Intellicheck Inc (IDN) 2026 Q1 法說會逐字稿

Greetings, and welcome to the Intellicheck Q1 2026 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎參加 Intellicheck 2026 年第一季財報電話會議。(接線員指示) 提醒各位，本次會議將被錄音。

It is now my pleasure to introduce our host, Gar Jackson of Investor Relations. Please go ahead.

現在很榮幸為各位介紹我們的主持人——投資人關係部的 Gar Jackson。請開始。

Thank you, operator. Good afternoon, everyone, and thank you for joining us today for Intellicheck's first quarter 2026 earnings call. Before we get started, I will take a moment to read our 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. When used in this call, words such as will, believe, expect, anticipate, encourage and similar expressions as they relate to the company or its management identify forward-looking statements.

謝謝，接線員。各位下午好，感謝各位今天參加 Intellicheck 2026 年第一季財報電話會議。在開始之前，我先花一點時間宣讀我們的前瞻性聲明。本次電話會議中的某些陳述，依 1995 年《私人證券訴訟改革法》（及其修訂）之定義，構成前瞻性陳述。在本次會議中，當使用如 will、believe、expect、anticipate、encourage 及類似用語，且其與公司或管理層相關時，即用以識別前瞻性陳述。

These 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 update or alter its forward-looking statements, whether resulting from new information, subsequent events or otherwise.

這些陳述係基於管理層對未來事件的當前預期與信念。如同任何推估或預測，其本質上易受不確定性與情勢變化影響；公司不承擔更新或修訂任何前瞻性陳述之義務，不論係因新資訊、後續事件或其他原因所致。

Additional information concerning forward-looking statements is contained in the company's filings with the SEC. Throughout this call, we may reference certain financial metrics that have been rounded for ease of discussion. Statements made today are as of May 12, 2026.

有關前瞻性陳述的更多資訊，載於公司向美國證券交易委員會（SEC）提交的文件中。在本次會議中，我們可能會提及若干為便於討論而經四捨五入的財務指標。今日所作陳述截至 2026 年 5 月 12 日。

Management will use the financial terms adjusted EBITDA and adjusted gross margin. Please refer to our press release issued this afternoon for further definition, reconciliation and context for the use of these terms.

管理層將使用「調整後 EBITDA」與「調整後毛利率」等財務用語。請參閱我們今日下午發布的新聞稿，以取得這些用語的進一步定義、調節表與使用背景。

We will begin today's call with Bryan Lewis, Intellicheck's President and Chief Executive Officer. He will be followed by Adam Sragovicz, our Chief Financial Officer. Following their prepared remarks, we will take questions from our analysts and institutional investors.

今天的電話會議將先由 Intellicheck 總裁兼執行長 Bryan Lewis 開場。接著由我們的財務長 Adam Sragovicz 發言。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 it over to Bryan.

今天的電話會議將限時一小時，現在我把時間交給 Bryan。

Thanks, Gar, and good afternoon to everyone, and thank you for joining us today. I'll start by doing something I always try to do, be direct about what drove the quarter, which was impacted in part by the macro environment. Then I will get to the numbers that showed significant EBITDA growth, marking our fourth quarter in a row of positive EBITDA and our third quarter in a row of positive net income.

謝謝你，Gar。各位下午好，也感謝各位今天加入我們。我先從我一直努力做到的一件事開始：直接說明本季的驅動因素，其中一部分受到總體環境影響。接著我會談到數字：EBITDA 顯著成長，這是我們連續第四季 EBITDA 為正，也是連續第三季淨利為正。

The first quarter of 2026 played out against one of the more challenging macroeconomic backdrops that we have seen in several years. The military conflict in Iran, which intensified in the first quarter, created a genuine economic ripple effect across virtually every sector of our economy. Oil prices surged, pushing gasoline prices toward $4 and above in many markets. This is one of the factors that impacted consumer confidence and consequentially affected our retail customers.

2026 年第一季是在近幾年我們所見較具挑戰性的總體經濟背景下展開。伊朗的軍事衝突在第一季升溫，幾乎對我們經濟的各個產業都造成了實質的連鎖效應。油價飆升，使許多市場的汽油價格逼近每加侖 4 美元甚至更高。這是影響消費者信心的因素之一，並進而影響了我們的零售客戶。

Additionally, as evidenced by reporting on multiple news outlets, mortgage rates climbed to their highest levels in seven months as financial markets absorbed the geopolitical shock. And consumer confidence, which I just noted was already trending in the wrong direction, deteriorated further. And inflation, which had appeared to be normalizing at around 2.4% early in the quarter, reaccelerated sharply to 3.2% year over year in March.

此外，從多家新聞媒體的報導可見，金融市場消化地緣政治衝擊之際，房貸利率攀升至七個月來最高水準。而我剛提到原本就朝不利方向發展的消費者信心，進一步惡化。通膨在本季初看似於約 2.4% 附近趨於正常化，但在 3 月又急遽回升至年增 3.2%。

For Intellicheck specifically, these forces created headwinds in three of our verticals. In retail, that is now approximately 30% of our revenue, consumer belt tightening continued to weigh on transaction volumes. Our retail clients scan fewer IDs when foot traffic declines, and foot traffic clearly slowed in Q1 for our customers as consumers pulled back in addition to the normal Q4 to Q1 holiday decline.

就 Intellicheck 而言，這些力量在我們三個垂直領域造成逆風。在零售方面，目前約占我們營收的 30%，消費者縮緊支出持續壓抑交易量。當來客數下降時，我們的零售客戶掃描的身分證件數就會減少；而在第一季，除了一般從第四季到第一季的節慶後回落外，消費者縮手也使客流量對我們客戶而言明顯放緩。

In automotive, US auto sales are estimated to have fallen 5% to 6% year over year in Q1 as high borrowing costs, record vehicle purchases and economic uncertainty kept buyers on the sidelines, impacting scanning volumes at some of our auto dealer clients.

在汽車領域，由於借貸成本高企、車輛購買價格創高以及經濟不確定性使買家觀望，估計美國第一季汽車銷量年減 5% 至 6%，進而影響我們部分汽車經銷商客戶的掃描量。

On the title insurance side, the combination of rising rates and geopolitical uncertainty slowed mortgage origination activity. Despite all of these economic factors, I am pleased to report that Intellicheck continued its growth trajectory with growth of approximately 13% year over year. I believe this underscores the wisdom of our decision to expand into other verticals.

在產權保險方面，利率上升與地緣政治不確定性的組合，放緩了房貸承作活動。儘管有上述經濟因素，我很高興報告 Intellicheck 仍延續成長軌跡，年增約 13%。我認為這凸顯了我們決定擴展至其他垂直領域的明智。

Our first quarter revenue was approximately $5.5 million versus $4.9 million in Q1 2025. We delivered adjusted EBITDA of $935,000, representing a margin -- EBITDA margin of approximately 17% versus our adjusted EBITDA of negative $17,000 one year ago. This marks our fourth consecutive quarter of positive adjusted EBITDA. This is a milestone that I believe speaks directly to the operating leverage we have built into this model.

我們第一季營收約為 550 萬美元，相較 2025 年第一季的 490 萬美元。我們的調整後 EBITDA 為 93.5 萬美元，代表利潤率——EBITDA 利潤率約 17%，相較一年前調整後 EBITDA 為負 1.7 萬美元。這是我們連續第四季調整後 EBITDA 為正。我認為這是一個里程碑，直接反映我們在此商業模式中建立的營運槓桿。

We had earnings per share of $0.03, marking our third quarter in a row of profitability and ended the quarter with over $10 million in cash and $0 debt. I will tell you, delivering 13% revenue growth in this macro environment with 17% EBITDA margin is something I am generally proud of. Now let's walk through our vertical performance.

我們每股盈餘為 0.03 美元，這是我們連續第三季獲利，且季末現金超過 1,000 萬美元、負債為 0。我想說，在這樣的總體環境下仍能達成 13% 的營收成長並維持 17% 的 EBITDA 利潤率，是我整體上感到自豪的成果。現在讓我們逐一檢視各垂直領域的表現。

Banking and lending remain our core growth engine and represented over 50% of our quarterly revenue growing strongly in Q1. This mix shift has fundamentally changed the resilience of this business. Our largest regional banking client with a three-year contract valued in the very high seven figures is now fully implemented throughout all their bank branches. Their team is not just ramping volumes. They are in active conversations with us about expanding the use of Intellicheck's technology in additional use cases and departments.

銀行與放款仍是我們的核心成長引擎，第一季表現強勁，並占我們單季營收的 50% 以上。這樣的組合轉變，從根本上提升了本業務的韌性。我們最大的區域性銀行客戶之一，簽有為期三年、合約價值達非常高的七位數金額的合約，目前已在其所有銀行分行全面完成導入。他們的團隊不僅正在提升使用量。他們也正與我們積極洽談，將 Intellicheck 的技術擴展至更多使用情境與部門。

The ROI and fraud prevention at these banks is not subtle. Account takeover losses average approximately $2,300 per incident. Some clients tell us they experienced monthly fraud losses north of $40,000 before they implemented Intellicheck. The payback on our technology is often measured in days, not months. And in addition to stopping fraud, we also help them onboard good customers faster, a significant and valuable attribute that I believe is frequently overlooked.

這些銀行的投資報酬（ROI）與防詐成效非常明顯。帳戶接管（Account Takeover）損失平均每起事件約 2,300 美元。有些客戶告訴我們，在導入 Intellicheck 之前，他們每月的詐欺損失超過 40,000 美元。我們技術的回收期往往以「天」而非「月」來衡量。此外，除了阻止詐欺，我們也協助他們更快地為優質客戶完成開戶導入；我認為這是一項重要且有價值、但經常被忽略的特點。

Beyond our major bank relationships, our new desktop delivery method is opening meaningful new doors with smaller banks and credit unions. This clearly reflects the benefits of our desktop delivery of our core services.

除了我們主要的銀行合作關係之外，我們新的桌面端交付方式，正為較小型銀行與信用合作社開啟具實質意義的新機會。這清楚反映了我們以桌面端交付核心服務所帶來的效益。

This delivery service requires no integration with the bank's core platform and implementation is immediate. You may recall that credit unions and smaller banks have historically been hampered by long technology integration queues with their core technology providers. I am pleased to report that we are seeing strong inbound interest for our desktop product that is designed to address this issue.

此交付服務不需要與銀行的核心平台進行整合，且可立即上線。各位或許記得，信用合作社與較小型銀行過去一直受限於其核心技術供應商漫長的技術整合排程。我很高興報告，我們看到針對旨在解決此問題的桌面端產品，正出現強勁的主動洽詢需求。

We believe this product has the potential to materially expand our addressable market without requiring a third party to facilitate the growth. Implementing this desktop technology, we have signed three new clients with several others in review. While these are smaller deals, they can get up and running quickly. That being said, bank platform partnerships are also very important. I'm also excited to share that our new partnership with Alloy is starting to generate early traction.

我們相信，這項產品有潛力在不需要第三方促成成長的情況下，實質擴大我們的可服務市場。在導入這項桌面端技術後，我們已簽下三位新客戶，另有數位客戶正在評估中。雖然這些是較小的案子，但可快速上線運作。話雖如此，與銀行平台的合作夥伴關係同樣非常重要。我也很高興分享，我們與 Alloy 的新合作夥伴關係已開始帶來初步動能。

Our partnership here is a valuable one given it is one of the leading identity and fraud prevention platforms in the banking and fintech space. Their customer network is substantial. We believe being embedded in our platform significantly reduces buying friction for institutions already operating within the Alloy ecosystem.

我們在此的合作夥伴關係相當有價值，因為 Alloy 是銀行與金融科技領域領先的身分識別與防詐平台之一。他們的客戶網路規模龐大。我們相信，對於已在 Alloy 生態系中運作的機構而言，將我們嵌入其平台可大幅降低採購摩擦。

These kinds of strategic partnerships are an important element in how we grow this component of the banking vertical from here. Retail represented approximately 30% of 2025 revenues, and as I discussed earlier, was certainly challenging during the first quarter.

這類策略性合作夥伴關係，是我們從現在起推動銀行垂直領域此一組成部分成長的重要要素。零售約占 2025 年營收的 30%，如我先前所述，第一季確實充滿挑戰。

We saw year-over-year declines in scanning volumes that was similar to the sequential period last year, and we believe that it is entirely consistent with the consumer confidence and macro headwinds I described. Through our active diversification efforts, we are no longer dependent on retail for growth. If consumer sentiment improves as the macro picture settles, any recovery in retail volumes will be an incremental upside for us.

我們看到掃描量年對年下滑，幅度與去年上一個連續期間相近；我們認為這完全符合我所描述的消費者信心與總體環境逆風。透過我們積極的多元化努力，我們已不再依賴零售來帶動成長。若隨著總體情勢趨於穩定而消費者情緒改善，零售量的任何回升都將成為我們額外的上行空間。

Also, as I previously discussed, our title insurance vertical was impacted in Q1 by the mortgage rate environment. However, I want to call out a milestone that I am genuinely excited about.

此外，如我先前所談，我們的不動產權屬保險（title insurance）垂直領域在第一季受到房貸利率環境影響。不過，我想特別指出一個我真心感到振奮的里程碑。

First American Title successfully launched their digital e-commerce identity verification capability in Q1. You may remember, we told you this was coming on the last quarter's call. This is a meaningful expansion of how our technology is embedded in their platform. It is exactly the kind of deepening of the relationship that drives long-term value. When rates normalize and real estate volumes recover, we believe this vertical has substantial upside potential.

First American Title 已於第一季成功推出其數位電商身分驗證能力。你可能還記得，我們在上一季的電話會議中曾告訴各位這項進展即將到來。這是我們技術在其平台中嵌入方式的一項重要擴展。這正是能深化合作關係、驅動長期價值的那種進展。當利率回歸正常、房地產交易量復甦時，我們相信此垂直領域具有可觀的上行潛力。

We're also seeing growth in our other verticals. Our age-related and background check verticals continue to grow steadily. The nationwide rollout with our food manufacturer client addressing cargo freight fraud is showing good progress as well. That account is now running in the low six-figure annual contract value range. Additionally, our foreign auto manufacturer clients and their supplier networks continue to expand.

我們也看到其他垂直領域的成長。我們的年齡驗證與背景查核垂直領域持續穩健成長。我們與食品製造商客戶合作、用以因應貨運詐欺的全國性推廣也展現良好進展。該帳戶目前的年度合約價值已達低六位數美元區間。此外，我們的海外汽車製造商客戶及其供應商網路也持續擴張。

In the stadium concessions market vertical, we added a few additional clients, although these are starting at very low volumes. While this remains a long-term opportunity, we are building the foundation for further growth.

在體育場館餐飲販售市場的垂直領域，我們新增了幾位客戶，儘管目前起始量非常低。雖然這仍是長期機會，但我們正在為進一步成長奠定基礎。

On the product and technology front, our team continues to execute at a high level. As I shared with you, our desktop application is gaining solid traction. We are also seeing progress with our mobile SDK, hub reporting console and portal delivery method.

在產品與技術方面，我們的團隊持續以高水準執行。如我與各位分享的，我們的桌面端應用程式正獲得穩健的市場動能。我們也在行動 SDK、Hub 報表主控台以及入口網站交付方式方面看到進展。

As a reminder, our customers like our hardware-free solutions that are quick and easy to implement. And here's the thing I keep coming back to. Our core differentiation is unique and it is durable. We can verify the authenticity of a government-issued ID in less than a second with 99% decisioning. We do this by checking against the exact bar code specification embedded by each state DMV at the time of issuance.

提醒一下，我們的客戶喜歡我們免硬體、且快速易於導入的解決方案。而我一直回到的一點是：我們的核心差異化是獨特且具持久性的。我們能在不到一秒內，以 99% 的判定率驗證政府核發身分證件的真偽。我們透過比對各州 DMV 在核發當下嵌入的精確條碼規格來做到這點。

Keep in mind that no competitor has access to these specifications. This is because we continue to be the trusted test lab for state DMV systems, a relationship we've had for more years than I can count. This exclusivity is key as we see threats continue to evolve at an extraordinary pace. AI-generated fakes are becoming more sophisticated every quarter, which I believe will become an increased problem for our competitors. Synthetic identity fraud skyrocketed 300% in just the first quarter.

請記住，沒有任何競爭對手能取得這些規格。這是因為我們持續擔任各州 DMV 系統值得信賴的測試實驗室，這段合作關係已久到我數不清有多少年。在威脅以驚人速度持續演進之際，這種獨家性至關重要。AI 生成的偽造品每一季都更為精密，我認為這將成為我們競爭對手日益嚴重的問題。合成身分詐欺僅在第一季就暴增 300%。

Deepfake-driven fraud was up over 1,000%. Visual template checks, which is what most of our competitors rely on, cannot stop these fakes. We can. That is not going to change, and it gets more valuable every year. Our marketing initiatives are continuing to make a difference as they continue generating lead activity.

由深偽（deepfake）驅動的詐欺增加超過 1,000%。視覺模板檢查——也就是我們多數競爭對手所依賴的方法——無法阻止這些偽造。我們可以。這不會改變，而且每一年都變得更有價值。我們的行銷計畫持續發揮影響力，並持續帶來潛在客戶活動。

The agency we brought on board is sharpening our messaging and building brand awareness. Our IDN threat report has been an effective thought leadership piece across banking, title, automotive and the cargo freight audiences. This original data documenting the fraud trends we observed in 2025 positions us as a credible source of industry data and intelligence.

我們新聘請的代理商正在強化我們的訊息傳達並建立品牌知名度。我們的 IDN 威脅報告在銀行、權屬保險、汽車以及貨運受眾中，已成為有效的思想領導內容。這份原始數據記錄了我們在 2025 年觀察到的詐欺趨勢，使我們成為可信賴的產業數據與情報來源。

Our podcast content, white papers and industry conference presence continue to build Intellicheck's brand as the definitive authority in real-world ID verification. In closing, I'm continuing to be mindful as to how 2026 is unfolding.

我們的 Podcast 內容、白皮書以及在產業會議上的曝光，持續建立 Intellicheck 作為「真實世界」身分驗證權威的品牌形象。最後，我仍持續留意 2026 年的發展走向。

Clearly, the macro environment remains uncertain. The Iran conflict, elevated interest rates and consumer caution are real factors that will continue to influence some of our verticals in the near term. We are watching that carefully every day. But here's what gives me added confidence. Our banking and lending vertical is driven by fraud prevention.

顯然，總體環境仍充滿不確定性。伊朗衝突、高利率與消費者謹慎等因素都是真實存在的，短期內將持續影響我們部分垂直領域。我們每天都在密切關注。但讓我更有信心的是：我們的銀行與放款垂直領域是由防詐需求所驅動。

This is mission-critical, nondiscretionary spending for every bank and credit union we work with. This category does not soften in a difficult economy. If anything, it becomes more urgent. Keep in mind, this is now more than half of our business. We believe that we have opportunities to continue growth with our existing clients in addition to signing new clients.

對於我們合作的每一家銀行與信用合作社而言，這是任務關鍵、不可任意刪減的支出。在艱困的經濟環境下，這個類別不會走弱。若有的話，反而會變得更迫切。請記住，這部分現在已占我們業務的一半以上。我們相信，除了簽下新客戶之外，我們也有機會在既有客戶中持續成長。

We believe that we are at the inflection point in our business model to profitability. At our current run rate, virtually every incremental revenue dollar flows meaningfully to the bottom line. We have over $10 million in cash, no debt and a product that we believe genuinely cannot be replicated. Without providing formal guidance, we believe EBITDA margins will remain positive, and we see potential acceleration in the back half of the year. Looking forward, we believe that we are well positioned to deliver positive net income for the full year 2026.

我們相信，我們正處於商業模式邁向獲利的拐點。以我們目前的營運速度來看，幾乎每一美元的新增營收都會顯著流向最終盈餘。我們擁有超過 1,000 萬美元現金、零負債，以及一項我們相信確實無法被複製的產品。在不提供正式財測指引的前提下，我們認為 EBITDA 利潤率將維持為正，且我們看到下半年有加速的潛力。展望未來，我們相信我們已具備良好條件，在 2026 全年實現正的淨利。

This would be a significant milestone for this company. We also continue to advance our Investor Relations initiatives and expect to participate in a number of upcoming investor conferences, including the Sidoti Microcap Virtual Conference next week. In June, we will be participating in the RBC Financial Technology Conference in New York, the D.A. Davidson Conference in Nashville and the Planet MicroCap Showcase in Las Vegas. These events provide valuable opportunities to further expand awareness of Intellicheck and communicate our strategic priorities and long-term growth objectives.

這將是公司的一項重要里程碑。我們也持續推進投資人關係（IR）計畫，並預期參與多場即將到來的投資人會議，包括下週的 Sidoti Microcap Virtual Conference。6 月，我們將參加在紐約舉行的 RBC Financial Technology Conference、在納許維爾舉行的 D.A. Davidson Conference，以及在拉斯維加斯舉行的 Planet MicroCap Showcase。這些活動提供寶貴機會，讓我們進一步提升 Intellicheck 的市場能見度，並傳達我們的策略重點與長期成長目標。

In addition, they provide valuable platforms to keep you, our shareholders, informed while at the same time engaging with the broader investment community. The headwinds we faced in Q1 are real, but so is the trajectory we are on to maintain and expand profitability. We are a fundamentally different company than we were 24 months ago, and I am confident in where the business is going.

此外，它們也提供寶貴的平台，讓您——我們的股東——得以及時掌握資訊，同時也能與更廣泛的投資社群互動。我們在第一季面臨的逆風確實存在，但我們為維持並擴大利潤所走的軌跡同樣真實。相較於 24 個月前，我們已是一家本質上截然不同的公司，而我對公司業務的發展方向充滿信心。

Now I will turn it over to Adam.

現在我把時間交給 Adam。

Thank you, Bryan. We are off to a strong start in 2026, and I want to take a moment to put that in context. Bryan described the macro backdrop and against that backdrop, I'm genuinely pleased with what we've delivered.

謝謝你，Bryan。我們在 2026 年有一個強勁的開局，我想花一點時間把這點放在脈絡中說明。Bryan 描述了總體環境；在那樣的背景下，我對我們所交出的成果由衷感到滿意。

Total revenue for the first quarter of 2026 increased $630,000 or 13% to $5.524 million compared to $4.894 million in the first quarter of 2025. SaaS revenue grew $646,000 or 13% to $5.514 million from $4.868 million in the same period of 2025. The growth was driven especially by financial services and banking, where identity fraud pressures remain elevated and customers continue to deepen the use of our platform.

2026 年第一季總營收較 2025 年第一季的 489.4 萬美元增加 63.0 萬美元（或 13%），至 552.4 萬美元。SaaS 營收較 2025 年同期的 486.8 萬美元增加 64.6 萬美元（或 13%），至 551.4 萬美元。成長動能特別來自金融服務與銀行業；在該領域，身分詐欺壓力仍然偏高，客戶也持續加深對我們平台的使用。

Gross profit as a percentage of revenues was 91% in the first quarter of 2026 compared to 89.7% in the first quarter of 2025, a 130-basis point improvement. On an adjusted basis, excluding noncash amortization of capitalized software costs, adjusted gross profit margin was 93.4% compared to 91.8% in the prior year period, representing a 160-basis point improvement. Both measures reflect the continued operating efficiency we have achieved with our cloud infrastructure.

2026 年第一季毛利率為 91%，相較 2025 年第一季的 89.7%，提升 130 個基點。以調整後口徑（排除資本化軟體成本的非現金攤銷）計算，調整後毛利率為 93.4%，較去年同期的 91.8% 提升 160 個基點。這兩項指標都反映出我們透過雲端基礎架構所持續達成的營運效率。

Our cost of revenue, excluding amortization, was $362,000 in Q1 of 2026, down from $399,000 in Q1 of 2025, even as revenue grew 13%. Noncash amortization allocated to cost of revenues was $137,000 in Q1 of 2026 compared to $103,000 in Q1 of 2025 as previously capitalized software development costs continue to amortize through the income statement. As we noted on our last call, our capitalization of new software costs has declined to near zero levels, which means this amortization headwind will diminish over the next several years as earlier vintage capitalized assets roll off.

2026 年第一季（不含攤銷）的營收成本為 36.2 萬美元，低於 2025 年第一季的 39.9 萬美元，儘管營收成長了 13%。分攤至營收成本的非現金攤銷在 2026 年第一季為 13.7 萬美元，較 2025 年第一季的 10.3 萬美元增加，因先前資本化的軟體開發成本持續透過損益表攤銷。如同我們在上次電話會議中提到的，我們對新增軟體成本的資本化已下降至接近零的水準，這表示隨著較早期資本化資產逐步到期退出，這項攤銷逆風將在未來數年逐漸減弱。

Operating expenses decreased $257,000 or 5% to $4.483 million in the first quarter of 2026 compared to $4.740 million in the first quarter of 2025. In three of the past five quarters, including the last two, operating expenses have declined year over year, while revenue grew at double-digit rates. SG&A expenses decreased $211,000 or 6% to $3.242 million compared to $3.453 million in Q1 of 2025.

2026 年第一季營業費用較 2025 年第一季的 474.0 萬美元減少 25.7 萬美元（或 5%），至 448.3 萬美元。在過去五個季度中有三個季度（包含最近兩個季度），營業費用年對年下降，而營收則以雙位數成長。SG&A 費用較 2025 年第一季的 345.3 萬美元減少 21.1 萬美元（或 6%），至 324.2 萬美元。

The reduction reflects continued discipline across personnel costs, marketing spend and professional fees. R&D expenses decreased $46,000 or 4% to $1.241 million from $1.287 million in Q1 of 2025. I would note that R&D costs are now almost entirely cash expenses given the near elimination of software capitalization. The GAAP number and the cash number are effectively the same, which makes our R&D line more straightforward to interpret than in prior years.

這項下降反映我們在人員成本、行銷支出與專業服務費用方面持續保持紀律。研發費用較 2025 年第一季的 128.7 萬美元減少 4.6 萬美元（或 4%），至 124.1 萬美元。我也要指出，由於軟體資本化幾乎已被消除，研發成本現在幾乎完全是現金支出。GAAP 數字與現金數字基本一致，使得我們的研發費用項目比起過去幾年更容易解讀。

As a result of these dynamics, we reported operating income of $542,000 in the first quarter of 2026 compared to an operating loss of $348,000 in the first quarter of 2025, an $890,000 year-over-year improvement at the operating line.

在上述因素影響下，我們在 2026 年第一季錄得營業利益 54.2 萬美元，相較 2025 年第一季的營業損失 34.8 萬美元，營業利益層級年對年改善 89.0 萬美元。

Other income was $94,000, primarily consisting of interest earned on our cash balances compared to $30,000 in the prior year period. The increase reflects both the higher average cash balance we carried and favorable short-term rate positioning. Net income for the first quarter of 2026 was $636,000 or $0.03 per diluted share compared to a net loss of $318,000 or $0.02 per diluted share in the first quarter of 2025, a swing of nearly $1 million year over year. This marks our third consecutive quarter of positive net income. The weighted average diluted share count was 20.9 million for Q1 of 2026 compared to 19.8 million for Q1 of 2025.

其他收益為 9.4 萬美元，主要來自我們現金餘額所賺取的利息；去年同期為 3.0 萬美元。增加的原因反映我們持有較高的平均現金餘額，以及有利的短期利率配置。2026 年第一季淨利為 63.6 萬美元（稀釋後每股 0.03 美元），相較 2025 年第一季淨損 31.8 萬美元（稀釋後每股損失 0.02 美元），年對年擺盪接近 100 萬美元。這是我們連續第三個季度實現正的淨利。2026 年第一季加權平均稀釋後股數為 2,090 萬股，去年同期為 1,980 萬股。

Adjusted EBITDA for the first quarter of 2026 was $935,000 compared to a loss of $17,000 in the first quarter of 2025, representing a year-over-year growth of $952,000. This is our fourth consecutive quarter of positive adjusted EBITDA. And I want to remind everyone that Q1 is seasonally our softest quarter given the absence of a certain holiday retail uplift we see in Q4. To put that in perspective, one year ago, we were essentially at breakeven on an adjusted EBITDA basis in Q1. This quarter, we generated nearly $1 million and delivered an adjusted EBITDA margin of approximately 17%.

2026 年第一季調整後 EBITDA 為 93.5 萬美元，相較 2025 年第一季虧損 1.7 萬美元，年對年增加 95.2 萬美元。這是我們連續第四個季度實現正的調整後 EBITDA。我也想提醒大家，第一季在季節性上通常是我們最疲弱的季度，因為少了我們在第四季會看到的特定節慶零售帶動效應。作為對照，一年前我們在第一季的調整後 EBITDA 基本上接近損益兩平。而本季我們創造了接近 100 萬美元，並交出約 17% 的調整後 EBITDA 利潤率。

Depreciation and amortization was $193,000 and stock-based comp was $200,000 in Q1 of 2026, consistent with recent trends. For the first quarter of 2026, we recognized no income tax provision. We continue to carry a full valuation allowance against our net deferred tax assets of approximately $6.7 million, which GAAP requires as long as our three-year cumulative taxable income position remains negative.

2026 年第一季折舊與攤銷為 19.3 萬美元，股份基礎給付為 20.0 萬美元，與近期趨勢一致。2026 年第一季我們未認列所得稅費用。我們仍對約 670 萬美元的淨遞延所得稅資產提列全額估值備抵；只要我們三年累計課稅所得仍為負值，GAAP 即要求如此處理。

As I mentioned on our last call, the prior year's losses keep that cumulative test negative for now, but the window is improving as each profitable quarter is added and loss periods roll off. At March 31, 2026, the company had cash and cash equivalents totaling $10.062 million, an increase of $412,000 from $9.650 million at December 1, 2025.

如同我在上次電話會議提到的，前一年度的虧損使得該累計測試目前仍為負值，但隨著每一個獲利季度被納入、虧損期間逐步退出計算窗口，情況正在改善。截至 2026 年 3 月 31 日，公司持有的現金及約當現金合計 1,006.2 萬美元，較 2025 年 12 月 1 日的 965.0 萬美元增加 41.2 萬美元。

The first quarter is typically a period of cash usage given the seasonality of our business, so generating operating cash flow of $444,000 in Q1 is a strong result. We have no outstanding debt, which means our balance sheet is entirely equity and business financed. Working capital at March 31, 2026, was $11.119 million. Total assets were $27.109 million and stockholders' equity was $21.533 million. Accounts receivable grew to $5.740 million at March 31 compared to $3.365 million at December 31.

第一季通常因業務季節性而是現金使用期，因此在第一季產生 44.4 萬美元的營運現金流是一個強勁的結果。我們沒有任何未償還債務，這表示我們的資產負債表完全由股權與營運所支撐。截至 2026 年 3 月 31 日，營運資金為 1,111.9 萬美元。總資產為 2,710.9 萬美元，股東權益為 2,153.3 萬美元。應收帳款截至 3 月 31 日增至 574.0 萬美元，較 12 月 31 日的 336.5 萬美元增加。

This increase is largely a timing artifact of our Q1 billings pattern. Annual contracts that renew in the first quarter generate substantial invoicing in the first weeks of the year with collections sometimes completing in Q2. Our allowance for credit losses remained stable at $157,000. Our capital requirements remain modest. Capital were only $33,000 in Q1 of 2026.

這項增加主要是我們第一季開立帳單模式所造成的時間差。在第一季續約的年度合約，通常會在年初前幾週開立大量發票，而收款有時會在第二季才完成。我們的信用損失備抵維持穩定，為 15.7 萬美元。我們的資本需求仍然不高。2026 年第一季資本支出僅為 3.3 萬美元。

Our product improvements are expensed as incurred rather than capitalized and our infrastructure runs on major cloud platforms rather than owned hardware. We are encouraged by how the year has started. The combination of consistent revenue growth, improving margins and the first profitable Q1 in company history tells us that the operating model changes we've made are working.

我們的產品改良在發生時即認列為費用，而非資本化；同時，我們的基礎設施運行於主要雲端平台，而非自有硬體。我們對今年的開局感到振奮。持續的營收成長、利潤率改善，以及公司史上第一個獲利的第一季，讓我們相信我們所做的營運模式調整正在奏效。

Looking ahead, we expect gross margin profile to remain in the 90% to 91% GAAP range with adjusted gross margins continuing to run the 92% to 93% range. The noncash amortization of capitalized software costs will remain a small headwind in the near term, but will diminish over time.

展望未來，我們預期毛利率結構將維持在 GAAP 90% 至 91% 的區間，而調整後毛利率將持續落在 92% 至 93% 的區間。已資本化軟體成本的非現金攤銷在短期內仍會是小幅逆風，但將隨時間推移而逐步減弱。

On the expense side, we remain committed to growing operating expenses at a rate below our revenue growth rate. That discipline is what drives the operating leverage we are seeing. Finally, I want to briefly address capital allocation. Our cash position gives us flexibility. We are investing in the business, especially in marketing and sales capacity, customer success and in product at a level we believe is appropriate given our growth targets.

在費用方面，我們仍致力於讓營業費用的成長率低於營收成長率。這樣的紀律正是我們目前看到的營運槓桿的驅動因素。最後，我想簡要談一下資本配置。我們的現金部位讓我們具備彈性。我們正在投資於業務，特別是在行銷與銷售產能、客戶成功，以及產品方面，投資水準我們認為與我們的成長目標相稱。

We will continue to regularly evaluate how to deploy that capital in ways that create long-term value for shareholders. I'll now turn the call over to the operator for questions.

我們將持續定期評估如何以能為股東創造長期價值的方式來運用這些資本。接下來我把電話會議交給接線員進行提問。

(Operator Instructions) Mike Grondahl, Northland Securities.

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

For the retail vertical, do you guys have what revenue was 1Q '25 and 1Q '26?

針對零售垂直領域，你們有 2025 年第一季和 2026 年第一季的營收數字嗎？

Good question, Mike. I didn't run those numbers, but it roughly runs in line with, obviously, transactional volume, which was -- if you remember, generally, we drop at least 10% Q1 to -- I'm sorry, Q4 to Q1 just for the seasonality of the holidays. And we still have two of our major clients who have a lot to do with retail who are not on a straight-line revenue model yet. So they saw the seasonality, but we did see, I'm going to say, another good 5% to 10% drop, which I'm going to say is probably economic factor.

好問題，Mike。我沒有把那些數字跑出來，但大致上與交易量一致；如果你記得，一般而言，因為假期的季節性因素，我們從第四季到第一季通常至少會下滑 10%——抱歉，是從 Q4 到 Q1。而且我們仍有兩個與零售高度相關的大型客戶，尚未採用直線式（straight-line）的營收模式。所以他們確實出現季節性，但我們也看到我想大約又有 5% 到 10% 的下滑，我認為這可能是經濟因素所致。

Got it. Got it. And then any trends you're seeing on pricing or transaction volume overall?

了解。了解。那整體來看，你們在定價或交易量方面有看到什麼趨勢嗎？

So that is -- so pricing, we continue to see upticks in pricing. And I think it's also very much dependent upon the market. Again, if you think about our largest clients all renewed last year, and they go into three-year contracts with CPI kind of adjustments every year. But in the new markets that we're going to, we continually are able to show pricing power. And those new sales are moving up. And we're also really starting to price a lot of things that we're changing is minimum to play.

所以這個——就定價而言，我們持續看到價格上調。而且我認為這也非常取決於市場。再說一次，如果你想想我們最大的客戶去年都已續約，他們簽的是三年合約，每年會有類似 CPI 的調整。但在我們正在進入的新市場中，我們持續展現定價能力。而那些新銷售的價格也在往上走。另外，我們也真的開始把很多我們正在改變的項目定價為「最低入場門檻」（minimum to play）。

Again, one of the things we look at is, for example, the suppliers to some of the automotive companies that we're dealing with, it's like, look, we're not going to deal with you without paying X, right? And that means the price per transaction is relatively high, but we're saying we need to do that to factor in what it costs to support you.

再說一次，我們觀察的一件事是，例如我們正在合作的一些汽車公司的供應商，我們會說：你不付 X，我們就不會跟你合作，對吧？這代表每筆交易的價格相對較高，但我們的意思是：我們需要這樣做，才能把支援你所需的成本納入考量。

So overall, we're seeing what I feel is people are understanding that we are a differentiated product that deserves a premium because, again, I've said this a million times, just about everybody else does it the same way. Take a picture, compare to a template. They do not have the authoritative data that we have on the barcode, and that deserves a premium.

所以整體而言，我看到的是大家正在理解：我們是一個具差異化的產品，值得收取溢價；因為——我已經說過無數次——幾乎所有其他人都是用同樣的方法做。拍張照片，拿去跟範本比對。他們沒有我們在條碼上所擁有的權威性資料，而這值得溢價。

Rudy Kessinger, DA Davidson.

Rudy Kessinger，DA Davidson。

So with the kind of headwinds to the scan volumes in a few of your verticals, just -- if we operate under the assumption that those persist in Q2 and likely throughout the second half of the year, how should we think about your potential growth profile throughout the rest of the year?

在你們幾個垂直領域的掃描量面臨一些逆風的情況下——如果我們假設這些逆風在第二季仍會持續，且很可能延續到下半年，那我們應該如何看待你們今年剩餘期間的潛在成長輪廓？

Look, I'm just going to go back to some of the numbers that we did. We still grew 13% year over year. And I think that has to do with other verticals that we're bringing in. I'd say the desktop delivery method is opening new markets. And it's not just banking.

你看，我就回到我們做出來的一些數字。我們的年增率仍有 13%。我認為這與我們正在導入的其他垂直領域有關。我會說桌面（desktop）交付方式正在開啟新市場。而且不只是銀行業。

I mean it's -- desktop is working in the background check part of our business. It's working in the cargo part of our business because those folks generally don't have big IT staffs and they don't need it. They can get centralized reporting and instant implementation. So I think our expansion into new markets and expansion into new delivery methods is going to allow us to have continued growth throughout the year.

我的意思是——桌面模式在我們業務的背景審查（background check）部分運作得很好。在我們的貨運（cargo）業務部分也運作得很好，因為那些客戶通常沒有龐大的 IT 團隊，而且也不需要。他們可以獲得集中式報表與即時導入。所以我認為，我們擴張到新市場、以及擴張到新的交付方式，將使我們在今年持續成長。

And then the other thing that I'd say is that -- and I'm sure maybe your macroeconomic guys have a good idea of where things will go. But what we talk about a headwind, and we've seen it, right? When the market got good, all of a sudden, we had a tailwind from those markets. We are -- our customers continue to expand and bring on new retailers. However, until consumer confidence gets up there, and I think interest rates go down -- we've got some of our credit card customers are up around 35%, 39% on interest rates.

另外我想說的是——我相信你們的總體經濟分析師可能對走勢很有概念。但我們所說的逆風，我們確實看到了，對吧？當市場變好時，突然之間，我們就從那些市場獲得順風。我們的客戶持續擴張並導入新的零售商。然而，在消費者信心回升之前，而且我認為利率要下降——我們有些信用卡客戶的利率高達約 35%、39%。

That bumps people up. Now when that changes, I think it picks up. And in a way, just through being good stewards of our customers and the business that they're bringing in, that's a massive tailwind. So I'm happy with what I'm seeing in terms of pipeline, sales progress and then keep that going plus hopefully, the economy turns around in short order. I'm excited.

那會讓人卻步。當那種情況改變時，我認為就會回升。而某種程度上，只要我們善盡對客戶以及他們帶來的業務的管理責任，那就是一個巨大的順風。所以就我看到的管線、銷售進展而言我很滿意；接下來就是把這股動能延續下去，並希望經濟能在短期內好轉。我很期待。

Okay. Got it. And then talk to me about the pipeline. What does that look like both from a new logo standpoint? And then also, do you have any of your large financial customers that are set to renew this year? And if so, any expectations for expansion on those contracts?

好的。了解。那跟我談談管線。不論是新客戶（new logo）的角度，管線看起來如何？另外，你們是否有任何大型金融客戶今年要續約？如果有，對那些合約的擴張有什麼預期嗎？

So the majority of our large customers renew on our contracts. One of them is still in the kind of buying buckets, and they are expanding because they have been bringing on new retailers. One of the things that I like about them is part of the way they win business away from their competitors for credit card programs is they can offer better rates, and we know this because we've been on some of their sales calls, offer better rates on the program if they implement Intellicheck, which does two things for the retailer, lower rates and faster adoption of customers. So they've been bringing on more clients. So that's why part of what they've been doing is it has been expanding with us.

所以我們的大多數大型客戶都會在合約上續約。其中一家仍處於某種採購分組（buying buckets）的狀態，而且他們正在擴張，因為他們一直在導入新的零售商。我喜歡他們的一點是：他們在信用卡方案上從競爭對手手中搶下業務的方式之一，是他們能提供更好的利率；我們知道這點，因為我們參與過他們的一些銷售拜訪——如果零售商導入 Intellicheck，他們就能在該方案上提供更好的利率，而這對零售商有兩個好處：更低的費率，以及更快的客戶採用。所以他們一直在導入更多客戶。因此，他們所做的一部分就是與我們一起擴張。

And generally, every year, they think they buy a bucket that's going to last them the year and it never does. So overall, anybody that's big is locked in and/or growing. And then from the pipeline standpoint, like we said in the prepared remarks, I'm very, very happy with what the marketing crew we brought in have been doing. Really good leads, new RFPs that probably we would not have seen before. I'll be quite honest, through some banking relationships, we're getting introduced to new customers that -- or new prospects, I should say, that they know could use our product.

而且一般來說，每年他們都以為買一桶就能用上一整年，但事實上從來都不夠用。所以整體而言，規模大的客戶要嘛已經被鎖定在我們這裡，和/或仍在成長。接著從銷售管線的角度來看，就像我們在事先準備的講稿裡提到的，我對我們新引進的行銷團隊所做的事情非常、非常滿意。非常好的線索、一些新的RFP（招標/提案邀請），這些可能是我們以前根本看不到的。我很坦白地說，透過一些銀行關係，我們被介紹給新的客戶——或者我應該說新的潛在客戶——他們知道這些人可能用得上我們的產品。

So all in all, I'd say good team, good prospects and really good customers.

總之，我會說團隊很好、潛在客戶很好，而且客戶也真的很棒。

Jeff Van Rhee, Craig-Hallum Capital Group.

Jeff Van Rhee，Craig-Hallum Capital Group。

A couple for me. First, maybe just in terms of the quarter, how did they play out monthly? It feels sort of normal. January, February fell off. March, it got ugly.

我這邊有幾個問題。第一個，可能就本季而言，每個月的走勢是怎麼發展的？感覺有點像正常情況。一月、二月下滑。三月就變得很難看。

Just kind of curious, I mean, obviously, we're out into May, now you're well into Q2. Just kind of curious how each of those months has strung together. Have we hit a bottom? You've got pretty good visibility through the scan volumes. Just any commentary there on a more of a real-time month-by-month basis?

有點好奇，我的意思是，顯然我們現在已經到五月了，你們也已經在第二季進行中。想了解一下這幾個月是怎麼串起來的。我們有觸底了嗎？你們透過掃描量應該有相當不錯的能見度。能否就更即時、逐月的角度給一些評論？

I'd say that banking was growing, retail was -- and when I say retail, consumer credit. The credit cards in that regard were lower than we've seen in previous quarters. Again, I think that has a lot to do with consumer confidence certainly picked up more when the whole Iranian conflict kind of got heated up. And I think the price of oil, which runs everything went up, offset a little bit by bringing on some new customers or existing banking clients expanding their usage and their volumes. I think you can look at the numbers.

我會說銀行端是在成長，零售端則是——我說的零售是指消費者信貸。就信用卡那一塊而言，比我們在前幾季看到的要低。同樣地，我認為這跟消費者信心有很大關係，尤其是當伊朗衝突升溫時，消費者信心確實更受影響。而且我認為油價——幾乎牽動所有事情——上升了；不過部分被我們新增一些新客戶、或既有銀行客戶擴大使用與量能所抵銷。我想你可以從數字看得出來。

I don't think consumers are any more positive in May than they might have been in March or April.

我不覺得消費者在五月會比三月或四月更樂觀。

Should we think then -- I mean, if I look at the last three years, I think your average Q1 to Q2 sequential growth is 5%. But it sounds like from what you're saying, we should be thinking more like flattish. I know you don't give guidance, but I mean, we need to get at least in the ballpark, just are we closer to flattish than your typical 5% growth quarter?

那我們是否應該這樣想——我的意思是，如果我看過去三年，你們第一季到第二季的平均季增大概是5%。但聽起來照你所說，我們應該把它想成比較接近持平。我知道你們不提供財測，但我們至少得抓個大概：我們是不是更接近持平，而不是你們典型的5%成長季度？

And then just while you're on that, you mentioned being happy with the pipeline. Any particularly large needle-moving deals? Or is it a lot of onesie, twosies? Just a little more color on the pipeline.

另外，既然你提到你對管線很滿意。有沒有特別大、能明顯帶動成長的案子？還是多半是一些零零星星的小案子？能否再多給一點管線的細節？

I'd say that there's a couple of things. One is, and I think I mentioned this on the last call, there is sort of a shortage of scanners out there that banks need. And we have a couple of these banking clients who want to be able to do passports in addition to just drivers' licenses, which means they're all looking to upgrade their scanning devices. But if you just go look at what it takes and the time frame to get them, that will be, I think, sort of one of the determining factors on how fast our revenue grows and in which quarter.

我會說有幾件事。第一個是——我想我在上次電話會議也提過——市場上銀行需要的掃描器有點短缺。而我們有幾家銀行客戶希望除了駕照之外也能處理護照，這表示他們都在尋求升級他們的掃描設備。但如果你去看取得這些設備所需的條件與交期，我認為那會是決定我們營收成長速度以及落在哪一季的因素之一。

It will depend on delivery of those scanners to several of our signed customers who want to get moving. And that's completely out of my control. The customers are signed. The customers believe in us. The customers want to be up and running as fast as they can.

這將取決於那些掃描器能否交付給我們幾位已簽約、想要開始推進的客戶。而那完全不在我的掌控之中。客戶已經簽了。客戶信任我們。客戶希望能以最快速度上線運作。

And that's with this desktop product, which doesn't mean we don't have to be integrated to any of those core banking platforms that take forever. So it's -- that's out of my control. What I can say is the customers have signed and are ready to go.

而這是使用我們的桌面端產品，這也意味著我們不需要整合到那些要花很久時間的核心銀行平台。所以——那不在我的掌控之中。我能說的是，客戶已經簽約並且準備好了。

And just the second part of the question then on pipeline. You commented on good pipeline. I guess what I'm wondering, is there any meaningful -- assuming volumes stay bleak, the economy stays bleak, oil prices stay elevated, I'm trying to figure out where the growth comes from. And if it's not volumes, I'm wondering what opportunity there is in the second half for major needle-moving customers like what you put up in '25, and I mean, seemingly every year, 1.5 year. Just what does that mega customer pipeline look like?

那再回到你問題的第二部分，關於管線。你提到管線很好。我想知道的是，有沒有任何有意義的——假設量能仍然低迷、經濟仍然低迷、油價仍然維持高檔，我試著理解成長會從哪裡來。如果不是來自量能，我想知道下半年是否有機會出現像你們在'25年那樣、能大幅帶動成長的大客戶——而且看起來幾乎每年、每一年半就會有一次。那種超大型客戶的管線目前看起來如何？

We always have customers in that kind of pipeline. It's just they take a very long time, and they are, what I'd say, stop and start all the time. Now what I like about this new sector that we've really gone into that we can get to with desktop -- they're smaller, they're nimble. They might not be worth $4 million a year, but they might be worth $0.25 million a year, but they can be up and running in three months. And you get -- and they're much easier. You get 10 of them, I'm just as happy.

我們一直都有那類型的客戶在管線裡。只是他們需要非常長的時間，而且我會說，他們總是反覆停停走走。但我喜歡我們真正切入的這個新領域的一點是：透過桌面端我們可以觸及到他們——他們規模較小、動作敏捷。他們可能不值每年400萬美元，但可能值每年25萬美元，可是他們三個月就能上線。而且你會——而且他們容易得多。你拿到10個這樣的客戶，我同樣很滿意。

So while we're always going after the whales, we're also looking at the banks that are smaller. And then there's a ton of other different opportunities, different market sectors that are coming to us. I didn't say anything about cargo, right? But the average loss of a tractor trailer is $300,000, and it's happening all the time. That's a huge, huge sector for us.

所以，雖然我們一直在追逐那些「大鯨魚」，我們也同時在看規模較小的銀行。此外，還有大量其他不同的機會、不同的市場領域正在找上我們。我沒有提到貨運，對吧？但一台聯結車（tractor trailer）平均一次損失是30萬美元，而且這種事一直在發生。那對我們來說是一個非常、非常大的領域。

And we've got some of the biggest names in manufacturing who are recommending us to other people, their competitors because they all feel it because it's the same companies ripping them off. So there's a lot going on. I don't need to have one whale every year if I can make sure that I'm hitting a bunch of doubles all the time.

而且我們已經有一些製造業的最大品牌在把我們推薦給其他人，甚至推薦給他們的競爭對手，因為大家都感受得到——都是同一批公司在坑他們。所以有很多事情正在進行。如果我能確保自己一直打出一堆二壘安打，我不需要每年都要有一隻大鯨魚。

Last for me then, just in terms of actual signings in the quarter, the bookings of new business versus expectations, how did you fare?

我最後一個問題：就本季實際簽約而言，新業務的簽約/訂單（bookings）相對於預期，你們表現如何？

For Q1, I think that we signed everybody we expected, but one who signed quite shortly after the quarter ended. Just a timing issue on their lawyers and our lawyers.

就第一季而言，我認為我們把預期會簽的都簽下來了，只有一家例外；那家在季度結束後不久也簽了。只是他們律師和我們律師在時間安排上的問題。

Scott Buck, Titan Partners.

Scott Buck，Titan Partners。

Bryan, if I look at the year-over-year revenue growth, what of that -- in software, what of that of the 600 or so, 1,000 is coming from new logos versus just expansion of service with existing or legacy customers?

Bryan，如果我看你們的年對年營收成長，在軟體部分，那大約600到1,000（的成長）裡，有多少是來自新客戶（new logos），又有多少只是既有或傳統客戶的服務擴張？

I'd say for this quarter -- and by the way, congratulations on the new spot. I'd say that for this quarter, the majority of it was expansion of existing clients, which kind of typically is our Q1 anyway. Given that almost nobody in banking or retail wants to touch their systems in Q4, which is -- even banking has a tad of seasonality to it, they don't want to go down.

我會說就本季而言——順帶一提，恭喜你上任新職位。我會說本季大部分的成長來自既有客戶的擴張，而這通常也是我們的第一季表現。考量到幾乎沒有銀行或零售業者願意在第四季去動他們的系統——因為即便銀行業也有一點季節性，他們不想讓系統停擺。

So generally, it has been we'll sign people, but they're not going to come up live because they're not doing anything in Q4 that could impact their core system that interacts with their clients. So I'd say that I think that the mix is kind of typical for what we have seen over the years that I've been with the company.

所以一般來說，我們會簽下客戶，但他們不會上線，因為他們在第四季不會做任何可能影響其與客戶互動之核心系統的事情。所以我會說，我認為這樣的組合大致上符合我這些年在公司所看到的典型情況。

Okay. Perfect. That's helpful. And then my second question, I just wanted to ask about title insurance. How many partners in that space do you have? I mean, I guess if you were to put a -- you're touching X percent of the market or have access to X percent of the market. What does that look like today?

好的。完美。這很有幫助。那我的第二個問題，我想問一下產權保險（title insurance）。你們在那個領域有多少合作夥伴？我的意思是，如果要用一個方式來描述——你們觸及市場的X%或可接觸到市場的X%。以今天來看，那會是什麼樣子？

So the last time I ran numbers on who we have as direct clients, that would represent about 43% of the title market. If you just do a quick search, like who control the title market, ChatGPT gives you percentages of the market of each of the major names that added up to 43%.

我上一次統計我們有哪些直接客戶時，那大約代表產權保險市場的43%。如果你快速搜尋一下，例如誰掌控產權保險市場，ChatGPT 會給你各大主要業者的市占率百分比，加總起來就是43%。

Okay. Wow, so you already have fairly significant scale in that vertical?

好的。哇，所以你們在那個垂直領域已經有相當可觀的規模了？

Yes. And talking to the other few big guys that we don't have currently. But we have the who's who to pretty much a title.

是的。而且我們也正在和另外幾家目前尚未合作的大型業者洽談。但我們幾乎已經涵蓋了產權保險領域的「名人錄」。

Logan Hennen, Northland Securities.

Logan Hennen，Northland Securities。

This is Logan jumping back in for Mike. You kind of touched on a bit already, but if you could just give some additional color into the pipeline opportunity with new and existing customers in the banking and lending vertical, that would be great.

我是Logan，代替Mike再插話一下。你剛剛已經稍微提到一些，但如果你能再多補充一些關於銀行與放款這個垂直領域中，新客戶與既有客戶的管線機會（pipeline opportunity），那就太好了。

I'm sorry, Logan. Can you clarify that question for me? What were you looking for?

抱歉，Logan。你可以幫我澄清一下這個問題嗎？你想了解的是什麼？

Some additional color on the pipeline opportunity with new and existing customers in the banking and lending vertical.

想請你再多談一些銀行與放款垂直領域中，新客戶與既有客戶的管線機會。

Okay. So for existing customers, there's always new expansion. Pretty much all of our clients have been talking to us about where else they can use us. I'd say there's one of our clients -- I don't know where else they could put us is probably the way I put it. And they're the one that have been growing a lot by taking credit card programs away from some of their competitors.

好的。就既有客戶而言，總是會有新的擴張機會。幾乎我們所有客戶都在跟我們談，他們還能在哪些地方使用我們的服務。我會說其中有一位客戶——我不知道他們還能把我們放到哪裡，可能我會這樣形容。而他們之所以成長很快，是因為他們把信用卡方案從一些競爭對手那裡搶過來。

The rest always are talking about how do we expand, what could we do different? Sandra, who now is my Chief Commercial Officer, and I have meetings this week and next week with two of what I call our super regionals so that we can discuss how we get partnered better with them at their request, right? They want to see what we're doing.

其他客戶也一直在談：我們要怎麼擴張、我們可以做哪些不同的事？Sandra——她現在是我的首席商務長（Chief Commercial Officer）——以及我，本週和下週會與我稱之為我們「超級區域型銀行」的兩家開會，依照他們的要求，討論我們如何能與他們建立更好的合作關係，對吧？他們想看看我們在做什麼。

Through the partnership with Alloy and then also the amount of inbounds that I'm seeing through marketing, again, smaller deals, maybe $100,000 to $250,000, but quick to implement, no cost to implement and basically immediate revenue, that's where I'm seeing a lot of interest and inbound interest as these smaller credit unions and smaller banks that get hit at the exact same proportion. So I run these stats all the time.

透過與Alloy的合作夥伴關係，以及我從行銷端看到的來電/主動洽詢（inbounds）量，再次強調，這些是較小的案子，可能是10萬到25萬美元，但導入很快、導入成本為零，而且基本上能立即帶來營收；我看到很多興趣與主動洽詢，來自這些較小的信用合作社與較小的銀行，因為他們遭受打擊的比例完全一樣。所以我一直在跑這些統計數據。

And the percentage attempts of fraud are no different at these smaller places than they are at the largest nationwide banks that we have. So they get hit and the losses are the same, and it hurts them probably even more because they have fewer assets.

在這些較小機構，詐欺嘗試的比例，和我們合作的全國性最大銀行相比並沒有不同。所以他們同樣會被攻擊、損失也一樣，而這對他們的傷害可能更大，因為他們的資產更少。

This concludes the question-and-answer session. And I'd like to turn the call back to Bryan Lewis for closing remarks.

問答環節到此結束。接下來我想把電話交回給Bryan Lewis做結語。

So first of all, thank you all for your time today. I'd say in closing, I'm sure is the case for every CEO, I'm very focused on the macro environment, which is challenging right now. I think we can all agree on that. But I want to leave you with this. We are a fraud prevention company that also, at the same time, speeds up the acquisition of great customers.

首先，感謝各位今天撥冗參與。我想在結語時說，應該每位CEO都是如此，我非常關注總體環境，而目前確實充滿挑戰。我想我們都同意這一點。但我想留給各位的是：我們是一家防詐公司，同時也能加速優質客戶的獲取。

And that is in the backdrop of a world where fraud is exploding, okay? We believe we have the best technology in this space, the right customers and the financial foundation to execute on our multiyear growth trajectory. I want to reiterate $10 million in the bank, no debt, right? That frees us up to be able to do, I believe, some good things. So we look forward to updating you on our progress when we report on our Q2 results.

而這是在一個詐欺正在爆炸式成長的世界背景之下，好嗎？我們相信我們在這個領域擁有最好的技術、正確的客戶，以及能夠執行我們多年期成長軌跡的財務基礎。我想再次強調：銀行帳上有1,000萬美元，沒有負債，對吧？這讓我們能夠更有彈性去做一些我相信是很好的事情。因此，我們期待在公布第二季（Q2）業績時，向各位更新我們的進展。

And with that, thank you all, and have a great evening.

最後，再次感謝各位，祝各位今晚愉快。

Thank you. This concludes today's conference. You may disconnect your lines at this time, and we thank you for your participation.

謝謝。今天的電話會議到此結束。您現在可以掛線，感謝您的參與。