DarioHealth Corp (DRIO) 2025 Q4 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the DarioHealth fourth quarter and year-end 2025 results conference call. (Operator Instructions) This call is being recorded on Thursday, March 19, 2026.

各位女士、先生，早安，歡迎參加 DarioHealth 2025 年第四季暨全年業績電話會議。(接線員指示) 本通話於 2026 年 3 月 19 日（星期四）錄音。

I would now like to turn the conference over to Zoe Harrison, VP, Accounting and Corporate Development at DarioHealth. Zoe, please go ahead.

現在我想將會議交給 DarioHealth 會計與企業發展副總裁 Zoe Harrison。Zoe，請開始。

Thank you, operator. And good morning, everyone. Thank you for joining us today for a discussion of DarioHealth's fourth quarter and year-end 2025 financial results.

謝謝，接線員。各位早安。感謝各位今天加入我們，一同討論 DarioHealth 2025 年第四季暨全年財務結果。

Leading the call today will be Erez Raphael, Chief Executive Officer of DarioHealth. He'll will be joined by our President and Chief Commercial Officer, Steven Nelson; and Chen Franco, our Chief Financial Officer.

今天的電話會議將由 DarioHealth 執行長 Erez Raphael 主持。他將與我們的總裁兼首席商務長 Steven Nelson，以及首席財務長 Chen Franco 一同出席。

An audio recording and webcast replay for today's call will also be available online as detailed in the press release invite for this call. For the benefit of those who may be listening to the replay or archived webcast, this call is being held on Thursday, March 19, 2026.

今日通話的錄音與網路直播回放也將依本次通話新聞稿邀請函所述，於線上提供。為了方便可能收聽回放或存檔網路直播的聽眾，本通話於 2026 年 3 月 19 日（星期四）舉行。

This morning, we issued a press release announcing our financial results for the fourth quarter and year-end 2025. The copy of the release can be found on the Investor Relations page of DarioHealth's website.

今天早上，我們發布新聞稿，公布 2025 年第四季暨全年財務結果。新聞稿可於 DarioHealth 官網的投資人關係頁面查閱。

I'd like to remind you that on this call, we will make forward-looking statements within the meaning of the federal securities laws. For example, the company is using forward-looking statements when it is discussing statements regarding the expected timing and contribution of agreements signed in 2025 to revenue in 2026 and 2027, anticipated revenue growth trends, and the timing of acceleration during 2026, the size, composition, and potential conversion of the company's commercial pipeline, expected onboarding, enrollment, ramp and expansion of employer, health plan and channel partner relationships, the anticipated benefits of the company's multi-condition platform, AI capabilities, DarioIQ, expectations regarding the future operating efficiencies, margins and operating expense reductions, the company's expectation that it may reduce the operating loss by 30% in 2026, reach cash flow breakeven by mid-2027, and future strategic opportunities, including a sale, merger, strategic business combination or continued execution of the company's stand-alone strategy.

提醒各位，本通話中我們將在聯邦證券法的意義下作出前瞻性陳述。例如，公司在討論 2025 年簽署協議預計於 2026 年與 2027 年對營收的貢獻時點與貢獻、預期營收成長趨勢、以及 2026 年加速成長的時點；公司商業管線的規模、組成與潛在轉換；雇主、健康保險計畫與通路合作夥伴關係的預期導入、註冊、爬坡與擴張；公司多病種平台、AI 能力與 DarioIQ 的預期效益；對未來營運效率、毛利率與營運費用降低的預期；公司預期 2026 年可能將營運虧損降低 30%、於 2027 年年中達到現金流損益兩平；以及未來策略性機會，包括出售、合併、策略性業務組合或持續執行公司獨立營運策略等情形時，即使用了前瞻性陳述。

Forward-looking statements are subject to numerous risks and uncertainties, many of which are beyond the company's control, including the risks described from time to time in its SEC filings. The company's results may differ materially from those projections. These statements involve material risks and uncertainties that could cause actual results or events to materially differ.

前瞻性陳述受到眾多風險與不確定性影響，其中許多超出公司控制範圍，包括公司不時於其向 SEC 申報文件中所描述的風險。公司實際結果可能與這些預測存在重大差異。這些陳述涉及重大風險與不確定性，可能導致實際結果或事件與所述內容出現重大差異。

Accordingly, you should not place undue reliance on these statements. I encourage you to review the company's filings with the SEC, including, without limitation, the company's annual report on Form 10-K, which identifies specific factors that may cause actual results or events to differ materially from those described in the forward-looking statements.

因此，您不應過度依賴這些陳述。我建議您查閱公司向 SEC 提交的文件，包括但不限於公司 Form 10-K 年度報告，其中列示可能導致實際結果或事件與前瞻性陳述所述內容出現重大差異的特定因素。

With that, I'll hand it over to Erez Raphael, Chief Executive Officer of DarioHealth.

接下來，我把時間交給 DarioHealth 執行長 Erez Raphael。

Good morning, everyone, and thank you for joining us. 2025 was our strongest year on record for new business wins. We signed 85 new agreements against a target of 40, more than doubling our goals. With average contract sizes running 2 times to 10 times larger than our historical average.

各位早安，感謝各位加入我們。2025 年是我們有史以來新業務贏單表現最強的一年。我們簽署了 85 份新協議，目標為 40 份，目標達成超過兩倍。平均合約規模為我們歷史平均的 2 倍到 10 倍。

Annual revenue declined due to a single legacy client from pre-acquisition that decided not to win the contract, a onetime situation unrelated to the product performance or our value proposition. But the business underneath told a different story. 85 new agreements signed, including wins with Florida Blue, UnitedHealthcare, and Premera Blue Cross, our strongest year on record for new businesses.

年度營收下滑，原因在於一位併購前的單一既有客戶決定不再續約，這是一次性情況，與產品表現或我們的價值主張無關。但底層業務呈現不同的故事：我們簽署了 85 份新協議，其中包括拿下 Florida Blue、UnitedHealthcare 與 Premera Blue Cross 等客戶，創下我們有史以來新業務最強的一年。

Fourth quarter of 2025 returned to sequential revenue growth on the term we expected. On a year-over-year basis, our core B2B2C business delivered organic revenue growth, excluding the revenue headwind, which is related to the single industry client. While we do not provide a formal guidance, I want to share how we think about the year ahead.

2025 年第四季如我們預期，恢復為逐季營收成長。以年對年來看，我們的核心 B2B2C 業務在排除與單一產業客戶相關的營收逆風後，實現了有機營收成長。雖然我們不提供正式財測，但我想分享我們如何看待接下來的一年。

Our existing contracts provide a stable foundation, multiyear agreement with built-in members growth and expansion opportunities. Layered on top of that are the new clients we signed in 2025, many of which are still ramping enrollment and engagement. The new cohort becomes the growth driver for 2026. The 2025 [set season], Dario's strongest on record, generated $12.9 million in contracted and late-stage ARR set to contribute revenue in 2026 and 2027.

我們現有合約提供穩固基礎，為多年期協議，內含會員成長與擴張機會。在此之上，是我們於 2025 年簽下的新客戶，其中許多仍在提升註冊與互動的爬坡階段。這批新客戶群將成為 2026 年的成長驅動力。2025 年的 [set season]（Dario 有史以來最強的一季）帶來 1,290 萬美元的已簽約與後期階段 ARR，預計於 2026 年與 2027 年貢獻營收。

Beyond that, our pipeline of commercial opportunities has expanded to $122 million, establishing both near-term revenue visibility and a strong foundation for sustained growth. We expect our revenue growth to continue in the first quarter of 2026 and build throughout 2026 with the second half of the year expected to show the strongest acceleration.

此外，我們的商業機會管線已擴大至 1.22 億美元，建立了短期營收能見度與持續成長的堅實基礎。我們預期 2026 年第一季營收成長將延續，並在 2026 年逐步增強，其中下半年預期將出現最強的加速。

A few years ago, when we defined our growth strategy in an evolving digital health market, we articulated a thesis built on two compounding layers that we believe would become our structural advantage for scale and [we were] right.

幾年前，當我們在不斷演變的數位健康市場中制定成長策略時，我們提出一個建立在兩個可相互疊加的層面之上的論點；我們相信這將成為我們規模化的結構性優勢，而我們的判斷是正確的。

The first layer operates at the client level. Channel partnership like Solera give us access to millions of covered lives through a single commercial relationship, eliminating the account-by-account selling that structurally limits our growth potential and reduces our cost of the condition.

第一個層面運作於客戶層級。像 Solera 這樣的通路合作夥伴，讓我們透過單一商業關係即可觸及數百萬受保人群，免除逐一帳戶銷售所造成的結構性成長限制，並降低我們的獲客成本。

The second layer operates at the member level. Our multi-condition platform means a far greater share of each account population for the size for Dario. A single condition solution is relevant only to members with that one condition. Term and size conditions means materially larger proportion of any accounts population is reachable. More members enrolled, more revenue generated.

第二個層面運作於會員層級。我們的多病種平台意味著，對 Dario 而言，每個帳戶可觸及的人口占比大幅提高。單一病種解決方案只對具有該單一病症的會員具相關性。涵蓋多種病症代表任何帳戶人口中可觸及的比例顯著更大。註冊會員越多，產生的營收越多。

Together, one layer multiplies how many accounts we access, the other multiplies how many members we serve within each. That is the compounding. The market is validating this in real time. Employers have moved beyond the point solution era. They are consolidating vendors and asking for integrated platforms that addresses multiple conditions with measurable outcomes.

兩者結合之下，一個層面放大我們可觸及的帳戶數量，另一個層面放大我們在每個帳戶內服務的會員數。這就是複利效應。市場正在即時驗證這一點。雇主已經走出單點解決方案的時代。他們正在整併供應商，並要求能以可衡量成果處理多種病症的整合式平台。

Nearly 80% of our pipeline of commercial opportunities now involve multi-condition deployments. And the most common request we receive is to manage diabetes, hypertension, and mental health through a single platform. This is one of the reason customers increasingly come to us rather than the other way around.

我們商業機會管線中，近 80% 現在都涉及多病種部署。而我們最常收到的需求，是透過單一平台管理糖尿病、高血壓與心理健康。這也是客戶愈來愈常主動找上我們、而非我們去找客戶的原因之一。

The foundation that makes both vector works is Dario's fully vertically integrated platform. In an era of generative and agentic AI, the vertical ownership from the device that generates the data to the AI that acts on it is itself a compounding advantage.

讓這兩個向量都能運作的基礎，是 Dario 完全垂直整合的平台。在生成式與代理式 AI 的時代，從產生資料的裝置到對資料採取行動的 AI 之垂直掌控，本身就是一項可複利累積的優勢。

The value of AI is driven entirely by the quality of the data it runs on. And Dario owns this data from the ground up, hardware generated, continuous and proprietary. We own the underlying data infrastructure. We do not license it, rent it, or depend on third-party inputs. We believe that this means that our competitive position strengthens as AI becomes more powerful. DarioIQ, our AI-driven intelligence engine trained on more than 13 billion real-world data points is the product expression of that advantage, purpose built on data that no competitor can replicate.

AI 的價值完全取決於其所運行資料的品質。而 Dario 從最底層就擁有這些資料——由硬體產生、持續累積且具專有性。我們擁有底層的資料基礎設施。我們不授權、不租用，也不依賴第三方輸入。我們相信，這意味著隨著 AI 變得更強大，我們的競爭地位將更加鞏固。DarioIQ——我們以 AI 驅動的智慧引擎，使用超過 130 億個真實世界資料點訓練——正是這項優勢的產品化呈現，專為競爭對手無法複製的資料而打造。

Our advantage sets on three pillars: proprietary clinical data generated at the point of care; clinical credibility backed by 100-plus peer-reviewed studies; and deep integration with employers and healthcare ecosystem. Together, they create a position that has the potential to compound with scale. That is precisely the model we built.

我們的優勢建立在三大支柱之上：在照護現場產生的專有臨床資料；由 100 多篇同儕審查研究支持的臨床可信度；以及與雇主與醫療保健生態系的深度整合。三者結合，形成一個有機會隨規模擴大而複利成長的定位。這正是我們所打造的模式。

The digital health market is consolidating around platforms that deliver measurable clinical and financial value. With our integrated technology, expanding distribution network, and rapidly growing client base, we believe Dario is well positioned to lead the transition.

數位健康市場正整合至能提供可衡量臨床與財務價值的平台。憑藉我們的整合式技術、持續擴張的通路網路，以及快速成長的客戶基礎，我們相信 Dario 已具備領導這場轉型的有利位置。

With that, I'll turn the call over to Steven.

接下來，我把電話交給 Steven。

Thank you, Erez. And good morning, everyone. Erez described two compounding layers at the heart of our growth strategy. What I want to show you this morning is this thesis in action in the distribution partnerships we are scaling and the multi-condition demand we are seeing from employers and health plans. These are not separate dynamics. They are compounding each other, playing out simultaneously across our commercial book.

謝謝你，Erez。各位早安。Erez 描述了我們成長策略核心的兩個複利層。今天早上我想向各位展示，這個論點如何在我們正在擴大的通路合作夥伴關係，以及我們從雇主與健康保險計畫所看到的多病種需求中具體展現。這些並非彼此獨立的動態。它們正在相互強化，並在我們的商業客戶組合中同時發生。

Before walking through the commercial progress we are seeing across the business, I want to briefly step back and highlight what we believe is an important shift occurring across the digital health market. Employers, health plans, and pharmaceutical companies are all facing the same structural challenge, rising healthcare costs driven by chronic disease, combined with increasing complexity and how care is delivered and managed.

在說明我們在整體業務上所看到的商業進展之前，我想先簡要退一步，強調我們認為數位健康市場正在發生的一個重要轉變。雇主、健康保險計畫與製藥公司都面臨相同的結構性挑戰：由慢性疾病推升的醫療成本上升，再加上照護提供與管理方式日益複雜。

As a result, buyers are increasingly moving away from fragmented point solutions and toward integrated digital platforms that can address multiple conditions while delivering measurable clinical and financial outcomes. We believe this transition is defining a new category within digital health. Vertically integrated multi-condition digital care platforms where providers that can combine clinical engagement, behavioral support, and data-driven outcomes across multiple chronic conditions will increasingly become the preferred partners for employers and health plans. This is exactly what Dario offers.

因此，買方正愈來愈多地從零散的單點解決方案轉向整合式數位平台，這些平台能同時處理多種疾病，並提供可衡量的臨床與財務成果。我們相信，這項轉變正在定義數位健康中的一個新類別。垂直整合的多病種數位照護平台——能在多種慢性疾病上結合臨床互動、行為支持與資料驅動成果的供應商——將愈來愈成為雇主與健康保險計畫的首選合作夥伴。這正是 Dario 所提供的。

With that context in mind, there are three areas I'd like to cover this morning. First, the structural shift we are seeing in our go-to-market model as distribution increasingly moves towards large payer ecosystems and curated digital health networks. Second, the continued expansion of several of our most important channel partnerships and payer deployments. And third, there are several emerging opportunities we are evaluating that could open additional pathways for growth over time, and I will specifically go over one of these significant opportunities today. Taken together, these developments reinforce what we believe is an important inflection point for the company.

在此背景下，今天早上我想涵蓋三個面向。第一，我們在上市策略（go-to-market）模式中看到的結構性轉變：通路正愈來愈轉向大型支付方生態系與精選的數位健康網路。第二，我們幾個最重要的通路合作夥伴與支付方部署的持續擴張。第三，我們正在評估若干新興機會，這些機會可能隨時間推移開啟額外的成長路徑，而我今天將特別說明其中一項重大機會。綜合而言，這些發展強化了我們的看法：公司正處於一個重要的拐點。

Let me start by revisiting the theme we introduced during our last few earnings calls, the growing role of one-to-many distribution channels in our business. Historically, much of the digital health market operate through direct employer sales and individual point solution deployments. What we are seeing now is a shift towards payer ecosystems and curated digital health networks that allow health plans and large employers to deploy integrated platforms across much larger member populations. The commercial model we are building allows Dario to move from selling individual programs, one employer at a time to becoming embedded within payer ecosystems that distribute digital health solutions across entire populations.

我先回到我們在過去幾次財報電話會議中提出的主題：一對多（one-to-many）通路在我們業務中的角色日益重要。過去，數位健康市場多透過直接面向雇主銷售，以及單一點解決方案的部署來運作。我們現在看到的是，市場正轉向支付方生態系與精選的數位健康網路，使健康保險計畫與大型雇主能在更龐大的會員族群中部署整合式平台。我們正在打造的商業模式，使 Dario 能從逐一向雇主銷售單一方案，轉變為嵌入支付方生態系，將數位健康解決方案分發至整體人群。

During our last call, we discussed several examples of this strategy beginning to take hold, including our launch of UnitedHealthcare's digital marketplace, our deployments through Solera Health supporting plans such as Premera Blue Cross and our growing partnerships with Amwell, supporting payer-sponsored digital health programs. Through these partnerships, Dario now has access to more than 160 million covered lives through our distribution ecosystem.

在上次電話會議中，我們討論了幾個此策略開始奏效的例子，包括我們在 UnitedHealthcare 的數位市集上線、透過 Solera Health 的部署以支援如 Premera Blue Cross 等保險計畫，以及我們與 Amwell 日益深化的合作夥伴關係，以支援由支付方贊助的數位健康方案。透過這些合作，Dario 現在可透過我們的通路生態系接觸超過 1.6 億名受保人（covered lives）。

As these distribution ecosystems expand, each new payer or partner deployment has the potential to bring Dario's platform to significantly larger populations without requiring proportional increases in commercial infrastructure. These relationships dramatically expand our reach. A single distribution partner can unlock access to millions of covered lives and significantly accelerate our ability to scale.

隨著這些通路生態系擴張，每新增一個支付方或合作夥伴部署，都有機會在不需要按比例增加商業基礎設施的情況下，將 Dario 的平台帶給顯著更大的人群。這些關係大幅擴展了我們的觸及範圍。單一通路合作夥伴就能解鎖數百萬名受保人的接觸權，並顯著加速我們的規模化能力。

Importantly, we are also seeing continued commitment from our existing health plan partners. We are currently finalizing a three-year contract extension with Aetna and a four-year contract extension with Centene, reinforcing the long-term value these organizations see in the outcomes delivered through Dario's fully vertically integrated platform.

重要的是，我們也看到既有健康保險計畫合作夥伴持續投入。我們目前正完成與 Aetna 的三年合約延長，以及與 Centene 的四年合約延長，這進一步強化了這些組織對 Dario 完全垂直整合平台所交付成果之長期價值的認可。

What we are seeing now is the next phase of this strategy, where these distribution ecosystems begin to activate across additional health plans. For example, through our partnership with Amwell, Florida Blue selected Dario as a part of its digital health ecosystem. The program is currently in migration and implementation phases, and we expect revenue from the partnership to begin contributing in the second half of 2026 as enrollment ramps, with the broader expansion anticipated into the 2027 plan year.

我們現在看到的是此策略的下一階段：這些通路生態系開始在更多健康保險計畫中啟動。例如，透過我們與 Amwell 的合作，Florida Blue 選擇 Dario 作為其數位健康生態系的一部分。該方案目前正處於遷移與導入階段；隨著註冊人數提升，我們預期此合作的營收將於 2026 年下半年開始貢獻，並預期在 2027 計畫年度進一步擴大。

Florida Blue represents one of the largest and most influential Blue Cross Blue Shield organizations in the United States and their selection reinforces the growing demand among major payers for a fully vertically integrated platform that can deliver measurable clinical and financial outcomes.

Florida Blue 是美國規模最大且最具影響力的 Blue Cross Blue Shield 組織之一；其選擇再次印證主要支付方對於能提供可衡量臨床與財務成果之完全垂直整合平台的需求正在上升。

In addition, our channel partner, Solera Health, recently announced that HCSC, the second largest Blue Cross Blue Shield organization in the United States with approximately 25 million members, will be launching a new digital health capabilities through its network beginning in January 2027. Dario has been selected as a preferred in-network partner with Solera's curated digital ecosystem supporting that rollout.

此外，我們的通路合作夥伴 Solera Health 近期宣布，HCSC——美國第二大 Blue Cross Blue Shield 組織，約有 2,500 萬名會員——將自 2027 年 1 月起透過其網路推出新的數位健康能力。Dario 已被選為 Solera 精選數位生態系中的優先網內合作夥伴，以支援該次上線。

We are also pleased to share that Amwell is preparing to launch another Blue Cross Blue Shield Health plan relationship in July of 2026, and Dario has already been selected to be that preferred partner. We will share additional details expected as the program moves closer to launch.

我們也很高興分享，Amwell 正準備於 2026 年 7 月啟動另一項 Blue Cross Blue Shield 健康保險計畫的合作關係，而 Dario 已被選定為該計畫的優先合作夥伴。隨著方案接近上線，我們將分享更多預期的細節。

Finally, we are currently in the final stages of contracting with another distribution partner that we expect will become an important addition to our channel ecosystem. Through that relationship, we anticipate launching what would represent the largest fully insured client in Dario's history.

最後，我們目前正處於與另一家通路合作夥伴簽約的最後階段；我們預期該夥伴將成為我們通路生態系的重要新增成員。透過該合作關係，我們預期將啟動一個可望成為 Dario 史上最大完全投保（fully insured）客戶的專案。

Another area we are seeing encouraging traction is within government-sponsored healthcare programs, particularly through the Federal Rural Health Transformation initiative, a $50 billion program rolling out $10 billion in spending over the next five years. This program represents a major effort, designed to improve healthcare access and outcomes in underserved rural communities across the United States.

我們看到另一個令人鼓舞的進展領域是在政府贊助的醫療保健計畫中，特別是透過「聯邦農村健康轉型」（Federal Rural Health Transformation）倡議——一項 500 億美元的計畫，未來五年將逐步投入 100 億美元支出。此計畫是一項重大努力，旨在改善美國各地服務不足的農村社區之醫療可近性與健康成果。

Today, Dario is engaged in direct discussions with approximately 10 state offices that are evaluating digital health infrastructure as a part of rural health transformation planning. In parallel, we are working closely with one specific channel partner to ensure Dario's platform has exposure within broader proposals, supporting these initiatives across the remaining 40 states.

目前，Dario 正與約 10 個州政府辦公室進行直接討論，這些單位正在評估將數位健康基礎設施納入農村健康轉型規劃的一部分。同時，我們也正與一個特定通路合作夥伴密切合作，確保 Dario 的平台能在更廣泛的提案中獲得曝光，以支援其餘 40 個州的相關倡議。

Turning now to our employer pipeline of commercial opportunities. Demand for integrated Digital Health Solutions continues to strengthen as employers seek measurable outcomes and simplified vendor ecosystems. In 2025, we added 85 new employer accounts, many of which have been onboarding and ramping throughout the first half of this year, providing an expanded base of reoccurring revenue entering the second half.

現在轉到我們面向雇主的商業機會管線。隨著雇主尋求可衡量的成果與更簡化的供應商生態系，對整合式數位健康解決方案的需求持續增強。在 2025 年，我們新增了 85 個新的雇主客戶，其中許多在今年上半年持續導入與放量，為下半年帶來更大的經常性收入基礎。

For the 2026 benefit cycle, we are currently tracking approximately 44 employer opportunities, representing roughly $35 million in pipeline value. Looking further ahead to the 2027 cycle, we are already engaged in 58 additional employer opportunities, representing approximately $19 million in pipeline value.

針對 2026 年福利週期，我們目前追蹤約 44 個雇主機會，管線價值約 3,500 萬美元。再往前看至 2027 年週期，我們已參與另外 58 個雇主機會，管線價值約 1,900 萬美元。

Taken together, our total employer pipeline represents 102 opportunities totaling approximately $54 million in value. Importantly, the average size of these opportunities entering our employer pipeline today is materially larger than the accounts we have historically pursued, 2 times to 10 times larger.

合計而言，我們的雇主管線共 102 個機會，總價值約 5,400 萬美元。重要的是，如今進入我們雇主管線的機會平均規模，明顯大於我們過去歷來追求的客戶，約大 2 倍到 10 倍。

In addition to the employer demand, we are also seeing strong momentum across our health plan pipeline of commercial opportunities. Today, our health plan pipeline includes approximately 70 active opportunities, representing roughly $33 million in pipeline value across national and regional payer organizations.

除了雇主端需求之外，我們也在健康保險計畫端的商業機會管線看到強勁動能。目前，我們的健康保險計畫管線包含約 70 個活躍機會，涵蓋全國性與區域性支付方組織，管線價值約 3,300 萬美元。

Looking ahead to 2027 planning cycle, we are also engaged in 11 additional early-stage health plan opportunities, representing approximately $27 million in potential value. Taken together, our health plan pipeline now represents 81 opportunities, totaling approximately $60 million in value. As we expand our presence within payer ecosystems, we believe that the scale of these health plan opportunities has the potential to continue to grow.

展望 2027 年規劃週期，我們也參與另外 11 個早期階段的健康保險計畫機會，潛在價值約 2,700 萬美元。合計而言，我們的健康保險計畫管線目前為 81 個機會，總價值約 6,000 萬美元。隨著我們在支付方生態系中擴大布局，我們相信這些健康保險計畫機會的規模仍有持續成長的潛力。

Another area we are beginning to explore is within our Pharma Services segment. Historically, pharmaceutical companies have focused primarily on direct-to-consumer engagement or provider-based education models. What we are starting to see now is early interest from select pharmaceutical companies in exploring employer-based engagement strategies where digital health platforms may help support patient identification, therapy adherence, and outcomes measurement.

我們開始探索的另一個領域是在我們的製藥服務（Pharma Services）部門。過去，製藥公司主要聚焦於直接面向消費者的互動，或以醫療提供者為基礎的教育模式。我們現在開始看到的是，部分製藥公司對探索以雇主為基礎的互動策略出現早期興趣，在此策略下，數位健康平台可協助支持病患辨識、治療依從性以及成果衡量。

Today, we are in discussions with three pharmaceutical organizations, evaluating whether employer-based engagement supported by digital health infrastructure could represent a viable commercial approach. At this stage, we view Pharma as an emerging opportunity that we are actively evaluating rather than a core revenue driver today.

目前，我們正與三家製藥組織洽談，評估由數位健康基礎設施所支持的雇主型互動，是否能成為可行的商業模式。在此階段，我們將製藥視為正在積極評估的新興機會，而非當前的核心營收驅動因素。

Stepping back, what we believe is important for investors to understand is that Dario's commercial expansion today is being primarily driven by two core growth engines. Layer one, client scale through channel partnerships that give us ecosystem level access to millions of covered lives without proportional increases in our commercial infrastructure and related expenses.

退一步來看，我們認為投資人需要理解的是，Dario 目前的商業擴張主要由兩個核心成長引擎所驅動。第一層：透過通路合作夥伴擴大客戶規模，使我們在不按比例增加商業基礎設施及相關費用的情況下，於生態系層級觸及數百萬名受保人。

Layer two, member scale through our multi-condition platform, which means a far greater share of each account's population qualifies for Dario, generating more revenue from the same client base without acquiring a single new contract.

第二層：透過我們的多病種平台擴大會員規模，這意味著每個客戶帳戶中有更高比例的人口符合使用 Dario 的資格，讓我們在不新增任何新合約的情況下，從相同的客戶基礎創造更多收入。

These two layers compound together exactly as Erez described. One multiplies how many accounts we reach. The other multiplies how many members we serve within each. That compounding is already visible in our fourth quarter numbers and it will become increasingly visible as 2026 progresses.

這兩層會如 Erez 所描述般相互疊加。其中一層放大我們能觸及的帳戶數。另一層放大我們在每個帳戶內服務的會員數。這種複利效應已在我們第四季的數字中可見，並將在 2026 年推進過程中愈發明顯。

And as these payer ecosystems activate and employer demand continues to expand, we believe the commercial foundation we have built positions Dario to scale across significantly larger populations in the years ahead.

隨著這些支付方生態系啟動、且雇主需求持續擴大，我們相信我們所建立的商業基礎，將使 Dario 在未來數年得以在顯著更大的人口規模上擴張。

With that, I'll turn the call over to Chen.

接下來，我把電話會議交給 Chen。

Thank you, Steven. And good morning, everyone. In the fourth quarter of 2025, we delivered sequential revenue growth to $5.2 million and posted our lowest operating expense run rate on both GAAP and non-GAAP basis since the two acquisitions. That combination, growing revenue, and declining cost is the inflection we have been building towards.

謝謝你，Steven。各位早安。在 2025 年第四季，我們實現連續性營收成長至 520 萬美元，並在兩項併購完成後，於 GAAP 與非 GAAP 口徑下都創下最低的營業費用運行率。這種組合——營收成長、成本下降——正是我們一直在打造的拐點。

Revenue for the 12 months ended December 31, 2025, was $22.4 million compared to $27 million in 2024. As Erez explained, this was driven entirely by a single legacy client nonrenewal from the two acquisition, partially offset by organic growth.

截至 2025 年 12 月 31 日止的 12 個月營收為 2,240 萬美元，較 2024 年的 2,700 萬美元下降。如 Erez 所說，這完全是由兩項併購中一位既有客戶未續約所致，並由有機成長部分抵銷。

GAAP gross margin expanded from 49% in 2024 to 57% in 2025, primarily reflecting the reduction in the technology amortization expenses. Our core B2B2C ARR business has sustained approximately 80% non-GAAP gross margin for two years, which we believe is the most representative measure of the underlying unit economics of our platform.

GAAP 毛利率由 2024 年的 49% 擴大至 2025 年的 57%，主要反映技術攤銷費用的下降。我們核心的 B2B2C ARR 業務在過去兩年維持約 80% 的非 GAAP 毛利率，我們認為這最能代表我們平台底層單位經濟的衡量指標。

On operating expenses, the improvement is significant and accelerating. Full year 2025 total operating expense declined by 31% to $49.3 million compared to 2024 and full year non-GAAP operating expenses declined by $13.6 million or 26% year-over-year from $52.2 million to $38.6 million. In Q4 alone, GAAP operating expenses declined 28% to $11.4 million and non-GAAP operating expenses also fell 28% year-over-year from $12.4 million to $9 million.

在營業費用方面，改善幅度顯著且正在加速。2025 全年總營業費用較 2024 年下降 31% 至 4,930 萬美元；全年非 GAAP 營業費用年減 1,360 萬美元（降幅 26%），由 5,220 萬美元降至 3,860 萬美元。僅第四季，GAAP 營業費用下降 28% 至 1,140 萬美元；非 GAAP 營業費用亦年減 28%，由 1,240 萬美元降至 900 萬美元。

Full year operating loss improved by $21 million or 37% on a GAAP basis and by $9.6 million or 29% on a non-GAAP basis.

全年營業虧損在 GAAP 口徑下改善 2,100 萬美元（改善 37%），在非 GAAP 口徑下改善 960 萬美元（改善 29%）。

On cash, we ended 2025 with $26 million in cash and short-term deposits. Net cash used in operating activities declined from $38.6 million in 2024 to $25.9 million, a 33% reduction, driven by the compounding effect of margin expansion, AI utilization, and cost discipline.

在現金方面，我們於 2025 年底持有 2,600 萬美元的現金與短期存款。營運活動使用的淨現金由 2024 年的 3,860 萬美元降至 2,590 萬美元，下降 33%，主要受毛利率擴張、AI 使用以及成本紀律的複利效應所驅動。

Based on our contracted and late-stage ARR, growing pipeline of commercial opportunities and continued OpEx reduction, we expect to narrow our non-GAAP operating loss by approximately 30% in 2026, targeting towards cash flow breakeven by mid-2027.

基於我們已簽約及後期階段的 ARR、持續成長的商業機會管線，以及營業費用的持續下降，我們預期 2026 年非 GAAP 營業虧損將收斂約 30%，並以 2027 年年中達成現金流損益兩平為目標。

A reconciliation of GAAP to non-GAAP measures has been provided in the financial statements table included in our earnings press release. An explanation of these measures is also included below under the heading non-GAAP financial measures.

GAAP 與非 GAAP 指標之間的調節表，已提供於我們財報新聞稿所附的財務報表表格中。這些指標的說明亦載於下方「非 GAAP 財務衡量指標」標題之下。

With that, I'll turn the call over to Erez for closing remarks.

接下來，我把電話會議交回 Erez 做結語。

Thank you all for joining us today. 2025 demonstrated something important. The work we did to build a differentiated platform is now reflected in the demand we see commercially and strategically. We entered 2026 with our strongest commercial pipeline ever, a record new business year behind us and three vertical integrated platform whose competitive position deepens with every member we had, and every data point we generate.

感謝各位今天加入我們。2025 年證明了一件重要的事。我們為打造差異化平台所做的工作，如今已反映在我們於商業與策略層面所看到的需求上。我們以史上最強的商業管線進入 2026 年，背後是創紀錄的新業務年度，以及一個三個垂直領域整合的平台；該平台的競爭地位會隨著我們擁有的每一位會員、以及我們產生的每一個資料點而持續加深。

As a reminder, in September 2025, in response to multiple unsolicited inbound expressions of interest, Dario engaged Perella Weinberg Partners and established a special committee of our Board of Directors to consider a full range of strategic opportunities, including sale, merger, strategic business combination for continued execution to our stand-alone strategy.

提醒一下，於 2025 年 9 月，因應多項未經邀請的主動來詢之意向表達，Dario 聘請 Perella Weinberg Partners，並成立董事會特別委員會，以評估各種策略性機會的完整範圍，包括出售、合併、策略性業務組合，或在持續執行我們獨立營運策略的前提下進行其他選項。

The process remains active, and we'll provide updates when there is a material development to share. What is becoming increasingly clear is that Dario is positioned to succeed in any scenario it chosen to pursue. We believe that the demand that we see from the market, from payers, employers and strategic partners reflects what we have built, a platform that owns its data, compound with scale and delivers outcomes that no point solution can replicate.

該流程仍在進行中，若有重大進展可分享，我們將提供更新。愈來愈清楚的是，Dario 在其選擇追求的任何情境下都具備成功的定位。我們相信，市場、支付方、雇主與策略夥伴所展現的需求，反映了我們所打造的成果：一個掌握自身資料、能隨規模產生複利效應，並交付任何單點解決方案都無法複製之成果的平台。

Before I hand it over to the operator, I want to take a moment to thank the people who make this possible. To our employees, your dedication to our members and to each other is what drives everything we do. To our partners and channel ecosystem, your trust and collaboration are central to how we scale. And to our shareholders, thank you for your continued support and confidence in our platform and our mission. We look forward to sharing more progress with you on our next call.

在我把時間交給接線員之前，我想花一點時間感謝讓這一切成為可能的人。致我們的員工，你們對會員以及彼此的投入與奉獻，驅動著我們所做的一切。致我們的合作夥伴與通路生態系，你們的信任與協作是我們擴張規模的核心。也致我們的股東，感謝你們持續的支持，以及對我們平台與使命的信心。我們期待在下一次電話會議上與各位分享更多進展。

I'll now turn it over to the operator for Q&A session.

我現在把時間交給接線員，進行問答環節。

(Operator Instructions) Charles Rhyee, TD Cowen.

(接線員指示) TD Cowen 的 Charles Rhyee。

Congrats on the [end of] the year here. Obviously, pretty exciting in terms of the pipeline opportunities. Obviously, some big contracts starting to ramp up as you move through the course of the year. And I think you had one big one, I think you just mentioned starting here in January. Can you give us a little sense on how that's progressing?

恭喜今年收官。顯然，就商機管線而言相當令人振奮。而且隨著今年推進，一些大型合約顯然開始逐步放量。我想你們有一個大的案子，你剛剛提到在一月開始。你能否跟我們稍微說明一下目前進展如何？

And maybe in broad strokes, how should we think about revenue growth in 2026? You have sort of a consensus number kind of signaling significant growth here. Just kind of get a sense of your comfort with that? And how should we think about the cadence of revenue growth as we go through the year?

另外，從大方向來看，我們應該如何看待 2026 年的營收成長？你們目前市場共識數字似乎暗示這裡會有顯著成長。想了解你們對此的信心程度？以及我們應該如何看待今年營收成長的節奏與步調？

Thanks, Charles, for the question. Yes. So as we mentioned on the quarter, we had like 85 wins, and we had a contracted ARR of $12.9 million, and it's including also very late-stage opportunities. Obviously, not everything is going to be recognized for the full year and it will take time to implement.

謝謝你，Charles，謝謝你的問題。是的。如同我們在本季提到的，我們大約有 85 個贏單，已簽約的 ARR 為 1,290 萬美元，並且也包含一些非常後期階段的機會。當然，不是所有項目都會在全年完整認列，導入也需要時間。

What we already see in Q1 is that we see a growth between Q4 to Q1. Some of the implementation already started. So we are expecting growth, that growth is going to accelerate in the second half of the year.

我們在第一季已經看到第四季到第一季之間的成長。部分導入工作已經開始。因此我們預期會有成長，而且這個成長會在下半年加速。

And when I'm looking into the consensus of all the analysts that we have today, we feel comfortable with this forecast that we see out there. We are not providing guidance, but we do think that what exists at the moment is something that the company feels comfortable with. And the way that we are operating is planning, obviously, to at least achieve or beat the consensus of the analysts that we have at the moment.

另外，當我看目前所有分析師的共識預估時，我們對外界看到的這個預測感到有信心。我們不提供財測指引，但我們確實認為目前市場上的預估是公司覺得可以接受的。而我們的營運規劃，當然是以至少達成、或超越目前分析師共識為目標。

I appreciate that. And in terms of sort of the target of breakeven, it seems like we've been slowly getting pushed out a little bit. Can you give us a sense for what's kind of driving that? Is that just trying to take advantage of current pipeline opportunities and trying to stay on top of growth overall? Or anything that you can kind of share regarding that?

了解，謝謝。另外，就損益兩平的目標而言，看起來似乎被慢慢往後推了一點。你能否說明一下主要驅動因素是什麼？這只是因為想把握目前的管線機會、並且維持整體成長動能嗎？或是你能分享任何相關資訊？

Yes, absolutely. It's going to be like 80% of the picture is the growth and 20% is keep optimizing the OpEx. We did a lot of cost reduction in the last two years, as everyone knows. We think that with the implementation of AI and agentic AI that we are implementing, we will be able to push the cost down by another few percentage year-over-year.

是的，當然可以。整體來看，大概 80% 取決於成長，20% 則是持續優化營運費用（OpEx）。如大家所知，我們在過去兩年做了大量的成本削減。我們認為，隨著我們導入 AI 以及我們正在導入的代理式 AI（agentic AI），我們將能把成本再進一步壓低，年對年再下降幾個百分點。

But the bigger part of why we believe we can get to cash flow positive is our ability to grow the top line. That's going to be the major part. And with what we have signed so far plus what you see in the pipeline, we think that that's something that will get us to the cash flow positive point.

但我們之所以相信能達到現金流轉正，更大的原因在於我們推動營收成長的能力。那將是最主要的部分。結合我們目前已簽下的合約，以及你在管線中看到的機會，我們認為這些將能把我們帶到現金流轉正的時間點。

The overall top line that we see, that will take us there is somewhere in the ranges of like $38 million to $42 million in revenues. That's the point where we think the business is going to be cash flow positive.

我們看到能讓我們達到那個目標的整體營收規模，大約落在 3,800 萬到 4,200 萬美元之間。我們認為在那個營收水準下，公司的業務將會是現金流為正。

So yeah, Steven, do you want to add something?

所以，是的，Steven，你要補充一下嗎？

Yeah, Steven here. Steven Nelson. I just want to add one thing, which is as we've evolved these channel partnerships and brought them on, one to many and as these health plans, they're health plans, so we're dealing with large organizations, how do we kind of weave our way in. And then the platform partners, whether it's Solera, Amwell, or others that we'll announce, we have to structurally, and I talked about that in the call, we have to structurally get ourselves organized for that.

好的，我是 Steven。Steven Nelson。我只想補充一點：隨著我們發展這些通路合作夥伴並把它們導入，從一對一走向一對多；而這些健康保險計畫——它們是健康保險計畫，所以我們面對的是大型組織——我們要如何把自己嵌入其中。另外，平台合作夥伴，不論是 Solera、Amwell，或是我們之後會宣布的其他夥伴，我們必須在組織架構上——我在電話會議中也提到——我們必須在結構上把自己組織好以支援這些合作。

So there's things that we have to do and prepare normal, ramp up things, not large expenses, but work. And so we need to get focused on what that work is, how do we do it in a fluid way because it needs to be repeatable, and it needs to continue with these channel partners as we move forward. So they have some changes that have altered our business in a good way, definitely noticeable in the contracts that we've won and therefore, how do we implement in an effective manner. But that takes a little bit of pivot on how we've done it before.

因此有一些事情我們必須做、也必須準備一些正常的爬坡工作，不是很大的費用，但需要投入工作量。所以我們需要聚焦在那些工作是什麼、要如何以更流暢的方式去做，因為它必須可複製，並且在我們未來與這些通路夥伴持續合作時也要能延續。因此，這些變化以好的方式改變了我們的業務，從我們贏得的合約中可以明顯看出；接著就是我們要如何有效地導入落地。但這需要我們在做法上相較以往做一些調整。

Now we're going more one to many. And so we're working on that work, being very mindful of OpEx as the company has historically, and we've shown recently in the results. But we also need to make sure we're making the right investments in that business. So those two-, three-, four-year agreements is what they come with are sticky and longitudinal. So it's very important that we kind of reflect that as we think about our investment.

現在我們更走向一對多。因此我們正在推進這些工作，同時也非常留意營運費用（OpEx），公司過去一向如此，我們最近的結果也顯示了這點。但我們也必須確保在這項業務上做出正確的投資。因為這些兩年、三年、四年的合約所帶來的是高黏著度與長期性。所以在思考投資時，能反映這一點非常重要。

Great. And maybe one last question for me. As being like a preferred partner and we think about like HCSC, for example, obviously, that by itself is a big opportunity. What is the selection process there? Is it like each member within HCSC can make a decision? Or is it within -- even within each of the Blue Cross Blue Shield plans within HCSC, do their employer customers make a decision?

很好。我最後再問一個問題。作為優先合作夥伴，當我們以 HCSC 為例來思考時，顯然光是這個就已經是一個很大的機會。那它的選擇流程是什麼？是 HCSC 內的每一位會員都可以做決定嗎？或者是在——甚至在 HCSC 旗下各個 Blue Cross Blue Shield 計畫內，是由他們的雇主客戶來做決定？

Maybe talk us a little bit through how to take advantage of that opportunity. Like is it more RFPs within that as well? Or is it people can just kind of select off of menu as they're kind of selecting options? And what's your assumption in terms of what you'll be able to capture?

能否跟我們稍微說明一下要如何把握這個機會？例如在那之中也會有更多 RFP（招標/提案邀請）嗎？或者是大家在選擇方案選項時，可以像從菜單上勾選一樣直接選？以及你們對可取得份額的假設是什麼？

Yeah. So I'll try to unpack that. I'll probably go beginning to the end in terms of a capture rate. But I'll start at the beginning first, which is we are -- as you can go to Solera and see in their architecture and their website, we're a preferred partner.

好的。我試著把這件事拆解說明。我可能會從頭講到尾，最後再談到取得率（capture rate）。但我先從一開始說起，也就是：我們——如你可以到 Solera 看他們的架構與網站——我們是他們的優先合作夥伴。

Just like using a doctor in a normal health network, there is in-network and there is out-of-network partners. And with Solera on what they bring on board, we're preferred. So we are, quote-unquote, as I said in the script, in-network. It's a good way to look at it.

就像在一般的健康醫療網路中看醫生一樣，有網內也有網外的合作夥伴。而在 Solera 所引入的合作夥伴中，我們是優先合作方。所以我們是——用引號括起來——就像我在講稿裡說的，屬於網內。這是一個很好的理解方式。

Now if I go to HCSC, the account, HCSC will have decisions that they make with Solera, not with us, but with Solera, when they look at how they want to move their books of business. And then obviously, ASO or self-insured books of business, they get to make that call.

現在如果我去看 HCSC 這個客戶，HCSC 會就他們如何調整其業務組合（books of business）與 Solera 做出決策——不是跟我們，而是跟 Solera——。然後很明顯地，ASO 或自保（self-insured）的業務組合，他們可以自行做這個決定。

So I'm going to take a step up for a second before I round out that thought, which is this. Just like any, all the digital marketplaces that are coming forward, always self-insured markets get to make a call. There is no more RFP. There is no more business to win, but they have to decide do they want to go with something in-network? Do they want to go with something out-of-network? And obviously, self-insured employers get to make that call on all their benefit design, just like normal health benefits.

所以在我把這個想法收尾之前，我先退一步說明一下。就像所有正在出現的數位市集一樣，自保市場永遠可以自行做決定。不再有 RFP。也不再有所謂要去贏得的業務，但他們必須決定要選擇網內的方案嗎？還是要選擇網外的方案？而且很明顯地，自保雇主可以就其所有福利設計做出決定，就像一般的健康福利一樣。

In terms of the fully insured book or what HCSC or other Blue's plans control, that's up to them. And so as they form those partnerships, we do get to work with them in that regard, how they want to construct the network, how we can work with them in general. So there's some variations there, Charles, that works across the board on all these.

至於全險（fully insured）的業務組合，或 HCSC 或其他 Blue 計畫所掌控的部分，則由他們決定。因此當他們建立這些合作關係時，我們也能在這方面與他們合作：他們想如何建構網路、以及我們如何在整體上與他們合作。所以在這裡會有一些差異，Charles，這些做法在所有這些情境中都是通用的。

But within Solera's partnerships, as they come up with recommendations with their partners, we again are preferred and in-network, which is important for us because that makes the decision very easy, easy to do business, start it up, run a network, [we're in it] and launch it. So we're working with them on that execution.

但在 Solera 的合作關係中，當他們與合作夥伴提出建議時，我們再次是優先且屬於網內，這對我們很重要，因為這讓決策變得非常容易：容易合作、容易啟動、容易運營一個網路，[我們在其中]並且推出上線。所以我們正與他們一起推動這項落地執行。

They are a very large plan, both fully-insured and self-insured. We think that there's plenty of business to be had there for sure. And we're hopeful that through our preferred status, we'll be able to kind of shore that up and what it looks like for 2027.

他們是一個非常大型的計畫，涵蓋全險與自保兩種。我們認為那裡肯定有很多業務機會可爭取。我們也希望透過我們的優先地位，能夠把這件事穩固下來，並看起來像是 2027 年的樣貌。

In terms of the capture rate, I don't say this flippantly, but obviously, with that many millions of lives with that size of share, us being in network for any portion of that book is meaningful to a company our size, for sure. That also said, anything that they do in their fully insured book, Illinois, Texas, some of their larger states would also be meaningful in that regard. So we're working across the board.

就滲透率（capture rate）而言，我不是隨口一說，但很明顯地，擁有那麼多百萬名受保人、那樣的市占規模，對我們這種規模的公司來說，只要能在其中任何一部分成為網內，都是很有意義的。同時，他們在全險業務組合上所做的任何事情——伊利諾伊、德州等一些較大的州——在這方面也都會很有意義。所以我們正在全面推進。

I'd close by saying capture rate on fully -- on self-insured, we do normal predictive modeling accordingly. Nothing really changes in that regard. But keep in mind, with fully-insured, we're often built into the product.

最後我想說的是，自保部分的滲透率，我們會照常進行相應的預測模型分析。在這方面其實沒有太大改變。但請記住，在全險方面，我們往往是被內建在產品裡的。

And as I noted today, we're launching -- not HCSC, I might add, but we will be launching our largest fully insured client January of 2027 as well, largest by far. Today, we have three accounts today that are fully insured, smaller in nature, but we're moving forward with the fully insured piece of business in January.

而且如我今天所提到的，我們將在 2027 年 1 月上線——我補充一下，不是 HCSC——但我們也將在 2027 年 1 月上線我們最大的全險客戶，規模遠遠最大。目前我們有三個全險客戶，規模較小，但我們正推進在 1 月啟動全險這塊業務。

(Operator Instructions) Theodore O'Neill, Litchfield Hills Research.

(接線員指示) Theodore O'Neill，Litchfield Hills Research。

Congratulations on the good quarter. I have two questions this morning. The first is on operating expenses, which are down year-over-year substantially. How should we think about how that changes in 2026?

恭喜本季表現不錯。我今天早上有兩個問題。第一個是關於營運費用，年對年大幅下降。我們應該如何看待 2026 年這方面會如何變化？

And my second question is the commercial pipeline here at $122 million. I looked back at the last quarter's press release, and it was $69 million. So there's a big uptick in the commercial pipeline value. And I was wondering, is it a change in definitions? Or is that adding into 2027, on to 2026? Just wondering what the difference is there?

第二個問題是商業管線（commercial pipeline）目前是 1.22 億美元。我回頭看上一季的新聞稿，當時是 6,900 萬美元。所以商業管線價值有很大的上升。我想問這是定義改變了嗎？還是把 2027 年的內容也加進來、延伸到 2026 年之後？想了解這之間差異是什麼？

(technical difficulty) -- take the first one.

(技術問題)——先回答第一個。

Yes. Theo, thank you for your question. So with regards to operating expenses, indeed, we reduced dramatically the OpEx during this year and comparing it to last year, and we continue to reduce the OpEx. We mentioned several efficiencies, post-merger integrations, AI, et cetera, which we expect to continue and see a reduction in the OpEx through 2026. We also see that we can project that we can narrow the non-GAAP operating loss by 30% during 2026 comparing it to the full year of 2025. So that's for your first question.

是的。Theo，謝謝你的提問。關於營運費用，確實，我們今年相較去年大幅降低了 OpEx，而且我們仍在持續降低 OpEx。我們提到多項效率提升，包括併購後整合、AI 等等，我們預期這些將持續，並在 2026 年進一步看到 OpEx 的下降。我們也預期，2026 年相較 2025 全年，非 GAAP 的營運虧損可縮小 30%。以上是第一個問題的回答。

On the second question, I'll let Steven to respond.

第二個問題我請 Steven 回答。

Yeah. So that's correct, Theo. We did outline -- you covered it at the very end there. What we've done is we're now in the 2027 year, so reflecting the combination of 2026 and 2027. And so last quarter, obviously, we talked about what was just in year in that regard for 2026.

是的。Theo，你說得沒錯。我們確實有說明——你在最後也提到了。我們現在納入 2027 年度，因此反映 2026 與 2027 的合併結果。而上一季我們顯然談的是當年度、也就是 2026 年的內容。

Now that we're in 2026, we're also doing a combined pipeline view. So that you can -- and that's why I kind of broke out in detail a little bit of the pipeline as well.

現在我們進入 2026 年，我們也採用合併的管線視角。所以你可以——這也是為什麼我也把管線做了更細的拆解說明。

Yeah, I thought you covered it. I just wanted to ask it explicitly.

是的，我覺得你已經講到了。我只是想把它明確問出來。

Sure.

當然。

Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines.

各位女士先生，今天的電話會議到此結束。感謝各位參與，並請掛斷您的電話線。