大猩猩科技 (GRRR) 2025 Q3 法說會逐字稿

Good morning and welcome to the Gorilla Technology Group's third-quarter 2025 financial results conference call.

早安，歡迎參加大猩猩科技集團2025年第三季財務業績電話會議。

(Operator Instructions) As a reminder, this conference call is being recorded.

（操作員說明）提醒各位，本次電話會議正在錄音。

I would now like to turn the call over to our speaker today, Jay Chandan, Chairman and Chief Executive Officer; and Bruce Bower, Chief Financial Officer. Thank you. Please go ahead, gentlemen.

現在我謹將電話交給今天的發言人，董事長兼執行長傑伊·錢丹先生和財務長布魯斯·鮑爾先生。謝謝。請繼續，先生們。

Thank you very much. Good morning, everyone. Q3 marks the strongest quarter in guerrilla's history with revenue ahead of expectations, operating profit firmly positive, and the bottom line at break-even. Now, we've delivered a clear swing in profitivity. We've built a cash position about over $119 million. We've reduced debt to a $15.1 million.

非常感謝。各位早安。第三季度是遊擊隊史上業績最好的一個季度，營收超乎預期，營業利潤穩定成長，淨利達到損益兩平。現在，我們已經實現了獲利能力的顯著提升。我們已累積了超過 1.19 億美元的現金儲備。我們已將債務減少至 1510 萬美元。

And we've advanced our AI infrastructure programs across Southeast Asia, Latin America and the Middle East, securing, multi-billion dollar projects, but at the same time, we're also creating an historic pipeline for this business. The simple message is that Gorilla is now operating about the endless model and scaling faster than the market expected. Thank you.

我們在東南亞、拉丁美洲和中東地區推動了人工智慧基礎設施項目，獲得了數十億美元的項目，同時，我們也為這項業務創造了歷史性的發展前景。簡單來說，Gorilla 目前採用的是無限成長模式，而且成長速度比市場預期的還要快。謝謝。

Bruce, anything you want to say?

布魯斯，你還有什麼想說的嗎？

Yes, I'd just like to take a walk through some of the highlights from the quarte and then in terms of where we are overall.

是的，我想回顧一下本季的一些亮點，然後再談談我們目前的整體情況。

So the first as Jay mentioned was, it was a record quarter for us in terms of revenue.

正如傑伊所提到的，第一點是，就收入而言，這是我們創紀錄的一個季度。

The balance sheet, as Jay mentioned, $121.4 million of cash total that breaks down to $109 million unrestricted free cash, and then the balance in restricted cash debt of $15.1 million means that we're in a significant net cash position of $106 million. This follows on the performance of the business and also in terms of the was helped by a fundraise that we did in July.

正如傑伊所提到的，資產負債表顯示，現金總額為 1.214 億美元，其中非限制性自由現金為 1.09 億美元，受限現金債務餘額為 1,510 萬美元，這意味著我們擁有 1.06 億美元的淨現金頭寸。這延續了公司目前的業績，同時也得益於我們在 7 月進行的融資活動。

In terms of where we are as a business and how we're performing, you can see that we're on track to meet the guidance for 2025, which is in the range of $100 million to $110 million in terms of revenue.

就我們公司目前的業務狀況和業績而言，可以看出我們正朝著實現 2025 年的業績目標穩步前進，即營收達到 1 億美元至 1.1 億美元。

And then we were talking about EBITDA margins in the 20% plus range and net income margins in the 15% to 20% range, so we remain on track to hit all of those. The gross margins through the nine months have been a bit over 35%. That's a little bit lower than we'd expect for the full year. So I think that we'll be on track to hit the 35% to 40% range for the full year.

然後我們談到 EBITDA 利潤率達到 20% 以上，淨利潤率達到 15% 到 20%，所以我們仍然有望實現所有這些目標。前九個月的毛利率略高於 35%。這比我們預期的全年水準略低。所以我認為我們全年有望達到 35% 到 40% 的目標。

At the end of the quarter we had accounts receivable of $36 million, and I know people you know are looking at that and worried. I'd just like to say that we expect the business to be collecting or some of those we've already collected on in the fourth quarter, a couple of significant outstandings in Asia, and then some remaining in the Middle East we expect to collect on.

季度末，我們的應收帳款為 3600 萬美元，我知道你們認識的人看到這個數字後都很擔心。我想說的是，我們預計公司將在第四季度收回一些款項，或收回一些我們已經收回的款項，包括亞洲的一些重大未償款項，以及我們預計在中東收回的一些剩餘款項。

For the nine months of the year, we had operating cash flow of minus-$15 million and we still expect to either have break-even or positive operating cash flow for the total year.

今年前九個月，我們的經營現金流為負 1,500 萬美元，但我們仍預計全年經營現金流將達到損益兩平或為正。

Another thing speaking about going into the next year is we issued guidance for the next year of $137 million to $200 million. I just wanted to talk a little bit more about how that works and Jay can help me out as well. But basically, this is how we forecast guidance is based on contractual backlog, which is the revenue that we expect to realize from signed contracts and then also where we have delivery timelines and specified contractual milestones.

展望明年，我們發布了明年營收預期，目標為 1.37 億美元至 2 億美元。我只是想再詳細談談它是如何運作的，Jay 也可以幫我解答一下。但基本上，我們的預測指導是基於合約積壓訂單，也就是我們預期從已簽署的合約中實現的收入，以及我們有交付時間表和明確合約里程碑的情況。

In this case, we have a signed contract. And in the case of 2026, we have a large signed contract with FRI, and we have individual deployments as part of that contract. The timing is more or less certain, but still subject to some change, which is why we opted for a wide range to reflect our conservatism in making our guidance.

在這種情況下，我們已經簽訂了合約。至於 2026 年，我們與 FRI 簽訂了一份大型合同，並且根據該合同，我們還有一些單獨的部署項目。時間安排基本上是確定，但仍可能有所變動，因此我們選擇設定一個較大的範圍，以反映我們在製定指導意見時的保守態度。

Nonetheless, the fair contract is still a large contract at $1.4 billion overall. So that means, over $400 million annualized. And that will be up and running, $400 million annualized, but the rollout will be through 2026, so the contribution will hit starting in 2026, but it's still, it won't be the full amount.

儘管如此，這份公平的合約仍然是一份金額龐大的合同，總金額達 14 億美元。這意味著，年化收入超過 4 億美元。該項目將投入運營，年化收入為 4 億美元，但推廣工作將持續到 2026 年，因此捐款將從 2026 年開始到位，但即便如此，也不會達到全額。

Yes. Nonetheless, we also have a strong pipeline, as we alluded to, which they can talk about in a second, which makes us optimistic about hitting the full year guidance for 2026. A couple other things to point out about 2026 is we have been talking to the market for a long time now about where we're going to grow, diversifying the business and de-risking it. What we've seen is that the contract wins, and then the pipeline is mostly in Southeast Asia, which would lead to us hitting our target of over 50% coming from Southeast Asia next year. It's also a good mix between governments and enterprise, so we'll be diversifying and reducing the government share of our revenue.

是的。不過，正如我們之前提到的，我們也有強大的專案儲備，他們可以馬上談談，這讓我們對實現 2026 年全年業績目標充滿信心。關於 2026 年還有幾點需要指出，我們已經與市場進行了很長時間的溝通，討論我們將在哪裡發展、實現業務多元化和降低風險。我們看到的情況是，合約一旦中標，管道主要就會位於東南亞，這將使我們明年實現超過 50% 的訂單來自東南亞的目標。這也是政府和企業之間良好的組合，因此我們將實現多元化，並減少政府在我們收入中所佔的份額。

And then the corporates are investment grade, and then the government clients that we're talking to or that we've converted our investment grade as well. So we see an improving credit quality from our end customer. All of this points, I think, to an improving business mix. A diversified revenue base on all measures and then improving client quality.

然後，企業客戶是投資級客戶，我們正在洽談的政府客戶，或者我們已經將他們的信用評級提升至投資級的客戶，也都是​​如此。因此，我們看到終端客戶的信用品質正在提高。我認為，所有這些都表明業務組合正在改善。在各個方面實現收入來源多元化，並在此基礎上提高客戶品質。

The last thing I'd like to do is, Jay is a bit too modest to do this, so I'll do it for him, is the track record is now piling up to the point where I think we have many proof points. When this business went public in 2022 via De-SPAC, the revenue for that year was $22 million. The guidance for this year is $100 million, $110 million, so that's obviously a significant increase in a short period of time. Looking at the guidance for next year, that marks two things.

我最不想做的就是，傑伊太謙虛了，不會這麼做，所以我替他做吧。現在我們的成績已經累積到一定程度，我認為我們已經有很多證據可以證明這一點了。這家公司於 2022 年透過 De-SPAC 上市，當年的收入為 2,200 萬美元。今年的預期是 1 億美元到 1.1 億美元，這顯然是在短時間內實現了顯著增長。從明年的指導方針來看，這說明了兩件事。

One is it's a large absolute increase. The second is that the percentage growth rate actually for next year would be an acceleration over the percentage growth rate for 2025. So it's, I think, quite a testament to the management team to see an improvement in the revenue growth rate, and also, after a five times increase in revenue, since going public.

一是絕對增幅很大。第二點是，明年的實際成長率將比 2025 年的成長率更快。因此，我認為，營收成長率的提高，以及上市以來營收成長五倍後營收的持續成長，都充分證明了管理團隊的實力。

And then, that's not the only highlight. The several other highlights. So first of all, we have, as I mentioned, over $100 million of net cash. This is after being, in net debt when we went public. We had a very painful or even toxic financing mix earlier in 2022, 2023, all of which has been cleaned up. So the cap table is almost all, common equity.

但這還不是唯一的亮點。其他幾個亮點。首先，正如我剛才提到的，我們擁有超過 1 億美元的淨現金。這是在我們上市時身負淨債務的情況下發生的。我們在 2022 年和 2023 年初經歷了非常痛苦甚至有害的融資組合，但這些問題都已解決。所以股權結構表幾乎都是普通股。

And then when we talk about winning new contracts now or or executing on contracts that we signed, looking at the balance sheet now, we have the ability to fund significant new deployments from our own resources and then from project level finance that we have on the table from from several banks. So we anticipate overall a good year to finish up in 2025. We're quite excited about the outlook for 2026.

然後，當我們談到現在贏得新合約或執行我們簽署的合約時，看看現在的資產負債表，我們有能力利用我們自己的資源以及我們從幾家銀行獲得的專案級融資來為重大的新部署提供資金。因此，我們預計2025年總體上會是一個好年。我們對2026年的前景感到非常興奮。

And then with that I'd like to turn over to Jay for anything else that he'd like to add about, the outlook, the pipeline, etc.

然後，我想把發言權交給傑伊，讓他補充一些關於前景、發展規劃等方面的內容。

Thank you, Bruce. Yes, it was a very good quarter rather, wasn't it? But if anyone is still wondering whether this is structural, I would gently suggest that they may need a new pair of spectacles. Now, just to highlight on what Bruce talked about and clarifying some of the proof points to all the naysayers out there, our revenue, the consensus analyst model was roughly, about $26 million, $26.2 million.

謝謝你，布魯斯。是的，這季業績相當不錯，不是嗎？但如果有人仍然懷疑這是否是結構性問題，我委婉地建議他們可能需要配一副新眼鏡。現在，為了強調布魯斯所談到的內容，並向所有持反對意見的人澄清一些證據，我們的收入，根據分析師的共識模型，大約是 2600 萬美元到 2620 萬美元。

Our actuals were at $26.5 million. Gross profit estimate was $9.5 million. We did about $9.9 million. Our operating income, IFRS operating income was to be at minus-$6 million. We did a positive of $4.4 million. That's a big swing. Our adjusted EBITDA was about $5.6 million estimated. We did $6.8 million. Adjusted net income was about $3.5 million.

我們的實際收入為 2650 萬美元。毛利預計為950萬美元。我們賺了大約990萬美元。我們的營業收入，以國際財務報告準則計算的營業收入，預計為負 600 萬美元。我們實現了440萬美元的正收益。那可是很大的轉變。我們調整後的 EBITDA 估計約為 560 萬美元。我們完成了680萬美元。調整後淨收入約350萬美元。

We completed quarter three at $6 million. Our EPS non-IFRS was $0.26, and we came in at the Gorilla actual was about $0.257, which is in line. At EPS IFRS was expected to be at $0.8. We completed it at breaking, which is $0.00, which is 100% improvement. Our analysts implied debt was at about $21 million. Gorilla's actual was at about $15.1 million and we're looking to reduce that substantially before the end of this year. What we also hadn't modeled for was the unrestricted cash, the restricted cash and the total cash position, and we are predominantly on top of everything today.

第三季結束時，我們的收入為600萬美元。我們按非國際財務報告準則計算的每股收益為 0.26 美元，而 Gorilla 的實際每股收益約為 0.257 美元，這與預期相符。預期每股盈餘（EPS IFRS）為 0.8 美元。我們最終以 0.00 美元的損益平衡點完成，實現了 100% 的提升。我們的分析師暗示債務約 2,100 萬美元。Gorilla 的實際成本約為 1510 萬美元，我們希望在今年年底前大幅降低這一數字。我們之前沒有建模的還有非限制性現金、限制性現金和總現金狀況，而現在我們基本上已經掌握了所有這些情況。

Why? Because we delivered profitability at an operating level, not adjusted. Not sprinkled with fairy dust, not if you squint, you can't see it, so on and so forth. This is proper profitability. We ran the business efficiently. We delivered on big projects across the region. We are delivering big projects across the region. We controlled our costs.

為什麼？因為我們實現了營運層面的獲利，而不是調整後的獲利。沒有撒上仙女粉，瞇起眼睛也看不見，等等等等。這才是真正的獲利能力。我們有效率地經營了這家公司。我們完成了該地區的多個大型項目。我們正在該地區開展大型專案。我們控制了成本。

But more importantly, we generated a real operating profit. This is not a one-off. This is what we call discipline.

但更重要的是，我們實現了實際的營業利潤。這並非個案。這就是我們所說的紀律。

Second, we did this at the same time we were scaling at pace. Now most companies only turn profitable when they stop investing. We turn profitable while executing national infrastructure programs across Southeast Asia, Middle East, LAtam, and so on.

其次，我們是在快速擴張的同時完成這項工作的。現在大多數公司只有在停止投資後才能獲利。我們在東南亞、中東、拉丁美洲等地執行國家基礎建設項目的過程中實現了盈利。

Anyone who has ever worked in the sector will tell you that is not just coincidence, it is pure operational muscle.

任何在這個行業工作過的人都會告訴你，這絕非偶然，而是純粹的營運實力。

Third, we have visibility, and when I say visibility, I mean proper visibility. The $1.4 billion Southeast Asia data center project is not a rumor. It's not a letter of intent. It is not a whim. It is a contract and it's underway already flowing into our scheduling and revenue plans for 2026.

第三，我們擁有良好的視野。我所說的視野，是指真正的視野。耗資14億美元的東南亞資料中心計畫並非傳聞。這不是意向書。這不是一時興起。這是一份合同，目前已經開始實施，並將納入我們 2026 年的日程安排和收入計劃。

And onwards, of course, the first state alone provides for $100 million of annual revenue for the first three years. This is the definition of structural. Now people also asked me about the pipeline of $7 billion. I'm going to show you this is not something we found under a sofa cushion.

當然，僅第一個州在前三年就提供了每年 1 億美元的收入。這就是結構的定義。現在也有人問我關於那筆價值 70 億美元的專案資金的問題。我要向你們證明，這不是我們在沙發墊子底下找到的東西。

Okay, it has come from governments, telcos, serious institutions that are designing their national AI and digital sovereignty strategy. Our role in those programs is not episodic. It is recurring, expandable, and it's increasingly indispensable.

好的，這來自各國政府、電信公司以及正在製定國家人工智慧和數位主權策略的嚴肅機構。我們在這些項目中扮演的角色並非零星出現。它具有反覆出現、可擴展的特點，並且越來越不可或缺。

Now our balance sheet is also a strategic weapon for us. Over $110 million of unrestricted cash, $15 million plus dollars of debt, and working with major partners like Telstrata with us on data centers, we are not just hoping to deliver, we are capitalizing to deliver. And finally, with the deepening partnerships with the likes of Intel, Edgecore, HP, and Nvidia, and expanding our sovereign 5G lawful interception cybersecurity platform, we're not a one hit wonder. These are partnerships that stick because we execute.

現在，我們的資產負債表也成為了我們的戰略武器。我們擁有超過 1.1 億美元的非限制性現金，1,500 萬美元以上的債務，並與 Telstrata 等主要合作夥伴共同建造資料中心，我們不僅希望實現目標，而且正在利用各種資源來實現目標。最後，隨著與英特爾、Edgecore、惠普和英偉達等公司的合作關係不斷深化，以及我們自主的 5G 合法攔截網路安全平台的擴展，我們絕非曇花一現。這些合作關係之所以能夠長久，是因為我們執行力強。

So just to go back into the question answer session now, we're not at a peak today. If anything, this is the foothill before the climb. Our numbers are consistent. The profitability is real. The backlog is defined, and the demand curve ahead of us, particularly on AI data centers and national infrastructure programs, is significantly larger than what is formally in the guidance today. With that, I'd love to turn this over for questions and answers.

回到問答環節，我們今天狀態並不好。如果非要說有什麼差別的話，那就是這是攀登前的山腳。我們的數據一致。獲利能力是實實在在的。積壓訂單已經確定，而我們面前的需求曲線，特別是人工智慧資料中心和國家基礎設施項目的需求曲線，比今天正式發布的指導方針中所描述的要大得多。接下來，我想把這個問題交給大家來回答。

(Operator Instructions) Mike Latimore, Northland Capital Markets.

（操作員說明）Mike Latimore，北地資本市場。

Yeah, great, yeah, congrats on the, good morning, yeah, congrats on the great results here.

是的，太好了，是的，恭喜，早安，是的，恭喜你們取得了這麼好的結果。

In terms of the guidance for 26, what are you assuming on this large deal contribution, kind of low end to high end of guidance, or what do you, what are, what are the factors that get you the lower high end of that guidance?

關於 26 的業績指引，您對這筆大額交易的貢獻有何假設？是指引的下限還是上限？或者說，是什麼因素導致您得出該指引的下限？

Mike, as always, good to hear from you. Let me anchor it with numbers first, Mike. For 2026, we've guided a revenue range of roughly around $137 million to $200 million. This is built on only two things. One is our contracted backlog with very clear delivery milestones.

麥克，一如既往，很高興收到你的來信。麥克，我先用數字來說明一下。我們預計 2026 年的營收範圍約為 1.37 億美元至 2 億美元。這完全建立在兩件事之上。一是我們已簽訂合約的積壓訂單，其中有非常明確的交貨里程碑。

Number 2 the first phase of the Southeast Asia Data Center project, which alone contributes to $100 million from '26 to '28. Now there is zero revenue in the guidance from data phases of the $1.4 billion program and zero from any other new mandates that are being structured. Now, the reality is that the remaining phases of the AI data center program are much larger than the phase one as the timelines and the site consequences are finalized with the customers.

第二，東南亞資料中心計畫的第一階段，光是這一項在 2026 年至 2028 年間就貢獻了 1 億美元。目前，這項耗資 14 億美元的計劃的數據階段的指導收入為零，任何其他正在建立的新授權的收入也為零。現在，實際情況是，人工智慧資料中心專案的剩餘階段比第一階段要大得多，因為時間表和場地影響等問題仍在與客戶最終確定中。

We will then extend both our '26 and '27 revenue base quite materially as well. Now, on top of that, as we've also built a pipeline. Inside of these are several national projects in late stage that also touch data centers, public safety, network intelligence, 5G lawful interception programs, and so on. None of that is in the current guidance of 2026.

屆時，我們將大幅擴大 2026 年和 2027 年的營收基礎。此外，我們也建立了一條管道。這些項目中包含幾個處於後期階段的國家級項目，這些項目還涉及資料中心、公共安全、網路智慧、5G 合法攔截計劃等等。這些內容均不在2026年的現行指引中。

So, the question you've asked me is the range we have given you is based on the backlog driven by a base case assumption.

所以，你問我的問題是，我們給你的範圍是基於基本情況假設下的積壓訂單。

It is also dependent significantly on some of the very, important issues we're facing today. One is material shortages of semiconductors, deliveries from the likes of Nvidia, Dell, HP, Super Micro, and so on and so forth. But that said, The upside from additional AI data centerfaces and new sovereign mandates will sit above all of these, and they will crystallize and therefore they'll become our future guidance as well. So I personally believe that we published a very sensible conservative numbers, and that's why we've deliberately left the rest out of them for now.

它也很大程度上取決於我們今天面臨的一些非常重要的問題。一是半導體材料短缺，例如英偉達、戴爾、惠普、超微等公司的供貨短缺等等。但即便如此，新增人工智慧資料中心介面和新的主權授權帶來的好處將凌駕於所有這些之上，它們將會逐漸明朗，因此也將成為我們未來的指導方針。所以我個人認為，我們公佈的數字非常合理保守，因此我們暫時故意省略了其餘部分。

Yeah, alright, perfect, thanks. Any color on EBITDA margins? What do you think they might do in 26?

好的，太好了，謝謝。EBITDA利潤率有什麼消息嗎？你認為他們在26年可能會做什麼？

Sure. Bruce, do you want to take that?

當然。布魯斯，你想接嗎？

Sure, so we would guide for a sort of 15% to 25% range.

當然，所以我們會建議控制在 15% 到 25% 的範圍內。

Okay, great and I guess this last one for me. The What maybe can you provide a little more detail on the deliverables on this large contract in '26? Like what is the fourth thing you're going to be delivering in the first quarter and throughout '26?

好的，太好了，我想這是我的最後一個問題了。您能否提供更多關於 2026 年這份大型合約的交付成果的詳細資訊？例如，你計劃在2026年第一季以及整個2026年交付的第四件事是什麼？

Mike, that's a good question. So the right way, Mike, to see the, first $100 million is the run rated bills, personally, I know for me, I think most people expect that you've signed a $1.4 billion contract. It's a light switch and the revenue starts flowing in. No, it doesn't work that way. I'm sure you know data centers very well. We've been communicating on this for quite some time. The first one is basically about 6 to 8 megawatts. That's, several 100 high density AI racks.

麥克，問得好。所以麥克，要正確看待這前 1 億美元，首先要看的是實際支出計算的帳單。就我個人而言，我認為大多數人都期望你簽下了一份價值 14 億美元的合約。就像打開電燈開關一樣，收入就開始源源不絕地湧入。不，事情不是這樣運作的。我相信你對資料中心非常了解。我們已就此事溝通了相當長一段時間。第一個大概是 6 到 8 兆瓦。也就是說，有數百個高密度人工智慧機架。

And we do not light them all in one day, as you can imagine. They come online in plant wave has the power, cooling, all of the network zones are commissioned, so revenue ramps up in each batch as they are energized. Second, when you look at the GPO capacity, that becomes a very important factor as it follows into these waves as the racks go live, for example, we drop in the clusters throughout the Nvidia and partner ecosystem which drives up the GPU as a service usage line.

正如你所想，我們不可能一天之內把所有燈都點亮。它們在工廠波浪上線時，電力、冷卻等所有網路區域都已投入使用，因此隨著每批設備的通電，收入都會增加。其次，從 GPO 容量的角度來看，隨著機架的上線，它會成為一個非常重要的因素，因為它會隨著這些浪潮而改變。例如，我們會在 Nvidia 和合作夥伴生態系統中部署集群，從而推高 GPU 即服務 (GPU as a service) 的使用率。

Now on top of that, we stack our services over a period of time, so not all at once. You can't just do a big bang approach. It's video intelligence, say for example, for cities, transport, and borders, big data analytics, building your large language model for both the government and telco, building your inference engines and so on, your cybersecurity, your network appliances and intelligence plat platforms, and things like even the environmental intelligence and smart policing, so.

此外，我們的服務是分階段逐步推出的，而不是一次全部推出。你不能採取一蹴可幾的方式。例如，視訊智慧可以應用於城市、交通和邊境；大數據分析可以應用於政府和電信公司建構大型語言模型；建構推理引擎等等；網路安全、網路設備和智慧平台，甚至環境智慧和智慧警務等。

As the national workloads move into the platform and the utilization grows typically from 30% to 40% all the way up to let's say 70%-80%, that deepens our revenue at the same time at the same levels as the physical capacity. So for, just to take a leaf from what Bruce said earlier, if you want us to be doing about $300 million to $400 million steady state revenue, the GPUs all need to be in motion and be syncing harmoniously at the same time. So the path to that is a controlled ramp, as I said, is not a big bang. So we're anticipating, again, working very closely with Nvidia on this, we're anticipating that we will get all of this commissioned and to go live by the end of 2026. I hope that answers your question, Mike.

隨著國家工作負載轉移到該平台，利用率通常會從 30% 到 40% 增長到 70% 到 80%，這與我們物理容量的增長水平相同，同時也提高了我們的收入。所以，就像布魯斯之前說的那樣，如果你想讓我們實現 3 億到 4 億美元的穩定收入，那麼所有的 GPU 都需要同時運作並和諧地同步。所以，正如我所說，通往目標的道路是一個可控制的斜坡，而不是一場大爆炸。因此，我們預計，我們將再次與英偉達密切合作，預計所有這些工作將在 2026 年底前完成並投入使用。希望這能解答你的疑問，麥克。

David Williams, Benchmark.

David Williams，基準。

Hey, good morning and congratulations on the on the progress and success here, gentlemen.

嘿，早安，祝賀各位先生在這裡取得的進展和成功。

I guess maybe one of the first questions is kind of around the guidance. Obviously you talked about this a bit earlier, but it feels like there is some potential upside there and I guess if you kind of think about the risks in the market and maybe from the supply side and just the market dynamics, what do you think? I mean, how would you gauge that from the midpoint of the guidance up to the upper end, and I would suspect that there's more upside opportunity than downside risk. Is that fair to assume?

我想，或許最先要問的問題之一就是關於指導方針的問題。顯然你之前也談過這一點，但感覺這其中存在一些潛在的上漲空間。我想，如果你考慮到市場風險，以及供應方面和市場動態，你覺得呢？我的意思是，你如何從指引的中點到上限來衡量這一點？我懷疑上漲的機會大於下跌的風險。這樣的假設合理嗎？

David, it is absolutely fair to assume there is more upside. Why? Because see, let me give you the risks to the guidance. I think there are two parts to your question. First is the timing of the customer deployment. Large AI infrastructure and data center programs rely on client site readiness.

戴維，完全有理由認為還有上漲空間。為什麼？因為，讓我來告訴你這種指導存在的風險。我認為你的問題包含兩個部分。首先是客戶部署的時間表。大型人工智慧基礎設施和資料中心專案依賴客戶現場的準備。

There has to be site access, as the market very well, power allocation, import clearances, customer procurement cycles, they can all shift from one quarter to the other, and even a slight change in a week or two changes that significantly.

必須有現場准入，因為市場狀況、電力分配、進口清關、客戶採購週期等都可能從一個季度到另一個季度發生變化，甚至一兩週內的輕微變化也會產生重大影響。

Number two, your supply chain constraints are also, there's a big challenge today. You look at the demand, and now there's a high demand for GPU servers, not just in the United States, but across the globe, right? And then if you're looking at. Things like networking equipment, they can also create longer lead times. I don't know if you've seen recently the price of memory has shot up 40% in the last two months.

第二，你們的供應鏈也面臨限制，這在今天是一個很大的挑戰。你看看市場需求，現在不僅在美國，而且在全球範圍內，對GPU伺服器的需求都很高，對吧？然後，如果你正在查看。例如網路設備之類的東西，也會導致交貨時間延長。我不知道你最近有沒有註意到，記憶體價格在過去兩個月上漲了 40%。

Then you've got the things like regulatory and compliance approvals. You've got things like project facing on multi-year platforms. You'll have to take, we take into account even geopolitical sensitivities in certain regions like in the Southeast Asia, Middle East, Latin America, and so on and so forth. But then if you're looking at the upside for us.

然後還有監管和合規的審批問題。例如，在多年期平台上進行專案管理之類的事情。你必須考慮到，我們甚至會考慮到某些地區的地緣政治敏感性，例如東南亞、中東、拉丁美洲等等。但如果你從我們的角度來看這件事的正面。

I did talk about it previously. For us it's about when these programs come alive. Now our aim is to get all of these live by 2026 and make sure that we drop all of these clusters through our media partnership and a partner ecosystem and make sure that we drive the GPU as a service usage line. Now, once you've given that, and remember these are all purpose-built data centers, that means there's one customer occupying 100% occupancy. Okay, that means our revenue would hit scale as soon as the switch is switched on.

我之前確實談到過這件事。對我們來說，關鍵在於這些項目何時能夠真正發揮作用。現在我們的目標是到 2026 年實現所有這些功能上線，並透過我們的媒體合作和合作夥伴生態系統確保我們淘汰所有這些集群，並確保我們推動 GPU 即服務使用路線的發展。現在，一旦你考慮到這一點，並且記住這些都是專門建造的資料中心，那就意味著有一個客戶佔用了 100% 的容量。好的，這意味著一旦開關打開，我們的收入就會達到規模。

So, what we are trying to do is we are working very closely. I mean, I did mention to you the risks, but taking all those risks into mind, we're also looking at the upside, and we want to make sure that our upside actually, helps negate the risks, on the lower end. I hope that answers your question.

所以，我們正在努力做的就是密切合作。我的意思是，我確實跟你提到過風險，但考慮到所有這些風險，我們也在考慮收益，我們希望確保收益能真正抵消風險。希望我的回答能解答你的疑問。

Can I add something to so a couple other things, David, to keep in mind. The first is, the data center opportunity or the data center contract we have is an umbrella contract with Frere. When we announced it, the $1.4 billion was based on the schedule of deployments that we had then. There is always the possibility that there are more deployments added to that, so that would be another source of potential upside.

大衛，我還能補充幾點嗎？還有幾件事要注意。首先，我們獲得的資料中心機會或資料中心合約是與 Frere 簽訂的繖形合約。我們當時宣布的14億美元預算是根據我們當時的部署計畫制定的。也不排除未來會有更多部署，這將是另一個潛在的上漲空間。

The second thing is, of course, while we're talking about, the contractual backlog, and we've talked about the data center side, we haven't talked about anything else. So gorilla is still actively bidding for government contracts. And so we, we've put in several bids recently, and we're staying tuned for good news from a couple of governments in Asia. The other thing is that we, we've talked many times about one Amazon.

第二點當然是，雖然我們談到了合約積壓問題，而且我們也談到了資料中心方面的問題，但我們還沒有談到其他任何事情。所以，大猩猩公司仍在積極競標政府合約。因此，我們最近提交了幾本投標書，並且正在密切關注來自亞洲幾個政府的好消息。還有一點就是，我們已經多次談到亞馬遜。

And some of the MOUs that we've signed with government customers in the past, none of those are in the guidance now because they haven't yet turned into a date and an amount, but as soon as we know and have crystal clear vision on the date and the amount, then those would also be added to the guidance for next year. So, it's not just, about delivering everything from the data center contract, although that's the biggest mover. There are many ways for gorilla to win next year.

我們過去與政府客戶簽署的一些諒解備忘錄，目前都沒有納入指導方針，因為它們還沒有確定日期和金額，但一旦我們了解並清楚地了解日期和金額，那麼這些也會被添加到明年的指導方針中。所以，這不僅僅是交付資料中心合約中的一切，儘管這是最大的推動因素。明年大猩猩有很多種獲勝的方式。

Yeah, fantastic great great color. Sorry, go ahead.

是的，顏色太棒了！抱歉，請繼續。

No, please go ahead. Okay.

不，請繼續。好的。

Thanks, and then maybe is Bruce, is there a way that the size kind of the magnitude of your backlog, you've talked about a few things you don't have the amounts or maybe even dates too, but if we were kind of thinking about your total backlog and kind of what you're anticipating for next year, how do you, how should we size that?

謝謝。那麼，布魯斯，有沒有辦法根據你積壓工作的規模來估算呢？你提到了一些事情，但沒有具體的數量，甚至連日期都沒有。如果我們考慮一下你的積壓工作總量以及你對明年的預期，我們該如何估算呢？

So the backlog for us is, we go with a strict definition. So $85 million is the backlog for 2026 where we have the exact date and time and it's signed and it's being implemented now. Then we have, as we mentioned, the data center contract where it's signed, it's being implemented, but the exact timing of the deployments is still, we have a good idea.

所以我們目前的問題是，我們要採取嚴格的定義。因此，2026 年的積壓項目金額為 8,500 萬美元，我們已經確定了確切的日期和時間，並且已經簽署，現在正在實施中。然後，正如我們之前提到的，資料中心合約已經簽署，正在實施，但部署的確切時間仍然未知，不過我們已經有了大致的了解。

But it's not definite yet, as Jay mentioned, there are some, ducks that we have to get in a row, or, there are other people that we have to work with before we can define that. The pipeline is where we have, a qualified lead, where we think that they'll make a decision in the next three to six months, where they have budgets. But that doesn't have a signed contract or with an amount and a date next to it. So, there's two parts.

但正如傑伊所提到的，這還沒有定論，還有一些事情我們需要安排妥當，或者我們需要與其他一些人合作才能做出決定。銷售管道是指我們擁有合格的潛在客戶，我們認為他們會在未來三到六個月內做出決定，而且他們有預算。但這筆交易沒有簽署合同，也沒有標示金額和日期。所以，它分為兩個部分。

One is the back. Is very strict and then the pipeline for us is really about converting from customer either where it's signed but you know it's not amount and dated or where they sign up and then they sign a contract and we know the amounts and the dates and and can then move that into the the backlog.

一個是背面。非常嚴格，我們的流程實際上是將客戶轉化為實際客戶，要么客戶已經簽署了協議，但金額和日期尚未確定；要么客戶註冊後簽署了合同，我們知道了金額和日期，然後就可以將其移至待辦事項列表中。

Yeah, if I may add some color to that, David, as well, the pipeline has grown very, rather enthusiastically, if I may, if it grows any faster, I think I might need to send a congratulatory card for myself.

是的，大衛，如果我可以補充一點的話，管道也發展得非常、相當迅猛；如果可以的話，如果它再增長得更快，我想我可能需要給自己寄一張賀卡了。

But that said, the deals are also very mature. If you look at what we did a couple of years ago and where we were last year, we were building POCs, we're signing MOUs, and so on and so forth, whether it was smart education in the UK, or the Middle East, lattam, and so on and so forth. The data center project has accelerated beyond our expectations, and I don't want people to think that we're only building the data centers.

但即便如此，這些交易已經非常成熟了。如果你看看我們幾年前所做的事情以及我們去年所處的位置，我們當時正在建立概念驗證項目，簽署諒解備忘錄等等，無論是在英國的智能教育，還是在中東、拉丁美洲等等地區。資料中心專案進展速度超出了我們的預期，我不希望人們認為我們只是在建立資料中心。

There's a lot of ancillary support services we provide on top of that as well. So the $1.4 billion, for example, it was only a catalyst. Once governments and telcos saw that we could deliver sovereign grade AI infrastructure, that basically kind of triggered a surge of interest. Now, without giving names, the demand wave behind the Frere is significantly larger than Fre itself. That is one of the primary reasons why our pipeline is well north of $7 billion.

除此之外，我們也提供許多輔助支援服務。例如，那14億美元只是一個催化劑。當各國政府和電信公司看到我們能夠提供主權等級的AI基礎設施時，這基本上引發了他們濃厚的興趣。現在，雖然不方便透露具體人名，但 Frere 背後的需求浪潮遠大於 Fre 本身。這正是我們管道項目總投資額遠超過 70 億美元的主要原因之一。

Now, if you look at the GPU infrastructure, it has moved away from ambition for us to urgency. Through our, engagements with the likes of Nvidia and Edgecore and including our own appliances within the kind of the government, we're seeing that strategic infrastructure as an essential, not optional.

現在，如果你看看 GPU 基礎設施，它對我們來說已經從雄心勃勃變成了迫在眉睫。透過與英偉達和Edgecore等公司的合作，以及將我們自己的設備應用於政府等機構，我們看到戰略基礎設施是必不可少的，而不是可有可無的。

So now what has happened, we've also started working with the likes of TerraStrata in Brazil who's providing capital and looking to build some seriously large data centers as well. So these are all kind of, whole country platforms as opposed to just incremental pipe, pilots. And then finally what we are doing is that.

所以現在的情況是，我們也開始與巴西的 TerraStrata 等公司合作，他們提供資金，並計劃建造一些規模非常大的資料中心。所以這些都是全國性的平台，而不是像試點計畫那樣只是逐步推進。最後，我們正在做的就是這件事。

We're making sure that we can formally count a large portion, let's say even if it's 20% to 30% of the $7 billion to be signed very quickly in 2026, and that allows us to actually be much more confident of our multi-year expansion. So in short, David, the opportunity is pretty comfortably substantial for us, but it's also growing at the same time, and it's not definitely a single year anomaly.

我們正在確保能夠正式計算出很大一部分，比如說，即使只有 2026 年即將迅速簽署的 70 億美元協議的 20% 到 30%，這也讓我們對多年的擴張更有信心。簡而言之，大衛，這對我們來說是一個相當可觀的機會，而且它還在不斷增長，這絕對不是一年的例外情況。

Okay, and one more if I may here just, if you kind of think about your competitors in the market and, the GBP800 gorilla, so to speak, you're competing against there, why are they choosing gorilla? What gives you the edge and why are you winning? Thanks.

好的，如果可以的話，我再問一個問題。想想你在市場上的競爭對手，以及你正在與之競爭的那個售價 800 英鎊的巨頭，他們為什麼會選擇巨頭呢？你的優勢是什麼？為什麼能贏？謝謝。

That's a good question. Why we're winning? I think we're we're, we've proven ourselves, okay, to where we are today.

這是個好問題。我們為什麼能贏？我認為我們已經證明了自己，我們今天能取得這樣的成就，是靠實力說話的。

We believe that we, we've worked with governments to make sure that we understand what their requirements are, what their commission requirements are, what their ecosystem requirements are, and then we help them build national workloads. Now gorilla has been in this space for a very long time, as you can imagine, we've been here for 24 years. We're going to be celebrating 25 next year, right? We are a full stack AI operator, and I think I kind of talked about this in my first speech at the Nasdaq, and I said we want to be an AI stack operator. We design the architecture, we build the data centers, we integrate the GPU stacks.

我們相信，我們已經與各國政府合作，確保我們了解他們的要求、他們的委託要求、他們的生態系統要求，然後我們幫助他們建立國家工作量。正如你所想，大猩猩在這個領域已經耕耘了很長一段時間，我們已經在這裡24年了。我們明年就要慶祝成立25週年了，對吧？我們是一家全端人工智慧營運商，我想我在納斯達克的第一次演講中也談到過這一點，我說過我們想成為一家人工智慧全端營運商。我們設計架構，我們建造資料中心，我們整合GPU堆疊。

We operate the platform, and we stay as a long-term partner for the governments and telcos. Now apart from that, they also, we offer these customers of ours, both enterprise as well as the government level, sovereign control and predictable economics, and that is very important because our customers know exactly who runs their infrastructure. Who carries the responsibility for their up time and performance, and then finally it's about capability.

我們經營該平台，並作為政府和電信公司的長期合作夥伴繼續合作。除此之外，我們也為這些客戶（包括企業和政府客戶）提供主權控制和可預測的經濟效益，這非常重要，因為我們的客戶確切地知道是誰在運作他們的基礎設施。誰對設備的正常運作時間和性能負責？最終還是能力問題。

Now, as we've been delivering national cybersecurity infrastructures. We've built four data centers in Egypt for our $270 million contract. We're executing multi multi-million dollar projects, national projects across Southeast Asia, Middle East, Latam, and so on.

現在，我們一直在交付國家網路安全基礎設施。我們根據價值 2.7 億美元的合同，在埃及建造了四個資料中心。我們正在東南亞、中東、拉丁美洲等地執行多個價值數百萬美元的專案和國家級專案。

What has happened is we are moving faster than our competitors. Our speed of execution, our ability to structure these projects, and our operational discipline is making us the preferred partners where, you understand this probably better than most people do. AI infrastructure cannot fail.

我們目前的行動速度比競爭對手更快。我們的執行速度、專案架構能力以及營運紀律使我們成為首選合作夥伴，您可能比大多數人更了解這一點。人工智慧基礎設施不能故障。

It does, it cannot fail. It just cannot fail, and it has to be with people who can have a very strong operational discipline. I think that's the responsibility we take, so we will build, operate, and manage responsibly.

沒錯，它不會失敗。它絕對不能失敗，而且必須由那些具有極強操作紀律的人來負責。我認為這是我們應盡的責任，所以我們會負責任地進行建設、運作和管理。

So think about it this way. Everybody's trying to sell buildings and servers, we're trying to sell outcomes. That's it. That's as simple as that.

所以不妨這樣想。大家都在推銷建築物和伺服器，而我們推銷的是成果。就是這樣。就這麼簡單。

And one thing to add on to that, as the numbers guy is, when I was investigating why we win, so, to prepare some investor materials, all of that came out. The other thing is that given our history and our relationships with hardware vendors in Taiwan, and then using our own software to create appliances out of the hardware, We actually deliver a significant cost savings over over a competitor.

還有一點要補充的是，作為一名數位專家，當我調查我們獲勝的原因，以便準備一些投資者材料時，所有這些都被揭示出來了。另一方面，鑑於我們與台灣硬體供應商的歷史和關係，再加上我們利用自己的軟體將硬體轉化為電器，我們實際上比競爭對手節省了大量成本。

I mean, obviously the biggest cost item will be Nvidia GPUs and there's not much flexibility, but where on items where there's flexibility, we can deliver like a 30-40% cost savings with better performance, and that will reduce the overall cost of the data center by 5 to 7%. And 5 to 7% may not sound like much, but when you're talking, a billion dollar data center.

我的意思是，顯然最大的成本項目是英偉達 GPU，而且沒有太多的靈活性，但在有靈活性的項目上，我們可以節省 30-40% 的成本，同時獲得更好的效能，這將使資料中心的總成本降低 5% 到 7%。5%到7%聽起來可能不多，但對於一個價值十億美元的資料中心來說，這可是一筆不小的數目。

That's, a significant cash savings. So, not only is it sort of everything that the customer is looking for in terms of sovereign data infrastructure, in faster time to market, but it's also cheaper. So in the end, there's enough that stacks up, it becomes very difficult to look at a competitor by comparison.

那可是一筆可觀的現金節省。因此，它不僅滿足了客戶對自主資料基礎設施的所有需求，而且上市速度更快，價格也更便宜。所以最終，各種因素疊加起來，使得很難將競爭對手與自身進行比較。

John Roy, Water Tower Research.

John Roy，水塔研究。

Thank you. So Jay and Bruce, obviously a lot of discussion around '26. I want to step back for a half a second and look beyond that and kind of these questions are related. One is, do you need to grow your sales team to turn that pipeline into backlog, and can you give us some color on the pipeline beyond '26? And the last thing is. What are you going to plan to do with all that cash? Is it for growth? What's it for? Just kind of curious.

謝謝。所以傑伊和布魯斯，顯然圍繞著 '26 有很多討論。我想退後半秒鐘，看看更宏觀的問題，這些問題其實是相關的。第一個問題是，您是否需要擴大銷售團隊，將銷售管道轉換為積壓訂單？您能否為我們介紹一下 2026 年以後的銷售通路狀況？最後一點是…你打算怎麼花掉這筆錢？是為了成長嗎？它是做什麼用的？只是有點好奇。

That's a really good.

那真是太好了。

No, that's a good question. You caught me off guard there. No, but listen, I can tell you that my pipeline is $7 billion and I can sign all of these deals, and I, it's all going to be hunky dory. It is not. It is going to take its own challenge. It's got its own challenges. Am I going to expand my sales team? Our sales teams are already well established. We have more than 250-plus people today full time. We have more than 200-plus contractors, so we're stretching our borders right now, 10.

不，這確實是個好問題。你剛才那句話讓我措手不及。不，但是聽著，我可以告訴你，我的專案儲備價值 70 億美元，我可以簽下所有這些合同，而且，一切都會順利的。它不是。它將面臨自身的挑戰。它本身也面臨挑戰。我是否要擴充銷售團隊？我們的銷售團隊已經非常完善。目前我們有超過250名全職員工。我們有 200 多名承包商，所以我們現在正在拓展我們的業務範圍，10。

The sales guy, you, there's one sales guy who gets everything done, which is myself. I make sure that, I, I'm there in front of every single customer, every single project. It doesn't matter whether it's $1 million dollar project or $1 billion dollar project. I make sure that I'm there so that I can give them the confidence and the guidance. What are we aiming, for, I think you kind of touched upon this as to what your, what the future looks like.

銷售員，你，其實只有一個銷售員負責所有的事情，那就是我。我確保，我自己會親自參與每一位客戶、每一個專案。不管專案金額是100萬美元還是10億美元，都無關緊要。我確保自己在場，這樣才能給予他們信心和指導。我們的目標是什麼？我想你已經稍微談到你對未來的想像了。

For me, personally, right? If the programs and partnerships in front of us land the way I expect it to be in the next, let's say three to six months. I would like us to be, and this is my personal target. Please do not assume that this is going to be the company's target. Around $500 million of annual revenue by '27. That's not a formal guidance, by the way. This is my target for what the platform is capable of delivering.

對我個人而言，確實如此，對吧？如果擺在我們面前的專案和合作關係能夠像我預期的那樣，在接下來的三到六個月內取得進展。我希望我們能做到這一點，這也是我的個人目標。請不要認為這將是公司的目標。到 2027 年，年收入約為 5 億美元。順便說一句，這並非正式指南。這就是我對該平台所能達到的目標。

Now that's what I am focused on. I want to get there, but we need to make sure that we've built all the Lego blocks in place. To make sure that we're no longer a project shop, make sure that, our pipeline is real and growing, make sure that we can have more cash and that it meets our ambition, and more importantly, it talks about, what kind of acquisitions we're also able to do so that we are able to support. We need teams, we need people. Just to give you the scale, we, we've gone on a massive hiring spree in Taiwan. Thailand's almost, what, 60-plus people, we are looking at India. We've got about 150-plus new recruits going on in India, and we're looking at acquisitions as well for the first time in India, as well as in the US. So that's, keep your eyes peeled, and I'm sure we'll be able to provide you more updates in due course.

現在我正專注於此。我想達到目標，但我們需要確保所有必要的步驟都已就位。為了確保我們不再是一家專案型公司，為了確保我們的專案儲備真實且不斷成長，為了確保我們擁有更多現金並滿足我們的雄心壯志，更重要的是，它還談到了我們能夠進行哪些類型的收購，以便我們能夠提供支援。我們需要團隊，我們需要人才。為了讓你們了解規模，我們，我們在台灣進行了大規模的招募。泰國人口差不多有六十多萬，而我們卻在看印度。我們在印度有 150 多名新員工正在招聘，我們也首次考慮在印度和美國進行收購。所以，請大家密切關注，我們肯定會在適當的時候為大家提供更多最新消息。

No, that sounds good and the cash, maybe Bruce can give us some highlights on where that cash might be headed.

不，聽起來不錯，至於這筆錢，也許布魯斯可以給我們透露這筆錢可能會流向哪裡。

Yes, so for all of the major contracts, there is a a cap, a capital needs from gorilla side. Sometimes with government customers that can be for performance guarantees and for working capital, for some of these data center projects, we have to fund the CapEx upfront and then deliver it to the customer. In this case, we are in active negotiations with banks. I mean, Jay and myself are in New York this week, meeting with banks.

是的，所以所有主要合約都有一個上限，也就是大亨一方需要的資金。有時，對於政府客戶，這可能是為了提供績效保證和營運資金，對於某些資料中心項目，我們必須預先支付資本支出，然後再交付給客戶。在這種情況下，我們正在與銀行積極進行談判。我的意思是，我和傑伊這週在紐約，和銀行方面會面。

So we have term sheets on the table from lenders which will finance the vast majority of it, but just like getting a mortgage for a house, there's an equity component, and the equity component would come from the balance sheet. We anticipate that we have more than enough cash on the balance sheet now to fund the first deployment or two, and hopefully even more than that. Like I mentioned, the business should generate substantial cash in the fourth quarter. And so that will see us into, much higher revenue numbers in the coming three to six months.

所以我們已經有了貸款機構的條款清單，這些貸款機構將為絕大部分項目提供資金，但就像獲得房屋抵押貸款一樣，其中也包含股權部分，而股權部分將來自資產負債表。我們預計目前資產負債表上的現金足以支付前一到兩次部署的費用，甚至可能更多。正如我之前提到的，該公司第四季應該會產生大量現金流。因此，未來三到六個月，我們的營收將會大幅成長。

Brian Kinstlinger, Alliance Global Partners

Brian Kinstlinger，Alliance Global Partners

Great, thanks. Congrats on all the business development achievements over the last few months as it relates to the friar contract hi Jay, as it relates to the fryer contract, I'm curious or I assume the margins are substantially higher than the operating margin of your existing business. The offset is the CapEx side so the cash returns. Maybe aren't what the EBITDA margins are, but the EBITDA margins are super high. I just want to see if my assumption is right.

太好了，謝謝。恭喜你在過去幾個月在業務發展方面取得的所有成就，特別是關於油炸鍋合約方面。嗨，Jay，關於油炸鍋合同，我很好奇，或者說我假設它的利潤率遠高於你現有業務的營業利潤率。抵銷部分是資本支出，因此可以獲得現金回報。或許不是 EBITDA 利潤率，但 EBITDA 利潤率確實非常高。我只是想看看我的假設是否正確。

First of all, good to hear from you. First of all, prayer is not a construction gig for me, it's a long-term AI infrastructure relationship across Indonesia, Malaysia, Thailand, Vietnam, Philippines, and so on. Now what we are doing is we're designing, building, operating and monetizing it over the years. Now once our data center is live, we're not just there to host the racks, we're also layering a lot of services on top of it so video intelligence, like I said, big data analytics for government, cyber security platforms, smart policing, and so on and so forth.

首先，很高興收到你的來信。首先，對我來說，祈禱不是一項建設工程，而是一項在印尼、馬來西亞、泰國、越南、菲律賓等地建立的長期人工智慧基礎設施關係。現在我們正在做的，就是在未來幾年裡設計、建造、運作並從中獲利。現在，一旦我們的資料中心投入使用，我們不僅僅是託管機架，我們還在其上疊加了許多服務，例如視頻智能，就像我說的，政府大數據分析，網絡安全平台，智能警務等等。

So for me fair is the doorway. The real value is what we sell on top of it and everything inside that footprint. So the real, what we, when you, when you look at it from that perspective, yes, you're absolutely right. It carries a higher margin. Your EBITDA is much higher, but in terms of cash generation, it might actually, because the CapEx extensive investment of the CapEx, it's going to be slightly full cycle.

所以對我來說，公平就是門檻。真正的價值在於我們在此基礎上銷售的所有產品和服務，以及該範圍內的一切。所以，當你從那個角度來看的時候，是的，你說的完全正確。它的利潤率更高。您的 EBITDA 更高，但就現金流而言，實際上可能會更高，因為資本支出是一項廣泛的資本支出投資，它將略微經歷一個完整的週期。

But what we will do is we will then deploy our own operations team and more importantly we will also deploy our own stack of our solutions on top of them, helping them go from, building large language models to inference engines and moving up the value chain going from it, so, H100 to 200 to GB200, GB300,, and what comes after and so.

但接下來，我們將部署我們自己的維運團隊，更重要的是，我們還將在其之上部署我們自己的解決方案棧，幫助他們從構建大型語言模型過渡到推理引擎，並沿著價值鏈向上發展，例如從 H100 到 200，再到 GB200、GB300，以及之後的版本等等。

Look at it this way for me, building data centers is only one part of it. Think of us as creating, curating, hosting and protecting your data. That's what we do.

對我來說，換個角度來看，建置資料中心只是其中的一部分。您可以把我們看作是創建、管理、託管和保護您資料的機構。這就是我們所做的。

Great thank you and then. As we enter 2026 regarding your first large contract, which was the Egypt Smart City contract, how do you see the economics change in 2026 versus '25 in terms of revenue? Are we increasing, declining, kind of steady state? And then how did the mix change from '26 compared to '25?

非常感謝。進入 2026 年，關於您的第一份大合同——埃及智慧城市合同，您認為 2026 年與 2025 年相比，在收入方面會有怎樣的經濟變化？我們是在成長、下降，還是處於某種穩定狀態？那麼，2026 年與 2025 年相比，音樂風格發生了哪些變化？

That's a really good question. So if you recollect, about a couple of years ago, Brian, when we first spoke, I said my first job was to de-risk the business. And, It was to discard delivery profile in three ways. I mentioned this to you and I'm going to stick to my to my guns here.

這真是個好問題。所以，如果你還記得的話，布萊恩，大約兩年前，我們第一次談話時，我說過我的首要任務是降低公司的風險。而且，它透過三種方式放棄了交付記錄。我跟你提過這件事，我堅持我的看法。

First, we secured the contracted program. Once we did the technical validation with with the government of Egypt, we then, scored our revenues and so on and so forth. And as 95% of our revenues came from our, from government customers.

首先，我們拿到了合約項目。在與埃及政府完成技術驗證後，我們統計了收入等等。而且我們95%的收入都來自政府客戶。

So what we did was we wanted to move away from projects to long-term, milestone-based predictable collections. So that our cash exposure is limited.

因此，我們決定從專案製轉向長期、基於里程碑的可預測系列。這樣一來，我們的現金風險敞口就受到了限制。

It took us about a year and a half to build that, and today we're seeing that we're able to strengthen our balance sheet, but more importantly, we're able to reduce debt. Now what has happened, and this has allowed us to give us the breathing space to re-engineer our business.

我們花了大約一年半的時間才建成這個體系，今天我們看到我們能夠加強資產負債表，但更重要的是，我們能夠減少債務。現在發生的一切，讓我們有了喘息之機，得以重新設計我們的業務。

And to build our what I call capabilities at the same time. So look at it from, having project-based, schedules and programs to a full-fledged deployment. These factors kind of helped us reduce our execution risk, revenue timing, and financial risk. So going into '26, I can say with confidence that we are able to now have a more predictable, more stable quarter upon quarter as opposed to what we had previously. I hope that answers your question, yeah.

同時，我們也要提升我所謂的「能力」。所以，要從基於專案的進度安排和計劃，到全面部署的角度來看這個問題。這些因素在一定程度上幫助我們降低了執行風險、收入時間風險和財務風險。因此，展望 2026 年，我可以自信地說，與以前相比，我們現在能夠擁有一個更可預測、更穩定的季度業績。希望這能解答你的疑問。

Yeah, somewhat we can. I'll take some of it offline and then I'm curious. You had a number of MOUs including Amazon One. There's a Smart City contract. Any updates on your progress, and I don't need to go over each one of them, but maybe where you're seeing more progress headed towards the finish line of any of the MOUs that are, very large.

是的，某種程度上可以。我會把一部分內容離線查看，然後我就很好奇了。你們簽署了多項諒解備忘錄，包括與亞馬遜的合作協議。還有一份智慧城市合約。你們在進展方面有什麼最新進展嗎？我不需要逐一介紹，但你們在哪些規模很大的諒解備忘錄的最後階段取得了更大的進展？

Yes, so the one Amazon project is going full steam ahead, as we've already completed a proof of concept, in Panama, and now we're running into Mato Grosso. You saw the signing happen sometime last month. So there's an initial $100 million program that we have received, we're expected to receive a good chunk of that in tech in our tech deployment.

是的，亞馬遜的這個計畫正在全力推進，我們已經在巴拿馬完成了概念驗證，現在我們來到了馬托格羅索。你們上個月某個時候看到了簽約儀式。我們已經收到了一筆初始金額為 1 億美元的計畫資金，預計其中很大一部分將用於我們的技術部署。

Now of course there are lots of, issues we need to worry about because we have to worry about the sensors, the way they're deployed, how every actor is being monitored, how it becomes a stream of environment and health intelligence, and so on and so forth, and these are monetized for decades. So we've already started work on that. It's growing and that is not part of our guidance for 2026.

當然，現在有很多問題我們需要擔心，因為我們必須擔心感測器、它們的部署方式、如何監控每個參與者、如何將其轉化為環境和健康情報流等等，而這些都將在未來幾十年內轉化為利潤。所以我們已經開始著手這項工作了。它正在增長，但這不在我們 2026 年的指導方針之內。

We've also signed, as I said, with the, with our MOUs, with the likes of Terrastrata, for example, this is not a single site. We're talking about 120-plus megawatts to be done over the next 24 months. So that also, tie that to our, prayer project and so on and so forth. We're expecting that to also, convert, into a portfolio of other AI infrastructure projects which are repeatable. We're also working very closely with the projects, and I know, what is on the tip of the tongue of everybody in Thailand, for example, we are working very closely with the government and to give you some confidence that we are, we're sure that there would be an outcome and light at the end of the tunnel over the next few months.

正如我所說，我們也與 Terrastrata 等公司簽署了諒解備忘錄，這並非單一項目。我們說的是未來 24 個月內要完成的 120 多兆瓦的裝置容量。所以，也要把這件事和我們的祈禱項目等等連結起來。我們預計這將轉化為一系列可重複的人工智慧基礎設施項目。我們也與各個項目密切合作，我知道，例如，泰國每個人都在談論我們與政府的密切合作，為了讓你們對我們充滿信心，我們確信在接下來的幾個月裡會有結果，隧道盡頭會有曙光。

In terms of the Overall, one Amazon and the other MOUs which we've already signed, our team is being working, day in and day out, and we're making sure that each of the platform builds the digital backbone and make sure that we are sitting on top of their infrastructure plate. So again, all these are not included in the guidance for 2026.

就整體而言，包括與亞馬遜和其他我們已經簽署的諒解備忘錄，我們的團隊日夜不停地工作，確保每個平台都能建立數位骨幹網，並確保我們能夠充分利用他們的基礎設施。所以再次強調，所有這些都未包含在 2026 年的指導方針中。

Great, my last question that was helpful, you highlighted Jade accurately that you invest to grow, you made a comment about that and you've done that, but given the solid wars, the growing pipeline, are there any key investments you need to make now in terms of personnel, staff, facilities to take take advantage of the opportunities in front of you anything meaningful that you can talk about or can quantify?

太好了，我最後一個問題很有幫助。您準確地指出，Jade 會投資以實現成長，您也談到了這一點，而且您也確實做到了。但是，鑑於目前穩固的業務和不斷增長的專案儲備，您現在是否需要在人員、員工、設施方面進行任何關鍵投資，以抓住眼前的機會？您能否談談一些有意義的或可以量化的方面？

Absolutely. I think I touched upon this, Brian. This is very important, because I think, most people think that, we're a small company, we don't have the means to do what we do. So what we are doing right now. And just give it to you straight, right? These are all numbers back, so we are focused heavily on our M&A story as well, because that, brings in deep execution legs for us. But at the same time, we're also looking at how we expand ourselves into some of the fastest growing economies in the world.

絕對地。我想我剛才已經提到這一點了，布萊恩。這一點非常重要，因為我認為，大多數人認為我們是一家小公司，我們沒有足夠的資源去做我們正在做的事情。所以，我們現在正在做的。就這麼直說了吧？這些都是實實在在的數字，所以我們也非常重視併購方面，因為這能為我們帶來深遠的執行力。但同時，我們也在考慮如何將業務拓展到世界上一些成長最快的經濟體。

So first, India. Now if you look at the India AI market today, and, I mean, I may be slightly off on these numbers, but we're looking at about $9.5 billion today, and it's expected by 2032, I think, or 2033, it's going to be about $130 billion. There's a 10-fold expansion of the AI market.

首先是印度。現在，如果你看看印度目前的AI市場，我的意思是，這些數字可能有點不準確，但我們現在看到的是大約95億美元，預計到2032年或2033年，將達到約1300億美元。人工智慧市場規模擴大了10倍。

The country is also, I was there recently, the country is also doubling its data center capacity from 940, 950 megawatts to roughly around 1,800, 2,000 megawatts. By 2026, we're talking about a transformational change. So this is a massive national shift when it comes to AI, computer, cloud, and digital sovereignty. So our investment into India is not cosmetic. Our acquisition potentially is also not very cosmetic. It positions us in a triple digit billion dollar economy and where we're, building our own local team, our own regulatory postures, but more importantly, we are looking at sovereign grade projects at scale today.

我最近去過那個國家，該國也在將其資料中心容量從 940、950 兆瓦增加到大約 1800、2000 兆瓦。到 2026 年，我們將迎來一場變革性的改變。因此，這在人工智慧、電腦、雲端運算和數位主權方面是一次巨大的國家變革。所以，我們在印度的投資並非表面功夫。我們的收購可能也並非完全出於表面功夫。它使我們身處一個價值數千億美元的經濟體中，我們正在建立自己的本地團隊，制定自己的監管策略，但更重要的是，我們今天正在大規模地關注主權級別的項目。

So India is one big market for us going forward. The second market which we talked about and which is also going to give us scale and people to help deploy in the local markets is the United States.

所以，印度是我們未來發展的重要市場。我們談到的第二個市場，也是將為我們帶來規模和人才以幫助我們在當地市場部署的市場，是美國。

Now the US, as everybody knows, the largest AI market on the planet, represents roughly around 36% to 38% of the global AI spend today. But that said, it is also where public safety, digital infrastructure, your GPUU demand, defense, and so on and so forth are all running into tens of billions of dollars apart from the data center market and the AI market.

眾所周知，美國是全球最大的人工智慧市場，目前約佔全球人工智慧支出的 36% 至 38%。但即便如此，除了資料中心市場和人工智慧市場之外，公共安全、數位基礎設施、GPUU需求、國防等等領域也都投入了數百億美元。

So for me, the acquisition there we're pursuing is very deliberate. It gives us established platform. It gives us huge customer credentials, and more importantly, it gives us execution depth, and that's something you'd asked me to talk about as well, to deliver. Can I deliver real AI infrastructure and public safety programs in a country like the United States or India? This is how we're going to do it. So the US for us becomes, what we call a second engine for guerrilla for the next two to three years, not just a side project.

所以對我來說，我們正在進行的收購是經過深思熟慮的。它為我們提供了一個成熟的平台。它為我們贏得了巨大的客戶信任，更重要的是，它增強了我們的執行力，這也是您之前要求我談談的，我們需要實現的。我能否在美國或印度這樣的國家提供真正的人工智慧基礎設施和公共安全項目？我們將這樣做。因此，在接下來的兩到三年裡，美國對我們來說就成了我們所謂的遊擊戰的第二引擎，而不僅僅是一個附屬計畫。

So look at it this way we're not buying revenue, we're buying capability. So that gives us scale. So India gives us scale in the hypergrowth market. US gives us credibility in the world's most mature AI and law enforcement ecosystem.

所以換個角度來看，我們買的不是收入，而是能力。這樣我們就有了規模優勢。因此，印度為我們在高速成長的市場中提供了規模優勢。美國賦予我們在世界上最成熟的人工智慧和執法生態系統中的信譽。

Barrett Boone, RedChip.

Barrett Boone，RedChip。

Jay Bruce, congratulations on a great quarter. Thank you, sir. So I just have a few questions here. First, we know you now design, build, and operate AI data centers, provide GPUs a service, and you're rolling out your own branded AI GPU platforms with partners like Edgecore and Intel. At the same time, you're deepening your relationship with Nvidia and the wider GPU ecosystem. So how should investors think about the unified flywheel you're building and gorilla's strategic role inside the next wave of AI compute infrastructure?

傑伊布魯斯，恭喜你本季表現出色。謝謝您，先生。我這裡還有幾個問題。首先，我們知道您現在設計、建造和營運 AI 資料中心，提供 GPU 服務，並且您正在與 Edgecore 和 Intel 等合作夥伴推出您自己的品牌 AI GPU 平台。同時，你也在加深與英偉達以及更廣泛的GPU生態系統的關係。那麼，投資者該如何看待你正在建構的統一飛輪以及大猩猩在下一波人工智慧運算基礎設施中的策略角色呢？

That's a very interesting question. Well, I, I'll keep it short. The short answer to that is that we're not playing in one corner of the infrastructure, and I think the market needs to understand that. Why? Because we're building the whole engine. The data centers are just an anchor, barrack.

這是一個非常有趣的問題。好吧，我就長話短說。簡而言之，我們並非只涉足基礎設施的某個領域，我認為市場需要理解這一點。為什麼？因為我們正在建立整個引擎。資料中心只不過是一個錨點，一個營房。

We design them, we build them, we run them, we sit on them because they're long-term hosting and power and capacity contracts and so on and so forth. But on top of that, we stack the GPU as a service. Using our Nvidia-based platforms with our partners that gives us usage-based recurring revenue as the workload scale, and this is a very important term which the market needs to understand. As we scale We will scale as well, and as our customers scale, our revenues will scale automatically. That term is called usage usage-based recurring revenue as the workload kept.

我們設計它們，我們建造它們，我們經營它們，我們使用這些設施，因為它們是長期託管、電力和容量合約等等。但除此之外，我們還以服務的形式堆疊了 GPU。我們與合作夥伴使用基於英偉達的平台，隨著工作負載的擴展，我們可以獲得基於使用量的經常性收入，這是一個市場需要理解的非常重要的概念。隨著我們規模的擴大，我們本身也會隨之擴大；隨著客戶規模的擴大，我們的收入也會自動擴大。這種說法被稱為基於使用量的經常性收入，因為工作量保持不變。

Now on top of that, we talked about the flywheel. The flywheel is very simple. Data centers drive GPU demand. Your GPU demand pulled through our software. The software then locks in longer and deeper national engagement.

除此之外，我們也討論了飛輪。飛輪結構非常簡單。資料中心推動了對GPU的需求。您的GPU需求為我們的軟體帶來了很大的影響。該軟體隨後會鎖定更長久、更深入的全國性參與。

Think of it as a three-pronged approach. So how should you know someone see us, whether it's investors or customers, they should see us as a sovereign grade AI operator, not just as a project contributor or a box shifter. We're surely not a box shifter.

可以把它看作是一個三管齊下的方法。那麼，如何讓投資者或客戶將我們視為自主級人工智慧營運商，而不僅僅是專案貢獻者或技術改造者呢？我們肯定不是那種會使用變速箱的。

Thank you, Jer. I think that adds a lot of color there. Now, shifting away from the data center conversation, you've spoken about quantum Safe Networks and the intelligent Network Director platform for lawful interception and network intelligence. How should we think about these as commercial gateways into larger sovereign infrastructure and national security programs rather than standalone products, right? How do they all work together?

謝謝你，傑瑞。我覺得這給那裡增添了很多色彩。現在，讓我們暫時拋開資料中心的話題，您談到了量子安全網路和用於合法攔截和網路情報的智慧型網路管理器平台。我們應該把這些看作是通往更大規模的主權基礎設施和國家安全項目的商業門戶，而不是獨立的產品，對吧？它們是如何協同工作的？

The quantum question. I love that. Let me keep this tight. I know we're running short on time. This is one of the most misunderstood parts of our business. First of all, the market is enormous.

量子問題。我喜歡這個。讓我把這件事保密。我知道我們時間不多了。這是我們業務中最容易被誤解的部分之一。首先，市場規模龐大。

Post quantum cryptography alone is expected to cost over $100 billion to $150 billion globally over the next decade as governments upgrade everything from national networks to their financial systems to their defense communications and so on and so forth.

預計未來十年，光是後量子密碼技術就將在全球耗資 1,000 億至 1,500 億美元，因為各國政府需要升級從國家網路到金融系統再到國防通訊等各個面向。

Now, look at this. Every country will need this, not want, but they will need it. That's an absolute must. Our intelligent network director is never just a product. What we do is when a country lets you monitor its entire network flows. Your lawful interception, your cyber postures, they're not just trialing a tool. They're effectively handing you the keys of their national nervous system.

現在，看看這個。每個國家都需要它，而不是想要它，而是需要它。這是絕對必要的。我們的智慧網路控制器絕對不僅僅是一個產品。我們所做的，是在一個國家允許你監控其整個網路流量的情況下。你們的合法攔截、你們的網路姿態，他們不只是在試用某種工具。他們實際上是將國家神經系統的鑰匙交到了你手中。

And this is what the market has misunderstood. We're not trying to sell a product. We're actually managing the national nervous system. Now that becomes a gateway into data centers, into sovereign cloud, into your public safety modernization, your AI workloads, and your full national security stack, and so on and so forth. Now as we move forward. Right, the quantum safe networks opens the door even wider for us. Why?

而這正是市場誤解的地方。我們並不是想推銷產品。我們實際上是在管理國家神經系統。現在，它成為了通往資料中心、主權雲端、公共安全現代化、人工智慧工作負載以及完整的國家安全堆疊等等的門戶。現在我們繼續前進。沒錯，量子安全網路為我們打開了更廣闊的大門。為什麼？

If you look at the way we protect, countries' backbone communications, we're automatically in the room. I mean, whether it's Taiwan, whether it's Thailand, whether it's Egypt, whether it's lattam, doesn't matter where it is. We are in that room for the next phases of their data centers, the GPU infrastructure, all of the national nanotics, all of their secure workloads, and all of their critical infrastructure protection. We signed two projects, as and these were 5G lawful interception protecting national critical infrastructure.

如果你看看我們保護各國骨幹通訊的方式，我們自然而然地就參與其中了。我的意思是，無論是台灣、泰國、埃及或拉丁美洲，在哪裡都無關緊要。我們正在那個房間裡，為他們的資料中心、GPU 基礎設施、所有國家奈米技術、所有安全工作負載以及所有關鍵基礎設施保護的下一階段做準備。我們簽署了兩個項目，分別是 5G 合法攔截，旨在保護國家關鍵基礎設施。

Now these technologies are the starting point for the programs that run into hundreds of millions of dollars over their lifetime. So what is guerillla doing? We're sitting in that room. We're negotiating. We may find, tens of millions of dollars today, but my aim is to convert that into hundreds of millions of dollars over their lifetime.

如今，這些技術是許多專案的基礎，這些專案在其生命週期內耗資數億美元。那麼遊擊隊在做什麼呢？我們現在就坐在那個房間裡。我們正在談判。我們今天或許能找到數千萬美元，但我的目標是在他們的一生中將這些錢變成數億美元。

So think of it this way, whether it's your intelligent network director or their quantum state, we're not standalone. Think of them as a handshake that pulls us together over larger solvent scale national infrastructure programs. That's how I look at it from our I&D perspective.

所以你可以這樣想，無論是你的智慧型網路控制器還是他們的量子態，我們都不是獨立存在的。把它們看作是握手，將我們團結起來，共同推動規模更大的國家基礎設施項目。從我們的多元化與包容性角度來看，我是這麼看的。

Thanks, Jay. That's very helpful. I just have one more question to leave you with. Sure. So over the past few years you've gone from survival mode to a position where you have record revenue, strong profitability, a multi-year AI data center mandate, and a multi-billion dollar pipeline. What do you think the market is missing about gorilla's trajectory when you look at the next two, three years?

謝謝你，傑伊。那很有幫助。我還有一個問題想問您。當然。因此，在過去的幾年裡，你們已經從生存模式發展到如今擁有創紀錄的收入、強勁的盈利能力、多年的人工智能數據中心項目以及數十億美元的項目儲備。展望未來兩三年，你認為市場對大猩猩的發展軌跡有哪些誤解？

He put me on the spot there Bart. Okay, so, First of all, I want everybody to understand this, we're no longer a project shop. We are becoming the sovereign AI infrastructure operators, right? Our phase one, for example, just in Southeast Asia, we're talking about hundreds of billions of revenue per year. Later phases are just larger in scope, and the duration, and none of that is in the guidance as yet. Again, I want to repeat that it's not in the guidance.

巴特，他剛才讓我很為難。好的，首先，我想讓大家明白，我們不再是專案型店了。我們正在成為人工智慧基礎設施的自主運營商，對嗎？例如，我們第一階段僅在東南亞地區，每年的收入就高達數千億美元。後續階段的範圍和持續時間較大，但這些目前都沒有納入指引。我再次重申，指南中沒有相關規定。

Secondly, Our pipeline is growing. We're now sitting on a pipeline about, $7 billion across, telcos, law enforcement, infrastructure, and government. These are multi-year national platforms. So once we have proven that we can deliver, you're rarely a one contract supplier, and the market knows that.

其次，我們的業務管道正在成長。我們現在正坐擁價值約 70 億美元的資金，涉及電信、執法、基礎設施和政府等領域。這些是為期多年的國家級平台。所以，一旦我們證明了我們能夠交付，你就很少會成為單一合約供應商，市場也明白這一點。

Now if you look at the third part of it, balance sheet, and I think you know there have been quite a few questions on that. We have more than, like I said, $119 million of unrestricted cash, I'm sorry, $107 million of unrestricted cash, and a total of about $120 million of total cash left on the books now.

現在，如果你看第三部分，也就是資產負債表，我想你也知道，關於這部分已經有很多問題了。正如我剛才所說，我們有超過 1.19 億美元的非限制性現金，抱歉，是 1.07 億美元的非限制性現金，目前帳面上總共還剩下大約 1.2 億美元的現金。

That means we can go fund serious data center builds without even blinking. A year ago, and you said it very rightfully, so we were managing survival. Today we're designing national architectures. We're also making very clear we're trying to make sure that we do not dilute our shareholders as a default. We're exploring a very range, wide range of creative structures.

這意味著我們可以毫不猶豫地為大型資料中心建設專案籌集資金。一年前，你說的非常正確，所以我們當時只是在勉強生存。今天，我們正在設計國家建築。我們也明確表示，我們正在努力確保不會預設稀釋股東權益。我們正在探索各種各樣的創意結構。

With our partners from project level vehicles to revenue sharing and other funky options that let us scale hard without handing away the company to them.

我們與合作夥伴攜手，從專案級工具到收益分成以及其他各種新奇的選擇，讓我們能夠在不將公司拱手讓給他們的情況下實現快速擴張。

Now I did talk about my ambition, and again, this is my personal ambition. This is not in guidance, this is not target, but I would like to see that, the way things are moving forward and all the partnerships in front of us, I would like to be operating at about $500 million of revenue, annual revenue, by 2027 and increasing from there going forward as well.

我剛才談到了我的抱負，再次強調，這是我的個人抱負。這並非指導方針，也並非目標，但我希望，按照目前的發展趨勢和我們面前的所有合作關係，到 2027 年，公司年收入能達到 5 億美元左右，並且未來還能繼續增長。

And finally, I think Brian talked about the flywheeler, question previously, and so did you, Barrett. Every data center for us brings in long-term GPU and hosting revenue. On top of that, as we evolve, the more infrastructure we operate, the more software intelligence we can pull through.

最後，我想布萊恩之前談到了飛輪裝置的問題，巴雷特，你也談了。每個資料中心都能為我們帶來長期的 GPU 和主機代管收入。此外，隨著我們不斷發展，我們營運的基礎設施越多，我們就能運用越多的軟體智慧。

What is the market missing? I think that was your question. The market is missing the fact that guerrilla is shifting from a small cap story of survival. Into a multi-region sovereign air operator with long duration of contracts, expanding margins, and a very serious revenue ambition.

市場缺什麼？我想這就是你的問題。市場忽略了一個事實：遊擊戰正在從小型股的生存故事轉變為其他類型的公司。成為一家擁有長期合約、利潤率不斷提高、且具有非常遠大盈利目標的多區域主權航空運營商。

Most people are looking at it as the gorilla of yesterday. That yesterday was when we were at $22 million of revenue. Trust me, when I hit 20, I mean, if my personal ambitions fulfilled, are fulfilled, and we hit $500 million that's an exponential growth which not many people have seen before. So the gorilla they will meet in the next year will be a very different animal, Barrett, and that's what the market is missing.

大多數人把它看作是昨日黃花。昨天我們的營收是2200萬美元。相信我，當我20歲的時候——我的意思是，如果我的個人抱負得以實現——如果我們達到5億美元，那將是一個指數級增長，這是很多人以前從未見過的。所以，巴雷特，他們明年將會遇到的大猩猩將會截然不同，而這正是市場所缺乏的。

Thank you, Jay.

謝謝你，傑伊。

We have no further questions. I'd like to turn the call back over to management for any closing remarks.

我們沒有其他問題了。我想把電話轉回給管理階層，請他們作總結發言。

Thank you very much. Thank you everybody for taking your time, and listening to us. To our institutional and retail investors, I'm going to say this out loud, and I haven't written this or, practiced this speech before, your conviction has carried us from survival to scale. Now people ask me about survival. This is very important. You stood with me, Bruce, and the rest of the team through every single battle we have fought to get here. Now we enter a new phase. We're not just winning contracts, we're building the air infrastructure of nations. Your belief has shaped this company, and it will definitely define everything we've been building in the years ahead.

非常感謝。感謝大家抽空聆聽我們的演講。我要向我們的機構投資者和散戶投資者大聲說出來，雖然我之前沒有寫過或練習過這段演講稿，但正是你們的信念帶領我們從生存走向了規模化。現在人們問我關於生存的問題。這非常重要。布魯斯，你和我以及團隊的其他成員並肩作戰，經歷了我們一路走來所經歷的每一場戰鬥。現在我們進入了一個新的階段。我們不僅僅是在贏得合同，我們還在建設各國的航空基礎設施。你的信念塑造了這家公司，也必將決定我們未來幾年所取得的一切成就。

Most importantly, I want to thank every single one of you, naming people like SAM, people like Christian, people like Gunther who actually stood by me. While the world was still playing catch up. And I intend to repay the trust with performance. So thank you. And thanks everybody for listening in. Have a lovely day.

最重要的是，我要感謝你們每一個人，特別感謝像 SAM、Christian、Gunther 這樣一直支持我的人。當世界還在努力追趕的時候。我決心用成績回報這份信任。所以，謝謝你。感謝大家的收聽。祝你今天過得愉快。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。