Duos Technologies Group Inc (DUOT) 2025 Q2 法說會逐字稿

Welcome, everyone, and thank you for joining us. Earlier today, we issued our earnings press release and our 2025 second-quarter 10-Q. Copies are available on the Investor Relations section of our website. I encourage all listeners to view the press releases and our 10-Q filing to better understand some of the details we'll be discussing during today's call.

歡迎大家，感謝你們的加入。今天早些時候，我們發布了收益新聞稿和 2025 年第二季 10-Q 報表。您可以在我們網站的投資者關係部分取得副本。我鼓勵所有聽眾查看新聞稿和我們的 10-Q 文件，以便更好地了解我們將在今天的電話會議上討論的一些細節。

Our strategy to pivot to the Edge Data Center business is gaining momentum. We remain on plan to install 15 Edge Data Centers in Texas this year, and our pipeline of opportunities for 2026 is growing. Now that we have properly capitalized this business through our recent raise, we have all the ingredients in place to grow this exciting new opportunity that is part of the overall data center growth story. Through our asset management agreement with APR Energy, we have installed and commercially delivered a 150-megawatt gas turbine power plant in Mexico in 35 days.

我們轉向邊緣資料中心業務的策略正在獲得發展動力。我們仍計劃今年在德克薩斯州安裝 15 個邊緣資料中心，並且我們 2026 年的機會管道正在增加。現在，我們已經透過最近的融資為這項業務適當地註入了資本，我們已經具備了發展這一令人興奮的新機會的所有條件，這是整個資料中心成長故事的一部分。透過與 APR Energy 簽訂的資產管理協議，我們在 35 天內在墨西哥安裝並商業交付了一座 150 兆瓦的燃氣渦輪發電廠。

Simultaneously, we have delivered additional gas turbines into a large AI data center facility here in the United States. The steady recurring revenues from the asset management agreement have stabilized our financials in a very positive way. The Railcar Inspection Portal business has largely been flat, but the rail industry has generally acknowledged it will be used very broadly in the coming years. As you will hear from Adrian, our financial situation has much improved from this time last year, and we remain confident on the guidance we have issued for this year.

同時，我們也向美國的一個大型人工智慧資料中心設施運送了更多的燃氣渦輪機。資產管理協議帶來的穩定經常性收入非常積極地穩定了我們的財務狀況。軌道車輛檢查門戶業務基本上持平，但鐵路行業普遍承認，未來幾年它將得到廣泛的應用。正如阿德里安所說，我們的財務狀況比去年同期有了很大改善，我們對今年發布的指導仍然充滿信心。

Over to you, Adrian, for the numbers.

阿德里安，數據交給你了。

Thank you, Chuck. As usual, before covering the specific results for the second quarter, I will discuss the state of the company and the transformation that we have undergone in the past 15 months since I returned as Chief Financial Officer. At that time, Chuck expressed his desire to put the company on a different trajectory. He asked me and other senior leadership to work as a team to identify ways in which we might direct the considerable talent that had been assembled to redirect available resources, specifically financial, operational, and technical, such we might put Duos on the path to significant growth and profitability.

謝謝你，查克。像往常一樣，在介紹第二季度的具體業績之前，我將討論一下公司狀況以及自我重返首席財務官職位以來的15個月裡我們經歷的轉型。當時，查克表達了他希望讓公司走上不同發展軌跡的願望。他要求我和其他高階領導組成一個團隊，尋找方法引導已聚集的大量人才重新分配可用資源，特別是財務、營運和技術資源，這樣我們就可以讓 Duos 走上顯著增長和盈利的道路。

During the strategic planning that has led us to where we are today, we recognize that despite the outstanding achievements we had made in developing the technology underlying the Railcar Inspection Portal, the speed at which the rail industry would adopt our solutions and, as a small company, our ability to influence the industry seemed as if the time it might take and the financial resources needed might not be compatible with providing the returns our shareholders are expecting and shareholders whom I should say have been extremely supportive.

在製定策略規劃的過程中，我們認識到，儘管我們在開發軌道車輛檢查門戶的技術方面取得了傑出的成就，但鐵路行業採用我們解決方案的速度以及我們作為一家小公司對行業的影響能力似乎與所需的時間和財務資源無法兼容，無法為股東提供他們所期望的回報，而股東們應該說一直非常支持我們。

The management team, under Chuck's leadership, identified that we needed to diversify the business into at least two distinct businesses where the existing personnel had the skills and talent to rapidly undertake such a transition and make it successful in a relatively short space of time. Chuck has previously discussed the thinking behind teaming up with Fortress Investment Group to pursue a multi-hundred-million-dollar purchase of gas turbines for power generation, resulting in an estimated $42 million contract for Duos to operationally manage those assets as well as a 5% stake in the New APR entity, which we expect to be very accretive to shareholder value in the future.

在查克的領導下，管理團隊發現我們需要將業務多元化，至少分為兩個不同的業務，現有人員擁有技能和才能，可以快速進行這種轉型，並在相對較短的時間內取得成功。查克此前曾討論過與 Fortress Investment Group 合作購買數億美元用於發電的燃氣渦輪機的想法，最終 Duos 獲得了一份價值約 4200 萬美元的合約來運營管理這些資產，並獲得了新 APR 實體 5% 的股份，我們預計這將在未來極大地增加股東價值。

The other transition, Duos Edge AI, takes our expertise in Edge Data Centers, which are referred to as EDCs or pods, developed for the Railcar Inspection Portal and under the leadership of Doug Recker, a 30-year veteran of the data center space, gives us the opportunity to participate in the rapidly growing market for data centers where the demand is considerable.

另一項轉型是 Duos Edge AI，它利用了我們在邊緣資料中心（稱為 EDC 或 pod）方面的專業知識，這些中心是為軌道車輛檢查入口網站開發的，並在資料中心領域擁有 30 年經驗的 Doug Recker 的領導下，使我們有機會參與到需求量巨大的快速增長的資料中心市場中。

These two initiatives put us in a completely different position than where we were just 12 months ago. With the support of our Board of Directors and major shareholders, we have been able to successfully negotiate the expansion of the business to the point where we have significant short-term revenue growth combined with longer-term sustainable growth, putting us on the path to profitability. Whereas we have been disappointed with the results of our legacy technology business in recent years, I am pleased to report that in many respects, we are beginning to make progress in this area as well and which we expect will make a contribution to the financial results in the second half of this year.

這兩項舉措使我們的處境與 12 個月前相比發生了徹底的變化。在董事會和主要股東的支持下，我們成功地實現了業務擴張，實現了短期收入的顯著增長和長期可持續增長，並走上了盈利之路。儘管我們對近年來傳統技術業務的業績感到失望，但我很高興地報告，在許多方面，我們也開始在這一領域取得進展，我們預計這將對今年下半年的財務業績做出貢獻。

We are carefully evaluating our cost structure as it applies to the three subsidiaries with the expectation that we will rationalize accordingly and achieve economies of scale that were not previously possible with just a single line of business. As you are all no doubt aware, we have been active in the capital markets in the past 15 months, raising more than $50 million at an average price of $5.97 or more than double from just 12 months previously. For the first time in the company's history, we are sufficiently capitalized to take advantage of the new markets we have entered. In addition to the rise in the share price, our average trading volume has increased from less than 10,000 shares a day, what the Street calls trade by appointment, to more than 300,000 shares per day.

我們正在仔細評估適用於這三家子公司的成本結構，期望我們能夠相應地進行合理化，並實現以前僅靠單一業務線無法實現的規模經濟。大家可能都知道，過去 15 個月我們一直活躍在資本市場上，以平均 5.97 美元的價格籌集了超過 5000 萬美元，比 12 個月前增加了一倍多。在公司歷史上，我們第一次有足夠的資本來利用我們進入的新市場。除了股價上漲之外，我們的平均成交量也從每天不到 10,000 股（華爾街稱之為預約交易）增加到每天超過 30 萬股。

Before reviewing the formal results for the second quarter and first half and giving formal guidance, it is my expectation that revenues will continue to grow in each of the next two quarters. Chuck will discuss the individual business lines and give progress reports, but whereas our much improved results were largely driven by the execution of the asset management agreement in the first half. I expect to start seeing a broadening of the revenue sources to include the revenues from our EDC deployments as they come online and also better performance from our technology systems revenue line, all of which are anticipated to support a movement towards and achieving breakeven to profitability by Q4.

在回顧第二季和上半年的正式業績並給予正式指引之前，我預計接下來兩季的營收將繼續成長。查克將討論各個業務線並提交進度報告，但我們業績的大幅改善很大程度上得益於上半年資產管理協議的執行。我預計收入來源將開始擴大，包括我們的 EDC 部署上線後的收入，以及我們的技術系統收入線的更好表現，所有這些都有望支持我們在第四季度實現收支平衡和盈利。

With that in mind, here are the results for the second quarter and first half. Total revenues for Q2 2025 increased 280% to $5.74 million compared to $1.51 million in the second quarter of 2024. And for the six months ended 2025, total revenues increased 314% to $10.69 million from $2.58 million in the same period last year.

考慮到這一點，以下是第二季和上半年的結果。2025 年第二季總營收為 574 萬美元，較 2024 年第二季的 151 萬美元成長 280%。截至 2025 年的六個月，總營收從去年同期的 258 萬美元成長 314% 至 1,069 萬美元。

The substantial majority of our revenues for Q2 2025 was approximately $5.69 million in recurring services and consulting revenue, of which $4.76 million was primarily driven by Duos Energy beginning to execute against the asset management agreement with New APR. As a reminder, under the AMA, Duos Energy oversees the deployment and operations of a fleet of mobile gas turbines and related balance of plant inventory, providing management, sales, and operational support services to New APR.

我們 2025 年第二季的大部分收入來自經常性服務和諮詢收入，約為 569 萬美元，其中 476 萬美元主要來自 Duos Energy 開始執行與 New APR 簽訂的資產管理協議。提醒一下，根據 AMA，Duos Energy 負責監督行動燃氣渦輪機車隊的部署和營運以及相關的工廠庫存平衡，並為 New APR 提供管理、銷售和營運支​​援服務。

Cost of revenues for Q2 2025 increased 144% to $4.22 million compared to $1.73 million for Q2 2024. And for the six months ended 2025, cost of revenue increased 191% to $7.86 million from $2.7 million in the same period last year. The significant increase in cost of revenues was largely due to supporting the AMA with New APR.

2025 年第二季的營收成本為 422 萬美元，而 2024 年第二季為 173 萬美元，成長了 144%。截至 2025 年的六個月，收入成本從去年同期的 270 萬美元增加 191% 至 786 萬美元。收入成本的大幅增加主要是由於使用新 APR 支援 AMA。

Overall, the cost of revenues on technology systems decreased compared to the equivalent period in 2024. This reduction is primarily driven by our ability in Q2 2025 to reallocate certain fixed operating and servicing costs for technology systems to support the AMA, an allocation we could not make in the comparative period because the agreement was not yet in effect. It also reflects the ramp down of manufacturing ahead of field installation of our two high-speed Railcar Inspection Portals, which has continued to temporarily slow project activity and further reduce the cost of revenues while we await customer readiness for site deployment.

整體而言，與 2024 年同期相比，技術系統的收入成本有所下降。減少的主要原因是，我們在 2025 年第二季度有能力重新分配技術系統的某些固定運營和服務成本，以支持 AMA，而我們在比較期間無法進行此項分配，因為該協議尚未生效。這也反映了我們在現場安裝兩個高速軌道車輛檢查入口網站之前製造業的放緩，這在我們等待客戶做好現場部署準備的同時，繼續暫時減緩專案活動並進一步降低收入成本。

Gross margin for Q2 2025 increased 808% to $1.52 million compared to negative $215,000 for Q2 2024. And for the six months ended 2025, gross margin increased 2,462% to $2.83 million from negative $120,000 in the same period last year. Gross margin improved primarily due to Duos Energy beginning performance at the AMA with New APR. This includes over $900,000 in revenue recognized during the three months ended June 30, 2025, related to the company's 5% nonvoting equity interest in the ultimate parent of New APR, which carried no associated costs and therefore contributed at a 100% margin. These revenues and the associated margin contribution were not present in the prior year period.

2025 年第二季的毛利率成長 808%，達到 152 萬美元，而 2024 年第二季的毛利率為負 21.5 萬美元。截至 2025 年的六個月，毛利率從去年同期的負 12 萬美元成長 2,462% 至 283 萬美元。毛利率的提高主要歸功於 Duos Energy 開始在 AMA 上以新的 APR 進行表演。其中包括截至 2025 年 6 月 30 日的三個月內確認的超過 90 萬美元的收入，與該公司在 New APR 的最終母公司中 5% 的無投票權股權有關，該公司不承擔任何相關成本，因此貢獻了 100% 的利潤率。這些收入和相關的利潤貢獻在去年同期並不存在。

As I mentioned earlier, the increase in business from the AMA has improved gross margins with further improvements expected due to the greater profitability for Duos on certain aspects of the anticipated work it will perform on behalf of New APR. Operating expenses for Q2 2025 increased 65% to $4.96 million compared to $3 million for Q2 2024. And for the six months ended 2025, operating expenses increased 38% to $8.06 million from $5.86 million in the same period last year.

正如我之前提到的，AMA 業務的成長提高了毛利率，並且由於 Duos 在代表 New APR 執行的預期工作的某些方面具有更高的獲利能力，因此預計毛利率還會進一步提高。2025 年第二季的營運費用為 496 萬美元，而 2024 年第二季為 300 萬美元，成長了 65%。截至 2025 年的六個月，營運費用從去年同期的 586 萬美元增加 38% 至 806 萬美元。

The increase in expenses is largely attributed to noncash stock-based compensation charged for restricted stock granted to the executive team on January 1, 2025, under new employment agreements with a three-year cliff vesting schedule. In addition, the company recorded additional compensation expenses for commissions and bonuses, of which are onetime in nature related to the closure of the APR transaction and the associated asset management agreement and 5% ownership grant.

費用的增加主要歸因於根據新的僱傭協議（具有三年懸崖歸屬計劃）於 2025 年 1 月 1 日授予高管團隊的限制性股票的非現金股票薪酬。此外，該公司還記錄了佣金和獎金的額外薪酬費用，這些費用屬於一次性支出，與 APR 交易的結束以及相關的資產管理協議和 5% 的所有權授予有關。

Overall, sales and marketing costs declined as resources were allocated to the cost of service and consulting revenues in support of the AMA with New APR. Additionally, research and development expenses decreased owing to completed development and testing of prospective technologies. The company continues to focus on stabilizing operating expenses, including evaluating reductions in some areas while continuing to meet the increased requirements of our new businesses.

總體而言，由於資源被分配到支援新 APR 的 AMA 的服務成本和諮詢收入上，銷售和行銷成本有所下降。此外，由於預期技術的開發和測試已經完成，研發費用也隨之減少。公司繼續致力於穩定營運費用，包括評估某些領域的削減，同時繼續滿足新業務日益增長的需求。

Net operating loss for Q2 2025 totaled $3.44 million compared to a net operating loss of $3.22 million for Q2 2024. And for the six months ended 2025, net operating loss totaled $5.23 million compared to a net operating loss of $5.98 million in the same period last year. The increase for the three months, but decrease in loss from operations for six months, was primarily the result of increased revenues compared to the equivalent periods driven by revenue generated by Duos Energy through the AMA with New APR.

2025 年第二季淨營業虧損總計 344 萬美元，而 2024 年第二季淨營業虧損為 322 萬美元。截至 2025 年的六個月，淨營業虧損總計 523 萬美元，而去年同期的淨營業虧損為 598 萬美元。三個月的營業虧損有所增加，但六個月的營業虧損有所減少，這主要是由於 Duos Energy 透過採用新 APR 的 AMA 產生的收入推動了收入與同期相比有所增加。

Net loss for Q2 2025 totaled $3.52 million compared to a net loss of $3.2 million for Q2 2024. The 10% increase in net loss was mostly attributed to the noncash stock-based compensation charge for restricted stock and onetime compensation expenses that were not in the comparative period, offset by an increase in revenues generated by Duos Energy through the AMA with New APR as described above.

2025 年第二季淨虧損總計 352 萬美元，而 2024 年第二季淨虧損為 320 萬美元。淨虧損增加 10% 主要歸因於限制性股票的非現金股票薪酬費用和比較期間不存在的一次性薪酬費用，但被 Duos Energy 透過上述採用新 APR 的 AMA 產生的收入增加所抵消。

For the six months ended 2025, net loss totaled $5.6 million or negative $0.48 per share compared to a net loss of $5.96 million or negative $0.81 per share in the same period last year. The 6% decrease in net loss was mostly attributed to the increase in revenues generated by Duos Energy through the asset management agreement with New APR as described previously.

截至 2025 年的六個月，淨虧損總額為 560 萬美元，即每股虧損 0.48 美元，而去年同期的淨虧損為 596 萬美元，即每股虧損 0.81 美元。淨虧損減少 6% 主要歸因於 Duos Energy 透過與 New APR 簽訂的資產管理協議產生的收入增加（如前所述）。

In our last call, I highlighted the substantial improvement in the company's balance sheet as of 12/31/2024 and 3/31/2025. In the second quarter, we have largely maintained that strength, notably shareholders' equity, which now stands at over $4.7 million. We ended the quarter with $3.81 million in cash and expected short-term liquidity. As previously discussed, a significant asset for Duos is the equity investment in Sawgrass APR Holdings, now referred to as New APR Energy. Our 5% holding in this business is currently valued at over $7.2 million and is expected to generate profits in future years as a profits interest structure.

在上次電話會議中，我強調了截至2024年12月31日和2025年3月31日的公司資產負債表的顯著改善。第二季度，我們基本上保持了這一強勁勢頭，尤其是股東權益，目前已超過470萬美元。本季末，我們擁有 381 萬美元的現金和預期的短期流動資金。如前所述，Duos 的一項重要資產是對 Sawgrass APR Holdings（現稱為 New APR Energy）的股權投資。我們在該業務中持有的 5% 股份目前價值超過 720 萬美元，預計未來幾年將以利潤權益結構產生利潤。

As Chuck will discuss, the tremendous progress that New APR is making will be additive in the short term through the AMA and in the longer term through the expected increase in valuation of our equity holding. All of this is positive for Duos' future potential, and I look forward to updating you further in our earnings call later this year.

正如查克將要討論的，New APR 所取得的巨大進步將在短期內透過 AMA 產生附加效應，並在長期內透過我們股權持有估值的預期成長產生附加效應。所有這些對 Duos 的未來潛力都是積極的，我期待在今年稍後的財報電話會議上進一步向您更新情況。

On the liability side, the company has traditionally operated with little to no debt other than some minor financing contracts related to insurance or IT equipment. As a reminder, in 2024, we received $2.2 million in debt funding for our initial three EDCs, and we're able to secure that for around 10% cost of capital, which is an attractive rate for a company of our size. We also secured additional financing for a further three EDCs in the form of a master capital lease with a similar cost of capital and flexible payment terms as we deploy these assets in preparation for the associated cash flows. I'm pleased to announce that, shortly after the quarter, we retired the remainder of the $2.2 million in debt funding.

在負債方面，除了與保險或 IT 設備相關的一些小額融資合約外，該公司傳統上幾乎沒有債務。提醒一下，2024 年，我們為最初的三個 EDC 獲得了 220 萬美元的債務融資，我們能夠以約 10% 的資本成本獲得這筆資金，對於我們這種規模的公司來說，這是一個很有吸引力的利率。我們還以主資本租賃的形式為另外三個 EDC 獲得了額外融資，這些融資具有相似的資本成本和靈活的付款條件，我們將部署這些資產以準備相關的現金流。我很高興地宣布，本季結束後不久，我們就償還了剩餘的 220 萬美元債務融資。

Next, I would like to update you on our backlog and pipeline. With expected revenues for the management and operations of New APR Energy, expected deployments of our Edge Data Centers and current and anticipated contracts in our Rail business, our current contracts in backlog represent more than $40 million in revenue with approximately $12.3 million or more of that projected to be recognized in 2025, plus a further $5 million to $6 million in expected near-term awards and renewals.

接下來，我想向您介紹我們的待交付訂單和在建項目。考慮到新APR能源公司管理和運營的預期收入、我們邊緣數據中心的預期部署以及我們鐵路業務的現有和預期合同，我們目前的待交付訂單總額超過4000萬美元，其中約1230萬美元或更多預計將在2025年確認，此外還有500萬至600萬美元的近期合同授予和續約。

During the last call, we confirmed annual revenue guidance, and I'm pleased to report that we are again maintaining that guidance where we expect to record between $28 million and $30 million in consolidated revenue from our three subsidiaries. I would further add that we are making good progress on moving the company toward profitability and expect that we will achieve that goal in Q4 of this year on an adjusted EBITDA basis.

在上次電話會議中，我們確認了年度收入指導，我很高興地報告，我們再次維持該指導，預計我們三家子公司的合併收入將在 2800 萬美元至 3000 萬美元之間。我還要補充一點，我們在推動公司實現盈利方面取得了良好進展，並預計我們將在今年第四季度以調整後的 EBITDA 為基礎實現這一目標。

This concludes my formal remarks. And at this point, I will turn the call back to Chuck for his commentary.

我的正式發言到此結束。現在，我將把電話轉回給查克，請他發表評論。

Thanks, Adrian. As you can see from Adrian's commentary, the business has made good progress since the beginning of the year. Let me add some additional details to my opening remarks. With our Edge Data Center business, which we'll refer to as the EDC business going forward today, we have now fully commercialized our first EDC in Amarillo, Texas, which now allows us to confirm our financial assumptions around installation costs and recurring revenues.

謝謝，阿德里安。從 Adrian 的評論中可以看出，自今年年初以來，業務取得了良好的進展。請容許我在開場白中補充一些細節。透過我們的邊緣資料中心業務（我們今天稱之為 EDC 業務），我們現在已經完全實現了位於德克薩斯州阿馬裡洛的第一個 EDC 的商業化，這使我們能夠確認有關安裝成本和經常性收入的財務假設。

Currently, we are simultaneously installing the next five EDCs in Victoria, Corpus Christi, Waco, and Dumas, Texas. An additional four EDCs will come off the manufacturing line starting in mid-September and go straight into additional Texas sites. We have now ordered another five EDCs along with backup generators and expect to install those starting in November.

目前，我們正在德克薩斯州的維多利亞、科珀斯克里斯蒂、韋科和杜馬斯同時安裝接下來的五個 EDC。另外四種 EDC 將於 9 月中旬下線並直接運送到德州的其他工廠。我們現在已經訂購了另外五台 EDC 以及備用發電機，預計將於 11 月開始安裝。

As you saw in our press release this morning, the expansion of our strategic partnership with FiberLight, a leading provider of high-capacity fiber optic networks nationally, has really helped us accelerate our commercial pipeline in Texas. To reinforce the success of the EDC business, we will be adding more data center expertise to our staff, our management team, and our Board of Directors in the coming two months. Again, now that we have all the ingredients in place, commercial demand, capital and execution know-how, I fully expect to accelerate the Edge Data Center business as we have discussed and more.

正如您在我們今天早上的新聞稿中看到的，我們與全國領先的高容量光纖網路供應商 FiberLight 的策略合作夥伴關係的擴展確實幫助我們加速了在德克薩斯州的商業管道建設。為了鞏固 EDC 業務的成功，我們將在未來兩個月為我們的員工、管理團隊和董事會增添更多的資料中心專業知識。再次，既然我們已經具備了所有要素，商業需求、資本和執行專業知識，我完全希望加速邊緣資料中心業務，正如我們所討論的那樣。

As Adrian and I discussed earlier, our asset management agreement with APR Energy has been outstanding this first six months. Our team has assisted APR in deploying approximately 550 megawatts in the six months since the deal closed. Watching our team install a 150-megawatt fast power plant in Mexico in 35 days flat was a reminder of the quality of the team we have assembled.

正如 Adrian 和我之前討論過的，我們與 APR Energy 的資產管理協議在前六個月一直沒有完成。自交易完成以來的六個月內，我們的團隊已協助 APR 部署了約 550 兆瓦的電力。看著我們的團隊在短短 35 天內在墨西哥安裝一座 150 兆瓦的快速發電廠，讓我們感受到了我們所組建的團隊的素質。

The team has also installed and is operating several turbines and a behind-the-meter solution for a large US-based data center where good technical lessons are being learned in this new emerging power environment. The overwhelming demand for behind-the-meter power for large US-based data center operators is at an all-time high and expected to stay this way for some time.

該團隊還為美國一家大型資料中心安裝並運行了幾台渦輪機和電錶後解決方案，並在此新興的電力環境中吸收了良好的技術經驗。美國大型資料中心營運商對電錶後電力的巨大需求達到了歷史最高水平，預計這種狀況還會持續一段時間。

As Adrian said, the AMA provides good recurring revenue in the near term, but the longer-term value of the 5% ownership stake in APR Energy is what investors should keep their eye on. The energy team is currently closing in on several longer-term data center deals that I expect will use all of APR's existing turbines and will likely trigger an effort to acquire additional megawatts to expand capacity and overall enterprise value.

正如阿德里安所說，AMA 在短期內提供了良好的經常性收入，但投資者應該關注 APR Energy 5% 所有權的長期價值。能源團隊目前正在達成幾項長期資料中心交易，我預計這些交易將使用 APR 現有的所有渦輪機，並可能引發獲取額外兆瓦的努力，以擴大容量和整體企業價值。

As we have already alluded to, our Railcar Inspection Portal business has made relatively slow progress, but we are seeing a modest uptick in interest by our current customers and renewed interest from the Federal Rail Administration and labor unions. Both groups would like to see expanded use of this technology. That said, we are reassessing our strategy around this business line, and we'll share the way ahead to our investors at some future date.

正如我們已經提到的，我們的軌道車輛檢查門戶業務進展相對緩慢，但我們看到現有客戶的興趣略有上升，聯邦鐵路管理局和工會也重新燃起了興趣。兩個團體都希望看到這項技術的廣泛應用。也就是說，我們正在重新評估圍繞這條業務線的策略，並將在未來的某個時候與我們的投資者分享未來的發展方向。

In conclusion, our business is commercially and financially in a great position to take advantage of the super-hot demand coming from the data center computing gold rush. Our Edge Data Center and power lines of business are perfectly positioned with the right leadership and expanding pipeline and fully capitalized to accelerate our growth strategy.

總之，我們的業務在商業和財務上處於有利地位，可以利用資料中心計算淘金熱帶來的超熱需求。我們的邊緣資料中心和電力業務線擁有完美的定位，擁有正確的領導力和不斷擴展的管道，並充分利用資本來加速我們的成長策略。

As always, I want to thank our business partners, Board of Directors, and our current shareholders for their continued support. I want to extend a special welcome and thanks to our newest shareholders who participated in the recent raise. The outlook for Duos looks very promising right now, and I'm excited to be able to lead it.

像往常一樣，我要感謝我們的業務夥伴、董事會和現有股東的持續支持。我要向參與最近增資的新股東表達特別的歡迎和感謝。Duos 的前景目前看起來非常光明，我很高興能夠領導它。

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

感謝您的聆聽，現在我們將開始回答您的問題。操作員，請提供適當的指示。

(Operator Instructions) Nick Sacchetti, RBC Wealth Management.

（操作員指示）Nick Sacchetti，RBC 財富管理。

Congrats on the progress here. Just had a couple of questions. So can you give us what the fully diluted share count is right now? So you executed on the 40 million secondary, but you also did another 12.5 million at the market. So can you give us an idea of what that number is now?

恭喜你在這裡的進展。我有幾個問題。那麼您能告訴我們現在完全稀釋的股票數量是多少嗎？因此，您執行了 4000 萬的二級市場融資，但同時也在市場上執行了另外 1250 萬的二級市場融資。那你能告訴我們現在這個數字是多少嗎？

Yes, I'm happy to answer that. It's exactly 25 million shares at this point.

是的，我很樂意回答這個問題。目前正好是 2500 萬股。

So that includes the convertible that's out there for like four, seven --

其中包括售價 4 到 7 美元的敞篷車--

Every single share that you can count, yes.

是的，您可以計算出每一股。

Fully diluted, 25 million.

完全稀釋後，2500萬。

Okay. And then can you give us an idea of what it looks like maybe on a per share basis for what this noncash stock-based comp was that you're referring to that kind of throws off the apples-to-apples comparison from a year ago?

好的。然後，您能否向我們介紹一下，以每股為基礎的非現金股票補償情況是什麼樣的？這種補償與一年前同類比較有何不同？

Yeah. Basically, the noncash comp is about -- it's roughly about $1 million a quarter. I'm just looking at one of my analysts here just -- yeah, about $1 million. So take $1 million, divide it by 25 million, that will give you the answer.

是的。基本上，非現金補償大約是——每季約 100 萬美元。我剛才看到一位分析師說——是的，大約100萬美元。所以，用100萬美元除以2500萬美元，就能得到答案了。

Okay. Would you ever consider posting a non-GAAP earnings number just with some of these moving parts here just to try to make the situation a little bit more clear when we're trying to compare the year-over-year numbers?

好的。當我們試圖比較同比數據時，您是否考慮發布非 GAAP 收益數字，其中包含一些變動部分，以便讓情況更加清晰一些？

Sure, Nick. That's a very good question. So traditionally, we have not used non-GAAP financials. We have talked about it. Sometimes we will discuss them outside of formal financials.

當然，尼克。這是一個非常好的問題。因此，傳統上我們不使用非 GAAP 財務數據。我們已經討論過這個問題了。有時我們會在正式財務之外討論這些問題。

And part of the reason we haven't done it in the past is, up until now, there wasn't really that much to report on particularly recently. But also, there's more disclosure when you put non-GAAP financials [are]. So yes, we will consider doing that in the future.

我們過去沒有這樣做的原因之一是，到目前為止，特別是最近，並沒有太多值得報道的事情。但同時，當你採用非公認會計準則財務數據時，揭露的資訊也會更多。是的，我們將來會考慮這樣做。

The noncash items and the higher commission, I mean, are those truly a one-off? Or are those something that you'd expect moving forward with what the new business looks like here?

我的意思是，非現金項目和更高的佣金真的是一次性的嗎？或者，這些是您對新業務未來發展的期望嗎？

All right. So you have to divide it into two areas. There's the noncash --

好的。所以你必須把它分成兩個區域。還有非現金--

No, I just meant moving forward, are these items that you'll expect to be more frequent? Or were these truly a one-off here?

不，我只是說，展望未來，這些項目是否會變得更加頻繁？還是這些真的是一次性事件？

Yeah, that's what I was saying. So the commissions and bonuses related, it's really a timing issue were related to the APR deal, which was quite a complex deal. That is truly a one time. There won't be any recurring on that.

是的，這就是我所說的。因此，與佣金和獎金相關的實際上是一個時間問題，與 APR 交易有關，這是一筆相當複雜的交易。那確實是一次性的。此類事件不會再發生。

Okay. So you gave the cash at the end of the quarter. Can you give us what the actual cash is now with the ATM and the secondary here?

好的。所以你在季度末給了現金。您能告訴我們現在這裡的 ATM 機和輔助機器的實際現金餘額是多少嗎？

Sure. It's just a hair on the $40 million.

當然。距離 4000 萬美元僅一步之遙。

$40 million. Okay. And then do you have anything left on the ATM now?

40美元百萬。好的。那麼現在 ATM 機上還有剩餘的錢嗎？

The ATM is terminated, and we'll probably be putting a statement out on that in the next few days.

ATM 機已停止使用，我們可能會在未來幾天內就此發表聲明。

Okay. And then Chuck, you talked about getting kind of some proof of concept here on what the recurring revenue picture looks like. Can you give us any information on what an ARPU number will be on each one of these data centers?

好的。然後查克，你談到了在這裡獲得一些關於經常性收入情況的概念證明。您能否向我們提供有關每個資料中心的 ARPU 數字的資訊？

I mean, is it something that is uniform where there's a decent average to be working off? I mean, obviously, what I'm trying to figure out here is just back of the napkin, you get 15 of these this year and then another 50 next year. What does the revenue and profitability picture look like off of that segment of the business?

我的意思是，它是否是統一的，並且有一個可以參考的平均值？我的意思是，顯然，我在這裡想弄清楚的只是餐巾紙背面，今年你會得到 15 個，明年你會再得到 50 個。該業務部門的收入和獲利情況如何？

Yeah. All in, we spend around $1.2 million to $1.4 million to install a pod that's all the way from getting it manufactured and getting it into the ground and lit up. Once that happens and it's fully commercialized, where we now have our first one now in Amarillo and five more going in now, we're expecting and we're seeing proof points now that each pod should earn around $350,000 and potentially as high as $500,000 on an annual basis. That's kind of the unit economics.

是的。總的來說，我們花了大約 120 萬到 140 萬美元來安裝一個吊艙，從製造到埋入地下並點亮。一旦實現這一點並完全商業化，我們現在在阿馬裡洛擁有第一個這樣的項目，還有五個項目正在建設中，我們預計並且現在看到的證據表明，每個項目每年的收入應該在 35 萬美元左右，甚至可能高達 50 萬美元。這就是單位經濟學。

So again, the proof points we're seeing coming out of Amarillo that confirm our business case where, ultimately, we want to build out 150,000 or more of these. And so that was an important set of proof points for us that now allows us to be very confident about our go-forward projections.

因此，我們從阿馬裡洛看到的證據再次證實了我們的商業案例，最終我們希望建造 150,000 個或更多這樣的建築。因此，這對我們來說是一組重要的證明點，現在讓我們對我們的未來預測非常有信心。

Yeah. Also the free cash flow on those units after year one is expected to be around $300,000 per year.

是的。此外，這些單位在第一年後的自由現金流預計約為每年 30 萬美元。

So let's call it maybe $400,000 million in change annually off of each one of these things. So maybe we're pushing high $20 million to $30 million of revenue off of 65 million of these. And then, I've heard this number 150 a few times. I mean, that's obviously not formal guidance, but the plan is to get 65 of these out by the end of 2026.

因此，我們可以說，這些事物每年帶來的變化約為 4000 億美元。因此，我們可能會從其中的 6,500 萬美元中獲得 2,000 萬至 3,000 萬美元的高額收入。然後，我聽過幾次這個數字 150。我的意思是，這顯然不是正式的指導，但計劃是在 2026 年底之前推出其中 65 個。

And then when you say 150, is that just kind of a, we'll call it, a multiyear time frame end goal? Is that the end goal? Is that a midpoint? I mean, just anything there?

那麼，當您說 150 時，這是否只是一種，我們稱之為多年時間框架的最終目標？這是最終目標嗎？這是中點嗎？我的意思是，那裡有什麼東西嗎？

Well, yeah. So our plan this year is to finish the year with 15 installed. The plan next year -- by the end of next year, 2026 is to have at least 65 installed by the end of that year. And then subsequent year, 18 months, we want to get ourselves up to 150. So one of the proof points that we're working through right now is we're simultaneously installing five of these right this moment.

嗯，是的。因此，我們今年的計劃是安裝 15 台。明年的計畫——到明年年底，也就是 2026 年底，將至少安裝 65 個。在接下來的一年，也就是 18 個月內，我們希望將數量​​增加到 150 個。因此，我們現在正在努力的證明點之一就是我們現在同時安裝其中五個。

And it's going pretty well. So I feel pretty confident. Right now, the commercial pipeline will absolutely support those numbers. What's most important for us right now is to prove to ourselves that we can execute five or six of these things at the same time, which we're doing right now. And that will actually facilitate that growth where we can actually execute to that and realize the financials that come off of that.

一切進展順利。所以我覺得我非常有信心。目前，商業管道絕對可以支援這些數字。對我們來說，現在最重要的是向自己證明我們可以同時執行其中五、六件事，而我們現在正在這樣做。這實際上將促進成長，我們可以真正實現這一目標並實現由此產生的財務收益。

So it wouldn't be outside the realm to say by the midpoint of 2028-ish that you've got 150 of these out in the fleet, maybe putting up $60 million in revenue based off the metrics you've given me here?

那麼，到 2028 年左右，如果說你們的艦隊中將有 150 架這樣的飛機，並且根據你們在這裡提供的指標，可能帶來 6000 萬美元的收入，這並非不可能？

Yeah. I think that's very, very possible based on what we're seeing, yes. And now that we have the capital on the balance sheet, we can do that, and we're moving to it now.

是的。是的，根據我們所看到的情況，我認為這是非常有可能的。現在我們的資產負債表上有資本，我們可以這樣做，我們現在就這樣做。

That was my next question is with the sizable secondary here, you feel that's an appropriate level to at least get, let's say, the [$65 million] up and cash flowing and then that sets the stage to build the next X amount of these. So it's not -- I guess I'm asking around the question of if you feel like you have an appropriate level of cash now, capital on the balance sheet to execute all the way through [$150 million] of these by mid-2027.

我的下一個問題是，鑑於這裡相當大的二級市場，您是否認為這是一個合適的水平，至少可以獲得 [6500 萬美元] 的資金和現金流，然後為建立下一個 X 金額奠定基礎。所以不是——我想我問的問題是，您是否覺得您現在擁有適當的現金水平，資產負債表上的資本是否足以在 2027 年中期實現其中的 [1.5 億美元]。

The answer is yes. I do not anticipate having to raise more equity capital. We have what we need right now to execute that plan through 2026.

答案是肯定的。我預計不需要籌集更多股本。我們現在已經擁有執行該計劃直至 2026 年所需的一切。

Obviously, we'll use the capital that we raised our own working capital that we're going to generate through the asset management agreement and other sources. And then once we get to that point, we're now capable of, if we want to take in additional capital down in the form of debt with the idea that we don't want to dilute our shareholders any further.

顯然，我們將使用透過資產管理協議和其他來源籌集的資金作為我們自己的營運資金。一旦我們達到這一點，我們現在就能夠以債務的形式吸收額外的資本，因為我們不想進一步稀釋股東權益。

Sure. Okay. And just from a timing standpoint, so it's [$1.2 billion to $1.4 billion] to procure one of these things. And then is it how many months or so to where it's delivered and actually up and running and cash flowing to you guys?

當然。好的。從時間角度來看，採購其中一件東西的成本是 [12 億到 14 億美元]。那麼，它需要多少個月左右的時間才能交付到位，真正開始運行，並給你們帶來現金流？

Yes, that's a good question. So from the time we order an Edge Data Center, it takes us about 90 days to have it manufactured and delivered to the work site. And then once it's delivered to the work site, it takes us about two weeks to install it. So it's a fairly simple install for us. And then there's probably another month or two to fully commercialize it because we're bringing in multiple customers into that colocation facility, both fiber and fiber providers and carriers, along with normal customers will take down each [cabinet].

是的，這是個好問題。因此，從我們訂購邊緣資料中心開始，大約需要 90 天的時間才能製造並交付到工作現場。一旦它被運送到工作現場，我們需要大約兩週的時間來安裝它。所以對我們來說，安裝相當簡單。然後可能還需要一兩個月的時間才能完全商業化，因為我們正在將多個客戶引入該主機託管設施，包括光纖和光纖供應商和營運商，以及將拆除每個[機櫃]的普通客戶。

I was just going to add to that. Just if you're going to model this out, they vary from -- sometimes you'll start with an anchor tenant. Typically, its three to five cabinets. But we have other examples, one we're working on right now, where basically the data center is full day one.

我只是想補充一點。如果你要對此進行建模，它們會有所不同——有時你會從一個主力租戶開始。通常有三到五個櫥櫃。但我們還有其他例子，其中一個我們正在研究，其中資料中心基本上第一天就滿載運作。

And then from a revenue structure, so you own it as an asset on the balance sheet, and this is something that the customer is leasing from you? Or what does that look like?

然後從收入結構來看，您在資產負債表上將其作為資產擁有，這是客戶向您租賃的東西嗎？或者它看起來像什麼？

Yeah. So, yeah. So basically, we own and operate the colocation facility. So yes, it's an asset on the balance sheet. Customers basically lease cabinets or cabinet space where they install their servers and GPUs and we're basically providing a hotel or colocation facility for various customers' IT equipment.

是的。所以，是的。所以基本上，我們擁有並經營主機託管設施。是的，它是資產負債表上的一項資產。客戶基本上會租用機櫃或機櫃空間來安裝他們的伺服器和 GPU，而我們基本上為各種客戶的 IT 設備提供飯店或主機託管設施。

Okay. So it's truly a recurring revenue model. Is it? Can you give me an idea of what a rough gross profit margin will be once these things are up and running?

好的。所以這確實是一種經常性收入模式。是嗎？您能否告訴我，一旦這些設備投入運行，毛利率大概是多少？

Yeah. It's typically the --

是的。通常是--

(multiple speakers) would be -- sorry. Yeah, go ahead.

（多位發言者）將是－抱歉。是的，繼續吧。

Yeah. No, absolutely. It's targeted at in the mid-70s, low to mid-70s for gross profit. And then the unit economics EBITDA is targeted to be in the kind of just above 50%.

是的。不，絕對不是。其毛利目標為 75 至 76 左右。然後單位經濟 EBITDA 的目標是達到 50% 以上。

Richard Jackson, True North Financial.

理查德·傑克遜，True North Financial。

Exciting development. Help me out here on the revenue you're reporting. If you own these data centers and you're paying for them, where is the revenue coming from? Help me out with that.

令人興奮的發展。請幫我了解一下您所報告的收入。如果您擁有這些資料中心並為其付費，那麼收入來自哪裡？幫我解決這個問題。

So again, we obviously procure, own and then maintain this colocation facility. Each Edge Data Center acts as a colocation facility. Inside each data center, you have 15 large cabinets. And so, what happens is customers effectively come in and lease power space as well as cross connects in each of those cabinets.

因此，我們顯然會採購、擁有並維護這個主機託管設施。每個邊緣資料中心都充當主機託管設施。每個資料中心內有 15 個大機櫃。因此，實際情況是客戶有效地進來並租賃電力空間以及每個機櫃中的交叉連接。

So in each of these things, you've got multiple customers. It includes carriers, people like Verizon, AT&T, FiberLight that are bringing the actual connectivity to the colocation facility. And then you have additional customers in our case, where we have like Region 16 has cabinets in there, Amazon Web Services has space in there, and then other similar type customers from that community or inside that data center basically all paying rent, and that's where we make those recurring revenues.

因此，在每件事中，您都有多個客戶。它包括運營商，如 Verizon、AT&T、FiberLight，它們為主機託管設施帶來實際的連接。然後，在我們的案例中，您還有其他客戶，例如，第 16 區有機櫃，亞馬遜網路服務有空間，然後來自該社區或資料中心內的其他類似類型的客戶基本上都在支付租金，這就是我們獲得經常性收入的地方。

Okay. So I want to make sure I'm doing the math here right. So when you say you reported $5.8 million, and let's leave the railroad business to the side, unless I shouldn't. Your collecting -- let's just say question about -- how many have up and running now, seven, eight, five?

好的。所以我想確保我在這裡做的計算是正確的。因此，當您說您報告了 580 萬美元時，我們就把鐵路業務放在一邊，除非我不應該這樣做。您的收集——我們只問一下——現在有多少個已經啟動並運行，七個、八個還是五個？

No. We currently have one Edge Data Center fully installed and has just begun producing revenue. So the large majority of our revenue, and you'll see it in the transcript, the largest majority of our revenue is coming from the asset management agreement, where we're providing those services to APR Energy. As we begin to finish additional installs and that recurring revenue will build over time. Hopefully, I got that right.

不。我們目前已完全安裝了一個邊緣資料中心，並且剛開始產生收入。因此，我們的大部分收入（您會在成績單中看到）來自資產管理協議，我們向 APR Energy 提供這些服務。隨著我們開始完成額外的安裝，經常性收入將隨著時間的推移而增加。希望我的理解是正確的。

I'm saying inside of my head, you guys are burning about $1.3 million to generate $300,000 to $500,000 annually. Is that about right? You spend about 2.5 times in annual revenue?

我心裡想，你們每年要花大約 130 萬美元才能賺 30 萬到 50 萬美元。是這樣嗎？您花費的金額大約是年收入的 2.5 倍？

You're speaking about the Edge Data Center. So the loaded cost of putting an Edge Data Center initially was about $1.4 million. Now that was the first one that we did. We've now rationalized and gotten some economies of scale on that. So that number is probably going to drop a little bit maybe to $1.2 million.

您說的是邊緣資料中心。因此，最初建立邊緣資料中心的總體成本約為 140 萬美元。這是我們做的第一件事。我們現在已經進行了合理化，並獲得了一定的規模經濟。因此這個數字可能會下降一點，也許下降到 120 萬美元。

And yes, you're going to generate on that first year about $300,000 to $400,000 depending on whether they're full to start with or whether you're ramping them up and so forth. The question is, though, after that first year, typically, these things are on very, very long-term contracts. Five years is very typical with five-year extension. And in some cases, where the carrier is involved, you're talking about 10 years.

是的，第一年你將獲得大約 30 萬到 40 萬美元的收入，具體取決於他們一開始是否已經滿員，或者你是否在逐步增加收入等等。但問題是，在第一年之後，這些東西通常都簽訂了非常非常長期的合約。五年是非常典型的，並且延長了五年。在某些情況下，如果涉及承運人，那麼期限就是 10 年。

So after that, you've already spent the money. The G&A is very low. It's a relatively inexpensive business to run. And so, you're generating about $300,000 in free cash every year thereafter.

所以在那之後，你已經花掉錢了。整體行政費用非常低。這是一項營運成本相對低廉的業務。因此，此後每年您都會產生約 30 萬美元的免費現金。

Okay. So the way I'm envisioning this, and tell me if I'm saying it the wrong way, is that when you guys have 65 of these, you should be generating ballpark $20 million in recurring annual revenue?

好的。所以我是這樣設想的，請告訴我我是否說錯了，當你們擁有 65 家這樣的公司時，你們應該能夠產生大約 2000 萬美元的經常性年收入？

Correct. Maybe more than that.

正確的。或許還不只這些。

Okay. Okay. Wonderful. Now to meet your forecast for the year, I'm assuming you're going to have to do at least one quarter over $10 million out of the next two. How much more does the SG&A go up to almost double your revenue? You got a metric we can use for that?

好的。好的。精彩的。現在，為了滿足您對今年的預測，我假設您在接下來的兩個季度中至少有一個季度的銷售額要超過 1000 萬美元。銷售、一般及行政費用 (SG&A) 還要增加多少才能讓您的收入幾乎翻倍？您有我們可以使用的指標嗎？

Yeah, it doesn't. In fact, the SG&A is going to be flat. We're pretty much staffed at the level we need to be. As I mentioned in my part of the script, we are looking actually at SG&A expenses right now. There are some areas of -- and I'll just take the Rail business. There's some areas of the Rail business where there's probably some economies that we're going to be implementing there. We're at a different stage with that business, and we're really harvesting at that point.

是的，不是。事實上，銷售、一般及行政費用 (SG&A) 將保持穩定。我們的人員配備基本上達到了所需的水平。正如我在劇本中提到的，我們目前正在考慮銷售、一般和行政費用 (SG&A)。有一些領域——我只談鐵路業務。在鐵路業務的某些領域，我們可能會實施一些經濟措施。我們的業務正處於一個不同的階段，我們確實正在收穫成果。

The Edge Data Center business will add a little bit of resource there. But in general, we're pretty well set for that. And then as far as the asset management business is concerned with APR, we are completely staffed with that right now. And then effectively, we are basically generating revenue off of that and then we put our margin on top of that.

邊緣資料中心業務將在那裡增加一點資源。但總的來說，我們已經做好了充分的準備。就資產管理業務與 APR 而言，我們目前已完全具備該項能力。然後實際上，我們基本上就是從中創造收入，然後我們在此基礎上增加利潤。

So no, I'm not expecting any increase in the overall SG&A. As I mentioned, and this was to the previous call as well, in this particular quarter, we had some onetime charges that related to the deal back from the end of last year. So if you subtract out about $1 million of the SG&A, that's kind of where we are right now on a recurring basis, maybe a little bit, subtract a little bit more.

所以，我並不期望整體銷售、一般及行政費用有任何增加。正如我之前提到的，這也是在之前的電話中提到的，在這個特定季度，我們有一些與去年年底的交易相關的一次性費用。因此，如果你減去大約 100 萬美元的銷售、一般和行政費用，這就是我們現在經常性支出的金額，也許再減一點點。

Ed Woo, Ascendiant Capital Markets LLC.

Ed Woo，Ascendiant Capital Markets LLC。

Yeah. Congratulations on all your progress. I saw that you recently had a power deal in Mexico. Can you talk about possibly expanding either the Edge Data Centers or the power opportunity into either North America or international?

是的。恭喜你所取得的所有進步。我看到您最近在墨西哥達成了一項電力交易。您能否談談將邊緣資料中心或電力機會擴展到北美或國際的可能性？

Yeah. So very briefly, so APR won a deal to put 150 megawatts, which is six of our mobile gas turbines and balance plant into Northern Mexico for a relatively short-term contract, but at an extremely healthy price. Obviously, through the asset management agreement, our team executed that, and it went very well for us. We are currently putting additional power gas turbines into US data centers on some other short-term contracts.

是的。簡而言之，APR 贏得了一項合同，將 150 兆瓦的電力（包括我們的六台移動燃氣渦輪機和平衡電廠）輸送到墨西哥北部，合約期限相對較短，但價格卻非常合理。顯然，透過資產管理協議，我們的團隊執行了這一點，而且進展非常順利。我們目前正在根據其他一些短期合約向美國資料中心投入額外的動力燃氣渦輪機。

So we are already in the United States, Ed, deploying some of those power assets here in the US for larger big box data centers with behind-the-meter power solutions. Again, this is something relatively new in the market space. So everyone is learning how to do -- all the data center developers are learning about behind-the-meter power, but they're liking what they see so far.

Ed，我們已經在美國部署了一些電力資產，用於美國大型資料中心，並提供用戶側電力解決方案。這在市場上還是一個相對較新的領域。所以每個人都在學習如何做——所有的資料中心開發人員都在學習電錶後電力，但他們對目前所看到的情況感到滿意。

There are applications with our Edge Data Center business. For smaller behind-the-meter blocks of power, we haven't really gone down that pathway yet. But I think probably in the next few months, we may take a look at that. But it is certainly a part of the business that could emerge here over the next few months.

我們的邊緣資料中心業務有一些應用。對於規模較小的用戶側電力系統，我們還沒有真正走這條路。但我想，我們可能會在未來幾個月內考慮一下。但這肯定是未來幾個月可能出現的業務的一部分。

And is this opportunity, meaning you may do more business in Mexico or Canada or possibly globally?

這個機會是否意味著您可以在墨西哥、加拿大甚至全球開展更多業務？

Yeah. So APR is a business, and I ran that business before that did most of our work internationally. I think this time, we are primarily focused on the United States and US data centers, but we will opportunistically do jobs in Mexico. Canada is not a bad jurisdiction either.

是的。APR 是一家企業，我之前經營過這家企業，我們的大部分業務都是國際化的。我認為這一次，我們主要關注美國和美國的資料中心，但我們會抓住機會在墨西哥開展工作。加拿大也不是一個糟糕的司法管轄區。

We are currently looking at one opportunity that's in Puerto Rico. But many of the -- APR used to operate in some very, I'll say, spicy jurisdictions. It's our plan to focus on very nice, less risky jurisdictions. Right now, the demand doesn't need us. Based on the demand here in the United States, we're not going to have to go to those type of locations. But we're always willing to look at them opportunistically if it makes sense.

我們目前正在尋找波多黎各的一個機會。但許多 APR 曾經在一些非常棘手的司法管轄區內運作。我們的計劃是重點關注非常好、風險較低的司法管轄區。目前，需求不需要我們。根據美國的需求，我們不需要去那種地方。但如果有意義的話，我們總是願意抓住機會來看它們。

So at this time, we'd like to conclude our question-and-answer. I'll turn it back to you, moderator.

現在，我們想結束我們的問答環節。我會把它交還給您，主持人。

Thank you. Before we conclude today's call, I would 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 terminologies such as believes, expects, may, will, should, anticipates, plans and their opposites or similar expressions are intended to identify forward-looking statements.

謝謝。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，其中包括對本次電話會議期間做出的前瞻性陳述的重要警告。本次收益電話會議包含《1995 年私人證券訴訟改革法案》所定義的前瞻性陳述。相信、預期、可能、將要、應該、預期、計劃等前瞻性術語及其反義詞或類似表達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, 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 Inc.'s actual results to differ materially from those anticipated by the forward-looking statements.

我們提醒您，這些聲明並非對未來績效或事件的保證，並且受到許多不確定因素、風險和其他影響的影響，其中許多是我們無法控制的，這可能會影響聲明的準確性以及聲明所依據的預測，並可能導致 Duos Technologies Group Inc. 的實際結果與前瞻性聲明預期的結果存在重大差異。

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 expressly incorporated herein by reference and other factors as may periodically be described in Duo's filings with the SEC.

這些風險和不確定性包括但不限於 Duos 10-K 表格年度報告中第 1A 項中所述的風險和不確定性，該報告透過引用明確納入本文，以及 Duo 向美國證券交易委員會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 Group's second-quarter 2025 earnings call. You may now disconnect.

感謝您今天參加 Duos Technologies Group 2025 年第二季財報電話會議。您現在可以斷開連線。