Datavault AI Inc (DVLT) 2024 Q3 法說會逐字稿

Good day, and welcome to the WiSA Technologies Q3 Results and Business Update. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to David Barnard with Alliance Advisors Investor Relations. Please go ahead.

美好的一天，歡迎來到 WiSA Technologies 第三季業績和業務更新。（操作員說明）請注意，正在記錄此事件。我現在想將會議交給聯盟顧問投資者關係部的大衛·巴納德 (David Barnard)。請繼續。

Thank you, Megan. With us today are Brett Moyer, CEO and President of WiSA Technologies; and Nate Bradley, CEO of Data Vault Holdings. Before turning the call over to Brett, I'd like to remind everyone that today's conference call will include forward-looking statements, which are subject to various risks and uncertainties that could cause our actual results to differ materially from these statements.

謝謝你，梅根。今天與我們在一起的有 WiSA Technologies 執行長兼總裁 Brett Moyer；以及 Data Vault Holdings 執行長 Nate Bradley。在將電話轉交給布雷特之前，我想提醒大家，今天的電話會議將包含前瞻性陳述，這些陳述受到各種風險和不確定性的影響，可能導致我們的實際結果與這些陳述有重大差異。

Any such forward-looking statements should be considered in conjunction with the cautionary statements in our earnings release and risk factors discussed in our filings with the SEC. WiSA assumes no obligation to update any of these forward-looking statements, except as required by law. We also refer you to slides 2 and 3 of today's accompanying presentation for more detailed information.

任何此類前瞻性陳述應與我們的收益發布中的警示性陳述以及我們向 SEC 提交的文件中討論的風險因素結合起來考慮。WiSA 不承擔更新任何這些前瞻性聲明的義務，除非法律要求。我們也建議您參閱今天隨附簡報的幻燈片 2 和 3，以了解更多詳細資訊。

With that, I'll turn the call over to Brett. Please go ahead.

這樣，我會將電話轉給布雷特。請繼續。

Thank you, David, and good morning, ladies and gentlemen. So it's been an eventful months since our last update, starting with the announcement in early September of our purchase of assets from Data Vault Holdings for the IP and trademarks around Datavault and ADIO.

謝謝大衛，女士們先生們早安。自從我們上次更新以來，這是一個多事之秋，從 9 月初我們宣布從 Data Vault Holdings 購買有關 Datavault 和 ADIO 的 IP 和商標資產開始。

And so with such a significant transaction and transformation of the company, we have Nate Bradley on the call today. And I'll turn it over to him shortly because during the interim, since that announcement, we have had several press releases about new products and new markets that Data Vault's IP is being entered into, and he's going to walk us through that today.

因此，對於公司如此重大的交易和轉型，我們今天請內特·布拉德利 (Nate Bradley) 參加電話會議。我很快就會將其轉交給他，因為自從該公告發布以來，我們已經發布了幾份有關 Data Vault 知識產權正在進入的新產品和新市場的新聞稿，今天他將向我們介紹這些內容。

But first, if we look at what's going on with WiSA and WiSA E, which we've picked -- invested heavily over the last three years on and have roughly 26 patents filed around it, right, so results in Q3 financially improved. We had $1.2 million in revenue, which is up from -- up 240%. Our gross margins improved. Driving that was the decision to take the small Platin Audio speaker lineup that we have out of retail. So we're strictly direct-to-consumer, and we've reduced inventory by 17%. We ended the quarter with $3.9 million of cash.

但首先，如果我們看看我們選擇的WiSA 和WiSA E 的情況，我們在過去三年中投入了大量資金，並圍繞它申請了大約26 項專利，對吧，因此第三季度的財務狀況有所改善。我們的收入為 120 萬美元，成長了 240%。我們的毛利率有所改善。推動這一目標的是我們決定停止零售小型 Platin Audio 揚聲器系列。因此，我們嚴格直接面向消費者，並且庫存減少了 17%。本季結束時，我們擁有 390 萬美元現金。

From an operational milestone, we did announce in our pre-announcement, the team significantly started shipping WiSA IP for transmit in a set-top box with the customer, and that product is expected to be on the shelves by -- for the Christmas season. So it's working through the logistics. That will be on the shelves in Europe initially, and it will go worldwide in 2025. Now that's an Android OS system -- based system, and the team has already started developing WiSA E transmit software to work on Linux operating system, which will impact our 2025 revenue.

從營運里程碑來看，我們確實在預先公告中宣布，該團隊已開始向客戶運送用於在機上盒中傳輸的 WiSA IP，該產品預計將在聖誕節期間上架。所以它是透過物流運作的。該產品將首先在歐洲上架，並於 2025 年在全球上市。現在這是一個基於 Android 作業系統的系統，團隊已經開始開發 WiSA E 傳輸軟體以在 Linux 作業系統上運行，這將影響我們 2025 年的收入。

For new people on this call, I'm going to briefly review the transaction again that we announced at beginning of September with Data Vault Holdings, right? And that was to acquire the patents, the trademarks and the IP for their subsidiaries of Datavault and ADIO.

對於這次電話會議的新人，我將再次簡要回顧我們在 9 月初宣布的與 Data Vault Holdings 的交易，對嗎？那就是收購Datavault和ADIO旗下子公司的專利、商標和IP。

The terms were $200 million in stock at $5 a share and $10 million in an unsecured promissory three-year note. As we -- if we raise money from a strategic or financial partner, 10% of that will go back to paying off that note over the next three years.

條款包括以每股 5 美元的價格購買 2 億美元的股票，以及 1,000 萬美元的三年期無擔保本票。對我們來說，如果我們從策略或財務合作夥伴那裡籌集資金，其中 10% 將在未來三年內用於償還該票據。

Major milestone this morning, we filed the preliminary proxy for both the Annual Shareholders' Meeting and the purchase of this IP. So we'll clear any SEC comments and should be mailing at, so that we can close out both the Annual Shareholders' Meeting and the transaction with Data Vault this year.

今天早上的一個重要里程碑是，我們提交了年度股東大會和購買該智慧財產權的初步委託書。因此，我們將清除 SEC 的任何評論，並應郵寄至，以便我們能夠完成今年的年度股東大會以及與 Data Vault 的交易。

Post-closing, Nate will become CEO of the company. We'll change the name to Datavault, and I'll become CFO. Now with that brief summary on WiSA and the transaction, I'd like to turn the call over to Nate. He's going to walk through both his history, which is long, successful track record of taking IP and monetizing it in both public companies as well as financially.

交易完成後，內特將擔任公司執行長。我們將更名為 Datavault，我將擔任財務長。現在，我想將 WiSA 和交易的簡要總結轉給 Nate。他將回顧自己的歷史，即在上市公司和財務上獲取知識產權並將其貨幣化的悠久而成功的記錄。

And with that, Nate, I'm going to turn it over to you.

內特，我要把它交給你了。

Sure. Thank you very much, Brett. I appreciate your time this morning in joining us. We have obviously a very exciting time here. My background, for those that don't know me, is centered around invention. I have successfully taken products from invention to commercialization and into the public markets. Over my lifespan, I've had various timing that I have figured out with respect to this.

當然。非常感謝你，布雷特。感謝您今天早上抽出時間加入我們。顯然我們在這裡度過了一段非常激動人心的時光。對於那些不了解我的人來說，我的背景主要是發明。我成功地將產品從發明到商業化並進入公共市場。在我的一生中，我已經找到了與此相關的各種時機。

You get better in life or at least you intend to, and this current opportunity follows really a career that is highlighted by our solution of the Internet for people with disabilities at AudioEye, a previous company, ticker, AEYE, NASDAQ-traded company. We sought for making mobile and Internet sites accessible for those with disabilities.

你的生活會變得更好，或者至少你打算如此，而當前的機會實際上是在我們為殘疾人士提供的互聯網解決方案所強調的職業生涯中所強調的，AudioEye是一家前身公司，股票代碼，AEYE，納斯達克上市公司。我們致力於為殘障人士提供無障礙的行動和網路網站。

And in doing that, in my subsequent experience around intellectual property patents, I have perfected a process in both filing and receiving patents from the United States and international bodies, but also reducing those to practice. And here, we've got the timing right with WiSA discovering their 26 patents and their incredible traction in the marketplace, combined with our own, we've got a very exciting company moving forward.

在這樣做的過程中，根據我隨後在智慧財產權專利方面的經驗，我完善了向美國和國際機構申請和接收專利的流程，同時也將其付諸實踐。在這裡，我們抓住了正確的時機，WiSA 發現了他們的26 項專利及其在市場上令人難以置信的吸引力，再加上我們自己的專利，我們已經看到一個非常令人興奮的公司正在向前發展。

So really, these inventions have been targeted at two primary vertical markets. If you look at blockchain and artificial intelligence, these represent high-growth markets, the growth rates are impressive, but the utility of these technologies is probably why we are all here.

事實上，這些發明針對的是兩個主要的垂直市場。如果你看看區塊鏈和人工智慧，它們代表著高成長的市場，成長率令人印象深刻，但這些技術的實用性可能是我們都在這裡的原因。

WiSA has a strong data infrastructure that we found, along with their patented audio systems and technologies. We have a blockchain and artificial intelligence play at Data Vault that is harnessed in our flagship technologies, Datavault and ADIO. ADIO is really the overlap that we have with WiSA.

我們發現 WiSA 擁有強大的資料基礎設施，以及他們的專利音訊系統和技術。我們在 Data Vault 中發揮了區塊鏈和人工智慧作用，並在我們的旗艦技術 Datavault 和 ADIO 中得到利用。ADIO 實際上與 WiSA 重疊。

And why we're so excited about the collaboration is that we have an ultrasonic technology, a system that uses quick response -- mobile quick response technology that rides over sound. Think of it like an invisible QR code. We have the ability to, over these ultrasonic anchors, deliver data and connect real-world objects with their virtual counterparts in meta form. And so this is where we enter into the Datavault systems, but the benefits of this ADIO platform allow us to perfect systems in events and venues.

我們對這次合作如此興奮的原因是我們擁有超音波技術，這是一種使用快速響應的系統——基於聲音的行動快速響應技術。把它想像成一個看不見的二維碼。我們有能力透過這些超音波錨點傳遞資料並將現實世界的物件與其元形式的虛擬物件連接起來。這就是我們進入 Datavault 系統的地方，但這個 ADIO 平台的優勢使我們能夠完善活動和場館中的系統。

We have a number of pilots under our belt and just completed one in the MMA space over this past weekend, where we proved a model that had a very high visitor engagement, improving upon what we did last year with the Katy Perry concert at Resorts World.

我們有很多試點項目，上週末剛剛在MMA 領域完成了一項試點，我們證明了一種具有非常高的遊客參與度的模式，比我們去年在名勝世界凱蒂·佩里(Katy Perry) 音樂會上所做的改進。

We've also deployed this at the largest convention center, the largest casino floor in America, the LIV Golf tour. We've been on MMA fights. We've been at Art Basel. We were the first to arrive there with the NFT technologies. So we have a number of big event venue pilots under our belt, including Major League Baseball, where we proved an ability to use these ultrasonic sounds to get significant increases in mobile response and mobile marketing at these venues. We've also perfected an ad network over these networks that we've patented and perfected with respect to its high-margin delivery of advertising data to consumers.

我們還在美國最大的會議中心、美國最大的賭場 LIV Golf 巡迴賽上部署了該系統。我們參加過 MMA 比賽。我們去過巴塞爾藝術展。我們是第一個帶著 NFT 技術到達那裡的人。因此，我們擁有許多大型活動場地試點，包括美國職棒大聯盟，在那裡我們證明了使用這些超音波來顯著提高這些場地的行動響應和行動行銷的能力。我們也完善了這些網路上的廣告網絡，我們已獲得專利並完善了向消費者提供高利潤的廣告數據。

So working with some of the largest event venues, we've been able to perfect these systems. And also work with WiSA to hone these technologies to control better our ultrasonic signals using WiSA technologies, we can make spatial and other very specific tuning available on site at these venues. I'd also point out that our technology goes over broadcast. So it's a very successful technology that first addresses an event venue, but can also be broadcast for the at-home audience, which is a significant breakthrough.

因此，透過與一些最大的活動場所合作，我們已經能夠完善這些系統。並且還與 WiSA 合作磨練這些技術，以便使用 WiSA 技術更好地控制我們的超音波訊號，我們可以在這些場所現場進行空間和其他非常具體的調諧。我還想指出，我們的技術超越了廣播。因此，這是一項非常成功的技術，它首先針對活動場地，但也可以向家庭觀眾進行廣播，這是一個重大突破。

If we go to the next slide. We've also announced the ability for us to harness data in its most consumable form. We have launched a hollow vision, DVHolo, that uses holographic technology, can take data assets and convert brand and data assets into visual experiences that are human-like.

如果我們轉到下一張投影片。我們也宣布能夠以最易於使用的形式利用數據。我們推出了一個空洞視覺DVHolo，它利用全像技術，可以把數據資產，把品牌和數據資產轉化為類人的視覺體驗。

We've been able to take the name, image and likeness of individuals and provide now a display that's connected to our Datavault and our ADIO systems that allow for monetization. So we're literally a pay-per-view box that can unlock a content on a paid-for basis or a licensed basis and control the display of holographic content up to including brand displays and highly scientific data, where we proved a model for scientists that allow them to use data within their research to create in silico environments to view and experience their experimental data in a way that allows them to experience and have better connection to data sets that they're creating and explain to others what their scientific research means and presents to the world.

我們已經能夠獲取個人的姓名、圖像和肖像，現在提供一個連接到我們的 Datavault 和 ADIO 系統的顯示器，以實現貨幣化。因此，我們實際上是一個按次付費的盒子，可以在付費或許可的基礎上解鎖內容，並控制全息內容的顯示，直至包括品牌顯示和高度科學的數據，我們證明了一個模型科學家們允許他們使用研究中的數據在電腦環境中創建，以一種允許他們體驗並更好地連接到他們正在創建的數據集並向其他人解釋他們的科學研究的方式查看和體驗他們的實驗數據向世界傳達和呈現的意義。

So we perfected this across a number of shopping malls, events and convention centers, hotels and resorts, sports arenas and stadiums as well as university campuses, which we have a very focused effort around generating revenue in that marketplace. And that leads us to this, which is a degree credential.

因此，我們在許多購物中心、活動和會議中心、酒店和度假村、體育場館以及大學校園中完善了這一點，我們非常專注於在該市場中創造收入。這就是我們的學位證書。

In addition to experiential holographic content, we perfected a holographic content that represents degrees, college degrees, bachelor's, master's and doctoral can be delivered in a very high-quality and experiential coin that is issued to the graduate.

除了體驗式全像內容之外，我們還完善了代表學位、大學學位、學士、碩士和博士的全息內容，可以透過向畢業生發行的非常高品質和體驗式硬幣來傳遞。

And it can be used in a format that our ADIO tone provides for a signal that can be confirmatory of a degree credential, meaning that a utility coin is issued to the graduate. That coin has within it audio technology that we've patented called ADIO. And when you play that ADIO tag, it can literally confirm with that college and university the credential itself. Things like transcripts and other assets of data can be conveyed using that same technology.

它可以以我們的 ADIO 音調提供的信號格式使用，該信號可以確認學位證書，這意味著向畢業生發放實用硬幣。該硬幣內含我們已申請專利的音訊技術，稱為 ADIO。當您播放 ADIO 標籤時，它實際上可以與該學院和大學確認證書本身。諸如文字記錄和其他資料資產之類的東西可以使用相同的技術來傳送。

So we're extremely excited about this. It's a great productization of the combination of our acoustic division and our data division. It productize down to our clientele, and we proved this at Arizona State University, working with their Luminosity labs to cut our teeth and get all of the necessary data arrangements made within that university, so that we're able to issue coin in a way that is passive to the university.

所以我們對此感到非常興奮。這是我們聲學部門和數據部門結合的偉大產品。它為我們的客戶提供了產品，我們在亞利桑那州立大學證明了這一點，與他們的 Luminosity 實驗室合作，我們在該大學內進行了所有必要的數據安排，以便我們能夠以某種方式發行硬幣這對大學來說是被動的。

They simply do what they are doing normally, and we're delivering a Web 3 credential on top of that. That is a revenue center for the school. Certainly for us, it's a focal revenue center to prove the Datavault and ADIO models in the marketplace. And in this one, a highly scalable vertical market, where every graduate is developing revenue for our company in the form of this coin, which is also saving the college and university money.

他們只是做他們通常會做的事情，我們在此基礎上提供 Web 3 憑證。那是學校的收入中心。當然，對我們來說，它是在市場上證明 Datavault 和 ADIO 模型的重點收入中心。在這個高度可擴展的垂直市場中，每個畢業生都以這種硬幣的形式為我們公司創造收入，這也為學院和大學節省了資金。

It's actually generating revenue on top of the money they save. And these protective credentials represent a Web 3 systems integration and a revenue generation that's never existed before. So we're very excited about this. I have a focal effort, and we're knocking down a number of known brands.

實際上，除了他們節省的錢之外，它還產生了收入。這些保護憑證代表了 Web 3 系統整合和前所未有的創收。所以我們對此感到非常興奮。我有一個集中的努力，我們正在淘汰一些知名品牌。

We've also announced our collaboration and work that we're doing with scientific laboratories. We have perfected a supercomputing software application of Datavault, where we index data, no matter how large the repository, our national laboratories having amongst the largest data repositories outside of our federal government, and some of them owned and controlled by the federal government agencies.

我們也宣布了與科學實驗室的合作和工作。我們已經完善了Datavault 的超級計算軟體應用程序，我們可以在其中索引數據，無論存儲庫有多大，我們的國家實驗室擁有聯邦政府以外最大的數據存儲庫，其中一些數據存儲庫由聯邦政府機構擁有和控制。

And what we are able to do, with respect to the data asset, is to develop an index. Our software is a Web 3 utility that's not storing the data of our customers, but is characterizing it. It's this new meta layer. And at that meta layer, we can function as a librarian, an indexer, think of it as the Dewey Decimal System of data assets.

對於資料資產，我們能做的就是開發一個索引。我們的軟體是一個 Web 3 實用程序，它不會儲存客戶的數據，而是對其進行表徵。這就是這個新的元層。在該元層，我們可以充當圖書館員、索引器，將其視為資料資產的杜威十進制系統。

And we're able to then also provide a value layer. We can understand how much data cost to create, we can understand the value of data and how much it represents in the marketplace, and most importantly, we develop technologies that allow us to monetize data on behalf of our clientele.

然後我們也能夠提供一個價值層。我們可以了解創建數據的成本，我們可以了解數據的價值及其在市場中的代表程度，最重要的是，我們開發的技術使我們能夠代表客戶將數據貨幣化。

And by doing that, we've perfected a system that allows national laboratories to share data, to funnel data into the other systems, while also being remunerated for the cost of data and the creation of data. And this is a breakthrough in scientific research.

透過這樣做，我們完善了一個系統，允許國家實驗室共享數據，將數據輸送到其他系統，同時還可以根據數據成本和數據創建獲得報酬。這也是科學研究的突破。

Our Datavault has also perfected a system, as I showed with the hologram, to view a scientific data in experiential ways that help scientists collaborate and communicate their scientific objectives. So we're very excited, again, about this initiative. We do have a focal point here on the East Coast, where we're developing this strategy with a leading laboratory.

正如我用全像圖展示的那樣，我們的資料庫還完善了一個系統，以體驗的方式查看科學數據，幫助科學家協作和傳達他們的科學目標。因此，我們對這項舉措再次感到非常興奮。我們在東海岸確實有一個焦點，我們正在那裡與一個領先的實驗室一起制定這一策略。

So if we go to the next slide. Our data technology really in Synopsys, we have a history of proven success with our team. We've taken IP portfolios that were much smaller than that we have here at Data Vault and WiSA, and we perfected that into commercial operation. We're both technologies in that same position now. We happen to meet at that inflection point and increase each other's value as we've learned to use WiSA's technology.

那麼，如果我們轉到下一張投影片。我們的資料技術確實在 Synopsys 中，我們的團隊擁有經過驗證的成功歷史。我們採用的 IP 組合比 Data Vault 和 WiSA 的 IP 組合要小得多，並且我們將其完善到商業營運中。我們現在的技術都處於同樣的位置。我們碰巧在這個轉折點相遇，隨著我們學會使用 WiSA 技術，我們增加了彼此的價值。

We've also looked at their IP assets and ours together in what that means to the market space. We have a combination of 67 patents. That will be 100 patents going into the mid part of next year. As we get issuances, we're filing continuations and continuations apart. And we've been meeting as engineering teams to combine our technology stacks and find these acoustic connections to data and Data Vault's monetization, which we're perfecting.

我們也一起研究了他們和我們的智慧財產權資產，看看這對市場空間意味著什麼。我們擁有 67 項專利組合。到明年中期，這將是 100 項專利。當我們收到發行時，我們會分開歸檔延續和延續。我們作為工程團隊一直在開會，結合我們的技術堆疊，找到與數據和 Data Vault 貨幣化的聲學聯繫，我們正在完善這一點。

You have also high-margin licensing models that are congruent at Data Vault and WiSA. We have a high-performance computing software licensing strategy. We've also leveraged that across sports and venues and our biotech and education, fintech, real estate, health care and energy sector clientele, where we've looked at the effect of that AI and blockchain combination using Web 3 in total addressable markets that are expansive in those cases.

您還擁有與 Data Vault 和 WiSA 一致的高利潤授權模式。我們擁有高效能運算軟體授權策略。我們也在體育和場館以及我們的生物技術和教育、金融科技、房地產、醫療保健和能源行業客戶中利用了這一點，我們在所有可尋址市場中研究了使用Web 3 的人工智慧和區塊鏈組合的效果，在這些情況下是廣泛的。

So automation, technology utilization across big bang opportunities, opportunities where we unlock inside the scale of our clients, and so we're doing that across a number of acoustic and data initiatives. We have traction with these clientele that are household names, large brands that have adopted and trust our company and our technologies to bring forth a number of revenue-generating strategies. So this is our outlook going into 2025.

因此，自動化、跨大爆炸機會的技術利用、我們在客戶規模內釋放的機會，因此我們正在透過許多聲學和數據計劃來做到這一點。我們吸引了這些家喻戶曉的客戶、大品牌，他們已經採用並信任我們的公司和我們的技術，可以帶來許多創收策略。這就是我們對 2025 年的展望。

And really, with that, I will conclude my comments.

事實上，我將以此結束我的評論。

Thanks, Nate. So with that, operator, we'll open up the call for questions.

謝謝，內特。因此，接線員，我們將開始提問。

(Operator Instructions) Jack Vander Aarde, Maxim Group.

（操作員說明）Jack Vander Aarde，Maxim Group。

Okay. Great. I appreciate the third quarter update, and congrats on the recent steps you've made to finalizing the Data Vault transaction. No shortage of moving parts going on.

好的。偉大的。我對第三季的更新表示讚賞，並祝賀您最近為完成資料保險庫事務所採取的步驟。不乏活動部件。

So let me start with a question for Brett on the third quarter and then looking at the fourth quarter. So Brett, third quarter revenue, $1.2 million, that's a nice strong uptick. Was this solely driven by Gen 1 WiSA HT sales? Or was there any WiSA E in there at all?

讓我先問布雷特關於第三節的問題，然後再看看第四節。Brett，第三季營收為 120 萬美元，這是一個不錯的強勁成長。這只是由第一代 WiSA HT 銷售推動的嗎？或者那裡根本有 WiSA E 嗎？

So that's two questions. Yes, there was WiSA E in there. But yes, it is still primarily Gen 1 WiSA HT. Primarily Gen 1, but there was some WiSA E.

這是兩個問題。是的，那裡有 WiSA E。但是，是的，它仍然主要是第一代 WiSA HT。主要是 Gen 1，但也有一些 WiSA E。

Okay. And you have five WiSA E agreements formalized and more in the pipeline, it sounds like. Can you just remind us what are your -- do you have any initial expectations for WiSA E in this fourth quarter? Like will it ramp up a little bit from the third quarter here? And then if you could just remind us of your kind of 2025 WiSA E expectation?

好的。聽起來，您已經正式簽署了五項 WiSA E 協議，還有更多協議正在醞釀中。您能否提醒我們您對第四季 WiSA E 有什麼初步期望嗎？例如它會比第三季度上升嗎？那麼您能否提醒我們您對 2025 年 WiSA E 的期望呢？

Okay. So we haven't done any guidance on 2025, but we will say that WiSA E-related revenue will have a significant uptake in Q4 versus Q3?

好的。因此，我們尚未對 2025 年做出任何指導，但我們會說 WiSA E 相關收入將在第四季度比第三季度大幅增長？

Okay. Got you. That's helpful to know. And then it sounds like -- just intuition-wise and just obviously, more time with the WiSA E brands rolling out, it sounds like 2025 will -- no guidance, but will further ramp obviously.

好的。明白你了。了解這一點很有幫助。然後聽起來——從直覺上看，很明顯，WiSA E 品牌推出的時間會更長，聽起來像 2025 年會——沒有指導，但顯然會進一步增加。

Okay. So good. And one other point, Brett, in the third quarter here, your gross margin did recover. Do you expect -- I think that kind of -- the WiSA HT Gen 1, the gross margins around -- they can be around 30% on a unit basis. Is that still a fair assessment? Or will there -- is there any lumpiness to the gross margins?

好的。超好的。還有一點，布雷特，在第三季度，你們的毛利率確實有恢復。你是否期望——我認為——WiSA HT Gen 1 的毛利率——按單位計算可以達到 30% 左右。這仍然是一個公平的評估嗎？或者毛利率會波動？

It's fair on WiSA HT to model 30%, 35%. It is -- I would anticipate, as you go forward with both WiSA E kicking in with NRE charges, WiSA E being a software license for transmit and royalty payments, that as you model out through '25 and '26 and we bring in the software licensing out of Data Vault, to have significantly higher gross margin percentages.

WiSA HT 上的模式為 30%、35% 是公平的。我預計，當您繼續使用 WiSA E 來收取 NRE 費用時，WiSA E 是用於傳輸和版稅支付的軟體許可證，當您透過 '25 和 '26 進行建模時，我們引入了從Data Vault 獲得軟體許可，毛利率顯著提高。

Okay. Great. That's helpful color. Maybe I'll switch gears. A couple of questions for Nate. Nate, so there are clearly many moving parts and a lot of recent developments. You guys have -- I've been tracking your press releases.

好的。偉大的。這是有用的顏色。也許我會換個方向。有幾個問題要問內特。Nate，所以顯然有很多變化的部分和很多最近的發展。你們——我一直在追蹤你們的新聞稿。

On the Data Vault side, maybe can you just walk us through some of the -- just a couple of the near-term monetization drivers you're most focused on or think are the most meaningful as you enter 2025. You've covered a range of examples and a range of partnerships, ADIO and HYPERVSN and VerifyU. Can you just touch on some of the specific ones that you see as the most likely or the most meaningful monetization drivers as we head into next year?

在資料保險庫方面，也許您可以向我們介紹一些您最關注或認為在進入 2025 年時最有意義的近期貨幣化驅動因素。您已經介紹了一系列範例和一系列合作夥伴關係：ADIO、HYPERVSN 和VerifyU。您能否談談您認為明年最有可能或最有意義的獲利驅動因素的一些具體因素？

Yes. So on the two, Datavault and ADIO, ADIO, sports entertainment venues, live events, large sporting events in the golf space, in particular, any event really where you have a sprawling canvas to produce from or to host fans upon. So if you look at PGA and some of the tour concepts around ADIO, that's a big driver for the ADIO business, events and venues and concerts.

是的。因此，就這兩者而言，Datavault 和 ADIO、ADIO、體育娛樂場所、現場活動、高爾夫領域的大型體育賽事，特別是任何真正擁有廣闊畫布來製作或接待球迷的活動。因此，如果你看看 PGA 和一些圍繞 ADIO 的巡迴演出概念，你會發現這是 ADIO 業務、活動、場館和音樂會的重要推動力。

They're broadcast corollaries, so streaming and traditional broadcast delivery of ADIO. So that all is handled in ad network. So it has a traditional kind of monetization. Think of a complex technology, but very simplified in its operation and in its creation of revenue around ad network. So a very complex technology that gets very consumable in how it's productized and brought to market. So an ad platform, ADIO, across venues, sports and entertainment.

它們是廣播的必然結果，因此是 ADIO 的串流媒體和傳統廣播傳輸。這樣所有的事情都在廣告網路中處理。所以它有一種傳統的貨幣化方式。想像一下一種複雜的技術，但其操作和圍繞廣告網路創造收入卻非常簡單。因此，這是一項非常複雜的技術，在產品化和推向市場的過程中非常消耗。因此，ADIO 是一個跨場館、體育和娛樂的廣告平台。

And then with Datavault, the high science, the ability to use the holograms of HYPERVSN that we are with the DVHolo brand, bringing a pay-per-view gateway experiential layer around the use of holograms and high science. So that's using scientific data that we proved and showed at an exhibit at the Digital Twin Institute that we were able to show a plant being grown off of the data into it.

然後，透過 Datavault，高科技，我們能夠使用 DVHolo 品牌的 HYPERVSN 全息圖，圍繞全息圖和高科技的使用帶來按次付費的網關體驗層。因此，這是使用我們在數位孿生研究所的展覽上證明和展示的科學數據，我們能夠展示一種植物是如何從這些數據中生長出來的。

So you see a sun cycle into a seed. You feed nutrients and you feed other data sets into an object that has a genome that is mapped, and you can grow that seed right in front of you into a plant rather than waiting six months. And so this is a strategy where we use data to display. We've proven it in one of the hardest use cases, but it has application downstream and much easier to understand, easier to implement things, such as looking at a car, looking at a building, looking at things in 3D that are driven by data.

所以你會看到太陽循環變成種子。您將營養物質和其他資料集輸入到具有已映射基因組的物件中，然後您就可以將面前的種子培育成植物，而不用等待六個月。所以這是我們使用數據來展示的策略。我們已經在最困難的用例之一中證明了這一點，但它在下游有應用程序，並且更容易理解、更容易實現，例如看汽車、看建築物、看由 3D 驅動的事物數據。

Our ability to inspect them and to trust what we're seeing is accurate through the Datavault. So that's where anchoring and other assets come in. So we're going to focus on that high science laboratory setting in monetizing data as an index and data as a value. And downstream from that effort, colleges, universities, other commercialization efforts of Datavault that will start to emanate.

我們能夠透過 Datavault 檢查它們並相信我們所看到的內容是準確的。這就是錨定資產和其他資產的用武之地。因此，我們將重點關注將數據作為索引和數據作為價值貨幣化的高級科學實驗室設置。在這項努力的下游，學院、大學以及 Datavault 的其他商業化努力將開始出現。

All of that, again, as ADIO is focused on an ad network, Datavault is focused on an exchange. We have the ability with our information data exchange to simplify all of that business into an exchange. We sell data on behalf of our clientele in a safe and secure environment that's never existed before on our information data exchange.

所有這些，再次強調，ADIO 專注於廣告網絡，而 Datavault 專注於交換。我們有能力透過資訊資料交換將所有業務簡化為交換。我們代表客戶在安全可靠的環境中出售數據，這在我們的資訊數據交換中是前所未有的。

So those are the focal points, the ad network and the information data exchange, driven by those two platforms.

因此，這些是焦點，即由這兩個平台驅動的廣告網路和資訊資料交換。

Excellent, and I appreciate that. That's helpful color. And maybe just let us go one step further there. So on the Datavault and kind of creating digital twins side of the business, well -- I mean like how do you actually monetize it then? Will this require like contracts to be announced, signed?

太棒了，我很感激。這是有用的顏色。也許讓我們更進一步。因此，在 Datavault 和創建數位孿生業務方面，我的意思是，你實際上如何將其貨幣化？這是否需要宣布、簽署類似的合約？

Or is this more just -- is this like a live marketplace where end customers can actively go on and purchase data from you guys? Or is this -- what kind of visibility will an analyst be able to see, I suppose? Will there need to be a contract that's announced or more partnerships? That would just be helpful color.

或者這更公正——這就像一個即時市場，最終客戶可以積極地從你們那裡購買數據嗎？或者我想，分析師能夠看到什麼樣的可見度？是否需要簽訂一份已宣布的合約或更多的合作關係？那隻是有用的顏色。

Yes. So partnerships on the buy and sell sides. So you will see a number of clients sign into the platform. We're at the commercialization stage of Datavault. It's the flagship property of WiSA and Data Vault. WiSA has a strong data back end that's very useful to Data Vault, and it's function for us like Sonar, bringing data back to the Data Vault through the ultrasonic technology of ADIO.

是的。因此，買賣雙方建立夥伴關係。因此，您會看到許多客戶登入該平台。我們正處於 Datavault 的商業化階段。它是 WiSA 和 Data Vault 的旗艦資產。WiSA 擁有強大的資料後端，對 Data Vault 非常有用，它對我們的功能就像 Sonar 一樣，透過 ADIO 的超音波技術將資料帶回 Data Vault。

But the monetization, to answer your question, on the information data exchange, you could expect a 70-30 split, 30% of the yield of a trade, think of it as 15% buy-side, 15% sell-side interest in that data set comes back to our company. So a 70-30 split, 30% coming to Data Vault, 70% in the pocket of our client, where we've taken like Bloomberg does a terminal. And we have a virtual meta terminal that we turn up for our clients called Datavault.

但貨幣化，為了回答你的問題，在資訊數據交換上，你可以預期 70-30 的分割，即交易收益率的 30%，可以將其視為 15% 的買方權益，15% 的賣方權益該數據集返回到我們公司。因此，70-30 的分配，30% 進入 Data Vault，70% 進入我們客戶的口袋，我們就像彭博社做終端一樣。我們為客戶提供了一個名為 Datavault 的虛擬元終端。

And what we add for our clients to their data sets is a meta layer that adds value. So we value and score. We have patented technologies that values and scores that data. And when we split, it's on a 70-30 basis. So you'll see turned up clientele with announcements around contracting on the sell-side or on the data side, the inventory.

我們為客戶的資料集新增的是一個可以增加價值的元層。所以我們重視並評分。我們擁有對數據進行評估和評分的專利技術。當我們分開時，是按照 70-30 的比例進行的。因此，您會看到客戶出現有關賣方或資料方（庫存）合約的公告。

And then on the buy-side, organizations that we've aligned our [systems] with, such as Bloomberg and BlackRock and Accenture. And those -- that are large institutional buyers of data that have very complex requirements that Data Vault meets on behalf of customers.

然後在買方，我們已經與我們的[系統]保持一致的組織，例如彭博社、貝萊德和埃森哲。而那些資料的大型機構買家有非常複雜的要求，Data Vault 代表客戶滿足這些要求。

So both sides announcing, buy and sell-side, and then the events and venues and the use of ADIO being other areas that we'll announce. And when we do announce those, keep in mind, Data Vault is the back end. All of those ad systems and other systems are really built for the purpose of creating data, and we harness that at Data Vault.

因此雙方都宣布了，買方和賣方，然後活動和場地以及 ADIO 的使用是我們將宣布的其他領域。當我們宣布這些時，請記住，Data Vault 是後端。所有這些廣告系統和其他系統實際上都是為了創建資料而建構的，我們在 Data Vault 中利用它。

Excellent. Okay. No, that makes a lot of sense. I appreciate that rundown, Nate. And then maybe just one more for both of you, for both Brett and Nate. Just -- it sounds like you got the proxy pretty much formalized, that will be sent out here. It sounds like if our shareholders approve the transaction, this will happen pretty quick soon after.

出色的。好的。不，這很有意義。我很欣賞這個概要，內特。然後也許再為你們倆，為布雷特和內特，再做一件事。只是——聽起來你的代理商已經非常正式了，它將被發送到這裡。聽起來如果我們的股東批准這項交易，這很快就會發生。

Do you guys envision hosting a joint kind of Investor Day of some sort after in the -- shortly after? Just once all the dust has kind of settled and the name -- everything kind of tranches over, what should we be expecting? Will there be an Investor Day type event where you kind of formalize and crystallize everything and crystalize the message maybe in January or late December? Just what are you guys thinking there?

你們是否設想在不久之後舉辦某種聯合投資者日活動？一旦一切塵埃落定，名字──一切都結束了，我們該期待什麼？是否會在一月或十二月底舉辦投資者日類型的活動，讓一切正式化、具體化，並具體化訊息？你們到底在想什麼？

I think the time that you should think about is it will either be at or immediately following CES. So January 1.

我認為你應該考慮的時間是 CES 期間或緊跟在後。所以 1 月 1 日。

Do you plan on both being at CES, Brett, showing up both technologies?

Brett，你打算在 CES 上同時展示這兩種技術嗎？

Yes.

是的。

I know WiSA had a strong presence there in the past, obviously.

顯然，我知道 WiSA 過去在那裡有很強的影響力。

Yes.

是的。

Fantastic.

極好的。

Both there. Both Nate and I, both technologies, both teams.

兩個都在那裡。Nate 和我，都是技術，都是團隊。

This concludes our question-and-answer session. I would like to turn the conference back over to Brett Moyer with WiSA Technologies for any closing remarks.

我們的問答環節到此結束。我想將會議轉回 WiSA Technologies 的 Brett Moyer 發表閉幕詞。

Yes. So I think clearly, there -- to quote Jack, there's a lot of moving parts, but it is a very exciting combination of IP that we've acquired. I think the whole -- both teams are looking forward to executing this out and watching revenue grow as we come into 2025.

是的。所以我清楚地認為，引用傑克的話，有很多活動部件，但這是我們獲得的知識產權的一個非常令人興奮的組合。我認為總的來說，兩個團隊都期待著執行這項計劃，並在進入 2025 年時看到收入的成長。

And with that, I'd like to thank everybody for joining the call this morning.

在此，我要感謝大家今天早上加入電話會議。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。