Genasys Inc (GNSS) 2026 Q2 法說會逐字稿

Good day, everyone, and thank you all for joining us for today's Genasys Inc, fiscal second quarter 2026 conference call. (Operator Instructions)

各位好，感謝各位參加今天 Genasys Inc 2026 會計年度第二季財報電話會議。(接線員指示)

To get us started with opening remarks and introductions today, it is my pleasure to turn the floor over to External Investor Relations and Representative, Clay Liolios. Welcome, sir.

為開始今天的開場致詞與介紹，我很榮幸把時間交給外部投資人關係與代表 Clay Liolios。先生，歡迎。

Good afternoon, everyone. Thank you for participating in today's conference call to discuss Genasys Inc's fiscal second quarter 2026 results ended March 31, 2026.

各位下午好。感謝各位參與今天的電話會議，討論 Genasys Inc 截至 2026 年 3 月 31 日止之 2026 會計年度第二季業績。

Joining us on today's call are the company's Chief Executive Officer, Richard Danforth; and Chief Financial Officer, Cassandra Monteon. Before we begin, let me remind everyone of the company's safe harbor disclaimer.

今天與會的有公司執行長 Richard Danforth，以及財務長 Cassandra Monteon。在開始之前，先提醒各位公司之安全港聲明。

Certain portions of our comments today will concern future expectations, plans and prospects of the company that constitute forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995.

我們今天評論的某些部分將涉及公司對未來的預期、計畫與展望，依據 1995 年《私人證券訴訟改革法》(Private Securities Litigation Reform Act of 1995) 的安全港條款，構成前瞻性陳述。

Forward-looking statements include all statements containing verbs such as aims, anticipates, estimates, expects, believes, intends, plans, predicts, will, may, continue, projects or targets and negatives of these words and similar words or expressions. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated by the forward-looking statements.

前瞻性陳述包括所有包含如 aims、anticipates、estimates、expects、believes、intends、plans、predicts、will、may、continue、projects 或 targets 等動詞，以及這些詞彙的否定式與類似詞語或表述的陳述。前瞻性陳述受某些風險與不確定性影響，可能導致實際結果與前瞻性陳述所示有重大差異。

Factors that could affect our results include, among others, those that are discussed under the heading Risk Factors in our most recently filed reports with the SEC, including our annual report on Form 10-K, our quarterly reports on Form 10-Q and our current reports on Form 8-K. In addition, this call includes discussions of certain non-GAAP financial measures, including adjusted EBITDA.

可能影響我們業績的因素包括但不限於我們最近向美國證券交易委員會（SEC）提交之報告中「風險因素」章節所討論者，包括 Form 10-K 年報、Form 10-Q 季報及 Form 8-K 即時報告。此外，本次電話會議亦包含對若干非 GAAP 財務衡量指標的討論，包括調整後 EBITDA。

The most directly comparable GAAP measures and reconciliations for non-GAAP measures are available in the earnings release and other documents posted on the company's website under Investor Relations. A replay of the webcast will be available approximately four hours after the presentation through the conference call link on the Events and Presentations page of the company's website.

與非 GAAP 指標最直接可比的 GAAP 指標及非 GAAP 指標之調節表，已載於新聞稿及公司網站「投資人關係」專區所張貼的其他文件中。網路直播重播將於簡報結束約四小時後提供，可透過公司網站「活動與簡報」頁面上的電話會議連結收看。

With that, I would like to turn the call over to Genasys CEO, Richard Danforth.

接下來，我想把電話會議交給 Genasys 執行長 Richard Danforth。

Thank you, Clay, and thank you all for joining us today. Before we get into our second quarter, as some of you have probably seen, we filed an 8-K today announcing a 60-day extension for the repayment of our debt. Currently, we are owed approximately $13 million related to the Puerto Rico project.

謝謝你，Clay，也謝謝各位今天加入我們。在進入第二季內容之前，如各位可能已看到，我們今天提交了一份 8-K，宣布將我們的債務償還期限延長 60 天。目前，與波多黎各專案相關，我們約有 1,300 萬美元的應收款。

While payments in Puerto Rico have been slower than expected, we remain confident that the outstanding receivables will be collected. Over the past month, I personally traveled to Puerto Rico and met with our partners and had productive discussions regarding the project and payment process.

雖然波多黎各的付款進度比預期慢，但我們仍有信心可收回未收的應收帳款。過去一個月，我親自前往波多黎各，與合作夥伴會面，並就專案與付款流程進行了富有成效的討論。

In fact, we received payment of $1.8 million last week and anticipate receiving the remaining balances shortly. The receivables from the Puerto Rico project are expected to be used to retire our debt. Now let's move on to our strong second quarter. This quarter represented a meaningful inflection point for Genasys.

事實上，我們上週已收到 180 萬美元款項，並預期不久將收到其餘款項。波多黎各專案的應收款預計將用於清償我們的債務。現在讓我們進入我們強勁的第二季表現。本季對 Genasys 而言是一個重要的轉折點。

We delivered GAAP net income profitability and strong gross margins, reflecting the impact of disciplined execution, operational rightsizing and improved sales execution across the organization. Equally important, these results demonstrate that the foundational work completed over the past few years is translating into a more durable and scalable business.

我們實現了 GAAP 淨利獲利能力與強勁的毛利率，反映出嚴謹執行、營運規模調整（rightsizing）以及全組織銷售執行力提升所帶來的成效。同樣重要的是，這些結果顯示過去幾年完成的基礎工作，正轉化為更具韌性且可擴展的業務。

Genasys is operationally sound, financially disciplined and positioned to grow across both our software and hardware platforms. On the software side, demand for our solution continued to expand as states, counties and enterprise prioritize reliable, compliant and secure communication.

Genasys 在營運上穩健、財務上自律，並已具備在軟體與硬體平台雙線成長的定位。在軟體方面，隨著州政府、郡縣政府與企業優先重視可靠、合規且安全的通訊，我們解決方案的需求持續擴大。

We're seeing sustained inbound interest across both Evertel and Genasys Protect with pipeline growth supported by recent wins in new geographies. These wins validate our value proposition and create long-term opportunities for expansion within those customers.

我們看到 Evertel 與 Genasys Protect 兩條產品線皆持續有主動洽詢（inbound）興趣，且近期在新地理區域的得標帶動了銷售管線成長。這些得標驗證了我們的價值主張，並為在這些客戶內部的長期擴張創造機會。

Genasys Protect continues to displace legacy emergency warning systems by combining mass notification with integrated situational awareness and mapping. This capability differentiates us in the market and allows operators to deliver highly targeted time-efficient alerts during critical events.

Genasys Protect 透過將大規模通知與整合式態勢感知與地圖功能結合，持續取代傳統的緊急警報系統。此能力使我們在市場上具差異化，並讓操作人員在關鍵事件期間能發布高度精準且省時的警示。

Our hardware business is also delivering strong performance this quarter, supported by global demand and increasing focus on critical infrastructure protection. We continue to engage with customers across defense, energy and utilities, where LRAD products provide a proven non-lethal layer of security. As investments in infrastructure and capacity expansion accelerates, we see this as a multiyear tailwind.

我們的硬體業務本季也交出強勁表現，受全球需求支撐，且各界對關鍵基礎設施防護的重視日益提升。我們持續與國防、能源與公用事業等領域客戶互動，在這些領域，LRAD 產品提供經驗證的非致命安全防護層。隨著基礎設施投資與產能擴張加速，我們認為這將是多年期的順風。

The everyday demand for our hardware, combined with the rising global military budgets and the accelerating AI infrastructure build-out continues to generate steady tailwinds for our hardware business. The data center and energy infrastructure expansion currently underway across the United States is a great example.

硬體產品的日常需求，加上全球軍事預算上升與 AI 基礎設施建置加速，持續為我們的硬體業務帶來穩定的順風。目前美國各地正在進行的資料中心與能源基礎設施擴張，就是一個很好的例子。

We recently completed the installation of 4 LRAD 950 NXTs on a critical substation for a large US utility. This was the first substation of many that will be equipped with LRAD 950 NXTs. We expect to receive orders for 26 additional NXT for this very utility.

我們近期已在一家大型美國公用事業公司的關鍵變電站完成 4 套 LRAD 950 NXT 的安裝。這是眾多將配備 LRAD 950 NXT 的變電站中的第一座。我們預期將收到該公用事業公司另外 26 套 NXT 的訂單。

Now let's take a deeper look at the second quarter and some updates on key initiatives, projects and opportunities. In the second quarter, we delivered $15.5 million in revenue, underscored by a 63.3% gross margin. Out of the $15.5 million, $10.3 million was associated with the Puerto Rico Dams Early Warning System project. The Puerto Rico project is on schedule. We have successfully completed Groups 3, 5 and 6 with Group 1 on pace to finish in June of this year.

現在讓我們更深入檢視第二季表現，以及關鍵倡議、專案與機會的最新進展。第二季我們實現 1,550 萬美元營收，毛利率達 63.3%。在 1,550 萬美元中，有 1,030 萬美元與波多黎各大壩早期預警系統專案相關。波多黎各專案進度如期。我們已成功完成第 3、5 與 6 組，第 1 組也按計畫將於今年 6 月完成。

As mentioned, all technical risks associated with the project have been retired, and the focus remains on executing the remaining groups. Success in Puerto Rico is a testament to our entire team and reflects Genasys ability to execute complex large-scale multiyear projects. We also began production under the $9 million CROWS-AHD technology refresh program and expect to complete that initial order within this fiscal year.

如前所述，與該專案相關的所有技術風險均已排除，目前重點仍在執行其餘各組。波多黎各的成功是對我們整個團隊的肯定，也反映 Genasys 具備執行複雜、大型、跨多年專案的能力。我們也已開始在 900 萬美元的 CROWS-AHD 技術更新（technology refresh）計畫下進行生產，並預期在本會計年度內完成該筆初始訂單。

This program represents a meaningful long-term opportunity given the installed base requiring modernization. With roughly 5,000 CROW units in need of this technology refitting, the addressable market for this program could be $175 million.

鑑於既有裝機基礎需要現代化升級，該計畫代表一項具意義的長期機會。約有5,000套CROW裝置需要進行此技術改裝，該計畫的可服務市場規模可能達1.75億美元。

We expect to receive additional production orders in the second half of this fiscal year. Backlog ended Q2 at $58 million, reflecting both strong execution and continued replenishment from new bookings. Overall, we are encouraged by the momentum across the business and the expanding scope of our opportunities ahead.

我們預期在本會計年度下半年收到額外的量產訂單。第二季末在手訂單為5,800萬美元，反映出強勁的執行力以及新接訂單持續補充。整體而言，我們對全公司業務動能以及未來機會範疇的擴大感到鼓舞。

With that, I will turn the call over to Cassandra for a review of the financial results.

接下來，我將把電話會議交給Cassandra，請她回顧財務結果。

Cassandra?

Cassandra？

Thank you, Richard. Now for the second quarter results. In the second quarter of fiscal 2026, Genasys generated $15.5 million in revenue, up 124% year-over-year. Hardware revenue grew roughly 180% from a year ago period. This included $10.3 million in contribution from the Puerto Rico project.

謝謝你，Richard。現在來看第二季業績。在2026會計年度第二季，Genasys創造營收1,550萬美元，年增124%。硬體營收較去年同期成長約180%。其中包含來自波多黎各專案的1,030萬美元貢獻。

The total software revenue increased 6% to $2.4 million compared to the year ago period. Sequentially, the software revenues increased roughly 5%. The remaining revenue was associated with hardware orders across a multitude of customers.

軟體總營收較去年同期增加6%至240萬美元。按季比較，軟體營收約成長5%。其餘營收則與多家客戶的硬體訂單相關。

Gross profit margin increased significantly to 63.3%. This improvement is due to several factors, including product mix, recognition of revenue associated with the Puerto Rico project and the increase of software sales.

毛利率大幅提升至63.3%。此改善來自多項因素，包括產品組合、與波多黎各專案相關的營收認列，以及軟體銷售增加。

Looking ahead, we expect to deliver gross margins over 50% on an annualized basis. Operating expenses for the quarter were $8.5 million, a 4% decrease from the second quarter of 2025 and remaining flat sequentially. We expect operating expenses to normalize around this level as the organization is rightsized and well equipped to execute on our projects and further scale.

展望未來，我們預期以年化基礎計算的毛利率可維持在50%以上。本季營業費用為850萬美元，較2025年第二季下降4%，且按季持平。隨著組織規模調整到位並具備執行專案與進一步擴張的能力，我們預期營業費用將在此水準附近正常化。

On a GAAP basis, operating net income was $1.3 million compared to an operating loss of $6.3 million in the prior year period. Adjusted EBITDA, which excludes noncash stock compensation, was $2.5 million compared to a negative $5.1 million in the year ago period.

按GAAP基準，營業淨利為130萬美元，對比去年同期營業虧損630萬美元。調整後EBITDA（排除非現金股票酬勞）為250萬美元，對比去年同期為負510萬美元。

The increase was driven by revenue and gross margin improvements. GAAP net income in the second quarter was $600,000 compared to a GAAP net loss of $6.1 million in the second quarter of 2025. To echo Richard, returning to net income profitability is a significant milestone that reflects on the disciplined execution and structural improvement that the company has undergone over the past few years.

成長主要由營收與毛利率改善所帶動。第二季GAAP淨利為60萬美元，對比2025年第二季GAAP淨損610萬美元。呼應Richard所言，重回淨利獲利是一項重要里程碑，反映公司過去幾年所展現的紀律執行與結構性改善。

We are well positioned to build durability from here. Now to the balance sheet. We ended March 31, 2026, with $1 million in cash, cash equivalents and marketable securities. As Richard mentioned, our term loan maturity was extended to the date of July 13, 2026.

我們已做好準備，從此建立更具持久性的表現。接著看資產負債表。截至2026年3月31日，我們持有現金、約當現金及有價證券合計100萬美元。如Richard所提，我們的定期貸款到期日已延長至2026年7月13日。

This was a step to better align the maturity with our current expected cash receipts that have been earned and are due to Genasys. The company is confident that they will receive the receivables before the extended maturity date and has ample cash for the day-to-day operations. Overall, the second quarter marked a clear inflection point for Genasys.

此舉是為了讓到期日更貼近我們目前預期將收到、且已賺取並應付給Genasys的現金收款時點。公司有信心在延長後的到期日前收回應收款項，且具備充足現金以支應日常營運。整體而言，第二季標誌著Genasys明顯的轉折點。

Revenue was strong across both hardware and software products and the 63% gross margin reflects the disciplined pricing, favorable product mix and operating leverage we've been building towards over the past several quarters.

硬體與軟體產品的營收皆表現強勁，而63%的毛利率反映了我們在過去數季所建立的紀律定價、有利的產品組合以及營運槓桿。

Beyond the headline results, the business continues to improve with increased visibility from backlog and a growing contribution from reoccurring software revenue, while near-term performance remains driven by our Puerto Rico program.

除亮眼的主要成果外，隨著在手訂單帶來更高能見度，以及經常性軟體營收貢獻增加，業務持續改善；同時，短期表現仍主要由我們的波多黎各計畫所驅動。

We are continuing to build pipeline across both hardware and software with several meaningful opportunities advancing through late-stage discussions and expect to support continued growth as they convert. Importantly, the extension of the debt maturity reflects timing, not performance as the underlying business continues to demonstrate improving profitability and increasing visibility into cash generation.

我們持續在硬體與軟體兩方面建立商機管線，多項重要機會正推進至後期洽談階段，並預期在其轉換為訂單後支撐持續成長。重要的是，債務到期日的延長反映的是時點安排而非業績表現，因為基本面業務持續展現獲利能力改善，且現金創造的能見度提高。

With that, Richard, back to you.

以上，Richard，交回給你。

Thank you, Cassandra. In summary, this was a pivotal quarter for Genasys. We delivered net income profitability, achieved significant gross margins and remained on pace for a record revenue in fiscal 2026. These results validate the strategic investment we've made and demonstrate our ability to capture and execute on the opportunities that are in the protective communications space.

謝謝你，Cassandra。總結而言，這是Genasys關鍵的一季。我們實現淨利獲利、達成顯著的毛利率，並持續朝2026會計年度創紀錄營收的目標前進。這些成果驗證了我們所做的策略性投資，並展現我們在防護型通訊領域把握並執行機會的能力。

Perhaps even more exciting than the quarter itself is the depth of the opportunities that we continue to see across all of our business lines. From LRADs to Evertel, our pipeline has never been stronger, and we're engaging with customers from all over the world.

或許比本季本身更令人振奮的是，我們在各條業務線持續看到的機會深度。從LRAD到Evertel，我們的商機管線從未如此強勁，且正與來自全球各地的客戶洽談。

Looking ahead, we remain confident in our ability to deliver meaningful year-over-year revenue growth while expanding annualized gross margins over 50%. We also expect to achieve both operating income and GAAP net income profitability for the year. The second half of the year is shaping up to be a defining stretch for Genasys.

展望未來，我們仍有信心在擴大年化毛利率至50%以上的同時，實現具意義的年對年營收成長。我們也預期全年可同時達成營業利益與GAAP淨利獲利。今年下半年正逐步成為Genasys的關鍵階段。

With a rightsized organization and a leadership team aligned around our growth priorities, we are entering this period from a position of operational strength. Our pipeline continues to expand across our hardware and software segments, reflecting the growing global demand for integrated protective communication solutions and validating the strategic investments we have made over the past several years.

在組織規模調整到位、領導團隊圍繞成長優先事項一致對齊的情況下，我們以營運實力的優勢進入此一階段。我們的商機管線在硬體與軟體領域持續擴張，反映全球對整合式防護通訊解決方案日益增長的需求，並驗證我們過去幾年所做的策略性投資。

We believe Genasys is uniquely positioned to capitalize on this momentum. Our life-saving software platforms, combined with the depth of our hardware portfolio and scale of customer relationships give Genasys a differentiated value proposition.

我們相信Genasys具備獨特優勢，能把握這股動能。我們的救命軟體平台，結合深厚的硬體產品組合與客戶關係規模，為Genasys帶來差異化的價值主張。

As we execute against our pipeline in the coming quarters, we expect to convert these opportunities into sustained growth, continued financial improvement and meaningful long-term value for our shareholders. The foundation is in place, and we look forward to delivering what we believe will be a strong second half of the company.

隨著我們在未來幾季推進商機管線的執行，我們預期將把這些機會轉化為持續成長、持續的財務改善，以及為股東創造具意義的長期價值。基礎已就緒，我們期待交付我們相信將是公司強勁的下半年表現。

Before moving to Q&A, I would like to take a second to thank all of our employees, partners, customers and shareholders for your support and trust.

在進入問答之前，我想花一點時間感謝所有員工、合作夥伴、客戶與股東的支持與信任。

With that, we'd like to open up the call for Q&A. Operator?

那麼，我們想開放電話會議進入問答環節。接線員？

(Operator Instructions)

(接線員指示)

Scott Searle, ROTH Capital Partners.

Scott Searle，ROTH Capital Partners。

Hey, good afternoon. Thanks for taking the questions and congrats on achieving profitability in the quarter, Richard. Maybe just to dive in, start with CROWS. You had some shipments this quarter. I'm wondering if you could quantify that for us and what you're expecting over the second half of the year.

嗨，午安。感謝讓我提問，也恭喜你們本季達成獲利，Richard。也許先深入一點，從 CROWS 開始。你們本季有一些出貨。我想請問你們能否為我們量化一下，以及你們對今年下半年的預期是什麼？

And then there have been some larger opportunities, I think, within the pipeline that were sizable, some comparable to PREPA types of opportunities. I wonder if you could kind of walk through what you've got in the pipeline right now and the timing associated with some of those larger potential opportunities?

另外，我認為在管線中有一些更大型的機會，規模不小，有些可與 PREPA 類型的機會相當。我想請你們說明一下目前管線裡有哪些案子，以及這些較大型潛在機會的相關時程？

Sure. The first question relative to CROWS. CROWS, we began the production of that in our Q2. Deliveries will happen largely -- expected to happen largely in Q3 and Q4. The larger Puerto Rico like opportunities, one is at the final stage from an award perspective. It's competitive, it's international. We expect to hear on that within the coming days.

好的。第一個問題關於 CROWS。CROWS 我們在第二季開始生產。交付預計主要會在第三季與第四季進行。至於類似波多黎各那樣的大型機會，其中一個從授標角度來看已進入最後階段。這是競爭性標案，且為國際案。我們預期在接下來幾天內就會得知結果。

Great. Very helpful. And if I could just real quickly on the gross margins. It was a record quarter, I believe. Looking forward to the second half of this year, I know that's related to some mix issues and some software as well.

太好了。非常有幫助。另外我想很快追問一下毛利率。我相信這是一個創紀錄的季度。展望今年下半年，我知道這與產品組合因素以及部分軟體也有關。

But what should we be expecting over the course of the third and the fourth quarter? And then as part of that, just sequentially, from a top line perspective, how should we be thinking about the June quarter and the September quarter?

那麼第三季與第四季整體而言，我們應該期待什麼？另外就此延伸，從營收（top line）的角度，按季來看，我們應該如何看待 6 月季度與 9 月季度？

Thanks.

謝謝。

First, on gross margins, our current gross margin for the first two quarters equals 55.3%. Scott, as I think I've mentioned in the past, I think mix has a lot to do with it. Puerto Rico, as you know, the hardware when it leaves this building goes out with zero margin.

先談毛利率，我們前兩季的目前毛利率合計為 55.3%。Scott，如同我過去提過的，我認為產品組合影響很大。波多黎各案你也知道，硬體一離開這棟大樓時是零毛利出貨。

So as we complete the dams, we collect all that margin with no cost associated with it. So it's really going to be mix. I wouldn't move too much further than where you are right now. We'll see how Q3 goes.

因此當我們完成那些壩體（dams）後，我們就能收取所有毛利，而且沒有相對應的成本。所以關鍵真的會是產品組合。我不會預期毛利率會比你現在看到的水準再高太多。我們看看第三季的情況。

And just the sequential cadence of the top line, how we should be thinking about that in June and September?

那營收按季的節奏，我們應該如何看待 6 月與 9 月？

I think Q3 will probably be higher than Q2 from a revenue perspective and then maybe a little lower in Q4.

我認為第三季的營收可能會高於第二季，然後第四季可能會稍微低一些。

Jaeson Schmidt, Lake Street Capital Markets.

Jaeson Schmidt，Lake Street Capital Markets。

Hey guys, thanks for taking my questions. You called out five new wins in California. Just curious how we should think about the sales cycle that you had with each of those geographies. And just trying to get a sense of what you're seeing from a sales cycle perspective overall today.

各位好，謝謝讓我提問。你們提到在加州新增了五個新案。我想了解我們應該如何看待你們在這些不同地區的銷售週期。也想整體掌握一下，目前你們看到的整體銷售週期狀況。

Yeah. Jaeson, the -- a little bit of background, the five new wins, they all reflect coming out of Santa Clara County. Santa Clara County provided the Genasys Protect software to all of the communities inside the county.

是的。Jaeson，補充一點背景：這五個新案其實都反映出來自聖塔克拉拉郡（Santa Clara County）。聖塔克拉拉郡先前把 Genasys Protect 軟體提供給郡內所有社區使用。

They stopped doing that, and each county has come back to us to buy their own Genasys Protect. So five of those -- those five are all in Santa Clara County. So they're not new customers, but they were -- they're repeat customers.

他們後來停止那樣做，而郡內各個社區就回來向我們購買各自的 Genasys Protect。所以這五個案子——這五個都在聖塔克拉拉郡。因此他們不是新客戶，但屬於回購客戶。

Understood. And what are you seeing from a sales cycle perspective just across the total business in the software portion?

了解。那就軟體部分而言，你們在整體業務的銷售週期方面看到什麼？

The pipeline is very good. Our sales folks are focusing on the larger deals because those can really move the needle a lot. The larger the deal, the longer the sales cycle. But I believe we will see some closure on those in our second half.

管線非常好。我們的銷售團隊正聚焦在較大型的案子，因為那些案子確實能大幅帶動業績。案子越大，銷售週期就越長。但我相信我們會在下半年看到其中一些案子結案。

Got you. And then just going back to your prepared remarks around sort of the energy and utilities markets and seeing some traction there. How big of a piece of the pie is -- are those sectors today?

明白。另外回到你們事先準備的談話中，提到能源與公用事業市場並看到一些進展。目前這些產業在你們整體業務中占比有多大？

Relatively small. So the utility I mentioned, that booking, that revenue was probably $2 million. And if you do the math, the balance of what we expect to book from that same utility would be substantially higher than that.

相對較小。我提到的那家公用事業客戶，那筆訂單（booking）所對應的營收大概是 200 萬美元。如果你做一下計算，我們預期從同一家公用事業客戶後續可取得的其餘訂單金額，將會遠高於此。

Ed Woo, Ascendiant

Ed Woo，Ascendiant。

Yeah, congratulations on all the progress. My question is on the competitive landscape. Have you noticed any change or new competitors competing against you guys for these bids?

是的，恭喜你們取得各項進展。我的問題是關於競爭態勢。你們是否注意到在這些投標案中，有任何變化或新的競爭對手開始與你們競爭？

No, Ed. I don't. From a system perspective, like Puerto Rico, it's typically has been a construction company, which puts us in a good competitive position, of course. From an LRAD perspective, not much at all. And then from a Genasys Protect perspective, it is a unique offering.

沒有，Ed，我沒有看到。從系統面來看，例如波多黎各案，通常競爭對手是營造公司，這當然讓我們處於有利的競爭位置。從 LRAD 的角度來看，幾乎沒有什麼變化。而從 Genasys Protect 的角度來看，這是一個獨特的產品方案。

And then from an Evertel perspective, that's also a unique and differentiated offering. So I think we're in a good position from where we place our products in the market.

另外從 Evertel 的角度來看，那同樣是獨特且具差異化的產品方案。因此我認為，就我們產品在市場上的定位而言，我們處於良好位置。

And presently, we have no further signals from our audience.

目前，我們的聽眾沒有進一步的訊號。

Mr. Danforth, I'll turn it back to you, sir, for any additional or closing remarks that you have.

Danforth 先生，我把時間交還給您，請問您是否有任何補充或結語？

No, I think I've done the closing remarks already, Jim.

沒有，我想我已經做過結語了，Jim。

All right, very good. Ladies and gentlemen, this does conclude today's Genasys Inc, fiscal second quarter conference call. We thank you all for your participation. You may now disconnect your lines.

好的，非常好。各位女士先生，今天的 Genasys Inc. 會計年度第二季電話會議到此結束。感謝各位的參與。您現在可以掛斷電話。