Innodata Inc (INOD) 2025 Q1 法說會逐字稿

Good afternoon ladies and gentlemen, and welcome to the Innodata first quarter 2025 results conference call. (Operator Instructions)

女士們、先生們下午好，歡迎參加 Innodata 2025 年第一季業績電話會議。（操作員指示）

This call is being recorded on Thursday, May 8, 2025. I would now like to turn the conference over to Amy Aggress, General Counsel of Innodata Inc. Please go ahead.

本次通話於 2025 年 5 月 8 日星期四錄製。現在，我想將會議交給 Innodata Inc. 的總法律顧問 Amy Aggress。請繼續。

Thank you, lovely. Good afternoon, everyone. Thank you for joining us today. Our speakers today are Jack Abuhoff, CEO of Innodata; and Marisa Espineli, interim CFO. Also on the call today is Aneesh Pendharkar, Senior Vice President of Finance and Corporate Development.

謝謝你，親愛的。大家下午好。感謝您今天加入我們。我們今天的演講者是 Innodata 執行長 Jack Abuhoff；臨時財務長瑪麗莎·埃斯皮內利 (Marisa Espineli)。參加今天電話會議的還有財務和企業發展資深副總裁 Aneesh Pendharkar。

We'll hear from Jack first, who will provide perspective about the business, and then Marisa will follow with a review of our results for the first quarter. We'll then take questions from analysts.

我們首先會聽取傑克的發言，他將提供有關業務的觀點，然後瑪麗莎將對我們第一季的業績進行回顧。然後我們將回答分析師的問題。

Before we get started, I'd like to remind everyone that during this call we will be making forward-looking statements which are predictions, projections, or other statements about future events. These statements are based on current expectations, assumptions, and estimates, and are subject to risks and uncertainties.

在我們開始之前，我想提醒大家，在這次電話會議中，我們將做出前瞻性陳述，即對未來事件的預測、預期或其他陳述。這些聲明是基於目前的預期、假設和估計，並受風險和不確定性的影響。

Actual results could differ materially from those contemplated by these forward-looking statements, factors. that could cause these results to differ materially are set forth in today's earnings press release in the risk factor section of our Form 10-K, Form 10-Q and other reports and filings with the Securities and Exchange Commission.

實際結果可能與這些前瞻性陳述和因素所預期的結果有重大差異。可能導致這些結果出現重大差異的因素已在今天的收益新聞稿中列出，這些因素位於我們向美國證券交易委員會提交的 10-K 表、10-Q 表和其他報告和文件的風險因素部分。

We undertake no obligation to update forward-looking information. In addition, during this call, we may discuss certain non-GAAP financial measures in our earnings release files with the SEC today, as well as in our other SEC filings posted on our website, you will find additional disclosures regarding these non-GAAP financial measures, including reconciliation of these measures with comparable GAAP measures.

我們不承擔更新前瞻性資訊的義務。此外，在本次電話會議中，我們可能會討論今天提交給美國證券交易委員會的收益發布文件中的某些非公認會計準則財務指標，以及在我們網站上發布的其他美國證券交易委員會文件中，您會發現有關這些非公認會計準則財務指標的更多披露，包括這些指標與可比公認會計準則指標的對帳。

Thank you. I will now turn the call over to Jeff.

謝謝。現在我將電話轉給傑夫。

Thank you, Amy. And good afternoon, everyone.

謝謝你，艾米。大家下午好。

Our Q1 2025 revenue was $58.3 million, a year-over-year increase of 120%. Our adjusted EBITDA for the quarter was $12.7 million or 22% of revenue, the 236% year-over-year increase. We finished the quarter with $56.6 million of cash, which is a $9.7 million increase from last quarter. Our $30 million credit facility remains undrawn.

我們的 2025 年第一季營收為 5,830 萬美元，年增 120%。本季調整後的 EBITDA 為 1,270 萬美元，佔營收的 22%，較去年同期成長 236%。本季末我們的現金為 5,660 萬美元，比上一季增加了 970 萬美元。我們的 3000 萬美元信貸額度仍未提取。

We're pleased with our financial results this quarter, which, by the way, came in ahead of analysts’ revenue estimates. But what's even more exciting is the meaningful progress we've made on our strategic growth initiatives, much of it in just the past few weeks.

我們對本季的財務表現感到滿意，順便說一句，我們的收入超過了分析師的預期。但更令人興奮的是我們在策略性成長計畫方面取得了有意義的進展，其中大部分是在過去幾週內取得的。

I'd like to take this opportunity to walk you through the progress we're making across four of our most dynamic solutions areas, highlighting how we're aligning with the evolving customer needs and how these efforts are driving both new customer wins and meaningful account expansions.

我想藉此機會向您介紹我們在四個最具活力的解決方案領域所取得的進展，重點介紹我們如何適應不斷變化的客戶需求，以及這些努力如何推動新客戶的贏得和有意義的帳戶擴展。

Let's first look at the work we do collecting and creating generative AI training data. We are very focused on building progressively more robust capabilities to feed the progressively more complex data requirements of large language models as they advance toward artificial generalized intelligence, or AGI and eventually artificial superintelligence, or ASI.

讓我們先看看我們收集和創建生成式人工智慧訓練資料的工作。我們非常注重建構越來越強大的功能，以滿足大型語言模型向廣義人工智慧（AGI）以及最終的超級人工智慧（ASI）邁進的過程中日益複雜的資料需求。

We have made and we continue to make investments to expanding the diversity of expert domains like math and chemistry for which we create LLM training data and perform reinforcement learning, while also investing in expanding languages like Arabic and French within these domains and creating the kind of data required to train even more complex reasoning models that can solve difficult multi-step problems within these domains.

我們已經並將繼續投資以擴大數學和化學等專業領域的多樣性，為此我們創建了 LLM 訓練數據並進行強化學習，同時我們還投資擴展這些領域內的阿拉伯語和法語等語言，並創建訓練更複雜的推理模型所需的數據類型，這些模型可以解決這些領域內困難的多步驟問題。

We're also developing progressively more robust capabilities to collect pre-training data at scale. Investments that we have made and continue to make and the investments we have made and continue to make have enabled us to gain traction with both existing customers and potential new customers.

我們也正在逐步開發更強大的功能，以大規模收集預訓練資料。我們已進行和將繼續進行的投資使我們能夠吸引現有客戶和潛在的新客戶。

I'll take potential new customers first. We're in the process of being onboarded by a number of potentially significant customers. I'm going to share four of them with you now.

我會優先接待潛在的新客戶。我們正在與一些潛在的重要客戶合作。現在我要與你們分享其中的四個。

The first is a global powerhouse building mission critical systems that power everything from multinational finance and telecommunications to government operations and Cloud infrastructure.

第一家是全球巨頭，致力於建構關鍵任務系統，為跨國金融和電信、政府營運和雲端基礎設施等各個領域提供支援。

It is integrating large language models in AI across its cloud infrastructure and enterprise applications to enhance automation, productivity, and decision making, and also embeds generative AI directly into horizontal and vertical applications.

該公司正在其雲端基礎設施和企業應用程式中整合人工智慧中的大型語言模型，以增強自動化、生產力和決策能力，並將生成人工智慧直接嵌入到橫向和縱向應用程式中。

The second is a Cloud software company that has revolutionized the way businesses manage customer relationships. It is leveraging large language models and AI to enhance customer relationship management and enterprise operations, and it's taken a leadership position in launching agentic AI capabilities to autonomously handle complex enterprise tasks.

第二家是一家雲端軟體公司，它徹底改變了企業管理客戶關係的方式。它利用大型語言模型和人工智慧來增強客戶關係管理和企業運營，並在推出代理人工智慧功能以自主處理複雜的企業任務方面處於領導地位。

The third is a Chinese technology conglomerate that operates one of the world's largest digital commerce ecosystems. It has built its own family of LLM models, incorporating hybrid reasoning capabilities and supporting multiple modalities including text, image, audio, and video. Its models are widely in use for a variety of horizontal applications as well as industry specific applications.

第三家是一家中國科技集團，經營著世界上最大的數位商務生態系統之一。它建立了自己的 LLM 模型系列，融合了混合推理能力並支援文字、圖像、音訊和視訊等多種模式。其模型廣泛應用於各種水平應用以及行業特定應用。

And the fourth is a global healthcare company that is a leader in advanced medical imaging, diagnostics, and digital health solutions. It is actively integrating LLNs and AI to enhance diagnostics, streamline clinical workflows, and improve patient outcomes, developing foundation models capable of processing multimodal data, including medical images, records, and reports.

第四家是一家全球醫療保健公司，在先進的醫學影像、診斷和數位健康解決方案方面處於領先地位。它正在積極整合 LLN 和 AI 以增強診斷、簡化臨床工作流程並改善患者預後，開發能夠處理多模式數據（包括醫學影像、記錄和報告）的基礎模型。

Now when it comes to existing customers, we're seeing major expansion opportunities. Some we've already won and others we expect to win in the near term.

現在，就現有客戶而言，我們看到了重大的擴張機會。有些我們已經贏得了，有些我們預計在短期內就會贏得。

I'll share a few examples to illustrate the kind of traction we are now seeing. I'll start with three of our big tech customers which until recently were relatively small accounts for us, but which are now showing signs of meaningful expansion.

我將分享一些例子來說明我們現在所看到的吸引力。我首先要介紹的是我們的三家大型科技客戶，直到最近，它們對我們來說還是相對較小的客戶，但現在已經顯示出有意義的擴張跡象。

I'll also touch on the continued strong momentum we're seeing within our largest customer. The first example is a customer we started working with in the second quarter of last year. Now, in 2024, we recognized only about $400,000 of revenue from them.

我還將談談我們最大的客戶所展現出的持續強勁的發展勢頭。第一個例子是我們從去年第二季開始合作的客戶。現在，到了 2024 年，我們從他們那裡只獲得了約 40 萬美元的收入。

But today, by contrast, we have late-stage pipeline that we value as having the potential to result in more than $25 million of bookings this year and continued growth over the next several years. This customer is one of the most valuable software companies in the world.

但相較之下，今天我們擁有後期開發管道，我們認為它有可能在今年帶來超過 2500 萬美元的預訂量，並在未來幾年繼續增長。該客戶是世界上最有價值的軟體公司之一。

The problem we are helping them solve is that their generative AI, both text and image, has not been doing a good job handling very specific, detailed, and complex prompts. They shared with us that improving on these fronts was critical in order to improve product experience and provide a foundation for multimodal reasoning and agentic models of the future.

我們正在幫助他們解決的問題是，他們的生成人工智慧（包括文字和圖像）在處理非常具體、詳細和複雜的提示方面做得併不好。他們與我們分享了改進這些方面對於改善產品體驗以及為未來的多模式推理和代理模型奠定基礎至關重要。

So here's a great example of an investment we are making that has specifically resulted in traction with this customer. We developed an innovative data generation pipeline that enables domain experts to create detailed hierarchical content labels across modalities while continuing to evolve the underlying taxonomies.

這是我們進行的投資的一個很好的例子，該投資已特別吸引了該客戶。我們開發了一種創新的數據生成管道，使領域專家能夠跨模式創建詳細的分層內容標籤，同時繼續發展底層分類法。

Our approach supports multiple types of Gen AI workflows, including detailed descriptions, reverse prompting, and highly specific evaluations.

我們的方法支援多種類型的 Gen AI 工作流程，包括詳細描述、反向提示和高度具體的評估。

The second example of an existing customer in which we're seeing major expansion is a big tech with which we just had $200,000 of revenue last year. But again, by contrast, today, we are actively collaborating with them, resulting in two new wins in Q2 to date, one signed and one we believe is about to be signed that we value at approximately $1.3 million of potential revenue.

我們看到現有客戶正在大規模擴張的第二個例子是一家大型科技公司，去年該公司為我們帶來了 20 萬美元的收入。但相較之下，今天我們正積極與他們合作，迄今為止在第二季度取得了兩項新的勝利，一項已經簽署，另一項我們認為即將簽署，我們估計其潛在收入約為 130 萬美元。

We also have another opportunity with them that we value at about $6 million in potential revenue in the pipeline, and I'll talk about that more in a few minutes.

我們還有另一個合作機會，我們估計這個機會的潛在收入約為 600 萬美元，我將在幾分鐘後詳細討論這個問題。

The third example is a big tech hyperscale with extensive generative AI capabilities across both its consumer and enterprise businesses where it offers foundational models together with custom silicon optimized for AI workloads.

第三個例子是一家大型科技超大規模企業，其消費者和企業業務都擁有廣泛的生成 AI 能力，它提供基礎模型以及針對 AI 工作負載優化的客製化矽片。

We believe we will soon be engaged by it to support pre-training, data collection for very specific specialized models. We'll also talk in a few minutes about additional expansion that we're driving at this account in terms of model safety and evaluation.

我們相信我們很快就會利用它來支援非常具體的專業模型的預訓練和資料收集。我們還將在接下來的幾分鐘內討論我們在模型安全性和評估方面針對該帳戶進行的額外擴展。

The fourth example is one of the most highly regarded generative AI labs. We just signed a new data collection deal with them. We value at approximately $900,000 of potential revenue, and we're discussing an expansion that could potentially double that.

第四個例子是最受推崇的生成式人工智慧實驗室之一。我們剛剛與他們簽署了新的數據收集協議。我們估計潛在收入約為 90 萬美元，並且我們正在討論可能使這一數字翻倍的擴張計劃。

Pre-training data collection in the form of curated text [perfora] as well as multimodal data sets, remains a cornerstone for big tech companies, racing to build next generation LLMs.

以精選文本 [perfora] 和多模式資料集的形式進行預訓練資料收集，仍然是大型科技公司競相打造下一代 LLM 的基石。

As models grow more sophisticated, their performance hinges not just on raw computational power, but also on the breadth, depth, and quality of the data they are trained on. Continuing -- continuous data acquisition enables the models to better understand new ones, context, and intent across languages and domains.

隨著模型變得越來越複雜，它們的表現不僅取決於原始運算能力，還取決於訓練資料的廣度、深度和品質。持續－持續的資料收集使模型能夠更好地理解跨語言和領域的新內容、上下文和意圖。

We believe that each of the companies I just mentioned is likely budgeting several hundred million dollars per year on generative AI data and model evaluation. So the traction we are now seeing is super exciting and it is very much the result that we've been working toward under our business plan.

我們相信，我剛才提到的每家公司每年可能都會在產生 AI 數據和模型評估上投入數億美元。因此，我們現在看到的進展非常令人興奮，這正是我們根據商業計劃一直在努力實現的結果。

Lastly, we also see expansion opportunities with our largest customer. Literally, just this morning, we signed a second master SOW with our largest customer that we anticipate will enable us to deliver Gen AI services funded from a distinct budget category within the customer's organization, separate from the budget that supports our existing engagements.

最後，我們也看到了與最大客戶擴張的機會。實際上，就在今天早上，我們與我們最大的客戶簽署了第二份主 SOW，我們預計這將使我們能夠提供由客戶組織內不同預算類別資助的 Gen AI 服務，這與支持我們現有業務的預算分開。

We believe this new budget to be materially larger. To prepare ourselves to deliver services under this new SOW, we are making investments in customizing our proprietary LLM data annotation platforms specifically for the work that will be required under this new SOW, and we are building some additional service support capabilities.

我們相信新的預算將會大幅增加。為了做好根據新 SOW 提供服務的準備，我們正在投資客製化我們的專有 LLM 資料註釋平台，專門用於新 SOW 所需的工作，並且我們正在建立一些額外的服務支援能力。

Another major area of strategic focus for us is building agentic AI solutions for our big tech customers as well as our enterprise customers. With one of our smaller big tech relationships, one that I discussed a few minutes ago, we have begun a collaboration around both AI agent data set creation and AI agent building.

我們策略重點的另一個主要領域是為我們的大型科技客戶和企業客戶建立代理 AI 解決方案。我們與一家規模較小的大型科技公司建立了合作關係，幾分鐘前我曾討論過這一點，我們已經開始圍繞人工智慧代理資料集創建和人工智慧代理構建展開合作。

The work we are hoping to kick off with them this quarter will involve creating approximately 200 conversational and autonomous agents across multiple domains. The work involves defining use cases, developing synthetic knowledge [Kapora], generating demonstration data sets, building and debugging agents, and then managing agent orchestration.

我們希望本季與他們一起進行的工作將涉及在多個領域創建約 200 個對話和自主代理。這項工作涉及定義用例、開發綜合知識 [Kapora]、產生演示資料集、建置和調試代理，然後管理代理編排。

We believe this opportunity has the potential to be worth approximately $6 million to start. We believe agent-based AI is going to serve as the cornerstone technology that unlocks the full value of large language models and generative AI for enterprises, transforming them from powerful but isolated tools into autonomous goal-driven systems that can reason, take action, and drive measurable business outcomes of scale.

我們相信這個機會的啟動價值可能約為 600 萬美元。我們相信，基於代理的人工智慧將成為釋放企業大型語言模型和生成人工智慧全部價值的基石技術，將它們從強大但孤立的工具轉變為能夠推理、採取行動並推動可衡量的規模業務成果的自主目標驅動系統。

Agentic AI refers to artificial intelligence systems that can autonomously initiate and carry out complex tasks in pursuit of specified goals with minimal ongoing human input. These systems go beyond reactive execution.

代理人工智慧是指能夠在最少的持續人工投入下自主啟動和執行複雜任務以達到指定目標的人工智慧系統。這些系統超越了被動執行。

They have goal-oriented behavior. They make decisions, they adapt to changing context, and they even take initiative to achieve outcomes.

他們有目標導向的行為。他們做出決策，適應不斷變化的環境，甚至主動採取行動來取得成果。

In contrast to traditional AI, which typically responds to prompts or instructions, agentic AI is designed to operate with a degree of independence, managing multi-step processes, reasoning through uncertainty, and dynamically adjusting actions based on feedback.

與通常回應提示或指令的傳統人工智慧不同，代理人工智慧被設計為具有一定程度的獨立性，可以管理多步驟流程、推理不確定性並根據回饋動態調整行動。

It represents a shift from AI as a tool to AI as a collaborator, one that can understand objectives, plan strategically, and act accordingly.

它代表著人工智慧從工具型轉向協作型轉變，能夠理解目標、制定策略計畫並採取相應行動。

Now, on the subject of unlocking value for enterprises, in the last several months, we have one engagement that we value at approximately $1.6 million helping one of the world's largest social media companies integrate Gen AI into their engineering operations.

現在，關於釋放企業價值的話題，在過去的幾個月裡，我們有一個價值約 160 萬美元的項目，幫助世界上最大的社交媒體公司之一將 Gen AI 整合到他們的工程運營中。

We were in active discussions about expanding this successful effort to other business units within the customer as well. We are providing integration services, prompt engineering, program management, and on-site consulting for implementing generative AI. So far, we have automated five workflows which we estimate will help our customer generate approximately $6 million in cost savings.

我們正在積極討論將這項成功的嘗試擴展到客戶的其他業務部門。我們為實施生成式人工智慧提供整合服務、快速工程、專案管理和現場諮詢。到目前為止，我們已經實現了五個工作流程的自動化，我們估計這將幫助我們的客戶節省約 600 萬美元的成本。

The plan is to automate about 60% of 90 identified workflows by the end of 2025 and for this to result in at least $10 million of additional savings for this customer this year while providing additional benefits in terms of reduced friction and increased development velocity as the engineering team can more rapidly prototype, test, and refine solutions.

該計劃是到 2025 年底實現 90 個已確定工作流程中約 60% 的自動化，這將為該客戶今年節省至少 1000 萬美元，同時在減少摩擦和提高開發速度方面提供額外好處，因為工程團隊可以更快地製作原型、測試和改進解決方案。

We are also in advanced discussions with several other companies about helping them use generative AI to enhance both products and operations. And we've discussed how our investments and expanded capabilities in LM training, data creation, and agentic AI are fueling a surge in customer engagement.

我們也與其他幾家公司進行了深入討論，以幫助他們使用生成式人工智慧來增強產品和營運。我們還討論了我們在 LM 培訓、數據創建和代理 AI 方面的投資和擴展能力如何推動客戶參與度的激增。

We're seeing that same momentum carry over into the work in generative AI trust and safety, marking a significant expansion of our presence in a fast-growing mission critical segment of the market.

我們看到同樣的勢頭延續到了產生人工智慧信任和安全領域的工作中，標誌著我們在快速成長的關鍵任務市場領域的影響力顯著擴大。

We are pleased to announce that we have won expanded engagements to provide trust and safety evaluations for one of our existing big tech customers. Again, not our largest customer, but one of the smaller relationships that's now successfully expanding.

我們很高興地宣布，我們贏得了擴大的合作，為我們現有的一家大型科技客戶提供信任和安全評估。再說一遍，這不是我們最大的客戶，而是目前正在成功擴展的較小客戶之一。

The engagements together have a potential value of approximately $4.5 million of what we believe will be annual recurring revenue. We just started ramping the engagements up a couple of weeks ago.

我們認為，這些合作的潛在價值總計約為 450 萬美元，這將成為年度經常性收入。我們幾週前才開始加強合作。

We anticipate working across several of their divisions, spanning English, Spanish, German, and Japanese languages. We anticipate providing ongoing testing of both their public models as well as their beta models that they have not yet launched.

我們預計將與他們的多個部門合作，涉及英語、西班牙語、德語和日語等語言。我們預計將對他們的公開模型以及尚未推出的測試模型進行持續測試。

Under these engagements, we anticipate testing both generic models and domain specific models as well. For example, we might help ensure that a model trained to assist chemists and nuclear scientists will refuse to provide advice on how to build a bomb or create crystal meth.

在這些合作下，我們期望測試通用模型和特定領域的模型。例如，我們可以幫助確保經過訓練以協助化學家和核科學家的模型拒絕提供有關如何製造炸彈或製造冰毒的建議。

Again, our willingness and insight to make investments proved critical in enabling us to capture this opportunity. We bolstered our proprietary trust and evaluation platform with some innovative features that our customer found compelling.

再次證明，我們的投資意願和洞察力對於我們抓住這一機會至關重要。我們透過一些客戶認為引人注目的創新功能增強了我們專有的信任和評估平台。

Just last week, the customer completed security reviews of our platform, enabling us to start work this week. We believe there is a near-term potential to expand further our trust and safety work with this customer.

就在上週，客戶完成了我們平台的安全審查，使我們能夠在本週開始工作。我們相信，近期我們有潛力進一步擴大與該客戶的信任和安全合作。

We intend to be running paid pilots for other trust and safety workflows over the next few months. And to support this opportunity, we've invested in methodologies for predicting emerging areas of user interaction with advanced language models, enabling us potentially to proactively surface and address high-risk topics for trust and safety assessment.

我們打算在接下來的幾個月內為其他信任和安全工作流程運行付費試點。為了抓住這一機會，我們投資了利用高階語言模型預測新興用戶互動領域的方法，使我們能夠主動發現和解決信任和安全評估的高風險主題。

We recently demonstrated this capability to our customer, who responded with strong enthusiasm. Notably, part of these engagements involve evaluating LLMs embedded in physical devices and robotics with which our teams will be working directly in our customers' labs to test performance at the hardware level.

我們最近向客戶展示了這項能力，客戶對此反應非常熱烈。值得注意的是，這些工作的一部分涉及評估嵌入在實體設備和機器人中的 LLM，我們的團隊將直接在客戶的實驗室中使用這些 LLM 來測試硬體層級的效能。

With another enterprise customer, one that I mentioned earlier, we have been shortlisted as the lead vendor for a multi-year program aimed at evaluating the customer generative AI foundation models for potential harms, bias, and robustness.

我們與另一家我之前提到的企業客戶一起，被列為多年期計劃的首席供應商，該計劃旨在評估客戶生成的人工智慧基礎模型的潛在危害、偏見和穩健性。

We anticipate the annual recurring revenue of this engagement is one to be approximately $3.3 million. We are currently conducting proofs of concept that encompass adversarial testing, model probing, and early stage fine tuning pipelines.

我們預計此項業務的年經常性收入約為 330 萬美元。我們目前正在進行概念驗證，包括對抗性測試、模型探測和早期微調流程。

The proposed production scope includes comprehensive red teaming, implementation of guard rails, and rigorous evaluation model behavior across text, image, video and audio outputs.

建議的生產範圍包括全面的紅隊、護欄的實施以及跨文字、圖像、視訊和音訊輸出的嚴格評估模型行為。

In the first quarter, we introduced our generative AI test and evaluation platform at NVIDIA'S GTC 2025. This enterprise grade solution is designed to assess the integrity, reliability, and performance of large language models across the full development life cycle, from pre-deployment refinement to post-deployment monitoring, enabling both internal operational use cases and external customer-facing applications.

第一季度，我們在NVIDIA的GTC 2025上推出了我們的生成式AI測試和評估平台。此企業級解決方案旨在評估大型語言模型在整個開發生命週期內的完整性、可靠性和效能，從部署前的改進到部署後的監控，支援內部營運用例和麵向外部客戶的應用程式。

Masterclass served as our inaugural charter customer, and we are now in active discussions with several additional high-profile enterprises with diverse generative AI deployments. In addition, we are in active discussions with one of the world's leading global consulting firms regarding a potential go to market partnership that would position them as a strategic distribution and implementation channel for our platform.

Masterclass 是我們的首批特許客戶，目前我們正在與其他幾家擁有多樣化生成式 AI 部署的知名企業進行積極討論。此外，我們正在與全球領先的顧問公司之一積極討論潛在的市場合作夥伴關係，以將其定位為我們平台的策略性分銷和實施管道。

From a competitive differentiation standpoint, the platform encapsulates a range of advanced techniques developed through our ongoing services engagements with leading big tech customers. These capabilities are now productized into an autonomous system that allows enterprises to benchmark, evaluate, and continuously monitor their agents and foundation models.

從競爭差異化的角度來看，該平台包含了我們透過與領先的大型科技客戶持續服務合作而開發的一系列先進技術。這些功能現已產品化為一個自主系統，允許企業對其代理和基礎模型進行基準測試、評估和持續監控。

The platform supports evaluation against high-quality, standardized benchmarks across key safety dimensions, including hallucination, bias, factual accuracy, and brand alignment, while also enabling customization through clients specific safety vectors and proprietary evaluation criteria.

該平台支援根據幻覺、偏見、事實準確性和品牌一致性等關鍵安全維度的高品質、標準化基準進行評估，同時還支援透過客戶特定的安全向量和專有評估標準進行客製化。

A key feature of the platform is its continuous attack agent which autonomously generates thousands of adversarial props and conversational probes to uncover vulnerabilities in real time.

該平台的一個關鍵特性是其持續攻擊代理，它可以自主生成數千個對抗道具和對話探測，以即時發現漏洞。

Detected issues are flagged for review, allowing customers to take swift remedial action. Recommended mitigation strategies may include tailored system message design and the generation of supplemental fine-tuning data sets.

檢測到的問題會被標記以供審查，以便客戶迅速採取補救措施。建議的緩解策略可能包括客製化的系統訊息設計和補充微調資料集的產生。

The platform is currently available through an early access program for enterprise customers with general availability targeted for late Q2.

該平台目前透過企業客戶的早期訪問計畫提供，預計將於第二季末全面上市。

Dress and safety evaluation is critical at both the development and production stages of large language models. During development, rigorous testing, including adversarial red teaming, is essential to uncover vulnerabilities, biases, and harmful behaviors before models are deployed.

服裝和安全評估在大型語言模型的開發和生產階段都至關重要。在開發過程中，嚴格的測試（包括對抗性紅隊測試）對於在部署模型之前發現漏洞、偏見和有害行為至關重要。

This proactive approach enables developers to build safety guards into the model architecture and fine-tuning processes. In production, continuous evaluation ensures that the models remained aligned with safety standards as they interact with real users and evolving contexts.

這種主動方法使開發人員能夠在模型架構和微調過程中建立安全防護措施。在生產中，持續評估可確保模型在與真實使用者和不斷變化的環境互動時始終符合安全標準。

Together, these measures are vital for ensuring that LMs operate responsibly, mitigate risk, and maintain user trust at scale. We believe the rapid adoption of agentic and multi-agent systems will push us to a new phase of complexity when it comes to trust and safety.

總之，這些措施對於確保 LM 負責任地運作、降低風險和維持大規模用戶信任至關重要。我們相信，代理和多代理系統的快速採用將推動我們在信任和安全方面進入一個複雜的新階段。

In their most recent quarterly earnings reports, the magnificent seven technology companies: Apple, Microsoft, Amazon, Alphabet, Meta, NVIDIA, and Tesla have each underscored their commitments to generative AI investment, viewing it as a pivotal component of their future growth strategies.

在最近的季度財報中，蘋果、微軟、亞馬遜、Alphabet、Meta、NVIDIA 和特斯拉這七大科技公司都強調了對生成性人工智慧投資的承諾，並將其視為未來成長策略的關鍵組成部分。

Microsoft has announced plans to invest approximately $80 billion in AI infrastructure during fiscal 2025, aiming to build data centers designed to handle artificial intelligence workloads. Meta has raised its capital expenditure guidance to $64 billion to $72 billion for 2025, reflecting increased investment in AI infrastructure, including the development of new AI tools such as Llama 4 and a standalone AI assistant app.

微軟宣布計劃在 2025 財年向人工智慧基礎設施投資約 800 億美元，旨在建造用於處理人工智慧工作負載的資料中心。Meta 已將 2025 年資本支出預期上調至 640 億美元至 720 億美元，這反映出對 AI 基礎設施的投資增加，包括開發 Llama 4 等新 AI 工具和獨立的 AI 助理應用程式。

Amazon is expanding its AI capabilities, particularly within its Cloud computing division, AWS. In his annual letter to shareholders, the Amazon CEO emphasized the company's aggressive investment in AI writing, quote, we continue to believe AI is a once in a lifetime reinvention of everything that we know.

亞馬遜正在擴展其人工智慧能力，尤其是在其雲端運算部門 AWS 內。在致股東的年度信函中，亞馬遜執行長強調了公司​​對人工智慧的積極投資，他寫道：“我們仍然相信人工智慧是我們所知一切的一次千載難逢的再造。”

Alphabet meanwhile reported a 20% increase in operating income and a 46% rise in net income in Q1 2025, attributing this growth to its unique full stack approach to AI, which encompasses infrastructure models and applications.

同時，Alphabet 報告稱，2025 年第一季其營業收入成長了 20%，淨收入成長了 46%，這一成長歸功於其獨特的全端 AI 方法，其中包括基礎設施模型和應用程式。

Given the sentiment and the significance of the magnificent seven and other large global technologies to our revenue stream, we do not believe that short-term business cycles or trade policies have much of an impact on our business prospects. It is worth noting how bullish sophisticated venture capital investors are on our sector.

考慮到七大科技巨頭和其他全球大型科技對我們收入來源的情緒和重要性，我們認為短期商業週期或貿易政策不會對我們的業務前景造成太大影響。值得注意的是，成熟的創投投資者對我們的產業非常看好。

Our largest direct competitor is reported to be close to finalizing a secondary stock sale, valuing the company at $25 billion a multiple of 29 as last year's reported revenue with $870 million which came with a reported EBITDA loss of $150 million.

根據報道，我們最大的直接競爭對手即將完成二級股票出售，公司估值為 250 億美元，是去年報告收入 8.7 億美元的 29 倍，報告 EBITDA 虧損為 1.5 億美元。

Today, we are reaffirming our full year revenue growth guidance of 40% or greater. As the breadth of activity across our business illustrates, we believe the current momentum positions us well for continued strong performance.

今天，我們重申全年營收成長預期為 40% 或更高。正如我們業務活動的廣度所表明的那樣，我們相信當前的勢頭使我們能夠繼續保持強勁的表現。

I want to say something about how we intend to manage the business over the next couple of years. Our intention is to embrace growth from both the broadening customer footprint and our largest customer.

我想談談我們打算在未來幾年如何管理業務。我們的目的是透過擴大客戶範圍和最大客戶來實現成長。

I've shared with you today how we are achieving significant success with the diversity of large customers that we believe could become material contributors over the coming fiscal periods. At the same time, we also see significant growth potential with our largest customer.

今天我與大家分享了我們如何透過多元化的大客戶取得重大成功，我們相信這些客戶可能會在未來的財務期間成為重要的貢獻者。同時，我們也看到了我們最大客戶的巨大成長潛力。

We believe this customer will continue to expand its overall relationship with us, and we are deeply aligned with its long-term roadmap. Given that we intend to drive growth from this broadening customer footprint and our largest customer at the same time, we intend to embrace customer concentration as a natural part of our evolution.

我們相信該客戶將繼續擴大與我們的整體關係，並且我們與其長期發展路線圖高度一致。鑑於我們打算同時透過擴大客戶範圍和成為我們最大的客戶來推動成長，我們打算將客戶集中度作為我們發展的自然組成部分。

Many leading technologies companies have seen similar patterns, an early period of customer concentration, followed by a broad-based growth as the value proposition matures and adoption scales. We believe we are following that same path and remain confident in our ability to continue executing with discipline while building a durable, diversified revenue engine.

許多領先的科技公司都經歷了類似的模式，即早期的客戶集中期，然後隨著價值主張的成熟和採用規模的擴大而出現廣泛的成長。我們相信，我們正在走同樣的道路，我們仍然有信心，我們有能力繼續嚴格執行，同時建立一個持久的、多樣化的收入引擎。

Inevitably, customer concentration can result in quarter-to-quarter volatility. For example, with our largest customer, we exited 2024 at an annualized revenue run rate of approximately $135 million.

不可避免的是，客戶集中度會導致季度間的波動。例如，對於我們最大的客戶，到 2024 年，我們的年化收入運行率約為 1.35 億美元。

In Q1, we were running higher than this by about 5%, and in Q2, we anticipate that we could be lower by about 5%, but the customer's demand signals are updated continually and are highly dynamic. Going forward, we do not intend to provide granular updates at a customer level. Our 2025 financial plan reflects our conviction in the scale of the opportunity ahead.

在第一季度，我們的營運水準比這個高出約 5%，而在第二季度，我們預計可能會下降約 5%，但客戶的需求訊號不斷更新，並且高度動態。展望未來，我們不打算在客戶層面提供詳細更新。我們的 2025 年財務計畫反映了我們對未來機會規模的信心。

We believe we are well positioned to drive business with an increasingly diverse group of leading big tech companies and enterprises and become a market leader in one of the most transformative technology cycles in decades.

我們相信，我們有能力與日益多元化的領先大型科技公司和企業開展業務，並在幾十年來最具變革性的技術週期之一中成為市場領導者。

Accordingly, we intend to reinvest a meaningful portion of our operating cash flow into product innovation, go-to-market expansion, and talent acquisition, while still delivering adjusted EBITDA above our 2024 results. This too is an intentional strategy aimed at capturing long-term value in a rapidly growing and strategically important market.

因此，我們打算將很大一部分營運現金流重新投資於產品創新、市場擴張和人才招聘，同時仍實現高於 2024 年業績的調整後 EBITDA。這也是一種有意為之的策略，旨在快速成長且具有策略重要性的市場中獲取長期價值。

I'm now turn the call over to Mariz to go over the financial results, after which Mariz and Aneesh and I will be available to take questions from analysts.

我現在將電話轉給 Mariz 討論財務結果，之後 Mariz、Aneesh 和我將回答分析師的問題。

Thank you, Jack. And good afternoon, everyone. Revenue for Q1 2025 reached $58.3 million, representing a year over year increase of 120% and demonstrating strong momentum to start the year. Adjusted gross margin was 43% for the quarter, up from 41% in Q1 of last year.

謝謝你，傑克。大家下午好。2025 年第一季的營收達到 5,830 萬美元，年增 120%，展現出年初的強勁勢頭。本季調整後的毛利率為 43%，高於去年第一季的 41%。

As we've discussed previously, we target an adjusted gross margin of around 40%, so we're pleased to have exceeded that benchmark to begin the year. Our adjusted EBITDA for Q1 2025 was $12.7 million, or 22% of revenue compared to $3.8 million in the same quarter last year.

正如我們之前所討論的，我們的目標是調整後的毛利率達到 40% 左右，因此我們很高興在今年年初就超過了這個基準。我們 2025 年第一季的調整後 EBITDA 為 1,270 萬美元，佔營收的 22%，而去年同期為 380 萬美元。

Net income was $7.8 million in the first quarter, up from $1 million in the same period last year. We were able to utilize the benefits of accumulated net operating losses or [NOL] in Q1 to partially upset our tax provision.

第一季淨收入為 780 萬美元，高於去年同期的 100 萬美元。我們能夠利用第一季累積淨營業虧損或 [NOL] 的好處來部分抵銷我們的稅務準備金。

Looking ahead, barring any changes in the tax environment, we expect that our tax rate in the coming quarters to be approximately 29%. Our cash position at the end of Q1 2025 was $56.6 million, up from $46.9 million at the end of Q4 2024 and $190 million at the end of Q1 2024, deflecting strong profitability and disciplined cash management.

展望未來，除非稅收環境發生變化，我們預計未來幾季的稅率約為 29%。我們 2025 年第一季末的現金狀況為 5,660 萬美元，高於 2024 年第四季末的 4,690 萬美元和 2024 年第一季末的 1.9 億美元，這抵消了強勁的盈利能力和嚴格的現金管理。

We still have not drawn on our $30 million Wells Fargo facilities. The amount doable under this facility at any point in time doesn't mean based on the [W and bing-based] formula.

我們仍未動用富國銀行的 3,000 萬美元貸款。該設施在任何時間點可實現的金額並不意味著基於 [W 和 bing-based] 公式。

We've been actively engaged in industrial relation activity over the past year and expect to build on that momentum in the months ahead. We'll be participating in several upcoming investor conferences and non-bill road shows to continue to increase awareness and deepen relationships with institutional investors.

過去一年來，我們一直積極參與勞資關係活動，並期望在未來幾個月繼續保持這一勢頭。我們將參加即將舉行的幾場投資者會議和非票據路演，以繼續提高知名度並加深與機構投資者的關係。

Looking ahead, as Jack mentioned, we're planning targeted investment to expand our capabilities. This includes continued investment in technology to support both current and prospective customers in their AI journey, as well as increasing strategic hiring in sales and solutioning to drive long-term growth.

展望未來，正如傑克所提到的，我們計劃進行有針對性的投資以擴大我們的能力。這包括持續投資技術以支援現有和潛在客戶的人工智慧之旅，以及增加銷售和解決方案的策略性招聘以推動長期成長。

In Q2, we plan to invest approximately $2 million to support a new statement of work and related programs with our largest customer, as Jack noted earlier. We expect that this investment will occur ahead of the associated revenue and is expected to temporarily impact margins in that quarter.

正如傑克之前提到的，在第二季度，我們計劃投資約 200 萬美元來支持我們最大客戶的新工作說明和相關計畫。我們預計這項投資將在相關收入之前發生，並預計會暫時影響該季度的利潤率。

We view this as a strategic investment that helps position us to meet customers' evolving needs and to build on the land and expand success we've already achieved with them.

我們將此視為一項策略性投資，它有助於我們滿足客戶不斷變化的需求，並在現有基礎上進一步拓展我們已經取得的成功。

As always, we'll remain disciplined in managing our cash and expenses while continuing to invest where we see strong return potential and meaningful long term value for shareholders. That's all from my end, and thanks everyone. Lovely, we're ready to take questions.

像往常一樣，我們將繼續嚴格管理現金和費用，同時繼續在我們認為具有強大回報潛力和對股東具有重大長期價值的領域進行投資。我的發言就到這裡，謝謝大家。親愛的，我們準備好回答問題了。

(Operator Instructions)

（操作員指示）

George Sutton, Craig-Hallum.

喬治·薩頓、克雷格·哈勒姆。

Thank you and thanks for all the detail on the pipeline. So Jack, I wonder if you could walk through this statement of work with your largest customer.

謝謝你，也謝謝你提供管道的所有細節。那麼傑克，我想知道你是否可以與你最大的客戶一起討論這份工作說明。

If I understood correctly, you suggested it could be larger, and then you sort of cut off from them. So what would larger than the relative to the statement of work opportunity?

如果我理解正確的話，您建議它可以更大，然後您可以將它們切斷。那麼，相對於工作機會說明來說，什麼會更大呢？

Sure, thank you for the question. The statement of work will enable our customer to start using us in basically what you can think of as another division, or another area of their Gen AI spend. Up until now, we haven't been supporting that area.

當然，謝謝你的提問。工作說明將使我們的客戶能夠開始在基本上可以視為另一個部門或他們的 Gen AI 支出的另一個領域使用我們的產品。到目前為止，我們還沒有支持該地區。

With this new SMW in place, we will be, and we expect to be. What's notable about that is that this, the budget associated with that new area, we believe to be significantly higher than the budget that has been supporting all of our programs to date. So we're very excited about that.

有了這個新的 SMW，我們將會，並且我們希望如此。值得注意的是，我們認為與該新領域相關的預算將大大高於迄今為止支持我們所有項目的預算。所以我們對此感到非常興奮。

And obviously, what you're suggesting in terms of the sequential revenues from this customer in Q2 which could be down 5%, that is completely separate from the statement of work that would be meaningfully in addition to. Correct?

顯然，您所說第二季度來自該客戶的連續收入可能會下降 5%，這與工作說明書完全無關，這將是有意義的補充。正確的？

I think it's -- the requirements of this customer very dynamic. We learn about things almost, multiple times in the course of even a week. So what we're going to do is bake all of that into the guidance that we're providing.

我認為這個客戶的要求非常動態。我們幾乎在一周內就學習多次相關知識。因此，我們要做的就是將所有這些都融入我們提供的指導中。

I just want to make sure that, as people see that we were up in Q1, you don't necessarily take that and assume that that's like a new threshold. We think in any quarter, there are projects that end, there are new projects that start.

我只是想確保，當人們看到我們在第一季有所上升時，你不一定要接受這一點並認為這是一個新的門檻。我們認為，在任何季度，都會有專案結束，也會有新專案開始。

So, in terms of the new SOW, there's clearly a greater amount of work that we can do. There's additional, share of wallets that we can tap into, and I think that bodes very well for long term, continuing to grow that account.

因此，就新的 SOW 而言，我們顯然可以做更多的工作。我們可以利用額外的錢包份額，我認為這對長期持續增長該帳戶來說是一個好兆頭。

So you walk through a number of different customer opportunities and gave a good sense of the size of the opportunities. Can you give us a sense of what you're finding your win rate to be when you go into these opportunities?

因此，您了解了許多不同的客戶機會，並很好地了解了這些機會的規模。您能否告訴我們，當您抓住這些機會時，您的成功率是多少？

Win rate is a hard thing to track for us. The Most important thing is to get into a customer, start doing, small requirements, build trust, execute very well, and then expand from there.

對我們來說，勝率是一件很難追蹤的事情。最重要的是接觸客戶，開始做一些小的要求，建立信任，執行得很好，然後從那裡擴展。

I think that the things that, how do I put this, the things that we end up piloting that proceed that move forward with customers, and some things don't, some things are experimental. But the things that move forward, we win a very large percentage of those, I believe.

我認為，有些事情，怎麼說呢，我們最終會試行並與客戶一起推進，而有些事情則不會，有些事情只是實驗性的。但我相信，在向前推進的事情中，我們已經贏得了很大一部分勝利。

So we're -- what's so exciting about what's going on now in the business is, for a while, we've been talking about these, multiple big tech customers and multiple magnificent seven customers that we've got.

因此，我們 - 現在業務中正在發生的事情令人興奮的是，一段時間以來，我們一直在談論這些，我們擁有的多個大型科技客戶和多個宏偉的七大客戶。

But some of them have been small, there are a couple that were only $200,000 of revenue last year, $400,000 of revenue last year, and our plan was to get in there, prove ourselves, build trust, and then tap into the hundreds of millions of dollars that are being spent on data engineering.

但其中一些規模較小，有幾家去年的收入只有 20 萬美元，有幾家去年的收入只有 40 萬美元，而我們的計劃是進入這些公司，證明自己，建立信任，然後利用在數據工程上花費的數億美元。

What we're seeing now and the reason we're just so excited by all of this is our plan is coming together. We're doing exactly what we plan to do and we're super excited about that.

我們現在看到的一切以及我們如此興奮的原因是我們的計劃正在實現。我們正在按照計劃行事，我們對此感到非常興奮。

Okay, thanks. I'll turn it over to others.

好的，謝謝。我會把它交給其他人。

Allan Klee, Maxim Group.

艾倫·克萊（Allan Klee），馬克西姆集團（Maxim Group）。

Yes. Hi, great quarter, George actually asked my questions, but I'll try to come up with some others. Can you remind us of what you said some stuff last quarter of related to the size of the largest customer? I'm just trying to think about the impact of them being down 5%.

是的。嗨，很棒的季度，喬治實際上問了我的問題，但我會嘗試想出一些其他的問題。您能否提醒我們您上個季度所說的一些與最大客戶規模有關的事情？我只是在思考他們下降 5% 的影響。

I think last quarter you said that with a win of $24 million of annual they're at around $135 million in revenue. I guess that means annually, but that annual run rate grew 5% this quarter, but then we'll be down 5% next quarter. Is the way to think of it, or am I mixing things up? Thank you.

我想上個季度您說過，他們每年贏得 2400 萬美元，收入約 1.35 億美元。我想這意味著每年，但本季的年運行率成長了 5%，但下個季度我們將下降 5%。這是正確的思考方式嗎，還是我把事情搞混了？謝謝。

Yeah. So I think the way we're encouraging everyone to think about it is to understand how we intend to manage the company. We believe we have an incredible opportunity to drive growth through many of these broadening customer engagements that I described. We think that will be one source of growth, a very important source, obviously.

是的。因此我認為我們鼓勵每個人思考這個問題的方式就是了解我們打算如何管理公司。我們相信，透過我所描述的這些擴大客戶參與度，我們擁有一個絕佳的機會來推動成長。我們認為這將成為成長的一個源泉，顯然是一個非常重要的來源。

But at the same time, we don't intend to take our foot off the accelerator with respect to driving considerable growth, hopefully, at our largest customer. That's a choice that we're making. We don't have to do that.

但同時，我們並不打算放鬆對推動可觀成長的力度，希望能夠推動我們最大的客戶實現可觀的成長。這是我們正在做出的選擇。我們沒必要這麼做。

We could choose to lower revenue concentration as an alternative and cut back on that. But we're -- very plugged in with that customer. We've got a great relationship. We're very tied into the things that we're doing, and we intend to -- that's a choice we're making. We intend to grow that as well.

我們可以選擇降低收入集中度並削減這項支出。但我們與該客戶的聯繫非常緊密。我們的關係很好。我們非常專注於我們正在做的事情，我們打算這樣做——這是我們所做的選擇。我們也打算進一步發展這一領域。

We believe there's lots of precedent in the market for embracing customer concentration is a natural part of that evolution. We've seen that in many tech companies over the years and, recently, Snowflake and Data Dog, even Palantir.

我們相信，市場上有許多先例表明，接受客戶集中是這一演變的自然組成部分。多年來，我們在許多科技公司都看到了這種情況，最近，還有 Snowflake 和 Data Dog，甚至是 Palantir。

We think over time as we execute this plan, it'll result in broad-based growth. In the interim, there'll be quarter-to-quarter volatility. Specifically, what you're referring to, I think is, last year, in Q4, we announced that we had a $135 million annualized revenue run rate with that customer.

我們認為，隨著時間的推移，隨著我們執行該計劃，它將帶來廣泛的成長。在此期間，季度間會出現波動。具體來說，我認為您指的是，去年第四季度，我們宣布該客戶的年化收入運行率為 1.35 億美元。

But the fact is, in Q1, we exceeded that in Q2, we might be lower than that, but we don't really know because of how dynamic the demand signals are and how their needs are changing all of the time.

但事實是，在第一季度，我們的銷售額超過了第二季度的銷售額，我們可能低於這個數字，但我們並不清楚，因為需求訊號是動態的，而且他們的需求一直在變化。

We think that that quarter-to-quarter volatility, some quarters up, some quarters down. It is going to be a natural part of what to expect by virtue of the strategic choice. We're making to drive growth across the board with our customer base and to respond to the tremendous growth opportunities that we see.

我們認為季度間波動存在，有些季度上升，有些季度下降。這將成為策略選擇所期望的自然組成部分。我們正在努力推動客戶群的全面成長，並回應我們看到的巨大成長機會。

That's great. I guess just in general for training, there's no change. It sounds like you have a ton of opportunities and it's expanding and safety sounded really interesting because that gives you a recurring revenue.

那太棒了。我想就整體訓練而言，沒有什麼改變。聽起來你有很多機會，而且還在不斷擴大，安全聽起來真的很有趣，因為這能為你帶來經常性收入。

Is there, just, is there a way that people are spending money more differently with you now than maybe they had a year ago?

有沒有一種方式，可以讓人們現在在你們這裡花錢的方式與一年前相比更加不同？

I think what we're seeing across our roster of big tech companies is a willingness and a desire to do more with us. And I think we earned our way and build trust over time. It takes a while to do it, but you know we're now seeing the fruition of those efforts, which again is super exciting.

我認為，我們看到的大型科技公司都願意並渴望與我們有更多合作。我認為我們憑藉自己的努力取得了成功，並且隨著時間的推移建立了信任。這需要一段時間，但你知道我們現在看到了這些努力的成果，這再次令人興奮不已。

Trust and safety is, obviously, it's a huge opportunity. It's an opportunity that becomes even richer and more interesting as we think about the complexity and richness of technology ecosystems that are populated by agents, potentially.

顯然，信任和安全是一個巨大的機會。當我們考慮到由代理人組成的技術生態系統的複雜性和豐富性時，這個機會就變得更加豐富和有趣。

Well, each one of those agents will need to be measured and monitored and assessed. It's a huge opportunity for us. And the competitive advantage we think we have is we've been doing trust and safety work now for several of our large customers, and that's expanding.

嗯，每一個因素都需要被測量、監控和評估。這對我們來說是一個巨大的機會。我們認為我們擁有的競爭優勢是，我們現在已經為我們的幾個大客戶開展信任和安全工作，而且這項工作還在不斷擴大。

And we've developed techniques that we can take to test models and evaluate models, and we can build those techniques into a platform. And we can build that platform in a way that runs on an automated continuous basis providing real-time feedback to people.

我們已經開發出可用於測試模型和評估模型的技術，並且可以將這些技術建置到平台中。我們可以建立一個以自動連續運行的方式向人們提供即時回饋的平台。

So yeah, now we're super excited about that. I think you're right. You point out a very important point. We believe that these opportunities on the services side and hopefully on the platform side as well will be recurring. We think that there will be an ongoing need for that as the technology becomes more pervasive within the -- our company's ecosystems for sure.

是的，現在我們對此感到非常興奮。我認為你是對的。你指出了一個非常重要的觀點。我們相信，服務方面以及平台方面的這些機會將會再次出現。我們認為，隨著技術在我們公司的生態系統中變得越來越普及，這種需求將會持續存在。

That's great. Thank you so much.

那太棒了。太感謝了。

Hamed Khorsand, Beating Wall Street Financial.

哈米德‧霍爾桑德 (Hamed Khorsand)，擊敗華爾街金融。

I was just wondering, last quarter, you gave this guidance of 40% growth. How much of these projects that you're talking about today where you're expecting within that guidance?

我只是想知道，上個季度，您給了 40% 的成長預期。您今天談論的這些項目中有多少是您預計在該指導範圍內的？

So yeah, when we give guidance, we try to take a long view. We look at what's booked, we take a conservative view of what we think expansions can be on our largest accounts. We estimate, based on demand signals from the customer. Those are highly dynamic as we've said, of course, our predictions will only be perfect in retrospect, we know that, but we try to do our best.

所以，是的，當我們提供指導時，我們會嘗試從長遠角度考慮。我們查看了已預訂的內容，對於我們最大帳戶的擴張持保守的看法。我們根據客戶的需求訊號進行估算。正如我們所說，這些都是高度動態的，當然，我們的預測只有事後看來才是完美的，我們知道這一點，但我們會盡力而為。

And we tried to be reasonably conservative as we make those predictions because we don't want to be wrong, we'd much rather surprise on the upside. So some of the accounts that I'm describing, especially the new relationships, they're not baked in at all.

我們在做出這些預測時盡量保持合理保守，因為我們不想出錯，我們更希望看到令人驚訝的結果。因此，我所描述的一些帳戶，特別是新的關係，它們根本沒有被融入其中。

There's so much that we don't know about them. How long will it take? What will it look like, and so again, out of an abundance of caution and a desire not to be wrong, we don't, as a practice, at least we try not to get ahead of our skis on any of that.

關於它們，我們還有很多不知道的事。它需要多長時間？它會是什麼樣子呢？所以，再說一次，出於謹慎和不想犯錯的願望，我們不會，作為一種做法，至少我們試圖不要在任何方面超越我們的滑雪者。

Yeah, so that's what I was getting to, is that you have these all these projects on all as far as revenue opportunity, why keep the guidance of 40% growth? What makes you nervous that you know you can't grow faster?

是的，這就是我要說的，既然你們有這麼多項目，就收入機會而言，為什麼要保持 40% 的成長預期呢？是什麼讓你感到緊張，因為你知道自己無法成長得更快？

Well, it's a little bit like this. If we take some of the new customers that we're now on boarding, we don't necessarily know, even though these are exciting customers, and we think there's huge opportunities. We don't know necessarily, how fast are we going to be able to convert that into opportunity.

嗯，有點像這樣。如果我們接受一些我們現在正在接納的新客戶，我們不一定知道，儘管這些都是令人興奮的客戶，但我們認為存在巨大的機會。我們不一定知道我們能夠多快將其轉化為機會。

Are they going to want to work with us for a while before really opening the spigot or is the spigot going to open more quickly? We've seen customers where they move fast. We've seen customers that require, getting to know us for a while. With our largest customers, as I said, the demand is very dynamic. It changes very quickly.

他們是否願意與我們合作一段時間後才真正開放水龍頭，還是會更快地開放水龍頭？我們看到客戶行動非常迅速。我們已經見過需要了解我們一段時間的客戶。正如我所說，對於我們最大的客戶來說，需求非常活躍。它變化得非常快。

So again, what we're looking to do is be conservative. We're looking to not be wrong in our growth estimates, and if we can meaningfully surprise on the upside like we did last year, then we'd prefer to error in that direction.

所以，我們再次強調，我們希望採取保守的做法。我們希望我們的成長預測不會出錯，如果我們能夠像去年一樣，在成長方面帶來有意義的驚喜，那麼我們寧願朝這個方向犯錯。

Okay, great. Thank you.

好的，太好了。謝謝。

Thank you.

謝謝。

There are no further questions at this time. Please continue Mr. Jack Abuhoff.

目前沒有其他問題。請傑克·阿布霍夫先生繼續。

Thank you. Q1 is a great quarter with 120% year-on-year growth, and while revenue is flat sequentially, we want to be crystal clear. We believe our business right now is on fire. The growth we're seeing year over year is just the beginning. What's happening now inside the company is really like or unlike anything we've seen before.

謝謝。第一季表現優異，年增 120%，儘管營收環比持平，但我們希望情況非常明朗。我們相信，我們的業務現在正蒸蒸日上。我們看到的逐年增長只是個開始。現在公司內部發生的事情與我們以前見過的任何事情都一樣或不一樣。

We're winning major new customers; we're expanding existing relationships into entirely new budget categories. We're building a pipeline that's deeper and more advanced than at any point in our history. It feels like the engine is fully lit and we're accelerating down the runway. Our teams are energized. Our customers are leaning in, and our conviction in what comes next has never been stronger.

我們正在贏得重要的新客戶；我們正在將現有的關係擴展到全新的預算類別。我們正在建造一條比歷史上任何時候都更深、更先進的管道。感覺就像引擎完全啟動，我們正在跑道上加速。我們的團隊充滿活力。我們的客戶正在向我們提供支持，我們對未來的信心從未如此堅定。

So thanks everyone for joining us today, for being part of our journey. My executive team and I are all in building Innodata into one of the defining AI solutions companies of the era.

感謝大家今天加入我們，成為我們旅程的一部分。我和我的執行團隊致力於將 Innodata 打造為本時代最具代表性的人工智慧解決方案公司之一。

And we're excited to keep sharing our progress with you as you unfold. We're focused on delivering long-term value for shareholders and with the momentum that we're seeing, we've never been more confident about what lies ahead. Thank you.

我們很高興能繼續與您分享我們的進展。我們專注於為股東創造長期價值，並且憑藉目前的發展勢頭，我們對未來充滿信心。謝謝。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。