Intellicheck Inc (IDN) 2025 Q4 法說會逐字稿

Greetings. Welcome to today's conference call. (Operator Instructions) Please note that this conference is being recorded.

各位好。歡迎參加今天的電話會議。(接線員指示) 請注意，本次會議將被錄音。

I will now turn the conference over to Gar Jackson. Thank you. You may begin.

我現在把會議交給 Gar Jackson。謝謝。您可以開始了。

Thank you, operator. Good afternoon, and thank you for joining us today for the Intellicheck fourth quarter and full year 2025 earnings call. Before we get started, I will take a few minutes to read the forward-looking statement. Certain statements in this conference call constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as amended.

謝謝，接線員。各位下午好，感謝各位今天參加 Intellicheck 2025 年第四季及全年財報電話會議。在開始之前，我將花幾分鐘宣讀前瞻性聲明。本次電話會議中的某些陳述，依據經修訂之 1995 年《私人證券訴訟改革法》(Private Securities Litigation Reform Act of 1995) 的定義，構成前瞻性陳述。

When used in this conference call, words such as will, believe, expect, anticipate, encourage and similar expressions as they relate to the company or its management as well as assumptions made by and information currently available to the company's management identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

在本次電話會議中，當使用如「將」、「相信」、「預期」、「預估」、「鼓勵」及類似用語，且其涉及本公司或其管理層，並包括管理層所作之假設及目前可得之資訊時，即可辨識為依據經修訂之 1995 年《私人證券訴訟改革法》所定義的前瞻性陳述。

These forward-looking statements are based on management's current expectations and beliefs about future events. As with any projection or forecast, they are inherently susceptible to uncertainty and changes in circumstances, and the company undertakes no obligation to and expressly disclaims any obligation to update or alter its forward-looking statements, whether resulting from such changes as new information, subsequent events or otherwise.

這些前瞻性陳述係基於管理層對未來事件之目前預期與信念。如同任何推估或預測，這些陳述本質上易受不確定性及情勢變化影響；本公司不承擔任何更新或修改前瞻性陳述之義務，並明確聲明不承擔任何此類義務，無論係因新資訊、後續事件或其他原因所致。

Additional information concerning forward-looking statements is contained under the headings of Safe Harbor Statement and risk factors listed from time to time in the company's filings with the Securities and Exchange Commission. Statements made on today's call are as of today, March 19, 2026.

有關前瞻性陳述的更多資訊，載於本公司不時向美國證券交易委員會（SEC）提交之文件中「安全港聲明」及所列風險因素等章節。今天電話會議所作之陳述以今日（2026 年 3 月 19 日）為準。

Management will use the financial term adjusted EBITDA in today's call. Please refer to the company's press release issued this afternoon for further definition, reconciliation and context for the use of this term. We will begin today's call with Bryan Lewis, Intellicheck's Chief Executive Officer; and then Adam Sragovicz, Intellicheck's Chief Financial Officer, who will discuss the Q4 and full year 2025 financial results. Following their prepared remarks, we will take questions from our analysts and institutional investors.

管理層將在今天的電話會議中使用「調整後 EBITDA」這一財務術語。請參閱本公司於今天下午發布的新聞稿，以取得該術語之進一步定義、調節（reconciliation）及使用脈絡。今天的電話會議將先由 Intellicheck 執行長 Bryan Lewis 開始；接著由 Intellicheck 財務長 Adam Sragovicz 討論 2025 年第四季及全年財務結果。在他們的準備發言之後，我們將接受分析師與機構投資人的提問。

Today's call will be limited to one hour, and I will now turn the call over to Bryan.

今天的電話會議將限時一小時，我現在把電話會議交給 Bryan。

Thank you, Gar, and good afternoon, everyone. I appreciate you all joining us today to review Intellicheck's fourth quarter and full year 2025 results. I've been with Intellicheck for about eight years now, and this call today has me the most excited I have been since I joined the company. We've come a long way over that time. To reach the milestone of annual profitability and to be well on our way to being a Rule of 40 SaaS company are significant milestone achievements.

謝謝你，Gar，各位下午好。感謝各位今天加入我們，一同回顧 Intellicheck 2025 年第四季及全年業績。我加入 Intellicheck 大約八年了，而今天這通電話會議讓我感到自加入公司以來最為振奮。這段期間我們走了很長一段路。達成年化獲利的里程碑，並且在成為符合「40 法則」（Rule of 40）的 SaaS 公司之路上進展順利，都是重要的里程碑成就。

We'll talk about more of this in a few minutes.

我們將在幾分鐘後進一步談到這些。

First, I'll share a summary of the quarter, then spend some time discussing how we think about growth, our key verticals and what we believe to be the pivot point to profitability in our operating model. Then I'll turn the call over to Adam for a deeper review of the financials.

首先，我會分享本季摘要，接著花一些時間說明我們如何看待成長、我們的關鍵垂直市場，以及我們認為在營運模式中通往獲利的轉折點。然後我會把電話會議交給 Adam，對財務數據做更深入的檢視。

For the fourth quarter of 2025, total revenue grew 12% to a record $6.6 million. And for the full year, we grew 13% and finished the year at $22.7 million, another company record. The investments we made transitioning over to AWS are working on a number of fronts. Gross margin for this quarter increased to 91.4% compared to 91.1% in Q4 of last year, underscoring the continued strength and leverage of our software-driven SaaS model. The AWS platform is also much more versatile and provides better reporting metrics for both us and our clients.

2025 年第四季，總營收成長 12%，達到創紀錄的 660 萬美元。全年方面，我們成長 13%，全年營收達 2,270 萬美元，再創公司新高。我們為轉移至 AWS 所做的投資，正在多個面向發揮成效。本季毛利率提升至 91.4%，相較去年第四季的 91.1% 增加，凸顯我們以軟體驅動的 SaaS 模式持續展現的強勁實力與槓桿效益。AWS 平台也更具彈性，並為我們與客戶提供更好的報表指標。

I am very excited to report that we achieved annual operating profitability for the first time since becoming a public company. We generated cash during the quarter and ended the year with $9.6 million, a clean cap table and a strong debt-free balance sheet. Since I came on board, I committed to you that we would remain laser-focused on revenue growth and delivering value for our shareholders and stakeholders alike.

我非常興奮地報告，我們首次在成為上市公司以來達成年度營運獲利。我們在本季產生現金流入，並以 960 萬美元的現金結束年度，資本結構（cap table）乾淨，且資產負債表強健、無負債。自我加入以來，我向各位承諾，我們將持續高度聚焦於營收成長，並為股東與所有利害關係人創造價值。

With net income of $1.3 million for the year and an EPS of $0.06, I'm very pleased we have succeeded in delivering on this commitment. We also set a goal to be adjusted EBITDA positive while still investing in the business. We more than achieved this objective with three consecutive quarters of adjusted EBITDA positive results for the year. Adjusted EBITDA in Q4 of 2025 was a record $1.9 million, and we finished the year at $2.6 million, another record.

全年淨利為 130 萬美元、每股盈餘（EPS）為 0.06 美元，我非常高興我們成功兌現了這項承諾。我們也設定目標：在持續投資業務的同時，達成調整後 EBITDA 轉正。我們不僅達成，且在本年度連續三個季度繳出調整後 EBITDA 為正的成果，超越目標。2025 年第四季調整後 EBITDA 創下 190 萬美元新高，全年達 260 萬美元，再創紀錄。

With the realization of this goal, we demonstrated with consistency the operating leverage inherent in the business model and profitability at these revenue levels. I am proud of the Intellicheck team for the hard work and dedication that allowed us to succeed. At the same time, I want to make it clear that our commitment doesn't end with these successes. We're going to continue our efforts to create new opportunities for growth and profitability as we build on our relationships with our clients and expand our presence in an increasing number of market verticals.

隨著此目標的實現，我們以一致性的表現證明了此商業模式所固有的營運槓桿，以及在這些營收水準下的獲利能力。我為 Intellicheck 團隊的辛勤付出與投入感到自豪，正是這些努力讓我們得以成功。同時，我也要明確表示，我們的承諾不會止步於這些成果。我們將持續努力，在深化與客戶的合作關係、並擴大我們在更多市場垂直領域的布局之際，創造新的成長與獲利機會。

Our contract renewals over the past two years have been very successful. Sandra Bauer is doing a fantastic job working with our partners to secure renewals along with an expansion of those partnerships use cases. A great example of this is the renewal and expansion of our partnership with a leading national U.S. bank that is a top three client. They are using Intellicheck's innovative technology to facilitate customer onboarding, account name verification and account modifications.

過去兩年我們的合約續約非常成功。Sandra Bauer 與我們的合作夥伴密切合作，成功促成續約並擴大這些合作夥伴關係的使用情境（use cases），表現非常出色。其中一個很好的例子，是我們與一家美國全國性領先銀行（為前三大客戶之一）的合作續約與擴大。他們正使用 Intellicheck 的創新技術，以促進客戶開戶導入（onboarding）、帳戶名稱驗證，以及帳戶變更。

We anticipate the year over year increase in revenue from this client to be approximately 15%. We exceeded those expectations and grew by approximately 33% when comparing 2024 to 2025.

我們預期來自該客戶的年增營收約為 15%。我們超出這些預期，2024 年到 2025 年的成長約為 33%。

This growth is another testament that our product is effectively stopping fraud and is very appropriate for multiple use cases within the banking environment. More recently, another top financial client that is a recognized preeminent regional bank signed a three year agreement. It too, is expanding its use of Intellicheck's technology to include teller workstation transactions in their 1,900 branches.

這項成長再次證明，我們的產品能有效阻止詐欺，且非常適用於銀行環境中的多種使用情境。更近期，另一家頂尖金融客戶、亦為公認首屈一指的區域性銀行，簽署了一份為期三年的協議。該客戶也正在擴大使用 Intellicheck 的技術，將其納入其 1,900 家分行的櫃員工作站交易。

This is an area where we continue to see incremental interest. This client went live with us with this new use case in Q3 of 2025, so the revenue will be up significantly in 2026 with a full year run rate. Additionally, this client is looking at increasing the use cases beyond what they are currently doing. The total contract value over three years is currently in the high seven figure range.

這是我們持續看到增量興趣的領域。該客戶於 2025 年第三季以這個新使用情境正式上線，因此在 2026 年以全年運行率（run rate）計算，營收將大幅提升。此外，該客戶也在評估將使用情境擴展至目前所做之外的更多範圍。目前三年期合約總價值約落在高七位數美元區間。

This has made this client a top revenue generator for the company and another significant growth driver. Another area of growth that I believe is often overlooked is via our clients' active M&A and branch expansion growth. Three of our largely regional banks are expanding their branch presence, particularly in the Southeast region of the country. These are areas that are seeing significant population migration. More branches lead to more transactions and quick and easy implementations for our clients.

這使得該客戶成為公司主要營收貢獻者之一，也是另一項重要的成長驅動力。我認為另一個常被忽略的成長來源，是透過我們客戶積極的併購（M&A）以及分行擴張所帶動的成長。我們的三家以區域性為主的銀行客戶，正在擴大其分行據點，特別是在美國東南部地區。這些地區正出現顯著的人口遷移。更多分行意味著更多交易量，並且能為我們的客戶帶來快速且容易的導入。

We are very pleased that they continue to give us positive feedback on our product offerings.

我們非常高興他們持續就我們的產品供應給予正面回饋。

This work to drive record revenues and profitability hasn't come easy. Sandra's efforts have had a significant impact on Intellicheck. And as a result, she was recently promoted into the newly created role of Chief Commercial Officer. In addition to customer success, Sandra will now have sales reporting to her as well. Along with this new alignment, we are continuing to refine our sales team to meet the changes we are seeing in the rapidly evolving marketplace.

推動創紀錄的營收與獲利能力這項工作並不容易。Sandra 的努力對 Intellicheck 產生了重大影響。因此，她最近獲晉升至新設立的首席商務長（Chief Commercial Officer）職位。除了客戶成功之外，Sandra 現在也將負責銷售部門並由其向她彙報。隨著這項新的組織對齊，我們也持續精進銷售團隊，以因應我們在快速演變的市場中所看到的變化。

Our channel partner program remains a strong focus for us. We believe it will drive significant growth across a number of verticals.

我們的通路合作夥伴計畫仍然是我們的重點。我們相信它將在多個垂直領域帶動顯著成長。

We are making great progress with providers of third-party services. Our recent partnership with Alloy is an example of how our program is growing with great partners. They have incorporated our technology into their banking-focused software platform. As a result of this partnership, any of their customers can now utilize us. For those not on the Alloy platform who depend on third-party providers, we have a technology solution that is getting serious market interest.

我們在第三方服務供應商方面取得了很大進展。我們近期與 Alloy 的合作夥伴關係，就是我們計畫與優質夥伴共同成長的例證。他們已將我們的技術整合進其以銀行業為核心的軟體平台。因此，他們的任何客戶現在都可以使用我們的服務。對於未使用 Alloy 平台、但仰賴第三方供應商的客戶，我們也提供一套技術解決方案，正獲得市場高度關注。

With the rollout of our enriched desktop application, any sized organization can immediately implement us with no system integration needed. You may remember that we shared with you that many industry businesses rely on core provider platforms. This typically results in long deployment delays because these providers have lengthy development queues. We believe that we are ideally suited to serve these businesses, and we know they are solving a serious pain point.

隨著我們強化版桌面應用程式的推出，任何規模的組織都能立即導入我們的解決方案，且無需進行系統整合。您或許記得我們曾分享，許多產業企業仰賴核心供應商平台。這通常會造成部署延宕時間很長，因為這些供應商的開發排程隊列往往很長。我們相信我們非常適合服務這些企業，而且我們知道他們正在解決一個嚴重的痛點。

Partnerships like this allow us to scale distribution more efficiently, reach new markets faster and remain true to our capital-light operating model. Sandra will also be overseeing the growth of these important relationships in her new role. We are very excited about the opportunities they create to stop fraud on a broader level. Throughout the year, we scaled up our marketing and public relations efforts to build awareness of Intellicheck and our state-of-the-art technology solutions.

像這樣的合作夥伴關係讓我們能更有效率地擴大通路規模、更快觸及新市場，並且維持我們輕資本（capital-light）的營運模式。Sandra 在新職務中也將負責推動這些重要關係的成長。我們對這些合作所創造、在更廣泛層面阻止詐欺的機會感到非常振奮。在全年期間，我們擴大了行銷與公關投入，以提升 Intellicheck 與我們最先進技術解決方案的市場能見度。

We participated in key industry conferences, including FinovateFall 2025. My keynote presentation was hidden threat in identity verification, why the first step is everything. I also spoke about the key role of the barcode. It provided a great platform to directly speak to misconceptions such as why facial recognition alone is not sufficient as an authentication strategy. FinovateFall 2025 is a highly regarded conference hosted by Finovate.

我們參與了多場關鍵產業會議，包括 FinovateFall 2025。我的主題演講是「身分驗證中的隱藏威脅：為何第一步至關重要」。我也談到了條碼所扮演的關鍵角色。這提供了一個很好的平台，讓我能直接釐清一些誤解，例如為何僅靠臉部辨識不足以作為驗證策略。FinovateFall 2025 是由 Finovate 主辦、備受推崇的會議。

Finovate is a leading research and events firm focused on innovation in finance and banking technology.

Finovate 是領先的研究與活動公司，專注於金融與銀行科技的創新。

It consistently attracts a large, high-impact audiences, including senior financial and banking executives and investors. At the Association of Certified Anti-Money Laundering Specialists Conference, I presented an innovative session on the innovation blind spot, why identity starts with real verification. Here, I spoke about why every system is only as strong as its entry point. It also gave me the opportunity to explain why the smartest fight against fraud starts before it begins.

它一向吸引大量且具高度影響力的與會者，包括資深金融與銀行業高階主管以及投資人。在「國際反洗錢師協會（ACAMS）」年會上，我發表了一場創新議程，主題為「創新盲點：為何身分始於真正的驗證」。在此我談到，任何系統的強度都取決於其入口點。這也讓我有機會說明，最聰明的反詐欺作法是在詐欺發生之前就開始。

Technology with real-time ID verification defeats bad actors at the very first step. Drawing on the latest fraud trends, I discussed rapidly evolving threats, reviewed synthetic identity fraud and deep fake-driven schemes that are undermining traditional identity verification methods. This was an important event for us because it is recognized as the premier global gathering for professionals fighting financial crime. The conference brings together thousands of compliance officers, regulators, law enforcement officials and industry leaders to explore the latest strategies and technologies that are shaping the future of anti-financial crime.

具備即時身分證件（ID）驗證的技術，能在第一步就擊退不法分子。結合最新詐欺趨勢，我討論了快速演變的威脅，並檢視合成身分詐欺與深偽（deepfake）驅動的手法，這些正削弱傳統身分驗證方法。這對我們而言是一場重要活動，因為它被公認為全球打擊金融犯罪專業人士的首要聚會。該會議匯聚數千名法遵主管、監管機關、執法官員與產業領袖，共同探討正在塑造反金融犯罪未來的最新策略與技術。

We're also very active in building our efforts related to Investor Relations. Programs we participated in included the Sidoti Micro-Cap Virtual Conference, the Ladenburg Thalmann Technology EXPO25, D.A. Davidson Technology Conference, the Craig-Hallum Alpha Select Conference and the Planet MicroCap Conference. These interactions are very valuable because they allow us to communicate our strategic goals and ensure that you, our shareholders and the investment community are kept current as we grow.

我們在投資人關係（Investor Relations）方面的建置也非常積極。我們參與的活動包括 Sidoti Micro-Cap Virtual Conference、Ladenburg Thalmann Technology EXPO25、D.A. Davidson Technology Conference、Craig-Hallum Alpha Select Conference 以及 Planet MicroCap Conference。這些互動非常有價值，因為它們讓我們能傳達策略目標，並確保各位股東與投資社群能在我們成長過程中掌握最新進展。

There was another important sign of the growing recognition we are achieving as a leader in providing ID verification in the financial services market. I hope that all of you have now seen the IDC Marketscape report on worldwide identity verification in financial services. Their 2025 vendor assessment named Intellicheck a leader. As I said in our press release, and I believe it is worth noting again, we believe this recognition affirms that Intellicheck is not just one in the pack. We are a leader with the state-of-the-art technology solutions that secure trust while preserving a seamless customer experience.

我們在金融服務市場提供身分驗證方面，作為領導者所獲得的認可持續提升，這也是另一個重要訊號。我希望各位現在都已看過 IDC MarketScape 關於全球金融服務身分驗證的報告。他們在 2025 年的供應商評估中將 Intellicheck 評為領導者。正如我在新聞稿中所說，我也認為值得再次強調：我們相信這項肯定證實 Intellicheck 並非只是眾多同業之一。我們是領導者，憑藉最先進的技術解決方案，在確保信任的同時維持順暢無縫的客戶體驗。

Although banking and lending continue to be our primary verticals and growth drivers at this time, we are continuing to focus on new verticals we've been targeting. Many of these new verticals are dependent on interest rates to drive volume, particularly in the automotive and title insurance verticals. While there is recent volatility in interest rates, waning of consumer confidence and fear of inflation are increasingly concerning consumers, we believe we are well positioned in these markets when the interest rate environment changes.

雖然目前銀行與放款仍是我們的主要垂直領域與成長動能，但我們也持續聚焦於我們鎖定的新垂直領域。其中許多新垂直領域的量能仰賴利率帶動，尤其是汽車與產權保險（title insurance）領域。儘管近期利率波動、消費者信心走弱以及對通膨的擔憂日益加深，我們相信當利率環境改變時，我們在這些市場中具備良好布局。

I'm excited to see what will happen when rates go down. In the meantime, we are succeeding in the banking, which is not so dependent on interest rates or consumer confidence. We all need to bank. As a reminder, over the past several years, we've been very deliberate about diversifying away from lower-value transactional use cases such as age verification focused transactions. We've been targeting verticals where identity theft is expensive, pricing per transaction is stronger and customer relationships tend to be stickier and grow with additional use cases while generating significantly less churn.

我很期待利率下降時會發生什麼。同時，我們在銀行業務方面持續取得成功，這部分相對不那麼依賴利率或消費者信心。我們都需要銀行服務。提醒各位，過去幾年我們一直有意識地將業務從價值較低的交易型使用情境中分散出去，例如以年齡驗證為主的交易。我們鎖定的是身分盜用成本高、單筆交易定價更強、且客戶關係更具黏著度並能隨更多使用情境而成長、同時顯著降低流失率的垂直領域。

Among the targeted verticals in addition to banking are title insurance, automotive, specialty finance, background screening, logistics and digital account security. Driven in part by these new categories and contract renewals at higher rates, our average price per transaction increased 25% in Q4 versus the previous fourth quarter. This further illustrates that we continue to have pricing power for our unique product, a product that delivers a decision our customers can rely on for their business processes greater than 99% of the time in under a second.

除銀行之外，我們鎖定的垂直領域還包括產權保險、汽車、特殊融資、背景審查、物流以及數位帳戶安全。部分受這些新類別以及以更高費率續約的合約所帶動，我們第四季的平均每筆交易價格較前一年度第四季提升 25%。這進一步說明，對於我們獨特的產品，我們仍具備定價能力；該產品能在不到一秒內，於超過 99% 的情況下提供客戶可用於其業務流程、可依賴的判定結果。

And typically, our software works with the existing hardware a prospect has for in-person validation and on any person's phone or device for digital validation. With this in mind, I want to reiterate the benefits of our operating model. We continue to operate with very high gross margins and limited incremental cost to support additional revenue growth.

而且通常而言，我們的軟體可搭配潛在客戶現有的硬體進行面對面驗證，也可在任何人的手機或裝置上進行數位驗證。基於此，我想再次強調我們營運模式的優勢。我們持續維持非常高的毛利率，且為支援額外營收成長所需的增量成本有限。

Our platform today is capable of handling significantly more activity than it does currently, which provides structural operating leverage as revenue scales. While we don't provide formal revenue or earnings guidance, our objective remains straightforward to build a durable, differentiated high-margin business by expanding with our existing customers and onboarding new customers, improving our revenue mix and maintaining disciplined execution.

我們目前的平台具備處理遠高於現階段活動量的能力，這使得營收擴張時能形成結構性的營運槓桿。雖然我們不提供正式的營收或獲利指引，但我們的目標仍然很明確：透過擴大既有客戶合作並導入新客戶、改善營收組合，以及維持嚴謹的執行力，打造一家具韌性、差異化且高毛利的企業。

I also want to respond to those of you who have been asking about AI. AI can mimic an ID. AI is no match for a barcode. AI can figure out how an ID is supposed to look making visual inspection and templating outdated and ineffectual. We do not rely on AI to authenticate an ID.

我也想回應那些一直在詢問 AI 的各位。AI 可以仿造身分證件。AI 無法與條碼相提並論。AI 能推斷身分證件應該呈現的樣子，使得目視檢查與樣板比對變得過時且效果不彰。我們不依賴 AI 來驗證身分證件的真偽。

We use AI to make our clients' customers' journey easier. We use intelligence to see what our clients' customers are doing. If they do it wrong, we correct it. Our clients tell us we help them onboard good customers faster. At the same time, a byproduct of speedy onboarding is we stop fraud.

我們使用 AI 讓客戶的客戶旅程更順暢。我們運用智慧來觀察客戶的客戶正在做什麼。如果他們做錯了，我們會加以修正。我們的客戶告訴我們，我們協助他們更快地讓優質客戶完成導入（onboard）。同時，快速導入的副產品是我們能阻止詐欺。

One simple process, two great solutions. With that overview, I will now turn the call over to Adam to walk you through the financials in more detail.

一個簡單流程，兩個絕佳解決方案。有了以上概述，我現在把電話會議交給 Adam，請他帶各位更深入地了解財務表現。

Thank you, Bryan. 2025 was a transformational year for Intellicheck, both financially and operationally. The initiatives we have been discussing with you over the past several quarters are now delivering meaningful results. As Bryan mentioned, our fourth quarter revenues were 12% higher versus the prior year.

謝謝你，Bryan。2025 年對 Intellicheck 而言是具有轉型意義的一年，無論在財務面或營運面皆然。過去幾個季度我們與各位討論的各項措施，如今正帶來具體且有意義的成果。如 Bryan 所提到，我們第四季營收較去年同期成長 12%。

And for the full year, we grew revenue 13% to a record $22.7 million. We also achieved a milestone that I'm particularly proud of, our first full year of GAAP profitability from operations with net income of $1.3 million compared to a GAAP net loss of $918,000 in 2024. Our adjusted EBITDA for the full year was $2.6 million, nearly 5x the $520,000 we reported in 2024. This reflects the operating leverage we have been building in this business and the discipline we have maintained around expenses.

而就全年而言，我們營收成長 13%，達到創紀錄的 2,270 萬美元。我們也達成一項我特別引以為傲的里程碑：營運層面首次實現全年 GAAP 獲利，淨利為 130 萬美元，相較之下 2024 年 GAAP 淨損為 91.8 萬美元。我們全年調整後 EBITDA 為 260 萬美元，接近 2024 年所報告 52 萬美元的 5 倍。這反映出我們在此業務中持續建立的營運槓桿，以及我們在費用控管上維持的紀律。

We are also pleased to see the continued growth of SaaS revenue, which represented 99% of total revenue in 2025. New business pricing continues to hold firm, and we believe the demand environment remains strong, particularly in financial services and retail, where identity fraud continues to escalate. Our recently published North America identity verification threat report based on nearly 100 million verification transactions in 2025, underscores the critical nature of the problem we solve and the scale of our platform. Starting with quarterly results.

我們也很高興看到 SaaS 營收持續成長，2025 年其占總營收的 99%。新業務定價仍然穩健，我們認為需求環境依舊強勁，特別是在金融服務與零售領域，身分詐欺持續升溫。我們近期發布的《北美身分驗證威脅報告》係基於 2025 年近 1 億筆驗證交易，凸顯我們所解決問題的關鍵性以及平台規模。先從季度表現談起。

Revenue for the fourth quarter of 2025 increased 12% to a record $6,635,000 compared to $5,936,000 in the same period of 2024. Our SaaS revenue for the fourth quarter of 2025 grew 12% to $6,620,000 from $5,913,000 during the same period of 2024 and represented over 99% of our fourth quarter revenue.

2025 年第四季營收較 2024 年同期成長 12%，達到創紀錄的 6,635,000 美元，而 2024 年同期為 5,936,000 美元。2025 年第四季 SaaS 營收成長 12%，由 2024 年同期的 5,913,000 美元增至 6,620,000 美元，並占第四季營收的 99% 以上。

Gross profit as a percentage of revenues was 91.4% for the fourth quarter of 2025 compared to 91.1% for the same period of 2024. On an adjusted basis, excluding noncash amortization of capitalized software costs, our adjusted gross profit margin was 93.5% in Q4 of 2025 compared to 93% in the prior year period. The improvement in adjusted gross margin reflects the efficiency we are achieving in our cloud infrastructure. Azure spend has declined more than 55% from its peak levels in mid-2024, and AWS is now our primary hosting platform, which positions us well for maintaining strong margins going forward.

2025 年第四季毛利率為 91.4%，而 2024 年同期為 91.1%。以調整後口徑（排除資本化軟體成本的非現金攤銷）計算，2025 年第四季調整後毛利率為 93.5%，高於去年同期的 93%。調整後毛利率的提升反映出我們在雲端基礎架構上達成的效率改善。Azure 支出自 2024 年年中高峰以來已下降超過 55%，而 AWS 現已成為我們主要的託管平台，這使我們在未來維持強勁毛利率方面具備良好條件。

Operating expenses, which consist of selling, general and administrative, research and development expenses, decreased $357,000 or 7% to $4.6 million for the fourth quarter of 2025 compared to $4.9 million for the same period of 2024. SG&A expenses decreased $604,000 or 15% year over year, reflecting the benefits of our continued cost discipline and the efficiency initiatives we implemented over the course of 2024 and 2025.

營業費用（包含銷售、一般及行政費用，以及研發費用）在 2025 年第四季較 2024 年同期減少 357,000 美元或 7%，降至 460 萬美元；2024 年同期為 490 萬美元。SG&A 費用年減 604,000 美元或 15%，反映出我們持續的成本紀律，以及我們在 2024 與 2025 年期間推動的效率提升措施所帶來的效益。

On an accounting basis, R&D expenses were higher in Q4 2025 at $1.3 million compared to $1 million in Q4 of 2024. However, I would like to provide some context on this. Cash R&D spend remains well controlled. The GAAP increase is driven by two factors. First, the amortization of previously capitalized software development costs that are now in production; and second, the fact that we capitalized essentially zero software costs in the back half of 2025.

以會計口徑而言，2025 年第四季研發費用為 130 萬美元，高於 2024 年第四季的 100 萬美元。不過，我想就此提供一些背景說明。研發現金支出仍維持良好控管。GAAP 下的增加主要由兩項因素所致。第一，先前資本化且目前已投入生產的軟體開發成本開始攤銷；第二，2025 年下半年我們幾乎沒有再資本化任何軟體成本。

For the full year, we capitalized only $213,000 in 2025 compared to over $2 million in 2024, a 90% reduction as our major platform projects moved into production. Going forward, we expect R&D spend to grow at a rate below our revenue growth rate. The fourth quarter of 2025 was our strongest quarter of the year, capping a second half in which both Q3 and Q4 were profitable at the GAAP level.

就全年而言，2025 年我們僅資本化 213,000 美元，相較 2024 年超過 200 萬美元，減少 90%，因為我們主要的平台專案已轉入生產階段。展望未來，我們預期研發支出成長率將低於營收成長率。2025 年第四季是我們全年最強勁的一季，為下半年畫下句點；在下半年中，第三季與第四季在 GAAP 口徑下皆為獲利。

We reported operating income of $1.5 million compared to $480,000 in Q4 of 2024 and net income of $1.55 million or $0.08 per fully diluted share compared to net income of $488,000 or $0.03 per fully diluted share in the same period of 2024.

我們報告營業利益為 150 萬美元，相較 2024 年第四季的 480,000 美元；淨利為 155 萬美元，或每股完全稀釋後 0.08 美元，相較 2024 年同期淨利 488,000 美元，或每股完全稀釋後 0.03 美元。

Adjusted EBITDA for the fourth quarter was $1,877,000 compared to $860,000 in Q4 of 2024, more than doubling year over year. The weighted average diluted common shares were 20.2 million for the fourth quarter of 2025 compared to 19.3 million for the same period of 2024.

第四季調整後 EBITDA 為 1,877,000 美元，相較 2024 年第四季的 860,000 美元，年增逾一倍。2025 年第四季加權平均稀釋後普通股股數為 2,020 萬股，而 2024 年同期為 1,930 萬股。

Now turning to our full year 2025 results. Total revenue for the full year of 2025 increased $2.7 million or 13% to a record $22.67 million compared to $19.997 million for 2024. SaaS revenue for the full year of 2025 grew $2.6 million or 13% to $22.4 million from $19.8 million for 2024. Gross profit as a percentage of revenues was approximately 90% for the full year of 2025 compared to 91% for the full year of 2024.

接著看 2025 年全年表現。2025 年全年總營收增加 270 萬美元或 13%，達到創紀錄的 2,267 萬美元，相較 2024 年的 1,999.7 萬美元。2025 年全年 SaaS 營收增加 260 萬美元或 13%，由 2024 年的 1,980 萬美元增至 2,240 萬美元。2025 年全年毛利率約為 90%，而 2024 年全年為 91%。

This modest compression is primarily attributable to higher noncash amortization of software costs flowing through the cost of revenue, which increased to approximately $499,000 in 2025 from $181,000 in 2024 as our platform investments moved into production. Excluding this amortization, our adjusted gross profit margin was approximately 93% for the full year compared to about 92% from the prior year.

這項小幅下滑主要歸因於計入營收成本的軟體成本非現金攤銷增加；隨著平台投資轉入生產，該攤銷在 2025 年增至約 499,000 美元，而 2024 年為 181,000 美元。若排除此攤銷，全年調整後毛利率約為 93%，高於前一年的約 92%。

Importantly, our underlying cloud computing costs grew at a rate below revenue growth, and we expect further efficiencies as the Azure to AWS migration is now substantially complete. Total operating expenses were essentially flat year over year at $19.4 million for both 2025 and $19.3 million for 2024. This was a significant accomplishment given our 13% revenue growth. SG&A expenses decreased about $1.4 million or 9% to $14.1 million for the full year of 2025 compared to $15.5 million in 2024.

重要的是，我們的基礎雲端運算成本成長率低於營收成長率；且由於 Azure 轉移至 AWS 的作業目前已大致完成，我們預期效率將進一步提升。全年總營業費用年對年基本持平：2025 年為 1,940 萬美元，2024 年為 1,930 萬美元。在營收成長 13% 的情況下，這是一項重要的成果。2025 年全年 SG&A 費用約減少 140 萬美元或 9%，降至 1,410 萬美元；2024 年為 1,550 萬美元。

This reduction was primarily driven by lower sales and marketing and personnel-related costs, including a reduction of $820,000 in marketing expense in 2025 compared to 2024. Our outsourcing and marketing drove a reduction of almost 40% in marketing spend year over year, which, as Bryan has mentioned in the past, has still resulted in substantially better results.

這項下降主要是由於銷售與行銷以及人員相關成本降低所致，其中包括 2025 年相較 2024 年行銷費用減少 820,000 美元。我們的外包與行銷策略推動行銷支出年對年下降近 40%；正如 Bryan 過去提到的，這仍帶來了顯著更好的成果。

As we discussed previously, we expect our total noncash expenses to comprise approximately 5% to 10% of our expenses with stock-based compensation comprising the majority of that figure. R&D expenses on a GAAP basis increased $1.5 million to $5.3 million, reflecting the near elimination of software capitalization and the amortization of prior year capitalized costs.

如同我們先前討論的，我們預期整體非現金費用約占總費用的 5% 至 10%，其中以股份基礎給付（stock-based compensation）占比最大。按 GAAP 基礎計算，研發費用增加 150 萬美元至 530 萬美元，反映軟體資本化幾乎被取消，以及以前年度資本化成本的攤銷。

To put the capitalization trend in perspective, we capitalized over $2 million of software costs in 2024 and just $213,000 in 2025. We expect de minimis level going forward. The GAAP R&D line now more closely reflects our cash engineering spend. The company reported net income of $1,273,000 for the full year of 2025 compared to a net loss of $918,000 for 2024, a swing of over $2.2 million. Net income per fully diluted share for the full year of 2025 was a gain of $0.06 compared to a net loss per fully diluted share of $0.05 in 2024.

為了讓資本化趨勢更具體，我們在 2024 年資本化超過 200 萬美元的軟體成本，而 2025 年僅資本化 213,000 美元。我們預期未來將維持在可忽略不計（de minimis）的水準。GAAP 下的研發費用項目現在更貼近我們的工程現金支出。公司 2025 全年淨利為 1,273,000 美元，相較 2024 年淨損 918,000 美元，改善超過 220 萬美元。2025 全年完全稀釋後每股淨利為 0.06 美元，相較 2024 年完全稀釋後每股淨損 0.05 美元。

The weighted average diluted common shares were 20.2 million for 2025 compared to 19.3 million for 2024. Adjusted EBITDA for the full year of 2025 improved to $2.56 million, nearly 5x the $520,000 we reported for 2024.

加權平均稀釋後普通股股數，2025 年為 2,020 萬股，2024 年為 1,930 萬股。2025 全年調整後 EBITDA 改善至 256 萬美元，接近我們 2024 年所報告 52 萬美元的 5 倍。

Turning to income taxes. We recognized $58,000 in tax expense for 2025, entirely state income and franchise taxes. No federal cash taxes are owed because our NOL carryforwards fully sheltered 2025 taxable income, resulting in an effective rate of approximately 4%. We carry a full valuation allowance of approximately $6.7 million against our deferred tax assets. GAAP requires this allowance as long as our three year cumulative taxable income position remains negative.

接著談所得稅。我們在 2025 年認列 58,000 美元的所得稅費用，全部為州所得稅與特許經營稅（franchise taxes）。由於我們的淨營業損失（NOL）結轉額完全抵銷了 2025 年的課稅所得，因此不需繳納聯邦現金稅，致使有效稅率約為 4%。我們對遞延所得稅資產提列約 670 萬美元的全額估值備抵（valuation allowance）。只要我們三年累計課稅所得仍為負值，GAAP 即要求維持此備抵。

Despite our $1.3 million pretax gain in 2025, the prior two years losses keep that cumulative tax negative. If profitability continues and the three year window improves, we could release some or all of the allowance, producing a noncash benefit of up to $6.7 million. We are not providing timing guidance, but investors should understand this as a meaningful potential future benefit.

儘管我們 2025 年稅前獲利 130 萬美元，但前兩年的虧損仍使三年累計課稅所得為負。若獲利能力持續、三年期間的狀況改善，我們可能釋回部分或全部備抵，最多可產生 670 萬美元的非現金利益。我們不提供時間點指引，但投資人應理解這是一項具意義的潛在未來利益。

As to the company's liquidity and capital resources, at December 31, 2025, the company had cash and cash equivalents that totaled $9.65 million, more than doubling from $4.7 million at December 31, 2024. This improvement reflects strong cash generation from operations during the year with operating cash flow of approximately $4.5 million in 2025. At year-end, there was working capital of approximately $10.1 million, total assets of approximately $24.5 million and stockholders' equity of approximately $20.7 million.

就公司流動性與資本資源而言，截至 2025 年 12 月 31 日，公司現金及約當現金合計 965 萬美元，較 2024 年 12 月 31 日的 470 萬美元增加逾一倍。此改善反映本年度營運帶來強勁的現金創造能力，2025 年營運現金流約為 450 萬美元。年末營運資金約 1,010 萬美元，總資產約 2,450 萬美元，股東權益約 2,070 萬美元。

I would also note that the significant decline in software capitalization from over $2 million in 2024 to just $213,000 in 2025 means that our GAAP operating results and our cash generation are now much more closely aligned. This is a cleaner financial profile that we expect to maintain going forward.

我也要指出，軟體資本化自 2024 年超過 200 萬美元大幅下降至 2025 年僅 213,000 美元，意味著我們的 GAAP 營運結果與現金創造能力如今更加一致。這是一個更乾淨的財務輪廓，我們預期未來將持續維持。

2025, we executed on a number of key initiatives that we believe set us well for continued strong performance in 2026 and beyond. We believe that our more efficient marketing approaches are already yielding dividends for the sales pipeline. We anticipate that our improved go-to-market strategy, combined with the growing threat landscape that our threat report highlights, including the 158% year over year growth in password reset verification use cases will continue to drive demand for our platform.

在 2025 年，我們執行了多項關鍵計畫，我們相信這讓我們為 2026 年及之後持續強勁表現奠定良好基礎。我們相信更有效率的行銷方式已開始為銷售管線帶來成果。我們預期，改良後的市場進入策略（go-to-market strategy），結合威脅報告所凸顯、日益升高的威脅態勢（包括密碼重設驗證使用情境年對年成長 158%），將持續推動對我們平台的需求。

For 2026, we expect to see continued gross margins of approximately 90% to 91% with potential for future improvements as we realize the full benefit of our completed AWS migration. We also expect to see continued leverage in our operating expenses because of the expense discipline we have maintained, and we do not expect that expenses will grow as quickly in 2026 as our revenue.

對於 2026 年，我們預期毛利率將持續約在 90% 至 91%，並且隨著我們完成的 AWS 遷移效益全面顯現，未來仍有進一步改善的可能。我們也預期在維持費用紀律的前提下，營運費用將持續展現槓桿效益，且我們不預期 2026 年費用成長會像營收成長那麼快。

Our FY26 operating plan targets continued revenue growth and further improvement in profitability. We remain focused on several strategic priorities, continued investment in customer success and the customer experience, disciplined hiring in engineering and sales and deepening our presence in key verticals, including financial services and banking, where the market data show that fraud rates remain elevated.

我們 2026 財年的營運計畫目標是持續推動營收成長並進一步提升獲利能力。我們仍聚焦於數項策略優先事項：持續投資客戶成功與客戶體驗、在工程與銷售方面採取有紀律的招募，以及深化我們在關鍵垂直領域（包括金融服務與銀行業）的布局；市場數據顯示這些領域的詐欺率仍維持在高檔。

I'll now turn the call over to the operator, who will take your questions.

接下來我把電話會議交給接線員，由他來進行問答。

(Operator Instructions) Mike Grondahl, Northland Securities.

（接線員指示）Northland Securities 的 Mike Grondahl。

Hey guys, congratulations on another strong quarter. On the third quarter call, you gave us like bank lending channel was 50% of revenue, and it grew 80% year over year and the retail channel and a couple of others. Do you have that data for 4Q?

各位好，恭喜又交出一個強勁的季度。在第三季電話會議上，你們提到銀行放貸通路占營收 50%，且年對年成長 80%，以及零售通路和其他幾個通路。你們有第四季（4Q）的數據嗎？

I have it for the year. And what I'll say, Mike -- and by the way, thank you. Q4 came in Christmas came is what I'd say, right? The holidays came. So retail did bump up, but I think that, that's going to be something interesting to watch overall.

我有全年數據。我想說的是，Mike——順帶一提，謝謝你。第四季嘛，我會說聖誕節來了，對吧？假期到了。所以零售確實有往上跳，但我認為整體來看，這會是一個值得觀察的點。

It went up probably about 10%, 15% as the whole breakout across our different revenue, but it was still down Q4 2024 versus Q4 2025. So the banking and lending continues to grow. The percentage change year over year for bank and lending, it's nearly double, whereas retail is down 1%.

它大概上升了 10% 到 15%，以我們不同營收來源的整體拆分來看是如此，但 2025 年第四季相較 2024 年第四季仍是下降。因此銀行與放貸仍持續成長。銀行與放貸的年對年百分比變化接近翻倍，而零售則下滑 1%。

Whereas retail is down 1%.

而零售下滑 1%。

Got it. But did -- I think you said retail grew year over year for the fourth quarter.

了解。但你剛才是不是說零售在第四季年對年是成長的？

It was down 13% Q4 2024 versus Q4 2025. It was up 25% over Q3 2025. So the seasonal lift came in. And remember, we still have -- we don't have every one of our customers on the new kind of pricing model that allows us to straight line it. So that's why we saw a lift in that, right?

2025 年第四季相較 2024 年第四季是下滑 13%。相較 2025 年第三季則上升 25%。所以季節性拉抬出現了。而且請記得，我們仍然——並非所有客戶都已採用新的定價模式，讓我們可以把收入做直線化（straight line）。所以我們才會看到那樣的拉抬，對吧？

So a couple of the, I'd say, big four customers we have that do a lot in retail in that credit card space. are still on a more transactional model than a straight-line model. So that brought in seasonality from them.

所以我們所謂的四大客戶中，有幾家在零售、信用卡領域交易量很大，仍採用較偏交易型（transactional）的模式，而不是直線化模式。因此他們帶來了季節性。

Got it. And how does the pipeline look for new customers or customers you're rolling out here in the first half of 2026?

了解。那麼在 2026 年上半年，你們新增客戶或正在導入（roll out）的客戶，其銷售管線看起來如何？

I think it's been really good. And I'm going to say part of that is due to that new desktop solution, the delivery method that we've been talking about because there are a lot of, I'd say, midsized credit unions and banking institutions that want to use us, but they have been held bound by their core banking platforms. Now they don't have to worry about that. So there is a ton of interest in that. And then also this partnership with Alloy is already producing a lot of good names that are saying, "Hey, how do we get this going?

我覺得一直都非常好。我想其中一部分要歸功於我們一直在談的那個新的桌面端解決方案、交付方式，因為有很多我會說是中型的信用合作社和銀行機構想要使用我們，但他們一直受制於其核心銀行平台。現在他們不必再擔心這個了。所以對此有非常大量的興趣。另外，與 Alloy 的這個合作夥伴關係也已經帶來了很多很不錯的名單，他們在說：「嘿，我們要怎麼把這件事啟動起來？」

How do we get it on board? So -- and then I'm also going to say that the marketing is truly paying off in ways that we haven't seen in the past.

我們要怎麼把它導入上線？所以——另外我也要說，行銷確實正在以我們過去沒見過的方式產生回報。

And I love the fact we're spending less on marketing, but getting a heck of a lot more out of it. Like year over year, even our followers on LinkedIn is up like 3x. So those are the things that help drive pipeline, make cold calls warm and everybody loves a really good inbound lead, and they're getting that for us.

我很喜歡我們在行銷上的花費更少，但得到的回報卻多得多。例如年比年，我們在 LinkedIn 的追蹤者數量大概成長了 3 倍。所以這些事情有助於推動銷售管線、讓陌生開發變得更溫，大家都喜歡很好的主動來詢（inbound lead），而他們正在替我們帶來這些。

Great. One more question. You have a relationship or a commercial relationship with, I think, Ping Identity. And they seem to be connected to a couple of global social media companies. What's the opportunity there?

很好。再一個問題。你們和我記得是 Ping Identity 有合作關係或商業關係。而他們似乎和幾家全球社群媒體公司有連結。那裡的機會是什麼？

Are they facilitating you guys?

他們有在協助你們嗎？

Not to the point that I would like. And it's one of the reasons that we continue to refine our channel partnership model and how do we make sure that we are helping their sales force kind of light us up. And that's one where I think that we need some -- we need to do better on that particular one. We're doing great in title. We're doing really well in automotive, and we're doing well in background.

還沒有到我希望的程度。這也是我們持續精進通路合作夥伴模式的原因之一：我們要如何確保能協助他們的銷售團隊把我們「點亮」、把我們推起來。而這一個我認為我們需要一些——我們在這個特定合作上需要做得更好。我們在產權（title）領域做得很棒。我們在汽車領域做得非常好，也在背景查核（background）方面做得不錯。

But that particular channel partner, we need to do a better job on.

但那個特定的通路合作夥伴，我們需要做得更好。

Got it. Okay. Hey, thanks Bryan.

了解。好。嘿，謝謝你，Bryan。

Jeff Van Rhee, Craig-Hallum Capital Group.

Jeff Van Rhee，Craig-Hallum Capital Group。

Hey, This is Daniel Hibshman on for Jeff Van Rhee. Congrats on the quarter, Bryan, Adam. On the retail backdrop, maybe if you could just explain a little bit more on that and your outlook in retail. I know that generally improved across 2025, and it sounds like -- I think going into Q4, we had thought maybe it would be a light quarter in terms of retail, and it sounds like it ended up being better than expected. Maybe just your thoughts a little bit more looking forward.

嗨，我是代替 Jeff Van Rhee 的 Daniel Hibshman。恭喜這一季的表現，Bryan、Adam。關於零售環境，或許你可以再多解釋一點，以及你們對零售的展望。我知道整體在 2025 年期間有所改善，而且聽起來——我想在進入第四季時，我們原本以為零售在該季可能會比較淡，但結果似乎比預期更好。也請談談你們對未來的看法。

I mean is this -- 2025 in general was a down-ish year for retail? Are your expectations that maybe a plateau, a flattening, actually return to some growth? What are your thoughts there?

我的意思是——2025 年整體而言對零售來說算是偏弱的一年嗎？你們的預期是可能會進入平台期、趨於持平，還是會回到一些成長？你們怎麼看？

Yes, 2025 was a down year in terms of basically a lot of retail sales, credit card issuance, people maxing out their cards, those types of things. So what I always like to point out is even though it was down, right? And like I said, even Q4 of this year, right, was down 13% from Q4 2024. Even with that, because we have expanded into a lot of other markets, we still grew. Now the whole retail world, consumer confidence, consumer sentiment, those types of things are probably going to drive it.

是的，2025 年在很多零售銷售、信用卡發卡、人們把卡刷到額度上限等這類事情上，確實是下滑的一年。所以我一直喜歡強調的是，即便它是下滑的，對吧？而且就像我說的，今年第四季相較 2024 年第四季也下滑了 13%。即便如此，因為我們已經擴展到許多其他市場，我們仍然成長。現在整個零售世界、消費者信心、消費者情緒等這些因素，可能會驅動它。

I like the fact that our customers are bringing on more retailers. And they use us to help bring them on board because they can go and say, I'm going to give you better rates on your credit card program if you put this process in place because they know that the fraud is going to go away. So I look at it as we are building a pipe for the economy, if you will, so that when interest rates reduce because you look at some of the interest rate on credit cards out there running at like 39%, that's hard for people. But when they come down, I look at it as what has been, again, a headwind will become a major tailwind.

我喜歡看到我們的客戶正在導入更多零售商。他們也用我們來協助把零售商導入，因為他們可以去說：如果你把這個流程導入，我就能在你的信用卡方案上給你更好的費率，因為他們知道詐欺會消失。所以我把它看作是——如果你願意這麼說——我們正在為經濟建立一條管道，這樣當利率下降時，因為你看看外面有些信用卡利率高到大概 39%，這對人們很辛苦。但當利率下來時，我認為過去一直是逆風的因素，將會變成主要的順風。

Okay. That's helpful. And then maybe just in terms of the strength in the quarter and the beat on the Street, just your thoughts maybe narrowing in a little bit more color on the source of that, whether you attribute that primarily to the retail backdrop in the quarter or more so the new verticals coming in, whether that's automotive or title insurance, et cetera, just source of the beat.

好的。這很有幫助。另外，關於本季的強勁表現以及優於市場預期（beat on the Street），你能否再更聚焦、提供一些來源面的說明：你主要把它歸因於本季零售環境，還是更多來自新垂直領域的導入，例如汽車或產權保險等——也就是超預期的來源。

Yes. I'd say a combination of, in a way, all of the above. Retail certainly came in stronger, I think, than we were anticipating. But again, through our channel partners in automotive, that space is growing a lot, increased just straight-up banking use cases with new and existing clients. So it's sort of like all of the above.

是的。我會說某種程度上是以上皆是的組合。零售確實比我們預期的更強。但同樣地，透過我們在汽車領域的通路合作夥伴，那個領域成長很多；另外也有更多純粹的銀行使用情境，不論是新客戶或既有客戶。所以有點像是以上皆是。

I would expect to see -- again, there's always the seasonality in retail. And since we still have some folks who are not on the straight-line model yet, Q4 retail and Q1 retail, there's always a drop. And so that's how I'm looking at the numbers. But we've been, like Adam said, very smart on costs. And I'm excited about where we're going.

我預期會看到——同樣地，零售一直有季節性。而且由於我們仍有一些客戶尚未採用直線法（straight-line model），第四季零售和第一季零售之間通常都會下滑。所以我就是用這樣的方式來看這些數字。但我們一直如 Adam 所說，在成本上非常精明。我對我們前進的方向感到很興奮。

But retail still is one of those things. It's just like when will it come back to life.

但零售仍然是那種事情。就像是：它什麼時候才會恢復活力。

Yes. Last question for me would just be, do you have any update on the status of the large global social media customer that was getting implemented?

是的。我最後一個問題是：那個正在導入的大型全球社群媒體客戶，目前狀態有任何更新嗎？

Look, they are 100% implemented. They tell us how much they love us. They are one of the strangest companies I've ever dealt with, and I'm hearing that from many other companies that work with them. So I have taken the revenue out of our internal forecast. And I think I've said this on calls before, just because they're too unpredictable.

你看，他們已經 100% 導入完成。他們告訴我們他們有多喜歡我們。他們是我合作過最奇怪的公司之一，而且我也從許多其他與他們合作的公司那裡聽到同樣的說法。所以我已經把這筆營收從我們內部預測中拿掉了。而且我想我之前在電話會議上也說過，因為他們太不可預測了。

I have no idea. So we're in. We have a great contract. They renewed it. Sometimes the pipe turns on really big and then sometimes it goes away. And they almost can't even explain why that is. So I just kind of leave them -- to me, they're gravy on our revenue numbers, and we'll just -- we'll see where it is.

我完全不知道。所以我們已經進去了。我們有一份很好的合約。他們也續約了。有時候管道會突然開得很大，然後有時候又消失。而他們幾乎也無法解釋為什麼會這樣。所以我就讓他們——對我來說，他們算是我們營收數字上的額外紅利（gravy），我們就——看看會怎麼樣。

But fully implemented, 100% contract signed, 100% contract renewed, actually signed on for more services. It's just up to them to figure out when and how they want to use it.

但已完全導入，合約 100% 簽署、合約 100% 續約，實際上也簽了更多服務。只是要由他們自己決定何時以及如何使用。

That's helpful, Bryan. Thanks, and congrats on the quarter.

這很有幫助，Bryan。謝謝，也恭喜本季表現。

Thank you very much.

非常感謝。

Rudy Kessinger, D.A. Davidson.

Rudy Kessinger，D.A. Davidson。

Hi there, thank you. This is Clark Wright on for Rudy Kessinger. Could you provide any additional parameters to frame growth expectations for 2026, given the step-up in revenue from the financial client that went live in 3Q?

嗨，謝謝。我是 Clark Wright，代替 Rudy Kessinger 發問。鑑於第三季上線的那位金融客戶帶來營收的躍升，您能否提供一些額外的參數，協助我們框架 2026 年的成長預期？

Look, we don't give guidance as sort of company policy. But the one thing that I've tried to make clear to people for that particular client, remember, they rolled out from 0 to 100 over the course of a year. And what we ended up doing with them is straight-lining revenue. So you figured year one of what they were spent was 50% of what they'll spend in year two, right? So there's built-in growth there.

你看，我們基於公司政策不提供財測指引。但我一直想讓大家清楚的是，針對那個特定客戶，請記得他們是在一年內從 0 推進到 100。而我們最後對他們的作法是把營收做直線化（平均化）處理。所以你可以理解為第一年的支出大約是第二年支出的 50%，對吧？因此那裡本身就內建成長。

The rest of it, it's a matter of how fast can we get things implemented. And there's all sorts of things going on with implementations that I'll point out to the point that we've got banks that know they want to use us. They know that they're running on really, really old technology, and they want to buy new and better scanners to get it working because they don't want to have to do two implementations. But some of these scanner companies are running on six to eight month backlogs on being able to deliver product. So I'm feeling comfortable about our growth.

其餘部分就取決於我們能多快把事情導入完成。導入方面有各種狀況，我也想指出：我們有一些銀行很清楚他們想用我們。他們也知道自己跑在非常、非常老舊的技術上，因此想買更新、更好的掃描器來讓它運作，因為他們不想做兩次導入。但其中一些掃描器公司在交付產品上有六到八個月的積壓訂單。所以我對我們的成長感到放心。

I like the amount of built-in growth that we have. And then the rest of it is sort of, again, how fast can we implement and will supply chain shortages impact us.

我喜歡我們所擁有的內建成長幅度。然後其餘部分同樣是：我們能多快導入，以及供應鏈短缺是否會影響我們。

Got it. That's helpful. And then I also appreciate the additional color you provided on the trajectory of gross margins and operating expenses going forward. Should we expect to see EBITDA margins expand from where they're at currently given some of the dynamics that you previously allocated with the conversion to the cloud? Or should we expect effectively flat or down from 2025 levels?

了解。這很有幫助。另外也感謝你對未來毛利率與營業費用走勢提供更多說明。考量你先前提到轉雲所帶來的一些動態，我們是否應預期 EBITDA 利潤率會從目前水準擴張？還是應預期相較 2025 年水準大致持平或下滑？

Well, the way I kind of look at a lot of the savings that we got from moving from one cloud to another. A part of that savings is going into buying the smart machines, right, that our data team is using and that kind of stuff. I will probably be looking to expand our marketing because it really is doing well.

嗯，我看待從一個雲端搬到另一個雲端所節省的成本方式是這樣：其中一部分節省會用來購買智慧機器，對吧？也就是我們資料團隊在用的那些設備之類。我可能也會考慮擴大我們的行銷，因為它確實做得很好。

And again, like I said, bringing in prospects. And the thing I love about prospects coming in and us talking to them, we don't lose what I'd call a scan off. When somebody compares us head-to-head, we win. So the more of that I can bring in, the better for the whole company. But my other thing is, as Adam pointed out, we don't want expenses to grow at the same rate as revenue.

而且就像我說的，能帶進潛在客戶。我很喜歡的一點是，潛在客戶進來跟我們談時，我們不會輸掉我所謂的「掃描對決」。當有人把我們拿來正面比較時，我們會贏。所以我能帶進越多這樣的機會，對整個公司就越好。但我另外一個重點是，如 Adam 所指出的，我們不希望費用以與營收相同的速度成長。

And I think that we can easily accomplish that.

我認為我們很容易做到這一點。

Got it. In terms of how we should imply that going forward with headcount, should we expect headcount to remain relatively flat then going forward based off of the reinvestment of cost savings? Or should we expect that line item to increase over time?

了解。就人力配置而言，我們該如何推估未來？基於把節省的成本再投資，是否預期未來人頭數大致維持平穩？還是預期這個項目會隨時間增加？

Look, I think that we're going to add just to help get things out the door, we're going to swap out some expense that was in the dev team where we were using consultants. We'll probably bring -- swap that out for full-time employees. So not a huge increase in that. What I always say is like if I see a phenomenal salesperson, we're going to hire them, right? Because that's hard to find and they're great and you bring them on board and they pay for themselves.

你看，我認為我們會增加一些人手來協助把事情交付出去；我們會把原本在開發團隊、用顧問的那部分費用做一些替換。我們可能會把它換成全職員工。所以那方面不會有很大的增加。我常說的是，如果我看到一位非常出色的業務，我們就會聘用他，對吧？因為那很難找，他們很棒，加入後會自己把成本賺回來。

And then we might see a slight increase in marketing expense. The only other stuff is as we start to bring on more clients, we would probably need more customer success people. But again, they pay for themselves because when you spend time with the customer, you find new use cases. So again, headcount should go up, but not in any way that is at the same rate as revenue.

然後我們可能會看到行銷費用小幅增加。另外就是，隨著我們開始導入更多客戶，我們可能需要更多客戶成功（Customer Success）人員。但同樣地，他們也會自己把成本賺回來，因為當你花時間和客戶互動，就會找到新的使用情境。所以，人頭數應該會上升，但不會以任何方式跟營收同速成長。

Got it. Thank you.

了解。謝謝。

Scott Buck, H.C. Wainwright.

Scott Buck，H.C. Wainwright。

Hi, good afternoon, guys.

嗨，各位下午好。

Thanks for the time, Bryan, I think you mentioned in the prepared remarks that you like the way you're positioned in automotive. And once there's a rebound there, you guys should be able to ride that wave. I'm curious, are there any metrics you can give us around that? How many dealerships you have exposure to or some way for us to, I don't know, kind of wrap our heads around the opportunity?

謝謝撥冗，Bryan。我想你在準備好的講稿中提到，你喜歡你們在汽車領域的布局。一旦那邊回溫，你們應該能乘勢而上。我很好奇，你能提供一些相關指標嗎？例如你們接觸到多少家經銷商，或是有沒有什麼方式讓我們能大概理解這個機會？

Yes. I could say automotive revenue grew 125% year over year. A lot of that is through channel partners. And we have what it is about, I think, 19,000 rooftops out there, we're nowhere near fully penetrated into that. So I look at that as a lot of growth.

可以。我可以說汽車相關營收年增 125%。其中很大一部分是透過通路夥伴。而我們大概有、我想約 19,000 個據點（rooftops），我們遠遠還沒有完全滲透。所以我把那視為很大的成長空間。

We brought on another channel partner that is now incorporated into one of the largest automotive software providers out there and as part of the F&I experience.

我們又新增了一個通路夥伴，現在已整合進市場上最大的汽車軟體供應商之一，並成為 F&I 體驗的一部分。

So I expect that, that should bring in a bunch more rooftops. So that gives us a couple of different angles that we're going after automotive. One is compliance, starts at the front end and the other is F&I, which is sort of at the back end. So I really like the automotive space because there's so many rooftops out there. But knocking on each individual door, I don't want to do that.

所以我預期那應該會帶來更多據點。因此我們在汽車領域有幾個不同切入角度。一個是合規，從前端開始；另一個是 F&I，算是在後端。所以我非常喜歡汽車這個市場，因為外面有這麼多據點。但要我一家一家去敲門，我不想那樣做。

That's why we're doing it with partners.

所以我們才會透過夥伴來做。

Right, right. No, that makes a ton of sense. I appreciate that. And then my second one, just given the expansion of business with some of the financial institutions, is there anything on the customer concentration front that we should just be keeping an eye on?

對，對。不，這非常合理。感謝說明。第二個問題，考量你們與部分金融機構的業務擴張，在客戶集中度方面，有沒有什麼我們需要特別留意的？

No. And I don't know, Adam, feel free to chime in on that if you've got a thought on customer concentration. But as we bring on more financial institutions of all different sizes, I think the concentration will probably lessen.

沒有。我不知道，Adam，如果你對客戶集中度有什麼想法也歡迎補充。但隨著我們導入更多不同規模的金融機構，我認為集中度可能會下降。

I mean I guess the other thing I would say is that as we've expanded into the different use cases that we have in these various customers, it feels like it's stickier. I mean there's always risk, right? I can't say there's not risk, but it feels like they're getting more and more integrated using our platform. And you feel better when you say, oh, now like Bryan was mentioning the M&A opportunities when banks are emerging and they say, "Oh, now we have a few hundred more branches to roll you out in. It's -- on the one hand, it's concentration.

我的意思是，我想我還會補充一點：隨著我們在這些不同客戶中擴展到各種不同的使用情境，感覺黏著度更高。當然總是有風險，對吧？我不能說沒有風險，但感覺他們使用我們平台的整合程度越來越深。而當你說，喔，就像 Bryan 提到銀行併購（M&A）機會、銀行合併時，他們會說：「喔，現在我們又多了幾百家分行可以把你們推廣上線。」一方面，這是集中度。

On the other hand, it's expanded opportunities.

另一方面，這也擴大了機會。

Yeah, no, that's helpful. I appreciate it guys and congrats on the the year.

是的，不，這很有幫助。感謝各位，也恭喜你們今年的表現。

Thank you.

謝謝。

Kris Tuttle, Blue Caterpillar.

Kris Tuttle，Blue Caterpillar。

Hey, Bryan and Adam, just a couple of things that weren't covered yet that I wanted to ask you about are really end market related. One you've talked about in the past was the employment verification area, which still has a lot of fraud in it. And then, of course, we hear a lot about there's some initiatives, a lot of initiatives around reducing health care fraud. And last and maybe in terms of probability, but potentially size, it would be the opposite would be the chances we might get a voter ID law in the next couple of years. Just kind of your thoughts on the diverse one is probably the most realistic, but just kind of getting a feel for you on those in addition to the ones that you're already penetrating.

嗨，Bryan 和 Adam，我想問幾個先前還沒涵蓋、而且確實與終端市場相關的問題。你們過去談過的一個領域是就業驗證，這個領域仍然存在大量詐欺。另外，當然，我們也常聽到有一些、很多圍繞降低醫療保健詐欺的倡議。最後一個，也許就發生機率而言，但潛在規模可能相反，是未來幾年我們是否有機會看到選民身分證（Voter ID）法案通過。想聽聽你們對這些不同面向的看法；其中就業驗證可能最務實，但也想就這些（以及你們已在滲透的領域之外）了解你們的感受。

Yes. So unemployment is -- I still love that market almost as much as I love automotive. And it's funny because the two of them are kind of interrelated. We have two automotive manufacturers that use us to verify all of their employees and anybody who comes on into the factory. And one of them realized that one got shut down because they had undocumented people, one of their contractors had undocumented people working on building out the plant.

是的。所以失業（相關市場）——我仍然很喜歡那個市場，幾乎跟我喜歡汽車市場一樣。而且很有趣，這兩者其實有點相互關聯。我們有兩家汽車製造商使用我們來驗證他們所有員工，以及任何進入工廠的人。其中一家發現他們有一座廠被迫停工，因為他們的一個承包商雇用了無證件人士在擴建工廠時工作。

And then they realized, well, wait a minute, if we were up and running, and one of them said to me that they lose $49,000 a minute if the assembly line isn't running. So they are now requiring their suppliers to use us to authenticate all of their employees. So I think we're going to see more things like that happening. So it's been a great market, and they have 200 suppliers. I'll take every one of those.

然後他們意識到，等等，如果我們正在運轉，其中一家有人跟我說，只要產線不運轉，他們每分鐘就損失 49,000 美元。所以他們現在要求供應商也使用我們來驗證所有員工的身分真偽。因此我認為我們會看到更多類似的事情發生。所以這一直是個很棒的市場，而他們有 200 家供應商。我會把那 200 家全部拿下。

So that's a big area. I think it's also going to happen more and more, the retail stores or whomever who's hiring people, you got to approve.

所以那是一個很大的領域。我也認為這會越來越常見：零售店或任何在招募人員的單位，你都必須核准（身分）。

And we already know in the remote hiring world that we've got bad actors from countries like North Korea pretending to be developers working and living in the U.S. and getting access to systems. And I know that, that is scaring people as well. Voter ID has me very excited. I have been -- I have spoken with multiple states about what they think that they need to do.

而且我們已經知道，在遠端招募的世界裡，有來自北韓等國家的不法分子假扮成在美國工作與居住的開發人員，進而取得系統存取權。我也知道這同樣讓人感到害怕。選民身分證（Voter ID）讓我非常興奮。我一直——我已經和多個州談過他們認為需要做些什麼。

I think we have an elegant solution that works for in-person already and another solution that could do authentication for mail-in ballots. And now it's just a matter of we got to see where the law goes and who do we talk to.

我認為我們有一個優雅的解決方案，已可用於現場投票；另外還有一個解決方案可用於郵寄選票的身分驗證。現在就只是要看法律走向，以及我們該跟誰對接。

But I can tell you that has been a big push within senior management of the company to figure out how do we play in this game because the easiest thing is most people have a driver's license or a state ID. And a lot of places now already have a machine that will take a photo of the license or do some scanning on it only to parse the data, right, but not to authenticate it. I know that South Carolina does it. I know that New Jersey does it. So embedding us in that process would be quick, easy and simple.

但我可以告訴你，公司的高階管理層一直在大力推動，想弄清楚我們要如何參與這個領域，因為最簡單的是，多數人都有駕照或州政府身分證。而且現在很多地方已經有機器可以拍攝駕照照片或做一些掃描，只是用來解析資料，對吧，但不是用來驗證真偽。我知道南卡羅來納州是這樣做的。我知道新澤西州也是。所以把我們嵌入那個流程會很快、很容易、也很簡單。

and then authenticate it as well. Did I answer your questions, Kris?

然後也把真偽驗證一起做了。Kris，我有回答到你的問題嗎？

Yes, absolutely. I just -- those definitely sound like not in the numbers, of course, but I just love those applications for you because it just makes so much sense, right? So much sense.

有，完全有。我只是——那些應用當然不一定會立刻反映在數字上，但我真的很喜歡你們的這些應用情境，因為它真的非常合理，對吧？非常合理。

Seeing you guys soon. Sounds good. I look forward to it, Kris.

很快見到你們。聽起來不錯。我很期待，Kris。

And with that, ladies and gentlemen, this does conclude our question-and-answer session. I would now like to turn the call back over to Bryan Lewis for any closing remarks.

那麼，各位女士先生，我們的問答環節到此結束。接下來我想把電話交回給 Bryan Lewis，請他做結語。

I just again, want to thank everybody for joining us today. And I want to highlight that I believe we're at an important juncture with the historic achievement of annual operating profitability and sustained EBITDA positive growth, right? And I want to be clear, folks, we believe we are positioned to build on these successes, right? We look to expanded opportunities with current clients. And I look at the pipeline and I go, yes, I think we're going to be doing well, right?

我再次感謝大家今天加入我們。我也想強調，我相信我們正處於一個重要的關鍵點：我們歷史性地達成年度營運獲利，並且持續維持 EBITDA 正向成長，對吧？我想說清楚，各位，我們相信我們已具備條件在這些成功基礎上再接再厲，對吧？我們期待與現有客戶擴大合作機會。我看著我們的商機管線，我會說，是的，我認為我們會做得很好，對吧？

And particularly, again, I'm going to say banks, autos and title insurance. Two I think are somewhat dependent upon the economy. One, it doesn't matter because it's a great spot to go rob. That's why there's so many bank robbers, and we can help stop that kind of crime. So I look forward to updating you all on our progress on our next call.

尤其是——我再說一次——銀行、汽車以及產權保險。其中兩個我認為在某種程度上取決於經濟情況。有一個則無關，因為那是一個很適合去搶的地方。這就是為什麼有那麼多銀行搶匪，而我們可以協助阻止那類犯罪。所以我期待在下一次電話會議向各位更新我們的進展。

And everybody, have a great evening, and thank you again.

各位，祝大家晚上愉快，再次感謝。

And with that, ladies and gentlemen, this does conclude today's teleconference. We thank you for your participation, and you may disconnect your lines at this time, and have a wonderful day.

那麼，各位女士先生，今天的電話會議到此結束。感謝各位的參與，現在您可以掛斷電話，祝您有美好的一天。