Datavault AI Inc (DVLT) 2026 Q1 法說會逐字稿

Good morning, everyone. Welcome to Datavault AI's first quarter 2026 corporate update call. I'll now turn the call over to Ed Barger, Vice President of Investor Relations.

各位早安。歡迎參加 Datavault AI 2026 年第一季公司營運更新電話會議。現在我把電話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, and I serve as Vice President of Investor Relations. With me today is our Chief Executive Officer, Nathaniel Bradley; and our Chief Financial Officer, Brett Moyer.

謝謝接線員。各位早安，感謝各位加入我們。我叫 Ed Barger，擔任投資人關係副總裁。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 would 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.

在我把電話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 SEC 法規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，並以管理階層截至今日的信念與假設為基礎。

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

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有重大差異。請參閱 Datavault 第一季新聞稿及向 SEC 提交的文件，以了解可能導致實際結果不同的特定風險與不確定性。除法律要求外，Datavault AI 不承擔更新該等前瞻性陳述之義務。

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

我現在把電話交給我們的執行長 Nathaniel Bradley。

Thank you very much, Ed. Very excited to be here today. Good morning, and thank you for your interest in our company. First, before we get started and give you the full update, I'd like to turn the call over to our CFO, Mr. Brett Moyer, to give our financial results from quarter one and update us on the spinout of our Acoustic division.

非常感謝你，Ed。我今天很高興能在這裡。各位早安，感謝各位對我們公司的關注。首先，在我們開始並向各位提供完整更新之前，我想先把電話交給我們的財務長 Brett Moyer 先生，請他說明第一季的財務結果，並更新我們聲學事業部的分拆進度。

Brett?

Brett？

Thank you, Nate, and thanks, everyone, for joining us today. First of all, I'd like to reiterate that our target revenue of $200 million has not changed. We ended the quarter with a very exciting $800 million in tokenization contracts signed. These contracts are tied to approximately $90 million in fees. As these projects get funded, they will impact 2026 revenue throughout the year.

謝謝你，Nate，也謝謝各位今天加入我們。首先，我想重申，我們 2 億美元的目標營收並未改變。本季結束時，我們簽署了令人振奮的 8 億美元代幣化合約。這些合約對應約 9,000 萬美元的費用。隨著這些專案獲得資金挹注，它們將在 2026 年全年對營收產生影響。

We still expect to recognize at least $200 million in this calendar year. But as we said back in March, this is more heavily weighted to the second half of the year. Our balance sheet is stronger than ever. We funded the closing of API during Q1, but added $60 million from a private placement in early May from large institutional funds, bringing our current working capital to approximately $140 million. Additionally, we announced the execution of a binding term sheet for $120 million in nondilutive financing to accelerate the nationwide rollout of the SanQtum platform.

我們仍預期在本曆年認列至少 2 億美元。但如同我們在 3 月所說，這將更偏重於下半年。我們的資產負債表比以往任何時候都更強健。我們在第一季完成 API 交易交割的資金到位，但在 5 月初又透過大型機構基金的私募增資取得 6,000 萬美元，使目前營運資金約為 1.4 億美元。此外，我們宣布已簽署 1.2 億美元非稀釋性融資的具約束力條款書，以加速 SanQtum 平台在全國範圍的部署。

All told, we have over $250 million of available funding this year. Regarding the spin-out that we announced last week, Datavault AI currently operates through two primary business divisions, Acoustic Sciences and Data Sciences. What is getting spun out later this year is the Acoustic Sciences division, and we have appointed an exceptional leader to oversee the business.

總計而言，我們今年可動用的資金超過 2.5 億美元。關於我們上週宣布的分拆案，Datavault AI 目前主要透過兩大事業部門運作：聲學科學與資料科學。今年稍晚將被分拆出去的是聲學科學事業部，我們已任命一位卓越的領導者來負責該業務。

As you may recall, Datavault acquired API Media in January, and David Reese, API's CEO, who came over with that acquisition, will assume leadership of the new company. The business is tentatively expected to operate under the name API Media and trade under the ticker symbol ADIO.

各位或許記得，Datavault 於 1 月收購 API Media；隨該收購案加入的 API 執行長 David Reese，將接任新公司的領導職務。該公司暫定以 API Media 為名營運，並以股票代號 ADIO 交易。

This new company will include ADIO, WiSA, Event Citadel, formerly known as CSI, and API Media.

這家新公司將包含 ADIO、WiSA、Event Citadel（前稱 CSI）以及 API Media。

This is still in the early days, so I do not have a lot of details to share today, notably the specifics on the valuation. But we wanted to take a moment to unpack the two businesses and hopefully clarify what each company will look like in the future. The new events, API Media company is a terrific stand-alone entity with significant growth opportunities when combined with ADIO, while Datavault AI is a data monetization platform on the cutting edge of Web 3.0. The split will permit leadership to better focus on these two businesses.

目前仍在早期階段，因此我今天沒有太多細節可以分享，尤其是估值的具體內容。但我們想花點時間拆解這兩項業務，並希望釐清未來各公司將呈現的樣貌。新的活動與 API Media 公司在結合 ADIO 後，作為獨立公司具備極佳條件與顯著成長機會；而 Datavault AI 則是走在 Web 3.0 前沿的資料變現平台。此次分拆將使領導團隊能更專注於這兩項業務。

Last item for me before passing it back to Nate, we expect to close a previously announced NYIAX acquisition here in May. NYIAX adds a fifth exchange to the Datavault platform for a total of nine when you include the four that we licensed.

在把電話交回 Nate 之前，我最後一點是：我們預期將於 5 月完成先前宣布的 NYIAX 收購案交割。NYIAX 將為 Datavault 平台新增第五個交易所；若加上我們授權的四個交易所，總數將達九個。

On that note, I'll pass the microphone back to Nate.

就此，我把麥克風交回給 Nate。

Thank you, Brett. Yes. So this is Nate Bradley, and I'm very excited to have this opportunity to not only celebrate our success in Q1, our upcoming dividend spinout of our Acoustic division, which, now led by David Reese is poised for an unabashed success. They're at Aronimink right now at the PGA Tour and Championship, and it's a big event, and we're making a lot of success in that division. So very pleased to have David as a partner moving forward.

謝謝你，Brett。是的。我是 Nate Bradley，我非常高興有這個機會，不僅能慶祝我們第一季的成功，也能談到即將以股利形式分拆我們的聲學事業部；該事業部目前由 David Reese 領導，正蓄勢待發、勢必取得亮眼成功。他們現在在 Aronimink 參加 PGA 巡迴賽與錦標賽，這是一個大型活動，而我們在該事業部也取得了許多成果。因此很高興未來能與 David 持續合作。

He's been a mentor of mine in my career and having him lead API Media is going to be a very, very exciting thing to see coming forward.

他在我的職涯中一直是我的導師，而由他來領導 API Media，將會是一件非常、非常令人期待的事情。

I would like to take this time to describe to you the solution, our Datavault AI platform, a bit further to give all of our shareholders a good understanding of why our company is so well positioned and in a very, very positive position in our market. And that leadership is really defined by our intellectual property. We have a freedom to operate that other companies don't enjoy. We also have market traction and thought leadership really working to our benefit.

我想藉此機會進一步向各位說明我們的解決方案——Datavault AI 平台——讓所有股東更清楚理解，為何我們公司在市場上具備如此良好的定位，並處於非常、非常正向的有利位置。而這樣的領先地位，主要由我們的智慧財產所界定。我們擁有其他公司所不具備的「營運自由」（freedom to operate）。我們也具備市場牽引力與思想領導力，確實對我們有利。

Data, as you know, is valuable. It's largely underutilized by corporations. It leads to waste in silos. It is unappreciated in its value. It's undetermined how to monetize.

各位都知道，資料是有價值的。企業對資料的運用在很大程度上仍不足。它在各自為政的孤島中造成浪費。其價值未被充分重視。也尚未明確如何將其變現。

Datavault solves all that. Datavault AI has been built to address that head on using AI and blockchain technology. We believe cybersecurity is the central risk facing corporations today, and it's a prerequisite to data monetization, data management, really cybersecurity, a number one issue facing us all. And with the quantum leap, this has heightened and also accelerated in its urgency.

Datavault 解決了上述所有問題。Datavault AI 的建置目的，就是運用 AI 與區塊鏈技術正面迎擊這些挑戰。我們相信，資安是當今企業面臨的核心風險，也是資料變現與資料管理的先決條件；也就是說，網路安全是我們所有人面臨的第一要務。而隨著量子躍進，這種急迫性也被提高並加速。

We believe we have a solution that will address this for customers of all types. And our platform has been enabled to value, secure and monetize data. We created Index, a system that allows for the indexing, the structuring and the tokenization and the monetization of data. Through our Index, we're able to understand data better. We're able to index it on behalf of our clients.

我們相信我們已經有一套解決方案，能夠滿足各類型客戶的需求並解決此問題。而我們的平台已具備對資料進行估值、保護並加以變現的能力。我們打造了 Index，一套可對資料進行索引、結構化、代幣化並實現變現的系統。透過我們的 Index，我們能更深入地理解資料。我們也能代表客戶為其資料建立索引。

And if you want to think of the power of the librarian in a library, really our Index achieves that same purpose. It allows for a CEO or for management authorized to look at the data vault and see data, how it enters the company from every location that it enters, and we allow for the ability to understand its value finitely for the first time. As you walk by a server or you see a cell phone on the table, we very rarely understand the value of the data within those particular devices. And by illuminating that value, we become better stewards of it.

如果你想像圖書館裡圖書館員的力量，其實我們的 Index 就達成了同樣的目的。它讓 CEO 或經授權的管理層能查看資料金庫並看見資料——資料如何從各個入口進入公司——並且讓我們首次能夠以明確、有限的方式理解其價值。當你走過一台伺服器，或看到桌上的一支手機時，我們很少真正理解那些裝置內部資料的價值。而透過照亮這個價值，我們就能成為更好的資料管理者與守護者。

So step one is cybersecurity. Step 2 is Index. Step 3 is really our ability to see a value. And we created step 4, which is our ability to see a score. And value and score work in tandem to let us understand the value of our data, but also the veracity of it.

因此第一步是資安（cybersecurity）。第二步是 Index。第三步則是我們真正能看見價值的能力。我們也建立了第四步，也就是看見分數（score）的能力。價值與分數相輔相成，讓我們不僅理解資料的價值，也理解其真實性（veracity）。

Can it be trusted? Is it data that is complete and accurate? And when we have complete and accurate data, the value increased the value for actionable intelligence, but the value to the world and our ability to monetize it. So we've built a platform that addresses all of this.

它可信嗎？它是完整且準確的資料嗎？當我們擁有完整且準確的資料時，其價值就會提升——不僅提升可用於可執行情報（actionable intelligence）的價值，也提升其對世界的價值以及我們將其變現的能力。因此，我們打造了一個能涵蓋上述所有面向的平台。

Assets come in many different flavors. We know that derivatives were approved in the 1980s. Before derivatives, we had the stock market. We had an individual increase in the number of assets that were under management, we have an increase to derivatives, and now we have an increase to digital. That is enabled by our CLARITY Act and GENIUS Act passage.

資產有許多不同的樣態。我們知道衍生性商品在 1980 年代獲得核准。在衍生性商品之前，我們有股票市場。我們看到受管理資產數量的個別成長，接著是衍生性商品的成長，而現在則是數位資產的成長。這一切都因《CLARITY 法案》與《GENIUS 法案》的通過而得以推動。

We are waiting, of course, for this CLARITY Act that just passed through the Senate and will be voted on soon. And that particular piece of legislation enables digital assets.

當然，我們正在等待這項剛在參議院通過、並將很快進行表決的《CLARITY 法案》。而這項特定的立法使數位資產得以發展。

We've created a platform that addresses it in a number of genre-specific exchanges. We have our information data exchange, our International Element Exchange, our American Political Exchange, our SiX Exchange in development with Sports Illustrated, all of those exchanges designed to index, value, and score data, so that it may be tokenized and managed and ultimately monetized.

我們打造了一個平台，透過多個特定領域的交易所來因應這一趨勢。我們有資訊資料交易所（information data exchange）、International Element Exchange、American Political Exchange、以及與《Sports Illustrated》合作開發中的 SiX Exchange；所有這些交易所都旨在對資料進行索引、估值與評分，使其得以代幣化、被管理，並最終實現變現。

We have three core revenue streams that derive from our operation of Datavault AI. We have the ability to license our technology. We've done so into large markets. We've identified that we simply don't have the bandwidth to manage every single detail, and we've given a license to third parties that will use our technology to develop high-margin revenue for us and develop the use cases for our technology that can be replicated in other licenses. We also have tokenization services, a big driver of value, where we're able to tokenize and create smart contracts for our customers that have high utility and very strong efficacy in the ability to create monetization and value for our clients.

我們營運 Datavault AI 所衍生的核心營收來源有三項。第一，我們能授權我們的技術。我們已在大型市場中進行授權。我們發現自身無法負荷管理每一個細節的頻寬，因此將技術授權給第三方，讓他們使用我們的技術為我們創造高毛利營收，並開發可在其他授權案中複製的技術使用情境（use cases）。第二，我們也提供代幣化服務，這是價值的重要驅動因素；我們能為客戶進行代幣化並建立智慧合約，具備高實用性與很強的效能，能協助客戶創造變現與價值。

Our exchange revenue is nirvana for us. It's the focal point. We have more margin and high velocity and value that's created in our exchange. It is passive to our company in its collection. We have the ability to monitor and yield manage and bring our exchange to a very high level.

對我們而言，交易所營收是理想境界（nirvana）。它是核心焦點。我們的交易所能創造更高的毛利、更高的周轉速度與更高的價值。其收入收取對公司而言屬於被動式。我們有能力進行監控、收益管理（yield manage），並將交易所提升到非常高的水準。

We intend to rival from our operation in Philadelphia that of Wall Street. We have the ability to tokenize and build volume around a number of key use cases, geothermal energy, rare earth, the ability to look at real-world assets, including your own beating heart, the NIL, the name, image and likeness on our Sports Illustrated Exchange, all monetizable assets when you take into account AI, blockchain, and Datavault AI technology.

我們希望在費城的營運規模能與華爾街相匹敵。我們有能力針對多個關鍵使用情境進行代幣化並建立交易量，例如地熱能源、稀土，以及檢視實體世界資產（real-world assets）的能力——甚至包括你跳動的心臟、以及在我們 Sports Illustrated Exchange 上的 NIL（姓名、影像與肖像權）。在 AI、區塊鏈與 Datavault AI 技術的加持下，這些都是可變現的資產。

We have built a home for our technology in the SanQtum. It's secure infrastructure. It is for data monetization. It is for the use cases of digital twins and highly securitized use case assets that are derived from data. Data is worth the decisions it informs.

我們已在 SanQtum 中為我們的技術建立了家。它是安全的基礎設施。它用於資料變現。它用於數位分身（digital twins）的使用情境，以及由資料衍生、且高度證券化（highly securitized）的使用情境資產。資料的價值取決於它所支撐的決策。

And when you develop a sanctum for it, it can live and thrive and serve our clients. It can be AI that is subordinate to our clients' desires and our clients' needs, and it works for us and for our clients. It is subordinate AI in a cybersecure sanctum.

當你為它打造一個 sanctum（聖域），它就能存續、茁壯並服務我們的客戶。它可以是服從於客戶意願與需求的 AI，為我們與客戶所用。它是在具備網路安全防護的聖域中的從屬式 AI（subordinate AI）。

Our SanQtum initiative with available networks is second to none. We're building 100 quantum-ready data centers across the United States. These are redundant mini data centers that rival their rotund competition, where individual companies have focused on giant data centers, data centers that take up city blocks and have enormous power consumption and many other failover and cybersecurity risks that are present when you consolidate data centers into one large location.

我們與 Available Networks 推動的 SanQtum 計畫無可匹敵。我們正在全美建置 100 座量子就緒（quantum-ready）資料中心。這些是具備備援的迷你資料中心，可與那些體量龐大的競爭對手抗衡；許多公司專注於巨型資料中心——佔據整個街區、耗電驚人——而當你把資料中心集中在單一大型地點時，也會帶來許多其他的容錯切換（failover）與資安風險。

We are disparate. We have a self-healing mesh, a system that is deployed over 100 cities and that will address our customers' needs around cybersecurity primarily and also their ability to use digital twins and our world-class data monetization systems, all of which we have patented, all of which we have invested heavily in, to create the quantum-ready infrastructure, the quantum VPN of the future that will be in our control.

我們採取分散式架構。我們擁有自我修復的網狀系統（self-healing mesh），部署於 100 座城市，主要用來滿足客戶在資安方面的需求，同時也支援他們使用數位分身與我們世界級的資料變現系統；這些系統我們都已申請專利、也投入大量資金，旨在打造量子就緒的基礎設施——未來由我們掌控的量子 VPN。

Our SanQtum has been enhanced with our potential acquisition of CyberCatch. We've announced an acquisition of CyberCatch out of California. They have a robust pipeline, executive leadership with government contracting backgrounds, and huge opportunity for Datavault to enhance our cybersecurity footprint and allow for our technology stack to begin with a cybersecurity nest for all of our customers.

我們的 SanQtum 也因可能收購 CyberCatch 而進一步強化。我們已宣布收購來自加州的 CyberCatch。他們擁有強健的案源管線（pipeline）、具政府承包背景的高階管理團隊，以及讓 Datavault 擴大資安版圖的巨大機會，並使我們的技術堆疊能以資安「巢」作為所有客戶的起點。

And when we have that nest in place, when we have our sanctums in place, we're able to place quantum coins and quantum security into our customers' accounts, and we're able to deliver a system that allows us to not only value, score, and monetize, but deliver actionable intelligence to our customers.

當我們把這個巢建好、把 sanctum 建好之後，我們就能在客戶帳戶中配置量子幣（quantum coins）與量子安全機制，並交付一套系統，使我們不僅能估值、評分與變現，還能為客戶提供可執行情報（actionable intelligence）。

Our platform is enhanced with multibillion-dollar partners. CLEAR on the front end for KYC and verification develops investor trust. It allows our customers to sort who they want to sell their data to, who qualifies to acquire data assets of our customers, and we have the ability to exclude others that are not invited to enjoy the value of our customers' data. So the ability to utilize world-class KYC systems with their international corollaries, CLEAR is our choice. We've also been chosen by IBM as a Platinum partner.

我們的平台也因數十億美元級的合作夥伴而更為強大。在前端採用 CLEAR 進行 KYC 與驗證，可建立投資人信任。它讓我們的客戶能篩選想把資料賣給誰、誰具備取得客戶資料資產的資格；同時我們也能排除未受邀、無法享有客戶資料價值的其他人。因此，在運用世界級 KYC 系統及其國際對應機制方面，CLEAR 是我們的選擇。我們也已被 IBM 選為白金級合作夥伴（Platinum partner）。

They've invested in us. We've invested in them. We've brought in their team to help enhance our team. And our team out of Atlanta, led by Jeff Jones, our CTO, is building this platform that now includes Finxact from Fiserv, a system that allows us to handle banking and transaction and settlements anywhere in the world.

他們已投資我們。我們也投資了他們。我們引進了他們的團隊來協助強化我們的團隊。而我們位於亞特蘭大的團隊，由我們的 CTO Jeff Jones 領導，正在打造這個平台；該平台如今已納入 Fiserv 的 Finxact——一套讓我們能在全球任何地方處理銀行業務、交易與清算結算的系統。

We've also acquired NYIAX in the process of finalizing that acquisition now, and that allows us to utilize Nasdaq Financial Infrastructure and use a system that is riding on the most trusted rails of trading in the world, the Nasdaq. We finally have partnered with Houlihan Lokey.

我們也在此過程中收購了 NYIAX，目前正進入完成該收購的最後階段；這使我們能夠運用納斯達克金融基礎設施，並使用一套運行在全球最受信賴交易軌道上的系統——納斯達克。我們也終於與 Houlihan Lokey 建立了合作夥伴關係。

Houlihan Lokey is auditing our smart contracts and industry first. We have an audit, a self-audit of all smart contracts that are minted, that are tokenized and delivered on our exchange. This allows us to again build trust and utilize accounting and legal professionals that put the regulatory compliance above all else, put cybersecurity above all else, and allow, from a cybersecure and compliant environment, for us to launch the world-class exchanges.

Houlihan Lokey 正在審計我們的智慧合約，這在業界屬首創。我們對所有在我們交易所鑄造、代幣化並交付的智慧合約，都進行審計與自我審計。這讓我們得以再次建立信任，並運用會計與法律專業人士，把法規遵循置於一切之上、把資安置於一切之上，並使我們能在一個具備網路安全且合規的環境中，推出世界級的交易所。

Datavault AI is positioned for success. What we do is solve for data monetization for our clients across the world, whether it's real-world assets or the use of rare earth or our need to monetize our own name, image and likeness Datavault delivers.

Datavault AI 已具備成功的有利定位。我們所做的是為全球客戶解決資料變現問題——無論是實體資產、稀土的使用，或是我們自身對姓名、形象與肖像權的變現需求，Datavault 都能交付成果。

We have a system that is patented, and our strategic advantage is our people, our services, our technology, and our leading position for our customers, which enables their businesses to thrive. We are at the intersection of major trends, artificial intelligence, data monetization, real-world asset tokenization, digital asset infrastructure and cybersecurity underneath it all. This has the combination of events and circumstances that lead our company to the very forefront of web3 technology.

我們擁有一套已取得專利的系統，而我們的策略優勢在於我們的人才、服務、技術，以及為客戶提供的領先地位，這使他們的業務得以蓬勃發展。我們位於多項重大趨勢的交會點：人工智慧、資料變現、實體資產代幣化、數位資產基礎設施，以及貫穿其下的網路安全。這些事件與情勢的組合，讓我們公司站上 web3 技術的最前沿。

Our key milestones include our expansion of licensing and tokenization revenue, development of infrastructure and client base that is really impressive and well-known names and entire governments coming to us for solutions. This is a very exciting part of our business, the ability to replicate high-quality customer relationships, to develop centers of excellence around that service, and to develop people that are there to serve our clients and customers and our shareholders in the development of value and valuable exchanges.

我們的關鍵里程碑包括：擴大授權與代幣化收入、發展基礎設施與客戶基礎——其中包含令人印象深刻且廣為人知的品牌，甚至有整個政府向我們尋求解決方案。這是我們業務中非常令人振奮的一部分：能夠複製高品質的客戶關係，圍繞該服務建立卓越中心，並培養能夠服務我們客戶與股東的人才，以創造價值並打造具價值的交易所。

We are launching our exchanges in July. We intend to bring forth industry-leading exchanges that change the world for the better and bring our customers into rich systems that enhance their own revenues and enhance their own balance sheets while fortifying ours.

我們將於七月推出我們的交易所。我們打算推出業界領先、能讓世界變得更好的交易所，並將客戶帶入能提升其收入、強化其資產負債表的豐富體系，同時也鞏固我們自身的資產負債表。

Our conversion of our pipeline into realized revenue and transaction is a key focal point, and we've got the partners, the platform and the system to deliver. We've continued to integrate our systems through acquisition and through our acquisition of NYIAX and the Nasdaq Financial Infrastructure, our acquisition of CyberCatch, and more cybersecurity for our clients. These are all moves we've made to bring forth the world-leading token exchanges, Datavault AI, the leader in tokenomics.

將我們的商機管線轉化為已實現的收入與交易，是一個關鍵焦點；而我們已具備合作夥伴、平台與系統來交付成果。我們持續透過併購整合我們的系統——包括收購 NYIAX 與納斯達克金融基礎設施、收購 CyberCatch，以及為客戶提供更多網路安全能力。這些都是我們為推出世界領先的代幣交易所所採取的行動；Datavault AI 是代幣經濟學（tokenomics）的領導者。

We thank you for your interest in our business. And with that, we'd like to turn it over for Q&A.

感謝各位對我們業務的關注。接下來，我們想把時間交給問答環節。

(Operator Instructions)

（接線員指示）

Jack Vander Aarde, Maxim Group.

Jack Vander Aarde，Maxim Group。

Good morning, Nate and Brett. It's quite a loaded morning for earnings call today. It's a popular day. So I did hop on a little bit late. But wow, you covered a lot of ground there.

早安，Nate 和 Brett。今天的財報電話會議內容相當密集。今天是個熱門的日子。所以我稍微晚了一點才加入。不過，哇，你們剛才涵蓋了很多內容。

Nate, I think I just want to start with I'm not going to talk about the planned spinout of the Acoustics business. I think that's a deeper discussion. I think Brett did a good job of covering that. Maybe just in terms of the NYIAX acquisition coming up and the recent positive news with the it sounds like positive news with the CLARITY Act kind of making headway yesterday. Just remind us, I guess, what is this going to do?

Nate，我想我先從這裡開始：我不會談到聲學（Acoustics）業務計畫分拆的部分。我認為那需要更深入的討論。我覺得 Brett 已經把那部分講得很好了。或許就即將到來的 NYIAX 收購，以及最近的利多消息——聽起來 CLARITY 法案昨天似乎取得了一些進展——提醒我們一下，我想，這會帶來什麼影響？

Or how does this facilitate bringing NYIAX in-house? And how far along are you with, I guess, your operational and integration plans already, because you've been doing quite a bit of work behind the scenes leading up to this.

或者說，這如何促進把 NYIAX 納入公司內部？另外，你們在營運與整合計畫方面目前進展到哪一步？因為在此之前你們已在幕後做了相當多的工作。

Well, thank you for the question, Jack. It's good to hear your voice. So look, NYIAX has a historic standing in intellectual property. They worked hard and, like us, they waited for the regulatory environment to catch up with us. As opposed to FTX and others, OpenSea and others that kind of rushed to the market, you can kind of make the corollary to Napster compared to iTunes.

Jack，謝謝你的提問。很高興聽到你的聲音。所以你看，NYIAX 在智慧財產權領域具有歷史地位。他們很努力，而且和我們一樣，他們一直在等待監管環境跟上我們的腳步。相較之下，FTX 等、OpenSea 等有點急著搶先進入市場；你可以把這類比為 Napster 相對於 iTunes。

We would be more like iTunes. We wait for the regulatory environment and for the world to provide us the clarity and aptly named CLARITY Act 60 votes away from passage through into law. But this CLARITY law will represent, we believe, the final piece of the architecture that was first kind of turned on by the GENIUS Act.

我們會更像 iTunes。我們等待監管環境，等待世界給我們明確性；而這部法案也恰如其名——CLARITY 法案——距離以 60 票通過並成為法律只差一步。但我們相信，這部 CLARITY 法將代表整體架構的最後一塊拼圖；而這個架構最初某種程度上是由 GENIUS 法案所啟動。

And you could see the passage of the GENIUS Act and the effect that had on our company, allowing us to do mean and other services for our clients that, that law enabled. So we've been patient. We're working with our government and watching to see that legal framework reveal itself. We're also heavily studying obviously every word of that, so that we can bring compliant platform to the market. I would also point out, I mentioned on the call, Houlihan Lokey, they're a partner of ours, but we're not naive or rushing out into these individual tokens.

你可以看到 GENIUS 法案通過，以及它對我們公司的影響——讓我們能為客戶提供該法案所促成的「mean」以及其他服務。所以我們一直很有耐心。我們與政府合作，並觀察該法律框架如何逐步成形。我們也當然在深入研讀其中的每一個字，這樣我們才能把合規的平台帶到市場上。我也要指出，我在電話會議中提到 Houlihan Lokey——他們是我們的合作夥伴——但我們並不天真，也不會急著衝進這些單一代幣。

Every single token, every single customer deserves a financial regulatory oversight and an approval on their coins that they mint with us, and we're going to deliver that through partnerships with legal and accounting professionals every single time. So that's our disposition there.

每一枚代幣、每一位客戶，都應該獲得金融監管層面的監督，以及對其與我們共同鑄造之代幣的核准；而我們將透過與法律與會計專業人士的合作，在每一次都交付這一點。這就是我們在這方面的立場。

The NYIAX is really about intellectual property and technology. Nasdaq Financial rails that power that exchange are the same that manage the ETFs and stocks and bonds and the products of the NASDAQ. We're simply the new category, and in digital assets, you can see our work on the Nasdaq Financial framework that we manifest in our exchange. We think it's a major, major advantage against all other exchanges.

NYIAX 主要關乎智慧財產權與技術。為該交易所提供動力的納斯達克金融軌道，與管理 ETF、股票、債券以及納斯達克產品的系統相同。我們只是新的類別；在數位資產方面，你可以看到我們在納斯達克金融框架上的工作，並在我們的交易所中具體呈現。我們認為，這相較於所有其他交易所，是一項非常、非常重大的優勢。

Okay. Great. No, I appreciate the rundown there. And then just because you signed so many tokenization contracts in the first quarter, trying to connect the dots to how NYIAX maybe facilitates or is involved in unlocking that revenue? Let me follow up here with the first quarter revenue, just it looks like CSI was a larger contributor here, but it was a falloff from the fourth quarter.

好的。很好。不，我很感謝你在這裡的概述。另外，因為你們在第一季簽了這麼多代幣化合約，我想把脈絡串起來：NYIAX 可能如何促成或參與把那部分營收解鎖？我再追問一下第一季營收，看起來 CSI 在這裡貢獻較大，但相較第四季是下滑的。

Obviously, you had some strong licensing revenues come in, in the fourth quarter. What can we expect here with these tokenization contracts that you've signed and also giving you that confidence to reiterate the $200 million full year revenue guidance? How do we see this kind of playing out throughout the year? Is it all these tokenization contracts in addition to API temporarily? And then SanQtum cities, will this provide any revenue?

顯然，你們在第四季有一些強勁的授權收入進帳。那麼，對於你們已簽署的這些代幣化合約，我們可以期待什麼？以及這些合約如何讓你們有信心重申全年 2 億美元的營收指引？我們該如何看待這在全年各季的展開？這會是所有這些代幣化合約再加上 API 的暫時性收入嗎？另外，SanQtum 城市會帶來任何收入嗎？

Or is this going to be a CapEx for the near term?

還是說，短期內這會是一筆資本支出（CapEx）？

Okay. So in terms of SanQtum and revenue generation, whole purpose is revenue generation. Providing a cybersecure base for the revenue generation, both in quantum token creation. So as we make immutable tokens for our clients, if you're minting gold or silver or copper, you want that coin to last forever, and that includes the quantum leap, whether you think that's 2029 or 2030 or 2031. Whenever that hits, the quantum or Q-Day will have a devastating effect on tokens that are not quantum-key encrypted and have at least a fighting chance at the leap to survive.

好的。所以就 SanQtum 與營收產生而言，整個目的就是為了產生營收。提供一個具備網路資安防護的基礎來支撐營收產生，涵蓋量子代幣的創建。因此，當我們為客戶製作不可篡改的代幣時，如果你在鑄造黃金、白銀或銅，你希望那枚硬幣能永遠存在，這也包含量子躍遷——不論你認為那會在 2029、2030 或 2031 發生。無論何時發生，量子（或 Q-Day）都會對那些未採用量子金鑰加密、且至少沒有機會在躍遷中存活的代幣造成毀滅性影響。

We are taking that to a degree with our SanQtums. And so it is a revenue generation in the minting and the hosting of digital twins and other things where mayors and others that need to look at their digital twins simply do not want that to be penetrated by cyber threats. And those that would use the digital twin of the city for nefarious use, it requires security. So there is a revenue generation and a revenue enablement from SanQtum that's really central to our strategy.

我們透過 SanQtum 在某種程度上正朝這個方向推進。因此，在鑄造與託管數位分身（digital twins）以及其他事項上，SanQtum 能帶來營收；市長與其他需要查看城市數位分身的人，絕對不希望它被網路威脅入侵。而那些可能利用城市數位分身作惡的人，更凸顯其需要安全防護。所以，SanQtum 既能直接產生營收，也能促成營收（revenue enablement），這是我們策略的核心。

In terms of NYIAX and its effect on our ability to take tokens and convert them into cash, you'll see three components of our revenue. You mentioned the first, which is licensing. Licensing, we could have replicated that licensing performance over and over again, but we're very selective about that process. We actually were selected by a biotech company that wants to create their own biotech exchange. Now by licensing our technology, we enabled that, but they're on the same cycle as the rest of our exchanges in terms of waiting for that regulatory CLARITY Act to pass, and waiting for the exchange to be legal here in the United States. So that's number one.

就 NYIAX 以及它對我們將代幣轉換成現金能力的影響而言，你會看到我們營收的三個組成。你提到第一個，也就是授權。授權方面，我們本可以一再複製那樣的授權表現，但我們在這個流程上非常挑選。實際上，我們被一家生技公司選中，他們想建立自己的生技交易所。透過授權我們的技術，我們讓這件事成為可能；但他們在時程上與我們其他交易所相同——都在等待監管面的《CLARITY Act》通過，並等待交易所在美國合法化。這是第一點。

NYIAX is an international technology. So we have international corollaries. You see our move with Biconomy in Asia. We're making moves in Europe, and we announced previously our work with the SiX exchange, which gives us a European exchange model. And so we're perfecting those relationships and going to launch simultaneously in all three locations because we feel that Philadelphia should be the lead in that, and our redundant systems with SanQtum that support our exchanges will be on superior infrastructure than that of the New York Stock Exchange or the NASDAQ itself.

NYIAX 是一項國際化技術。因此我們在海外也有對應的布局。你看到我們在亞洲與 Biconomy 的動作。我們也在歐洲推進，並且先前宣布與 SiX 交易所的合作，這讓我們擁有一個歐洲交易所模型。因此我們正在完善這些關係，並計畫在三個地點同步上線，因為我們認為費城應該扮演領頭角色；而支援我們交易所的 SanQtum 冗餘系統，將建置在比紐約證交所或 NASDAQ 本身更優越的基礎設施上。

We have a SanQtum in New York and Philly that we think is second to none in terms of its cybersecurity and its incredible AI capabilities, which we believe will drive a huge opportunity in our exchanges. So SanQtum serves us. It serves our clients. It serves to make revenue, and it's a foundational piece of our revenue plan and strategy.

我們在紐約與費城都有 SanQtum，我們認為在網路資安與其驚人的 AI 能力方面都是首屈一指，而我們相信這將在我們的交易所帶來巨大的機會。所以 SanQtum 服務我們。也服務我們的客戶。它也用來創造營收，並且是我們營收計畫與策略的基礎組件。

NYIAX is the NASDAQ rails, and when it's blessed by the CLARITY Act, those become the digital asset trading mechanism for the world. And that will rival what NASDAQ does in ETFs and stocks and bonds. They're, in fact, using NYIAX's technology in the tokenomics and their partnerships with other platforms. But our platform is patented. It is targeted on specific assets.

NYIAX 是 NASDAQ 的軌道（rails），而當它獲得《CLARITY Act》的背書後，這些就會成為全球的數位資產交易機制。而這將可與 NASDAQ 在 ETF、股票與債券方面的業務相抗衡。事實上，他們正在使用 NYIAX 的技術來做代幣經濟（tokenomics）以及與其他平台的合作夥伴關係。但我們的平台是有專利的。而且是針對特定資產。

And when we tokenize those, we can charge for the tokenization, which is the second form of revenue. So licensing is first, tokens is second, and third is monetization or exchange. It is those three mechanisms where we generate our revenue. So hopefully, that answered your question, though a little compound.

當我們把那些資產代幣化時，我們可以就代幣化收費，這是第二種營收形式。所以第一是授權，第二是代幣，第三是變現或交易所。我們就是透過這三種機制來產生營收。希望這回答了你的問題，雖然問題有點複合。

Yes, compound, but it's a compound story. So no, that's helpful. And I guess what I'm looking for here is there's going to be lumpiness, I guess, at this early stage, right, as you're signing things and you're building out the pipes, you're bringing in NYIAX. There's some legislative stuff that needs to happen as well. But how do we get to it was obviously a softer quarter compared to the fourth quarter.

是的，很複合，但這本來就是一個複合的故事。所以不，這很有幫助。我想我在找的是：在這個早期階段，當你們在簽約、建置管線、把 NYIAX 導入時，營收應該會有些不均勻（lumpiness），對吧？另外也還有一些立法面的事情需要發生。但我們要如何理解：第一季顯然比第四季疲弱。

Do we expect revenue to start picking up in the second quarter from any of these arrangements? Or is it going to be lumpy and it's a matter of timing? Just trying to understand so we can set expectations correctly.

我們是否預期第二季營收會因為這些安排而開始回升？還是會呈現不均勻、取決於時點？我只是想理解，好讓我們能正確設定預期。

Sure. And Jack, in terms of your comment that the quarter is soft. In terms of first quarter, I don't control revenue rec, but I do control the velocity of the company. So it is our most productive quarter to date, and we'll have productive quarters over and over. But the idea that really waiting for the CLARITY Act to clear some of our tokens in terms of trading them out all the way through that third category of revenue, remember in tokenomics, we're able to tokenize and recognize revenue.

當然。Jack，關於你說本季偏弱的評論。就第一季而言，我無法控制營收認列（revenue rec），但我能控制公司的速度（velocity）。因此這是我們迄今最具生產力的一季，而且我們會一季又一季保持高產出。但關鍵在於：我們確實在等待《CLARITY Act》釐清，讓我們的一些代幣能在交易層面一路走到第三類營收；請記得，在代幣經濟（tokenomics）中，我們能夠進行代幣化並認列營收。

So we're already beginning to recognize that revenue in which we produce services where we created quantum coins for our clients that are representative of their RWA, their data, and these other categories that we're attacking, including name, image, likeness with Sports Illustrated in development.

所以我們已經開始認列那部分營收：我們提供服務，為客戶打造量子硬幣（quantum coins），用以代表他們的 RWA、他們的資料，以及我們正在攻克的其他類別；其中也包括與《Sports Illustrated》在開發中的姓名、形象、肖像權（name, image, likeness）。

Those developments, which we've announced a number of things, are complemented by the Acoustic division that had record revenue that in WiSA has incredible traction. And I've spent a lot of time in the Pac Rim developing relationships with companies of the likes of LG and Samsung and others that are incredible opportunities for the WiSA technology, in particular, in areas of robotics and other areas where this technology that was a set-top box technology and a smart TV technology is now applicable in drones, androids, and this explosive high number marketplace. So I'm very bullish on the Acoustic division and what we've created there.

這些我們已宣布的多項開發，還有 Acoustic 事業部作為補強；該部門創下營收新高，而 WiSA 也展現出驚人的市場牽引力。我花了很多時間在環太平洋地區（Pac Rim）與 LG、Samsung 等公司建立關係，這些都是 WiSA 技術的巨大機會；尤其是在機器人等領域——這項原本用於機上盒與智慧電視的技術，如今也適用於無人機、仿生機器人（androids），以及這個爆發性、高量體的市場。因此我對 Acoustic 事業部以及我們在那裡打造的成果非常看好。

So I think for the very near future, the coming quarters of this year, you have the kind of the left and right punch from our two divisions until we spin out Acoustics under David Reese, which, as I said, he's an incredible person. He sold a company in the multibillions to Liberty Media and has his name on the wall at Penn State in building. So I would just say, an incredible opportunity around Acoustics should not be underestimated.

所以我認為在非常近期、也就是今年接下來幾個季度，在我們把聲學（Acoustics）部門在 David Reese 的帶領下分拆出去之前，你會看到我們兩個事業部像左右開弓一樣共同發力；如我所說，他是一位非常了不起的人。他曾把一家市值達數十億美元的公司賣給 Liberty Media，而且在賓州州立大學的一棟大樓裡，牆上還有他的名字。所以我只想說，圍繞聲學的巨大機會不應被低估。

And then with respect to tokenomics and recognizing revenue, really, with the backlog that Brett put very well, you've got almost approaching $1 billion in the services side of the business where we're able to produce coin and create exchange. So the $90 million that's associated to the fees related to that $800 million is an interesting phenomenon in terms of how that is recognized, because when you look at it, it comes in the subsequent quarters.

然後就代幣經濟（tokenomics）與收入認列而言，正如 Brett 很好地提到的，憑藉積壓訂單（backlog），在服務業務端我們已接近 10 億美元的規模，我們能在那裡鑄造代幣並建立交易所交換機制。因此，與那 8 億美元相關的費用約 9,000 萬美元，在如何認列上是一個很有意思的現象，因為你看它的時候，這些收入會在後續季度入帳。

So in terms of the lumpiness, I would see this starting to level out in terms of the multibillions in revenues and cascading into the foreseeable five-year period, where we have an optics on taking over large tranches of tokenomic strategy for large entities that are doing this for the long run. And we have the services to kind of maintain a cybersecure token in an exchange that is world-class, second to none, best-in-class for all exchanges, taking on the ICE and NASDAQ itself.

所以就收入的波動性（lumpiness）而言，我認為這將開始趨於平滑：在數十億美元的營收規模上逐步穩定，並在可預見的五年期間內層層傳導；我們也著眼於為大型機構接手大批量的代幣經濟策略，這些機構是以長期經營為目標在做這件事。而且我們具備相關服務，能在世界級的交易所中維持一個具備網路資安防護的代幣與交換機制，無與倫比、同級最佳，面向所有交易所，甚至可與 ICE 與 NASDAQ 本身競爭。

Excellent. And maybe I could just ask one more question, Nate. This is very helpful. The $750 million-plus tokenization contracts that you signed in the first quarter alone, those are building up here. It sounds like we're going to expect revenue from those this year, almost $100 million from those alone.

太好了。Nate，我也許再問最後一個問題。這些資訊非常有幫助。你們僅在第一季就簽下了 7.5 億美元以上的代幣化（tokenization）合約，這些正在累積。聽起來我們今年就會看到這些合約帶來收入，光這些就接近 1 億美元。

How does the second quarter and kind of the rest of the year look in terms of on your expectations, I suppose? Are you one of the biggest fish in the tokenization market now? Who are you competing against? Do you feel like there's blue sky for all competing parties? Or can we expect this, kind of, to ramp at this pace, phenomenal?

那麼就你們的預期來看，第二季以及今年剩餘時間的情況如何？你們現在算是代幣化市場裡最大的玩家之一嗎？你們在跟誰競爭？你覺得所有競爭方都有很大的成長空間（blue sky）嗎？還是我們可以期待以這樣驚人的速度持續加速成長？

Well, the infringing alternatives, the alternatives that infringe our intellectual property rights are on notice. And with respect to our platform, we've taken the time. We brought in IBM to develop it with us. We're developing technology on the NASDAQ rails with our friends now at NYIAX and the infusion of talent that comes with these acquisitions. CyberCatch has a CEO, Sai, he's a tremendous mind, a great person, and someone that understands cybersecurity better than most executives in America.

嗯，那些侵權的替代方案——也就是侵犯我們智慧財產權的替代方案——都已收到警示。至於我們的平台，我們花了時間打磨。我們引入 IBM 與我們共同開發。我們正在 NASDAQ 的軌道（rails）上開發技術，並與我們在 NYIAX 的朋友合作，同時透過這些併購帶來的人才注入。CyberCatch 的執行長 Sai 是一位非常傑出的頭腦、很棒的人，而且他對網路資安的理解勝過美國大多數企業高管。

And so I think we've added that with David Reese's kind of preeminence in our executive team. We have people like Sonia Choi and others that have really put their back into this company and taken us to the next level.

因此我認為，結合 David Reese 在我們高階管理團隊中的領先地位，我們已經把這些能力加進來。我們還有像 Sonia Choi 等人，真的全力以赴，帶領公司更上一層樓。

So when you look at our talent, our team and technology, you asked, are we the big fish in tokenomics. Clout doesn't really exist in public companies. Business principles preside. And therefore, we are the biggest fish. And we are the ones that are capturing the real enterprise clients, because they realize they need a freedom to operate.

所以當你看我們的人才、團隊與技術時，你問我們是不是代幣經濟領域的「大魚」。在上市公司裡，聲勢（clout）其實並不存在。主導的是商業原則。因此，我們就是最大的那條魚。而且我們正在拿下真正的企業級客戶，因為他們意識到自己需要「自由運作」（freedom to operate）。

They need compliance systems and regulatory oversight from Houlihan Lokey and the KYC from CLEAR. And so we've brought in the necessary pieces to qualify for anybody's business, including our federal government, our state government, our beloved United States. We're able to serve these customers and elevate our country. We're able to do that internationally and for corporations all over the world. So we're well positioned.

他們需要合規系統與來自 Houlihan Lokey 的監管監督，以及來自 CLEAR 的 KYC（認識你的客戶）。因此我們把必要的拼圖都補齊了，足以符合任何人的業務資格要求，包括我們的聯邦政府、州政府，以及我們摯愛的美利堅合眾國。我們能服務這些客戶並提升我們的國家。我們也能在國際上、以及為全球各地的企業做到這一點。所以我們的布局非常到位。

The real players are coming to us because of our patents, because of our preeminence in IP. And therefore, I believe we're not allowed to have competition in some of the areas we operate right now until our patents expire, which is long into the horizon.

真正的玩家之所以來找我們，是因為我們的專利、因為我們在智慧財產（IP）上的領先地位。因此，我相信在我們目前營運的某些領域，在專利到期之前，競爭是不被允許的——而那還在很久以後。

Fantastic. Well, there's a lot of moving parts here that are all ramping, it sounds like, a lot to be excited about. I'll hop back in the queue. I appreciate the time, Nate. Thanks.

太棒了。聽起來這裡有很多正在加速推進的變數與環節，確實有很多值得期待的。我先回到排隊序列裡。Nate，感謝你撥冗。謝謝。

Thank you, Jeff.

謝謝你，Jeff。

Barry Sine, Litchfield Hills Research.

Barry Sine，Litchfield Hills Research。

Hey, good morning, gentlemen. I wanted to ask about the guidance number you gave out. I think you said about $200 million for the year. What does that include? I know you're spinning the Audio division out. You have a number of acquisitions that you're expecting to close this year.

各位先生早安。我想問一下你們給出的指引（guidance）數字。我記得你說全年大約 2 億美元。這個數字包含哪些內容？我知道你們要把音訊（Audio）事業部分拆出去。你們今年也預計完成多起併購案。

And then you gave us a bit of information on tokenization. I think you said about $90 million of revenue. Could you kind of give us a basic tutorial on what to expect for revenue for the rest of this year?

另外你們也提供了一些代幣化的資訊。我記得你說大約 9,000 萬美元的收入。你能不能給我們一個基本教學，說明今年剩餘時間的收入預期大概會是什麼樣子？

Yes. So in terms of the guidance, it's unchanged. I am quite comfortable with our guidance. The rub for me is that I don't want our team or our process to be comfortable. We're pushing on this.

可以。就指引而言，沒有改變。我對我們的指引相當有信心。對我來說真正的關鍵是：我不希望我們的團隊或流程感到安逸。我們正在全力推進。

The number $90 million is what we've achieved so far and not to take away from the month that remains the month plus that remains in this quarter. Q2 is quite phenomenal, and it sets us up to achieve our goal. Do I plan on not working in November and December? Of course, not. We have our head down, and we're going to work every day of this year in both divisions, one, to set up the spinout for incredible success, hopefully, right around the turn of the year, where we turn into two tickers, ADIO being reserved and David Reese at the helm of that entity operating now.

9,000 萬美元這個數字是我們目前為止已經達成的成果——當然也不是要忽略本季還剩下的一個月、以及一個多月的時間。第二季非常亮眼，這讓我們有條件達成目標。我是否打算在 11 月和 12 月不工作？當然不會。我們會埋頭苦幹，今年每天都會在兩個事業部努力：第一，為分拆做準備，力求取得驚人的成功，希望大約在年末年初之際完成，屆時我們會變成兩個股票代號（tickers），ADIO 已被保留，而 David Reese 將領導該實體並開始營運。

That's really an incredible value, but also a big revenue generation when you consider he's at Aronimink right now, managing a world-class event, managing all the technology, cybersecurity and video delivery on site for the PGA, a trusted and incredible client of ours. So it comes with a lot of deference in our work with these clients that we have earned their trust in their business in Acoustics. So I think you see explosive revenue there. It could rival the token side truly. But the token side right now is at the right place at the right time.

這確實是非常驚人的價值，同時也是很大的營收來源；因為你想想，他現在就在 Aronimink，負責管理一場世界級賽事，並在現場為 PGA 管理所有技術、網路資安與影音傳輸——PGA 是我們值得信賴且非常重要的客戶。因此，在我們與這些客戶合作時，我們的工作會獲得高度的尊重，因為我們已在聲學業務中贏得他們對我們與我們業務的信任。所以我認為你會在那裡看到爆發性的收入。它確實可能與代幣業務相匹敵。但就目前而言，代幣業務正處於天時地利的最佳位置。

And I'm focused, luckily, because David is taking the reins on that entire side of the business. It's about 200 employees and a large focus of our business; individuals have been around WiSA, Event Citadel, and the work we're doing at API Media.

而我很幸運能專注於此，因為 David 正在接手該業務整個面向的主導權。那邊大約有 200 名員工，也是我們業務的重點之一；相關人員一直圍繞著 WiSA、Event Citadel，以及我們在 API Media 所做的工作。

When you really start to say the team in Philly and the international kind of team that we're building around the Philadelphia exchanges, this is going to focus on real-world assets and RWA and rare earth and the NIL exchange, along with the biotech and the others that we have licensed out around imagery and others, where we're able to serve our licensees and serve ourselves in our execution of that plan. And the licensing, the token, and the exchange revenue is expected to really unleash with the activation of the CLARITY Act and our ability to start to trade. And we're timing our effort with IBM developers and our development team in Atlanta to hit the mark.

當你真正開始談到費城的團隊，以及我們圍繞費城交易所所建立的國際化團隊時，這將聚焦於實體資產（real-world assets）與 RWA、稀土，以及 NIL 交易所，並結合我們已授權的生技與其他項目（如影像等），使我們能夠服務授權客戶，也能在執行該計畫時服務我們自己。而隨著《CLARITY 法案》的啟動以及我們開始交易的能力，授權、代幣與交易所收入預期將真正被釋放出來。我們也正與 IBM 開發者及亞特蘭大的開發團隊配合時程，以達成目標。

Obviously, we'd love to do it July 4, if it's possible, but it's going to be in July, and it has a lot to do with our government getting that June CLARITY vote across. And we're keenly focused on that. Redundancy is obviously international exchange, and we'll be prepared to launch internationally as well. So we'll let some steam off either way, but we expect the CLARITY Act to pass, and we expect July to be the biggest month in our company's history because of that.

很明顯地，如果可行我們希望在 7 月 4 日完成，但它會在 7 月，而且很大程度取決於政府能否在 6 月讓《CLARITY 法案》的表決順利通過。我們正高度聚焦於此。備援方案顯然是國際交易所，我們也會準備好在國際上同步啟動。所以不論如何我們都能釋放一些動能，但我們預期《CLARITY 法案》會通過，也預期 7 月將因為這件事成為公司史上最重要的一個月。

Okay, that's very comprehensive. Thank you very much.

好的，這非常全面。非常感謝。

Thank you.

謝謝。

Jonathan Davis, Private Investor.

Jonathan Davis，私人投資人。

Good morning, lords and ladies of the vault. I have a few questions for Mr. Bradley. First, congratulations on the recent strides made towards the expansion of the company. Given that CyberCatch is currently converting into MARS-MABE technology to attain the quantum resistance you were talking about, is this conversion and the subsequent integration of the Agentic AI penetration testing at each of your nodes going to cause any recalibration of the 100-city rollout schedule?

早安，金庫裡的各位先生女士。我有幾個問題想請教 Bradley 先生。首先，恭喜公司近期在擴張方面取得的進展。鑑於 CyberCatch 目前正轉換為 MARS-MABE 技術以達到您提到的量子抗性，這項轉換以及後續在各節點整合 Agentic AI 滲透測試，是否會導致 100 城市推進時程需要重新校準？

It does not. But integrated in stride. The beauty of bringing on that CyberCatch resource is precisely as you've described. Now there is existing infrastructure in the SanQtum platform around available networks and IBM. We were just out in Houston with a group there describing their kind of master plan.

不會。而是會在推進過程中同步整合。引入 CyberCatch 資源的優勢正如你所描述的那樣。目前在 SanQtum 平台上，圍繞 Available Networks 與 IBM 已有既有基礎設施。我們剛到休士頓，與那邊的一個團隊交流並聽他們說明其整體的總體規劃。

And we're really blessed to be part of that. Daniel Gregory, the CEO of Available Networks. He's responsible for hardening our electric grid here in the United States. He helped Japan when they had a nuclear reactor leak. He's had cybersecurity and high-end energy services that he's personally performed.

我們能參與其中真的很有福氣。Available Networks 的執行長 Daniel Gregory。他負責強化美國的電網防護。日本發生核反應爐洩漏時他也曾協助。他親自提供過資安與高階能源服務。

So the CEO of Available Networks, our partner, along with the CEO of CyberCatch, Sai, great guy. And so we've been working together to really put our heads together to say, how do we solve for Q, for quantum. And we have a quantum processing unit and other aspects of our build-out that will make these centers not only quantum hardened, but quantum ready. And when you flip the switch on Q-Day, these will be equivalent to what Verizon has built for 5G. We're quantum VPN. We're going to monetize that together.

因此，作為我們合作夥伴的 Available Networks 執行長，加上 CyberCatch 的執行長 Sai（很棒的人）。我們一直合作、集思廣益，討論如何解決 Q、也就是量子方面的問題。我們的建置包含量子處理單元（QPU）以及其他要素，將使這些中心不僅具備量子強化（quantum hardened），也具備量子就緒（quantum ready）。當 Q-Day 一按下開關，這些中心將相當於 Verizon 為 5G 所建置的等級。我們是量子 VPN。我們將一起把它變現。

And CyberCatch, they have a large government pipeline of business that they developed on their own. We really like their government contracting shops and their relationships, Mr. Tom Ridge, former Secretary of our Homeland Security, I believe, the first one, designated by George W. Bush. This is a great man with a great Rolodex and huge throughput of size on that.

而 CyberCatch 自行開發出一條龐大的政府業務管線。我們非常欣賞他們的政府承包團隊與人脈關係，例如 Tom Ridge 先生——我相信他是美國國土安全部前部長，也是第一任，由 George W. Bush 指派。他是一位很了不起的人，人脈資源非常強，且能帶來大量的業務吞吐。

And when you look at their pipeline, I think it's that quantum hardening and the conversion that they've done that we're so interested in. And it's part of our architecture. The beauty of us just hitting the ground right now is we've got CyberCatch in the briefcase. So that's coming to every site, and it's part of our plan, and it doesn't slow us down. It actually speeds us up to contract with our customers through some of the existing work that CyberCatch already did to season the pipeline and perform the educational process and some of the longer tail processes around sales, now we're just ready to book and cook.

而當你看他們的業務管線時，我認為正是他們所做的量子強化與轉換，讓我們如此感興趣。這也是我們架構的一部分。我們現在才剛起步的優勢在於，我們已把 CyberCatch 放進「公事包」裡了。所以它會導入到每一個站點，成為我們計畫的一部分，而且不會拖慢我們。事實上，它會加速我們與客戶簽約，因為 CyberCatch 既有的一些工作已經把管線「養熟」，也完成了教育流程，以及一些較長尾的銷售流程；現在我們只要準備好把訂單簽下來並把業務做起來。

All right. That's very informative. You have stated previously that New York and Philadelphia sites are already both active. So will we be expecting to see revenue income from those sites on second quarter results? And are there additional sites that are going to come online before the end of second quarter?

了解。這非常有資訊量。您先前表示紐約與費城站點都已經啟用。那麼我們是否可望在第二季財報中看到這些站點帶來的營收？以及在第二季結束前，是否還會有其他站點上線？

So both sites have had a bench test out in Arizona. Sonia Choi and a couple of key people on my side have, including Daniel Gregory from Available Networks, were present in Arizona, where we turned up the first SanQtum. And to see that happen was a tremendous shot in the arm for our sales team. We're working with the Big 4 companies that serve other companies, essentially consulting companies like the likes of PwC, Deloitte & Touche, others that make up the large majority of cybersecurity consulting in our country. We're also looking at cybersecurity insurance companies such as Chubb, Brown & Brown, Lloyds of London.

所以這兩個站點都已在亞利桑那做過台架測試（bench test）。我方的 Sonia Choi 與幾位關鍵成員（包括 Available Networks 的 Daniel Gregory）都在亞利桑那現場，我們在那裡啟動了第一個 SanQtum。看到那件事發生，對我們的銷售團隊是非常大的強心針。我們正與服務其他企業的四大公司合作，本質上是像 PwC、Deloitte & Touche 等顧問公司，這些公司構成了我國資安顧問服務的主要份額。我們也在接洽資安保險公司，例如 Chubb、Brown & Brown、Lloyds of London。

This is our strategy, to sell cybersecurity insurance that includes our hardware and software. And that insurance where we have a very strong throughput for sales there. So that's generally the strategy.

這是我們的策略：銷售包含我們硬體與軟體的資安保險。而在這類保險方面，我們有非常強的銷售吞吐能力。大致上就是這個策略。

Thank you for your answer. There's one more thing I would like to ask very quickly. The retail community has a lot of concerns over whether we are going to be converting we have a sizable amount of revenue in accounts receivable currently with Triton and Vivasor. When can we expect these to be converted into actual money on the books?

謝謝您的回答。我還有一件事想很快請教。散戶社群非常關切：我們目前在 Triton 與 Vivasor 有相當可觀的應收帳款收入，是否會進行轉換。我們何時可以預期這些款項轉為帳上實際現金？

Those are go ahead, Brett, sorry.

這些——Brett，你先說，不好意思。

Yes, they've been converting all quarter long so far.

是的，到目前為止整個季度都在持續轉換。

Yes. Just with respect to the sales process going live and filling in New York for our kind of presale of the kind of scheduled July launch of the entire SanQtum strategy, that ties into these investments that we've made. You're going to see our ability to leverage in medical, just take medical imagery and medical imaging, the process of really refining, tokenizing, and monetizing data from these sources. In some cases, it's advantageous for Datavault AI to own the underlying technologies that are generating huge data.

是的。就銷售流程上線而言，以及在紐約端為我們整體 SanQtum 策略預定 7 月全面啟動所做的前期銷售填充，這也與我們所做的這些投資相互連結。你將會看到我們在醫療領域的槓桿能力——以醫療影像與醫學成像為例，對這些來源的資料進行精煉、代幣化並變現的流程。在某些情況下，對 Datavault AI 而言，擁有產生大量資料的底層技術是有利的。

So we use AI and use our systems and our strategy to look at who and what are the greatest value data in the world? And how is it being produced and who's producing it, and where do we see investment opportunities for Datavault AI, where we take whole hog ownership or a strategic stake in the corporations that are generating the real deal data assets, the data that we saw in our valuation and our scoring system to score through the roof, to score at the highest level, to value at the highest levels, and we've invested there, so that we own more of the process, not just our piece, that Index that tokenizes and commoditizes. We're also looking, in some cases, to own the generator of the data itself. So that's the strategy.

因此我們運用 AI，並使用我們的系統與策略，去判斷全球哪些人、哪些事物所產生的數據具有最高價值？以及這些數據是如何被產出、由誰產出；我們又在哪裡看見 Datavault AI 的投資機會——在那些正在生成真正「硬核」數據資產的公司中，我們要麼全面持有（whole hog ownership），要麼取得策略性持股；也就是那些在我們的估值與評分系統中得分爆表、達到最高等級、估值最高的數據。我們已在那裡投資，讓我們能擁有更多流程，而不只是我們那一小塊——也就是那個將其代幣化並商品化的 Index。在某些情況下，我們也在評估直接擁有數據本身的生成者。這就是策略。

Thank you for your time and your answers, Your Grace. The community is awaiting the future to see some of this growth that you have been advertising, and we are looking forward to seeing the fruits of your labor. Before I close, I'd like to say that the night watch stands forever.

感謝您撥冗並回答問題，閣下。社群正拭目以待，期待看到您一直宣傳的這些成長，我們也期待看到您努力的成果。在我結束之前，我想說：守夜人永存。

[Gerald Hannes], Citi

[Gerald Hannes]，花旗（Citi）

Yes. Should investors expect additional acquisitions? Or is the focus right now on integration and execution?

是的。投資人是否應該預期會有更多併購？還是目前重點在整合與執行？

We've announced NYIAX and CyberCatch. Those need to occur. But our head is down with respect to our execution now. I displayed that technology stack that we presented today and completing that really with Fiserv and CLEAR and IBM and Houlihan. Those technical pieces that we've acquired and made ready through our work with available networks and SanQtum.

我們已宣布 NYIAX 和 CyberCatch。這些都需要完成。但就目前而言，我們正專注於執行。我展示了我們今天呈現的那個技術堆疊，而要把它真正完成，主要是透過與 Fiserv、CLEAR、IBM 以及 Houlihan 的合作。以及我們透過與 available networks 和 SanQtum 的合作，把我們收購的那些技術部件整備到可用狀態。

We're well positioned to simply put our head down now and operate. In terms of acquisitions, we've announced CyberCatch, and that one is important to me just in terms of having the ability to use software advantage for our clients to solve for the quantum leap. So we do have that on the horizon. And of course, the NYIAX finish, I believe there's a little piece to do there still.

我們已具備良好條件，現在就是把頭埋下去把營運做好。就併購而言，我們已宣布 CyberCatch；對我來說，這筆交易很重要，因為它讓我們能以軟體優勢為客戶解決「量子躍升」的需求。所以這確實在我們的規劃視野之內。當然，NYIAX 的收尾，我認為那邊還有一小部分需要完成。

Should we think that there could be any more future dilution risk right now as well as the company is doing, do you think?

那麼，考量公司目前表現不錯，您認為現在或未來是否仍可能存在進一步稀釋的風險？

No. So in terms of risk related to dilution, there was risk for us in not taking action. And we've taken action to make strategic investments where we needed to make them. I would argue that every move we've made is accretive to our valuation and to our shareholders' ability to kind of hang their hat on this technology stack. With respect to future dilution or our move to make any shares available, it's really something that's sacred to me.

不會。就稀釋相關風險而言，對我們來說，不採取行動反而才有風險。而我們已採取行動，在需要的地方進行策略性投資。我會主張，我們所做的每一步都能提升（accretive）我們的估值，並提升股東對這套技術堆疊的信心。至於未來稀釋或我們是否要讓任何股份可供發行，這對我而言是非常神聖的一件事。

It's something that I care a lot about, it's something that I know Brett cares a lot about is the value of our shares. the value that we bring through their scarcity and through their growth and value from our effort, both the bottom line of our company, but also the strategy and approach where we built a runway and a throughput and a very, I would call it, elitist view of technology.

這是我非常在意的事；我也知道 Brett 非常在意——也就是我們股份的價值：透過其稀缺性，以及我們努力帶來的成長與價值，所創造的價值；不僅是公司損益表的底線，也包括我們建立的跑道、產能吞吐，以及我會稱之為一種相當菁英化的技術觀。

We had to put the necessary pieces in cybersecurity, fintech and finance and exchange. These are all big investments. So we did issue shares to do that, but it enriched every single share by doing the deals that we did. And we stand by them, but also would point to the fact that the scarcity and the specialness of every single share is something that's on our minds and something we care deeply about.

我們必須把資安、金融科技（fintech）、金融與交易所等領域所需的關鍵拼圖補齊。這些都是重大投資。因此我們確實發行了股份來完成這些，但透過我們所做的交易，反而讓每一股都更有價值。我們也會為這些決策負責；同時也要指出，每一股的稀缺性與獨特性一直是我們掛在心上的事，也是我們非常重視的事。

Excellent answer. Thank you so much.

回答得非常好。非常感謝。

Thank you.

謝謝。

(Operator Instructions) At this time, I'll turn the floor back to management for any concluding remarks.

(接線員指示) 此時我將把時間交還給管理層，請其做任何結語。

Well, thank you, everyone, for joining us today. We really appreciate it. And certainly working hard to close our second quarter now, and we're going to make you proud.

好的，感謝各位今天加入。我們非常感激。我們也正全力以赴完成第二季的收尾工作，我們會讓各位感到驕傲。

Thank you. This will conclude today's conference. You may disconnect your lines at this time. We thank you for your participation and have a wonderful day.

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，祝您有美好的一天。