Duos Technologies Group Inc (DUOT) 2024 Q3 法說會逐字稿

Good afternoon. Welcome to the Duos Technologies third quarter 2024 earnings conference call. Joining us for today's call are Duos' CEO, Chuck Ferry; and CFO, Adrian Goldfarb. Following the remarks, we will open the call for questions. Then before we conclude today's call, I'll provide the necessary cautions regarding the forward-looking statements made by management during this call.

午安.歡迎參加 Duos Technologies 2024 年第三季財報電話會議。參加今天電話會議的有 Duos 執行長 Chuck Ferry；和財務長阿德里安·戈德法布。發言結束後，我們將開始提問。然後，在我們結束今天的電話會議之前，我將就管理層在本次電話會議期間發表的前瞻性聲明提供必要的警告。

Now I'd like to turn the call over to Duos' CEO, Chuck Ferry. Thank you. You may begin.

現在我想將電話轉給 Duos 的執行長 Chuck Ferry。謝謝。你可以開始了。

Welcome, everyone, and thank you for joining us. Yesterday, we issued our earnings press release and our 10-Q for the third quarter. This morning, we released news concerning the signing of an agreement for our newly formed Duos Energy Corporation.

歡迎大家，感謝您加入我們。昨天，我們發布了收益新聞稿和第三季 10-Q 業績報告。今天早上，我們發布了有關新成立的 Duos Energy Corporation 簽署協議的消息。

And just prior to this call, we have filed an 8-K covering this matter. This recent material event and the expected material impact on our financial performance in the coming years are a milestone achievement for Duos.

就在這次電話會議之前，我們已經提交了一份涵蓋此事的 8-K。最近的這一重大事件以及預期對我們未來幾年財務業績的重大影響是 Duos 的里程碑式成就。

Copies are available on the Investor Relations section of our website. I encourage all listeners to view the press releases, 10-Q and 8-K filings with the SEC to better understand some of the details we'll be discussing during today's call.

副本可在我們網站的投資者關係部分取得。我鼓勵所有聽眾查看新聞稿、向 SEC 提交的 10-Q 和 8-K 文件，以更好地了解我們將在今天的電話會議中討論的一些細節。

We have previously discussed our strategy to diversify our business and accelerate the time line to profitability. Today, I am pleased to discuss several recent developments that will enable the company to achieve this objective in 2025. As you know, we incorporated Duos Energy some weeks ago, given the increasing demand for power driven by the data center industry.

我們之前已經討論過業務多元化和加快獲利時間的策略。今天，我很高興討論一些最新進展，這些進展將使公司能夠在 2025 年實現這一目標。如您所知，鑑於資料中心產業對電力的需求不斷增長，我們在幾週前成立了 Duos Energy。

As a reminder, many members of the Duos management team and I have significant experience in the power sector. With this, I am pleased to announce that we have signed a two-year asset management agreement worth an estimated $42 million over the next two years to manage 850 megawatts of power generation assets. You may have already seen the press release, and we'll talk more about this opportunity after the financial presentation.

提醒一下，我和 Duos 管理團隊的許多成員在電力領域都有豐富的經驗。藉此，我很高興地宣布，我們已經簽署了一份為期兩年的資產管理協議，預計在未來兩年內價值 4,200 萬美元，以管理 850 兆瓦的發電資產。您可能已經看過新聞稿，我們將在財務演示後更多地討論這個機會。

We have expanded our investment into our Duos Edge AI subsidiary with the addition of three new Edge Data Centers for a total of six now ready for immediate deployment. Operationally, the first edge data center is being installed in support of our Texas Region 16 school district customer located in Amarillo, Texas.

我們擴大了對 Duos Edge AI 子公司的投資，增加了三個新的邊緣資料中心，目前共有六個邊緣資料中心可供立即部署。在營運中，第一個邊緣資料中心正在安裝，以支援位於德克薩斯州阿馬裡洛的德克薩斯州第 16 區學區客戶。

We have already identified the locations and customers for the remaining five Edge Data Centers that are scheduled for deployment through Q4 and into Q1 of next year. The commercial demand for these Edge Data Centers, which provide colocation services to underserved areas is considerable.

我們已經確定了剩餘五個邊緣資料中心的位置和客戶，這些中心計劃在第四季度和明年第一季進行部署。這些為服務欠缺地區提供託管服務的邊緣資料中心的商業需求相當可觀。

We are making steady progress with our Railcar Inspection Portal business to include ongoing installation projects with Amtrak and the planning for a new Railcar Inspection Portal installation at a large chemical manufacturer.

我們的軌道車檢查門戶業務正在穩步取得進展，包括與 Amtrak 正在進行的安裝項目以及規劃在一家大型化學品製造商安裝新的軌道車檢查門戶。

As I've reported earlier, we now have an important agreement and partnership in place with one of our long-term Class one railroad customers, currently the largest user of our wayside technology. The new agreement allows us to add subscribers to seven of our 13 portals, along with an eighth portal owned by a different customer. We'll discuss each line of business in more detail after the financial review.

正如我之前所報道的，我們現在與我們的長期一級鐵路客戶之一達成了重要的協議和合作夥伴關係，該客戶目前是我們路邊技術的最大用戶。新協議允許我們向 13 個入口網站中的 7 個新增訂閱者，以及另一個客戶擁有的第八個入口網站。我們將在財務審查後更詳細地討論每個業務線。

So, at this time, I will turn it over to Adrian to cover our financial results

所以，這個時候，我會把它交給Adrian來報道我們的財務業績

Thanks, Chuck. With today's announcement of the asset management agreement, my introductory remarks will focus on the expected impact of the recent expansions of the Duos business. From an historical perspective, the company has excelled in producing leading-edge technology, and we will continue to invest in research and development for technologies that can enhance the analysis of moving vehicles, including trains as well as trucks and buses and ultimately, aviation assets.

謝謝，查克。隨著今天宣布資產管理協議，我的介紹性演講將重點關注 Duo 業務近期擴張的預期影響。從歷史的角度來看，該公司在生產領先技術方面表現出色，我們將繼續投資於技術的研發，以增強對移動車輛（包括火車、卡車和巴士以及最終航空資產）的分析。

In the past four years, we have made investments in our delivery and operations capabilities to match the advanced nature of our technologies. We have built a team of professionals that have taken our core competencies and paved the way for the expansion of the markets we serve, ultimately leading to the growth in revenues and soon profitability to reward our loyal shareholders.

在過去四年中，我們對交付和營運能力進行了投資，以匹配我們技術的先進性。我們建立了一支專業團隊，他們利用了我們的核心競爭力，為我們服務的市場的擴展鋪平了道路，最終帶來了收入的增長和很快的盈利能力，以回報我們忠實的股東。

Our three divisions, while seemingly serving disparate markets are, in fact, quite closely related. For example, the Duos Edge AI business with its Edge data center concept serving rural communities is an outgrowth of the EDCs we supply with our Railcar Inspection Portals, where they operate in remote and often challenging environments.

我們的三個部門雖然看似服務於不同的市場，但實際上卻密切相關。例如，Duos Edge AI 業務及其邊緣資料中心概念為農村社區提供服務，是我們透過軌道車檢查入口網站提供的 EDC 的產物，它們在偏遠且經常具有挑戰性的環境中運行。

And the EDC business often works in areas where power can be a challenge. Hence, all three business units are expected to provide complementary benefits and further enhance the business.

EDC 業務經常在電力可能成為挑戰的領域開展工作。因此，所有三個業務部門預計將提供互補優勢並進一步增強業務。

Before I get to the results, I would like to note that although we will not provide formal guidance today, our expectation is to issue such guidance near the end of the year. I can say that Q4 will be a transition period as the various businesses prepare for material operations in 2025 and that while some variability can be expected, we believe that our quarterly financial results will become much more predictable going forward.

在得出結果之前，我想指出，雖然我們今天不會提供正式的指導，但我們期望在年底附近發布此類指導。我可以說，第四季度將是一個過渡期，因為各個業務都在為2025 年的實質營運做準備，儘管預計會出現一些變化，但我們相信，我們的季度財務業績將變得更加可預測。

And with that, let me discuss Q3 and the first nine months. During the third quarter, total revenue for the quarter increased 112% to $3.24 million compared to $1.53 million in the third quarter of 2023. Total revenue for Q3 2024 represents an aggregate of approximately $1.69 million of technology systems revenue and more than $1.55 million in recurring services and consulting revenue, representing an 88% increase quarter-over-quarter in this important metric, which continues to grow.

接下來，讓我討論第三季和前九個月。第三季總營收成長 112%，達到 324 萬美元，而 2023 年第三季的總營收為 153 萬美元。2024 年第三季的總收入包括總計約 169 萬美元的技術系統收入以及超過 155 萬美元的經常性服務和諮詢收入，這一重要指標環比增長 88%，而且還在持續增長。

The increase in overall revenues is primarily attributed to a $1.4 million contract modification associated with our 2 high-speed Railcar Inspection Portals project, which was awarded and largely recognized as revenue during Q3 2024.

整體收入的增長主要歸因於與我們的 2 個高速鐵路車檢查門戶項目相關的 140 萬美元的合約修改，該項目在 2024 年第三季度獲得授予並在很大程度上確認為收入。

The increase in recurring services and consulting revenue is the result of new AI and subscription customers that were not present in the same quarter last year as well as increases in service contract revenue due to higher service contract prices. The company also generated $505,982 in services and consulting revenue from power consulting work, which was new to this quarter.

經常性服務和諮詢收入的增加是由於去年同一季度沒有出現的新人工智慧和訂閱客戶以及由於服務合約價格上漲而導致的服務合約收入增加的結果。該公司還從本季新增的電力諮詢工作中獲得了 505,982 美元的服務和諮詢收入。

For the nine months ended 2024, total revenue decreased slightly to $5.82 million from $5.95 million in the same period last year. Total revenue for the nine months of 2024 represents an aggregate of approximately $2.22 million of technology systems revenue and approximately $3.6 million in recurring services and consulting revenue, which is also an increase in recurring revenues of 42% comparing to the equivalent periods.

截至 2024 年的 9 個月，總營收從去年同期的 595 萬美元小幅下降至 582 萬美元。2024 年 9 個月的總收入包括總計約 222 萬美元的技術系統收入和約 360 萬美元的經常性服務和諮詢收入，與同期相比，經常性收入也增加了 42%。

Cost of revenues for Q3 2024 increased 78% to $2.32 million compared to $1.3 million for Q3 2023. The increase in cost of revenues was driven by $548,000 of amortization expenses recorded in 2024 to offset site revenue related to a nonmonetary transaction for the new services and data agreement signed during the second quarter of 2024.

2024 年第三季的營收成本成長 78%，達到 232 萬美元，而 2023 年第三季的營收成本為 130 萬美元。收入成本的增加是由 2024 年記錄的 548,000 美元攤銷費用推動的，該攤銷費用抵消了與 2024 年第二季度簽署的新服務和數據協議的非貨幣交易相關的網站收入。

The $505,982 in services and consulting revenue from power consulting work, which was provided at cost, further increased the cost of revenue for services and consulting, which was also not present in the corresponding period of 2023.

來自電力諮詢工作的 505,982 美元服務和諮詢收入按成本提供，進一步增加了服務和諮詢收入成本，而這在 2023 年同期也是不存在的。

Gross margin for Q3 2024 increased 306% to $919,000 compared to $226,000 for Q3 2023. The increase in margin was primarily due to the award of a change order associated with our two high-speed, transit-focused Railcar Inspection Portals that were substantially recognized in Q3 2024.

2024 年第三季的毛利率成長 306%，達到 919,000 美元，而 2023 年第三季為 226,000 美元。利潤率增加主要是由於與我們的兩個高速、以交通為重點的軌道車檢查門戶相關的變更單的授予，該變更單在 2024 年第三季度得到了充分認可。

This was offset by a $505,982 in services and consulting revenue from power consulting work, which had a onetime dilutive effect on gross margin. These same project revenues and subsequent margin impacts were absent during the third quarter of 2023.

這被電力諮詢工作帶來的 505,982 美元的服務和諮詢收入所抵消，這對毛利率產生了一次性的稀釋影響。2023 年第三季不存在這些相同的專案收入和隨後的利潤影響。

Operating expenses for Q3 2024 decreased 11% to $2.84 million compared to $3.2 million for Q3 2023. The decrease in expenses is attributed to reductions in development and administrative costs due to the completion of certain activities and the impact of previously implemented cost reductions. Stable operating expenses are expected for the remainder of 2024, while we continue to focus on further efficiencies to support anticipated revenue growth.

2024 年第三季的營運費用下降 11%，至 284 萬美元，而 2023 年第三季的營運費用為 320 萬美元。費用減少是由於某些活動的完成以及先前實施的成本削減的影響而導致開發和管理成本的減少。預計 2024 年剩餘時間內營運費用將保持穩定，同時我們將繼續專注於進一步提高效率以支持預期的收入成長。

The decrease in operating expenses is slightly offset by additional investments in sales resources for expansion of the commercial team that was made in the latter half of 2023 and in the first half of 2024. The company implemented a 5% reduction in staff in early Q3 2024.

營運費用的減少被 2023 年下半年和 2024 年上半年為擴大商業團隊而對銷售資源進行的額外投資略有抵銷。該公司於 2024 年第三季初實施了 5% 的裁員計劃。

Beginning in late Q3 2024, the company allocated personnel costs, typically recorded under operating expenses, to costs of revenue associated with power consulting efforts, allowing the company to recover costs that would not have otherwise and effectively providing contribution margin on part of the initial power consulting revenues.

從 2024 年第三季末開始，該公司將通常記錄在營運費用下的人員成本分配給與電力諮詢工作相關的收入成本，使該公司能夠收回原本無法有效提供部分初始電力貢獻邊際的成本。諮詢收入。

Net operating loss for Q3 2024 totaled $1.92 million compared to a net operating loss of $2.97 million for Q3 2023. Operating losses were thus more than $1 million lower than the comparative quarter of a year ago. The decrease in loss from operations was primarily the result of higher revenues recorded in the quarter related to the two high-speed RIPs for a passenger transit client, accompanied by a planned reduction in expenses, which resulted in an overall decrease in operating loss compared to the same quarter in 2023.

2024 年第三季的淨營運虧損總計 192 萬美元，而 2023 年第三季的淨營運虧損為 297 萬美元。因此，營運虧損比去年同期減少了 100 萬美元以上。營運虧損的減少主要是由於本季度與客運客戶的兩條高速 RIP 相關的收入增​​加，以及計劃中的費用削減，從而導致營運虧損總體下降。

Net loss for Q3 2024 totaled $1.4 million compared to a net loss of $2.95 million for Q3 2023. The $1.5 million decrease in net loss represents a 53% reduction, which was mostly attributed to the increase in revenues as described above, a onetime gain from a fair value adjustment and the extinguishment of warrant liabilities as well as remaining successful in driving down operating costs.

2024 年第三季的淨虧損總計 140 萬美元，而 2023 年第三季的淨虧損為 295 萬美元。淨虧損減少 150 萬美元，減少了 53%，這主要歸因於上述收入的增加、公允價值調整帶來的一次性收益、認股權證負債的消除以及在降低營運成本方面的成功。

For the 9 months ended 2024, net loss totaled $7.36 million or a loss of $0.98 per share compared to a net loss of $8.08 million or a loss of $1.12 per share in the same period last year. The decrease in net loss was primarily the result of planned decreases in operating expenses, as previously noted above, which offset the impact of slightly lower revenues in the equivalent period.

截至 2024 年的 9 個月，淨虧損總計 736 萬美元，即每股虧損 0.98 美元，而去年同期淨虧損為 808 萬美元，即每股虧損 1.12 美元。淨虧損的減少主要是由於計劃減少營運費用（如上所述），這抵消了同期收入略有下降的影響。

With regard to the balance sheet, at September 30, 2024, cash and cash equivalents was approximately $646,000 compared to $2.44 million at December 31, 2023. In addition, the company had over $2.21 million in receivables and contract assets for a total of approximately $2.86 million in cash and expected short-term liquidity.

就資產負債表而言，截至2024年9月30日，現金及現金等價物約為646,000美元，而2023年12月31日為244萬美元。此外，該公司還有超過221萬美元的應收帳款和合約資產，現金和預期短期流動資金總計約286萬美元。

Duos also has more than $1 million in inventory as of September 30, 2024, consisting primarily of long lead items for future RIP installations that are expected to be deployed this year and 2025. My overall comment on the balance sheet is that it remains stable in anticipation of the expected growth in the business next year.

截至 2024 年 9 月 30 日，Duos 的庫存也超過 100 萬美元，主要包括用於未來 RIP 安裝的長週期產品，預計將在今年和 2025 年部署。我對資產負債表的整體評價是，預計明年業務的預期成長，資產負債表將保持穩定。

Turning to the backlog. At the end of the third quarter, the company's contracts in backlog and near-term renewals and extensions are now more than $18.8 million in revenue, of which approximately at least $1.6 million is expected to be recognized during the remainder of 2024. The balance of contract backlog is comprised of multiyear service and software agreements as well as project and consulting revenues.

轉向積壓。截至第三季末，該公司積壓合約以及近期續約和延期合約的收入現已超過 1,880 萬美元，其中預計將在 2024 年剩餘時間內確認至少約 160 萬美元。合約積壓餘額包括多年服務和軟體協議以及專案和諮詢收入。

It should be noted that $10 million of the revenue backlog is for data access to support the new subscription business and is accounted for as a non-monetary exchange that resulted from an amendment to a Master Material and Service Purchase Agreement with a Class 1 railroad.

應該指出的是，積壓收入中的1000 萬美元用於數據訪問，以支持新的訂閱業務，並被視為非貨幣交換，這是由於對與1 級鐵路的主材料和服務採購協議進行修訂而產生的。

The agreement gives Duos the rights to use and resell all data required by seven portals owned by the Class one railroad. The initial decrease in cash receivables is expected to be offset from revenues for data subscriptions to owners and lessors of railcar assets for the provision of mechanical and safety data and longer term provide an expected growing high-margin revenue stream from subscribers.

該協議賦予 Duos 使用和轉售一級鐵路擁有的七個入口網站所需的所有數據的權利。應收現金的最初減少預計將被軌道車資產所有者和出租人提供機械和安全數據的數據訂閱收入所抵消，並且從長遠來看，訂閱者將帶來預期不斷增長的高利潤收入流。

Duos anticipates an improvement in operating results to be reflected over the next 12 months as a result of the new initiatives described in this release, and the company will provide further updates as they become available.

Duos 預計，由於本新聞稿中描述的新舉措，營運表現將在未來 12 個月內得到體現，並且該公司將在有進一步更新時提供這些更新。

This concludes my financial commentary, and I will now pass the call back to Chuck.

我的財務評論到此結束，現在我將把電話轉回給查克。

Thank you, Adrian. Let's talk first about our Duos Energy asset management agreement. I have previously spoken about the power industry experience that the Duos team and I have from our time with APR Energy. From 2016 to 2020, about 15 members of my current Duos team and I installed and operated more than 1 gigawatts of power. With our entry into the data center space earlier this year, the management team and I quickly determined that power and the increasing demand for data center computing, both cloud and edge, are linked.

謝謝你，阿德里安。我們先來談談我們的 Duos Energy 資產管理協議。我之前曾談過我和 Duos 團隊在 APR Energy 工作期間所獲得的電力產業經驗。從 2016 年到 2020 年，我和我目前的 Duos 團隊中大約 15 名成員安裝和營運了超過 1 吉瓦的電力。隨著我們今年稍早進入資料中心領域，我和管理團隊很快就確定，電力和資料中心運算（雲端和邊緣）不斷增長的需求是相關的。

About three months ago, we became aware that APR Energy's parent company, Atlas Corporation, wanted to exit the power business. With this opportunity in mind, we formed a partnership with Fortress Investment Group who will acquire the assets that will then be managed by Duos.

大約三個月前，我們得知 APR Energy 的母公司 Atlas Corporation 想要退出電力業務。考慮到這個機會，我們與 Fortress Investment Group 建立了合作夥伴關係，該集團將收購由 Duos 管理的資產。

I don't want to get too far into the details of the deal, given that the transaction will close upon the completion of customary closing conditions and regulatory approval, which we should expect in the coming 30 to 60 days. I will say that I've thoroughly enjoyed working with the Fortress team and our collective financial and legal advisers as well as the APR and Atlas team in putting the deal together.

我不想過多透露交易的細節，因為交易將在滿足慣例成交條件和監管部門批准後完成，我們預計將在未來 30 至 60 天內完成。我想說的是，我非常享受與 Fortress 團隊、我們的集體財務和法律顧問以及 APR 和 Atlas 團隊一起完成這筆交易的工作。

So what does this mean for Duos? First, it entails managing all aspects of 850 megawatts of power consisting of 30 gas mobile turbines, which includes 20 General Electric TM2500s and 10 Pratt & Whitney FT8 mobile packs.

那麼這對 Duo 意味著什麼？首先，它需要管理由 30 台燃氣移動渦輪機組成的 850 兆瓦電力的各個方面，其中包括 20 台通用電氣 TM2500 和 10 台普惠 FT8 行動包。

These generators can run on either diesel fuel or natural gas, producing anywhere from 20 to 35 megawatts each depending on the model. We will also manage an extensive inventory of balance-of-plant, which is the connective tissue needed to build a power plant.

這些發電機可以使用柴油或天然氣運行，每台發電機的發電量為 20 至 35 兆瓦，具體取決於型號。我們還將管理大量的植物平衡庫存，這是建造發電廠所需的結締組織。

This includes transformers, fuel and water forwarding and filtration equipment, switchgear, auxiliary black start generators and other key power plant equipment.

這包括變壓器、燃料和水輸送和過濾設備、開關設備、輔助黑啟動發電機和其他關鍵發電廠設備。

Since this is the same equipment that was managed by my team and I a few years ago, we have significant experience in all aspects of commercial deal development, engineering design, installation, operation and maintenance.

由於這與我和我​​的團隊幾年前管理的設備相同，因此我們在商業交易開發、工程設計、安裝、營運和維護的各個方面都擁有豐富的經驗。

Right now, if you want this kind of power, you will likely wait 24 months or more for the local utility or new equipment from an OEM to be ready to provide it. Our equipment and our team are ready immediately after closing, and we have experience building fast power plants in 30 days or less when required.

目前，如果您想要這種電力，您可能需要等待 24 個月或更長時間，當地公用事業公司或 OEM 的新設備才能準備好提供這種電力。我們的設備和團隊在關閉後立即準備就緒，並且我們擁有在需要時在 30 天或更短時間內建造快速發電廠的經驗。

The second positive impact for Duos is our commercial pipeline. Currently, we have over 35 power opportunities, of which 30 are data center developers and five are international opportunities. I've never seen so much demand for these assets.

Duos 的第二個正面影響是我們的商業管道。目前，我們擁有超過 35 個電力機會，其中 30 個是資料中心開發商，5 個是國際機會。我從未見過對這些資產的需求如此之大。

What we didn't expect that during our pre-deal commercial work was to find power opportunities. It has also opened more opportunities for Edge Data Center line of business, and our pipeline for that line of business has grown dramatically in just the last three months.

我們沒想到的是，在交易前的商業工作中，我們發現了權力機會。它還為邊緣資料中心業務線帶來了更多機會，並且我們該業務線的管道在過去三個月內急劇增長。

The third positive impact for Duos is financial. Again, we reported earlier today that the estimated value of the management contract is $42 million of revenue over two years. These revenues, along with the backlog we already have and expected growth of our Edge Data Center business and Railcar Inspection Portal business in the coming year allow me to confidently say we will become profitable in 2025.

Duos 的第三個正面影響是財務方面的。我們今天稍早再次報道稱，管理合約的估計價值為兩年內收入 4,200 萬美元。這些收入，加上我們已有的積壓訂單以及邊緣資料中心業務和軌道車檢查入口網站業務在來年的預期增長，讓我可以自信地說，我們將在 2025 年實現盈利。

I know there will be lots of questions around this opportunity, but we want to be cautious in how much information we released during the closing period and regulatory review.

我知道圍繞這個機會會有很多問題，但我們希望對在交割期間和監管審查期間發布的資訊量保持謹慎。

Let's talk about our Edge Data Center business. Duos Edge AI was incorporated this last summer, and already, we have 6 Edge Data Centers ready for immediate deployment where we will own, install, operate and maintain these colocation Edge Data Centers.

我們來談談我們的邊緣資料中心業務。Duos Edge AI 於去年夏天成立，我們已經擁有 6 個邊緣資料中心，可供立即部署，我們將擁有、安裝、營運和維護這些託管邊緣資料中心。

As I mentioned earlier, we have a team on the ground right now installing the first Edge Data Center in support of our Texas Region 16 school district customer located in Amarillo, Texas. The next 2 Edge Data Centers will be deployed by year-end into the city of Pampa, Texas.

正如我之前提到的，我們有一個團隊正在現場安裝第一個邊緣資料中心，以支援位於德克薩斯州阿馬裡洛的德克薩斯州第 16 區學區客戶。接下來的 2 個邊緣資料中心將於年底前部署到德州潘帕市。

We have already identified the locations and customers for the remaining Edge Data Centers, also primarily in Texas, with scheduled deployments through Q1 of next year. The commercial demand for these Edge Data Centers, which provides colocation services to underserved areas is overwhelming.

我們已經確定了其餘邊緣資料中心的位置和客戶（主要位於德克薩斯州），並計劃在明年第一季進行部署。這些邊緣資料中心為服務不足的地區提供託管服務，其商業需求是巨大的。

Our pipeline has grown significantly in the last few months and in some cases, includes a requirement for behind-the-meter power solutions similar to the larger cloud data centers. Our plan is to have at least 15 Edge Data Centers deployed by the end of 2025, but Doug Recker and I are exploring options to accelerate that.

我們的管道在過去幾個月中顯著增長，在某些情況下，包括對類似於大型雲端資料中心的表後電源解決方案的需求。我們的計劃是到 2025 年底部署至少 15 個邊緣資料中心，但 Doug Recker 和我正在探索加速這一進程的選項。

I also wanted to mention our strategic partnership with Accu-Tech, who is one of the largest distributors of infrastructure to the data center market. This partnership has been key to accessing the Edge Data Center manufacturing capability and supporting the equipment necessary to operate and maintain them. We have also continued our strategic partnership with FiberLight and other carriers to bring lower data latency and more robust networks into these underserved markets.

我還想提及我們與 Accu-Tech 的策略合作夥伴關係，Accu-Tech 是資料中心市場最大的基礎設施經銷商之一。這種合作夥伴關係對於獲得邊緣資料中心製造能力以及支援營運和維護它們所需的設備至關重要。我們也繼續與 FiberLight 和其他營運商建立策略合作夥伴關係，為這些服務不足的市場帶來更低的數據延遲和更強大的網路。

Now let's talk about our Railcar Inspection Portal business. We are making steady progress on our project with Amtrak. As I have previously reported, we have incurred delays out of our control with this installation, which have impacted us financially in previous quarters.

現在我們來談談我們的軌道車檢查門戶業務。我們與 Amtrak 的專案正在穩步取得進展。正如我之前所報告的，我們在安裝過程中發生了無法控制的延誤，這對我們前幾季的財務產生了影響。

However, we do continue to add financial value to this contract, and we are in discussions for additional portals in the future. We did recently install a large Edge Data Center into the Secaucus construction site, which you will see if you were traveling on the Northeast corridor passenger rail line. We are also planning for the deployment of a new portal at a large chemical manufacturing plant also located in Texas.

然而，我們確實繼續增加這份合約的財務價值，並且我們正在討論未來更多的入口網站。我們最近在錫考克斯建築工地安裝了一個大型邊緣資料中心，如果您乘坐東北走廊客運鐵路線旅行，您就會看到該中心。我們也計劃在同樣位於德州的一家大型化學製造廠部署一個新門戶。

Here's an update on our subscription offering. Late last year, Duos and Amtrak began a pilot program to test the subscription concept. At three of our portal locations, Amtrak's long-distance passenger trains are scanned, and the machine vision images are sent in real time to Amtrak mechanical inspectors who have used the data with excellent results during the testing period.

以下是我們訂閱服務的最新動態。去年年底，Duos 和 Amtrak 開始了一項試點計劃來測試訂閱概念。在我們的三個入口網站，對Amtrak的長途客運列車進行掃描，並將機器視覺圖像即時發送給Amtrak機械檢查員，他們在測試期間使用這些數據並取得了優異的結果。

In partnership with Canadian National, Duos now offers shippers and car owners that transit the CN network the opportunity to subscribe to our cutting-edge machine vision data safety. This safety information can be used in various ways to include predictive maintenance, train analytics and overall fleet health and maintenance.

Duos 與加拿大國家航空 (Canadian National) 合作，現在為透過 CN 網路的托運人和車主提供訂閱我們尖端的機器視覺資料安全的機會。這些安全資訊可以透過多種方式使用，包括預測性維護、列車分析以及整體車隊健康和維護。

The intent is to have better maintain railcars that make the network safer and more productive for everyone. We are getting significant interest now with this offering, especially with several large chemical producers and shippers.

目的是更好地維護軌道車，使網路對每個人來說都更安全、更有效率。我們現在對這款產品產生了濃厚的興趣，特別是幾家大型化學品生產商和運輸商。

With the diversification and expected expansion of the business, I have taken several steps over the last few months to adjust the organization of the company to accommodate and properly manage these 3 lines of business. First, we have appointed Chris King, previously the Chief Commercial Officer, to be our Chief Operating Officer at the group level.

隨著業務的多元化和預期的擴展，在過去的幾個月裡，我採取了幾個步驟來調整公司的組織，以適應和妥善管理這三個業務線。首先，我們任命前首席商務官克里斯金 (Chris King) 擔任集團層面的營運長。

And let me just make that correction. First, we have nominated Chris King, previously the Chief Commercial Officer, to be our Chief Operating Officer at the group level, and we expect him to take that position here very shortly.

讓我糾正一下。首先，我們已提名前首席商務官克里斯金 (Chris King) 擔任我們集團層面的首席營運官，我們預計他很快就會擔任該職位。

Jeff Necciai, our CTO, has assumed a broader leadership role to lead our Railcar Inspection Portal line of business. Doug Recker continues to be the President and lead for our Edge Data Center business. But in the last few months, we have expanded his role to be the Chief Commercial Officer at the group level.

我們的技術長 Jeff Necciai 承擔了更廣泛的領導角色，領導我們的軌道車檢查門戶業務線。Doug Recker 繼續擔任總裁並領導我們的邊緣資料中心業務。但在過去的幾個月裡，我們將他的角色擴大為集團級別的首席商務官。

We have reorganized the staff where some of the employees are assigned into the business units permanently, but others fall into a shared services organization supervised by Chris King, Chief Operating Officer, and Adrian Goldfarb, Chief Financial Officer. This allows us to support the three different lines of business in a cross-functional manner.

我們對員工進行了重組，其中一些員工被永久分配到業務部門，但其他員工則屬於由首席營運長 Chris King 和首席財務長 Adrian Goldfarb 監督的共享服務組織。這使我們能夠以跨職能的方式支援三個不同的業務線。

Again, the strength of Duos is our management team and our employees. As we grow, it allows me to offer more responsibility and professional opportunities to high potential leaders and employees. Building and growing highly effective teams is what I've always loved to do when serving in the Army and now in my civilian business career.

再次強調，Duos 的優勢在於我們的管理團隊和員工。隨著我們的成長，它使我能夠為高潛力的領導者和員工提供更多的責任和專業機會。建立和發展高效的團隊是我在陸軍服役時一直喜歡做的事情，現在是我的民事商業生涯。

As always, I want to thank our business partners, our Board of Directors and our shareholders for their continued support. The outlook for Duos looks very promising right now, and I'm excited to be able to lead it.

一如既往，我要感謝我們的業務夥伴、董事會和股東的持續支持。Duo 的前景目前看起來非常有希望，我很高興能夠領導它。

Thank you for listening, and we'll now open the call for your questions. Operator, please provide the appropriate instructions.

感謝您的收聽，我們現在將開始電話詢問您的問題。操作員，請提供適當的說明。

Great. Thank you. And I'll be conducting a question-and-answer session. (Operator Instructions)

偉大的。謝謝。我將主持問答環節。（操作員說明）

Mike Latimore from Northland Capital Markets.

來自 Northland Capital Markets 的 Mike Latimore。

Yeah, great, thanks. Yeah, Congrats on all the recent developments here. It looks great. So just starting with the energy business. I guess, Chuck, did you say that the assets that you will be deploying and managing are the same ones you used to work with at APR?

是的，太好了，謝謝。是的，祝賀這裡最近的所有進展。看起來很棒。那就從能源業務開始吧。我猜，Chuck，您是否說過您將部署和管理的資產與您在 APR 中使用的資產相同？

Yeah, that's exactly correct. Yes. So I was the CEO for APR Energy, also based here out of Jacksonville, by the way, between 2016 and 2020. And a lot of the folks that served with me at that company have joined me over the last few years here at Duos. So yes, so these are the exact same assets. We're very, very familiar with them. And I think we'll be off to a fast start in terms of managing them.

是的，這是完全正確的。是的。順便說一句，我在 2016 年至 2020 年間擔任 APR Energy 的首席執行官，該公司的總部也位於傑克遜維爾。在過去幾年裡，許多在那家公司與我一起工作的人都加入了我的 Duos。所以是的，所以這些是完全相同的資產。我們對他們非常非常熟悉。我認為我們在管理它們方面將會快速起步。

Great. Great. And then on the $42 million, I guess that's revenue over two years. And just to be clear, is that guaranteed revenue? And also, does that build over time as you deploy these turbines? Or is there some kind of sort of normalized quarterly run rate?

偉大的。偉大的。然後，4200 萬美元，我想這是兩年的收入。需要澄清的是，這是否有保證收入？而且，隨著您部署這些渦輪機，這種情況會隨著時間的推移而增加嗎？或者是否存在某種標準化的季度運行率？

Yeah, I would probably characterize that as it's the estimated revenues that we have developed from our financial models in coordination with Fortress Investment Group. Again, those revenues aren't guaranteed. They're estimated based on the business plan that we've developed jointly with Fortress Investment Group.

是的，我可能會這麼描述，因為這是我們與 Fortress Investment Group 協調根據財務模型得出的估計收入。同樣，這些收入並沒有得到保證。它們是根據我們與 Fortress Investment Group 共同製定的業務計劃進行估算的。

Okay. So, it would build over time as you deploy these systems basically?

好的。那麼，當您基本上部署這些系統時，它會隨著時間的推移而建置嗎？

Yeah, I think after the closing, it will probably build up over the first part of 2025, and then it will probably level out a little bit as we go through. That being said, depending on the pace of deploying the assets, if it goes very, very fast, and it might, those revenues could potentially go higher.

是的，我認為交易結束後，它可能會在 2025 年上半年逐漸增加，然後隨著我們的經歷，它可能會趨於平穩。話雖如此，根據資產部署的速度，如果進展非常非常快，而且有可能，這些收入可能會更高。

But again, what we've done is we've taken and built a conservative business plan and model that we work together with Fortress Investment Group jointly. And so that's where those numbers are derived from.

但同樣，我們所做的是我們採取並建立了一個保守的商業計劃和模型，我們與 Fortress Investment Group 共同合作。這就是這些數字的來源。

Yeah. Yeah. And it's a two-year deal, but I'm guessing that customers will need power beyond two years.

是的。是的。這是一項為期兩年的協議，但我猜測客戶將需要兩年以上的電力。

That's absolutely correct. Yes. We're -- again, we have a very robust pipeline. We've been -- during the last 90 days or so, we've been very active commercially developing deals as part of putting this together. There are a lot of customers, particularly in the data center space that want power at least three years.

這是絕對正確的。是的。我們再次強調，我們擁有非常強大的管道。在過去 90 天左右的時間裡，我們一直非常積極地進行商業交易，作為整合的一部分。有很多客戶，特別是資料中心領域的客戶，需要至少三年的電力。

Some of them are calling for five years. So this is a new kind of thing for the data center space, this behind-the-meter concept. But it's obviously, all the analysts like yourself have seen a lot of discussion about it and understand that it's going to be in high demand for the next several years at the moment.

他們中的一些人要求五年。因此，對於資料中心領域來說，這是一種新事物，即儀表後面的概念。但顯然，所有像您這樣的分析師都已經看到了很多關於它的討論，並且明白目前它在未來幾年的需求將會很高。

Great. And then just last one on the data center business. I think you said that there's $3.3 million of recurring revenue in '25 tied to the six you currently have. Is that right?

偉大的。最後一篇是關於資料中心業務的。我想你說過 25 年有 330 萬美元的經常性收入與你目前的 6 個收入有關。是這樣嗎？

That's -- well, it starts with the six. So what it really means is that we have a business plan similar to the energy business to deploy 15 Edge Data Centers that will be put in incrementally starting now all the way through the end of 2025. So that $3.3 million really represents kind of an incremental buildup to that 15 by the end of the year. And Adrian is going to keep me straight. Did I get that correct? Okay. Thank.

那是——嗯，從六個開始。因此，它的真正意義是，我們有一個類似於能源業務的業務計劃，部署 15 個邊緣資料中心，這些資料中心將從現在開始逐步部署，一直到 2025 年底。因此，這 330 萬美元實際上代表了到今年年底 15 美元的增量累積。阿德里安會讓我保持清醒。我說得對嗎？好的。感謝。

That is absolutely correct.

這是絕對正確的。

Got it. That makes sense. That makes sense. Great. All right. Awesome. Well, best of luck. That's great.

知道了。這是有道理的。這是有道理的。偉大的。好的。驚人的。好吧，祝你好運。那太棒了。

All right. Thanks so much Mike.

好的。非常感謝邁克。

Ed Woo from Ascendiant Capital Markets.

來自 Ascendiant Capital Markets 的 Ed Woo。

Yeah, congratulations on all the progress. My question is, as you guys move into the power business and the data center business, who are your competitors? And have you seen a big change in the competitive landscape recently?

是的，祝賀所有的進展。我的問題是，當你們進入電力業務和資料中心業務時，你們的競爭對手是誰？您最近是否看到競爭格局發生了巨大變化？

Yeah. Well, let's talk about the Edge Data Center business first. Look, there are certainly competitors out there. One potential competitor, but also a potential partner for us is Ubiquity Edge business. That's the business that Doug Recker sold his EdgePresence business to. But to be honest right now, we've actually been working in partnership with Ubiquity.

是的。好吧，我們先來談談邊緣資料中心業務。瞧，那裡一定有競爭對手。Ubiquity Edge 業務是我們的一個潛在競爭對手，也是我們的潛在合作夥伴。Doug Recker 將其 EdgePresence 業務出售給了這家公司。但說實話，現在我們實際上一直在與 Ubiquity 合作。

At this point right now, the demand for the Edge Data Center is so high that there's enough work share for everybody. And we just really haven't seen any direct head-to-head competition as of yet. I think we should expect that we will see some.

目前，對邊緣資料中心的需求非常高，每個人都有足夠的工作份額。到目前為止，我們還沒有看到任何直接的正面競爭。我認為我們應該期待我們會看到一些。

But at this moment, there's not too many folks out there doing this in a similar way that we're doing it, where we're basically owning, installing and operating those Edge Data Centers at this moment.

但目前，沒有太多人以與我們類似的方式做這件事，我們目前基本上擁有、安裝和營運這些邊緣資料中心。

On the power side, that's a much more competitive space. Typically, we think of competitors in that space as the larger OEMs, such as like General Electric, Siemens, Caterpillar, Cummins and others. These obviously are the manufacturers of the generation equipment itself.

在電力方面，這是一個競爭更加激烈的領域。通常，我們認為該領域的競爭對手是較大的原始設備製造商，例如通用電氣、西門子、卡特彼勒、康明斯等。這些顯然是發電設備本身的製造商。

And then there's smaller companies that also kind of participate in the temporary power or power rental business. I won't go into those details right now, but we're very, very familiar with all of them. The challenge for everybody in that space right now is the availability of equipment.

還有一些較小的公司也參與臨時電力或電力租賃業務。我現在不會詳細討論這些細節，但我們對所有這些都非常非常熟悉。目前該領域每個人面臨的挑戰是設備的可用性。

So if you want to get -- if you want to put a behind-the-meter solution in to, let's say, to a new data center project, you're probably going to get into a waiting line that's going to be at least 24 months long, potentially longer.

因此，如果您想將儀表後解決方案放入新的資料中心專案中，那麼您可能會排隊，等待時間至少為24 個月，甚至可能更長。

If you're going to try to have a utility cover down on, let's say, 200 to 300 megawatts, some of the utilities have a similar challenge where they can't -- they're not going to be able to put in new equipment for 24 to 36 months and/or the transmission and distribution infrastructure to be able to deliver that power to the site itself.

如果你打算嘗試將公用事業覆蓋率降低到 200 到 300 兆瓦，那麼一些公用事業公司也面臨著類似的挑戰，但他們卻無法做到這一點——他們將無法投入新的電力24 至36 個月的設備和/或輸電和配電基礎設施，以便能夠將電力輸送到現場本身。

So, the challenge the data center space has at this moment is a shortage of equipment. We're fortunate right now. We had an opportunity to take down 850 megawatts. That equipment is immediately available right now as we speak. And we're talking to a lot of folks that are interested in putting their names on that equipment right now.

因此，資料中心空間目前面臨的挑戰是設備短缺。我們現在很幸運。我們有機會減少 850 兆瓦的電力。就在我們說話的時候，該設備立即可用。我們正在與許多有興趣立即將自己的名字寫在該設備上的人進行交談。

Great. Well, thank you for answering my questions for all the information. I wish you guys good luck. Thank you.

偉大的。好的，感謝您回答我的問題並提供所有資訊。祝你們好運。謝謝。

Okay, appreciate it. Thank you.

好的，欣賞一下。謝謝。

Nikolay Selkov, (inaudible).

尼古拉·塞爾科夫,（聽不清楚）。

Hello. Can you hear me?

你好。你聽得到我嗎？

Yes, yes. Yeah, Nikolai. It's good. Good to meet you. I don't think we've spoken to you before.

是的，是的。是的，尼古拉。很好。很高興認識你。我想我們之前沒跟你說過話。

No, no, no, no. Well, I actually -- first of all, let me start by saying, Chuck, you did an excellent presentation of the numbers. And the guy before you also did an excellent presentation. I think you guys both did an excellent presentation. I like your company. I was interested in two things.

不，不，不，不。嗯，實際上，首先，讓我先說，查克，你對數字的介紹非常出色。在你之前的人也做了精彩的演講。我認為你們倆都做了精彩的演講。我喜歡你們的公司。我對兩件事感興趣。

First of all, the Amtrak situation, right? So, are we hoping to expand this in a more, how shall we say, quicker way? There's already Amtrak contracts, right? There's contracts with the United States government, kind of quasi-government. Are we hoping to expand that quickly?

首先，Amtrak的情況，對吧？那麼，我們是否希望以更快速的方式來擴展它？已經有Amtrak合約了，對吧？與美國政府（某種準政府）簽訂了合約。我們希望快速擴張嗎？

Yeah. So this -- the contract that we've had with Amtrak, for everybody that's on the line, basically, Amtrak has unfortunately had delays with this particular project, but they've had delays with a lot of their projects. The challenge for Amtrak as a government organization has been that they are very well funded right at this moment, and they're undertaking a lot of projects. Many of them are in very close proximity in the Northeast Corridor. And that unfortunately has had kind of some impacts to our particular installation at Secaucus, New Jersey.

是的。因此，我們與 Amtrak 簽訂的合同，對於所有在線的人來說，基本上，Amtrak 不幸地在這個特定項目上出現了延誤，但他們的許多項目也出現了延誤。作為一個政府組織，Amtrak 面臨的挑戰是，他們目前資金充足，並且正在進行許多計畫。其中許多都非常接近東北走廊。不幸的是，這對我們在新澤西州錫考克斯的特定安裝產生了一些影響。

That being said, we do expect.

話雖這麼說，我們確實期待。

Do expect, is it just a problem of like okay. So let's say, not the northeast quarter, let's say, well, there are other quarters obviously, you know, do they not, do they not want to give you guys the Edge network recip reciprocity, I suppose is the right word like to allow you to utilize your Edge network to make, it's, it's not a big deal, I mean, but it's like, you know, it's kind of a big deal. I mean, why not, why not, why not all of Amtrak runs on Duos?

請期待，這只是個好問題嗎？所以，讓我們說，不是東北地區，讓我們說，好吧，顯然還有其他地區，你知道，他們不是嗎，他們不想給你們邊緣網絡互惠嗎，我想是正確的詞，比如允許你利用你的邊緣網絡來做，我的意思是，這不是什麼大事，但它就像，你知道，這是一件大事。我的意思是，為什麼不，為什麼不，為什麼不是所有的 Amtrak 都運行 Duos？

Yeah,I think what kind of -- what's going on right now is, like I said, over the last year, because we see Amtrak trains in some of our other portals here in the United States. So really, Amtrak has been kind of using our tool at those three other portals for the last year.

是的，我認為現在正在發生的事情，就像我說的，在過去的一年裡，因為我們在美國的其他一些門戶網站上看到了美鐵列車。事實上，Amtrak 去年一直在其他三個入口網站上使用我們的工具。

This is very, very new technology to the railroads, quite frankly. And Amtrak has been very successful in kind of their initial test run. And so we are actually in discussions to build additional portals on the larger Amtrak network right now.

坦白說，這對鐵路來說是非常非常新的技術。美鐵的初步試運行非常成功。因此，我們現在實際上正在討論在更大的 Amtrak 網路上建立更多入口網站。

That's great. That's great. That's fantastic. Also, you guys are based in Florida.

那太棒了。那太棒了。太棒了。另外，你們的總部設在佛羅裡達州。

That's correct. We're here in Jacksonville, Florida. Yes.

這是正確的。我們在佛羅裡達州傑克遜維爾。是的。

Oh, excellent. Well, I was going to visit a part of Florida, but I don't know if it's near Jacksonville. So what that, that, that was, those were all my questions I was, you know, I think, I think it's a great technology. I think you guys are building out a great network. You worked for a company that was the company and now is the company and you're building out a technology and I thought it was cool that you were building it out for Amtrak trains and certainly that you got the Northwest Quarter down. And, you know, I just, I hope that that you get all the other quarters down and well.

哦，太棒了。嗯，我要去佛羅裡達州的一部分，但我不知道它是否在傑克遜維爾附近。那是什麼，那是什麼，這些都是我的問題，你知道，我認為，我認為這是一項偉大的技術。我認為你們正在建立一個很棒的網絡。你曾在一家公司工作過，現在是這家公司，你正在開發一項技術，我認為你為美國鐵路公司（Amtrak）火車開發這項技術很酷，當然你還把西北區搞下來了。而且，你知道，我只是希望你讓其他所有方面都順利。

I appreciate, appreciate, appreciate your questions, Nikolai.

我很感激，很感激，很感激你的問題，尼古拉。

Dan Weston, [WestCapital Management].

丹·韋斯頓，[西部資本管理].

Yeah. Hi, good afternoon guys. And congrats again on the, on your agreement with Fortress. Some of the questions have been answered. If I could follow up, and I know you're limited in what you can say. But Chuck, you mentioned that on the estimated $42 million over two years. I guess I just wanted to understand, is that dependent on how many megawatts are deployed is how you'll get calculated your revenue stream?

是的。嗨，大家下午好。再次恭喜您與 Fortress 達成協議。一些問題已經得到解答。如果我能跟進的話，我知道你能說的有限。但是查克，你提到了兩年內估計 4200 萬美元的費用。我想我只是想了解，您將如何計算您的收入流，這是否取決於部署了多少兆瓦？

Yeah, that's part of it. At a broad level, again, we put together this business plan with -- and so we do that where we generate a set of operational assumptions -- and then we match obviously, financial assumptions to that to build out the model.

是的，這就是其中的一部分。再次，在廣泛的層面上，我們將這個業務計劃與 - 因此我們在生成一組營運假設的情況下這樣做 - 然後我們顯然將財務假設與該假設相匹配以構建模型。

So, and there's so the key activities that we'll conduct in that. One, we'll provide some, I'll call it, back-office services. But more importantly, we'll provide the supervision of maintenance of the assets and preparation of those assets for the deployment. We'll supervise the installations and manage the installations of those assets on certain projects. And then once the power is installed, we'll actually supervise and manage the operations and maintenance of those assets when they're actually producing power.

因此，我們將在這方面進行關鍵活動。第一，我們將提供一些我稱為後台服務的服務。但更重要的是，我們將監督資產的維護以及這些資產的部署準備。我們將監督安裝並管理某些項目中這些資產的安裝。一旦安裝了電力，我們將在這些資產實際發電時實際監督和管理它們的運作和維護。

So depending on when some of those key activities happen, in particular, the installations, that can kind of cause the needle to kind of go up or down in that. And we know that based on our experience from running the assets before with APR.

因此，取決於其中一些關鍵活動發生的時間，特別是安裝，這可能會導致指針上升或下降。根據我們之前使用 APR 運行資產的經驗，我們知道這一點。

Okay. Okay. Fair. I think I get the gist of it. I'll wait until the deal closes and we can get more detail. You mentioned that you have a pipeline that's building in that business already. I think you said you have 35 potential opportunities. Is there a way you can translate that into potential megawatts for those potential 35 opportunities?

好的。好的。公平的。我想我明白了它的要點。我會等到交易完成，我們才能獲得更多細節。您提到您已經在該業務中建立了一條管道。我想你說過你有 35 個潛在機會。有沒有辦法可以將其轉化為這 35 個潛在機會的潛在兆瓦數？

Yeah, I mean if we were to address -- well, first off, we would be sold out. Just if we were able to, let's just say, pull down, let's just say, five on the high side, maybe 10 of those opportunities, we would be sold out.

是的，我的意思是，如果我們要解決——嗯，首先，我們就會被賣光。如果我們能夠，比方說，拉低，比方說，五個偏高的機會，也許其中的 10 個機會，我們就會被賣光。

So, I think the way we want to think about this is, look, we're starting off with this first tranche of 850 megawatts. But I think Duos with Fortress Investment Group will look for other opportunities to expand that business, expand the amount of those assets and the overall value of the deal.

所以，我認為我們思考這個問題的方式是，看，我們從第一批 850 兆瓦開始。但我認為 Duos 與 Fortress Investment Group 將尋找其他機會來擴大業務、擴大這些資產的數量以及交易的整體價值。

Okay. Yeah, that's exactly where I was going. It seemed like you don't have enough megawatts if you were going to calculate them. Is there anything that you can share with us relating to what kind of margins you expect to generate from this particular agreement?

好的。是的，那正是我要去的地方。如果你要計算它們，你似乎沒有足夠的兆瓦。關於您希望從該特定協議中獲得多少利潤，您有什麼可以與我們分享的嗎？

You know, I'd rather not talk about that right now. That's something that we've been kind of advised by counsel just to hold off until we get to the deal closing. And that will be in the next 30 days, and we'll talk more about it in more detail about this whole thing here when we do that.

你知道，我現在不想談論這個。律師建議我們推遲這樣做，直到交易完成。那將是在接下來的 30 天內，當我們這樣做時，我們將在這裡更詳細地討論整個事情。

Okay. Great stuff. A couple more, if I may. On the data center business, I wrote down, I thought you said something to the effect of you expect to have 15 EDCs fully deployed by year-end next year and that you thought you and Doug were coming up with ways that you may be able to accelerate that. Could you expound on that a little bit and what you have planned to accelerate that potential program?

好的。很棒的東西。如果可以的話，還有幾個。關於資料中心業務，我寫下了，我認為您所說的內容是您預計到明年年底完全部署 15 個 EDC，並且您認為您和 Doug 正在想出一些方法，使您能夠來加速這一點。您能否詳細說明這一點以及您計劃如何加速該潛在計劃？

Yeah. So again, everybody, if you read a little bit about our business and Doug Recker in particular, Doug has a long history and experience in the data center sector. Doug and I are in discussions with a couple of hyperscalers that are interested -- very, very interested in using the experience that Doug has and the capabilities that we have to maybe accelerate the deployment of those Edge Data Centers.

是的。再說一遍，各位，如果您稍微了解我們的業務，特別是 Doug Recker，您會發現 Doug 在資料中心領域擁有悠久的歷史和經驗。道格和我正在與一些有興趣的超大規模企業進行討論——非常非常有興趣利用道格擁有的經驗和我們可能擁有的能力來加速這些邊緣資料中心的部署。

So it would be probably in some sort of a partnership with some of the big hyperscalers out there. Again, those are, I would say, in discussions and really not able to kind of talk to them publicly at least not right now.

因此，它可能會與一些大型超大規模企業建立某種合作夥伴關係。我想說，這些都在討論中，而且確實無法與他們公開交談，至少現在不行。

Okay. Okay. We'll follow up with you on that one. Also relating to one of the previous questions, the company that Doug sold EdgePresence to Ubiquity, I had previously thought them to be a potential competitor to you. Now you mentioned that they could be a potential partner for you. Can you expand a little on that potential partnership and why somebody like a Ubiquity would need a partner like Duos Edge AI?

好的。好的。我們將與您跟進此事。同樣與之前的問題之一有關，Doug 將 EdgePresence 出售給 Ubiquity 的公司，我之前曾認為他們是您的潛在競爭對手。現在您提到他們可能是您的潛在合作夥伴。您能否詳細介紹一下這種潛在的合作夥伴關係以及為什麼像 Ubiquity 這樣的公司需要像 Duos Edge AI 這樣的合作夥伴？

We talked about the three. Yes. So yes, recently, we -- so we acquired three additional Edge Data Centers that had already been manufactured. And that was actually a deal that we did with Ubiquity. So Ubiquity's Edge Data Center business had some additional undeployed Edge Data Centers. We got into a commercial discussion.

我們談到了這三個人。是的。所以，是的，最近，我們買了另外三個已經製造出來的邊緣資料中心。這實際上是我們與 Ubiquity 達成的協議。因此，Ubiquity 的邊緣資料中心業務還有一些額外的未部署邊緣資料中心。我們進行了商業討論。

And so they -- we kind of cut a deal where we took those three Edge Data Centers, and we'll deploy them in return for some longer-term consideration on those Edge Data Centers with Ubiquity. So it was kind of a win-win in this situation. Again, we view them as a partner.

因此，我們與這三個邊緣資料中心達成了一項協議，我們將部署它們，以換取對這些無處不在的邊緣資料中心的長期考慮。所以在這種情況下這是一種雙贏。我們再次將他們視為合作夥伴。

At the same time, they could be a competitor. That's no different than in the power industry. You could potentially consider General Electric or Siemens or Pratt & Whitney as a partner. And then in other days, depending on the opportunity, they're competing against you. So it's not really a whole lot different.

同時，他們也可能是競爭對手。這與電力產業沒有什麼不同。您可以考慮將通用電氣、西門子或普惠公司作為合作夥伴。然後在其他日子裡，根據機會，他們會與你競爭。所以這並沒有太大不同。

Fair enough. I appreciate that. And then lastly, from my standpoint, could you give us any sense of what you're expecting generally speaking, for subscription revenue generated from your rail business in 2025?

很公平。我很欣賞這一點。最後，從我的角度來看，您能否告訴我們您對 2025 年鐵路業務產生的訂閱收入的整體預期是多少？

Yes. So my CFO is telling me probably about $2 million to $3 million is what we currently have forecast right now for that.

是的。因此，我的財務長告訴我，我們目前的預測可能約為 200 萬至 300 萬美元。

Just subscription.

只是訂閱。

Just subscription. Yes, just for the railcar subscription business, about $2 million to $3 million. Yes.

只是訂閱。是的，僅就軌道車訂閱業務而言，大約需要 200 萬至 300 萬美元。是的。

Got it. Okay. I'll follow up with you in a little while. Congrats again. It looks like a wonderful deal.

知道了。好的。我稍後會跟進你。再次恭喜。看起來這是一筆很棒的交易。

Okay. We appreciate it, and thanks for the questions.

好的。我們對此表示讚賞，並感謝您提出的問題。

This concludes the question-and-answer session. I'd like to turn the floor back to Mr. Ferry for any closing comments.

問答環節到此結束。我想請費裡先生發表最後評論。

Okay. Well, again, we really appreciate everybody joining. And again, I always appreciate the support from our Board of Directors and shareholders and everybody else that partners with us. So thank you again for joining us on today's call.

好的。再次，我們非常感謝大家的加入。再次強調，我始終感謝董事會、股東以及所有與我們合作的其他人的支持。再次感謝您參加今天的電話會議。

Before we conclude today's call, I'd like to provide Duos' safe harbor statement that includes important cautions regarding forward-looking statements made during this call. This earnings call contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking terminology such as beliefs, expects, may, will, should, anticipates, plans and their opposite or similar expressions are intended to identify forward-looking statements.

在我們結束今天的電話會議之前，我想提供 Duos 的安全港聲明，其中包括有關本次電話會議期間所做前瞻性陳述的重要警告。本次財報電話會議包含 1995 年《私人證券訴訟改革法案》意義內的前瞻性陳述。前瞻性術語，例如信念、期望、可能、將、應該、預期、計劃及其相反或類似的表達方式旨在識別前瞻性陳述。

We caution you that these statements are not guarantees of future performance or events and are subject to a number of uncertainties and risks and other influences, many of which are beyond our control, which may influence the accuracy of the statements and the projections upon which the statements are based and could cause Duos Technologies Group actual results to differ materially from those anticipated by future forward-looking statements.

我們提醒您，這些陳述並不是對未來業績或事件的保證，並且受到許多不確定性、風險和其他影響，其中許多因素超出了我們的控制範圍，這可能會影響陳述和預測的準確性。是基於並可能導致Duos Technologies Group 的實際結果與未來前瞻性陳述的預期產生重大差異。

These risks and uncertainties include, but are not limited to, those described in Item 1A in Duos' annual report on Form 10-K, which is expressed incorporated herein by reference and other factors as may periodically be described in Duos' filings with the SEC.

這些風險和不確定性包括但不限於 Duos 表格 10-K 年度報告第 1A 項中所述的風險和不確定性（透過引用併入本文）以及 Duos 向 SEC 提交的文件中可能定期描述的其他因素。

Thank you for joining us today for Duos Technologies second quarter 2024 -- sorry, third quarter 2024 Earnings conference call. You may disconnect your lines at this time. Thank you again, and have a great day.

感謝您今天參加 Duos Technologies 2024 年第二季的業績電話會議——抱歉，這是 2024 年第三季的收益電話會議。此時您可以斷開線路。再次感謝您，祝您有美好的一天。