Evolv Technologies Holdings, Inc. (EVLV) 2025 Q4 法說會逐字稿

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

各位下午好，歡迎參加 Evolv Technology 第四季財報結果電話會議。（接線員指示）提醒各位，本次電話會議將被錄音。

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.

現在我想介紹今天會議的主持人：Evolv Technology 財務與投資人關係資深副總裁 Brian Norris。先生，請開始。

Thank you, operator, and good afternoon, everybody. Welcome to today's call. I'm joined by John Kedzierski, our President and Chief Executive Officer; and Chris Kutsor, our Chief Financial Officer.

謝謝接線員，各位下午好。歡迎參加今天的電話會議。與我一同出席的有我們的總裁兼執行長 John Kedzierski，以及我們的財務長 Chris Kutsor。

Earlier today, after the market closed, we issued a press release detailing our fourth quarter results and our 2026 outlook. The release is filed with the SEC and available on the Investor Relations section of our website. 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.

今天稍早在收盤後，我們發布新聞稿，詳述第四季業績以及 2026 年展望。該新聞稿已向美國證券交易委員會（SEC）提交，並可於我們網站的投資人關係專區取得。在今天的電話會議中，我們將依據 1995 年《私人證券訴訟改革法》（Private Securities Litigation Reform Act of 1995）之安全港條款之定義，發表前瞻性陳述。

These statements relate to our current expectations and views of future events, but not limited to, statements regarding our expectations for future growth, our ability to gain new customers and renew and expand existing customers, future demand for our products 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.

這些陳述與我們對未來事件的當前預期與看法相關，包括但不限於：我們對未來成長的預期、我們取得新客戶以及續約並擴大既有客戶的能力、未來對我們產品的需求，以及我們達成業務展望的能力。所有前瞻性陳述均受重大風險、不確定性與假設影響，其中部分超出我們的控制範圍。

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, 2025, filed with the SEC earlier today. The forward-looking statements made today represent our views as of March 10, 2026.

由於多項風險與不確定性，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：我們於今日稍早向 SEC 提交、截至 2025 年 12 月 31 日止年度之 Form 10-K 年報中「風險因素」（Risk Factors）標題下所載之風險因素。今日所作之前瞻性陳述代表我們截至 2026 年 3 月 10 日的觀點。

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 therein 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. Please note that our commentary today will also include non-GAAP financial measures, which we believe provide additional insights for investors.

雖然我們相信這些陳述所反映的預期屬合理，但我們無法保證未來結果、表現或其中所反映的事件與情況將能達成或發生。除非適用法律另有要求，我們不承擔更新該等陳述以反映未來事件或情況的任何義務。另請注意，我們今天的評論也將包含非 GAAP 財務衡量指標，我們相信這些指標可為投資人提供額外洞見。

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, along with adjusted earnings and adjusted earnings per diluted share. Reconciliations between these non-GAAP measures and the most directly comparable GAAP measures can be found in the press release that we issued earlier today.

這些衡量指標不應被孤立看待，亦不應作為依 GAAP 編製之財務資訊的替代。這些指標包括調整後毛利、調整後毛利率、調整後營業費用、調整後營業利益、調整後 EBITDA 與調整後 EBITDA 利潤率，以及調整後盈餘與調整後稀釋每股盈餘。上述非 GAAP 指標與最直接可比之 GAAP 指標之調節表，載於我們今日稍早發布的新聞稿中。

Please note that our definition of these measures may be different than similarly titled metrics presented by other companies. We will be discussing other metrics such as annual recurring revenue, or ARR, and remaining performance obligation, or RPO, both of which we believe are helpful to investors in understanding the progress we are making as a business.

請注意，我們對這些指標的定義可能與其他公司所呈現之同名或類似指標不同。我們也將討論其他指標，例如年度經常性收入（annual recurring revenue，ARR）與剩餘履約義務（remaining performance obligation，RPO）。我們相信這兩項指標有助於投資人了解我們在業務上所取得的進展。

Before I turn things over to John, I'd like to highlight an upcoming event for our investors. We will be hosting our 2026 Investor Day on June 9, 2026. The event will be webcast live on the Investor Relations section of our website, and we will share additional details as we get closer to the date. We look forward to providing a deeper update on our strategy, product innovation and long-term financial framework at that time. With that, I'd like to turn the call over to John.

在我把時間交給 John 之前，我想先向投資人提示一項即將到來的活動。我們將於 2026 年 6 月 9 日舉辦 2026 年投資人日（Investor Day）。活動將於我們網站的投資人關係專區進行線上直播，並將在日期接近時分享更多細節。我們期待屆時就我們的策略、產品創新與長期財務架構提供更深入的更新。接下來，我把電話會議交給 John。

Thank you, Brian, and thanks to everyone for joining us today. As I reflect on the progress we made in 2025, I'm reminded that everything we achieved began with the trust and partnership of our customers and was made possible by the steady determined efforts of our entire team. Over the past year, we strengthened the consistency and stability of our operations while continuing to build a scalable, high-growth hardware-enabled subscription business with increasingly predictable and durable results.

謝謝你，Brian，也感謝各位今天加入我們。回顧我們在 2025 年取得的進展，我想到我們所達成的一切都始於客戶的信任與合作夥伴關係，並且得以實現，仰賴我們整個團隊穩健而堅定的努力。在過去一年中，我們強化了營運的一致性與穩定性，同時持續打造一個可擴展、高成長、由硬體賦能的訂閱式商業模式，並帶來愈加可預測且更具持久性的成果。

We're doing this in a global security environment that is materially more complex than it was even a few years ago. Threat levels across public venues, schools, workplaces, and critical infrastructure have continued to escalate, increasing the importance of security solutions that are not only effective but scalable, consistent and operationally reliable.

我們是在一個全球安全環境顯著比幾年前更為複雜的背景下推進這些工作。公共場館、學校、工作場所與關鍵基礎設施的威脅程度持續升高，使得安全解決方案的重要性日益提升；這些解決方案不僅要有效，還必須可擴展、一致且在營運上可靠。

That backdrop reinforces our belief that customer demand for modern technology-enabled security solutions will continue to expand. I want to take a moment to address all the discussion of generative AI and what I believe that means for the future of software and Software-as-a-Service or SaaS. It's incredible what the latest large language models can do. It's hard to utilize those models, especially in the area of software creation and not ask yourself if pure SaaS is vulnerable to disruption.

這樣的背景強化了我們的信念：客戶對現代、由科技驅動的安全解決方案之需求將持續擴大。我想花點時間談談大家對生成式 AI 的討論，以及我認為這對軟體與軟體即服務（Software-as-a-Service，SaaS）未來的意義。最新的大型語言模型能做到的事情令人驚嘆。尤其在軟體創作領域，很難在使用這些模型時不去思考：純 SaaS 是否容易受到顛覆。

We are not pure SaaS. We are unique. We use a tight combination of hardware, sensors, proprietary data sets and software that enables our AI models to make rapid decisions at customer locations. We control our full solution stack. We design our own hardware from the ground up, from the geometry of the coils we use to generate our electromagnetic fields to how we capture and process the data those fields create. We develop a software that runs on that proprietary hardware.

我們不是純 SaaS。我們很獨特。我們將硬體、感測器、專有資料集與軟體緊密結合，使我們的 AI 模型能在客戶現場快速做出決策。我們掌控完整的解決方案技術堆疊（solution stack）。我們從零開始自行設計硬體，從用於產生電磁場的線圈幾何結構，到如何擷取並處理這些電磁場所產生的資料。我們開發能在該專有硬體上運行的軟體。

We are able to use the unique data our systems create to train proprietary AI models that make rapid decisions to differentiate many types of weapons from many everyday benign items. Our thousands of deployed systems are cloud connected. So we have access with our customers' permission to the data created by those systems. We use that data to evaluate our new models against real, not simulated scans so that we can best understand what their real-world impact is likely to be.

我們能運用系統所產生的獨特資料，訓練專有 AI 模型，以快速判斷並區分多種類型的武器與各種日常無害物品。我們已部署的數千套系統皆與雲端連線。因此，在取得客戶許可的情況下，我們可以存取這些系統所產生的資料。我們使用這些資料，將新模型與真實（而非模擬）的掃描結果進行評估，以便最佳地理解其在真實世界中可能產生的影響。

Our solution stack is truly end-to-end. We believe that companies that control their end-to-end solution stack of hardware, software and data will have a moat that can be defended. Our stack is ours. We have spent more than a decade building it. We control it.

我們的解決方案技術堆疊真正做到端到端（end-to-end）。我們相信，能掌控硬體、軟體與資料之端到端解決方案堆疊的公司，將擁有可防禦的護城河。我們的堆疊屬於我們自己。我們花了十多年打造它。我們掌控它。

We sell our solution to customers as Weapons Detection as a Service. By signing up for that service, customers gain access to the hardware, the software that runs it, the AI models that make threat determinations and our on-site services to keep our systems operating as designed. At the end of 2025, all of that translated into 8,000 systems deployed, screening over 4 million people per day. And since the launch of Evolv Express, our technology has been used to screen more than 4 billion people worldwide. Yes, that's billion with a B.

我們以「武器偵測即服務」（Weapons Detection as a Service）的形式向客戶銷售解決方案。透過訂閱該服務，客戶可取得硬體、運行其上的軟體、用於威脅判定的 AI 模型，以及我們的現場服務，以確保系統依設計持續運作。截至 2025 年底，這些成果轉化為已部署 8,000 套系統、每日篩檢超過 400 萬人。自 Evolv Express 推出以來，我們的技術已用於在全球篩檢超過 40 億人次。是的，是「十億」（billion），以 B 計。

The more customers that sign up, the more real-world data we can use to evaluate our AI models in different verticals and environments. That data is not useful to anyone but Evolv and its customers. Because without our unique hardware and software, you simply could not use it. Over time, this combination of deployed systems, operational learning and long-term customer relationships supports recurring revenue through multiyear subscription contracts, drives ARR growth and builds RPO or remaining performance obligation.

越多客戶加入，我們就能取得越多真實世界資料，用於在不同垂直產業與環境中評估我們的 AI 模型。這些資料除了 Evolv 及其客戶之外，對任何人都沒有用。因為若沒有我們獨特的硬體與軟體，你根本無法使用它。隨著時間推進，這種已部署系統、營運學習與長期客戶關係的組合，透過多年期訂閱合約支撐經常性收入，推動 ARR 成長，並建立 RPO（剩餘履約義務）。

Our fourth quarter results reflect continued execution of this approach. We ended 2025 with annual recurring revenue, or ARR, of $120.5 million, reflecting growth of 21% year over year. As we will discuss in more detail momentarily, we expect this rate of growth to accelerate in 2026 as growth in our recurring revenue base begins to outpace growth in total revenue.

我們第四季的業績反映了此一方法的持續落實。我們在 2025 年底的年度經常性收入（ARR）為 1.205 億美元，年增 21%。正如我們稍後將更詳細討論的，我們預期 2026 年此成長率將加速，因為我們的經常性收入基礎之成長將開始超越總收入的成長。

Revenue in Q4 was $38.5 million, up 32% year over year. For the full year, revenue was $145.9 million, representing growth of 40% year-over-year. Growth in the fourth quarter and the full year reflected strong new customer acquisitions, continued expansion within existing customers and a step-up of approximately $15 million in the second half of product revenue resulting from our decision to directly fulfill purchase subscriptions.

第四季營收為 3,850 萬美元，年增 32%。全年營收為 1.459 億美元，年增 40%。第四季與全年成長反映了強勁的新客戶取得、既有客戶的持續擴張，以及由於我們決定直接履行（directly fulfill）購買型訂閱（purchase subscriptions）而使下半年產品營收增加約 1,500 萬美元。

We reported our fifth consecutive quarter of positive adjusted EBITDA with adjusted EBITDA margin of 4.7% in Q4 and 7.6% for the full year. We reported positive adjusted EBITDA of $11.1 million in 2025, compared to a loss of $21 million in 2024, a $32 million improvement in adjusted EBITDA on an absolute dollar basis.

我們已連續第五個季度實現正向調整後 EBITDA，第四季調整後 EBITDA 利潤率為 4.7%，全年為 7.6%。我們在 2025 年錄得調整後 EBITDA 為 1,110 萬美元，相較於 2024 年虧損 2,100 萬美元，按絕對金額計算調整後 EBITDA 改善 3,200 萬美元。

Total cash, cash equivalents, and marketable securities increased by $12.8 million sequentially in Q4 '25 to $69 million, reflecting strong cash collection effort and discipline around working capital management. We believe this highlights the cash-generating potential of the business over the long term.

現金、現金等價物及有價證券總額在 25 年第四季較前一季增加 1,280 萬美元至 6,900 萬美元，反映我們在現金回收方面的強勁努力以及對營運資金管理的紀律。我們認為這凸顯了公司長期的現金創造潛力。

We welcomed over 60 new customers in Q4 and now serve over 1,200 customers globally. We continue to see a strong trend of existing customers upgrading to our Gen2 Express platform. These upgrades, together with solid end market demand drove a 13% year-over-year increase in RPO to $293.4 million at the end of Q4. Beyond the financial results, we continue to deliver real measurable value to the growing number of communities that rely on us. That starts with our customers detecting and tagging an average of 500 firearms daily.

我們在第四季迎來超過 60 位新客戶，目前在全球服務超過 1,200 位客戶。我們持續看到既有客戶升級至我們 Gen2 Express 平台的強勁趨勢。這些升級，加上終端市場需求穩健，推動第四季末 RPO 年增 13% 至 2.934 億美元。除了財務成果之外，我們也持續為日益增加、仰賴我們的社區帶來可衡量的實質價值。這首先體現在我們的客戶平均每天偵測並標記約 500 把槍枝。

At its core, weapon screening isn't just about what's detected. It's about creating a culture of safety where students, staff, and families know that violence prevention is taken seriously. By serving as a visible everyday layer in a comprehensive school safety plan, our technology can help deter threats before they escalate and reinforce expectations for a safe learning environment, even on days when no weapon is found.

從本質上來看，武器篩檢不僅僅關乎偵測到什麼，更在於建立一種安全文化，讓學生、教職員與家庭知道暴力預防是被嚴肅看待的。作為全面校園安全計畫中可見、日常的一道防線，我們的技術能在威脅升級前協助嚇阻，並強化對安全學習環境的期待，即使在沒有發現武器的日子亦然。

Just last month at a Georgia school customer, a student arrived on campus carrying a knife. Our system flagged the threat and when school police investigated further, they discovered a loaded handgun and drugs in the student's car. Parents there described the incident as a clear message to the community that the system works.

就在上個月，在喬治亞州的一所學校客戶，一名學生攜帶刀具進入校園。我們的系統標示出該威脅；當校警進一步調查時，在該學生的車內發現一把已上膛的手槍與毒品。當地家長形容這起事件向社區清楚傳達：系統確實有效。

And in a high school in Oregon, our solutions identified a student attempting to bring a loaded handgun through the school entrance. Staff were able to intervene immediately, secure the weapon, and keep the school operating without ever needing to initiate a lockdown. These are two more examples from opposite sides of the country that demonstrate how proactive weapon screening, not only stops dangerous items from entering schools, but also strengthens overall campus safety every single day.

此外，在奧勒岡州的一所高中，我們的解決方案辨識出一名學生試圖將一把已上膛的手槍帶入學校入口。教職員得以及時介入、確保武器安全，並讓學校在無需啟動封鎖（lockdown）的情況下持續運作。這是來自全國兩端的另外兩個例子，顯示主動式武器篩檢不僅能阻止危險物品進入校園，也能每天強化整體校園安全。

In the fourth quarter, we added 12 new school districts across the US, as well as three universities in New York, Massachusetts, and Texas. For the year, we added 65 new education customers, and we're proud to have screened approximately 300 million students and visitors.

在第四季，我們於全美新增 12 個學區客戶，並新增位於紐約、麻薩諸塞與德州的三所大學。全年而言，我們新增 65 位教育客戶，並以已為約 3 億名學生與訪客完成篩檢為榮。

In the healthcare sector, we are advancing a critical industry transformation by enabling hospitals to strengthen safety through a rigorous layered security model designed to address one of their most pressing risk areas. Hospitals remain among the most dangerous workplaces in the United States, accounting for nearly 70% of all reported workplace violence incidents. Our solutions provide threat detection at key access points while maintaining efficient patient-centric entry experiences.

在醫療保健領域，我們正透過一套嚴謹的分層安防模型，協助醫院強化安全，推動關鍵的產業轉型，以因應其最迫切的風險領域之一。醫院仍是美國最危險的工作場所之一，約占所有通報職場暴力事件的近 70%。我們的解決方案在關鍵出入口提供威脅偵測，同時維持以病患為中心且高效率的入院體驗。

Recent customer additions include William P. Clements Jr. University Hospital in Texas, the University of Oklahoma Medical Center and Mosaic Life Care at St. Joseph in Missouri. As adoption in healthcare continues to expand, our technology now supports the screening of over 1 million patients, healthcare workers, and visitors each day across medical facilities nationwide.

近期新增客戶包括德州的 William P. Clements Jr. University Hospital、奧克拉荷馬大學醫學中心（University of Oklahoma Medical Center），以及密蘇里州的 Mosaic Life Care at St. Joseph。隨著醫療領域採用持續擴大，我們的技術目前每天在全國各地醫療機構支援超過 100 萬名病患、醫護人員與訪客的篩檢。

Staying in healthcare, we are pleased to announce a new partnership with the American Hospital Association, under which Evolv has been designated a preferred provider for hospitals and health systems nationwide. This designation marks an important milestone in our health care strategy and validates the critical role our technology plays in protecting patients, clinicians, and visitors. Through this collaboration, we will engage directly with AHA's nearly 5,000 member hospitals and 43,000 individual members across events, thought leadership platforms, and key industry forums, reinforcing our shared commitment to safer, more secure, and more welcoming healthcare environments.

同樣在醫療領域，我們很高興宣布與美國醫院協會（American Hospital Association, AHA）建立新的合作夥伴關係，Evolv 已被指定為全國醫院與醫療體系的優先供應商。此項指定是我們醫療策略的重要里程碑，並驗證我們的技術在保護病患、臨床人員與訪客方面所扮演的關鍵角色。透過此合作，我們將在各類活動、思想領導平台與重要產業論壇中，直接與 AHA 近 5,000 家會員醫院及 43,000 名個人會員互動，強化我們對更安全、更有保障且更友善醫療環境的共同承諾。

Shifting to sports and live entertainment. We continue to expand our presence with over a dozen new customers in the fourth quarter, including seven professional football teams, reflecting continued demand for modern, efficient screening solutions across practice and training facilities.

轉向體育與現場娛樂。我們在第四季新增十多位客戶，包含七支職業美式足球隊，反映在訓練與練習設施中，市場對現代化、高效率篩檢解決方案的需求持續存在。

Teams are increasingly turning to Evolv as they look for ways to manage high-volume entry points with speed, reliability and a better experience for players, staff, media, and fans. Each new deployment reinforces our position as a trusted partner in complex high-throughput settings, where security and efficiency must coexist.

各球隊在尋求以速度、可靠性與更佳體驗來管理高流量出入口時，愈來愈多轉向採用 Evolv，讓球員、工作人員、媒體與球迷都能受益。每一次新的部署都強化我們在複雜高吞吐量場景中的可信賴夥伴地位，在這些場景中，安全與效率必須並存。

Our market leadership extends well beyond the five major professional leagues where we have already established a leadership position. We added 65 new sports and live entertainment customers in 2025. We also saw continued strength in renewals and Gen2 upgrades in this market as well. TD Garden, home to the Boston Celtics and the Boston Bruins, upgraded to Gen2 Express for walk-through screening and added four expedite systems for autonomous x-ray screening of bags.

我們的市場領導地位遠不止於我們已在五大職業聯盟中建立的領先位置。2025 年我們新增 65 位體育與現場娛樂客戶。我們也在此市場持續看到續約與 Gen2 升級的強勁表現。波士頓塞爾提克與波士頓棕熊隊主場 TD Garden 升級至 Gen2 Express 以支援穿越式篩檢，並新增四套 eXpedite 系統，用於包袋的自主 X 光篩檢。

Crypto.com Arena upgraded to Gen2 and added an additional eXpedite. Other notable renewals and upgrades include the Houston Astros, Houston Texans, St. Louis City Soccer Club, and the Philadelphia Eagles. Across this segment, the combination of new customers, expanding partnerships and high-value Gen2 upgrades highlights the strength of our market position.

Crypto.com Arena 升級至 Gen2，並新增一套 eXpedite。其他值得一提的續約與升級包括休士頓太空人隊、休士頓德州人隊、聖路易市足球俱樂部（St. Louis City Soccer Club）以及費城老鷹隊。就此細分市場而言，新客戶、擴大的合作夥伴關係與高價值的 Gen2 升級相結合，凸顯我們市場地位的強勁。

Today, we proudly screen nearly 1.5 million sports and live entertainment visitors every day. Another key market where we are seeing growing momentum is in the workplace. Across commercial office buildings, distribution centers, warehouses and manufacturing facilities, security leaders are increasingly focused on protecting employees, and visitors in environments where high-volume foot traffic can create real operational risk. Companies are under growing pressure to strengthen corporate security programs without disrupting productivity.

目前，我們每天自豪地為近 150 萬名體育與現場娛樂訪客進行篩檢。另一個我們看到動能持續增長的關鍵市場是職場。在商用辦公大樓、配送中心、倉庫與製造設施中，安全主管愈來愈聚焦於保護員工與訪客，因為高人流可能帶來實質的營運風險。企業在不影響生產力的前提下，正面臨強化公司安防計畫的日益增加壓力。

Our ability to provide fast and effective screening is resonating with enterprises that are modernizing outdated systems.

我們提供快速且有效篩檢的能力，正引起正在汰換過時系統、推動現代化的企業共鳴。

In the fourth quarter, we added multiple new Fortune 500 companies, including one of the 10 largest banks in the world, a top 25 US retailer, a Fortune 100 healthcare innovator, a major insurance and financial services company and a multinational medical technology company. These wins underscore the growing demand we're seeing from large-scale enterprises that view workplace safety as a strategic imperative, and they highlight our growing role in securing the modern workplace.

在第四季，我們新增多家《財富》500 強企業客戶，包括全球前 10 大銀行之一、美國前 25 大零售商、一家《財富》100 強的醫療創新企業、一家大型保險與金融服務公司，以及一家跨國醫療科技公司。這些勝利凸顯我們在大型企業客群中看到的需求正在成長；這些企業將職場安全視為策略性要務，也彰顯我們在守護現代職場方面日益重要的角色。

We are proud to be the trusted security provider for over 30 of the Fortune 500. The momentum we're seeing across these key markets reinforces the trust customers are placing in Evolv as their long-term security partner.

我們很自豪能成為超過 30 家《財富》500 強企業信賴的安防供應商。我們在這些關鍵市場看到的動能，進一步印證客戶正將 Evolv 視為其長期安防夥伴並寄予信任。

Building on that foundation, we've continued to invest in broadening our product portfolio and nowhere is that more evident than the early success of eXpedite, our autonomous AI-based bag screening solution. EXpedite is resonating across environments where [patrons] bring bags and our customers want to screen 100% of those bags without slowing down entry, whether in education, healthcare, industrial workplaces or sports and entertainment.

在此基礎上，我們持續投資以擴充產品組合，其中最明顯的例子莫過於 eXpedite（我們的自主式、AI 為基礎的包袋篩檢解決方案）的早期成功。eXpedite 在[訪客]攜帶包袋、且客戶希望在不拖慢入場速度的情況下對 100% 包袋進行篩檢的各種環境中引發共鳴，無論是在教育、醫療、工業職場或體育與娛樂場域。

After just its first full year in market, we now have 65 eXpedite customers, or about 5% of our base of 1,200 customers. Adoption is coming from both existing and new customers. In the fourth quarter, 16 brand-new Evolv customers purchased eXpedite, and 11 of them also purchased Express, creating meaningful customer acquisition cost tailwinds as we land multiproduct relationships from day one.

在上市後的第一個完整年度結束時，我們目前已有 65 位 eXpedite 客戶，約占我們 1,200 位客戶基礎的 5%。採用動能同時來自既有客戶與新客戶。第四季有 16 位全新的 Evolv 客戶購買 eXpedite，其中 11 位也同時購買 Express，讓我們自第一天起就建立多產品合作關係，並形成具意義的客戶取得成本（CAC）順風。

Early deployments show a strong promise in balancing threat detection with a significantly lower false alarm rates. This helps security teams focus on real threats, while maintaining a smooth flow for students, staff, and visitors. We continue to believe eXpedite will drive stronger attach rates, customer expansion, and deeper subscription stickiness by enabling organizations to run all screening operations through a single cloud-connected platform.

早期部署顯示，在兼顧威脅偵測的同時，eXpedite 有望大幅降低誤報率。這有助於安防團隊聚焦於真正的威脅，同時維持學生、教職員與訪客的順暢通行。我們仍然相信，透過讓組織能在單一雲端連線平台上運行所有篩檢作業，eXpedite 將帶動更高的搭售率、客戶擴張，以及更深的訂閱黏著度。

Before I hand things over to Chris, I want to share some context around our outlook. We continue to see strong momentum across the business. Our pipeline remains healthy and execution is tracking well. For those reasons, we are raising our initial outlook for 2026.

在我把時間交給 Chris 之前，我想先分享一些關於我們展望的背景。我們持續看到整體業務動能強勁。我們的商機管道仍然健康，執行進度也符合預期。基於這些原因，我們上調了 2026 年的初始展望。

We expect to end 2026 with comfortably over 10,000 units deployed. We are modeling full year revenue of $172 million to $178 million, above the $160 million to $165 million range we shared last November, with ARR growth in the range of 20% to 25%. While we continue investing in innovation and our product portfolio, we also expect to deliver modestly expanded adjusted EBITDA margins to the high single digits.

我們預期在 2026 年底部署的單位數將明顯超過 10,000 台。我們預估 2026 全年營收為 1.72 億至 1.78 億美元，高於我們去年 11 月分享的 1.60 億至 1.65 億美元區間，且 ARR 成長率約為 20% 至 25%。在我們持續投資創新與產品組合的同時，我們也預期調整後 EBITDA 利潤率將小幅擴張至高個位數水準。

2025 is about strengthening our foundation, clarifying priorities, sharpening execution and positioning the company for the future. As we look ahead, 2026 is about building the engine for durable, long-term growth. We believe weapon screening could become as common in certain types of buildings as sprinkler systems and intrusion alarms are today, not as a luxury, but a standard infrastructure. Getting there will require relentless innovation in weapon detection accuracy, form factor and cost. And we believe we are well positioned to lead the industry on all three.

2025 年的重點在於強化我們的基礎、釐清優先事項、提升執行力，並讓公司為未來做好定位。展望未來，2026 年的重點在於打造可持續、長期成長的引擎。我們相信，在某些類型的建築中，武器篩檢可能會像今天的灑水系統與入侵警報一樣普及，不再是奢侈品，而是標準基礎設施。要達成這一點，需要在武器偵測的準確度、外形尺寸（form factor）與成本上持續不懈地創新。我們相信，我們在這三個面向都具備領先產業的良好位置。

Through continued investment in AI, expansion within our installed base, new product adoption and disciplined market expansion, we are building the long-term architecture of a scaled global security platform. With that, I'll turn it over to Chris to walk through our financial results and the details behind our outlook.

透過持續投資 AI、在既有裝機客戶基礎內擴張、新產品導入，以及有紀律的市場擴張，我們正在打造可規模化的全球安全平台之長期架構。接下來我把時間交給 Chris，請他說明我們的財務結果以及展望背後的細節。

Thanks, John, and good afternoon, everybody. I'm going to review our fourth quarter and full year results in more detail and then walk through our thoughts for 2026. Q4 revenue was $38.5 million, an increase of 32% year-over-year. All of our Q4 revenue streams performed in line with our expectations. Product revenue declined slightly from Q3, reflecting some of the onetime benefit in Q3 and trail off into Q4 from what was the largest deal in the company's history and had a heavier product mix.

謝謝你，John，各位下午好。我將更詳細地回顧我們第四季與全年業績，接著說明我們對 2026 年的看法。第四季營收為 3,850 萬美元，年增 32%。我們第四季的各項營收來源表現均符合預期。產品營收較第三季略為下滑，反映第三季一次性效益，以及公司史上最大交易在第三季帶來較高產品組合、其影響延續至第四季後逐步消退。

Subscription revenue was modestly lower due to the timing of a short-term subscription contract in connection with a major international sporting event in the summer of 2025, which provided a lift in both Q2 and Q3. License fee and other revenue declined as we completed the transition away from our legacy distributor licensing model. Overall, our top line results demonstrate solid underlying growth and continued consistency in the business.

訂閱營收小幅下降，原因是 2025 年夏季一項重大國際體育賽事相關的短期訂閱合約在時點上的影響，該合約在第二季與第三季均帶來提振。授權費及其他營收下滑，因為我們已完成從舊有經銷商授權模式的轉型。整體而言，我們的營收表現展現了穩健的基本成長與業務持續一致性。

Adjusted gross margin was 50% in Q4 compared to 62% in the same period last year. There are a couple of drivers worth digging into.

第四季調整後毛利率為 50%，相較去年同期的 62% 下滑。這背後有幾個值得深入說明的因素。

First, as we discussed on our last call, the shift to direct fulfillment of our purchase subscription orders creates near-term gross margin headwind. This dynamic is exactly what we plan for. While it brings lower gross margin in the initial quarter of a new transaction, the direct model delivers higher gross profit dollars over the life of the contract, along with higher revenue, ARR, RPO, and cash flow compared to the legacy distribution model. Another driver to gross margins in the period was an accrual for approximately $1 million for a targeted parts upgrade and proactive field service work.

第一，如同我們在上次電話會議中討論的，將購買型訂閱（purchase subscription）訂單改為由我們直接履約，會在短期內對毛利率造成壓力。這個動態完全符合我們的規劃。雖然在新交易的初始季度會帶來較低的毛利率，但直接模式在合約存續期間可帶來更高的毛利金額（gross profit dollars），並且相較於舊有經銷模式，能帶來更高的營收、ARR、RPO 與現金流。影響本期毛利率的另一項因素，是我們提列約 100 萬美元的應計費用，用於特定零件升級與主動式現場服務作業。

Moving down the P&L. Q4 adjusted operating expenses, which excludes stock-based compensation, loss on impairment of equipment and certain other onetime expenses were $23.8 million compared to $23.1 million in the fourth quarter of last year, reflecting growth of 3% year over year. This contrasts with our 32% year-over-year growth in revenue in Q4, highlighting the leverage in our business model.

接著往損益表下方看。第四季調整後營業費用（不含股票基礎酬勞、設備減損損失及其他特定一次性費用）為 2,380 萬美元，較去年第四季的 2,310 萬美元年增 3%。相較之下，我們第四季營收年增 32%，凸顯我們商業模式的槓桿效應。

Q4 adjusted EBITDA, which excludes stock-based compensation and other onetime items, was a positive $1.8 million in Q4 '25 compared to $400,000 in the fourth quarter of last year. This resulted in adjusted EBITDA margin of 4.7% in the fourth quarter of '25. Visibility improved again in Q4, driven by another strong booked-to-deployed unit ratio. As a result, we began 2026 with a record level of units in backlog.

第四季調整後 EBITDA（不含股票基礎酬勞及其他一次性項目）為正 180 萬美元，相較去年第四季的 40 萬美元。這使得 2025 年第四季調整後 EBITDA 利潤率為 4.7%。第四季能見度再次提升，主要受另一個強勁的「已簽約（booked）對已部署（deployed）」單位比率所帶動。因此，我們在 2026 年初的在手訂單（backlog）單位數創下歷史新高。

Looking at a summary of our full year results. As John mentioned, ARR at December 31 was $120.5 million, reflecting growth of 21% year over year. This was fueled by new customer growth and expanding deployments across our customer base. Total revenue was $145.9 million, reflecting growth of approximately $42 million, up 40% year on year, primarily driven by strength in demand.

來看全年業績摘要。如 John 所提，12 月 31 日的 ARR 為 1.205 億美元，年增 21%。這主要由新客戶成長以及在既有客戶群中的部署擴張所驅動。總營收為 1.459 億美元，年增約 4,200 萬美元、年增率 40%，主要反映需求強勁。

The growth was further compounded by approximately $15 million of year-over-year growth in revenue from our shift to directly fulfilling the hardware portion of our purchase subscription orders, which we told you about in Q3. This change captured more revenue and more gross profit dollars, albeit at a lower gross margin percentage in the second half of 2025.

此外，成長也進一步受到我們將購買型訂閱訂單中的硬體部分改為直接履約所帶來的約 1,500 萬美元年增營收所推動（我們在第三季已向各位說明）。這項變更讓我們取得更多營收與更多毛利金額，但在 2025 年下半年也使毛利率百分比下降。

Adjusted EBITDA for the full year '25 was $11.1 million or 7.6%. This is up $32.1 million from the prior year loss of $21 million on higher revenue and improved margins. Remaining performance obligation, or RPO, was $293.4 million at the end of the fourth quarter, compared to $259.1 million at the end of Q4 last year. We continue to see a strong trend of customers upgrading to our Gen2 Express platform. These upgrades, which include a new four-year subscription term, together with solid end market demand, drove this 13% year-over-year increase.

2025 全年調整後 EBITDA 為 1,110 萬美元，或 7.6%。相較前一年虧損 2,100 萬美元，改善 3,210 萬美元，主要來自更高的營收與更佳的利潤率。第四季末剩餘履約義務（Remaining Performance Obligation，RPO）為 2.934 億美元，較去年第四季末的 2.591 億美元增加。我們持續看到客戶升級至 Gen2 Express 平台的強勁趨勢。這些升級包含新的四年訂閱期限，並在終端市場需求穩健的帶動下，促成 RPO 年增 13%。

Moving forward, we expect RPO growth to begin to accelerate, supported by increasing end market demand and by bringing back more revenue in-house through our direct purchase fulfillment motion, which we've discussed with investors over the last six months.

展望未來，我們預期 RPO 成長將開始加速，受惠於終端市場需求提升，以及透過我們的直接購買履約推進（direct purchase fulfillment motion）將更多營收收回自營；過去六個月我們已與投資人多次討論此點。

Turning to the balance sheet. Cash, cash equivalents, and marketable securities increased $12.8 million sequentially to $69 million. This primarily reflected enhanced cash conversion in the quarter, driven by stronger collection activity and continued discipline around working capital management.

接著看資產負債表。現金、約當現金與有價證券較前一季增加 1,280 萬美元至 6,900 萬美元。這主要反映本季現金轉換能力提升，受更強的收款活動以及持續嚴謹的營運資金管理所帶動。

Turning to 2026. As John highlighted, the fundamentals of our business remains strong with robust customer demand. And when combined with the foundational changes we made to our business model, we expect ARR growth to begin outpacing revenue growth.

接著談 2026 年。如 John 所強調，我們的業務基本面依然強勁，客戶需求旺盛。再加上我們對商業模式所做的基礎性調整，我們預期 ARR 成長將開始超越營收成長。

Let me expand on the context behind our outlook for 2026. We are currently modeling full year '26 revenue of approximately $172 million to $178 million, compared to our prior guidance of $160 million to $165 million, representing year-over-year growth of approximately 18% to 22%. We are currently modeling about a 50-50 mix between purchase subscription and pure subscription in 2026.

我再補充 2026 年展望背後的背景。我們目前預估 2026 全年營收約為 1.72 億至 1.78 億美元，相較先前指引 1.60 億至 1.65 億美元，代表年增約 18% 至 22%。我們目前預估 2026 年購買型訂閱與純訂閱（pure subscription）的組合約為 50/50。

Changes in mix will affect revenue, ARR, RPO, and our margins. We expect to exit 2026 with annual recurring revenue of approximately $145 million to $150 million, representing growth of about 20% to 25% year over year. I want to remind investors that we ended 2025 with about $120 million in ending ARR. So that creates a solid baseline for 2026, which means we're coming into the year with about 70% of our revenue guidance in hand on day one.

組合變化將影響營收、ARR、RPO 以及我們的利潤率。我們預期 2026 年底的年度經常性收入約為 1.45 億至 1.50 億美元，年增約 20% 至 25%。我想提醒投資人，我們在 2025 年底的期末 ARR 約為 1.20 億美元。這為 2026 年建立了穩固的基礎，意味著我們在第一天就已掌握約 70% 的營收指引。

As we think about revenue growth across '25 and into '26, it's helpful to frame how that profile is being shaped by the fulfillment model change we implemented in mid-2025, which we've discussed the past several quarters. In light of that, this is how we see the year unfolding. In Q1, we expect revenue growth rate to be in the high-30s due to the installation of the record backlog we entered the year with and the step-up in onetime product revenue on direct purchase transactions compared to the prior year.

在思考 2025 年到 2026 年的營收成長時，將其放在我們於 2025 年年中實施的履約模式變更脈絡下會更有幫助；過去幾季我們已多次討論。基於此，我們對今年的進展如下看待：在第一季，由於我們以創紀錄的在手訂單量進入新年度並進行安裝部署，以及相較去年在直接購買交易中一次性產品營收的提升，我們預期營收成長率將落在接近 40% 的高段（high-30s）。

As we move into Q2, we expect modest sequential revenue decline as prior year product backlog is consumed in Q1. As we enter the second half of the year, we will mark the one-year anniversary of our purchase fulfillment change. And despite the expiration of the step-up effect on product revenue, we still expect second half revenue to be modestly higher than the first half.

隨著我們進入第二季（Q2），我們預期在去年產品積壓訂單於第一季（Q1）消化後，營收將出現溫和的季對季下滑。進入下半年時，我們將迎來採購履約變更滿一週年。儘管產品營收的「階梯式提升」效應到期，我們仍預期下半年營收將較上半年溫和提高。

Overall, our '26 outlook reflects a business that is capturing more of the economic value that it creates while continuing to build a larger base of recurring revenue, increasing visibility through ARR and RPO and delivering a more durable and predictable revenue profile over time. We remain committed to investing in growth in a responsible way that grows revenues faster than total expenses in 2026 and are modeling full year adjusted EBITDA margins to expand from 7.6% in 2025 and to grow into the high single digits for the full year 2026, which includes approximately a $1 million headwind on memory chip costs.

整體而言，我們對 2026 年的展望反映出公司在持續建立更大規模的經常性收入基礎的同時，也正在捕捉其所創造的更多經濟價值；並透過 ARR 與 RPO 提升能見度，隨時間推進交付更具韌性且更可預測的營收結構。我們仍致力於以負責任的方式投資成長，並在 2026 年讓營收成長快於總費用成長；我們模型預估全年調整後 EBITDA 利潤率將自 2025 年的 7.6% 擴張，並在 2026 年全年提升至高個位數區間，其中包含約 100 萬美元的記憶體晶片成本逆風。

Finally, a word on our long-term operating model. As we've shared with investors on prior earnings calls, that model, which previously showed long-term adjusted EBITDA margins in the range of 10% to 15%, is now outdated. We now believe continued growth and operational improvements will drive greater long-term leverage in the business. We look forward to sharing more information on that topic at our Investor Day, June 9. More to come.

最後，談一下我們的長期營運模型。如同我們在先前的財報電話會議中與投資人分享的，該模型先前顯示長期調整後 EBITDA 利潤率介於 10% 至 15% 的區間，但現在已不合時宜。我們目前認為，持續成長與營運改善將推動公司在長期取得更高的營運槓桿。我們期待在 6 月 9 日的投資人日分享更多相關資訊，敬請期待。

Before we open the call for Q&A, let me turn the call back over to John for a few closing remarks.

在我們開放問答（Q&A）之前，讓我把電話交回給 John，請他做幾點結語。

To wrap up, we delivered a strong fourth quarter. We capped with meaningful improvement across the business. The differentiation is clear and end-to-end platform integrating the proprietary hardware, software, data, and AI, a defensible mode intricately tied with more than 1,200 customers who rely on our solutions.

總結來說，我們交出強勁的第四季表現，並以全公司層面的顯著改善作結。我們的差異化優勢清晰可見：端到端的平台整合了專有硬體、軟體、資料與 AI，形成可防禦的護城河，並與超過 1,200 家仰賴我們解決方案的客戶緊密相連。

As I remind our team everyday, we cannot, and will not be complacent. We are commited to continuing to pioneer this emerging market and pushing the boundaries of modern weapon screening. None of this progress would be possible without the trust of customers, dedication of our employees, the support of our partners and the confidence of our shareholders.

我每天都提醒團隊，我們不能、也不會自滿。我們致力於持續引領這個新興市場，並推進現代武器篩檢的邊界。若沒有客戶的信任、員工的投入、合作夥伴的支持，以及股東的信心，這些進展都不可能實現。

As we look ahead, we see significant opportunity to further scale the platform and unlock additional leverage, and we look forward to sharing more at our 2026 Investor Day. We are proud to be building technology that truly matters, helping keep people safe where they work, learn, live, and play. And with that, we're happy to open the call for questions.

展望未來，我們看到進一步擴大平台規模並釋放更多槓桿的重大機會，也期待在 2026 年投資人日分享更多內容。我們很自豪能打造真正重要的技術，協助人們在工作、學習、生活與休閒的場所保持安全。接下來，我們很高興開放提問。

Terrific. Operator, we'd like to open the call now for Q&A.

太好了。接線員，我們現在想開放問答（Q&A）。

(Operator Instructions) Jeremy Hamblin, Craig-Hallum.

（接線員指示）Jeremy Hamblin，Craig-Hallum。

Thank you and congratulations to the team on a great year and quarter. I wanted to just start by understanding you raised the revenue guidance pretty significantly. And I want to understand the context for you had a bit more modest sequential ARR growth in Q4. Now you are raising your ARR growth from 20% to 22.5% at the midpoint. But just want to understand, there's been a lot of change in your pricing model and the fulfillment, obviously, for purchase deals.

謝謝，也恭喜團隊度過很棒的一年與一個季度。我想先從你們大幅上調營收指引談起。我想了解其背景：你們在第四季（Q4）的 ARR 季對季成長相對溫和。現在你們把 ARR 成長率的指引中位數從 20% 上調到 22.5%。但我想了解的是，你們的定價模式與履約方式（尤其是採購型交易）顯然有很多變動。

Can you help us just to understand how that's likely to play out in terms of maybe ARR per unit? How that's played out in '25 and now into '26? Are you likely to get ARR acceleration in the back half of the year as you're getting higher value per unit installed? But color that you can share, again, in context of the very strong raise of revenue guidance.

能否協助我們理解，這可能會如何影響例如每台（每套）設備的 ARR？這在 2025 年的表現如何、以及進入 2026 年後會如何？隨著你們安裝更高價值的單位，是否可能在下半年看到 ARR 加速？也請就你們這次非常強勁的營收指引上調提供一些補充說明。

Yes, Jeremy. That's correct. We do anticipate ARR to accelerate throughout the year. The changes that we made last year in bringing purchase subscription back in-house. At the same time, we also changed pricing where we lowered the upfront price of hardware, the onetime price, and we raised the price of our software and services that will take time to go out through the year. I'll remind you that mix also drives the rate of ARR growth as subscription compared to purchase subscription where subscription is higher ARR.

是的，Jeremy。你說得沒錯。我們確實預期 ARR 會在全年逐步加速。我們去年所做的變更之一，是把採購訂閱（purchase subscription）重新收回由公司內部承作。同時，我們也調整了定價：降低硬體的一次性前期價格，並提高軟體與服務的價格；這些變化需要時間在全年逐步反映。我也提醒你，產品組合也會影響 ARR 成長率，因為相較於採購訂閱，訂閱（subscription）的 ARR 較高。

Got it. That's helpful. And then I just want to understand, and it's a little bit related, I'm thinking from the last question. But in terms of your gross margin curve, you saw your subscription gross margins sequentially improve like 700 basis points. Your service gross margins, however, declined about 900 basis points.

了解，這很有幫助。接著我想再確認一點，也和上一題有些相關。就毛利率走勢而言，你們的訂閱毛利率季對季提升約 700 個基點；但服務毛利率卻下滑約 900 個基點。

And overall, gross margins were a little bit lower than Street expectations. Again, is that captured by the change in pricing model? And how should we be thinking about overall adjusted gross margins to trend over the course of 2026?

整體毛利率也略低於市場預期。這是否同樣是由定價模式變更所造成？我們應該如何看待 2026 年全年調整後毛利率的趨勢？

Thanks, Jeremy. I'll take this one to start. We do expect gross margins to be in line or slightly better in '26 versus '25, first of all. Related to the first part of your question, we -- there is more gross profit dollars now being pushed into RPO in future periods compared to where it has been in the past because of everything we just talked about. So I won't revisit that, but that is a conscious and direct effect of the actions we took, that we're pleased with because, of course, more dollars come with it, more gross profit dollars, more revenue, et cetera.

謝謝，Jeremy。我先回答這題。首先，我們預期 2026 年的毛利率將與 2025 年持平或略好。至於你問題的第一部分，因為我們剛才談到的所有事項，相較於過去，現在有更多毛利金額被推遲並體現在未來期間的 RPO 中。因此我就不再重複，但這是我們採取行動後有意且直接的結果；我們對此感到滿意，因為當然也伴隨更多金額、更多毛利金額、更多營收等等。

Otherwise, we have, of course, the other thing we highlighted, about $1 million accrual for some targeted service costs that we incurred in the period as well. It was a one timer.

另外，我們也提到另一項因素：本期我們針對部分特定服務成本提列了約 100 萬美元的應計費用。這是一次性項目。

Got it. Last one for me, and then I'll hop out of the queue. But you also have your Plexus relationship that's going to turn on here in 2026. When do you expect production from Plexus to begin? And in what quarter do you think that it will start to flow into the financials given inventory turns in your current position?

了解。最後一題，問完我就先退出排隊。你們與 Plexus 的合作關係將在 2026 年啟動。你們預期 Plexus 何時開始量產？考量你們目前的庫存周轉狀況，你認為它會在第幾季開始反映到財務報表中？

So when we announced the Plexus deal in Q3 and Q4, we stated that the schedule was to get to full ramp with Plexus in the second half of 2026. I'm pleased, Jeremy, that we're on that schedule. We still expect that same timing. We do expect that transition, as we've said before, to be a slight tailwind to gross margin over time. And I think there's some working capital improvements that can be had there as well.

我們在第三季（Q3）與第四季（Q4）宣布 Plexus 合作時曾表示，時程是於 2026 年下半年在 Plexus 端達到全面爬坡。我很高興地告訴你，Jeremy，我們正按此進度推進，仍預期維持相同的時間點。正如我們先前所說，隨時間推進，這項轉換預期會對毛利率帶來些微順風；我也認為在營運資金方面同樣有機會帶來改善。

Eric Martinuzzi, Lake Street Capital Markets.

Eric Martinuzzi，Lake Street Capital Markets。

Yeah. The cash flow was very good in Q4 for the year, obviously, the $18.7 million in 2025. Just curious to try and see if there's any linkage here that we can draw because there are so many moving parts in the revenue between the adjusted EBITDA forecast for 2026, which I'm coming up with a midpoint of $14 million in 2026 for adjusted EBITDA. Is there any way to connect that to your expectations for cash from ops in '26?

是的。第四季的現金流非常好，全年也很明顯，2025 年達到 1,870 萬美元。我想了解是否能在這裡建立一些連結，因為營收端有很多變動因素；就你們對 2026 年調整後 EBITDA 的預測來看，我算出的 2026 年調整後 EBITDA 中位數約為 1,400 萬美元。有沒有方法把這與你們對 2026 年營運現金流（cash from ops）的預期連結起來？

Yes. Thanks, Eric. There's a couple of things there. We did have a very strong Q4 cash generation quarter, which we're proud of. That was both working capital efficiency, but a very strong focus and delivery of cash collections.

是的，謝謝你，Eric。這裡有幾點。我們第四季的現金創造確實非常強勁，我們也為此感到自豪。這來自於營運資金效率的提升，以及我們對現金收款（cash collections）的高度聚焦與落實。

We talked about '25 being a foundational year, implementing new process and improvements and cash flow and cash collections was one of those areas. So we did take some steps there that were more 2025 and won't be repeated going into 2026. So the quarter was a very strong cash collection, some of which isn't repeatable going forward. In terms of cash flow for '26, we haven't shaped '26 or forecasted it at this point. I would say, however, a couple of things.

我們談到 2025 年是一個奠基之年，導入新的流程與改善，而現金流與現金收款就是其中一個領域。因此我們在那裡採取了一些措施，較偏向 2025 年的作為，進入 2026 年後不會重複。也就是說，該季度的現金收款非常強，其中一部分在未來不具可重複性。至於 2026 年的現金流，我們目前尚未對 2026 年進行形塑或提出預測。不過，我會說有幾點。

Very proud of Q4. We do expect to be cash flow positive in the second half of '26. The first half is going to be shaped as well by our Q1 incremental cash cost of our incentive payments from the prior year. And when you take all of that, John and I are very focused on improving cash flow going forward, both in '26 and beyond. So with all of that baked in, I think you can expect improved trajectory with more specifics to come.

對第四季的表現感到非常自豪。我們確實預期在 26 年下半年轉為現金流為正。上半年也會受到我們在第一季因前一年度激勵獎金支付所產生的新增現金成本影響。綜合以上因素，John 和我都非常專注於在 26 年及其後持續改善現金流。因此在把這些因素都納入考量後，我認為你可以期待現金流走勢改善，後續也會提供更具體的細節。

Is the expectation that cash flow will be greater in '26 than '25?

是否預期 26 年的現金流會高於 25 年？

Absent, again, the incremental $7 million that I'm expecting in Q1 for prior year incentives, that's incremental compared to the prior year payments. I am expecting cash flow improvement. I think it's going to be close. I'll get back to you later in the year on whether I'm going to call that slightly down or cash flow neutral.

再次強調，若不計入我預期在第一季因前一年度激勵而產生的新增 700 萬美元（相較於前一年度的支付屬於新增），我預期現金流會改善。我認為會非常接近。我會在今年稍晚再回覆你，我是否會把它定義為略為下降或是現金流持平。

(Operator Instructions) Shaul Eyal, TD Cowen.

（接線員指示）TD Cowen 的 Shaul Eyal。

Congrats on strong completion of 2025. Can you guys talk to us about the mix between new logos and existing customers this quarter? I know you touched on that briefly, but maybe any additional color will be greatly appreciated.

恭喜 2025 年強勁收官。你們能否談談本季新客（new logos）與既有客戶之間的組合？我知道你們稍早有簡單提到，但若能再補充一些細節會非常感謝。

We added about 60 new customers in the quarter, and that took our total count to over 1,200 customers, which we're extremely proud of and reflects the strength we're seeing in customer adoption of our solution.

我們本季新增約 60 位新客戶，使客戶總數超過 1,200 家；我們對此感到非常自豪，這也反映出我們看到客戶對我們解決方案採用力道的強勁。

Historically, we're always seeing close to a 50-50 split of our new orders coming from new customers and existing customers expanding, which we think is a great testament to the strength of our solution. We highlighted that we now have over 30 Fortune 500 customers, and we're really encouraged by the uptake of eXpedite, not only the new logos that we're bringing on with eXpedite, but also the attachment that we're seeing between eXpedite and Express.

歷來我們的新訂單來源大致維持接近 50/50：一半來自新客戶，另一半來自既有客戶擴張；我們認為這充分證明了我們解決方案的實力。我們也強調目前已有超過 30 家《財富》500 強客戶，並且對 eXpedite 的採用情況感到非常振奮——不僅是透過 eXpedite 帶進來的新客（new logos），也包括我們看到 eXpedite 與 Express 之間的搭售/綁定（attachment）成效。

Got it. Got it. And Chris and John, what are the hiring plans for fiscal '26 as the business is clearly scaling and accelerating, but also EBITDA is gradually nicely expanding. So just thinking out loud here, what are your hiring plans in terms of headcount?

了解。了解。Chris 和 John，隨著業務明顯在擴張與加速，同時 EBITDA 也在逐步且良好地擴大，你們在 26 財年的招募計畫是什麼？也就是說，就人力編制（headcount）而言，你們的招募規劃如何？

We're encouraged by what we're seeing inside the market and the security environment overall, and we are investing to capture that growth, and that's reflected in us raising guidance here as we look into 2026. So we are going to make investments in R&D and sales and marketing.

我們對市場內部以及整體安全環境所呈現的趨勢感到鼓舞，我們也正在投資以掌握這些成長機會，這反映在我們在展望 2026 時上調了指引。因此，我們將在研發以及銷售與行銷方面進行投資。

We still have some work to do in G&A on the operational side of the business, as Chris communicated in the middle of last year. But we're committed to doing that in a responsible way. And what does that mean to us? We're going to grow top line, faster than we grow expenses, and you see that in us expanding our EBITDA margins in '26.

在一般與行政（G&A）以及營運面上，我們仍有一些工作要做，正如 Chris 在去年年中所傳達的。但我們承諾會以負責任的方式推進。對我們而言，這代表什麼？我們會讓營收成長速度快於費用成長速度，而你也會看到我們在 26 年擴大 EBITDA 利潤率。

So one piece of color I would add here, especially if you dig into the [K] at all and you look at actual headcount. Our headcount is approximately flat to where we left -- where we started the year despite the reduction in force that was put in place in Q1. But a significant amount of the people that were added back were brought in-house for what used to be done by expensive consultants and contractors.

我想補充一點背景，特別是如果你有深入看 [K] 並查看實際人力編制。我們的人力編制大致持平於年初——儘管我們在第一季實施了裁員（reduction in force）。但後來補回的人員中，有相當一部分是把原本由昂貴顧問與承包商完成的工作改為內部化。

So we in-sourced a significant amount of services of our customers, and that's something we want to control and touch our customers directly with anyway. So that's a net trade from paying contractors to adding people in-house. We did the same thing on a few G&A places as well where we added headcount instead of paying external consulting firms to do the work for us.

因此，我們將相當多的客戶服務內部化，而這本來就是我們希望能掌控、並且直接接觸客戶的部分。這等於是從支付承包商費用轉為增加內部人員的淨替換。我們在少數幾個 G&A 領域也做了同樣的事：以增加人力編制取代支付外部顧問公司來替我們完成工作。

So while some headcount might shift, it doesn't commensurate with additional spend, underpinning what John said, but I wanted to triangulate that in case you're looking at some headcount numbers in the [K].

因此，雖然人力編制可能會有一些變動，但並不會等比例帶來額外支出，這也呼應 John 所說的；我想補充這點，是以防你在 [K] 裡看到一些人力編制數字時能更好地交叉驗證。

Alex Latimore, Northland.

Northland 的 Alex Latimore。

Alex Latimore here on for Mike Latimore. Great call here. I just had 2 questions. First one is, what percent of bookings are you seeing from current customers versus new customers throughout the year? And what do you expect in '26?

我是 Alex Latimore，代替 Mike Latimore 出席。今天的電話會議很棒。我有兩個問題。第一個是：今年整體來看，你們的訂單（bookings）中，有多少百分比來自既有客戶、多少來自新客戶？你們對 26 年的預期又是什麼？

It's been approximately 50-50 of customers expanding versus new -- net new customer acquisition, and we anticipate that to continue.

大約是 50/50：一半來自既有客戶擴張，另一半來自新客——也就是淨新增客戶取得（net new customer acquisition），我們預期這個趨勢會持續。

Awesome. And then one other unrelated question here. Do you see the AHA certification that you have now accelerating the hospital deals this year?

太好了。另一個不相關的問題：你們目前取得的 AHA 認證，是否會加速今年的醫院相關交易？

We're very excited about that partnership. And absolutely, as we look forward, we continue to think that health care is going to be a growth vertical. I'll provide this as an additional tailwind on top of what you saw in the state of California, where they've mandated advanced weapon screening across that state to be implemented by 2027.

我們對這項合作夥伴關係感到非常興奮。當然，展望未來，我們持續認為醫療保健將會是一個成長型垂直領域。我也補充一個額外的利多因素：加州已要求全州必須在 2027 年前導入先進武器篩檢（advanced weapon screening）。

We also recently saw what's happening in Georgia, where Georgia has a bill going through the legislation that has not yet passed, that would mandate weapon screening inside all schools. We firmly believe that all schools should have weapon screening. We look at these two case examples where regulations are coming down, mandating technology as ours as a tailwind as we look into 2027 and the future of our business and beyond.

我們最近也看到喬治亞州的情況：喬治亞州有一項法案正在立法程序中、尚未通過，該法案將要求所有學校內必須進行武器篩檢。我們堅信所有學校都應該有武器篩檢。我們以這兩個案例來看，法規正在下達、要求採用像我們這樣的技術；這將成為我們展望 2027 年以及未來業務發展的順風因素。

John, you want to close it up?

John，你要做結語嗎？

Thank you. We're really excited about where we left 2025. And as we look forward in 2026, you see the excitement and the strength that we see in our business and our pipeline, the improved execution that we built in Q4 in raising our overall guide, the changes that we put into the business, allowing us to capture all the revenue on purchase subscriptions and adjust pricing for long-term value are coming into the market as we had forecast.

謝謝。我們對 2025 年的收官位置感到非常振奮。展望 2026，你可以看到我們對業務與管線所呈現的動能與強度感到興奮；我們在第四季建立起更好的執行力並上調整體指引；我們對業務所做的調整——讓我們能在購買型訂閱（purchase subscriptions）上確認全部收入，並為長期價值調整定價——也正如我們先前預測的那樣逐步進入市場。

As we look into the second half of the year, building additional scale with our new contract manufacturing partner, Plexus, makes us very optimistic. Overall, we're building a very strong business. This is a hardware-enabled SaaS business that combines our proprietary hardware that generates proprietary data that we can use to continue to strengthen our models, and we monetize that in long-term recurring revenue as you see in our RPO or remaining performance obligation.

展望下半年，透過我們新的合約製造合作夥伴 Plexus 建立更多規模，讓我們非常樂觀。整體而言，我們正在打造一個非常強健的企業。這是一個由硬體賦能的 SaaS 業務，結合我們的專有硬體以產生專有數據，讓我們能持續強化模型；而我們也透過長期經常性收入將其變現，正如你在我們的 RPO（remaining performance obligation，剩餘履約義務）中所看到的。

We look forward to sharing more details about the long-term outlook of our business at our upcoming Investor Day. Thank you very much for your participation.

我們期待在即將到來的投資人日（Investor Day）分享更多關於我們業務長期展望的細節。非常感謝各位的參與。

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

感謝各位加入。本次電話會議到此結束。您現在可以掛線。