大猩猩科技 (GRRR) 2025 Q2 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 half of 2025. Gorilla Technology Group is listed on Nasdaq under the ticker GRRR. (Operator Instructions) The conference is being recorded. (Operator Instructions)

感謝您的支持。我是會議主持人。歡迎參加 Gorilla Technology Group Inc. 2025 年上半年收益電話會議。Gorilla Technology Group 在納斯達克上市，股票代號為 GRRR。（操作員指示）會議正在錄音。（操作員指示）

Before we begin, we will read the forward-looking statements. 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 uncertainties that could cause actual results to differ materially.

在我們開始之前，我們將閱讀前瞻性陳述。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，並受到已知和未知風險和不確定性的影響，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 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，包括我們關於 20-F 表格的報告。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 Jay Chandan 和財務長 Bruce Bower。請繼續。

Thank you very much. For everyone who's dialed in, thank you very much for your support and attention. Gorilla Technology has entered the second half of 2025 with more momentum and firepower and more market reach than any other time in our history. Our first half delivered about $39.3 million in revenue, which is a 90-plus percent year-on-year increase. But at the same time, we did so by executing on very large complex projects in multiple geographies. This proves that our AI-driven security, intelligence infrastructure solutions are in demand at the highest scale and that we can deliver them consistently at scale.

非常感謝。對於所有撥打電話的人，非常感謝你們的支持和關注。大猩猩科技已進入 2025 年下半年，其發展勢頭、火力和市場覆蓋範圍比歷史上任何時候都更強大。我們上半年的營收約為 3,930 萬美元，年增 90% 以上。但同時，我們透過在多個地區執行非常大的複雜專案來實現了這一目標。這證明我們的人工智慧驅動的安全、智慧基礎設施解決方案在最高規模上受到歡迎，並且我們能夠持續大規模地提供這些解決方案。

Now financially, we have also strengthened our position on every front. We have a rock-solid CFO, who's reduced debt to $18.1 million, improved our liquidity with about $26.1 million of cash, and then further added another $105 million to our kit in July through an equity raise to accelerate growth. Now these are just not numbers on the page. These are what we call -- this is fuel for securing and delivering long-term high-value projects, which will define the future of Gorilla.

現在從財務上來說，我們也在各方面加強了自己的地位。我們擁有一位堅如磐石的首席財務官，他將債務減少到 1810 萬美元，用約 2610 萬美元的現金提高了我們的流動性，然後在 7 月份通過股權融資進一步為我們的資產增加了 1.05 億美元，以加速增長。現在這些不僅僅是頁面上的數字。這就是我們所說的——這是確保和交付長期高價值項目的動力，它將決定 Gorilla 的未來。

Operationally, we've also signed three new projects over the last 30 days. I promised I was going to be announcing a lot more coming in the coming days in my previous call, and we will be making very many announcements shortly as well. Two projects were in Taiwan, one in the UK.

在營運方面，我們在過去 30 天還簽署了三個新項目。我在上次電話會議上承諾過，未來幾天我會宣布更多消息，我們很快也會發布很多公告。其中兩個項目在台灣，一個在英國。

The one in the UK was a significant extension of the existing UK customer we have, but the two new projects in Taiwan were new customers. These were strategic footholds for us, not one-off wins alone. What it also does is it helps us strengthen our long-term recurring revenue base with new customers so that we can increase and expand further into these markets.

英國的專案是我們現有英國客戶的重要延伸，而台灣的兩個新專案則是新客戶。這些對我們來說是戰略立足點，而不僅僅是一次性的勝利。它還可以幫助我們透過新客戶來加強我們的長期經常性收入基礎，以便我們可以進一步擴大這些市場。

Now profitability remains a core discipline for Gorilla. On a normalized basis, adjusted EBITDA and adjusted net income both came at about $5.7 million, demonstrating we're not just chasing top-line growth. Now we are building a profitable, sustainable business. Our model now is structurally much stronger compared to where we were last year at same time, shifting from a very seasonal milestone-heavy cycle to multi-year contracts that will deliver steady revenue alongside what we call milestone upsides going forward.

現在獲利能力仍然是 Gorilla 的核心原則。在正常基礎上，調整後的 EBITDA 和調整後的淨收入均約為 570 萬美元，這表明我們不僅僅追求營收成長。現在我們正在建立一個獲利且可持續發展的企業。與去年同期相比，我們現在的模型在結構上更加強大，從季節性里程碑式的周期轉變為多年期合同，這將帶來穩定的收入以及我們所說的未來里程碑式的上升。

We are no longer just a business of supplying technology. We are delivering national scale AI cybersecurity, data intelligence platforms that change how governments and enterprises operate. But more importantly, with the platform partnerships and global delivery capabilities we have now in place or which we have created and put in place, Gorilla is built to scale, and we're built to win and we're built to lead.

我們不再只是一家提供技術的企業。我們正在提供全國規模的人工智慧網路安全、數據智慧平台，以改變政府和企業的運作方式。但更重要的是，憑藉我們現在已經建立的或已經創建並實施的平台合作夥伴關係和全球交付能力，Gorilla 能夠擴大規模，我們能夠獲勝，我們能夠領先。

I will pass it over to Bruce. Bruce?

我會將其交給布魯斯。布魯斯？

Thank you, Jay, for the kind words. And thank you also for the overview. Jay gave you the headline financial numbers. What I wanted to do is to dive into a few items and really highlight certain things. So the first is, as Jay mentioned, the first half revenue surged to $39.3 million. That is obviously a great start, up 90% year over year.

謝謝傑伊的善意言辭。也感謝您的概述。傑伊向你提供了主要的財務數據。我想要做的是深入研究一些項目並真正突出某些事情。首先，正如傑伊所提到的，上半年收入飆升至 3,930 萬美元。這顯然是一個很好的開始，比去年同期成長了 90%。

One of the things you might notice is that the gross margin is in the low 30s. This is skewed lower compared to last year because of the mix. Last year was just essentially service revenue, which was -- is higher margin. Nonetheless, we still maintain our full-year forecast for gross margins in the 40% range, and that's given basically the mix that we see in the second half of the year.

您可能會注意到的一件事是毛利率在 30% 以下。由於混合的原因，與去年相比，這一數字有所下降。去年基本上只是服務收入，利潤率較高。儘管如此，我們仍然維持全年毛利率在 40% 左右的預測，這基本上是基於下半年的情況。

A couple of other things is you noticed that there are two one-off adjustments or losses that show up, and I wanted to explain those. So the first is a financing-related loss. This is primarily due to the exercise of warrants by warrant holders in the first half of the year. This is basically a pure accounting item.

另外幾件事是，您注意到出現了兩次一次性調整或損失，我想對此進行解釋。第一個是與融資相關的損失。這主要是由於上半年權證持有人行使權證所致。這基本上是一個純粹的會計項目。

There's no cash impact, and that's essentially the loss or the difference between the exercise price of the warrants, which was $5.60 a share and the prevailing market price, which was higher. So we just -- we have to book that for accounting purposes as a loss. So there's no cash impact. There's no impact on the business at all. Actually, we were collecting cash from the warrant exercise.

沒有現金影響，這基本上是認股權證行使價（每股 5.60 美元）與現行市場價格（較高）之間的損失或差額。因此，出於會計目的，我們必須將其記為損失。因此對現金沒有影響。對業務完全沒有影響。實際上，我們正在從認股權證行使中收取現金。

There's also FX-related losses. So as we note, this is due to the -- this is the lagged impact of the devaluation from the Egyptian pound in 2024. So what happens is there is certain work that was performed that went into the contract assets or the unbilled revenue. And then this revaluation carried through to now when we recognize it. I would note that the Egyptian pound has strengthened substantially in the last few weeks, so from over 50 to almost 48. So we would expect this effect to be a little bit muted or even turn around in the future.

還有與外匯相關的損失。因此，正如我們所注意到的，這是由於——這是 2024 年埃及鎊貶值的滯後影響。因此，實際發生的情況是，某些已完成的工作已計入合約資產或未開票收入。然後，這種重新評估一直延續到現在，我們才意識到這一點。我想指出的是，埃及鎊在過去幾週大幅升值，從 50 多升至近 48。因此，我們預期這種影響在未來會減弱，甚至出現改善。

Moving on to the balance sheet items, so we ended the first half with $26.1 million in cash. And subsequent to the close, we mentioned -- as we mentioned, we did an equity offering of $105 million of gross proceeds. So where that leaves us at the moment is we have about $114 million of unrestricted cash, and we have $11.3 million of restricted cash.

繼續討論資產負債表項目，因此我們在上半年結束時擁有 2610 萬美元的現金。在交易結束後，我們提到——正如我們所提到的，我們進行了股票發行，總收益為 1.05 億美元。因此，我們目前的狀況是，我們擁有約 1.14 億美元的非限制現金，以及 1,130 萬美元的限制現金。

You'll notice that the restricted cash figure now is much lower than at the end of the first half. So it was about $16 million at the end of the first half. That is because we had a bid bond or a guarantee that was released. So that returned about $4.9 million. And then going forward, we also expect to see this, the restricted assets drop even further. This is, first of all, due to the release of a customer guarantee to the tune of $2 million to $3 million in the upcoming weeks.

您會注意到，現在的受限現金金額比上半年末低得多。因此上半年結束時的金額約為 1,600 萬美元。這是因為我們有已發布的投標保證金或擔保。因此回報約為 490 萬美元。展望未來，我們也預期受限資產將進一步下降。首先，這是由於未來幾週將發放 200 萬至 300 萬美元的客戶擔保。

And also, we continue our debt paydown strategy. And so we should be able to net about $1 million from paying down a loan facility and getting restricted assets released from that. So where we are at the moment with the debt position is it's $18.1 million at the end of the first half. We're happy because this is down from $21.4 million at the end of 2024. And we just continue to selectively pay down debt where we can release deposits that are tied to the debt.

此外，我們也將繼續推行債務償還策略。因此，透過償還貸款並釋放受限資產，我們應該能夠淨賺約 100 萬美元。因此，我們目前的債務狀況是，上半年末債務為 1,810 萬美元。我們很高興，因為這比 2024 年底的 2,140 萬美元有所下降。我們只是繼續有選擇地償還債務，以便釋放與債務掛鉤的存款。

Just to recap for those who may not know this, so we have a working capital facility. It is secured by two things. The first is a property that we own in Taipei. And then additional to the value of the property, we were forced to pledge some restricted deposits. So here's a bank account, here's a deposit, it's locked up, and that is the collateral.

對於那些可能不知道這一點的人來說，我們只需要重述一下，我們就有營運資金工具。它由兩件事來保證。第一個是我們在台北擁有的一處房產。然後，除了財產價值之外，我們還被迫質押一些限制性存款。這是一個銀行帳戶，這是一筆存款，它被鎖定了，這就是抵押品。

As we pay down the debt, then we release the collateral, usually on a one-to-one basis; pay down the dollar of debt, release dollar of collateral. So it remains cash neutral for the company, and that's why we pay it down. Overall, we don't want to pay off all of the debt because it's at 3% in dollars. So it's quite cheap, and it gives us financial flexibility.

當我們償還債務時，我們就會釋放抵押品，通常是一對一的；償還一美元的債務，釋放一美元的抵押品。因此，對於公司而言，它仍然是現金中性的，這就是我們償還它的原因。總的來說，我們不想償還所有債務，因為美元利率為 3%。所以它非常便宜，並且給我們帶來了財務靈活性。

A couple of other things to note. The first is that the -- after the equity offering that we did, the shares outstanding right now are 22.9 million. This is basically because we sold treasury shares and issued about 1 million shares in addition to that. One of the advantages to the equity offering, the way we structured it, is that we have 3.47 million prefunded warrants. And this is where we have collected almost all of the cash, but we have not issued the shares yet. And those shares will only be issued when the prefunded warrant holder wants them to be issued. So the share count should stay at 22.9 million until that part starts to change.

還有幾件事要注意。首先，我們進行股票發行後，目前流通股數為 2,290 萬股。這主要是因為我們出售了庫存股，此外還發行了約 100 萬股。依照我們的架構，股票發行的優勢之一是我們擁有 347 萬張預先註資的認股權證。我們已經收集了幾乎所有的現金，但我們還沒有發行股票。而且，只有當預付認股權證持有人希望發行這些股票時，才會發行這些股票。因此，在該部分開始發生變化之前，股票數量應保持在 2,290 萬股。

In terms of the outlook, so the first thing is I want to confirm that the backlog for this year, when we came into the year, it was $93 million. And of course, we've delivered $39 million of revenue. So that is taken out of the backlog. We've added $4 million or $5 million to the backlog. So the backlog remains around $59 million for -- from now until the end of the year. So we are still confident in our guidance for this year of $100 million to $110 million revenue for the total year and then targeting EBITDA margins of 20% plus and also targeting operating cash flow positive with the current contracts and the current structure.

就前景而言，首先我想確認的是，今年的積壓訂單量為 9,300 萬美元。當然，我們已經實現了 3900 萬美元的收入。因此，這已從積壓工作中剔除。我們已將積壓訂單增加了 400 萬或 500 萬美元。因此，從現在到年底，積壓金額仍約為 5,900 萬美元。因此，我們仍然對今年的預期充滿信心，即全年收入達到 1 億至 1.1 億美元，EBITDA 利潤率達到 20% 以上，並在現有合約和現有結構下實現經營現金流為正。

So that leaves us on track for full-year numbers. You can see from the way that we that we've spoken to in the past, and we will continue to speak to, we don't stick our finger in the air and make guidance that way. We build it from our backlog, which is confirmed orders, signed contracts that we are either working on or about to implement. We don't sort of look at our pipeline and take a guess.

因此，我們的全年數據基本上穩定。從我們過去的談話方式以及我們將繼續的談話方式可以看出，我們不會盲目地做出指導。我們根據積壓訂單來建立它，積壓訂單包括已確認的訂單、我們正在處理或即將執行的已簽署的合約。我們不會對我們的管道進行猜測。

So for the next year, we can confirm that we have a backlog of $70 million. Once we firm up that backlog, then we will get to the market with a more formal guidance. So stay tuned on that front. And then as Jay mentioned, we have several near-term opportunities, which we anticipate making some announcements about in the coming couple of months. So hopefully, that will give you a better idea of the backlog for 2026 and also what the guidance is.

因此，對於明年，我們可以確認我們有 7000 萬美元的積壓訂單。一旦我們確定了積壓訂單，我們就會以更正式的指導進入市場。因此請繼續關注此事。正如傑伊所提到的，我們有幾個近期的機會，我們預計將在未來幾個月內發布一些公告。所以希望這能讓您更了解 2026 年的積壓情況以及指導意見。

One of the things we've talked about in the past and I want to talk about again today is the funding strategy for future projects. When we do announce those future projects, what are we doing? The first step is obviously to look for project-level funding where there is another entity that is friendly to Gorilla or that is an SPV; or otherwise, it's a customer that is funding a project. We look for that as a first step. The second thing is we look for debt. And then third is equity. As you know, we raised equity. So the sequencing was important there.

我們過去談論過的事情之一，今天我想再次談論的是未來專案的融資策略。當我們宣布這些未來項目時，我們在做什麼？顯然，第一步是尋找專案級融資，其中有另一個對 Gorilla 友好的實體或 SPV；或者，它是資助專案的客戶。我們希望這是第一步。第二件事是我們尋找債務。第三是公平。如您所知，我們籌集了股權。因此排序非常重要。

We saw basically a need for equity to do two things. The first is to have that ready so that we could say to the customers, yes, we're ready to go. We have cash right here, right now. We're ready to start. The second thing is that the availability and the terms that you get for debt improve. So we are now in the market for debt. We have engaged the bank, and we're looking for debt right now. So in the future, I anticipate that we'll be making more announcements about how we fund projects, and it will be with an emphasis on project-level funding and on debt.

我們認為股權基本上需要做兩件事。首先要做好準備，這樣我們就可以告訴客戶，是的，我們已經準備好了。我們現在就有現金。我們準備開始了。第二件事是，債務的可用性和條款得到改善。所以我們現在處於債務市場。我們已經與銀行接洽，現在正在尋求債務。因此，我預計未來我們將發布更多關於如何為專案融資的公告，重點將放在專案層面的融資和債務上。

With that, I conclude. Jay, unless you have anything else, we can move on to Q&A.

我的結論就此結束。傑伊，如果你沒有其他問題，我們可以繼續問答環節。

Absolutely. Let's move on to Q&A.

絕對地。讓我們繼續問答環節。

(Operator Instructions) Mike Latimore, Northland Capital Markets.

（操作員指示）Mike Latimore，Northland Capital Markets。

All right, great. Good morning. Congrats on the strong growth this year so far.

好的，太好了。早安.恭喜您今年迄今的強勁成長。

Thank you, Mike.

謝謝你，麥克。

Jay, maybe can you just highlight or summarize which customers or projects or regions were the main revenue drivers in half of the year and which do you expect to be kind of key to the second half of the year?

傑伊，您能否簡單概括一下哪些客戶、專案或地區是上半年的主要收入驅動力，以及您認為哪些是下半年的關鍵？

Absolutely. So the first half of the year, Mike, we have very actively worked on projects in the Middle East and in Taiwan. The second half of the year, it will be a majority of -- a lot of the revenue will be coming in from Taiwan, Thailand, and Middle East. And for 2026, the mix is almost an even spread between the US, Southeast Asia.

絕對地。因此，麥克，今年上半年我們非常積極地開展中東和台灣的計畫。今年下半年，大部分收入將來自台灣、泰國和中東。到 2026 年，美國和東南亞的份額幾乎均衡。

Great, great. So getting nice and diverse sources, it sounds like.

太好了，太好了。聽起來，這像是獲得了良好且多樣化的資源。

Yes. As we had promised a couple of years ago -- sorry, I apologize. We promised a couple of years ago to derisk our business, not just in terms of territories and geographies, but also in terms of business segments. So that's where we are today and that we have managed to kind of derisk it.

是的。正如我們幾年前所承諾的那樣——抱歉，我道歉。幾年前，我們承諾要降低業務風險，不僅在地理和地理位置方面，而且在業務部門方面。這就是我們今天的狀況，我們已經設法降低了風險。

And then on -- maybe just touch on two projects you've highlighted in the past, ONE AMAZON. Can you detail a little bit about when that's going to roll out, how you're going to roll it out in terms of the number of sensors and when? And just a little more clarity on that would be great.

然後——也許只是談談您過去強調過的兩個項目，一個是亞馬遜。您能否詳細介紹何時推出此功能，以及您將如何推出此功能（包括感測器數量）以及何時推出？如果對此再清楚一點就更好了。

Absolutely. This is going to be slightly long. Hold on to your horses there. Now for us, it has been progressing very strongly, okay? In fact, it's been a real good success story for us, even in pre-implementation. Now the milestones we have, one will be the official showcase at the New York Climate Week in September of 2025. And that's where the world leaders are gathering, and they'll be talking about the ONE AMAZON project.

絕對地。這將會稍微有點長。在那裡抓緊你的馬。現在對我們來說，它已經進展得非常強勁了，好嗎？事實上，即使在實施之前，這對我們來說也是一個真正的成功案例。現在我們已取得的里程碑之一是將於 2025 年 9 月在紐約氣候週正式展示。世界各國領導人將齊聚一堂，討論 ONE AMAZON 計畫。

The second one will be the tokenization completion and launch at COP30. That will be in November of 2025 alongside the official release of the ONE AMAZON tokens as well. On the technology side, we already -- we've got our team in Taiwan and in India working on all the sensor technology, whether it's field deployment, environmental monitoring, IoT devices, configuring them for forest health, biodiversity tracking, and an anti-deforesting alerts.

第二個將是代幣化的完成並在 COP30 上推出。這將在 2025 年 11 月與 ONE AMAZON 代幣的正式發布同時進行。在技術方面，我們已經在台灣和印度組建了團隊，致力於研究所有感測器技術，無論是現場部署、環境監測、物聯網設備，還是針對森林健康、生物多樣性追蹤和反森林砍伐警報進行配置。

We've also now actively engaged on our POCs on the satellite mapping, so multilayer imaging, creating AI-based land use mapping operations, enabling real-time monitoring and verification. The Internet of Forest, which is the third part of our technology solution, is providing the connectivity, the edge AI, the cloud analytics to capture and process environmental data at scale.

我們現在也積極參與衛星測繪的 POC，即多層成像，創建基於人工智慧的土地利用測繪操作，實現即時監測和驗證。森林互聯網是我們技術解決方案的第三部分，它提供連接、邊緣人工智慧和雲端分析，以大規模捕獲和處理環境數據。

We've already started working very closely with the university to democratize some of the data. I was in India until yesterday, just got back this morning. We are now signing up with a very large university, one of the top-tier universities in the country so that we can build the innovation lab and absolutely make sure that we are able to help build large language and small language models in the region.

我們已經開始與大學密切合作，以實現部分數據的民主化。我昨天還在印度，今天早上才回來。我們現在正在與一所非常大的大學簽約，這所大學是該國頂尖的大學之一，以便我們可以建立創新實驗室，並確保我們能夠幫助在該地區建立大語言和小語言模型。

And then finally, we've also started on the cost-per-hectare analysis. The model is fully operational, where basically what we're doing is we're working to optimize the resource allocation and the project ROI. On the blockchain and tokenization, we're currently working on the platform, the platform which is to build and play in partnership with the leading blockchain infrastructure providers.

最後，我們也開始了每公頃成本的分析。該模型已全面投入運行，我們所做的基本上就是努力優化資源分配和專案投資回報率。在區塊鏈和代幣化方面，我們目前正在開發平台，該平台將與領先的區塊鏈基礎設施提供者合作建構和使用。

We're also working on carbon credits and environmental asset tracking, which is directly linked to the on-the-ground data from the sensors as well. So what we have done now is we have deployed some of the sensors, not only just in the Amazon and rainforest, but in other regions just to do a compare and contrast.

我們也致力於碳信用和環境資產追踪，這也與感測器的地面數據直接相關。因此，我們現在所做的是部署一些感測器，不僅在亞馬遜和雨林，而且在其他地區也部署，只是為了進行比較和對比。

The one good news I can add to that is that we have officially now signed the land use agreement. So we have a little over 130,000 hectares signed by the state of Mato Grosso. And they will be the one -- one of the -- I think the Governor of Mato Grosso will actually be launching it at the New York Climate Week as well. This allows us to now go to the other territories where we've been in active conversations to close the under negotiation, secure footprint for the large-scale conservation and restoration.

我可以補充的一個好消息是，我們現在已經正式簽署了土地使用協議。因此，我們與馬托格羅索州簽署了略多於 13 萬公頃的土地協議。他們將是其中之一——我認為馬托格羅索州州長實際上也將在紐約氣候週上啟動它。這使得我們現在可以前往我們一直在積極對話的其他地區，以結束談判，確保大規模保護和修復的足跡。

Now our role, Mike, is very clear. We are the exclusive technology backbone for data capture. And that takes all of the connectivity, security, and the system integration. But more importantly, we want to make sure that ONE AMAZON is a measurable, verifiable, and a commercially viable climate tech initiative. I hope that answers your question.

麥克，現在我們的角色非常明確了。我們是數據捕獲的獨家技術骨幹。這需要所有的連接、安全性和系統整合。但更重要的是，我們希望確保 ONE AMAZON 是一個可衡量、可驗證且具有商業可行性的氣候技術舉措。我希望這能回答你的問題。

Yes, excellent. Excellent. Thank you. And I guess just last one for me. The Smart School program in Thailand, maybe can you provide a sort of quick update there? And once that starts getting deployed, what kind of revenue might you be able to see in the first year?

是的，非常好。出色的。謝謝。我想這對我來說只是最後一個了。關於泰國的智慧學校計劃，您能否提供快速更新的資訊？一旦開始部署，第一年您能看到什麼樣的收入？

Sure. Mike, we are currently in very, very deep negotiations with the government. The project, as I mentioned previously, has already expanded in scope. It's not just the smart education. There is a smart cloud infrastructure as well as there is the database integration project -- the AI database integration project as well at the same time.

當然。麥克，我們目前正在與政府進行非常深入的談判。正如我之前提到的，該專案的範圍已經擴大。這不僅僅是智能教育。有智慧雲端基礎設施，同時還有資料庫整合專案——人工智慧資料庫整合專案。

We are in active discussion both in terms of scoping with the customer and agreeing on some of the contractual terms as well. So I want to be a little careful so that I don't comment on any specific details such as the commercial model, delivery schedule, and so on. But the size and scope of the project has only expanded, not reduced. When there's a formal contract and a public announcement, we will definitely share the details over the course of the next few weeks.

我們正在與客戶積極討論範圍並就一些合約條款達成一致。因此，我想謹慎一點，不要對任何具體細節發表評論，例如商業模式、交貨時間表等。但專案的規模和範圍只擴大不縮小。當有正式合約和公開公告時，我們一定會在接下來的幾週內分享細節。

Okay. All right. Excellent. Great. Thanks very much. Best of luck.

好的。好的。出色的。偉大的。非常感謝。祝你好運。

Thank you.

謝謝。

Brian Kinstlinger, Alliance Global Partners.

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

Hi, thanks. This is Kevin for Brian. Could you provide an update or a little bit more of an update on any of the large MOUs that you've discussed and the progress of signing contracts? And while you've had a few MOUs, is there one do you think is closest to getting signed? And if so, which one?

你好，謝謝。我是凱文，代表布萊恩。您能否提供有關您所討論的任何大型諒解備忘錄以及簽署合約的進展情況的最新消息或更多最新消息？雖然你們已經簽署了幾份諒解備忘錄，但你們認為哪一份最接近簽署？如果有的話，是哪一個？

Sure. I mean, Brian, the Wan Hai Port in Taiwan and the ADE were both on the MOU phase. We closed them already. As you know, Wan Hai, we will be deploying our AI port logistics safety and operational efficiencies on the port over the next few months. On the ADE, that's a far more complex project. That will integrate our AI-based analytics to track and disrupt financial crime networks. It's the first of its kind, which we are building, especially for the blockchain platform.

當然。我的意思是，布萊恩，台灣萬海港和 ADE 都處於諒解備忘錄階段。我們已經關閉了它們。萬海，如您所知，我們將在未來幾個月內在港口部署我們的人工智慧港口物流安全和營運效率。在 ADE 上，這是一個更複雜的專案。這將整合我們基於人工智慧的分析來追蹤和破壞金融犯罪網路。這是我們正在建立的第一個此類平台，特別是針對區塊鏈平台。

The remaining contracts we are working on currently are in the final stages, and we will announce once they are signed. We are on plan. And just to be blunt, closing multi-million multiyear AI infrastructure contracts with governments, especially, is not a same-day exercise. So the MOUs, which we talked about, we are at a very mature phase. I can give you an example for -- we talked about the project in Thailand previously, the one with the Thai Police.

目前我們正在進行的剩餘合約已進入最後階段，一旦簽署我們將予以公佈。我們正在按計劃進行。坦白說，與政府簽訂價值數百萬美元、為期多年的人工智慧基礎設施合約並非一天就能完成的。因此，我們所討論的諒解備忘錄已經處於非常成熟的階段。我可以舉個例子給你聽──我們之前討論過泰國的項目，與泰國警察合作的項目。

That project, we have actually deployed and completed the proof-of-concepts already. The customer is extremely happy with our results. And if anybody outside of the market today took some time to look, they would see actually our solutions running live in multiple locations, including Pattaya, Chiang Mai, Ayutthaya, Lopburi, and so on and so forth.

該專案我們實際上已經部署並完成了概念驗證。客戶對我們的結果非常滿意。如果今天市場之外的任何人花點時間去觀察，他們會發現我們的解決方案實際上在多個地方運行，包括芭堤雅、清邁、大城府、華富裡等等。

So the opportunity remains, and we are currently engaged once we converted these proof-of-concepts into contracts, these will turn into what we call broader national programs as well. And more importantly, we are still sticking to our commitment that this will turn out to be a $50 million to $60 million project. I hope that answers your question.

因此機會仍然存在，我們目前正在努力將這些概念驗證轉化為合同，這些合約也將轉變為我們所說的更廣泛的國家計劃。更重要的是，我們仍然堅守承諾，這將是一個價值5000萬至6000萬美元的項目。我希望這能回答你的問題。

If I could add a couple of points as well, Kevin, just to add two more things. So the first is that not all projects that Gorilla undertakes have the same life cycle. So some, it goes through a very lengthy procedure of we discuss the initial terms, we sign an MOU, we go through a proof of concept that sometimes can take months to refine and execute properly. And then we expand that into a formal contract. So like the system that Jay was describing.

凱文，如果我也可以補充幾點的話，我只想補充兩件事。因此，首先，Gorilla 所承擔的專案並非都具有相同的生命週期。因此，有些事情要經過一個非常漫長的過程，我們討論初步條款，簽署諒解備忘錄，進行概念驗證，有時可能需要幾個月的時間才能完善並正確執行。然後我們將其擴展為正式合約。就像傑伊所描述的系統一樣。

Some of them, however, it skips over some of those steps, and it just -- you start talking about an idea and it goes straight into the contracting phase. Some of the opportunities that we alluded to earlier in the call are like that. So there is no MOU that we skipped over that phase, and we're just talking about final signed contracts at the end of the day.

然而，有些則跳過了其中的一些步驟，只是——你開始談論一個想法，然後直接進入承包階段。我們之前在電話會議中提到的一些機會就是這樣的。因此，我們並沒有跳過那個階段的諒解備忘錄，我們只是在討論最終簽署的合約。

The other thing I would note is that the timelines -- one of the reasons we're so cautious about how we forecast revenue, why I'm always talking about backlog instead of sort of our finger-in-the-air forecast is because the timelines can shift. Something that is a proof of concept can take longer. Maybe it gets reworked. And like Jay mentioned, in a couple of projects, the scope has actually expanded, so we're happy to have the project take a little bit longer in exchange for a larger scope.

我要注意的另一件事是時間表——我們對如何預測收入如此謹慎的原因之一，為什麼我總是談論積壓訂單而不是那種漫無目的的預測，是因為時間表可能會改變。概念驗證可能需要更長的時間。也許它會被重新加工。正如傑伊所提到的，在幾個項目中，範圍實際上已經擴大，所以我們很高興讓項目花費更長的時間以換取更大的範圍。

But that just makes it very difficult to forecast properly, and that's why we err on the side of being conservative. So where I'm going with this is when we do MOUs, it's the start of a relationship. It's a relationship that takes time to cultivate and then to flourish as business, and we don't try to force it. We try to let it take its own time and focus on the business relationship. And then if it takes a little bit longer, we want to make sure that the market is not getting overly excited overly early. Instead, we message the market when it's mature.

但這使得正確預測變得非常困難，這就是為什麼我們傾向於保守。所以我的意思是，當我們簽署諒解備忘錄時，這就是一段關係的開始。這種關係需要時間來培養，然後才能像生意一樣蓬勃發展，我們不會強求。我們嘗試讓它慢慢來，並專注於業務關係。如果時間再長一點，我們希望確保市場不會過早變得太興奮。相反，我們會在市場成熟時向其發出訊息。

Great, thanks. And then could you talk a little bit more about the primary uses of the capital raise? Will there be any significant increases in expenses that can help drive top-line growth or near-term M&A opportunities? Or is it just to kind of have a solid cash balance that makes winning new contracts easier given your financial positioning?

太好了，謝謝。然後您能否再多談談籌集資金的主要用途？費用是否會大幅增加，有助於推動營收成長或近期的併購機會？或者只是為了擁有穩定的現金餘額，以便根據您的財務狀況更容易贏得新合約？

I can take that, if you want, Bruce. We raised about $105 million, Brian, because we were moving forward on some very large projects. We want to make sure that we can hit our ambitious targets without -- and without the right capital, we're just not being realistic. I mean, I'll give you an example. Government asked us to put in a bond, a bid bond -- a cash-based bid bond for a very large project, which was -- that alone was like $20 million. So we don't want to get hamstrung. That's one.

如果你願意的話，我可以接受，布魯斯。布萊恩，我們籌集了大約 1.05 億美元，因為我們正在推進一些非常大的項目。我們希望確保我們能夠在沒有適當資本的情況下實現我們的雄心勃勃的目標，但如果沒有適當的資本，我們就是不切實際的。我的意思是，我舉個例子給你聽。政府要求我們投入一筆債券，即投標債券——用於一個非常大的項目的現金投標債券，僅此一項就價值 2000 萬美元。所以我們不想受到束縛。那是一個。

Secondly, we're not raising money for the sake of raising it. Every dollar we raised right now to date is tied to a very clear high-return opportunity. And whilst equity was the right move at the time, we always want to make sure that we are looking at debt and other strategic funding structures as well so that we can minimize dilution while maximizing growth.

其次，我們籌集資金並不是為了籌集資金。到目前為止，我們籌集的每一美元都與一個非常明確的高回報機會有關。雖然股權在當時是正確的舉措，但我們始終希望確保我們也在考慮債務和其他策略性融資結構，以便我們能夠最大限度地減少稀釋，同時最大限度地實現成長。

Now in terms of our growth, today, we are very actively engaged in on M&A, as you know, with CNS and CAN. That said, we are also actively engaged or looking at opportunities in India, currently, where we are looking at about a 500 -- actually about between 750 to 2,000 people center to help grow very quickly. And we're also actively potentially pursuing an acquisition in the United States as well.

就我們的成長而言，今天，我們非常積極參與與 CNS 和 CAN 的併購。也就是說，我們也在積極參與或尋找印度的機遇，目前，我們正在尋找一個可容納約 500 人（實際上約 750 至 2,000 人）的中心，以幫助其快速發展。我們也正在積極尋求在美國進行收購。

Apart from that, all the projects which we are working on are pretty strategic. We have a whole mix of new R&D products that are coming in. So we will be investing some of the investments into our SD-WAN, which is our Intelligent Network Director product. We're working very closely with NVIDIA. We're building quite a number of -- we're co-engineering a number of these solutions and for the ONE AMAZON as well. And so you will see quite a few developments over the next few months.

除此之外，我們正在進行的所有專案都具有相當的策略性。我們即將推出一系列全新研發產品。因此，我們將把部分投資投入到我們的 SD-WAN 中，這是我們的智慧網路導向器產品。我們正在與 NVIDIA 密切合作。我們正在建造相當多的解決方案——我們正在共同設計許多這樣的解決方案，也為 ONE AMAZON 而設計。因此，在接下來的幾個月裡，你會看到相當多的發展。

Great. Thank you both.

偉大的。謝謝你們兩位。

Thank you.

謝謝。

John Roy, Water Tower Research.

約翰·羅伊（John Roy），水塔研究公司。

Great. First of all, congratulations on a great first half. I wanted to ask about gross margins. Obviously, they tend to be down. Bruce, maybe you can give us some color on when that might stabilize in the future? Or is that unlikely?

偉大的。首先，恭喜您上半年的優異成績。我想問一下毛利率。顯然，它們趨於低迷。布魯斯，也許您可以告訴我們什麼時候這種情況會在未來穩定下來？或者這不太可能？

Well, first of all, the gross margins, as I mentioned, in the first half of last year and the first half of this year is influenced really by the mix -- of the revenue mix. So last year, we had a couple of large projects in Taiwan and the Middle East, which were really primarily service and software, so higher margin; whereas in the first half of this year, there were significantly more hardware deliveries in that mix, which, as part of filling one contract -- which took the margins down.

嗯，首先，正如我所提到的，去年上半年和今年上半年的毛利率確實受到收入結構的影響。去年，我們在台灣和中東有幾個大型項目，主要是服務和軟體，因此利潤率更高；而今年上半年，硬體交付量明顯增加，作為履行合約的一部分，這導致利潤率下降。

I would say that for the year, we expect the margins to move up towards the target that we announced given the mix, so as Jay was talking about with some of the contracts that we have announced and are working on. So in the Middle East, in Taiwan, and Thailand, et cetera, other places, we expect that mix to bring it to 40% gross margin for the year.

我想說的是，就今年而言，我們預計利潤率將朝著我們宣布的目標上升，正如傑伊談到我們已經宣布和正在進行的一些合約時所說的那樣。因此，在中東、台灣、泰國等其他地方，我們預計這種組合將使今年的毛利率達到 40%。

And then looking forward, we expect -- given the current contract mix, we expect a similar margin profile in the future for the full year. Given that these are governments, the timing can kind of shift around, the timing of the recognition of revenue for hardware or for services can move around. So any one quarter might be volatile. But over the full year, they should be stabilized and hopefully, over the next few years, drifting up. Does that help?

展望未來，我們預計—鑑於目前的合約組合，我們預計未來全年的利潤率狀況將相似。鑑於這些都是政府，時間可能會發生變化，硬體或服務收入的確認時間也可能會改變。因此任何一個季度都可能出現波動。但從全年來看，它們應該會趨於穩定，並有望在未來幾年內上升。這樣有幫助嗎？

No, that definitely helps. (multiple speakers)

不，這肯定有幫助。（多位發言者）

Sorry. Go on, please.

對不起。請繼續。

No, go ahead, Jay.

不，繼續吧，傑伊。

Sorry, just to add to that, I think Bruce made a very valid point, right? We've already moved from a very lumpy milestone-driven revenue model to a more predictable model. If you look at the last two quarters and the next two quarters, it will be more predictable. But more importantly, what we are trying to do is we're trying to move away from these lumpy projects itself to long-term multi-year sustainable revenues, which means we're signing multi-year projects.

抱歉，我只是想補充一點，我認為布魯斯的觀點非常正確，對吧？我們已經從非常不穩定的里程碑驅動的收入模式轉變為更可預測的模式。如果你看一下過去兩個季度和接下來的兩個季度，它將更加可預測。但更重要的是，我們正在努力擺脫這些不固定的項目本身，轉向長期可持續的收入，這意味著我們正在簽署多年期項目。

Now what will happen over a period of time, where we're trading our ship right now, we will see the effect of that towards the latter half of this year or latter quarter of this year and the first two quarters of next year. Whilst there will be some revenue spikes and some of the spikes in gross margins and so, over a period of time, what you need to look at is the yearly number at the end of the day. The yearly number will be much more managed, less volatile, and we will have more visibility with a much more stronger baseline for growth. And we'll be capturing all the upside from all these wins as well at the same time.

現在，在我們現在交易船舶的一段時間內會發生什麼，我們將在今年下半年或今年下半年以及明年前兩個季度看到其影響。雖然收入會出現一些峰值，毛利率也會有一些峰值，但一段時間內，你需要關注的是最終的年度數字。年度數字將更加可控，波動性更小，我們將擁有更高的透明度和更強勁的成長基礎。同時，我們也將獲得所有這些勝利所帶來的所有好處。

So just to give you an example, the projects we're talking about in Southeast Asia, in Thailand -- we've got projects in Singapore. We've got projects in Jakarta, Malaysia, and in Taiwan. These are all three-, five-, eight-year contracts. And these are not just maintenance contracts. These are proper long-term multi-year recurring contracts. That will allow us to -- and those will be more stable as opposed to lumpy as well. Just wanted to add that there.

舉個例子，我們談論的東南亞、泰國的計畫——我們在新加坡也有計畫。我們在雅加達、馬來西亞和台灣都有項目。這些都是三年、五年、八年的合約。這些不僅僅是維護合約。這些都是適當的長期多年期定期合約。這將使我們能夠——而且它們將更加穩定，而不是凹凸不平。只是想在那裡添加這一點。

That's really helpful. And one quick question on your US efforts. I know you were talking about possible acquisition. Are you still working with AECOM significantly in the US?

這真的很有幫助。還有一個關於您在美國努力的簡單問題。我知道您正在談論可能的收購。您在美國仍與 AECOM 有密切合作嗎？

Yes. Yes, we are. I mean, for us, it's AECOM, Cisco, ONE AMAZON, of course, which is now moving its tokenization strategy to the United States just FYI, will be amazing. But more importantly, we will also be working very closely with the likes of HPE, whom we signed a global OEM relationship with and with NVIDIA in the near future as well.

是的。是的。我的意思是，對我們來說，AECOM、思科、ONE AMAZON，當然，現在它們正在將其代幣化策略轉移到美國，僅供參考，這將是令人驚訝的。但更重要的是，我們也將與 HPE 等公司密切合作，我們已與 HPE 簽署了全球 OEM 合作關係，並且在不久的將來也將與 NVIDIA 合作。

Great. Thanks so much. Again, congratulations.

偉大的。非常感謝。再次恭喜你。

Thank you, John.

謝謝你，約翰。

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

我們的問答環節到此結束。我想將會議轉回以便發表結束語。

Thank you very much. Some questions which you probably need answering, but I'm happy to respond to people who are sending us messages at any given point of time. What I wanted to let people know is that our business is moving forward in what we call as real-world implementation. We are managing country risk, sovereign risk, procurement risk, implementation risk, and making sure that we can get paid on time and can deliver on time.

非常感謝。有些問題您可能需要回答，但我很樂意隨時回覆向我們發送訊息的人。我想讓人們知道的是，我們的業務正在我們所謂的現實世界實施中向前發展。我們正在管理國家風險、主權風險、採購風險、實施風險，並確保我們能夠按時收到付款並按時交貨。

That is actually something I think most of you have seen today that our customers are paying us. They're not just holding their money back. Our largest customer has already paid us this quarter, as you've seen from the press release this morning. But what we are making sure also is that we reduce our overall accounts receivable and make sure that we're able to run a complex global organization.

事實上，我想今天大多數人都已經看到了我們的客戶正在向我們付款。他們不只是扣留自己的錢。正如您從今天早上的新聞稿中看到的，我們最大的客戶本季已經向我們付款了。但我們還要確保的是減少我們的整體應收帳款，並確保我們能夠運作一個複雜的全球性組織。

For a company of our size, it's very unique that we are positioned in so many different countries. But at the same time, we also want to make sure that our cash conversion stays on the money, no pun intended. Ensuring payments flowing in line with the project milestones is very essential for us for maintaining liquidity and funding expansion.

對於我們這種規模的公司來說，在如此多不同的國家開展業務是非常獨特的。但同時，我們也希望確保我們的現金轉換保持在正確的水平，這並不是雙關語。確保付款按照專案里程碑進行對於我們維持流動性和資金擴張至關重要。

What we are doing is that we are having a multi-sourcing, multi-localization procurement program. But at the same time, we're making sure that strict payment protection and contractual safeguards are also put in place. I mean, guys, we're dealing with government. It always slips. So we want to make sure that before we make any major capital outlays, we ensure that we are protected and ensure our cash flow.

我們正在實施的是多來源、多本地化的採購計劃。但同時，我們也要確保實施嚴格的支付保護和合約保障措施。我的意思是，夥計們，我們正在與政府打交道。它總是滑倒。因此，我們要確保在進行任何重大資本支出之前，我們受到保護並確保我們的現金流。

But the reality is, we all know that sometimes executions can slip. We also know that design of our contracts and some of the operational plans to take those risks off the table before they become a problem. But what we are doing is we're still delivering growth in a very volatile global market today. And I would really appreciate all your patience, and I'm really thankful for everyone being very supportive of Gorilla. Thank you very much indeed.

但事實是，我們都知道有時執行可能會出現失誤。我們也知道，我們的合約設計和一些營運計劃可以在這些風險成為問題之前將其消除。但我們所做的是，在當今非常動盪的全球市場中，我們仍然在實現成長。我非常感謝你們的耐心，也非常感謝大家對 Gorilla 的支持。真的非常感謝。

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

今天的電話會議到此結束。您可以斷開線路。感謝您的參與，祝您有個愉快的一天。