Datavault AI Inc (DVLT) 2025 Q3 法說會逐字稿

Yes, I am Nathaniel Bradley here. Thank you very much, everyone, for joining the call today. We put together a brief presentation. There's obviously the safe harbor there. So look, we had an incredible Q3.

是的，我就是納撒尼爾‧布拉德利。非常感謝各位今天參加電話會議。我們準備了一份簡短的簡報。顯然那裡有個安全的港灣。你看，我們第三季的業績非常出色。

Our results really speak for themselves. Again, this is kind of loading both the performance of WiSA from a more scalable to a more scalable, more nimble business model around the WiSA technologies in our Acoustic division.

我們的成績足以說明一切。再次強調，這實際上是將 WiSA 的性能從一個更具可擴展性的商業模式，轉變為更具可擴展性、更靈活的商業模式，圍繞著我們聲學部門的 WiSA 技術。

And really a surge in our ADIO technology revenues and also the beginning of what becomes in our fourth quarter, an explosion around our flagship Datavault, our kind of pride and joy. The Datavault platform had incredible performance in our Q4, but Q3 was really a loading of that performance.

我們的 ADIO 技術收入確實大幅成長，而且在第四季度，我們的旗艦產品 Datavault 也將迎來爆發式成長，這是我們引以為傲的產品。Datavault 平台在第四季表現出色，但第三季更是充分展現了其卓越性能。

And thanks to Jeff Jones and some of the key players on our team that we are able to marshal the technological resources and the integrations necessary to scale our systems globally. We're now in position with the Datavault platform here Q4. So aggressive revenue guidance for 2026.

感謝 Jeff Jones 和我們團隊的一些關鍵成員，我們才能調動必要的技術資源和集成，從而在全球範圍內擴展我們的系統。我們現在在第四季度已經為 Datavault 平台做好了準備。因此，對2026年的收入預期非常樂觀。

Really the highlight of this call is that based on the performance of Datavault and what we can see both in the WiSA, in the ADIO technology lines and our Acoustic divisions that we're going to aggressively advance our guidance.

本次電話會議的重點在於，基於 Datavault 的表現，以及我們在 WiSA、ADIO 技術線和聲學部門所看到的情況，我們將積極推進我們的績效指引。

We're going to increase from a $50 million guidance in 2026 to a full $200 million minimum for next year. And that's just leading into that a process that's underway in terms of tokenizing real-world assets all over the world and some of the progress that we've made with our Acoustic division in the WiSA technology where we've really honed in that technology and see a very scalable future that includes robotics and includes using WiSA in signage and in other areas to deliver data over sound.

我們將把2026年的5,000萬美元預期提高到明年的至少2億美元。而這只是引出目前正在進行的全球現實世界資產代幣化進程，以及我們在聲學部門的 WiSA 技術方面取得的一些進展。我們真正地完善了這項技術，並看到了一個非常可擴展的未來，其中包括機器人技術，包括在標誌和其他領域使用 WiSA 透過聲音傳遞資料。

And so we have a very scalable model moving forward that we're very excited about and very pleased to announce that we've increased our guidance quite substantially to $200 million by the end of 2026. And that's a process underway. It's hard to gauge in the fourth quarter how we're going to work through a lot of that growth and recognition and all the issues around our revenues in Q4.

因此，我們擁有一個極具可擴展性的前進模式，我們對此感到非常興奮，並很高興地宣布，我們已大幅提高預期，到 2026 年底將達到 2 億美元。這是一個正在進行的過程。很難預測第四季度我們將如何應對與成長、認可以及第四季度收入相關的所有問題。

We do know that it's coming in droves, and we're managing that as a team. And so strategic investment in the financial flexibility, really, this was all triggered by the $150 million strategic equity that we received. This is a lifeblood of capital that unlocks our company inside the scale of our customers' operations.

我們知道它會大量湧入，我們正在作為一個團隊來應對。因此，對財務靈活性的策略性投資，實際上都是由我們收到的 1.5 億美元戰略股權所引發的。這是公司賴以生存的資金命脈，它使我們能夠在客戶的營運規模內成長。

So we're expanding globally our footprint, and we've got a presence now in Zurich, in London, Taiwan, Japan, Korea, Hong Kong. And we really believe that, that footprint will support a scalable growth on a global basis. When you look at that forecast, it's really predicated on the strategic partnerships. We're very proud of Platinum partners of IBM.

因此，我們正在擴大全球商業版圖，目前我們在蘇黎世、倫敦、台灣、日本、韓國和香港都設有分公司。我們堅信，這樣的佈局將支援在全球範圍內實現可擴展的成長。當你審視這份預測時，你會發現它其實是基於策略夥伴關係的。我們為 IBM 的白金合作夥伴感到非常自豪。

Of course, our NYIAX partners that have given us access to the NASDAQ Financial Framework, which is very special and Scilex, which will lead a biotech innovation using our technology that was kind of foundational to their investment in us, but also central to how we've marshaled some of our forces to meet their design and development needs and beginning, in fact, today, a force is rising there in biotech between Scilex and Datavault where we're developing an exchange that will be very special in biotech, in scientific research.

當然，我們也要感謝 NYIAX 的合作夥伴，他們讓我們能夠進入納斯達克金融框架，這非常特別；還有 Scilex，他們將利用我們的技術引領生物技術創新，這不僅是他們投資我們的基礎，也是我們如何調動部分力量來滿足他們的設計和開發需求的核心。事實上，今天，Scilex 和 Datavault 之間正在生物技術領域崛起一股力量，我們正在開發一個在生物技術和科學研究領域非常特別的交易所。

So Burke Products also should be mentioned just giving us chops with the federal government and our ability to contract with the federal government. We have a sensor technology and an inaudible tone technology and a semiconductor product that Burke Products is working with our team, in particular, Sonia Choi and others on our team to develop. We have, of course, the RWA tokenization and our ability to tokenize really begins with our ability to really understand the attribution of many types of elements and resources.

所以也應該提到伯克產品公司，它讓我們在聯邦政府面前更有優勢，也讓我們有能力與聯邦政府簽約。我們擁有感測器技術、無聲調技術和半導體產品，Burke Products 正在與我們的團隊，特別是 Sonia Choi 和我們團隊的其他成員合作進行開發。當然，我們有 RWA 代幣化，而我們代幣化的能力真正始於我們真正理解多種元素和資源的歸屬的能力。

We're really specialized in understanding very deeply particular resources. We've just done an announcement in geothermal, but we'll be doing a great number of announcements in this area. And we've really specialized in tokenizing things that are very valuable all over the world. And so we're really excited about our RWA positioning.

我們非常擅長深入了解特定資源。我們剛剛發布了一項地熱領域的公告，但我們將在該領域發布大量公告。我們專注於將世界各地非常有價值的事物進行代幣化。因此，我們對RWA的定位感到非常興奮。

Our preeminent patent position and technology is really getting recognized on a global basis, and we're really excited about that. We have innovative technology and our partnership with IBM can't be overstated. It's really special what we have there in terms of engineering and sales throughput.

我們在專利領域和技術領域的領先地位正在全球範圍內得到認可，我們對此感到非常興奮。我們擁有創新技術，與 IBM 的合作關係的重要性怎麼強調都不為過。就工程和銷售效率而言，我們擁有的資源確實非常特別。

We also have global execution through our headquarters now in Philadelphia and the locations that I mentioned, we're able to expand. If you look at really the patented technology that we have that's quite special, it's enhanced with partnerships and scalability, multibillion-dollar corporations that have put a stack together on our behalf that really is second to none.

我們現在透過位於費城的總部以及我提到的其他地區進行全球執行，並且我們能夠擴展業務。如果你仔細看看我們擁有的專利技術，你會發現它非常特別，它透過合作和可擴展性得到了增強，數十億美元的公司代表我們建立了一個真正首屈一指的技術堆疊。

We've talked a lot about CLEAR and IBM, but Fiserv now and Houlihan Lokey coming to our aid in areas where we needed help around international attribution, around RWA, everything from sovereignty to governance to the underlying assets, and how they're treated.

我們已經談了很多關於 CLEAR 和 IBM 的事情，但現在 Fiserv 和 Houlihan Lokey 也來幫助我們，在國際歸因、RWA 等各個方面，從主權到治理，再到基礎資產及其處理方式，我們需要幫助。

We have developed an American political exchange that we intend to launch into the midterm elections in November this coming 2026 November. And we have an international elements exchange that we've developed that's been central to our revenue and interesting from a standpoint of capturing an international attention and very strong use cases here in the United States, given the passage of the GENIUS Act and the passage of CLARITY Act, where we're able to see now the financial governance models that will allow us to have a New York based exchange operation.

我們已經開發出一種美國政治交流平台，我們計劃在即將到來的 2026 年 11 月的中期選舉中推出該平台。我們開發了一個國際元素交易所，它一直是我們收入的核心，而且從吸引國際關注的角度來看，它很有趣。鑑於《GENIUS 法案》和《CLARITY 法案》的通過，它在美國有著非常強大的應用案例，我們現在能夠看到金融治理模式，這將使我們能夠在紐約開展交易所業務。

We also have the information data exchange, which is the -- our ability to exchange information at a level where we believe companies can turn data into cash. And we're going to have a specialized biotech exchange with Scilex that will add to this cadre of exchanges, but these will be tokenomic exchanges that use a myriad of blockchain and AI tools for both yield management and product attribution.

我們也擁有資訊資料交換能力，也就是－我們能夠在我們認為公司可以將資料轉化為現金的層面上交換資訊的能力。我們將與 Scilex 合作建立一個專門的生物技術交易所，這將豐富現有的交易所陣容。這些交易所將是代幣基因組學交易所，它們利用各種區塊鏈和人工智慧工具進行收益管理和產品歸屬。

We, of course, can tokenize on any blockchain. We are agnostic to chain, but can select the proper chain for any initiative across these exchanges. And we're excited about that platform, of course. The -- just to give you kind of the use case around one of our exchanges, the Elements Exchange, which has a bit of a hot hand in terms of answering the call on a global basis.

當然，我們可以在任何區塊鏈上進行代幣化。我們對區塊鏈持開放態度，但可以根據這些交易所中任何項目的需求選擇合適的區塊鏈。我們當然對這個平台感到興奮。——我只是想給您舉個例子，說說我們其中一個交易所——Elements Exchange——的使用案例，它在全球範圍內響應需求方面表現出色。

The International Elements Exchange allows for farming, mining, banking and manufacturing organizations to tokenize and realize a value. Again, our technology does really three things. It is a refinery that allows you to refine your data assets and identify them to objectify them. We have a Datavault where you can value your assets and you can use our agents that we've developed that are AI agents that are designed to score and value your data assets.

國際元素交易所允許農業、採礦、銀行和製造組織將資產代幣化並實現其價值。我們的技術實際上可以做到三件事。它是一個數據精煉廠，可以幫助您精煉數據資產並對其進行識別，從而使其客觀化。我們有一個資料保險庫，您可以在其中評估您的資產，並且您可以使用我們開發的 AI 代理，這些代理旨在對您的資料資產進行評分和評估。

And then when you are able to score and value them, the last piece is to exchange them. And of course, we have our exchanges. This Elements Exchange is focused on the elements of Earth and all of the products of Earth that are under earth in terms of being mined or that are forthcoming in crops or other manufacturing outputs, even geothermal as we announced today, where you have an energy output of earth.

然後，當你能夠給它們評分和估價之後，最後一步就是交換它們。當然，我們之間也有交流。本次元素交易所專注於地球元素以及地球的所有產品，包括正在開採的、即將以農作物或其他製造產品形式出現的，甚至包括我們今天宣布的地熱能，即地球的能源輸出。

Our Elements Exchange will have a myriad of elements, it's a number of them. We have a focus around our Elements Exchange and how we make money on that exchange is our use of these elements to create objects that are traded on our exchange. We're focused on right now revenue drivers including commodities, agricultural and soft commodities, that's sugar and cotton.

我們的元素交易所將包含種類繁多的元素，數量相當可觀。我們的重點是元素交易所，我們透過利用這些元素創建在我們的交易所進行交易的物品來賺錢。我們目前關注的收入驅動因素包括大宗商品、農產品和軟商品，例如糖和棉花。

Commodities include gold and rare earth, pharma and genomics and biotech, our partnership with Scilex, our partnership with Brookhaven National Laboratory. We are focused around tokenizing, valuing and refining these objects and producing a revenues around these objects that is received on every tick of the trade on these exchanges.

商品包括黃金和稀土、醫藥、基因組學和生物技術、我們與 Scilex 的合作、我們與布魯克海文國家實驗室的合作。我們專注於將這些物件代幣化、估值和完善，並圍繞這些物件產生收益，這些收益將從這些交易所的每一次交易中產生。

We operate exactly like the New York Stock Exchange or the NASDAQ. We are able to uplist companies' assets in the form of token, and we can trade them in between buyers and sellers in a brokered exchange that is secure and using world-class infrastructure, as I discussed.

我們的運作方式與紐約證券交易所或納斯達克完全相同。正如我之前所討論的，我們可以將公司的資產以代幣的形式上架，並在安全可靠、採用世界一流基礎設施的經紀交易所中，在買賣雙方之間進行交易。

So we have the ability to do this in real estate as well. We have large RWA products in real estate, corporate data, including data in situations of banking, insurance and accounting, Tort law, a number of interesting data sets that are valuable and can be traded on our exchanges.

所以我們在房地產領域也有能力做到這一點。我們在房地產、企業資料（包括銀行、保險和會計領域的資料）、侵權法等領域擁有大量 RWA 產品，以及許多有價值的有趣資料集，這些資料集可以在我們的交易所進行交易。

We also have, of course, our NIL Exchange. And our international NIL Exchange will be making an enormous announcement about its rebranding, and we've targeted a corporation that has identified us and we've identified them, and we're going to make a big step forward and a big announcement in the near future around our sports NIL Exchange.

當然，我們還有零交易平台。我們的國際 NIL 交易平台將就其品牌重塑發布一項重大公告，我們已經鎖定了一家認可我們的公司，我們也找到了他們，我們將在不久的將來圍繞我們的體育 NIL 交易平台邁出一大步，並發布一項重大公告。

We have also our focus around, of course, developing our quantum computing and high-performance computing capability. This is in combination, of course, with IBM, but it's also targeted around our London and New York and Hong Kong operations and also looking at using that technology infrastructure team and resource around our exchange resources as well as our ability to use that technology to optimize the output and the performance of our own company.

當然，我們的重點還包括發展量子運算和高效能運算能力。當然，這是與 IBM 合作開展的，但同時也以我們在倫敦、紐約和香港的業務為目標，並著眼於利用該技術基礎設施團隊和資源來優化我們的交易所資源，以及我們利用該技術來優化我們公司自身產出和績效的能力。

We are focused on, of course, VerifyU, our credentialing technology, DVHolo, our ability to turn data into experience and to monetize experience on our exchanges. Our ability to use our NIL exchange with an enormous global brand recognized around the world across all professional sports and collegiate sports.

當然，我們重點關注的是 VerifyU（我們的認證技術）、DVHolo（我們將數據轉化為經驗並在我們的交易所中實現經驗貨幣化的能力）。我們能夠利用我們的 NIL 交換機制，與一個在世界各地所有職業運動和大學運動領域都享有盛譽的全球知名品牌進行合作。

And our ability to focus on our digital twin capability through our Twinstitute, our acquisition of API Media and our consolidation of CSI in the event space, our ability to have data from events to look at events around the world as creating data in their [wake] that is more valuable potentially than tickets themselves and the ability to optimize those events through data, the sales of merchandise, the development of connections to fans and the continuation of the revenue streams for our customers that engage our Acoustic division.

我們能夠透過我們的數位孿生研究所、對 API Media 的收購以及對 CSI 在活動領域的整合，專注於我們的數位孿生能力；我們能夠從活動中獲取數據，並將世界各地的活動視為其產生的數據，這些數據可能比門票本身更有價值；我們能夠透過數據優化這些活動、商品銷售、與粉絲聯繫，並繼續為客戶建立原聲的部門。

ADIO which is data over sound, WiSA, which is the ability to control sound in high-definition and spatial environments and to broadcast wirelessly as synchronization that will have extreme value in robotics and into the future.

ADIO（音訊資料傳輸）、WiSA（在高清和空間環境中控制聲音並進行無線廣播以實現同步的能力）在機器人領域和未來都將具有極大的價值。

We have, of course, the Sumerian crypto anchors and our ability to map the real world and bring data from adamant objects from real things to know when a file in a physical world is opened, to know when a statute is moved. Our Sumerian anchors are breakthrough technologies. We have, of course, our pipeline that's driven us to increase our guidance from $50 million to $200 million next year.

當然，我們擁有蘇美人的密碼錨，以及我們繪製現實世界地圖的能力，並將來自真實事物的堅硬物體的數據帶入現實世界，從而知道物理世界中的文件何時被打開，雕像何時被移動。我們的蘇美錨是突破性技術。當然，我們的專案儲備促使我們將明年的業績預期從 5,000 萬美元提高到 2 億美元。

This is driven by gold, diamonds, tin, Winsor Ruby deal we have in Africa. We just announced this morning a geothermal deal worth $8 million in tokenization that we believe we can recognize in our fourth quarter. We will then engage in a 5% revenue stream around geothermal energy, which we're excited to be a part of the Battery of America.

這主要得益於我們在非洲的黃金、鑽石、錫礦和溫莎紅寶石交易。今天早上我們剛剛宣布了一項價值 800 萬美元的地熱交易，該交易將以代幣化形式實現，我們相信可以在第四季度確認這筆收入。然後，我們將參與 5% 的收入來源，圍繞地熱能源展開，我們很高興能成為美國電池計畫的一部分。

We also have, of course, the contract discussions and projects that are underway in aluminum, titanium, tungsten, silver, copper, oil, natural gas, Boron, real estate. We have a number of opportunities around our X Club, which is an international Asian-focused club around XRP and our move forward there is exciting around these elements.

當然，我們還有正在進行的鋁、鈦、鎢、銀、銅、石油、天然氣、硼、房地產等領域的合約談判和項目。我們圍繞 X Club 有很多機會，這是一個以亞洲為中心的國際 XRP 俱樂部，我們圍繞著這些要素向前邁進令人興奮。

We have our acquisition of API Media that's going to bring us into some high-powered activations and big-time events. The Kentucky Derby, PGA Tour. These are all events that we're excited to be part of, and we're part of it because of API Media. We have new leadership. We have new corporate governance and quality in our management because of that acquisition, and we're so excited to have that team on board with us in Philadelphia and New Jersey.

我們收購了 API Media，這將使我們有機會參與一些高規格的推廣活動和大型活動。肯塔基德比大賽，PGA巡迴賽。我們很高興能夠參與這些活動，而我們能夠參與其中，要感謝 API Media。我們迎來了新的領導階層。由於這次收購，我們的公司治理和管理水平都得到了提升，我們非常高興能與費城和新澤西的團隊合作。

We -- from here, have a guidance and updated our strategic guidance, is really around our launch of these exchanges. That's how we're going to drive revenue. That's how we're going to meet these expanded goals. It's difficult. It's not easy, but we didn't want a low bar for our team or for our management moving forward. We see this giant opportunity, and we've increased guidance accordingly. There's a lot of wood to chop, a lot of work to do. We're doing it.

我們——從這裡開始，我們制定並更新了策略指導方針，這實際上圍繞著我們推出這些交易所。這就是我們提升營收的方式。這就是我們實現這些擴大後目標的方式。它很難。這並不容易，但我們不想降低團隊或管理階層未來發展的標準。我們看到了這個巨大的機遇，並相應地提高了業績預期。有很多木頭要砍，有很多工作要做。我們正在做這件事。

Scalable licensing models is our focus. We've upgraded our financial outlook, as I discussed, RWA and tokenomics, a world leader in that space with patents to prove it, underlying intellectual property that continues to grow, a big shout out to that team, Josh Paugh and now Jacob on that team that are developing patent resources for us on a daily basis including the opportunity to license the WiSA technologies on a scalable and global basis moving forward with partners that are second to none.

我們專注於可擴展的授權模式。正如我之前討論過的，我們提高了財務展望，RWA 和代幣經濟學，我們是該領域的全球領導者，擁有專利來證明這一點，基礎知識產權也在不斷增長，在此特別感謝該團隊，特別是 Josh Paugh 和現在的 Jacob，他們每天都在為我們開發專利資源，包括有機會以可擴展的全球方式授權 WiSA 技術，並與領先的技術夥伴攜手攜手。

So that sums up really our presentation today or my prepared remarks. We really appreciate the time and interest in our company. We're excited about what the future has to offer and happy holidays to everyone, and we give thanks to our shareholders and everybody involved in our company, moving and driving this forward. Thank you very much.

以上就是我們今天的演講或我準備好的發言稿的總結。我們非常感謝您抽出時間關注我們公司。我們對未來充滿期待，祝大家節日快樂，感謝我們的股東和所有參與公司發展並推動公司前進的人。非常感謝。

(Operator Instructions)

（操作說明）

Ken Londoner, Endicott Partners.

Ken Londoner，Endicott Partners。

That was a comprehensive update. Can you give us some detail on the scope of contracts you're talking about regarding the tokenization of real-world assets? You mentioned quite a few, but what are sort of the big focuses for you going forward?

這是一次全面的更新。您能否詳細說明一下您所說的關於現實世界資產代幣化的合約範圍？您提到了不少，但您未來的主要關注點是什麼？

So really, the strategy there is driven by the quality of the assets that are being tokenized, gold, diamonds, silver. We're big believers in copper. Copper will have -- it's a conductive metal, of course. And as we rebuild around the world and build new infrastructure around the world, including data centers, copper, we believe, has a lot of value as do many other elements.

所以實際上，該策略是由被代幣化的資產的品質所驅動的，例如黃金、鑽石、白銀。我們非常看好銅。銅當然會導電——它是一種導電金屬。隨著我們在世界各地進行重建和建造新的基礎設施（包括資料中心），我們相信銅和其他許多元素一樣，具有很高的價值。

We're kind of an open ear around the world. The cool thing is we've been invited to governors' mansions. We've been invited into really the governments of international countries and places that we're excited to go and listen and find where the most valuable assets reside and how we can help move those assets.

我們樂於傾聽世界各地的聲音。最酷的是，我們受邀去了州長官邸。我們受邀進入一些國際國家和地區的政府部門，我們對此感到非常興奮，並渴望去傾聽他們的想法，找到最有價值的資產所在之處，以及我們如何幫助轉移這些資產。

We did open out of Zurich, the opportunity to have a Swiss exchange, and we're working through all the legalities and proper modalities for that. And we're not quick to work through all of that. We're careful to work through all of that. And once we do, we will launch there internationally here in the U.S., really from our Philadelphia headquarters. We intend to have these token exchanges all expand.

我們確實在蘇黎世開設了分公司，有機會開展瑞士交易所業務，我們正在處理所有相關的法律問題和適當程序。我們不會急於解決所有這些問題。我們會仔細梳理所有這些問題。一旦我們做到了，我們將在美國本土，也就是我們位於費城的總部，向國際市場推出這項服務。我們計劃讓這些代幣交易所都擴大規模。

So to answer your question quite succinctly, we're following the money. We're listening to our customers and following the most valuable assets, proprietors in those assets that are most valuable that we could -- our team would focus on tokenizing assets that we could tokenize this year and recognize revenue for this year and also then move into volume on our exchanges where we have revenue generated on every tick of the trade as do our clients.

所以，簡單來說，我們就是跟隨資金的流向。我們傾聽客戶的意見，專注於最有價值的資產及其所有者——我們的團隊將專注於今年可以代幣化的資產，並確認今年的收入，然後轉向交易所的交易量，因為每次交易都能產生收入，我們的客戶也是如此。

So we're focused on RWA that is most valuable. I think the announcement today with geothermal, if you look at our priorities, we've started there with one of our big priorities, geothermal.

因此，我們專注於最有價值的RWA。我認為今天關於地熱能的公告，如果你看看我們的優先事項，你會發現我們已經把地熱能作為我們的一項重要優先事項。

Jack Vander Aarde, Maxim Group.

傑克·范德·阿爾德，Maxim 集團。

Okay. Great. I appreciate the update. You covered quite a lot of ground there. Where do I start?

好的。偉大的。感謝您的更新。你剛才講了很多內容。我該從哪裡開始呢？

The guidance is jumped off the page to me. So revenue guidance raised in 2025 to over $30 million and $200 million plus revenue for 2026. So maybe, Nate, I mean, this is really leveled up here, I mean, clearly.

我覺得這些指導內容非常清楚易懂。因此，2025 年的營收預期上調至 3,000 萬美元以上，2026 年的營收預期上調至 2 億美元以上。所以，內特，我的意思是，這件事的等級真的提升了很多，很明顯。

So maybe help us understand what's sort of locked in that 2026 guidance versus how much is kind of are you working towards locking in? Just so we have a sense of maybe stress testing that a little bit.

所以，能否請您幫我們了解一下，2026 年的指導方針中哪些內容已經確定，以及您正在努力實現哪些目標？這樣我們就能稍微感受一下壓力測試的效果了。

So look, I had to arm wrestle with many on my financial team, Brett Moyer, who deserves a lot of credit for unlocking this value in the first place. But the concept here is to really underpromise and overdeliver. I don't look at that 200 number and feel intimidated. I want my team to feel inspired and to be fired up about a mission that we jointly have together.

所以你看，我必須和我的財務團隊中的許多人進行一番較量，尤其是 Brett Moyer，他當初發掘出這個價值，功不可沒。但這裡的理念是少承諾，多兌現。我不會因為看到200這個數字而感到害怕。我希望我的團隊能夠受到鼓舞，並對我們共同的使命充滿熱情。

But I also -- so I didn't want to have a low bar where we are simply overperforming by a function of living. I wanted us to have a goal as a team in our public guidance is obviously our public guidance. Internally, we aim high. And as a leader, we would aspire to be much greater than that number.

但我也——所以我不希望標準太低，以至於我們只是因為生活需要而超常發揮。我希望我們作為一個團隊有一個目標，而我們的公開指導顯然就是我們的公開指導。我們內部追求卓越。身為領導者，我們希望能取得遠超過這個數字的成就。

Our competitors have numbers that are much greater, but they were much older and much more, I would say, bloated and stuck in their way. We have a very nimble AI strategy. We have the number one partner in the world in IBM around our development, around our technology and the development of quantum systems, which are in near term, a concern for every operation that has any technological reach.

我們的競爭對手規模更大，但他們的人員更老舊，可以說，他們更加臃腫，阻礙了自身的發展。我們擁有非常靈活的人工智慧策略。在我們的研發、技術以及量子系統開發方面，IBM 是全球排名第一的合作夥伴。量子系統在近期內將成為所有具有技術影響力的企業關注的焦點。

So to stress test, the fourth quarter is to understand that this is our first go around. We're working with our auditors. We're working with sophisticated systems around the world. There are revenue recognition and other things to consider that we simply need to understand. So the fourth quarter is likely the steepest climb.

所以，為了進行壓力測試，第四季要明白，這是我們的第一次嘗試。我們正在與審計人員合作。我們正在與世界各地複雜的系統合作。收入確認和其他一些事項需要考慮，我們只需要了解這些。因此，第四季很可能是最艱難的攀登階段。

It has a lot to do with our technological resources, putting a lot of pressure on that Georgia Development Center that we've begun to develop. We will be expanding that development to meet the demand of this international demand for tokenomics.

這與我們的技術資源有很大關係，給我們正在籌建的喬治亞州發展中心帶來了極大的壓力。我們將擴大這項發展，以滿足國際上對代幣經濟學的需求。

We also have our new facility in Philadelphia, where we're bringing a team that worked disparately or worked from a Philadelphia location that was private, but many from their homes and from locations that were disparate, bringing our team together, there's a common coffee pot focus that I think when we bring our team together, these numbers start to be quite achievable.

我們在費城也有了新的辦公地點，我們把之前分散辦公或在費城某個私人地點辦公的團隊成員聚集到了一起，許多人甚至在家辦公，地點也各不相同。現在，我們把團隊聚集到了一起，大家有了共同的目標──喝咖啡。我認為，當我們把團隊聚集在一起時，這些數字就很容易實現了。

And I hope to readjust guidance because we don't want to have a situation where it's easy to achieve what we intend to achieve. We are rookie in terms of our first year on the NASDAQ as data evolves. We have exceptional pedigree technology from WiSA and a tenure on the NASDAQ that shows in our volume and the respect that we're getting worldwide.

我希望能夠調整指導方針，因為我們不希望出現一個很容易就能實現我們想要實現的目標的情況。由於數據不斷發展，我們在納斯達克上市的第一年還算是新手。我們擁有來自 WiSA 的卓越技術，並在納斯達克上市多年，這體現在我們的交易量和我們在全球範圍內獲得的尊重。

We're also garnering a number of government -- and you can see today very important projects that impact our world. So I want to thank you for your early guidance for seeing this so early and for having the strength to come out and call us at $3. And as we shoot past that guidance, I hope people recognize your prowess. And we appreciate you following our company for so long.

我們也正在爭取一些政府計畫——您今天可以看到，這些計畫對我們的世界產生了非常重要的影響。所以我要感謝你及早的指導，感謝你這麼早就看到了這一點，並且有勇氣出來以 3 美元的價格打電話給我們。當我們超越這些指導原則時，我希望人們能認識你們的才能。感謝您一直以來對我們公司的關注。

Great. No, and I appreciate that. Let's -- there's so much to [queue on] here, Nate. I just want to understand it and also make sure I'm also setting the expectations appropriately. So -- and if Brett's there as well, maybe that would be helpful, too. On the gross margin line, so if we just look kind of going forward, these are, I imagine, high-margin licensing agreements right now on paper.

偉大的。不，我很感激。咱們——這裡要排隊的東西太多了，內特。我只是想弄清楚，也想確保我設定的期望值是合適的。所以——如果布雷特也在的話，也許也會有所幫助。從毛利率來看，如果我們展望未來，我認為這些目前在紙面上都是高利潤的授權協議。

And I've yet to see it play out within the tokenization on your guys' income statement. So that's going to be a forward-looking thing. Can you just help maybe, help us -- help investors understand what are we going to look like on the gross margin line as these revenues would seem to be pretty large, especially relative to historical levels.

但我還沒有在你們的損益表中看到代幣化帶來的影響。所以這將是一件著眼於未來的事情。您能否幫我們一把，幫我們——幫投資者了解一下，由於這些收入看起來相當可觀，尤其是相對於歷史水平而言，我們的毛利率會是什麼樣子？

Yes, I'll let Brett answer that. But what I would tell you is that we do a great deal of work. If you look at the refinement of data, you might make 20 points on your best day on refinement. You're not looking to get your customer really into these large contracts of CapEx expenditure where you end up in these kinds of slow-moving board-level type decisions. Instead, we have a low-cost approach to that.

是的，這個問題還是讓布雷特來回答吧。但我可以告訴你的是，我們做了大量的工作。如果你仔細研究數據的精細化處理，你最好的一天或許能在精細化處理方面獲得 20 分。你不想讓你的客戶真正陷入這些巨額資本支出合約中，最終導致這種進展緩慢的董事會層級決策。相反，我們採取了一種低成本的方法。

We like to refine on our customers' premises and give them a data refinery and essentially a vending machine for their data.

我們喜歡在客戶的場所進行數據精煉，提供他們一個數據精煉廠，本質上就是一台數據自動販賣機。

The ability to buy and sell data from our Datavault on the exchange is our aim. So when you get to the exchange and our SaaS has traditional SaaS margins, which are great. But our exchange has exceptional margins, and those can flirt with upper [80s] on the exchange. So it's Refinery Vault exchange.

我們的目標是讓用戶能夠在交易所買賣我們資料倉儲中的資料。所以當你在交易所看到我們的 SaaS 產品擁有傳統的 SaaS 利潤率時，這非常棒。但是我們的交易所利潤率非常高，在交易所的利潤率可以接近 80% 以上。所以這是 Refinery Vault 交易所。

And as you walk through that -- those tires, I think you have varying degree of margin in the business. And then, of course, our Acoustic division takes on the more traditional cost of goods versus price of product type analysis. But Brett, with that, I'll turn it to you

當你走過那段路——那些輪胎，我認為你在業務中會有不同程度的利潤空間。當然，我們的聲學部門也會進行更傳統的商品成本與產品類型價格的分析。但是布雷特，接下來就交給你了。

Yes. So Jack, if you -- I think Nate framed it actually, right? So when you look at the businesses we're acquiring or have acquired, right, CSI, API and ultimately NYIAX, that creates probably the opportunity to do $35 million to $50 million next year. And that's going to be more traditional margins in the, call it, 35% to 45% range.

是的。所以傑克，如果你——我覺得實際上是內特把它裱起來的，對吧？所以，看看我們正在收購或已經收購的企業，例如 CSI、API 以及最終的 NYIAX，這或許會為我們明年創造 3,500 萬至 5,000 萬美元的收入機會。利潤率將更加傳統，大概在 35% 到 45% 的範圍內。

But when you move to -- if you go back and look at the deals we've announced, they all have a component of licensing. So I would expect the rest of the revenue to be weighted higher to the $60 million range, right? So I think when you blend it all out, you're going to be in a 55%, 60% margin across the company

但是，如果你回顧我們宣布的交易，你會發現它們都包含許可授權的成分。所以我認為剩餘的收入應該會更傾向 6000 萬美元左右，對嗎？所以我覺得，把所有因素綜合起來，整個公司的利潤率應該在55%到60%之間。

Fantastic. Okay. Those are excellent margins. And then can I get an update there's so many moving parts here, obviously, because you guys are on fire. How do we -- how do I think about the balance sheet?

極好的。好的。這些都是非常可觀的利潤率。然後，我能得到一個最新進展嗎？這裡有很多環節需要調整，顯然，因為你們現在發展勢頭非常強勁。我該如何看待資產負債表？

So -- because the third quarter, it doesn't really do a justice, I don't believe. So we have a huge Bitcoin investment, it sounds like coming in from Scilex. There's been a lot more acquisitions that have closed subsequent to the quarter. So there's debt, there's fiat cash. Maybe if we could just boil it down, do we have a rough sense of what cash is and what the state of that investment is from Scilex?

所以——因為第三季度，我覺得並沒有真正反映出情況。所以我們有一筆巨額比特幣投資，聽起來像是來自 Scilex。本季之後，又有更多收購案完成。所以，既有債務，也有法定貨幣。或許我們可以簡化一下，我們是否大致了解現金是什麼，以及 Scilex 的投資狀況如何？

From Scilex? Yes, Nate, do you want me to answer this?

來自 Scilex 公司？是的，內特，你想讓我回答這個問題嗎？

Yes, yes please.

是的，好的。

All right. So let's take the investment from Scilex because that's $150 million. We got aid in just at the end of the close of the quarter, but that investment is locked down and documented. The only thing between us and having that on the balance sheet is the shareholder vote on November 24. We -- that is an Annual Shareholder Meeting.

好的。所以我們先來看 Scilex 的投資，因為那是 1.5 億美元。我們在季度末才獲得援助，但這項投資已經落實並有據可查。我們距離將該投資納入資產負債表只差11月24日的股東投票了。我們——這是年度股東大會。

So we will have quorum, and we have voting agreements prior that we had signed at the time of signing the Scilex deal that amount to, I believe, more than 40 million yes votes.

因此，我們將達到法定人數，而且我們在簽署 Scilex 交易時簽署的先前的投票協議，我相信，相當於超過 4000 萬張贊成票。

So we're highly confident that the majority of the votes cast will be -- will approve the increase authorized so we can close that $150 million on November 24 or 25, right? So when you think about the balance sheet, that's triggered -- that deal triggered a couple of reactions on the balance sheet.

因此我們非常有信心，大多數投票者將會批准增加撥款，以便我們可以在 11 月 24 日或 25 日完成這 1.5 億美元的撥款，對吧？所以當你考慮資產負債表時，你會發現──這筆交易引發了資產負債表上的幾個反應。

A, it means by the end of the year, you have $130 million plus of liquid assets, maybe $125 million because we're buying API. It also meant that the convertible debt that we had in Q3 triggered out and is off our balance sheet for good.

A，這意味著到年底，你將擁有超過 1.3 億美元的流動資產，也許是 1.25 億美元，因為我們正在收購 API。這也意味著我們在第三季持有的可轉換債券已經觸發終止，並將永遠從我們的資產負債表中移除。

So the only debt on the balance sheet currently is debt associated with the strategic acquisitions of CSI and Datavault Holdings now known as EOS Technologies. So I think you get to a pretty powerful and strong balance sheet as we report out the K at the end of the year.

因此，目前資產負債表上唯一的債務是與策略性收購 CSI 和 Datavault Holdings（現稱為 EOS Technologies）相關的債務。所以我認為，當我們在年底公佈K數據時，我們會得到一份相當強大且穩健的資產負債表。

Excellent. That's very helpful. Just one more follow-up to that. With the Bitcoin investment, let's say the shareholder vote is approved, so all $150 worth of Bitcoin is now in your possession. Are you going to be -- does that mean your -- how much of that is going to be kept in the form of Bitcoin versus how much of that is out the door to fund some of this stuff?

出色的。那很有幫助。還有一個後續問題。假設股東投票通過了比特幣投資，那麼價值 150 美元的比特幣現在就歸你所有了。你打算——這是否意味著——其中有多少會以比特幣的形式保留，又有多少會用於資助這些項目？

Well, look, I think there's -- I think it's real important for investors to understand that when we took the 150 -- when we signed that financing deal, there are no treasury restrictions around it. So from management's perspective, Nate in my mind, that $150 million is the same as cash, except it has a little bit more volatility than cash, right? But fundamentally, we look at it as cash, so we don't look at having any pressure for multiple years to have to raise cash, raise any money for the company which is fundamentally changing, right, our platform --

嗯，你看，我認為——我認為投資者非常需要明白，當我們進行150股融資時——當我們簽署那項融資協議時，並沒有受到任何財政部的限制。所以從管理階層的角度來看，內特，我認為這1.5億美元就相當於現金，只不過它的波動性比現金大一些，對吧？但從根本上講，我們將其視為現金，因此我們預計未來幾年內不會面臨任何籌集資金的壓力，也不會為這家正在發生根本性變革的公司籌集任何資金，對吧，我們的平台--

Yes. So for all effective purposes, it's both working capital or it's an investment. It's kind of whatever you need it to be when it's in the door.

是的。因此，實際上它既是營運資金，也是投資。它進門後，基本上可以滿足你的任何需求。

Exactly..

確切地..

Peter [Ruggieri], Private Investor.

Peter [Ruggieri]，私人投資者。

I'm going to tell you a little bit about myself. I got involved originally as an investor in Sorrento, which owns Scilex, which owns Semnur. They're involved with Celularity, piece of Aardvark (inaudible) involved, now Semnur or Scilex has put $150 million into Datavault which is new to me.

我來簡單介紹一下我自己。我最初是以投資者的身份參與 Sorrento 的，Sorrento 擁有 Scilex，而 Scilex 又擁有 Semnur。他們參與了 Celularity 項目，Aardvark 的一部分（聽不清楚）也參與其中，現在 Semnur 或 Scilex 向 Datavault 投資了 1.5 億美元，這對我來說是新的消息。

And I have a lot of questions because with all this -- with like IPMC and a precision medicine globally with Robert Hariri with Celularity, you're running a whole platform globally with increasing medicine AI. It's a big thing. And I'm just astounded by the revenue guidance, by the way. I'm wondering what's the revenue contract backlog right now?

我有很多問題，因為有了這一切——例如 IPMC 和全球精準醫療，以及 Robert Hariri 的 Celularity，你們正在運營一個全球性的平台，不斷提升醫療人工智慧水準。這是件大事。順便說一句，我對營收預期感到非常震驚。我想知道目前的收入合約積壓情況如何？

It's significant. It's one of the hardest things to get through and particularly internationally, just in terms of getting the company's chops up for that. And our Philadelphia headquarters is going to address legal and governance and many other things. Also, these exchanges are not simple in their constructs from a governance standpoint.

這意義重大。這是最難做到的事情之一，尤其是在國際上，光是讓公司具備這方面的能力就非常困難。我們的費城總部將著手處理法律、治理以及其他許多問題。此外，從治理角度來看，這些交易的結構並不簡單。

And we have a very kind of governance-first model that served us very well. We get to be the iTunes in the space as opposed to the Napsters, if you will. So I'm excited about that. I think your question is regarding to the biotech space and Scilex investment or interest in us. Scilex is wildly accretive to our strategy.

我們有一種以治理為先的模式，這種模式對我們非常有效。如果你願意的話，我們可以成為這個領域的 iTunes，而不是 Napsters。所以我對此感到很興奮。我認為您的問題與生物技術領域以及 Scilex 對我們的投資或興趣有關。Scilex對我們的策略有極大的促進作用。

We had announced previously digital twinning and digital twins as a marketplace that we were interested in developing technology around and we have. And its really data into experience, data into hologram, data into model, data into experiential models where management teams don't struggle to understand the challenges or the data related to the challenges around them.

我們之前宣布過數位孿生，並表示有興趣圍繞數位孿生這一市場開發技術，而我們也確實做到了。真正實現的是將數據轉化為體驗，將數據轉化為全像圖，將數據轉化為模型，將數據轉化為體驗模型，讓管理團隊能夠輕鬆理解他們所面臨的挑戰或與這些挑戰相關的數據。

They're able to actually experience that data and see the pathways before them more clearly. And that's kind of at the center of the Datavault which is experience around and that experience includes valuation and score because it had to be sustainable. So valuation and score.

他們能夠真正體驗到這些數據，並更清楚地看到擺在他們面前的道路。而這正是數據寶庫的核心所在，它圍繞著經驗展開，而這種經驗包括估值和評分，因為它必須是可持續的。因此，估值和評分。

And one of the things that is common across these threads, but very specific in the biotech space is our work with the Brookhaven National Laboratory, which I believe Scilex was studied and saw our progress there and read our cooperative research and advancement agreement drafts that are now being considered at Brookhaven.

這些討論中有一個共同點，但在生物技術領域尤其特殊，那就是我們與布魯克海文國家實驗室的合作。我相信 Scilex 已經研究過我們在那裡取得的進展，並閱讀了我們目前正在布魯克海文審議的合作研究和發展協議草案。

We have the great privilege of working with supercomputers there in a supercomputer environment of people that we've come to trust and in fact, love that we are able to develop a system between our federal laboratories, our allies, so BAE over -- just over the pond and some of the collaborators we have here in the United States, whether it's General Dynamics, Raytheon or Boeing.

我們很榮幸與那裡的超級電腦合作，在一個我們信任且非常喜愛的超級電腦環境中工作。我們能夠與聯邦實驗室、盟友（例如大西洋彼岸的 BAE 公司）以及我們在美國的一些合作夥伴（例如通用動力公司、雷神公司或波音公司）共同開發一個系統。

Our ability to take information and have rather than stovepipes and everybody not share their marbles that everybody can collaborate on a global basis for the advancement of technologies across a myriad of spaces, none more important, none more probably well-funded than biotech.

我們有能力獲取訊息，而不是各自為政、互不分享，從而讓每個人都能在全球範圍內合作，推動各個領域的技術進步，其中最重要的領域，也是最有可能獲得充足資金的領域，莫過於生物技術。

And Scilex is a leader in that, the people there and the leaders, Dr. Henry Ji, certainly financially Stephen Ma, who's become a mentor to me. These are incredible people who have a great grasp over biotech science and biotech technologies. And we're proud to have that investment that allows us to build that platform and so much more.

Scilex 在這方面處於領先地位，那裡的人員和領導者，例如 Henry Ji 博士，當然還有在財務方面給予我幫助的 Stephen Ma，他已經成為我的導師。這些人非常了不起，對生物技術科學和生物技術有著深刻的理解。我們很自豪能夠獲得這筆投資，它使我們能夠建立這個平台以及更多東西。

We're a platform of platforms we're exchange of exchanges, the ability to launch exchange after exchange, our biotech exchange, which will have a great name. I know the name, I can't say it, but the biotech exchange will be a very special attribute. So to the size question about -- part of your question about size and why is this space so hot or why did we increase our guidance?

我們是一個平台的平台，我們是交易所的交易所，能夠推出一個又一個交易所，我們的生物技術交易所將會有一個響亮的名字。我知道它的名字，但我不能說出來，不過生物技術交易所將是一個非常特別的特色。所以關於規模的問題——你問的關於規模的問題的一部分，以及為什麼這個領域如此熱門，或者為什麼我們增加了指導？

It's only partially for the real-world asset of biotech that's in our guidance. And I think it's an explosive piece that maybe makes us to re-guide. But the biotech piece is incredibly exciting and has attribution and use case and utility across every medical science, oncology and heart, acute, post-acute.

這只是我們指導方針中提到的生物技術在現實世界中的部分價值。我認為這是一篇極具爆炸性的文章，或許會促使我們重新調整方向。但生物技術部分令人無比興奮，它在所有醫學科學領域，包括腫瘤學、心臟病學、急性期和急性後期，都具有歸因、應用案例和實用性。

When you look at the healthcare space, it is not a market, it's the market. Everyone will engage with it at some point. And many of us on a daily basis, many more on acute management basis are spending $100,000 per annum to address our health. And the kind of compound nature of that makes it not only an international crisis, but something that needs technology to address.

當你審視醫療保健領域時，你會發現它不是一個市場，它本身就是一個市場。每個人遲早都會接觸到它。我們當中許多人每天都要花費 10 萬美元來治療疾病，更多的人則需要接受急性治療，每年花費 10 萬美元來維持健康。這種複合性質不僅使之成為一場國際危機，而且需要藉助科技來解決。

And we're happy and proud to be part of the solution of creation of digital twins. And you could see scanning the human body and having a digital twin could aid you, just like it aids management in experiencing their data decisions. When you see your digital twin, it has the same effect. And healthcare is very exceptional. It's very well-funded, but also in crisis.

我們很榮幸也很自豪能夠參與到數位孿生技術的創建解決方案中來。你可以看到，掃描人體並擁有數位孿生體可以幫助你，就像它可以幫助管理層體驗他們的數據決策一樣。當你看到自己的數位孿生體時，也會產生同樣的效果。醫療保健方面非常出色。它資金非常充足，但也面臨危機。

So it's a unique combination. We're happy to be part of the solution.

所以這是一種獨特的組合。我們很樂意成為解決方案的一部分。

(Operator Instructions)

（操作說明）

Our next question is coming from [Tyrell Pruitt] a private investor.

我們的下一個問題來自私人投資者泰瑞爾·普魯伊特 (Tyrell Pruitt)。

We reached end of our question-and-answer session. Ladies and gentlemen, this call contains forward-looking statements, which reflect management's current judgment, including certain of our expectations regarding fiscal year 2025 and 2026 financial performance.

我們的問答環節到此結束。女士們、先生們，本次電話會議包含前瞻性陳述，反映了管理階層目前的判斷，包括我們對 2025 財年和 2026 財年財務表現的某些預期。

However, they are subject to risks and uncertainties that could cause actual results to differ materially. Risk factors that could cause our actual results to differ materially from our projections and forecasts are discussed in detail in our periodic filings with the SEC. That does conclude today's teleconference and webcast. We thank you for your participation today.

然而，它們存在風險和不確定性，可能導致實際結果與預期有重大差異。可能導致我們的實際業績與我們的預測和預期存在重大差異的風險因素，已在定期向美國證券交易委員會提交的文件中進行了詳細討論。今天的電話會議和網路直播到此結束。感謝您今天的參與。