Datavault AI Inc (DVLT) 2026 Q2 法說會逐字稿

Greetings and welcome to the Datavault AI second-quarter 2026 earnings results. (Operator Instructions) As a reminder, this conference is being recorded. (Operator Instructions)

各位好，歡迎參加 Datavault AI 2026 年第二季財報結果說明會。(接線員指示) 提醒各位，本次電話會議將被錄音。(接線員指示)

It's now my pleasure to turn the call over to Edward Barger, Vice President, Investor Relations. Please go ahead, sir.

現在我很榮幸將電話交給投資人關係副總裁 Edward Barger。先生，請開始。

Thank you, operator. Good morning, and thank you all for joining us. My name is Ed Barger. 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，感謝大家今天加入我們。我叫 Ed Barger。我擔任投資人關係副總裁。今天與我一同出席的還有我們的執行長 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證券交易委員會（SEC）相關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，並係基於管理層截至今日的信念與假設。

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 second-quarter press release and SEC filings for information regarding specific risks and uncertainties that could cause actual results to differ. 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出現重大差異。有關可能導致實際結果不同的特定風險與不確定性，請參閱 Datavault 的第二季新聞稿與向 SEC 提交的文件。依法規要求，Datavault AI 不承擔更新該等前瞻性陳述之任何義務。

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

我現在把電話交給我們的執行長 Nathaniel Bradley。Nate？

Thank you, Ed. Nathan Bradley here. Thank you, everyone, for joining today to go over our Q2 financial results.

謝謝你，Ed。我是 Nathan Bradley。感謝各位今天加入我們，一起回顧第二季（Q2）財務結果。

I'm happy to announce that we are today reiterating our $200 million target revenue for 2026. Brett will go in deeper into the financials, but I'm very excited about the progress that we've made with customers on both sides of our business. I am very confident in this number moving forward.

我很高興宣布，我們今天再次重申 2026 年 2 億美元的目標營收。Brett 會更深入說明財務細節，但我對我們在業務兩大面向、與客戶合作所取得的進展感到非常振奮。展望未來，我對這個數字非常有信心。

Our Datavault has now created an artificial intelligence platform that lives within the Datavault QPN, our quantum private network. Both divisions, our Acoustic Science and our Data Science divisions, will contribute to the $200 million in revenue for the year. And I'd like to go into how the Data Sciences division will contribute.

我們的 Datavault 現已打造出一個人工智慧平台，運行於 Datavault QPN（量子私有網路）之中。我們的兩個事業部門——聲學科學與資料科學——都將為全年 2 億美元營收做出貢獻。我想進一步說明資料科學事業部將如何貢獻。

We have a special contract with Available Networks. And Available Networks is in the process of building over 100 cities and 1,000 locations, America's first AI supercompute network. This AI supercompute network is quantum ready. It's ready for the quantum leap. It's ready to control, contain, and repel cybersecurity attacks.

我們與 Available Networks 有一份特殊合約。Available Networks 正在建置覆蓋 100 多座城市、1,000 個據點的美國首個 AI 超級運算網路。這個 AI 超級運算網路已具備量子就緒能力。它已準備好迎接量子躍進。它已準備好控制、遏止並擊退資安攻擊。

We have a system that allows for our customers to utilize our data value and data score in a method that allows us to value data the moment it is born at the edge of the Internet. This process has led us to become a key partner of Available Networks.

我們有一套系統，讓客戶能以一種方式運用我們的資料價值（data value）與資料評分（data score），使我們能在資料於網際網路邊緣誕生的那一刻就為其估值。這個流程使我們成為 Available Networks 的關鍵合作夥伴。

In fact, we've entered into Project Qestrel, a project that allows us to mint a coin for Available Networks, that allows them to meter and control the access to their systems. We believe that this system will generate over $10 billion in revenue upon completion. We've already minted the first $1 billion in coins, and I'm happy to announce that we've sold coins to a Fortune 500 company.

事實上，我們已加入 Project Qestrel，該專案讓我們能為 Available Networks 鑄造代幣（coin），使其得以對其系統的存取進行計量與控管。我們相信該系統在完成後將創造超過 100 億美元的營收。我們已鑄造首批 10 億美元的代幣，並很高興宣布，我們已將代幣出售給一家《財富》500 大企業。

Our Datavault AIP is second to none. It's the number one tokenomic IP stack in the business. It has international KYC capabilities from CLEAR. It has a team of developers from IBM and our own in Atlanta, Georgia, led by our CTO, Jeff Jones. We have a system that has now incorporated the technology of Fiserv. Fiserv will be fully integrated mid-September at the time in which we intend to launch our networks and our exchanges.

我們的 Datavault AIP 無與倫比。它是業界第一的代幣經濟（tokenomic）智慧財產（IP）技術堆疊。它具備由 CLEAR 提供的國際 KYC（認識你的客戶）能力。它擁有一支由 IBM 與我們位於喬治亞州亞特蘭大的自有團隊所組成的開發團隊，由我們的技術長 Jeff Jones 領導。我們的系統現已整合 Fiserv 的技術。Fiserv 預計於 9 月中旬完成全面整合，屆時我們也計畫啟動我們的網路與交易所。

We've been doing a comprehensive demo following the call. To access the demo, please go to the press release announcing this call. Our platform will, once exhibited, show you the ability that our customers possess to value, score, and exchange their data assets for cash.

我們將在本次電話會議後進行一場完整的示範（demo）。如欲觀看示範，請前往發布本次會議公告的新聞稿。我們的平台一旦展示，將讓各位看到客戶如何為其資料資產估值、評分，並將其兌換為現金。

We've created a number of very distinct marketed advantages within our platform, including our use of Fiserv for international clearing, CLEAR for KYC, and the Nasdaq financial infrastructure for trading. We've enhanced this platform drastically over the last few days through acquisition.

我們在平台中建立了多項非常明確的市場化優勢，包括使用 Fiserv 進行國際清算、使用 CLEAR 進行 KYC，以及使用納斯達克（Nasdaq）的金融基礎設施進行交易。我們也在過去幾天透過併購大幅強化了這個平台。

We've acquired BankWyse, a bank that has a Wyoming state bank charter as a special purpose depository institution. The bank, upon a regulatory approval of name change, will change its name to Datavault Bank. And we're going to use the tagline Checking, Savings, and Data to represent the mission of the bank, which is to create a third bank account for Americans, where they can value, score, and monetize their data assets from one button, extract all the data that we left in our wake in cloud-based systems, at our doctor's offices, and all throughout our lives. We're able to now collect, curate, and manage that data in digital form. We can now score it, value it, and monetize it, and we can do so for our businesses and for ourselves.

我們已收購 BankWyse，這是一家持有懷俄明州銀行特許執照、屬於特殊目的存款機構（SPDI）的銀行。在監管機關核准更名後，該銀行將更名為 Datavault Bank。我們將使用「支票、儲蓄與資料（Checking, Savings, and Data）」作為標語，來代表該銀行的使命：為美國人打造第三個銀行帳戶，讓他們只需按下一個按鈕，就能為其資料資產估值、評分並變現，並從雲端系統、醫療院所，以及我們生活各處所留下的足跡中擷取所有資料。我們現在能以數位形式蒐集、策展並管理這些資料。我們可以為其評分、估值並變現，而且不論是為企業或為我們自己，都能做到。

BankWyse opens up a number of unique opportunities, but it's infused with human talent: Julie Fellows, the CEO, a very talented entrepreneur who's positioned BankWyse at the right place at the right time as digital assets become the key new commodity within businesses.

BankWyse 帶來多項獨特機會，同時也注入了人才：執行長 Julie Fellows 是一位非常有才華的創業家，隨著數位資產成為企業中的關鍵新商品，她讓 BankWyse 在對的時間站在對的位置。

We've also acquired CyberCatch. CyberCatch is a quantum-ready security system that allows for us to deliver for all of our clients the ability to catch and remediate cybersecurity attacks. The CyberCatch system is also infused with talent: Mr. Sai Huda, who took over as CEO and is one of the most talented cybersecurity professionals in our country. He has a system that we've purchased -- that we've signed definitive agreement to purchase in an all-cash transaction that will close in our fourth quarter.

我們也收購了 CyberCatch。CyberCatch 是一套量子就緒的安全系統，使我們能為所有客戶提供偵測並修復資安攻擊的能力。CyberCatch 系統同樣注入了人才：Sai Huda 先生接任執行長，是我國最傑出的資安專業人士之一。他所打造的系統我們已購買——我們已簽署以全現金交易收購的最終協議，並將於我們第四季完成交割。

In the meantime, CyberCatch software will be infused into Datavault. Every Datavault will have a CyberCatch capability, and that capability will allow our clients to keep safe their digital assets and repel cyberattacks from them.

同時，CyberCatch 軟體將被整合進 Datavault。每一個 Datavault 都將具備 CyberCatch 功能，而該功能將使我們的客戶能安全保護其數位資產，並抵禦針對其發動的網路攻擊。

We have a number of unique exchanges that we're bringing to the marketplace. These exchanges will offer utilities and systems and investments that have never been seen before. The information data exchange allows our clients to monetize data systematically, scoring it for validity, scoring it for trustability. Having the ability to know the value and score of your data will become the standard.

我們正將多個獨特的交易所推向市場。這些交易所將提供前所未見的效用、系統與投資產品。資訊資料交易所讓我們的客戶能以系統化方式將資料變現，並對其有效性與可信度進行評分。能夠了解你的資料價值與評分，將成為標準。

We have also the International Elements Exchange, focused on RWA and rare earth and strategic minerals; well aligned with our government initiative to create a strategic metal reserve. We have a customer called Patriot Metals, and they are enabling us to participate in a large opportunity around rare earth and strategic metals.

我們也有 International Elements Exchange，聚焦於 RWA 與稀土及戰略礦物；與我們政府建立戰略金屬儲備的倡議高度一致。我們有一位名為 Patriot Metals 的客戶，他們正使我們能夠參與稀土與戰略金屬領域的一項重大機會。

As our country creates the American strategic metal reserve, Datavault is a catalyst, a system that allows for increased production and greater access to these metals that are sought after around the world. NYIAX, our advertising exchange, and the American Political Exchange will both be launched to provide new opportunities within those marketplaces.

隨著我國建立美國戰略金屬儲備，Datavault 是一個催化劑，是一套能夠提升產量並擴大取得這些全球追捧金屬的系統。NYIAX（我們的廣告交易所）以及 American Political Exchange 都將推出，為這些市場帶來新的機會。

There are many compelling reasons why tokenomics is now and why real assets have become in vogue. There is over $18.9 trillion worth of RWA tokenomics going on right now. And Datavault is going to be a major player in that space, the global reference and the platform that makes it happen.

代幣經濟學之所以正當其時、以及實體資產為何成為風潮，背後有許多令人信服的原因。目前正在進行的 RWA 代幣經濟規模超過 18.9 兆美元。而 Datavault 將成為該領域的重要參與者，成為全球參考標準與促成其發生的平台。

I'm also pleased to be able to describe to you a few key transactions in licensing. In addition to those exchanges that we plan to run and own and operate, we've also licensed those in which reach very specific niche markets where we do not operate but have utility. Scilex has licensed our technology for the use of creation of a biotech exchange. DataMEDS has licensed the technology for the data monetization within the medical field.

我也很高興能向各位說明幾項授權方面的關鍵交易。除了我們計畫自行營運、擁有並操作的那些交易所之外，我們也將技術授權給一些我們不直接經營、但具有用途且能觸及非常特定利基市場的交易所。Scilex 已授權我們的技術，用於建立生技交易所。DataMEDS 已授權該技術，用於醫療領域的資料變現。

And Vivasor has entered into a special licensing relationship with us where they will monetize medical images and quantum scans, which will become very valuable medical artifacts. The Vivasor opportunity also came with a balance sheet enhancement capability. We swapped 50 million shares of our stock for 50 million shares of Vivasor. And I'm happy to announce that we have now been converted in that Vivasor trade into $150 million worth of Phoenix Asia Holdings stock.

此外，Vivasor 與我們建立了特殊的授權關係，他們將把醫療影像與量子掃描進行變現，這些將成為非常有價值的醫療文物。Vivasor 的機會也附帶了強化資產負債表的能力。我們以 5,000 萬股本公司股票交換 5,000 萬股 Vivasor 股票。我很高興宣布，我們在這筆 Vivasor 交易中現已轉換為價值 1.5 億美元的 Phoenix Asia Holdings 股票。

This will provide a balance sheet enhancement, allowing our company to qualify for Genius Act compliance and allow for our exchanges to freely trade in a compliant way. That balance sheet, as we continue to build it, will allow us to trade more and more upon our exchanges in a compliant fashion.

這將強化資產負債表，使本公司得以符合 Genius Act 的合規要求，並讓我們的交易所能以合規方式自由交易。隨著我們持續打造資產負債表，將使我們能在交易所上以合規方式交易越來越多的項目。

We've also received a number of foundational patents. We have over 100 in our possession that protect our invention and our products in both divisions. Our Acoustics division has had a number of successes in this space. A big shout-out to Josh Paugh who runs our intellectual property department. He's been exceptional at obtaining new patents for both our WiSA and our ADIO operations.

我們也取得了多項基礎性專利。我們持有超過 100 件專利，保護我們在兩個事業部的發明與產品。我們的聲學事業部在此領域已取得多項成果。特別感謝負責我們智慧財產部門的 Josh Paugh。他在為我們的 WiSA 與 ADIO 業務取得新專利方面表現卓越。

These patents are now foundational to an industrial standard within the Acoustics. We have our Acoustic Science division driven by intellectual property and capability that is world-renowned. We have an ability to leverage this in the future.

這些專利如今已成為聲學領域工業標準的基礎。我們的聲學科學事業部由世界知名的智慧財產與能力所驅動。我們具備在未來加以運用的能力。

And as we look at the two divisions, they're becoming so tightly connected and so synergistic that we're not compelled to spin out ADIO at the moment. We're going to keep both divisions working as two divisions working on one mission, which is the value creation for our shareholders.

而當我們檢視兩個事業部時，它們正變得緊密相連、協同效應極強，因此目前我們並不急於分拆 ADIO。我們將讓兩個事業部持續運作，作為兩個事業部共同完成一個使命：為股東創造價值。

The regulatory tailwinds are at our back. The Genius Act is law. The Clarity Act is pending in our United States Senate, with expected passage in September or thereabout. Along that timeline, we will be launching our exchanges. In the middle of September, all exchanges will launch. Our licensed exchanges will become active, and we'll be able to clear a number of backlogged opportunities within our exchange and Data Sciences division.

監管面的順風正站在我們這邊。Genius Act 已成為法律。Clarity Act 正在美國參議院審議中，預期於 9 月左右通過。依照該時程，我們將推出我們的交易所。9 月中旬，所有交易所將上線。我們授權的交易所將開始運作，而我們也將能清理交易所與資料科學事業部中積壓的多項機會。

We have three core revenue streams in our Data Sciences division; that is, IP licensing, tokenization and services, and exchange revenue. At this point, I'd like to turn over the call to Brett Moyer, who will dig deeper into the financial results of our second quarter and set the table for what comes next. Brett?

我們的資料科學事業部有三大核心營收來源：智慧財產授權、代幣化與服務、以及交易所收入。接下來我想把電話會議交給 Brett Moyer，他將更深入說明我們第二季的財務結果，並為接下來的發展鋪陳。Brett？

Thank you, Nate. I appreciate the overview and the summary of all the terrific work the team's made in the last 90 days. Today, I'd like to go through briefly some traditional financial metrics, but then drill into some key parts of our balance sheet and our business that we get asked a lot of questions about.

謝謝你，Nate。我很感謝你對團隊在過去 90 天所完成的出色工作所做的概述與總結。今天我想先簡要走過一些傳統財務指標，接著深入說明資產負債表與業務中幾個大家經常提問的重點。

So if you look at the Q2 highlights -- we'll file the Q tonight -- it'll show $6.7 million of revenue in Q2, predominantly from the Acoustics group. But we did have additional licensing into the medical space with the Data Science side.

如果你看第二季重點——我們今晚會提交 Q（季報）——將顯示第二季營收為 670 萬美元，主要來自聲學事業群。不過，在資料科學端，我們也在醫療領域取得了額外的授權收入。

Now, during Q2, for those that have tracked us, we did raise $60 million. That was primarily used to fund the initial payment into the Available Networks structure that Nate talked about at the top, right, so the Quest token, which is the foundation of the Quest token opportunity.

另外，在第二季期間，對於一路追蹤我們的人來說，我們確實募得了 6,000 萬美元。這筆資金主要用於支付 Nate 在一開始提到的 Available Networks 架構的首期款，也就是 Quest 代幣——Quest 代幣機會的基礎。

We additionally strengthened the balance sheet with two agreements with Scilex to both buy the Bitcoin for 50 million and to fund the Available Infrastructure network buildout for a rev share later on in the back, which would be non-dilutive.

我們也透過與 Scilex 的兩項協議強化了資產負債表：一是以 5,000 萬美元購買比特幣，二是為 Available Infrastructure 的網路建置提供資金，未來以營收分成回收，且將是非稀釋性的。

In addition, we announced this morning, which took a lot of work in Q2 and early Q3, we closed the NYIAX transaction. Again, as Nate mentioned earlier, we've signed definitive agreements with CyberCatch and BankWyse, which substantially, although did not show up in our revenue today that we're talking about, dramatically increased our ability for revenue in Q4 and 2027.

此外，我們今天早上宣布——這在第二季與第三季初投入了大量工作——我們完成了 NYIAX 交易。同樣地，如 Nate 先前提到，我們已與 CyberCatch 與 BankWyse 簽署最終協議；雖然這些尚未反映在我們今天討論的營收中，但已大幅提升我們在第四季與 2027 年的營收能力。

Now to go into some greater detail, we've been reporting signed contracts for tokenization business, and let's go through what that means. In total, our signed contracts would like to issue $2.5 billion worth of tokens to fund their businesses. That represents $213 million worth of fees. This is as of today. Those fees break out into two components.

接著更深入一些，我們一直在報告已簽署的代幣化業務合約，讓我們說明這代表什麼。總計而言，我們已簽署的合約希望發行 25 億美元規模的代幣以為其業務募資。這相當於 2.13 億美元的費用收入。以上為截至今日的數字。這些費用可分為兩個部分。

One is banking and licensing fees. So who raises the money, who does the licensing, that'll be split -- either taken entirely by us or split with partners that are doing the investment banking for our issuers. Additionally, there's $61 million of technology fees that go 100% to us, which is for those building models, 100% margin business.

其一是銀行與授權費用。也就是由誰來募資、誰來做授權；這部分將會拆分——要嘛由我們全數取得，要嘛與為我們發行人提供投資銀行服務的合作夥伴分成。此外，還有 6,100 萬美元的技術費用 100% 歸我們所有，這是用於建模等工作，屬於 100% 毛利的業務。

Now, where are we getting the traction? Traction is really broad-based. Traditionally, we talked about the mining and rare earth mineral aspect. That's $1.5 billion. But we've also signed agreements for real estate, tort law for legal settlements, music catalog royalties, and energy, which we've talked about in the past on Triton Global.

那麼，我們的動能來自哪裡？動能其實相當廣泛。傳統上，我們談的是採礦與稀土礦物面向。那部分是 15 億美元。但我們也已簽署房地產、侵權法法律和解、音樂目錄版稅，以及能源等方面的協議——這些我們過去在 Triton Global 也談過。

So in total, we got $2.5 billion worth of demand and signed contracts for funding through tokenization. We've got $160 million for licensing and banking fees and $61 million for technology, for a total of $213 million.

因此，總計我們取得了價值25億美元的需求，並簽署了透過代幣化取得資金的合約。我們有1.6億美元的授權與銀行費用，以及6,100萬美元的技術費用，合計2.13億美元。

For the balance sheet, we expect to end this quarter with about 1 billion shares outstanding. That's at 855 million currently outstanding. We got 79 million approximately that will go out for NYIAX. And then between BankWyse and the financing that we announced this morning, we'll add approximately 45 million or 50 million shares into the market.

就資產負債表而言，我們預期本季末流通在外股數約為10億股。目前流通在外為8.55億股。約有7,900萬股將用於NYIAX。接著在BankWyse以及我們今天早上宣布的融資之間，我們將再向市場增加約4,500萬或5,000萬股。

I think what's important about the acquisitions we've done and important for the investors to know, not only did it build out and round out our technology platform that nobody else has, but we also think we've now concluded the majority of acquisition activity. And so going forward, this 1 billion shares and the rapid growth in shares outstanding should abate, and we should start driving revenue in the second half of this year and 2027.

我認為關於我們所做的收購，以及投資人需要了解的重要之處在於：它不僅建構並完善了我們獨一無二的技術平台，而且我們也認為目前已完成大部分的收購活動。因此展望未來，這10億股以及流通股數的快速成長應會趨緩，而我們應該會在今年下半年及2027年開始推動營收成長。

Okay, so a lot of questions come in on the next topic in terms of liquidity. How are we financing this growth? Well, we've talked about some of this during the call, but we have about $200 million worth of liquidity coming in this year around support from selling a BTC, receivables that we've previously reported for the licenses to Vivasor and Scilex.

好的，接下來很多問題聚焦在流動性這個主題。我們如何為這些成長提供資金？我們在電話會議中已談到部分內容：今年我們約有2億美元的流動性將到位，來源包括出售BTC的支援，以及我們先前已揭露、針對授權給Vivasor與Scilex的應收款項。

We have the $120 million rev share deal with Scilex for funding the SanQtum, which is non-dilutive. And we have the financing that we closed this morning. And with that, we think we can finish funding the Available Networks rollout. We can fund the business and hit this growth phase in revenue that we're all projecting.

我們與Scilex有一筆1.2億美元的營收分成（rev share）協議，用於資助SanQtum，且不具稀釋性。此外，我們也完成了今天早上結案的融資。有了這些，我們認為可以完成Available Networks的推廣部署資金需求。我們可以為業務提供資金，並進入我們都在預期的這一波營收成長階段。

So with that, I'd like to turn it over to Nate.

那麼接下來，我想把時間交給Nate。

Thank you, Brett. So just to wrap things up today, I would like to just drive some points home. Our revenue momentum, when you look at our bookings and the demand for our services, we are clearly at the right place at the right time with the right product to execute.

謝謝你，Brett。今天做個收尾，我想再強調幾點。就我們的營收動能而言，當你看我們的訂單（bookings）以及對我們服務的需求，我們顯然是在對的時間、對的地點，擁有對的產品來執行。

We have an infrastructure-first approach at Datavault. We really focus on quantum readiness, cybersecurity, and now the delivery of secure systems that allow for exchange. Our partnership ecosystem is second to none. We have a technology stack that includes multibillion-dollar partners and resources that allow our customers to enjoy the best-in-class digital asset platform.

Datavault採取以基礎設施優先（infrastructure-first）的策略。我們非常專注於量子就緒（quantum readiness）、資安，以及如今提供可進行交換的安全系統。我們的合作夥伴生態系無與倫比。我們的技術堆疊包含數十億美元等級的合作夥伴與資源，讓客戶能享有同級最佳的數位資產平台。

Our IP moat is, again, a very powerful tool for us to exclude others and to become the sole source of the products that we produce. We have a recognition as the tokenization leader. We are the number one international reference for RWA and for rare earth tokenomics.

我們的智慧財產護城河（IP moat）同樣是非常強大的工具，能讓我們排除其他競爭者，並成為我們所生產產品的唯一來源。我們被公認為代幣化領導者。我們是RWA以及稀土代幣經濟學（rare earth tokenomics）的全球第一參考指標。

Our balance sheet strength is one in which we are growing to become Genius Act-compliant on our exchanges. We'll continue to grow our balance sheet and produce results for our shareholders and stakeholders alike.

我們的資產負債表實力，體現在我們正持續成長，讓我們的交易所逐步符合Genius Act的合規要求。我們將持續擴大資產負債表，並為股東與利害關係人帶來成果。

We thank you again today for taking the time to learn about our company. And I appreciate you taking a look at our demonstration that's available from the press release that was issued earlier this morning about this call. Thank you very much.

再次感謝各位今天撥冗了解我們公司。也感謝各位查看我們的示範內容；該示範可透過今天早些時候就本次電話會議發布的新聞稿取得。非常感謝。

(Operator Instructions) Barry Sine, Litchfield Hills Research.

（接線員指示）Barry Sine，Litchfield Hills Research。

Hey, good morning, gentlemen, and congratulations. A lot of moving pieces today. I want to start by asking you about the status of getting the exchanges up and running in terms of, where do we stand with software development. I know you have a very strong CTO down in Atlanta.

各位先生早安，恭喜。今天有很多環節在同步推進。我想先請教交易所上線運作的進度，特別是軟體開發目前到哪個階段。我知道你們在亞特蘭大有一位非常強的CTO。

I think, Nate, you said that you were looking to go live around mid-September. I'm not sure if that's contingent on the Clarity Act or if you can use the workaround with Perpetual. If you could just give me an update on getting those exchanges, what still needs to be done, what's already done, to get those exchanges up and running.

我想Nate你提到，目標是在9月中旬左右上線。我不確定這是否取決於Clarity Act，或是你們是否可以用Perpetual的替代方案（workaround）。如果可以的話，請更新一下交易所上線的進度：還需要完成哪些工作、哪些已經完成，才能讓交易所正式運作。

The great part about our position there -- and thanks for the question -- is that we have received over $5 million in investment from IBM. They recently tacked on a bit more in terms of their commitment in engineering with us.

我們在那方面的優勢——也謝謝你的提問——是我們已獲得IBM超過500萬美元的投資。他們最近也在與我們共同工程投入的承諾上再加碼了一些。

That team's been at work now for over a year. The process together has yielded platforms that are up and ready to go. There's one integration that we're completing with Fiserv Corporation, which is a catalyst for the entire launch. That is the ability to connect your debit account or your bank account directly to the Datavault and have seamless interactions between banking and the Datavault.

那個團隊已經投入運作超過一年。雙方合作的流程已產出可用且已準備就緒的平台。目前我們正在完成與Fiserv Corporation的一項整合，這將成為整體上線的催化劑。也就是能把你的簽帳卡帳戶或銀行帳戶直接連接到Datavault，並在銀行與Datavault之間進行無縫互動。

Aside from that, all systems go. We will version the technology, so things like CyberCatch, BankWyse as it comes online, and other tools that we're putting in place inside the Datavault, some of it with the inference layer being drastically improved with an acquisition that we made out of London, a company called Salieri, that we bought, underlying AI technology from and have integrated into the Datavault.

除此之外，一切就緒。我們會對技術進行版本化，因此像是CyberCatch、BankWyse（隨其上線）、以及我們在Datavault內部部署的其他工具；其中一部分是推論層（inference layer）將大幅提升，這得益於我們在倫敦完成的一項收購——一家名為Salieri的公司——我們向其收購了底層AI技術並已整合進Datavault。

So the entire system really is not dependent on the Clarity Act whatsoever. Clarity Act will allow us to expand the amount of digital assets that we're able to put onto our exchanges. And it gives us more flexibility and clarity with respect to how to handle complex transactions in token and also manage that from a regulatory standpoint in a compliant modality.

因此整個系統其實完全不依賴Clarity Act。Clarity Act將使我們能擴大可上架到交易所的數位資產種類。同時也讓我們在處理代幣形式的複雜交易時，從監管角度具備更高的彈性與更清晰的規範，並以合規模式進行管理。

We're very focused on Genius Act compliance. Genius Act actually enables our information data exchange, our NIL exchange. These are unhindered by any of the Clarity Act legislation. Clarity Act is really instrumental around our strategic metals and other properties that are going to be enhanced with the Clarity Act passage.

我們非常專注於符合Genius Act的合規要求。Genius Act實際上使我們的資訊資料交換（information data exchange）、也就是我們的NIL交易所得以運作。這些都不會受到任何Clarity Act立法的阻礙。Clarity Act真正關鍵在於我們的策略金屬與其他資產/權益，這些將因Clarity Act通過而獲得強化。

In addition, in terms of our timing, we're focused on a licensing and a tokenization process that's at the upfront first part of our system. These revenues are largely recognized as we license the technology and as we tokenize the assets. We have a number of deals that are underway with that, and our third quarter will be drastically impacted by that activity with respect to our ability to recognize revenue.

另外，就時程而言，我們聚焦在系統前端的授權與代幣化流程。這些營收主要在我們授權技術以及將資產代幣化時認列。我們有多筆交易正在進行中，而第三季在營收認列能力方面將會因這些活動而受到顯著影響。

So it is really the middle of September that we're looking at having the Fiserv integration completed, at which point we'll do a big announcement around each of the exchanges as we roll out by really sell-side inventories and buy-side relationships that we've worked hard to establish on both sides. Thank you.

因此，我們的目標確實是在9月中旬完成Fiserv的整合；屆時我們將就各個交易所的推出做重大公告，並在我們辛苦建立的賣方庫存（sell-side inventories）與買方關係（buy-side relationships）兩端的支持下逐步上線。謝謝。

That's really similar (technical difficulty) similar question on the status of the network construction through Available. Are any of the nodes finished now? What's the target for initial capability and completion? And what do you need from them on that network to do what you just talked about in terms of getting the exchanges up and running?

這非常類似（技術難度）一個關於透過 Available 進行網路建設進度狀態的類似問題。目前有任何節點已經完成了嗎？初始能力與完工的目標是什麼？而就你剛才談到要讓交易所上線運作而言，你們需要他們在那個網路上提供什麼？

Well, again, a good question. So Available is having a great deal of success in their rollout. Their execution has been on time. We have Philadelphia; New York; Washington, DC; Atlanta, with a testing server that we're able to stage and work on from Atlanta. That element will be in place by the end of the month in Atlanta. But the fully operational network for AI and supercompute is up and running in Philadelphia, New York, DC.

嗯，再次，這是個好問題。Available 的部署推進非常成功。他們的執行進度如期。我們在費城、紐約、華盛頓特區、亞特蘭大都有據點，並且在亞特蘭大有一台測試伺服器，讓我們能在那裡進行部署與作業。該項目將在本月底於亞特蘭大到位。但用於 AI 與超級運算的全功能營運網路，已在費城、紐約、華盛頓特區上線運作。

That is expanding on a daily basis. We're in LA, and over 30 sites are now under construction simultaneously through Available Networks. Our relationship there is one in which Available Networks provide all the funding, manufacturing, and development of the network. They're building out each individual node on behalf of the partnership.

而且每天都在擴張。我們也在洛杉磯，目前透過 Available Networks 同步有超過 30 個站點正在施工。我們的合作關係是由 Available Networks 提供所有資金、製造與網路開發。他們代表合作夥伴關係建置每一個獨立節點。

Our role is tokenomic. We have a system where we plug in through API to the Available system to meter and to manage the consumption of compute. The compute is incredible. Petaflops of throughput is available to us already. We have also the relationship with IBM, which is getting us the highest-quality hardware in place at these sites.

我們的角色是代幣經濟（tokenomic）。我們有一套系統，透過 API 接入 Available 的系統，用於計量與管理運算資源的消耗。運算能力非常驚人。我們已經可以使用拍浮點（petaflops）等級的吞吐量。我們也與 IBM 合作，讓這些站點能部署最高品質的硬體。

We'll be adding, of course, our CyberCatch software as well to that system. And the process of selling the compute is already underway, and we've achieved sales already that we'll be announcing here in the near future.

當然，我們也會把 CyberCatch 軟體加入到該系統中。而運算資源的銷售流程已經在進行中，我們也已經達成一些銷售，近期將對外公告。

And that's really thorough. Just to clarify, it sounds like with the nodes that are already done, you have what you need to go live with the exchanges targeted for completion with Fiserv. It sounds from a network perspective, through Available, you have what you need already to go live and that everything to come is just adding more capacity. Is that correct?

這回答得非常完整。我想再確認一下，聽起來以目前已完成的節點，你們已具備所需條件，可以讓與 Fiserv 目標完工的交易所上線。從網路角度來看，透過 Available，你們已經具備上線所需的一切，而後續的建置只是增加更多容量。是這樣嗎？

That is correct, adjacency to our customers. So as the sites roll out, municipalities, large Fortune 100s and 500s can access Available's network adjacent to their facilities. So the nearness of our nodes to our customers allows for improved performance and security and other elements that we can bring to the table for our clients. So each rollout of a node will give us a hunting ground in those regions with respect to our highest level of clientele. All of these clients are interested in data monetization, digital assets, digital twins. All of those things turn on inside Available. So we have a feast of revenue-generative opportunities around each node that we erect. At the moment, the Philly prime and New York backup have installed IBM watsonx technology. We also have an AI-agnostic system there where Anthropic and ChatGPT and others can be installed in these SanQtums to provide subordinate AI systems that are proprietary. We feel that that is a very strong value proposition and one that's being sought after corporately. So we're focused on that. We are up and ready with our network. Our technology for our exchanges will be incredibly robust and is already up and running. We're making some final additions, as I mentioned, with Fiserv that will drastically enhance the banking architecture of our systems, allow things like debit cards and other things to be managed through our platform.

沒錯，關鍵在於與客戶的鄰近性（adjacency）。因此，隨著站點陸續推出，各地方政府、大型《財富》100 與 500 強企業，都能在其設施附近接入 Available 的網路。我們的節點越靠近客戶，就能帶來更好的效能、安全性，以及其他我們能為客戶提供的要素。因此，每推出一個節點，就等於在該區域為我們最高層級的客戶群開闢一個「獵場」。這些客戶都對資料變現、數位資產、數位分身（digital twins）感興趣。這些都能在 Available 內部啟動運作。所以我們在每一個建立的節點周邊，都有大量可創造營收的機會。目前，費城主站與紐約備援站已安裝 IBM watsonx 技術。我們也有一套 AI 不綁定（AI-agnostic）的系統，可在這些 SanQtums 中安裝 Anthropic、ChatGPT 等，提供具專有性的次級 AI 系統。我們認為這是非常強的價值主張，而且企業端正在積極尋求。因此我們專注於此。我們的網路已經就緒並可運作。我們交易所的技術將非常強健，且已經上線運作。如我所提，我們正與 Fiserv 進行最後一些增補，將大幅強化我們系統的銀行架構，並讓像是簽帳金融卡等項目能透過我們的平台進行管理。

Okay. Really again, very thorough. Those are my questions. Thank you very much.

好的。再次，真的非常詳盡。我的問題就到這裡。非常感謝。

(Operator Instructions) Alfred Blaikie III, Money Channel NYC.

（接線員指示）Alfred Blaikie III，Money Channel NYC。

Hey, guys, how are you? Great quarter, great technology, really looking forward to everything coming out in September. Most importantly for the investors, I just wanted to see if you could reiterate how they can go see the demonstration of how the Datavault works.

嘿，各位，你們好嗎？本季表現很棒、技術也很棒，真的很期待 9 月即將推出的一切。對投資人來說最重要的是，我想請你們再說明一下，他們要如何去看 Datavault 的運作示範。

Nate, I think that would really enlighten people to dot-to-dot how this is going to be the best exchange in the world to use for all different types of digital and real-world assets. Can you just let everybody know about the demonstration and encourage them to go see that? Because it will really put together -- your demo is unbelievable, and it'll put together of what this is all about.

Nate，我覺得那會讓大家更清楚地把點連成線，理解為什麼這會是全世界最好用的交易所，可用於各種不同類型的數位資產與實體資產。你能不能跟大家說明一下示範內容，並鼓勵大家去看？因為那真的能把整件事串起來——你們的 demo 令人難以置信，也會讓大家理解這到底在做什麼。

Well, thank you. Yes, so there is a demonstration available. If you go to dvlt.ai, you can access it directly from our home page. It's a very prominent link on that page. And getting through our demonstrations, we have two posted today, one about Datavault and another about our Acoustic division, giving some clarity with respect to how the technologies work together. And the underlying technology capabilities are displayed. So hopefully, that will allow people to engage. We obviously from there can take direct appointments for qualified participants to have a deeper dive demo based on their niche or market focus.

謝謝你。是的，我們有提供示範。如果你到 dvlt.ai，就可以從我們首頁直接進入。那個連結在頁面上非常醒目。目前我們今天放了兩個示範，一個是 Datavault，另一個是我們的 Acoustic 事業部，讓大家更清楚這些技術如何協同運作。也會展示底層技術能力。希望這能讓大家更願意參與了解。當然，從那裡我們也可以為符合資格的參與者安排直接會議，依其利基或市場焦點提供更深入的 demo。

Yeah, that's great. Thank you so much for that because people need to see to believe, so to speak. And when you see the Datavault and its capabilities and it's live for them, you'll see that the company is extremely undervalued.

是的，太好了。非常感謝你們，因為大家需要眼見為憑。當你看到 Datavault 及其能力，而且它對他們而言是即時可用的，你就會明白這家公司被嚴重低估。

When you see what you guys have built already, people don't understand that you guys have been building behind the scenes waiting for this launch and doing all that work. It's already caught up to the line here. Well, when you launch, you'll be all ready. You'll have your quirks systemed out. And you guys have been testing this, correct?

當你看到你們已經打造出的成果，人們不理解你們一直在幕後建置、等待這次發布並完成所有工作。現在已經追上進度線了。等你們一發布，就會完全就緒。你們會把那些小問題都系統化地排除。而你們一直在測試這套系統，對嗎？

Well, blockchain and AI systems are ones in which individuals ran out to market because of the incredible breakthrough of these technologies and what the utilities that they represent drive. So I would say to you that, yes, we've been working for years, both patenting and reducing to practice these inventions.

區塊鏈與 AI 系統之所以有人急著推向市場，是因為這些技術帶來了驚人的突破，以及其所代表的效用所能驅動的價值。所以我會說，是的，我們已經投入多年時間，一方面申請專利，一方面把這些發明落實到可實作的成果（reducing to practice）。

The purpose is to unlock the power of data as a cost center and a liability generator that it is today to turn it into the incredible wealth generation that Bloomberg taught us. The ability to monetize data now in every company's bailiwick because of Datavault. The ability to understand assets, to score them, value them, and exchange them is something that we're well positioned to provide and the reference in the space.

目的在於解鎖資料的力量：資料在今天是成本中心，也是責任與風險的來源，並把它轉化為 Bloomberg 教會我們的驚人財富創造。因為 Datavault，資料變現的能力如今已成為每家公司職權範圍內可掌握的事。理解資產、為其評分、估值並進行交易的能力，是我們非常有條件提供的，也是這個領域的標竿。

So that commitment to quality, and you mentioned waiting, we did wait. We've been waiting for regulatory clarity. We're Americans. We're building an American exchange, the first of its kind in digital assets. And we're really excited about the assets that we're going to bring to the marketplace because our customers have been so creative using our platform to create objects of interest and very valuable utilities around our systems. So I appreciate the question.

因此，對品質的承諾——而且你提到等待——我們確實等了。我們一直在等待監管明確性。我們是美國人。我們正在打造一家美國的交易所，是數位資產領域首創的同類型交易所。我們對即將帶到市場上的資產感到非常興奮，因為我們的客戶在我們的平台上非常有創意，創造出令人感興趣的標的，並在我們的系統周邊建立了非常有價值的效用。所以我很感謝這個問題。

Thank you very much. This is the exchange that everybody can come to worldwide. This is the exchange that when other people make digital assets, they can bring them to you, correct?

非常感謝。這是一個全世界任何人都可以來的交易所。這是一個當其他人製作數位資產時，他們可以把資產帶到你們這裡來的交易所，對嗎？

That is right. Yes, absolutely. So our customers provide the content; we provide the mechanism. Our mechanism values, scores, allows them to see and experience their data, have data inference layer run by our artificial intelligence platform that is increasing capabilities, including cybersecurity and data monetization.

沒錯。是的，完全正確。所以我們的客戶提供內容；我們提供機制。我們的機制會進行估值、評分，讓他們能看見並體驗自己的資料，並由我們的人工智慧平台運行資料推論層、持續提升能力，包括資安與資料變現。

Thank you.

謝謝。

Peter Ruggieri, Craft Capital.

Peter Ruggieri，Craft Capital。

Hi, good morning. You guys had a lot going on. I have a question. Where are you coming up with $94.5 million to buy this company you just announced the other day?

嗨，早安。你們最近事情很多。我有個問題。你們要從哪裡籌到 9,450 萬美元來收購你們前幾天剛宣布的那家公司？

Thank you for the questions. The announcement was regarding CyberCatch and a $94 million acquisition. The cash is actually -- well, four to five-fold in terms of how we get there.

謝謝你的提問。該公告是關於 CyberCatch 以及 9,400 萬美元的收購案。現金其實——嗯，我們達成資金來源的方式大概有四到五個面向。

We have announced Qestrel. That coin has already minted $1 billion in access to the Available Networks. Our deal there is 50/50 with respect to the revenue split. So $1 billion in coins would generate $500 million in revenue for Datavault. Over time, that is cash with respect to our collections there. So that's one source.

我們已經宣布 Qestrel。那個幣已經鑄造出可存取 Available Networks 的 10 億美元額度。我們在那筆交易中的分潤是 50/50。因此，10 億美元的幣將為 Datavault 產生 5 億美元的營收。隨著時間推進，這會以我們在那裡的收款/回收形式轉化為現金。所以這是一個來源。

You can also see the arrangements that we have around $150 million from Scilex. We also have a receivable of about $190 million around our collection of licensing cash. That, coupled with the Helmex deal that we've announced, where we get further access to balance sheet enhancement and capital, and a number of other transactions that we've lined up, one that we've announced already called Patriot Strategic Metals.

你也可以看到我們與 Scilex 相關、約 1.5 億美元的安排。我們也有約 1.9 億美元的應收款，來自我們授權現金的收款。再加上我們已宣布的 Helmex 交易，我們可進一步取得資產負債表強化與資本，以及我們已規劃的其他多筆交易，其中一筆我們已經宣布，叫做 Patriot Strategic Metals。

PSM is a well-positioned organization with government contracts and contracting into the Department of Strategic Capital of our United States government. This is related to the acquisition of strategic metals. It ties into our contracts with American Strategic Metals out of Nevada. We have a number of other contracts, California, Arizona, and other mines coming online with respect to that program.

PSM 是一家定位良好的組織，擁有政府合約，並與美國政府的 Department of Strategic Capital 進行承攬合作。這與戰略金屬的收購有關。它也與我們在內華達州的 American Strategic Metals 合約相互連結。我們還有多項其他合約，包含加州、亞利桑那州，以及其他礦場將就該計畫陸續上線。

That program is cash accretive to our company. We've announced $700 million in that initiative at the first throw. The total first project is $3.2 billion and is related to American Strategic Metals and the use cases around tokenomics for the purpose of real-world asset monetization and rare earth monetization. So those are the primary sources. Thank you.

該計畫將為公司帶來現金增益（cash accretive）。我們在第一輪就已宣布該倡議規模為 7 億美元。第一個專案總規模為 32 億美元，與 American Strategic Metals 相關，並涉及代幣經濟（tokenomics）的使用情境，用於實體資產變現與稀土變現。以上是主要來源。謝謝。

Okay. Another question, if you don't mind. So you said after the first-quarter call, the majority of revenue is going to hit the second half of the year. So being that we're in the third quarter right now, should we see a very big jump in revenue to hit this $200 million? Is it going to fall more in the third quarter, or will it hit the fourth quarter? I'm trying to get an idea of how to gauge it.

好的。如果你不介意，我再問一個問題。你們在第一季電話會後說，大部分營收會落在下半年。那既然我們現在在第三季了，為了達到這 2 億美元，我們是否會看到營收大幅跳升？會比較多落在第三季，還是會在第四季入帳？我想了解一下該怎麼判斷。

Listen, Peter, this is Brett. So we did say we're reaffirming guidance for $200 million. We said the exchanges will go live mid-September. So that obviously implies a bump up in Q3, but a very significant bump in Q4.

Peter，我是 Brett。我們確實說過會重申 2 億美元的指引。我們也說交易所會在 9 月中旬上線。所以這顯然意味著第三季會有一波上升，但第四季會有非常顯著的跳升。

We have a number of projects that you will see us announce in Q3. And revenue recognition is something that is obviously subject to audit and to the regulatory overview of the company's book of business. We're getting very good at understanding tokenomics. It's new to our auditors. It's new to the SEC. It's new in many aspects, and there is the challenge.

我們在第三季會宣布多個專案。而營收認列顯然需要接受審計，並受公司業務帳冊的監管審視所約束。我們在理解代幣經濟方面越來越熟練。但這對我們的審計師來說是新的。對 SEC 來說也是新的。在很多層面都是新的，因此也帶來挑戰。

It's really a legal and regulatory challenge around our token exchanges. And we're being extremely careful to get the proper experts and the proper thumbs up from regulators with respect to these assets and how they are being brought to market. So we're being very careful with respect to that. We're also being conservative in the way that we are approaching it.

這確實是圍繞我們代幣交易所的法律與監管挑戰。我們非常謹慎，確保聘請適當的專家，並就這些資產及其上市方式取得監管機關的適當認可。所以在這方面我們非常小心。我們在推進方式上也相當保守。

The key to our third-quarter and fourth-quarter revenues will be manifest in a number of announcements you'll see from us this quarter. And this quarter will reveal, even on the Acoustic side -- I mentioned the standards body approach we're taking there.

我們第三季與第四季營收的關鍵，將體現在本季你會看到我們發布的一系列公告中。而本季也會揭示——即使在 Acoustic 這一端——我提到我們在那裡採取的標準機構（standards body）路徑。

And we have a number of other unique revenue streams coming from that side of our business on events and others that you'll see that are tied to dates on the calendar and events that we deliver. So there's a very specific revenue recognition process that's been identified around that to ensure that we're able to recognize the $200 million or more this year.

此外，我們業務的那一端還有多個獨特的營收來源，來自活動等，你會看到它們與日曆上的日期以及我們交付的活動相連結。因此，我們已針對該部分制定非常明確的營收認列流程，以確保我們今年能認列 2 億美元或更多的營收。

Yeah, just to go like a couple of quarters back, you made a comment that you do -- I believe it was more than $400 million or $500 million in revenue for next year. Are you still comfortable with that?

是的，回到前幾季，你曾提到——我記得——你們明年的營收會超過 4 億或 5 億美元。你們現在仍然對此有信心嗎？

Peter, we have given the guidance for '26. We have not given official guidance for 2027. Nate has his aspirations, and that's where we stand. We have full-year guidance for this year. We don't have quarterly guidance. And when we're ready to announce '27, we will do so.

Peter，我們已提供 '26 的指引。我們尚未對 2027 年提供正式指引。Nate 有他的期望，而我們目前就是這樣的立場。我們有今年的全年指引。我們沒有提供季度指引。等我們準備好宣布 '27 時，我們會再對外公布。

In the meantime, you got an exciting back half of the year coming given all the acquisitions we put together, the balance sheet strengthening that we did. So with that, we're going to give one more person who's patiently sat in the queue for the entire call the opportunity to ask a question and then we got to sign off.

同時，鑑於我們整合的所有收購案、以及我們所做的資產負債表強化，下半年會非常令人振奮。因此，我們將再給一位在整場電話會中一直耐心排隊的與會者一次提問機會，然後我們就得結束通話。

[Lee Allen], Private Investor.

[Lee Allen]，私人投資人。

Yeah, great. Thank you for the information and taking the call. I just -- as an individual investor with a six-figure account worth of shares with you guys, I'm just inquiring about the initial email that came out early this year in terms of the delisting threat of the stock language below $1.

好的，很棒。感謝您提供資訊並接聽電話。我只是——作為一名個人投資人，在你們這裡持有價值達六位數的股票部位，我想詢問一下今年年初發出的那封初始電子郵件，內容提到股價低於 1 美元時可能面臨下市風險的相關措辭。

And also, with respect to Available Networks, it's really exciting with you guys have going on with them. But are we like the only tenant for them to use their networks, or other companies working out the same arrangement that you guys are with them? So it just we'll be one of a few people who are using their networks. Thanks.

另外，關於 Available Networks，你們與他們正在進行的事情真的很令人振奮。但我們是否像是他們使用其網路的唯一承租方（客戶），還是也有其他公司在洽談與你們相同的安排？也就是說，我們只是少數使用他們網路的其中之一。謝謝。

Thank you. So I'll take the last one first just because it's easy. We're exclusive partners with Available. We have an extremely special position with them in terms of managing the tip of the spear. The way that they sell their product is through our tokens, and those tokens are sold at a 50/50 split. So a very special relationship that's exclusive to us with respect to that work that we're doing around Project Qestrel.

謝謝。我先回答最後一個問題，因為比較簡單。我們是 Available 的獨家合作夥伴。在管理「矛尖」這一端方面，我們在他們那裡擁有極其特殊的地位。他們銷售產品的方式是透過我們的代幣，而這些代幣的銷售採 50/50 分成。因此，就我們圍繞 Project Qestrel 所做的工作而言，這是一段只屬於我們的、非常特殊且具排他性的關係。

I'd also want to address, first of all, the amount of commitment that you've made to the company to have such a large portfolio of our stock. It's quite an honor. And I'd like to point out the institutional buying as our company has focused around creating an incredibly powerful stock for our company.

我也想先談談，您對公司做出如此大的承諾、持有我們股票這麼大的投資組合。這對我們而言是莫大的榮幸。我也想指出，隨著公司專注於打造一檔對公司而言極具力量的股票，我們也看到機構買盤的進入。

We've also resisted the temptation to reverse-split the stock. It's something that has been talked about quite a bit out there. We will not split our stock, and the reason why is that, this is not the moment to do that. We have a number of key investments that we've made that are coming to fruition. And our focus is around bringing in the revenues around that.

我們也抵擋了進行股票反向分割的誘惑。外界對此討論很多。我們不會進行拆股（反向分割），原因是現在不是做這件事的時機。我們已做出多項關鍵投資，正逐步開花結果。我們的重點是把相關營收帶進來。

Now, the regulatory environment in which we operate does have the requirement of trading, obviously, above $1. We believe we're incredibly undervalued right now, and we want our shareholders to be able to see the results that we are going to present in our Q filings.

目前我們所處的監管環境，確實要求交易價格顯然要維持在 1 美元以上。我們認為目前公司被嚴重低估，我們希望股東能在我們接下來的季度申報（Q filings）中看到我們將呈現的成果。

And the Q and the K that remain for this year will be illustrative of why we've done what we've done. I think it's very important for that result to hit the tape for our public to really understand what we're performing here at Datavault, which is creating a platform in Web 3 that provides more and more capabilities.

而今年剩餘的 Q 與 K 申報將能說明我們為何做出這些決策。我認為，讓這些結果正式對外發布非常重要，讓大眾真正理解我們在 Datavault 的執行表現——也就是在 Web3 中打造一個提供越來越多能力的平台。

I think if you look at the shift from retail to institutional investors, you can see that the very learned investors that are part of funds and higher-level groups that can endorse our company by buying our stock, we're qualifying for this. Available Networks works with some of the biggest companies in the world. Our technology is foundational to that work.

我想如果你觀察投資人結構從散戶轉向機構投資人，你會看到那些非常專業、隸屬基金與更高層級團體的投資人，能透過買進我們股票來背書我們公司，而我們正在符合這樣的條件。Available Networks 與全球一些最大的公司合作。我們的技術是這些工作的基礎。

We've been able to get introduced to some of the highest-level corporations in America. And we're going to be able to show that by them adopting our technologies and using our technologies to create wealth for their investors, for their companies, and as a result, ours, that those results will speak for themselves.

我們已經能被引薦給美國一些最高層級的企業。而當他們採用我們的技術、運用我們的技術為其投資人與公司創造財富，進而也為我們創造價值時，我們將能展示這一點；這些成果將不言自明。

And we're resisting the idea that we need to reverse-split our stock to stay up. We would like for investors to have the opportunity to own our shares wholly. We are going to post our results and get that done. Now, in terms of the timing and requirement, we have an automatic shareholder equity exemption to stay traded on the Nasdaq through February without the need for a reverse split.

我們也在抵制「必須透過反向分割才能維持股價」的想法。我們希望投資人有機會完整持有我們的股份。我們會公布我們的成果並把這件事做好。至於時程與要求方面，我們有一項自動的股東權益豁免，可讓我們在無需反向分割的情況下，維持在納斯達克交易至明年 2 月。

And so my position as CEO is to not reverse-split, but to post results and revenues to hit our guidance for this year and see where we are at the end of this year with respect to our stock price, which I believe will be much, much higher.

因此，作為執行長，我的立場是不做反向分割，而是公布成果與營收，達成我們今年的財測指引，並在今年底觀察股價表現；我相信屆時股價會高出許多、許多。

Well, thank you so much for that, Nate. I appreciate it. I tell everybody, Nate Bradley is my retirement plan, so I'm counting on you.

非常感謝你，Nate。我很感激。我跟大家說，Nate Bradley 就是我的退休計畫，所以我就靠你了。

Man, that means a lot to me, and I won't let you down. I really appreciate that very much.

老兄，這對我意義重大，我不會讓你失望。我真的非常感謝。

Okay, next question.

好的，下一個問題。

[Alan Gorenstein], JPMorgan.

[Alan Gorenstein]，摩根大通（JPMorgan）。

Hi, I'm just calling as a private investor having nothing to do with the company, and I was hoping to get an update on Helmex.

嗨，我只是以私人投資人的身分來電，與公司沒有任何關係，我希望能取得 Helmex 的最新進度。

So we have partially funded the $25 million that we owe in the first tranche. We are actively discussing when we fund the remaining $20 million and when we go live. As you know, it's a European firm. July and August are a little sacrosanct in terms of holidays in Europe, as well as we were busy with these three acquisitions. So we'll be actively working on that later this quarter.

我們已就第一期（tranche）應支付的 2,500 萬美元進行了部分出資。我們正在積極討論何時補足剩餘的 2,000 萬美元，以及何時正式上線。如你所知，那是一家歐洲公司。在歐洲，7 月與 8 月在假期方面相對神聖不可侵犯；同時我們也忙於這三項收購案。因此，我們會在本季稍晚積極推進這件事。

One exciting aspect of that relationship is the amount of business opportunity and pipeline and introduction. We're looking at that as well.

這段合作關係令人興奮的一點，是它帶來的商機、案源管線以及引薦的規模。我們也正在評估這部分。

Thank you. We've reached the end of our question-and-answer session. I'd like to turn the floor back over for any further closing comments.

謝謝。我們的問答環節到此結束。我想把時間交回去，看看是否還有進一步的結語。

Thank you, everyone, for the interest in our company. Thanks for participating in our quarterly call. We're very excited about our results and look forward to the next steps with everyone. Thank you very much.

感謝各位對我們公司的關注。謝謝大家參與我們的季度電話會議。我們對本次成果感到非常振奮，也期待與各位一起邁向下一步。非常感謝。

Thank you. That does conclude today's teleconference. You may disconnect your lines at this time, and have a wonderful day. We thank you for your participation today.

謝謝。今天的電話會議到此結束。您現在可以掛斷電話線，祝您有美好的一天。感謝您今天的參與。