Datavault AI Inc (DVLT) 2025 Q2 法說會逐字稿

Welcome to the Datavault AI second quarter Earnings conference call. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Susan Zhu with Allianz Advisors, Investor Relations. Please go ahead.

歡迎參加 Datavault AI 第二季財報電話會議。（操作員指示）請注意，此事件正在被記錄。現在，我想將會議交給安聯顧問投資者關係部的 Susan Zhu。請繼續。

Good morning, and welcome to Datavault AI Business Update Conference Call. Again, I'm Susan Zhu with Allianz Advisors Investor Relations. And as a reminder, today's call is being recorded.

早安，歡迎參加 Datavault AI 業務更新電話會議。再次強調，我是安聯顧問投資者關係部門的 Susan Zhu。提醒一下，今天的通話正在錄音。

Before we begin the call, I'd like to remind everyone that we will be making certain forward-looking statements, which are subject to various risks and uncertainties that could cause our actual results to differ materially from these statements. Any such forward-looking statements should be considered in conjunction with the cautionary statements in our press release and risk factors discussed in our filings with the SEC.

在我們開始電話會議之前，我想提醒大家，我們將做出某些前瞻性陳述，這些陳述受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。任何此類前瞻性陳述都應與我們新聞稿中的警示性聲明以及我們向美國證券交易委員會提交的文件中討論的風險因素一起考慮。

Datavault AI assumes no obligation to update any of these forward-looking statements, except as required by law. Please refer to slide 2 of today's accompanying presentation for more information. With us today are Nate Bradley, CEO of Datavault AI; and Brett Moyer, CFO.

除非法律要求，否則 Datavault AI 不承擔更新任何前瞻性聲明的義務。請參閱今天隨附簡報的第 2 張投影片以了解更多資訊。今天與我們在一起的是 Datavault AI 執行長 Nate Bradley 和財務長 Brett Moyer。

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

說完這些，我就把電話轉給 Nate。請繼續，內特。

Thank you, everyone. It's a very exciting day here at Datavault AI. We have made a number of key milestones come to fruition. If you look at our business products and our revenue derived from, we're really excited about the results of the second quarter.

謝謝大家。這是 Datavault AI 非常激動的一天。我們已經實現了許多重要的里程碑。如果您看看我們的業務產品和由此產生的收入，我們對第二季的業績感到非常興奮。

We missed being able to book or to recognize revenue that we have booked around a licensing transaction with Nyiax. I would say, the value of the transaction is actually much greater in our eyes. It actually unlocks the value of our company in a big way.

我們無法預訂或確認與 Nyiax 達成的許可交易的收入。我想說，在我們看來，這筆交易的價值實際上要大得多。它實際上極大地釋放了我們公司的價值。

So we're really excited about that relationship more than anything and what it creates for us moving forward. So that was quite a triumph with respect to the revenue generation and our kind of penny test, if you will, as we move forward into a much larger scale moving forward.

因此，我們對這種關係以及它為我們未來發展帶來的益處感到非常興奮。因此，就創造收入和我們的一分錢測試而言，這是一個相當大的勝利，如果你願意的話，隨著我們朝著更大規模邁進。

So you can see the sequential growth. I'd mention that there's a seminal event in the United States with respect to the passage of the GENIUS Act. This opened up large-scale licensing opportunities in the U.S. banking industry. Datavault is pursuing a number of things. We have a very special patent position in the marketplace.

因此你可以看到連續的成長。我想提一下，美國通過了《天才法案》，這是一個具有開創性的事件。這為美國銀行業開闢了大規模許可機會。Datavault 正在追求許多目標。我們在市場上擁有非常特殊的專利地位。

We are unlike many companies that compete in AI and data and data monetization. We are a company that relies on proprietary technology. We actually have a sovereign right to particular capabilities and systems that we've built over time.

我們與許多在人工智慧、數據和數據貨幣化領域競爭的公司不同。我們是一家依賴專有技術的公司。事實上，我們對長期以來建立的特定能力和系統擁有主權。

We've also brought in high-end litigation and development teams around our portfolios at Fish Richardson and Greenberg Traurig. We have financial damages analysis underway. We're looking at large U.S. banking operations that have begun to use tokenomics and crypto management and custody, several areas where they start to enter into needing an exchange that Datavault AI offers.

我們也為 Fish Richardson 和 Greenberg Traurig 的投資組合引入了高端訴訟和開發團隊。我們正在進行財務損失分析。我們正在關注已經開始使用代幣經濟學和加密管理和託管的大型美國銀行業務，他們開始進入需要 Datavault AI 提供的交易的幾個領域。

We have an exceptional product line that's proprietary to us, and we're going to protect our proprietary rights across the world. And so doing that is -- it's a proposition where we are judicious about our expenditures there, looking at contingency and blended contingencies that give us very little cash output, but large cash opportunity for our shareholders and our stakeholders while not disrupting our core operations or our business management moving forward.

我們擁有一條專有的卓越產品線，我們將在世界各地保護我們的專有權利。這樣做就是——我們對我們的支出非常審慎，考慮意外事件和混合意外事件，這些意外事件給我們帶來的現金產出很少，但為我們的股東和利益相關者帶來了巨大的現金機會，同時又不會擾亂我們的核心業務或業務管理的發展。

So that's a very developmental side of our business that's going to continue to develop a lot of value for all the stakeholders involved. So we're very excited about the progress we've made.

因此，這是我們業務的一個非常具有發展性的方面，它將繼續為所有相關利害關係人創造巨大的價值。因此，我們對所取得的進展感到非常興奮。

We also have a standards-based practice around Greenberg Traurig and their work with us around HD wireless transmission, a number of patents that we've received, shout-out to Joshua Paugh, who's been prolific, Mark Twain of patents, who can capture so much. Brian Owens on our team deserves a lot of credit as well for bringing forth a portfolio here that has a standards body capability.

我們也圍繞著 Greenberg Traurig 開展了基於標準的實踐，並與我們一起在高清無線傳輸方面開展了合作，我們獲得了多項專利，特別要感謝 Joshua Paugh，他是一位多產的專利專家，堪稱專利界的馬克·吐溫，他可以捕捉到如此多的靈感。我們團隊的 Brian Owens 也值得稱讚，因為他提出了具有標準機構能力的投資組合。

We can partner with large corporations in that space and create a standard and start to monetize the WiSA portfolio in a way that probably others will be surprised at. And at a standard level, the revenue is quite exceptional and high margin, and we're excited to activate that.

我們可以與該領域的大公司合作，創建一個標準，並開始以可能讓其他人感到驚訝的方式將 WiSA 產品組合貨幣化。從標準層面來看，收入相當可觀，利潤率也很高，我們很高興能夠實現這一點。

So those are some of the key highlights of Q2. And as we move forward, when you look forward to Q3 and what we're looking to accomplish, we have an International Elements Exchange that we've announced. It's captured the attention of the world.

這些就是第二季的一些主要亮點。隨著我們不斷前進，當您展望第三季以及我們想要實現的目標時，我們已經宣布了國際元素交易所。它引起了全世界的關注。

We have individuals and large mining and operations that are dealing with precious metals and elements, including carbon credits and geothermal and other aspects, that we're beginning to use our RWA, our real-world asset tokenomics and our ability to use any chain selected by our customers as a chain-agnostic solution on blockchain and an AI-powered system that, as you may know, is now Watson AI powered.

我們擁有處理貴金屬和元素的個人和大型採礦和運營，包括碳信用和地熱等方面，我們開始使用我們的 RWA、我們的現實世界資產代幣經濟學以及我們使用客戶選擇的任何鏈的能力作為區塊鏈上的鏈無關解決方案和人工智能係統，正如您可能知道的，現在由 Watson AI 驅動。

And with watsonx.ai and IBM, we have an exceptional engineering team and ability to deliver. That's something Jeff Jones and our team has been really excited about, our ability to scale our software development and our customer acquisition and customer services through the IBM infrastructure, really learning from the best and shadowing the best possible licensing partner you could have to train us on all aspects of the disciplines necessary in high cybersecurity, supercompute and large-scale deployments for our customers within those secure environments.

透過 watsonx.ai 和 IBM，我們擁有了一支卓越的工程團隊和交付能力。這是 Jeff Jones 和我們的團隊真正感到興奮的事情，我們能夠透過 IBM 基礎設施擴展我們的軟體開發、客戶獲取和客戶服務，真正向最好的人學習，並跟隨最好的許可合作夥伴，在高網路安全、超級運算和在這些安全環境中為我們的客戶進行大規模部署所需的所有方面的培訓。

So in 2025, we've set out to acquire two companies. CSI was a successful acquisition. Getting that under our belt, it's been both an exceptional challenge and a pleasure working with individuals there. Mark LoGiurato deserves a mention on this call. He's been organizing in tough circumstances, the integration of Datavault AI and the CSI team there.

因此，我們計劃在 2025 年收購兩家公司。CSI 是一次成功的收購。獲得這些經驗後，與那裡的人們一起工作既是一次非凡的挑戰，也是一次愉快的經歷。在這次電話會議中，值得一提的是 Mark LoGiurato。他在艱難的環境下組織 Datavault AI 和 CSI 團隊的整合。

And certainly, the Williams and others involved, KL Williams deserves a mention there, doing a good job communicating and getting things ramped up with the team there that's really quite exceptional. So we're excited about the progress we've made with that acquisition, and we look forward to a second acquisition.

當然，威廉斯車隊和其他相關人員，KL 威廉斯車隊值得一提，他們在與車隊溝通方面做得很好，並且讓車隊的工作進展順利，這確實非常出色。因此，我們對此次收購的進展感到非常興奮，並期待第二次收購。

You may have seen that API Media has agreed to terms. We require a down payment in cash here in the next 7 days that we intend to make. And we have a strategy to close API Media in that time frame.

您可能已經看到 API Media 已同意條款。我們要求您在未來 7 天內以現金支付定金。我們有一個策略，就是在那個時間範圍內關閉 API Media。

That particular acquisition is something that is very hard fought and something that we're building up, being selected by API as a potential technology that accelerates their business; it's something that's quite an honor and something that we're looking to build up our chops, our companies wherewithal to have such a selection be made.

這次收購來之不易，我們正在不斷積累，被 API 選為可以加速其業務發展的潛在技術；這是我們莫大的榮幸，我們正在努力提升自身實力，增強公司實力，以應對 API 做出的這一選擇。

So we're positioning the company to close. We're really honored by the opportunity with API, adding that to the exceptional assets of the company.

因此，我們準備關閉這家公司。我們非常榮幸有機會與 API 合作，這為公司帶來了寶貴的資產。

If you look at the recent milestones just this morning announcing the Q2 results, it's a 467% year-over-year number. It has the $2.5 million booking, which was, again, the Nyiax deal that gave us access to the NASDAQ financial framework, which unlocks our ability to launch exchanges using the Datavault tokenomics, which is a patented system kind of stem to stern that we're excited about and really is not reflected in these numbers with respect to its revenue-generation capability.

如果您查看今天早上宣布的第二季度業績的最新里程碑，您會發現該數字同比增長了 467%。它擁有 250 萬美元的預訂，這又是 Nyiax 交易讓我們能夠進入納斯達克金融框架，從而解鎖我們使用 Datavault 代幣經濟學啟動交易所的能力，這是一種從頭到尾的專利系統，我們對此感到興奮，但這些數字並沒有真正反映出它的創收能力。

So turning that on carefully with IBM and looking at these exchanges, loading these exchanges with materials, our Elements Exchange; we've launched an NIL exchange and a political exchange that will all have governance and systems around them that IBM's AI makes possible, that the GENIUS Act unlocked and made legal in the United States to have such mechanisms.

因此，我們與 IBM 一起謹慎地啟動這些交易所，並研究這些交易所，用材料加載這些交易所，即我們的 Elements Exchange；我們已經啟動了一個 NIL 交易所和一個政治交易所，它們都將擁有 IBM 的 AI 所實現的治理和系統，而《GENIUS 法案》在美國解鎖並合法化了此類機制。

And so we're carefully assembling that, working with partners like IBM to make sure that all of that infrastructure is set up in a very professional way. We've also targeted some brand names that we'd like to name these exchanges after in honoring some major American brands that kind of deserve to be the namesakes of these exchanges.

因此，我們正在精心組裝，並與 IBM 等合作夥伴合作，以確保所有基礎設施都以非常專業的方式建立。我們也選定了一些品牌名稱來為這些交易所命名，以紀念一些值得以這些交易所命名的美國主要品牌。

So we have an exciting trajectory there. We've made some announcements with respect to that. I mentioned API Media. That's a milestone set for next week. Very important, our company hits that milestone. And I'll explain how we get there.

因此，我們有一個令人興奮的軌跡。我們已經就此發布了一些公告。我提到了 API Media。這是下週設定的里程碑。非常重要，我們公司達到了這個里程碑。我會解釋我們如何實現這一目標。

Our senior secured note that we just executed is another $12 million financing August 20th, this gave us access to like pulmonary cash and ability there. I'd like to thank Anson ANS and SEG Opportunity Fund. I'd like to thank them for kind of a steadfast support of our company, a belief in us that is really quite an honor. So we're very thankful to them.

我們剛剛執行的優先擔保票據是 8 月 20 日的另一筆 1,200 萬美元的融資，這使我們能夠獲得大量現金和能力。我要感謝 Anson ANS 和 SEG Opportunity Fund。我要感謝他們對我們公司的堅定支持和信任，這真的是一種榮幸。所以我們非常感謝他們。

And when you look at this, the trajectory of our company, this is another injection of capital at the exact right time. It is an ability for us to reach the promised land, the ability for us to move forward to our vision and execute at a level that we're really excited about executing on.

當你看到我們公司的發展軌跡時，你會發現這是又一次在恰當時機注入的資本。它是我們到達應許之地的能力，是讓我們朝著我們的願景前進並在我們真正興奮的水平上執行的能力。

IBM Platinum partnership, we're now a Platinum partner there. That's a big honor, something that we've obtained as a team, Jeff Jones, our engineering, the team in Atlanta, Sonia Choi; getting us organized, capturing this unique opportunity and then exploiting it in a way that's allowed us to bring major horsepower onboard.

IBM 白金合作夥伴，我們現在是那裡的白金合作夥伴。這是一個巨大的榮譽，這是我們作為一個團隊獲得的，傑夫瓊斯，我們的工程師，亞特蘭大的團隊，索尼婭·崔；讓我們組織起來，抓住這個獨特的機會，然後以一種讓我們能夠發揮巨大力量的方式利用它來實現。

The Nyiax stays on the board as a major milestone because it's an incredible, unique opportunity. It's patent backed, and the cross-license between us is exceptionally powerful. And the world is about to see what that partnership can do.

Nyiax 留在董事會是一個重要的里程碑，因為它是一個令人難以置信的獨特機會。它有專利支持，而且我們之間的交叉許可非常強大。世界即將見證這夥伴關係所能取得的成果。

IBM Platinum partnership, we're now a Platinum partner there. That's a big honor, something that we've obtained as a team, Jeff Jones, our engineering, the team in Atlanta, Sonia Choi; getting us organized, capturing this unique opportunity and then exploiting it in a way that's allowed us to bring major horsepower onboard.

IBM 白金合作夥伴，我們現在是那裡的白金合作夥伴。這是一項巨大的榮譽，這要歸功於我們團隊，包括 Jeff Jones、我們的工程團隊，以及亞特蘭大團隊的 Sonia Choi；他們幫助我們組織起來，抓住了這個獨特的機會，並以一種讓我們能夠全力投入的方式加以利用。

The Nyiax stays on the board as a major milestone because it's an incredible, unique opportunity. It's patent backed, and the cross-license between us is exceptionally powerful. And the world is about to see what that partnership can do.

Nyiax 留在董事會是一個重要的里程碑，因為它是一個令人難以置信的獨特機會。它有專利支持，而且我們之間的交叉許可非常強大。世界即將見證這夥伴關係所能取得的成果。

You also have the Dolby license where we're able to use our WiSA technologies and in conjunction with Dolby, create unique technologies in a space where we have dominated for many years in terms of engineering dominance and ownership of high-definition spatial audio and transmission around that, that is extremely special, unique and powerful. It has a lot of Web3 implementations that Datavault is ceasing on right now. Our engineers are working with very special toolboxes that belong to only us.

您還擁有杜比許可證，我們能夠使用我們的 WiSA 技術並與杜比合作，在我們多年來在工程主導地位和高清空間音頻及傳輸所有權方面佔據主導地位的領域創造獨特的技術，這是非常特殊、獨特和強大的。它有很多 Web3 實現，但 Datavault 目前正在停止這些實作。我們的工程師使用只屬於我們的非常特殊的工具箱進行工作。

We have a unique footprint. VerifyU has risen as a very simple implementation of a very complex technology. It allows you to check someone's credentials. Whether someone served in the military operation, whether they were injured and received an award, all of the valor that we document around the world can be utilized with this technology.

我們擁有獨特的足跡。VerifyU 是一種非常複雜的技術的一個非常簡單的實作。它允許您檢查某人的憑證。無論某人是否參加過軍事行動，是否受傷或獲得獎勵，我們在世界各地記錄的所有英勇事蹟都可以利用這項技術來利用。

This technology can also protect colleges and universities and sports organizations like the NFL Alumni. I'd mention Billy Davis, health care leader over at NFL Alumni, great partner, good person, really helping our business expand and has a vision for the future.

這項技術還可以保護大學和 NFL Alumni 等體育組織。我想提到比利戴維斯 (Billy Davis)，他是 NFL Alumni 的醫療保健領袖，他是一位出色的合作夥伴，一位好人，他確實幫助我們拓展業務，並且對未來有著遠見卓識。

But he also saw VerifyU very early as a mechanism to help NFL players get their benefits, to get their health care, to get all of the things that he has organized at Alumni on behalf of the NFL players and alumnus. They are able to utilize a system that can prove their valor, prove what they have achieved and also receive the benefits owed to them. So there's some very unique technologies.

但他很早就將 VerifyU 視為一種機制，幫助 NFL 球員獲得福利、獲得醫療保健以及獲得他代表 NFL 球員和校友在校友會組織的所有事物。他們能夠利用一個系統來證明他們的英勇，證明他們所取得的成就，並獲得應得的利益。所以有一些非常獨特的技術。

I'd also mention on the right-hand side, the Information Data Exchange drastically enhanced with the exchange of exchanges, the Nyiax, the ability to have the International NIL Exchange, our International Elements Exchange and American Political Exchange.

我還要提到右側，資訊資料交換透過​​交換、Nyiax、國際 NIL 交換、國際要素交換和美國政治交換的能力得到了極大增強。

These are exchanges that we're launching on tried and true, trusted infrastructure with IBM on the pricing and the mechanisms around our data value and DataScore, agents, our agentic solutions that include Datavault Bank, a smart contracting solution that solves major American problems.

我們正在與 IBM 合作，在經過驗證的、值得信賴的基礎設施上進行這些交易，圍繞我們的數據價值和 DataScore、代理以及代理解決方案製定定價和機制，其中包括 Datavault Bank，這是一種解決美國主要問題的智能合約解決方案。

And in the case of Elements and NIL, a worldwide phenomenon that we can use blockchain and systems created by Datavault to protect one's identity, to claim it and to move it into monetization. We can do this all around the world for our customers.

就 Elements 和 NIL 而言，這是一個全球現象，我們可以使用區塊鏈和 Datavault 創建的系統來保護個人身分、聲明身分並將其貨幣化。我們可以為世界各地的客戶提供此項服務。

I'd also mention that under our Acoustic Science division, a dominance in events, our eyes on API Media acquisition next week, which would unlock if selected, if finalized by API, the ability to be part of some of the most marquee events in America. CompuSystems, a worldwide registration company that we've taken command over, and we have completed our transaction to acquire. We have recognized revenues and ramped up systems to move Web3 automation and modernization and technology into place.

我還要提到，在我們的聲學科學部門的領導下，我們在活動中佔據主導地位，我們專注於下週對 API Media 的收購，如果被選中並被 API 最終確定，我們將有機會參與美國一些最受矚目的活動。CompuSystems 是一家全球註冊公司，我們已接管該公司並完成了收購交易。我們已經確認了收入，並加強了系統以實現 Web3 自動化、現代化和技術的實施。

I would mention WiSA and Brett Moyer and our team, Kat, Keith, Ed; you guys have created a system that will leave a legacy for the years to come.

我想提到 WiSA 和 Brett Moyer 以及我們的團隊，Kat、Keith、Ed；你們創建了一個將在未來幾年留下遺產的系統。

We have a dominance in audio. We have a standards body that we're going to license out, and we have a product that's going to continue to capture the world right in their ears. We have an AI platform, now Watson stabilized and IBM Platinum Partner supported, that allows us to scale this operation. We have our DB Hollow operation, which is giving us the visuals that go with exceptional sound and have a number of Web3 implementations and data monetization utilizations.

我們在音訊領域佔據主導地位。我們有一個將要授權的標準機構，我們有一個產品，將繼續透過他們的耳朵捕捉世界。我們有一個 AI 平台，現在 Watson 已經穩定並且得到了 IBM 白金合作夥伴的支持，這使我們能夠擴展這項業務。我們有 DB Hollow 操作，它為我們提供了與卓越聲音相匹配的視覺效果，並具有多種 Web3 實現和資料貨幣化利用。

So we're incredibly excited about this footprint. The power of VerifyU will be revealed in the coming days, it's revenue generative power. And the power of Datavault is a sleeping dragon. It is unlocked with the information, data exchange, and it is about to be unleashed in the world in the form of International NIL Exchange, Elements Exchange and the American Political Exchange, traded with Nyiax technology.

因此，我們對這個足跡感到無比興奮。VerifyU 的威力將在未來幾天內顯現出來，也就是它的創收能力。而Datavault的力量就像一條沉睡的巨龍。它透過資訊、數據交換解鎖，即將以國際 NIL 交易所、元素交易所和美國政治交易所的形式在全球推出，並使用 Nyiax 技術進行交易。

We have an incredible cadre of customers. Where is the money coming from? I got a great text from a shareholder this morning about where is -- something that allows us to launch a company that generates revenue. And this revenue is central to our valuation, central to accelerating our price point in terms of the appreciation of the value of Datavault AI as a whole.

我們擁有一群令人難以置信的客戶。錢從哪裡來？今天早上，我收到一位股東發來的一條很棒的短信，內容是關於哪裡可以讓我們創辦一家能產生收入的公司。這筆收入對我們的估值至關重要，對於加速我們的價格點以提升 Datavault AI 的整體價值至關重要。

These are the clients, these are the new clients that we can feast upon in terms of our ability to implement our technologies and give them life-giving revenues, new revenue streams within these operations and incredible technologies that enable the revenue generation within our clientele to have widgets and capabilities that other companies do not have and give those to companies that monetize in products, in technology, in software.

這些都是客戶，這些都是新客戶，我們可以利用我們的技術為他們帶來豐厚的收入，在這些業務中創造新的收入來源，以及令人難以置信的技術，這些技術使我們的客戶能夠擁有其他公司所沒有的小部件和功能，並將它們提供給透過產品、技術和軟體賺錢的公司。

And then a Datavault platform that's captured the attention of leading national laboratories, the ability to showcase a FIO intel capability to look at the bioscience and high sciences as a way to use Datavault at a high level within cybersecure environments that are second to none in the world, solving problems that are amongst the hardest to solve in the world.

然後，Datavault 平台吸引了主要國家實驗室的注意，它展示了 FIO 情報能力，可以將生物科學和高科學視為一種在世界首屈一指的網路安全環境中高水平使用 Datavault 的方式，解決了世界上最難解決的問題。

We have also GFT ability to deliver a blockchain coupon. And I mentioned NFL Alumni partners of ours, White House Experience, the People's House, founded by Jacqueline Kennedy, something that we're proud to be part of.

我們也擁有 GFT 能力來提供區塊鏈優惠券。我還提到了我們的 NFL 校友合作夥伴、白宮體驗、人民之家，由傑奎琳甘迺迪創立，我們很自豪能夠成為其中的一員。

So we have incredible business momentum and new clientele that need our technology to be competitive in the AI generation. We have a business model that takes licensing from Datavault, information data exchange, the Datavault, the DataScore, the Datavault Bank, these are agentic solutions that allows us to use AI agents to generate money for our clients. We take part of what we make for our clientele.

因此，我們擁有令人難以置信的業務發展勢頭和新客戶，他們需要我們的技術在人工智慧時代具有競爭力。我們有一個商業模式，需要 Datavault、資訊資料交換、Datavault、DataScore、Datavault Bank 的許可，這些都是代理解決方案，允許我們使用人工智慧代理為客戶賺錢。我們為客戶製作了部分產品。

We have licensing of our ADIO and WiSA technology that allows us in various industries to revolutionize how things are advertised, how tickets are bought, how people engage in environments. And in closed environments, even in your living room, we have a technology that is exceptional, that raises your attention, that is better sounding than the audio you're hearing right now.

我們擁有 ADIO 和 WiSA 技術的許可，這使得我們在各個行業能夠徹底改變廣告方式、購票方式以及人們參與環境的方式。在封閉的環境中，甚至在您的客廳中，我們都擁有卓越的技術，可以吸引您的注意，其音質比您現在聽到的音訊更好。

And if you simply listen to WiSA, you understand why it's a breakthrough. And when you hear it for the first time, you realize what you missed out. And so turning that on around the world is an exciting proposition for us. WiSA has a strong muscle in this company, and it's about the flex.

如果你只是聽聽 WiSA，你就會明白為什麼它是一個突破。當你第一次聽到它時，你就會意識到你錯過了什麼。因此，在世界範圍內推廣這項措施對我們來說是一個令人興奮的提議。WiSA 在這家公司中擁有強大的實力，而且非常靈活。

We have the ability within this to launch exchanges. We have selected three primary exchanges and a fourth, which is the Information Data Exchange, the master exchange, the ability to turn data into cash, the first breakthrough.

我們有能力開展這方面的交流。我們選擇了三個主要的交易所和第四個，也就是資訊數據交易所，主交易所，將數據轉化為現金的能力，這是第一個突破。

And we have, within that bifurcated exchange operations that have focal attention around compliance, the ability to create compliant transactions where we can move tokenomics and real-world assets into revenue-generating cash to move objects for political campaigns directly from their donors into campaigns, taking out all the parasitical middlemen that have extracted money and taking it from campaigns and reduce the impact of investments that individuals make into campaigns.

在以合規性為重點的分叉交易所營運中，我們有能力創建合規交易，我們可以將代幣經濟學和現實世界資產轉化為創收現金，將政治競選的物品直接從捐贈者轉移到競選活動中，從而消除所有從競選活動中榨取資金的寄生中間商，並減少個人對競選活動的投資的影響。

So a token that solves for direct investment and a government relationship that is ultra compliant, open kimono on the blockchain, something that we can all look at and see and have an understanding of; it's an exciting proposition. It's something that we're excited to launch in America, and it solves a problem.

因此，一個解決直接投資和政府關係問題的代幣是超級合規的，在區塊鏈上開放的和服，是我們所有人都可以看到、看到並理解的東西；這是一個令人興奮的提議。我們很高興能在美國推出這款產品，它解決了一個問題。

It also provides for a level of material data, data about who gets support and how that support is rolling in, information that's readily available if you look for it right now under our current system, but under tokenomics, opens up and is more powerful. It can allow small donors to make big impact. It can allow for institutions to make investments into campaigns and have that transparency that we've all been dying for in our country.

它還提供了一定程度的實質性數據，關於誰獲得支持以及支持如何進行的數據，如果你現在在我們當前的系統下尋找這些信息，這些信息很容易獲得，但在代幣經濟學下，這些信息是開放的並且更加強大。它可以讓小額捐贈者發揮巨大作用。它可以讓機構對競選活動進行投資，並實現我們國家一直渴望的透明度。

We also have the solution to NIL, college sports and NIL Exchange solving a major American problem, but also having an international revenue opportunity around all education institutions, all individuals who want to claim their likeness and monetize it on a fair exchange.

我們也為 NIL、大學體育和 NIL Exchange 提供了解決方案，解決了美國的一個主要問題，同時也為所有教育機構、所有想要宣稱自己肖像權並在公平交易中將其貨幣化的個人提供了國際收入機會。

There's also the Elements Exchange, probably the most exciting of the three, probably the first launch of those three and an ability to take real-world assets and monetize them on an exchange.

還有 Elements Exchange，這可能是三者中最令人興奮的，可能是這三者中第一個推出的，它能夠獲取現實世界的資產並在交易所將其貨幣化。

So these are all exciting developments. Our patent portfolio continues to explode. We have already now 72 assets under management. Our Acoustic Science division is absolutely bursting with technology. It's getting licensed into some of the biggest companies in the world, PacRim, Taiwan. We have a number of large-scale opportunities to push that technology into the world on a scale that was first not imagined with WiSA, robotics and other areas that have made that technology more exciting.

這些都是令人興奮的發展。我們的專利組合持續激增。我們目前已管理 72 項資產。我們的聲學科學部門絕對充滿了技術。它已獲得世界上一些最大公司的授權，包括 PacRim 和台灣。我們擁有許多大規模的機會將這項技術推向世界，其規模是 WiSA、機器人技術和其他領域最初無法想像的，這些領域使這項技術變得更加令人興奮。

If you look at the excitement around WiSA, it's about our ability to capture clientele in scale. And if you look at some of the advancements made with Datavault and the team, the ability for Burke Products to name us and select us into a government contracting opportunities around key instruments of both our military complex and administrative aspects of our government, we have also made a growth outlook in our patent licensing strategy and our ability to monetize inventions that we own in the United States.

如果你看一下 WiSA 周圍的興奮之情，你會發現這與我們大規模吸引客戶的能力有關。如果你看一下 Datavault 和團隊取得的一些進步，Burke Products 能夠提名我們並選擇我們進入政府承包機會，這些機會涉及我們軍事綜合體和政府行政方面的關鍵工具，我們還對我們的專利許可策略和將我們在美國擁有的發明貨幣化的能力做出了增長展望。

And we have a gateway, a key gateway for companies that are looking to enter into Web3 technology, tokenomics and monetization over exchanges. We have strategic IP that underpins these technologies. And as we bring them into scale, we have a $50 million revenue target into next year. We have a platform that is second to none that allows us to monetize data, turn data to cash.

我們有一個門戶，對於希望進入 Web3 技術、代幣經濟學和交易所貨幣化的公司來說，這是一個關鍵門戶。我們擁有支撐這些技術的戰略知識產權。隨著我們擴大規模，我們明年的營收目標是 5000 萬美元。我們擁有一個無與倫比的平台，讓我們可以實現數據貨幣化，將數據轉化為現金。

We have IBM Platinum partnership in place. the DataValue, the DataScore and the Datavault Bank, security and compliance, a compliance-first infrastructure focused on government compliance, the SEC, the Federal Elections Commission for the Political Exchange, the NIL being governed by all of those governance bodies that individual customers will be governed under, based on their membership at a university, their position as a student within that.

我們與 IBM 建立了白金合作夥伴關係。 DataValue、DataScore 和 Datavault Bank 具有安全性和合規性，這是一個以政府合規性為重點的合規性優先基礎設施，SEC、聯邦政治交流選舉委員會、NIL 受所有這些治理機構的管理，個人客戶將根據其在大學的會員資格以及作為該大學學生的身份接受這些治理機構的管理機構。

Any other person that is in the world that wants to monetize their NIL, has various regulatory and taxation compliance issues that our system solves for systematically, automatically, making the complex consumable, allowing the kid to play third base and not be dragged off by the IRS. Very simple solutions that solve American problems and allow the systems like NIL to advance in a way that's not been perceived.

世界上任何其他想要將其 NIL 貨幣化的人都會遇到各種監管和稅收合規問題，我們的系統可以系統地、自動地解決這些問題，使復雜的問題變得可消耗，讓孩子能夠打三壘，而不會被國稅局拖走。非常簡單的解決方案解決了美國的問題，並允許 NIL 等系統以人們未曾察覺的方式發展。

We have an Information Data Exchange that solves problem after problem, the political, the NIL, the elements and data to cash, big-time solutions for our country and for our company and our customers internationally.

我們有一個資訊資料交換中心，可以解決一個又一個問題，包括政治問題、NIL、要素和資料兌現問題，為我們的國家、我們的公司和國際客戶提供重大解決方案。

We have a refinery of vault and exchange infrastructure that continues to capture patents.

我們擁有一個保險庫和交換基礎設施精煉廠，可以持續取得專利。

We've moved VerifyU up to enterprise level. We have the ability to verify your education, whether a doctor, at a master's or a bachelor's degree. We can load these credentials with memories, with artifacts of value of data that represents knowledge and education or credential or valor. We have the ability to prove that Valor all over the world.

我們已將 VerifyU 提升至企業級。我們有能力驗證您的教育背景，無論是醫生、碩士或學士學位。我們可以將記憶、代表知識、教育、資歷或勇氣的資料價值工件載入這些憑證。我們有能力向全世界證明我們的勇氣。

Or if you're like Billy Davis and you're trying to deliver fundamental value in the form of benefits, we have a wrapper that allows you to move this and prove this around the world. We have a tone that ties to this technology that no one else has that is a Sonic marker that connects these artifacts to blockchain artifacts to be proven.

或者如果你像比利戴維斯一樣，試圖以福利的形式提供根本價值，我們有一個包裝，可以讓你移動它並在世界各地證明這一點。我們有一種與這項技術相關的基調，這是其他人所沒有的，它是一個聲波標記，將這些工件與需要證明的區塊鏈工件連接起來。

And that proof, that verification, we call it VerifyU. It's a powerful tip of the spear, the beginning of our revenue domination in this company, our move from tens to hundreds of millions of dollars in revenue through this technology. The Sumerian technologies, the anchors that set us apart, molecular, micro and sonic are second to none. No one else has these tools. We have a cool new logo. We have a bunch of assets that we brought into this that allow this to become a very important centerpiece to the company's technological lead and valuation.

我們將這種證明、這種驗證稱為 VerifyU。這是一個強有力的舉措，標誌著我們在這家公司的收入開始佔據主導地位，我們透過這項技術將收入從數千萬美元提高到了數億美元。蘇美技術，使我們與眾不同的錨點，分子、微觀和聲波技術都是首屈一指的。沒有人擁有這些工具。我們有一個很酷的新標誌。我們引入了大量資產，這些資產將成為公司技術領先和估值的一個非常重要的核心。

The Nyiax relationship with the information data exchange gave us access to the NASDAQ financial framework. It allows us to use a matching engine that is trusted around the world. We use IBM as a Platinum partner, and we're using IBM for compliance. We're using IBM for watsonx.ai and deep, deep AI capabilities and engineering, where we can deliver enterprise-level solutions for our clients and build exchanges on the level of the ICE or the New York Stock Exchange.

Nyiax 與資訊資料交換的關係使我們能夠存取納斯達克金融框架。它使我們能夠使用全球信賴的配對引擎。我們將 IBM 作為白金合作夥伴，並且我們正在使用 IBM 來確保合規性。我們正在利用 IBM 的 watsonx.ai 和深度人工智慧功能與工程，從而為客戶提供企業級解決方案，並在 ICE 或紐約證券交易所的層面上建立交易所。

The partnership with IBM cannot be overstated. The ability to have deep engineering bench and deep AI technologies and leadership in the space has enabled us to build leading agents, the Datavault Bank, the DataScore, the DataValue. These are engines that are AI generative, they are unique in that they focus on our customers' assets and derive value from them. They're subordinated AI systems that allow us to deliver data to cash. And this conversion is going to propel our company to the top of the NASDAQ.

與 IBM 的合作關係無論怎麼強調都不為過。擁有深厚的工程基礎、深厚的人工智慧技術和在該領域的領導地位使我們能夠建立領先的代理商、Datavault Bank、DataScore 和 DataValue。這些是人工智慧生成的引擎，它們的獨特之處在於它們專注於客戶的資產並從中獲取價值。它們是從屬的人工智慧系統，使我們能夠將數據轉化為現金。這次轉型將推動我們公司登上納斯達克的榜首。

The DataScore, the DataValue and the Datavault Bank, technologies developed over 8 years. I would like to thank Stump Family Farms, the Zayer family, the Jena family in New Jersey. These are individuals who invested early, that saw this early, that understood early that this technology would have impact in the world and it has.

DataScore、DataValue 和 Datavault Bank 技術經過 8 年的開發。我要感謝 Stump Family Farms、Zayer 家族和新澤西州的 Jena 家族。這些人很早就進行了投資，很早就看到了這一點，很早就明白這項技術會對世界產生影響，事實也確實如此。

We're starting to spread our wings. We're starting to get this technology rolled out in a way that is scalable, no touch. It is done through our clients' infrastructure. It is pushed inside scale, systems like Oracle PeopleSoft, others that propel our company forward, ServiceNow, other companies that can use our software and propel value in their own systems.

我們開始展翅高飛。我們開始以可擴展、無接觸的方式推出這項技術。這是透過我們客戶的基礎設施完成的。它在規模內得到推動，像 Oracle PeopleSoft 這樣的系統，其他推動我們公司前進的系統，ServiceNow，其他可以使用我們的軟體並在自己的系統中推動價值的公司。

We have also created a two-divisional system, one that's focused on ADIO and events and the use of audio technologies in experiential to develop value in our Acoustic Science division, also leveraging patented technology that change events to Web3 experiences.

我們還創建了一個雙部門系統，一個部門專注於 ADIO 和活動，並在體驗中使用音訊技術來開發我們聲學科學部門的價值，同時利用將活動轉變為 Web3 體驗的專利技術。

And we have also focused on a second division, Data Sciences division, with robust technology and giant patent portfolio and the ability for that portfolio to be perfected around tokenomics, data ownership, security, reliability, governance and compliance, compliance first, making data a commodity, allowing commodity of data to be sold around the world and to take different forms like carbon credits, geothermal coins, coins that we're going to create in EV and other areas where we're able to solve problems using tokenomics and blockchain and AI to create the maximum yield for America, for our customers, for our company.

我們還專注於第二個部門，即數據科學部門，該部門擁有強大的技術和龐大的專利組合，並且能夠圍繞代幣經濟學、數據所有權、安全性、可靠性、治理和合規性完善該組合，合規性第一，使數據成為商品，允許數據商品在世界各地銷售，並採取不同的形式，如碳信用額、地熱幣、我們將在電動車和其他領域創建的硬幣，我們能夠使用代幣經濟學、區塊鏈和人工智慧來解決問題，為美國、我們的客戶和我們的公司創造最大的收益。

And by doing that, we create a number of integrated systems. Our systems integration is leading the way in Web3. We have a supported system around ADIO, Datavault, DataScore, Datavault Bank and WiSA that we can upsell into events that we now control because of our acquisition of CompuSystems. And as you look forward to the acquisition of API Media, additional marquee events added to that cadre if selected to finalize with API.

透過這樣做，我們創建了許多整合系統。我們的系統整合在 Web3 領域處於領先地位。我們擁有圍繞 ADIO、Datavault、DataScore、Datavault Bank 和 WiSA 的支援系統，由於我們收購了 CompuSystems，我們可以將其追加銷售到我們現在控制的活動中。當您期待收購 API Media 時，如果您選擇與 API 合作，那麼將會有更多的大型活動加入這個團隊。

So when you look at this altogether, the ability -- the lack of our ability to recognize the $2.5 million in licensing, which will come onboard as as Nyiax pays that license fully, that becomes a revenue asset rather than a booking. But even with that, our actual outcome is still indicative of growth. We're very excited about this.

因此，當你從整體上看時，我們缺乏能力確認 250 萬美元的授權費用，而當 Nyiax 全額支付該授權費用後，這筆費用將成為收入資產，而不是預訂。但即便如此，我們的實際結果仍然顯示成長。我們對此感到非常興奮。

We have an actual performance here at $2.3 million. Revenue target is on track, and our revenue to target for 2026 is on track. I believe these numbers are conservative. But as the CEO, I'm aiming for much larger numbers, but the team has done such a nice job, an exquisite job of performing against all odds, taking the WiSA technology, reducing its cost and having the margin -- the high-margin audio business emanate, the ADIO adding to that incredible technology, the Nyiax and the matching system that we have through them and the IBM partnership; these are all things that are coming on to this revenue.

我們的實際業績為 230 萬美元。收入目標正在按計劃進行，我們 2026 年的收入目標也正在按計劃進行。我認為這些數字是保守的。但作為首席執行官，我的目標是更大的數字，但團隊做得非常出色，他們在逆境中表現出色，採用了 WiSA 技術，降低了成本，並獲得了利潤——高利潤的音頻業務，ADIO 增加了這項令人難以置信的技術，Nyiax 和我們通過他們和 IBM 合作夥伴關係獲得的匹配系統；這些都是收入的來源。

They're not reflected in these numbers entirely. And you start to see the company has explosive revenue-generative capability. We're like a wound-up clock. We have the ability to systematically create all of this revenue, and we're doing so in systems that we're automating and using AI and modern technology to make more and more profitable for our stakeholders.

這些數字並沒有完全反映出這一點。你會發現該公司擁有爆炸性的創收能力。我們就像一個上了發條的鐘。我們有能力系統地創造所有這些收入，並且我們正在透過自動化系統、人工智慧和現代技術為我們的利害關係人創造越來越多的利潤。

So excited and focused going into the end of the year. We have so much already under our belt in the third quarter that I'm excited to talk about in the next iteration of this. But again, thank you, everyone. Of course, Brett Moyer, our CFO, is here to ask any questions that you have, and we'll open it up now for questions. Thank you very much.

非常興奮並且全神貫注地迎接年底的到來。我們在第三季度已經取得了很多成就，我很高興在下一季談論這一點。再次感謝大家。當然，我們的財務長 Brett Moyer 會在這裡回答您的任何問題，我們現在就開始回答問題。非常感謝。

(Operator Instructions)

（操作員指示）

We don't have any questions registered at this time. This concludes our question-and-answer session. I would like to turn the conference back to Nate Bradley for closing remarks.

我們目前還沒有登記任何問題。我們的問答環節到此結束。我想請 Nate Bradley 致閉幕詞。

Thank you, everyone, for taking the time today. We appreciate the interest in our company. There's been such an outpouring of support and leads and opportunities that have come our way through the investment groups involved with our company. We're so grateful and honored to have those opportunities. We're good stewards of them. We're bringing them to fruition.

謝謝大家今天抽出時間。我們感謝您對我們公司的關注。透過與我們公司合作的投資集團，我們獲得了大量的支持、線索和機會。我們非常感激並很榮幸能有這些機會。我們是他們的好管家。我們正在使它們實現。

I'd like to thank everybody involved in our company for pushing so hard every day and appreciate the amount of progress we've made in such a short time. And thank you very much, and God bless. Have a great day.

我要感謝公司所有成員每天的努力，並對我們在如此短的時間內所取得的進步表示讚賞。非常感謝，願上帝保佑。祝你有美好的一天。