Evolv Technologies Holdings Inc (EVLV) 2025 Q3 法說會逐字稿

Good afternoon and welcome to the Evolve Technology 3rd quarter earnings results conference call. All participants are in a listen-only mode. Later we will conduct a question-and-answer session, and instructions will follow at that time. As a reminder, this conference call is being recorded. I would now like to introduce your host for today's call, Brian Norris, senior Vice President of Finance and Investor relations for Evolve Technology. Please go ahead, sir.

下午好，歡迎參加 Evolve Technology 第三季財報電話會議。所有參與者均處於唯讀模式。稍後我們將進行問答環節，屆時會給予具體指示。再次提醒，本次電話會議正在錄音。現在我謹向大家介紹今天電話會議的主持人，Evolve Technology 的高級副總裁兼財務和投資者關係負責人 Brian Norris。請繼續，先生。

Thank you, Megan, and good afternoon. Welcome to today's call. I'm joined by John Kedzierski, our President and CEO, and Chris Kutsor, our CFO. Earlier today, after market close, we issued a press release detailing our 3rd quarter 2025 results and full year outlook.

謝謝你，梅根，下午好。歡迎參加今天的電話會議。與我一同出席的還有我們的總裁兼執行長約翰·凱齊爾斯基，以及我們的財務長克里斯·庫特索爾。今天早些時候，在股市收盤後，我們發布了一份新聞稿，詳細介紹了我們 2025 年第三季的業績和全年展望。

Release is filed with the SEC and available on the investor relations section of our website where you will also find a supplementary slide highlighting the benefits of our transition to our direct distribution model which we'll reference during the call. During today's call, we will make forward-looking statements within the meaning of the safe harbour provisions of the Private Securities Litigation Reform Act of 1995.

新聞稿已提交給美國證券交易委員會，並可在我們網站的投資者關係部分查閱，您也可以在那裡找到一份補充幻燈片，重點介紹我們向直接分銷模式過渡的好處，我們將在電話會議中提及該幻燈片。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。

These statements 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. All forward-looking statements are subject to material risks, uncertainties, and assumptions, some of which are beyond our control.

這些聲明涉及我們目前對未來事件的預期和看法，包括但不限於有關我們未來營運、成長和財務業績、成長潛力和獲得新客戶的能力、對我們產品和服務的需求以及我們實現業務預期的能力的聲明。所有前瞻性陳述均受重大風險、不確定性和假設的影響，其中一些是我們無法控制的。

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 10k for the year ended December 31, 2024 filed with the SEC on April 28th, 2025, and our quarterly report on Form 10Q for the three months ended September 30th, 2025 filed with the SEC earlier today.

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聲明存在重大差異，包括但不限於我們在 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 日止年度的 10-K 表格年度報告中「風險因素」標題下列出的美國證券10-Q 表格季度報告中列出的風險因素。

The forward-looking statements made today represent our views as of November 13, 2025. Although we believe the expectations reflected in these statements are reasonable, we cannot guarantee that future results, performance, or the events and circumstances reflected therein will be achieved or will occur.

今天發表的前瞻性聲明代表我們截至 2025 年 11 月 13 日的觀點。儘管我們認為這些聲明中反映的預期是合理的，但我們無法保證未來的結果、業績或其中反映的事件和情況將會實現或發生。

Except as may be required by applicable law, we disclaim any obligation to update them to reflect future events or circumstances. 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, adjusted earnings and adjusted earnings per diluted share.

除適用法律另有規定外，我們不承擔任何更新這些資訊以反映未來事件或情況的義務。我們今天的評論還將包括非GAAP財務指標，我們認為這些指標可以為投資者提供更多見解。這些措施不應脫離依照公認會計原則編製的財務資訊而單獨考慮，也不應作為其替代品。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、調整後的 EBITDA 利潤率、調整後的收益和調整後的每股稀釋收益。

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 AR.

這些非GAAP指標與最直接可比較的GAAP指標之間的調節表，請參閱我們今天發布的新聞稿。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名稱的指標有所不同。我們將討論關鍵的營運指標，例如年度經常性收入或 AR。

Remaining performance obligation or RPO, both of which we believe are helpful to investors in understanding the progress we are making as a business. One last item we have an active IR schedule coming up, including the Craig Hallam Alpha Select Conference next week in New York and two events in December the UBS Technology Conference in Scottsdale and the Northland Capital Conference, which is being held virtually. We will also be on the road this quarter at several financial centres across the country. For more information, please contact me at b Norris@evolvetechnology.com.

剩餘履約義務或 RPO，我們認為這兩項指標都有助於投資人了解我們作為一家企業所取得的進展。最後一點，我們接下來將有一系列活躍的投資者關係活動，包括下週在紐約舉行的 Craig Hallam Alpha Select 會議，以及 12 月在斯科茨代爾舉行的瑞銀科技會議和以線上形式舉行的北地資本會議。本季我們也將前往全國多個金融中心進行巡迴拜訪。如需了解更多信息，請透過 b Norris@evolvetechnology.com 與我聯繫。

With that, I'd like to turn the call over to John.

接下來，我想把電話交給約翰。

Thank you, Brian and thanks to everyone for joining us today. Our results throughout the year demonstrate meaningful progress toward greater consistency and stability across the organization. We're moving closer to our goal of building a scalable, high growth business with predictable performance. Our focus remains on disciplined execution and an unwavering commitment to our customers' success.

謝謝布萊恩，也謝謝今天所有到場的各位。我們全年的業績表明，公司在提高組織整體一致性和穩定性方面取得了顯著進展。我們正朝著打造可擴展、高成長且業績可預測的企業這一目標邁進。我們始終專注於嚴謹的執行和對客戶成功的堅定承諾。

Our Q3 results reflect the latest steps on that journey. Revenue was $42.9 million up 57% year over year, driven by strong new customer acquisition and expanded appointments within existing customers, as well as higher one-time product revenue associated with certain customer wins, including the largest customer contract in the company's history.

我們第三季的業績反映了我們在這一進程中取得的最新進展。營收為 4,290 萬美元，年成長 57%，這主要得益於新客戶的強勁成長和現有客戶預約量的增加，以及與某些客戶簽約相關的單次產品收入的提高，其中包括公司歷史上最大的客戶合約。

We have also benefited from the completion of certain short-term subscription contracts, including the premier international soccer tournament we supported over the summer. Chris will get into more detail on revenue in a few minutes. Our overall visibility continued to strengthen with Q3 marking the strongest booked to deployed unit ratio in the company's history. Thanks to the changes we have been sharing with investors in our go to market model, we expect 2026 to be an inflection point where Evolv's ARR growth will outpace revenue growth.

我們也受益於某些短期訂閱合約的完成，包括我們今年夏天贊助的頂級國際足球錦標賽。克里斯稍後會更詳細地介紹收入狀況。第三季度，公司整體市場可見度持續增強，預訂量與交付量比創下公司歷史新高。由於我們一直在與投資者分享我們的市場推廣模式的改變，我們預計 2026 年將是一個轉捩點，屆時 Evolv 的 ARR 成長將超過收入成長。

Let me explain that encouraging trend a bit further which we introduced to investors on our prior call. While we are delighted with 57% year over year revenue growth, it is important to note that our deployed unit count grew by about 30% year over year, which we believe provides a more normalized view of the fundamentals of the business. The GAAP between revenue growth and unit growth is primarily based on two factors.

讓我進一步解釋一下我們在上次電話會議上向投資者介紹的這一令人鼓舞的趨勢。雖然我們對 57% 的年成長率感到高興，但值得注意的是，我們的部署單元數量比去年同期成長了約 30%，我們認為這能更客觀地反映業務的基本面。GAAP（美國通用會計準則）中，收入成長與銷售成長之間的關係主要基於兩個因素。

First, it reflects the trailing impact of our legacy distribution fulfilment model, which results in a higher proportion of the total contract value taken in the immediate period, lower ARR and lower total contract revenue as compared to direct purchase fulfilment. The second factor driving the delta between revenue growth and unit growth is a higher proportion of purchase per subscription sales, or [RX].

首先，它反映了我們傳統的經銷履行模式的後續影響，導致在短期內收取的合約總價值比例較高，年度經常性收入和合約總收入低於直接購買履行模式。導致收入成長與銷售成長差異的第二個因素是訂閱銷售額中購買比例較高，或者說，[RX]。

Specifically, units purchased by our customers represented 57% of unit activity in Q3 compared to 41% in the year ago period. By transitioning away from our legacy distribution model, we now capture 100% of the average revenue per unit, or [ARPU].

具體而言，客戶購買的商品數量佔第三季商品總量的 57%，而去年同期為 41%。透過拋棄傳統的經銷模式，我們現在可以獲得每單位平均收入的100%，或者說[ARPU]。

This shift increases recurring revenue over the 4-year subscription term and delivers back to evolve a higher level of cash per unit. To illustrate the differences between distribution and direct fulfilment, we've created a chart and posted it on our investor relations website. While we have largely completed the move away from the distribution fulfilment model and we have also repriced our solutions effective July 1 to emphasize software and ARR.

這種轉變增加了 4 年訂閱期內的經常性收入，並帶來了更高的單位現金流。為了說明分銷和直接交付之間的區別，我們製作了一張圖表，並將其發佈在我們的投資者關係網站上。雖然我們已經基本完成了從分銷履行模式的轉變，並且從 7 月 1 日起重新調整了解決方案的價格，以強調軟體和 ARR。

It will take some time for our revenue recognition to match our new pricing. As a result, in Q3, we saw higher one-time product revenue related to the prior distribution model and associated revenue recognition treatment.

我們的收入確認需要一段時間才能與新的定價機制相符。因此，在第三季度，我們看到與先前的分銷模式和相關的收入確認處理相關的一次性產品收入較高。

Over time, our revenue recognition will more closely match our pricing, and the majority of our ARPU will be an ARR instead of one-time product revenue. In summary, the trailing effects of distribution fulfilment and a higher proportion of purchase units drove revenue to outpace unit and Aar growth.

隨著時間的推移，我們的收入確認將與我們的定價更加緊密地匹配，我們的 ARPU 大部分將是 ARR，而不是一次性產品收入。總而言之，分銷履行和購買單位比例的提高帶來的後續影響，推動收入超過了單位和年均增長率。

And why we believe 30% is a more meaningful measure of year over year growth. We finished the quarter with annual recurring revenue, or ARR at $117.2 million reflecting growth of 25% year over year. While our ARR growth trailed revenue growth in Q3, we expect this ratio to begin to flip in 2026 with faster ARR growth relative to total revenue growth, as I mentioned. We reported our 4th consecutive quarter of positive adjusted EBITDA with adjusted EBITDA margins of 12% in Q3.

以及我們為什麼認為 30% 是衡量年增率更有意義的指標。本季末，年度經常性收入（ARR）為 1.172 億美元，年增 25%。雖然我們第三季的 ARR 成長落後於營收成長，但我們預計到 2026 年，這一比率將開始逆轉，ARR 成長速度將快於總營收成長速度，正如我之前提到的那樣。我們連續第四個季度實現了調整後 EBITDA 為正，第三季調整後 EBITDA 利潤率為 12%。

We welcomed over 60 new customers in Q3 and are raising our year-end estimate for active subscriptions to between 8,000 and 8,100. This continues to represent a very small slice of the hundreds of thousands of entrances that advanced weapons detection can help protect.

第三季我們迎來了 60 多位新客戶，並將年底活躍訂閱用戶數的預期上調至 8,000 至 8,100 人。這仍然只佔先進武器偵測技術能夠幫助保護的數十萬個入口中的一小部分。

We continue to see a strong trend of customers proactively upgrading to our Gen 2 express platform. These upgrades typically reset the subscription churn with fresh four-year commitments. Gen 2 upgrades also helped drive a sequential 8% increase in RPO, which stood just shy of $300 million at the end of Q3.

我們持續看到客戶積極升級到我們的第二代快速平台的強勁趨勢。這些升級通常會透過新的四年合約來重置訂閱流失率。第二代升級也推動了 RPO 環比成長 8%，第三季末 RPO 略低於 3 億美元。

Expedite, our new autonomous AI powered bag screening solution, continued to gain strong traction since its Q4 2024 launch. In Q3 alone, we added 12 new customers, primarily in schools, where we are beginning to see one for one deployment of Expedite and Express to help streamline security by lowering alarm rates and enhancing the student experience. We believe the combination of express plus Expedite provides an exceptional security experience in terms of threat detection capabilities and false alarm rates.

自 2024 年第四季推出以來，我們全新的自主人工智慧行李安檢解決方案 Expedite 持續獲得強勁的市場認可。光是第三季度，我們就新增了 12 位客戶，主要集中在學校。在這些學校，我們開始看到 Expedite 和 Express 一對一部署，以透過降低警報率並提升學生體驗來幫助簡化保全流程。我們相信，快遞加加急服務的結合，在威脅偵測能力和誤報率方面，能夠提供卓越的安全體驗。

Based on early deployment data across education customers, Evolve Expedite has shown an alert rate of approximately 2%, demonstrating strong promise in balancing detection with the goal of keeping false alarm rates low.

根據教育客戶的早期部署數據，Evolve Expedite 的警報率約為 2%，這表明其在平衡檢測能力和維持低誤報率方面具有很強的潛力。

Beyond the numbers, we are making a real difference in the communities we serve. Every day we screen on average more than 3 million people, and since the launch of Evolve Express, we have screened over 3 billion visitors. Evolve Expedite, introduced just a few quarters ago, has already been used to screen more than 1 million bags. On average, our technology helps customers detect and tag 500 firearms daily.

除了數字之外，我們正在為我們服務的社區帶來真正的改變。我們平均每天篩選超過 300 萬人，自 Evolve Express 推出以來，我們已經篩選了超過 30 億名訪客。Evolve Expedite 系統推出僅幾個季度，就已經用於篩選超過 100 萬個行李袋。平均而言，我們的技術每天可以幫助客戶檢測和標記 500 支槍支。

What does that look like in real life? In August at a high school in Nashville, our system identified and helped intercept a loaded handgun at the door. In October, Evolve Express detected a loaded firearm in a student's backpack at a high school in Georgia. And just 2 weeks ago, our solution identified a concealed firearm during morning arrival at a high school in Atlanta. These 3 examples provide a small glimpse into the impact we are having on education.

現實生活中會是什麼樣子？今年八月，在納許維爾的一所高中，我們的系統識別並幫助攔截了一把在門口上膛的手槍。10 月，Evolve Express 在喬治亞州一所高中的一名學生的書包裡檢測到了一把裝有子彈的槍支。就在兩週前，我們的解決方案在亞特蘭大一所高中的早晨到校時發現了一支隱藏的槍。這三個例子可以讓我們略窺一二，了解我們對教育的影響。

In the 3rd quarter we added over a dozen new school districts across the US. These included 2 new districts in New Jersey, 2 in Michigan, 2 in California, and 1 each in Wisconsin, Tennessee, South Carolina, Nevada, Montana, Louisiana, Iowa, and Connecticut. In healthcare, we are driving meaningful change by helping hospitals elevate safety standards while minimizing the impact on patient and visitor experience.

第三季度，我們在美國各地新增了十幾個學區。其中包括新澤西州的 2 個新區、密西根州的 2 個新區、加州的 2 個新區，以及威斯康辛州、田納西州、南卡羅來納州、內華達州、蒙大拿州、路易斯安那州、愛荷華州和康乃狄克州各 1 個新區。在醫療保健領域，我們正在推動有意義的變革，幫助醫院提高安全標準，同時最大限度地減少對病人和訪客體驗的影響。

Our solutions are enabling smoother and faster entry while enhancing threat detection at critical access points. With growing demand across the sector, we are now screening hundreds of thousands of visitors daily in medical facilities nationwide. A few recent wins in this market include Wellspan Health, UC Davis Health, and Seattle Children's Hospital.

我們的解決方案能夠實現更順暢、更快捷的訪問，同時增強關鍵接入點的威脅偵測能力。隨著整個行業需求的增長，我們現在每天在全國各地的醫療機構對數十萬名訪客進行篩檢。最近在市場上取得一些成功的案例包括 Wellspan Health、加州大學戴維斯分校醫療中心和西雅圖兒童醫院。

Shifting to sports and live entertainment, we expanded our presence in professional hockey with the Buffalo Sabres, who entered a multi-year subscription agreement to deploy 9 Evolve Express Gen 2 systems at Key Bank Centre. This deployment is part of a broader 2025 arena upgrade initiative aimed at improving ingress and egress for fans. In collegiate athletics, the University of North Carolina at Chapel Hill is deploying Evolve Express to enhance safety and streamline entry at its athletic venues.

轉向體育和現場娛樂領域後，我們擴大了在職業冰球領域的影響力，與布法羅軍刀隊簽訂了多年訂閱協議，在 Key Bank Centre 部署了 9 套 Evolve Express Gen 2 系統。此次部署是 2025 年體育館升級改造計畫的一部分，旨在改善球迷的進出體驗。在大學體育界，北卡羅來納大學教堂山分校正在部署 Evolve Express 系統，以提高體育場館的安全性並簡化入場流程。

In the world of professional football, Bank of America Stadium, home to the Carolina Panthers and Charlotte Football Club, recently completed a long-term renewal, upgrading to Gen 2 of Evolve Express. The venue now operates 19 systems and has added evolve Expedite for enhanced bag screening and faster guest entry.

在職業足球界，卡羅萊納黑豹隊和夏洛特足球俱樂部的主場——美國銀行體育場最近完成了一項長期更新，升級到了 Evolve Express 的第二代。該場館目前運行 19 套系統，並新增了 evolve Expedite 系統，以加強行李安檢並加快賓客入場速度。

Staying in professional football, our technology is now being deployed at nearly a dozen practice and training facilities leaguewide. This initiative includes both Evolve Express and Evolve Expedite. We believe this is a strong endorsement of our ability to deliver a superior security experience for a variety of entry flows covering fans, staff members, players, media, and VIP guests.

繼續在職業足球領域，我們的技術目前已在聯盟內近十幾個訓練和練習設施中得到應用。這項計劃包括 Evolve Express 和 Evolve Expedite。我們相信，這有力地證明了我們有能力為包括球迷、工作人員、球員、媒體和貴賓在內的各種出入人員提供卓越的安全體驗。

These winds reinforce our ability to penetrate diverse markets and deliver trusted solutions that drive long-term growth. We welcome all our newest customers and take sacred the trust they have placed in us. We look forward to the challenge of earning their business every day. Shifting into business operations.

這些優勢增強了我們滲透多元化市場並提供值得信賴的解決方案的能力，從而推動了長期成長。我們歡迎所有新客戶，並珍惜他們對我們的信任。我們期待每天迎接贏得他們信任的挑戰。轉入業務營運。

We're excited to announce a new strategic partnership with Plexus. A collaboration that expands production capacity, global reach, and operational resiliency. Plexus is a global leader in design, manufacturing, and supply chain services that brings the infrastructure and expertise to support the next phase of our growth.

我們很高興地宣布與Plexus建立新的策略夥伴關係。一項能夠擴大產能、拓展全球業務範圍並增強營運韌性的合作。Plexus 是設計、製造和供應鏈服務的全球領導者，擁有支援我們下一階段成長所需的基礎設施和專業知識。

With 26 facilities and more than 20,000 team members worldwide, they'll help deliver our technology to the places people gather every day. I want to shift gears for a moment and share some exciting developments on the product development front. I'm pleased to share that we recently released the latest versions of our software Evolve Express 9.0, Evolve Expedite 1.2, and My Evolve Portal and Evolve Insights 6.0.

他們擁有 26 個分店和超過 20,000 名遍布全球的團隊成員，將幫助我們把科技帶到人們每天聚集的地方。我想暫時轉換一下主題，和大家分享一下產品開發方面的一些令人興奮的進展。我很高興地宣布，我們最近發布了最新版本的軟體 Evolve Express 9.0、Evolve Expedite 1.2、My Evolve Portal 和 Evolve Insights 6.0。

These updates reflect our ongoing commitment to improving performance and user experience for our customers, now numbering over 1,000 globally. With this release, we've introduced several enhancements aimed at supporting security teams in their day-to-day operations. Among the highlights is a new integrated tablet interface which brings together the workflows of Express and Expedite into a single streamlined user interface.

這些更新體現了我們持續致力於提升客戶效能和使用者體驗的承諾，目前我們在全球擁有超過 1000 家客戶。在此版本中，我們引入了多項增強功能，旨在支援安全團隊的日常運作。其中最引人注目的是全新的整合式平板電腦介面，它將 Express 和 Expedite 的工作流程整合到一個簡化的使用者介面中。

We also released the integration of Expedite into the MyEvolv portal, enabling customers to see operational data for walkthrough and now bag screening in a single location. With these enhancements we have strengthened the bundled customer ownership experience or express Plus expedite. We've also expanded alert tagging and added sensitivity tuning, giving our customers more control in how they manage their security operation.

我們還發布了 Expedite 與 MyEvolv 入口網站的集成，使客戶能夠在一個位置查看安檢通道和行李安檢的營運數據。透過這些改進，我們加強了捆綁式客戶所有權體驗或 Express Plus 加急服務。我們還擴展了警報標籤功能並增加了靈敏度調節功能，讓我們的客戶能夠更好地控制其安全營運的管理方式。

These improvements are the results of listening closely to our customers and continuing to push the boundaries of what's possible in safety and efficiency. Through our subscription model, we're able to deliver these software capabilities seamlessly via the cloud, enabling innovation to reach the field without disruption. With each release, we aim to raise the bar not just for ourselves but also for the entire industry.

這些改進是我們認真傾聽客戶意見，並不斷突破安全性和效率極限的結果。透過我們的訂閱模式，我們能夠透過雲端無縫交付這些軟體功能，使創新能夠順利應用於實際場景，而不會造成任何中斷。每一次發布，我們都力求提高標準，不僅是為了自己，也是為了整個產業。

Before I hand things over to Chris, I want to take a moment to share a bit of context around our outlook. We're seeing strong momentum in the business. Our backlog continues to grow, and we've got a healthy pipeline. For those reasons, we are raising our 2025 outlook. We now expect to grow revenue by about 37% to 40% in 2025 compared to our previous guidance of 27%-30% growth.

在把麥克風交給克里斯之前，我想花點時間分享我們觀點的一些背景資訊。我們看到業務發展勢頭強勁。我們的積壓訂單持續成長，而且我們的專案儲備充足。基於以上原因，我們提高了對 2025 年的預期。我們現在預計，到 2025 年，營收將成長約 37% 至 40%，而我們先前的預期是成長 27% 至 30%。

I would point out there are upwardly revised revenue forecasts for the year of between $142 million to $145 million includes certain one-time benefits. In particular related to one-time revenue recognition from our legacy fulfilment and pricing models that I mentioned earlier. Excluding the short-term revenue items, we will be forecasting total revenue growth in 2025 of about 30% year over year.

我想指出的是，今年的營收預測已向上修正，介於 1.42 億美元至 1.45 億美元之間，其中包括一些一次性收益。特別是與我之前提到的我們傳統的履行和定價模式中的一次性收入確認有關。剔除短期收入項目後，我們預期 2025 年總營收將年增約 30%。

We continue to expect to deliver positive full year adjusted EBITDA with full year margins in the high single-digits. We remain committed to generating positive cash flow in Q4. Looking ahead to 2026, let me start with this fundamental principle. We're planning to add more units in 2026 than we did in 2025, with APU trends remaining stable. As a reminder, our 2025 results included the largest customer contract in the company's history, more than 250 units.

我們仍預計全年調整後 EBITDA 為正，全年利潤率將達到高個位數。我們仍致力於在第四季實現正現金流。展望2026年，讓我從這個基本原則開始。我們計劃在 2026 年增加比 2025 年更多的單元，APU 的發展趨勢將保持穩定。提醒一下，我們 2025 年的業績包括公司歷史上最大的客戶合同，超過 250 台設備。

We plan to grow on top of that order. The changes in our distribution fulfilment model and pricing structure will allow us to capture 100% of contract ARPU, shift more of that ARPU from one-time revenue into ARR and RPO, and create an opportunity to maximize leverage in the business over time.

我們計劃在此基礎上繼續發展。我們的分銷履行模式和定價結構的變化將使我們能夠獲得 100% 的合約 ARPU，將更多的 ARPU 從一次性收入轉移到 ARR 和 RPO，並創造機會隨著時間的推移最大限度地提高業務槓桿作用。

We estimate that these subtle but powerful shifts of emphasizing ARR over short-term product revenue will defer about $5 million to $10 million of revenue in 2026 that we would otherwise have captured had we not changed our distribution and pricing structure. We expect that $5million to $10 million to convert into long-term recurring revenue streams that will benefit future years.

我們估計，這些微妙但強大的轉變，即強調 ARR 而不是短期產品收入，將使我們在 2026 年損失約 500 萬至 1000 萬美元的收入，如果我們不改變分銷和定價結構，這些收入原本是可以獲得的。我們預計這 500 萬至 1,000 萬美元將轉化為長期經常性收入，使未來幾年受益。

We're currently modelling full year 2026 revenue of between $160 million to $165 million. Importantly, we expect ARR to grow by at least 20%. Outpacing total revenue growth in 2026, which is an important pivot for Evolve. This management team continues to prioritize Aar growth and other long-term value drivers. With that, I'll turn it over to Chris, who will take you through our financial results and the details behind our outlook.

我們目前預測 2026 年全年營收將在 1.6 億至 1.65 億美元之間。重要的是，我們預計 ARR 將至少成長 20%。2026 年營收成長超過總營收成長，對 Evolve 來說是一個重要的轉捩點。此管理團隊繼續優先考慮平均年增長率和其他長期價值驅動因素。接下來，我將把發言權交給克里斯，他將為大家詳細介紹我們的財務表現和未來展望。

Thanks John. Good afternoon, everyone. I'm going to review our 3rd quarter results in more detail and then walk through our updated guidance for the rest of the year as well as context on our early thoughts for next year.

謝謝你，約翰。大家下午好。我將更詳細地回顧我們第三季的業績，然後介紹我們更新後的今年剩餘時間的業績指引，以及我們對明年的初步想法。

As John mentioned, revenue was $42.9 million in Q3, an increase of 57% year over year. This was fuelled by strong new customer growth and expanding deployments across our customer base. It also includes a few items that, while positive, aren't expected to recur at the same scale every quarter as John mentioned. Let me unpack those a bit further.

正如約翰所提到的，第三季營收為 4,290 萬美元，年增 57%。這主要得益於新客戶的強勁成長以及我們在客戶群中不斷擴大的部署。它還包括一些雖然是積極的項目，但正如約翰所提到的那樣，預計不會每季都以相同的規模再次出現。讓我再詳細解釋一下。

First, our new contract with Gwinnett County Public Schools, the largest in Evolv's history, contributed approximately $3 million in revenue in Q3, primarily as one-time product revenue. Second, Q3 included a very high proportion of direct purchase method deployments compared to our legacy distribution motion, which brings more immediate revenue recognition and less ARR which John covered already.

首先，我們與格溫內特縣公立學校簽訂的新合約是 Evolv 歷史上最大的合同，在第三季度貢獻了約 300 萬美元的收入，主要為一次性產品收入。其次，與我們傳統的經銷模式相比，第三季直接購買方式的部署比例非常高，這帶來了更直接的收入確認和更少的年度經常性收入，約翰已經對此進行了介紹。

The nearly $3 million of product revenue recognized for Gwinnett County this past quarter is an example of that effect. We also recognized approximately $3 million in IP license and other one-time revenue in Q3, primarily tied to our legacy distribution subscription model. Finally, we had roughly $1.5 million in short-term subscription revenue or rentals. These short-term subscriptions are valuable and remain part of our strategy, but they tend to be episodic in nature.

上個季度格溫內特縣確認的近 300 萬美元產品收入就是這種影響的一個例子。第三季度，我們也確認了約 300 萬美元的智慧財產權授權和其他一次性收入，主要與我們傳統的發行訂閱模式有關。最後，我們獲得了約 150 萬美元的短期訂閱收入或租賃收入。這些短期訂閱很有價值，仍然是我們策略的一部分，但它們往往是階段性的。

When adjusting for these specific items, you get a more normalized view of Q3 revenue, closer to $35 million to $36 million which would reflect growth of about 30% year over year. Annual recurring revenue, or ARR on September 30th was $117.2 million reflecting growth of 25% year over year and 6% sequentially. The Remaining performance obligation or RPO was approximately $299 million at the end of the 3rd quarter compared to approximately $275 million at the end of the second quarter and $269 million at the end of Q3 last year.

如果對這些特定項目進行調整，第三季的營收將更加正常化，接近 3,500 萬美元至 3,600 萬美元，這將反映出同比增長約 30%。截至 9 月 30 日，年度經常性收入 (ARR) 為 1.172 億美元，年增 25%，季增 6%。截至第三季末，剩餘履約義務（RPO）約為 2.99 億美元，而第二季末約為 2.75 億美元，去年第三季末約為 2.69 億美元。

Adjusted gross margin was 51% in Q3 compared to 64% in the same period last year. There are 3 drivers here worth diving into a little bit deeper. First, as discussed on our last call, the shift from distribution fulfilment to direct purchase fulfilment creates a near term gross margin headwind.

第三季調整後毛利率為 51%，去年同期為 64%。以下有 3 個值得深入探討的驅動因素。首先，正如我們在上次電話會議中討論的那樣，從分銷履行轉向直接購買履行會在短期內對毛利率造成不利影響。

But it also brings higher gross profit dollars over the term of the contract along with higher revenue, higher ARR, higher RPO, and cash compared to the legacy distribution model. With the business now delivering a consistent track record of positive adjusted EBITDA, that's an important long-term trade-off we are pleased to make. Second, we saw the impact of several large education contracts that included significant volumes of our newest product, expedite.

但與傳統分銷模式相比，它在合約期間還能帶來更高的毛利、更高的收入、更高的年度經常性收入、更高的 RPO 和現金。鑑於公司目前已持續實現正的調整後 EBITDA，這是一個重要的長期權衡，我們很樂意做出這樣的決定。其次，我們看到了幾份大型教育合約的影響，這些合約包含大量我們最新產品 expedite。

Expedite is still operating at subscale manufacturing cost. We expect Expedite cost to improve in 2026, which we expect to positively impact future gross margins. And finally, we recognized approximately $3 million of one-time costs related to inventory and service adjustments.

Expedite 仍然以低於規模化生產成本的方式運作。我們預計加急運輸成本將在 2026 年有所改善，這將對未來的毛利率產生正面影響。最後，我們確認了與庫存和服務調整相關的約 300 萬美元一次性成本。

Moving down the P&L, adjusted operating expenses, which exclude stock-based compensation, loss on impairment of equipment, and certain other one-time expenses, were $24.8 million compared to $25.2 million in the third quarter of last year. This modest year over year decline in contrast to strong year over year growth in units deployed, total revenue and Aar growth reflects the actions we've taken since the start of the year to reduce spend and improve the profitability of the business.

從損益表來看，調整後的營運費用（不包括股票選擇權費用、設備減損損失和某些其他一次性費用）為 2,480 萬美元，而去年第三季為 2,520 萬美元。與部署單位數量、總收入和年均增長率的強勁同比增長相比，這一同比小幅下降反映了我們自年初以來為減少支出和提高業務盈利能力而採取的行動。

We believe it is also an excellent indicator of the leverage we believe is central to our business model. Adjusted EBITDA, which excludes stock-based compensation and other one-time items, was a positive $5.1 million in Q3 of 2025 compared to a loss of $3 million in the third quarter of last year. This resulted in an adjusted EBITDA margin of 12% in the third quarter of 2025.

我們認為，這也是衡量我們商業模式核心槓桿作用的絕佳指標。經調整的 EBITDA（不含股票選擇權費用和其他一次性項目）在 2025 年第三季為 510 萬美元，而去年第三季則虧損 300 萬美元。這使得 2025 年第三季的調整後 EBITDA 利潤率為 12%。

Turning to the balance sheet. Cash equivalents, and marketable securities increased at $19 million sequentially to $56 million up from $37 million at the end of Q2 2025. This primarily reflected proceeds from the new credit facility that we completed in July, along with tighter inventory management and stronger overall collection activity. I'm going to provide some additional details to our updated 2025 outlook that John mentioned a few minutes ago.

接下來看一下資產負債表。現金等價物和有價證券環比增加 1,900 萬美元，從 2025 年第二季末的 3,700 萬美元增至 5,600 萬美元。這主要反映了我們在 7 月完成的新信貸安排的收益，以及更嚴格的庫存管理和更強勁的整體收款活動。我將提供一些關於約翰幾分鐘前提到的我們更新後的 2025 年展望的補充細節。

We now expect total revenue to grow by 37% to 40% in 2025, to be between $142 million and $145 million this year. This is up from our prior guidance which called for revenue between $132 million and $135 million. A few things we'd encourage investors to consider for context in our 25 revenue estimate.

我們現在預計，到 2025 年總收入將成長 37% 至 40%，而今年的營收將在 1.42 億美元至 1.45 億美元之間。這比我們先前的預期有所提高，先前的預期是營收在 1.32 億美元至 1.35 億美元之間。我們鼓勵投資人考慮以下幾點，以便更好地理解我們對 25 年營收的預測。

First, as I mentioned in my earlier commentary, the largest deal in the company's history contributed about $3 million to Q3 revenue, and we expected to contribute more than $5 million for the full year due to higher upfront revenue recognition related to the residual effects of our legacy distribution fulfilment model.

首先，正如我在先前的評論中提到的，公司歷史上最大的一筆交易為第三季度貢獻了約 300 萬美元的收入，我們預計全年將貢獻超過 500 萬美元的收入，這得益於我們傳統分銷履行模式的殘餘影響帶來的更高的預收收入確認。

Second, IP license and other revenue was about $3 million in Q3, and we're expecting that to be about $10 million for the full year. That one-time revenue stream is primarily tied to our legacy distribution fulfilment model which has been phased out. Investors should assume that IP licenses are no longer a driver to revenue growth starting here in Q4.

其次，第三季智慧財產權授權和其他收入約為 300 萬美元，我們預計全年約為 1,000 萬美元。那筆一次性收入主要與我們已逐步淘汰的傳統分銷履行模式有關。投資者應該假設從第四季度開始，知識產權授權不再是收入成長的驅動力。

Third, short-term subscription contracts contributed about $1.5 million to revenue in Q3, and we are expecting that to be about $2 million for the full year. Those opportunities are generally one time in nature, so it is not something that we plan around. In light of these three factors, we estimate a more normalized revenue growth rate for 2025 would have been about 30% year on year growth compared to 2024.

第三，短期訂閱合約在第三季貢獻了約 150 萬美元的收入，我們預計全年將達到約 200 萬美元。這些機會通常都是一次性的，所以我們不會為此做計劃。考慮到這三個因素，我們估計 2025 年更正常的收入成長率將比 2024 年年增約 30%。

We expect 2025 adjusted gross margin to be in the range of 52% to 54%, not due to po compression or a change in competitive pressure, but because of the shift to direct purchase fulfilment. To reiterate my previous comment, the direct purchase fulfilment model is a headwind to gross margin in the 1st year of a new contract, but over the term of the subscription contract, it generates higher total gross profit dollars, higher revenue, higher cash, and ARR compared to the distribution fulfilment model and also makes it easier to do business with.

我們預計 2025 年調整後的毛利率將在 52% 至 54% 之間，並非由於採購訂單壓縮或競爭壓力變化，而是由於轉向直接採購履行。重申我先前的評論，直接採購履行模式在新合約的第一年會對毛利率產生不利影響，但在訂閱合約期間內，與分銷履行模式相比，它能產生更高的總毛利、更高的收入、更高的現金流和年度經常性收入，而且也更容易開展業務。

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 high single-digits compared to our previous guidance which called for margins in the mid-single-digits.

憑藉強勁的營收成長和持續專注於費用管理，我們預計 2025 年全年調整後 EBITDA 將為正，全年調整後 EBITDA 利潤率將達到高個位數，而我們之前的預期利潤率為中個位數。

We expect to be cash flow positive in the 4th quarter of 2025. Turning now to 2026, as John mentioned, we remain encouraged by the changes we made this year and we expect to see ARR growth begin to outpace revenue growth in the next year.

我們預計在 2025 年第四季實現正現金流。展望 2026 年，正如約翰所提到的，我們對今年所做的改變感到鼓舞，並預計明年 ARR 成長將開始超過收入成長。

While we are still developing our final plans, let me set some additional context to the 2026 outlook. The fundamentals of our business remain strong with a robust customer demand and a stable pricing environment. We expect to add more units in 2026 than we did in 2025, with ARPUS remaining relatively consistent and the trends that we've seen this year continuing. In other words, we expect continued unit growth and stable pricing.

雖然我們仍在製定最終計劃，但我想就 2026 年的展望提供一些補充背景資訊。在強勁的客戶需求和穩定的定價環境下，我們業務的基本面依然穩健。我們預計 2026 年新增單元數量將比 2025 年更多，ARPUS 將保持相對穩定，並且我們今年看到的趨勢將持續下去。換句話說，我們預期銷售量將持續成長，價格將保持穩定。

That said, we expect recent shifts in our distribution fulfilment and pricing model will result in less one-time revenue, but more ARR and RPO in 2026 compared to 2025. We encourage investors to refer to the presentation material posted on our IR website for a graphical view of the positive impact of pivoting to direct purchase. We also expect a higher percentage of new units in 2026 to be full subscription compared to 2025, which will also lower the 26% growth rates but drive faster ARR growth.

也就是說，我們預計，與 2025 年相比，2026 年分銷履行和定價模式的近期變化將導致一次性收入減少，但 ARR 和 RPO 將會增加。我們鼓勵投資者參考我們投資者關係網站上發布的簡報資料，以圖表形式了解轉向直接購買帶來的正面影響。我們也預計，與 2025 年相比，2026 年新增單元中完全訂閱單元的比例會更高，這將降低 26% 的成長率，但會推動 ARR 更快成長。

We expect the changes we've made to our direct purchase pricing model, changes that maximize ARR by making the upfront hardware price lower, commensurate with a reduction in our manufacturing costs, will push at least $5million to $10 million of revenue out of 2026 and into ARR and RPO.

我們預計，我們對直接採購定價模式所做的改變，即透過降低預付硬體價格來最大化 ARR，同時降低製造成本，將在 2026 年為 ARR 和 RPO 帶來至少 500 萬至 1000 萬美元的收入。

The higher ARR and associated recurring subscription value will also provide higher ARR rates when those contracts move to renewal discussions 4 years down the road. We believe all of these are smart changes for the business in the long-term.

更高的 ARR 和相關的經常性訂閱價值也將在 4 年後這些合約進入續約談判時提供更高的 ARR 費率。我們認為從長遠來看，這些對企業來說都是明智的改變。

We are currently modelling full year revenues of about $160 million to $165 million in 2026. And again, the important news here is that we expect to add more units in 2026 than we did in 2025, with APU trends remaining stable and ARR growing at a faster rate than total revenue.

我們目前預測，2026 年全年營收約 1.6 億至 1.65 億美元。再次強調，我們預期 2026 年新增單元數量將超過 2025 年，APU 趨勢保持穩定，ARR 成長速度將超過總收入成長率。

Specifically, we expect ARR to grow by at least 20% year over year. And to reiterate John's earlier comment, we believe 2026 will be an inflection point for the company as ARR begins to outpace revenue growth. While we haven't finalized our investment plans, we are committed to growing revenues faster than total expenses in 2026 and therefore are currently modelling modest expansion of adjusted EBITDA margins.

具體而言，我們預計年度經常性收入將年增至少 20%。正如約翰之前所說，我們認為 2026 年將是公司的轉捩點，因為屆時 ARR 將開始超過收入成長。雖然我們尚未最終確定投資計劃，但我們致力於在 2026 年實現收入成長速度超過總支出成長速度，因此目前正在模擬調整後 EBITDA 利潤率的適度擴張。

We will share more thoughts on how we're thinking about 2026 during our Q4 call in March, and in the meantime, we're focused on finishing a strong 2025. Before we open the call for Q&A, let me turn the call back over to John for a few closing remarks.

我們將在 3 月的第四季電話會議上分享更多關於我們對 2026 年的看法，同時，我們正專注於圓滿完成 2025 年的業績。在正式開始問答環節之前，我先把電話交還給約翰，請他做幾句總結發言。

Thanks, Chris. We continue to be driven by our mission to make the world a safer place to live, learn, work, and play while building a leading IOTA's security business. We believe security is a necessity, not a luxury. We remain highly confident in our market position. We continue to move forward with purpose guided by a clear strategy and an unwavering commitment to long-term value creation.

謝謝你，克里斯。我們始終秉承著讓世界成為更安全的生活、學習、工作和娛樂場所的使命，同時致力於打造領先的 IOTA 安全業務。我們認為安全是必需品，而不是奢侈品。我們對自己的市場地位依然充滿信心。我們將繼續秉持明確的策略和對創造長期價值的堅定承諾，朝著既定目標不斷前進。

We have been intentional and transparent about the adjustments we are making, whether refining our go to market and pricing model to maximize ARR and recurring revenue, forging new partnerships to enhance cost efficiency and reduce COGS, or evolving our organizational structure to ensure we optimize every investment across the business.

我們一直有意識地、透明地進行調整，無論是改進我們的市場推廣和定價模式以最大限度地提高年度經常性收入和經常性收入，建立新的合作夥伴關係以提高成本效益和降低銷售成本，還是改進我們的組織結構以確保我們優化業務中的每一項投資。

Each of these steps underscores our focus on building a scalable, high growth business with predictable performance. Our strong Q3 results and the momentum we see across the organization reflect meaningful progress in all of these areas.

這些舉措都凸顯了我們致力於打造可擴展、高成長且業績可預測的業務的重點。我們強勁的第三季業績以及我們在整個組織中看到的良好勢頭，反映出我們在所有這些領域都取得了實質進展。

While we're proud of these results. As I remind our team often, we will not be complacent. We are moving steadily toward our goal of creating a business that is both scalable and consistently high performing. We deeply appreciate the partnership of both our customers and our investors in the continued confidence they place in us and more importantly, in the mission we are pursuing.

雖然我們對這些結果感到自豪。我經常提醒我們的團隊，我們絕對不會自滿。我們正穩步朝著打造一個既可擴展又持續高效能營運的企業的目標邁進。我們衷心感謝客戶和投資者一直以來對我們的信任，更重要的是，感謝他們對我們所追求的使命的認可。

Thank you, John. At this time, we'd like to open the call up for Q&A again. We ask participants to limit themselves to one question and one follow-up.

謝謝你，約翰。現在，我們想再次開放問答環節。我們請參與者只提一個問題，並提出一個後續問題。

(Operator instructions). Jeremy Hamblin with Craig Hallum.

（操作說明）傑里米·漢布林和克雷格·哈勒姆。

Thank you, and congratulations on the very strong results. Just want to come back to the kind of the callouts of some of the one-time items here. Understand certainly for, the short-term contracts, 1.5 million of why you would exclude that and understand kind of the front, revenue recognition of, some of those deals that are going through. Distributor, but in terms of thinking about, the build overall, you do have, the largest increase you've seen in recurring revenues as well as the largest increase you've had in RPO in a quarter. So just help me understand in terms of the large contract, how the revenue recognition overall on that will play out on a go forward basis as an example.

謝謝，恭喜你們取得了非常優異的成績。我想再回到這裡提到的一些一次性項目。當然，對於短期合同，150萬美元，要理解為什麼要將其排除在外，並了解一些正在進行的交易的前端收入確認情況。經銷商，但就整體發展而言，你們確實實現了季度內最大的經常性收入成長以及最大的 RPO 成長。所以，請您幫我理解一下，就這份大合約而言，未來整體的收入確認將如何進行。

Thanks, Jeremy. I'll start and Chris can address any other specifics you might, have. So, as we communicated in the prepared remarks we just shared, one of the impacts of the legacy distribution model is more upfront revenue. We have largely moved away from that, and the majority of our purchase descriptions were executed through our direct, fulfilment, but there'll be a tail of effect about how we take revenue on those deals over time and that will normally.

謝謝你，傑瑞米。我先開始，克里斯可以解答你可能有的其他具體問題。因此，正如我們在剛才分享的準備好的演講稿中所溝通的那樣，傳統分銷模式的影響之一是前期收入更多。我們基本上已經摒棄了這種做法，我們的大部分購買描述都是透過我們的直接履行來執行的，但隨著時間的推移，我們將對這些交易的收入收取方式產生一些影響，這通常會發生。

Normalize and result in a new pricing that we've already put in place months ago in July 1st, as Chris mentioned, we'll ultimately recognize about 5 million of that order. It's a very significant proportion of the total order that we'll take in the first two quarters of a 48-month deal. Again, we expect that to adjust to the overall longer 48-month revenue recognition as we get into 2026.

正如克里斯所提到的，我們將按照幾個月前（7 月 1 日）已經實施的新定價進行規範，最終我們將確認約 500 萬美元的訂單。這在我們為期 48 個月的合約的前兩個季度所獲得的總訂單中佔比非常大。我們預計，隨著 2026 年的到來，收入確認週期將整體延長至 48 個月，屆時收入確認週期也將相應延長。

Jeremy, just a bit more context to that. This effect is only relevant for purchase subscription orders and doesn't have the effect for full subscription orders, and the effect is due to the hardware pricing that it's part of the mix of the contract that we do in a purchase subscription order. So, for about half of our business this is the effect and the impact.

傑里米，再補充一點背景資料。這種影響僅與購買訂閱訂單相關，對完整訂閱訂單沒有影響，這種影響是由於硬體定價，它是我們在購買訂閱訂單中簽訂的合約組合的一部分。因此，對於我們大約一半的業務而言，這就是影響和後果。

As John was talking about ties back to, GAAP accounting ASC 606 that requires us to take that amount of upfront revenue in the way that's reflected in our remarks. So hopefully that gives you the perspective as to why it's happening and the proportion of our business that it happens to.

正如約翰所說，這與 GAAP 會計準則 ASC 606 有關，該準則要求我們按照我們在發言中反映的方式收取預付收入。希望這能讓您了解為什麼會發生這種情況，以及這種情況在我們業務中所佔的比例。

Understood. That's helpful. Dovetails nicely though into, I wanted to ask about the new strategic, contract manufacturer agreement you've entered into, in terms of how, if, how you expect, that to change what your baseline cost is for gen 2 or potentially gen 3 machines on a go-forward basis.

明白了。那很有幫助。不過，我想問您新簽訂的策略合約製造商協議，您預計該協議將如何改變您未來第二代或第三代機器的基準成本。

Can you give us a sense for whether or not you expect that to reduce, the manufacturing costs for the gen, machines, I'm sorry, for the express machines and whether or not they're also going to be manufacturing expedite and what that might do for the ramp of that business as well.

您能否告知我們您是否預期，對於普通機器（抱歉，是快遞機器）的製造成本會降低，以及他們是否也會生產加急機器，以及這可能會對該業務的擴張產生什麼影響？

Thanks, Jeremy. We're pleased and looking forward to the partnership with Plexus. We just executed that agreement. We're focused on onboarding them and get them to start manufacturing our product, which we'll be focused on through the first half of 2026. Over time, we look forward to a larger scale and the potential of cost synergies that will come, and the ability to be able to leverage their entire footprint.

謝謝你，傑瑞米。我們很高興並期待與Plexus建立合作關係。我們剛剛執行了那份協議。我們目前專注於讓他們加入進來，並讓他們開始生產我們的產品，我們將把精力集中在這項工作上，直到 2026 年上半年。隨著時間的推移，我們期待更大的規模和潛在的成本協同效應，以及能夠充分利用其全部資源。

That you should expect our full portfolio to eventually be available at Plexus as well as you would expect we're doing it thoughtfully, and carefully.

您應該期待我們的全部產品組合最終都會在 Plexus 上推出，正如您所期望的那樣，我們正在深思熟慮、謹慎地進行這項工作。

Understood. And then, just one more quick one before I hop out of the queue. In terms of the expedite bag scanner product, what is the rough attachment rate that you're getting with that on, sales of express machines, and how does that vary? Are you getting more success with that, let's say in the education vertical or in the stadium vertical versus, a couple of the other verticals?

明白了。然後，在我離開隊伍之前，就再快速地拍一張。就快速行李掃描產品而言，你們的安裝率大致是多少？快遞機的銷量如何？銷量又是如何變化的？相較於其他幾個垂直領域，例如教育領域或體育場領域，你覺得這種做法是否更容易成功？

We're very pleased with the progress of Expedite. As we had shared in the prior quarter, a very significant portion of that large education order was Expedite. In Q3, we had 12 new additions of Expedite customers. To answer your question directly, 11 of those also acquired express, and that's a trend that we're really excited about. We have seen deployments across education, sports, entertainment, and healthcare.

我們對Expedite的進展非常滿意。正如我們在上一季所分享的那樣，這筆龐大的教育訂單中有很大一部分是加急訂單。第三季度，我們新增了 12 位 Expedite 客戶。直接回答你的問題，其中 11 家公司也收購了 Express，我們對此趨勢感到非常興奮。我們已經看到在教育、體育、娛樂和醫療保健等領域的部署。

Thanks so much for taking my questions. Best wishes.

非常感謝您回答我的問題。最好的祝愿。

Thanks.

謝謝。

Eric Martinuzzi from Lake Street Capital Markets, LLC.

來自 Lake Street Capital Markets, LLC 的 Eric Martinuzzi。

Yeah, so you talked about the number of units growing in 2025 versus 2024. Is that, are we talking aggregate units? So express plus expedite in 2025 is greater than 2024 and the same thing, 2026 versus 2025. Are we talking the express units only?

是的，你談到了 2025 年的單位數量比 2024 年的成長情況。那我們說的是總量單位嗎？所以，2025 年的快遞加加急服務比 2024 年好，2026 年也比 2025 年好。我們說的只是快遞服務嗎？

The aggregate unit units, sum of express and expedite which is consistent with how we've been discussing it this year.

總單位數，即特快和加急的總和，這與我們今年討論的方式一致。

Okay, and then can you remind me the just the delta between the price of those two if someone were to purchase them outright. Maybe not gas dollar.

好的，那麼你能告訴我如果有人直接購買這兩樣東西，它們之間的價格差是多少嗎？或許不是汽油美元。

As you shared before, the unit economics are similar, as Chris commented, we expect the gross margins to be more similar over time. Today, Expedite is a new product. Hasn't benefited from the multi-years of manufacturing scale that we've built into Gen 2?

正如您之前分享的那樣，單位經濟效益相似，正如克里斯評論的那樣，我們預計隨著時間的推移，毛利率也會更加接近。今天，Expedite 是一款新產品。難道第二代產品沒有受益於我們多年來累積的規模化生產經驗嗎？

So right now, it's a bit of a headwind on gross margin and Eric, reminder, that's also a 4-year subscription. Go to market model for Expedite as well.

所以目前這對毛利率來說有點不利，艾瑞克，提醒一下，這也是一項為期 4 年的訂閱服務。Expedite 也採用了類似的市場推廣模式。

Got it. Thanks for taking my questions. Yeah, for sure.

知道了。謝謝您回答我的問題。是的，當然。

Your next question will come from Shaul Eyal with TD Cohen.

下一個問題將由TD Cohen的Shaul Eyal提出。

Thank you. Good afternoon. Congrats on results and thanks for the colour and transparency on the business and the outlook. As you guys shift away from distribution, to direct fulfilment model, just curious, what was the reaction of some of those channel partners involved?

謝謝。午安.恭喜您取得佳績，感謝您對公司業務和未來前景的精彩闡述和透明分析。隨著你們從分銷模式轉向直接供貨模式，我很好奇，那些參與其中的通路夥伴對此有何反應？

It's very positive. There's one thing I want to make sure we're very clear on. This had no impact on our channel, but the majority of our business as it has continued to transact from a channel. What the change was is how our channel partners get the product from us. In the past, in the motion that we introduced in 2023, they would purchase it from a distributor.

這是非常積極的。有一件事我想確保我們都非常清楚。這並未對我們的管道造成任何影響，但我們的大部分業務仍透過管道進行交易。改變的是我們的通路合作夥伴從我們這裡獲取產品的方式。過去，在我們 2023 年提出的方案中，他們會向經銷商購買。

Now they purchase it directly from us, which means that we capture 100% of the ARPU. We did not see the portion that went through. Distribution. So, from a direct channel partner reaction we have simplified their buying process. They used to have to buy one solution to an end user by issuing two orders, one to our distributor contract manufacturer for the hardware and one to us for the subscription. So, their process to do business with us is much simpler.

現在他們直接從我們這裡購買，這意味著我們可以獲得 100% 的 ARPU（每位用戶平均收入）。我們沒有看到通過的那部分。分配。因此，根據通路合作夥伴的直接回饋，我們簡化了他們的購買流程。他們過去必須透過下達兩份訂單來購買一套面向最終用戶的解決方案，一份訂單下達給我們的分銷商合約製造商，用於購買硬件，另一份訂單下達給我們，用於購買訂閱服務。因此，他們與我們開展業務的流程要簡單得多。

Got it. Thank you. I appreciate it. And maybe, the biggest contract, that you've discussed, those 250 units. Yeah, we're becoming greedy here. How many of these contracts are currently in the pipeline? I know they don't come too often, but I think we're beginning to see where the business is heading, as we start to think about 2026 and maybe even 2027 down the road. Just curious, how many of those, call it, triple digit transactions are out there?

知道了。謝謝。謝謝。或許，你提到的最大的合約就是那 250 套設備。是啊，我們變得貪婪了。目前有多少份此類合約正在洽談中？我知道這種情況並不常見，但隨著我們開始考慮 2026 年甚至 2027 年的未來，我認為我們開始看到業務的發展方向了。我只是好奇，這種，姑且稱之為三位數的交易，到底有多少筆？

But we haven't provided specific, outlooks or details on our pipeline, but what I'll reiterate is that in the preliminary 2026 guidance we just provided, we're planning to grow units over this year which included that 250 unit work.

但我們尚未提供具體的展望或有關我們產品線的詳細信息，但我要重申的是，在我們剛剛提供的 2026 年初步指導中，我們計劃在今年實現產量增長，其中包括 250 台設備的工作。

Thank you so much. Good luck.

太感謝了。祝你好運。

Great, Shaul. Thank you.

太好了，紹爾。謝謝。

(Operator instructions).

（操作說明）

Michael Latimore with Northland Capital Markets. Your line is open. Please ask your question.

Michael Latimore，來自 Northland Capital Markets。您的線路已開通。請提出您的問題。

Hey, hi, this is Aditya on behalf of Mike Lattimore. Could you tell me what percentage of your bookings came from existing customers?

嘿，你好，我是 Aditya，代表 Mike Lattimore。請問您的訂單中有多少百分比來自現有客戶？

Yeah, for sure, this is Brian. This is, it was well over 50%. A bit of that was slightly skewed in that one of the largest orders in the company's history was actually a, an order that started very briefly in Q2, so, if I exclude that it would be right around 50% on the quarter, but it was higher because of that. So, we're still seeing very significant expansions from existing customers to both express and now expedite as well.

沒錯，這肯定是布萊恩。也就是說，這個比例遠遠超過了50%。其中一部分數據略有偏差，因為公司歷史上最大的訂單之一實際上是一個在第二季度短暫開始的訂單，所以，如果我排除這個訂單，那麼該季度的訂單量將約為 50%，但由於這個訂單，實際訂單量更高。因此，我們仍然看到現有客戶對快遞和現在的加急服務的需求大幅成長。

Got it. And could you give some colour among the new verticals? Are there any promising ones such as the warehouse or office?

知道了。您能否為新的垂直領域介紹一些亮點？有沒有像倉庫或辦公室這樣比較有前景的場所？

Yeah, our vertical mix overall has stayed consistent as we've shared in the past, sports and entertainment, education, and healthcare are our largest verticals. In Q2, we discussed a large Fortune 500 distribution customer that entered the fold, and we're thrilled for the potential in that area and we're focused on growing our vertical presence everywhere and we like the diversity in the mix that we have, but we see opportunities to continue to expand.

是的，正如我們過去分享的那樣，我們的整體垂直產業組合一直保持一致，體育娛樂、教育和醫療保健是我們最大的垂直產業。第二季度，我們討論了一家大型財富 500 強分銷客戶加入我們的行列，我們對該領域的潛力感到興奮，我們專注於在各個垂直領域擴大我們的業務，我們喜歡我們現有的多元化組合，但我們也看到了繼續擴張的機會。

Alright, got it. Thank you.

好的，明白了。謝謝。

That was your last question. I'd now like to turn the call over to John for closing remarks.

這是你的最後一個問題。現在我想把電話交給約翰，請他做總結發言。

Actually, it's Brian. I'm just going to close it out by again thanking everybody for joining us today. Again, we have a very active IR program during the quarter, 3 conferences, multiple other visits to financial centres across the country. Look forward to meeting as many folks as we can in the outreach period. Thanks so much and have a wonderful Thanksgiving.

其實，是布萊恩。最後，我再次感謝大家今天參加我們的節目。此外，我們本季開展了非常活躍的投資者關係計劃，包括 3 場會議，以及多次訪問全國各地的金融中心。期待在宣傳推廣期間與盡可能多的人見面。非常感謝，祝您感恩節快樂！

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

感謝您的參與。今天的電話會議到此結束。您現在可以斷開連線了。