Nauticus Robotics Inc (KITT) 2026 Q1 法說會逐字稿

Hello, everyone. Thank you for joining us, and welcome to Nauticus Robotics, Inc. first-quarter 2026 earnings call. (Operator Instructions) I will now hand the conference over to Kristin Moorman, Corporate Development Lead. Kristin, please go ahead.

各位好。感謝各位加入我們，歡迎參加 Nauticus Robotics, Inc. 2026 年第一季財報電話會議。(接線員指示) 現在我將把會議交給企業發展主管 Kristin Moorman。Kristin，請開始。

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. We have now released our results for the quarter ending March 31, 2026, which are available on our website.

謝謝，各位早安。今天與我一同參與電話會議的有執行長兼總裁 John Gibson、代理財務長 Jimena Begaries，以及我們領導團隊的其他成員。在今天的電話會議中，我們將先就財務與營運成果提供事先準備的說明。接著，我們將回答提問。我們已發布截至 2026 年 3 月 31 日止季度的業績，相關資料可於我們的網站查閱。

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.

此外，今天的電話會議將進行網路直播，並將於會議結束後不久在我們的網站提供重播。請注意，我們在今天電話會議中就預測或對未來事件的預期所發表的評論，屬於前瞻性陳述。

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. 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.

前瞻性陳述受到多項風險與不確定性影響，其中許多超出我們的控制範圍。這些風險與不確定性可能導致實際結果與我們目前的預期出現重大差異。我們建議聽眾查閱我們的財報新聞稿，以及我們向美國證券交易委員會（SEC）提交文件中所討論的風險因素。另外，請參閱我們財報新聞稿中提供的調節表，因為我們可能在本次電話會議中討論非 GAAP 指標。現在我把時間交給 John。

Well, good morning. Thank you, Kristin, and thank you to everyone for joining us on the call today. The first quarter of 2026 was a seasonally softer quarter for offshore activity, and that's consistent with what the broader subsea and offshore services market experienced during the winter operating season.

各位早安。謝謝你，Kristin，也感謝各位今天加入我們的電話會議。2026 年第一季是離岸活動季節性較疲弱的一季，這與更廣泛的海底與離岸服務市場在冬季作業季所經歷的情況一致。

We saw a similar commentary from larger industry participants, including Helix and Oceaneering, both of which pointed to winter seasonality, lower first quarter utilization and expectations for stronger activity in the second and third quarters of 2026. For Nauticus, the important point is this. We used the quarter productively.

我們也看到較大型的產業參與者提出類似說法，包括 Helix 與 Oceaneering，兩者都指出冬季季節性、第一季使用率較低，以及預期 2026 年第二與第三季活動將更強勁。對 Nauticus 而言，重點在於此。我們有效率地運用了這一季。

While revenue was not where we wanted it to be, our team focused on the work that positions us for improved execution in the second half of the year as the operating season strengthens. We advanced fleet readiness, completed significant annual maintenance and refurbishment activities across several of the ROV systems and continued preparing our systems for higher utilization opportunities during the remainder of the year.

雖然營收未達我們期望，但團隊專注於能讓我們在作業季轉強、並於下半年提升執行力的工作。我們提升船隊整備度，完成多套 ROV 系統的重要年度維護與翻新作業，並持續為今年剩餘期間更高使用率的機會做準備。

We also continued advancing Nauticus ToolKITT, our proprietary autonomy software platform. Nauticus ToolKITT is central to our strategy because it allows us to create value not only through services, but also through software licensing, technology-enabled services and deployment on customer-owned vehicles.

我們也持續推進 Nauticus ToolKITT（我們的專有自主軟體平台）。Nauticus ToolKITT 是我們策略的核心，因為它讓我們不僅能透過服務創造價值，也能透過軟體授權、技術賦能服務，以及部署於客戶自有載具來創造價值。

During the quarter, we continued integrating Nauticus ToolKITT across our subsea systems along with new high-definition camera systems and other advanced sensors designed to improve navigation efficiency, data quality and customer value. We also made progress with Aquanaut and our autonomous manipulation capabilities.

本季期間，我們持續將 Nauticus ToolKITT 整合至我們的海底系統，同時導入新的高畫質攝影系統與其他先進感測器，以提升導航效率、資料品質與客戶價值。我們也在 Aquanaut 與自主操作（autonomous manipulation）能力方面取得進展。

Aquanaut Vehicle 1 has now completed more than 500 hours of in-water testing on client-driven workflows and more than 200 successful vertical inspection behaviors on mooring lines. These are important steps towards offshore deployment and the data from that testing continues to guide our software and engineering improvements.

Aquanaut 1 號載具目前已完成超過 500 小時的水中測試（依客戶驅動的工作流程），並在繫泊纜線上完成超過 200 次成功的垂直檢測行為。這些都是邁向離岸部署的重要步驟，而測試所得資料也持續指引我們的軟體與工程改良。

International expansion also remains another important part of our growth strategy. During the quarter, we continued advancing our UAE and broader GCC initiative, including work toward a long-term operational and commercial presence in Ras Al Khaimah. That region represents a meaningful opportunity for Nauticus across offshore energy, technology licensing, manufacturing support and strategic partnerships.

國際擴張仍是我們成長策略的另一個重要部分。本季期間，我們持續推進阿聯酋（UAE）及更廣泛的海灣合作委員會（GCC）計畫，包括朝在拉斯海瑪（Ras Al Khaimah）建立長期營運與商業據點的工作。該地區在離岸能源、技術授權、製造支援與策略夥伴關係方面，為 Nauticus 帶來具意義的機會。

Finally, we're pleased to welcome Brian Allen as Chief Revenue Officer. Brian brings nearly two decades of subsea robotics, autonomy and commercial leadership experience. His focus is clear: convert customer interest into revenue opportunities across offshore services, software licensing, hardware sales, defense and international markets. So while Q1 reflected normal offshore seasonality, we believe Nauticus exited the quarter better prepared, more focused on commerciality and positioned to pursue a strong opportunity set through the balance of the year.

最後，我們很高興歡迎 Brian Allen 加入，擔任首席營收長（Chief Revenue Officer）。Brian 擁有近二十年的海底機器人、自主技術與商務領導經驗。他的重點很明確：將客戶興趣轉化為營收機會，涵蓋離岸服務、軟體授權、硬體銷售、國防與國際市場。因此，儘管第一季反映了正常的離岸季節性，我們相信 Nauticus 在本季結束時已準備得更充分、更聚焦於商業化，並具備條件在今年剩餘期間追求一系列強勁的機會。

With that, I'm going to turn it over to Jimena to walk you through the financials. Jimena?

接下來，我把時間交給 Jimena，請她帶各位了解財務數字。Jimena？

Thank you, John, and good morning, everyone. I will now discuss our financial results for the quarter -- for first quarter of 2026. During our first quarter, we remain focused on preserving liquidity, maintaining stockholder equity and securing financial resources necessary to support the company.

謝謝你，John，各位早安。我現在將說明我們 2026 年第一季的財務結果。在第一季期間，我們仍專注於維持流動性、維護股東權益，並取得支持公司所需的財務資源。

Revenue for the first quarter was $0.2 million, which is down $0.9 million sequentially and essentially flat from the same quarter last year. This performance is consistent with the seasonal trends we typically experience in the first quarter and reflects the overall market John just discussed.

第一季營收為 20 萬美元，較前一季減少 90 萬美元，且與去年同期基本持平。此表現符合我們通常在第一季所經歷的季節性趨勢，也反映了 John 剛才提到的整體市場狀況。

Operating expenses for the quarter were $5.8 million, which is down $0.2 million from Q1 2024 (sic -- 2025) and down $0.8 million sequentially. G&A costs for the quarter were $3.2 million, which is an improvement of $1.2 million compared to Q1 2025. Sequentially, G&A has increased $0.6 million due to the nonrecurring legal fee credit received in Q4 2025.

本季營業費用為 580 萬美元，較 2024 年第一季（原文誤植—應為 2025 年）減少 20 萬美元，並較前一季減少 80 萬美元。本季一般及行政（G&A）成本為 320 萬美元，較 2025 年第一季改善 120 萬美元。就季比而言，G&A 增加 60 萬美元，原因是 2025 年第四季收到一次性的法律費用抵減（credit）。

Net loss for the quarter was $9.3 million. This is a $9.9 million decrease in net loss sequentially and a $1.7 million increase in net loss from Q1 2025. These variations, both positive and negative, are largely related to the changes in fair value of our debt instruments. Adjusted net loss for the quarter was $6.4 million compared to $10.4 million for the fourth quarter of 2025 and $6.6 million in Q1 2025.

本季淨損為 930 萬美元。淨損較前一季減少 990 萬美元，但較 2025 年第一季增加 170 萬美元。這些正負變動主要與我們債務工具公允價值的變動有關。本季調整後淨損為 640 萬美元，相較之下，2025 年第四季為 1,040 萬美元，2025 年第一季為 660 萬美元。

Cash at the end of Q1 2026 was $5.9 million compared to $7.6 million at the end of 2025. This decrease is related to cash used in operating activities. As we move into the second quarter, we remain disciplined in our approach to managing the business and preserving financial flexibility.

截至 2026 年第一季末的現金為 590 萬美元，相較於 2025 年底的 760 萬美元。此減少與營運活動使用的現金有關。進入第二季後，我們仍將以嚴謹的方式管理業務並維持財務彈性。

I will now pass the call back to John.

現在我把電話會議交回給 John。

Thank you, Jimena. Now I'm going to turn it over to our leads that are working on international expansion, revenue opportunities. Jason Close will be first with updates on our UAE expansion. Jason?

謝謝你，Jimena。接下來我將把時間交給負責國際擴張與營收機會的主管們。Jason Close 將先就我們在阿聯酋的擴張提供最新進展。Jason？

Thank you, John. Since our last call, we've been focused on moving from strategy into execution around our UAE and broader GCC expansion efforts. While the current regional security environment has limited our ability to travel in person, it has not slowed our progress. In fact, we've continued to advance the foundational work needed to establish a presence in Ras Al Khaimah and support long-term growth in the region.

謝謝你，John。自上次電話會議以來，我們一直專注於將阿聯酋及更廣泛 GCC 擴張工作從策略推進到執行。雖然目前區域安全環境限制了我們親自出差的能力，但並未減緩我們的進度。事實上，我們持續推進在拉斯海瑪建立據點所需的基礎工作，以支持該地區的長期成長。

Over the past several weeks, we've been actively engaged in identifying a location in Ras Al Khaimah that can support our long-term operations and commercial goals. We've also engaged a UAE-based marketing agency to support the next phase of our market activation efforts. That work includes improvements to our website, branding and go-to-market materials, both for the regional market and more broadly as we continue refining how we position the Nauticus portfolio globally.

在過去幾週，我們一直積極尋找拉斯海瑪（Ras Al Khaimah）的一處地點，以支援我們的長期營運與商業目標。我們也聘請了一家總部位於阿聯酋的行銷代理商，以支援我們下一階段的市場啟動工作。該工作包括改善我們的網站、品牌與上市（go-to-market）素材，既面向區域市場，也更廣泛地支援我們在持續精煉如何在全球定位 Nauticus 產品組合的過程。

At the same time, we are seeing that business opportunities in the regions continue to move forward and mature even with the broader uncertainty. The current environment has also reinforced the relevance of our solution for government and defense-related applications, particularly where unmanned systems, remote operations and increased operational safety are a priority.

同時，我們也看到，即使在更廣泛的不確定性之下，各地區的商機仍持續推進並逐步成熟。目前的環境也進一步凸顯我們解決方案在政府與國防相關應用上的重要性，特別是在無人系統、遠端作業與提升作業安全為優先事項的情境。

We are being careful and disciplined in how we approach those opportunities, but we believe our portfolio is well aligned with several of the region's long-term needs. In parallel, we're seeing increased interest outside the GCC region as we continue expanding our international commercial engagement efforts. In addition, we continue to make progress in our collaboration with Forum Energy Technologies around the Olympic Arm platform.

我們在切入這些機會時保持審慎與紀律，但我們相信我們的產品組合與該地區若干長期需求高度契合。同時，隨著我們持續擴大國際商業拓展，我們也看到海灣阿拉伯國家合作委員會（GCC）以外地區的興趣增加。此外，我們與 Forum Energy Technologies 就 Olympic Arm 平台的合作也持續取得進展。

During the first quarter, the team completed a review of the existing design documents. And in the second quarter, we expect to begin collaborative testing activities around the current prototype. This remains an important opportunity to further validate our technology and expand its application through established industry channels.

在第一季期間，團隊完成了對既有設計文件的審查。而在第二季，我們預期將開始針對目前原型機進行協作測試活動。這仍是一項重要機會，可進一步驗證我們的技術，並透過既有產業通路擴大其應用。

Overall, we continue to see long-term potential in these international markets and remain focused on executing our growth strategy in a disciplined and structured way through 2026. With that, I will now hand the call over to Steve Walsh, our sales lead, for an update.

整體而言，我們仍看好這些國際市場的長期潛力，並將持續以有紀律且結構化的方式，專注於在 2026 年前執行我們的成長策略。接下來，我將把電話會議交給我們的銷售負責人 Steve Walsh，請他提供最新進展。

Thank you, Jason, and good morning. As expected, Q1 sales reflected the seasonal softness that has traditionally impacted operations across the Gulf of America during the winter months. Weather conditions limited offshore activity throughout much of the quarter and lower oil prices contributed to a more cautious operating environment early in the year.

謝謝你，Jason，大家早安。如預期，第一季銷售反映了冬季月份傳統上對美洲灣（Gulf of America）各地營運造成的季節性疲弱。天候狀況在本季大部分時間限制了離岸活動，而較低的油價也使年初的營運環境更為審慎。

More recently, however, we've seen energy markets begin to strengthen, driven in part by geopolitical instability and the ongoing conflict involving Iran. Despite the slower start to the year, we remain very encouraged by the outlook of the remainder of 2026. We are seeing strong momentum in upcoming offshore activity with several new contracts recently commencing across both offshore oil and gas sector and the offshore wind industry. This diversification continues to position us well as demand for subsea services expands across multiple energy markets.

不過，近期我們看到能源市場開始走強，部分原因是地緣政治不穩定以及涉及伊朗的持續衝突。儘管今年開局較慢，我們仍對 2026 年剩餘期間的展望感到非常鼓舞。我們看到即將到來的離岸活動動能強勁，近期在離岸油氣產業與離岸風電產業均有數個新合約開始執行。這種多元化持續讓我們處於有利位置，因為海底服務需求正跨多個能源市場擴張。

In addition, we are continuing to actively pursue project opportunities along both US Coast throughout the Gulf of America and in select international markets. We are also expanding our focus within the defense sector, where we believe our subsea capabilities, operational experience and technology platforms position us well for future opportunities. To that end, we're excited to be deploying resources in early June in support of a large defense contractor, the first work of this variety in over a year.

此外，我們也持續積極在美洲灣沿美國兩岸以及部分國際市場追求專案機會。我們也在擴大對國防領域的聚焦；我們相信，我們的海底能力、作業經驗與技術平台，使我們在未來機會上具備良好定位。為此，我們很高興將於六月初投入資源以支援一家大型國防承包商，這是我們一年多來首次承接此類型工作。

Importantly, our team used the slower offshore period productively. During the quarter, we completed major annual maintenance and refurbishment activities across several of our ROV systems. These efforts ensure that our fleet is operating at peak efficiency and reliability as we move into what we expect will be a significantly more active 2026 operating season.

重要的是，我們的團隊有效利用了離岸活動較慢的期間。本季期間，我們完成了多套 ROV 系統的年度重大維護與翻修作業。這些工作確保我們的機隊在我們預期將顯著更活躍的 2026 年作業季到來之際，能以最高效率與可靠性運行。

We also continue to make meaningful progress on the technology front. Nauticus ToolKITT, our proprietary software platform, along with new perception capabilities and other advanced sensor technologies are being successfully integrated across our subsea systems. These enhancements improve operational capability, data quality and overall client value while further differentiating us in an increasingly competitive subsea vehicle market.

我們在技術面也持續取得實質進展。Nauticus ToolKITT（我們的專有軟體平台），連同新的感知能力與其他先進感測器技術，正成功整合至我們的海底系統之中。這些強化提升了作業能力、資料品質與整體客戶價值，同時也在競爭日益激烈的海底載具市場中進一步凸顯我們的差異化。

As the year progresses, we believe these operational improvements, combined with strengthening offshore demand, geographic expansion, continued technology integration and growing exposure to the defense-related opportunities position the company well for growth and long-term success. Thank you again for your continued support and confidence in our team. With that, I'll turn it over to Brian Allen, our revenue lead, for his thoughts on 2026.

隨著年度推進，我們相信這些營運改善，加上離岸需求走強、地理版圖擴張、持續的技術整合，以及在國防相關機會上的曝險增加，將使公司具備良好的成長與長期成功基礎。再次感謝各位持續的支持以及對我們團隊的信心。接下來，我將把時間交給我們的營收負責人 Brian Allen，請他分享對 2026 年的看法。

Thank you, Steve, and good morning, everyone. I'm Brian Allen, the new Chief Revenue Officer at Nauticus, and this is my first earnings call with the company, so I want to be straightforward with you about how I see things and what I intend to do. You've heard about the weather conditions that brought about our Q1 results, and it's going to be my job to broaden our revenue streams across technology, robotic hardware and services in other global locations that help smooth this and move us to more of a rapid growth profile.

謝謝你，Steve，大家早安。我是 Brian Allen，Nauticus 新任首席營收長（Chief Revenue Officer），這是我在公司參與的第一場財報電話會議，因此我想坦率地與各位分享我如何看待現況，以及我打算採取的行動。各位已聽到天候因素如何影響我們第一季的結果，而我的工作將是擴大我們在技術、機器人硬體與其他全球地點服務方面的營收來源，以平滑這種波動，並推動我們轉向更快速的成長曲線。

Briefly on my background. Spent the last decade building a subsea robotics and AI company called Beam from scratch to around 230 people, growing revenue at 60% to 100% year-on-year and creating an $840 million sales pipeline that brought in $90 million of sales and order book in my final 12 months.

簡要談談我的背景。過去十年，我從零開始打造一家名為 Beam 的海底機器人與 AI 公司，規模成長至約 230 人，營收年增率達 60% 至 100%，並建立了 8.4 億美元的銷售管線，在我最後 12 個月帶來 9,000 萬美元的銷售與訂單簿。

We sold autonomous inspection tech and tech-enabled services into the exact same markets Nauticus operates in. Before that, I spent 10 years at the sea, starting off piloting ROVs, then supervising and managing them to build oilfields and wind farms. So I know these customers, I know this market, and I know what it takes to sell advanced autonomy into exactly this industry.

我們將自主檢測技術與技術賦能服務銷售到與 Nauticus 所營運完全相同的市場。在那之前，我在海上工作了 10 年，從操作 ROV 開始，之後負責監督與管理，參與建設油田與風場。因此我了解這些客戶、了解這個市場，也知道要如何在這個產業中銷售先進自主技術。

People have asked me why I chose Nauticus. And the honest answer is two things. I found during my technical diligence that I've not seen elsewhere in any other marine business. First, Nauticus's ToolKITT is the most advanced autonomy software available to purchase today for subsea vehicles.

有人問我為什麼選擇 Nauticus。坦白說，原因有兩點。我在技術盡職調查中發現了我在其他任何海事企業都未曾見過的東西。第一，Nauticus 的 ToolKITT 是目前可供購買、用於海底載具的最先進自主軟體。

It is the leader in the category that matters commercially, a deployable, supported product that customers can run on their existing vehicles today, and I see several near-term opportunities in the market for this software. Software sales are our clearest route to smoothing seasonality as they are not tied to weather.

它在商業上最關鍵的類別中居於領先地位：一個可部署、可支援的產品，客戶今天就能在其既有載具上運行；我也看到這套軟體在市場上有數個近期機會。軟體銷售是我們平滑季節性的最清晰途徑，因為它不受天候影響。

Second, and this is what really changed my mind, the company's work on autonomous manipulator control. The IP here is potentially five years ahead of the closest competition. When you consider how much of the offshore inspection, intervention and repair market is constrained by pilot ability and vessel costs, reliable autonomous manipulation represents a very significant commercial opportunity.

第二點，也是最真正改變我想法的，是公司在自主機械手控制方面的工作。這裡的智慧財產（IP）可能領先最接近的競爭對手五年。當你考量離岸檢測、介入與維修市場有多大程度受限於駕駛員能力與船舶成本時，可靠的自主操作（autonomous manipulation）代表非常重大的商業機會。

Bringing that to market alongside the core Nauticus ToolKITT platform and offering it with Aquanaut is where I see the real step change for this business. On what I intend to do. My first priority is generating early commercial wins that rebuild market confidence, and I've already identified a small number of near-term Nauticus ToolKITT opportunities and potential high seven, low eight-figure Aquanaut services tender for my own network that I intend to move on quickly.

將其與核心的 Nauticus ToolKITT 平台一同推向市場，並搭配 Aquanaut 提供，是我認為這項業務真正產生躍升的關鍵所在。至於我打算做什麼。我的首要任務是創造早期商業勝利以重建市場信心；我已經辨識出少數近期的 Nauticus ToolKITT 機會，以及透過我自身人脈可望取得的一項 Aquanaut 服務標案（可能為高七位數、低八位數金額），我打算迅速推進。

Beyond that, I'm building the marketing function and sales infrastructure to drive tech sales, technology-driven services and Aquanaut hardware sales globally. A key part of my role is generating clear commercial signals from the market that Ameen and the engineering team can use this direct development efforts. The closer we tie what we build to what our customers are telling us they need, the faster the technology converts into revenue. I operate capital efficiently.

除此之外，我正在建立行銷職能與銷售基礎設施，以推動技術銷售、技術驅動型服務，以及 Aquanaut 硬體在全球的銷售。我角色中的一個關鍵部分，是從市場端產生清晰的商業訊號，讓 Ameen 與工程團隊能用來指引研發工作。我們越能把我們打造的東西與客戶告訴我們他們需要的東西緊密連結，技術轉化為營收的速度就越快。我會以資本效率為原則運作。

That is a necessity in this market, and it's how I've always built businesses. I'm already designing systems that use AI to automate parts of our sales and marketing function, which allows us to strengthen commercial capability rapidly at a fraction of what a traditional approach would cost with fewer headcount. In a company at our stage, every dollar of commercial spend needs to work hard.

這在這個市場中是必要條件，而這也是我一向打造企業的方式。我已經在設計運用 AI 的系統，以自動化我們銷售與行銷職能中的部分工作，讓我們能以傳統作法成本的一小部分、並以更少的人力編制，快速強化商業能力。對於處於我們這個階段的公司而言，每一美元的商業支出都必須發揮最大效益。

I want to close with this. I did have other opportunities on the table, and I chose Nauticus because the technology here is genuinely differentiated, which is very rare in this industry. The team here is strong, and I see an asymmetric opportunity that is worth committing to. I've taken a shareholding as part of my compensation because I want my interests aligned with all of yours. And this isn't spin. I would not have joined if I did not see a bright future for this business.

我想用這段話作結。我確實還有其他機會擺在桌上，但我選擇 Nauticus，是因為這裡的技術確實具備真正的差異化，而在這個產業中這非常罕見。這裡的團隊很強，我看見一個值得投入承諾的不對稱機會。我將持股納入我的薪酬組合之一部分，因為我希望我的利益能與各位一致。而這不是包裝說法。如果我沒有看見這項業務光明的未來，我不會加入。

I'm looking forward to updating you all on our commercial progress over the coming quarters. And I'll hand back to you, John.

我期待在接下來幾個季度向各位更新我們的商業進展。接下來我把時間交還給你，John。

Thank you, Brian. We're excited to have you here. We recognize that Q1 revenue reflects a slower seasonal period, but we're encouraged by the direction of the business. Our fleet readiness has improved. Our technology continues to advance. Nauticus ToolKITT is becoming a clearer commercial opportunity and gives us the ability to offset some of the seasonality and our UAE and GCC expansion efforts are moving from strategy into execution.

謝謝你，Brian。我們很高興你加入。我們了解第一季營收反映了季節性較慢的期間，但我們對業務發展方向感到鼓舞。我們的船隊整備度已提升。我們的技術持續進步。Nauticus ToolKITT 正逐漸成為更清晰的商業機會，並讓我們有能力抵銷部分季節性影響；同時，我們在阿聯酋（UAE）與海灣合作委員會（GCC）的擴張工作正從策略走向執行。

Most importantly, we're sharpening our focus on revenue. With Brian joining the team, a stronger commercial structure and continued opportunities across software, offshore energy, defense, international markets, software licensing and the hardware sales that we believe Nauticus is positioned to build momentum through the remainder of 2026.

最重要的是，我們正在更聚焦於營收。隨著 Brian 加入團隊、商業架構更為強化，以及在軟體、離岸能源、國防、國際市場、軟體授權與硬體銷售等領域持續出現機會，我們相信 Nauticus 有條件在 2026 年剩餘期間持續累積動能。

We appreciate the continued support of our shareholders, our customers, our partners and particularly our employees. We look forward to updating you on our progress in the quarters ahead.

我們感謝股東、客戶、合作夥伴，尤其是員工持續的支持。我們期待在未來幾個季度向各位更新我們的進展。

With that, operator, I'd like to open up the line for questions.

接下來，接線員，我想開放電話線供提問。

(Operator Instructions)

(接線員指示)

Peter Gastreich, Water Tower Research.

Peter Gastreich，Water Tower Research。

Thank you very much. So good morning, and thanks for taking my questions. It's great to see the new senior hire with Brian and other talent that's been coming into Nauticus recently and really looking forward to tracking the team's progress throughout the rest of this year. But my first question, just kicking off with the revenue trajectory.

非常感謝。各位早安，謝謝讓我提問。很高興看到 Brian 這位新的高階主管加入，以及近期其他人才陸續加入 Nauticus；我也非常期待在今年剩餘時間持續追蹤團隊的進展。不過我的第一個問題，先從營收走勢開始。

Q1, clearly seasonal softness, which should be expected, but it does look a little bit softer than expected. Could you talk about your strategy to reduce those seasonal swings in your business going forward? For example, how software would play a role in that? And also in terms of cadence into Q2 and second half of the year, anything you can share about key revenue drivers there would be helpful.

第一季顯然有季節性疲弱，這是可以預期的，但看起來確實比預期更弱一些。你們能談談未來降低業務季節性波動的策略嗎？例如，軟體會如何在其中扮演角色？另外，就第二季以及下半年節奏而言，你們能分享哪些關鍵營收驅動因素，也會很有幫助。

I appreciate the question, Peter. It's really straightforward as to how we get balance on revenue, and that is we have to begin to do two things. Number one is we have to sell ToolKITT, and I'll let Brian comment on that in just a moment. That eliminates sort of the seasonality and the weather-related risk that you have on revenues. The second thing we need to do is to have some international exposure so that we're not locked into the seasonality of the Gulf of America or North America.

謝謝你的問題，Peter。我們要讓營收更均衡的方法其實很直接，也就是我們必須開始做兩件事。第一，我們必須銷售 ToolKITT，我稍後會請 Brian 對此補充。這能消除你在營收上所面臨的季節性與天候相關風險。第二，我們需要一些國際市場曝險，讓我們不會被鎖定在美洲灣（Gulf of America）或北美的季節性之中。

So I think those two strategies executed well will cause us to even out and the revenue profile for the company. And so it's on the software side, Brian, is there any comments you'd want to make on software and how you think that will eliminate the seasonality and the softness in North America?

我認為這兩項策略若能有效執行，將使我們的營收走勢更平滑、也更均衡。因此在軟體面向，Brian，你是否想就軟體以及你認為它如何消除季節性與北美市場疲弱做些評論？

So I mean, I guess the fastest lever that we've got on ToolKITT sales is basically one of the fastest levers we have is software licensing ToolKITT sales. The product is mature. It's already deployed on third-party platforms, including the Comanche and NVIDIA Ray Defender, and it's outperformed incumbent solutions. Now one of the great things with software sales is they're year-round.

我想，就 ToolKITT 銷售而言，我們手上最快的槓桿之一，基本上就是軟體授權的 ToolKITT 銷售。產品已相當成熟。它已部署在第三方平台上，包括 Comanche 與 NVIDIA Ray Defender，且表現優於既有解決方案。而軟體銷售的一大優點是全年都能進行。

Like these devices, they're essentially -- they're used year-round. Licenses are charged year-round. And so in terms of smoothing profiles, it's the clearest route to generating a year-round revenue source that's smoother than the lumpiness that you see in offshore services type contracts.

像這些設備，本質上是全年使用的。授權費也是全年計費。因此就平滑營收曲線而言，這是最清晰的途徑，可建立一個全年性的營收來源，比你在離岸服務類合約中看到的那種不規則波動要平順得多。

Yes. I would have also thought we'd have been a little further ahead on activities in the GCC, but the conflict has prevented us ramping as rapidly as we want. It's still going well, and we've got an excellent opportunity there, and we're excited about it.

是的。我原本也以為我們在 GCC 的活動會再更往前一些，但衝突使我們無法如我們所願那麼快速地擴大規模。整體仍進展良好，我們在那裡有非常好的機會，我們也對此感到興奮。

And I'm looking forward to going back over to UAE here probably mid- late June and continuing to develop that opportunity. But the conflict there slowed that down a bit, but it has not -- we've lost no momentum there. So we're excited about working with them.

我期待大概在 6 月中下旬回到阿聯酋（UAE），繼續推進那個機會。但當地的衝突確實讓進度放慢了一些，不過我們在那裡並沒有——沒有失去任何動能。所以我們很期待與他們合作。

Now, it's still early stages at this particular point. I mean I've been with the company for less than a week now, but I've got a considerable number of contacts already in the industry who I've already reached out to. And there is interest in ToolKITT. So there's calls there for me to make, there's meetings for me to have, and there's a market which we can sell into, which is interested. So I think ToolKITT is going to be pretty good for our future. It's just a case of how quickly we can convert that pipeline.

目前仍屬早期階段。我的意思是，我加入公司還不到一週，但我在產業內已經有相當多的人脈，也已經主動聯繫。市場對 ToolKITT 是有興趣的。所以我有電話要打、有會議要開，也有一個我們可以銷售、且確實有興趣的市場。因此我認為 ToolKITT 對我們的未來會相當有利。接下來就是看我們能多快把這個管線轉化為實際訂單。

Okay. So with the -- you have a Northeast ROV fleet, which would be a good proof point for a ToolKITT. Has that been helpful for you in terms of your licensing discussions and where do those stand?

了解。那麼就——你們有一支東北部的 ROV 船隊，這會是 ToolKITT 的一個很好的驗證案例。這在你們的授權討論中是否有幫助？目前進展到哪裡？

It's another really good question. You can hardly sell ToolKITT running on ROVs unless you eat your own dog food and put it on your own ROVs. And so we're excited to have it deployed there. That's also the best testing platform so that we know that the quality of the product that we're sending to customers.

這又是一個很好的問題。如果你自己不先用自家產品、把 ToolKITT 裝到自家的 ROV 上，你幾乎不可能把在 ROV 上運行的 ToolKITT 賣出去。所以我們很高興能在那裡部署。那也是最好的測試平台，讓我們確保交付給客戶的產品品質。

We're very optimistic about the proof, showing them the work that we're doing so that they can see the productivity enhancements that you would get from deploying this type of autonomy onto the current and existing ROV fleet. It gives them the opportunity to either get greater utilization out of the assets they have, but it also keeps them from having to buy additional ROVs potentially.

我們對於這項驗證非常樂觀，向他們展示我們正在做的工作，讓他們能看到把這類自主能力部署到現有 ROV 船隊後所帶來的生產力提升。這讓他們有機會提高既有資產的使用率，同時也可能避免必須再購買額外的 ROV。

This is a great way to increase the capacity of your fleet. If you have 10 and you can get 20-plus percent, that's two you don't need to buy. And so I think it's a great financial opportunity for the ROV commercial operators to improve the utilization of their fleets without having to increase the number of assets.

這是提升船隊產能的絕佳方式。如果你有 10 台，且能提升 20% 以上，那就等於多出 2 台而不需要購買。因此我認為，對 ROV 商業營運商而言，這是一個很好的財務機會：在不增加資產數量的情況下，提高船隊的使用率。

So putting it on our own ROV is going to demonstrate and quantify that for ROV operators, and I think improves our chances of selling the software. And so yes, it's up in the Northeast, and I think we should be posting some things about the success with it there as we go through this quarter and we do this work.

因此，把它放到我們自己的 ROV 上，將能向 ROV 操作商展示並量化其效益，我認為這會提高我們銷售該軟體的機會。所以是的，它在東北部，我認為在本季我們推進這項工作時，應該陸續發布一些關於那邊使用成功的內容。

Okay. And Brian mentioned the high-seven, low-eight opportunity. Sorry, could you please just repeat that just to make sure I understand what you've mentioned there?

好的。Brian 提到高七位數、低八位數的機會。抱歉，您能否再重複一次，以確保我理解您剛才提到的內容？

Yes, of course. So part of my remit is in expanding types of revenue across EMEA. And I'm looking at both technology-enabled services and also ToolKITT licensing and the longer sales cycle on hardware sales, which we need to build the infrastructure for to convert that.

當然可以。我職責的一部分是在 EMEA 擴展收入類型。我同時在看技術賦能服務（technology-enabled services）、ToolKITT 授權，以及硬體銷售較長的銷售週期；我們需要為此建立基礎設施，才能把這些機會轉化落地。

So the two short-term opportunities are essentially, as I said before, software licensing and technology-enabled services. And so to do that, we have to start building a pipeline of potential services contracts in EMEA. Now these are similar to the work that's already taking place in North America. The company already has this capability.

所以短期的兩個機會基本上如我先前所說，就是軟體授權與技術賦能服務。為了做到這點，我們必須開始在 EMEA 建立潛在服務合約的管線。這些與北美已在進行的工作類似。公司已經具備這項能力。

It's using similar assets. It's just geographically different. So I'm starting to reach out to my network and bring in tendering opportunities of a similar nature to what the business can already complete in the US, albeit geographically closer to where I work from.

使用的是相似的資產。只是地理位置不同。因此我開始聯繫我的人脈，帶入與公司在美國已能完成的業務性質相近的投標機會，只是地理上更接近我工作的所在地。

Okay. Great. This is kind of a bigger-picture question here. I just want to ask to what extent the budget cycles are important for your emerging customer base. So you have, for example, oil and gas, certainly with government-type work. I would imagine we might be past the cycle for the new work in 2026.

好的。很好。這是一個比較宏觀的問題。我想問的是，預算週期對你們新興客戶群的重要性到什麼程度。例如你們有油氣客戶，當然也有政府類型的工作。我想我們可能已經錯過了 2026 年新工作的週期。

Is that the way to look at it that we should be focused more on sort of the opportunities for 2027 now? Or do you -- are there still kind of budgets for 2026 that your customers can work with? And then also in terms of those 2027 budgets, is there signaling or confirmation for that time with your customers, annual budget announcements? Just curious broadly how that works against your customer cycles.

是否應該這樣看：我們現在應更聚焦於 2027 年的機會？還是說——你們的客戶仍然有 2026 年可用的預算？另外，就 2027 年的預算而言，你們的客戶是否會有某種訊號或確認，例如年度預算公告？我只是想大致了解這如何對應你們客戶的週期。

Okay. So a lot of questions in that question, Peter. Let's see how we do here. The first one is I just got back from Washington and was up marketing and doing business development on the government side. We're there, and we're doing a really good job, I think, of positioning what we can do and how we can influence a lot of government work, not all I can talk about. But I would tell you that what we have to do is be there right now and marketing in order for us to be successfully included in the '27 and '28 budgets.

好的。Peter，你這個問題裡面包含很多問題。我們看看怎麼回答。第一個，我剛從華盛頓回來，在政府端做行銷與業務開發。我們在那裡，而且我認為我們在定位我們能做什麼、以及如何影響許多政府工作方面做得非常好——不是所有內容我都能談。但我可以告訴你，我們現在就必須在那裡做行銷，才能讓我們成功被納入 2027 與 2028 年的預算。

And they look -- it looks as though they're planning out two years ahead. And so you want to be there and be on the ticket for '27, '28. And I think that we are very successful in positioning ourselves for that '27, '28 budget. The '26 budget will require them having probably a vendor default or a vendor issue or an emergency that we can fill in for, and we're positioned to go in and work with them in the event that they have an immediate need.

而且他們看起來是在提前兩年做規劃。所以你要在那裡，並且在 2027、2028 年的名單上。我認為我們在為 2027、2028 年預算做定位方面非常成功。至於 2026 年預算，可能需要他們出現供應商缺口、供應商問題或緊急狀況，而我們可以補位；我們也已做好準備，一旦他們有即時需求，就能進去與他們合作。

But I think the real opportunity for us is to be contracted for the '27, '28 work, and we need to be doing that now, and that's what we are doing with. We've finally gotten all of the products ready to go in and just bid commercial work at that level and to be considered a vendor for the '27, '28 season. So a very positive outcome for us.

但我認為對我們而言真正的機會，是拿到 2027、2028 年工作的合約；我們現在就需要在做這件事，而這正是我們正在做的。我們終於把所有產品都準備好了，可以進去在那個層級投標商業工作，並被視為 2027、2028 季度的供應商。所以這對我們是非常正面的成果。

In terms of even our existing customers, we continue in terms of oil and gas, there's still a lot of opportunity. There's going to be a lot of transactional and call-out work through the rest of '26. I think oil and gas prices are going to be stable at where they are to higher. I would not anticipate opening up the Strait of Hormuz to drop the prices, but only for a short period of time until we understand the damage to the infrastructure that has occurred during the conflict.

就算是我們現有客戶而言，在油氣方面仍然有很多機會。在 2026 年剩餘時間裡，仍會有大量的交易型與臨時叫修（call-out）工作。我認為油氣價格會在目前水準保持穩定或走高。我不預期會開放荷姆茲海峽來壓低價格；即便發生，也只會是短期，直到我們了解衝突期間對基礎設施造成的損害程度。

And so look for longer-term higher oil prices. And as a consequence, I think you're going to see the activity continue to ramp in the oil and gas sector, particularly in the Gulf of America and around the world offshore as those are the least expensive barrels to produce. And so it's a tremendous opportunity for us.

因此，預期油價將在較長期間維持較高水準。因此我認為你會看到油氣產業的活動持續升溫，特別是在美洲灣（Gulf of America）以及全球離岸地區，因為那些是生產成本最低的油桶。所以這對我們是巨大的機會。

Can I add to that? Good. So I have less history with Nauticus, but I can talk about the industry generally from my previous work doing similar work, with similar vehicles in a similar environment. And compared to contracted position, from this particular point in the year, you have a certain ability to forecast revenue for the rest of the year, but that never includes spot work and emergency work.

我可以補充一下嗎？好的。我在 Nauticus 的歷史較短，但我可以從產業角度談談：在我之前的工作中，我做過類似的工作、使用類似的載具、在類似的環境。相較於已簽約的案子，從一年中的這個時間點來看，你對全年剩餘時間的營收有一定程度的可預測性，但那通常不包含零星（spot）工作與緊急工作。

And in my previous company from where we are today, we typically see a 30% to 40% uplift based on forecast revenue. Now that doesn't directly translate to Nauticus, because we're in North America and not EMEA, but you generally see a significant increase in revenue in the latter quarters based on spot work and the spot work market.

在我之前的公司，以我們今天所處的時間點來看，我們通常會在預測營收的基礎上看到 30% 到 40% 的上修（uplift）。這不會直接對應到 Nauticus，因為我們在北美而不是 EMEA，但一般而言，你會在後幾個季度因零星工作與零星市場而看到營收顯著增加。

Another unintended consequence of this conflict is I think you're going to see a strengthening emphasis on wind energy and the maintenance of the wind farms offshore, as people try to offset higher oil and gas prices. So our position in doing the wind work in the Northeast is going to be very advantageous to us, and Steve's got tremendous connections there as is Brian.

這場衝突的另一個非預期後果是，我認為你會看到對風能、以及離岸風場維護的重視程度提高，因為人們試圖抵消較高的油氣價格。因此，我們在東北部承接風電工作的布局將對我們非常有利，而 Steve 在那裡有非常強的人脈，Brian 也是。

And so I think we can pursue quite a bit of the offshore wind farm activity, which people will focus on with the price that oil and gas is going to hold for the longer period, these alternative offshore energy producers are going to, I think, see quite a lot of activity.

因此我認為我們可以追求相當多的離岸風場活動；在油氣價格將在較長期間維持的情況下，這些替代性的離岸能源生產者，我認為會看到相當多的活動。

Okay. Great. I'll just ask one more question here before getting back in the queue. Your cash sitting at close to $6 million continue to burn. How should investors think about your funding runway over the next two to three quarters?

好的。很好。在我回到提問隊列之前，我再問最後一個問題。你們帳上現金接近 600 萬美元，且仍在持續消耗。投資人應該如何看待你們未來兩到三個季度的資金續航（runway）？

Jimena, you want to answer? I mean, right now, Q1 was light on cash flow. As a result, we've -- we'd look towards Q2, Q3 as to when the revenue picks up and the collections. Cash flow is always an issue for a company like this because collections occur after the work is done.

Jimena，你要回答嗎？我的意思是，目前第一季的現金流較弱。因此，我們會看第二季、第三季，營收何時回升以及回款何時增加。對這類公司而言，現金流一直都是個問題，因為款項通常是在工作完成後才收得到。

So we probably continue to look at using the ATM lightly. We'll also use the e-lock. And we have tremendous support from our current lenders. And so we're not concerned about the availability of the cash. We take as little as we can.

所以我們可能會繼續小幅使用 ATM（按市價發行）工具。我們也會使用 e-lock。而且我們現有放款人給予我們非常大的支持。因此我們不擔心現金的可取得性。我們會盡量少用。

As we go forward, our goal here is to get the cash flow breakeven and not have to use any other method that might dilute shareholders or would give us long-term obligations. But the ability to withstand this long term and to get this company where it needs to be as we go into '27, '28 is there.

隨著我們往前推進，我們在這裡的目標是達到現金流損益兩平，而不必使用任何其他可能稀釋股東權益或讓我們承擔長期義務的方法。但我們具備長期承受的能力，也有能力在邁入 '27、'28 之際，把公司帶到它應該到的位置。

And so we're focused on creating great products, great results for customers, customer satisfaction because this is a long-term company, not a short-term company. And I think the funding that we need to get through '26 is available to us. And we need to be self-funding as we go to the end of the year and going into '27.

因此我們專注於打造優秀的產品、為客戶帶來優秀的成果、提升客戶滿意度，因為這是一家長期經營的公司，而不是短期公司。而且我認為，我們為了度過 '26 所需要的資金是可取得的。並且在今年年底、進入 '27 之際，我們需要做到自給自足（自我融資）。

Great. Thanks very much for taking my questions and the presentation from your team. I'll get back in the queue.

很好。非常感謝你回答我的問題，也感謝你們團隊的簡報。我會回到排隊序列。

Alex Latimore, Northland.

Alex Latimore，Northland。

Can you hear me?

你們聽得到我嗎？

Yes, we can hear you out.

是的，我們聽得到你。

Hope you can hear me. Okay. I'm not sure how much came through there. But I'm going to have two questions into my first one here. The first one comes; I was wondering if you could describe the advancements that ToolKITT provides for subsea vehicles?

希望你們也聽得到我。好的。我不確定剛剛有多少內容有傳過去。不過我這邊有兩個問題，先從第一個開始。第一個是：想請你描述一下 ToolKITT 為水下作業載具（subsea vehicles）帶來了哪些進展？

And then if you have -- this is still part of the first, if you have any metrics that show the economy benefits before and after the system is upgraded? And then the second part is do you need to upfit customers' ROVs? Or do they already have the necessary hardware to run ToolKITT?

另外（這仍然是第一個問題的一部分），你們是否有任何指標可以顯示系統升級前後的經濟效益？第二部分是：你們是否需要替客戶的 ROV 進行改裝（upfit）？還是他們已經具備運行 ToolKITT 所需的硬體？

Well, you're a knowledgeable questioner this morning. Well, first off, let's start with the last part, and then we'll go to the first part. In order for you to be able to control and navigate the vehicle, we have to install additional equipment on the ROV, typically an IMS, so that we know exactly where the vehicle is and we have the ability to control it.

嗯，你今天早上的提問很專業。那麼，首先我們先從最後一部分開始，再回到第一部分。為了能夠控制並導航載具，我們必須在 ROV 上安裝額外設備，通常是一套 IMS，這樣我們才能精確知道載具所在位置，並具備控制它的能力。

So yes, there's additional equipment that needs to be installed on the ROV. After the equipment's installed, what we have the ability to do then is to actually control the dynamic positioning of the vehicle so that we can get bottom locks and hold the vehicle at a specified height above the sea floor, and we're able to control it in terms of its navigation from point to point.

所以是的，ROV 需要安裝額外設備。設備安裝完成後，我們就能實際控制載具的動態定位（dynamic positioning），讓它能夠在海床上方指定高度取得底部鎖定（bottom locks）並保持位置，同時也能在導航上控制它從一個點移動到另一個點。

Now what we have done, which to the first part of your question is, the very first time that we use this, we actually did a quantitative test that I think we posted some short videos up on X, and what we've discovered was this. When you're doing autonomy on an ROV and the way that we do it with ToolKITT, you don't know anything about current, but what you do is you optimize the path and so the thrusters are continuing to operate at different levels in order to maintain specified line.

接著回到你問題的第一部分：我們第一次使用這套系統時，實際做了一個量化測試，我想我們在 X 上也貼過一些短影片；我們發現的是這樣。當你用 ToolKITT 這種方式在 ROV 上做自主化（autonomy）時，你其實不需要知道洋流資訊；你做的是路徑最佳化，因此推進器會持續以不同輸出運作，以維持在指定的航線上。

And so it moves from one point to the other very efficiently and in a straight line is it's continually adjusting all the thrusters in order to maintain connection and fit to that line. When you're an ROV operator and you're still steering it manually, you're trying to overcome the current, you're trying to pull the umbilical behind you and the tether, everything is working in the current, and you actually have different currents at different depths.

因此它能非常有效率地、以直線從一個點移動到另一個點，並且會持續調整所有推進器，以維持與該航線的連結並貼合那條線。但當你是 ROV 操作員、仍以手動方式操舵時，你要試著克服洋流、要把臍帶纜（umbilical）和拖纜（tether）拉在身後，所有東西都在洋流中受力，而且不同深度的洋流還不一樣。

And so it's pretty complicated operation. And they're using just the thrusters in order to try to move the vehicle from point to point. What we discovered was that there's at least a 20% reduction in efficiency and inability to stay on that line when you're steering it manually.

所以這是一個相當複雜的操作。他們只能用推進器來嘗試把載具從一個點移到另一個點。我們發現，手動操舵時，在效率上以及維持在那條航線上的能力，至少會降低 20%。

Now that has a lot of consequences. One, 20% increase in time as a result of doing it manually, just convert that into 20% of a daily vessel rate, which is running anywhere from, say, $25,000 to $150,000. So let's say, in the $40,000 to $50,000 a day range, you're saving $8,000 a day just on vessel time. If you're at the $40,000 range, that leaves you a lot of room for a software license on a day rate basis to improve the quality of those ROVs.

而這會帶來很多後果。第一，因為手動操作導致時間增加 20%；把它換算成每日船舶費率（daily vessel rate）的 20%，而船舶日費大約落在 25,000 美元到 150,000 美元之間。所以假設在每天 40,000 到 50,000 美元的區間，你光是船舶時間就能省下每天 8,000 美元。如果你是在 40,000 美元的水準，這就為以日費計價的軟體授權留出很大的空間，用來提升那些 ROV 的作業品質。

The second thing that happens is when you're moving laterally, back and forth, and you're moving up and down, your data quality is not as consistent and you're having to do a lot of post processing on the data in order to get the data that's wanted and desired and the quality that you want. When you hold a fixed position above the bottom and you stay in a straight line, you get much higher data quality and a lot lower effort in terms of data processing after that.

第二件事是：當你左右橫向移動、上下起伏時，你的資料品質就不會那麼一致，為了得到想要的資料與品質，你必須對資料做大量後處理。當你能在海床上方保持固定位置並沿直線前進時，你會得到更高的資料品質，而且後續資料處理的工作量也會低很多。

So I think it brings advantages to data. It brings tremendous advantages to cost. It actually is improving the ROV operators themselves or some of our biggest advocates because it reduces what they spend a lot of time doing. They want to concentrate on the task that they're trying to do in terms of inspection and looking at data and observing the infrastructure as opposed to steering the vehicle.

所以我認為它對資料有優勢。對成本也有巨大的優勢。它其實也在提升 ROV 操作員本身——他們是我們最大的支持者之一，因為這減少了他們花大量時間在做的事情。他們希望把注意力放在他們要完成的任務上，也就是檢測、查看資料、觀察基礎設施，而不是操控載具。

So you're bringing concentration back to the ROV on the task at hand. So there's a lot of benefits to it. And I think we're -- the adoption of this for the ROV world, I think, it's going to pick up dramatically. They have some of these capabilities on the heavy-duty ROVs, but as we're finding, nobody turns those on. They've never really concentrated on a commercial quality autonomy system for the ROV world. I think we're going to lead in that.

所以你是把 ROV 的專注力拉回到手邊的任務上。因此它有很多好處。而且我認為——在 ROV 領域對這套系統的採用，我認為會大幅加速。重型 ROV 上確實有一些這類能力，但我們發現沒有人會把它們打開。他們從來沒有真正針對 ROV 領域去打造一套具備商用品質的自主化系統。我認為我們會在這方面領先。

Okay. That's a great response. That's amazing color there. Let's see -- I guess what we're -- talking about the data here, what is the most -- I guess if you could rank maybe the top two or three most valuable data points that you collect? And then is there any customer interest in buying that data?

好的。這回答得很好。這些補充資訊非常精彩。我想——談到資料這塊，如果可以的話，你能否把你們收集的資料點中最有價值的前兩到三項做個排序？另外，是否有客戶有興趣購買這些資料？

Okay. So I can let some of the other guys your comment, too. Typically, we're contracted to collect the data for them in this proprietary data. And so we don't have a data library. It's something pondered as to whether or not we could lower the cost of the data and then have a data library. But most of this is proprietary infrastructure. They pay for it, they own it, they use it to manage their infrastructure.

好的。我也可以讓其他同事補充你的問題。一般來說，我們是受託為他們收集資料，而這些是他們的專有資料。所以我們並沒有一個資料庫（data library）。我們曾思考過是否能降低資料成本，然後建立一個資料庫。但大多數情況下，這些都是專有的基礎設施資料。他們付費、他們擁有，並用來管理他們的基礎設施。

And so you return it to them and we don't provide that as a data library like you would with say, spec seismic where you collect data and sell it to multiple people. We don't do that in the industry for most of the work that's done with ROVs. And I'll make sure I'm looking at the folks here to make sure I'm not misleading you on this.

因此你把資料交還給他們；我們不會像所謂的 spec seismic（投機性地震資料）那樣提供資料庫——那種做法是你收集資料後賣給多個客戶。在 ROV 所做的大多數工作中，這個產業並不採用那種模式。我也會確認一下我這邊的同事，確保我沒有在這點上誤導你。

But the opportunity to do that exists, particularly when you get to the environmental work where you're doing -- looking at coral reefs, et cetera. But where it's for the general good, having that data library, but you still need to have somebody collect that data and pay for the collection of it. Brian, you got any comments you want to make?

但確實存在這樣做的機會，特別是當你進入環境相關的工作時，例如在觀測珊瑚礁等方面。但若是為了整體公益而建立那個資料庫，你仍然需要有人去蒐集那些資料，並且支付蒐集成本。Brian，你有沒有什麼想補充的？

Just on -- in the main part, retaining rights on data analysis of customer data is difficult, but there are strategies that can be followed there, and we should talk after the call.

就主要部分而言，要保留對客戶資料之資料分析的權利是很困難的，但確實有一些策略可以遵循，我們可以在電話會議後再聊。

Yes. It's mainly -- it belongs to them, to the customer. And all of the customers have their -- want to maintain confidentiality of it. To them, it's a competitive advantage. So it's difficult to use it for any other purpose other than basically fee-for-service. We just delivered to date.

是的。主要是——它屬於他們，屬於客戶。而且所有客戶都希望——維持其機密性。對他們而言，這是一種競爭優勢。因此，除了基本上按服務收費（fee-for-service）之外，很難把它用於任何其他目的。我們目前為止就是交付這些。

Okay. Understood. Got you there. I got one more question. I was just curious what -- maybe some of the biggest technology advancements you expect to release this year and next year are? And then what are the benefits surrounding those? Would it be adding the new manipulator, adding autonomy to the manipulators, something else?

好的。了解。明白你的意思。我還有一個問題。我只是好奇——也許你們預期今年和明年會推出的一些最大的技術進展是什麼？以及這些進展帶來的效益是什麼？會是新增新的機械手、為機械手加入自主能力，還是其他？

Well, that's another really good question. I think one of the thing is a strategic decision that the company made, unlike some of our competitors, is we're not in the sensor business. So we have 22 sensors on board. And we can choose advances and sensors. And so whenever we see one that's got a tremendous advancement, we could plug that in and pull another one out.

嗯，這又是一個非常好的問題。我認為其中一點是公司做出的策略性決策：不同於我們的一些競爭對手，我們不做感測器生意。所以我們平台上有22個感測器。而我們可以選擇採用更先進的感測器。因此，每當我們看到某個感測器有重大進展時，我們就可以把它插上去，並把另一個換下來。

And so if we're not locked in on a sensor that might be two, three, four years old. And so we're seeing some really strong advances in some of the imaging capabilities. And so we're putting state-of-the-art. In fact, I'd say we're testing some of the new sensors for some of these companies right now. And that's an opportunity for us is to use our platform to test other company sensors and have them pay for us to actually put these sensors in play and compare it to other sensors as well.

因此我們不會被鎖定在可能已經兩、三、四年前的感測器上。我們看到一些影像能力方面非常強勁的進展。所以我們會採用最先進的技術。事實上，我會說我們現在正在替其中一些公司測試新感測器。而這對我們而言是一個機會：用我們的平台來測試其他公司的感測器，並讓他們付費讓我們實際部署這些感測器，同時也與其他感測器做比較。

And so we are constantly looking at what's going to give us the greatest differentiation and what's the right way to do the imaging and data collection, whether it be for pipelines, for cables, it doesn't matter. So we are going to be a platform for deploying the best technology, not for trying to develop those sensors. That's a very competitive high R&D cost model that we're not going to enter into. And so exciting.

因此我們持續在看，什麼能帶來最大的差異化，以及影像與資料蒐集的正確做法是什麼——不論是用於管線、電纜，都一樣。所以我們會成為部署最佳技術的平台，而不是去開發那些感測器。那是一種競爭非常激烈、研發成本很高的模式，我們不會進入。所以很令人振奮。

On the autonomy side, we've got the new generation manipulator, the parts are coming in for assembly, and we're very excited about putting that manipulator on the Aquanaut. We have been talking to competitors and customers -- potential customers, this is an absolutely perfectly targeted manipulator for this market.

在自主化方面，我們的新一代機械手，零件正在到貨準備組裝，我們非常期待把那套機械手裝到Aquanaut上。我們一直在和競爭對手以及客戶——潛在客戶——交流，這是一款為這個市場完美量身打造的機械手。

I congratulate our team here. It's a midrange manipulator. It's not really a small light range manipulator like you'd see, which are just small arms that can lift maybe 10, 15 kilograms. It's also not one for a heavy-duty world-class ROV where it can lift hundreds of kilograms. It's going to be in that 50 to 70-kilogram range for operation. It's also really well designed with regard to maintenance.

我要恭喜我們的團隊。這是一款中階機械手。它不是那種你常見的小型輕量機械手——只是小手臂，可能只能舉起10到15公斤。它也不是那種用於重型、世界級ROV、可舉起數百公斤的機械手。它的作業負載會落在50到70公斤的範圍。而且在維護設計方面也做得非常好。

What we learned about using other manipulators and building manipulators is that you have to have spare parts, you have to have them on board. You want a simple as possible ability to repair and maintain because you're going to be in the parts business as soon as you start selling manipulators. These guys are hard on them, so you need to have the ability to produce replacement parts and have a really good ability to source parts to them as they purchase the manipulators.

我們從使用其他機械手以及自行打造機械手的經驗中學到，你必須備有備品，而且要隨船備妥。你希望維修與保養的能力越簡單越好，因為一旦你開始賣機械手，你就等於進入了零件生意。這些人使用起來很操，所以你需要具備生產替換零件的能力，並且在他們購買機械手後，能非常有效地為他們供應零件。

And this manipulator is 3 to 7-degree of freedom. If we don't need all those degrees of freedom to do something, we can drop it back to 3. If you just want to touch something with the cathodic probe or gather a simple sample or cut something, we don't need 7 degrees of freedom. It doesn't require a human arm to do that.

而這套機械手具備3到7個自由度。如果做某件事不需要那麼多自由度，我們可以把它降回3個。如果你只是想用陰極保護探針碰觸一下、採集簡單樣本或切割某物，我們不需要7個自由度。那不需要像人類手臂那樣的能力。

What you want is the least amount of equipment doing the task the simplest way so that you can keep the cost out of the system and also reduce the nonproductive time, which is the maintenance that occurs when you've got more joints than you need on the arm. So I think it's a fantastic design.

你想要的是用最少的設備、以最簡單的方式完成任務，這樣才能把成本排除在系統之外，同時也能降低非生產時間——也就是當手臂關節比需要的還多時所產生的維護時間。所以我認為這是個非常出色的設計。

Last thing is all of this is underpinned by autonomy for arms, which I think is incredibly unique here in the whole of our industry. And even in the terrestrial industry, the ability to use an arm, not automated where it does the same thing over and over, because that's not really possible in the subsea environment because of the position of the Aquanaut, the ROV, et cetera, you have to have some perception in order to address the object that you're working with.

最後一點是，這一切都以機械手的自主能力為基礎，我認為這在我們整個產業中極其獨特。即便在陸上產業也是如此：能夠使用機械手，但不是那種一遍又一遍做同樣動作的自動化，因為在海底環境中其實不太可能——由於Aquanaut、ROV等的位置，你必須具備一定的感知能力，才能對準你正在處理的物件。

Whereas if you're manufacturing an automobile, you can do automated welding with an arm, you can go to a fixed position, move to a fixed position, pull back and do that repetitively. That's not the world that we live in maritime. You need to have the ability to observe the environment and interact with the environment.

相較之下，如果你是在製造汽車，你可以用機械手做自動焊接，移動到固定位置、再移到固定位置、收回，並重複執行。但海事領域不是我們所處的那種世界。你需要具備觀察環境並與環境互動的能力。

And so I think our -- we'll have ToolKITT that comes in several flavors. One is going to be for the navigation of ROVs, we can strip down some of what's necessary there that we use on the Aquanaut. So ROV-related ToolKITT, Nauticus ToolKITT, we'll have the manipulator-related software, and then we'll also have it for the Aquanaut or full AUV. So it's -- the whole market for autonomous manipulators looks very, very exciting.

因此我認為我們——ToolKITT會有好幾種版本。其中一種會用於ROV的導航，我們可以把在Aquanaut上使用的一些必要功能做精簡。所以會有ROV相關的ToolKITT、Nauticus ToolKITT、機械手相關的軟體，另外也會有用於Aquanaut或完整AUV的版本。所以——自主機械手的整體市場看起來非常、非常令人振奮。

Well, awesome. That's great. It seems the tailwinds are blowing in Nauticus' favor here. I'm excited to watch you guys progress.

嗯，太棒了。很好。看起來順風正在往Nauticus這邊吹。我很期待看到你們的進展。

I appreciate it. I mean we put 2.5 years in getting these products ready. And now we're going to put the next year and getting them to market and really showing the revenue that can come from the investments that have been made. And appreciate all the shareholders that they put money in this because it's put us in a great place.

謝謝。我的意思是，我們花了2.5年把這些產品準備好。接下來一年我們要把它們推向市場，並真正展現先前投資所能帶來的營收。也感謝所有股東投入資金，因為這讓我們處在一個非常好的位置。

[Robert Mandala], personal investor.

[Robert Mandala]，個人投資人。

Thank you, and thank you for the investor update, Brian, welcome to Nauticus. I have a two-part question for you. So given your background scaling subsea robotics and autonomy businesses and to clarify what might have been mentioned in this call, where do you believe you can have the earliest impact on revenue, whether it be services, software licensing, hardware sales or international partnerships?

謝謝，也謝謝這次投資人更新，Brian，歡迎加入Nauticus。我有一個兩部分的問題想請教你。鑑於你在擴展海底機器人與自主化業務方面的背景，並為了釐清本次電話會議中可能提到的內容，你認為你能在營收上最早產生影響的領域會在哪裡——不論是服務、軟體授權、硬體銷售，或國際合作夥伴關係？

And as you look at the opportunity pipeline, how should investors think about the potential size and timing of commercial opportunities, I guess, without getting into too much formal guidance.

當您觀察機會管線時，投資人應該如何看待商業機會的潛在規模與時點？我想是在不提供過多正式指引的前提下。

Great question. And yes, thank you for the welcome. So let me split that in two parts. So where I see the earliest impact, I think about it as three time horizons running in parallel rather than different buckets. So this isn't really a services but a software versus hardware play. They're all interdependent on each other and rely on and balance off each other.

好問題。也謝謝你的歡迎。我把它分成兩個部分來說。就我看到的最早影響而言，我會把它視為三個時間範圍並行推進，而不是分成不同的類別。因此，這其實不是服務，而是軟體對硬體的布局。它們彼此相互依存，並且互相支撐與平衡。

Of all of those, the fastest lever for us to move is the Nauticus ToolKITT software licensing offers. I mean that can be moved on in a period of months. We already have contacts in the market. They are interested. We already have stats on how it has outperformed incumbent solutions in head-to-head trials.

在這些之中，我們最快能推動的槓桿是 Nauticus ToolKITT 的軟體授權方案。我的意思是，這可以在幾個月內推進。我們在市場上已經有聯繫。他們有興趣。我們也已經有數據顯示，在與既有解決方案的正面對決測試中，它的表現更勝一籌。

We already have it integrated with the former Comanche and video rate and other vehicles as well, and currently working on a few different flavors of vehicle. So that's a product that I can actually sell now, and the team as a whole have identified quite a number of opportunities that we can work on. So that's probably where you'll see the earliest commercial signal.

我們也已經把它整合到先前的 Comanche、video rate 以及其他載具上，目前也正在針對幾種不同型態的載具進行開發。所以這是一個我現在就能實際銷售的產品，而整個團隊也已經辨識出相當多我們可以著手的機會。因此，這大概會是你最早看到商業訊號的地方。

So the second lever running alongside it is technology-enabled services, and our services business is the operational engine that proves that technology in the field. And it's there that we expect to see margin expansion happen as we substitute autonomy for vessel time and pilot time as ToolKITT comes into our own systems and using in much, much greater detail now that it's a functional strong product and commercially hardened. So as Steve covered, Q2 and Q3 are the natural seasons for that to start showing improvement as well.

第二個與之並行的槓桿是科技賦能的服務，而我們的服務業務是把技術在現場驗證的營運引擎。我們預期，當 ToolKITT 導入我們自身系統、並且在更大範圍與更高細緻度下使用（現在它已是一個功能強、且經商業化淬鍊的產品）時，透過以自主化取代船舶作業時間與駕駛員時間，將帶來毛利率擴張。因此，如同 Steve 所提到的，第二季與第三季是自然會開始顯現改善的季節。

And our third lever that we mentioned is hardware and international partnerships. But for conversion at scale, those require a sales infrastructure that doesn't really exist strongly in the company today. Now we've got early success there in early meetings and interest, but we really need a bit more sales infrastructure, which is what I'm going to be putting in place over the next three to four months.

我們提到的第三個槓桿是硬體與國際合作夥伴關係。但要大規模轉換，這些需要一套目前公司內部並不算強的銷售基礎設施。我們在早期會議與市場興趣上已經有初步成功，但我們確實需要更多銷售基礎設施，而這正是我接下來三到四個月要建立的。

Now EMEA for the international partnerships, it's a market I know really well from my previous years. And the operators there are actively looking for this kind of autonomy capability that we've got. But rather than make promises or basically -- yes, I'd rather underpromise and overdeliver on international than the reverse.

至於國際合作夥伴關係的 EMEA（歐洲、中東與非洲）地區，這是我過去多年非常熟悉的市場。那裡的營運商正積極尋找我們所具備的這類自主化能力。但與其做出承諾或基本上——是的，我寧可在國際方面少承諾、多交付，而不是反過來。

So I cautiously in framing this is software versus hardware. The thesis is the services revenue as the development and testing area. Nauticus ToolKITT software demonstrates real market interest in the software. And then that naturally polls the hardware through behind it as people see the capability.

因此，我會謹慎地把它框定為軟體對硬體。核心論點是：服務收入作為開發與測試場域。Nauticus ToolKITT 軟體展現市場對軟體的真實興趣。接著，當人們看到能力後，自然就會帶動後端的硬體需求。

Now Aquanaut hardware sales are a longer sales cycle, but will generate high tens of millions once that engine is running well in sort of two to four years' time. But right now, the mix shift and my main responsibility is in moving us towards higher-margin software and recurring revenue. That's kind of the direction of travel that I intend to sort of push on at the moment.

目前 Aquanaut 硬體銷售的銷售週期較長，但一旦那個引擎在大約兩到四年內運轉順暢，將可帶來數千萬美元等級的高額收入。但就現在而言，產品組合的轉移以及我主要的責任，是推動我們走向更高毛利的軟體與經常性收入。這就是我目前打算推進的方向。

So no, I can't give formal guidance. I really wouldn't want to in my first week. But the way I'd frame it is the opportunity sets really large in the serviceable market for autonomy enabled subsea services software runs into the billions. And the consolidation pressure right now in traditional ROV contractors with a lot of those who have created some of their own hybrid solutions, create a window for commercially available autonomy players to take share.

所以，不，我無法提供正式指引。在我第一週，我也真的不想這麼做。但我會這樣描述：在可服務市場中，自主化賦能的海底服務軟體，其機會集合非常龐大，規模可達數十億美元。而目前傳統 ROV 承包商面臨整併壓力，其中不少也打造了自家的混合式解決方案，這反而為可商用的自主化業者創造了搶占市佔的窗口。

And that window's opened now. I won't say for forever, but we're the first mover in that space when there's already commercial pressure as people are trying to compete with others. So the honest framing is that you should expect to see a commercial signal and pipeline growth before you see revenue scale because software licensing recognizes differently than from project services and the bigger international hardware deals have a longer sales cycle.

而這個窗口現在已經打開。我不會說它會永遠存在，但在這個領域，我們是先行者，而且當人們試圖與他人競爭時，市場已經存在商業壓力。所以坦白說，你應該預期會先看到商業訊號與管線成長，之後才會看到營收規模化，因為軟體授權的認列方式不同於專案型服務，而更大型的國際硬體交易也有較長的銷售週期。

So I'd ask for you to track is the leading indicators, mainly quality and breadth of pipeline. After that, look for news of our third-party deployments and sort of third-party platforms, partner announcements, and then we'll also be talking about repeat business and framework agreements as those come in.

因此，我希望你追蹤的是領先指標，主要是管線的品質與廣度。接著，留意我們第三方部署、第三方平台的消息、合作夥伴公告，然後我們也會在重複性業務與框架協議進來時談到它們。

So those are the things that will tell you the commercial engine is working, and they'll show up in the numbers, 6 to 12 months after those sorts of announcements. So I'll be able to update you on commercial progress each quarter, but I'd rather you measure me on what we actually book and what I can project from this seat on my first call.

這些就是能告訴你商業引擎正在運作的事情，而它們會在這類公告之後 6 到 12 個月反映在數字上。我每一季都能向你更新商業進展，但我更希望你用我們實際簽下的訂單，以及我在第一次電話會議上從這個位置所能做出的預測來衡量我。

Okay. Great. There's another revenue question. Referencing growing opportunities in defense-related applications, can you provide additional color? And where Nauticus is seeing interest, for example, inspection, surveillance, autonomy, intervention or subsea support?

好的。很好。還有另一個營收問題。針對國防相關應用中不斷增加的機會，您能否提供更多細節？以及 Nauticus 看到的興趣在哪些方面，例如檢測、監視、自主化、介入作業或海底支援？

And whether you expect defense to become a more meaningful part of the company's revenue mix over time and also with respect to the Leidos partnership.

以及您是否預期國防會隨時間推移成為公司營收組合中更具意義的一部分，並且也請談談與 Leidos 的合作夥伴關係。

Another good area to talk about. Robert, appreciate the question. We are actively engaged in a project that's going to commence shortly. And it is principally related to service-related work on working on an AUV. And so our knowledge of hardware is what really is our strength in this particular one. As soon as we complete that, it will be the software on that piece.

這也是另一個很適合談的領域。Robert，謝謝你的提問。我們正積極參與一個即將在短期內啟動的專案。它主要與針對一款 AUV 的服務相關工作有關。因此，我們在硬體方面的知識，正是這個專案中真正的強項。一旦我們完成那部分，接下來就會是該項目上的軟體。

So those two things will be in this project. I think this is a smaller project, but it's one that can lead to quite a lot of growth with this particular large defense contractor. We have really -- we spent three days at the Sea-Air-Space Conference and in Washington meeting with basically all of the large defense contractors.

所以在這個專案中會包含這兩件事。我認為這是一個較小的專案，但它可能帶來與這家大型國防承包商相當可觀的成長。我們確實——我們在 Sea-Air-Space 會議上待了三天，並在華盛頓與幾乎所有大型國防承包商會面。

I think our product line fits really well. In fact, it was encouraging to walk around the floor there and see how differentiated we're. You have a lot of people doing US-based. I'd say 70% of the people at the conference were showing unmanned surface vehicles. You have a lot of -- well, I'll call it, it's an AUV, but often not really isn't an AUV.

我認為我們的產品線非常契合。事實上，走在展場裡看到我們有多麼差異化，令人振奮。你會看到很多人做的是以美國為主的。我會說，會議上大約 70% 的人展示的是無人水面載具。你也會看到很多——嗯，我姑且稱之為 AUV，但往往其實並不是真正的 AUV。

It's more of an underwater drone than it is a missile, which an AUV tends to be prop on the back, go straight. We saw almost nothing in that space. We saw quite a number of people doing different sizes, different depth ratings for AUVs, which are just the bullet. So everything was hugely differentiated. Everybody we wanted to speak to. We got senior-level meetings, and all the meetings were really productive.

它更像是水下無人機，而不是像飛彈那樣的載具；而 AUV 往往是後面有推進器、直線前進。我們在那個領域幾乎沒看到什麼。我們倒是看到不少人在做不同尺寸、不同耐深等級的 AUV，也就是那種「子彈型」載具。所以一切都高度差異化。我們想交談的每一位對象，我們都拿到了高層會議，而且所有會議都非常有成效。

We have some follow-ups to do with them. And I think the defense sector is really -- has a lot of demand for the capabilities and the competencies that we bring. And I think we're also ahead of the market in this area. The manipulators themselves, particularly autonomous manipulators, the understanding of how to use those and the demand for those is just now emerging.

我們還需要跟他們做一些後續跟進。而且我認為國防領域確實——對我們所帶來的能力與專長有很大的需求。我也認為我們在這個領域走在市場前面。至於機械手本身，特別是自主式機械手，如何使用它們的理解以及對它們的需求，現在才剛開始浮現。

We are particularly in emerging markets. And I appreciate the patience that shareholders have had because when you're in an emerging market, it's a little harder to get traction and put it out there. But everything we're doing is an underserved market. We're not in the improving productivity in an existing market; we really are in underserved markets and with new solutions and the defense side is a great area for us right now.

我們特別是在新興市場。我也感謝股東的耐心，因為當你在新興市場時，要取得進展並把產品推向市場會比較困難。但我們正在做的每一件事都是在服務一個供給不足的市場。我們不是在既有市場中做生產力提升；我們確實是在供給不足的市場中提供新解決方案，而國防端目前對我們來說是一個很好的領域。

Okay, John. That's very helpful. And I have one last question. Given the company's technology assets, market opportunity and current capital needs, how is the Board thinking about the full range of options to maximize shareholder value including strategic partnerships, licensing arrangements, commercial alliances, financing alternatives or other strategic opportunities?

好的，John。這非常有幫助。我還有最後一個問題。考量公司的技術資產、市場機會以及目前的資本需求，董事會如何看待為了最大化股東價值的各種選項，包括策略夥伴關係、授權安排、商業聯盟、融資替代方案或其他策略機會？

Another good broad question, Robert. So how is the Board thinking about this? We have a great Board, okay? That's first, absolutely focused on creating shareholder value. And so any proposal that came in on the strategic opportunity side, you would see that they would give it a fair viewing because what they want to do is increase the shareholder value. So proposals come in, they're going to get reviewed by the Board.

Robert，這又是一個很好的宏觀問題。那董事會是怎麼思考的呢？我們有一個很棒的董事會，好嗎？首先，他們絕對專注於創造股東價值。因此，任何在策略機會面向進來的提案，你都會看到他們會公平地審視，因為他們想做的是提升股東價值。所以提案進來後，會由董事會審查。

There's no filter here on taking things out. It truly as a Board review of what should we do. This is in the best interest of shareholders. The -- on the -- in terms of the licensing, we started down that lane with Forum Energy technology. We're really excited as to how that's developing. We're learning how to be a good partner there and working with them.

這裡沒有任何把事情先篩掉的過濾機制。這確實是董事會對「我們應該做什麼」的審查。也就是什麼最符合股東的最佳利益。至於授權方面，我們已經透過 Forum Energy 的技術走上這條路。我們對其發展方式感到非常興奮。我們也在學習如何成為一個好的合作夥伴，並與他們一起合作。

And licensing is a phenomenal way for us to work without having to actually put all the capital in to manufacture those but get the benefit of the intellectual property that we've created. In this particular case it's one of our first manipulator generations that will be used on ROVs. So I'm really excited about that. It's a low capital, high-margin approach to the manufacturing industry.

而授權對我們而言是一種極佳的方式，讓我們不必實際投入全部資本去製造，卻能享有我們所創造的智慧財產的效益。在這個特定案例中，這是我們第一代機械手之一，將用於 ROV 上。所以我對此非常興奮。這是一種低資本、高毛利的製造業模式。

The same would be true for Aquanaut. While we will build them in Ras Al Khaimah, under the agreement that we're working on now, that we would be quite amenable to licensing that technology to where that is built and the cost of manufacturing is covered by someone else, and we get a licensing fee on the Aquanaut, ToolKITT's clear licensing.

Aquanaut 也是同樣的道理。雖然我們會在拉斯海瑪（Ras Al Khaimah）建造它們，但在我們目前正在推進的協議下，我們也非常願意將該技術授權給其他建造地點，由他人承擔製造成本，而我們則就 Aquanaut 收取授權費；ToolKITT 也有明確的授權模式。

And so what we have to do overall as a company to get the kind of margins that we would like to have, which is on a blended margin basis, we need to be above 50%. Now you're looking in the 80 percentile range for the software side of the business, you're looking in the 25% to 35% range for the services side of the business. You're looking in that 25%, 30% range for hardware. And I'd like to be in that 15%, 20%, 25% range without having the cost of capital for the manufacturing.

因此，從公司整體來看，為了達到我們希望的毛利水準——也就是以綜合毛利（blended margin）計算——我們需要高於 50%。目前軟體業務大約在 80% 以上的區間；服務業務大約在 25% 到 35% 的區間。硬體大約在 25%、30% 的區間。而我希望在不承擔製造資本成本的情況下，能落在 15%、20%、25% 的區間。

So that's how we're looking at the licensing capability on the hardware side. The software side is going to be 80 plus. And so goals to have blended margins, above 50% in our model. With regard to strategic partnerships, we have a good relationship with Leidos at this point and are enjoying communicating with them about potential projects going forward, and we'll continue to do that.

所以這就是我們在硬體端看待授權能力的方式。軟體端會是 80% 以上。因此，我們模型的目標是讓綜合毛利高於 50%。至於策略夥伴關係，我們目前與 Leidos 維持良好關係，也很享受與他們就未來潛在專案進行溝通，我們會持續這麼做。

But that's not an exclusive arrangement. So we're talking to many other defense contractors. And we'd be excited to be working in partnership with them on any project that fit what our competencies and capabilities are. So we're very open on that, Robert.

但那不是排他性的安排。所以我們也在與許多其他國防承包商洽談。只要有任何專案符合我們的專長與能力，我們都很期待能與他們以夥伴方式合作。所以在這方面我們非常開放，Robert。

We have reached the end of the Q&A session. I will now hand the call back to John Gibson, CEO, for closing remarks.

我們已經到達問答環節的結束。我現在把電話交回給執行長 John Gibson 作結語。

I appreciate everybody being on the call. You have an investment in an emerging company. We've got great products. We've got a great strategy. And I think that the testament to that is the quality of people that we have on the management team today is incredibly strong, with incredible commitment to what's possible for this company and wanting it to achieve its full potential.

感謝各位參與這通電話會議。各位投資的是一家新興公司。我們有很棒的產品。我們有很棒的策略。我認為最能證明這一點的是：我們目前管理團隊的人才品質非常強，對這家公司可能達成的成果有極高的投入，也希望它能充分發揮其全部潛力。

And so I appreciate your patience with us, and I appreciate the investment that you've made. And we're going to continue to work hard to create shareholder value here. And I'd just like to thank our lenders, our Board, our shareholders, our employees, our vendors, I mean, there are so many people that play a part in the success of a new company like this that -- with emerging technology. We're blessed to have all of you. Appreciate it, and we look forward to updating you when we get through with the quarter. Take care.

因此，感謝各位對我們的耐心，也感謝各位所做的投資。我們會繼續努力在這裡創造股東價值。我也想感謝我們的放款人、董事會、股東、員工、供應商——我的意思是，有太多人在這樣一家擁有新興技術的新公司成功的過程中扮演重要角色。我們很幸運能有各位。謝謝，也期待在我們完成本季後向各位更新近況。保重。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位參與。您現在可以掛線。