Intrusion Inc (INTZ) 2026 Q1 法說會逐字稿

Good day, ladies and gentlemen, and welcome to Intrusion, Inc.'s first quarter 2026 earnings conference call and webcast. (Operator Instructions) Please note, this conference call is being recorded. An audio replay of the conference call will be available on the company's website within a few hours after this call.

各位女士、先生，大家好，歡迎參加 Intrusion, Inc. 2026 會計年度第一季財報電話會議與網路直播。(接線員指示) 請注意，本次電話會議將被錄音。本次電話會議的音訊重播將於會後數小時內在公司網站提供。

I would now like to turn the call over to Mr. Josh Carroll with Investor Relations. Josh, the floor is yours.

現在我想把電話交給投資人關係部的 Josh Carroll 先生。Josh，請開始。

Thank you, and welcome. Joining me today are Tony Scott, President and Chief Executive Officer; and Kimberly Pinson, Chief Financial Officer. This call is being webcast and will be archived on the Investor Relations section of our website.

謝謝，歡迎各位。今天與我一同出席的有總裁兼執行長 Tony Scott，以及財務長 Kimberly Pinson。本次會議將進行網路直播，並會在我們網站的投資人關係專區存檔。

Before I turn the call over to Tony, I'd like to remind everyone that statements made during this conference call relating to the company's expected future performance, future business prospects, future events or plans may include forward-looking statements as defined under the Private Securities Litigation Reform Act of 1995.

在我把電話交給 Tony 之前，我想提醒各位，本次電話會議中關於公司預期未來表現、未來業務前景、未來事件或計畫的陳述，可能包含《1995 年私人證券訴訟改革法》所定義的前瞻性陳述。

Please refer to our SEC filings for more information on the specific risk factors that could cause our actual results to differ materially from the projections described in today's conference call. Any forward-looking statements that we make on this call are based upon information that we believe as of today, and we undertake no obligation to update these statements as a result of new information or future events.

請參閱我們向美國證券交易委員會（SEC）提交的文件，以取得可能導致實際結果與今日電話會議所述預測出現重大差異之特定風險因素的更多資訊。我們在本次電話會議中所作的任何前瞻性陳述，均基於我們截至今日所相信的資訊；對於因新資訊或未來事件而更新這些陳述，我們不承擔任何義務。

In addition to US GAAP reporting, we report certain financial measures that do not conform to generally accepted accounting principles. During the call, we may use non-GAAP measures if we believe it is useful to investors or if we believe it will help investors better understand our performance or business trends.

除依照美國通用會計準則（US GAAP）進行報告外，我們亦報告若干不符合一般公認會計原則的財務衡量指標。在本次電話會議中，若我們認為對投資人有用，或可協助投資人更好理解我們的表現或業務趨勢，我們可能會使用非 GAAP 指標。

With that, let me now turn the call to Tony for a few opening remarks.

接下來，讓我把電話交給 Tony，請他做幾點開場說明。

Thank you, Josh, and good afternoon, and thank you all for joining us today. Our first quarter results reflect the negative impact of the previously disclosed delay in an anticipated contract extension with the Department of War, and I'll discuss that in more detail in a moment. But while these short-term headwinds to our financial results have been challenging, we remain optimistic that our financial results will see an improvement throughout the remainder of the fiscal year.

謝謝你，Josh。各位下午好，也感謝大家今天加入我們。我們第一季的業績反映了先前已揭露之與戰爭部（Department of War）預期合約展延延遲所帶來的負面影響，我稍後會更詳細說明。儘管這些對財務結果的短期逆風帶來挑戰，我們仍樂觀認為，在本會計年度剩餘期間，我們的財務表現將有所改善。

This is supported by strengthening sales momentum that's already visible in the second quarter, including broader adoption of the P.O.S.S.E Program through our partnership with PortNexus and growth in our Shield installed base.

這一點可由第二季已可見的銷售動能增強所支持，包括透過與 PortNexus 的合作使 P.O.S.S.E 計畫獲得更廣泛採用，以及我們 Shield 安裝基礎的成長。

As I mentioned during our fourth quarter earnings call, we have been enhancing our federal, state and local sales efforts and broader go-to-market strategy, and we're beginning to see the early signs of these efforts paying off.

如同我在第四季財報電話會議中提到的，我們一直在強化聯邦、州與地方的銷售投入以及更廣泛的市場進入（go-to-market）策略，而我們也開始看到這些努力初步奏效的跡象。

Last week, we signed a significant new customer contract, a $4 million annual contract to deliver our cyber threat intelligence and critical infrastructure protection to the state of Texas. The contract was awarded in recognition of Intrusion's unique capabilities and reflects the growing demand for our intelligence-driven approach to cybersecurity.

上週，我們簽下了一份重要的新客戶合約：每年 400 萬美元的合約，向德州提供我們的網路威脅情報與關鍵基礎設施防護服務。該合約的授予是對 Intrusion 獨特能力的肯定，也反映市場對我們以情報驅動之資安方法的需求日益增加。

The performance period for this contract is 12 months, during which we will work closely with the customer to deliver high standards of cybersecurity protection and operational responsiveness. Importantly, we believe that this engagement establishes a strong framework that can be replicated across other US states and territories.

此合約的履約期間為 12 個月，在此期間我們將與客戶密切合作，提供高標準的資安防護與營運回應能力。更重要的是，我們相信這項合作建立了可在美國其他州與領地複製的強健框架。

Now I'd like to address the delayed contract extension of our critical infrastructure technology with the Department of War. Our revenues during the first quarter were once again impacted by delays in finalizing an expected contract extension with the Department of War.

接下來我想談談我們與戰爭部之關鍵基礎設施技術合約展延的延遲情況。我們第一季營收再次受到與戰爭部預期合約展延最終定案延遲的影響。

And as noted on our fourth quarter earnings call, these delays were driven by operational and administrative constraints stemming from the US government shutdown, which limited agencies' ability to initiate and process contract actions as well as ongoing geopolitical developments related to the conflict with Iran. Despite this delay in funding, we've continued to support the already deployed critical infrastructure technology, which is reflected in our operating expenses.

如同我們在第四季財報電話會議中所提到，這些延遲源於美國政府停擺所造成的營運與行政限制，導致各機關在啟動與處理合約作業方面能力受限；同時也受到與伊朗衝突相關之持續地緣政治發展影響。儘管資金撥付延遲，我們仍持續支援已部署的關鍵基礎設施技術，相關成本反映在我們的營運費用中。

We expect to recognize revenue from this effort in a future quarter and remain confident in expanding our solution across additional regions with the Department of War throughout 2026. And while the Department of War is heavily focused on the war in Iran, the threats in the Asia-Pac region have not gone away, and we believe the situation will normalize in the next few months.

我們預期將在未來某一季確認此項工作的營收，並且仍有信心在 2026 年期間，與戰爭部合作將我們的解決方案擴展至更多地區。此外，雖然戰爭部高度聚焦於伊朗戰事，但亞太地區的威脅並未消失；我們相信未來幾個月情勢將回歸常態。

Now I'd like to address some of the other opportunities that will help support future financial growth for Intrusion. The expansion of our Shield cloud solution on both the AWS Marketplace and the Microsoft Azure platform have begun to show some promising signs in helping us expand our customer pipeline. While both expansion efforts are still in the early stages, we believe that we will see an uptick in revenue contribution from having our solution available on these two platforms over the next several quarters.

接下來我想談談其他有助於支持 Intrusion 未來財務成長的機會。我們的 Shield 雲端解決方案在 AWS Marketplace 與 Microsoft Azure 平台上的擴展，已開始展現一些有希望的跡象，協助我們擴大客戶管線。雖然這兩項擴展仍處於早期階段，我們相信在未來幾季，隨著解決方案在這兩個平台上架可用，營收貢獻將有所提升。

As you may recall, we also expanded our partnership with PortNexus in February with the launch of the P.O.S.S.E Program, which leverages our Shield on-premise technology to help protect law enforcement from cyber threats. The program continues to progress well with ongoing deployments and strong engagement across Texas, Missouri, Oklahoma and Iowa.

各位或許記得，我們也在 2 月透過推出 P.O.S.S.E 計畫擴大了與 PortNexus 的合作；該計畫運用我們的 Shield 地端（on-premise）技術，協助執法單位防範網路威脅。該計畫持續進展良好，並在德州、密蘇里州、奧克拉荷馬州與愛荷華州持續部署且互動熱絡。

And we expect to see further adoption as additional law enforcement agencies recognize the value of Intrusion's Shield technology in identifying and stopping active cyber threats. We're beginning to see the benefit of this partnership reflected in our second quarter results, and we anticipate that we'll see further financial growth from this program over the next few quarters.

隨著更多執法機關認知到 Intrusion 的 Shield 技術在辨識並阻止主動式網路威脅方面的價值，我們預期將看到進一步的採用。我們已開始在第二季業績中看到此合作帶來的效益，並預期未來幾季該計畫將帶來進一步的財務成長。

As I've discussed on previous earnings calls and with many of you during our one-on-one meetings, AI is rapidly reshaping the cybersecurity landscape. Its growing adoption has significantly reduced the cost, the technical expertise and the time required to develop and execute highly sophisticated and scalable attacks.

如同我在先前的財報電話會議以及與各位多次一對一會談中所談到的，AI 正快速重塑資安版圖。其日益普及已大幅降低開發與執行高度複雜且可擴展攻擊所需的成本、技術專業與時間。

At the same time, customers are seeking cybersecurity solutions capable of keeping pace with these rapidly evolving threats. And that's where our AI-assisted platform comes in, which can help catch malicious actors before they can cause any harm. As we enter the commercial space in a meaningful way, we believe this AI-assisted platform will help support our customer base, expansion efforts and further improve our top line growth.

同時，客戶正在尋求能夠跟上這些快速演變威脅的資安解決方案。而這正是我們 AI 輔助平台的用武之地，它能在惡意行為者造成任何損害之前協助攔截。隨著我們以具實質規模的方式進入商業市場，我們相信此 AI 輔助平台將有助於支撐我們的客戶基礎、擴張工作，並進一步改善營收成長。

Now briefly on to our financials for the quarter. Total revenues for the first quarter was $0.9 million, a decrease of 40% sequentially, which was directly the result of the delay in the incremental funding of the Department of War contract that I noted earlier on in our call. Our operating expenses also saw a slight increase during both the quarter and as compared to last quarter.

接下來簡要說明本季財務表現。第一季總營收為 90 萬美元，較上一季下滑 40%，主要直接原因是我在前面提到的戰爭部合約增量資金撥付延遲。我們的營運費用在本季以及相較上一季也略有增加。

This increase in our expense reflects deliberate strategic investments to strengthen our business and position us to achieve our goal of creating sustainable growth and long-term profitability as well as the costs associated with the critical infrastructure deployment and operation.

費用增加反映了我們為強化業務、使公司達成可持續成長與長期獲利目標而進行的有意識策略性投資，以及與關鍵基礎設施部署與營運相關的成本。

With that, I'd like to now turn the call over to Kim for a more detailed review of our first quarter 2026. Kim?

接下來，我想把電話交給 Kim，請她更詳細回顧我們 2026 會計年度第一季的表現。Kim？

Thanks, Tony. First quarter 2026 revenue was $0.9 million, down 40% sequentially and 50% year-over-year. As Tony mentioned, results continue to be impacted by delays in the award of a key US government contract, contributing to an unusually low reported revenue level. We remain optimistic that a meaningful portion of the associated revenue will be realized in future periods.

謝謝，Tony。2026 年第一季營收為 90 萬美元，較前一季下滑 40%，較去年同期下滑 50%。如 Tony 所提到，業績持續受到一項關鍵美國政府合約授標延宕的影響，導致本期揭露的營收水準異常偏低。我們仍然樂觀認為，相關營收中相當可觀的一部分將在未來期間實現。

Consulting revenues totaled $0.8 million in the first quarter compared to $1.1 million in the prior quarter and $1.4 million in the prior year quarter. Shield revenues totaled $0.1 million in the first quarter compared to $0.4 million in the prior quarter and $0.4 million in the first quarter of 2025.

第一季顧問服務營收合計 80 萬美元，較前一季的 110 萬美元及去年同期的 140 萬美元下降。第一季 Shield 營收合計 10 萬美元，較前一季的 40 萬美元及 2025 年第一季的 40 萬美元下降。

We anticipate that these results will improve throughout the remainder of 2026, driven by the sales of our OT Defender solution to additional US government departments and commercial customers, further growth of our partnership with PortNexus and the recognition of revenue from the new contract to deliver our cyber threat intelligence and critical infrastructure protection technology that Tony outlined earlier in the call.

我們預期這些結果將在 2026 年剩餘期間逐步改善，動能來自我們將 OT Defender 解決方案銷售給更多美國政府部門與商業客戶、與 PortNexus 的合作夥伴關係進一步成長，以及認列 Tony 先前在電話會議中概述之新合約所帶來的營收（該合約用於交付我們的網路威脅情報與關鍵基礎設施防護技術）。

First quarter gross profit margin was 74%, down slightly from the prior year period. Operating expenses in the first quarter of 2026 totaled $4.2 million, an increase of $0.3 million sequentially and $0.8 million year-over-year. The first quarter increase both sequentially and year-over-year reflects stepped-up investment in commercial activities, particularly through expanded trade show presence and enhanced brand and product marketing initiatives.

第一季毛利率為 74%，較去年同期略為下降。2026 年第一季營業費用合計 420 萬美元，較前一季增加 30 萬美元，較去年同期增加 80 萬美元。第一季無論較前一季或較去年同期的增加，反映我們加大對商業活動的投資，特別是擴大參展規模，以及強化品牌與產品行銷計畫。

Net loss for the first quarter of 2026 was $3.6 million or $0.18 per share compared to a net loss of $2.1 million for the first quarter of 2025. The increased net loss in the first quarter was driven by a decline in revenues, primarily due to delays in incremental funding under a government contract. This was further impacted by higher operating expenses during the period.

2026 年第一季淨損為 360 萬美元，或每股淨損 0.18 美元；相較之下，2025 年第一季淨損為 210 萬美元。第一季淨損擴大主要由營收下滑所致，主因為政府合約下增量資金撥付延宕。此外，本期較高的營業費用亦造成進一步影響。

Turning to the balance sheet. From a liquidity perspective, on March 31, 2026, we had cash and cash equivalents of $1.4 million. As we discussed during our fourth quarter call, we had begun the process of seeking a small debt financing.

接著看資產負債表。就流動性而言，截至 2026 年 3 月 31 日，我們持有現金及約當現金 140 萬美元。如同我們在第四季電話會議中討論的，我們已開始尋求一筆小額債務融資。

In early April, we entered into a $3 million secured financing agreement, strengthening our liquidity position and supporting our near-term operating priorities. The facility provides us with additional flexibility as we continue to execute on our strategic initiatives.

在 4 月初，我們簽訂了一項 300 萬美元的擔保融資協議，強化我們的流動性部位並支持近期的營運優先事項。該融資額度在我們持續推進策略性計畫的同時，提供額外的彈性。

With that, I'd like to turn the call back over to Tony for a few closing comments. Tony?

接下來，我想把電話會議交回給 Tony 做幾點結語。Tony？

Well, thank you, Kim. As I noted earlier in the call, as we move beyond the headwinds of the past 2 quarters, we're very optimistic that our financial performance will begin to improve through the remainder of fiscal year 2026.

好的，謝謝你，Kim。如我在會議稍早提到的，隨著我們走出過去兩季的逆風，我們非常樂觀地認為，2026 會計年度剩餘期間的財務表現將開始改善。

The teams worked diligently over the past several quarters to position the business for growth, and we're beginning to see evidence of those efforts taking hold, and it's evident by the continued growth of our critical infrastructure technology, our expanding partnership programs and sales pipeline, and our ability to stay at the forefront of technology and cybersecurity, especially when it comes to AI that will help provide our customers with a more enhanced product offering.

團隊在過去幾個季度勤奮努力，為業務成長做好布局；我們也開始看到這些努力逐步發酵的跡象，體現在我們關鍵基礎設施技術的持續成長、合作夥伴計畫與銷售管線的擴張，以及我們在科技與資安領域保持領先的能力，尤其是在 AI 方面，這將協助我們為客戶提供更強化的產品方案。

We still have a lot of hard work ahead of us, but we continue to remain on track to transition Intrusion to profitability by the end of the fiscal year and create value for our shareholders.

我們前方仍有許多艱鉅工作要做，但我們仍按計畫在本會計年度結束前推動 Intrusion 轉虧為盈，並為股東創造價值。

And with that, I'll now turn the call over to the operator for Q&A. Operator?

接下來，我將把電話會議交給接線員進行問答。接線員？

(Operator Instructions)

(接線員指示)

Ed Woo, Ascendiant Capital.

Ed Woo，Ascendiant Capital。

My question is on the Department of War contract that has been delayed. Are you still providing services on that? And when it does get approved, will all the revenues that you have, will it be recognized all at once? Or is it just kind of extend out the contract from when it's actually approved going forward?

我的問題是關於那份延宕的戰爭部合約。你們目前仍在提供服務嗎？以及一旦獲得核准，你們先前累積的所有營收會一次性認列嗎？還是說只是從實際核准之後起算，將合約往後延展？

Yes. Thanks for the question, Ed. We are still providing services. The government actually can't retroactively pay for things that weren't contracted for. So the revenue will come in or the contract will come in, and we'll bill forward from that particular point, but we wouldn't be able to reverse recognize revenue, I don't think, in that particular case.

是的。謝謝你的問題，Ed。我們仍在提供服務。政府其實無法追溯支付那些未納入合約的項目。因此，合約一旦到位、營收就會進來，我們會從那個時間點起向前開立帳單；但在那種情況下，我認為我們無法回溯認列營收。

So -- but I think this is an important capability. The customer there is very happy with the solution, and we look forward to getting this resolved.

所以——但我認為這是一項重要能力。那邊的客戶對解決方案非常滿意，我們也期待能把這件事解決。

That sounds good. And then going back to the pipeline, have you noticed any change in terms of -- I know there's some geopolitical issues, but it seems like at least on the AI front, a lot of Chief Technology Officers are still putting the gas on the pedal to spend. Have you seen any change in the last couple of months in terms of people -- enterprises or government spending on IT, specifically on cybersecurity?

聽起來不錯。另外回到銷售管線，你們是否注意到任何變化——我知道有一些地緣政治議題，但看起來至少在 AI 方面，許多技術長仍在加速投入支出。過去幾個月你們是否看到企業或政府在 IT 支出、特別是資安方面，有任何變化？

Yes, it looks to us like the spend is still going up slightly. I think one of the things that we've talked about before is AI is sort of creating a little bit of concern in terms of how easy it is to conceive of an attack and actually launch it. And I think that's put a little extra oomph into people's desire to have more advanced solutions. And so I don't expect that to change much in the rest of 2026. So we think we should get our fair share of that.

是的，在我們看來，支出仍在小幅上升。我想我們之前談過的一點是，AI 在某種程度上帶來一些擔憂，因為它讓構思攻擊並實際發動攻擊變得更容易。我認為這也讓人們更想要更先進的解決方案，因而多了一些推力。因此我不預期這在 2026 年剩餘期間會有太大改變。所以我們認為我們應該能取得其中合理的一部分。

Howard Brous, Wellington Shields.

Howard Brous，Wellington Shields。

So let me focus on PortNexus and see if I can get a better understanding of how big an opportunity this is. So where are you deploying it? And what size as this gets deployed? And what's the opportunity near term and longer term?

那我把焦點放在 PortNexus，看看能否更清楚了解這個機會有多大。你們會部署在哪些地方？隨著部署擴大，規模會到多大？短期與長期的機會各是什麼？

Yes. So I'll give you a couple of examples. We did a demonstration of the MyFlare Alert with the majority of the counties in Iowa. This is probably two months or so ago. And we now have four active deployments in Iowa with several more scheduled over the next few months.

是的。我給你幾個例子。大約兩個月前左右，我們向愛荷華州大多數郡展示了 MyFlare Alert。這大概是在兩個月左右之前。目前我們在愛荷華州已有四個正在運行的部署，未來幾個月還排定了數個部署。

And we're replicating that sales motion in some of the other states that I mentioned on the call earlier. So the enthusiasm level is high. One of the things that this is subject to is the budget cycle for this is primarily counties and school districts. So we've heard lots of comments from both schools and counties that they love the solution but would put in requests in their budget packages. And then it's a question of whether those budget packages get approved at the local level.

而且我們正在我先前在電話會議中提到的其他一些州複製同樣的銷售推進方式。因此市場熱度很高。其中一個影響因素是預算週期，因為這主要面向郡政府與學區。所以我們從學校與郡政府都聽到許多回饋，表示他們很喜歡這個解決方案，但會把需求納入其預算提案中。接下來就取決於這些預算提案是否能在地方層級獲得核准。

And that's going to vary across the country and across various states. But I'm optimistic because of the reception that we get whenever we show this to either school or the sheriffs or law enforcement officials.

而這會因全國各地以及各州而有所不同。但我很樂觀，因為每當我們把這個展示給學校、警長或執法官員時，所獲得的反應都很正面。

I hope at the end of the day, we're in every county in this country because it's such a grand and cost-effective solution to that problem of situational awareness when there's an incident in a place like a school where some of our most precious assets are every day.

我希望到最後，我們能進入這個國家每一個郡，因為這對於在學校這類場所發生事件時的情境感知問題，是一個非常宏大且具成本效益的解決方案；而我們一些最珍貴的資產每天都在那裡。

How is it possible that a school board can say no when you're talking about a methodology of protecting your children or your grandchildren? That I don't understand.

當你談的是一種保護你的孩子或孫子女的方法時，學區董事會怎麼可能說不？這我不理解。

Yes. I think that goes to the level of enthusiasm that we've seen. I think the problem is not there. It's not with the school administrators or with the police force and so on. It's squeezing it into a budget that I do know is very tight in most cases.

是的。我想這反映了我們所看到的熱忱程度。我認為問題不在那裡。不在學校管理層，也不在警力等等。問題在於要把它擠進預算，而我知道在多數情況下預算都非常吃緊。

The schools are not flush with cash in a lot of situations. But we're also working at the state level and federal level to hopefully make sure that there's some grant money and other kinds of things available so that schools, even if they can't afford it in their own fiscal budget could take advantage of this solution. So a lot of different ways to skin that cat. But I agree with you. I don't know why anybody would ever say no.

在很多情況下，學校並不寬裕。但我們也在州層級與聯邦層級努力，希望能確保有一些補助金和其他類型的資金可用，讓學校即使在自身財政預算中負擔不起，也能利用這個解決方案。所以有很多不同的方式可以解決這件事。但我同意你的看法。我也不知道為什麼會有人說不。

How difficult is it to deploy in each facility? Does it take a month, a week, six months?

在每個設施部署有多困難？需要一個月、一週、還是六個月？

It's one day or two max in the vast majority of cases. It's a very quick lightweight install.

在絕大多數情況下，最多一天或兩天。這是一個非常快速、輕量的安裝。

So from your perspective, what kind of margins, if you can comment on it, what kind of margins could you look at?

那從你的角度，如果你可以評論的話，你們可能會看到什麼樣的毛利率？

Well, for Intrusion, we license our network protection technology to PortNexus. And so it's nearly 100% margin for us because PortNexus does the install. Our only direct costs are marketing assistance, and we do go to trade shows and other events and explain the network protection part of this.

嗯，對於 Intrusion 而言，我們把網路防護技術授權給 PortNexus。因此對我們來說幾乎是 100% 的毛利，因為安裝由 PortNexus 負責。我們唯一的直接成本是行銷支援；我們也會參加商展和其他活動，並說明其中的網路防護部分。

In the case of sheriffs, we also put in an appliance, one of our Shield boxes, and that has the same margin as our other Shield business. So it's in the mid-70% range when we put in hardware at the sheriff's office. So a very good business for us.

至於警長部門的案例，我們也會部署一台設備，也就是我們的 Shield 盒子，而其毛利率與我們其他 Shield 業務相同。因此當我們在警長辦公室部署硬體時，毛利率大約在 70% 中段。所以這對我們來說是一門非常好的生意。

So is it fair to say that on a sequential basis, each quarter potentially could be better than the prior quarter for the next period of time?

那麼，是否可以說，以季度環比來看，接下來一段時間每一季都有可能比前一季更好？

I would certainly think so. And also word of mouth is starting to get around on this. So when we do events and so on, more and more people are saying, oh, I heard about this. I want to learn more or those kinds of things. So I expect that, that will help us as well.

我當然這麼認為。而且這件事也開始靠口耳相傳傳開了。所以當我們辦活動等等時，越來越多人會說，喔，我聽說過這個。我想了解更多，或是諸如此類。所以我預期這也會對我們有所幫助。

How many schools are there, 150,000, give or take, in the United States?

美國有多少所學校？大概 150,000 所上下？

Well, I don't know, Howard, it's got to be at least that, I would think. It's -- we're not talking about just public schools. There's private schools, there's grade schools and high schools and preschools and trade schools and all kinds of opportunities.

嗯，我不知道，Howard，但我想至少有那麼多。而且——我們不只是在談公立學校。還有私立學校、小學和高中、幼兒園、職業學校，以及各種各樣的機會。

This is a great solution for courtrooms or any place, sports facilities, any place we're -- there's a potential for an incident where you need situational awareness right away. And right now, we're focusing on schools and sheriff's departments, but there's nothing that would preclude any of these other kinds of venues from adopting the solution.

這對法庭或任何場所都是很棒的解決方案，像是體育設施，任何我們——只要有可能發生事件、需要立刻取得情境感知的地方。而目前我們聚焦在學校與警長部門，但沒有任何因素會阻止其他這類場域採用這個解決方案。

So let me come back to basically the first question. Sequentially then you can foresee over the next several quarters, business getting better each quarter. And then does that lead to profitability?

那我回到基本上第一個問題。所以按季度環比來看，你可以預見未來幾季業務每季都會更好。那接著會帶來獲利嗎？

Well, overall, we think the business will be cash flow positive at the end of 2026. And so it will be a contributor to that, but not the whole answer.

嗯，整體而言，我們認為公司在 2026 年底會達到現金流轉正。所以它會對此有所貢獻，但不會是全部答案。

At this time, there are no other questions in the queue. So I'll turn the call back over to Mr. Tony Scott for any closing remarks.

目前隊列中沒有其他問題。因此我把電話交回給 Tony Scott 先生做結語。

Yes. Thanks, everyone, for being on the call today. I apologize, I'm a little hoarse. I don't know if it's allergies or what. But I do want to reiterate that I'm very enthusiastic about the remainder of the year.

好的。謝謝各位今天參與電話會議。抱歉，我聲音有點沙啞。我不知道是不是過敏還是什麼原因。但我確實想重申，我對今年剩餘時間感到非常振奮。

This win that we announced today is the first of what I expect are going to be several big wins for us over the coming months. And the team that we put together to go after these is highly skilled, highly experienced and can help us in areas where we have not had that much success in the past.

我們今天宣布的這項勝利，是我預期未來幾個月我們將取得數個重大勝利中的第一個。而我們為爭取這些案子所組建的團隊，技能高超、經驗豐富，並能在我們過去不太成功的領域幫助我們。

As some of you long-term followers know, we were deep in the places we were in, but almost nonexistent in other places in the federal government and even in DoD, in particular. And our team now has the skills and the ability and the history of doing good things and big things in places where we're not currently present. So I'm very excited about those.

一些長期關注我們的人都知道，我們在既有的據點很深入，但在聯邦政府的其他地方，甚至特別是在國防部（DoD），幾乎不存在。而我們現在的團隊具備技能、能力，以及在我們目前尚未進入的地方做出好成果與大成果的經歷。所以我對此非常興奮。

When they get done like the one we announced, they come in big chunks. And we've got a whole bunch of other tricks up our sleeves for the remainder of the year. So stay tuned. We're pretty excited and everybody here is working really, really hard to make sure that '26 takes us in a new direction from where we've been. So I appreciate the support, and we'll talk to you by next quarter, but probably a few times in between.

當他們完成像我們宣布的這種案子時，通常都是以大筆的形式進來。而在今年剩餘時間，我們還有一整套其他招數。所以敬請期待。我們非常興奮，這裡的每個人都非常、非常努力，確保 2026 年能帶領我們走向與過去不同的新方向。所以感謝各位的支持；我們下個季度再聊，但中間可能也會再聊幾次。

And thank you.

謝謝。

Thank you. Ladies and gentlemen, this concludes today's call, and you may disconnect your lines at this time, and we thank you for your participation.

謝謝。各位女士、先生，今天的電話會議到此結束；您現在可以掛斷電話線，感謝您的參與。