Innventure Inc (INV) 2026 Q1 法說會逐字稿

Welcome to Innventure's first-quarter 2026 earnings call. (Operator Instructions) As a reminder, this conference call is being recorded.

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

I would now like to turn the call over to Kyle Nagarkar, Investor Relations.

現在我想把電話交給投資人關係部的 Kyle Nagarkar。

Thanks, operator, and thank you all for joining us for Innventure's first-quarter 2026 earnings call. My name is Kyle Nagarkar with Investor Relations. And joining me from the company are Bill Haskell, Chief Executive Officer; Roland Austrup, Chief Growth Officer; and Dave Yablunosky, Chief Financial Officer.

謝謝接線員，也感謝各位加入 Innventure 2026 年第一季財報電話會議。我是投資人關係部的 Kyle Nagarkar。與我一同出席的公司代表包括：執行長 Bill Haskell；成長長 Roland Austrup；以及財務長 Dave Yablunosky。

Earlier today, we issued a press release announcing our financial results, which is available on our Investor Relations website, along with a supplemental slide presentation.

今天稍早，我們發布新聞稿公告財務結果，新聞稿可於我們的投資人關係網站取得，並附有補充簡報投影片。

As referenced on slide 6, we will be discussing non-GAAP financial measures during this call. The most directly comparable GAAP financial measures and a reconciliation of the differences between the GAAP and non-GAAP financial measures are available in our earnings release and supplemental slide presentation on our website.

如第 6 頁投影片所述，我們將在本次電話會議中討論非 GAAP 財務衡量指標。與其最直接可比的 GAAP 財務衡量指標，以及 GAAP 與非 GAAP 財務衡量指標差異的調節表，均已載於我們的財報新聞稿與網站上的補充簡報投影片中。

In addition, certain statements being made today are forward-looking statements that are based on management's current assumptions, beliefs, and expectations concerning future events impacting the company. These forward-looking statements involve a number of uncertainties and risks, including, but not limited to, those described in our earnings release, Form 10-Q for the period ended March 31, 2026, and other filings with the SEC. The actual results of operations and financial condition of the company could differ materially from those expressed or implied in our forward-looking statements.

此外，今天所作的某些陳述屬於前瞻性陳述，係基於管理層目前對影響公司之未來事件的假設、信念與預期。這些前瞻性陳述涉及多項不確定性與風險，包括但不限於我們的財報新聞稿、截至 2026 年 3 月 31 日止期間的 Form 10-Q，以及向 SEC 提交的其他文件中所描述者。公司的實際營運結果與財務狀況可能與前瞻性陳述中明示或暗示者存在重大差異。

And now I'd like to turn the call over to Bill. Bill?

接下來我想把電話交給 Bill。Bill？

Thanks, Kyle, and good afternoon, everyone. Before I start, I want to acknowledge the operating company CEO call that we hosted a couple of weeks ago. That call was designed as a way for investors to hear directly from the CEOs of Accelsius, AeroFlexx, and Refinity. The call provided a unique insight into what's happening inside each business from the executives that are living it every day, the execution, the product cadence, and what the next milestones look like. We'd encourage anyone who wasn't able to join us to listen to the replay available on our Investor website.

謝謝你，Kyle，各位下午好。在開始之前，我想先提及我們在幾週前舉辦的營運公司 CEO 電話會議。該通話旨在讓投資人能直接聽到 Accelsius、AeroFlexx 與 Refinity 的執行長分享。這場通話由每天身處其中的高階主管，提供了對各業務內部正在發生之事的獨特洞見，包括執行進度、產品節奏，以及下一個里程碑的樣貌。我們鼓勵未能參與的朋友，至我們的投資人網站收聽重播。

Because we were limited in time for Q&A on the CEO call, we were also posting a supplemental Q&A to our investor site to address additional questions that we did not get to respond to on that call. While we can't always address every question in real time, we are committed to providing meaningful transparency where it strengthens investor understanding without compromising the competitive position and technical advantages that high-growth disruptive businesses must preserve during their most formative stages.

由於 CEO 電話會議的問答時間有限，我們也在投資人網站上發布補充 Q&A，以回應當時未能回答的其他問題。雖然我們無法總是即時回覆每一個問題，但我們承諾在不損及高成長顛覆性業務於最關鍵成形階段必須保有的競爭地位與技術優勢之前提下，提供有意義的透明度，以強化投資人理解。

Given the recency of that CEO update, I'd like to use today's call to double-click on recent developments outside of our core operations before passing it to Roland and Dave.

鑑於該次 CEO 更新距今不久，我想利用今天的電話會議，先更深入聚焦於核心營運以外的近期進展，之後再交給 Roland 與 Dave。

Let me start with corporate governance, which we view as especially important for a multi-entity operating model like Innventure. Over the past several weeks, we've taken concrete steps to continue to strengthen our Board. We announced the appointment of John Hewitt and the nomination of Catriona Fallon as part of our continued refresh and upgrade of Innventure's governance structure. These are seasoned operators, people who have built, scaled and managed complex businesses, exactly the kind of directors that can provide valuable contributions to a business model like Innventure's.

我先從公司治理談起。對於像 Innventure 這樣的多實體營運模式而言，我們認為公司治理尤其重要。過去幾週，我們採取了具體措施，持續強化董事會。我們宣布任命 John Hewitt，並提名 Catriona Fallon，作為我們持續更新並升級 Innventure 治理架構的一部分。兩位都是經驗豐富的經營者，曾建立、擴張並管理複雜業務，正是能為 Innventure 這類商業模式提供寶貴貢獻的董事人選。

We have always viewed the deep expertise of our people as a key competitive advantage, and this philosophy extends to how we approach our governance structure. These recent additions underscore that importance.

我們一向將人才的深厚專業視為關鍵競爭優勢，而這一理念也延伸到我們對治理架構的做法。近期新增的成員再次凸顯了這一點的重要性。

The other notable update is on our shareholder engagement. It is important to know that our actions around corporate governance did not happen in a vacuum. We've had extended dialog with a diverse set of shareholders, and that engagement helped inform how we think about Board composition and the capabilities we want at the table.

另一項值得注意的更新是我們與股東的互動。重要的是要了解，我們在公司治理上的作為並非在真空中發生。我們與多元的股東群體進行了長時間的對話，而這些互動也協助我們思考董事會組成，以及我們希望在董事會席次上具備的能力。

As a case in point, earlier this month, Ascent Capital Partners, one of our largest and most engaged shareholders, publicly expressed support for Innventure's leadership and direction in an SEC filing. We view the firm's letter as a constructive signal that shareholder engagement is working as intended, shareholders leaning in, the company responding thoughtfully, and governance evolving in a way that strengthens the enterprise. We look forward to continued engagement with our shareholders as we work to unlock the long-term value of Innventure's model.

舉例而言，本月稍早，我們最大且最積極參與的股東之一 Ascent Capital Partners，已在一份 SEC 文件中公開表達對 Innventure 領導團隊與方向的支持。我們將該公司來函視為一個具建設性的訊號，顯示股東互動正如預期般運作：股東積極投入、公司審慎回應，而治理也以強化企業的方式持續演進。隨著我們致力於釋放 Innventure 模式的長期價值，我們期待與股東持續互動。

With that, I'll turn the call over to Roland, who will share his perspective on where Innventure is in its evolution and what we are seeing across the operating companies.

接下來我把電話交給 Roland，他將分享他對 Innventure 演進階段的看法，以及我們在各營運公司所觀察到的情況。

Thanks, Bill. Across our operating companies, we're seeing the same pattern that has defined every major shift in high-performance compute, AI infrastructure and next-generation compute. Customers validate, integrate, and align procurement and operational workflows before scaling. And we believe that progression, not early revenue patterns, is the real indicator of where the market is heading and is the precursor to rapid adoption.

謝謝 Bill。放眼我們的各家營運公司，我們看到的模式與高效能運算、AI 基礎設施與次世代運算每一次重大轉變所呈現的軌跡一致：客戶在擴大規模之前，會先完成驗證、整合，並使採購與營運工作流程對齊。我們相信，真正能指示市場走向的，是這種推進過程，而非早期營收型態；而這也往往是快速採用的前兆。

Once the industry reaches consensus, adoption moves in step functions. You can see this in the early histories of Arista, Pure Storage, Nutanix, and Supermicro, periods of modest revenue followed by 5, 10, even 20x expansion once the market tipped. NVIDIA and AMD followed the same path as GPU accelerated compute moved from evaluation to necessity.

一旦產業形成共識，採用就會以階梯式跳升。你可以在 Arista、Pure Storage、Nutanix 與 Supermicro 的早期歷史中看到：先是溫和的營收期，接著在市場臨界點到來後出現 5 倍、10 倍，甚至 20 倍的擴張。當 GPU 加速運算從評估走向必需品時，NVIDIA 與 AMD 也走過同樣的路徑。

Transformative technologies scale suddenly, not linearly. That's the context of our Q1. Revenue grew from $0.2 million last year to $1.4 million this quarter, but the more important signal is the progression underneath it.

具變革性的技術往往是突然擴張，而非線性成長。這就是我們第一季表現的背景。營收從去年同期的 20 萬美元成長至本季的 140 萬美元，但更重要的訊號是其背後的推進進展。

Customers continuing to buy, test and integrate the technology. Combined with more than $50 million in Q1 bookings, the pattern is clear. Customers are updating protocols and preparing for scale. Market signals reinforce this. CoolIT was acquired for nearly $5 billion, underscoring the value being placed on liquid cooling today. If single-phase solutions are valued at that level, the value of two phase, the end state for high-density compute will, in our opinion, be even greater.

客戶持續採購、測試並整合該技術。再加上第一季超過 5,000 萬美元的訂單（bookings），這個模式已很清楚：客戶正在更新作業規範並為擴大規模做準備。市場訊號也支持這點。CoolIT 以接近 50 億美元被收購，凸顯當前市場對液冷價值的重視。如果單相解決方案就能被賦予這樣的估值，那麼在我們看來，作為高密度運算終局形態的兩相技術，其價值將更高。

Accelsius is in an important pre-inflection phase today. The pipeline is large. The technology is validated. Customers are updating protocols and the industry is converging on the same set of thermal and power constraints. This is the kind of setup that historically precedes exponential adoption.

Accelsius 目前正處於重要的拐點前階段。商機管線龐大，技術已獲驗證。客戶正在更新規範，而產業也正收斂至同一組散熱與功率限制。從歷史經驗看，這樣的態勢往往是指數型採用之前的典型前奏。

And this is what I want to walk you through next, continuing with Accelsius. The industry backdrop for Accelsius continues to strengthen. In Q1, AI and high-performance compute workloads drove another step change in rack-level power and thermal density with NVIDIA's Blackwell generation accelerators pushing beyond the limits of air cooling and prompting OEMs and integrators to introduce new liquid-ready and two-phase compatible platforms across their AI server portfolios. That shift is showing up directly in the earnings of the largest data center infrastructure providers.

接下來我想帶各位進一步了解這點，並從 Accelsius 繼續談起。Accelsius 所處的產業背景持續轉強。第一季，AI 與高效能運算工作負載再次推動機櫃層級功率與熱密度的躍升；NVIDIA 的 Blackwell 世代加速器將需求推到超越氣冷極限，促使 OEM 與系統整合商在其 AI 伺服器產品組合中，推出更多液冷就緒與兩相相容的平台。這樣的轉變也直接反映在最大型資料中心基礎設施供應商的財報表現中。

Johnson Controls reported nearly 40% order growth led by data center demand. Legrand reported roughly 30% year-over-year growth in its data center segment. And Vertiv has publicly highlighted continued strong demand for high-density thermal systems driven by AI deployments. Together, these disclosures reinforce what we are seeing across hyperscalers, colocation providers and server manufacturers. Next-generation architectures are being engineered for environments where advanced liquid and two-phase cooling are no longer optional, but foundational. Against this backdrop, Accelsius continues to advance as one of the few companies delivering true two-phase direct-to-chip capability at rack-scale.

Johnson Controls 表示在資料中心需求帶動下，訂單成長接近 40%。Legrand 表示其資料中心部門年增約 30%。而 Vertiv 也公開強調，在 AI 部署帶動下，高密度散熱系統需求持續強勁。綜合這些揭露，進一步印證我們在超大規模雲端業者（hyperscalers）、機房代管業者（colocation providers）與伺服器製造商所看到的趨勢：次世代架構正被設計用於一種環境，在該環境中，先進液冷與兩相冷卻不再是可選項，而是基礎要件。在此背景下，Accelsius 持續推進，成為少數能在機櫃尺度提供真正兩相直達晶片（direct-to-chip）能力的公司之一。

Q1 marked a pivotal stretch of commercial and product momentum for Accelsius. In February, Legrand announced a strategic partnership with Accelsius following its participation in the company's Series B funding round, framing the relationship as a pillar of its unified data center strategy. The two companies indicated they would collaborate on joint development initiatives, including the integration of two-phase direct-to-chip liquid cooling into rack infrastructure.

第一季對 Accelsius 而言，是商業與產品動能的關鍵階段。2 月，Legrand 在參與公司 B 輪融資後，宣布與 Accelsius 建立策略合作夥伴關係，並將該合作定位為其統一資料中心策略的支柱。兩家公司表示將在多項聯合開發計畫上合作，包括將兩相直達晶片液冷整合至機櫃基礎設施中。

That announcement set the stage for Accelsius' NVIDIA GTC debut in March, where the company unveiled the NeuCool IR150 built as the industry's first integrated rack-level two-phase liquid cooling solution. The IR150 combines a two-phase CDU, 42U of IT rack space and built-in liquid and vapor manifolds in a single 800-millimeter enclosure, delivering up to 150 kilowatts of capacity with a plug-and-play form factor purpose-built for enterprise, high-frequency trading and other high-density deployments where simplified installation, single rack failure domains and zero water in the rack are differentiating.

該項宣布為 Accelsius 於 3 月在 NVIDIA GTC 的首次亮相奠定基礎，當時公司發表 NeuCool IR150，打造為業界首款整合式機櫃層級兩相液冷解決方案。IR150 在單一 800 毫米機箱內整合兩相 CDU、42U 的 IT 機櫃空間，以及內建液體與蒸氣歧管，並以即插即用的外型規格提供最高 150 千瓦的容量，專為企業、高頻交易及其他高密度部署而設計；在這些場景中，簡化安裝、單一機櫃故障域，以及機櫃內零用水（zero water in the rack）是關鍵差異化因素。

Taken together with the Legrand partnership, the quarter reflects continued momentum behind the two-phase conversation.

結合與 Legrand 的合作夥伴關係來看，本季反映出兩階段對話背後持續的動能。

Moving on to AeroFlexx. The packaging industry doesn't usually move in straight lines. You get long stretches of incremental change and then something solves a real structural problem and adoption shifts fast. We believe AeroFlexx is at that point. It combines the best of flexible and rigid into something better than either, better for the consumer, less plastic, simpler supply chain, lower shipping costs.

接著談 AeroFlexx。包裝產業通常不會沿著直線前進。你會看到很長一段時間的漸進式變化，然後某個方案解決了真正的結構性問題，採用速度就會快速轉變。我們相信 AeroFlexx 正處於這個拐點。它把軟包與硬包的優點結合成一種比兩者都更好的形式：對消費者更好、塑膠用量更少、供應鏈更簡化、運輸成本更低。

Once validation clears, adoption moves in step functions from here. And that's what we're seeing. Anchor customers across prestige beauty, household, personal care, industrial, and food and beverage are all advancing, reorders, launch prep, late-stage negotiations. The commercial pipeline has expanded to $32 million, up 21% since January, with $13.2 million now in final negotiation, up 40%. That growth reflects meaningful stage progression across multiple anchors.

一旦驗證通過，從這裡開始的採用將以階梯式跳升推進。而這正是我們所看到的情況。橫跨高端美妝、家用、個人護理、工業以及食品飲料等領域的主力客戶都在推進中，包括再訂購、上市準備與後期談判。商業管線已擴大至 3,200 萬美元，自 1 月以來成長 21%，其中 1,320 萬美元目前已進入最終談判階段，成長 40%。這樣的成長反映出多個主力客戶在多個階段上都有實質進展。

When you see both pipeline expansion and late-stage advancement happening simultaneously, that's a format taking hold. Aveda has also become a major market catalyst. Since the announcement of the global commercial launch, AeroFlexx has seen approximately $3.6 million of new and reactivated opportunities, a direct reflection of strengthened brand credibility in one of the most demanding categories in consumer products.

當你同時看到管線擴張與後期階段推進，這代表一種包裝形式正在站穩腳跟。Aveda 也已成為重要的市場催化劑。自全球商業上市發布以來，AeroFlexx 約新增與重新啟動了 360 萬美元的機會，這直接反映出在消費品中最嚴苛的品類之一，品牌可信度已顯著提升。

Prestige beauty is one of the hardest categories to win, so Aveda choosing AeroFlexx is a strong signal to the rest of the industry. Aveda is starting with refill packaging with select best-selling products debuting in 2027, but the long-term opportunity is dozens of SKUs across a global lineup. Initial purchase orders are already in to build inventory for launch.

高端美妝是最難攻下的品類之一，因此 Aveda 選擇 AeroFlexx 對整個產業而言是一個強烈訊號。Aveda 將先從補充裝包裝開始，部分暢銷產品預計於 2027 年推出，但長期機會是涵蓋全球產品線的數十個 SKU。為了上市建立庫存的初始採購訂單已經下達。

We've also expanded the manufacturing footprint. Through our partnership with Packaging Imolese in Italy, we picked up regional manufacturing, formulation and commercialization capability in household and personal care, two of the biggest categories in our total addressable market. An AeroFlexx filling machine is installed at the Imolese facility now, and that site brings real R&D formulation and testing capability with it. That's the kind of expansion that supports scaling.

我們也擴大了製造版圖。透過與義大利 Packaging Imolese 的合作，我們取得了在家用與個人護理領域的區域製造、配方與商業化能力，這兩個都是我們整體可服務市場中最大的品類之一。AeroFlexx 的灌裝機目前已安裝在 Imolese 工廠，而該據點也帶來實質的研發配方與測試能力。這類擴張有助於支撐規模化。

Operational readiness keeps strengthening. BRCGS, GMP Ohio, and ISCC PLUS certifications all reinforce our ability to run compliant, scalable programs across categories and geographies. On capital, our objective hasn't changed. Operating company capital from strategic investors who can also become commercial partners.

營運就緒度持續提升。BRCGS、GMP Ohio 與 ISCC PLUS 等認證都強化了我們在不同品類與地理區域執行合規、可擴展專案的能力。在資本方面，我們的目標沒有改變：來自策略投資人的營運公司資本，而這些投資人也能成為商業合作夥伴。

Looking ahead, the milestones are straightforward. Active programs converting to launches and reorders and anchor customers expanding across more products, more categories, and more regions. That's how AeroFlexx builds durable commercial cadence and shows the format is taking hold across the broader packaging landscape.

展望未來，里程碑很清楚：進行中的專案轉化為上市與再訂購，以及主力客戶擴展到更多產品、更多品類與更多地區。這就是 AeroFlexx 建立可持續商業節奏、並證明該形式正在更廣泛包裝版圖中站穩腳跟的方式。

And just as AeroFlexx is reshaping packaging, Refinity is doing the same in advanced materials and circular feedstocks. The chemical industry is experiencing the same adoption dynamic just discussed for AeroFlexx. Decades of incremental change and then regulatory pressure, decarbonization commitments and cost volatility all hit at once and the pace of evaluation picks up fast.

正如 AeroFlexx 正在重塑包裝一樣，Refinity 也正在先進材料與循環原料領域做同樣的事。化工產業正在經歷與剛才談到的 AeroFlexx 類似的採用動態：數十年的漸進式變化之後，監管壓力、去碳化承諾與成本波動同時襲來，評估速度便迅速加快。

Qualification and integration take time, but once the industry aligns, adoption moves quickly. Refinity is at an early stage of that journey, building the technical and commercial foundation that precedes industry adoption. Detailed design on the 10-kiloton commercial demonstration plant is underway. We expect that engineering design should wrap up by the end of Q3 and more on offtake partners will come in the coming months.

資格認證與整合需要時間，但一旦產業達成一致，採用就會快速推進。Refinity 正處於這段旅程的早期階段，正在建立在產業採用之前所需的技術與商業基礎。1 萬噸級商業示範工廠的詳細設計正在進行中。我們預期工程設計將在第三季末完成，未來幾個月也會有更多承購（offtake）夥伴加入。

Refinity is working with a US partner with existing fluidized bed assets for additional testing. By midyear, we expect the Refinity process will be running on those assets on the same mixed plastic waste feedstocks the 10-kiloton plant will use, which should give extended run time and meaningfully accelerate the validation process. Recent multi-day pilot trials at VTT using market-sourced plastic waste produced light olefins, ethylene, and propylene at yields meeting or exceeding targets. That reinforces the core thesis. Refinity can convert mixed plastic waste into cracker-ready light olefins with high yields and minimal char.

Refinity 正與一個擁有既有流化床資產的美國合作夥伴進行額外測試。預計在年中前，Refinity 製程將在這些資產上運行，使用與 1 萬噸工廠相同的混合塑膠廢棄物原料，這將帶來更長的運轉時間並顯著加速驗證流程。近期在 VTT 以市場來源塑膠廢棄物進行的多日試驗性運轉，產出了輕烯烴、乙烯與丙烯，其收率達到或超過目標。這強化了核心論點：Refinity 能以高收率、極少焦炭（char），將混合塑膠廢棄物轉化為可直接供裂解爐使用的輕烯烴。

The work with Dow continues on gas purity integration, how a co-located Refinity plant ties into existing steam cracker infrastructure. That's the kind of integration work that has to happen before commercial adoption. The macro backdrop reinforces why this matters. The Iran situation and the constraints in the Strait of Hormuz are a reminder of why diversifying raw material pathways and commoditizing plastic waste are valuable, not as a headwind or a tailwind, but as another reason feedstock optionality is the right place to be.

與 Dow 的合作持續進行，聚焦於氣體純度整合，也就是共址的 Refinity 工廠如何接入既有蒸汽裂解爐基礎設施。這類整合工作是商業採用前必須完成的。宏觀背景也再次凸顯其重要性。伊朗局勢以及荷姆茲海峽的限制提醒我們：多元化原料路徑、並將塑膠廢棄物商品化是有價值的——這不是逆風或順風，而是另一個理由，說明原料選擇彈性（feedstock optionality）是正確的布局方向。

Refinity is in active discussions with key customers on offtake agreements for the 10-kiloton plant and is working with government agencies on non-dilutive funding to support CapEx. Long-term offtake and non-dilutive funding together would position Refinity to project finance a substantial portion of the plant, a meaningful shift in how a first commercial facility gets funded.

Refinity 正與關鍵客戶就 1 萬噸工廠的承購協議進行積極討論，並與政府機構合作爭取非稀釋性資金以支持資本支出（CapEx）。長期承購與非稀釋性資金若能同時到位，將使 Refinity 得以透過專案融資為工廠相當大的一部分提供資金，這將在首座商業設施的資金來源方式上帶來重要轉變。

The signals to watch are straightforward: technical validation, integration work with Dow, and commercial commitments from offtake partners. These are the milestones we expect will move Refinity from a promising technology to a bankable platform. 6 to 12 months ago, Refinity was proving the chemistry. Today, it is progressing toward commercial scale and the building blocks of a financeable product.

需要關注的訊號很明確：技術驗證、與 Dow 的整合工作，以及承購夥伴的商業承諾。這些是我們預期能推動 Refinity 從一項有前景的技術，走向可融資（bankable）的平台的里程碑。6 到 12 個月前，Refinity 還在證明其化學反應可行性；今天，它正朝向商業規模推進，並建立可融資產品所需的基礎要件。

Stepping back, we believe that what we are seeing across our operating companies fits a much larger historical pattern. Every major technology wave from the industrial revolution to electrification to the semiconductor era to software to the Internet and cloud has created a small group of companies whose technologies become the infrastructure of the shift itself. In each case, the long-term winners were the companies without which the new economy could not scale.

退一步來看，我們相信在各營運公司所看到的情況符合一個更大的歷史模式。從工業革命到電氣化、到半導體時代、到軟體、到網際網路與雲端，每一波重大技術浪潮都催生出一小群公司，其技術成為這場轉變本身的基礎設施。在每一個案例中，長期贏家都是那些沒有它們，新經濟就無法規模化的公司。

Intel, Texas Instruments, Taiwan Semiconductor in the semiconductor space, Microsoft and Oracle in software, Cisco and Google and Amazon AWS in the Internet and cloud era. These companies didn't grow because of quarterly revenue. They grew because they were the backbone of a secular transformation, compounding 5, 10, even 20x over sustained multi-year periods.

例如半導體領域的 Intel、Texas Instruments、台灣積體電路製造（Taiwan Semiconductor），軟體領域的 Microsoft 與 Oracle，以及網際網路與雲端時代的 Cisco、Google 與 Amazon AWS。這些公司成長並不是因為單季營收，而是因為它們是結構性轉型的骨幹，在持續多年的期間內複利成長 5 倍、10 倍，甚至 20 倍。

We believe the convergence of AI, high-performance compute, and next-generation compute is the next of these waves, the early stages of a fourth industrial revolution that will reshape productivity, discovery, and global GDP potential. And in that context, we believe Accelsius is not simply transforming an industry, it is positioned at the point where this AI boom cannot scale without the technology it provides.

我們相信，AI、高效能運算與下一代運算的匯聚，是下一波浪潮——第四次工業革命的早期階段，將重塑生產力、探索發現，以及全球 GDP 的潛在成長。而在這樣的背景下，我們相信 Accelsius 不僅是在改變一個產業；它所提供的技術正位於這波 AI 熱潮無法規模化就不可或缺的關鍵位置。

While AeroFlexx and Refinity are aligned with major structural shifts in their own markets, we believe Accelsius sits at the center of a secular change that will touch virtually every sector. That is why we focus on progression, validation, and positioning because when these markets tip, they don't move gradually. They move all at once and the companies enabling the transition capture the long-term tailwind.

雖然 AeroFlexx 與 Refinity 各自在其市場中對齊重大結構性轉變，但我們相信 Accelsius 位於一場將觸及幾乎所有產業的長期結構性變革中心。這也是為什麼我們聚焦於進展、驗證與定位：因為當這些市場發生臨界點轉折時，它們不會逐步移動，而是同時爆發；而促成轉型的公司將捕捉長期順風。

And with that, I'll turn it over to Dave to cover the financials.

接下來，我把時間交給 Dave 來說明財務表現。

Thanks, Roland, and good afternoon, everyone. The financial results for the first quarter of 2026 were in line with expectations and consistent with the business progression we've been outlining.

謝謝你，Roland，各位下午好。2026 年第一季的財務結果符合預期，也與我們一直在說明的業務進展一致。

As Bill mentioned, our recent CEO call provided a deep dive into the commercial momentum at Accelsius, AeroFlexx, and Refinity. We continue to believe this momentum will translate into strong revenue and adjusted EBITDA growth in the second half of this year and into 2027.

如 Bill 所提到，我們近期的 CEO 電話會議深入解析了 Accelsius、AeroFlexx 與 Refinity 的商業動能。我們仍然相信，這股動能將在今年下半年並延續至 2027 年，轉化為強勁的營收與調整後 EBITDA 成長。

For the first quarter, Innventure reported consolidated revenue of $1.4 million, up from $0.2 million in the first quarter of 2025 and up from $0.8 million in the fourth quarter of last year. Revenue has grown sequentially every quarter since the beginning of 2025.

第一季，Innventure 公布的合併營收為 140 萬美元，高於 2025 年第一季的 20 萬美元，也高於去年第四季的 80 萬美元。自 2025 年初以來，營收已連續每季呈現環比成長。

Accelsius revenue in the first quarter was $1.3 million, the highest quarterly revenue since we began reporting in 2024. As we discussed last quarter, we continue to expect Accelsius to exit December 2026 with positive operating cash flow, implying a revenue run rate of approximately $100 million. We are now seeing third-party validation at our operating companies, resulting in commercial bookings, operational scale, and clear milestone achievement across the entire enterprise.

Accelsius 第一季營收為 130 萬美元，為我們自 2024 年開始揭露以來的最高單季營收。如同我們上季所討論的，我們仍預期 Accelsius 將在 2026 年 12 月時以正向營運現金流退出，意味著營收年化運行率約為 1 億美元。我們現在也看到旗下營運公司獲得第三方驗證，帶來商業訂單、營運規模化，以及整個企業在各項里程碑上的明確達成。

Total G&A expenses for the quarter were $12.7 million, $7 million lower than the first quarter of 2025. Professional service fees in the first quarter were $3 million, down 51% from the $6.1 million in the first quarter of last year as we transitioned from outsourced professional services to in-house personnel at materially lower cost. The increase from Q4 to Q1 reflects the annual reset of payroll tax and benefits.

本季總一般及行政（G&A）費用為1,270萬美元，較2025年第一季減少700萬美元。第一季的專業服務費為300萬美元，較去年第一季的610萬美元下降51%，因為我們將外包專業服務轉為以成本顯著較低的內部人員承接。從第四季到第一季的增加反映了薪資稅與員工福利的年度重置。

Net loss attributable to Innventure stockholders was $20.8 million for the quarter, the lowest since we became a public company. Adjusted EBITDA for the quarter was a loss of $18.4 million.

本季歸屬於Innventure股東的淨損為2,080萬美元，為我們成為上市公司以來最低。經調整EBITDA本季為虧損1,840萬美元。

Turning to the balance sheet. We ended the quarter with $60.4 million of cash and restricted cash, down $5.1 million from the end of last year. On the cash flow statement, you will see Innventure received $37.2 million net proceeds from the purchase and sale of common stock in a registered direct offering, paid down $7.4 million of debt, invested $0.8 million in PP&E at Accelsius, had a $16.4 million working capital use of cash, and a $17.6 million of other cash OpEx, including G&A, sales and marketing, and R&D costs.

接著看資產負債表。我們在本季末持有現金及受限制現金6,040萬美元，較去年年底減少510萬美元。在現金流量表中，您會看到Innventure在一項註冊直接發行（registered direct offering）中透過普通股買賣取得3,720萬美元的淨收益、償還740萬美元債務、在Accelsius投入80萬美元於不動產、廠房及設備（PP&E）、營運資金使用現金1,640萬美元，以及其他營運費用（OpEx）現金支出1,760萬美元（包含G&A、銷售與行銷以及研發成本）。

As we previously noted, we believe Accelsius will exit December 2026 with positive operating cash flow. At the Innventure parent company and subsequent to the end of the quarter, we have selectively accessed our standby equity facility and raised approximately $11.9 million.

如我們先前所述，我們相信Accelsius將在2026年12月結束時實現正的營運現金流。在Innventure母公司層面，且於本季結束後，我們選擇性動用備用股權融資工具，募集約1,190萬美元。

Hey, Dave. Let me add some context on capital market strategy, because this is an area I personally oversee. We used the SEPA opportunistically during a period of share price strength. Executing above $6 per share limited dilution to roughly 2%. At those price levels, our projected annualized dilution rate remains under 10%, which is consistent with the disciplined capital formation philosophy we've been communicating in the past several months. The purpose of this raise was simple, extend our runway in a way that avoids raising capital during periods of seasonal trading softness or geopolitical uncertainty.

嗨，Dave。我補充一些資本市場策略的背景，因為這是我親自負責的領域。我們在股價走強期間機會性地使用SEPA。以每股6美元以上執行，將稀釋控制在約2%。在該價格水準下，我們預估的年化稀釋率仍低於10%，這與我們過去幾個月所傳達的審慎資本形成理念一致。本次募資目的很簡單：以避免在季節性交易疲弱或地緣政治不確定期間募資的方式，延長我們的資金跑道。

With the $60.4 million cash on hand that Dave mentioned, combined with the extension provided by this opportunistic raise, we do not anticipate the need to raise significant capital for the foreseeable future. While the SEPA continues to be available to Innventure, when we return to the market, our intent is to utilize more conventional tools available to an S-3 eligible issuer with a top-tier bank syndicate, including facilities that would allow us to opportunistically extend our position over time as well as the ability to execute larger transactions when market conditions and valuation are supportive.

結合Dave提到的6,040萬美元手頭現金，以及這次機會性募資所帶來的延長效果，我們預期在可預見的未來不需要再募集大量資金。雖然SEPA仍可供Innventure使用，但當我們再次回到市場時，我們的意圖是運用更多S-3合格發行人、且由一流銀行承銷團提供的傳統工具，包括可讓我們隨時間機會性延伸部位的融資安排，以及在市場條件與估值有利時執行較大型交易的能力。

Our objective is to further reduce dilution relative to the rate implied by this last opportunistic raise and to ensure that any future capital formation aligns with the disciplined approach we've communicated.

我們的目標是進一步降低相較於上一次機會性募資所隱含的稀釋速度，並確保任何未來的資本形成都符合我們所傳達的審慎作法。

Thanks, Roland, for the additional context. We continue to carefully manage our capital structure to support the growth of Innventure's operating companies, maintain adequate liquidity at all levels of the company with the goal of minimizing future dilution to our shareholders. It's important to say the Innventure team remains focused on what we believe are very attractive growth opportunities ahead of us. Innventure, along with our operating companies are focused on the future, on where we are going with the goal of creating substantial value for our shareholders.

謝謝你，Roland，補充這些背景。我們持續審慎管理資本結構，以支持Innventure各營運公司的成長，並在公司各層級維持充足流動性，目標是將未來對股東的稀釋降到最低。重要的是要說，Innventure團隊仍專注於我們認為極具吸引力的成長機會。Innventure及其營運公司都著眼於未來、著眼於我們將前往的方向，目標是為股東創造可觀價值。

With that, we'll open up the call for questions.

接下來我們開放提問。

(Operator Instructions) Chip Moore, ROTH Capital Partners.

（接線員指示）ROTH Capital Partners的Chip Moore。

Can you hear me okay?

你們聽得到我嗎？

We can, Chip.

聽得到，Chip。

Yeah. So I feel like we just caught up, but not that long ago and some great detail on that call with the CEOs. Maybe for me, Accelsius, this $100 million run rate exiting the year, not too far away, just comfort with that or any risks to that? We hear about, obviously, data centers getting delayed on power equipment and all sorts of things. So maybe just start there.

好的。我覺得我們才剛追上進度，但其實不久前才和各位聊過，且那次與各位CEO的電話會議提供了很棒的細節。就我這邊，先談Accelsius：今年年底退出時達到1億美元年化營收（run rate），時間不算遠。對此你們的把握如何？或有哪些風險？我們也聽到資料中心因電力設備等各種因素而延宕。所以也許先從這裡開始。

Yeah, sure. So there are a couple of things, Chip. I mean, one, there are obviously things outside of our control, of course, which we've talked about on prior calls, and that pertains to supply chain challenges for some of the folks out there. But in terms of having the business available to deliver, we're in a good position to do that. We have the ability to execute and produce the volume of material to support that run rate internally with a lot of cushion.

好的，當然。有幾點，Chip。第一，確實有一些我們無法控制的因素，我們在先前的電話會議也談過，主要與部分業者面臨的供應鏈挑戰有關。但就我們自身是否具備交付能力而言，我們處於良好位置。我們有能力執行並在內部生產足以支撐該run rate的材料量，而且有相當大的餘裕。

So the other factor is something that actually augers in our favor. As you may know, there are about $150 billion worth of data centers that are in -- I would say, on suspension. And they're on suspension because of environmental protests at regional levels, particularly around utilization of power and water. And because Accelsius' solution uses materially less power than the alternatives and can also run without water in your racks, that really is a big factor in helping move those things along. So some of those things can get unlocked as a result of Accelsius.

另一個因素其實對我們有利。如你所知，大約有1,500億美元規模的資料中心專案正處於——我會說是暫停狀態。之所以暫停，是因為區域層級的環保抗議，特別是圍繞電力與用水的使用。而由於Accelsius的解決方案相較替代方案耗電顯著更少，且機櫃（racks）也可在不使用水的情況下運行，這確實是推動這些專案向前的重要因素。因此，其中一些專案可能因Accelsius而被解鎖、重新啟動。

So on balance, I think we still feel very optimistic that we'll hit that run rate before year-end. Again, we have a book of business to execute on and more to come. So optimistic at this point, no reason to believe that we're not going to hit that target.

綜合來看，我們仍非常樂觀，認為在年底前會達到該run rate。再次強調，我們已有可執行的訂單儲備（book of business），而且還會有更多進來。所以目前仍樂觀，沒有理由認為我們無法達成該目標。

Great. Yeah, that's a great point. And I guess on the bookings side, the $50 million of bookings this quarter, great to see. Should we expect to hear about bookings on a regular basis? And would we expect them to be more lumpy until adoption really starts to scale up?

很好。這點很棒。我想在接單（bookings）方面，本季5,000萬美元的bookings很高興看到。未來我們是否可以預期你們會定期更新bookings？以及在採用真正開始擴大之前，bookings是否會更為不均勻（lumpy）？

Yeah. I mean, look, we would anticipate certainly more bookings, Chip. And so, I think by the time we announce the next quarter, which will be first half of August, in all likelihood, we can give an update on bookings if there are material changes. But to Roland's point, these businesses are lumpy in the early stages, but then they hit an inflection point that could be substantial.

是的。我的意思是，我們當然預期會有更多bookings，Chip。所以我想等到我們公布下一季（大概是8月上旬的上半月）時，如果有重大變化，很可能可以提供bookings的更新。但如Roland所說，這類業務在早期階段會比較不均勻，但之後會到達一個拐點，可能相當可觀。

You might note that Vertiv, who had a great deal of bookings in the last year, stopped reporting bookings, I think, as a result of that. So even very large companies that are at scale with high market caps have that same lumpy effect as a result of some sort of the disruption in the data center space.

你可能注意到，Vertiv在過去一年有大量bookings，但我認為他們後來停止揭露bookings，可能就是因為這個原因。即使是規模很大、市值很高、已達規模化的大公司，也會因資料中心領域的某些擾動而出現同樣的波動（lumpy）效應。

For sure, for sure. I did see that. And so my last sort of follow-up, just around capital, which you outlined in good detail. Just maybe the corollary around future targets and down select. Just maybe an update on what you're seeing there. Thanks.

確實、確實。我有看到。那我最後一個追問，關於資本面，你們已經講得很清楚。想請教與未來目標與篩選（down select）相關的部分，能否更新一下你們目前看到的情況？謝謝。

Yeah. We have some interesting things in the pipeline that could be the next go, if that's what you're asking about. And we've been refining our process, improving our process, honestly, to get a higher quality and a higher volume of opportunities through the funnel. But we have some really, really interesting things in the funnel today.

好的。我們管線中有一些有趣的項目，可能會是下一個推進的方向，如果你問的是這個。我們也一直在精煉流程、改善流程，坦白說，是為了讓更高品質、更多數量的機會能進入漏斗。目前漏斗裡確實有一些非常、非常有趣的機會。

Again, we never announce anything until it's -- we already get the go button because things can fall out. We're very objective and uncompromising in how we make that selection process. So it has to be ready, and it has to be a real opportunity. We've had really good success with the ones we've chosen to date, the four, in fact, if you watch PureCycle, it's starting to hit its stride now. It's over a couple of billion in market cap and seems to be breaking out.

再次強調，我們在——已經拿到啟動按鈕（go button）之前，從不對外宣布任何事情，因為事情可能會告吹。我們在選擇流程上非常客觀且毫不妥協。所以它必須準備就緒，而且必須是真正的機會。到目前為止，我們在已選定的案子上取得很好的成果，事實上是四個；如果你看PureCycle，它現在開始進入佳境，市值已超過數十億美元，且似乎正在突破。

Virtually all of the companies that we've started, we feel really quite confident are going to be companies of scale. So while there are some good things in there, and we're optimistic we'll get something done this year, we won't announce anything until we have something that we've already formed the company around.

幾乎所有我們所創立的公司，我們都相當有信心會成為具規模的公司。因此，雖然目前有一些不錯的機會，我們也樂觀今年能完成一件事，但在我們已經圍繞該機會完成公司設立之前，我們不會宣布任何事情。

Nehal Chokshi, Northland Capital Markets.

Nehal Chokshi，Northland Capital Markets。

So great to hear everything about the progress in the CEO call from a month ago -- or less than a month ago, actually. But you did announce the, I think, $50 million of bookings right around GTC or so. So it's almost been two months. Has there been a actual -- material increase in bookings since then? Or are we sort of like in a wait-and-see period because of these delays that you're talking about?

很高興聽到你們在一個月前——其實不到一個月前——的 CEO 電話會議中，關於進展的所有更新。不過你們確實在我記得大約 GTC 前後宣布了約 5,000 萬美元的訂單預訂（bookings）。所以到現在差不多快兩個月了。自那之後，bookings 是否實際上——在實質上——有所增加？還是說因為你們提到的這些延遲，我們目前正處於觀望期？

Yeah. So there have been bookings, Nehal. I can't quantify that for you. But I think when we announced the second quarter in August, I would project that we will update some of the bookings forecast. Again, the CEO call was just two weeks ago or just a little bit over.

是的。Nehal，確實有新增的 bookings。我無法為你量化。但我認為當我們在 8 月公布第二季時，我預期我們會更新部分 bookings 的預測。再次強調，CEO 電話會議其實才兩週前，或稍微超過兩週。

So we -- and we gave our first quarter -- excuse me, our year-end result was kind of late in the quarter as well. So we've done updates here in the last few weeks, which is what we just mentioned. But I would anticipate we'll see an improvement in bookings by the time we report our second quarter.

所以我們——而且我們提供第一季——不好意思，我是說我們的年終結果在該季也算是偏晚才公布。因此我們在過去幾週已經做了一些更新，也就是我們剛剛提到的。我預期到我們公布第二季時，bookings 會有所改善。

Okay. In order to hit this $100 million annualized revenue run rate, I guess, is it true that basically you only need another $50 million of bookings between now and like the next six months?

好的。為了達到這個 1 億美元的年化營收運行率（annualized revenue run rate），我想確認一下：是不是基本上你們只需要在接下來大約六個月內再拿到另外 5,000 萬美元的 bookings？

Yeah. So just to be 100% clear on what that means, Nehal, right? So $100 million run rate just means that by year end, we'll be running at $8 million or $9 million of revenue a month, right? That's what we're implying here. We've not forecast that we're going to do $100 million of revenue this year. We've never said that.

是的。Nehal，為了把這個意思講得 100% 清楚，對吧？所謂 1 億美元 run rate 的意思只是到年底時，我們每月的營收會在 800 萬到 900 萬美元左右，對吧？這就是我們在這裡所暗示的。我們並沒有預測今年會做到 1 億美元營收。我們從來沒有這麼說過。

We just said that we would be at an annualized rate of $100 million by year end, which, again, are two different things. But we do expect meaningful additional bookings in Accelsius and AeroFlexx for that matter, over the coming couple of quarters.

我們只是說，到年底我們會達到年化 1 億美元的速度（rate），而這兩者再次強調是不同的概念。不過我們確實預期在接下來幾個季度，Accelsius——以及 AeroFlexx 也是——會有具意義的新增 bookings。

Got it. Understood. Can you help us understand how that should translate to annualized bookings?

了解。明白了。你能幫我們理解這應該如何換算成（對應到）年化 bookings 嗎？

Yeah. We haven't projected a bookings target. We have certainly internal ideas of what we think the backlog would look like at year end. Again, we haven't forecast that. But you can appreciate in this type of business, first of all, predictability is a little tricky because it's early stage. But our revenue targets for next year are relatively aggressive in terms of growth from this year to next.

可以。我們沒有提出 bookings 的目標。我們內部當然有一些想法，認為年底的積壓訂單（backlog）會是什麼樣子。再次強調，我們沒有對外做出預測。但你也能理解，在這類型的業務中，首先可預測性會比較棘手，因為仍處於早期階段。不過我們對明年的營收目標，在從今年到明年的成長幅度上，是相對積極的。

So we would anticipate some meaningful bookings going into 2027 to be able to hit the kind of targets that we anticipate internally. Again, we haven't forecast that, and we don't plan to at this stage. In a couple of years' time, when things are really smoothed out and it's much more predictable, we may get to that point. But now we're not projecting any kind of revenue targets. But we do expect to roll into 2027 with a pretty significant backlog.

因此我們預期會有一些具意義的 bookings 進入 2027 年，才能達到我們內部所預期的那類目標。再次強調，我們沒有對外預測，而且在這個階段也不打算這麼做。再過幾年，當事情真的更順暢、可預測性更高時，我們可能會走到那一步。但目前我們不會提出任何形式的營收目標。不過我們確實預期在進入 2027 年時，會帶著相當可觀的 backlog。

Okay. And do you guys have visibility into how your cash conversion cycle is going to look, i.e., what's going to be your typical inventory days holding time? What's going to be a typical day sales outstanding? What's going to be your typical days payables given that you now have $50 million of bookings here?

好的。那你們是否能見度足以判斷你們的現金轉換週期（cash conversion cycle）會長什麼樣子？也就是說，你們典型的庫存持有天數（inventory days holding time）會是多少？典型的應收帳款週轉天數（day sales outstanding）會是多少？以及在你們現在已有 5,000 萬美元 bookings 的情況下，典型的應付帳款天數（days payables）會是多少？

Go ahead, David.

David，你來回答。

Yes. Thanks for the question. And I would sort of go back to some of Bill's comments and even Roland's comments that it's a little bit too early to tell exactly what our cash conversion cycle will be in DSO, DPO, DIO, those kind of metrics. But we can certainly talk about that as the year progresses. But I think at this point, it is just a little bit too early to project that.

好的。謝謝這個問題。我會回到 Bill 的一些評論，甚至 Roland 的評論：現在要精確判斷我們的現金轉換週期，包括 DSO、DPO、DIO 這類指標，還是有點太早。不過隨著今年進展，我們當然可以再談這些。但我認為就目前而言，現在要做出預測確實還稍早。

And every customer is going to be different. In some customers, we anticipate we'll get some deposits, others we won't. And it turns out the larger companies are the ones that we probably won't, and they'll negotiate probably longer time on payables.

而且每個客戶都會不同。有些客戶我們預期會收到一些訂金（deposits），有些則不會。結果往往是規模較大的公司，我們可能拿不到訂金，而且他們可能會談判更長的付款期限。

But we have pretty conservative estimates in place internally, and we're pretty confident that we have adequate cash to scale to those deliveries without needing to go back to the market. And I think a lot of those -- that inventory will be financeable with more traditional lenders as opposed to equity to be able to finance the growth in inventory, particularly given the types of counterparties that we're dealing with.

但我們內部已採用相當保守的估計，而且我們很有信心，我們有足夠的現金把交付規模擴大到那些出貨量，而不需要再回到市場募資。我認為其中很多——那些庫存——相較於用股權融資，更可能透過較傳統的放款機構來融資，以支應庫存成長，特別是考量到我們所面對的交易對手類型。

Yeah, absolutely. I'll just say that the data points that I've been picking up is that there is strong demand out there for Innventure's two-phase direct liquid cooling. So look forward to seeing that actually come to fruition. Thank you.

是的，完全同意。我只想說，我目前掌握到的訊息顯示，市場對 Innventure 的兩相直接液冷（two-phase direct liquid cooling）需求很強。期待看到它真正落地實現。謝謝。

(Operator Instructions) Aashi Alpesh, Sidoti & Co.

（接線員指示）Aashi Alpesh，Sidoti & Co.。

Just wanted to ask you about the role of the channel partners and strategic integrators and how they play in scaling deployments, and how important will partnerships become as these businesses grow?

我想請教通路合作夥伴（channel partners）與策略性系統整合商（strategic integrators）的角色，以及他們如何在擴大部署規模上發揮作用；並且隨著這些業務成長，合作夥伴關係的重要性會到什麼程度？

Did you say Chinese partners, Aashi, just to make sure I understood you.

Aashi，你是說中國合作夥伴嗎？我只是確認我有聽懂。

No, I said channel partners like Johnson.

不是，我是說通路合作夥伴，例如 Johnson。

I'm sorry. Channel partners. I'm sorry, I just misunderstood. Yes. So we have very good relationships with -- we have a couple of large players that we've announced as partners, including Johnson Controls, Legrand, Vertiv, others that are -- you can go out to the website actually and see the various partnerships that we have with a lot of players in the industry.

抱歉。通路合作夥伴。不好意思，我剛剛誤會了。是的。我們與——我們已宣布幾家大型業者作為合作夥伴，包含 Johnson Controls、Legrand、Vertiv，以及其他——你其實也可以到我們網站上查看我們與產業中許多業者的各種合作關係。

And what we're really focused on are our channels that have a big multiplier effect. Virtually all of the partnerships that we have can lead to not tens of racks, but hundreds of racks or thousands of racks ultimately because they're delivering more broadly to the marketplace. And we have the different sectors from hyperscalers to OEMs to AI as a service, et cetera. So we have different types of partnerships for different things.

而我們真正聚焦的是那些具有很大乘數效應（multiplier effect）的通路。幾乎我們所有的合作關係，最終都可能帶來的不是幾十個機櫃（racks），而是數百個機櫃或數千個機櫃，因為他們能更廣泛地向市場交付。我們也涵蓋不同的領域，從 hyperscalers 到 OEM，再到 AI as a service 等等。因此我們針對不同需求有不同類型的合作夥伴關係。

But in general, our partners are seeing demand as well, and they'll be able to drive demand for us because they have their own sales and marketing forces that are out there interacting with a broader range of customers.

但總體而言，我們的合作夥伴也看到了需求，他們也能為我們帶動需求，因為他們有自己的銷售與行銷團隊，在外面與更廣泛的客戶群互動。

Right. And also, relating to Accelsius here, as the deployments scale, could software monitoring or system optimization become part of the revenue mix? Like I'm trying to understand if there is room for recurring revenue to be possible later once the initial deliveries are made. Or is it just once a customer has been delivered the product, there's no more -- like unless they order more, there is no way to get revenue out of them?

了解。另外，回到 Accelsius，隨著部署規模擴大，軟體監控或系統最佳化是否可能成為營收組合的一部分？我想理解的是：在初始交付完成後，未來是否有可能出現經常性收入（recurring revenue）的空間？還是說一旦產品交付給客戶後，除非他們再下更多訂單，否則就沒有其他方式從他們身上取得營收？

No, there is a smaller as a fraction of the orders recurring revenue component to what we provide. So yes, there is a piece that would be recurring revenue for each of those deployments going forward.

不是的。我們提供的內容中，確實有一小部分（相對於訂單金額的占比）是經常性收入的組成。因此是的，對於每一個部署，未來都會有一部分會是經常性收入。

This concludes the question-and-answer session. This concludes today's call. You may now disconnect.

問答環節到此結束。今天的電話會議到此結束。您現在可以掛線。