Knightscope Inc (KSCP) 2023 Q1 法說會逐字稿

(presentation)

（推介會）

All right. Welcome, everybody. We have a very large gathering. So let me do some ground rules first. But first and foremost, thanks, everybody, for taking time out of your busy day to talk about all things Knightscope. For those of you who've gone through this with me a few times, just bear with me, I need to put the forward-looking statements disclaimer, and it looks like it might be too long, so I might need to do it in a couple of shots here. But we need to put that in there, just for safekeeping.

好的。歡迎大家。我們有一個非常大的聚會。所以讓我先做一些基本規則。但首先也是最重要的是，感謝大家在百忙之中抽出時間來談論 Knightscope 的所有事情。對於那些和我一起經歷過幾次的人來說，請耐心等待，我需要提出前瞻性聲明免責聲明，而且看起來可能太長了，所以我可能需要在這裡用幾個鏡頭來完成。但我們需要把它放在那裡，只是為了妥善保管。

And then the video that you just saw will be on our YouTube channel here shortly, and you'll be able to grab that, and we can go over today again to answer any questions. And I need to talk to counsel to stop making these disclaimers so long, anyway. So a few ground rules before we get going, as I let people in here. This is intended to be questions from almost every angle. But in some cases, obviously, I'm an officer of a publicly traded company. I may not be able to answer your question exactly the way you asked it. So I might rephrase it or I'll tell you I can't answer it. But I try to be as responsive as possible as long as we can answer it most likely, I will.

然後您剛剛看到的視頻很快就會出現在我們的 YouTube 頻道上，您將能夠獲取該視頻，我們今天可以再次回顧以回答任何問題。不管怎樣，我需要和律師談談，不要再這麼長時間地發表這些免責聲明。在我們開始之前，我讓人們進入這裡，所以有一些基本規則。這幾乎是從各個角度提出問題。但在某些情況下，顯然我是一家上市公司的高管。我可能無法完全按照您提出的方式回答您的問題。所以我可能會重新表述，否則我會告訴你我無法回答。但我會盡力做出回應，只要我們最有可能回答它，我就會的。

Obviously, we won't be sharing any MNPI or material nonpublic information. So we want to be mindful of that. And then Henry has already got his polite hand raised, beat me to the punch here. But because we have such a large group, the easiest way to do this -- the check gets a little bit too much. It's just me on this side. (Operator Instructions)

顯然，我們不會分享任何 MNPI 或重大非公開信息。所以我們要注意這一點。然後亨利已經禮貌地舉起了手，比我先一步。但由於我們的團隊規模如此之大，最簡單的方法就是支票有點太多了。這邊只有我一個人。 （操作員說明）

I will stay here as long as you need me. I want to make sure everyone's questions are answered. So we'll just keep going through the easy softball questions, and I'm sure somebody's got a zinger in there or 2, which is fine, which is why we're doing this.

只要你需要我，我就會留在這裡。我想確保每個人的問題都得到解答。所以我們將繼續討論簡單的壘球問題，我確信有人在那裡有一兩個有趣的問題，這很好，這就是我們這樣做的原因。

So with that, I'm going to prioritize the people with the hands up. And then if we have a lapse there, I'll go through the chat. But why don't we start with Henry since he was first in line there. So go for it.

因此，我將優先考慮舉手的人。如果我們在那裡出現失誤，我會進行聊天。但為什麼我們不從亨利開始呢，因為他排在第一位。所以就去做吧。

Thank you so much for what you're doing. Really appreciate the work you're doing. I think it's so important for our communities. I was a little late tunning in, so sorry if I missed any of the initial information, my family stuff happening. So apologies for that. But thank you so much for the work you're doing. I think that's really -- at this point, I wanted to lead off with. My question is -- let me introduce myself. I'm Henry Schuller. I'm an investor -- early investor, and I'm also a founder and CEO of myself. I'm curious if you're interested in working with local communities that you're already working with towns and governments. I'm sure that's part of your order backlog.

非常感謝你所做的事情。真的很欣賞你所做的工作。我認為這對我們的社區非常重要。我有點晚了，如果我錯過了任何最初的信息，我的家庭發生的事情，我很抱歉。所以對此表示歉意。但非常感謝你所做的工作。我認為這確實是——在這一點上，我想以此作為開頭。我的問題是——讓我自我介紹一下。我是亨利·舒勒。我是一個投資者——早期投資者，我也是我自己的創始人和首席執行官。我很好奇您是否有興趣與當地社區合作（您已經在與城鎮和政府合作）。我確信這是你們積壓訂單的一部分。

And how would -- I sit on as a trustee on the City Council in my city. So how would a trustee go about engaging with Knightscope and helping to make our communities safer in the places we live and to care of our families?

我將如何擔任我所在城市的市議會受託人。那麼，受託人如何與 Knightscope 合作，幫助我們的社區變得更加安全，並照顧我們的家人呢？

So appreciate the support and the question. The easy-peasy is for me to share my screen if you go to knightscope.com. For that particular question, we do have something a little controversial that we started, and I'm turning to find it here. If you go to innovate public safety at the bottom, there's literally a mayoral challenge, if you want to read about that.

感謝您的支持和提問。如果您訪問 Knightscope.com，我可以輕鬆地分享我的屏幕。對於這個特定的問題，我們確實有一些有爭議的事情，我開始在這裡找到它。如果你要在底層進行公共安全創新，如果你想了解的話，那確實是一個市長挑戰。

The concern I've got is a lot of the safest places in the country are really low population, are kind of higher income, medium income, 6 figures. And for whatever reason, maybe it's the weather likely in the Northeast. If you want to read through that, that's probably the best and easy way to engage.

我擔心的是，這個國家很多最安全的地方都是人口很少的地方，都是高收入、中等收入、六位數的人。不管出於什麼原因，也許是東北部的天氣造成的。如果您想通讀該內容，這可能是最好且最簡單的參與方式。

And every city municipality is very different. In some cases -- sorry, let me let some people in here. In some cases, it's the mayor that really wants to drive something home. It might be the City Council member, a single member who decides, okay, we need to do this, and that's literally has happened.

每個城市的自治市都非常不同。在某些情況下——抱歉，讓我讓一些人進來。在某些情況下，市長確實想把一些東西帶回家。可能是市議會成員，一個成員決定，好吧，我們需要這樣做，而這確實已經發生了。

It might be the chief of police. It might be the sheriff. It might be a hospital administrator. Again, every town and city is so different. It's really difficult, Henry, to just say, do X, Y, Z and then everything happens exactly right.

可能是警察局長。可能是警長。可能是醫院的管理人員。同樣，每個城鎮和城市都如此不同。亨利，僅僅說，做 X、Y、Z，然後一切都完全正確地發生，這真的很困難。

But getting the dialogue going is probably the best thing and getting a decision-maker or 2 to sit with our team. And now that we've done this a lot, more than 2 million hours across the country, I don't know, 6, 7 winters and summers like we've learned a thing or 2.

但讓對話繼續進行可能是最好的事情，並讓一兩個決策者與我們的團隊坐在一起。現在我們已經做了很多這樣的事情，在全國范圍內進行了超過 200 萬小時，我不知道，六七個冬天和夏天，就像我們學到了一兩個東西一樣。

So usually, it's best to have a dialogue and be able to assess the situation and go. I don't think we can help you because you asked for this, this and this and we don't do that and just be super frank. In some cases, it might be a perfect fit, and then we can have an initial use. Like what are you trying -- what is the problem that we can potentially solve and then we can get the decision makers in the process going.

所以通常情況下，最好進行對話並能夠評估情況然後離開。我認為我們無法幫助您，因為您要求這個、這個和這個，而我們不會這樣做，只是非常坦率。在某些情況下，它可能非常適合，然後我們就可以進行初步使用。就像你在嘗試什麼——我們可以解決的問題是什麼，然後我們可以讓決策者參與這個過程。

Honestly, some cities and municipalities have shocked us, how fast they can move and some a complete opposite and it doesn't necessarily correlate to small, medium or large, like what you would think hasn't been our experience thus far, but I appreciate that, Henry.

老實說，一些城市和直轄市讓我們感到震驚，他們的行動速度有多快，有些則完全相反，它不一定與小型、中型或大型相關，就像你認為迄今為止我們沒有經歷過的那樣，但我很欣賞這一點，亨利。

Thank you so much, William. Thank you so much for all you do. I appreciate the answer. And I'll start digging deeper and bring it to the right people.

非常感謝你，威廉。非常感謝你所做的一切。我很欣賞你的回答。我將開始更深入地挖掘並將其帶給合適的人。

Awesome. Very much appreciated. [Yvon]?

驚人的。非常感謝。 [伊馮]？

Bill, first of all, thank you so much for being such a hands-on guy. We love that.

比爾，首先，非常感謝你是一個親力親為的人。我們喜歡這樣。

I'm trying. I'm trying.

我想。我想。

I hope you never outgrow being hands-on. Maybe I missed it. I'm a little concerned about this backlog. Is there a time line for catching up or being further along?

我希望你永遠不會放棄親自動手的能力。也許我錯過了。我對這個積壓有點擔心。是否有趕上或進一步發展的時間線？

So this is good and bad and a little bit of humor. If you remember the old I Love Lucy episode where they're making chocolates...

所以這有好有壞，還有一點幽默。如果你還記得《我愛露西》中他們正在製作巧克力的那一集……

Bananas?

香蕉？

And then they stopped to start eating them because there's too many coming at the same time. It's been good news and bad news. So years ago, we would be sitting there going, will we get a sale, do -- will anything happen. And now we're getting closer to rinse and repeats. So on the positive side, we have a backlog, right? To have multimillion dollars worth of pending or potential revenue is wonderful.

然後他們停下來開始吃它們，因為同時來的人太多了。這是好消息也是壞消息。幾年前，我們會坐在那裡思考，我們會得到銷售嗎？會發生什麼事情嗎？現在我們越來越接近沖洗和重複。所以從積極的一面來看，我們有積壓的訂單，對嗎？擁有價值數百萬美元的待定或潛在收入真是太好了。

The team has started shipping stuff, but the sales team keeps putting more stuff in, right? So there's this tension. The primary root cause of the problem, I would say, the primary one is the supply chain issues, and it's -- I've covered a nauseam either it's a wiring issue problem, it's a chip problem, it's a resin problem, it's a resistor problem or something that holds things up. So it's very lumpy.

團隊已經開始發貨，但銷售團隊不斷投入更多的東西，對吧？所以就有了這種緊張感。我想說，這個問題的根本原因是供應鏈問題，我已經講過一個令人作嘔的問題，要么是佈線問題，要么是芯片問題，要么是樹脂問題，要么是電阻問題，要么是一些阻礙因素。所以它非常凹凸不平。

We are shipping. It's just not as kind of consistent that we want. And frankly, you want the backlog growing, but you want to make sure you're utilizing the revenue. So 1 big thing that we mentioned in the video that we're doing is to change the production process itself, how we manufacture the robots at Knightscope headquarters here in Silicon Valley is -- I've said this before, our current machines take 100 to 120 hours to build one or crudely speaking, 1 a week, which is not good.

我們正在發貨。它只是沒有達到我們想要的那種一致性。坦率地說，您希望積壓訂單增加，但您希望確保您正在利用收入。所以我們在視頻中提到我們正在做的一件大事就是改變生產流程本身，我們在矽谷 Knightscope 總部製造機器人的方式是——我之前說過，我們現有的機器需要 100 到 120 個小時才能建造一台，或者粗略地說，每週一台，這不好。

The new machine that we've now started building with big asterisks on the supply chain issues, targeting to build 1 or 2 a day and that's going to make a big difference. Staffing also makes a big difference needing to hire some additional folks once we make those big changes. The Board, myself, the team, everyone's scrambling to try to get these out as fast as possible.

我們現在開始建造的新機器在供應鏈問題上帶有大星號，目標是每天建造 1 到 2 台，這將產生很大的影響。一旦我們做出這些重大改變，人員配置也會產生很大的影響，需要雇用一些額外的人員。董事會、我本人、團隊以及每個人都在努力盡快將這些內容髮佈出來。

I share your concern Yvon, because that's revenue that we want to recognize. I think the last point, if you didn't catch it in the video, we did $5.6 million of revenue last year. We hold more of from the figures that we shared about $5.2 million in the backlog. So it's a little crazy to be ending the first quarter with almost the same amount of revenue that we had the entirety of all last year. So that's another more positive way to look at it. But it's a top of mind for all of us. We're working through it.

我同意你的擔憂，Yvon，因為這是我們想要承認的收入。我想最後一點，如果你沒有在視頻中看到的話，我們去年的收入為 560 萬美元。我們持有更多來自我們共享的積壓訂單中約 520 萬美元的數據。因此，第一季度結束時我們的收入幾乎與去​​年全年的收入相同，這有點瘋狂。所以這是另一種更積極的看待它的方式。但這是我們所有人的首要任務。我們正在解決這個問題。

We've hired a senior supply chain manager. We're out recruiting a plant manager, and we're working on it, but it's certainly a concern.

我們聘請了一位高級供應鏈經理。我們正在招聘一名工廠經理，我們正在努力，但這確實是一個問題。

John Patrick?

約翰·帕特里克？

I wanted to ask you about social media. Well, it's top of mind for you to get the buzz going and you've done a great job in communicating with investors and a lot of the graphic and art and communications work looks really good to me. I thought...

我想問你關於社交媒體的問題。嗯，對你來說，最重要的是讓話題繼續下去，你在與投資者的溝通方面做得很好，很多圖形、藝術和溝通工作對我來說看起來非常好。我想...

Folks, if you're not -- if you're not on speaking, kindly please mute, would be great. All right. Sorry, John Patrick?

各位，如果您沒有發言，請保持靜音，那就太好了。好的。對不起，約翰·帕特里克？

Yes. I'm back. So with the social media, a lot of it might be fun, but not necessarily helpful to Knightscope. But LinkedIn, as you know, is more of a professional kind of a social media network.

是的。我回來了。因此，對於社交媒體來說，很多內容可能很有趣，但不一定對 Knightscope 有幫助。但正如您所知，LinkedIn 更像是一種專業的社交媒體網絡。

You are saying the others are unprofessional, John?

你是說其他人不專業，約翰？

Well, there are some signs of it. We'll see what's going to happen at Twitter. But LinkedIn is pretty serious stuff. I took a look there today, and I did find Knightscope, but the latest post there from yourself was, I think, 7 months ago. And so it looked like it was dormant, and also...

嗯，有一些跡象。我們將看看 Twitter 會發生什麼。但LinkedIn 是相當嚴肅的東西。我今天看了一眼，確實找到了 Knightscope，但我認為你自己的最新帖子是 7 個月前的。所以它看起來像是處於休眠狀態，而且......

But if we can connect offline, you can show me. Like I post probably personally once a week, if not more, the company post literally every day. So I'm not sure where you were looking.

但如果我們可以離線連接，你可以告訴我。就像我個人可能每週發布一次（如果不是更多的話）一樣，公司幾乎每天都會發布。所以我不確定你在看哪裡。

Okay. Well, the intersection then must be the company and you at the same place. So if you're posting to your own page as opposed to the Knightscope page, I'm speculating on that, but it definitely did say it was 7 months since there was a post. So I have somebody take a look to see why it's saying that. But actually, I suggestion, my point is if you do a search on public safety on LinkedIn, there's a lot of stuff there, companies and people.

好的。那麼，交集一定是公司和你在同一個地方。因此，如果您在自己的頁面上發帖，而不是在 Knightscope 頁面上發帖，我是在猜測，但它確實表明距離發帖已經過去 7 個月了。所以我請人看看為什麼這麼說。但實際上，我建議，我的觀點是，如果你在 LinkedIn 上搜索公共安全，那裡有很多東西，公司和個人。

And there's a section I found that says people that are talking about public safety. And there's about a dozen of them, and they're very senior people, some in local government, some in industry, connecting with some of them might be helpful to try to spread the word because those people, in turn, are connected to people who are reporters.

我發現有一個部分說人們正在談論公共安全。他們大約有十幾個人，他們都是非常資深的人士，有些在地方政府，有些在工業界，與其中一些人聯繫可能有助於傳播信息，因為這些人反過來又與記者有聯繫。

Yes. We -- so if we go here to the -- this is the admin view for LinkedIn, you can see that we're posting literally every day. So I'm not sure where the issue might be. If you look at mine, I've got 11,000 almost followers.

是的。我們 - 所以如果我們轉到 - 這是 LinkedIn 的管理視圖，您可以看到我們每天都在發帖。所以我不確定問題可能出在哪裡。如果你看看我的，我幾乎有 11,000 名粉絲。

I did see that.

我確實看到了。

It was in there all the time. So must have been some disconnect, but our lead generation team certainly focuses on getting as many people engaged as possible both offline and online. Some of our team is pretty astute on the LinkedIn side of things. But take your point. And from what we found, it's never one thing. I always get challenged internally from my teams like what's the one thing we should be doing to like it all work. And I often go back to my days in Detroit, where if you're trying to sell a car, you probably marketed at 17x before you literally sold it. Like you got to think about the regional dealer, the local dealer, the automaker, the leasing finance company, the brand, the nameplate and then they have offline, online and the number of permutations. So to me, it's -- in order to be effective, it's got to be "all the above. " And we've got to be as within reason, everywhere as much as possible to get the word out.

它一直都在那裡。因此肯定存在一些脫節，但我們的潛在客戶開發團隊當然專注於讓盡可能多的人在線下和線上參與。我們團隊中的一些人在 LinkedIn 方面非常精明。但請接受你的觀點。從我們的發現來看，這從來都不是一回事。我總是受到團隊內部的挑戰，比如我們應該做些什麼才能讓一切順利進行。我經常回想起在底特律的日子，如果你想賣一輛車，你可能會在真正賣掉它之前以 17 倍的價格進行營銷。就像你要考慮區域經銷商、當地經銷商、汽車製造商、租賃金融公司、品牌、銘牌，然後他們有線下、線上和排列的數量。所以對我來說，為了有效，它必須是“以上所有”。而且我們必須在合理的範圍內，盡可能地到處宣傳。

And part of that today is just engaging with our supporters and our investors to help get the word out.

今天的部分工作就是與我們的支持者和投資者互動，幫助宣傳。

I was thinking the announcement about Rutgers. That's a very positive announcement. So on LinkedIn, every university is on LinkedIn, a blurred a short article, kind of like that mayoral challenge you showed a little bit ago, if you could start posting that on university pages, public -- people that can get that intersection of public safety universities, there's going to be a lot of opportunity there.

我正在考慮有關羅格斯大學的公告。這是一個非常積極的公告。所以在LinkedIn上，每所大學都在LinkedIn上，一篇模糊的短文，有點像你之前展示的市長挑戰，如果你可以開始在大學頁面上發布它，公眾——那些能夠獲得公共安全大學交集的人，那裡將會有很多機會。

Yes. And I think that goes the same with -- if you go under like what we do here. This is all new as well. And you can see the different verticals that we've got. And for example, having a major airport involved and then being able to have that blog there to be able to showcase kind of what we think should happen with a requisite client can also be helpful.

是的。我認為，如果你像我們在這裡所做的那樣失敗，情況也是如此。這也是全新的。您可以看到我們擁有的不同垂直領域。例如，涉及一個主要機場，然後能夠在那裡建立博客來展示我們認為應該與必要客戶發生的事情也會有所幫助。

But one of the key things I would like to convey is us making that announcement than our sales team and our marketing team for all the leads that they're working on, they can use that content. It doesn't have to be online. It's like I've been talking to some and so university, look what probably a different way to say it is lending our first hospital, our first casino was really hard. Getting the second one was a little bit easier, the third one a little bit easier on and on and on. And then it becomes a little bit rinse and repeat. But yes, Rutgers is a huge deal for us through the acquisition of CASE Emergency Systems. I think that thesis of having some cross-selling over time because we're literally talking to the same folks is going to be a benefit, but it takes some time to get through the whole process.

但我想傳達的關鍵事情之一是，我們比我們的銷售團隊和營銷團隊針對他們正在開發的所有潛在客戶發布了這一公告，他們可以使用該內容。它不必在線。就像我一直在和一些大學交談，看看可能有什麼不同的方式來表達它正在藉給我們的第一家醫院，我們的第一家賭場真的很難。獲得第二個要容易一些，第三個要容易一些，等等。然後就變得一點點沖洗並重複。但是，是的，羅格斯大學通過收購 CASE Emergency Systems 對我們來說意義重大。我認為隨著時間的推移進行一些交叉銷售的論點，因為我們實際上是在與同一個人交談，這將是一個好處，但需要一些時間來完成整個過程。

Okay. You're on the case?

好的。你在辦案子嗎？

We're on it. We're on it. Not perfect, but we're doing the best what we can with the resources we have.

我們正在努力。我們正在努力。雖然並不完美，但我們正在利用我們擁有的資源盡力而為。

Right. Keep up the good job.

正確的。保持良好的工作。

Thank you, sir. Mark?

謝謝你，先生。標記？

Hello, William. Thank you for doing these calls for us. Really appreciate it. My question is about the ATM. How many shares have we issued under it and at what price? And what's the current total outstanding versus when we came public.

你好，威廉。感謝您為我們打這些電話。真的很感激。我的問題是關於 ATM 機的。我們根據該計劃發行了多少股股票，發行價格是多少？目前的未償還總額與我們上市時相比是多少。

You're going to test my memory here. Hopefully, I get these roughly right. If I get them wrong, I have to refer you back to the regulatory filings at ir.knightscope.com, where you will get the actual correct numbers, but just from memory here, from recent filings.

你要在這裡測試我的記憶力。希望我能大致正確地理解這些。如果我弄錯了，我必須讓您返回 ir.knightscope.com 上的監管文件，在那裡您會得到實際正確的數字，但只是憑記憶，從最近的文件中獲得。

So the ATM for the rest of the benefit of the group is an aftermarket facility, and it's a draw down capital as efficiently as possible to kind of avoid a large, huge financing that's highly dilutive. Remember, my entire net worth is in the company. I've got 7 million shares. I don't want to see dilution as much as anyone on this call. But the company does need capital to continue to grow. So we need to do it as efficiently as possible.

因此，為集團的其餘利益提供的 ATM 是一種售後設施，它是盡可能有效地提取資本，以避免高度稀釋的巨額融資。請記住，我的全部淨資產都在公司裡。我有700萬股。我和本次電話會議中的任何人一樣不想看到股權被稀釋。但該公司確實需要資金來繼續發展。所以我們需要盡可能高效地做到這一點。

If I'm correct, I believe the recent 10-Q filing we did on Friday for the first quarter of 2023, I think we drew down during the first quarter about $3 million-ish or maybe $1 million a month or so. And then in terms of outstanding shares, again from memory, I think we've got maybe 44 million shares common outstanding. There's probably 10 million shares of Class B stock that doesn't trade. That's kind of the founder shares and then there's probably another 10 million of preferred stock that never converted as part of the public listing.

如果我是對的，我相信我們在周五提交的 2023 年第一季度的 10-Q 報告中，我認為我們在第一季度減少了大約 300 萬美元，或者每月大約 100 萬美元。然後就已發行股票而言，再次根據記憶，我認為我們可能有 4400 萬股已發行普通股。可能有 1000 萬股 B 類股票無法交易。這是創始人的股票，然後可能還有另外 1000 萬股優先股從未作為公開上市的一部分進行轉換。

Just a refresher because we didn't do an underwritten S1 IPO, like a normal company would have. We didn't have an automatic conversion for all those preferred shares to convert to common. So some people decided to keep their preferred shares, which basically hold a 1x liquidation preference. But there's no other dividend or any other kind of financial benefit and some people just decided not to put the shares at their broker or what have you. So that's sort of 44 million plus 20 million, 64 million. I don't know the answer off the top of my head on the -- where were we 15 months ago.

只是回顧一下，因為我們沒有像普通公司那樣進行承銷的 S1 IPO。我們沒有將所有這些優先股自動轉換為普通股。因此，一些人決定保留優先股，這些優先股基本上持有 1 倍的清算優先權。但沒有其他股息或任何其他類型的經濟利益，有些人只是決定不將股票交給他們的經紀人或其他人。所以這相當於 4400 萬加上 2000 萬，即 6400 萬。我根本不知道 15 個月前我們在哪裡。

But hopefully, that's enough to get you started.

但希望這足以讓您開始。

Yes, I appreciate that. So $1 million a month, are we actually getting at the money. So today, we would get $0.57 whatever it was, or...

是的，我很欣賞這一點。那麼每月 100 萬美元，我們真的賺到錢了嗎？所以今天，無論它是什麼，我們都會得到 0.57 美元，或者......

If we drew down on it. It's at our discretion when we do it, how much we do it. And we try to obviously minimize the amount versus doing the opposite, which would be like, let's go raise $10 million or $20 million at these share prices is not something I get all too excited about. So we're trying to be careful with it. But back to some of the earlier questions on backlog. Do you think it would be smart for us to draw down a little bit of capital, so we could hire 2 more production technicians, so we can get the backlog out faster.

如果我們把它畫下來。我們何時做、做多少由我們自行決定。我們試圖明顯減少金額，而不是做相反的事情，就像，讓我們以這些股價籌集 1000 萬美元或 2000 萬美元，這並不是我太興奮的事情。所以我們正在努力謹慎對待它。但回到之前關於積壓的一些問題。您認為我們提取一點資金是否明智，這樣我們就可以再僱用 2 名生產技術人員，這樣我們就可以更快地處理積壓的訂單。

I think if everyone knew what I knew, you'd be kind of like, why are you even asking me this question, just go do it. And so we're trying to be very careful on how we go about doing it. And remember that the last part of the video, there were kind of 7 key aspects to be able to improve the cash position and it's not just the ATM.

我想如果每個人都知道我所知道的，你會覺得，你為什麼問我這個問題，就去做吧。因此，我們在做這件事時非常小心。請記住，視頻的最後一部分，有 7 個關鍵方面可以改善現金狀況，而不僅僅是 ATM。

So a bunch of people joined before -- after the video. So let me just go through this, if that's okay, Mark.

所以很多人在視頻發布之前加入。如果可以的話，讓我來回顧一下，馬克。

Of course, sir.

當然，先生。

So there's -- the cash position needs to get improved, right? So there are 7 things that we're working on. One is just the sales growth. Obviously, you've seen that we've been putting out good positive news almost like clockwork on a weekly basis. So just continue [with the] the momentum. Remember that we have financing partnerships with both Balboa and Dimension Funding. And how this works is for some of the orders that's appropriate, we would get that finance, so we actually have the cash in hand for obviously a fee, but it helps the cash flow side of things.

所以現金狀況需要改善，對吧？我們正在做 7 件事。一是銷售增長。顯然，您已經看到我們每週都會像發條一樣準時發布好消息。因此，繼續保持這種勢頭吧。請記住，我們與 Balboa 和 Dimension Funding 都有融資合作夥伴關係。對於一些合適的訂單來說，這是如何運作的，我們會得到融資，所以我們實際上手頭有現金，顯然是要收費的，但它有助於現金流方面。

Obviously, we need to buy materials to get through the backlog. There's deployment times and everything else. So that can help the cash position. We need to deliver on the backlog itself, right? Wherever we're at $4 million, $5 million or more dollars, that's cash coming into the company, the ATM we just spoke of, Mark.

顯然，我們需要購買材料來解決積壓的問題。有部署時間和其他一切。這樣可以幫助現金狀況。我們需要交付積壓的訂單本身，對嗎？無論我們的金額是 400 萬美元、500 萬美元還是更多，這些現金都會流入公司，也就是我們剛才談到的 ATM 機，馬克。

Cost reductions. Remember, we announced a 20% reduction in force at the beginning of the year. And some of those cost reductions and actions that we took there will continue to help us in reducing the amount of cash that we utilize.

降低成本。請記住，我們在年初宣布將兵力減少 20%。我們在那裡採取的一些成本削減和行動將繼續幫助我們減少我們使用的現金量。

We also announced that we're targeting to get to profitability here in the next 24 months. And part of that is improving all our margins and getting our costs down. So the good news here on the telecom side is our clients are using the service and using it a lot, which means they're eating a lot of data. And we've been taking a lot of actions to reduce the -- whatever we can control from a software standpoint to reduce those expenditures.

我們還宣布，我們的目標是在未來 24 個月內實現盈利。其中一部分是提高我們的利潤並降低成本。因此，電信方面的好消息是我們的客戶正在使用該服務，並且使用頻率很高，這意味著他們正在消耗大量數據。我們已經採取了很多行動來減少——從軟件的角度來看，我們可以控制一切來減少這些支出。

And then we're also very hard pushing on getting the private LTE and lower types of costs for us to reduce that expenditure outright. The service costs need a good amount of work in terms of parts and logistics and the amount of maintenance and service.

然後，我們也非常努力地推動私有 LTE 和更低類型的成本，以徹底減少支出。服務成本需要在零件和物流以及維護和服務量方面進行大量工作。

But remember, if you drove your car 24/7 for 30 days in a row and never stopped, and we took care of your fuel, you probably would need some service at the end of the month. And if you did that for 6 or 12 months, you definitely would avoid the automakers warranty. So that's the level of duress that these machines are going through. So you've got to have some maintenance and service and support.

但請記住，如果您連續 30 天 24/7 不間斷地駕駛您的汽車，並且我們負責處理您的燃油，那麼您可能需要在月底進行一些維修。如果你這樣做了 6 或 12 個月，你肯定會避免汽車製造商的保修。這就是這些機器所承受的壓力程度。所以你必須有一些維護、服務和支持。

And then there's obviously cloud cost. And then we're looking at a non-dilutive debt offering. So the ATMs -- the point here, Mark, is that the ATM is not the sole source to fix everything. We want to look at this kind of systemically.

然後顯然還有云成本。然後我們正在考慮非稀釋性債務發行。因此，ATM 機——馬克，這裡的重點是，ATM 機並不是解決所有問題的唯一來源。我們想要係統地看待這種情況。

I appreciate all the conscious stuff that you're giving to it. And a related question, a lot of chatter in the chat about delisting, are we going to be able to avoid that, do you think?

我很欣賞你為它付出的所有有意識的東西。還有一個相關的問題，聊天中有很多關於下架的討論，您認為我們能夠避免這種情況嗎？

So delisting. So we actually -- 2 things for NASDAQ were Knightscope is required to meet 2 financial metrics. One is you had to have a $50 million market cap, which we did get a notice for. And then we also have to have a share price that's over $1 that is also an important point. If we're able to -- so a few points here. If we're able to get above $1 or above $50 million market cap for 10 trading days in a row, then that gets cured. So NASDAQ gave us a notice of them us and several hundred companies because, obviously, the economy is not doing all that great in some aspects of the markets.

於是退市。所以我們實際上 - 納斯達克有兩件事要求 Knightscope 滿足 2 個財務指標。一是你的市值必須達到 5000 萬美元，我們確實收到了通知。然後我們還必須擁有超過 1 美元的股價，這也是很重要的一點。如果我們能夠——那麼這裡有幾點。如果我們能夠連續 10 個交易日達到 1 美元以上或 5000 萬美元以上的市值，那麼這個問題就會得到解決。因此，納斯達克向我們發出了有關他們和數百家公司的通知，因為顯然，經濟在市場的某些方面表現不佳。

So we have 180 days from the day we got the notice to cure the problem. Typically -- not always, but typically if you're unable to secure the problem within those 180 days, you can ask NASDAQ in petition as to why you should get another 180-day extension. So every way you want to look at it, we have plus or minus 6 to 12 months to fix the problem.

因此，從收到通知之日起，我們有 180 天的時間來解決問題。通常情況下——並非總是如此，但通常情況下，如果您無法在這 180 天內解決問題，您可以在請願書中向納斯達克詢問為什麼您應該再獲得 180 天的延期。因此，無論從哪個角度來看，我們都有正負 6 到 12 個月的時間來解決問題。

We don't control -- I get tons of e-mails and text messages like Bill, you need to fix the share price. I don't control the market. That's frankly not to be funny, but it's everyone on this call and not me.

我們無法控制——我收到了大量的電子郵件和短信，比如比爾，你需要確定股價。我不控制市場。坦率地說，這並不是開玩笑，但參加這次電話會議的是每個人，而不是我。

And supply and demand. What I can do and what my team and I can do together is improve the financial performance of the company, keep it growing, keep telling the story to whoever will listen. But the rest of it is kind of up to the market. We don't control pandemics or bank failures or interest rates or inflation or the like. But I think we have more than a reasonable chance that over the next 6 to 12 months that continued performance, cold financial performance and getting to profitability and the company growing.

以及供給和需求。我能做的以及我和我的團隊能一起做的就是提高公司的財務業績，保持公司的發展，繼續向願意傾聽的人講述故事。但其餘部分則取決於市場。我們無法控制流行病、銀行倒閉、利率、通貨膨脹等。但我認為，在未來 6 到 12 個月內，我們有很大的機會保持業績持續下滑、財務業績不佳、實現盈利和公司不斷增長。

It's kind of, I don't know, from a personal standpoint, it's really hard for me to understand the company is growing double digits at the intersection of 4 important technologies AI, autonomy, robotics and artificial and electric vehicle technology that we wouldn't have the eyes and ears of a good amount of investors.

我不知道，從個人角度來看，我真的很難理解這家公司在人工智能、自動化、機器人技術以及人工和電動汽車技術這四項重要技術的交叉領域實現了兩位數的增長，而我們沒有大量投資者的眼睛和耳朵。

So we just need to kind of continue to prove ourselves. But we've got a shot to fix it, but this is a 2-way street, and we don't control everything. Part of it's the market, which, frankly, Mark, you and the rest of the investors on here represent

所以我們只需要繼續證明自己。但我們有辦法解決這個問題，但這是一條雙向路，我們無法控制一切。一部分是市場，坦率地說，馬克、你和這裡的其他投資者代表了市場

Thanks very much for taking the tough questions Bill, really appreciate you straightforwardness.

非常感謝比爾提出尖銳的問題，非常感謝你的直率。

Of course, what we're doing is technically extremely difficult. And if we're not willing to engage with people and have a frank discussion like this is not going to -- it's not going to happen by itself. So I appreciate you taking this time, Mark.

當然，我們所做的事情在技術上是極其困難的。如果我們不願意與人們接觸並進行這樣的坦誠討論，那麼它本身就不會發生。所以我很感謝你抽出寶貴的時間，馬克。

So let's go on to [Mathew Delour].

那麼讓我們繼續看[Mathew Delour]。

Yes. So if I look at the rounds we raised when before your public, I think the cost basis on that was around $8 or so. Just -- and the current price is around $57. I just want to figure out, was there any like split or something that changes the cost basis? Or am I misreading how the previous investments were? And I have a follow-up question after that.

是的。因此，如果我看看我們在公眾面前籌集的資金，我認為成本基礎約為 8 美元左右。只是——目前的價格約為 57 美元。我只是想知道，是否有任何類似的分割或改變成本基礎的東西？還是我誤讀了之前的投資情況？之後我還有一個後續問題。

Of course. So the number $8 is one-off. We had numerous rounds. So again, don't quote me here, make sure you go back to the regulatory filings. But notionally speaking, the seed round was done at, I don't know, I want to say $0.33 a share. We did something at $0.80 something a share. There was $1 something and then there's $3, there's $8 and there's $10. So you've got 35 -- just before the public listing, we had about 35,000 investors all the way down from $0.33 up to $10. So I wouldn't say that $8 is the number one.

當然。所以8美元這個數字是一次性的。我們進行了很多輪比賽。所以再次強調，不要在這裡引用我的話，一定要回到監管文件。但從理論上講，種子輪的價格是，我不知道，我想說的是每股 0.33 美元。我們以每股 0.80 美元的價格做了一些事情。有 1 美元的東西，然後有 3 美元的東西，有 8 美元的東西，還有 10 美元的東西。所以你有 35 個——就在公開上市之前，我們有大約 35,000 名投資者，從 0.33 美元一直到 10 美元。所以我不會說8美元是第一。

Two, there has not been any stock splits or the like. I guess, for the benefit of the group, I'm going to give you a slight little longer answer because I think a lot of people might have a similar question. So first and foremost, I just want to reiterate what I said earlier. We or Bill does not -- we don't control the stock price. It's literally supply and demand, what's out in the marketplace.

第二，不存在任何股票分割等情況。我想，為了小組的利益，我會給你一個稍微長一點的答案，因為我認為很多人可能有類似的問題。首先，我想重申我之前所說的話。我們或比爾不能——我們無法控制股價。從字面上看，這就是供給和需求，即市場上的情況。

So if a bunch of investors that bought in at $0.33 a share, decided to dump 0.5 million, 1 million, 2 million shares into the market, and there isn't counter party on the other side to buy a bunch of shares, well, what's going to happen? The share price is going to go down, right? So that's one thing to consider.

因此，如果一群以每股 0.33 美元買入的投資者決定向市場拋售 50 萬股、100 萬股、200 萬股，而另一方沒有對手方購買大量股票，那麼會發生什麼？股價要跌了是嗎？所以這是需要考慮的一件事。

Another thing to consider is the overall market is -- especially from micro caps or small cap companies, anything under $1 billion has been hurt pretty hard from the tech downturn. Frankly, the -- you can almost watch it, the interest rates go up and share prices go down. It's kind of almost, almost tied directly together, feels that way. You've got inflation, you've got a bunch of issues. And then you've got a bunch of short sellers that are putting pressure on the stock. We don't control any of that.

另一件需要考慮的事情是整個市場——尤其是微型股或小型股公司，任何低於 10 億美元的市場都因科技低迷而受到相當嚴重的傷害。坦率地說，你幾乎可以看到，利率上升，股價下跌。感覺幾乎是直接連在一起的。你有通貨膨脹，你有很多問題。然後就有一群賣空者對股票施加壓力。我們無法控制這些。

And I haven't sold -- I took -- we took the company public. I didn't sell a single share. I haven't sold a single share. I don't plan on selling a single share. So all the pain and suffering that a lot of people are feeling, I'm literally on your side, financially aligned. So I don't want anyone ever thinking that we're doing something odd that would be not in the best interest of the shareholders in the long term.

我沒有出售——我收購了——我們讓公司上市。我沒有賣出一股。我沒有賣過一股。我不打算出售一股。因此，對於很多人所感受到的所有痛苦和折磨，我確實站在你們一邊，在經濟上是一致的。因此，我不希望任何人認為我們正在做一些奇怪的事情，從長遠來看，這不符合股東的最佳利益。

It's really frustrating. I mean we're trying to do something positive for the country and for someone to be out there shorting the stock, like I mean -- okay. You legally have the right to do that, but you're probably going to end up on the wrong side of history for doing it.

真是令人沮喪。我的意思是，我們正在努力為國家做一些積極的事情，並讓有人在那裡做空股票，就像我的意思一樣——好吧。從法律上講，你有權這樣做，但你可能會因此而站在歷史的錯誤一邊。

So all we could do is keep telling the story, get the financial performance. And the way to cure it is you got to have more buyers for the stock than sellers. I mean that's -- it sounds almost too simple. But that at the end of the day is what ends up happening.

所以我們能做的就是繼續講故事，獲得財務業績。解決這個問題的方法是，股票的買家必須多於賣家。我的意思是——這聽起來太簡單了。但這就是最終發生的事情。

So hopefully, I answered your question, probably not exactly what you want to hear, but it's that.

希望我回答了你的問題，可能不完全是你想听到的，但就是這樣。

That's fine. So a follow-up question is if the valuation pre-IPO was pretty high rather than trying to go through this listing and delisting process or whatever, it looks like the public markets are not valuing the stock is as high as it was in the private market, can you just take this back private?

沒關係。因此，接下來的問題是，如果首次公開募股前的估值相當高，而不是試圖經歷上市和退市過程或其他什麼，看起來公開市場對股票的估值沒有私募市場那麼高，你可以將其收回私有嗎？

So I guess there's 2 answers. One, as an officer of the company, I legally have a fiduciary responsibility to look at everything, regardless if I personally like it or not. I don't know how to do that, basically. You would have in order to take it private, like if -- I'll put myself -- so not to use you as an example, let's say, I invested at $10 a share. And then we took the company private at $1 a share, $2 a share, $0.50 a share, like I'd be pretty cranky.

所以我想有兩個答案。第一，作為公司的一名管理人員，我在法律上負有審視一切的信託責任，無論我個人是否喜歡。基本上我不知道該怎麼做。為了將其私有化，你必須將其私有化，就像我自己說的那樣，所以不要以你為例，比方說，我以每股 10 美元的價格投資。然後我們以每股 1 美元、每股 2 美元、每股 0.5 美元的價格將公司私有化，就像我很暴躁一樣。

I don't know how to physically do that transaction and then you'd have to go raise some capital to go along with it. Like everything has to be on the table. I don't think I'm speaking at a turn here. I don't know how that cures the problem unless you had a large financing source that would be willing to give the shareholders an appropriate price, right? And then have enough capital when you're private to grow the company.

我不知道如何實際進行該交易，然後你必須籌集一些資金來配合它。就像一切都必須擺在桌面上一樣。我認為我不是在輪流講話。我不知道如何解決這個問題，除非你有一個大的融資來源，願意給股東一個合適的價格，對吧？當你是私人企業時，就有足夠的資本來發展公司。

So as I said, everything needs to be on the table. I don't know exactly physically how to do what you're suggesting. And that would be in the best -- sorry, I need to caveat that, that would be in the best interest of the existing shareholders that, that footnote is kind of really important, right?

正如我所說，一切都需要擺在桌面上。我實際上不知道如何做你所建議的事情。這將是最好的——抱歉，我需要警告一下，這符合現有股東的最大利益，那個腳註確實很重要，對吧？

Got it. Yes.

知道了。是的。

Of course. [Kerry Dine]?

當然。 [凱瑞用餐]？

Yes, Bill. I want to echo the sentiments of everyone else. Thank you for your availability. It's refreshing to invest with the company where the CEO is so available to the shareholders. I did purchase in 2019, I believe it was Series S preferred and consider a long-term investment. Had it been up to me I -- I'm making a statement and then I do have a question. I would have loved to have seen the company stay private if it's perfect world, right, grow and grow and grow like you're doing as fast as you're able you're pulling on the supply chain, you're doing as much as you can. I appreciate that and the whole team, grow under the radar and to Wall Street bags for you to go public. Perfectly -- perfect world, that's what I would have loved to have seen.

是的，比爾。我想回應其他人的感受。感謝您的空閒。投資一家首席執行官對股東如此友善的公司是令人耳目一新的。我確實在 2019 年購買了，我相信它是 S 系列的首選，並考慮長期投資。如果由我決定的話，我會做一個聲明，然後我確實有一個問題。如果這是一個完美的世界，我希望看到該公司保持私有狀態，對吧，成長、成長、成長，就像你盡可能快地拉動供應鏈一樣，你正在盡你所能。我很欣賞這一點和整個團隊，在人們的關注下成長，並為你上市提供華爾街的幫助。完美——完美的世界，這就是我所希望看到的。

So my question is, I kept the preferred. I have not converted. I don't know what that exchange rates are, even what that process would look like. I had never seen the type of public raise that you had where common shares were sold to the public. Could you maybe inform us how was that beneficial initially and long term to both the company and to us to shareholders for having that last raise or common shares were issued?

所以我的問題是，我保留了首選。我還沒有轉換。我不知道匯率是多少，甚至不知道這個過程會是什麼樣子。我從未見過向公眾出售普通股的公開募資類型。您能否告訴我們，最後一次融資或發行普通股對公司和我們的股東來說，最初和長期有何好處？

There was few words that we got cut off, and then I missed the sentiment of the question. Can you ask the question one more time?

有幾句話被打斷了，然後我就錯過了問題的情緒。你能再問一次這個問題嗎？

Sure. What is -- okay, what is the benefit initially and long term to the company and the shareholders for having the common share public fund raise if we listed?

當然。好吧，如果我們上市，通過普通股公開募集資金對公司和股東來說，最初和長期的好處是什麼？

So a different way to ask the question is like why the hell did you take the company public?

所以問這個問題的另一種方式是，你到底為什麼要讓公司上市？

Yes, I'm not -- without saying that because I figured...

是的，我不是——不用這麼說，因為我想……

That's fine. That's fine. That's why we're here. So at the time, we had a few things to consider. One is the -- we had been private for 9-plus years and had raised I don't know how much money through -- I do know, right before the public listening a total probably north of $120 million.

沒關係。沒關係。這就是我們在這裡的原因。所以當時我們有一些事情需要考慮。一是——我們已經私有化了 9 年多了，並且在公眾聽到之前籌集了我不知道多少錢——我確實知道，總額可能超過 1.2 億美元。

I didn't think it was possible or viable for us to do another Reg A offering. And what we really needed was to raise the $40 million while we were private on our -- don't quote me here. I think part -- would have been our fourth or fifth Reg A.

我認為我們不可能或不可行再進行一次 Reg A 發行。我們真正需要的是在我們私有化的情況下籌集 4000 萬美元——不要在這裡引用我的話。我認為部分——將是我們的第四或第五個Reg A。

And I just -- running a Reg A is really expensive. It may or may not have gotten done. It was one thing to consider. The second thing to consider is because we had been doing Reg A since 2016, we had all the costs of being publicly traded without any of the benefits. Like we couldn't -- there are some kinds of debt and debt offerings that we weren't able to do and have access to the wider capital markets. And you got to think through the whole aspect.

我只是——運行 Reg A 真的很昂貴。它可能已經完成，也可能沒有完成。這是需要考慮的一件事。第二件要考慮的事情是，因為我們自 2016 年以來一直在進行 Reg A，所以我們承擔了公開交易的所有成本，卻沒有任何好處。就像我們不能做的那樣——有些類型的債務和債務發行我們無法進行，也無法進入更廣泛的資本市場。你必須考慮整個方面。

So at the time, not knowing you can over time in the market as much as people think you can. That path was viable for us to raise some additional capital and listing it was kind of one way to do it. We do have access to monies that probably we wouldn't have before. But now you're under the scrutiny of the public markets every day, which is -- I guess, on a personal it's a little weaker like you're selling a house and everyone -- every day is in your face going, "This is how much your house is worth. This is how much your house is worth. "Does it buy the second. It's like kind of a weird situation to be in. It is what it needs to be. There are some brand aspects. There are some companies that rather client -- prospective clients that could prefer to work with a publicly traded company. Yes, rewriting history, I don't know. Would we have done it again probably. But because at the time, I didn't have confidence of doing another Reg A would get done, it's probably the crux of the question. But we're here now.

所以當時，不知道隨著時間的推移，你可以像人們想像的那樣在市場上發揮作用。這條道路對我們來說是可行的，可以籌集一些額外的資金，上市是實現這一目標的一種方式。我們確實可以獲得以前可能無法獲得的資金。但現在你每天都受到公共市場的密切關注，我想，就個人而言，這有點弱，就像你在賣房子一樣，每個人每天都在面對，“這就是你的房子值多少錢。這就是​​你的房子值多少錢。”它買第二個嗎？這就像一種奇怪的情況。這就是它需要的樣子。有一些品牌方面。有些公司更注重客戶——潛在客戶可能更願意與上市公司合作。是的，重寫歷史，我不知道。我們可能會再做一次嗎？但因為當時我沒有信心再做一次 Reg A 就能完成，這可能是問題的關鍵。但我們現在就在這裡。

Okay. Good. And one quick statement. I appreciate the time. I'm going to channel a precious middle investor called Rick Rule and kind of speak to the rest of the investors. The delta between a stupid low stock price and the reality of a high-growth company is where fortunes are made. Thank you so much for the time.

好的。好的。還有一個簡短的聲明。我很感激時間。我將引導一位名叫 Rick Rule 的寶貴中間投資​​者，並與其他投資者進行交談。愚蠢的低股價與高增長公司的現實之間的差距就是創造財富的地方。非常感謝您抽出時間。

Thanks for that. I don't think I could say that, but you can. [Sam], been a long time. Sam , are you there?

感謝那。我想我不能這麼說，但你可以。 [山姆]，好久不見了。薩姆，你在嗎？

I'm here. How are you, Bill?

我在這。你好嗎，比爾？

I'm hanging in there, [Sam].

我會堅持下去，[山姆]。

Yes. So am I. Original investor at less than the dollar, see it go all the way up and come back down, but that's not my question.

是的。我也是。原始投資者的價格低於美元，看到它一路上漲然後下跌，但這不是我的問題。

Yes.

是的。

That is as it is. My question, which I've asked you every year is why are we not selling more of the K3 K5 robots, which are revised, working very well, problems all sorted out. It seems like the sales force are not just telling the story to the right people or there is no demand for it for some other reason.

就是這樣。我每年都會問你的問題是，為什麼我們不銷售更多的 K3 K5 機器人，這些機器人經過了修改，工作得很好，問題都得到了解決。銷售人員似乎不僅僅是向正確的人講述了這個故事，或者由於其他原因沒有需求。

[Sam], I appreciate you being on the call, and thank you for being a long, long, long time investor. And yes, Sam asks me this question religiously almost every year, like why aren't the sales going up faster and higher. If I just step back just objectively, Sam , I think it is probably a few different factors. There isn't one thing.

[山姆]，我很感謝你接聽電話，也感謝你作為一個長期、長期、長期的投資者。是的，薩姆幾乎每年都會虔誠地問我這個問題，比如為什麼銷售額沒有增長得更快更高。如果我客觀地退一步，薩姆，我認為這可能是幾個不同的因素。沒有一件事。

So the first one, I would say that the premise is a little bit off because we're sitting on, I don't know, somewhere near $3 million of backlog of orders. So that's to say that we're not telling anything is not good. Are we delivering? That's a separate problem. But we are selling.

因此，我想說，第一個問題的前提有點不對勁，因為我不知道，我們正坐擁近 300 萬美元的積壓訂單。也就是說，我們沒有說任何不好的事情。我們送貨嗎？這是一個單獨的問題。但我們正在銷售。

I think the second issue is -- how do I -- I got taught this by my cofounder, sometime ago. He was an ex-law enforcement officer, as you know, Sam . And he warned me, and I think he's been right for all this time was law enforcement and security market is not, and I'm going to try to do this as politely as possible, not the most technologically progressive sector in the world. And it takes a really long time to convince people that changing is the kind of the right way. So I think we've got a little selling against the grain, Sam , which investors and people don't want to hear that, but you're having to educate a market which is, in a lot of cases, not good.

我認為第二個問題是——我該怎麼做——不久前，我的聯合創始人教了我這一點。正如你所知，薩姆，他是一名前執法人員。他警告我，我認為他一直以來都是對的，但執法部門和安全市場卻不是，我將盡可能禮貌地做到這一點，而不是世界上技術最進步的部門。要讓人們相信改變是正確的方式，需要很長時間。所以我認為我們有一些逆向拋售，薩姆，這是投資者和人們不想听到的，但你必須教育一個在很多情況下都不好的市場。

And then the third, Sam , just to be fair to the team, we've been strapped for resources. Up until recently, we never had a proper full sales marketing team, not that we're fully completely staffed right now, but we have enough people that are generating enough leads and enough demand that we've got the qualification process sorted out. We kind of know how to do this, and we've got the right contract and we've done enough legal and cyber and everything else.

然後是第三個，Sam，為了對團隊公平起見，我們的資源一直很緊張。直到最近，我們還沒有一支合適的完整銷售營銷團隊，並不是說我們現在人員配備齊全，而是說我們有足夠的人員來產生足夠的潛在客戶和足夠的需求，因此我們已經解決了資格流程。我們知道如何做到這一點，並且我們已經簽訂了正確的合同，並且我們已經做了足夠的法律和網絡以及其他一切工作。

So I think it's 3 things that have not helped us. But that is to say this is not -- should not be viewed as the same conversation, Sam , that we've had for a few years back when like are we going to sell anything this month? Is anything going to come in? That's not the case now. Now the problem is the shipping and delivering side of things. Should it go faster and higher? Yes. That's a little bit of frustration, Sam , because we've got clients that have renewed 4 years, 5 years, 6 years, 7 years. You don't get a client to pay you full price for 7 years or more than half a decade and you're not creating value for them.

所以我認為這三件事對我們沒有幫助。但這就是說，山姆，這不應該被視為幾年前我們進行過的同樣的對話，比如我們這個月要出售任何東西嗎？有什麼東西要進來嗎？現在情況並非如此。現在的問題是運輸和交付方面。它應該走得更快更高嗎？是的。這有點令人沮喪，Sam，因為我們的客戶已經續訂了 4 年、5 年、6 年、7 年。你沒有讓客戶在七年或五年多的時間裡向你支付全價，你也沒有為他們創造價值。

So I think it's a combination of all those, Sam , and we're working the issue. But that's kind of my viewpoint, Sam .

所以我認為這是所有這些的結合，Sam，我們正在解決這個問題。但這是我的觀點，薩姆。

Okay. I hope the government steps in and fills the coffers.

好的。我希望政府介入並填補金庫。

Well, I think another way to look at it, [Sam], if we want to look forward without me getting out of step here. I think the federal government is a very large opportunity that will take some time. I think us landing New York City and NYPD, 10 years in the making, and we're really excited to be deploying that machine hopefully here during the second quarter. That opens up another large avenue. And I don't want to say it's cheap because it's not, but having the federal government and New York City as a client will help us with other clients. That's no doubt.

好吧，我想用另一種方​​式來看待這個問題，[Sam]，如果我們想展望未來，而又不想讓我步調不一致的話。我認為聯邦政府是一個非常大的機會，需要一些時間。我認為我們已經在紐約市和紐約警察局投入了 10 年的時間，我們非常高興能夠在第二季度在這裡部署該機器。這開闢了另一條大道。我不想說它很便宜，因為它並不便宜，但是擁有聯邦政府和紐約市作為客戶將有助於我們與其他客戶合作。這是毫無疑問的。

And I think if you look at having several publicly traded companies as clients is a big deal. Lowe's is a client of ours. PG&E is a client of ours. PENN Entertainment is a client of ours. ABM's a client. These are all multibillion-dollar companies and some may be able to scale as they have more and more time. But Sam , I'm frustrated as well, but we're working as hard as we can to try to pick up the pace here.

我認為如果你看看擁有幾家上市公司作為客戶是一件大事。 Lowe's 是我們的客戶。 PG&E 是我們的客戶。 PENN Entertainment 是我們的客戶。 ABM 是客戶。這些都是價值數十億美元的公司，有些公司可能會隨著時間的推移而擴大規模。但是山姆，我也很沮喪，但我們正在盡我們所能努力加快步伐。

[Barry Hanes].

[巴里·漢斯]。

Yes. Bill, thanks so much for doing this. So I had a couple of questions relating to the gross margin because solving the stock price problem requires kind of getting to free cash flow neutral and it kind of starts with the gross margin. If you have a negative gross margin, you can never get there.

是的。比爾，非常感謝你這麼做。因此，我有幾個與毛利率有關的問題，因為解決股價問題需要達到自由現金流中性，而這要從毛利率開始。如果你的毛利率為負，你永遠無法實現這一目標。

So I'd like to just drill down on that a little bit. And maybe you could talk, first of all, about -- you mentioned the production movement from cells to assembly line, how much could that add to the gross margin? What are the other key steps do you see to get the gross margin up? And what's sort of the goal? If you go out 2, 3, 4 years, whatever, where do you think you can get to on the gross margin?

所以我想稍微深入探討一下。也許你可以首先談談——你提到了從電池到裝配線的生產轉移，這會增加多少毛利率？您認為提高毛利率的其他關鍵步驟是什麼？目標是什麼？如果你出去 2 年、3 年、4 年，無論什麼，你認為你的毛利率能達到什麼水平？

Okay. So the gross margin for us as a company is a little convoluted. So the gross margin, as you can see in our regulatory filings, for product-related sales like through the acquisition for all our stationary stuff, it's more like a product sale, like you sell the product. You may sell a service contract or something that go along with it. But there's a margin on that product, kind of like when I was back in Detroit, you sell a car to the dealer you have a margin, there's variable cost, there's fixed cost and it's abundantly clear.

好的。因此，我們公司的毛利率有點​​複雜。因此，正如您在我們的監管文件中看到的那樣，對於與產品相關的銷售（例如通過收購我們所有的固定物品）而言，毛利率更像是產品銷售，就像您銷售產品一樣。您可以出售服務合同或與之相關的其他東西。但該產品有利潤，有點像我回到底特律時，你把汽車賣給經銷商，你有利潤，有可變成本，有固定成本，而且非常清楚。

In our case, with the machine as a service, it's a little odd, right? We don't sell the machine outright. We don't sell the software outright. We don't sell the data transfer outright and everything else. You have a bill of material for the machine, I guess, depreciated over 3, 4, possibly 5 years at some point, and you're using that to calculate the gross margin of which the revenue is obviously a part of that. The telecom cost, the service cost, the labor associated with the assembly of the machine and then the cloud costs, right?

在我們的例子中，使用機器即服務，這有點奇怪，對吧？我們不直接出售機器。我們不直接銷售該軟件。我們不直接出售數據傳輸和其他一切。我猜你有一份機器的物料清單，在某個時候折舊超過 3 年、4 年，甚至可能 5 年，你用它來計算毛利率，而收入顯然是其中的一部分。電信成本、服務成本、與機器組裝相關的勞動力以及云成本，對吧？

And so it's a little weird because you need some scale for this to work. A good example might be the KNOC, the Knightscope Network Operations Center. You need to run -- let's say, you have a staff of 4 people that can run 168 hours a week, right? They need to run 24/7. Just because you added the third, fourth, fifth or 60th or 70th machine, it's not like we're adding additional people to monitor those machines. So you need a little bit of scale, [Barry]. And that's the thing that doesn't always come across.

這有點奇怪，因為你需要一定的規模才能發揮作用。 KNOC（Knightscope 網絡運營中心）就是一個很好的例子。你需要跑步——假設你有 4 名員工，每周可以跑步 168 小時，對吧？他們需要 24/7 運行。僅僅因為您添加了第三台、第四台、第五台、第 60 台或第 70 台機器，我們並不需要添加額外的人員來監控這些機器。所以你需要一點規模，[巴里]。而這種情況並不總是會遇到。

And then the assembly portion also makes a huge difference. If us -- taking 120 hours and you can pick your hourly rate, and we can build something with less than 20 hours, you can do the math real quick and go, okay, that's going to be material. But it's not going to be one thing. You're going to have to keep the revenue going up. You need to get the telecommunications costs down, which are material. You need to get the service cost down. You need to get the cloud cost down and you need throughput. You need to get these things out the door faster.

然後組裝部分也產生了巨大的差異。如果我們用 120 個小時，你可以選擇你的小時費率，我們可以用不到 20 個小時構建一些東西，你可以很快地做數學計算，然後，好吧，這將是材料。但這不會是一回事。你必須保持收入增長。你需要降低電信成本，這是非常重要的。您需要降低服務成本。您需要降低云成本並且需要吞吐量。你需要更快地把這些東西拿出來。

And because we kind of see how we could -- there's a possibility to get there is why we have the nerve, I guess, to say that we can get it to profitability in the next 24 months. And obviously, at the end of the day, it's also the fixed cost, right? You need to keep the team as small as possible, as efficient as possible, so that we're generating a good amount of revenue.

我想，因為我們知道如何能夠實現這一目標，所以我們有勇氣說我們可以在未來 24 個月內實現盈利。顯然，歸根結底，這也是固定成本，對嗎？你需要讓團隊盡可能小、盡可能高效，這樣我們才能產生大量收入。

And you start getting there, like if you go -- if you multiply by 4 our first quarter annual run rate and you annualize it, you're about $11 million, and we've got maybe 90 employees on staff. You can start seeing that if we can keep the team efficient and lean and get our cost down, we can get there. And then in terms of what it could look like longer term -- in the interest of time, I want to make sure that everyone has a chance here. If you go to knightscope.com/rise, R-I-S-E, the investor deck -- the updated investor deck is there, and there's literally a slide there that shows our target of what we're trying to get at.

你開始到達那裡，就像如果你去 - 如果你乘以 4 我們第一季度的年運行率並將其年化，你大約有 1100 萬美元，我們可能有 90 名員工。您可以開始看到，如果我們能夠保持團隊的高效和精簡併降低成本，我們就能實現這一目標。然後，從長遠來看，為了時間的利益，我想確保每個人都有機會。如果你訪問 Knightscope.com/rise，R-I-S-E，投資者平台——更新後的投資者平台就在那裡，而且那裡實際上有一張幻燈片，顯示了我們正在努力實現的目標。

Mr. Matthew Miller.

馬修·米勒先生。

Hey, Bill. Do you hear me?

嘿，比爾。你聽到我說話了嗎？

I can hear you.

我可以聽見你。

All right. Sounds good. Before I get into my question, I just want to make a comment on like the whole. I see a lot of chat going on about reverse splits and delisting. The first thing I want to say is I'm -- unequivocally, I'm sure NASDAQ will give you more time, the 180-day extension, if needed. I've been trading for a long time and I've never -- I've seen companies do reverse split after reverse split. And I just want to make the point that Knightscope has never needed an extension or asked for an extension beyond what they already had. So if it came down to the point where you did an extension, I don't ever see them giving you a problem doing that.

好的。聽起來不錯。在回答我的問題之前，我只想對整體發表評論。我看到很多關於反向分割和退市的討論。我想說的第一件事是——明確地說，我相信納斯達克會給你更多的時間，如果需要的話，可以延長 180 天。我從事交易很長時間了，但我從未見過公司一次又一次地進行反向拆分。我只是想指出一點，Knightscope 從未需要延期或要求延期超出他們已有的期限。因此，如果您需要進行延期，我認為他們不會給您帶來任何問題。

So I just wanted to kind of point that out, just so there's not going to be that fear that 2 or 3 months down the line that we're going to be looking at a reverse split or a delisting. So I just kind of wanted to get that out of the way first. Hold on 1 second. Okay.

所以我只是想指出這一點，這樣就不會擔心 2 或 3 個月後我們將考慮反向分拆或退市。所以我只是想先解決這個問題。堅持 1 秒鐘。好的。

So I'm going to start off my question just with a statement. So prior to myself becoming a full-time investor, I was actually in operations and management for one of the largest security companies in the world, which is kind of why I have an authentic alacrity for Knightscope. So while there are plenty of hard-working qualified human security guards, I firsthand know the challenges, costs and inefficiencies in the security guard industry with constant callouts, turnover perfunctory training for new hires, which then translates over to level of service.

所以我將用一個聲明來開始我的問題。因此，在我成為一名全職投資者之前，我實際上曾在世界上最大的證券公司之一從事運營和管理工作，這就是為什麼我對 Knightscope 抱有真正的興趣。因此，雖然有很多勤奮的合格保安人員，但我直接了解保安行業的挑戰、成本和效率低下，不斷的調動、對新員工的流動性和敷衍培訓，然後轉化為服務水平。

The average cost for a human security guard for a company outsourcing security measures is anywhere from $35 to $100 per hour depending on whether the guard is old or not. Knightscope is a cost-saving efficient alternative to existing security measures and any company looking to cut down our costs without degradation of security efforts should look to Knightscope as a solution. So any narrative contributing to a nonfavorable economic climate, kind of like we are now, should actually be beneficial to Knightscope as an investment.

公司外包安全措施的人類保安的平均成本為每小時 35 至 100 美元，具體取決於保安是否老舊。 Knightscope 是現有安全措施的一種節省成本的高效替代方案，任何希望在不降低安全工作的情況下降低成本的公司都應該將 Knightscope 作為解決方案。因此，任何導致不利經濟環境的敘述，就像我們現在這樣，實際上應該對 Knightscope 作為一項投資有利。

So my question is, what can Knightscope leadership do to communicate this message to existing and potential shareholders? So basically, Knightscope is something you want to invest in as companies can save money on their existing security measures and crime obviously isn't something going away, no matter what the economic climate we're in.

所以我的問題是，Knightscope 領導層可以採取哪些措施向現有和潛在股東傳達這一信息？所以基本上，Knightscope 是你想要投資的東西，因為公司可以在現有的安全措施上節省資金，而且無論我們所處的經濟環境如何，犯罪顯然都不會消失。

Hear, hear. Was there a question in there, Matthew?

聽聽，聽聽。馬修，這裡面有問題嗎？

That was basically my question. I apologize. So let me -- I know that was kind of a long-winded statement, but there was a question in there. So what can Knightscope leadership do to communicate this message that basically, you're investing into something that is going to be saving company.

這基本上就是我的問題。我道歉。所以讓我——我知道這是一個冗長的聲明，但其中有一個問題。那麼 Knightscope 的領導層可以採取什麼措施來傳達這樣的信息：基本上，你正在投資一些能夠拯救公司的東西。

Because just there -- crime is going to go on no matter what and companies are going to be looking to be saving money. And currently, their existing security measures are probably outsourcing a company for anywhere from $50 to $100 per hour. But investing in Knightscope, you're getting a superior service for a fraction of a fraction of the cost. And this is why it's a better efficient -- this is why it's an investment or this is what's -- why you want to invest in Knightscope.

因為就在那裡——無論如何，犯罪都會繼續下去，而公司也會尋求省錢。目前，他們現有的安全措施可能以每小時 50 到 100 美元的價格外包給一家公司。但投資 Knightscope，您只需花費一小部分成本即可獲得優質服務。這就是為什麼它效率更高——這就是為什麼它是一項投資，或者這就是——為什麼你想投資 Knightscope。

So I think I'm the do-all-the-above kind of guy. If you want something done, the -- Colin Powell's doctrine of overwhelming force usually is the one I want to go towards, which is you need to spend time on everything. You need to spend time on calls here with our investors and supporters. You need to take every podcast opportunity that you have. You need to post on social media. You need to be on the robot roadshow. You need to have some of our existing clients be able to speak to a prospective client. You need to write white papers. You need to get a Board member to write a blog. You can issue press releases. Basically, you got to do everything.

所以我認為我是那種什麼都做的人。如果你想完成某件事，科林·鮑威爾的壓倒性武力學說通常是我想要實現的，即你需要在所有事情上都花時間。您需要花時間與我們的投資者和支持者通話。您需要抓住每一個播客機會。您需要在社交媒體上發布。你需要參加機器人路演。您需要讓我們的一些現有客戶能夠與潛在客戶交談。你需要寫白皮書。您需要找一位董事會成員來撰寫博客。您可以發布新聞稿。基本上，你必須做所有事情。

And one of the reasons why we did the financings the way we did is I think it would be very foolish to think that a company by itself with a handful of large institutional investors is going to make this massive change for the country. We've gotten so lucky with so many of our investors who've introduced us to a possible recruit, who've made a phone call to a mayor, who called a sitting Congressman, who've been able to get a Mayor engaged, who got a school administrator to take a call, to get a health -- hospital administrator to engage us as a client. And we can't do this by ourselves.

我們以這種方式進行融資的原因之一是，我認為如果認為一家擁有少數大型機構投資者的公司將為國家帶來如此巨大的變化，那將是非常愚蠢的。我們很幸運，有這麼多投資者給我們介紹了一位可能的新員工，他們給市長打電話，市長給現任國會議員打電話，讓市長訂婚，讓學校管理人員接電話，讓健康醫院管理人員讓我們成為我們的客戶。而我們自己無法做到這一點。

And I think it's not just what management can do. It's what can our supporters do to get the word out. There are some things that I would love to say that you should do, but I can't. And all I can do is continue to improve the financial performance of the company and communicate and communicate and communicate and communicate. And that's why I'm willing to put the inordinate amount of effort in answering questions online, offline, text, voice mail, whatever it is, and our CFO, our Co-Founder, everyone has -- they've been trying to be as responsive as possible.

我認為這不僅僅是管理層能做的。這就是我們的支持者可以做的事情來宣傳。有些事情我很想說你應該做，但我做不到。而我能做的就是不斷提高公司的財務業績並溝通、溝通、溝通、溝通。這就是為什麼我願意付出過多的努力來回答線上、線下、短信、語音郵件等問題，而我們的首席財務官、我們的聯合創始人，每個人都在努力盡可能地做出回應。

And we can try to just continue to get the message out. But part of it is delivering on results. And we said we're going to continue to grow the company, and I hope the graphs we put up this afternoon show that we are. Do we want to accelerate that? Yes, absolutely. But at this point, it's -- we need to put numbers on the board and we need everyone's help to do it.

我們可以嘗試繼續傳達信息。但其中一部分是交付成果。我們說過我們將繼續發展公司，我希望我們今天下午發布的圖表表明我們確實做到了這一點。我們想加速這一進程嗎？是的，一點沒錯。但在這一點上，我們需要把數字寫在板上，我們需要每個人的幫助才能做到這一點。

Is that, [Brian]? He's back?

是嗎，[布萊恩]？他回來了？

Bill, I'm back. How are you doing?

比爾，我回來了。你好嗎？

How are you? I'm good. I'm good.

你好嗎？我很好。我很好。

Okay. Well, I'm going to hit you with some questions here.

好的。好吧，我要在這裡問你一些問題。

All right. Well -- all right. So full disclosure, I kind of threw out my back over the weekend, so don't freak out, but I got to stand up here for whatever jaw-dropping nightmare questions you're going to ask me. So go for it.

好的。嗯——好吧。如此全面的披露，週末我有點崩潰了，所以不要驚慌，但我必須站在這裡，回答你要問我的任何令人瞠目結舌的噩夢問題。所以就去做吧。

Well, you're ruining my image. So the inquiring minds want to know, are you -- do you identify yourself with the Millennium Falcon in the background or the Empire fighters?

好吧，你毀了我的形象。所以好奇的人們想知道，你是——你認為自己是背景中的千年隼還是帝國戰鬥機？

You're going to ask me that, [Brian]? It's kind of -- it's evil -- good against evil. I mean technologically, the TIE fighters are really cool, but you got to be the Han Solo Millennium Falcon guy.

你要問我這個問題嗎，[布萊恩]？這是一種——這是邪惡的——以善對抗邪惡。我的意思是從技術上來說，TIE 戰鬥機真的很酷，但你必須是漢·索羅千年隼號的人。

Okay. Well, I know that you can't control the stock price and...

好的。好吧，我知道你無法控制股價，而且......

What?

什麼？

I'm being an advocate for you here, and I'm not a financial adviser, but Knightscope went public right at the tail end of what I would call the great bull market and the qualitative easing, and then the market turned. Then if you looked at a lot of high-tech companies, like you mentioned, their valuations have been crushed over the past 6 months. I mean it's never good to see, for example, bank stocks go under. It's never good to see bank stocks swing 50% in a day, 20% in a day. Were you guys caught up in the Silicon Valley Bank failure at all?

我在這裡是你的倡導者，我不是財務顧問，但 Knightscope 正是在我所說的大牛市和質量寬鬆的尾聲上市的，然後市場發生了轉變。然後，如果你觀察很多高科技公司，就像你提到的那樣，它們的估值在過去 6 個月裡已經被壓垮了。我的意思是，看到銀行股下跌從來都不是一件好事。看到銀行股一天內波動 50%、一天內波動 20% 絕對不是一件好事。你們有沒有被矽谷銀行的倒閉所困擾？

Yes, we've disclosed this. That was a horrifying weekend. We had all our money tied up there. Fortunately, they got resolved after the weekend. We have since pulled our -- the funds over to a different bank. But yes, and it sets up -- investors want confidence, right? That does -- that kind of stuff going on does not instill confidence, instilled a lot of stress on us. But fortunately, we came away unscathed. And stuff like that, we don't control.

是的，我們已經披露了這一點。那是一個可怕的周末。我們把所有的錢都綁在那裡。幸運的是，他們在周末後得到了解決。此後，我們已將資金轉移到另一家銀行。但是，是的，投資者需要信心，對嗎？確實如此——這種事情的發生並沒有給我們帶來信心，而是給我們帶來了很大的壓力。但幸運的是，我們毫髮無傷。諸如此類的事情，我們無法控制。

But we can't sit here and whine and complain either, like it's a problem? All right. How do we fix the problem? And you just got to move on to the next issue. We can't woe is me, the market, woe is me, the short sellers, woe is me. And it's like, listen, nobody cares. Put the numbers up. Get the work done. Get the revenue up. Get the cost down. The rest of the stuff, like it's entertaining, it's interesting, it's what have you, but the markets can be pretty rough and what they want to see is results and growth, and that's what we're working on.

但我們也不能坐在這裡抱怨，好像這是一個問題？好的。我們如何解決這個問題？你只需要繼續下一期。我們不能禍哉，市場，禍哉，賣空者，禍哉。就像，聽著，沒人在乎。把數字放上來。完成工作。把收入搞上去。降低成本。其餘的東西，比如它很有趣，很有趣，這就是你所擁有的，但市場可能非常粗糙，他們想要看到的是結果和增長，這就是我們正在努力的。

I think I mentioned previously, I think your case acquisition was very timely and a very long-term strategically well-planned acquisition based on the synergies that you have with the customer base -- existing customer base, the potential for upsells, obviously acquiring a new customer in the public [study throne] is the hardest thing case, had a set of customers where you could go back to and refurbish or do new installs like Rutgers announcement today.

我想我之前提到過，我認為你的案例收購是非常及時的，是一個非常長期的、精心策劃的收購，基於你與客戶群的協同效應——現有的客戶群、追加銷售的潛力、顯然在公眾中獲得新客戶[學習寶座]是最困難的案例，有一組客戶，你可以回去翻新或進行新的安裝，就像羅格斯大學今天宣布的那樣。

A question I always get from people is, well, don't you have a cellphone? And I'm like, well, if, unfortunately, you're in a situation where you're in -- you get attacked or someone steals your cellphone from you or you're disoriented, the first thing you're looking for is that call. And I think the case offers that solution. And then it also offers Knightscope the opportunity to offer the K5 or the Hemisphere or other product lines. Are you seeing that opportunity starting to grow?

人們總是問我一個問題：你沒有手機嗎？我想，好吧，如果不幸的是，你遇到了這樣的情況——你受到攻擊，或者有人偷了你的手機，或者你迷失了方向，你首先要尋找的就是那個電話。我認為這個案例提供了這個解決方案。然後它還為 Knightscope 提供了提供 K5 或 Hemisphere 或其他產品線的機會。您是否看到這個機會開始增長？

I think there's a lot of cross synergies because we're basically going after the same clientele in a lot of cases. I guess, pun intended. I think, first and foremost, the folks working on Blue Light Towers will tell you part of the solution is literally the physical presence of having that light there in the first place can stop some negative behavior.

我認為存在很多交叉協同效應，因為在很多情況下我們基本上都是在追求相同的客戶。我想，雙關語的意思。我認為，首先也是最重要的是，在藍光塔上工作的人們會告訴你，部分解決方案實際上是讓藍光的物理存在首先可以阻止一些負面行為。

Second, your phone isn't always charged. Your phone isn't always -- have connectivity. And just having the GPS location, we know exactly where that call came from, I think it's over here, can be really helpful. And I think selfishly for Knightscope and our -- and through the acquisition, there's a lot of synergies for us to grow together and likely some product pipeline, new things for us to do in the future.

其次，您的手機並不總是處於充電狀態。您的手機並不總是具有連接性。只要有了 GPS 位置，我們就可以準確地知道電話來自哪裡，我認為電話就在這裡，非常有幫助。我認為，對於 Knightscope 和我們來說，通過收購，我們可以產生很多協同效應，可以共同成長，並且可能有一些產品線，以及我們未來要做的新事情。

But if you look at it, the 7,000 devices that are out there in the field, what happens when you're able to do a massive nationwide upgrade and add all the AI capabilities that we have and in the long term, be able to have all these machines moving or not moving, see, feel, hear, smell and speak, like there's inherent value creation, and it's a little bit of a land grab. It's not like in some of these places where these devices that a case had installed over the years, it's not like it's easy to just show up and I'm going to go stick this on the highway somewhere, like it's a pretty intense process.

但如果你看看現場的 7,000 台設備，當你能夠在全國范圍內進行大規模升級並添加我們擁有的所有人工智能功能時，會發生什麼，從長遠來看，能夠讓所有這些機器移動或不移動、看到、感覺到、聽到、聞到和說話，就像有內在的價值創造一樣，這有點搶占土地。這不像在一些地方多年來安裝了這些設備，這並不容易出現，我要把它放在高速公路上的某個地方，就像這是一個非常激烈的過程。

And yes, it's a long-term play. It's also, I think, if you reflect on the financials that we just put up, we asserted that it was an accretive transaction. And you can see the positive impact it's had and the team there has been doing -- rather, well growing, and there's a lot more growth to be had.

是的，這是一個長期的遊戲。我認為，如果你反思一下我們剛剛發布的財務數據，我們就會斷言這是一項增值交易。你可以看到它所產生的積極影響以及那裡的團隊一直在做的事情——相反，成長得很好，而且還有更多的成長。

And then, I'll just finish up here. I mean I think having a backlog is fantastic as long as you're able to get the products out the door and then recognize that revenue, because you really have 2 parts of the business, the subscription model as a service and then like the case model looks more of a point-of-sale type of service. Any update on the government security review? And also the Hemisphere product launch?

然後，我就在這裡結束。我的意思是，我認為只要您能夠將產品推出並確認收入，擁有積壓訂單就很棒，因為您確實擁有業務的兩個部分，訂閱模型即服務，然後就像案例模型看起來更像是銷售點類型的服務。政府安全審查有最新進展嗎？還有半球產品發布會嗎？

The ATO with the U.S. federal government, we're a little in the dark here. So we're -- we don't know anything more than what you already know, and -- I'm going to need to put somebody on mute here. And in terms of the Hemisphere, we're working through some last minute supply chain and technical stuff, but we've got orders come in, and hopefully, we'll start shipping that one soon.

美國聯邦政府的 ATO，我們對此一無所知。所以我們——我們不知道比你們已經知道的更多的事情，而且——我需要讓某人在這裡靜音。就半球而言，我們正在最後一刻解決供應鍊和技術問題，但我們已經接到訂單，希望我們很快就能開始發貨。

All right, Bill. Well, again, I know everyone asked you about the stock price. And if you're successful in growing the company, growing the top line as well as getting cash flow positive, and it's all about getting the number of installs and if this economy can kind of just kind of trend along, I think you'll be in a good position. You've been very transparent.

好吧，比爾。好吧，我知道每個人都問過你有關股票價格的問題。如果你成功地發展了公司，增加了營收並實現了正現金流，而這一切都與獲得安裝數量有關，並且如果這種經濟能夠順勢而行，我認為你將處於有利地位。你一直很透明。

Finally, on that nondilutive offering that you kind of had on your slide there, can you give any details of what that might entail? Because typically, companies, when they want to raise money, they issue more stock, it becomes dilutive to existing shareholders. Or they'll do a convertible type of offering of preferred shares that get converted to common. So anything that you can elaborate on that?

最後，關於您在幻燈片上提到的非稀釋性產品，您能否提供可能需要什麼的詳細信息？因為通常情況下，公司在想要籌集資金時會發行更多股票，這會稀釋現有股東的權益。或者他們會進行可轉換類型的優先股發行，然後將其轉換為普通股。您能詳細說明一下嗎？

I think I can -- folks, if you're -- if you're not speaking, if you can go on mute, kindly, would be great.

我想我可以——朋友們，如果你們——如果你們不說話，如果你們能繼續保持沉默，那就太好了。

I think one thing that I've learned without commenting directly on a possible offering or anything like that, on the private market side of things, prior to the Jobs Act from 1930 whatever, until 2015-ish, it was illegal for the general population to invest in a startup, like you can go to Vegas and do whatever the heck you wanted, but it was literally illegal for you to participate in our Reg A offering or Reg CF or anything like that because none of it existed.

我想我在沒有直接評論可能的發行或類似的事情的情況下了解到的一件事是，在私人市場方面，從 1930 年的《就業法案》之前，直到 2015 年左右，普通大眾投資初創公司是非法的，就像你可以去拉斯維加斯做任何你想做的事，但你參與我們的 Reg A 發行或 Reg CF 或類似的東西實際上是非法的，因為它們都不存在。

And it was kind of an injustice where the general population couldn't invest in promising startups, some cause that they were behind, some entrepreneur they wanted to back or what have you. And as I reflect generally on the markets -- on the public markets, you look at a lot of micro cap, small cap companies that are dealing with larger institutional investors with some, whichever way you want to look at it, highly lucrative for them or obnoxiously expensive for the issuer. And the general public typically doesn't have access to that.

這是一種不公正，普通大眾無法投資有前途的初創企業，有些原因是他們落後了，有些是他們想要支持的企業家，或者是什麼原因。正如我對市場的一般反思——在公開市場上，你會看到很多微型股、小型股公司正在與較大的機構投資者打交道，無論你想以哪種方式看待，這些公司對他們來說利潤豐厚，對發行人來說則昂貴得令人討厭。而普通公眾通常無法獲得這些信息。

So to me, that feels like a little bit of an injustice. So we're exploring to see if there is an opportunity for our supporters and for the company. Obviously, we're growing. Obviously, we need the additional capital to see if there's an interesting way for us to do something non-dilutive, which remember, again, I don't want any dilution either. So let's just be abundantly clear here. So we'll see. We'll see. We're still in exploratory phase.

所以對我來說，這感覺有點不公平。因此，我們正在探索是否有機會為我們的支持者和公司提供機會。顯然，我們正在成長。顯然，我們需要額外的資本來看看是否有一種有趣的方式讓我們做一些非稀釋性的事情，再次記住，我也不希望任何稀釋。因此，讓我們在這裡說得非常清楚。所以我們拭目以待。我們拭目以待。我們仍處於探索階段。

Well, obviously, you have the route of accredited investors. You have those preferred shares sitting over in the sidelines. There's different things you can do, but unfortunately, crime is not going anywhere. So you're a public safety company. Your mission is to make America the safest country. It breaks my heart every time I see something happening at schools, impacting families and children in our communities. So you're right on mission long Knightscope, short the criminals. And may the force be with you.

嗯，顯然，你有經過認可的投資者的途徑。你有那些優先股坐在場外。你可以做不同的事情，但不幸的是，犯罪並沒有消失。所以你是一家公共安全公司。你的使命是讓美國成為最安全的國家。每當我看到學校發生一些影響我們社區的家庭和兒童的事情時，我都會心碎。所以你的任務是做多 Knightscope，做空罪犯。願原力與你同在。

Thanks, Brian. I appreciate that. [Kevin Heinz].

謝謝，布萊恩。我很感激。 [凱文·海因茨]。

Bill, can you hear me?

比爾，你能聽到我說話嗎？

Yes, go for it.

是的，去做吧。

First off, yes, thank you for your time. I'll try to be short and to the point here, so some of the other people can get their questions in. So as far as Blue Towers versus K5s, it seems to me as if the sales on the Blue Light Towers have sort of been ramping up a little quicker than those of the K5s. I was just wondering if maybe you could touch on sort of that trend? And do you think that, that trend may reverse on the side of K5s anytime soon? Or if that makes any sense?

首先，是的，謝謝您的寶貴時間。我會盡量簡明扼要，這樣其他一些人就可以提出他們的問題。就 Blue Towers 與 K5s 而言，在我看來，Blue Light Towers 的銷量增長速度比 K5s 快一些。我只是想知道你是否可以談談這種趨勢？您認為 K5 的這一趨勢可能很快就會逆轉嗎？或者這是否有意義？

Yes, I understand the question, [Kevin]. I think because CASE was a private company and no one heard when they got their sales, now all of a sudden because we give it some due publicity, then it looks like it's a big trend. I mean I think the easier way to look at it, and this is roughly speaking, so don't quote me here, if you look at the backlog, it's -- I don't want to say it's 50-50, but it's pretty close to split. So if it was like 90% backlog on Blue Light Towers and the rest were autonomous security robots, then it'd be different, but that's not the case.

是的，我理解這個問題，[凱文]。我認為，因為 CASE 是一家私營公司，沒有人聽說他們的銷售情況，現在突然因為我們給了它一些應有的宣傳，那麼看起來這是一個大趨勢。我的意思是，我認為更簡單的方式來看待它，粗略地說，所以不要在這裡引用我的話，如果你看看積壓的工作，我不想說是 50-50，但它非常接近分裂。因此，如果藍燈塔 90% 的積壓工作，其餘都是自主安全機器人，那麼情況就會有所不同，但事實並非如此。

So I -- long term, that's a great question. How does this play out over time in terms of either quantity, which is very different. That's the other thing to think about, Kevin . Quantity per unit revenue for an autonomous security robot is materially different than a call box or an e-phone. So we're in uncharted territory. No one in the history of mankind has done this before. So for me to sit here, Kevin , and tell you, oh, yes, we know exactly what's going to happen, it's like there's no credibility there. I think we just need to keep pushing forward.

所以我——從長遠來看，這是一個很好的問題。隨著時間的推移，這兩種情況在數量上會如何發揮作用，這是非常不同的。這是另一件事要考慮，凱文。自主安全機器人的單位收入數量與電話亭或電子電話有很大不同。所以我們正處於未知領域。人類歷史上還沒有人做到過這一點。所以我要坐在這裡，凱文，告訴你，哦，是的，我們確切地知道會發生什麼，就像那裡沒有可信度一樣。我認為我們只需要繼續前進。

I think the positive thing I can share is, it's green lights on both sides. And a lot of cases, I'm looking for synergies across the portfolio, and we want to be able to tell a client, yes, as much as we can as opposed to, no, we don't do that. So I think things are looking up and the numbers reflect it.

我認為我可以分享的積極的事情是，雙方都綠燈了。在很多情況下，我正在尋找整個投資組合的協同效應，我們希望能夠告訴客戶，是的，我們可以盡可能多地告訴客戶，不，我們不這樣做。所以我認為情況正在好轉，數字也反映了這一點。

Okay. And just a couple of more quick things. I think you already mentioned maybe and I just want to make sure that the -- there's no new update on the FedRAMP process yet or the federal government status?

好的。還有一些更快速的事情。我想您可能已經提到過，我只是想確保——FedRAMP 流程或聯邦政府狀態還沒有新的更新嗎？

Yes. I wish. Unfortunately, [Kevin], I don't have anything to share. It's not the most -- going to be polite here...

是的。我希望。不幸的是，[凱文]，我沒有什麼可分享的。這還不是最重要的——這裡要有禮貌……

I know the government's slow...

我知道政府行動遲緩...

It's not the most transparent process, how about that?

這不是最透明的過程，怎麼樣？

Yes. Yes, the government moves slow. I don't know. It irritates me. I've been with them all the time, too. And then my last little piece of my question was just, are we seeing any relief in terms of parts, supply and manufacturing on producing additional units to get out in the field?

是的。是的，政府行動緩慢。我不知道。這讓我很惱火。我也一直和他們在一起。然後我的最後一個小問題是，我們是否看到在零件、供應和製造方面有任何緩解，以生產更多的單位以進入現場？

Yes, no and maybe. Like, I mean, [Kevin], I'm not trying to be funny, but every day is like a new drama. We thought we were good over here and then all of a sudden, it's a problem. Or we have an intermittent problem. It's -- for 2 weeks we're going to be stuck here. I'm hoping it starts leveling out. We did hire, I think I mentioned earlier, a full-time supply -- senior supply chain manager who can keep a closer eye on it and try to plan ahead better.

是的，不，也許。就像，我的意思是，[凱文]，我並不是想搞笑，但每一天都像一部新劇。我們以為我們在這裡很好，但突然之間，這是一個問題。或者我們遇到間歇性問題。我們將被困在這裡兩週。我希望它開始趨於平穩。我想我之前提到過，我們確實聘請了一名全職供應 - 高級供應鏈經理，他可以密切關注並嘗試更好地提前計劃。

Stuff that we never thought we'd have a supply chain issue ends up being a massive problem. It could be a wiring harness. It could be a connector. It could be a resistor. I mean it's all over the map. We're working through it. And obviously, you can see that we've been shipping and reflecting it on the revenue side of things.

我們從未想過會出現供應鏈問題的事情最終變成了一個大問題。它可能是線束。它可能是一個連接器。它可能是一個電阻。我的意思是地圖上到處都是。我們正在解決這個問題。顯然，您可以看到我們一直在發貨並將其反映在收入方面。

But I don't -- I wouldn't want to say that, yes, it's all green lights going ahead. It's -- I think the best thing we can say is it's going to be choppy. And it's -- that's not necessarily healthy for us or the clients to have a mad rush of stuff come in. It doesn't help on the production, quality, deployment, client experience type of things, but we've kind of just need to work through it.

但我不——我不想這麼說，是的，一切都是綠燈前進。我認為我們能說的最好的事情就是它會變得不穩定。瘋狂湧入的東西對我們或客戶來說不一定是健康的。它對生產、質量、部署、客戶體驗等方面沒有幫助，但我們只需要解決它。

Okay. So we don't necessarily expect any drastic improvement to that, like within the next, I don't know, 12, 24 months or anything like that? I mean do we expect it to be an ongoing issue for a while?

好的。所以我們不一定期望有任何重大改善，比如在接下來的時間內，我不知道，12、24 個月或類似的時間？我的意思是，我們是否期望它會成為一個持續一段時間的問題？

I hope it's not, [Kevin]. I can't forecast that. And the problem, Kevin , it's that we get caught by surprise. It's not that it's something we internally did. It's -- sometimes it's a Tier 3 supplier. The guy who gave another part to another part and then ends up affecting us. And we don't have visibility and it's happening across -- it's not just us across a number of sectors. And I don't know if the next 12 or 24 -- I'm hoping the next 12 to 24 months are going to be a lot better than what the hell we just went through. But I can't promise that, Kevin .

我希望不是這樣，[凱文]。我無法預測這一點。凱文，問題在於我們措手不及。這並不是說這是我們內部做的事情。有時它是三級供應商。那個把一部分交給另一部分然後最終影響我們的人。我們沒有可見性，而且這種情況正在發生——不僅僅是我們在許多領域。我不知道接下來的 12 個月還是 24 個月——我希望接下來的 12 到 24 個月會比我們剛剛經歷的要好得多。但我不能保證這一點，凱文。

[Alan Stone].

[艾倫·斯通]。

Hey, Bill. It's been a couple of years since we last spoke. And you might recall, we did a webinar with you a couple of years ago.

嘿，比爾。距離我們上次談話已經過去幾年了。您可能還記得，幾年前我們與您一起舉辦了一次網絡研討會。

Yes. It's been some time.

是的。已經有一段時間了。

Yes. But -- yes, I've been following your progress and congratulations on your growth. And I've just got to say, you've probably been the best person ever in the U.S. under -- raising money under Reg A. I can't think of any company that's been more successful in raising money under crowd funding or Reg A than you. I always tell people when they're considering a Reg A, look at Knightscope, how well they did. So I wanted to say that.

是的。但是——是的，我一直在關注你的進步並祝賀你的成長。我只想說，你可能是美國有史以來在 Reg A 下籌集資金的最佳人選。我想不出有哪家公司在眾籌或 Reg A 下籌集資金方面比你更成功。我總是告訴人們，當他們考慮 Reg A 時，看看 Knightscope，他們做得有多好。所以我想說。

And then congratulations on building the business, and thanks for the town hall. I think it's very transparent what you're doing, and it's good for your shareholders. I guess people are asking a lot of questions about the stock price. I didn't hear you address the potential for a reverse split. Is that something you'd consider? I guess, obviously, you'd prefer not to have to do it, but...

然後祝賀您建立了業務，並感謝市政廳。我認為你們所做的事情非常透明，而且對你們的股東有利。我想人們對股價提出了很多問題。我沒有聽到你談到反向分裂的可能性。這是你會考慮的事情嗎？我想，顯然，你不想這樣做，但是......

Yes. I think, [Alan], one important point that you may have missed, where we sit on the NASDAQ exchange, we actually have 2 requirements, a $50 million market cap requirement and a $1 share price. A reverse split would not cure a market cap issue.

是的。我認為，[艾倫]，您可能忽略了一個重要的一點，我們在納斯達克交易所，我們實際上有兩個要求，5000 萬美元的市值要求和 1 美元的股價。反向分割並不能解決市值問題。

Okay. So yes, so right now, your market cap seems to be about $25 million.

好的。是的，現在您的市值似乎約為 2500 萬美元。

Someone one day needs to explain to me like if I go to 5 different sources of the market cap, 5 different numbers, but yes, it's not the $50 million.

有一天有人需要向我解釋，就像我是否去查看 5 個不同的市值來源、5 個不同的數字，但是，是的，這不是 5000 萬美元。

Yes. So I guess you've got to double the price to get there.

是的。所以我想你必須加倍價格才能到達那裡。

Sorry. If you're not speaking, can you kindly go on mute?

對不起。如果您不說話，可以請您保持靜音嗎？

Yes. So it looks like, at least I'm just looking at the Yahoo! Finance, but Yahoo! Finance segment, they have a [$25 million] market cap. So the shares outstanding times the price of stock.

是的。所以看起來，至少我只是在看雅虎！金融，但雅虎！金融領域，他們的市值為[2500萬美元]。因此，已發行股票乘以股票價格。

Yes. Yes, I think you could go on to Robinhood or somewhere else. That's exactly the same.

是的。是的，我想你可以去羅賓漢或者其他地方。那是完全一樣的。

Yes. So you've got, what 30 -- how many shares are outstanding now?

是的。那麼現在有 30 股流通在外的股票有多少？

That trade about -- don't quote me again as you need to refer to the filings, as you know, 44 million off the top of my head on Class A common and then there's plus or minus 10 million of Class B common that doesn't trade and then another 10 million of preferred that does not trade.

那個交易是關於——不要再引用我的話，因為你需要參考文件，如你所知，4400萬美元是我從頭頂上想到的A類普通股，然後是正負1000萬美元的B類普通股不交易，然後還有另外1000萬股優先股不交易。

Right. Yes. I think they just look at the...

正確的。是的。我認為他們只是看...

At the Class A common that trades, correct.

在進行交易的 A 類普通股中，正確。

Right. So yes. So basically, you got to double the price of the shares to get just to that $50 million number, and that would get you over the $1 also. So yes, I mean, we have some ideas to -- that could help you. Certainly, we can help you with the research report and circulation to our subscribers. We have 200,000 subscribers to WallStreet Research and we'd love to help you by doing a report and distributing it to our global investors.

正確的。所以是的。所以基本上，你必須將股票價格翻倍才能達到 5000 萬美元的數字，這也會讓你超過 1 美元。所以，是的，我的意思是，我們有一些想法可以幫助您。當然，我們可以幫助您製作研究報告並將其分發給我們的訂閱者。我們擁有 200,000 名華爾街研究訂閱者，我們很樂意通過編寫報告並將其分發給我們的全球投資者來幫助您。

Always happy to take a look. So if you want to comment offline, we're happy to do that.

總是很樂意看一看。因此，如果您想離線發表評論，我們很樂意這樣做。

Okay. Yes. Let's follow up on that. And, again, congratulations for building it.

好的。是的。讓我們跟進一下。再次祝賀您構建了它。

Thank you, [Alan]. I appreciate it. [Oliver]?

謝謝你，[艾倫]。我很感激。 [奧利弗]？

Yes, can you hear me?

是的，你能聽到我說話嗎？

Yes, go ahead.

好，去吧。

Yes. I'm sorry I came later, I had some emergency. But I might have missed quite a lot. But I wanted to ask if granting the -- a lot of issues going on with clients, with schools. I don't know if the leadership has a particular plan to market now Knightscope to public schools and then secondly to private schools.

是的。抱歉我來晚了，我有急事。但我可能錯過了很多。但我想問是否授予——客戶和學校之間存在很多問題。我不知道領導層是否有一個特定的計劃，現在將 Knightscope 推銷給公立學校，然後再推銷給私立學校。

So Oliver, we do have clients that are public and private schools, if I'm correct, already. I think one cautionary note, I usually have for the sales team, especially on the public side of things is budgets are highly problematic. I think it's fair to say our country doesn't necessarily pay our teachers appropriately, and some are in dire need of supplies. To show up there with a significant budget increase for something that they don't have right now becomes a really difficult sales issue. I think medium term, we probably need to work with Congress and the Department of Education to try to figure out a different path.

奧利弗，如果我沒猜錯的話，我們確實已經有公立和私立學校的客戶了。我認為，我通常對銷售團隊，特別是在公共方面的銷售團隊有一個警告，那就是預算是非常有問題的。我認為可以公平地說，我們的國家不一定向我們的教師支付適當的工資，而且有些教師急需物資。為他們現在沒有的東西顯著增加預算成為一個非常困難的銷售問題。我認為從中期來看，我們可能需要與國會和教育部合作，試圖找出一條不同的道路。

On the private side of things, it's a little bit better. Obviously, if you didn't see our announcement this morning, Rutgers University signed a $1.25 million contract with us, and we have several other existing clients that are, I believe, high schools and some other universities and college campuses. But yes, it's an opportunity, but need to be a little careful.

在私人方面，情況要好一些。顯然，如果您今天早上沒有看到我們的公告，羅格斯大學與我們簽署了一份 125 萬美元的合同，我們還有其他幾個現有客戶，我相信是高中和其他一些大學和學院校園。但是，是的，這是一個機會，但需要小心一點。

Yes. So with private schools, I'm thinking that -- I went through a lot of Catholic schools. So the Catholic they have so many schools nationwide. So the right approach for it will be to now look at the leadership of the Catholic education in the various diocese. That way, you are able to cover a whole area once you get the contract. That will be the strategy.

是的。因此，對於私立學校，我想——我讀過很多天主教學校。所以天主教徒在全國有很多學校。因此，正確的方法是現在審視各個教區天主教教育的領導力。這樣，一旦您獲得合同，您就可以覆蓋整個區域。這就是策略。

Yes. The other concern, Oliver, and I forgot to mention is, remember, the business model for us typically works better if we're running 24/7. We do at times do part-time shifts, but most schools don't run 12 months out of the year and most schools certainly don't run 24/7. So it's still an opportunity, but maybe less attractive in the short term versus, let's say, a hospital or a commercial real estate or a casino and the like. But just something else to keep in mind.

是的。奧利弗，我忘了提到的另一個問題是，記住，如果我們 24/7 運行，我們的商業模式通常效果更好。我們有時會進行兼職輪班，但大多數學校不會一年中 12 個月運行，而且大多數學校當然不會 24/7 運行。因此，這仍然是一個機會，但與醫院、商業地產或賭場等相比，短期內的吸引力可能較小。但還有其他需要記住的事情。

Yes, yes. Yes, I understand that. That will be the same case with the malls as well because they aren't 24/7.

是的是的。是的，我明白。購物中心的情況也是如此，因為它們不是 24/7 的。

Yes.

是的。

Okay. Yes. I heard you say that you're thinking that Knightscope will be profitable in 1 year. That 1 year, does this start May 2023 to May 2024.

好的。是的。我聽說您說您認為 Knightscope 將在一年內實現盈利。那一年，是從2023年5月開始到2024年5月嗎？

No, that's not what I said. I said fourth quarter of last year, we announced that we targeted to be profitable in the next 24 months. So that would mean we are targeting to get to the fourth quarter of '24. So fourth quarter of next year is our target to get to profitability by then.

不，我不是這麼說的。我說過去年第四季度，我們宣布目標是在未來 24 個月內實現盈利。因此，這意味著我們的目標是到 24 年第四季度。因此，我們的目標是明年第四季度實現盈利。

Okay. Thanks for that clarification. But the -- I'm doing my own part because I'm buying a lot more stocks right now because since I bought them over a year ago when the company was still in the woods. It just makes a lot more sense to buy a lot more stuff now to have the company at least go forward.

好的。感謝您的澄清。但是，我正在儘自己的一份力量，因為我現在購買了更多股票，因為自從一年多前我購買了這些股票以來，當時公司還處於困境。現在購買更多的東西以讓公司至少向前發展更有意義。

Because I believe a lot in Knightscope, having been in security right from the bottom all the way to quality control. So I know what this is. And I know that it's going to be profitable. And once it starts, it will just be unstoppable. So the shareholders who have not been security professionals, at least I heard some other security professionals. So we know that this is an opportunity that is going to be tremendous. So it just takes -- it's a matter of time. And these shares will go back to maybe $8 that were when the IPO came out. So I just wanted to make that statement. Thank you very much.

因為我非常相信 Knightscope，從底層一直到質量控制都確保安全。所以我知道這是什麼。我知道這將會有利可圖。而且一旦開始，就勢不可擋。所以那些不是安全專業人士的股東，至少我聽說過一些其他安全專業人士。所以我們知道這是一個巨大的機會。所以這只是時間問題。這些股票可能會回到 IPO 時的 8 美元。所以我只想發表這樣的聲明。非常感謝。

Thank you, [Oliver]. And as I often say, Wall Street can be wrong typically in the short term. It's typically right over the long term. And kind of what we need to do is just keep growing the company, get the company to profitability, keep growing and hopefully, the stock takes care of itself. But we can't control that. That's kind of up to all of you.

謝謝你，[奧利弗]。正如我常說的，華爾街在短期內通常可能會犯錯。從長遠來看，這通常是正確的。我們需要做的就是保持公司的發展，讓公司盈利，保持增長，希望股票能夠自我管理。但我們無法控制這一點。這取決於你們所有人。

[Marco], you're up.

[馬可]，你起來了。

Bill, how's it going?

比爾，怎麼樣？

It's going. It's a big roller coaster over here.

正在發生。這裡就像一個巨大的過山車。

Well, first, let me just say congratulations on the Rutgers contract. I know it's a big milestone for us. It's a big American University and hopefully just the first of many. So definitely will help with credibility on the college and university stock. My question is since the pilot started in New York, have we gotten any feedback how's that going? Or if the city's shown any interest to expand on their initial contract?

好吧，首先，我要祝賀羅格斯大學的合同。我知道這對我們來說是一個重要的里程碑。這是一所大型美國大學，希望只是眾多大學中的第一所。因此肯定會有助於提高學院和大學股票的可信度。我的問題是，自從試點在紐約開始以來，我們是否收到任何反饋，進展如何？或者該市是否有興趣擴大最初的合同？

So as the mayor told the world, we are targeting to deploy the machine in the June, July time frame. So we're working on getting that first machine shipped out and want to make sure we do a tremendous job for the mayor for the city and for our friends at NYPD. So stay tuned. Hopefully, we'll deliver the machine here in the second quarter and you might hear about it.

因此，正如市長告訴世界的那樣，我們的目標是在六月、七月的時間範圍內部署這台機器。因此，我們正在努力將第一台機器運出，並希望確保我們為市長和紐約市警察局的朋友們做出巨大的貢獻。所以請繼續關注。希望我們能在第二季度將機器交付到這裡，您可能會聽說它。

No, definitely. I just, I don't know of any other cities as largely or close to have any sort of similar interest to a pilot program. Obviously, we've had other cities, other mayors, obviously have interest and clients. But I don't know if we have any similar situations in this New York. It sits an additional public release, they timed start the pilot program with this first robot.

不，絕對是。我只是，據我所知，沒有任何其他城市對試點計劃有如此大的或接近的興趣。顯然，我們還有其他城市、其他市長，顯然也有興趣和客戶。但我不知道我們紐約是否也有類似的情況。這是一個額外的公開發布，他們定時用第一個機器人啟動試點計劃。

So the City of Huntington Park, if you go to knightscope.com/crime. They had a successful pilot the first year and then on a unanimous vote by the City Council decided to extend the contract for 2 more years. So that would be a city that has had a positive experience. And I guess my comments remain similar to security and law enforcement professionals, local government also takes a bit of time. And I'm hopeful that assuming we do well in New York City, that's going to help set or reset the tone.

如果您訪問 Knightscope.com/crime，您會發現亨廷頓公園市。第一年他們進行了一次成功的試點，隨後市議會一致投票決定將合同再延長兩年。所以那將是一個擁有積極經驗的城市。我想我的評論仍然與安全和執法專業人員類似，地方政府也需要一些時間。我希望，假設我們在紐約市表現出色，這將有助於確定或重置基調。

Got you. That makes sense. I think my last question is, obviously, with people offer, we said they are not always most technologically forward making in terms of they've used security and law enforcement. Have you know anything like messaging or after a certain amount of time, we're speaking to these type of individuals that eventually they come on? Or there like any key parts of the estimate sales team and marketing to maybe adjust, to maybe get more people really have a better likelihood of at least giving us a try?

明白你了。這就說得通了。我認為我的最後一個問題是，顯然，對於人們提出的建議，我們說他們在使用安全和執法方面並不總是在技術上最前沿。您是否知道諸如消息傳遞之類的事情，或者在一段時間後，我們正在與這些類型的人交談，最終他們會出現？或者估計銷售團隊和營銷的任何關鍵部分可能需要調整，以便讓更多的人真正更有可能至少嘗試一下？

Nothing clarifies the minds than a sore point of a need and I'm not saying anything that's not been public, but the city of New York had 33,000 officers or so, and they're losing 3,000 to 4,000 a year. And so they -- they're short staffed, they have budget and they have a problem. And that really crystallized I think the city to really start rethinking, reimagining public safety. And I think the best thing you can do with a client is just have them realize that they have a problem on their own.

沒有什麼比需求的痛點更能澄清人們的想法了，我並不是說任何不公開的話，但紐約市有大約 33,000 名警察，而且他們每年失去 3,000 到 4,000 名警察。所以他們——他們人手短缺，他們有預算，但他們有問題。我認為這座城市真正開始重新思考、重新構想公共安全，這確實具體化了。我認為你能對客戶做的最好的事情就是讓他們意識到他們自己也有問題。

I think one of the other reasons we've done well with casinos, for example, is if they can't hire the staff to do the security, I mean that's a problem. And I think the more time we spend fixing actual problems than trying to convince someone that might be skeptical is the best time that we can utilize our resources.

例如，我認為我們在賭場做得很好的其他原因之一是，如果他們無法僱用員工來做保安，我的意思是這是一個問題。我認為，我們花更多的時間來解決實際問題，而不是試圖說服可能持懷疑態度的人，這就是我們利用我們的資源的最佳時機。

Got it. That makes sense. But again, I speak to rest of the shareholders, I know they said this several times already, I appreciate all your transparency, all the hard work you and your team are putting in. I know like myself, I actually initially invested while Knightscope was so private prior to the IPO zone. Again, I share people's frustrations when you have that first initial investment to see where is that. But again, just a long term where you long nights going through criminals is not something that's going to be overnight where is going to turn around.

知道了。這就說得通了。但我再次與其他股東交談，我知道他們已經說過好幾次了，我感謝你們所有的透明度、你們和你們的團隊所付出的所有辛勤工作。我知道像我自己一樣，我實際上最初進行了投資，而 Knightscope 在 IPO 之前還是私有的。再次，我和人們一樣，當你有了第一筆初始投資，想看看它在哪裡時，你也會感到沮喪。但同樣，從長遠來看，你在漫長的夜晚與罪犯打交道並不是一朝一夕就能扭轉局面的事情。

So I think, you and the team have a good overall plan is like really executing in terms of revenue growth and get into bigger contracts. So I think this moment continuing again will have actually financially turn itself around. So thank you again for all the work you're doing for us. We appreciate it.

所以我認為，你和團隊有一個良好的總體計劃就像在收入增長方面真正執行並簽訂更大的合同一樣。所以我認為，這一刻的再次持續將在財務上真正扭轉局面。再次感謝您為我們所做的所有工作。我們很感激。

Marco, thank you for the remarks and the sentiment. You have no idea what that means for the team on this side. We got punch in the face for breakfast most of the days. And just trying to get this all the work. It's technologically very challenging. We're somewhat resource constrained, but we continue to make progress. So without your support, we literally couldn't be doing this. So we really appreciate that, Marco.

馬可，謝謝你的評論和情感。你不知道這對這邊的球隊意味著什麼。大多數時候我們的早餐都被打臉了。只是想完成所有的工作。這在技術上非常具有挑戰性。我們的資源有些有限，但我們不斷取得進展。因此，如果沒有您的支持，我們根本無法做到這一點。所以我們真的很感激，Marco。

Fernando?

費爾南多？

Thanks so much for this and congrats on the showcase in New York. I got to see it in Times Square a lot of interest by NYPD, there was something he was teaming with officers...

非常感謝，並祝賀在紐約的展示。我在時代廣場看到紐約警察局對這件事很感興趣，他正在與警察合作……

That was surreal and a police escort into town is just -- I was just speechless.

這太超現實了，警察護送進城只是——我簡直無言以對。

Yes, and a lot of tourists from all over the place, Germany. And I mean, when I was in there, they were asking about the robots and the robots coming to almost like (inaudible) so that was very cool. My question is, and you talked about sourcing and construction, et cetera, throughput. On the software, robotic stack and AI. What access do you have to the top quality, right? So I'm talking about the frontier technology of the likes of NVIDIA. And or is the technology that you are selling perhaps not the premium but then, of course, it's cost benefit to the customer.

是的，還有很多來自德國各地的遊客。我的意思是，當我在那裡時，他們正在詢問機器人，而機器人幾乎就像（聽不清）所以這非常酷。我的問題是，您談到了採購和建設等吞吐量。關於軟件、機器人堆棧和人工智能。您有什麼機會獲得最高品質，對吧？所以我說的是NVIDIA等公司的前沿技術。或者是您銷售的技術可能不是溢價，但當然，它對客戶來說是成本效益。

So I just wanted to understand a little bit what is -- what are you selling? What is needed out there? Is it the top of the technology? Or is it a wrong or to below that? And what are you developing on the software side, right, with the likes of NVIDIA and others really that are at the frontier of that? I'd be very interested to hear. When you talk about casinos and even the NYPD, I mean, again, frontier technology is very expensive, right, much more. So what is that balance and what are your -- what's your vision on technology? I know that we've spoken before on AI, right, and how we leverage that?

所以我只是想了解一點什麼是——你們在賣什麼？那裡需要什麼？是科技的巔峰嗎？或者是錯誤的或者低於這個？你們在軟件方面正在與 NVIDIA 等真正處於前沿的公司一起開發什麼？我很有興趣聽聽。當你談論賭場甚至紐約警察局時，我的意思是，前沿技術非常昂貴，對吧，要貴得多。那麼，這種平衡是什麼？您對技術的願景是什麼？我知道我們之前已經談過人工智能，對吧，我們如何利用它？

I think of a few points and for the audience's benefit. So there's all this range about AI and when's Knightscope going to use AI. And I just like, what are you talking about? How could we possibly operate across the country, 24/7 hands off, wholly autonomous Level 5 without the use of AI is mind blowing, like these machines literally are not remote controlled, so you need AI for that. These machines recharge themselves when they need more juice, that's AI. You can't detect a person in the middle of the night autonomously without AI. Try to do some -- 1 good example, Fernando. And the answers to your question, it's a mixed bag.

我想了幾點，也是為了觀眾的利益。關於 AI 的範圍很廣，Knightscope 何時會使用 AI。我只是想，你在說什麼？如果不使用人工智能，我們怎麼可能在全國范圍內進行 24/7 全天候、完全自主的 5 級操作，這是令人興奮的，就像這些機器實際上不是遠程控制的，所以你需要人工智能來實現這一點。這些機器在需要更多電量時會自行充電，這就是人工智能。如果沒有人工智能，你無法在半夜自動檢測到一個人。嘗試做一些事情——費爾南多就是一個很好的例子。你的問題的答案是好壞參半。

So I think the first thing is just an example of there's a lot of license plate recognition stuff out there, right? And if you're at an airport coming in and the gates closed and the car pulls in, and there's all these lights that come on and shine on to the plate and you get a perfect crisp picture of that plate and you can run the optical character recognition, like that's kind of easy. Now they'll do that at 4 in the morning in Kentucky when it's raining and foggy and you got half a picture and you cover like at a weird angle, now read that plate. Like you kind of need to build some different models to be able to do that.

所以我認為第一件事只是一個例子，那裡有很多車牌識別的東西，對吧？如果你在機場，登機門關閉，汽車駛入，所有這些燈都會亮起並照在車牌上，你會得到該車牌的完美清晰圖片，你可以運行光學字符識別，就像這很簡單。現在，他們會在肯塔基州凌晨 4 點這樣做，當時正下著雨，有霧，你拍了半張照片，然後以一個奇怪的角度進行遮蓋，現在閱讀那張照片。就像你需要構建一些不同的模型才能做到這一點。

So in some cases, Fernando, it's older technology that's working, and it's likely that if we can't ship it in 3, 6, 9, 12 months, we're probably not working on it. Our clients don't necessarily need or want the latest cutting-edge absolute thing that may or may not work. They have specific requirements. That said, if you want to say cutting edge in terms of autonomy, if we didn't catch the Bloomberg article from a few months ago, they total up. There's like, I don't know, to $100 billion invested in self-driving autonomous stuff, 200 companies working on it, and no one shipped anything like you can -- we've operated more than 2 million hours in the field fully autonomous.

因此，費爾南多，在某些情況下，舊的技術正在發揮作用，如果我們無法在 3、6、9、12 個月內交付它，我們可能就不會繼續研究它。我們的客戶不一定需要或想要最新的、尖端的、可能有效也可能無效的絕對東西。他們有特定的要求。也就是說，如果你想說在自主性方面處於領先地位，如果我們沒有看到幾個月前彭博社的文章，那麼它們總計起來。我不知道，在自動駕駛技術上投資了 1000 億美元，有 200 家公司在研究它，但沒有人能像你一樣交付任何東西——我們在完全自動駕駛的領域已經運行了超過 200 萬個小時。

I think you could argue we're at the cutting edge and it actually works. Then we have a different issue Fernando is -- the company is growing, and there's always this technical challenge of you have technology out in the fleet, out in the field, but you have a shiny new object over here. How do you either migrate or now you're going to remove and replace? Doing high-end cool technology in the laboratory or prototype with no customer is really fun. But in the real world, you've got to be able to service everything. And that's where a little bit of the challenge comes in as to when you release a new product and the like.

我想你可能會說我們處於最前沿並且它確實有效。然後我們有一個不同的問題，費爾南多 - 公司正在成長，總是存在這樣的技術挑戰：你在車隊、在現場擁有技術，但你在這裡有一個閃亮的新物體。您如何遷移或現在要刪除並替換？在沒有客戶的情況下在實驗室或原型中做高端酷技術真的很有趣。但在現實世界中，您必須能夠為一切提供服務。這就是當您發布新產品等時會遇到的一些挑戰。

By the way, we do use NVIDIA GPUs. So I don't want you thinking that we're not up to speed on that side of things. But frankly, there are new chips in the works that other people are working on that combined, I don't know, some level of vision and slam and AI that some of these other chips are either too power hungry or too expensive. So like everything, it changes really fast, which makes it exciting and also very frustrating to work on, but it's a mixed bag, Fernando.

順便說一句，我們確實使用 NVIDIA GPU。所以我不希望你認為我們在這方面沒有跟上進度。但坦率地說，其他人正在開發一些新的芯片，我不知道，它們結合了某種程度的視覺、大滿貫和人工智能，而其他一些芯片要么太耗電，要么太昂貴。因此，就像所有事情一樣，它變化得非常快，這使得工作既令人興奮又令人沮喪，但這是一個混合體，費爾南多。

Bertrand. How are you? I haven't seen you in...

伯特蘭.你好嗎？我沒見過你在...

Pre-COVID , I think, Bill, it has been over...

比爾，我想，在新冠疫情爆發之前，一切都已經結束了……

5 years, maybe?

5年，也許？

It's been a while, but I am following diligently what's going on. obviously.

已經有一段時間了，但我正在努力關注正在發生的事情。明顯地。

It's going smoothly exactly according to plan. Everything went exactly according to plan it was incredibly...

一切都按照計劃順利進行。一切都完全按照計劃進行，真是令人難以置信......

Absolutely. Yes. I might have been one of your first investors, if not...

絕對地。是的。我可能是你的第一批投資者之一，如果不是的話......

Bertrand invested, he's being modest. He invested at a very opportune critical period in 2013, I think.

伯特蘭投資了，他很謙虛。我認為他在2013年的關鍵時期進行了投資。

2013, yes. That was a few days ago. So first of all, thanks for spending the time here. It's really great to hear the progress. And I know it's rocky road but nothing is ever easy. You talked a little bit about obviously, cost management to improve margins, which obviously, I'm sure is one of the reasons why a lot of stocks are getting beat up, including Knightscope right now. I'm not too concerned by that personally. But could you comment a little bit about competition, in terms of feature offerings out there, maybe possibly price pressure. I mean I tend to you competition is a good thing and a market that's growing because it means that obviously, you're not the only ones recognizing there's a need for this. But obviously, in terms of practical -- in terms of sales and closing sales, especially when it comes to pricing or price pressure, I think it would be great to understand a little bit the overall landscape there.

2013年，是的。那是幾天前的事了。首先，感謝您花時間在這裡。聽到進展真是太好了。我知道這條路崎嶇不平，但沒有什麼是容易的。顯然，你談到了一些通過成本管理來提高利潤率的問題，我確信這顯然是許多股票受到打擊的原因之一，包括現在的 Knightscope。我個人對此並不太關心。但您能否評論一下競爭，在功能產品方面，也許可能是價格壓力。我的意思是，我傾向於認為競爭是一件好事，而且市場正在增長，因為這顯然意味著，您並不是唯一認識到有必要這樣做的人。但顯然，就實際情況而言——在銷售和成交銷售方面，特別是在定價或價格壓力方面，我認為了解一點那裡的整體情況會很棒。

Okay. So a few comments. I think first and foremost, and I mean this in earnest. Our mission is to make the U.S. the safest country in the world. We would be profoundly arrogant and naive to think that we're going to do that by ourselves. So we absolutely applaud anyone and everyone working on public safety security law enforcement because you need everything to be working in order for us to not be appalled by our news feed every morning. I think second, there's been multiple attempts by major corporations to build stuff to compete against us. I guess, most notably, it was Sharp Electronics dumped $35 million into an internal division that they staffed up and they since shut that down some time ago and failed and were unable to basically ship anything at scale.

好的。所以一些評論。我認為首先也是最重要的，而且我是認真的。我們的使命是讓美國成為世界上最安全的國家。如果我們認為我們能自己做到這一點，那就太傲慢和天真了。因此，我們絕對讚揚從事公共安全執法工作的所有人，因為您需要一切正常運轉，這樣我們才不會被每天早上的新聞推送嚇到。我認為其次，大公司多次嘗試開發產品來與我們競爭。我想，最值得注意的是，夏普電子公司向他們配備的一個內部部門投入了 3500 萬美元，但他們不久前關閉了該部門，但失敗了，基本上無法大規模交付任何東西。

Conveniently, I think Switch, which is a publicly traded data center, folks also attempted to do one and then now have since disappeared for a couple of years. There's a number of folks in laboratories and R&D, and that's sort of thing around the world. The only meaningful competition that I see on stuff that moves is a partial competitor, which would be Cobalt Robotics, who are indoors only.

方便的是，我認為 Switch，這是一個公開交易的數據中心，人們也嘗試過這樣做，但現在已經消失了幾年。實驗室和研發部門有很多人，這在世界各地都是如此。我在移動物體上看到的唯一有意義的競爭是部分競爭對手，即 Cobalt Robotics，他們只在室內進行。

I've seen them locally. This is actually why -- this is the first one that came to mind, actually.

我在當地見過他們。這實際上就是原因——實際上，這是我想到的第一個原因。

Yes. So we don't -- they've actually been kind to us to refer outdoor business to us because they don't do that. And we don't, minority -- a small minority of our business is indoors. We don't really see them in the marketplace too often competing head-to-head. There's a lot more activity, I would say, on the fixed stationary side of things. I think if you go to knightscope.com/rise, R-I-S-E, the investor deck has a few comparables. One of them will be flock safety. It's primarily a very low-cost automatic license plate recognition camera that's stationary. There is a penny stock on the OTC robotic assistance devices, AI TX that also maybe is doing $1 million a year in business or so primarily on the stationary side, if I recall correctly. But price pressure in terms of our autonomous stuff, we don't really have a lot of competition out there. I think that also speaks to how difficult this is. This is not necessarily easy. But price pressure, we have not seen yet. Will it happen? I'm sure it might. But for churn, we haven't really experienced that.

是的。所以我們不這樣做——他們實際上對我們很好，把戶外業務推薦給我們，因為他們不這樣做。但我們不這樣做，少數——我們的一小部分業務是在室內進行的。我們在市場上並沒有經常看到他們正面競爭。我想說，在事物的固定固定方面還有更多的活動。我想，如果你訪問 Knightscope.com/rise，R-I-S-E，投資者平台上有一些可比較的內容。其中之一是雞群安全。它主要是一種成本非常低的固定式自動車牌識別攝像頭。 OTC 機器人輔助設備 AI TX 上有一隻低價股，如果我沒記錯的話，它的業務每年可能會達到 100 萬美元左右，主要是在固定方面。但就我們的自主產品而言，價格壓力很大，我們實際上沒有太多競爭。我認為這也說明了這是多麼困難。這並不容易。但價格壓力，我們還沒有看到。它會發生嗎？我確信可能會。但對於客戶流失，我們還沒有真正經歷過。

Dr. (inaudible)

博士（聽不清）

Yes. I understand you cannot control the stock price, all supply and demand. But I would say you can not directly, but indirectly can help the stock price. What my size is now if you spend just to $500 or $600, by just posting sales in the open market, that will go a long way. Not all you, you can ask your colleagues like directors and the officers just invest about less than $1,000 and buy something that will put ever where all over the world. You see these people are buying. That would help a lot. That's my side.

是的。我知道你無法控制股票價格、所​​有供求關係。但我想說你不能直接，但間接可以幫助股價。我現在的規模是多少，如果你只花 500 或 600 美元，通過在公開市場上發布銷售信息，這將有很大幫助。不是所有人，你可以要求你的同事，比如董事和管理人員，只需要投資不到 1,000 美元，就可以購買一些可以放在世界各地的東西。你看這些人都在買。那會有很大幫助。那是我這邊。

Yes, we -- since I'm an officer of the company, the council wanted us to set up proper buying program for officers and I'm only allowed to buy in certain windows and that sort of thing, and it's going to cost more money to set up the thing than help the company. So I think the best thing I can do is just keep telling everyone like, "Okay, my entire net worth is in here, haven't sold a single share, don't plan to sell a single share, I've got 7 million of them." So if you think the pain from $10 down to less than $1 is painful on your side, I'm literally right there next to you and doing everything I can to try to fix a problem. I do appreciate the sentiment. I'm not dismissing it, but they're actually physically doing it, ended up being not so exciting.

是的，我們——因為我是公司的一名管理人員，理事會希望我們為管理人員制定適當的購買計劃，而我只被允許在某些窗口購買之類的東西，而且建立這些東西比幫助公司花費更多的錢。所以我認為我能做的最好的事情就是繼續告訴大家，“好吧，我的全部淨資產都在這裡，沒有賣掉一股，也不打算賣掉一股，我有700萬。”因此，如果您認為從 10 美元降到低於 1 美元的痛苦對您來說是痛苦的，那麼我確實就在您旁邊，並儘我所能嘗試解決問題。我很欣賞這種情緒。我並不是否認這一點，但他們實際上是在做這件事，但最終並沒有那麼令人興奮。

Yes. I understand when stock drops from $10 to $0.50, when you own 7 million, I can understand your pain. But at the same time, when you -- when management buys our sales, they think they believe in the company, they are not going under. But that's going to help a long way just putting $1,000, unless you can find a...

是的。我理解當股票從10美元跌到0.50美元時，當你擁有700萬股時，我能理解你的痛苦。但與此同時，當管理層購買我們的銷售時，他們認為他們相信公司，他們就不會破產。但只要投入 1,000 美元，這就會有很大幫助，除非你能找到......

Yes. Respectfully, for all the investors, including Bertrand that was just on the call. I don't -- I think everyone would pretty much understand that I'm not going anywhere. If I put 10 years into this to get it to this point, I think people realize that we're not going away. We will fight to the end to make sure that we're successful and do whatever it takes. So I don't think $1,000 is going to hit it. I think it's legal for me to say this. If I had won the lottery and had a few million dollars sitting in the account, would I love to go buy some shares right now? Personally, I would love to. I'd have to go through all the normal regulatory stuff but I'm all in. So I don't have the capable to do that right now.

是的。謹向包括剛剛參加電話會議的 Bertrand 在內的所有投資者表示敬意。我不——我想每個人都會明白我不會去任何地方。如果我花了 10 年的時間才達到這一點，我想人們會意識到我們不會消失。我們將戰鬥到底，以確保我們的成功，並儘一切努力。所以我認為 1,000 美元不會達到這個目標。我認為我這樣說是合法的。如果我中了彩票並且賬戶裡有幾百萬美元，我現在願意去購買一些股票嗎？就我個人而言，我很樂意這樣做。我必須完成所有正常的監管工作，但我全力以赴。所以我現在沒有能力這樣做。

That's up to you, but that would help a lot because I have my company, whenever something happens, I'll go and buy, that's what we do. That increase to put their money. Anyway, that's up to you, I cannot force you. That's my advice. It's not now, think about it. It's a good strategy for any CEO, or any founder and we can support the company.

這取決於你，但這會有很大幫助，因為我有我的公司，每當有事情發生時，我就會去購買，這就是我們所做的。即增加投入資金。無論如何，那是你的事，我不能強迫你。這是我的建議。現在還不是，想一想。對於任何首席執行官或創始人來說，這都是一個很好的策略，我們可以支持公司。

Kerry [Dye].

克里[染料]。

You mentioned there may be a nondilutive fund raise or a debt offering. I know you can't speak with absolute certainty. But do you, at this point, foresee that, that might be the last, like external fundraise necessary for the company is really kind of standing on its own revenue and maintaining itself to profitability.

您提到可能會進行非稀釋性融資或債務發行。我知道你不能絕對肯定地說。但在這一點上，您是否預見到，這可能是最後一個，就像公司所需的外部融資實際上是依靠自己的收入並維持自身盈利一樣。

Two things there, Kerry. One, I don't think legally, I should comment on something like that on future -- sorry to interrupt. But I think just in terms of practicality I think you, you as a shareholder, if we got to a point that all right, we're profitable or whatever. And then we got a huge opportunity to grow the company, and we needed some financing to do it, would you want me to have committed today to not do ever any more ever financing? Like go look at -- I don't know, what's public? Go look at Tesla's financings right? From inception in 2003 until now, and they got some positive cash flow where they still doing financings, you're probably going to find that they likely did because you still want to and that's what you entrust the management team and the Board to do is to see how we could generate more return for the investors depending on the cost of capital, right?

有兩件事，克里。第一，我認為從法律上講，我不應該在未來對類似的事情發表評論——抱歉打擾。但我認為，就實用性而言，我認為你，作為股東，如果我們達到了一定程度，我們就會盈利或其他什麼。然後我們得到了一個發展公司的巨大機會，我們需要一些融資來做到這一點，你希望我今天承諾不再進行任何融資嗎？就像去看看——我不知道，什麼是公開的？去看看特斯拉的融資吧？從2003年成立到現在，他們在仍在進行融資的情況下獲得了一些正現金流，你可能會發現他們很可能這樣做，因為你仍然想要這樣做，這就是你委託管理團隊和董事會要做的就是看看我們如何根據資本成本為投資者創造更多回報，對吧？

Yes. That answers the question, appreciate it.

是的。這回答了問題，讚賞。

Okay. [Abdullah].

好的。 [阿卜杜拉]。

Thank you so much for trying to keep us safe in America with the current trend of crime rate increasing in America. Every time that I hear something on the news that I can help it but to think about Knightscope and Knightscope is the solution. I mean every time, every time literally either on the radio, on TV, it's just why not invest in Knightscope. So that leads to my questions, like with this crime rate in the U.S. just increasing, by really a higher percentage like based on like previous years, why we're not seeing more sales?

非常感謝您在美國當前犯罪率上升的趨勢下努力保護我們在美國的安全。每當我在新聞中聽到一些消息時，我都會無能為力，但思考 Knightscope 和 Knightscope 就是解決方案。我的意思是，每次，無論是在廣播還是在電視上，這就是為什麼不投資 Knightscope 的原因。因此，這引發了我的問題，就像美國的犯罪率不斷上升，與前幾年相比，百分比確實更高，為什麼我們沒有看到更多的銷售額？

It seems like with this trend that the solution is Knightscope for example, I'll just give you an example the MGM and the DLV area in Maryland, where the side I am and they see lots of thief in the garage casino there. I mean it's just like every week, while will the casino invest in Knightscope, right, product, right? It just makes sense to me and a higher return on investment compared to like really losing customers because of fear that something is going to happen when they come there. And so that's really my question. And then so thinking why we're not seeing sales?

似乎在這種趨勢下，解決方案是 Knightscope，我只舉個例子，馬里蘭州的 MGM 和 DLV 地區，我在那裡，他們在車庫賭場裡看到很多小偷。我的意思是就像每週一樣，而賭場會投資 Knightscope，對吧，產品，對吧？對我來說，這很有意義，而且與因為擔心客戶來到那裡時會發生什麼而真正失去客戶相比，投資回報率更高。這確實是我的問題。然後想想為什麼我們看不到銷售？

So I think it's a mixed bag. So you can't say that we have a $5 million backlog of new orders and then say we have no sales, right? Those 2 don't go together. You may not like the -- it's not going as fast like you wanted to see $10 million or $15 million or $20 million. But we are trending the right way. I think it's part of what I mentioned before, and I'm going to put this graph up for you. I think a lot of people joined a little bit later. But you look at this curve, we're targeting -- if you just multiply our first quarter growth from 2023, which is a 300% improvement from last year. You can't literally say that we're not growing because that curve starts looking a little steep. But could it grow faster? Yes. What we sort of staff. And how do you get more staff? Like more salespeople, more marketing people, more production people, more technicians, more QA people, you need capital.

所以我認為這是一個混合體。所以你不能說我們有 500 萬美元的新訂單積壓，然後又說我們沒有銷售額，對嗎？這兩個不在一起。你可能不喜歡——它的發展速度沒有你希望看到的 1000 萬美元、1500 萬美元或 2000 萬美元那麼快。但我們的趨勢是正確的。我認為這是我之前提到的一部分，我將把這張圖放給你們。我想很多人都是後來才加入的。但你看看這條曲線，我們的目標是——如果你把我們第一季度的增長與 2023 年相比相乘，這比去年提高了 300%。你不能從字面上說我們沒有增長，因為這條曲線開始看起來有點陡峭。但它能增長得更快嗎？是的。我們是什麼樣的員工。如何獲得更多員工？就像更多的銷售人員、更多的營銷人員、更多的生產人員、更多的技術人員、更多的質量檢查人員一樣，你需要資金。

And so that's why you can't -- you've got to think through the whole business. So how do I grow this company, you need additional resources just because you get the sale doesn't mean it's going to show up. Also, we have a backlog. Could things go faster? Yes, if we had a bigger team, things could go faster. If we had a larger marketing budget we're probably going to go faster. If my CFO, if she's on she'll kill me. If we had more than 1 robot roadshow pod, probably things would go faster. And but you can't -- you're looking at us growing 60% from last year. Right now, we're looking like we're trending towards doubling the size of the company. Is it going as fast as we want? No. And then we also have the supply chain issues.

所以這就是為什麼你不能——你必須考慮整個事情。那麼我如何發展這家公司，你需要額外的資源，僅僅因為你得到了銷售並不意味著它會出現。此外，我們還有積壓的訂單。事情能進展得更快嗎？是的，如果我們有一個更大的團隊，事情就會進展得更快。如果我們有更大的營銷預算，我們可能會做得更快。如果我的首席財務官在場，她就會殺了我。如果我們有超過 1 個機器人路演艙，事情可能會進展得更快。但你不能——你看到我們比去年增長了 60%。目前，我們似乎正在將公司規模擴大一倍。事情進展得像我們想要的那麼快嗎？不。我們還有供應鏈問題。

And then lastly, I think I mentioned earlier, if you weren't on the call to one of the other investors is you've got a sector that doesn't want to change. It's law enforcement, security, a lot of our friends and loved ones that, in that industry are not the most technologically advanced, savvy or welcoming of folks. And that's why, to me, it was a huge massive deal for the mayor of New York City, the largest city in the country, with the largest police department of 33,000 officers to have the entire NYPD [n brass] and the Mayor go there in front of a robot roadshow and speak to the world at a press conference that they called because that I hope the mayor is right, and we're right that, that's going to help set the tone for others.

最後，我想我之前提到過，如果你沒有接到其他投資者的電話，那麼你就擁有一個不想改變的行業。執法部門、安全部門、我們的許多朋友和親人，在這個行業中並不是技術最先進、最精明或最熱情的人。這就是為什麼，對我來說，對於紐約市市長來說，這是一個巨大的交易，紐約市是美國最大的城市，擁有最大的警察部門，擁有 33,000 名警察，讓整個紐約警察局和市長在機器人路演前前往那裡，並在他們召開的新聞發布會上向全世界發表講話，因為我希望市長是對的，我們也是對的，這將有助於為其他人定下基調。

And I -- we're trying to go as fast as we can but we can't create magic either. So all of it needs to work, right? You can't just have one thing work. Although you have great marketing, but you don't have enough staff or you don't have enough staff, but you can't, you don't have enough supply, you haven't fixed the supply chain issues so it's frustrating. So I'll more than concede the point that if you don't know the numbers, a violent crime occurs every 26 seconds and a property crime literally every 4 seconds. It's a massive market, if you want to look at that way or a massive problem, which is why I think Knightscope has a huge, huge potential long term.

而我——我們正在努力盡可能快地前進，但我們也無法創造魔法。所以所有這些都需要發揮作用，對嗎？你不能只讓一件事起作用。雖然你有很好的營銷，但你沒有足夠的員工，或者你沒有足夠的員工，但你做不到，你沒有足夠的供應，你還沒有解決供應鏈問題，所以這是令人沮喪的。因此，我承認，如果你不知道這些數字，每 26 秒就會發生一起暴力犯罪，每 4 秒就會發生一起財產犯罪。這是一個巨大的市場，如果你想從這個角度或一個巨大的問題來看的話，這就是為什麼我認為 Knightscope 擁有巨大的長期潛力。

Like if you can go fix this problem with some of the most advanced technologies out there, how can this not be prices for society. But no one's ever done this before. So it's not like, "Oh, well, they did it. " so therefore, we should just follow what they did. So we're learning and part of this is me also spending the time today. We're on 2 hours now, getting feedback from the market and trying to understand where investors are thinking as well. So not sure that answers your question exactly, but at least gives you some perspective.

就像如果你可以用一些最先進的技術來解決這個問題，這怎麼能不是社會的代價。但以前沒有人這樣做過。所以這不是“哦，好吧，他們做到了。”因此，我們應該遵循他們所做的事情。所以我們正在學習，其中一部分是我今天也花時間。我們現在有兩個小時的時間，收集市場反饋並試圖了解投資者的想法。所以不確定這是否準確地回答了你的問題，但至少給了你一些觀點。

Yes, it does. Thank you so much, (inaudible) graph that you just shared with us I missed it, but thank you so much for your leadership, your availability. I know that you probably don't remember, it took some time to meet with me. So I really, really appreciate it. And then your flexibility and I know that we are all here to support you in this group. We know that this is a solution. There is no doubt about it. So we're here support you, and we can wait to see Knightscope all over the U.S.

是的，它確實。非常感謝您剛剛與我們分享的（聽不清）圖表，我錯過了它，但非常感謝您的領導和可用性。我知道你可能不記得了，我花了一些時間才和我見面。所以我真的非常非常感激。然後是你的靈活性，我知道我們都會在這個團隊中支持你。我們知道這是一個解決方案。這個毋庸置疑。所以我們在這里為您提供支持，我們期待在美國各地看到 Knightscope。

Man, you just gave me some feel. Thank you. All right. [Hanni], if you need to come up...

伙計，你剛剛給了我一些感覺。謝謝。好的。 [漢尼]，如果你需要上來……

Bill, thanks for the update. I missed a big chunk of it in the beginning.

比爾，謝謝你的更新。一開始我錯過了很大一部分。

Sorry to interrupt, the quick 7-minute video is on our YouTube channel. We'll get it out later tonight or tomorrow. But if you need to see it, it should be published by now. Sorry, go ahead.

很抱歉打擾一下，這個 7 分鐘的簡短視頻位於我們的 YouTube 頻道上。我們將在今晚或明天晚些時候將其發布。但如果你需要看它，它現在應該已經發布了。抱歉，請繼續。

Sounds very good. My main question is, do you currently or will you be seeking sort of nondilutive funding in the interim period here at least until the markets in general recover. What I mean there's things like, I guess, DARPA, DoD or Department of Interior funding, that sort of thing?

聽起來很不錯。我的主要問題是，您目前或是否會在過渡期間尋求某種非稀釋性資金，至少在市場總體復甦之前。我的意思是，我猜有諸如 DARPA、DoD 或內政部資金之類的東西？

We -- other than working on -- in case you didn't see this part, other than working on the Fed ramp process, which has been very costly and taking a lot of time, we're likely not spending more time on those. Part of the issue, Hanni, is that it's a little weird in a lot of cases, not all the federal authorities, but I would say 95%. Someone wrote down a specification of what they want, and they're asking someone to bid on it, right? And so no one's sitting over in the Fed side going. I need an autonomous security robot that does X-, Y- Z-type of thing other than our sponsor, the U.S. Department of Veterans Affairs.

我們——除了致力於——如果你沒有看到這一部分，除了致力於美聯儲加息進程之外，這一過程成本非常高，而且需要花費大量時間，我們可能不會在這些方面花費更多時間。漢尼，問題的一部分在於，在很多情況下，不是所有聯邦當局，但我會說 95%，這都有點奇怪。有人寫下了他們想要的規格，然後他們要求某人競標，對吧？因此，沒有人會坐在美聯儲一邊。我需要一個自主安全機器人，除了我們的讚助商美國退伍軍人事務部之外，它還能做 X、Y-Z 類的事情。

So we've kind of over invested in the short term on the federal side of things and likely not going after grants and that sort of thing. I think the better idea would be after we get the authority to operate with the U.S. federal government, then going to go seek those kind of grants. There's a ton of opportunities, don't get me wrong. I think after getting that cyber review kick off, that would be the utmost opportune time. In case you missed it, so also included in the video that's on the just a thing, where we're getting additional cash. You can see here, there are 7 kind of avenues as to where we can improve our cash position that we covered earlier in the session, but you can check out that on the video when you have a moment. Adam?

因此，我們在短期內對聯邦政府方面進行了過度投資，並且可能不會尋求撥款之類的事情。我認為更好的想法是在我們獲得與美國聯邦政府合作的授權之後，然後去尋求此類撥款。機會有很多，別誤會。我認為網絡審查啟動後，那將是最合適的時機。如果您錯過了，那麼也將其包含在視頻中，我們將獲得額外的現金。您可以在這裡看到，我們可以通過 7 種途徑來改善我們在會議早些時候介紹的現金狀況，但是您可以在有時間時在視頻中查看。亞當？

I have a question. This is sort of a follow-up from the discussion we had last month, and that has to do with the case acquisition, your 2 stationary emergency posts: the phone systems and emergency communication. And again, it sounds like you really hit success with the sale of those 2 records. Am I correct?

我有個問題。這是我們上個月討論的後續內容，與案例獲取、2 個固定緊急站點有關：電話系統和緊急通信。再說一遍，聽起來你確實成功銷售了這兩張唱片。我對麼？

I mean one of the reasons we're excited to buy case last year was they had some market traction that was material in nature. They are profitable. They have a complementary portfolio of products, and they have a massive footprint that I desperately want to do a massive nationwide upgrade. And the teams continue to deliver and putting up the numbers that we were hoping. And hopefully, they'll continue to do so. I know a lot of folks are like, "Well, it's not a robot," and then I'm like, "We're not a robotics company." I told you for 10 years that we're here to make the U.S. the safest country in the world.

我的意思是，我們去年對購買案例感到興奮的原因之一是它們具有一些本質上是重要的市場吸引力。他們是有利可圖的。他們擁有互補的產品組合，並且擁有巨大的足跡，我迫切希望在全國范圍內進行大規模升級。團隊繼續交付並提供我們希望的數字。希望他們能繼續這樣做。我知道很多人會說，“好吧，這不是機器人”，然後我會說，“我們不是一家機器人公司。”十年來我一直告訴你們，我們來這裡是為了讓美國成為世界上最安全的國家。

If you told me we could do it with rubber bands and paper clips, then we're going to go invest in rubber brands and paper clips, right? So we really need to have a large portfolio of products because tariffs and criminals can be anywhere. So we have to be everywhere.

如果你告訴我我們可以用橡皮筋和回形針來做到這一點，那麼我們就會去投資橡膠品牌和回形針，對吧？因此，我們確實需要擁有大量的產品組合，因為關稅和犯罪分子可能無處不在。所以我們必須無處不在。

Right. I understand, Bill. The question I have is in terms of that particular product group of your backlog, what proportion of your backlog is are those products versus the robot?

正確的。我明白，比爾。我的問題是，就您待辦事項中的特定產品組而言，這些產品與機器人佔待辦事項的比例是多少？

So Adam, because it changes daily, and I'm not trying to be wishy-washy about it, crudely speaking, it's half and half. And it can change dramatically because we saw a huge contract (inaudible) switch either way. But roughly speaking, it's about half and half.

所以亞當，因為它每天都在變化，我並不是想對此猶豫不決，粗略地說，它是一半一半。它可能會發生巨大的變化，因為我們看到了巨大的合同（聽不清）的轉變。但粗略地說，大約是一半一半。

And being here in Hollywood, I've seen your -- the 5-Series at Kaiser at the Kaiser hospital and also...

在好萊塢，我在凱撒醫院看過你們的凱撒 5 系列，還有……

The 5-Series, I'm going to call my friends in Munich at BMW and they're going to have a field tell them which you said.

5系，我要打電話給我在慕尼黑寶馬的朋友，他們將有一個現場告訴他們你所說的。

Yes, better than the 3-Series.

是的，比3係好。

You met the K5.

您遇見了 K5。

Yes. But I've seen the robotics and your security system at Kaiser, you're at the hospital as well as the stationary and the moving product at LAX in the parking deck. And so, and those look really nice, and it's a very nice system.

是的。但我在凱撒看到了機器人和安全系統，在醫院也看到了洛杉磯國際機場停車場的固定和移動產品。所以，這些看起來非常好，這是一個非常好的系統。

Took some doing to get them there, but we're -- there's a few more hospitals in the U.S., and there's a few more airports, right?

我們花了一些功夫才把他們送到那裡，但我們——美國還有更多的醫院，還有更多的機場，對嗎？

Am I correct that when you sell, first is lease, when you sell the stationary systems that you're selling them and you're not leasing them or are those both sale and lease?

我是否正確，當你出售時，首先是租賃，當你出售你正在出售的固定係統時，你不租賃它們，或者這些系統既出售又租賃？

So I hate the term lease because it implies you have a financial interest in the particular asset, and our subscription model isn't exactly that, right? You if you get a BMW 5 Series, you're leasing that VIN number. And in our case, that's certainly not the case. But I understand your point. So as delineated in our regulatory filings, most of the stock that we inherited from the case acquisition, all actually most, all the stock is sold outright and the intellectual property of the asset is owned by the client. However, in a lot of cases, in a good number of cases, they come with a service support and/or maintenance agreements. So it's a little bit of a combo. On the autonomous security robot side, it's all machine as a service, and we're not selling any of the assets outright. Tom Schwartz?

所以我討厭租賃這個詞，因為它意味著你對特定資產擁有經濟利益，而我們的訂閱模式並不完全是這樣，對吧？如果您擁有一輛 BMW 5 系，您就可以租賃該 VIN 號碼。就我們而言，情況肯定不是這樣。但我理解你的觀點。因此，正如我們的監管文件中所述，我們從案例收購中繼承的大部分股票，實際上是大部分，所有股票都被直接出售，資產的知識產權歸客戶所有。然而，在很多情況下，在很多情況下，它們都附帶服務支持和/或維護協議。所以它有點像一個組合。在自主安全機器人方面，這都是機器即服務，我們不會直接出售任何資產。湯姆·施瓦茨？

Hello, Bill. Thank you for your time today and for being on and sharing all this information with us. It's helpful to me as to know where we're at. I'm an early investor, I think my first was in 2020 pre-IPO. Your case acquisition was rolling an idea. I think that was a great addition and certainly seems like so reasonable and like a perfect idea for what you're trying to accomplish. So I was glad to hear that. I wanted to let you know, you're working on a federal acquisition to get on acquisitions for BA?

你好，比爾。感謝您今天抽出時間與我們分享所有這些信息。這對我很有幫助，因為我知道我們現在處於什麼位置。我是早期投資者，我想我的第一次投資是在 2020 年 IPO 之前。你的案例收購正在醞釀一個想法。我認為這是一個很好的補充，而且看起來確實很合理，並且對於您想要實現的目標來說是一個完美的想法。所以我很高興聽到這個消息。我想讓你知道，你正在從事一項聯邦收購工作，以便為 BA 進行收購？

We're working through -- yes, we're trying to get through a cybersecurity review with the federal authorities and the sponsor/client is the U.S. Department of Veterans Affairs.

我們正在努力——是的，我們正在努力通過聯邦當局的網絡安全審查，贊助商/客戶是美國退伍軍人事務部。

Got it. Well, they're building a new hospital here in Mobile, Kentucky.

知道了。嗯，他們正在肯塔基州莫比爾建造一座新醫院。

The Chief Security Officer there. He's got 143 police departments, I think he told me, that he has to manage, and it's just he can't keep throwing bodies at it and he needs help, which is why he's him and his app has spent now north of 2 years working with us to try to get us through the system.

那裡的首席安全官。我想他告訴我，他有 143 個警察部門，他必須管理，只是他不能一直向這些部門扔屍體，他需要幫助，這就是為什麼他是他，他的應用程序已經花了兩年多的時間與我們合作，試圖讓我們通過這個系統。

Well, I hope you're successful soon enough to put it in here because it would be a really smart thing to do while they're building.

好吧，我希望你能盡快成功，把它放在這裡，因為在他們建造的時候，這將是一件非常明智的事情。

You and me both. I thought it would take a long time, but just a bit of a nightmare. I think the only kind of saving grace is as a lot of folks that I know on the defense side of things is getting into the Department of Defense is a complete nightmare. But once you're in, it's hard to get kicked out. I guess it's not a great way to say it, but it's a much stickier client, which is why we were willing to take the calculated long-term risk. If I were to go work on this for 10 years and go take the company public, sell my shares and go sit on a beach like, I would never have signed off on that because I knew it was going to take forever and put our team through a lot of pain and suffering.

你和我都。我以為這會花很長時間，但只是一場噩夢。我認為唯一的可取之處是，據我所知，在國防方面，進入國防部完全是一場噩夢。但一旦進來，就很難被趕出去。我想這不是一個很好的表達方式，但這是一個更具粘性的客戶，這就是為什麼我們願意承擔經過計算的長期風險。如果我要為此工作 10 年，然後將公司上市，出售我的股票，然後坐在海灘上，我絕不會同意這樣做，因為我知道這將花費很長時間，並使我們的團隊經歷很多痛苦和磨難。

But because that's not the case. And I hope everyone understands that we're serious about what we're trying to do here, we should be willing to take calculated, sometimes controversial risks that put a bit of investment in something that we think could be really big for us. And I'm hoping, Tom, that when and if we get that ATO or Authority To Operate, it's going to spill over to the private sector. I don't know how many times our team ends up with these massive cybersecurity questionnaires and what have you. And if we can just go, "Hey, the Fed just put us through health for 2.5 years or 3 years or whatever the number ends up being, what is it that you're going to ask me?" that it's really going to be not covered. I'm hoping that's going to expedite some of the sales. Especially in the health care and financial institution and, I'll say, larger city government side.

但因為事實並非如此。我希望每個人都明白，我們對我們在這裡嘗試做的事情是認真的，我們應該願意承擔經過計算的、有時有爭議的風險，在我們認為對我們來說可能真正重要的事情上投入一些投資。湯姆，我希望，當我們獲得 ATO 或運營權時，它會蔓延到私營部門。我不知道我們的團隊有多少次收到這些大量的網絡安全調查問卷，你們有什麼。如果我們可以說，“嘿，美聯儲剛剛讓我們保持健康 2.5 年或 3 年，或者無論最終的數字是什麼，你會問我什麼？”它真的不會被覆蓋。我希望這會加快一些銷售。特別是在醫療保健和金融機構，以及較大的城市政府方面。

Well, yes, I would just do nothing but add to your credibility, which New York does. I understand the whole stock pricing thing and stocks get valued inaccurately all the time, and it's something that has. And I understand the profitability path to profitability that you outlined. How about your cash until you get there? When we do project having, at least, get to close to a positive cash flow in that period or even just where you're not burning?

嗯，是的，除了增加你的可信度之外我什麼也不做，紐約就是這麼做的。我了解整個股票定價的事情，股票的估值一直都是不准確的，而且事實確實如此。我了解您概述的盈利路徑。到達那里之前你的現金怎麼樣？當我們做項目時，至少在那個時期甚至在你不燒錢的地方接近正現金流？

I think it's appropriate to say if you read carefully the 10-Q that we filed on Friday for our first quarter results, our CFO went out and kind of did some, I would say, loose projections. And we're were prior, we're burning a lot more money, and we're probably on the order of we're less than $1 million a month, which is what was reflected in the 10-Q. And we've got, as I mentioned, and I'll put it back for folks, there's 7 avenues for us to be able to address those. So I'm not sure we've gotten that sophisticated to delineate between cash flow positive and profitability of plus or minus, fourth quarter of '24 is we're hopeful to get to that point, if not much sooner. And it's very, it's product mix, it's our costs and both on the variable side and the fixed side.

我認為，如果你仔細閱讀我們週五提交的第一季度業績的 10-Q 報告，我們的首席財務官就出去做了一些我想說的鬆散的預測，這是恰當的說法。我們處於領先地位，我們燒掉了更多的錢，而且我們每個月的支出可能還不到 100 萬美元，這也反映在 10-Q 中。正如我所提到的，我們有 7 種途徑可以解決這些問題。因此，我不確定我們是否已經能夠如此復雜地劃分正現金流和正負盈利能力之間的關係，我們希望在 24 年第四季度達到這一點，如果不是更早的話。這是產品組合，是我們的成本，無論是可變方面還是固定方面。

I mean we just need to continue to grow the company, and we need to get some of these costs down. And that will get us home. And fortunately, we've had enough growth to hopefully show everyone on this call and on the street that the company is growing double-digit growth. It's a pure AI play. Like this is not someone's R&D project somewhere, we're literally operated over 2 million hours in the field with paying clients. So if you want to play on autonomy, on robotics, on AI and electric vehicles like Knightscope is literally at the intersection and working on a huge problem.

我的意思是，我們只需要繼續發展公司，並且需要降低其中一些成本。這會讓我們回家。幸運的是，我們已經取得了足夠的增長，希望能夠向這次電話會議和街頭的每個人展示該公司正在實現兩位數的增長。這是一個純粹的AI遊戲。就像這不是某個人的研發項目一樣，我們實際上與付費客戶在現場運行了超過 200 萬小時。因此，如果你想玩自動駕駛、機器人、人工智能和像 Knightscope 這樣的電動汽車，那麼它實際上正處於十字路口，正在解決一個巨大的問題。

And so I think we need a little support and help from our investors and supporters. We need the team to continue to work extremely hard. We continue to need to execute. And hopefully, the stock price will take care of itself in the future.

所以我認為我們需要投資者和支持者的一點支持和幫助。我們需要團隊繼續非常努力地工作。我們還需要繼續執行。希望未來股價能夠恢復正常。

What brings you (inaudible) question?

是什麼給您帶來了（聽不清）問題？

Of course, of course. I've been attempting to monitor the chat on the side. And I'm sorry, folks. There's some inappropriate stuff in here and there's a lot of spam and if you're still on, and I don't answer your question on here, if I could kindly ask you to raise your hand and ask me directly as trying to go through this chat, it's going to be an impossibility. So Tom, if you had another question, feel free. But unfortunately, we've got some people here that probably shouldn't have been on the call.

當然，當然。我一直試圖在一旁監視聊天內容。我很抱歉，伙計們。這裡有一些不適當的內容，並且有很多垃圾郵件，如果您仍然在線，並且我不在這裡回答您的問題，如果我可以請您舉手並直接詢問我嘗試進行此聊天，這將是不可能的。湯姆，如果您還有其他問題，請隨時提出。但不幸的是，我們這裡有一些人可能不應該參加電話會議。

Anybody asked a question that wasn't answered today? And you'd like a moment, please raise your hand. If not, we're at 2 hours and 15 minutes, and I'm still standing. All right. Going once, going twice.

有人問了今天沒有回答的問題嗎？如果您需要一點時間，請舉手。如果沒有，我們已經 2 小時 15 分鐘了，我還站著。好的。去一次，去兩次。

I think Tom has his hand raised, Bill.

我想湯姆已經舉手了，比爾。

He'll just take it down.

他會把它拿下來。

He'll take it down? Okay. Anyone else? Okay. If not, thank you, everyone, for taking the time. If you didn't want to ask the question and you still need an answer, you can write to me directly at invest@knightscope.com. I literally am the person that answers the questions. So again, invest@knightscope.com. If you need any of the latest, go to knightscope.com/rise, R-I-S-E, and you've got the latest videos, updated deck and the like. All righty.

他會把它拿下來嗎？好的。還有誰？好的。如果沒有的話，謝謝大家抽出時間。如果您不想問這個問題但仍需要答案，可以直接寫信給我：invest@knightscope.com。我確實是回答問題的人。再說一遍，invest@knightscope.com。如果您需要任何最新內容，請訪問 Knightscope.com/rise、R-I-S-E，您可以獲得最新視頻、更新的套牌等。好吧。

Well, thanks, everyone, for taking the time out of your busy schedules. And as I'll often say, and we'll continue to say long Knightscope and short the criminals. We'll see you on the other side. Thanks, everybody.

好的，謝謝大家在百忙之中抽出時間。正如我經常說的，我們將繼續說做多 Knightscope 並做空罪犯。我們會在另一邊見。謝謝大家。