Nauticus Robotics Inc (KITT) 2025 Q3 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Nauticus Robotics 2025 Q3 earnings call. (Operator Instructions) This call is being recorded on Friday, November 14, 2025. I would now like to turn the conference over to Kristin Moorman. Please go ahead.

各位女士、先生，早安，歡迎參加 Nauticus Robotics 2025 年第三季財報電話會議。（操作員指示）本次通話於2025年11月14日星期五進行錄音。現在我將把會議交給克里斯汀·穆爾曼。請繼續。

Thank you, and good morning, everyone. Joining me today and participating in the call are John Gibson, CEO and President; Jimena Begaries, Interim CFO; and other members of our leadership team. On today's call, we will first provide prepared remarks concerning our financial and operations results. Following that, we will answer questions.

謝謝大家，大家早安。今天與我一起參加電話會議的有：執行長兼總裁約翰·吉布森；臨時財務長吉梅娜·貝加里斯；以及我們領導團隊的其他成員。在今天的電話會議上，我們將首先就我們的財務和營運業績發表準備好的演講。接下來，我們將回答問題。

We have now released our results for the third quarter of 2025, which are available on our website. In addition, today's call is being webcast, and a replay will be available on our website shortly following the conclusion of the call. Please note that comments we make on today's call regarding projections or our expectations for future events are forward-looking statements.

我們現已發布 2025 年第三季業績報告，可在我們的網站上查看。此外，今天的電話會議將進行網路直播，會議結束後不久，我們將在網站上提供回放。請注意，我們在今天的電話會議上所作的有關預測或對未來事件的預期的評論均為前瞻性陳述。

Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control. These risks and uncertainties can cause actual results to differ materially from our current expectations. We advise listeners to review our earnings release and the risk factors discussed in our filings with the SEC.

前瞻性陳述受多種風險和不確定因素的影響，其中許多因素是我們無法控制的。這些風險和不確定性可能導致實際結果與我們目前的預期有重大差異。我們建議聽眾查看我們的獲利報告以及我們在提交給美國證券交易委員會的文件中討論的風險因素。

Also, please refer to the reconciliations provided in our earnings press release as we may discuss non-GAAP metrics on this call. I will now turn it over to John.

另外，請參考我們獲利新聞稿中提供的調整表，因為我們可能會在本次電話會議上討論非GAAP指標。現在我將把任務交給約翰。

Well, thank you, Kristin, and good morning, and thanks to all of you for joining us this morning. This quarter marked a turning point for Nauticus. Across the organization, we saw progress that reflects the company moving beyond early stage development into scalable commercial deployment. Our field operations, technical milestones and customer response all signal real traction for the company. Now rather than previewing the details, I'm going to let the team walk you through the accomplishments of Q3 and outline the road ahead. I think you'll enjoy it.

謝謝你，克莉絲汀，早安，也謝謝各位今天早上收看我們的節目。本季對Nauticus來說是一個轉捩點。在整個組織中，我們看到了進步，這反映出公司正在從早期開發階段過渡到可擴展的商業部署階段。我們的現場營運、技術里程碑和客戶回饋都表明公司正在取得真正的進展。現在，我不會透露細節，而是讓團隊帶您了解第三季的成就並概述未來的發展方向。我想你會喜歡的。

With that, I'm going to turn it over to Dr. Yamokoski, our CTO, to begin the updates. JD?

接下來，我將把發言權交給我們的技術長亞莫科斯基博士，讓他開始報告最新進展。京東？

Thank you, John, and good morning, everyone. As we've noted in prior quarters, we remain committed to securing new government contract awards. We continue to work closely with both long-standing and new partners across the industry as we evaluate opportunities that align with Nauticus' long-term strategic road map. I have had the distinct pleasure of serving Nauticus for over a decade. With that historical perspective, I can say that Nauticus has pursued a deliberate strategy, combining private investment with government-funded research to accelerate the development of advanced autonomous robotics.

謝謝你，約翰，大家早安。正如我們在前幾個季度所指出的，我們仍然致力於爭取新的政府合約。我們將繼續與業內長期合作夥伴和新合作夥伴緊密合作，評估符合 Nauticus 長期策略路線圖的機會。我非常榮幸能為 Nauticus 服務超過十年。從這個歷史角度來看，可以說 Nauticus 採取了一項深思熟慮的策略，將私人投資與政府資助的研究相結合，以加速先進自主機器人的發展。

Having been here through that journey, I'm excited to say that the result is a mature technology foundation now ready to scale commercially and lead the maritime industry's transition towards autonomous operations. Today, that foundation is converging into a clear vision for the future of ocean work. We're moving beyond single vehicle autonomy toward coordinated teams of unmanned systems, surface and subsea, working together to execute complex missions.

經歷了這段歷程，我很高興地說，最終的成果是一個成熟的技術基礎，現在已經準備好進行商業規模化生產，並引領海事產業轉型為自主營運。如今，這項基礎正逐漸匯聚成一個清晰的海洋工作未來願景。我們正在從單車自主駕駛邁向無人系統（包括水面和水下系統）的協同團隊，共同執行複雜的任務。

Our previously announced partnerships and collaborations in the surface maritime autonomy space represent early steps in bringing this vision to life. Another major trend reshaping our market is the reduction of personnel deployed offshore, driven by safety, sustainability and cost considerations.

我們先前宣布的在水面海上自主領域的合作夥伴關係和合作，代表著將這一願景變為現實的早期步驟。另一個正在重塑我們市場的主要趨勢是減少海上部署人員，這是出於安全、永續性和成本的考慮。

This shift plays directly to Nauticus' strength. Our televised vehicles require a level of autonomy that will enable remote to provision and control from land-based centers, dramatically reducing the need for personnel at sea. We recently announced a new $250 million equity facility that strengthens our ability to pursue other emerging opportunities, such as those in the deep sea mining sector. The same autonomous capabilities that have defined our defense and asset integrity work are directly applicable to this market where safe and cost-efficient operations are critical to success. This strategic expansion underscores the versatility of our technology and its relevance across multiple ocean industries.

這一轉變正好發揮了諾提卡斯的優勢。我們的電視直播車輛需要具備一定程度的自主性，以便能夠從陸地中心進行遠端調配和控制，從而大大減少海上人員的需求。我們最近宣布了一項新的 2.5 億美元股權融資計劃，這將增強我們尋求其他新興機會的能力，例如深海採礦領域的機會。我們國防和資產完整性工作中賴以成功的自主能力，同樣可以直接應用於這個市場，在這個市場中，安全高效的營運對於成功至關重要。此次戰略擴張凸顯了我們技術的通用性及其在多個海洋產業中的相關性。

In defense, this strategy aligns directly with evolving operational priorities, distributed and persistent maritime presence without the risk of crew deployments. In commercial markets, it opens a door to entirely new cost structures for subsea asset integrity, maintenance and nearshore monitoring, domains that have long been constrained by the economics of large manned service ships.

在國防領域，此戰略與不斷變化的作戰重點直接相關，即在不承擔人員部署風險的情況下，實現分散式和持續的海上存在。在商業市場中，它為海底資產完整性、維護和近岸監測開闢了全新的成本結構，這些領域長期以來一直受到大型載人服務船經濟性的限制。

We remain confident that we are building the infrastructure and technology base for a new era of intelligent ocean operations, one where autonomy amplifies human capability, reduces offshore risk and fundamentally changes the economics of working in the sea.

我們仍然堅信，我們正在為智慧海洋作業的新時代建立基礎設施和技術基礎，在這個新時代中，自主性將增強人類的能力，降低海上風險，並從根本上改變海上作業的經濟狀況。

I will now turn the call over to Jimena for to update our quarterly financials. Jimena?

現在我將把電話交給吉梅娜，讓她更新我們的季度財務狀況。希梅娜？

Thank you, JD, and good morning, everyone. I will now discuss our financial results for the third quarter of 2025. Revenue for the third quarter was $1.9 million, which is down $0.1 million sequentially and up $1.6 million from the same quarter last year. Against our original expectations, revenue in the third quarter was slightly lower than Q2. The revenue shortfall in Q3 was a strategic decision of the company made in cooperation with customers to defer work.

謝謝你，JD，大家早安。接下來我將討論我們2025年第三季的財務表現。第三季營收為 190 萬美元，比上一季減少 10 萬美元，比去年同期增加 160 萬美元。與最初的預期相反，第三季的營收略低於第二季。第三季營收下滑是公司與客戶合作延後部分工作所做的策略決策。

Daniel will elaborate later on the call. We observed an increase in customer base, which Steve will cover later in the call. Operating expenses for the quarter were $7.8 million, which is up $1.9 million from Q3 2024, but down $0.6 million sequentially. G&A costs for the quarter were $2.9 million, which is a decrease of $1.4 million sequentially and a $0.1 million increase compared to Q3 2024. Nonrecurring transaction costs related to the SeaTrepid acquisition weighed down in the first half of 2025, but G&A costs are now trending back to pre-acquisition levels.

丹尼爾稍後會在電話中詳細說明。我們觀察到客戶群有所成長，史蒂夫稍後將在電話會議中詳細介紹這一點。本季營運支出為 780 萬美元，比 2024 年第三季增加了 190 萬美元，但比上一季減少了 60 萬美元。本季一般及行政費用為 290 萬美元，比上一季減少了 140 萬美元，比 2024 年第三季增加了 10 萬美元。2025 年上半年，與 SeaTrepid 收購相關的非經常性交易成本有所下降，但一般及行政費用目前正趨於恢復到收購前的水平。

Net loss for the quarter was $6.6 million. This is a $0.8 million decrease in net loss sequentially and a $24.5 million increase in net loss from Q3 2024. This large variance is attributable to the gains in fair value of our convertible debentures reported last year. Adjusted net loss for the quarter was $6.7 million compared to $7.4 million for the second quarter of 2025 and $6.4 million for the same quarter in 2024.

本季淨虧損為660萬美元。與上一季相比，淨虧損減少了 80 萬美元；與 2024 年第三季相比，淨虧損增加了 2,450 萬美元。這一較大差異歸因於我們去年報告的可轉換債券公允價值收益。本季經調整後的淨虧損為 670 萬美元，而 2025 年第二季為 740 萬美元，2024 年同期為 640 萬美元。

Cash at the end of Q3 2025 was $5.5 million compared to $2.7 million last quarter. This is driven by funding received through an at-the-market offering. During the last week of October 2025, we reissued our at-the-market offering and raised further funds to support our ongoing operations.

截至 2025 年第三季末，現金餘額為 550 萬美元，而上一季為 270 萬美元。這是透過市場發行募集資金實現的。2025 年 10 月的最後一周，我們重新發行了市價債券，籌集了更多資金以支持我們的持續營運。

In October, some of our lenders converted a portion of our outstanding debt into equity, further deleveraging our balance sheet. In addition, we received a letter of intent from another lender willing to do the same if needed, to address any shareholder equity requirements. These actions, along with the ATM, put us in a solid position to maintain our Nasdaq listing. We entered Q4 financially stronger, thanks in part to the confidence shown by our lenders and our long-term strategy.

10 月份，我們的一些貸款方將我們部分未償債務轉換為股權，進一步降低了我們的資產負債比率。此外，我們也收到另一家貸款機構的意向書，表示如有需要，他們也願意提供相同的資金，以滿足任何股東權益要求。這些舉措，加上 ATM 的投入，使我們處於穩固的地位，能夠繼續保持在納斯達克的上市地位。由於貸款方的信心和我們的長期策略，我們進入第四季度時的財務狀況更加穩健。

I will now pass the call back to John.

現在我將把電話轉回給約翰。

Thank you very much, Jimena. I'm not losing any sleep over the delisting. We have a plan, we have support, and we're executing that plan, and we're on track. So now I'd like to turn it over to the sales and operation leads to discuss activities in their departments. First is up, Daniel Dehart, our field operations lead for an update on the 2025 commercial season and plans for the remainder of the year. Daniel?

非常感謝你，吉梅娜。下架這件事我一點也不擔心。我們有計劃，我們有支持，我們正在執行該計劃，一切進展順利。現在我想把發言權交給銷售和營運負責人，讓他們討論各自部門的活動。首先上場的是我們的現場營運主管丹尼爾·德哈特，他將介紹 2025 年商業季的最新情況以及今年剩餘時間的計劃。丹尼爾？

Thank you, John. In the third quarter in cooperation with our customers, we made a strategic decision to defer near-term revenue in order to enhance the vehicle for specific deepwater workflows that position us for longer-term contracts. A major highlight this quarter was completing our deepest subsea test to date, successfully operating our Aquanaut system to 2,300 meters water depth in the Gulf of America. This milestone demonstrates the operational advancement and industry differentiating capability of our platform in complex underwater environments. We believe we are the only company operating an untethered drone down to these depths.

謝謝你，約翰。第三季度，我們與客戶合作，做出了策略決策，推遲近期收入，以增強特定深水工作流程的工具，從而使我們能夠獲得更長期的合約。本季度的一大亮點是完成了迄今為止最深的海底測試，成功地在美洲灣進行了 Aquanaut 系統 2300 公尺水深的測試。這一里程碑證明了我們的平台在複雜水下環境中的運作能力和產業差異化優勢。我們相信我們是唯一一家使用無纜無人機下潛到如此深海的公司。

Our customers remain fully engaged and excited about the technology. While some 2025 project work has been pushed into 2026, we've seen continued enthusiasm and commitment from our clients who want to be part of this next phase of success. We are currently working on defining even more capabilities for the Aquanaut system. We have one vehicle located in Stuart, Florida, and the second will be on its way soon. In collaboration with Sea Robotics, we have identified a lake that is ideal for testing the capabilities of the Aquanaut and at a fraction of the operational cost that it takes to test offshore.

我們的客戶對這項技術依然保持著高度的參與和熱情。雖然一些 2025 年的專案工作被推遲到 2026 年，但我們看到客戶們仍然保持熱情和投入，他們希望成為下一個成功階段的一部分。我們目前正在努力為 Aquanaut 系統定義更多功能。我們在佛羅裡達州斯圖爾特市有一輛車，第二輛車很快就會運到。我們與 Sea Robotics 合作，找到了一個非常適合測試 Aquanaut 性能的湖泊，而且其營運成本僅為海上測試的一小部分。

The cost of testing at the lake is an order of magnitude less than the cost of operating a vessel. We mobilized and began testing in October. One of the key targets being worked on is a launch system design that can be easily used to launch and recover the Aquanaut from shore, which leads directly into conducting inspections offshore without the use of a vessel.

在湖上進行測試的成本比運作一艘船的成本低一個數量級。我們於10月開始動員和測試。目前正在研究的關鍵目標之一是設計一種可以輕鬆從岸上發射和回收 Aquanaut 的發射系統，這將直接實現無需使用船隻即可進行海上檢查。

We are refining operational procedures to disintermediate vessels for nearshore operations, which will provide material cost reduction for our clients. We are now integrating specific customer-funded workflows into our lake testing for commercial implementation in 2026, specifically focused on autonomous mooring line and riser inspections.

我們正在改進營運流程，以減少近岸作業船舶的中間環節，這將為我們的客戶大幅降低成本。我們現在將客戶資助的特定工作流程整合到我們的湖泊測試中，以便在 2026 年進行商業實施，尤其專注於自主繫泊線和立管檢查。

There are numerous clients that will be joining us in Florida over the next several weeks to witness the advancements that have been made that will directly impact the scope of works offshore. There will be opportunities over the next few months to host more clients to visit and witness the revenue-generating workflows that will be brought to the market in 2026. We're making real progress in improving our technology, expanding our operational capabilities and building momentum for a strong year ahead.

在接下來的幾周里，將有許多客戶來到佛羅裡達州，親眼見證已經取得的進展，這些進展將直接影響海上工程的範圍。在接下來的幾個月裡，我們將有機會接待更多客戶來參觀，並親眼見證 2026 年推向市場的創收工作流程。我們在技術改進、營運能力提升方面取得了實質進展，並為來年取得強勁發展動能奠定了基礎。

With that, I will now turn it over to Steve Walsh, our sales lead for an update for our offshore commercial pipeline.

接下來，我將把麥克風交給我們的銷售主管史蒂夫‧沃爾什，讓他為大家介紹我們海外商業通路的最新情況。

Thank you, Daniel, and good morning. During the third quarter, our customer base continued its growth in our ROV systems delivering consistent results, with customer feedback being overwhelmingly positive. We are seeing growing interest in our solutions from the commercial and government sectors, and our sales team is actively converting that interest into long-term engagements. In fact, our 2026 pipeline is beginning to fill and the early signs are encouraging. We're seeing stronger demand signals, deeper conversations and more strategic alignment with partners who recognize the value of autonomy and subsea operations.

謝謝你，丹尼爾，早安。第三季度，我們的 ROV 系統客戶群持續成長，取得了穩定的成果，客戶回饋也絕大多數是正面的。我們看到商業和政府部門對我們的解決方案越來越感興趣，我們的銷售團隊正在積極地將這種興趣轉化為長期合作關係。事實上，我們2026年的專案儲備正在逐步增加，早期跡象令人鼓舞。我們看到更強的需求訊號、更深入的對話以及與合作夥伴更緊密的策略合作，這些合作夥伴都認識到自主性和水下作業的價值。

We continue to sharpen our go-to-market strategies. The sales team is focused on expanding into adjacent markets, accelerating commercial adoption and ensuring that Nauticus Robotics is positioned not just as a technology provider, but as a trusted operational partner.

我們將繼續完善市場推廣策略。銷售團隊專注於拓展鄰近市場，加速商業應用，並確保 Nauticus Robotics 不僅定位為技術供應商，也定位為值得信賴的營運合作夥伴。

At this point, I would like to mention how excited I am to tell you of the successful integration of new technology into our existing ROV fleet. The Nauticus ToolKITT operating system has been installed and tested in the field with great results. Jason will discuss later in this call how this enhancement to our current ROV fleet will increase our abilities and differentiate us from our competitors.

在此，我非常興奮地向大家宣布，我們已成功地將新技術整合到現有的水下機器人船隊。Nauticus ToolKITT 作業系統已在現場安裝和測試，效果顯著。Jason 將在本次通話中進一步討論，對我們現有 ROV 船隊的此次改進將如何提升我們的能力，並使我們從競爭對手中脫穎而出。

With that, I'll turn it over to Jason Close, our software lead, for an update on Nauticus ToolKITT progress.

接下來，我將把麥克風交給我們的軟體主管 Jason Close，讓他介紹 Nauticus ToolKITT 的最新進展。

Thank you, Steve. The experience and data we collected during ultra-deepwater testing led to targeted software improvements that are already being tested on the Aquanaut. We continue to have strong support from our existing customers, and this quarter will demonstrate new functionality for them, making meaningful progress in improving Nauticus ToolKITT's reliability and performance to meet their commercial needs.

謝謝你，史蒂夫。我們在超深水測試中收集的經驗和數據促成了有針對性的軟體改進，這些改進已經在 Aquanaut 上進行了測試。我們繼續得到現有客戶的大力支持，本季我們將向他們展示新功能，在提高 Nauticus ToolKITT 的可靠性和性能方面取得實質進展，以滿足他們的商業需求。

Additionally, this quarter, we worked closely with customers and partners to enhance our simulation environment to improve our testing and reduce overall testing costs. Importantly, we also achieved a major milestone in Nauticus ToolKITT's product expansion beyond Aquanaut.

此外，本季我們與客戶和合作夥伴緊密合作，改善了我們的模擬環境，以改善我們的測試並降低整體測試成本。更重要的是，我們在 Nauticus ToolKITT 產品線從 Aquanaut 擴展到其他產品線方面也取得了重大里程碑式的進展。

Following the quarter close, we successfully demonstrated Nauticus ToolKITT operating on a third-party ROV, completing pool testing, open water testing and the first deployment of our autonomy software on a world-class vehicle performing a commercial operation. The system performed exceptionally well, validating our approach and opening new opportunities for software licensing and partnership.

季度結束後，我們成功展示了 Nauticus ToolKITT 在第三方 ROV 上的運行，完成了泳池測試、開放水域測試，並在執行商業運營的世界級車輛上首次部署了我們的自主軟體。該系統表現非常出色，驗證了我們的方法，並為軟體許可和合作開闢了新的機會。

Our ROV operators are excited to continue to use the current implementation of Nauticus ToolKITT and also to test and deploy additional autonomy to these legacy ROVs. This success underscores Nauticus ToolKITT's flexibility and scalability, key elements of our long-term successful software growth strategy. Our recent technical success has strengthened the foundation for 2026 with a more capable product, broader platform reach and a clear path towards recurring software revenue.

我們的 ROV 操作員很高興能夠繼續使用目前版本的 Nauticus ToolKITT，並測試和部署額外的自主功能到這些傳統 ROV 上。這項成功凸顯了 Nauticus ToolKITT 的靈活性和可擴展性，這是我們長期成功軟體成長策略的關鍵要素。我們近期的技術成功為 2026 年奠定了更堅實的基礎，帶來了功能更強大的產品、更廣泛的平台覆蓋範圍以及實現軟體經常性收入的清晰路徑。

I'll now hand it over to Ameen Albadri, our engineering lead, for an update on Aquanaut and electric manipulators.

現在我將把麥克風交給我們的工程主管阿明·阿爾巴德里，讓他介紹一下 Aquanaut 和電動機械手臂的最新情況。

Thank you, Jason. In the third quarter, our team achieved a significant milestone with a successful deep dive of the Aquanaut to 2,300 meters. This operation provided us with an invaluable amount of data and operational experience, further validating our technology and expanding our capabilities in ultra-deepwater environments. The mission also helped us identify key areas for improvement as we continue to mature this new technology. Our engineering and operations teams are now working diligently with both suppliers and industry experts to enhance Aquanaut's efficiency and reliability, particularly in the harsh and dynamic open water environment.

謝謝你，傑森。第三季度，我們的團隊取得了重大里程碑式的成就，Aquanaut 潛水器成功下潛至 2300 公尺深處。此次作業為我們提供了大量寶貴的數據和作業經驗，進一步驗證了我們的技術，並擴展了我們在超深水環境中的能力。這次任務也幫助我們確定了在不斷完善這項新技術的過程中需要改進的關鍵領域。我們的工程和營運團隊目前正與供應商和行業專家密切合作，以提高 Aquanaut 的效率和可靠性，尤其是在惡劣且動態的開放水域環境中。

On the manipulator front, our engineering team made significant progress in the design of the new manipulator system. We have officially begun parts and tooling procurement, making an important step forward in our mission to bring the next-generation manipulator into testing.

在機械手臂方面，我們的工程團隊在新機械手臂系統的設計方面取得了重大進展。我們已正式開始採購零件和工具，這標誌著我們在將下一代機械手臂投入測試的使命中邁出了重要一步。

Global trade turbulence continue to pose risk to our procurement and logistics efforts. However, our team has taken proactive measures to mitigate these challenges. We have identified high-risk, long-lead components and are working closely with suppliers to secure critical spare parts well ahead of the 2026 offshore season.

全球貿易動盪持續對我們的採購和物流工作構成風險。然而，我們的團隊已採取積極措施來應對這些挑戰。我們已經確定了高風險、交貨週期長的零件，並正在與供應商密切合作，以確保在 2026 年海上作業季之前獲得關鍵備件。

This proactive approach will help ensure operational readiness and minimize disruption to project time lines. The insight from our deepwater operations, coupled with ongoing technological improvements and strategic supply chain management position us well for the future.

這種積極主動的方法將有助於確保營運準備就緒，並最大限度地減少對專案進度的干擾。我們從深水作業中獲得的經驗，加上持續的技術改進和策略性的供應鏈管理，使我們為未來做好了充分準備。

I will now hand the call back to John.

現在我將把電話轉回給約翰。

Well, thank you, team, and I'm really excited. And before we move to questions, I just want to acknowledge this entire Nauticus team. The achievements we've discussed today from deepwater operations to ToolKITT expansion to our growing customer pipeline are a direct result of their commitment and capability.

謝謝大家，我真的非常興奮。在進入問答環節之前，我想對整個諾提卡斯團隊表示感謝。我們今天討論的從深水作業到 ToolKITT 擴張再到不斷增長的客戶管道所取得的成就，都是他們承諾和能力的直接結果。

We have a very talented workforce here at Nauticus that I'm proud to be a part of. And we've made so much progress, and we've got the customer visits lined up in Stuart, Florida, that we're excited to tell you that we're planning for early 2026 an Investor Day that we think we'll also have in Stuart, where we'll invite you to come down and see this equipment, this software, this technology at work. I think it's an eye-opening opportunity and takes us from listening to us on calls to those that are available to come down and really see it put through its paces.

Nauticus擁有一支非常有才華的員工隊伍，我很榮幸能成為其中的一員。我們已經取得了很大的進展，並且在佛羅裡達州斯圖爾特安排了客戶訪問，我們很高興地告訴大家，我們計劃在 2026 年初舉辦一次投資者日活動，我們認為也會在斯圖爾特舉辦，屆時我們將邀請您前來參觀這些設備、軟體和技術的實際應用。我認為這是一個令人大開眼界的機會，它讓我們從僅僅聽我們打電話，轉變為讓那些有時間的人親自到現場，親眼見證它的實際運作情況。

Now we are entering the final quarter of the year with more momentum than at any point in the company's history. The foundation is in place, the technology is maturing and our customer confidence is growing. We still have work ahead, but the trajectory is clear and its upward.

現在我們進入了今年的最後一個季度，發展勢頭比公司歷史上任何時期都更加強勁。基礎已經到位，科技正日趨成熟，客戶的信心也不斷增強。我們還有很多工作要做，但方向很明確，那就是向上發展。

With that, operator, I'd like to turn it over to you for questions.

操作員，接下來就交給您提問了。

(Operator Instructions)

（操作說明）

Peter Gastreich, Water Tower Research.

Peter Gastreich，水塔研究。

Thank you and good morning. Peter Gastreich here from Water Tower Research. So congratulations to John and the team on your results and execution. Like last quarter, I really do appreciate hearing from your whole team on these calls. I think it's very effective to hear straight from the horse's mouth, so to speak. So thank you very much for that.

謝謝，早安。我是來自水塔研究公司的彼得‧加斯特里奇。所以，祝賀約翰和他的團隊所取得的成果和執行力。和上季一樣，我非常感謝你們整個團隊在這些電話會議上的發言。我認為直接聽取當事人的說法非常有效。非常感謝。

Just a few questions from me. First, it's great to see your successful integration and first paid operation of ToolKITT on a retrofitted ROV. This does look like a very critical step in your capital-light strategy. I just want to ask, when compared to the full stack newbuild vehicle sales like Aquanaut, how should we think about the enhanced margin potential for these software-only retrofits?

我還有幾個問題。首先，很高興看到您成功地將 ToolKITT 整合到改裝後的 ROV 上並進行了首次付費操作。這看起來確實是你們輕資產策略中非常關鍵的一步。我想問的是，與 Aquanaut 等全端式新造船舶的銷售相比，我們應該如何看待這些純軟體改造所帶來的更高利潤潛力？

Well, it's good to have you on the call, Peter. Software is going to be a big part of our future. Gross margins on it are in the 80%-plus range. As a result, it doesn't take nearly as much of that for us to get to cash flow breakeven as it does for the services side of the business. And so we're very excited.

很高興你能參加電話會議，彼得。軟體將是我們未來發展的重要組成部分。該產品的毛利率在 80% 以上。因此，我們實現現金流量收支平衡所需的投入遠少於業務服務方面所需的投入。因此我們非常興奮。

The ToolKITT implementation on an ROV that we completed and did commercial work with, we've identified a market of 300-plus vehicles that can benefit from it in the very near term. And so we're working on the go-to-market strategy for those 300 vehicles and a tremendous opportunity for us. So very excited about software.

我們已經在 ROV 上完成了 ToolKITT 的實施，並進行了商業應用。我們發現，在不久的將來，將有 300 多輛車可以從中受益。因此，我們正在製定這 300 輛車的市場推廣策略，這對我們來說是一個巨大的機會。我對軟體產業充滿熱情。

The other good part about it is that it's not the full implementation of ToolKITT it's only a portion of the ToolKITT that's necessary to bring this tremendous advantage to the ROV operators. And the validation of this software comes from the ROV operators and not just a customer or our view of the market. It's just how much easier this made them for them to be able to do their jobs and how much improvement that they're going to see in terms of loss of nonproductive time and the fatiguing part of just simply holding the vehicle in place, we take that over, and we basically provide all the hovering and maneuvering of the vehicle when it's near the bottom.

另一個優點是，它並不是 ToolKITT 的完整實現，而只是 ToolKITT 的一部分，但這一部分對於為 ROV 操作員帶來巨大的優勢是必要的。而且，該軟體的有效性來自 ROV 操作員，而不僅僅是客戶或我們對市場的看法。這樣做能讓他們更容易完成工作，並大幅減少非生產性時間的損失，以及僅僅為了保持車輛靜止而產生的疲勞，從而帶來多大的改進。我們接管了這項工作，基本上在車輛接近底部時，我們負責車輛的所有懸停和操縱。

So a very exciting opportunity for us. Clear customers that we know to go and sell to. So this is a straightforward strategy for us to execute through the end of the year so that they can be ready to deploy this software for the coming '26 season. So I think the software sales efforts where you see us focused in the near term.

所以這對我們來說是一個非常令人興奮的機會。明確我們知道應該去向哪些客戶銷售產品。因此，這是我們在年底前要執行的直接策略，以便他們能夠為即將到來的 2026 賽季部署該軟體。所以我認為，在近期內，我們將把重點放在軟體銷售上。

Okay, thanks very much. My next question, you do have a pretty long lead time to build the Aquanaut. Taking what you've just discussed, would you be able to accelerate scaling your operations by acquiring existing vehicles in operation? You mentioned the 300 or so that are out there now, like it may not be quite as good as your Aquanaut, but maybe they can do the job. Would that be a possible use of funds?

好的，非常感謝。我的下一個問題是，你們建造 Aquanaut 的準備時間相當長。根據您剛才的討論，您是否可以透過收購現有營運車輛來加速業務規模擴張？你提到現在市面上大約有 300 種這樣的產品，雖然可能不如你的 Aquanaut 那麼好，但也許它們也能勝任工作。這是否是一種可行的資金用途？

Yeah. Well, the 300 are actually ROVs, world-class ROVs that we're looking at just selling software to and they're not -- they're tethered as opposed to being untethered like the Aquanaut. But there are some vehicles available that are untethered that don't have all of the capabilities of Aquanaut that we are investigating whether we could acquire some of those vehicles and put them to work in our fleet in order to scale quickly as opposed to waiting on the bills.

是的。嗯，這 300 實際上是 ROV，世界一流的 ROV，我們只是打算向它們銷售軟體，而且它們不是——它們是繫繩式的，而不是像 Aquanaut 那樣的無線式。但是，市面上有一些無需繫繩的車輛，它們不具備 Aquanaut 的所有功能。我們正在調查是否可以購買其中一些車輛，並將它們投入我們的車隊中，以便快速擴大規模，而不是等待帳單。

As fast as we may be able to do it could be 9 months to 18 months in terms of depending on supply chain building additional Aquanauts. The demand for what we're doing and the success of the software leads us to believe that acquiring other vehicles that may not be quite as capable, but allow us to jump in the market and grow our market share is something that we should pursue.

以我們最快的速度，根據供應鏈生產更多水下機器人的速度，可能需要 9 到 18 個月。市場對我們產品的需求以及軟體的成功，讓我們相信，收購其他可能功能不如我們現有產品強大，但能讓我們進入市場並擴大市場份額的車輛，是我們應該追求的目標。

So we're pretty excited about talking to some of what you might think are competitors. But when we're excelling at this and doing better than anyone, it could be an opportunity for us to simply scale the business quickly. So we are looking into that, Peter.

所以，我們非常興奮能與一些你可能認為是競爭對手的人溝通。但是，當我們在這方面表現出色，比任何人都做得更好時，這可能是我們快速擴大業務規模的機會。彼得，我們正在調查此事。

Okay. That's great. In your second quarter call, you talked a bit about some supply chain risks and tariff risks. I just want to ask sort of as we've moved on here into the third quarter, what does that environment look like today, especially for those long lead items? And how is the company addressing tariff and supply chain risks?

好的。那太棒了。在第二季財報電話會議上，您談到了一些供應鏈風險和關稅風險。我想問一下，隨著我們進入第三季度，目前的市場環境如何，特別是對於那些交貨週期長的產品而言？該公司如何應對關稅和供應鏈風險？

That's probably the toughest part of being in this business is the supply chain management. A lot of this comes from international suppliers. Extremely pleased, Ameen and his group have taken a very active approach to it. And we have on order the parts that we need and believe that they're going to be delivered, but you're looking at having to order today for parts that you need in May. And if you haven't already made those decisions, it's basically too late.

在這個產業裡，最困難的部分可能就是供應鏈管理了。其中許多都來自國際供應商。阿明和他的團隊對此非常滿意，並採取了非常積極的態度。我們已經訂購了所需的零件，並相信它們會到貨，但是您可能需要今天就訂購五月所需的零件。如果你還沒有做出這些決定，基本上就太晚了。

You're going to end up showing up with the parts that you need later in 2026. So everything is on order. And we believe we've got what we need and are excited about having really managed a tough supply chain. I think it will get easier as we get larger and have scale and scope and can move up in priority with some of the suppliers. But it's -- in our particular case, we've had to take an active approach to it.

你最終會在 2026 年晚些時候帶著你需要的零件出現。一切就緒。我們相信我們已經擁有了所需的一切，並且對成功應對艱難的供應鏈感到興奮。我認為隨著我們規模擴大、業務範圍擴大，以及與一些供應商的合作優先級提高，事情會變得更容易。但就我們目前的情況而言，我們必須採取積極主動的方式來解決這個問題。

We've used some of the capital to actually purchase the spares that we need, so we can ensure that we can have a good commercial year in '26.

我們已經利用部分資金購買了我們需要的備件，這樣我們才能確保在 2026 年取得良好的商業業績。

Okay, thanks. That's very clear. Just regarding the SeaTrepid acquisition, now a few months into that integration, which expanded your ROV capacity. Clearly, you have a lot that's working very well there. Have there been any unexpected bottlenecks that you've needed to address in that integration?

好的，謝謝。這一點很清楚。關於 SeaTrepid 的收購，現在已經進行了幾個月的整合，這擴大了你們的 ROV 能力。顯然，你們那裡有很多方面都運作得很好。在整合過程中，您是否遇到任何需要解決的意外瓶頸？

Not enough equipment. I mean we've got more demand than we have ROVs at this point, but we focus more on moving into autonomy and tetherless. If we had more ROVs, we would have more revenue. So it will get down to a question of does the autonomous ROV really an opportunity to expand that fleet as well to demonstrate to people why they should be using our software. I think we'll be sought after more than those people that don't have this autonomy.

設備不足。我的意思是，目前我們對水下機器人的需求大於我們擁有的，但我們更專注於向自主和無纜方向發展。如果我們有更多的水下機器人，我們的收入就會更多。所以問題在於，自主式 ROV 是否真的能為擴大船隊規模提供機會，並向人們展示他們為什麼應該使用我們的軟體。我認為我們會比那些沒有這種自主權的人更受歡迎。

So our ROV should see a really full season next year because we'll be advanced over other suppliers. So I'm excited about that. But in terms of SeaTrepid, we're really blessed to have Bob and Steve on board. I mean, it is our sales force today, and Steve Walsh and his team. Bob brings tremendous industry knowledge, many decades of experience and difficult problems in the maritime world and has enhanced our knowledge and is incredibly practical.

因此，我們的ROV明年應該會迎來一個非常繁忙的季節，因為我們將領先其他供應商。所以我對此感到很興奮。但就 SeaTrepid 而言，我們非常幸運能有 Bob 和 Steve 加入。我的意思是，這就是我們今天的銷售團隊，以及史蒂夫沃爾什和他的團隊。Bob 擁有豐富的行業知識、數十年的經驗以及在海事領域解決各種難題的經驗，增強了我們的知識，並且非常務實。

He gets things done. So -- and in fact, he's been at the Ocean Minerals Conference this week. And so we're really coming up to speed on how we could expand what we're doing into Ocean Minerals right now while the market is hot and there's some opportunities for us to take a look at how we could address it.

他做事效率很高。所以——事實上，他本週一直在參加海洋礦產會議。因此，我們正在努力了解，趁著市場火熱，我們可以如何將我們的業務擴展到海洋礦產領域，並抓住一些機會，看看我們如何滿足市場需求。

Okay. Great. On that, I'd like to ask some questions about the deepsea rare earth exploration strategy. The first one is just in terms of how we should think about the customer type. Are these going to be private contracts you're going after with exploration companies? Or is this government contracts? How should we think about the customer type in this instance?

好的。偉大的。關於這一點，我想問一些關於深海稀土勘探策略的問題。第一個問題只是關於我們應該如何看待客戶類型。這些是你們打算與探勘公司簽訂的私人合約嗎？還是說這是政府合約？在這種情況下，我們應該如何看待客戶類型？

Where we excel really is in inspection and observation, and we're not into the mining equipment. And the first phase of anything in Ocean Minerals is going to be trying to identify those resources that can be produced economically. And so we're investigating how we can use our software and how we can expand our hardware platform to the vehicles that go to the depths that they require. That's another reason for us looking into investing in potentially some deeper vehicles that aren't quite as capable, but give us the ability to go to the depths that the ocean minerals exploration companies are exploring. And so we are doing that.

我們真正擅長的是檢查和觀察，我們對採礦設備並不感興趣。海洋礦產領域任何工作的第一階段都是要努力確定那些可以經濟開採的資源。因此，我們正在研究如何利用我們的軟體以及如何擴展我們的硬體平台，使其能夠滿足潛水器所需的深度要求。這也是我們考慮投資一些可能性能稍遜但能讓我們到達海洋礦產勘探公司正在探索的深海區域的深海鑽探船的另一個原因。所以我們正在這樣做。

I think we have some really unique capabilities and the ability to potentially sample while we're on the seafloor, add that capability to a vehicle to enhance the exploration phase, which I believe will go for the next decade and then before you really get the infrastructure in place to begin the mining. So we're going to focus on what we think is immediate and where we think we can add value. And we think there's some good opportunities for the company to look at that. It does sort of point to why we got the ELOC. If we see something that is a perfect fit that has immediate accretive value to us from an ocean minerals bolt-on technology capability, we'll have the ability to pursue that if we choose.

我認為我們擁有一些非常獨特的能力，並且有可能在海底進行取樣，將這種能力添加到車輛中以增強勘探階段，我相信這將持續到下一個十年，然後才能真正建立起開始採礦的基礎設施。因此，我們將專注於我們認為迫在眉睫的事情，以及我們認為可以創造價值的事情。我們認為公司在這方面有一些不錯的機會值得關注。這在某種程度上解釋了我們為什麼會獲得ELOC。如果我們發現某種海洋礦產附加技術能力與我們完美契合，並能立即為我們帶來增值，那麼如果我們選擇這樣做，我們將有能力追求它。

And on that, how should we think about the time line and road map to commercialization? So for example, you have oil and gas and wind energy opportunities that are right in front of you today. And then you talked about the future opportunities in things like carbon capture and sequestration and space analog missions. Where would the deep sea mining sit in a time line with these other opportunities in front of you? Is it do have imminent opportunities today?

那麼，我們該如何考慮商業化的時間表和路線圖呢？例如，石油、天然氣和風能領域的機會就在你眼前。然後您談到了碳捕獲與封存以及太空模擬任務等領域的未來機會。在眾多機會面前，深海採礦在發展時間線上會處於什麼位置？現在它真的有迫在眉睫的機會嗎？

Or is this something more that's going to take a bit more time to kind of get there? Because you mentioned about, for example, needing to potentially test deeper with your Aquanaut and so forth.

或者說，這需要更多的時間才能實現？因為你提到過，例如，可能需要用你的 Aquanaut 進行更深入的測試等等。

So it's a great question of priorities. Right now, the workflows that we're building in Florida associated with mooring lines and risers have immediate customer opportunities and contracts that are pending. And so I don't want to take our focus off that. So our primary focus is going to be on booking all of the time that we have available to doing what we know people are ready to pay for. On the ocean mineral side, there's great opportunities for us to enhance other people's platforms.

所以，這其實是關乎優先事項的好問題。目前，我們在佛羅裡達州建立的與繫泊纜繩和立管相關的工作流程，已經有了直接的客戶機會和待定的合約。所以我不想讓我們的注意力從這一點上轉移開。因此，我們的主要重點是充分利用所有可用時間，去做那些人們願意付費的事情。在海洋礦產方面，我們有很多機會去提升其他人的平台。

And so we'll be exploring that and seeing how to partner with people. But we've got a really strong customer support for the work that we're doing, and we want to go out and take long-term contracts on doing that in 2026 as opposed to chasing new opportunities. We're really focused on let's execute with what we've got now that we've gotten the maturity of the platform.

因此，我們將探索這個問題，看看如何與他人合作。但是，我們目前的工作得到了客戶的大力支持，我們希望在 2026 年簽訂長期合約來繼續從事這項工作，而不是去追逐新的機會。我們現在真正關注的是，既然平台已經成熟，我們就應該充分利用現有資源來執行。

And is this a US strategy? Are you talking with people globally? Sort of what will be your focus going forward?

這是美國的戰略嗎？你是和全球各地的人交流嗎？接下來您的工作重點會是什麼？

Well, that's an insightful question. Let me think about how to answer right quick, Peter. The international telephone is ringing. And so the bat line here to the cave is lit up. A lot of interest in this platform internationally, a lot of potential financial support internationally.

嗯，這真是一個很有見地的問題。讓我想想怎麼盡快回答，彼得。國際長途電話響了。所以，通往洞穴的蝙蝠通道被照亮了。該平台在國際上引起了廣泛關注，並有望獲得國際上的大量資金支持。

And so we're looking into that, but we don't have anything that we have that is imminent. And so -- but we are looking at the growth and interest that we've sort of gone from really focused on the Gulf of America to having a lot of international interest in the platform and what we're able to do, both in the defense side as well as in the commercial side.

所以我們正在調查此事，但目前還沒有任何迫在眉睫的進展。因此——但我們正在關注成長和興趣，我們已經從真正專注於美洲灣發展到對該平台以及我們在國防和商業方面所能做的事情產生了濃厚的國際興趣。

Okay. Got it. I'll just ask one more question here, if I may. So just regarding -- you mentioned the equity line of credit, which is $250 million, quite substantial. Given that's kind of structure for financing the growth and acquisitions, are there any specific milestones or triggers that investors should be thinking about in terms of the optimal timing for drawing down that capital?

好的。知道了。如果可以的話，我再問最後一個問題。關於您提到的股權信貸額度，高達 2.5 億美元，金額相當可觀。鑑於這是為成長和收購提供融資的結構，投資者在考慮提取資金的最佳時機時，是否應該考慮任何具體的里程碑或觸發因素？

We have an ongoing effort where we brought in a consultant that is doing the acquisition planning for us. And the main thing that you should take away from the ELOC is unless we see something that's immediately accretive and cash flow generating for us, that is the very first filter that it has to pass before we would consider using the ELOC. So we are not looking at anything that is futuristic or has a two year R&D lead time or any of that. This is about being accretive to the business now, right? And so that's our focus on the ELOC, and we're not going to pursue anything that looks like it enhances technology. We're no longer in the technology business. We're in the moneymaking business.

我們正在積極推動收購規劃工作，為此我們聘請了一位顧問。從 ELOC 中你應該記住的最重要的一點是，除非我們看到一些能夠立即為我們帶來收益和現金流的項目，否則這是我們在使用 ELOC 之前必須通過的第一個篩選條件。所以我們關注的不是任何具有未來感的東西，也不是需要兩年研發週期的東西，或是其他類似的東西。現在最重要的是為公司創造收益，對吧？所以這就是我們對 ELOC 的關注點，我們不會追求任何看起來像是增強技術的東西。我們已不再從事科技業。我們從事的是賺錢的行業。

Okay, great. Well, thanks very much, John. That's all my questions, and congratulations again to you and the team.

好的，太好了。非常感謝你，約翰。我的問題就這些了，再次祝賀你和你的團隊。

Thanks, Pete.

謝謝你，皮特。

Robert Mendrala, private investor.

羅伯特·門德拉拉（Robert Mendrala），私人投資者。

Good morning. Yes, This is Bob Mendrala, I'm a shareholder, and thank you for the update for the quarter. And specifically, I wanted to ask on the compliance -- Nasdaq compliance issue. What is the plan and or steps to cure that noncompliance issue? And specifically to another part of that is one of the requirements is a market cap of $35 million. Currently, it sits at $8 million. So what can be done to achieve that benchmark?

早安.是的，我是鮑伯門德拉拉，我是股東，感謝您提供的季度業績更新。具體來說，我想問的是合規性問題——納斯達克合規性問題。針對這項不合規問題，有什麼計畫或步驟可以解決？其中一項具體要求是市值達到 3,500 萬美元。目前，它的價值為 800 萬美元。那麼，要達到這個目標可以採取哪些措施呢？

So two things. Excellent question, Robert, I'm happy to answer. First, the market cap that you're looking at doesn't reflect the total number of shares that we have out. And so you're probably somewhere around 12%, 15%. We're in that range depending on the share count at the moment because we're doing the conversions, and so it improves our market cap.

所以有兩件事。羅伯特，問得好，我很樂意回答。首先，您看到的市值並不能反映我們已發行股票的總數。所以你的比例大概在 12% 到 15% 之間。目前我們的股價處於這個範圍內，具體取決於目前的股份數量，因為我們正在進行股份轉換，這會提高我們的市值。

Also on the maintaining a listing, there is market cap, and we haven't focused on that one. That one's harder to control because it's related to share price. And so -- and with the market going up and down, that's sort of out of your control, right? You look at the macro environment and you go, that affects what the market cap is. What we can control and what we're focused on is shareholder equity.

此外，關於維持上市地位，還有市值的問題，而我們還沒有關注這一點。那個因素更難控制，因為它與股價有關。所以——市場有漲有跌，這在某種程度上是不由你控制的，對吧？你觀察宏觀環境，然後你會發現，這會影響市值。我們能夠控制的，也是我們關注的重點，就是股東權益。

And when Jimena was walking through the discussion, she was explaining to you that we have the number of converts in place and a commitment letter to convert the remaining necessary for us to achieve compliance with the shareholder equity level, which is $2.5 million if you look at the rules. And so we're executing the plan to get to $2.5 million-plus in shareholder equity. We have support from lenders to do that. And that's the plan that we're executing to maintain the listing. It's straightforward. It's within our control, and we have commitments so that is something that we just need to execute.

吉梅娜在討論過程中向你解釋說，我們已經有了足夠數量的可轉換股份，並且有一份承諾書，承諾將剩餘的股份轉換為符合股東權益水平所需的股份，如果你查看相關規定，這個水平是 250 萬美元。因此，我們正在執行該計劃，以實現股東權益超過 250 萬美元的目標。我們得到了貸款方的支持。這就是我們為維持房源排名而正在執行的計劃。很簡單。這在我們掌控之中，而且我們已經做出了承諾，所以我們只需要執行。

Okay. What is the time line? Do you have a hearing coming up with the Nasdaq?

好的。時間線是怎樣的？你近期有與納斯達克的聽證會嗎？

The Nasdaq hearing sometime in early December, but I think we will get all the information to them before then. Everything that we're doing, including the ELOC supports our ability to maintain the listing.

納斯達克聽證會將在 12 月初舉行，但我認為我們會在那之前把所有資訊都提供給他們。我們所做的一切，包括 ELOC，都是為了支持我們維持上市資格。

Okay. And then last question. The company is doing some wonderful stuff. I really don't think that the capital marketplace out there understands it. And so what can be done to improve the communication with the capital markets and specifically Investor Relations. I mean, the share price shouldn't be sitting at $1.35 a share. I mean, come on.

好的。最後一個問題。這家公司正在做一些非常棒的事情。我真的不認為現有的資本市場理解這一點。那麼，可以採取哪些措施來改善與資本市場，特別是投資人關係的溝通呢？我的意思是，股價不應該只有每股 1.35 美元。我的意思是，拜託。

Well, no, I want to agree with you in a very strong way. It's -- we haven't been in the promote mode. We really are trying to maintain a focus on delivering and not on overpromoting. Every time you start promoting in a new venture company, you end up getting out over the ends of your skis and taking a tumble. So we're really disciplined.

不，我非常同意你的觀點。我們還沒有進入推廣模式。我們真正想做的是專注於交付成果，而不是過度宣傳。每當你開始在一家新創公司進行推廣時，你最終都會因為操作失誤而跌倒。所以我們紀律很強。

We are beginning to put out more. I think we've put out quite a number of press releases here over the last six, 8 weeks. The better thing to put out is the adoption of it, and that's what we're really focused on is announcing the adoption of the technology and the contracts, Robert. So announcing more technology is probably not what we're going to see. We've got more technology than anybody in this space now.

我們開始推出更多產品。我認為在過去的六到八周里，我們發布了相當多的新聞稿。羅伯特，更應該公佈的是這項技術的採用情況，而這正是我們真正關注的重點，即宣布這項技術的採用和相關合約的簽訂。所以，我們可能不會看到更多新技術公佈。目前我們在這個領域的技術比任何人都先進。

I don't need more of that. What I need is really the beginnings of commercial adoption of breakthrough technology that disintermediates current legacy systems. And I think we're on path to do that, and we've got an exciting '26 ahead. So -- and then to your point, though, it's the reason I'm excited about the Investor Day in Florida. I think it's going to be better to let people see it firsthand.

我不需要更多那種東西。我真正需要的是突破性技術開始被商業採用，從而消除當前傳統系統的中間環節。我認為我們正在朝著這個目標前進，而且我們即將迎來令人興奮的 2026 年。所以——正如你所說，這就是我為什麼對佛羅裡達州的投資者日感到興奮的原因。我認為最好還是讓人親眼看看。

You can talk about this, but I'm telling you, it's hard to imagine just how breakthrough this is compared to current legacy systems, both the software and the hardware and our operational skills. So we think getting people down there and getting an announcement out on that will be -- on the Investor Day will be probably a big event in terms of getting people to know what we're doing.

你可以談談這個，但我告訴你，很難想像它與當前的傳統系統相比，無論是軟體、硬體還是我們的操作技能，都具有多麼大的突破性。所以我們認為，讓人們到場並就此發佈公告——在投資者日上發佈公告——可能會是一件大事，可以讓人們了解我們正在做的事情。

Yeah. And Peter brought up -- yes. Okay. Well, I appreciate the invite, John. But Peter brought up some great questions around milestones. And I do think to communicate more effectively with the investors who really don't -- I mean, they probably don't have the big picture that I'm seeing and you're seeing, but to have Investor Relations just maybe put out PRs a little more frequently around milestones and it doesn't have to be -- oh, we have this, we have this, but just communicate more effectively because the share price personally, I think, should be at least $10, if not higher. I mean it's way undervalued. (multiple speaker) Yeah, a similar robotics company in comparison. I mean they have less revenue than Nauticus does, and their market cap is tremendously higher. What are they doing differently?

是的。彼得也提到了——是的。好的。約翰，謝謝你的邀請。但彼得提出了一些關於里程碑事件的好問題。而且我認為，為了更有效地與那些不太了解情況的投資者溝通——我的意思是，他們可能不像我和你那樣了解全局——投資者關係部門或許應該在里程碑事件前後更頻繁地發布新聞稿，不必總是說“哦，我們有這個，我們有那個”，而是應該更有效地溝通，因為我個人認為，股價至少應該達到 10 美元，甚至更高。我的意思是，它的價值被嚴重低估了。（多人發言）是的，類似的機器人公司。我的意思是，他們的收入比 Nauticus 少，但市值卻高得多。他們採取了哪些不同的做法？

Probably a more attractive CEO. I don't know. I'm not very photogenic. There is -- I guess I'm in this -- to say it like this, Robert, I'm in this for the long term and not just a pop and pump. I'm not doing that at all. And I take your comments and your suggestion, and we will see if we can't do better. But the main thing for us is we're not trying to promote the shares. We think that if we can start delivering results that we'll get a sustainable upward trend in the shares, and it's not going to be something where it goes way up and then we disappoint on a contract not being as big as people thought it should be or wanted. I think we're on the right trajectory. We're trying to stay disciplined about it.

或許是一位更有魅力的CEO。我不知道。我不太上相。我想我算是參與其中了──這麼說吧，羅伯特，我是著眼於長期發展，而不是曇花一現。我完全沒有那麼做。我會認真聽取您的意見和建議，看看能否做得更好。但對我們來說最重要的是，我們不是在推銷股票。我們認為，如果我們能夠開始取得業績，股價就會呈現可持續的上升趨勢，而不是股價飆升後，因為合約金額沒有人們預期或希望的那麼大而令人失望。我認為我們正走在正確的道路上。我們努力保持自律。

And when it starts up, I think it just keeps going up. It's not going to be something where we're trying to have just bumps as a result of people getting excited about technology. But your comment is taken under advisement. We -- you can always do better. I would never say otherwise. And so let's see if we can improve in that category as well.

而且一旦啟動，我覺得它就會一直上升。我們不希望因為人們對科技的熱情而人為地製造一些波折。但我們會認真考慮您的意見。我們——你們總是可以做得更好。我絕對不會說別的。那麼，讓我們看看我們能否在這方面也有所改進。

Yeah. And last comment. I agree, and I look forward to regaining NASDAQ compliance and keeping it that way because the last two splits wasn't good. Anyway, I'll leave it at that, John. Thank you.

是的。最後補充一點。我同意，我期待重新獲得納斯達克合規資格並保持下去，因為前兩次拆股並不好。好了，我就說到這裡吧，約翰。謝謝。

You're quite welcome. And I would agree with you. I do not like doing reverse splits. I had taken most of my remuneration in shares. So it hurts me just the way it hurts you, and you can assume I don't want to do that. It just -- it's absolutely necessary. Otherwise, we wouldn't have executed it.

不客氣。我同意你的看法。我不喜歡做反向劈叉。我的大部分薪酬都是以股票形式獲得的。所以，這對我來說也是一種痛苦，就像它讓你痛苦一樣，你可以理解我不想那樣做。這——這絕對是必要的。否則，我們就不會執行這項任務。

I'm always here to help. Yeah, I'm always here to help, John. So just let me know.

我隨時樂意幫忙。是的，我隨時樂意幫忙，約翰。所以，請告訴我一聲。

Thank you, Rob.

謝謝你，羅布。

Thank you.

謝謝。

(Operator Instructions)

（操作說明）

Jason Nicolini, private investors.

賈森·尼科里尼，私人投資者。

Good morning John, Thanks for doing this conference call. Appreciate it. It sounds like a lot of exciting things are going on with the business. But my question has more to do with the previous callers about the share price and the investment I have a lot of shares that averaged about $1 a share before the reverse split, which means they should be worth $9 plus a share. And since then, they've lost 85% of their value in about a month.

約翰，早安，謝謝你參加這次電話會議。謝謝。聽起來公司裡有很多令人興奮的事情正在發生。但我的問題更與之前來電者提到的股價和投資有關。我持有大量股票，在反向拆股之前平均每股價格約為 1 美元，這意味著它們現在的價值應該超過每股 9 美元。從那時起，它們的價值在一個月左右的時間內就損失了 85%。

So the reverse split didn't actually help anybody out because the shares were trading around $1 anyways. And then we've got this -- my concern is how are we going to -- how are you guys going to get that stock price back up because I see this $250 million investor that is obviously going to want to make money on their investment as well, the potential there and is going to want to buy their shares at $0.10 or $0.01 a share compared to the $1.35 that it's sitting at today. How do we protect or how are you guys going to protect your current investors? Because right now, your stock price has to increase tenfold just for us to get our money back from just a month or two ago when the reverse split was announced.

所以反向拆股其實並沒有幫到任何人，因為股票的交易價格本來就在 1 美元左右。然後我們遇到了這個問題——我擔心的是，你們要如何讓股價回升？因為我看到有 2.5 億美元的投資者，他們顯然也想從投資中獲利，他們看到了其中的潛力，並且會想以每股 0.10 美元或 0.01 美元的價格購買股票，而不是像現在這樣以每股 1.35 美元的價格出售。我們該如何保護現有投資者？或者說，你們打算如何保護現有投資者？因為現在，你們的股價必須上漲十倍，我們才能拿回一兩個月前宣布反向拆股時所投入的資金。

And there's about 6 million shares outstanding currently, but I saw an SEC filing that you guys increased the amount of shares, unbelievable amount. I think it might have been 6 billion shares or something like that, that could be now sold. So my concern, and I'm not very keen on this. That's what I'm asking you guys for your wisdom and understanding. My concern is the price is going to drive all the way down to hardly nothing, a penny stock for this $250 million investor to invest $50 million or $100 million. And then when the price quadruples or it goes up 10 times to $0.10 or $1 or whatever it is, that's when they're going to make their money and the rest of us are going to be lost in the mix from this.

目前流通股約有 600 萬股，但我看到一份提交給美國證券交易委員會的文件顯示，你們增加了股份數量，數量之多令人難以置信。我認為現在可能已經售出了60億股左右的股票。所以我的擔憂是，我不太喜歡這樣。這就是我向各位請教的，希望你們能給我智慧和理解。我擔心股價會一路下跌到幾乎為零，變成一隻低價股，讓這位擁有 2.5 億美元的投資者必須投資 5,000 萬或 1 億美元。然後，當價格翻四倍或十倍，達到 0.10 美元或 1 美元或其他任何價格時，他們就會開始賺錢，而我們其他人則會因此蒙受損失。

So that's my concern, and I just need insight on what's going on.

這就是我所擔心的，我只是需要了解到底發生了什麼事。

Well, Jason, I appreciate you dialing in and the directness of your question. And when you say the rest of us, that us includes the management team that's sitting here and me as well. So we look at it in exactly the same way you do. Our goal is to create shareholder wealth. The ELOC, it is good to have it in place but using it needs to be done with great discretion.

傑森，感謝你撥通電話，也感謝你直截了當地提問。而你所說的“我們其他人”，也包括坐在這裡的所有管理團隊成員和我。所以我們看待這個問題的方式和你們完全一樣。我們的目標是創造股東財富。ELOC（電子物流中心）雖然有其存在是好事，但使用時需要非常謹慎。

Unless it's going to increase the share price and all shareholders make money, I don't intend to go out and call the ELOC. And so the -- it's -- because I firmly agree with you, we're not going to execute that unless there's value to all shareholders. It should not be just for the holder of the ELOC. And so we are being really disciplined in our assessment of what would we use it for. And don't expect the use of it immediately because we haven't found exactly the right things that fit.

除非能提高股價，讓所有股東都獲利，否則我不打算打電話給ELOC。所以——因為我完全同意你的看法，除非對所有股東都有價值，否則我們不會執行這項計畫。它不應該僅僅適用於ELOC的持有者。因此，我們在評估它的用途時非常嚴謹。別指望它能立即投入使用，因為我們還沒有找到完全合適的配件。

And so we're going to be very disciplined in the use of that. Now it's a good question. I think there are a lot of opportunities with regard to similar companies, similar size that have great technologies that we can engage with that could actually begin to roll up some of this technology and having the shares available to do that if we see one that's going to move the share price up, we just want to be positioned for it.

因此，我們在使用它時會非常嚴​​格地遵守紀律。這確實是個好問題。我認為有很多機會可以與規模相近、擁有出色技術的類似公司合作，我們可以開始整合這些技術，如果我們發現有哪家公司能夠推高股價，我們就可以持有其股票，並做好相應的準備。

So a lot of what you see in terms of our registration of additional shares, et cetera, is all about being positioned in the event that something emerges that makes a lot of sense for all shareholders, including the management team and myself here as well as you. So Jason, I think we're fully aligned on wanting to create wealth for you as well as ourselves. So I hope that answers your question.

因此，您在我們註冊額外股份等方面看到的很多事情，都是為了做好準備，以防出現對所有股東（包括管理團隊、我本人以及您）都非常有意義的事情。所以傑森，我認為我們在為你們以及我們自己創造財富這一點上完全一致。希望這能解答你的疑問。

Partly, I'll follow up with it a little bit. I do appreciate that. I know that I own my own business as well, and there's a difference between my share value of the business versus my income from the business, right? So you and the rest of the employees and things like that, you're gaining income, so to speak, from working there day in and day out. But the share price, from my understanding, the last time you guys did a reverse split back in '22 or '23, it was kind of the same thing.

我會稍作跟進。我很感激。我知道我自己也擁有一家企業，我的企業股份價值與我的企業收入之間是有區別的，對吧？所以，你和其他員工等等，可以說，你們每天在那裡工作都能獲得收入。但據我了解，你們上次在 2022 年或 2023 年進行反向拆股時，股價的情況也差不多。

It was around a couple of dollars and then it reversed, it went up to $2 and then it went all the way back down to this $1 and now the reverse split happened again. So there's this constant dilution of the value of the business. And I'm trying to think how -- because I know you guys have to get to the $35 million. In my mind, I'm going, okay, just like the previous caller said, the current value, you said it's different than what we can see online because of the shares not all shown there or something. But let's just assume that this is correct that the market capitalization that I'm looking at on trading view right now is $7.5 million.

價格先是幾美元左右，然後反轉，漲到 2 美元，然後一路跌回 1 美元，現在又發生了反向拆分。因此，企業的價值不斷被稀釋。我正在努力思考該怎麼做——因為我知道你們必須籌集 3500 萬美元。我的想法是，好吧，就像上一位來電者所說，當前價值，您說它與我們在網上看到的價值不同，因為那裡並沒有顯示所有股份或其他原因。但我們先假設這個說法是正確的，也就是我現在在 Trading View 上看到的市值是 750 萬美元。

You guys have to increase that by 5 times at least in order to stay Nasdaq compliant at the $35 million. And so if this investor is -- either you have to sell -- you have to either multiply your number of shares that are outstanding by 5 times to get -- and they stay at the exact same price or your price value has to go up 5 times. And I'm questioning how is that going to happen in a couple of months so you guys don't get delisted without getting this loan, so to speak I imagine this $250 million loan, if somebody comes in and says, okay, I'll buy $35 million worth of your shares.

你們至少要將這個數字提高 5 倍，才能符合納斯達克 3,500 萬美元的營業額要求。因此，如果這位投資者——要么你必須賣出——要么你必須將流通股數量乘以 5 倍才能獲得——並且它們的價格保持不變，要么你的價格價值必須上漲 5 倍。我質疑的是，幾個月內如何才能實現這一點，才能避免你們在沒有獲得這筆貸款的情況下被摘牌。我設想，如果有人進來，說“好的，我願意購買價值 3500 萬美元的你們的股票”，那麼這筆 2.5 億美元的貸款該如何實現。

And yes, they can drop back down and then you get the warning from Nasdaq to get delisted and then you kind of play this game, so to speak, of trying to stay compliant. So I'm just not understanding how you're going to be able to stay compliant without taking advantage of the loan. But if they buy -- right now, there's 6 million outstanding shares. If you sell 6 million shares, then that reduces -- the dilution itself takes our $1.40 down to $0.70. You follow my train of thought, I can't comprehend how you're going to become Nasdaq compliant and all that good stuff.

是的，股價可能會再次下跌，然後納斯達克會發出退市警告，然後你就得玩這種遊戲，努力保持合規。所以我不太明白，如果不利用貸款，你們要如何保持合規。但如果他們買進——目前，流通股有 600 萬股。如果你賣出600萬股，那麼股價就會下降──光是稀釋本身就會把我們1.40美元的股價降到0.70美元。你明白我的意思吧？我實在無法理解你打算如何才能符合納斯達克的要求等等。

Okay. So let me -- I'll walk you through it again. First, I don't have any control over these bulletin boards, et cetera. And they don't keep up in real time, to be honest with you. And I'm not sure they're even designed to, but the number of shares outstanding is slightly over 15 million.

好的。那麼，讓我再給你講解一遍。首先，我對這些論壇等等沒有任何控制權。說實話，他們並不能即時跟進。我不確定它們的設計初衷是否如此，但流通股數量略超過 1500 萬股。

And so it's not the number you show. So the market cap is going to be more in the $20 million ZIP code than it is depending on where the share price goes today, than it is in the $7 million ZIP code. So the gap to close to get to $35 million is not as large as you think. But that's not what we're doing. There's in compliance for Nasdaq listing, it's an either, or.

所以，關鍵不在於你展示的數字。因此，市值在 2,000 萬美元郵遞區號區域內會比在 700 萬美元郵遞區號區域內更高，這取決於今天的股價走勢。所以，距離3500萬美元的目標還有一段距離，並沒有你想像的那麼大。但我們並沒有這麼做。納斯達克上市合規性要求只有兩種，二者擇其一。

You can either have $35 million or you can have $2.5 million in shareholder equity. The $2.5 million in shareholder equity is something that is within our control working with our lenders. And it doesn't require taking money to do that at the moment. Some converts can do it as well, and it just -- which improves our balance sheet and reduces our debt. And so we continue to work on reducing debt, and I think we've made great strides over the last two years in working on debt reduction and conversions.

你可以選擇擁有 3,500 萬美元的股東權益，也可以選擇擁有 250 萬美元的股東權益。250萬美元的股東權益是我們可以透過與貸款方合作來控制的。而且目前這樣做並不需要收取費用。有些皈依者也能做到這一點，而且這樣做可以改善我們的資產負債表並減少我們的債務。因此，我們繼續努力減少債務，我認為在過去兩年裡，我們在減少債務和債務轉換方面取得了巨大進展。

And so we're improving the balance sheet. We're strengthening the company with regard to our balance sheet and the debt. And our compliance, if you go take a look at the either/or, look at the shareholder equity and see that, that's something that is within our reach and within our control, and that's what we're executing.

因此，我們正在改善資產負債表。我們正在透過改善資產負債表和控制債務來增強公司的實力。如果你看看我們的合規情況，看看股東權益，就會發現這是我們所能控制的事情，而這正是我們正在執行的。

So on the delisting, the reverse splits, okay, I'm not going to ever be a great advocate for reverse split. It typically means the other criteria for listing is to have a bid price above $1. And so we're having to use the reverse splits to maintain the $1 -- plus-$1 listing. And then we're using the conversions in order to improve the cash position so that we can meet the shareholder equity requirement. It's those two triggers. We feel like we're in good shape on that. And we think that our plan going forward is something where we can see improvements in the share price as a result of our execution throughout 2026.

所以關於退市、反向拆股，好吧，我永遠不會成為反向拆股的積極倡導者。這通常意味著上架的另一個標準是出價高於 1 美元。因此，我們不得不採用反向分割的方式來維持 1 美元加 1 美元的定價。然後，我們利用這些轉換來改善現金狀況，以便滿足股東權益要求。就是這兩個觸發因素。我們感覺在這方面我們情況不錯。我們認為，隨著我們計劃在 2026 年的順利執行，我們的股價將會有所改善。

I don't know if that helps, but that's how we think about it. We are aligned with you. We would really like to see this company begin to take off. And we are shifting from being a venture capital type company into the -- to a position where we've got commercial products, and we're not just doing R&D, we're beginning to get in the field and deliver this. And I think that's the -- where we need to get the momentum.

我不知道這樣是否有幫助，但我們是這麼想的。我們與你們立場一致。我們真心希望看到這家公司能夠成長壯大。我們正在從一家創投公司轉型為擁有商業產品的公司，我們不再只是進行研發，而是開始進入市場並交付產品。我認為這就是我們需要取得進展的地方。

Okay. What do you mean -- and maybe I just need to do my own research, and this might be an ignorant question, so I'm sorry for that. I understand the concept of the value of the company is worth $35 million or $20 million or whatever it is. What's the $2.5 million shareholder equity? What's that difference? I don't follow that. Do you mean individuals? Or -- because obviously, if it's worth $7.5 million, then you already meet that shareholder equity or $3 million.

好的。你是什​​麼意思？ ——也許我需要自己做些研究，這可能是個很無知的問題，對此我深感抱歉。我理解公司價值的概念，例如價值 3500 萬美元、2000 萬美元或其他任何數字。250萬美元的股東權益是什麼？那有什麼區別？我不明白。您指的是個人嗎？或者——因為很顯然，如果它的價值是 750 萬美元，那麼你就已經達到了股東權益 300 萬美元的要求。

Jason, that's market capitalization, which is number of shares times share price. Shareholder equity is actually the cash on the balance sheet and then the asset values, et cetera. It's taking a look at our solvency really as opposed to looking at -- our market cap. And I'll tell you what, that's probably a longer discussion. If you wanted, reach out to us and our CFO, Jimena Begaries, will be happy to walk you through that. Jason, no problem at all.

傑森，那是市值，也就是股票數量乘以股價。股東權益其實就是資產負債表上的現金，然後是資產價值等等。這其實是在考察我們的償付能力，而不是考察我們的市值。我告訴你，這可能需要更長的討論。如果您願意，可以聯絡我們，我們的財務長吉梅娜·貝加里斯將很樂意為您詳細介紹。傑森，完全沒問題。

Okay. I understand now. I can follow that train of thought. I appreciate you taking the hard questions, John. I know it's not fun getting beat up.

好的。我現在明白了。我明白你的思路。約翰，感謝你接受這些棘手的問題。我知道被打肯定不好受。

I'd tell you, if I could get people to take a picture of me now, I've lost 150 pounds, they'll stop calling me fat pig. I'll be happy, Jason. Everything else, it doesn't bother me. I do this for a living, and we're -- this is probably one of the best future platforms. I've ever had an opportunity to be with, and I've turned a lot of companies around.

我告訴你，如果現在有人願意幫我拍張照片，我已經減掉了150磅，他們就不會再叫我肥豬了。我會很高興的，傑森。其他的一切，我都不在乎。我以此為生，而且──這可能是未來最好的平台之一。我有幸與許多公司共事，並成功扭轉了它們的頹勢。

And this one is beginning to get in a really good position to take advantage of the year ahead. So I'm excited. I hope I can get everybody excited about it. And I think our results in '26 will really underpin that, and that's where we're focused.

而且，這支球隊正逐漸佔據有利位置，並有望在未來一年充分利用各種機會。我很興奮。我希望我能讓大家都對此感到興奮。我認為我們在 2026 年的成績將真正印證這一點，這也是我們關注的重點。

Perfect. Well, maybe how long have you been with the company, John?

完美的。約翰，你加入公司多久了？

Well, I've been in the role here about two years, and -- but I've been around the company for close to 10. Not as long as our CTO, but -- who's here from inception and brings corporate memory, but I've been associated with the company and assisting or advising for quite a long time. But I took over to really bring it to commercial. We need to sort of shift from a technology driven to commerciality. And so it's been a bit of a road.

我擔任這個職位大約兩年了，而且——但我在公司工作了將近 10 年。雖然不如我們的技術長資歷深厚，但他從公司創立之初就在這裡，擁有豐富的企業經驗。不過，我與公司保持聯繫，並協助或提供建議已經相當長一段時間了。但我接手後，真正將其推向了商業化。我們需要從技術驅動型轉變為商業驅動型。所以，這真是一段曲折的路。

It is a venture capital company that was listed and getting everything to maturity to where we can get out and execute reliably because customers don't want breakthrough technology. They want reliable disintermediation of current platforms. And I think we're there. We just -- we've got a really solid platform, got a solid software platform, pretty exciting to see where things are going. It's no longer in development.

這是一家上市的創投公司，我們正在努力使一切成熟，以便能夠可靠地執行項目，因為客戶並不想要突破性的技術。他們希望可靠地消除現有平台的中介環節。我認為我們已經到達目的地了。我們擁有一個非常穩固的平台，一個穩固的軟體平台，看到未來的發展方向，真是令人興奮。該項目已停止開發。

We're sort of in deployment at this stage.

我們目前正處於部署階段。

Got you. Well, maybe I agree then with the previous caller as far as to say maybe you guys need to do some additional marketing or something along those lines to make people aware of who you are and what you're doing because that's obviously why we always -- we all invested in the company is because we're like, wow, this looks amazing. But it all is about volume and who knows about you who these different influencers are and different things like that, that can get the name out to go, hey, here's a way undervalued business that you can invest in, which would then obviously drive the share price up.

抓到你了。嗯，那我可能同意上一位來電者的觀點，你們或許需要做一些額外的行銷或其他類似的事情，讓人們了解你們是誰以及你們在做什麼，因為很明顯，我們一直——我們都投資這家公司的原因就是因為我們覺得，哇，這看起來太棒了。但這一切都與數量有關，誰知道你認識哪些不同的影響者，以及其他類似的因素，這些都能讓更多人知道，嘿，這裡有一家被嚴重低估的公司，你可以投資，這顯然會推高股價。

I've noted. I won't disagree. We will see what we can't do to communicate more frequently.

我已記下。我不會反對。我們將看看在增加溝通頻率方面我們有哪些不足之處。

Perfect. Thank you very much.

完美的。非常感謝。

Thank you.

謝謝。

Okay. This concludes the question-and-answer session. There are no further questions at this time. I'll now turn the call over to John Gibson. Please continue.

好的。問答環節到此結束。目前沒有其他問題了。現在我將把電話交給約翰·吉布森。請繼續。

Thank you. I appreciate everybody that joined us on the call today. And I particularly want to thank our team here. Enduring through this is a challenge. And this is an incredible team who are focused on delivering results, and they benefit from the results.

謝謝。感謝今天所有參加電話會議的人。我尤其要感謝我們團隊的每一位成員。熬過這段時間是一種挑戰。這是一支非常優秀的團隊，他們專注於取得成果，並從中受益。

They also are interested in the equity value of the company as well. And so I appreciate our team here, and I appreciate all of you that own shares. I mean, I look at this as a long-term strategy, and I've got shares and I'm holding them. And you'll notice there's no sales for me of any of the shares that I hold. I am here until we get this thing where it can be. And it's a great privilege to be here and to work with this team of people. We look forward to bringing you an update at the end of the year. And so thank you, and take care, and be safe.

他們也對公司的股權價值感興趣。因此，我感謝我們團隊的每一位成員，也感謝所有持有股份的各位。我的意思是，我把這看作一項長期策略，我已經持有股份了。你會注意到，我持有的所有股票都沒有進行任何出售。我會一直在這裡，直到我們把這件事辦成它該有的樣子。能夠來到這裡，與這個團隊一起工作，我感到非常榮幸。我們期待在年底為您帶來最新進展。所以，謝謝您，請多保重，注意安全。

All right. Ladies and gentlemen, this concludes the conference for today. Thank you so much for your participation. You may now disconnect.

好的。女士們、先生們，今天的會議到此結束。非常感謝您的參與。您現在可以斷開連線了。