大猩猩科技 (GRRR) 2025 Q1 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the Gorilla Technology Group, Inc., earnings call for the first quarter of 2025. (Operator Instructions)

感謝您的支持。我是會議主持人。歡迎參加 Gorilla Technology Group, Inc. 2025 年第一季財報電話會議。（操作員指示）

Before we begin, we will read the forward-looking statement. Today's call includes forward-looking statements made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements reflect management's current expectations and projections about future events and are subject to known and unknown risks and certainties that could cause actual results to differ materially.

在我們開始之前，我們將閱讀前瞻性聲明。今天的電話會議包括根據 1995 年《私人證券訴訟改革法案》的安全港條款做出的前瞻性陳述。這些聲明反映了管理層對未來事件的當前預期和預測，並受到已知和未知的風險和確定性的影響，可能導致實際結果大不相同。

Forward-looking statements often include terms such as expects, believes, plans, anticipates, may, should, and similar expressions. For a discussion of important factors that could affect Gorilla's results, please refer to our filings with the SEC, including our most recent annual report on Form 20-F. Except as required by law, Gorilla undertakes no obligation to update or revise any forward-looking statements made on this call, whether as a result of new information, future events or otherwise.

前瞻性陳述通常包括預期、相信、計劃、預期、可能、應該等術語及類似的表達。有關可能影響 Gorilla 業績的重要因素的討論，請參閱我們向美國證券交易委員會提交的文件，包括我們最新的 20-F 表年度報告。除法律要求外，Gorilla 不承擔更新或修改本次電話會議中任何前瞻性陳述的義務，無論是由於新資訊、未來事件或其他原因。

I would now like to turn the conference over to Jay Chandan, Chairman and Chief Executive Officer, and Bruce Bower, Chief Financial Officer. Please go ahead.

現在，我想將會議交給董事長兼執行長傑伊·錢丹 (Jay Chandan) 和財務長布魯斯·鮑爾 (Bruce Bower)。請繼續。

Thank you very much, Nick. Well, for everyone who's here today, first of all, welcome to our conference call. I'm delighted you all could join. This has been one of the most operationally significant quarters in Gorilla's history. We are expanding across the United States, Latin America, Southeast Asia, and East Asia converting real pipeline into delivery and deepening partnerships with some of the world's most respected institutions.

非常感謝，尼克。好吧，對於今天到場的每個人，首先歡迎參加我們的電話會議。我很高興你們都能加入。這是 Gorilla 史上營運意義最為重大的一個季度。我們正在美國、拉丁美洲、東南亞和東亞擴張業務，將實際管道轉化為交付成果，並深化與世界上一些最受尊敬的機構的合作夥伴關係。

Gorilla is scaling fast and executing harder. The quarter reflects exactly what we have been building towards, a strong financial performance, global expansion and material progress across smart infrastructure, AI security and national digital systems. What you all are seeing right now is not an early-stage growth. It's a strategic expansion. We're securing projects in ports, airports, data centers, hospitals, education, law enforcement, and all of this is now moving from negotiation to execution.

Gorilla 正在快速擴張並更努力地執行。本季準確地反映了我們一直以來的目標：強勁的財務業績、全球擴張以及智慧基礎設施、人工智慧安全和國家數位系統的實質進展。大家現在看到的並不是早期階段的成長。這是一次策略擴張。我們正在港口、機場、資料中心、醫院、教育、執法等領域爭取項目，所有這些項目現在都正從談判階段進入執行階段。

Over the last two years, we have made deliberate decision to focus inward, fixing the fundamentals, which is very key for our business, restructuring globally, scaling our delivery capability, hiring the right people, and proving above all that we can execute. We are not just a hype-driven company.

在過去的兩年裡，我們經過深思熟慮後決定將重點轉向內部，修復基本面，這對我們的業務至關重要，在全球範圍內進行重組，擴大我們的交付能力，僱用合適的人才，最重要的是證明我們能夠執行。我們不只是一家受炒作驅動的公司。

Whilst others were chasing headlines and inflated projections, we were securing national infrastructure contracts deploying mission-critical systems in the public sector and more importantly, getting our financial house in order. That meant, tightening our operations, rebuilding the teams, pushing through complexity in multiple markets quietly, consistently, and without the need for a drumroll.

當其他人追逐頭條新聞和誇大的預測時，我們正在確保國家基礎設施合同，在公共部門部署關鍵任務系統，更重要的是，讓我們的財務狀況井然有序。這意味著，我們要加強運營，重建團隊，悄悄地、持續地、不帶任何吹捧地克服多個市場的複雜問題。

Now, with our revenue up more than 100% year on year and with a positive net income and more importantly, with a $5 billion-plus pipeline and real deals being delivered across Southeast Asia, Middle East, North Africa, Latin America and beyond, the results are loud enough or I believe the results are loud enough on their own. We're seeing immense acceleration from Q2, Q3, Q4 going into 2026. And I couldn't be more excited to join you all on this call and let you know that we are positioned for a very strong '26 as well.

現在，我們的營收年增超過 100%，淨收入為正，更重要的是，我們擁有超過 50 億美元的管道，並在東南亞、中東、北非、拉丁美洲及其他地區達成了實際交易，這些成果已經足夠顯著，或者我相信，這些成果本身已經足夠顯著。我們看到從第二季、第三季到 2026 年第四季將出現巨大的加速。我非常高興能參加這次電話會議，並讓你們知道，我們也為 26 年的強勁發展做好了準備。

Bruce, do you want to take them through the numbers on a very high level?

布魯斯，你想從高層次向他們講解這些數字嗎？

Yes. So I would like to mention a few of the highlights that I'm sure you've seen from the release. So the first is, of course, the revenue of $18.3 million, 109% year-on-year growth. But not only that, we're quite happy with the adjusted EBITDA of $5.16 million, which represents a 48% increase year on year. And then the adjusted net income of $4.47 million, which is a 46.7% increase. In total, this means that we're executing well on the contracts, the business that we have, and it's flowing through into profitability.

是的。因此我想提一下我相信你們已經從發布中看到的一些亮點。首先當然是營收 1,830 萬美元，年增 109%。不僅如此，我們對調整後的 EBITDA 516 萬美元感到非常滿意，這比去年同期成長了 48%。調整後的淨收入為 447 萬美元，成長 46.7%。總的來說，這意味著我們正在很好地履行合同，開展業務，並且正在產生盈利。

The other thing I'd like to point out is that the balance sheet remains strong. So the first thing is total cash reserves both restricted and unrestricted closed the quarter at $33.8 million. In addition, we did that while managing to reduce debt. So the debt has dropped from over $20 million at the end of the year to $18.4 million. Subsequent to the close of the quarter, we actually have reduced the debt further to $17 million as of today.

我想指出的另一件事是資產負債表仍然強勁。因此，首先，本季限制性和非限制性現金儲備總額為 3,380 萬美元。此外，我們在這樣做的同時也設法減少了債務。因此，債務從年底的 2,000 多萬美元下降到 1,840 萬美元。本季結束後，截至今天我們實際上已將債務進一步減少至 1,700 萬美元。

We've done that in a cash-neutral fashion, where basically, we have blocked deposits, that are collateralizing the loan. So pay off a $1 of debt, that releases $1 of blocked deposit. So we're very proud of the way that we have managed the balance sheet in this time.

我們以現金中性的方式做到了這一點，基本上，我們已經凍結了作為貸款抵押的存款。因此，償還 1 美元的債務，即可釋放 1 美元的凍結存款。因此，我們對這段時間管理資產負債表的方式感到非常自豪。

A couple of other things I'd like to point out is, first of all, the cap table. So we ended the first quarter with around 20.15 million -- with less than 20 million shares outstanding, slightly less than 20 million, and now it's a hair over 20 million shares outstanding at 20.15 million. And then the fully diluted share count remains the same because that increase in outstanding shares came due to the exercise of warrants.

我想指出的另外幾點是，首先是股權結構表。因此，第一季結束時，我們的流通股數量約為 2,015 萬股——流通股數不到 2,000 萬股，略低於 2,000 萬股，而現在流通股數略高於 2,000 萬股，為 2,015 萬股。然後，完全稀釋的股份數量保持不變，因為流通股數的增加是由於認股權證的行使。

The other thing I'd like to point out is that during the quarter, the second quarter. So subsequent to this sort of the earnings release, we spent $1.8 million on share buybacks. So that means that we've spent a total of $5.4 million on the buyback program in the last 12 months. In addition to that, we have a total $10 million program authorized, so that gives us $4.6 million of remaining capacity.

我想指出的另一件事是，在本季度，即第二季度。因此，在發布此類收益報告後，我們花費了 180 萬美元用於股票回購。這意味著我們在過去 12 個月中在回購計畫上總共花費了 540 萬美元。除此之外，我們也批准了總額為 1000 萬美元的計劃，因此我們剩餘的產能為 460 萬美元。

We've done all this with the business -- with the balance sheet, while also investing for the future. So Jay, of course, mentioned some of the pipeline and some of the partnerships that we have. I would like to highlight, first of all, the ONE AMAZON partnership, where in the first quarter, we made a $1.5 million investment. We followed with $3.5 million in the second quarter. So a total commitment of $5 million to secure that long-term partnership.

我們已經透過資產負債表對業務進行了所有這些工作，同時也為未來進行了投資。當然，傑伊提到了我們的一些管道和一些合作關係。首先，我想強調的是 ONE AMAZON 合作夥伴關係，我們在第一季對其進行了 150 萬美元的投資。我們在第二季又投入了 350 萬美元。因此，我們總共承諾投入 500 萬美元來確保長期合作關係。

I'm sure Jay can mention more about what's going on in general with that, but we're very happy to have -- to be participating in this partnership in a financial way. At the moment, you can see that, that investment is carried at cost on the balance sheet for the quarter.

我相信傑伊可以更多地提及有關此事的總體情況，但我們很高興能夠以財務的方式參與這項合作。目前，您可以看到，該投資在本季的資產負債表上按成本列示。

One other thing I'd like to point out is the guidance. So the guidance has remained for 2025, the same where it's $100 million to $110 million is the revenue guidance. This is based on a backlog, which is revenue that we have secured in the sense of where we have contracts signed and is either due to be implemented or it's being implemented already. There's a date attached to the revenue.

我想指出的另一件事是指導。因此，2025 年的指導方針保持不變，收入指導金額仍為 1 億美元至 1.1 億美元。這是基於積壓訂單，也就是我們已經簽訂的合約所獲得的收入，這些合約要不是即將實施，就是已經實施了。收入上附有日期。

And we expect an EBITDA of $20 million to $25 million based on that revenue number and then a net profit in the range of $15 million to $20 million. Of course, that excludes extraordinary items. So that guidance remains the same.

根據該收入數字，我們預計 EBITDA 為 2,000 萬至 2,500 萬美元，淨利潤在 1,500 萬至 2,000 萬美元之間。當然，這不包括特殊物品。因此指導意見保持不變。

And then 2026, we are not in a position to issue guidance for the full year, but we can say that the backlog continues to shape up. So it's at $70 million for 2026, and then also, we have several projects that we have talked about, where it's in the proof-of-concept stage and advancing. So we are confident that, that backlog will grow.

到 2026 年，我們無法發布全年指導，但我們可以說積壓訂單將繼續增加。因此，到 2026 年，其投資金額將達到 7,000 萬美元，此外，我們還討論了幾個項目，這些項目目前處於概念驗證階段並正在推進中。因此，我們相信積壓訂單將會增加。

And then the last thing, as Jay mentioned, that we have over $5 billion in pipeline and qualified leads. The sharp observers will look at that has actually decreased from earlier in the year, where it was over $6 billion. The reason for that is actually because our MOU with the PEA, the Provincial Electricity Authority in Thailand has moved into proof-of-concept stage. So it's no longer a qualified lead, it's in the proof-of-concept stage. So that's the reason for the drop. Outside of that, actually, the qualified leads, the amount of sort of contracts -- potential contract value attached to them, grew.

最後，正如傑伊所提到的，我們擁有超過 50 億美元的管道和合格的潛在客戶。敏銳的觀察者會發現，這一數字實際上比今年稍早的 60 多億美元有所下降。原因實際上是因為我們與泰國省電力局 (PEA) 簽署的諒解備忘錄已進入概念驗證階段。因此，它不再是一個合格的線索，而是處於概念驗證階段。這就是下降的原因。除此之外，實際上，合格的潛在客戶、合約數量——以及與之相關的潛在合約價值都在增長。

And then one other thing, not quantitative, but I'd like to talk about the funding. So as you can tell, we have a strong balance sheet, fortress-like in terms of cash balance, both restricted and unrestricted cash and also the debt that continues to reduce. The funding that we have on the balance sheet now is enough to tackle the projects that we have signed already, and it's enough to tackle what we envision as the projects that we we'll be signing shortly.

還有一件事，不是量化的，但我想談談資金問題。因此，正如您所看到的，我們擁有強大的資產負債表，現金餘額（包括受限現金和非受限現金）都像堡壘一樣堅固，而且債務也在持續減少。我們資產負債表上的資金現在足以解決我們已經簽署的項目，也足以解決我們設想的即將簽署的項目。

If we were to sign more projects that need funding, then we would first look for project level funding. Second would be debt or debt-like instruments and only then maybe would we look for equity. But I'd just like to emphasize that we're very confident in the balance sheet that we have and our ability to take on new projects without -- first of all, hopefully, without having to raise outside funding. And if we do have to raise outside funding, Jay and I remain committed to protecting shareholders. That -- those are the main points for me.

如果我們要簽署更多需要資金的項目，那麼我們會先尋求項目層級的資金。第二種是債務或類似債務的工具，然後我們才會尋求股權。但我想強調的是，我們對現有的資產負債表非常有信心，我們有能力承擔新的項目，首先，希望不需要籌集外部資金。如果我們確實需要籌集外部資金，傑伊和我仍將致力於保護股東。這些就是我的要點。

Back to you, Jay, or over to the moderator.

回到你這裡，傑伊，或交給主持人。

Nick, I'm happy to take questions so that we can respond -- get some more time and respond more diligently to all the questions, both the analysts and the shareholders may have.

尼克，我很樂意回答問題，以便我們能夠回應——花更多時間並更認真地回答分析師和股東可能提出的所有問題。

(Operator Instructions) Brian Kinstlinger, Alliance Global Partners.

（操作員指示）Brian Kinstlinger，Alliance Global Partners。

Nice results. I'm hoping we can dig -- I thought I heard your comment that helped clarify, but I want to make sure I understand. For the Royal Thai Tourist Police contract that you had, originally talked about $50 million to $60 million. Can you remind us, is this a signed purchase order? Did you just say you were going into POC? And just maybe I'd like to hash out if details have already been completed or where you are in that process?

效果不錯。我希望我們能夠深入挖掘——我以為我聽到了您的評論，這有助於澄清，但我想確保我理解。對於您與泰國皇家旅遊警察簽訂的合同，最初談到的價值為 5000 萬至 6000 萬美元。您能提醒我們一下，這是一份簽署的採購訂單嗎？你剛剛說你要去 POC 嗎？也許我想詳細討論一下細節是否已經完成或您目前處於哪個流程中？

Brian, first of all, thanks for joining in. The Royal Thai project has actually exceeded our expectations. We started out with a simple proof-of-concept. And as I'm not sure if you've seen the National Daily actually put out a press release, it was not us. This is the National Daily put out a press release about Gorilla and recommending our AI surveillance system. What we've helped them do as soon as we kind of finished the proof of concept was to apprehend a little more than 200 suspects every week, which has been a real success.

布萊恩，首先感謝您的加入。泰國皇家項目實際上已經超出了我們的預期。我們從一個簡單的概念驗證開始。我不知道您是否看過《國家日報》發布的新聞稿，但那不是我們發的。這是《國家日報》發布的有關 Gorilla 的新聞稿，並推薦我們的人工智慧監控系統。我們在完成概念驗證後立即幫助他們每週逮捕 200 多名嫌疑人，這是一個真正的成功。

Now that, for me, in a real world speaks for itself. Now, we are closely working with their leadership to expand and deepen the platform capabilities nationwide. So we have now been asked to actually work on a multitude of projects because of the success of this. And as you can see tourism is growing quite significantly, in Thailand, they've gone from having 32 million tourists to 43 million tourists this year. What we are doing is we are now integrating the Royal Thai Police with the -- Royal Thai Tourist Police with the immigration, working with the AOT.

現在，對我來說，現實世界已經說明了一切。現在，我們正在與他們的領導層密切合作，以在全國範圍內擴大和深化平台能力。由於這次專案的成功，我們現在被要求實際進行多個專案。如您所見，泰國的旅遊業正在顯著增長，今年的遊客人數已從 3,200 萬增加到 4,300 萬。我們正在做的是將泰國皇家警察、泰國皇家旅遊警察和移民局整合起來，並與泰國皇家旅遊局合作。

And finally, we are going to be working with the individual provinces of each of those key islands, including Phuket, Krabi, Similan, James Bond, Ko Phi Phi, Phang Nga Bay and so on and so forth. What they're asking us to do is not just deploy surveillance systems, but they're also asking us to build connectivity across these key islands. So that they could keep in touch and allow each of these tourists to travel safely across all these islands so that they don't get lost.

最後，我們將與每個主要島嶼的各個省份合作，包括普吉島、甲米島、斯米蘭島、詹姆斯龐德島、皮皮島、攀牙灣等等。他們要求我們做的不僅是部署監控系統，還要求我們在這些主要島嶼之間建立連結性。這樣他們就可以保持聯繫，並讓每位遊客安全地穿越所有這些島嶼，而不會迷路。

And this is also helping them connect to the emergency services at any given point of time where they're going to use an RFID tag or their mobile phones, if they're stranded or lost. And that would be Gorilla's technology as well. I hope that answers your question.

如果他們被困住或迷路了，這還可以幫助他們隨時使用 RFID 標籤或手機聯繫緊急服務部門。這也是 Gorilla 的技術。我希望這能回答你的問題。

It did mostly. I just want to make sure I understood. The $50 million to $60 million that was discussed, is that the total opportunity of the Thai Police and the islands? Is that a signed contract number? Or is that -- just take me through -- I think there's questions about those kinds of things about your contracts. So just take us through what has been signed versus what's the opportunity.

基本上是這樣的。我只是想確保我理解了。討論的5000萬到6000萬美元，這是泰國警方和島嶼的全部機會嗎？這是簽署的合約號碼嗎？或是 — — 請告訴我 — — 我認為對您的合約中的這類事情有疑問。那麼請向我們介紹一下已經簽署的內容以及機會是什麼。

Perfect. So the one that is being signed is to a tune of $50 million to $60 million. What we are now going towards or headed towards is where we've actually got a teaming agreement with them and I can confirm that. That we will be looking at a total size of between $500 million to $550 million for the entirety of the project. But this is spread over five to six years, just FYI.

完美的。因此，簽署的協議金額為 5,000 萬至 6,000 萬美元。我們現在正在努力實現的目標是與他們達成合作協議，我可以證實這一點。我們將考慮整個項目的總規模在 5 億至 5.5 億美元之間。但這只是五到六年的時間，僅供參考。

That's the addressable opportunity. Got it.

這就是可利用的機會。知道了。

That is addressable opportunity.

這是一個可利用的機會。

Yeah. So I've got a few more, I may ask one question and respect and go back in the queue, because I have a few more. Again, talking to -- you put out a lot on different contracts. Can you update us on where you are with that large $400 million opportunity for the smart education contracts, I believe that was MOU and we're six months down the road. What's the progress you're making on a formal agreement?

是的。所以我還有幾個問題，我可能會問一個問題並表示尊重，然後回到隊列中，因為我還有幾個問題。再次，談到——你在不同的合約上投入了很多。您能否向我們介紹一下智慧教育合約中價值 4 億美元的大商機的進展？我相信那是一份諒解備忘錄，我們還需要六個月的時間才能完成。你們在正式協議上取得了什麼進展？

So Brian, I understand it's been a little over six months, but let me tell you, the world has been in turmoil and all governments have been shaking every single day, as you can imagine. So decisions have been very complicated. Political situations have been also very complicated, but that did not stop us from pushing. We've been pushing. And I'm very happy to report that we're in the late stage negotiation process on actually two of the projects -- of the education projects.

布萊恩，我知道這已經過去六個多月了，但是讓我告訴你，正如你所想像的，世界一直處於動盪之中，各國政府每天都在動搖。因此決策非常複雜。政治局勢也非常複雜，但這並沒有阻止我們前進。我們一直在努力。我很高興地報告，我們實際上已經就兩個教育計畫進入了後期談判階段。

One is for smart education. And on top of that, they've just added a little nugget which is another $80 million-plus for Smart Cloud Infrastructure for the same educational project as well.

一是智慧教育。除此之外，他們還為同一教育計畫的智慧雲端基礎設施額外投入了 8,000 多萬美元。

As I mentioned, it's -- we are working to get their support, their final support, both of which are very transformative. And if you give me a few more days, maybe a couple of weeks -- three to four weeks I will be able to give you a more concrete solid update by then. But I can tell you that we are literally in the last stage right now as we speak.

正如我所提到的，我們正在努力爭取他們的支持，他們的最終支持，這兩者都具有很大的改變意義。如果您再給我幾天時間，也許是幾週，三到四周，我就能給您更具體的最新消息。但我可以告訴你們，我們現在確實正處於最後階段。

Don't commit to weeks. When it happens, it happens. You'll update us thank you, and I'll get back in the queue and ask two more when I'm back.

不要花數週時間。當它發生時，它就發生了。您會向我們更新情況，謝謝，當我回來時，我會回到隊列並再問兩個問題。

If I just chip in one thing. So when we announced an initial MOU or something along those lines with clients, that's usually based on the proposal that we've made, all sides understand the proposal, the scope, et cetera, and we move forward on that basis.

如果我只是貢獻一點的話。因此，當我們與客戶宣布初步諒解備忘錄或類似內容時，通常是基於我們提出的提案，各方都了解該提案、範圍等，然後我們在此基礎上繼續前進。

But governments when it's dealing with critical national infrastructure and security, they don't just say, let's go and do everything all at once. There's usually a proof-of-concept phase. We test it. We make sure that everything works as planned. The economics are as planned, et cetera. and then it moves into a rollout phase where it's more copy paste and scale over.

但是，當政府處理關鍵的國家基礎設施和安全問題時，他們不會只是說，讓我們一次把所有事情都做完。通常有一個概念驗證階段。我們測試它。我們確保一切按計劃進行。經濟狀況符合計劃，等等。然後它進入推出階段，其中更多的是複製貼上和擴充。

So typically, when we announce an agreement like this, for instance, with the Royal Thai Tourist Police, the initial scope, we have to go through a proof-of-concept phase that takes months and for a larger opportunity may even take one year or more. And the whole purpose of that is to make sure it works properly, and then it moves into a binding agreement where all sides are happy with the scope, who's going to do, what time frames, what milestones, billing cycles, et cetera. So the timing may be a little frustrating for investors where things take longer than they would like, but that's the only way that it's going to happen.

因此，通常情況下，當我們宣布這樣的協議時，例如與泰國皇家旅遊警察的初步協議，我們必須經歷一個概念驗證階段，這需要幾個月的時間，而對於更大的機會甚至可能需要一年或更長時間。這樣做的目的是確保它正常運行，然後進入具有約束力的協議，各方都對範圍、誰來做、什麼時間框架、什麼里程碑、計費週期等感到滿意。因此，對於投資者來說，時機可能會有點令人沮喪，因為事情花費的時間比他們希望的要長，但這是唯一的辦法。

(Operator Instructions) John Roy, Water Tower Research.

（操作員指示）約翰·羅伊，水塔研究。

I was curious as to what definitive steps you're taking to sustain the growth? Obviously, this kind of growth is amazing, but it's difficult to continue. I was wondering if you could give us some color as to the steps you're taking to continue the growth?

我很好奇您將採取什麼具體措施來維持成長？顯然，這種成長速度令人驚嘆，但很難持續下去。我想知道您是否可以向我們介紹一下您為繼續實現成長所採取的措施？

John, great question. Good to hear from you. So there are five to six key steps we are taking today. First of all, as you know, we've built a strong foundation. We're scaling towards what we call position.

約翰，好問題。很高興收到你的來信。所以今天我們要採取五到六個關鍵步驟。首先，如你所知，我們已經建立了堅實的基礎。我們正在朝著所謂的地位邁進。

First step, we're converting pipeline into revenue. Now, we have a very significant qualified pipeline. What we are doing in Q2 and Q3 is we're laser focused on converting these large deals, which are a late-stage negotiation. Bruce touched upon it. It is frustrating for shareholders. It is frustrating for us, but we have not lost sight.

第一步，我們將通路轉化為收入。現在，我們擁有非常重要的合格管道。我們在第二季和第三季所做的就是集中精力完成這些大型交易，這些交易處於後期談判階段。布魯斯談到了這一點。這對股東來說很令人沮喪。這對我們來說很令人沮喪，但我們並沒有失去目標。

These are across public safety, education, energy in regions such as Southeast Asia, Latin America, Middle East, North Africa, and the United States. And this is not just pipeline for the sake of PR, as many have alluded to, it is active progressing and tied to national outcomes.

這些項目涉及東南亞、拉丁美洲、中東、北非和美國等地區的公共安全、教育和能源領域。正如許多人所提到的，這不僅僅是為了公關目的而建立的管道，它正在積極推進並與國家成果緊密相關。

Second, we are very actively working across major deployments in the progress. For example, we are now entering into multiyear contracts, none of our contracts, none of our contracts are one-year contracts. The minimum is 3, 5, I think, the average is about 7 to 10 now is what we're looking at. So what we are doing is we're working with national stakeholders to get them to understand the difference between an OpEx model and a CapEx model, making sure that these deployments will show up meaningfully for Gorilla at the same time, not just in Q2, Q3 and Q4, but '26, '27, and '28.

第二，我們正非常積極地進行各項重大部署工作。例如，我們現在簽訂的是多年期合約，我們的合約都不是一年合約。我認為最低限度是 3、5，平均數大約是 7 到 10，這就是我們現在所看到的。因此，我們正在做的是與國家利益相關者合作，讓他們了解 OpEx 模型和 CapEx 模型之間的區別，確保這些部署能夠同時對 Gorilla 產生意義，不僅在第二季度、第三季度和第四季度，而且在 26、27 和 28 年。

We are looking at new markets and new partnerships. That's number three. That's our foot number three or prong number three. We are -- we expect to announce new market entry including further expansion into the regions I just mentioned. But at the same time, we're also advancing our discussions with very well-known household name partners, typically around energy, AI, hardware integration, and these alliances were only helping us scale faster whilst we maintain a capital discipline.

我們正在尋找新的市場和新的合作夥伴關係。這是第三個。那是我們的第三隻腳或第三隻爪。我們—我們預計將宣布進入新市場，包括進一步擴展到我剛才提到的地區。但同時，我們也在推動與非常知名的合作夥伴的討論，通常涉及能源、人工智慧、硬體整合等，這些聯盟只會幫助我們在保持資本紀律的同時更快地擴大規模。

The fourth most important approach, is our financial discipline. We could be going out willy-nilly and spending a lot of money trying to bring growth. But what we are focused on is profitable growth. We're not chasing it purely because of (inaudible) at any cost, but more importantly, what we are doing, we're scaling with structure. What is important to us, margin, EBITDA, cash flow, they remain core to our KPI.

第四個最重要的方法是我們的財務紀律。我們可能會不顧一切地投入大量資金來推動成長。但我們關注的是獲利成長。我們追求它並非純粹是因為（聽不清楚）不惜一切代價，更重要的是，我們正在做的事情，我們正在透過結構進行擴展。對我們來說重要的是利潤率、EBITDA、現金流，它們仍然是我們 KPI 的核心。

The fifth most important point is we are keeping a very keen eye on media and market visibility. We are making sure that investors are taking note, they're starting to pay attention to Gorilla. With earnings, new partnerships, global projects in motion, we hope that Q2 and Q3 will be more a period of increased exposure and momentum building.

第五點是，我們密切關注媒體和市場知名度。我們正在確保投資者註意到這一點，他們開始關注 Gorilla。隨著獲利、新合作夥伴關係和全球專案的推進，我們希望第二季和第三季將成為增加曝光度和累積動力的時期。

And last, to round it off, John, we're also pursuing strategic acquisition in Southeast Asia. We are finalizing currently on an acquisition in Thailand that will allow us to get operational depth and local scale. This will allow us to consolidate regional operations and turn Gorilla into a dominant AI infrastructure player, not just in Thailand but also across the entire ASEAN region. We expect to close that sometime in Q2 and begin the integration in Q3. I hope that answers your question.

最後，約翰，我們還在東南亞進行策略性收購。我們目前正在敲定在泰國的一項收購，這將使我們獲得營運深度和本地規模。這將使我們能夠鞏固區域業務，並將 Gorilla 打造成主導的人工智慧基礎設施參與者，不僅在泰國，而且在整個東協地區。我們預計將在第二季的某個時候完成這項工作，並在第三季開始整合。我希望這能回答你的問題。

Yeah, does a great job. Maybe this is one for Bruce as a follow-up. I mean what is the state of your pipeline or backlog? And maybe if you could give us some color on what is in that and what is not in that, if you know what I mean?

是的，做得很好。也許這是布魯斯的後續之舉。我的意思是您的管道或積壓狀況如何？也許您可以跟我們講講其中的內容和不包含的內容，您明白我的意思嗎？

Without going into specific contracts, I would say that in 2025 the guidance is -- we have $93 million of backlog for this year. That is almost entirely due to existing contracts and clients. And then that's three large clients and then the several sort of smaller ones.

如果不談具體的合同，我想說，2025 年的預期是——今年我們的積壓訂單量為 9300 萬美元。這幾乎完全歸功於現有的合約和客戶。然後是三個大客戶，然後是幾個小客戶。

For next year, we count the backlog at $70 million so far. That is a couple of existing clients, and then that is several smaller new or new contracts that start at the end of 2025, but most of the financial benefit hits in 2026.

對於明年，我們計算到目前為止的積壓訂單金額為 7,000 萬美元。這包括幾個現有客戶，然後是幾個較小的新合約或將於 2025 年底開始的新合同，但大部分財務利益將在 2026 年實現。

Mike Latimore, Northland Capital Markets.

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

This is Aditya on behalf of Michael Latimore. So could you give some color on if you expect sequential revenue growth each quarter this year? And also, some color on the gross margins?

我是邁克爾·拉蒂莫爾 (Michael Latimore) 的代表阿迪亞 (Aditya)。那麼，您能否透露一下今年每季的營收是否將持續成長？還有，毛利率方面有什麼具體資訊嗎？

Did you say sequential revenue growth?

您說的是連續收入成長嗎？

Sequential revenue growth. Yeah.

收入連續增長。是的。

Bruce, do you want to take that?

布魯斯，你想接受這個嗎？

Yes. So our guidance is for the full year. We don't guide to any particular quarter. And that's just because some of the government clients and sometimes the timing could slip by a week or something. So we don't want to risk the quarter by saying that every quarter will be a stair step up. But it's obvious from the full year guidance compared to the first quarter that the second half will be stronger than the first half in terms of top line.

是的。因此我們的指導是針對全年的。我們不針對任何特定地區提供指導。這只是因為一些政府客戶，有時時間可能會延遲一周左右。因此，我們不想冒險說每季都會有一次階梯式的成長。但從與第一季相比的全年業績指引來看，下半年的營收表現明顯強於上半年。

In terms of gross margin, we guide to 40% to 45% for this year. Jay mentioned about our financial discipline and I think that's a very good point. So the first is that we have basically a cutoff for new projects of 40%. The other thing is that given the scale of the number of qualified leads and the number of new opportunities that are coming our way every day is we're basically tightening up the terms that we accept.

就毛利率而言，我們預計今年的毛利率為40％至45％。傑伊提到了我們的財務紀律，我認為這是一個非常好的觀點。首先，我們對新專案的截止點基本上是 40%。另一件事是，考慮到合格潛在客戶的數量和每天出現的新機會的數量，我們基本上正在收緊我們接受的條款。

So like Jay mentioned, in terms of margins, in terms of length of contract duration, et cetera, the nature of the mix we're trying to be much more disciplined. So the aim is to drift -- is to see the margin -- the gross margin drifts higher over the next two to three years, hopefully, towards closer to 45% to 50% range.

因此，就像傑伊所提到的那樣，在利潤率、合約期限長度等方面，我們都在努力變得更加自律。因此，我們的目標是看到毛利率在未來兩到三年內逐漸上升，希望接近 45% 到 50% 的範圍。

Got it. And what is the current headcount? And what might that be by the year-end?

知道了。目前的員工人數是多少？那麼到年底會是什麼情況呢？

Great question. So we're currently north of about 200 plus. Those are full-time employees, contractors will be a little over 100. With the acquisition closing, we'll be at about 300 full-time employees. By the end of this year, we should be between 300 to 400 full-time employees and probably between 100 to 200 contractors.

好問題。因此，我們目前位於約 200 多個北部。這些都是全職員工，承包商人數將略多於 100 人。收購完成後，我們將擁有約 300 名全職員工。到今年年底，我們的全職員工人數應該在 300 到 400 人之間，合約工人數大概在 100 到 200 人之間。

As you can see, Aditya we've been hiring quite significantly in India, Egypt, and in Thailand. And what we are going to do is scale for growth.

如您所見，Aditya，我們在印度、埃及和泰國招募了大量員工。我們要做的就是擴大規模，實現成長。

Brian Kinstlinger, Alliance Global Partners.

布萊恩金斯特林格 (Brian Kinstlinger)，Alliance Global Partners 成員。

Three quick questions. The first on the Amazon contract. You've spent $5 million in terms of you said of investments. What is it that you're investing? Where is that money going towards? And how much more investment is needed?

三個簡單的問題。第一份關於亞馬遜的合約。就您所說的投資而言，您已經花費了 500 萬美元。您投資的是什麼？這些錢將流向哪裡？還需要多少投資？

Bruce, do you want to talk about the agreement and then --

布魯斯，你想談談協議嗎？然後--

Yes. So we have a SAFE agreement. We're basically ONE AMAZON, which is the company that does two things. We have an equity stake in that. So for those not familiar, SAFE means a Simple Agreement for Future Equity.

是的。所以我們有一份安全協議。我們基本上是一個亞馬遜，也就是一家做兩件事的公司。我們擁有其中的股權。對於那些不熟悉的人來說，SAFE 意味著未來股權簡單協議。

So when they do a priced funding round, that is the moment in which we are issued equity. But right now, this is a contract that will guarantee as equity in that event. So ONE AMAZON, Jay will go into more detail, but basically, this is not in the token. This is in the parent company that manages the token and also the impact investments. So it's the top co.

因此，當他們進行定價融資時，我們就獲得了股權。但目前，這是一份將在該事件中保證公平的合約。因此，對於 ONE AMAZON，Jay 會講得更詳細，但基本上，這不在代幣中。這是管理代幣和影響投資的母公司。所以它是頂級公司。

Okay, so that gives you financial interest, got it.

好的，這樣你就可以獲得經濟利益，並且明白了。

It does and that's why they got Gorilla on Board of the company as well. So the ONE AMAZON project, as you may know, it's a 30-year project for environmental monitoring across the Amazon Basin, right? On the capital side, we are in deep, deep discussions with leading offices, institutional investors and development banks across US and Latin America. This is not just an environmental data project is what we're calling it is a new financial framework for valuing and protecting natural capital using real-time AI-driven intelligence.

確實如此，這也是為什麼他們讓 Gorilla 加入公司董事會的原因。大家可能知道，ONE AMAZON 計畫是一個為期 30 年的亞馬遜河流域環境監測項目，對嗎？在資本方面，我們正在與美國和拉丁美洲的領先機構、機構投資者和開發銀行進行深入的討論。這不僅僅是一個環境數據項目，我們稱之為使用即時人工智慧來評估和保護自然資本的新金融框架。

Now, the reason why we've been very active and what we are doing right now is three things. One, we are working with strategic partners and creating a global validation. So as you know, we have partners such as AECOM, Goldman Sachs, MIT, [CAF], Media Labs and so on and what we are doing is that we're expecting this alliance to become a gold standard for climate-aligned finance.

現在，我們之所以如此積極以及我們現在所做的事情有三件事。一是我們正在與戰略合作夥伴合作並創建全球驗證。如您所知，我們的合作夥伴包括 AECOM、高盛、麻省理工學院、[CAF]、媒體實驗室等，我們希望這個聯盟成為氣候融資的黃金標準。

Now, if you look at the second aspect of the ONE AMAZON, we are actively engaged in evaluating the deployment of our own constellation of low orbit satellite so that we can provide sovereign environmental intelligence over the Amazon itself, replacing overpriced third-party services and putting us in control of our own data economy. Okay?

現在，如果你看一下 ONE AMAZON 的第二個方面，我們正在積極評估我們自己的低軌道衛星星座的部署，以便我們可以為亞馬遜本身提供主權環境情報，取代價格過高的第三方服務，並讓我們控制自己的數據經濟。好的？

This is important because this would mean that Gorilla along with ONE AMAZON will launch its own low-orbit satellite. So we are actively looking at whether we purchase these satellites or actually we buy the company itself. That's number two.

這很重要，因為這意味著 Gorilla 將與 ONE AMAZON 一起發射自己的低軌道衛星。因此，我們正在積極考慮是否購買這些衛星，或者是否實際收購該公司本身。這是第二個。

Third, what we are also doing is actually, we're building a model where we're not just talking about deploying value for the token, we're actually creating value for the data that is being generated. So what are we doing today? We're working very closely with companies who are potentially going to be investing into ecotourism, renewable energy, agroforestry, biodiversity, credit monetization, and so on and so forth.

第三，我們實際上也在做的是，我們正在建立一個模型，我們不僅僅是在談論為代幣部署價值，我們實際上是在為正在生成的資料創造價值。那我們今天要做什麼呢？我們正在與可能投資生態旅遊、再生能源、農林業、生物多樣性、信貸貨幣化等領域的公司密切合作。

And as I mentioned previously, Brian, 25% of the funds of every dollar raised is going towards Gorilla for technology deployment, and we're well positioned to create both, increasing the intrinsic token value and long-term recurring data revenue. And as I've mentioned, this is putting us in control of our own data economy. I hope that answers your question.

正如我之前提到的，布萊恩，籌集的每一美元資金中，有 25% 將用於 Gorilla 的技術部署，我們已做好準備，既能創造內在代幣價值，又能獲得長期經常性數據收入。正如我所提到的，這使我們能夠控制自己的數據經濟。我希望這能回答你的問題。

It does. My last two-part question for Bruce, I think it's a numbers question. First, the gross margin in the quarter was about 500 points below your target. I assume that's more hardware deliveries and that the remainder of the year will be less weighted towards hardware. That's my first question. Is that true? Or is that what you're thinking?

確實如此。我要問布魯斯的最後一個問題分為兩部分，我認為這是一個數字問題。首先，本季的毛利率比你的目標低約 500 個百分點。我認為這將是更多的硬體交付，而今年剩餘時間的硬體交付將減少。這是我的第一個問題。這是真的嗎？或者這就是你的想法？

And then second, on the cash flow, you would have been cash flow positive, but you've got this large unbilled receivable, a very large outflow. Maybe just speak to that and how that might reverse itself, so you'll be generating cash for the remainder of the year maybe?

其次，就現金流而言，你的現金流本來是正的，但你卻有大量未開立應收帳款，也就是非常大的流出。也許只是談論這一點以及這種情況可能會如何逆轉，所以您可能會在今年剩餘時間內產生現金？

Yes. So on the first one, that is absolutely correct. So there was a disproportionate amount of hardware more than sort of what we expect for the full year in the mix in the first quarter, and that is what -- that's one of the reasons.

是的。因此，關於第一個問題，這是完全正確的。因此，第一季的硬體數量超出了我們對全年的預期，這就是原因之一。

The second thing is that in terms of the overall margins for the company is first quarter is usually the slowest. So in terms of business -- and we also carry higher SG&A costs. So there's usually 13 months in Taiwan. There's usually some other kind of costs at the same time, activity is slower.

第二件事是，就公司的整體利潤率而言，第一季通常是最慢的。因此就業務而言－我們的銷售、一般及行政費用也較高。所以台灣通常有13個月。通常同時也存在一些其他類型的成本，活動速度較慢。

So yeah, those are the two reasons why the margins both, gross and the EBITDA margins would be a little bit weaker in the first quarter, and we expect that to normalize over the full year. Like I mentioned, we target the full year, not an individual quarter because things can move around.

是的，這就是為什麼第一季的毛利率和 EBITDA 利潤率都會略低的兩個原因，我們預計這種情況將在全年恢復正常。正如我所提到的，我們的目標是全年，而不是單一季度，因為情況可能會改變。

And then second, to your second question, I'm sorry, I'm blanking on it --

然後，對於你的第二個問題，抱歉，我記不清了--

You have an $18 million outflow for unbilled. So I assume your -- you haven't invoiced yet, but maybe just take us through the dynamics of that in collections.

您有 1800 萬美元的未開票支出。所以我假設您還沒有開立發票，但也許可以帶我們了解收款的動態。

Yes. So there are two components to it. So one is what we need to build and the second is what we need to collect. So in the second quarter so far, we haven't raised any new invoices or substantial new invoices. We will do that in the remaining two weeks, and then we have collected on the receivables that were there.

是的。所以它有兩個組成部分。所以，一是我們需要建造什麼，二是我們需要收集什麼。因此，到目前為止，第二季我們還沒有開立任何新發票或大量新發票。我們將在剩下的兩週內完成這項工作，然後收回現有的應收帳款。

We've collected about $7 million on the receivables that were there at the -- $5 million on the receivables and $2 million was release of the guarantee. The receivables that were there in the end of the first quarter. So the cash is moving in the right direction. And then basically, we're collecting on some of the other receivables. We anticipate collecting them either before the end of June or in July. It is trending in the right direction.

我們已經收回了約 700 萬美元的應收帳款——其中 500 萬美元是應收帳款，200 萬美元是擔保解除。第一季末的應收帳款。因此，現金正朝著正確的方向流動。然後基本上，我們正​​在收取一些其他應收款。我們預計將在六月底或七月之前收集它們。它正朝著正確的方向發展。

The $18 million outflow you didn't invoice yet for -- to some of your customers for your work. Is that right?

您尚未向部分客戶開立發票，以支付您工作的 1,800 萬美元支出。是嗎？

That's correct. So we didn't really invoice in the first quarter. And then the second thing is that we performed a lot of work or we deliver a lot of goods. So that's why.

沒錯。所以我們第一季其實並沒有開立發票。第二件事是我們完成了很多工作或交付了很多貨物。這就是原因。

This concludes our question-and-answer session. I would like to turn the conference back over to management for any closing remarks.

我們的問答環節到此結束。我想將會議交還給管理階層，請他們發表結束語。

Thank you, Nick. Everybody who's listening and shareholders, and I've been awfully quiet and that's with a purpose. It has been a phenomenal period of momentum and expansion for Gorilla. As I've mentioned to Brian and the rest of the team, John and so on, we are scaling rapidly. We're currently engaged in projects across infrastructure, ports, seaports, data centers and so on.

謝謝你，尼克。所有正在聆聽的人和股東們，我一直都很安靜，這是有目的的。對 Gorilla 來說，這是一個蓬勃發展和擴張的時期。正如我向布萊恩和團隊其他成員、約翰等人提到的那樣，我們正在迅速擴大規模。我們目前正在從事基礎設施、港口、海港、資料中心等領域的專案。

We're expanding very rapidly across Asia. And as I mentioned, we're in the final contracting stages for quite a number of projects. And ONE AMAZON project is moving forward at a pace. We are really, really kicking it out there.

我們正在亞洲迅速擴張。正如我所提到的，我們許多專案的簽約工作已經進入最後階段。ONE AMAZON專案正在快速推進。我們確實正在努力將其踢出去。

As you all know, we've also recently signed an OEM agreement with Hewlett Packard Enterprise. This is not a logo partnership, as many have alluded to. It's an operational venture. I'm actually meeting with their CEO and all of the senior leadership next week in Las Vegas, where we'll be showcasing Gorilla's full stack to their global partners. This also marks a major leap in our global scale-up strategy and validates our strength of technology and execution, unlike others may lead you to believe.

眾所周知，我們最近也與惠普企業簽署了 OEM 協議。正如許多人所暗示的，這並不是一種標誌合作關係。這是一項營運風險。事實上，我下週將在拉斯維加斯與他們的執行長和所有高層領導會面，我們將在那裡向他們的全球合作夥伴展示 Gorilla 的全套產品。這也標誌著我們全球擴張策略的重大飛躍，並驗證了我們的技術和執行力，這與其他人可能讓你相信的不同。

We are also actively very engaged in scaling up our core intelligence platform. For example, we didn't talk about this. But we have been actively engaged with our current -- one of our current large clients in scaling up their 5G lawful interception in Taiwan. And being an existing customer and moving to the next phase of deployment, we're also in active discussions to introduce the same solution in the Middle East for where there's a high demand, especially now for secure, high integrity 5G interception infrastructure, which is growing very quickly.

我們也積極致力於擴大我們的核心智慧平台。例如，我們沒有談論這個。但我們一直積極與我們目前的一個大客戶合作，擴大他們在台灣的 5G 合法攔截。作為現有客戶並進入下一階段的部署，我們也在積極討論在中東地區引入同樣的解決方案，因為那裡的需求很高，特別是現在對安全、高完整性的 5G 攔截基礎設施的需求正在快速增長。

So across the regions and sectors, Gorilla is no longer just participating, we are absolutely leading. And the reason I've been quiet is not because of some reports. I've been quite because I've been working, I've been pushing the boundaries and we're all coming together to make sure that we're able to deliver success to our customers and to our stakeholders. That is my only objective.

因此，在各個地區和各個領域，Gorilla 不再只是參與者，而是絕對的領導者。我保持沉默的原因並不是因為一些報道。我一直很安靜，因為我一直在工作，一直在突破界限，我們齊心協力，確保能夠為我們的客戶和利害關係人帶來成功。這是我唯一的目標。

Now, we are solving national problems with speed, precision and confidence. But more importantly, this next phase of growth is all about converting that momentum into lasting infrastructure and long-term impact. So thank you for -- thank you all for believing in us. Thank you for believing in me and we will make this happen. This is just the beginning. Thank you once again, everybody.

現在，我們正在快速、精準、自信地解決國家問題。但更重要的是，下一階段的成長就是將這種勢頭轉化為持久的基礎設施和長期影響。所以感謝你們——感謝你們所有人對我們的信任。謝謝你們對我的信任，我們會達成這個目標的。這只是個開始。再次感謝大家。

This concludes today's conference call. You may now disconnect your lines. Thank you for participating, and have a pleasant day.

今天的電話會議到此結束。現在您可以斷開線路了。感謝您的參與，祝您有個愉快的一天。