Datavault AI Inc (DVLT) 2025 Q4 法說會逐字稿

Good morning, everyone. Welcome to the Datavault AI fourth quarter and full year 2025 corporate update call.

各位早安。歡迎參加 Datavault AI 2025 年第四季暨全年公司營運更新電話會議。

I will now turn the call over to Ed Barger, Vice President of Investor Relations.

接下來我將把電話會議交給投資人關係副總裁 Ed Barger。

Thank you, operator. Good morning, and thank you for joining us. My name is Ed Barger. I recently joined Datavault AI as Vice President of Investor Relations. I'm pleased to be here today and look forward to speaking with all of you in the investment community over the coming weeks and months.

謝謝，接線員。各位早安，感謝各位加入我們。我叫 Ed Barger。我最近加入 Datavault AI，擔任投資人關係副總裁。很高興今天能在此，並期待在接下來數週與數月，與投資界的各位進一步交流。

With me today is our Chief Executive Officer, Nathaniel Bradley; and our Chief Financial Officer, Brett Moyer.

今天與我一同出席的有我們的執行長 Nathaniel Bradley，以及財務長 Brett Moyer。

Before I turn the call over to our CEO, I'd like to remind you that this conference call will include forward-looking statements within the meaning of US SEC laws with respect to future operations, financial results, events trends and performance, which are based on management's beliefs and assumptions as of today's date. Forward-looking statements may involve known and unknown risks, uncertainties and other factors, which may cause actual results to differ materially from those expressed or implied by such statements.

在我把電話會議交給我們的執行長之前，我想提醒各位，本次電話會議將包含依據美國證券交易委員會（SEC）相關法律所定義的前瞻性陳述，內容涉及未來營運、財務結果、事件趨勢與表現，並以管理層截至今日的信念與假設為基礎。前瞻性陳述可能涉及已知與未知的風險、不確定性及其他因素，可能導致實際結果與該等陳述所明示或暗示者存在重大差異。

We see Datavault's fourth quarter press release and SEC filings for information regarding specific risks, uncertainties that could cause actual results to differ materially. Except as required by law, Datavault AI undertakes no obligation to update such forward-looking statements.

關於可能導致實際結果與預期有重大差異之特定風險與不確定性，請參閱 Datavault 的第四季新聞稿與 SEC 申報文件。除法律另有要求外，Datavault AI 不承擔更新此等前瞻性陳述之義務。

I will now pass the call over to our CEO, Nathaniel Bradley. Nate?

接下來我將把電話會議交給我們的執行長 Nathaniel Bradley。Nate？

Thank you, Ed, and thank you all for joining us today. This was a strong year for our company, and I'm excited to review our results with you today.

謝謝你，Ed，也感謝各位今天加入我們。對我們公司而言，這是一個表現強勁的一年，我很期待今天與各位回顧我們的成果。

We'll begin with key highlights and accomplishments, followed by our business outlook and conclude with expectations for 2026 before opening the call for Q&A. As you can see from the chart, we delivered significant sequential revenue growth, which resulted from our first ever profitable quarter on a GAAP basis with adjusted EBITDA exceeding $8 million. In addition, we took decisive steps in 2025 to fund our future growth. Through strategic financing initiatives, we substantially eliminated our debt and strengthened our balance sheet, ending the year with over $115 million in working capital.

我們將先從關鍵亮點與成就開始，接著談業務展望，並在開放問答前，以 2026 年的預期作結。如圖表所示，我們實現了顯著的連續性營收成長，這源自我們首次在 GAAP 基礎上達成單季獲利，且調整後 EBITDA 超過 800 萬美元。此外，我們在 2025 年也採取果斷措施，為未來成長提供資金。透過策略性融資舉措，我們大幅消除負債並強化資產負債表，年底營運資金超過 1.15 億美元。

2025 was a transformative period for the company as we executed on our strategic vision. We completed the acquisitions of CompuSystems Inc, or CSI as well as API Media in early 2026. We are now operating an internal initiative of the joint companies under a project known as Event Citadel. These highly complementary businesses enable us to unify data from events, capture audience engagement and monetize across both physical and digital environments. This creates a scalable ecosystem for tokenized data asset creation and recurring revenue generation through our exchanges.

2025 年對公司而言是執行我們策略願景的轉型期。我們完成了對 CompuSystems Inc（簡稱 CSI）以及 API Media 的收購，並於 2026 年初完成整合。我們目前正以「Event Citadel」專案名義，推動合併後公司的內部計畫。這些高度互補的業務使我們能夠整合活動數據、捕捉受眾互動，並在實體與數位環境中實現變現。這打造出一個可擴展的生態系，用於代幣化數據資產的創建，並透過我們的交易所產生經常性收入。

As we integrate these platforms, we increasingly are positioned to deliver end-to-end solutions that combine AI, data analytics, and blockchain-based monetization, strengthening our competitive position across multiple high-growth vertical markets. We believe that the blockchain and Web three ecosystems represent a large and rapidly expanding market opportunity driven by the shift towards data ownership, tokenization, and the decentralized monetization.

隨著我們整合這些平台，我們愈發具備提供端到端解決方案的能力，將 AI、數據分析與基於區塊鏈的變現結合起來，並在多個高成長垂直市場中強化競爭地位。我們相信，區塊鏈與 Web3 生態系代表一個龐大且快速擴張的市場機會，其動能來自於向數據所有權、代幣化與去中心化變現的轉變。

Datavault AI is positioned to provide end-to-end platform that enables enterprises to securely transform their data into monetizable assets through our exchanges. Data is our commodity and data has always been the most significant and critical asset that organizations have and facing growing challenges around security, cybersecurity, ownership and monetization and we are ready to address these needs through a secure, transparent and scalable platform operating in a large, rapidly growing market.

Datavault AI 已具備提供端到端平台的定位，使企業能透過我們的交易所，安全地將其數據轉化為可變現的資產。數據是我們的商品，而數據一直是組織所擁有最重要且最關鍵的資產；在安全、資安、所有權與變現方面面臨日益增加的挑戰，我們已準備好透過一個安全、透明且可擴展的平台來滿足這些需求，並在一個龐大且快速成長的市場中運作。

Adoption already widespread and projected to expand at a 25.8% year-over-year growth rate. Real-world asset tokenization represents one of the most significant emerging opportunities in the financial markets today.

採用已相當普及，且預計將以 25.8% 的年增率持續擴張。現實世界資產（RWA）代幣化代表當今金融市場中最重要的新興機會之一。

The market is staged for blockbuster growth, $126 trillion of equity markets content is being tokenized currently. The system has grown over the past several years, driven by the increase of institutional adoption and the change in the regulatory environment around digital assets. The demand for more efficient transparent and yield-focused AI-driven infrastructure has taken the RWA market to over $30 trillion growth projection.

市場已蓄勢待發，將迎來爆發式成長；目前有 126 兆美元的股票市場內容正在被代幣化。在過去數年中，該系統持續成長，主要受機構採用增加以及數位資產監管環境變化所驅動。對更高效率、更透明且以收益為導向的 AI 驅動基礎設施之需求，已使 RWA 市場的成長預測提升至超過 30 兆美元。

We address this market through a patented infrastructure that provides an exchange for the fair valuation, the scoring and the monetization through transaction in a system that can clear anywhere in the world. We believe Datavault AI is uniquely situated with patented technologies covering tokenomics and exchange that real-world assets will be tokenized in a market that is exploding in size where we represent the sole source of exchange within a company that has the freedom to operate and the entire control of market systems that enable transactions to occur on a worldwide basis.

我們透過一套具專利的基礎設施切入此市場，提供一個可在全球任何地方清算的系統，並在其中進行公允估值、評分與透過交易實現變現。我們相信 Datavault AI 具備獨特優勢：擁有涵蓋代幣經濟學與交易所的專利技術；在一個規模爆炸性成長、現實世界資產將被代幣化的市場中，我們代表公司內唯一的交易所來源，並具備自由營運（freedom to operate）以及對市場系統的完整控制，使交易得以在全球範圍內發生。

The monetization and capture and tokenization of digital assets creates real-world recurring revenue generative sources. Our IP-driven license model, combined with our acquisitions of CSI and API Media provides both the infrastructure and real-world asset sources needed to scale. We are well positioned at the intersection of AI, data and blockchain that enable us to capture value and tokenization and adoption that accelerates growth through the use of AI and automated systems that we present in platform.

數位資產的變現、捕捉與代幣化，創造出現實世界的經常性收入來源。我們以智慧財產權驅動的授權模式，結合對 CSI 與 API Media 的收購，同時提供擴張所需的基礎設施與現實世界資產來源。我們在 AI、數據與區塊鏈的交會點上具備良好定位，使我們能夠捕捉價值並推動代幣化與採用；透過我們在平台中呈現的 AI 與自動化系統，加速成長。

Our patented indexes or exchanges are essentially structured data sets that are organized, scored, valued and observable from a system that organizes an indexes data in a system that allows participation from any entity that needs to claim its assets of data never relinquishing them, never giving them to a third party, but instead claiming them and understanding the value and score of them, the cybersecurity risk around them and the other measurements of these assets that provide quality information for ultimately insights and decision-making.

我們的專利指數或交易所，本質上是結構化的數據集合，能被組織、評分、估值並可被觀測；該系統將指數數據加以整理，使任何需要主張其數據資產的實體都能參與，且永不放棄資產、永不交付給第三方，而是主張並理解其價值與評分、其周邊的資安風險，以及其他衡量指標，從而提供高品質資訊，最終用於洞察與決策。

We represent these products in the form of data that is tokenized and traded on the data information exchange. We've developed a number of genre-specific exchanges under this patented technology framework. We've also licensed the NYIAX, which gives us access to the Nasdaq financial framework. This entity, the data information exchange has spawned the ability to capture one's name, image and likeness, the ability to monetize within sports and entertainment, we've now labeled the Sports Illustrated Exchange.

我們以代幣化數據的形式呈現這些產品，並在數據資訊交易所上進行交易。在此專利技術框架下，我們已開發多個特定類別（genre-specific）的交易所。我們也已授權 NYIAX，使我們得以接入納斯達克的金融框架。此實體——數據資訊交易所——衍生出捕捉個人姓名、影像與肖像權（name, image and likeness）的能力，並能在體育與娛樂領域實現變現；我們現已將其命名為《Sports Illustrated》交易所。

The addition of real-world assets to the public stage and the ability to utilize real-world assets such as real estate, precious metals, gases, uranium, titanium, aluminum, chromium, other assets that can be tokenized and developed into monetizable systems that provide needed capital to miners and to individuals that extract or own or control precious metals, other real-world assets. And we've brought that forward in an exchange that will be known as the International Elements Exchange.

將現實世界資產帶到公開舞台，並能運用如不動產、貴金屬、氣體、鈾、鈦、鋁、鉻及其他可被代幣化的資產，進一步發展為可變現的系統，為礦商以及開採、擁有或控制貴金屬與其他現實世界資產的個人提供所需資本。我們已將此推進至一個交易所，將被稱為「International Elements Exchange（國際元素交易所）」。

We have, thirdly, an American Political Exchange that we've positioned at the end of this year to solve for the relationship between candidates and causes and their constituents, providing a direct exchange for those individual operations under a Federal Elections Commission approved system that keeps compliance and oversight and insights at the forefront of political operation systems.

第三，我們有一個「American Political Exchange（美國政治交易所）」，我們已在今年年底完成定位，用以解決候選人與訴求（causes）及其選民之間的關係，並在一套經聯邦選舉委員會（FEC）核准的系統下，為這些個別運作提供直接的交易所，同時將合規、監督與洞察置於政治運作系統的核心。

And so we have an exchange genre that stems from data that is being carved up into individual exchanges that allow us to monetize and turn raw data into measurable comparable assets to support pricing and valuation for tokenization. We enable licensing and royalties tied to data usage, and we developed genre-specific exchanges to allow us to monetize rapidly these assets.

因此，我們形成了一種源自資料的交易所類型（exchange genre）：將資料切分為單筆、可交易的交換單元，使我們能夠將其變現，並把原始資料轉化為可衡量、可比較的資產，以支援代幣化的定價與估值。我們提供與資料使用掛鉤的授權與權利金機制，並開發特定類型（genre-specific）的交易所，讓我們能夠快速將這些資產變現。

We have patented technology stack, second to none. Our patented technology stack includes CLEAR which is a KYC system that allows us to know our customer, allows our systems to recentralize the decentralized wallets and other aspects of the Web 3 ecosystem. Our CLEAR advantage is that we bring a KYC system that's recognizable, well registered and has a large user base that is automatically catapulted into a Datavault account. We have international corollaries for CLEAR and other CLEAR function where we have KYC provided by international providers that bolster that capability within our platform. We've developed with IBM software that orchestrates our systems.

我們擁有無與倫比的專利技術堆疊。我們的專利技術堆疊包含 CLEAR（清算/合規辨識與登錄）系統，這是一套 KYC 系統，讓我們能夠了解客戶（Know Your Customer），並使我們的系統得以將去中心化錢包及 Web3 生態系的其他面向重新集中化管理。CLEAR 的優勢在於：我們提供一套可被辨識、註冊完善且擁有龐大用戶基礎的 KYC 系統，並可自動導入 Datavault 帳戶。我們也為 CLEAR 及其他 CLEAR 功能建立國際對應機制，透過國際供應商提供 KYC，以強化平台內的能力。我們與 IBM 共同開發可協調（orchestrate）我們系統運作的軟體。

We have a developer and a platinum partnership with IBM. We also have a system with IBM that we've created within our platform that allows for the use of our proprietary scoring and valuation engines to both score and value data the moment it is born at the edge of the Internet.

我們與 IBM 建立了開發者合作關係以及白金級合作夥伴關係。我們也在平台內與 IBM 共同打造一套系統，使我們的專有評分與估值引擎能在資料於網際網路邊緣（edge）誕生的瞬間，同步完成資料的評分與估值。

The moment that data appears on the scene, our systems stand ready to score and value on behalf of the owner and point towards yield management systems that are ultimately injected into our exchanges to be monetized at maximum yield.

資料一出現，我們的系統即隨時待命，代表所有者進行評分與估值，並導向收益管理系統，最終注入我們的交易所，以在最大化收益的前提下完成變現。

We are licensors of NYIAX, a financial framework and a system that allows for tokenization and patented infrastructure towards exchange of those tokenized assets. NYIAX gives us access to the Nasdaq financial framework, allowing our tokens to be traded on one of the most trusted financial frameworks in the world. We have Fiserv as a partner that can reduce to fiat, reduce to debit card proceeds from digital assets, a toggle switch from fiat to token and token to fiat.

我們是 NYIAX 的被授權方；NYIAX 是一套金融框架與系統，可用於代幣化，並提供用於交易這些代幣化資產的專利基礎設施。NYIAX 讓我們得以接入 Nasdaq 的金融框架，使我們的代幣能在全球最受信賴的金融框架之一上交易。我們與 Fiserv 合作，可將數位資產兌換為法幣、轉為簽帳卡入帳款項，並提供法幣與代幣之間、代幣與法幣之間的切換機制。

And the idea that we're able to have a partner recognizable worldwide that allows us to clear within seconds transactions is a very powerful tool within this platform. We have, of course, audit and responsibility, a new element around the comprehensive compliance infrastructure required to operate in exchange, in digital assets, in all aspects of management regarding tokenomics and the transactions that occur on a worldwide basis with compliant, high integrity, very transparent and very high-quality tokenomic platforms that are cyber secure.

而我們能夠擁有一位全球皆可辨識的合作夥伴，讓我們在數秒內完成交易清算，這是本平台極為強大的工具。當然，我們也具備稽核與責任機制——這是一個新要素，圍繞在交易所營運、數位資產，以及代幣經濟（tokenomics）管理與全球範圍內交易所需的完整合規基礎設施；我們提供合規、高完整性、極度透明且高品質、並具備資安防護的代幣經濟平台。

Houlihan Lokey, a smart contract auditor, will be reviewing all smart contracts created from our platform, the architecture of those contracts, the legality and the underlying compliance infrastructure related to smart contract execution on a worldwide basis. We are taking high-quality digital assets to the highest quality exchange within a patented infrastructure that is second to none.

Houlihan Lokey 作為智慧合約稽核方，將審查由我們平台建立的所有智慧合約、合約架構、合法性，以及與智慧合約在全球範圍執行相關的底層合規基礎設施。我們正透過無與倫比的專利基礎設施，將高品質數位資產帶到最高品質的交易所。

Our Acoustic division is essentially a combination of WiSA, API and Event Citadel. We generate ongoing revenue by enabling real-time data transmission, engagement and authentication through sound-based technology, notably ADIO and WiSA. Importantly, this division also serves as a key data organization layer. It's creating highest quality value assets. It is a manufacturer of semiconductor. And if you remember that NVIDIA came from video, Datavault AI comes from audio.

我們的 Acoustic 事業部本質上是 WiSA、API 與 Event Citadel 的組合。我們透過以聲音為基礎的技術（尤其是 ADIO 與 WiSA），實現即時資料傳輸、互動參與與身分驗證，從而創造持續性收入。重要的是，該事業部同時也是關鍵的資料組織層。它正在打造最高品質的價值資產。它也是半導體的製造商。如果你記得 NVIDIA 起源於影像（video），Datavault AI 則起源於音訊（audio）。

We have created a system that has been world-renowned for eliminating latency in an audio transmission that is of high-definition quality. Our platform enables both direct and downstream revenue opportunities that include licensing and large-scale operations within the licensing in robotics and in the future of AI technology. It is a key component of our platform that serves as a secure foundation of our ecosystem that cybersecurity is job number one. The most important aspect to digital assets is cybersecurity. Cybersecurity is a problem that we've addressed head on.

我們打造了一套世界知名的系統，可消除高解析度音訊傳輸的延遲。我們的平台同時提供直接與下游的營收機會，包括授權，以及在機器人領域與未來 AI 技術中的大規模授權營運。它是我們平台的關鍵組成，作為生態系的安全基礎，而資安是第一要務。對數位資產而言，最重要的面向就是資安。資安問題我們已正面迎戰並加以解決。

We've looked at the necessary requirement of the cybersecurity related to digital twins and securing tokens within a SanQtum that provides for a leap to quantum computing that provides high-performance computing capability to track, manage, index, score and value data in a secure environment that has no cybersecurity threats.

我們檢視了與數位孿生（digital twins）相關的資安必要條件，以及在 SanQtum 中保護代幣；SanQtum 可支援邁向量子運算的躍進，並提供高效能運算能力，以在無資安威脅的安全環境中追蹤、管理、索引、評分與估值資料。

The ability to view a digital twin is an extremely valuable experience. The ability to make digital twins a reality requires infrastructure. The investment into SanQtum provides a railway. This security layer is critical as it allows for the transformation of data into verifiable, monetizable assets, whether through licensing or tokenization or whether through financial products that are traded on exchanges that are genre-specific and towards the use case that is most advantageous to the owner of data and product in the digital realm.

能夠檢視數位孿生是一種極具價值的體驗。要讓數位孿生成為現實，需要基礎設施。對 SanQtum 的投資提供了一條「鐵道」（railway）。這個安全層至關重要，因為它使資料得以轉化為可驗證、可變現的資產——無論是透過授權或代幣化，或是透過在特定類型（genre-specific）的交易所交易的金融產品，並朝向最有利於資料與數位領域產品所有者的使用情境。

By combining SanQtum with our broader tokenization, monetization and Acoustic systems, that allow us to use our Sumerian crypto-anchors and our other patented technology to revolutionize the end-to-end secure, cybersecure ability to transact in an open system of blockchain that is both breakthrough and enlightening.

透過將 SanQtum 與我們更廣泛的代幣化、變現與 Acoustic 系統結合，使我們能運用我們的 Sumerian 加密錨點（crypto-anchors）及其他專利技術，徹底革新端到端的安全、具備網路資安防護的交易能力；在一個開放的區塊鏈系統中進行交易，既是突破性的，也極具啟發性。

We capture real-world assets through our Acoustic and enterprise technologies. We can capture data in ways that other companies cannot. We have the ability to validate and secure it through our cybersecure SanQtum. We organize and assign value through the index platform known as Datavault. And ultimately, we monetize data through AI systems focused on yield management and the maximization of financial yield related to digital assets.

我們透過 Acoustic 與企業級技術捕捉現實世界資產。我們能以其他公司做不到的方式擷取資料。我們具備透過具備網路資安防護的 SanQtum 進行驗證與保護的能力。我們透過名為 Datavault 的索引平台進行組織並賦予價值。最終，我們透過聚焦收益管理、並最大化與數位資產相關金融收益的 AI 系統，將資料變現。

We license and tokenize assets in a recurring revenue model that creates a renewable stream of revenue and a growing opportunity for the clients that jump on board the tokenization revolution.

我們以循環性收入模式對資產進行授權與代幣化，創造可再生的收入流，並為加入代幣化革命的客戶帶來持續成長的機會。

This is the end-to-end approach that allows us to participate across full life cycle of data from the moment it is born, it is valued and is scored. It's understood in context, it's understood in value of all its subordinates, all of its antecedents, all its prerequisites. It is fully understood. It is scored, valued and tokenized. It is available for monetization on the exchange when it qualifies for all regulatory compliance requirements, and it is traded in a way that provides a lifeblood of revenue for our clients and for the users of these systems.

這是一套端到端的方法，使我們能參與資料的完整生命週期：從資料誕生的那一刻起，到其被估值與評分。它在脈絡中被理解，也在其所有下屬要素、所有前因（antecedents）、所有先決條件（prerequisites）的價值脈絡中被理解。它被完整理解。它被評分、估值並代幣化。當它符合所有監管合規要求時，即可在交易所上架變現，並以能為我們的客戶與這些系統使用者提供收入命脈的方式進行交易。

As noted in our press release, we are reiterating the guidance that we provided in the fall of 2025. We expect top line revenue of $200 million for the full year 2026. We expect sequential growth each quarter with momentum building throughout the year and the majority of our $200 million outlook weighted to the second half.

如同我們新聞稿所述，我們重申於 2025 年秋季提供的財測指引。我們預期 2026 全年營收（top line revenue）為 2 億美元。我們預期每一季皆有連續性成長，全年動能逐季增強，且 2 億美元展望中的大部分將集中在下半年。

One more thing we'd like to add this morning is that our team will be infused with the talent of NYIAX and the technology that they have patented many years ago. We will join forces at Datavault AI to create the ultimate exchange experience and exploit the opportunity of tokenomics for American companies and companies worldwide.

今天早上我們還想補充一點：我們的團隊將注入來自 NYIAX 的人才，以及他們多年前取得專利的技術。我們將在 Datavault AI 攜手合作，打造終極的交易所體驗，並把握代幣經濟（tokenomics）為美國企業及全球企業帶來的機會。

I'd also like to thank our management team for their exceptional leadership throughout the end of last year. Their relentless and focused and disciplined execution and strategic alignment gives me strong confidence in our ability to deliver sustained long-term value for our shareholders.

我也想感謝我們的管理團隊在去年年底期間展現的卓越領導力。他們不懈、專注且自律的執行力與策略一致性，讓我對我們為股東創造可持續的長期價值充滿信心。

And as we scale this vision with them, I'd like to thank all of them and now open the call for questions.

在我們與他們一同擴大推進這個願景之際，我也要感謝大家，現在開放提問。

(Operator Instructions) Jack Vander Aarde, Maxim Group.

(接線員指示) Jack Vander Aarde，Maxim Group。

Okay. Great. Great update, guys. Congrats on all the positive momentum in the recent acquisitions as well. It sounds like there's quite a bit of progress that's been made since the last quarter.

好的。太好了。更新很棒，各位。也恭喜近期收購案帶來的正向動能。聽起來自上季以來已經取得相當多的進展。

So congrats on all the momentum. Nate, can you talk to me a little bit more about NYIAX and then also just the whole licensing revenue stream that's really kicked in here. How does NYIAX fit into your overall strategy and what we're seeing so far with the tokenization strategy. Can you maybe just help us understand and tie that together?

所以恭喜你們的動能。Nate，你能再多談談 NYIAX，以及這裡真正開始發力的整體授權營收來源嗎？NYIAX 如何融入你們的整體策略，以及我們目前看到的代幣化策略？你能否幫我們理解並把這些串起來？

Yes, sure. There's been a number of movements in this space. You can see a $27 billion valuation just across on other exchanges where they brought in token technology that gives them exchange. And one thing that I consider important in our space is the freedom to operate. You wouldn't just wander into health care or pharmaceuticals or any other technology without the freedom to operate.

好的，當然。這個領域出現了不少動向。你可以看到，僅在其他交易所那邊，他們導入代幣技術、讓其具備交易所能力，就帶來了 270 億美元的估值。而我認為在我們這個領域很重要的一點是「自由運作」（freedom to operate）。你不會在沒有自由運作的情況下，就貿然進入醫療保健、製藥或任何其他技術領域。

And what we have here is a union with NYIAX that really starts with IP. We met each other and have been working with each other now for years around intellectual property. And that culminated into a license that we've had kind of time to kick the tires and realize that there's a real deal and that their relationship with the Nasdaq Stockholm Sweden index gives us a technology layer that endears us to the exchange. It brings us closer.

而我們與 NYIAX 的結合，真正是從智慧財產權（IP）開始的。我們彼此相識，並且多年來一直圍繞智慧財產權合作。最終促成了一項授權；我們也有時間去驗證、試用並確認這確實是個真實可行的合作，而且他們與納斯達克斯德哥爾摩瑞典指數（Nasdaq Stockholm Sweden index）的關係，為我們提供了一個技術層，讓我們更能獲得交易所的青睞。這讓我們更貼近交易所。

It gives us the ability to do all the things that in our trade for that technology, if you look at the historic deal there, it's really the ability for the Nasdaq to trade stocks and bonds, ETFs and all the great work that they do and us saying that, hey, we'll likely never do those things, but we'd like to do all other things that are data related. And data relations to RWA into the image and likeness of human beings if you have a beating heart in this country, you have data that's valuable.

這讓我們有能力去做所有事情——以我們用這項技術作為交換來看，如果你回顧那筆歷史性的交易，本質上是讓納斯達克能交易股票、債券、ETF，以及他們所做的所有出色工作；而我們則表示：嘿，我們很可能永遠不會做那些事情，但我們希望做所有其他與資料相關的事情。而資料與 RWA（實體資產）相關，也與人類的姓名、影像與肖像權（image and likeness）相關——只要你在這個國家有一顆跳動的心臟，你就擁有有價值的資料。

And that's the message that we carry as a company. Also, the fact that human beings and their name, image, likeness need a mechanism to be able to monetize it, and we provide that. So people being real-world assets that are obviously the most precious, but that, indeed, precious metals and the treasurers of this world that are indeed finite, not infinite.

這就是我們公司所傳遞的訊息。同時，人類以及其姓名、影像、肖像權需要一種機制來將其變現，而我們提供的正是這個機制。因此，人本身就是實體資產（real-world assets），而且顯然是最珍貴的；同樣地，貴金屬以及這個世界的國庫資產（treasurers）也確實是有限的，而非無限的。

They have a scarcity and a value that is very well known and well published. And we give a mechanism to bring that to market.

它們具有稀缺性與價值，而且這些都眾所周知並且有大量公開資訊。而我們提供一個機制，將其帶到市場上。

NYIAX gives us the best name in the business, the best exchange in the business, the most trust we could garner from a brand name and from a technology, from a system, and that's what we're going to bring to market. So NYIAX to us is talent, it's people, it's technology and preeminently brand affiliation and a partnership that's long forwarded around this tokenomic phenomenon, the ability to tokenize real-world assets. So that's what that's about.

NYIAX 為我們帶來業界最好的名字、最好的交易所，以及我們能從品牌與技術、系統中獲得的最大信任，而這正是我們要帶到市場上的。因此，對我們而言，NYIAX 代表人才、團隊、技術，更重要的是品牌連結，以及一個長期推進的合作夥伴關係，圍繞著這個代幣經濟（tokenomic）現象——將實體資產代幣化的能力。這就是其意義所在。

Excellent. I appreciate that. And just maybe if you could touch on a little bit more about, I guess, the relationship with IBM. And also, this has been ongoing, and there's a few moving parts here in terms of licensing arrangements and payments. Can you talk to me a little bit about the San Quantum AI as well, the SanQtum cities? And just how that fits into the strategy? Where does this fit in terms of your priorities? I mean also importance for the company's strategy?

很好。謝謝你的說明。另外也許你可以再多談一點，我想是與 IBM 的關係。而且這一直在進行中，在授權安排與付款方面有幾個變動的部分。你也能談談 San Quantum AI，以及 SanQtum 城市嗎？以及它如何融入策略？就你們的優先順序而言，這放在什麼位置？我的意思是，對公司的策略重要性如何？

Thanks for the question. Again, I really appreciate you following our company this closely and asking that question. Look, IBM special to us. It's a chosen partner of us because we believe AI should be subordinate to human beings. We believe that this is a long known name in AI that's built watsonx.

謝謝你的問題。再次感謝你如此密切地關注我們公司並提出這個問題。你看，IBM 對我們而言很特別。我們選擇 IBM 作為合作夥伴，是因為我們相信 AI 應該從屬於人類。我們也相信，這是一個在 AI 領域長期知名、打造了 watsonx 的品牌。

And early in my career, there were right upstairs from me at the Arizona, University of Arizona Science and Tech Park, where they were building the face of watsonx and some of the concepts that IBM brings to the table, none were more important than cybersecurity and you can't really say IBM and Datavault without saying available and their CEO, Dan Gregory, who is responsible for cybersecuring a lot of our energy grid and helped foreign countries do the same.

在我職涯早期，他們就在亞利桑那——亞利桑那大學科學與技術園區（University of Arizona Science and Tech Park）——的樓上，當時他們正在打造 watsonx 的面貌以及 IBM 帶來的一些概念；其中沒有什麼比資安更重要。而且你幾乎不可能在談 IBM 與 Datavault 時不提到 Available 以及其執行長 Dan Gregory——他負責為我們大量的能源電網提供網路防護，也協助外國做到同樣的事。

He's brought his intelligence and his infrastructure to really what is a VPN for Quantum, and he's a partner of both IBM and Datavault AI and that partnership it's about creating SanQtum and how it fits into our strategy is that as I described in the call, data can create extreme value.

他把他的情報能力與基礎設施帶入到某種意義上可說是「量子 VPN」的領域；他同時也是 IBM 與 Datavault AI 的合作夥伴。而這個合作關係的核心在於打造 SanQtum。它如何融入我們的策略？正如我在電話會議中所描述的，資料可以創造極高的價值。

It can also be an extreme threat. If you have a digital twin of a city, it'd be making that mayor more exceptional in the management of that city. But if it fell into the hands of individuals, that meant us harm or that meant to jam a system or understand a city for nefarious means that data becomes precious to the entire community that remains cybersecure and in the hands of elected officials that work in our best interest.

它也可能帶來極大的威脅。如果你擁有一座城市的數位分身（digital twin），那會讓市長在城市管理上更卓越。但如果它落入對我們不利的人手中，或是有人想要干擾系統、或以不法目的理解並利用一座城市，那些資料就會變得對整個社群都極其珍貴——必須保持網路安全，並掌握在為我們最大利益服務的民選官員手中。

And so these are all things that the blockchain exposes and our technology fits around these communities where we're using tokenomics to solve American problems. We have True Valor that ends for the stolen valor of individuals.

因此，這些都是區塊鏈所揭示的議題，而我們的技術正是圍繞這些社群來運作——我們運用代幣經濟學（tokenomics）來解決美國的問題。我們有 True Valor，用來終結個人「冒充軍功」（stolen valor）的問題。

We have NIL systems that monetize for people but none of it would manage to mean anything without cybersecurity. And so SanQtum is about job one, taking care of home-based cybersecurity. And when you have cybersecure SanQtums, you can invite the mayor in to use a tool that can revolutionize his effectiveness and give communities a promising efficiency that raises the bar in how we can do more for less and move forward in systems that are much more efficient.

我們有 NIL 系統，讓人們得以變現，但如果沒有資安，這一切都不會有任何意義。因此，SanQtum 的首要任務（job one）就是照顧以家庭為基礎的網路安全。當你擁有具備網路安全的 SanQtum，就可以邀請市長使用一個能徹底提升其效能的工具，並為社群帶來可期的效率提升——提高標準，讓我們能以更少的資源做更多的事，並推進更高效率的系統。

And that goes hand in glove with the tokenomic strategies where we're eliminating fraud and identifying systems simply through the nature of using blockchain and using AI to aid us in perfecting our democracy and our communities.

而這也與代幣經濟策略相輔相成——我們透過區塊鏈的特性來消除詐欺、識別系統，同時運用 AI 協助我們完善民主與社群。

That's fine. And maybe if I just follow up on the -- there's quite a few different pillars here, we could talk about here. I want to save some room for others on the call if there's any other questions. But maybe you just touch on the verticals that you have in terms of the tokenization strategy, which these verticals do you see being the most meaningful, I guess, with pharmaceuticals, for instance, with Scilex, is this a larger area? Is there any particular area that you're focused on more? Or is this just a rising tideless all ships here? How do you see things playing out in terms of the tokenization verticals?

沒問題。另外，如果我可以追問一下——這裡其實有好幾個不同的支柱，我們都可以談。我也想為電話會議上的其他人保留一些時間，看看是否還有其他問題。不過也許你可以談談你們在代幣化策略上所涵蓋的各個垂直領域；在這些垂直領域中，你認為哪些會是最有意義的？例如製藥領域，像 Scilex 這樣，這會是一個更大的領域嗎？你們是否特別更聚焦於某個領域？還是說這只是潮水上升、帶動所有船隻？你如何看待代幣化各垂直領域接下來的發展？

There is an ex caliber principle with Datavault AI. You simply cannot wield it. A single entity cannot. It must be licensed. It's licensed into verticals, Scilex wheels the weapon.

Datavault AI 有一項「Excalibur 原則」。你根本無法單獨揮舞它。單一個體做不到。它必須以授權方式使用。我們把它授權到各個垂直領域，由 Scilex 來揮舞這把武器。

They utilize our technology to create a biotech exchange. And to your point, it is enormous. But we license into it because we're not trying to boil the ocean. We make technology that uniformly makes data monetizable, data exists in silos that led to waste without our exchanges. Our exchanges are vertically centric.

他們運用我們的技術來建立一個生技交易所。而如你所說，這個市場規模非常龐大。但我們選擇以授權方式切入，因為我們不打算「把整個海洋煮沸」。我們打造的技術能以一致的方式讓資料可被變現；資料原本存在於各自孤島中，若沒有我們的交易所，就會導致浪費。我們的交易所是以垂直領域為核心。

So we have the biotech exchange, that Scilex will brand, and they will move forward with their energy and their know-how and they will build a biotech exchange with our technology.

因此我們有生技交易所，將由 Scilex 進行品牌化；他們會以自身的動能與專業知識向前推進，並用我們的技術打造一個生技交易所。

We just took over the New York Interactive Advertising Exchange, NYIAX. We have the ability to use our exact same infrastructure, data scoring, data value and data monetization under the same umbrella. So it is marketing the Element Exchange is about real-world assets and the NIL exchange is about human-made assets and the asset of being yourself. And so these assets are all monetized over a uniform system. We are like sales forces to sales, Datavault AI is to data.

我們剛接手紐約互動式廣告交易所 NYIAX。我們能在同一個架構下，使用完全相同的基礎設施、資料評分、資料價值衡量與資料變現能力。因此，Element Exchange 的行銷主題是實體世界資產（real-world assets），而 NIL 交易所則是人類創造的資產，以及「做你自己」這項資產。而這些資產都透過一套一致的系統來變現。我們就像 Salesforce 之於銷售；Datavault AI 之於資料。

Our platform hunts in all of these markets. and we've licensed it because we know that sports illustrated, for instance, with a better brand name than Datavault for sports and entertainment. And so we've built the Sports Illustrated Exchange to meet that need. So we've looked at the highest value markets in the world, human beings and real-world assets.

我們的平台在所有這些市場中獵取機會；我們之所以採取授權，是因為我們知道，例如 Sports Illustrated 在體育與娛樂領域的品牌力比 Datavault 更強。因此我們建立了 Sports Illustrated Exchange 來滿足該需求。所以我們鎖定了全球價值最高的市場：人類，以及實體世界資產。

And we have everything in between that's covered in our data information exchange which can allow emerging data sets to become known, to become scored, to become valued and to become traded. And we have a very compliant process to get everyone there on a system that we can trust. IBM in the middle, CLEAR on the front, Fiserv in the middle and you've got the Nasdaq at the back. The ability to use Nasdaq financial framework to close transactions in vertical markets that we've identified, but licensed those verticals so they can grow fast and move quicker towards the value that we're creating for our shareholders.

而在兩者之間的所有內容，則由我們的資料資訊交易所涵蓋；它能讓新興資料集被看見、被評分、被定價，並被交易。我們也有一套高度合規的流程，讓所有人都能進入一個我們可以信任的系統。中間有 IBM，前端有 CLEAR，中間有 Fiserv，而後端則是 Nasdaq。我們能運用 Nasdaq 的金融框架，在我們已識別的垂直市場中完成交易結算；同時把這些垂直領域授權出去，讓它們能快速成長、更快走向我們為股東創造的價值。

Well, excellent. I really appreciate the update. Maybe just one more, if you could just touch on the acquisitions that you have made, and then I'll hop back in the queue. But API and now NYIAX also and then that was after CSI as well. Is there anything else, I guess, part of the puzzle that you're looking to maybe acquire? Or are all the pieces in place now from your acquisition strategy today. How do you see that playing out?

很好。非常感謝你的更新。也許再問最後一個：你能否談談你們已完成的收購，然後我就回到提問隊列。像 API、現在的 NYIAX，以及在 CSI 之後的這些動作。你們是否還在尋找要收購的其他拼圖？或者以你們目前的收購策略來看，所有拼圖都已到位？你如何看待接下來的發展？

End-to-end, the stack is ready. We have regulatory compliance at the forefront. We won't launch these exchanges until we have green thumbs up from everyone regarding commodity, regarding every aspect of these assets that we are taking to marketplace. So that's number one. Number two, just in terms of these acquisitions, API Media is an American treasurer.

端到端來看，整個技術堆疊已經就緒。我們把法規合規放在最前面。在就商品屬性、以及我們要帶到市場上的這些資產之各個面向，獲得所有相關方的綠燈之前，我們不會推出這些交易所。這是第一點。第二點，談到這些收購，API Media 是美國的瑰寶。

It's run by incredibly talented, well-heeled technology professionals that have added culture to our company. They are ladies and gentlemen, that serve, ladies and gentlemen and we're trying to infuse that like Ritz-Carlton would into the fabric of our company. So number one, API Media is a cultural acquisition. They chose us because they saw scale, but we chose them because we saw quality. And we take over big events through that acquisition in terms of technological management of systems that are involved in some of the biggest events and biggest products of America meaning our golf game, our horse racing, all of the things that we do at a high pedigree sports level, API seems to have acute knowledge of which we find incredible.

它由極具才華、資源雄厚的科技專業人士經營，為我們公司帶來了文化上的加成。他們是以「紳士淑女服務紳士淑女」為準則的人，我們希望把這種精神像麗思卡爾頓（Ritz-Carlton）那樣注入公司的肌理之中。所以第一，API Media 是一項文化型收購。他們選擇我們，是因為看到了規模；但我們選擇他們，是因為看到了品質。而透過這項收購，我們在大型活動的系統技術管理方面接手了許多重要專案——涵蓋美國一些最大型的活動與產品，例如高爾夫、賽馬，以及我們在高端體育層級所做的各種事情；API 在這些方面似乎有非常敏銳的專業知識，我們覺得非常了不起。

I would also say that the acquisition of CSI is an infusion into WiSA in ADIO. It gives us a forum of events to show off how we can control HD quality sound and how we can move sound around rooms and use data over sound as the voice of robots that greet you and have better service and better manners than any human being.

我也會說，收購 CSI 是對 WiSA 與 ADIO 的一種注入。它為我們提供了一個活動平台，展示我們如何控制高解析度（HD）音質、如何在不同空間中傳遞聲音，以及如何透過聲音承載資料——例如作為迎賓機器人的聲音，提供比任何人類更好的服務與更好的禮儀。

And the idea that we could have a perfection of systems that use AI and events and people to maximize yield together so that we have ability to have a passive reoccurring revenue generation through events. And that's what CSI was about and the ability for us to take those two, a cultural and event-based strategy to create more data and use our audio systems to prove how we do it better than anyone in the business.

而這個想法是：我們可以把使用 AI 的系統、活動與人群做到極致整合，共同最大化收益，從而讓我們能透過活動取得被動且可重複發生的營收。這就是 CSI 的核心，以及讓我們能把這兩者——文化策略與以活動為基礎的策略——結合起來，創造更多資料，並用我們的音訊系統證明我們比業界任何人都做得更好。

Ed Woo, Ascendiant Capital Markets.

Ed Woo，Ascendiant Capital Markets。

Yeah. Congratulations on all the progress that you guys did last year. My question is how much of your business is focused on the US? And how much of it do you think you can grow internationally and globally in the future?

是的。恭喜你們去年取得的所有進展。我的問題是：你們的業務有多少聚焦在美國？以及你們認為未來在國際與全球市場能成長到什麼程度？

Thank you for the question. I have literally spent my first night at home last night after being on road for around 62 days. I have traveled the world. And I would tell you the opportunity internationally is rivaled by that here domestically, but it has a lot of incredible potential. You'll see from announcements that PacRim in Asia is an extremely strong growth market for us, and we have adoption coming at us like a fire hose.

謝謝你的問題。我昨晚才真的是在外奔波大約 62 天後，第一次回到家過夜。我走訪了世界各地。我會告訴你，國際市場的機會可與國內市場相匹敵，而且潛力非常驚人。你會從公告中看到，亞太地區在亞洲對我們而言是極為強勁的成長市場，我們的採用需求像消防水帶一樣朝我們湧來。

We've opened offices. We have office in Seoul, Korea. We have operation in Tokyo, Japan. We have a large operation in Taiwan through our partners and semiconductor patents around WiSA. We have an office in Beaverton that is meant to service that Asian market.

我們已經設立了辦公室。我們在韓國首爾有辦公室。我們在日本東京有營運據點。我們透過合作夥伴在台灣有大型營運，並圍繞 WiSA 擁有半導體專利。我們在比弗頓（Beaverton）也有一個辦公室，旨在服務亞洲市場。

And from Philadelphia, of course, our eyes are on the UK. I just got back from London. We have now office in Mayfair.

當然，從費城這邊來看，我們的目光也聚焦在英國。我剛從倫敦回來。我們現在在梅費爾（Mayfair）設有辦公室。

We have an ability to capture business from London all throughout the UK. We spent some time there and realized that there's massive cybersecurity and data operations there that feed our exchanges and international scope of our relationship with NYIAX will extend into the Nasdaq, Stockholm, Sweden and obviously, the Swiss Exchange, where we have the ability on [six] to expand our European trading platform shops around these exchanges.

我們有能力從倫敦在全英國範圍內承接業務。我們在那裡待了一段時間後發現，當地有龐大的資安與資料營運，為我們的交易所提供支援；而我們與 NYIAX 的關係之國際布局，也將延伸至納斯達克、瑞典斯德哥爾摩，以及當然還有瑞士交易所；我們也有能力在這些交易所周邊擴展我們的歐洲交易平台據點。

So simultaneous with the turnup of our exchange in America, which will be the guiding light because of the regulatory kind of excellence and trust that American markets garner when you affiliate with the Nasdaq and IBM and Fiserv. This is a regulatory requirement that we're meeting and that, combined with this international strategy where we can take that kind of excellence and spread it into the international markets with a great deal of security and a great deal of discipline towards the quality of the assets that are listed on our exchanges.

因此，在我們於美國啟動交易所的同時——這將成為指引之光，因為當你與納斯達克、IBM 與 Fiserv 建立合作關係時，美國市場所具備的監管卓越性與信任度會隨之而來。這是我們正在滿足的一項監管要求；再結合我們的國際策略，我們可以把這種卓越性以高度安全與高度紀律，推廣到國際市場，並專注於在我們交易所上市資產的品質。

And so we're focused on international, and that puts our focus on international quality, digital assets. And we've had the pleasure of working with companies in the Asian and PacRim regions as well as the European regions, and it's certainly scalable to Australia and other international spots that we started to look at very heavily. So thanks for the question. And international is a huge part of our play, it could rival or trump our revenue from the United States.

因此我們聚焦國際市場，而這也讓我們聚焦於具國際品質的數位資產。我們很榮幸能與亞洲與環太平洋地區以及歐洲地區的公司合作；而且這套模式顯然也可擴展到澳洲及其他我們已開始密切關注的國際市場。所以謝謝你的提問。國際市場是我們策略中的重要部分，其營收規模可能與美國相當，甚至超越美國。

A lot of opportunities. And then other part of that question is, do you believe you have to make an acquisition internationally to help you expand? Or would you be able to grow it organically with the acquisitions that you have made over the past year?

機會很多。另外一部分問題是：你是否認為必須在國際上進行併購來協助擴張？或者你能否憑藉過去一年已完成的併購，透過有機成長來擴大規模？

I think the acquisitions that we made over the past year, give us American-made technology base and a base of customers that have international reach and influence that draws us overseas. I'd also state that from an acquisition standpoint, you're only acquiring business entities for the purpose of booking business in geo regions, Abu Dhabi and United Arab Emirates and other places required in domicile an LLC there or have a shingle up in those facilities to start to do business there, in particular, when you're working with their governments. So those are the types of acquisitions I'm looking to make, which are largely financial in nature, but small, almost inconsequential in their cost given the revenue that they unlock.

我認為我們在過去一年所做的併購，為我們帶來了美國打造的技術基礎，以及一批具有國際觸及與影響力、能把我們帶向海外的客戶基礎。我也想說，從併購角度來看，你收購商業實體的目的，主要是為了在特定地理區域承作業務——例如阿布達比、阿拉伯聯合大公國等地——在那些地方往往需要在當地設立 LLC（有限責任公司）或在相關設施掛牌設點，才能開始做生意，尤其是當你要與當地政府合作時。因此，這些就是我想進行的併購類型：本質上多偏財務性質，但成本很小、幾乎可忽略，卻能解鎖相當的營收。

So I'm looking for cash accretive acquisitions that allow us to turn on revenue streams from international sources. Some of that's qualitative like you need to qualify to do businesses in particular regions, and we're meeting those qualifications carefully and with, again, a focus on our regulatory partnerships, to really drive excellence around best practices. And as we expand, we do so carefully with technology that's incredibly well healed and patented in all these regions.

所以我在尋找能帶來現金增益（cash accretive）的併購，讓我們得以啟動來自國際來源的營收管道。其中有些屬於質性要求，例如你必須符合在特定地區經營業務的資格；我們正謹慎地滿足這些資格，並再次強調我們對監管合作夥伴關係的重視，以真正推動最佳實務的卓越表現。而在擴張時，我們會以在各地區都已充分成熟、並已取得專利的技術，謹慎推進。

[Alfred Blake], a private investor.

[Alfred Blake]，私人投資人。

Congratulations on a great quarter. I wanted to ask you a question about the NYIAX. What was the financial framework on that merger or takeover so to speak, if you're allowed to announce that?

恭喜本季表現亮眼。我想問一個關於 NYIAX 的問題。就你們所謂的合併或收購而言，其財務架構是什麼？如果你們可以對外公布的話。

So I would point you to the press release issued this morning in terms of the financials related to the transaction. The deal is quite fresh. We finished it right here at the last moment before this call. So just getting into the detail of that, it's best to refer to the documents that's been published. But I would tell you that the Nasdaq Financial Framework, brief life into an international strategy of launching exchanges, we intend from Philadelphia to build the rival to Wall Street at One Commerce Center, we're building something very, very special in Philadelphia, and this will be the token exchanges.

關於該交易相關的財務資訊，我會請你參考今天早上發布的新聞稿。這筆交易才剛完成。我們就在這通電話會議開始前的最後一刻才把它完成。因此，若要深入細節，最好參考已發布的文件。不過我可以告訴你，納斯達克的財務架構為我們的國際交易所啟動策略注入了生命力；我們打算從費城出發，在 One Commerce Center 打造可與華爾街匹敵的存在——我們正在費城打造一個非常、非常特別的事業，而這將會是代幣交易所。

These token exchanges will take on the Nasdaq Financial Framework, we will run the NYIAX which is the New York Interactive Advertising Exchange, and that exchange through this transaction gives us control over our marketing interface and a marketing platform that's really the future of how advertising will be bought and sold. So we're going to prove out the NYIAX model.

這些代幣交易所將採用納斯達克的財務架構；我們將營運 NYIAX（紐約互動式廣告交易所），而透過這筆交易，該交易所讓我們得以掌控我們的行銷介面，以及一個行銷平台——這確實是未來廣告買賣的方式。因此，我們將驗證 NYIAX 模式。

We're adding the NYIAX Nasdaq infrastructure to our exchanges. So that's the kind of forward look of what we're going to do with that transaction. I would state though that the NYIAX transaction is highly accretive to our ability to own the token Exchange technology here in the United States, in particular.

我們正把 NYIAX 的納斯達克基礎設施加入到我們的交易所中。這就是我們將如何運用這筆交易的前瞻規劃。不過我也要說，NYIAX 這筆交易對於我們在美國、尤其是在美國境內，擁有代幣交易所技術的能力而言，具有高度增益性（highly accretive）。

Okay. I was just seeing if it was like a stock transaction or anything such as that was my question.

好的。我只是想確認一下，這是否像是股票交易之類的安排——我的問題是這個。

So again, the numbers will speak for themselves. It's pretty hard negotiated. I would tell you that the dollar amount that we traded per share in that transaction was $1.90 was the recognized stock price in that transaction, I believe. So the overall approach was to recognize more value in our equity that was present in this market that we believe has been not reflective of the value of our company.

所以再次強調，數字會說明一切。這是一場相當艱難的談判。我可以告訴你，在那筆交易中我們以每股 1.90 美元作為認列的股價（我記得是這樣）。因此，整體做法是要在我們的股權中認列更多價值；我們認為目前市場並未反映我們公司的價值。

There are no further questions at this time. I'd like to pass back to management for any closing remarks.

目前沒有其他問題。我想把時間交還給管理層作結語。

Thank you, everyone. It's a very exciting time for the company. I appreciate you joining us and the interest in our company. We are grateful and looking forward to the next steps together. Thank you very much.

謝謝各位。對公司而言，這是一個非常令人振奮的時刻。感謝大家參與並關注我們公司。我們深表感激，也期待接下來能一起邁向下一步。非常感謝。

Thank you. This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation. Goodbye

謝謝。今天的電話會議到此結束。您現在可以掛斷電話線。感謝您的參與。再見。