components in and fulfill those orders. We still have, Tom correct me if I'm wrong, but in excess of the $10 million in deferred revenue, so that's still out there, which is the subscription model.

我們可以開始獲取零件並完成這些訂單。我們仍然有，如果我錯了，湯姆請糾正我，但超過 1000 萬美元的遞延收入，所以這仍然存在，這是訂閱模式。

So that's still very, very attractive and growing. So we're happy about that. We continue to look at and exploit some of the new products and patents that we have in our portfolio, and those products will being announced over the coming quarters as well. And from what we can see, from what the market is requesting, they ought to be very, very well received not only in the, let's call it, the law enforcement side of things, but also in the commercial markets.

所以這仍然非常非常有吸引力並且還在不斷增長。所以我們對此感到高興。我們將繼續研究和利用我們產品組合中的一些新產品和專利，這些產品也將在未來幾季內發布。從我們所看到的，從市場需求來看，它們不僅在執法方面，而且在商業市場上都應該受到熱烈歡迎。

So video solutions side is really starting to be able to get a lot of momentum behind it again, and we have a lot of great hopes for it in moving forward. In regards to the Entertainment side, we're also very excited because we now have a real clear path on how to go ahead and develop custom entertainment, the side of it.

因此，視訊解決方案方面確實開始能夠再次獲得巨大的發展動力，我們對其未來的發展寄予厚望。在娛樂方面，我們也非常興奮，因為我們現在對如何繼續發展客製化娛樂有了非常清晰的認識。

And just to give you an example on how some of this works, for instance, I'll focus on Country Stampede because it's an event that's held annually, this is its 29th year. And over the last, let's say six years, they have not been able, and not been in a position, where at the event they were able to announce the following year's headliners. That's a big step.

為了給你一個例子來說明其中的一些運作方式，例如，我將重點介紹鄉村牛仔節，因為它是一項每年舉辦的活動，今年是第 29 屆。而在過去，比如說六年裡，他們一直沒能、也沒能有機會在活動上宣布來年的主角。這是一個很大的進步。

I mean, they went through two different moves from Manhattan, Kansas to Topkea Kansas and Bonner Springs Kansas. And that along with some other issues they just never had it laid out to where you can take advantage of it like they were in the past when they were in Manhattan.

我的意思是，他們經歷了兩次搬家，從堪薩斯州曼哈頓搬到了堪薩斯州托普基亞和堪薩斯州邦納斯普林斯。而且，除了其他一些問題之外，他們從來沒有像過去在曼哈頓時那樣，將這一點規劃得讓你能夠充分利用它。

Very pleased to announce that going into this year's 2025, Country Stampede we have, just as of yesterday, secured our 2026 headliners, and I mean for all three days. So that is very exciting, very dramatic in regards to how that plays out also to your cash flow.

非常高興地宣布，進入今年的 2025 年，鄉村音樂狂歡節，截至昨天，我們已經確定了 2026 年的頭條新聞，我的意思是全部三天。所以這非常令人興奮，而且就其對現金流的影響而言非常引人注目。

The way it works, at least in the Country Stampede is while you're there, if you're participating in that particular festival and you like the headliners that you're seeing that are going to be performing the following year, you have the ability to renew your seats right then and there.

它的工作方式是，至少在鄉村音樂節上是這樣，當你在那裡時，如果你參加了那個特定的節日，並且你喜歡你看到的將在明年表演的頭條新聞，那麼你可以立即續訂你的座位。

Otherwise, if you elect not to, then they'll go on sale for the general public with the following couple of weeks. So this is going to be the first time since Digital Ally's owned Country Stampede that, that has got put in place. We also now have created a pretty good -- a lot of respect in the industry and to have other venues contacted us, wanting us to bring Kustom 440 in production to their sites. So while we anticipate only doing maybe 8 different events here in 2025. That number is going to be multiples bigger in 2026 as we now have a little bit of a runway to work with.

否則，如果您選擇不這樣做，那麼它們將在接下來的幾週內向公眾發售。這將是自 Digital Ally 擁有 Country Stampede 以來首次實施這項措施。我們現在也在業界贏得了相當好的聲譽，其他場館也聯繫我們，希望我們將 Kustom 440 引入他們的場地。因此，我們預期 2025 年這裡只會舉辦 8 場不同的活動。由於我們現在有了一些可以利用的跑道，到 2026 年，這個數字將會數倍增長。

And so there should be some good growth that you can see from '25 to '26 along those lines, too. So you can tell, while there's a lot of excitement going forward, we regret the learning curve and some of the pain of the past, but that's not where our focus is.

因此，從 25 年到 26 年，你也應該可以看到一些好的成長。所以你可以看出，雖然未來有很多令人興奮的事情，但我們對學習曲線和過去的一些痛苦感到遺憾，但這不是我們的重點。

We're looking forward to accomplish some things and continuing to build on a lot of the legacy that we've originally established and how we can expand on that. And I think you'll see that in the coming quarters, and we will be doing more of these calls. You'll see myself and others out there participating in conferences that we have not been able to participate in while we were associated with the past, the SPAC and such.

我們期待完成一些事情，並繼續鞏固我們最初建立的許多遺產，並探索如何在此基礎上擴展。我想你會在接下來的幾個季度看到這一點，我們將會進行更多這樣的電話會議。您會看到我和其他人參加一些我們過去參與 SPAC 等活動時無法參加的會議。

We just were somewhat -- our hands were sort of tied on what we can get out there and be talking about. But a lot of that is behind us, and we couldn't be more excited. There's a lot of companies out there that you can take a look at that if you want to try to get comps and understand a little bit about the business, whether it be Live Nation or Venue or then -- obviously, the law enforcement side, there's our video solutions side, there's still the axons in the world that are out there as well. So we're excited about the future. We've got a lot to still accomplish and we're ready to take on that task.

我們只是有點——對於我們能發布什麼內容和談論什麼內容，我們有點束手無策。但很多事情已經過去了，我們感到無比興奮。如果您想嘗試獲得一些補償並了解一些業務，您可以看看很多公司，無論是 Live Nation 還是 Venue，或者 - 顯然，執法方面，我們的視頻解決方案方面，世界上還有軸突。所以我們對未來充滿期待。我們還有很多事情要做，我們已準備好承擔這些任務。

And so -- with that being said, I want to thank you all again for attending today, and look forward to you guys participating in the our second-quarter call when we announce it. I will tell you one more thing before parting is that it is anticipated that next year, which would be the last weekend of June, we will be holding a shareholder conference back here in Kansas City.

所以——話雖如此，我想再次感謝大家今天的出席，並期待你們參加我們宣布的第二季電話會議。離開前我還要告訴你們一件事，預計明年，也就是六月的最後一個週末，我們將在堪薩斯城舉行股東會。

So therefore, when we have the shareholder meeting here in Kansas City, hopefully, everyone could stick around a few days and participate in the Country Stampede event, and sort of see firsthand what it looks like for a Kustom 440 production. So I wish you all the best. Thank you again for your time today. We look forward to talking soon. Thank you.

因此，當我們在堪薩斯城舉行股東大會時，希望每個人都能留下來幾天，參加鄉村牛仔節活動，親眼看看 Kustom 440 的生產情況。所以我祝你一切順利。再次感謝您今天的寶貴時間。我們期待盡快進行交談。謝謝。

Thank you, and this concludes today's call. Thank you for participating. You may now disconnect.

謝謝，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。