Evolv Technologies Holdings Inc (EVLV) 2025 Q2 法說會逐字稿

Good afternoon, and welcome to the Evolv Technologies second-quarter earnings results conference call. (Operator Instructions) As a reminder, this conference call is being recorded.

下午好，歡迎參加 Evolv Technologies 第二季財報結果電話會議。（操作員指示）提醒一下，本次電話會議正在錄音。

I would now like to introduce your host for today's call, Brian Norris, Senior Vice President of Finance and Investor Relations for Evolv Technology. Please go ahead, sir.

現在，我想介紹今天電話會議的主持人，Evolv Technology 財務和投資者關係高級副總裁 Brian Norris。先生，請繼續。

Thank you, Megan, and good afternoon, everyone, and welcome to the call. I'm joined here today by John Kedzierski, our President and Chief Executive Officer; and Chris Kutsor, our Chief Financial Officer. This afternoon, after the market closed, we issued a press release announcing our second quarter 2025 results and our business outlook for the rest of the year. This press release has been furnished with the SEC and is available on the IR section of our website.

謝謝你，梅根，大家下午好，歡迎參加電話會議。今天和我一起出席的還有我們的總裁兼執行長 John Kedzierski 和我們的財務長 Chris Kutsor。今天下午，市場收盤後，我們發布了一份新聞稿，宣布了我們 2025 年第二季的業績以及今年剩餘時間的業務展望。本新聞稿已提交給美國證券交易委員會 (SEC)，可在我們網站的 IR 部分查閱。

During today's call, we will make forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements may relate to our current expectations and views of future events, including, but not limited to, statements regarding our future operations, growth and financial results, our potential for growth and ability to gain new customers, demand for our products and offerings and our ability to meet our business outlook.

在今天的電話會議中，我們將根據 1995 年《私人證券訴訟改革法案》的安全港條款做出前瞻性陳述。這些聲明可能與我們目前的預期和對未來事件的看法有關，包括但不限於有關我們未來營運、成長和財務業績、我們的成長潛力和獲得新客戶的能力、對我們的產品和服務的需求以及我們滿足業務前景的能力的聲明。

All forward-looking statements are subject to material risks, uncertainties and assumptions, some of which are beyond our control. Actual events or financial results may differ materially from these forward-looking statements because of a number of risks and uncertainties, including, without limitation, the risk factors set forth under the caption Risk Factors in our annual report on Form 10-K for the year ended December 31, 2024, filed with the SEC on April 28, 2025, and our quarterly report on Form 10-Q for the three months ended June 30, 2025, filed with the SEC earlier today.

所有前瞻性陳述都受到重大風險、不確定性和假設的影響，其中一些是我們無法控制的。由於存在許多風險和不確定性，實際事件或財務結果可能與這些前瞻性陳述存在重大差異，包括但不限於我們於 2025 年 4 月 28 日向美國證券交易委員會提交的截至 2024 年 12 月 31 日的年度報告 10-K 表和我們今天早些時候向美國證券交易委員會提交的截至 2025 年三個月和我們今天早些時候向美國證券交易委員會提交的截至 2025 年 6 月的風險因素。

Forward-looking statements made today represent our views as of August 14, 2025. Although we believe that the expectations reflected in these statements are reasonable, we cannot guarantee that future results, performance or the events and circumstances reflected in our forward-looking statements will be achieved or will occur. Except as may be required by applicable law, we disclaim any obligation to update them to reflect future events or circumstances.

今天所做的前瞻性陳述代表了我們截至 2025 年 8 月 14 日的看法。儘管我們相信這些陳述中反映的預期是合理的，但我們無法保證未來結果、表現或前瞻性陳述中反映的事件和情況將會實現或發生。除適用法律可能要求外，我們不承擔更新它們以反映未來事件或情況的義務。

Our commentary today will also include non-GAAP financial measures, which we believe provide additional insights for investors. These measures should not be considered in isolation from or as a substitute for financial information prepared in accordance with GAAP. These measures include adjusted gross profit, adjusted gross margin, adjusted operating expenses, adjusted operating income, adjusted EBITDA and adjusted EBITDA margin as well as adjusted earnings and adjusted earnings per diluted share.

我們今天的評論還將包括非公認會計準則財務指標，我們相信這些指標可以為投資者提供更多見解。這些措施不應孤立地看待或取代根據 GAAP 編制的財務資訊。這些指標包括調整後的毛利、調整後的毛利率、調整後的營業費用、調整後的營業收入、調整後的 EBITDA 和調整後的 EBITDA 利潤率以及調整後的收益和調整後的每股攤薄收益。

Reconciliations between these non-GAAP measures and the most directly comparable GAAP measures can be found in our press release issued today. Please note that our definition of these measures may differ from similarly titled metrics presented by other companies. We will be discussing key operating metrics such as annual recurring revenue, or ARR, and remaining performance obligation, or RPO, each of which we believe is helpful to investors in understanding the progress we are making as a business.

這些非公認會計準則指標與最直接可比較的公認會計準則指標之間的對帳可以在我們今天發布的新聞稿中找到。請注意，我們對這些指標的定義可能與其他公司提出的類似指標不同。我們將討論關鍵營運指標，例如年度經常性收入（ARR）和剩餘履約義務（RPO），我們相信這些指標都有助於投資者了解我們作為企業的進展。

Please be advised that as of January 1, 2026, we will no longer be disclosing units shipped, a metric we no longer believe is consistently indicative of our prospects and could cause confusion due to the growing activity related to: one, short-term subscription contracts; and two, upgrades to new equipment with new 4-year subscriptions. Neither of these important activities, which are revenue generating, actually add to our deployed unit count.

請注意，自 2026 年 1 月 1 日起，我們將不再揭露出貨量，我們認為該指標不再能夠持續反映我們的前景，並且可能因以下相關活動增多而造成混淆：一、短期訂閱合約；二、透過新的 4 年訂閱升級到新設備。這兩項重要的活動雖然能產生收入，但實際上並沒有增加我們部署的部隊數量。

One last item. We have an active IR schedule coming up, highlighted by the Craig-Hallum Alpha Select Conference in New York in November and the UBS Technology Conference in Scottsdale in December. For more information, please contact me at bnorris@evolvtechnology.com.

最後一件事。我們即將制定一個活躍的 IR 日程，其中的亮點是 11 月在紐約舉行的 Craig-Hallum Alpha Select 會議和 12 月在斯科茨代爾舉行的 UBS 技術會議。如需了解更多信息，請透過 bnorris@evolvtechnology.com 與我聯繫。

With that, I'll turn the call over to John. John?

說完這些，我會把電話轉給約翰。約翰？

Thank you, Brian, and thanks to everyone for joining us today. Over the past few quarters, we've been focused on stabilizing the business, addressing our cost structure and implementing enhanced controls and process improvement. On our last call, we spoke about those foundational steps. Since then, we've taken two more meaningful steps forward.

謝謝你，布萊恩，也感謝今天與我們一起的所有人。在過去的幾個季度中，我們一直致力於穩定業務、解決成本結構以及實施加強控制和流程改善。在我們上次通話中，我們談到了這些基礎步驟。自那時起，我們又邁出了兩步更有意義的步伐。

First, as previously reported, in November 2024, the company received a voluntary document request from the US Attorney's Office of the Southern District of New York, a division of the US Department of Justice. I'm pleased to report that in a letter dated August 7, 2025, the DOJ informed Evolv that the company is no longer the subject of a DOJ investigation.

首先，正如先前報導的那樣，2024年11月，該公司收到了美國司法部下屬機構紐約南區檢察官辦公室的自願文件請求。我很高興地報告，美國司法部在 2025 年 8 月 7 日的一封信中通知 Evolv，該公司不再是司法部調查的對象。

Second, on August 5, 2025, the parties in the previously reported securities class action lawsuit pending in the District of Massachusetts engaged in mediation and reached a settlement in principle, which will be primarily funded by our D&O insurance. This settlement is subject to negotiation of definitive documentation and court approval. Our direct financial exposure is expected to be no more than $1 million, which represents the deductible under one of our applicable D&O insurance policies.

第二，2025 年 8 月 5 日，先前報道的在馬薩諸塞州地區待決的證券集體訴訟的各方進行了調解並達成原則和解，該和解金將主要由我們的 D&O 保險提供。和解協議需經過最終文件談判和法院批准。我們的直接財務風險預計不超過 100 萬美元，這代表了我們適用的 D&O 保險政策之一下的免賠額。

With these two matters now largely behind us, we are fully focused on our goal of building a durable, high-growth business with highly predictable results. The operational changes we've made over the past six months, together with key leadership transitions are beginning to show results. As we enter the second half of the year, we're making meaningful progress in driving more consistency and stability across the organization.

現在，這兩件事基本上已經過去了，我們將全力專注於我們的目標，即建立一個持久、高成長、結果高度可預測的企業。我們在過去六個月中所做的營運變革以及關鍵領導層的變動開始顯現成效。進入下半年，我們在推動整個組織的一致性和穩定性方面取得了有意義的進展。

That said, we know there's more work to do. Our focus remains on disciplined execution and continuing to raise the bar in our workmanship to meet the high standards we set for ourselves.

話雖如此，我們知道還有很多工作要做。我們的重點仍然是嚴格執行，並繼續提高我們的工藝水平，以滿足我們為自己設定的高標準。

Before we dive into the results, I want to share an update about the leadership team. I want to take a moment to share the news that Mike Ellenbogen has made the decision to step down as an active employee next month. Mike will remain a trusted adviser to me. He will remain an important member of the Board of Directors and a significant shareholder. No one will be rooting more passionately for the continued success of Evolv Technology in the years ahead than Mike.

在我們深入了解結果之前，我想分享一些關於領導團隊的最新情況。我想花點時間分享一個消息：邁克·埃倫博根 (Mike Ellenbogen) 已決定下個月辭去現任員工職務。麥克仍將是我值得信賴的顧問。他仍將是董事會的重要成員和重要股東。沒有人會比麥克更熱情地支持 Evolv Technology 在未來幾年繼續取得成功。

In discussions with Mike, he shared with me that he feels this is the ideal time for his transition. The company has successfully resolved many of the challenges it has been grappling with over the last several years and has strong confidence in the new management team and the long-term direction of the company has reinforced his decision. True to his entrepreneurial spirit, Mike will be pursuing a new venture outside of the security industry. We look forward to seeing him thrive in this exciting next chapter.

在與麥克的討論中，他告訴我，他認為這是他轉變的理想時機。公司成功解決了過去幾年來面臨的許多挑戰，並對新管理團隊充滿信心，而公司的長期發展方向也強化了他的決定。秉承創業精神，麥克將在安全產業之外尋求新的發展。我們期待看到他在下一個激動人心的篇章中茁壯成長。

We owe Mike a huge thank you for his visionary leadership, relentless dedication and the lasting impact he has made on the company and the industry. Over an extraordinary career spanning more than three decades, Mike has been a pioneer in the physical security space and of course, a driving force in the creation of Evolv Technology in 2013. His contributions have laid a strong foundation for our future, and we look forward to continuing to benefit from his insight and guidance as he embarks on this exciting new chapter.

我們衷心感謝麥克富有遠見的領導能力、不懈的奉獻精神以及他對公司和產業的持久影響。在超過三十年的非凡職業生涯中，麥克一直是物理安全領域的先驅，當然也是 2013 年創立 Evolv Technology 的推動力。他的貢獻為我們的未來奠定了堅實的基礎，我們期待在他開啟這一激動人心的新篇章時繼續受益於他的洞察力和指導。

With that, let's dive into our second quarter results, which reflected growing momentum across the business. Revenue was $32.5 million, up 2% sequentially and 29% year-over-year. This reflects strong new customer growth as well as expanding deployments in our installed base. Annual recurring revenue, or ARR, at June 30, 2025, was $110.5 million, reflecting growth of 27% year-over-year. We reported our third consecutive quarter of positive adjusted EBITDA with adjusted EBITDA margin of 6% in Q2 '25.

讓我們深入了解第二季的業績，這反映了整個業務的成長勢頭。營收為 3,250 萬美元，季增 2%，年增 29%。這反映了新客戶數量的強勁成長以及我們已安裝客戶群的部署不斷擴大。截至 2025 年 6 月 30 日，年度經常性收入（ARR）為 1.105 億美元，年增 27%。我們報告稱，2025 年第二季調整後 EBITDA 連續第三個季度呈現正值，調整後 EBITDA 利潤率為 6%。

Total cash, cash equivalents and marketable securities was up $2 million sequentially in Q2 '25 to $37 million compared to $35 million at the end of Q1. This is the first quarter we have reported a sequential increase in total liquidity, which reflects the significant steps we've taken over the last nine months to reduce our cost structure, improve overall corporate efficiency, optimize inventory levels and strengthen collections activity. There's more work ahead, but it's a clear sign of progress.

2025 年第二季度，現金、現金等價物和有價證券總額較上季增加 200 萬美元，達到 3,700 萬美元，而第一季末為 3,500 萬美元。這是我們報告的總流動性首次連續增長的季度，這反映了我們在過去九個月中為降低成本結構、提高整體企業效率、優化庫存水平和加強收款活動而採取的重要措施。未來還有更多工作要做，但這是一個明顯的進步跡象。

We welcomed over 60 new customers in the second quarter and now serve over 1,000 customers globally. We've also recently surpassed 7,000 active subscriptions, well on our way to delivering on our goal of at least 8,000 active subscriptions by the end of the year. This continues to represent a very small slice of the hundreds of thousands of entrances that can be protected by AI-based weapons detection.

我們在第二季度迎來了 60 多家新客戶，目前在全球為 1,000 多家客戶提供服務。我們最近的活躍訂閱用戶數也超過了 7,000，我們預計將在今年年底實現至少達到 8,000 個活躍訂閱用戶的目標。這只是透過基於人工智慧的武器檢測技術保護的數十萬個入口中的一小部分。

We continue to screen on average, over 3 million people every day and have now surpassed 3 billion people screened by Evolv Express. More importantly, our technology is being used by our customers to tag on average, approximately 500 firearms every single day.

我們持續平均每天篩檢超過 300 萬人，目前 Evolv Express 篩檢的人數已超過 30 億。更重要的是，我們的客戶平均每天使用我們的技術來標記約 500 支槍。

We continue to see signs of progress and renewed momentum across the business. In the second quarter, approximately 54% of our booked units and 56% of our booked ARR came from existing customers, continuing a trend we've seen consistently over the last 12 to 18 months. These are organizations that have deployed our technology, seen it work in real-world environments and are choosing to expand their investment. That ongoing pattern is one of the strongest signals of customer trust and the value we provide.

我們繼續看到整個業務取得進展和重新煥發活力的跡象。在第二季度，我們約有 54% 的預訂單位和 56% 的預訂 ARR 來自現有客戶，延續了我們在過去 12 至 18 個月中持續看到的趨勢。這些組織已經部署了我們的技術，看到它在現實環境中發揮作用，並選擇擴大投資。這種持續的模式是客戶信任和我們提供的價值最強烈的訊號之一。

We continue to see early signs of customers upgrading to our Gen2 Express platform, often before their initial Gen1 contracts are set to expire. These upgrades generally include new four-year commitments, increasing customer stickiness and expanding RPO.

我們不斷看到客戶升級到我們的 Gen2 Express 平台的早期跡象，通常是在他們的初始 Gen1 合約到期之前。這些升級通常包括新的四年承諾、增加客戶黏著度和擴大 RPO。

In fact, of the nearly 200 existing customer units that were actioned in the first half of 2025, the vast majority included an upgrade to Gen2. Unlike standard renewals of existing equipment, upgrading to Gen2 generally resets the four-year subscription term and customer commitment. Together, upgrades and renewals reflect strong customer satisfaction and growing confidence in Evolv's technology road map.

事實上，在 2025 年上半年採取行動的近 200 個現有客戶單位中，絕大多數都升級到了 Gen2。與現有設備的標準續約不同，升級到 Gen2 通常會重置四年的訂閱期限和客戶承諾。總之，升級和更新反映了客戶的高度滿意度以及對 Evolv 技術路線圖日益增強的信心。

eXpedite, our autonomous AI-based bag screening solution continues to build strong momentum since its launch in Q4 '24. We added eight more eXpedite customers in Q2 '25, bringing the total to 20 customers since launch. Demand for eXpedite has been encouraging here in Q3, including one order for over 100 systems. We believe eXpedite has the potential to drive broader customer adoption and enhance the stickiness of our subscription model.

eXpedite 是我們基於人工智慧的自主行李安檢解決方案，自 2024 年第四季推出以來，持續保持強勁發展勢頭。2025 年第二季度，我們又增加了 8 位 eXpedite 客戶，自推出以來客戶總數已達 20 位。第三季對 eXpedite 的需求令人鼓舞，其中包括一份超過 100 套系統的訂單。我們相信 eXpedite 有潛力推動更廣泛的客戶採用並增強我們的訂閱模式的黏性。

By leveraging the combined platform of Express and eXpedite, customers can run their security operations through a single cloud portal and device, delivering a seamless, superior experience for visitors and operators while becoming an indispensable part of their daily operations. While we're still early in the product introduction cycle and haven't yet reached the full cost efficiency that comes with scale, early demand signals have been encouraging.

透過利用 Express 和 eXpedite 的組合平台，客戶可以透過單一雲端入口網站和裝置運行其安全操作，為訪客和操作員提供無縫、卓越的體驗，同時成為他們日常營運中不可或缺的一部分。雖然我們仍處於產品推出週期的早期階段，尚未達到規模帶來的全部成本效率，但早期的需求訊號令人鼓舞。

Let me turn to the trends we're seeing in our end markets, starting with education. We continue to see larger school districts phase deployments across multiple quarters, which means major wins often show up gradually in our ARR and deployed unit counts. We are encouraged with the growing interest we are seeing in eXpedite across the education market, which we believe is an excellent use case for bag screening.

讓我來談談我們在終端市場看到的趨勢，首先是教育。我們繼續看到較大的學區在多個季度內分階段部署，這意味著重大勝利通常會在我們的 ARR 和部署單位數量中逐漸顯現出來。我們很高興看到教育市場對 eXpedite 的興趣日益濃厚，我們相信這是行李檢查的絕佳用例。

In Q2, we expanded our presence in the education market by approximately 20 new school districts across the US, spanning urban, suburban and rural communities. These included four new districts in Georgia, four in North Carolina, three in California, two in Texas and one each in Alabama, Illinois, Indiana and Pennsylvania. Collectively, these districts serve hundreds of thousands of students. As these districts prepare for the upcoming school year, we're honored to support their efforts to create safer learning environments for students, educators and the broader community.

在第二季度，我們在美國教育市場擴大了約 20 個新學區，涵蓋城市、郊區和農村社區。其中包括喬治亞州的四個新區、北卡羅來納州的四個新區、加州的三個新區、德州的兩個新區以及阿拉巴馬州、伊利諾州、印第安納州和賓州各一個新區。這些學區總共服務數十萬名學生。當這些學區為即將到來的學年做準備時，我們很榮幸能夠支持他們為學生、教育工作者和更廣泛的社區創造更安全的學習環境的努力。

We're excited to share an important Q3 update in the education market. Just last week, we secured a $15 million contract to provide our AI-based security screening solutions to Gwinnett County Public Schools, Georgia's largest school district serving approximately 180,000 students. We will keep investors up to date on this exciting deployment.

我們很高興與大家分享教育市場第三季的重要更新。就在上週，我們獲得了一份價值 1500 萬美元的合同，為佐治亞州最大的學區格威內特縣公立學校提供基於人工智能的安全篩選解決方案，該學區服務於大約 180,000 名學生。我們將向投資者通報這項令人興奮的部署的最新進展。

In healthcare, Evolv is making meaningful strides in transforming hospital safety. Our concealed weapons detection technology is helping hospitals enhance security without compromising the patient experience. A few recent wins in this market include: Ohio State University Wexner Medical Center, a nationally ranked academic health system based in Columbus, Ohio. It comprises seven hospitals and more than 100 outpatient sites with over 22,000 employees and 1,400-plus staffed beds.

在醫療保健領域，Evolv 在改變醫院安全方面取得了重大進展。我們的隱藏式武器偵測技術正在幫助醫院加強安全性，同時又不影響病患體驗。市場最近的一些勝利包括：俄亥俄州立大學韋克斯納醫學中心，這是位於俄亥俄州哥倫布市的全國排名學術醫療系統。該公司旗下有 7 家醫院和 100 多個門診部，員工超過 22,000 名，床位超過 1,400 張。

Virginia Mason Franciscan Health, a nonprofit health system serving Washington's Puget Sound region, including Seattle and Tacoma. The system includes 11 hospitals and nearly 300 care sites supported by more than 18,000 team members. Broward Health is one of the largest public hospital systems in the United States with 7,500 employees serving South Florida through four hospitals, a children's hospital and an extensive network of outpatient and community care facilities.

維吉尼亞梅森方濟各健康中心 (Virginia Mason Franciscan Health) 是一家服務於華盛頓普吉特海灣地區（包括西雅圖和塔科馬）的非營利醫療系統。該系統包括 11 家醫院和近 300 個護理站點，由超過 18,000 名團隊成員提供支援。布勞沃德醫療集團是美國最大的公立醫院系統之一，擁有 7,500 名員工，透過四家醫院、一家兒童醫院以及廣泛的門診和社區護理設施網絡為南佛羅裡達州提供服務。

These wins reflect the growing demand among the health systems for smart, more seamless security solutions that can help foster peace of mind for patients, visitors and frontline staff alike. And establishing footholds in each of these leading institutions is a positive first step in what we hope will become long and enduring relationships.

這些勝利反映了醫療系統對智慧、更無縫的安全解決方案日益增長的需求，這些解決方案可以幫助患者、訪客和第一線工作人員安心。在這些領先的機構中建立立足點是我們希望建立長期持久關係的積極的第一步。

Shifting to sports and entertainment. Momentum continued to grow in the second quarter, both in terms of new wins and meaningful renewals and upgrades with some of our earliest customers. We secured a marquee win with Inter Miami CF, where we were selected for Miami Freedom Park, the team's brand-new state-of-the-art stadium opening in 2026. The club will deploy both Evolv Express Gen2 and Evolv eXpedite, underscoring the flexibility of our platform across entrance types and crowd flows.

轉向體育和娛樂。第二季度，無論是新客戶數量，還是與一些早期客戶的有意義的續約和升級，發展勢頭都繼續增長。我們與邁阿密國際足球俱樂部合作贏得了重大勝利，並被選為邁阿密自由公園球場的球場，這是該球隊將於 2026 年開放的全新最先進的體育場。俱樂部將部署 Evolv Express Gen2 和 Evolv eXpedite，強調我們的平台在入口類型和人群流量方面的靈活性。

Other new customers included FC Cincinnati, another fast-growing Major League soccer franchise with strong fan engagement and two NBA training facilities, the Philadelphia 76ers Training Complex and the Henry Ford Health Pistons Performance Center, the Detroit Pistons cutting-edge training and business facility. We also played a key role in securing and executing the FIFA Club World Cup 2, delivering over 100 systems under a short-term subscription contract to support more than 30 sites and more than 60 matches.

其他新客戶包括辛辛那提足球俱樂部（另一家快速發展的美國職業足球大聯盟球隊，擁有強大的球迷參與度和兩個 NBA 訓練設施）、費城 76 人隊訓練中心和亨利福特健康活塞隊表演中心，後者是底特律活塞隊的尖端訓練和商業設施。我們還在確保和執行國際足總俱樂部世界盃 2 方面發揮了關鍵作用，根據短期訂閱合約交付了 100 多個系統，以支援 30 多個場地和 60 多場比賽。

On the renewal front, within sports and entertainment, we had a strong quarter with several long-standing customers who upgraded to Gen2 and signed new multiyear contracts. These include: Nissan Stadium, home to Tennessee Titans; Gillette Stadium, home of the New England Patriots and the New England Revolution; and Lower.com Field, home of the Columbus Crew. We believe these upgrades reaffirm our value in securing high-traffic sports venues and our ability to scale with our customers over time.

在體育和娛樂領域的續約方面，我們本季表現強勁，幾位長期客戶升級到 Gen2 並簽署了新的多年合約。這些體育場包括：田納西泰坦隊的主場日產體育場、新英格蘭愛國者隊和新英格蘭革命隊的主場吉列體育場以及哥倫布機員隊的主場 Lower.com 球場。我們相信這些升級再次證明了我們在保護高流量體育場館方面的價值以及我們隨著時間的推移與客戶一起擴大規模的能力。

In the arena and entertainment space, we've expanded our footprint through our partnership with ASM Global into three venues, including: Barclays Center, home to the Brooklyn Nets; and the WNBA Champion, New York Liberty; and one of the premier multipurpose arenas in the country.

在體育館和娛樂領域，我們透過與 ASM Global 的合作將業務範圍擴大到三個場館，包括：布魯克林籃網隊的主場巴克萊中心；WNBA 冠軍紐約自由人隊；以及該國首屈一指的多功能體育館之一。

Finally, rounding out a look at some key end market progress, we secured a significant win with a Fortune 50 company that is deploying Evolv's technology across a set of its high-traffic industrial distribution facilities as well as in their corporate headquarters. The customer is focused on enhancing employee safety while minimizing disruption to daily operations. It marks a strong foothold in the industrial workplace segment and opens the door to broader enterprise-wide expansion over time.

最後，在總結一些關鍵終端市場進展後，我們與財富 50 強公司取得了重大勝利，該公司正在其一系列高流量工業配送設施以及公司總部部署 Evolv 的技術。客戶專注於提高員工安全，同時盡量減少對日常營運的干擾。它標誌著我們在工業工作場所領域站穩了腳跟，並為未來更廣泛的企業範圍擴張打開了大門。

Collectively, these wins and deployments highlight our growing presence across multiple verticals and geographies and reinforce the strength of our platform in high-volume, high-visibility environments.

總的來說，這些勝利和部署凸顯了我們在多個垂直領域和地理日益增長的影響力，並增強了我們平台在高容量、高可見度環境中的實力。

I want to shift and share a few thoughts on our go-to-market model. We have traditionally offered two ways for customers to deploy our technology, a full subscription model where we retain ownership of the equipment and lease it to customers alongside a four-year subscription for the software that operates it and a purchase subscription model where customers buy the equipment either directly through us or through our distribution partner and then enter into a four-year software subscription with us to operate the equipment.

我想換個話題，分享一些關於我們市場進入模式的想法。我們傳統上為客戶提供兩種部署我們技術的方式，一種是完全訂閱模式，即我們保留設備的所有權並將其租賃給客戶，同時對操作該設備的軟體進行四年訂閱；另一種是購買訂閱模式，即客戶直接透過我們或透過我們的分銷合作夥伴購買設備，然後與我們簽訂四年軟體訂閱來操作該設備。

Having reached key profitability milestones and having secured a new credit facility, we believe now is the right time to shift purchase activity back to direct fulfillment as opposed to distribution fulfillment. Express Gen2's capital efficiency and Evolv's improved financial foundation make this the right long-term move for shareholders.

在達到關鍵盈利里程碑並獲得新的信貸額度後，我們相信現在是將採購活動轉回直接履行而非分銷履行的正確時機。Express Gen2 的資本效率和 Evolv 改善的財務基礎使其成為股東的正確長期舉措。

For customers that want to own the equipment, direct fulfillment under our purchase subscription model offers us clear advantages over the contract term, higher revenue, higher lifetime value, greater cash flow and most importantly, higher ARR on a per unit basis compared to distribution fulfillment. This model also positions us better during renewal cycles with higher renewed ARR, which continues to compound over time.

對於想要擁有設備的客戶，與分銷履行相比，我們購買訂閱模式下的直接履行為我們提供了明顯的合約期限優勢、更高的收入、更高的終身價值、更大的現金流，最重要的是，每單位的 ARR 更高。這種模式也能讓我們在更新周期中處於更有利的位置，因為更新的 ARR 更高，並且會隨著時間的推移而增加。

While this change creates a year one gross margin headwind because we recognize the full system cost immediately, it is a trade-off we can now make with the lower Gen2 cost of goods sold. However, over time, we expect our ARR will grow faster than it would if we kept operating fulfillment through distribution.

雖然由於我們立即確認了整個系統的成本，這項變更會對第一年的毛利率帶來不利影響，但我們現在可以透過降低 Gen2 銷售成本來做出權衡。然而，隨著時間的推移，我們預計我們的 ARR 成長速度將比我們繼續透過分銷實現營運時更快。

This shift also simplifies how customers do business with Evolv since it requires just one purchase order with Evolv instead of two, including the distributor. We expect this change will strengthen relationships, improve deal velocity and give us more control over pricing and service, driving sustainable growth and profitability. Going forward, there will be two sales motions, pure subscription and direct purchase subscription, both of which we believe offer superior economics for shareholders compared with the distribution subscription model. This positions us for stronger, more profitable growth in the years ahead.

這種轉變也簡化了客戶與 Evolv 開展業務的方式，因為客戶只需要向 Evolv 下達一個採購訂單，而不是包括經銷商在內的兩個。我們預計這項變更將加強關係，提高交易速度，並使我們對定價和服務有更多的控制權，從而推動永續成長和獲利能力。展望未來，將有兩種銷售動議，即純認購和直接購買認購，我們認為這兩種方式與分銷認購模式相比，都能為股東帶來更優的經濟效益。這使得我們在未來幾年實現更強勁、更有利可圖的成長。

Before I turn things over to Chris, I want to briefly share some context on our outlook. Based on the momentum we're seeing in the business, the growing backlog we have built and the strength of larger multi-quarter opportunities that are progressing in our near-term pipeline, we are raising our outlook for 2025. We have strong visibility into the key drivers of our business and remain confident in our ability to deliver on our 2025 goals and to accelerate sustainable growth beyond this year.

在將問題交給克里斯之前，我想簡要地分享我們的觀點。根據我們看到的業務發展勢頭、我們積累的不斷增長的訂單量以及我們近期正在推進的更大的多季度機會的實力，我們上調了對 2025 年的展望。我們對業務的關鍵驅動因素有著清晰的認識，並對我們實現 2025 年目標和在今年之後加速永續成長的能力充滿信心。

We now expect to grow revenue by 27% to 30% this year compared to our previous guidance of 20% to 25% growth. We continue to expect to deliver positive full year adjusted EBITDA. We remain committed to generating positive cash flow in Q4.

我們現在預計今年的營收將成長 27% 至 30%，而先前預測的成長率為 20% 至 25%。我們仍預計全年調整後的 EBITDA 將為正值。我們仍然致力於在第四季產生正現金流。

With that, I'll turn it over to Chris, who will take you through our financial results and the details behind this upwardly revised outlook.

接下來，我將把時間交給克里斯，他將向您介紹我們的財務表現以及此次上調前景背後的細節。

Thanks, John, and good afternoon, everybody. I'm going to review our second quarter results in more detail and then walk through our thoughts on the rest of the year.

謝謝，約翰，大家下午好。我將更詳細地回顧我們第二季的業績，然後談談我們對今年剩餘時間的想法。

As John mentioned, revenue was $32.5 million, up 2% sequentially and 29% year-over-year. These results primarily reflect strong new customer growth and expanding deployments in our installed base. I want to remind investors that our Q1 '25 revenue included approximately $1 million of onetime favorable impacts. Without that benefit in Q1, our sequential growth would have been approximately 5% in Q2 of '25.

正如約翰所提到的，收入為 3,250 萬美元，環比成長 2%，年增 29%。這些結果主要反映了新客戶的強勁成長和我們已安裝基礎的不斷擴大的部署。我想提醒投資者，我們 25 年第一季的營收包括約 100 萬美元的一次性有利影響。如果沒有第一季的這項收益，2025 年第二季我們的環比成長率將只有大約 5%。

Annual recurring revenue, or ARR, was $110.5 million, reflecting growth of 27% year-over-year. Remaining performance obligation, or RPO, as of June 30 was approximately $275 million compared to approximately $261 million as of March 31, 2025. This is a measure of the remaining contracted value of the long-term subscriptions we have with our customers.

年度經常性收入（ARR）為 1.105 億美元，較去年同期成長 27%。截至 2025 年 6 月 30 日的剩餘履約義務（RPO）約為 2.75 億美元，而截至 2025 年 3 月 31 日的剩餘履約義務（RPO）約為 2.61 億美元。這是我們與客戶簽訂的長期訂閱的剩餘合約價值的衡量標準。

Adjusted gross margin was 55% in Q2 compared to 59% in the same period last year. This includes a noncash $1.8 million inventory reserve related to Express Gen1 parts. Excluding these reserve charges, adjusted gross margin would have been approximately 60%. For the remainder of the year, we expect adjusted gross margin to be in the 54% to 56% range, reflecting more in-house purchase fulfillment instead of distribution fulfillment, as John just mentioned.

第二季調整後的毛利率為 55%，去年同期為 59%。其中包括與 Express Gen1 零件相關的 180 萬美元非現金庫存儲備。不計這些準備金費用，調整後的毛利率約為 60%。對於今年剩餘時間，我們預計調整後的毛利率將在 54% 至 56% 之間，這反映出更多的是內部採購履行而不是分銷履行，正如約翰剛才所提到的。

Additionally, we have won several very large education contracts deploying in the second half that include higher order volumes of eXpedite. Adjusted operating expenses, which excludes stock-based compensation, loss on impairment of equipment and certain other onetime expenses were $21.6 million compared to $26.7 million in the second quarter of last year. This 19% year-over-year decline reflects the actions we've taken over the last year to reduce spend and improve overall efficiency of the business. We are seeing early signs of the improving operating leverage in our business model.

此外，我們在下半年贏得了幾份非常大的教育合同，其中包括更高數量的 eXpedite 訂單。調整後的營業費用（不包括股票薪酬、設備減損損失和某些其他一次性費用）為 2,160 萬美元，而去年同期為 2,670 萬美元。與去年同期相比下降了 19%，反映了我們在過去一年中為減少開支和提高業務整體效率所採取的措施。我們已經看到了我們的商業模式中經營槓桿不斷提高的早期跡象。

Adjusted EBITDA, which excludes stock-based compensation and other onetime items, was a positive $2 million in Q2 of '25 compared to a loss of $8 million in the second quarter of last year. This resulted in adjusted EBITDA margin of 6% in the second quarter of 2025.

調整後的 EBITDA（不含股票薪酬和其他一次性項目）在 2025 年第二季為正 200 萬美元，而去年第二季則虧損 800 萬美元。這導致 2025 年第二季的調整後 EBITDA 利潤率為 6%。

Turning to the balance sheet. Cash, cash equivalents and marketable securities increased $2 million sequentially to $37 million, up from $35 million at the end of Q1. This is the first quarter we have delivered a sequential increase in cash. This primarily reflected tighter inventory management, stronger overall collection activity, the timing of tax payments withheld for participants in our employee stock plans as well as insurance reimbursements for which we had previously accrued.

轉向資產負債表。現金、現金等價物和有價證券環比增加 200 萬美元，達到 3,700 萬美元，高於第一季末的 3,500 萬美元。這是我們第一個季度實現現金連續成長。這主要反映了更嚴格的庫存管理、更強勁的整體收款活動、員工股票計畫參與者預扣稅款的時間以及我們之前累積的保險報銷。

Cash flow generated in operations was $2.1 million in Q2, improving significantly from the $21.6 million used in the same quarter last year. This is the best year-over-year increase in cash flow from operations by far.

第二季營運產生的現金流為 210 萬美元，較去年同期的 2,160 萬美元大幅改善。這是迄今為止經營活動現金流較去年同期成長最好的一次。

A couple of items bring to the attention of shareholders that occurred after the quarter ended. In July, we strengthened our balance sheet by securing a new $75 million non-dilutive credit facility, which we closed on and announced two weeks ago. This facility provides additional financial flexibility to support the increasing demand for our subscription-based sales model, which brings with it the highest level of ARR available among our various sales models.

本季結束後發生的幾件事引起了股東的注意。7 月份，我們透過獲得一筆新的 7,500 萬美元非稀釋性信貸額度來加強我們的資產負債表，兩週前我們完成並宣布了此項信貸額度。該設施提供了額外的財務靈活性，以支持我們基於訂閱的銷售模式日益增長的需求，該模式帶來了我們各種銷售模式中最高水平的 ARR。

The facility includes a $60 million tranche term loan, $30 million of which was drawn at close with the remaining $30 million available for draw at our sole discretion over the next two years. It also includes a $15 million undrawn revolving credit facility. Both the term loan and revolver carry five-year maturities. We think investors should expect interest expense of about $250,000 per month for the last five months of the year related to this credit facility.

該貸款包括一筆 6000 萬美元的分期定期貸款，其中 3000 萬美元已在期末提取，剩餘 3000 萬美元可在未來兩年內由我們自行決定提取。它還包括一筆 1500 萬美元的未提取循環信貸額度。定期貸款和循環貸款的期限均為五年。我們認為，投資者預計今年最後五個月與該信貸安排相關的每月利息支出約為 25 萬美元。

As John mentioned, last week, the parties involved in the previously reported securities class action lawsuit pending in the District of Massachusetts participated in the mediation and reached a settlement in principle in the amount of $15 million. This settlement is subject to negotiation of definitive documentation and court approval. Our direct financial exposure is expected to be no more than $1 million, which represents the retention under one of our applicable D&O insurance policies.

正如約翰所提到的，上週，先前報道的馬薩諸塞州地區待決證券集體訴訟的各方參與了調解，並達成了 1500 萬美元的原則和解協議。和解協議需經過最終文件談判和法院批准。我們的直接財務風險預計不超過 100 萬美元，這代表了我們適用的 D&O 保險政策之一下的保留金額。

Turning to our outlook for 2025. Given the strength of our first half results, the growing backlog and momentum we are seeing in the business, we are raising our expectations for the full year. We expect total revenue to grow by 27% to 30% in 2025 to be between $132 million and $135 million this year. This is up from our prior guidance, which called for revenue of between $125 million and $130 million.

展望 2025 年。鑑於我們上半年業績的強勁表現、不斷增長的積壓訂單以及業務發展勢頭，我們提高了對全年的預期。我們預計 2025 年總營收將成長 27% 至 30%，達到今年的 1.32 億美元至 1.35 億美元之間。這高於我們先前的預期，即營收在 1.25 億美元至 1.3 億美元之間。

While we continue to believe that the long-term growth of our business will be driven by our pure subscription model, which maximizes ARR, several larger education market transactions expected to close in Q3 have a heavier direct purchase structure, which will drive more upfront revenue with lower near-term gross margin.

雖然我們仍然相信，我們業務的長期成長將由我們的純訂閱模式驅動，該模式可以最大化 ARR，但預計在第三季度完成的幾筆較大的教育市場交易具有更重的直接購買結構，這將帶來更多的前期收入，但短期毛利率會更低。

While the direct purchase model carries this near-term gross margin headwind compared to the distribution purchase method, it delivers a stronger long-term outcome, both for the business and our shareholders given the higher ARR it generates.

雖然與分銷購買方式相比，直接購買模式在短期內會面臨毛利率阻力，但鑑於其產生的 ARR 更高，無論對企業還是股東而言，它都能帶來更強勁的長期收益。

We expect adjusted gross margin to be in the range of 54% to 56% for the remainder of the year, not due to ARPU compression or competitive pressure, but because of our shift to in-house purchase fulfillment and the timing of several large education contracts involving high volumes of eXpedite, a newer product still scaling to full cost efficiency.

我們預計今年剩餘時間的調整後毛利率將在 54% 至 56% 之間，這並不是因為 ARPU 壓縮或競爭壓力，而是因為我們轉向內部採購履行，以及涉及大量 eXpedite 的幾份大型教育合約的時間安排，eXpedite 是一種較新的產品，仍在向完全成本效率擴展。

In the second half of the year, IP license fees will be phased out as we transition back to the direct purchase method from distribution. With strong top-line growth and continued focus on expense management, we expect to deliver positive full year adjusted EBITDA in 2025 with full year adjusted EBITDA margins in the mid-single digits compared to our previous guidance, which called for margins in the low to mid-single digits. We remain on track to again be cash flow positive in the fourth quarter of 2025.

下半年，隨著我們從分銷方式轉回直接購買方式，IP授權費用將逐步取消。憑藉強勁的營收成長和對費用管理的持續關注，我們預計 2025 年全年調整後 EBITDA 將為正，全年調整後 EBITDA 利潤率將達到中等個位數，而我們之前的預期是利潤率將達到低至中等個位數。我們仍有望在 2025 年第四季再次實現現金流為正。

With that, I'll turn the call back to Brian.

說完這些，我就把電話轉回給布萊恩。

Thank you, Chris. At this time, we'd like to open the call to Q&A. (Conference Instructions)

謝謝你，克里斯。現在，我們想開始問答環節。（會議指示）

Question-and-Answer Session

問答環節

(Operator Instructions)

（操作員指示）

Jeremy Hamblin, Craig-Hallum.

傑里米·漢布林、克雷格·哈勒姆。

Congrats on the strong momentum in the business. I thought I might start with just understanding in the back half of the year and really on a go-forward basis, what do you expect the mix to be of kind of the, let's call it, full subscription deals, the lease deals versus a purchase subscription deal that you're fulfilling in-house? What is the mix that you're expecting on that?

祝賀業務發展勢頭強勁。我想我可能首先要了解下半年的情況，然後真正從未來的角度看，您預計這種組合會是什麼樣的，我們稱之為完整訂閱交易、租賃交易與您內部完成的購買訂閱交易？您期望的混合是什麼樣的？

Jeremy, it's Chris. Thanks for the question. As you've seen, the business mix of product shift this -- the first part of the year it will depend in any one quarter or period of time you're looking on do we have a large order that could skew that mix in any single direction. We have been expecting to see more subscription over time, especially as we take down the distribution purchase method that we touched on a couple of times in the prepared remarks. So you should be seeing a longer-term shift towards more subscription.

傑瑞米，我是克里斯。謝謝你的提問。如您所見，產品業務組合的變化——在今年上半年，這將取決於您所關注的任何季度或時間段，我們是否有一個大訂單可能會使該組合向任何一個方向傾斜。我們一直期待隨著時間的推移看到更多的訂閱，特別是當我們取消在準備好的評論中幾次提到的分銷購買方式時。因此，從長期來看，你應該會看到訂閱量增加的趨勢。

As we get into 2026, probably a little bit more balanced towards 50-50, but we'll talk more about that in the second half. Hopefully, that gives you some direction of what we've seen in the near-term and some of the things we have to consider in the mix do depend on some large deals in any particular period.

當我們進入 2026 年時，可能會更加平衡，達到 50-50 的比例，但我們將在下半年討論這個問題更多。希望這能為你提供一些我們近期所看到的方向，我們必須考慮的一些事情確實取決於任何特定時期的一些大型交易。

Understood. Helpful. And then I wanted to get an understanding, as you've gone through this new certified preowned program, repurposing the Gen1 Express machines. First, how much does it cost to refurbish those machines to make them CPO ready? And I wanted to get a sense for the traction that you're seeing on that program to help install -- because really, I guess it's about installing just more total units out there in your base.

明白了。很有幫助。然後我想了解一下，因為您已經完成了這個新的認證二手貨計劃，重新利用了 Gen1 Express 機器。首先，翻新這些機器以使其適合 CPO 需要花費多少錢？我想了解您在該計劃中看到的有助於安裝的牽引力——因為實際上，我猜這只是關於在您的基地安裝更多的總單元。

Jeremy, this is John. So the program is brand new. We actually have released a brand name for it. It's called Evolv Flex, and that is where we redeploy units that were previously leased. In terms of refurbishment costs, we're doing our very best to keep those costs as reasonable as possible and make sure that we provide the experience for our customers that flex us and the experience that we want them to have. I'm pleased to say that we've received our first orders for the Flex program, but it's still early in the life cycle of that.

傑里米，這是約翰。所以這個程式是全新的。我們實際上已經為它發布了一個品牌名稱。它被稱為 Evolv Flex，我們在這裡重新部署以前租賃的單位。在翻新成本方面，我們正在盡最大努力將這些成本保持在盡可能合理的水平，並確保為客戶提供能夠讓我們發揮創意的體驗以及我們希望他們擁有的體驗。我很高興地說，我們已經收到了 Flex 計劃的首批訂單，但該計劃仍處於生命週期的早期階段。

Shaul Eyal, TD Cowen.

沙烏爾·埃亞爾（Shaul Eyal），考恩（Cowen）TD。

Lots of great news, no doubt. Business is accelerating. What's the thinking with respect to hiring for the remainder of the year? And maybe as a follow-up, so the increase in revenue is highly notable when compared with prior quarters. Does it mean ARR accelerates for the remainder of the year? I know you don't guide to ARR, but I would imagine there could be some positive correlation here. Am I thinking correctly about it?

毫無疑問，有許多好消息。業務正在加速發展。對於今年剩餘時間的招募您有什麼想法？也許作為後續行動，與前幾季相比，收入的成長非常顯著。這是否意味著 ARR 在今年剩餘時間內將會加速成長？我知道您不指導 ARR，但我想這裡可能存在一些正相關性。我的想法正確嗎？

Shaul, this is Chris. I'll start and ask John to add any color. Maybe you asked about headcount, I think, and hiring through the rest of the year.

沙烏爾，這是克里斯。我會開始並要求約翰添加任何顏色。我想，也許您詢問的是員工人數以及今年剩餘時間的招募情況。

Correct.

正確的。

Probably we have been hiring in very targeted areas, R&D and some of our services teams. But it's in the low single-digit percentage- wise in terms of total headcount. Our total OpEx is approximately now where you should think about it through the rest of the year, although you could see a slight uptick for the SOX and automation investment that I talked about in Q1, if you remember, where that will ramp a bit in the second half. And there will be some additional targeted headcount adds in the second half, but nothing major.

我們可能一直在非常有針對性的領域、研發和一些服務團隊中招募人才。但從總人數來看，這一比例處於較低的個位數。我們現在的總營運支出大約是您應該在今年剩餘時間考慮的水平，儘管您可能會看到我在第一季談到的 SOX 和自動化投資略有上升，如果您還記得的話，下半年這一數字還會略有上升。下半年還會有一些額外的目標員工增加，但不會是重大的。

And I'll just add a little color on the service organization. As we talked about in Q1, we have in-sourced the delivery of our field service. So that service hiring is us continuing to finish doing that work.

我只想為服務組織添加一點色彩。正如我們在第一季所討論的，我們已經將現場服務的交付外包出去了。因此，服務僱用就是我們繼續完成這項工作。

You also asked about ARR a bit, and I'll give you a little bit of color on that. You're right, we don't guide specifically on ARR. That said, you should expect ARR to, of course, lag or be less than the total revenue growth because of the IP license fees that we had in the first half. And there, of course, will be some purchase arranged deals in the second half that will just take away from the pure subscription, which would match revenue. So there will always be a gap in between those two, naturally speaking.

您還詢問了一些有關 ARR 的問題，我將對此進行一些詳細說明。你說得對，我們並沒有專門針對 ARR 進行指導。話雖如此，由於我們上半年的 IP 授權費，你應該預期 ARR 當然會落後或低於總收入成長。當然，下半年還會有一些購買安排交易，這些交易將從純訂閱中扣除，從而與收入相符。因此，自然而言，這兩者之間總是會存在差距。

And quite -- maybe to wrap that up, that is largely dependent on customer purchasing requirements where they have to treat some as a CapEx or not, whether that's a government customer, whether that's a school, whether that's somebody else, that's largely driven by customer choice.

總而言之，這在很大程度上取決於客戶的購買要求，他們必須將其中一些視為資本支出，無論是政府客戶、學校客戶還是其他人，這在很大程度上取決於客戶的選擇。

Eric Martinuzzi, Lake Street Capital Markets.

Eric Martinuzzi，Lake Street Capital Markets。

I wanted to address the renewals. I know you're early on in the renewal process with your installed base. But just curious to know if you've picked up anything as far as the -- either the gross renewal, the net revenue retention? What can you tell us about renewals?

我想談談續約問題。我知道您剛開始更新您的客戶群。但我只是好奇想知道您是否對總續約或淨收入保留有任何了解？您能告訴我們有關續約的哪些資訊？

Yes. Last quarter, we said that about 400 units will be up for a natural renewal in 2025. It's a natural expiration of their four-year date. And we also talked about the FTC resolution and what we saw there with 237 units across 65 customers and a 94% net unit retention. To update on the 400 units, about 200 of those were actioned in the first half, 40 of which were actually from the second half. So the team is doing a good job moving ahead and derisking renewals. And because some of those customers also expanded, we saw a net unit retention of over 100%.

是的。上個季度，我們表示，到 2025 年，大約有 400 個單位將進行自然更新。這是四年期限的自然到期。我們也討論了聯邦貿易委員會的決議，以及我們看到的情況：65 個客戶擁有 237 個單位，淨單位保留率為 94%。更新一下這 400 個單位，其中大約 200 個單位是在上半年採取行動的，而實際上有 40 個單位是在下半年採取行動的。因此，該團隊在推進和降低續約風險方面做得很好。而且由於其中一些客戶也擴大了規模，我們的淨單位保留率超過了 100%。

I'll remind you that these numbers, 400, the 237, they're still relatively very small. We're talking about less than 5% of the units that we have out there. So we're focused on it and pleased on the early signs that we're seeing.

我要提醒你，這些數字，400，237，它們相對來說仍然很小。我們談論的是目前我們擁有的不到 5% 的單位。因此，我們對此非常關注，並對所看到的早期跡象感到高興。

Gareth Gacetta, Cantor Fitzgerald.

加雷思·加塞塔 (Gareth Gacetta)、菲茨傑拉德領唱者。

We're excited about the color you gave on the different end markets and definitely looks like there's some good momentum in education. I was wondering if you could just kind of give us some puts and takes as to where you might see the biggest opportunity in terms of end markets over the next year or so.

我們對您為不同終端市場賦予的色彩感到非常興奮，而且看起來教育領域確實出現了一些良好的勢頭。我想知道您是否可以給我們一些關於未來一年左右終端市場最大機會的預測。

We like the diversity that we have across the verticals, education, sports and entertainment, healthcare, we talk about quite a bit. We also talked about some wins that we've had in industrial workplaces that we're pleased about and the fact that we have a pretty good vertical mix with overdependence in any one of those that I mentioned. And we hope to see that continue and see more opportunities come up. We're also looking at the office space market with some unfortunate events that have occurred, and we want to diversify as much as possible. We think our application is very horizontal in its solution for security use cases.

我們喜歡我們在垂直領域、教育、體育和娛樂、醫療保健等方面的多樣性，我們談論了很多。我們也談到了我們在工業工作場所取得的一些令我們高興的勝利，以及我們在我提到的任何一個方面都擁有相當好的垂直組合和過度依賴的事實。我們希望這種情況能夠持續下去，並看到更多的機會出現。我們也關注辦公空間市場，因為市場上發生了一些不幸的事件，我們希望盡可能地多元化。我們認為我們的應用程式在安全用例解決方案方面非常水平。

Great. And if I could just sneak in one follow-up here. On the new credit line, I guess, if you guys end up kind of driving this full service lease a little bit faster than you expect, could you see yourself pulling down that second draw of the credit line sooner than you might expect? Or just can you provide any color on when you might actually go and pull down that second part of the line?

偉大的。如果我可以在這裡偷偷跟進一下的話。關於新的信用額度，我想，如果你們最終以比預期更快的速度推動這項全方位服務租賃，那麼您是否會發現自己會比預期更快地提取第二筆信用額度？或者您能否提供一些細節，說明何時會真正去拉下該線路的第二部分？

Yes, you bet. Thanks for the question. Well, I would point you to the momentum in the business that we have right here in front of us, including being cash flow positive this quarter. That non-dilutive, I guess, alternative that we have with the debt facility does give us the ability and more horsepower when we need it. But that first $30 million, if you look at our business today, should serve us for a while. Yes, I wouldn't want to be talking too much on '26, '27 or other hypotheticals at this point.

是的，沒錯。謝謝你的提問。好吧，我想向你指出我們目前業務的發展勢頭，包括本季的現金流為正。我想，我們透過債務融資所獲得的這種非稀釋性替代方案確實在我們需要時賦予了我們能力和更強大的動力。但如果你看看我們今天的業務，最初的 3000 萬美元應該能為我們服務一段時間。是的，我現在不想談論太多關於 26、27 或其他假設。

(Operator Instructions)

（操作員指示）

Mike Latimore, Northland Capital Markets.

麥克‧拉蒂莫爾 (Mike Latimore)，北國資本市場 (Northland Capital Markets)。

Megan, why don't we see if there's any other callers that have a question, we can come back to Mike.

梅根，我們看看是否有其他來電者有問題，我們可以再找麥克。

Jeremy Hamblin.

傑里米·漢布林。

I wanted to come back to the margin commentary. And in particular, look at the adjusted gross margin guidance for 54% to 56%. You noted kind of a shift in fulfillment, also some early fulfillment in the eXpedite product, which is still ramping on production. But can you give us a sense for as you progress through this shift in kind of full subscription and bringing everything in-house, how should we think about that gross margin evolving, no pun intended as we get into kind of a year from now?

我想回到邊注部分。特別是，調整後的毛利率預期為 54% 至 56%。您注意到履行方面出現了某種轉變，eXpedite 產品也出現了一些早期履行，目前仍在加大生產力度。但是，您能否告訴我們，隨著您逐步實現完全訂閱並將所有業務轉移到內部，我們應該如何看待毛利率的變化，這不是雙關語，因為我們將進入一年後？

Yes. Thanks, Jeremy. We're not going to guide on '26 just yet. You said something I just want to clarify. As things move from distribution purchase method to direct purchase method, we've talked a little bit about the puts and takes there on the near-term gross margin. But we still will be offering and expect a considerable amount of pure subscription all in for this business this year and forever into the future. And so I wasn't sure, first of all, if that was the intent of your question. But it is the factors that we mentioned before. The reason for the new range of adjusted gross margin of 54% to 56% is not from competitive pressure. It is the shift to more in-house and the mix of very large deals that we see coming in the second half that's coming with it. So I just want to make sure, hopefully, that's clear and answers your question.

是的。謝謝，傑里米。我們暫時還不會對 26 進行指導。你說了一些我只是想澄清一下。隨著從分銷採購方式轉向直接採購方式，我們已經討論了一些有關近期毛利率的優缺點。但我們仍然會提供並期望今年以及未來為這項業務提供大量的純訂閱服務。因此，首先我不確定這是否是你提問的目的。但這是我們之前提到的因素。新的調整後毛利率範圍為54%至56%的原因並非來自競爭壓力。我們預計下半年將會出現更多向內部轉型的趨勢以及一系列大型交易。所以我只是想確保，希望這很清楚並且能夠回答你的問題。

No, that was definitely clear. Okay. And then just --

不，這絕對很清楚。好的。然後就--

And Jeremy, I'll add one thing, as we continue to look in the future, we've talked about looking for the opportunities and seeing some in terms of driving the maximum value out of the business. Gross margin and gross profit would not be the same thing as we're focused on building ARR and compounding ARR.

傑里米，我想補充一點，隨著我們繼續展望未來，我們已經討論了尋找機會，並在從業務中實現最大價值方面尋找一些機會。毛利率和毛利不是一回事，因為我們專注於建立 ARR 和複合 ARR。

Right. Because remember, as we shift, to John's point, as we move what was a distribution sale to a direct purchase sale, we get higher ARR on that. We get more revenue. It does come with a near-term, very near-term gross margin trade-off, but we get more gross profit dollars and it's positive NPV when you compare them.

正確的。因為請記住，正如約翰所說，當我們將分銷銷售轉變為直接購買銷售時，我們會獲得更高的 ARR。我們獲得了更多的收入。它確實伴隨著短期、非常短期的毛利率權衡，但我們獲得了更多的毛利，而且當你比較它們時，它的 NPV 是正的。

It also sets us up very well when we renew this quarter, four years down the road, it will be renewed at a higher rate. And that's why we're shifting this, a, because foundationally, we're in a better financial position; b, we have the debt facility if we were to need it, just related to the prior question. And lastly, it's the best net present value for the company and our shareholders all in.

當我們續簽本季合約時，這也為我們做好了充分的準備，四年後，合約續約率將更高。這就是我們改變這一做法的原因，a，因為從根本上來說，我們的財務狀況更好；b，如果需要的話，我們有債務融資能力，這與前面的問題有關。最後，這是對公司和股東而言最好的淨現值。

In terms of the higher ARR, is it about 30% higher when you're doing those deals over the --

就更高的 ARR 而言，當你在做這些交易時，它會高出 30% 左右嗎？--

30% higher.

高出30%。

Jeremy, it's substantially higher. I haven't disclosed the exact amount. In the distribution model, remember, the equipment never touches our books. Our channel partners purchase it directly from a disti. Now our channel partners are purchasing from us. So we see the entire revenue of the hardware and that purchase price in that hardware is slightly different. The delta that we saw in the values of the two deals, which is very significant, largely came out of ARR. So the ARR is substantially higher on the purchase subscriptions.

傑里米，這個數字要高得多。我還沒有透露具體金額。請記住，在分銷模式中，設備永遠不會接觸我們的書籍。我們的通路夥伴直接從分銷商購買。現在我們的通路夥伴正在向我們採購。因此，我們看到硬體的整個收入和硬體的購買價格略有不同。我們看到兩筆交易的價值差異非常顯著，這主要來自於 ARR。因此，購買訂閱的 ARR 要高得多。

Mike Latimore, Northland Capital Markets.

麥克‧拉蒂莫爾 (Mike Latimore)，北國資本市場 (Northland Capital Markets)。

This is Aditya on behalf of Mike Latimore. Could you give some color on if you're seeing more interest from the California hospitals?

我是邁克·拉蒂莫爾 (Mike Latimore) 的代表阿迪亞 (Aditya)。您能否透露一下加州醫院是否對此更感興趣？

Healthcare continues to be a strong vertical for us as hospitals and hospital provider networks focus on both patient and healthcare worker safety. I see the -- we see the California legislation as a further tailwind and just more attention on the importance of workplace safety in the healthcare environment. We have secured some wins, healthcare wins in California, and we remain focused on that specific opportunity, just like we focus on healthcare overall across of the nation.

由於醫院和醫院提供者網路關注病患和醫護人員的安全，醫療保健仍然是我們強大的垂直領域。我認為——我們認為加州的立法將帶來進一步的推動力，並更加關注醫療保健環境中工作場所安全的重要性。我們已經取得了一些勝利，在加州的醫療保健領域取得了一些勝利，我們將繼續關注這一特定機會，就像我們關注全國的整體醫療保健一樣。

I'll remind you that the time line for that legislative action ends out in 2027. That's how long hospitals have in California to meet those requirements. So we're going to continue to work with customers there (inaudible).

我要提醒您，該立法行動的截止日期為 2027 年。這就是加州醫院滿足這些要求的時間。因此我們將繼續與那裡的客戶合作（聽不清楚）。

Got it. And do you expect to see some demand internationally at some point?

知道了。您是否預計在某個時候會看到國際上的需求？

We do see some international demand, and we do have a small but growing business in international markets, and we're spending time focusing on how we make our delivery international more efficient, so we could see the largely inbound demand that we get there today.

我們確實看到了一些國際需求，而且我們在國際市場上的業務規模雖小但正在不斷增長，我們正在花時間關注如何讓我們的國際交付更加高效，因此我們可以看到今天我們面臨的大部分入境需求。

Yes. International will continue to be an important part in our track to get to 8,000 units by the end of the quarter for sure. I think that was our last caller. So we're going to turn it back over to John for his final remarks.

是的。國際市場將繼續成為我們在本季末達到 8,000 台目標的重要組成部分。我想那是我們最後一個來電者。因此，我們將把時間交還給約翰，請他做最後的發言。

Yes. So to quickly recap, we are delighted to report the solid Q2 financial results, highlighted by strong growth in revenue, ARR and RPO with 6% adjusted EBITDA margins and positive cash flow of $2 million.

是的。因此，簡單回顧一下，我們很高興地報告穩健的第二季度財務業績，其中突出的是收入、ARR 和 RPO 的強勁增長，調整後的 EBITDA 利潤率為 6%，正現金流為 200 萬美元。

We're honored to add more than 60 new customers this quarter and to further support the significant expansions we are seeing across our existing customer base.

我們很榮幸本季增加了 60 多家新客戶，並進一步支持我們現有客戶群的顯著擴張。

We are proud to now be trusted security partner for over 1,000 customers globally and looking forward to having over 8,000 units deployed at year-end.

我們很自豪能夠成為全球 1,000 多家客戶值得信賴的安全合作夥伴，並期待在年底部署超過 8,000 套設備。

Over the past few quarters, we focused on stabilizing the unit of the business, optimizing our cost structure and implementing enhanced controls and process improvements.

在過去的幾個季度中，我們專注於穩定業務部門、優化成本結構以及實施加強控制和流程改善。

More recently, we're pleased that DOJ informed us that the company is no longer the subject of a DOJ investigation, and we reached a settlement in principle with the class action lawsuit.

最近，我們很高興地收到司法部通知，該公司不再是司法部調查的對象，我們已就集體訴訟達成了原則上的和解。

We are seeing clear signs of momentum in the business, given the strength of our first half results, our growing backlog and our visibility for the remainder of the year. Based on that, we have raised our full year growth expectations.

鑑於我們上半年業績的強勁、不斷增長的積壓訂單以及今年剩餘時間的可預見性，我們看到了業務成長勢頭的明顯跡象。基於此，我們上調了全年成長預期。

Looking ahead, our focus remains on building a durable, high-growth business with highly predictable results. We look forward to connecting with as many investors as possible during this outreach period and keeping you updated on our ongoing progress. Thank you, and have a good evening.

展望未來，我們的重點仍然是打造一個持久、高成長且結果高度可預測的業務。我們期待在此拓展期間與盡可能多的投資者建立聯繫，並隨時向您通報我們的進展。謝謝，祝您晚上愉快。

Thank you for joining. This concludes today's call. You may now disconnect.

感謝您的加入。今天的電話會議到此結束。您現在可以斷開連線。