Genasys Inc (GNSS) 2025 Q3 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Genasys Incorporated fiscal third quarter 2025 conference call. (Operator Instructions) At this time, it is my pleasure to turn the floor over to your host, Brian Alger, SVP of Senior Relations and Corporate Development. Sir, the floor is yours.

女士們、先生們，大家好，歡迎參加 Genasys Incorporated 2025 財年第三季電話會議。（操作員說明）此時，我很高興將發言權交給你們的主持人，高級關係和企業發展高級副總裁布萊恩·阿爾傑。先生，請您發言。

Good afternoon. Welcome to Genasys' fiscal 2025 third quarter results conference call. I am Brian Alger, SVP, Investor Relations and Corporate Development for Genasys. With me on the call today are Richard Danforth, our CEO; and Cassandra Monteon, the company's Interim CFO.

午安.歡迎參加 Genasys 2025 財年第三季業績電話會議。我是Genasys公司投資人關係與企業發展資深副總裁Brian Alger。今天和我一起參加電話會議的有我們的執行長理查德·丹福斯，以及公司的臨時財務長卡桑德拉·蒙特昂。

During today's call, management will make forward-looking statements regarding the company's plans, expectations, outlook and future financial performance that may involve certain risks and uncertainties. The company's results may differ materially from the projections described in these forward-looking statements.

在今天的電話會議上，管理層將就公司的計劃、預期、展望和未來財務業績發表前瞻性聲明，這些聲明可能涉及某些風險和不確定性。本公司的實際業績可能與這些前瞻性聲明中所描述的預測有重大差異。

Factors that might cause such differences and other potential risks and uncertainties can be found in the Risk Factors section of the company's Form 10-K for the fiscal year ended September 30, 2024. Other than statements of historical facts, forward-looking statements made on this call are based only on the information and management's expectations as of today, August 14, 2025.

可能導致此類差異的因素以及其他潛在風險和不確定性，請參閱本公司截至 2024 年 9 月 30 日的財政年度的 10-K 表格中的「風險因素」部分。除了歷史事實的陳述外，本次電話會議中所做的前瞻性陳述僅基於截至 2025 年 8 月 14 日的資訊和管理層的預期。

We explicitly disclaim any intent or obligation to update those forward-looking statements, except as otherwise specifically stated. We will also discuss non-GAAP financial measures and operational metrics, including adjusted EBITDA, bookings and backlog, which we believe provide helpful information to investors with respect to evaluating the company's performance.

除另有明確規定外，我們明確聲明不承擔任何更新這些前瞻性陳述的意圖或義務。我們也將討論非GAAP財務指標和營運指標，包括調整後的EBITDA、訂單量和積壓訂單，我們認為這些指標可以為投資人評估公司績效提供有用的資訊。

For a reconciliation of the adjusted EBITDA to GAAP financial metrics, please see the table in the press release issued by the company at the close of the market today. We consider bookings and backlog leading indicators of future revenues and use these metrics to support production planning.

有關調整後 EBITDA 與 GAAP 財務指標的調整表，請參閱本公司今天收盤時發布的新聞稿中的表格。我們將預訂量和積壓訂單視為未來收入的領先指標，並利用這些指標來支持生產計畫。

Bookings is an internal operational metric that measures the total dollar value of customer purchase orders executed in a given period regardless of the timing of the related revenue recognition. Backlog is a measure of purchase orders received that are scheduled to ship within the next 12 months.

預訂量是一個內部營運指標，用於衡量在給定時期內執行的客戶購買訂單的總金額，而不管相關收入確認的時間如何。積壓訂單是指已收到的、計劃在未來 12 個月內發貨的採購訂單數量。

Finally, a replay of this call will be available in approximately four hours through the Investor Relations page on the company's website. At this time, it's my pleasure to turn the call over to Genasys' CEO, Richard Danforth. Richard?

最後，本次電話會議的錄音回放將在大約四個小時後透過公司網站的投資者關係頁面提供。此時，我很高興將電話轉交給 Genasys 的執行長 Richard Danforth。理查德？

Thank you, Brian, and welcome, everyone. Fiscal Q3 revenues reflect the first material impact of the Puerto Rico early warning system project. Total revenues were $9.9 million in the quarter, inclusive of $4.3 million from Puerto Rico.

謝謝你，布萊恩，也歡迎各位。第三財季收入反映了波多黎各預警系統計畫的第一個實質影響。本季總收入為 990 萬美元，其中包括來自波多黎各的 430 萬美元。

Our software pipeline is at an all-time high and is rapidly growing in response to our sales efforts and increased awareness of our offerings due to the LA fires, Signal Gate and more recently, the floods in Texas.

由於洛杉磯火災、信號門事件以及最近德克薩斯州的洪水，人們對我們產品的認識不斷提高，加上我們的銷售努力，我們的軟體業務正處於歷史最高水平，並且正在迅速增長。

International and domestic LRAD bookings continue to rebound, resulting in a growing 12 month backlog of business that for Genasys as a whole amounted to more than $60 million at the end of June. As you are aware, after invoicing the customer in March of this year, we received a partial payment for the deposit on the third group of dams in Puerto Rico in May. The remaining portion has finally been transferred today.

國際和國內遠程聲吶 (LRAD) 訂單持續反彈，導致未來 12 個月的業務積壓不斷增加，截至 6 月底，Genasys 的整體業務積壓金額已超過 6000 萬美元。如您所知，我們在今年 3 月向客戶開立發票後，於 5 月收到了波多黎各第三組水壩的部分保證金。剩餘部分今天終於轉移完畢。

We believe the root cause of the payment delays has been identified and resolved and future payments are now expected to be made in a timely manner similar to the first two groups deposits. The CROWS-AHD effort, part of the CROWS 2 tech refresh program of record saw initial research and development funding in fiscal 2022 and 2023. The first production funding was included in the 2024 federal budget and following the successful completion of the design, test and qualification of the LRAD 450XL-RT.

我們相信，導致付款延遲的根本原因已經確定並解決，預計未來的付款將像前兩批存款一樣及時進行。CROWS-AHD 專案是 CROWS 2 技術更新計畫的一部分，在 2022 和 2023 財政年度獲得了初步的研發資金。首筆生產資金已納入 2024 年聯邦預算，此前 LRAD 450XL-RT 的設計、測試和鑑定工作已成功完成。

The US Army issued an RFQ in July of 2025. The RFQ has since closed and a purchase order of $8 million to $8.5 million is being finalized. Genasys expects many more years of continued CROWS-related revenue. The temporary funding freeze of the urban area security initiatives and the Homeland Security Grant Program as well as the cancellation of FEMA's hazard mitigation programs building resilience infrastructure and communities that occurred at the beginning of this calendar year has delayed, disrupted, and in some cases, eliminated more than $2 billion in annual funding that state and local agencies rely on. This has resulted in a slowdown of our software bookings.

美國陸軍於 2025 年 7 月發布了詢價函。詢價已結束，一份金額為 800 萬至 850 萬美元的採購訂單正在最終敲定中。Genasys 預計未來多年 CROWS 相關營收將持續成長。今年年初，城市地區安全計劃和國土安全撥款計劃的臨時資金凍結，以及聯邦緊急事務管理局 (FEMA) 旨在建設韌性基礎設施和社區的災害緩解計劃的取消，導致州和地方機構賴以生存的超過 20 億美元的年度資金被延遲、中斷，並在某些情況下被取消。這導致我們的軟體預訂量下降。

As we detailed in our earnings release earlier today, more than $9 million of software bookings are currently awaiting funding from various federal programs that flow down to state and local jurisdictions. Recent indications are that public safety and hazard mitigation grants are being solidified and funding is slowly starting to move, but it would be naive to think that everything will change instantaneously.

正如我們在今天早些時候發布的收益報告中詳細介紹的那樣，目前有超過 900 萬美元的軟體訂單正在等待來自各種聯邦項目的資金，這些資金將流向州和地方管轄區。最近的跡象表明，公共安全和災害緩解補助金正在逐步落實，資金也開始緩慢到位，但認為一切都會立即改變是天真的。

Acknowledging this reality, we have recently completed a number of actions to reduce our operating expense levels while maintaining a strong sales effort for Genasys Protect. Included in those actions was a targeted headcount reduction. We expect to save $2.5 million annually as a result of the actions taken.

有鑑於此，我們最近採取了一系列措施來降低營運費用水平，同時保持 Genasys Protect 的強勁銷售動能。這些措施中包括有針對性的裁員。我們預計，透過採取這些措施，每年可節省 250 萬美元。

It is important for all of us to understand that despite the recent slowdown in software bookings, our traction and momentum are growing. As I've already mentioned, our pipeline of software business is at an all-time high, and our geographic footprint is expanding.

我們所有人都需要明白，儘管最近軟體預訂量有所放緩，但我們的發展動能和成長速度仍在加快。正如我之前提到的，我們的軟體業務管道正處於歷史最高水平，我們的商業版圖也不斷擴大。

Historically, Genasys has seen most of its success west of the Rockies. However, with new product feature sets and targeted sales effort, we have seen a massive improvement in the pipeline of business east of the Rockies, so much so that more than 25% of the software pipeline added in the past 12 months comes from the customers located east of the Rocky Mountains.

從歷史上看，Genasys 的大部分成功都發生在落基山脈以西地區。然而，憑藉新產品功能集和有針對性的銷售努力，我們看到落基山脈以東的業務管道得到了極大的改善，以至於過去 12 個月新增的軟體業務管道中有超過 25% 來自落基山脈以東的客戶。

In our CRM system, many details in our software pipeline are labeled pending funding. These deals range from cities within LA County looking for their own EVAC licenses to large regional emergency managers eager for precise zone-based solutions to even federal agencies interested in Genasys unique and differentiated Genasys Protect.

在我們的客戶關係管理系統中，軟體開發流程中的許多細節都被標記為「待資金到位」。這些交易涵蓋了洛杉磯縣內尋求獲得自己的 EVAC 許可證的城市，渴望獲得精確的基於區域的緊急管理機構，甚至還有對 Genasys 獨特且差異化的 Genasys Protect 感興趣的聯邦機構。

Though the recently reported top line results don't reflect this activity, our deal count, diversity of customers and increasing deal size gives us increasing confidence that Genasys Protect meets the market demands.

儘管最近公佈的營收數據並未反映出這一趨勢，但我們的交易數量、客戶多樣性以及不斷增長的交易規模讓我們越來越有信心，Genasys Protect 能夠滿足市場需求。

I would now like to spend a little time detailing our progress in Puerto Rico. As you know, this is a $75 million contract with PREPA that is fully funded by FEMA. The project covers 37 dams across the island of Puerto Rico that have been broken down into seven distinct groups. The first two groups, which have a total of roughly $17 million are well underway. Within the first two groups, there are nine dams.

現在我想花點時間詳細介紹一下我們在波多黎各的進展。如您所知，這是一份價值 7500 萬美元的與波多黎各電力局 (PREPA) 簽訂的合同，資金全部來自聯邦緊急事務管理局 (FEMA)。該項目涵蓋波多黎各島上的 37 座水壩，這些水壩被分為七個不同的群體。前兩組項目進展順利，總金額約 1700 萬美元。前兩組共有九座水壩。

Each dam has unique sensor and communication equipment requirements. Across the first two groups, 58 poles, 69 solar panels kits, 51 sensors, 35 cameras and nearly 400 LRAD speakers will be installed. As of this week, construction is underway on all nine dams, and essentially all of the equipment necessary to complete the installations for the first two groups is on the island.

每座水壩對感測器和通訊設備的要求都不盡相同。在前兩組專案中，將安裝 58 根桿子、69 套太陽能板組件、51 個感測器、35 個攝影機和近 400 個 LRAD 揚聲器。截至本週，所有九座大壩的建設工作都在進行中，完成前兩組大壩安裝所需的所有設備基本上都已運抵島上。

Moreover, the sign-off on the first dam and the early warning system software has already been received. The significance of this acceptance cannot be overstated. The software and hardware development and integration is complete and operational on the first dam.

此外，第一座大壩和預警系統軟體的驗收已經完成。這項接納的意義怎麼強調都不為過。首座大壩的軟硬體開發和整合工作已經完成並投入運作。

The third group is the largest of the seven groups, including installations at 10 dams valued with a value of $18 million to Genasys. Upon receipt of the remainder of the deposit, we will rapidly seek permits and finalize the production of the equipment and begin construction necessary to complete this group as quickly as possible.

第三組是七組中最大的一組，包括在 10 個大壩上的安裝，Genasys 公司為此支付了 1800 萬美元。收到剩餘定金後，我們將迅速申請許可證，完成設備生產，並開始必要的建設，以盡快完成該組項目的建設。

With tropical storm Erin tracking down towards Puerto Rico this week, we're reminded that the installation schedules are sometimes subject to forces outside our control. Thus far, the construction project has been going very well, and we will -- we are tracking very close to plan.

本週熱帶風暴艾琳​​正逼近波多黎各，這提醒我們，安裝進度有時會受到我們無法控制的因素的影響。到目前為止，建設專案進展非常順利，我們——我們正非常接近計劃進度。

There is no guarantee that the weather will continue to cooperate. But regardless, we aim to complete the installations across all seven groups as quickly as possible. Whether it is natural disasters, geopolitical unrest or macroeconomic change, a lot of uncertainties continue to arise around the world which, in many cases, creates new and evolving opportunities for Genasys Solutions.

天氣是否會繼續配合無法保證。但無論如何，我們的目標是盡快完成所有七個組別的安裝工作。無論是自然災害、地緣政治動盪或宏觀經濟變化，世界各地不斷出現許多不確定因素，在許多情況下，這為 Genasys Solutions 創造了新的、不斷發展的機會。

Genasys delivers products all over the world that save lives from Africa to Singapore, to Florida, Central Florida, Genasys software and hardware is making a difference in protecting lives throughout the world. We know that we have products that the market wants. Exiting the June quarter, Genasys has over $60 million in its 12 month backlog. This does not include the $650,000 of ARR associated with Puerto Rico nor anything related to CROWS.

Genasys 的產品銷往世界各地，從非洲到新加坡，再到佛羅裡達州中部，Genasys 的軟體和硬體正在為保護世界各地的生命做出貢獻。我們知道我們擁有市場所需的產品。截至六月季末，Genasys 的 12 個月積壓訂單超過 6,000 萬美元。這不包括與波多黎各相關的 65 萬美元 ARR，也不包括與 CROWS 相關的任何內容。

While not a guarantee of outcome, the existing backlog and the growing pipeline of additional business provides us with confidence in the business and the strategic value of the company. In summary, fiscal 2025 has been challenging on a number of levels.

雖然不能保證一定能取得成果，但現有的積壓訂單和不斷增長的額外業務儲備讓我們對公司的業務和策略價值充滿信心。總而言之，2025 財年在許多方面都充滿挑戰。

However, with an extremely strong backlog, growing pipeline and differentiated product portfolio, Genasys is in position to reap the rewards of its investments over the next several years. Now I will turn the call over to Cassandra to go through the financial outlook in greater detail. Cassandra?

然而，憑藉極其強大的訂單儲備、不斷增長的研發管線和差異化的產品組合，Genasys 有望在未來幾年內收穫其投資的回報。現在我將把電話交給卡桑德拉，讓她更詳細地介紹一下財務前景。卡桑德拉？

Good afternoon, everyone. In the third quarter of fiscal 2025, Genasys generated $9.9 million of revenues, up 42% sequentially, and up 38% on a year-over-year basis. Hardware revenues grew approximately 50% year-over-year, reflecting the $4.3 million of revenue from the Puerto Rico project Richard already discussed.

大家下午好。在 2025 財年第三季度，Genasys 創造了 990 萬美元的收入，季增 42%，年增 38%。硬體收入年增約 50%，這反映了理查德之前提到的波多黎各項目帶來的 430 萬美元收入。

Total software revenues in the quarter grew 7% year-over-year but was flat sequentially as the limited bookings were offset by our slight churn. Gross profit margins for June quarter came in at 26.3%, which is lower than both the prior year and the previous quarter. This decline is primarily due to the percentage of completion accounting applied to our initial revenues from Puerto Rico, a less favorable hardware mix and higher tariff costs on certain imported components.

本季軟體總收入年增 7%，但環比持平，因為有限的預訂量被輕微的客戶流失所抵消。6 月季度的毛利率為 26.3%，低於去年同期和上一季的毛利率。這一下降主要是由於波多黎各的初始收入採用了完工百分比會計方法、硬體組合不太有利以及某些進口組件的關稅成本較高所致。

As mentioned earlier in today's earnings release, we expect gross margins to improve as the Puerto Rico project progresses, owing to the delayed recognition of profits under the percentage of completion method. Operating expenses for the quarter came in at $8.5 million, down from $8.9 million in March of 2025 quarter, and $9.1 million in the same quarter last year.

正如今天發布的獲利報告中前面提到的那樣，由於以完工百分比法確認利潤的延遲，我們預計隨著波多黎各專案的推進，毛利率將會提高。本季營運支出為 850 萬美元，低於 2025 年 3 月季度的 890 萬美元，也低於去年同期的 910 萬美元。

This year-over-year and sequential improvement reflects our continued focus on cost discipline and the absence of certain legal and professional service fees. In light of the dynamics Richard just outlined in our software business, we've recently completed a set of targeted cost reductions.

這一年和每一年都取得的進步反映了我們對成本控制的持續關注，以及某些法律和專業服務費用的取消。鑑於理查德剛才概述的我們軟體業務的動態，我們最近完成了一系列有針對性的成本削減措施。

These are expected to reduce our annualized operating expenses by $2.5 million beginning in the first quarter of fiscal 2026. As part of these actions, we made the difficult decision to reduce headcount by 19 full-time employees, including 10 in Spain.

預計從 2026 財年第一季開始，這些措施將使我們的年度營運支出減少 250 萬美元。作為這些措施的一部分，我們做出了艱難的決定，裁減 19 名全職員工，包括西班牙的 10 名員工。

On a GAAP basis, our third fiscal quarter operating loss was $5.9 million compared to a loss of $5.4 million in the prior year quarter, and a loss of $6.3 million in the March 2025 quarter. Adjusted EBITDA, which excludes non-cash stock compensation, was a negative $4.8 million, a sequential improvement from the negative $5.1 million in the second quarter of fiscal 2025, but down slightly from the negative $4.4 million in June of 2024 quarter.

以美國通用會計準則 (GAAP) 計算，我們第三財季的營業虧損為 590 萬美元，而上年同期虧損為 540 萬美元，2025 年 3 月季度虧損為 630 萬美元。調整後的 EBITDA（不含非現金股票補償）為負 480 萬美元，較 2025 財年第二季的負 510 萬美元有所改善，但略低於 2024 年 6 月季度的負 440 萬美元。

GAAP net loss in this financial year's third quarter was $6.5 million, which compares to last year's third quarter net loss of $6.7 million, and last quarter's $6.1 million net loss. Cash and cash equivalents and marketable securities at the end of June quarter totaled $5.5 million, down sequentially from $7.2 million on March 31, 2024.

本財年第三季GAAP淨虧損為650萬美元，去年同期淨虧損為670萬美元，上一季淨虧損為610萬美元。截至 6 月底，現金及現金等價物及有價證券總額為 550 萬美元，較 2024 年 3 月 31 日的 720 萬美元下降。

During the third fiscal quarter, cash used in operating activities was $5.9 million, which included a $750,000 use of cash resulting from changes in operating assets and liabilities. To help offset the impact of our net loss and working capital shifts, we secured $4 million through the first amendment to our term loan finalized just ahead of our last earnings call.

第三財季，經營活動使用的現金為 590 萬美元，其中包括因經營資產和負債變動而產生的 75 萬美元現金使用。為了幫助抵消淨虧損和營運資金變動的影響，我們在上次獲利電話會議之前，透過對定期貸款的第一項修訂獲得了 400 萬美元。

Looking forward, in the fiscal fourth quarter, we anticipate a significant increase in both revenue and profit contributions from Puerto Rico. While some variables remain, we continue to project $15 million to $20 million in total revenues from Puerto Rico for fiscal 2025. Additionally, we expect to report improving gross margins with operating expenses remaining consistent with those from the third quarter.

展望未來，在第四財季，我們預期波多黎各的營收和利潤貢獻將大幅成長。儘管還有一些變數，但我們仍然預計 2025 財年波多黎各的總收入將達到 1500 萬美元至 2000 萬美元。此外，我們預計毛利率將有所提高，而營運費用將與第三季保持一致。

Factoring in our installation schedule in Puerto Rico, the remaining LRAD backlog and our software ARR of $8.7 million, we ended June 2025 with a 12 month backlog totaling $61 million. This positions us well for continued momentum heading into the next fiscal year.

考慮到我們在波多黎各的安裝計劃、剩餘的 LRAD 積壓訂單以及 870 萬美元的軟體 ARR，截至 2025 年 6 月底，我們的 12 個月積壓訂單總額為 6,100 萬美元。這為我們在下一財年繼續保持成長動能奠定了良好的基礎。

Now we would like to open up the call for Q&A. Operator?

現在我們想進入問答環節。操作員？

(Operator Instructions) Scott Searle, Roth Capital.

（操作說明）Scott Searle，Roth Capital。

Hey, good afternoon. Thanks for taking the questions. Maybe to dive right in on PREPA, Richard, it sounds like now we'll finally start to get some revenue recognition that goes along with it. Could you give us some high-level thoughts in terms of gross margins as we look out into the September quarter and beyond? We've had, I think, 0% gross margins in the first two quarters of the early PREPA rev.

嘿，下午好。謝謝您回答問題。理查德，或許我們應該直接進入PREPA階段，聽起來我們現在終於要開始獲得一些與之相關的收入確認了。展望九月季度及以後，您能否就毛利率方面給我們一些高屋建瓴的看法？我認為，在PREPA早期營收的前兩個季度，我們的毛利率為0%。

Could you remind us what gross margins look like over the course of the $75 million contract and what we should be expecting over the next quarter or two? And along with that, maybe help us understand cash flow from operations with the give and takes of inflows as we move into the group three, and some more payments on that front.

能否提醒我們一下，在7500萬美元的合約期間內，毛利率會是多少？以及在接下來的一個或兩個季度裡，我們應該期待怎樣的毛利率？此外，或許還能幫助我們理解經營現金流，並了解流入和流出的權衡，因為我們將進入第三組，這方面還有一些支出。

That's a lot, Scott. So if I miss one, ask me again. But from a total contract perspective, gross margin expectation on Puerto Rico, it is higher than normal LRAD gross margins. Normally, our hardware gross margins are in the 50%, plus or minus. Puerto Rico is likely going to be better than that.

斯科特，這可不少。如果我漏掉了一個，請再問我。但從整個合約的角度來看，波多黎各的毛利率預期高於正常的遠程航空器毛利率。通常情況下，我們的硬體毛利率在 50% 左右，上下浮動。波多黎各的情況可能會比這更好。

As per Q3 and Q4, there was actually some margin recorded on the Puerto Rico revenue in Q3. It was approximately -- do you know the number?

根據第三季和第四季的數據，第三季波多黎各的收入實際上實現了一定的利潤。大約是──你知道具體數字嗎？

27%, I think.

我想應該是27%。

No, the absolute number.

不，是絕對數字。

Oh, it's total?

哦，是總數嗎？

Yeah.

是的。

26%.

26%。

No. But to answer your question, as we finish more work on the island, that's the trigger to bring the margin and the revenue and record it. In Q1, we were 4 plus -- in Q3, excuse me, we were $4 million-plus in revenue and approximately $700,000 in gross margin that was recorded.

不。但要回答你的問題，隨著我們在島上完成更多工作，這將觸發利潤和收入的增加並記錄下來。第一季度，我們的收入超過 400 萬美元——第三季度，抱歉，我們的收入超過 400 萬美元，毛利約為 70 萬美元。

Q4 should be substantially better than that. As Cassandra mentioned, our revenue expectation in Q4 is substantially higher than our revenue expectation in Q3.

第四季應該會比這好得多。正如卡桑德拉所提到的，我們對第四季的營收預期遠高於我們對第三季的營收預期。

Got you. And Richard, just the -- from a cash flow perspective, it's pretty complicated. You received a fair amount, I think, for group one and group two. How does that flow with group three? And where are we in terms of the planning phases for the additional groups?

抓到你了。理查德，從現金流的角度來看，情況相當複雜。我認為，你從第一組和第二組中獲得的金額都相當合理。這和第三組有什麼關係？那麼，關於新增小組的規劃階段，我們目前進展到什麼程度了？

All three groups planning, engineering is done. The first two groups, as I said in my remarks, represent nine dams and construction is in process on all nine. In fact, one has been accepted by the customer, which is also the software -- the overall software license was accepted as well.

三個小組的規劃和工程工作都已完成。正如我在演講中所說，前兩組代表九座水壩，所有九座水壩都在建設中。事實上，客戶已經接受了其中一項，也就是軟體本身——整個軟體授權協議也已被接受。

The third group, we just received today the wire for the balance of the deposit they owed us. So we will begin in earnest to work on group three. So from a cash flow perspective, Scott, as we complete dams, that will generate cash. As we kick off the third group, that will generate cash. So I think from that perspective, the cash flow from operations should be very healthy as compared to historically.

第三組客人，我們今天剛收到他們所支付的剩餘押金。所以我們將正式開始第三組的工作。所以從現金流的角度來看，史考特，隨著我們完成水壩建設，這將產生現金流。第三組啟動後，將會產生現金流。所以我認為從這個角度來看，與歷史水準相比，經營活動產生的現金流應該會非常健康。

And just as a reminder, Scott and others on the call, the way the contract was originally written and is being executed, the customer will be paying us 60% of each group's value upfront as a deposit. And that's obviously what we just received the final payment on or at least we got notice of today.

再次提醒史考特和電話會議上的其他人，根據合約最初的規定和執行方式，客戶將預先支付我們每個小組價值的 60% 作為定金。很顯然，這就是我們剛剛收到的尾款，或者至少我們今天收到了通知。

As we complete each dam, and we're talking cash accounting, not accrual accounting that we have with GAAP, but on a cash accounting basis, we are invoicing the customer on a dam-by-dam basis as each dam's completion is accepted by the customer.

每完成一座大壩，我們都會按照現金會計原則（而不是GAAP下的權責發生製會計原則）向客戶逐座開具發票，前提是客戶已驗收每座大壩的竣工。

Got you. Very helpful. And two more, if I could just follow up on CROWS, it's exciting to see that finally happening. Could you -- what is the outlook in terms of the September quarter? Will some revenue from CROWS in that initial award potentially sneak into the September quarter?

抓到你了。很有幫助。還有兩點，如果我能繼續跟進《烏鴉》這部劇就好了，看到它終於上映真是令人興奮。請問—您對九月季度的前景有何看法？CROWS計畫在首筆撥款中的部分收入是否有可能提前到9月份的季度？

And I think the number you talked about in this initial tranche was $8 million to $8.5 million. Is that the annual run rate that we should be thinking about? Or does the number change potentially get larger as we look out into '26 and '27?

我認為你提到的首批款項金額是 800 萬至 850 萬美元。這是我們應該考慮的年度運行率嗎？或者，展望 2026 年和 2027 年，這個數字的變化是否有可能更大？

I think it will get larger. Our historic numbers for the old program of record were between $10 million and $15 million. As to your question regarding the revenue expectations for the fourth quarter, I think you're going to see the CROWS revenue in our fiscal '26 first half.

我認為它會變得更大。我們先前的專案記錄數字在 1000 萬美元到 1500 萬美元之間。至於你提出的關於第四季營收預期的問題，我認為你會在我們 2026 財年上半年看到 CROWS 的營收。

Got you. And lastly, just from a macro standpoint in terms of federal budgets, the impact that's pushing down on to local municipalities and spending. Certainly, it seems like it slowed up the first half of this year. And it doesn't seem like you're forecasting any sort of a major recovery on that front.

抓到你了。最後，從聯邦預算的宏觀角度來看，這對地方市政當局和支出產生了影響。確實，今年上半年似乎成長放緩了。而且，你似乎也沒有預測這方面會出現任何重大復甦。

But I'm wondering, is there a steady-state level of business we should be thinking about that's relatively immune to federal funding and those sources that have been constrained? Thanks.

但我很好奇，是否存在穩定的商業模式，我們可以考慮將其視為相對不受聯邦資金和其他受限資金來源影響的模式？謝謝。

Scott, most of our revenue is generated from state and local governments. So there isn't an immunity from the -- sometimes chaos that we see in Washington, DC. (multiple speakers) Did we lose you, Scott?

史考特，我們的大部分收入都來自州政府和地方政府。所以，我們無法免受華盛頓特區有時出現的混亂局面的影響。 （多人發言）史考特，你沒說話吧？

I think you can go ahead and finish.

我認為你可以繼續完成了。

We do, however, have some resilience against that chaos in as much as a current active backlog, 12 month backlog of over $60 million.

不過，我們確實有一定的韌性來應對這種混亂局面，目前我們有超過 6000 萬美元的 12 個月積壓訂單。

(Operator Instructions) Ed Woo, Ascendiant Capital.

（操作說明）Ed Woo，Ascendiant Capital。

Yeah. There was some major weather flood event recently. What is your flood product? And have you noticed any increases in people's interest in that type of product? Thank you.

是的。最近發生了一場嚴重的極端天氣洪水事件。你們的防洪產品是什麼？你有沒有註意到人們對這類產品的興趣增加？謝謝。

We have. As I mentioned in my remarks, Ed, the east of the Rockies has grown -- the interest in our product has grown a lot recently. We have teamed with a company named FloodMapp, and we have their flood prediction models on our Genasys Protect platform.

我們有。正如我在演講中提到的，埃德，落基山脈以東地區發展迅速——最近人們對我們產品的興趣大幅增長。我們與一家名為 FloodMapp 的公司建立了合作關係，並將他們的洪水預測模型整合到我們的 Genasys Protect 平台上。

And simply put, we can look at the current weather, forecasted weather and forecast when a river will go over or when a dam might breach and then be able to draw live geographic representations of where that water will go, and get messages to everybody that might be in harm's way.

簡而言之，我們可以查看當前天氣、預測天氣，預測河流何時會氾濫或水壩何時會決堤，然後繪製出水流方向的即時地理圖，並將資訊傳遞給所有可能處於危險之中的人。

So that's gotten traction on the East Coast. It's gotten traction in a lot of areas, particularly what we're seeing with the floods in North Carolina and in Texas.

所以這在東海岸已經引起了關注。它在許多地區都獲得了關注，尤其是在北卡羅來納州和德克薩斯州的洪水災害中，這種關注尤其明顯。

To add on that, Ed, the value of having FloodMapp integrated with our products, especially EVAC allows for a very targeted, very precise message to be sent out to those that are being impacted. So if you think about what we just saw in California with the tsunami watches, instead of alerting all of Sonoma County, which goes quite a ways inland, utilizing FloodMapp, emergency managers could very easily segment the coastal regions that may or may not be impacted and send messages to only those people along the coastline.

Ed，補充一點，將 FloodMapp 整合到我們的產品中，特別是 EVAC，其價值在於能夠向受影響的人們發送非常有針對性、非常精確的訊息。所以，想想我們剛剛在加州看到的海嘯預警，與其向整個索諾瑪縣（該縣向內陸延伸很遠）發出警報，應急管理人員可以利用 FloodMapp 非常容易地將可能受影響或不受影響的沿海地區劃分開來，然後只向沿海地區的人們發送訊息。

The same would be true of somebody in a river basin, for instance. And that's part of the new feature set that our product team brought to the market this year is that layering capability within EVAC itself.

例如，生活在河流流域的人也是如此。而這正是我們產品團隊今年推向市場的新功能之一，即 EVAC 本身的分層功能。

That's a great product. I got a tsunami warning in LA, and I was 20 miles in then. So thank you very much for answering my questions and I wish you guys good luck. Thank you.

那是一款很棒的產品。我在洛杉磯收到了海嘯預警，當時我已經行駛了20英里。非常感謝您回答我的問題，祝您好運。謝謝。

(Operator Instructions) There appear to be no further questions at this time. I would now like to turn it back to management for any closing remarks.

（操作說明）目前似乎沒有其他問題。現在我想把發言權交還給管理階層，請他們作總結陳詞。

Great. Thank you, Kat. Thank you, everyone, for participating in today's call. A replay of the call will be available on our website shortly. For additional information and up-to-date news and activity regarding Genasys, our products and the customers we serve, we strongly recommend that you follow the company and Genasys Protect on your social networks, particularly LinkedIn and X, where we actively post and comment on events that are happening and those that are happening around the world.

偉大的。謝謝你，凱特。感謝各位參加今天的電話會議。電話會議的錄音回放很快就會在我們的網站上提供。如需了解有關 Genasys、我們的產品以及我們服務的客戶的更多資訊和最新新聞及活動，我們強烈建議您在社交網路上關注公司和 Genasys Protect，特別是 LinkedIn 和 X，我們會在這些平台上積極發布和評論正在發生的事件以及世界各地發生的事件。

We look forward to speaking with you again next quarter when we report fiscal fourth quarter and full year 2025 results. Until then, good night.

我們期待在下個季度再次與您交流，屆時我們將公佈 2025 財年第四季和全年業績。晚安。

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

謝謝。今天的會議到此結束。感謝您的參與。現在您可以斷開線路了，祝您有美好的一天。