Hub Cyber Security Ltd (HUBC) 2024 Q2 法說會逐字稿

Good morning and welcome to the Hub Cyber Security first half 2024 financial results conference call. (Operator Instructions) Please note this event is being recorded.

早安，歡迎參加 Hub Cyber​​ Security 2024 年上半年財務業績電話會議。（操作員指示）請注意，此事件正在被記錄。

I would now like to turn the conference over to Ben Shamsian with Lytham Partners. Please go ahead.

現在我想將會議交給 Lytham Partners 的 Ben Shamsian。請繼續。

Good morning, everyone, and thank you for joining us for Hub Cyber Security's first half 2024 financial results conference call. Joining us on today's call is Noah Hershcoviz, CEO of Hub.

大家早安，感謝您參加 Hub Cyber​​ Security 2024 年上半年財務績效電話會議。參加今天電話會議的是 Hub 執行長 Noah Hershcoviz。

At the conclusion of today's prepared remarks, we will address some questions that were sent to us by investors, as well as questions we believe are important to us. Today's event is being recorded and will be available for replay through the webcast information provided in the press release.

在今天的準備好的發言結束時，我們將回答投資者向我們提出的一些問題，以及我們認為對我們很重要的問題。今天的活動正在錄製中，並將透過新聞稿中提供的網路直播資訊進行重播。

Finally, I'd like to call your attention to the customary Safe Harbor disclosures regarding forward-looking information. The conference call today may contain certain forward-looking statements, including statements regarding the goals, strategies, beliefs, expectations, and future operating results of Hub Cyber Security.

最後，我想提請您注意有關前瞻性資訊的常規安全港披露。今天的電話會議可能包含某些前瞻性陳述，包括有關 Hub Cyber​​ Security 的目標、策略、信念、期望和未來營運績效的陳述。

Although management believes these statements are reasonable based on reasonable estimates, assumptions, and projections as of today, these statements are not guarantees of future performance, nor shall be taken as such. Time-sensitive information may no longer be accurate at the time of any telephonic or webcast replay.

儘管管理層認為這些聲明是基於截至今天的合理估計、假設和預測是合理的，但這些聲明並不是對未來業績的保證，也不應被視為對未來業績的保證。任何電話或網路廣播重播時，時間敏感資訊可能不再準確。

Actual results may differ materially as a result of risks, uncertainties, and other factors, including but not limited to factors set out in the company's filings with the SEC. Hub is under no obligation to update or revise any of these forward-looking statements.

由於風險、不確定性和其他因素（包括但不限於公司向美國證券交易委員會提交的文件中列出的因素），實際結果可能存在重大差異。Hub 沒有義務更新或修改任何這些前瞻性陳述。

With that said, I would like to now turn the call over to Noah Hershcoviz, Chief Executive Officer of Hub Cyber Security. Noah, please proceed.

話雖如此，我現在想將電話轉給 Hub Cyber​​ Security 執行長 Noah Hershcoviz。諾亞，請繼續。

I'm pleased to be conducting our very first financial results conference call. I look forward to holding these calls going forward to update you on our progress.

我很高興主持我們第一次的財務績效電話會議。我期待著今後召開這些電話會議，向你們通報我們的進度。

During today's call, I will highlight our recent accomplishments that demonstrate our continued execution in offering our clients a unifying data fabric embedded in a military grade security environment. In addition, we will speak about some of the operational efficiencies the new management team has achieved in our effort to turn around Hub and provide shareholder value.

在今天的電話會議中，我將重點介紹我們最近的成就，這些成就表明我們將繼續為客戶提供嵌入軍用級安全環境中的統一資料結構。此外，我們將討論新管理團隊在扭轉 Hub 並為股東創造價值的努力中所取得的一些營運效率。

I will also discuss our plans to grow our top and bottom line further while managing our capital efficiency. Finally, we will discuss the financial results for the first half of 2024.

我還將討論我們在管理資本效率的同時進一步提高營收和利潤的計劃。最後，我們將討論2024年上半年的財務表現。

But before that, with this being our first call, I wanted to provide a broad overview of Hub and the opportunities that we believe will drive growth for the company going forward.

但在此之前，由於這是我們的第一次通話，我想對 Hub 進行廣泛的概述，以及我們認為將推動公司未來成長的機會。

Hub Security has an exciting story to share, not just as a pioneer in the secure data fabric market, but as a company that has successfully navigated challenges and emerged stronger and determined. Over the past year, we've made bold decisions to streamline operations, focus on high-margin business, and position ourselves for sustainable growth.

Hub Security 有一個令人興奮的故事要分享，它不僅是安全資料結構市場的先驅，而且是一家成功應對挑戰、變得更加強大和堅定的公司。在過去的一年裡，我們做出了大膽的決定，精簡運營，專注於高利潤業務，並為永續成長做好準備。

At a high level, Hub operates two complementary business units. Our secure data fabric platform, our main product, which serves as primary growth engine and transformative solution for financial institutions and enterprises.

從高層次來看，Hub 經營著兩個互補的業務部門。我們的安全資料結構平台是我們的主要產品，它是金融機構和企業的主要成長引擎和轉型解決方案。

And second, our legacy professional services and cyber consultancy business provide a stable revenue stream with strong long-term relationship with blue chip clients like Visa and Boeing that goes back several decades. These two businesses are not siloed, but synergetically aligned with every unit working together to create the most advanced secure data fabric platform in the market.

其次，我們傳統的專業服務和網路諮詢業務提供了穩定的收入來源，並與 Visa 和波音等藍籌客戶建立了數十年的長期牢固關係。這兩項業務並非孤立存在，而是協同一致，每個部門共同努力，打造市場上最先進的安全資料結構平台。

This integrated approach enhances our technological capabilities and ensures seamless delivery and unparalleled value for our clients. Let me start with our secured data fabric platform which embodies the future of Hub Security.

這種綜合方法增強了我們的技術能力，並確保為客戶提供無縫交付和無與倫比的價值。首先介紹一下我們的安全資料結構平台，它體現了 Hub Security 的未來。

This innovative technology addresses the growing complexity of data management in today's financial and enterprise environments. Banks and other institutions are under immense pressure to manage vast amount of data from multiple sources, comply with increasing regulations, and safeguard against escalating security threats.

這項創新技術解決了當今金融和企業環境中日益複雜的資料管理問題。銀行和其他機構面臨巨大的壓力，需要管理來自多個來源的大量數據、遵守日益嚴格的法規並防範不斷升級的安全威脅。

Our platform automatically consolidates data from diverse silos into a unified, scalable, and secure system. It enables our clients to navigate and cross-reference data pools with ease, meet and exceed regulatory compliance standards, and protect sensitive information with our proprietary military grade cybersecurity.

我們的平台會自動將來自不同孤島的資料整合到一個統一、可擴展且安全的系統中。它使我們的客戶能夠輕鬆瀏覽和交叉引用資料池，滿足並超越監管合規標準，並使用我們專有的軍用級網路安全保護敏感資訊。

Unlike traditional data lake solutions, which require costly, time-consuming, and risky data migration, our approach overlays a software layer that securely fetches data in real time. It not only reduces the manpower and operational costs required in consolidating data from separate silos, but also minimizes the chances of external security threats to our customers.

與需要昂貴、耗時且有風險的資料遷移的傳統資料湖解決方案不同，我們的方法涵蓋了一個可以即時安全地獲取資料的軟體層。它不僅減少了整合來自不同資料孤島的資料所需的人力和營運成本，而且還最大限度地減少了對客戶造成外部安全威脅的可能性。

Our competitive edge lies in what we believe is our unmatched combined combination of advanced technology and industry-specific expertise. At the core of our offering is a confidential compute capability, leveraging military grade encryption to protect data whether in transit, at rest, or during processing.

我們的競爭優勢在於我們相信我們擁有無與倫比的先進技術與行業特定專業知識的結合。我們產品的核心是機密運算能力，利用軍用級加密來保護傳輸中、靜止或處理過程中的資料。

Traditional data lake solutions fall short in providing this level of protection. Our advanced security safeguards even the most sensitive information against breaches while fully complying with the latest global data protection and cybersecurity regulations, a critical requirement for companies in the financial services sector worldwide.

傳統的資料湖解決方案無法提供這種程度的保護。我們先進的安全措施可以保護最敏感的資訊免遭洩露，同時完全遵守最新的全球資料保護和網路安全法規，這是全球金融服務業公司的關鍵要求。

Since the deployment of our secured data fabric, we've seen remarkable demand for the product. It's evident that the market recognizes the value we bring and foresees steady growth and market penetration sector by sector as we continue to execute on our strategy.

自從部署我們的安全資料結構以來，我們看到了對該產品的顯著需求。顯然，市場認可我們帶來的價值，隨著我們繼續執行我們的策略，預計市場將逐步實現穩定成長和滲透。

Our legacy professional services and cybersecurity consultancy business is a cornerstone of Hub's operations staffed by over 300 professionals delivering advanced software development, cybersecurity, and ICT services. These services are critical to fortifying the critical information and assets of some of the world's most prestigious companies.

我們傳統的專業服務和網路安全諮詢業務是 Hub 營運的基石，擁有 300 多名專業人員，提供先進的軟體開發、網路安全和 ICT 服務。這些服務對於加強一些全球最負盛名的公司的關鍵訊息和資產至關重要。

What really sets this business apart is the trusted advisory relationship we have been cultivated with our client base. Many of these relationships span decades with some going back as far as the 1990s. This enduring trust is a testament to the quality, liability, and innovation we bring to our clients, which includes global blue-chip names like Visa and Boeing.

這項業務的真正與眾不同之處在於我們與客戶群之間建立的值得信賴的諮詢關係。許多關係已經持續了幾十年，有些甚至可以追溯到 20 世紀 90 年代。這種持久的信任證明了我們為客戶帶來的品質、責任和創新，其中包括 Visa 和波音等全球藍籌股。

Our legacy professional services business puts us in a key position as a trusted advisor to the customers we've served, and we believe that it will provide help with plenty of opportunities to cross our secure data fabric solution as well, platform into some of the most prestigious organizations worldwide.

我們傳統的專業服務業務使我們處於關鍵地位，成為我們所服務客戶的值得信賴的顧問，我們相信它將提供大量機會幫助我們跨越安全資料結構解決方案以及平台進入全球一些最負盛名的組織。

2024 has been a year of major transition for Hub Security. We've taken bold, decisive steps to reposition the company for long-term success, restructuring and efficiency. As we closed, our underperforming businesses reduced headcount and streamlined operations to focus on our core strength in higher-margin businesses. These actions have resulted in the leaner, more agile organization with a clear path to profitability.

2024 年是 Hub Security 重大轉型的一年。我們已採取大膽、果斷的措施重新定位公司，以實現長期成功、重組和效率。隨著我們關閉，我們表現不佳的業務減少了員工數量並精簡了運營，以專注於我們在高利潤業務中的核心優勢。這些行動使得組織變得更加精簡、更加靈活，並擁有清晰的獲利路徑。

We also been strengthening our financials by significantly reducing liabilities. We've improved our balance sheet and created greater flexibility for strategic investment in higher-margin business like our secure data fabric platform.

我們也透過大幅減少負債來增強我們的財務狀況。我們改善了資產負債表，並為安全資料結構平台等高利潤業務的策略性投資創造了更大的靈活性。

With regards to client retention and expansion, despite past challenges, we've maintained and even strengthened our relationship with blue chip clients. As mentioned, we believe that this trusted relationship built over decades will be key to driving our secure data fabric business as well.

在客戶保留和擴展方面，儘管過去面臨挑戰，我們仍然保持甚至加強了與藍籌客戶的關係。如上所述，我們相信，數十年來建立的這種信任關係也將成為推動我們的安全資料結構業務的關鍵。

Our secure data fabric platform has already been validated and endorsed by a leading financial services firm. The revival story is not just about the ability to navigate adversity. It's about positioning Hub Security as a stronger, more focused company ready to capitalize on the immense opportunities ahead.

我們的安全資料結構平台已經過領先金融服務公司的驗證和認可。復興的故事不僅關乎克服逆境的能力。這是為了將 Hub Security 定位為更強大、更專注的公司，隨時準備好利用未來的巨大機會。

We are on a mission to make every transaction safer. Let those who trust us with our world-class solution know that they can depend on us.

我們的使命是讓每筆交易都更加安全。讓那些相信我們能提供世界級解決方案的人知道他們可以信賴我們。

Since I became CEO, a key focus has been building the right team to drive our growth strategy. Hub has recruited top tier talents, bringing industry experts who share our vision. The exact talents needed to execute our market penetration efforts. These executive appointments reflect our commitment to innovation, operational excellence, and client success.

自從我擔任執行長以來，重點一直是建立合適的團隊來推動我們的成長策略。Hub 招募了頂尖人才，帶來了與我們擁有共同願景的行業專家。執行我們的市場滲透工作所需的確切人才。這些高階主管任命體現了我們對創新、卓越營運和客戶成功的承諾。

The combination of our technology, market demand, and the exceptional talent we've brought on board gives me great confidence in our ability to expand our footprint and strengthen our competitive position.

我們的技術、市場需求以及我們所擁有的傑出人才的結合，讓我對我們擴大影響力和加強競爭地位的能力充滿信心。

In closing, Hub Security is emerging stronger, leaner, and more focused. Our two complementary business units, the stable foundation for our professional services business, and the high growth potential for a secure data fabric platform position as for long-term success.

最後，Hub Security 正在變得更加強大、更加精簡、更加專注。我們的兩個互補的業務部門、專業服務業務的穩定基礎以及安全資料結構平台地位的高成長潛力是我們長期成功的關鍵。

Since taking the role of CEO, I've been inspired by the resilience of our team and the market's response to our innovative solutions. We've put the past behind and have shown that through this all, we continue to make the business world a safer place. Large global companies depend on us, and we take the responsibility seriously.

自從擔任執行長以來，我們團隊的韌性和市場對我們創新解決方案的反應一直激勵著我。我們已經將過去拋在腦後，並透過這一切表明，我們將繼續努力使商業世界更加安全。大型跨國公司依賴我們，我們認真承擔這項責任。

By synchronizing every unit to support our secure data fabric, we've created a powerful engine for growth. This transformation is not just a revival story, it's a testament to our commitment to driving value for our clients, shareholders, and stakeholders.

透過同步每個單元來支援我們的安全資料結構，我們創造了強大的成長引擎。這種轉變不僅僅是一個復興的故事，它證明了我們致力於為客戶、股東和利害關係人創造價值。

Thank you for your time today. Let's move directly to the financial update before opening the floor for questions.

感謝您今天抽出時間。在開始提問之前，讓我們直接討論財務更新。

The financial results for the six months and then 2024 will be provided in detail within our Form 20-F. I will aim to provide some color on key areas of financial results as well as an outlook on certain areas where I can.

我們將在 20-F 表中詳細提供未來六個月以及 2024 年的財務結果。我將盡力對財務表現的關鍵領域提供一些說明，並對某些領域進行展望。

Revenue for the six months ended June 30, 2024, was $15.7 million compared to $25 million for the same period in 2023. The decline in revenues of $9.3 million or 37% is mainly driven by terminated and less profitable contracts in our professional services business.

截至 2024 年 6 月 30 日的六個月的收入為 1570 萬美元，而 2023 年同期的收入為 2500 萬美元。收入下降 930 萬美元（37%）主要是由於我們的專業服務業務合約終止且利潤較低。

With regard to gross margin, our gross profit margins for the six months ended in June 30, 2024, improved to 9.5% compared to the negative 7.9% for the same period. The significant improvement reflects the effective management of operations and efficiencies implemented during the year as well as Absence of one-off costs that were recorded in the first half of 2023.

就毛利率而言，截至 2024 年 6 月 30 日的六個月，我們的毛利率從同期的負 7.9% 提高至 9.5%。這項顯著的改善反映了本年度實施的有效營運管理和效率，以及 2023 年上半年記錄的一次性成本的缺失。

Operating expenses. Total operating expenses for the six months ended in June 30, 2024, was $16.5 million, a roughly 90% decline compared to $57.5 million reported for the same period in 2023. We expect operating expenses going forward to be on a yearly level of around $18 million.

營業費用。截至 2024 年 6 月 30 日的六個月的總營運費用為 1,650 萬美元，與 2023 年同期的 5,750 萬美元相比下降了約 90%。我們預計未來每年的營運費用將達到約 1800 萬美元。

G&A expenses decreased in 63% or by $22 million for the six months ended in June 30, 2024 compared to the same period in 2023. The significant decline is due to more efficient and effective management of operations, and overall reduction in the headcount of the group as well as not having all the one-off expenses as we did less related to our -- as we did last year, mostly related to the Reverse merger into the spec.

截至 2024 年 6 月 30 日的六個月，一般及行政費用與 2023 年同期相比減少了 63%，即 2,200 萬美元。大幅下降的原因是營運管理更加高效和有效，集團員工總數整體減少，以及不再有一次性支出，因為我們去年所做的與我們相關的支出較少，主要與反向併購有關。

Sales and marketing expenses declined by 43% or $2 million as compared to 2023. The decrease in S&M is due to one-off expenses recorded in 2023, as well as overall reduction in the group headcount. R&D expenses for the first half of 2024 declined by 77% or $2 million as compared to the same period in 2023.

與 2023 年相比，銷售和行銷費用下降了 43%，即 200 萬美元。銷售與管理費用的減少是由於 2023 年記錄的一次性費用以及集團員工總數的總體減少。2024 年上半年的研發費用與 2023 年同期相比下降了 77%，即 200 萬美元。

Other expenses for the first half of 2024 declined by roughly $14.3 million, 100% improvement. Compared to the first half of 2023, the reduction is solely associated with the entry recorded was subjected to the [Spar] merger.

2024 年上半年其他支出減少了約 1,430 萬美元，改善了 100%。與 2023 年上半年相比，這項減少僅與 [Spar] 合併所記錄的條目有關。

Cash flow. The decrease in cash of $2 million is due to a mix of reasons why our financing activity activities generated $18 million in cash this year. Our cash outlay for operating expenses was $10 million. We believe that a large chunk of this cash outlay will prove itself in 2025 in the form of increasing business and revenue.

現金週轉。現金減少 200 萬美元是由於多種原因造成的，導致我們今年的融資活動產生了 1800 萬美元的現金。我們的營運費用現金支出為 1000 萬美元。我們相信，這筆現金支出的很大一部分將在 2025 年以業務和收入的成長形式得到證明。

Q&A.

問答。

Thank you, Noah. We have some questions that were sent to us by investors. First, I want to start with, can you talk about your competitors and the advantages that you have over them? You mentioned the Palantir. Can you elaborate on your product versus theirs?

謝謝你，諾亞。我們收到了投資者向我們提出的一些問題。首先，您能談談您的競爭對手以及您相對於他們的優勢嗎？您提到了 Palantir。您能詳細說明一下您的產品與他們的產品有何不同嗎？

Yeah, Palantir is one of the competitors, or one company that we see in the market. Our competition and our competitors often take years to implement, cost billions to deploy and maintain, and are highly vulnerable to cyberattacks. Once deployed, many require extensive involvement from data engineers to process manually and massage the data to achieve meaningful analytics outcome.

是的，Palantir 是競爭對手之一，或者說我們在市場上看到的公司。我們的競爭對手和競爭者往往需要數年時間才能實施，部署和維護成本高達數十億美元，而且極易受到網路攻擊。一旦部署，許多都需要資料工程師的廣泛參與來手動處理和處理資料以獲得有意義的分析結果。

Our secure data fabric can be implemented in just a few months with deployment and maintenance costs that are relatively low as we are pure software. It is powered by military-grade cybersecurity, ensuring robust protection. Once deployed, our AI platform enables near real-time analytic generation, requiring minimal to no manual intervention and leveraging advanced technology for maximum efficiency.

我們的安全資料結構只需幾個月即可實現，而且由於我們是純軟體，因此部署和維護成本相對較低。它採用軍用級網路安全技術，確保強大的保護。一旦部署，我們的 AI 平台就能實現近乎即時的分析生成，幾乎不需要人工幹預，並利用先進技術來實現最高效率。

We do not require our clients to replace any current solution, so no forklift is required. Rather, help secure that the fabric can be added as a layer above existing infrastructure, removing the need for large complex investments and lengthy replacing of existing tech infrastructure. We're making the system better by enhancing every aspect of it.

我們不要求客戶更換任何現有解決方案，因此不需要堆高機。相反，有助於確保可以將結構添加為現有基礎設施之上的一層，從而無需進行大量複雜的投資和長時間更換現有技術基礎設施。我們正在透過增強系統的各個方面來使其變得更好。

Okay, thank you. We have another question. Hub has historically been a services and hardware company, but it seems like Hub is moving towards a more software-centric company with AI driving the data fabric component. Can you explain the software versus hardware segment of the business?

好的，謝謝。我們還有一個問題。Hub 歷史上一直是一家服務和硬體公司，但看起來 Hub 正在轉向一家以軟體為中心的公司，由人工智慧驅動資料結構元件。您能解釋一下業務的軟體和硬體部分嗎？

Yeah, sure. So Hub has undergone a strategic evolution and while hardware and services were historically a significant part of our business, we've transitioned to focus on high-margin software-driven solutions that align with our long-term growth objectives. Our secure data fabric powered by proprietary AI integrates advanced data analytics with our deep cybersecurity expertise to address both the security priorities of the CISO and broader operational needs of our clients.

是的，當然。So Hub 經歷了策略變革，雖然硬體和服務歷來是我們業務的重要組成部分，但我們已轉向專注於符合我們長期成長目標的高利潤軟體驅動解決方案。我們由專有人工智慧提供支援的安全資料結構將先進的資料分析與我們深厚的網路安全專業知識相結合，以滿足 CISO 的安全優先事項和客戶更廣泛的營運需求。

With a trusted advisory relationship cultivated across hundreds of clients, we are positioned to engage early and deliver solutions that drive resilience and business growth.

透過與數百名客戶建立值得信賴的諮詢關係，我們能夠儘早參與並提供推動彈性和業務成長的解決方案。

Okay, thank you. Another question regarding margins, how do you see the long-term margin profile of the company and looking ahead, which business unit, the secured data fabric or the IT services do you consider to be the main vertical for Hub?

好的，謝謝。關於利潤率的另一個問題，您如何看待公司的長期利潤率狀況？展望未來，您認為哪個業務部門、安全資料結構或 IT 服務是 Hub 的主要垂直領域？

Great question. So our long-term margin profile reflects our commitment to disciplined management and operational efficiency. Historically, our IT services, or what we call the professional services businesses, delivered the modus in the 50% to 20% range.

好問題。因此，我們的長期利潤狀況反映了我們對嚴格管理和營運效率的承諾。從歷史上看，我們的 IT 服務（或我們所謂的專業服務業務）的實現率在 50% 到 20% 之間。

Through deliberate efforts to streamline operation and exit lower-margin services, we've shifted focus to higher value opportunities, achieving improved margins of between 30% to 40%. Although our secure data fabric, on the other hand, is a software centric business with margins in the 18% to 19% range, it's like pure (inaudible), igniting with our strategic direction. Looking ahead, the data fabric segment is poised to be the primary growth drive for Hub.

透過刻意精簡營運和退出低利潤服務，我們將重點轉向更高價值的機會，實現了 30% 至 40% 的利潤率提高。另一方面，雖然我們的安全資料結構是以軟體為中心的業務，利潤率在 18% 到 19% 之間，但它就像純粹的（聽不清楚）一樣，點燃了我們的策略方向。展望未來，資料結構部分將成為 Hub 的主要成長動力。

You should expect to see this in the blend of revenues significantly outpassing the professional services and percentage of the total revenue. This shift is already well under way and as I mentioned, we anticipate a marked transformation in our business mix trial starting in 2025.

您應該會看到，收入組合將大大超過專業服務和總收入的百分比。這項轉變已經在順利進行中，正如我所提到的，我們預計從 2025 年開始我們的業務組合試驗將發生顯著轉變。

Okay, thank you. We have another question. The theme of big data seems like a perfect storms for Hub's data fiber product. What are the main drivers behind the demand for Hub's product and how does big data play into this?

好的，謝謝。我們還有一個問題。大數據主題對於 Hub 的資料光纖產品來說似乎是一場完美風暴。Hub 產品需求背後的主要驅動因素是什麼？大數據在其中扮演了什麼角色？

Demand for data fabric product is fueled by the explosion of AI-driven data, overwhelming traditional systems, rising regulatory pressures requiring secure solutions, secured solutions, and high cost of maintaining the legacy systems, right? So dealing with data is expensive. Highly regulated sectors are spending billions on compliance and data management.

資料結構產品的需求受到人工智慧驅動資料的爆炸性成長、傳統系統不堪重負、要求安全解決方案的監管壓力不斷增加、安全解決方案以及維護遺留系統的高成本的推動，對嗎？因此處理資料的成本很高。受到嚴格監管的行業在合規和數據管理方面投入了數十億美元。

They need efficient, scalable solution like ours to reduce the cost of ownership while meeting their demanding requirements of the regulator by breaking down data silos and enabling real-time insights for addressing critical needs and delivering significant value to this industry.

他們需要像我們這樣的高效、可擴展的解決方案來降低擁有成本，同時透過打破資料孤島並提供即時洞察來滿足監管機構的嚴格要求，從而滿足關鍵需求並為該行業提供重大價值。

Okay. Thank you. We have another question on your customer base. Can you elaborate on Hub's secure data customer base and what is it currently being used for?

好的。謝謝。我們對您的客戶群還有另一個問題。您能詳細說明一下 Hub 的安全資料客戶群以及它目前的用途嗎？

Yeah, sure. Hub Security's data fabric is a platform that's designed to address the critical challenges of managing and unifying massive volumes of fragmented data. While we are currently working with leading European bank on KYC processes and exploring expansion into other products like transaction monitoring and the likes, we're supporting top European asset manager with like data integration and analytics. And it's just the beginning. Those are all just the beginning.

是的，當然。Hub Security 的資料結構是一個平台，旨在解決管理和統一大量碎片資料的關鍵挑戰。目前，我們正在與歐洲領先的銀行合作進行 KYC 流程，並探索擴展到交易監控等其他產品，同時我們也為歐洲頂級資產管理公司提供資料整合和分析方面的支援。而這只是個開始。這些都還只是開始。

Banks and financial sectors are just the low-hanging fruits for us and key focus in demonstrating our ability to quickly establish leadership in highly regulated markets. However, we are not limiting -- no, we're not limited to KYC or banking, the fintech company in essence. The pipeline includes industries like payments, tourism, ESG, and healthcare.

銀行和金融業對我們來說只是唾手可得的果實，也是展現我們在高度監管的市場中迅速確立領導地位的能力的重點。然而，我們並不局限於——不，我們並不局限於 KYC 或銀行業務，本質上是金融科技公司。該管道包括支付、旅遊、ESG 和醫療保健等行業。

Any sector technically that is grappling with large scale of data and regulatory pressures. Looking ahead, my priority as CEO is to position Hub as a fully channel-ready leader poised for scalable growth and market expansion by the close of 2025.

從技術上講，任何行業都在努力應對大規模數據和監管壓力。展望未來，作為首席執行官，我的首要任務是將 Hub 定位為一個完全具備通路能力的領導者，為 2025 年底實現可擴展的成長和市場擴張做好準備。

Okay, it looks like we don't have any further questions. Thank you, everyone, for participating in today's call. We look forward to speaking to you all again.

好的，看起來我們沒有其他問題了。感謝大家參加今天的電話會議。我們期待再次與大家交談。

The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。