Knightscope Inc (KSCP) 2025 Q4 法說會逐字稿

My name is William Santana Li, Chairman and CEO of Knightscope. I'm here with our Trustee, CFO, Apoorv Dwivedi. We're going to do a little bit of a different format today. First, an announcement regarding this Thursday, then Apoorv will go through the 2025 financial results that we filed on Form 10-K. And then we aggregated a bunch of questions that have come in, including from the three equity research analysts, and we'll try to put that in a much more efficient approach to answering questions.

我叫 William Santana Li，是 Knightscope 的董事長兼執行長。我與我們的受託人兼財務長 Apoorv Dwivedi 一起在此。今天我們會採用一個稍微不同的形式。首先，先就本週四發布一項公告，接著 Apoorv 會帶大家回顧我們在 Form 10-K 中申報的 2025 年財務結果。然後我們彙整了許多收到的問題（其中也包括三位股票研究分析師的提問），並會嘗試用更有效率的方式來回答。

So with that, I'll start it off with -- we're going to have our first annual Autonomous Security Force Day and also celebrate our 13-year anniversary in business. I often like to say we're here in Silicon Valley. There are 22,000 start-ups here. 95% of them failed despite having unbelievable ambition, financing and the like.

那麼，我先開始——我們將舉辦第一屆年度「自主安全部隊日」（Autonomous Security Force Day），同時也慶祝我們創業滿 13 週年。我常說我們身處矽谷。這裡有 22,000 家新創公司；其中 95% 即使擁有驚人的企圖心、資金等條件，仍然失敗。

And for us to be able to start the company, get it funded, grow it, take it public, buy two companies and still be at it 13 years later is certainly a testament to the relentless nature of the Knightscope team. And I couldn't be more excited about our future as we build out the nation's first autonomous security force.

而我們能夠創立公司、取得資金、成長、上市、收購兩家公司，並在 13 年後仍持續前進，無疑證明了 Knightscope 團隊鍥而不捨的精神。隨著我們打造全美第一支自主安全部隊，我對我們的未來感到無比興奮。

So this Thursday, we're going to have several VIP private sessions for previews as to what we're building during 2026 and intentionally to get some market feedback, and then we're going to have an open house in the evening here in Sunnyvale at our new headquarters. And there's rumors flying around, there's going to be an ice cream truck and a bunch of other stuff. So hopefully, if you have an RSVP, please be sure to check our social media channels or newsletters, and you can grab a spot there. So that will be at 6:00 PM this Thursday.

所以在本週四，我們將安排數場 VIP 私人場次，預覽我們在 2026 年期間正在打造的內容，並刻意蒐集一些市場回饋；接著晚上我們會在 Sunnyvale 的新總部舉辦開放參觀活動（open house）。而且外面傳聞滿天飛，說會有冰淇淋餐車以及一堆其他活動。因此如果你已經 RSVP，請務必查看我們的社群媒體管道或電子報，你可以在那裡搶到名額。活動時間是本週四晚上 6:00。

All right. With that, I'll turn it over to Apoorv, who will walk you through history, meaning 2025, and kind of what happened then. Then we'll talk a little bit about the acquisition and the questions and why all the excitement for 2026 and beyond. So with that, Apoorv?

好。接下來我把時間交給 Apoorv，他會帶大家回顧歷史——也就是 2025 年——以及當時發生了什麼。然後我們會再談談收購案、相關問題，以及為什麼大家對 2026 年及之後如此興奮。那麼，Apoorv？

Thanks, Bill. Good afternoon, everyone, and thank you for joining. I will begin with a review of our financial performance, first for the Q4, and then the full year 2025, followed by commentary on liquidity and capital strategy.

謝謝，Bill。各位下午好，感謝大家參與。我將先回顧我們的財務表現，先看第四季，再看 2025 全年，接著說明流動性與資本策略。

With that, let's jump right in. Q1 -- sorry, Q4 revenues declined approximately 9.8% year-over-year (inaudible) product shipments, primarily driven by supply chain constraints which we've talked about in the past that resulted in delays of ECD product deliveries. The services business remained materially unchanged.

那我們直接開始。Q1——抱歉，是 Q4——營收年減約 9.8%，（聽不清）產品出貨下滑，主要是受到我們過去談過的供應鏈限制所影響，導致 ECD 產品交付延遲。服務業務則大致維持不變。

Gross loss of $1.6 million reflects ongoing margin pressure driven by elevated material and other input costs for production and by under-absorption of fixed manufacturing overhead. These factors were consistent with full year trends and underscore the need for improved scale and supply chain normalization to drive margin recovery for the company.

毛損失 160 萬美元，反映出持續的毛利率壓力，主要來自生產所需材料及其他投入成本上升，以及固定製造間接費用分攤不足。這些因素與全年趨勢一致，也凸顯公司需要提升規模並使供應鏈回歸正常，以推動毛利率回升。

Our operating expenses of $9.7 million in the quarter increased approximately $3.8 million year-over-year, driven by higher investment in both R&D and SG&A functions. R&D spending reflects the company's deep commitment to continued advancement of our next-generation platforms such as the K7, the K1 Capsule and the Signals software. SG&A increased primarily due to targeted investment in talent and organizational capabilities, which are critical to positioning the company for future scale and growth.

本季營業費用為 970 萬美元，年增約 380 萬美元，主要由研發與銷售、一般及行政（SG&A）兩方面投資增加所致。研發支出反映公司對持續推進下一代平台（例如 K7、K1 Capsule 與 Signals 軟體）的深度承諾。SG&A 增加主要是因為針對性地投資人才與組織能力，這對於讓公司在未來擴張與成長中取得有利位置至關重要。

Overall, the cost structure reflects a deliberate investment phase to support long-term expansion. Q4 2025 net loss of $11 million widened versus prior year due to a combination of lower revenue, continued gross margin pressure and sustained operating investment. The quarter reflects a near-term financial impact of scaling the platform, while revenue growth remains uneven.

整體而言，成本結構反映出我們為支持長期擴張而刻意進入的投資階段。2025 年第四季淨損 1,100 萬美元，較去年擴大，原因是營收較低、毛利率壓力持續，以及營運投資維持高檔等因素共同造成。本季反映出平台擴張帶來的短期財務影響，而營收成長仍不均衡。

With that, moving on to full year. 2025 full year revenue grew approximately 4.9% to $11.3 million, driven primarily by the services revenue expansion in both the Machine-as-a-Service ASR offerings and our full service maintenance plans on the ECD installed base. However, growth in the product revenue was modest due to the already discussed supply chain-related constraints and shipment timing issues discussed earlier.

接著看全年。2025 全年營收年增約 4.9% 至 1,130 萬美元，主要由服務營收擴張所帶動，包括我們的「機器即服務」（Machine-as-a-Service）ASR 方案，以及針對 ECD 已安裝基礎的全方位維護方案。然而，產品營收成長幅度不大，原因是前面提到的供應鏈相關限制與出貨時點問題。

Full year gross loss of 4.8 million increased by approximately $1.1 million versus prior year, reflecting higher bill of material cost (inaudible) inefficiencies, component shortages and production variability. The lack of scale continues to pressure unit economics, reinforcing the importance of driving higher volume and utilization as we continue to grow.

全年毛損失 480 萬美元，較去年增加約 110 萬美元，反映出物料清單（BOM）成本上升（聽不清）、效率不彰、零組件短缺與生產波動。規模不足仍持續壓縮單位經濟效益，進一步凸顯在持續成長的同時，提高產量與使用率的重要性。

Full year operating expenses increased approximately 12.1% year-over-year, driven primarily by a $5.4 million increase in R&D investment compared to 2024. This reflects continued focus on platform development and next-generation products to support future scalability. The increase was partially offset by cost savings in SG&A expenses of approximately $1.8 million as well as the absence of $0.5 million in restructuring charges incurred in the prior year. This demonstrates progress in optimizing the company's cost structure while investing in growth.

全年營業費用年增約 12.1%，主要由研發投資較 2024 年增加 540 萬美元所帶動。這反映我們持續聚焦平台開發與下一代產品，以支援未來的可擴展性。部分增幅被 SG&A 費用約 180 萬美元的成本節省，以及前一年發生的 50 萬美元重整費用在本年度不再發生所抵銷。這顯示公司在投資成長的同時，也在優化成本結構方面取得進展。

Full year loss increased to approximately $33.8 million. This reflects a combination of modest revenue growth, continued gross margin pressure and elevated investment levels, consistent with the company transitioning to growth. Weighted average loss per share of $4 decreased by approximately 63.5% year-over-year.

全年虧損增加至約 3,380 萬美元。這反映出營收僅溫和成長、毛利率壓力持續，以及投資水準偏高等因素，與公司正轉向成長階段的狀態一致。加權平均每股虧損 4 美元，較去年同期下降約 63.5%。

Finally, from a balance sheet and cash flow perspective, we used approximately $30.3 million in operating activities during 2025, reflecting a continued investment in product development (inaudible) organizational scale. Importantly, we raised $42.2 million through financing activities, allowing us to strengthen our balance sheet and support ongoing operations. We ended the year (inaudible) a significant increase from the $11.1 million at the end of 2024 (inaudible) 83% year-over-year improvement in cash position. Looking ahead, our focus remains actively on managing liquidity through a combination of capital markets, access, operational discipline and strategic initiatives designed to improve cash generation over time.

最後，從資產負債表與現金流角度來看，我們在 2025 年營運活動中使用約 3,030 萬美元現金，反映持續投入產品開發（聽不清）與組織規模擴張。重要的是，我們透過籌資活動募集 4,220 萬美元，使我們得以強化資產負債表並支援持續營運。我們在年底（聽不清），相較於 2024 年底的 1,110 萬美元大幅增加（聽不清），現金部位年增改善 83%。展望未來，我們仍將積極聚焦於流動性管理，透過資本市場取得資金、營運紀律，以及旨在隨時間改善現金創造能力的策略性措施等多管齊下。

In summary, 2025 was a year of foundational investment. We strengthened the liquidity position, continued to grow revenue modestly and made critical progress in evolving our business model towards a more integrated and scalable platform. While near-term financial performance reflects that investment phase, we believe the combination of our technology, software and now human-enabled delivery capabilities position Knightscope to pursue larger opportunities and improve financial performance over time.

總結來說，2025 年是奠基投資的一年。我們強化了流動性部位、營收小幅成長，並在將商業模式演進為更整合且更具可擴展性的平台方面取得關鍵進展。雖然短期財務表現反映出投資階段的特性，但我們相信，我們的技術、軟體，以及如今具備的人力支援交付能力的組合，將使 Knightscope 能夠追求更大的機會，並隨時間改善財務表現。

With that, I'll turn the call over to Bill as we go through the questions provided by our analysts ahead of time.

接下來，我把電話會議交回給 Bill，我們將逐一討論分析師事先提供的問題。

Yeah. Apoorv, I think there's some connectivity issues. So if you want to kill the PowerPoint and turn your video back on would be great.

是的。Apoorv，我想連線有些問題。所以如果你想把 PowerPoint 關掉並把你的視訊重新開啟，那就太好了。

So while he does that, let me put things in context a little bit. We've been at this problem and tackling this issue of trying to see if we can make the US the safest country in the world, utilizing technology, AI, robotics, electric vehicle technology, telecommunications, the whole gamut. And after working on the problem for over a decade, it's become obvious to me that the nations addicted to CCTV cameras, security guards and video management systems running on Windows and are unwilling to change or if willing to change at a snail's pace.

在他處理的同時，讓我先把事情稍微放到脈絡中說明一下。我們一直在處理這個問題，並著手解決這個議題：嘗試看看能否運用科技、AI、機器人技術、電動車技術、電信等各種手段，讓美國成為全世界最安全的國家。在這個問題上投入超過十年之後，我很明顯地看到，那些依賴（甚至可說沉迷於）CCTV 攝影機、保全人員，以及在 Windows 上運行的影像管理系統的國家，不願意改變；即便願意改變，速度也慢得像蝸牛。

And so we wanted to try to be helpful to our clients to build a managed service provider that can take a lot of the technological burden and complexity regarding the technology itself, installation, IT, cybersecurity, keeping things up to date, making sure it's all operating off of a chief security officer's hands and come with -- go to market with a complete full solution instead of having this disparate set of widgets all over the place that don't talk to each other and the like.

因此，我們希望能對客戶有所幫助，建立一家受管理服務供應商（MSP），能夠承擔大量與技術本身、安裝、IT、資安、維持更新、確保一切正常運作等相關的技術負擔與複雜度，讓這些事情不必由首席安全官來操心，並且——以完整的一體化解決方案推向市場，而不是到處都是彼此不互通、各自為政的零散小工具組合。

And an accelerant and catalyst to do that was the acquisition of Event Risk that we recently announced. And that's a transformative and strategic acquisition so that we can go to market as a managed service provider to actually fix the client's problems instead of doing the mix and match. And that's one of the reasons we're extremely excited about our future.

而促成並加速我們做到這點的一個推進器與催化劑，就是我們近期宣布收購的 Event Risk。這是一項具轉型意義且具策略性的收購，讓我們能以受管理服務供應商的身分推向市場，真正解決客戶的問題，而不是再做那種拼拼湊湊的混搭。這也是我們對未來感到非常興奮的原因之一。

We've been at this for a very long time. I've never been this excited and kid around with the team here. It's like I couldn't sleep before because all kinds of problems and stuff. Now I can't sleep because I'm too excited. So the future looks genuinely bright. We have a lot of contracts signed, and just focused very much on execution, both operationally and technologically.

我們投入這件事已經很久了。我從來沒有像現在這麼興奮，還常跟這裡的團隊開玩笑。以前我睡不著，是因為各種問題和狀況。現在我睡不著，是因為太興奮了。所以未來看起來確實一片光明。我們已簽下很多合約，現在非常專注在執行面，無論是營運或技術層面。

We've got a lot of new technologies that we're developing, and we're going to showcase some of that this Thursday. And the coming years are going to create literally a new kind of entity that has never existed before, a managed service provider that can be that -- a nation's first autonomous security force.

我們正在開發許多新技術，並將在本週四展示其中一些。而接下來幾年，將會真正創造出一種前所未有的新型態實體：一家受管理服務供應商，能夠成為——一個國家的第一支自主安全部隊。

So with that, we got a bunch of questions in from a variety of folks, including our research analysts. So Apoorv, if you want to read off the first easy question, we can get on it.

那麼，我們收到了來自各方的許多問題，包括研究分析師。所以 Apoorv，如果你願意先念第一個簡單的問題，我們就開始。

Absolutely. All these questions are easy.

當然。這些問題都很簡單。

Excellent.

太好了。

The first one was basically, can you provide visibility on timing of supply chain issues clearing up? And basically, are any supply chain disruptions anticipated due to all the global conflicts happening across the Middle East and Europe?

第一個問題基本上是：你們能否提供供應鏈問題何時會緩解的時間點能見度？另外，鑑於中東與歐洲各地正在發生的全球衝突，是否預期會出現任何供應鏈中斷？

I think there's volatility prior in the system, still in the system, and I would forecast going forward, we'll continue to have volatility. So we need to better manage the volatility. Some of it has to do with tariffs, geopolitical instability, et cetera. Some of it has to do with an end-of-life component. And some of it has nothing to do with, hey, can you get the NVIDIA chip? It's the one specific resistor or button or what have you that ties up the whole thing, and it's not one strategic component.

我認為系統中仍然存在波動，而且先前就有波動；我預測未來也會持續有波動。因此我們需要更好地管理這些波動。其中一部分與關稅、地緣政治不穩定等因素有關。其中一部分與零組件停產（end-of-life）有關。還有一部分根本不是「能不能拿到 NVIDIA 晶片」這種問題。而是某一個特定的電阻、按鈕或諸如此類的小零件卡住了整個產品，並不是某個策略性關鍵元件。

So this continues to be a whack-a-mole kind of problem that we're working through. We now have a supply chain manager and a team that's proactively working the issue. So we're starting to plan better, buy in advance, replace components, outright replace suppliers if needed.

所以這仍然是一種「打地鼠」式的問題，我們正在逐一處理。我們現在有一位供應鏈經理和一個團隊在主動推進這個議題。因此我們開始做更好的規劃、提前採購、替換零組件，必要時甚至直接更換供應商。

But to be on a cautionary note, we've had our struggles. I think we can try to minimize the damage, but a lot of it is not necessarily directly in our control. So we're working through the problem. I don't know if Apoorv, you had a different take on that?

但謹慎地說，我們確實經歷了一些掙扎。我認為我們可以努力把損害降到最低，但其中很多並不一定是我們能直接控制的。所以我們正在把這個問題處理過去。我不知道 Apoorv，你對此是否有不同看法？

No, I agree, Bill. I think the volatility is driven primarily by macro events. And I think we're doing a lot of things internally to mitigate as much as possible, right? The broader electronics market, in particular, continues to be volatile. There's longer lead times, tighter availability in items like compute modules, networking hardware, memory, et cetera.

沒有，我同意，Bill。我認為波動主要是由總體事件所驅動。而且我認為我們在內部做了很多事情，盡可能去緩解影響，對吧？更廣泛的電子市場，尤其是，仍然持續波動。像是運算模組、網路硬體、記憶體等品項，交期更長、供應更緊。

So I think those are some things that are just outside of control -- our control directly, but we are putting in place mitigation steps. So things like making sure we're not relying on single source, expanding our relationships to multiple vendors, making sure that we identify items that have the highest risk and making sure that we have enough of those in stock, which is an investment in inventory.

所以我認為其中一些事情確實在我們——我們無法直接控制的範圍之外，但我們正在建立緩解措施。例如確保我們不依賴單一來源、把合作關係擴展到多家供應商、確保我們辨識出風險最高的品項並確保有足夠庫存，而這也意味著對存貨的投資。

So there's a lot we're doing, and we've been able to learn over the last few months that we're working through. I would say keeping supply chain and production in sync is important for us, and we'll continue to adjust as things progress. We do expect that versus prior year, this year, we'll have slightly better, if not much better outcomes as we continue to invest in supply chain and our relationships.

所以我們做了很多事情，而且在過去幾個月的推進過程中也學到了不少。我會說，讓供應鏈與生產保持同步對我們很重要，我們也會隨著情勢發展持續調整。我們確實預期，相較於去年，今年在我們持續投資供應鏈與供應商關係的情況下，結果會稍微更好，甚至可能好很多。

All right.

好。

Next question was on the move. Is the move to the Sunnyvale facility complete and up to operational efficiency?

下一個問題是關於搬遷。搬到 Sunnyvale 設施的作業是否已完成，並達到營運效率？

Mostly. Mostly done. We have a little bit of a challenging landlord situation with less flexibility than we want, but we're working through it. One of the reasons we're having this Autonomous Security Force Day here is to showcase the progress that we've made since we've moved into the building. Still a lot more that we want to complete, but things are looking pretty good. I will confess that some of us are nervous that we're going to run out of space a lot sooner than we were planning, but that's a good problem to have in the coming quarters.

大致上。大致完成了。我們在房東方面遇到一些棘手狀況，彈性比我們希望的要小，但我們正在處理。我們之所以在這裡舉辦「Autonomous Security Force Day」，其中一個原因就是要展示自從搬進這棟大樓以來我們所取得的進展。還有很多我們想完成的事情，但整體看起來相當不錯。我得承認，我們當中有些人有點緊張，擔心我們會比原先規劃更早用完空間，但在接下來幾季這會是一個「好問題」。

Next one is on the recent acquisition. Following the Event Risk acquisition, can you give us an estimate of how much your potential market has expanded? Do you have an estimate around the new TAM?

下一題是關於近期收購。在收購 Event Risk 之後，你們能否估算一下你們的潛在市場擴大了多少？你們是否有新的 TAM（總可服務市場）估計？

I've been wanting to do an acquisition like this for 5 years. So the TAM that we actually put in the investor presentation, if you haven't seen the latest one, it's at knightscope.com/america. That $230 billion there is the TAM that we're going after and remains unchanged because this was kind of the overall plan. I think this is an unlock or a catalyst for us to be able to go to market much more efficiently and much more aggressively. So I think one of the enticing things that's going to happen in the coming quarters is just to see genuine accelerated growth versus the less than optimal growth that we've seen to date.

我想做這樣的收購已經 5 年了。所以我們在投資人簡報中所列的 TAM——如果你還沒看最新版本，在 knightscope.com/america——那個 2,300 億美元就是我們要攻的 TAM，而且維持不變，因為這本來就是整體計畫的一部分。我認為這次收購對我們而言是一個解鎖點或催化劑，讓我們能更有效率、也更積極地推向市場。所以我認為接下來幾季會很吸引人的一點，就是看到真正加速的成長，相較於我們迄今所看到的、並不理想的成長。

And the idea is to be able to -- maybe two different steps here. One, we have existing clients between the acquisition and our legacy clients. And there's a significant amount of opportunity to cross-sell technology or security agents back and forth. So there's that kind of literal synergy. And then there's the -- once that's done, let's go to market together in specific verticals for us to be able to, again, bring a total solution.

而這個想法是要能夠——這裡可能有兩個不同的步驟。第一，我們在併購標的的既有客戶與我們原有客戶之間，在技術或保全人員（security agents）彼此交叉銷售方面有相當大的機會。所以這是一種很直接的協同效益。接著——一旦那部分完成，我們就能在特定垂直領域一起推向市場，讓我們能夠再次提供一個完整的整體解決方案。

So the TAM doesn't change the amount that we can go grab after the TAM and do it in an accelerated fashion is, I think, dramatically increased. We're -- if you haven't heard, we're -- the team is well over 400 employees now, and we're in a pretty serious pace of growth.

所以TAM並沒有改變；但在TAM之後我們能夠去爭取的量，以及以更快速度去做，我認為是大幅提升的。我們——如果你還沒聽說——團隊現在已經遠超過400名員工，而且我們正處於相當快速的成長節奏。

Yeah, I agree, Bill. I think the way to think about it is not whether the TAM has increased, but more our ability to penetrate that and grab a larger piece of that market share faster is definitely accelerated. We've talked about this in the past where we've said, generally, when the RFPs and RFQs are out for security guards only, we were, for example, excluded from those because we don't have guarding services. We don't have humans. We're only technology.

是的，我同意，Bill。我認為應該這樣看：不是TAM是否增加，而是我們滲透並更快拿下更大市場份額的能力，確實被加速了。我們過去談過：一般而言，當RFP與RFQ只針對保全警衛（security guards）時，例如我們會被排除在外，因為我們沒有警衛服務。我們沒有真人。我們只有技術。

And then when we would try to go after technology, only RFPs and RFQs, again, we didn't have a full-on solution. So it kind of limited us a little bit. Now with the acquisition and being able to go to market in a way that allows us to provide that fully managed services or fully managed security services, it just allows us to go to market faster.

而當我們想去爭取僅針對技術的RFP與RFQ時，同樣地，我們又沒有一個完整的一體化解決方案。所以這在某種程度上限制了我們。現在透過這次併購，並且能以一種讓我們可以提供全代管服務或全代管保全服務（fully managed security services）的方式推向市場，這就讓我們能更快進入市場。

Yeah. And a little bit more context for those newer to that conversation. There are, I think, rough numbers, more than 6,000 guarding companies in the US that maybe have more than 100 employees, plus or minus. Our friends over at Lake Street helped us vet the first 100, and we came across Event Risk and Eric Rose. And a lot of special things about why we got so animated and excited.

是的。再補充一些背景給剛加入這個討論的人。我想粗略估計，在美國有超過6,000家警衛公司，可能員工數超過100人，上下浮動。我們在Lake Street的朋友協助我們審視了前100家，我們因此遇到了Event Risk和Eric Rose。而之所以讓我們如此投入、興奮，有很多特別的原因。

Having a combination of a serious operator who's been more than around the block, has been able to work in large, established guarding companies, help train the Navy SEALS, Marine, law enforcement and been able to grow and bootstrap an entire company unto himself with the team was an accomplishment in and of itself. If you add the growth, the continued double-digit growth that he's been able to enjoy over the past few years, is another important bullet point.

能同時具備一位非常強的營運操盤手——不只見過世面，還曾在大型、成熟的警衛公司工作過，協助訓練海軍海豹部隊、海軍陸戰隊與執法單位，並且能與團隊一起白手起家把整家公司做起來——這本身就是一項了不起的成就。再加上他過去幾年持續維持兩位數成長，這也是另一個重要亮點。

But another one is very interesting. The industry is 100% to 400% employee turnover rates. The Knightscope Security Force is at 6%, very laser-focused on recruiting, on recruiting the right people, providing them health benefits, providing them the appropriate training. And in our case, we're going to be adding a few more things. We -- the Board of Directors kindly approved stock options for the entire team so we can also attract more people and keep the people employed and engaged and have them be part of the winning solution here.

但還有一點非常有意思。這個產業的員工流動率是100%到400%。Knightscope Security Force的流動率是6%，非常聚焦在招募——招募對的人、提供健康福利、提供適當訓練。而在我們這邊，我們還會再加上一些東西。我們——董事會也很支持，核准了全體團隊的股票選擇權，讓我們也能吸引更多人才、留住員工並提升投入度，讓大家成為這個致勝解決方案的一部分。

And we're working on some new technologies to add to those security agents. So in the future, you'll be hearing us talk about ASAs or augmented security agents that really don't exist today. And that allows all of that, combined with the stationary technology, the autonomous robotic technology, the augmented security agents, all having that data fed into our upcoming new Signals software platform. And our remote monitoring team is going to give us an unprecedented capability to properly secure a facility.

而我們也在研發一些新技術，準備加到那些保全人員（security agents）身上。所以未來你會聽到我們談ASAs，也就是增強型保全人員（augmented security agents），這在今天其實還不存在。這讓所有這些——再加上固定式技術、自主機器人技術、增強型保全人員——所產生的資料，都能匯入我們即將推出的新Signals軟體平台。而我們的遠端監控團隊將帶來前所未有的能力，去妥善保護一個設施。

And our security analyst that's remotely operating then now has machines to do things autonomously. They can escalate things to a different risk level to have some humans involved. And then there is a response element, both armed and unarmed. And that's unprecedented in the industry. And one of the reasons why we're in good spirits and more than rather excited about the future.

而我們遠端操作的安全分析師，現在也有機器可以自主執行一些事情。他們可以把事件升級到不同風險等級，讓部分真人介入。接著還有應變（response）環節，包含武裝與非武裝。這在產業裡是前所未有的。這也是我們心情很好、對未來非常興奮的原因之一。

Question on the sales forces and how we mash them together. Two questions, and I'll combine them here. What is the overall sales pipeline expected for the ASR, the ECD and the Event Risk, or now known as the Knightscope Security Force business? And then what is the timing around being able to sell legacy Knightscope with the Knightscope Security Force services together?

關於銷售團隊以及我們如何把它們整合在一起的問題。有兩個問題，我在這裡合併問。ASR、ECD以及Event Risk（或現在稱為Knightscope Security Force）業務的整體銷售管線預期如何？另外，能夠把既有Knightscope產品與Knightscope Security Force服務一起銷售的時間點是什麼？

I'm going to want Wall Street, media and our own team internally to really stop focusing on selling widgets. How many of these units did you sell? How many of this standard stationary device did you sell? What we really need to focus on is aggregate total revenue growth of providing an actual solution to our clients.

我希望華爾街、媒體以及我們內部團隊，真的停止把焦點放在賣「小零件／單機」（widgets）上。你賣了多少台？你賣了多少這種標準固定式設備？我們真正需要聚焦的是：向客戶提供實際解決方案所帶來的整體總營收成長。

And that is the overall strategy for us to deliver a managed service provider and try to focus on fixing the client's problem, improving outcomes, improving quality, improving service levels. And hopefully, there's some cost reductions in there for a client depending on the location.

而這就是我們的整體策略：以代管服務供應商（managed service provider）的方式交付，並把重點放在解決客戶的問題、改善成果、提升品質、提升服務水準。並且希望在某些地點與情境下，也能為客戶帶來一些成本降低。

But overall, manage this much, much better that's being done today and not focused on did you sell an agent or 10 agents or 100 or 300 agents with that contract? Or did you sell -- the important part is, are we fixing the client's problems. And that is a bit different and why the change in strategy is to force that change in adoption that's needed across the country.

但總體而言，是把這件事管理得比今天好得多，而不是去糾結：你在那份合約裡賣了1個保全人員（agent）、10個、100個或300個？或者你賣了——重點是：我們是否在解決客戶的問題。這是有點不同的；也因此策略的改變，是為了推動全國所需要的那種採用（adoption）轉變。

Most humans and most large organizations don't want to change. I told the Pentagon, DHS and Congress the same thing. This whole country does not want to change. Even when I'm sitting here, Silicon Valley is a bunch of engineers. Like you hand them electricity, fire and the Internet. In terms of AI, it's like, no, no, no, I'm good. I know what I'm doing. Like, I don't know.

大多數人、以及大多數大型組織，都不想改變。我也對五角大廈、國土安全部（DHS）和國會說過同樣的話。這整個國家都不想改變。即使我坐在這裡，矽谷是一群工程師。你把電、火和網際網路交到他們手上。但談到AI時，就像：不、不、不，我很好。我知道我在做什麼。就像，我也不知道。

I think we need to find a different path to make those changes and give some relief to the chief security officers. If you really put yourself in their shoes in this day and age, it was different 30 years ago. But when -- if you're ex law enforcement, ex military, you're here to secure a property, that's kind of your go-to skill mix. In this day and age, hey, can you please talk to me about 4G and 5G versus private LTE versus industrial Wi-Fi?

我認為我們需要找到一條不同的路徑來促成這些改變，並讓首席安全官（chief security officers）得到一些喘息空間。如果你真的站在他們的角度、以當今這個時代來看，30年前是不一樣的。但當——如果你是前執法、前軍方，你來這裡是為了保護一個物業，那就是你最擅長的技能組合。而在今天這個時代，嘿，你能不能跟我談談4G和5G、私有LTE以及工業Wi‑Fi之間的差異？

And then I don't know about the drone. And then is this cybersecurity compliant, but did the DoD accept the Impact Level 5? Or is it a FedRAMP thing? And you want the robot to work with the guard, and it's just -- it's too much.

然後我也不懂無人機。然後這是否符合資安規範，但國防部（DoD）是否接受Impact Level 5？或者這是FedRAMP的要求？然後你還希望機器人能和警衛一起運作，這——真的太多了。

You're asking a CSO to be the chief technology officer, the chief information officer, the chief information security officer, the head of facilities, purchasing and everything else. And then we're wondering why it's not working and it costs too much money. So I really want the whole team, external and internal, to be focused on top line revenue and bottom line profitability as we get there.

你是在要求一位 CSO 同時擔任首席技術長、首席資訊長、首席資訊安全長、設施主管、採購以及其他所有職務。然後我們還在納悶為什麼行不通、而且成本還這麼高。所以我真的希望整個團隊（外部與內部）在我們達成目標的過程中，都能聚焦於營收成長（top line）與獲利能力（bottom line）。

From a modeling perspective, will you be breaking Event Risk into its own reporting line item? Or will it be included within the services revenue?

從建模的角度來看，你們會把「事件風險」（Event Risk）拆分成獨立的報表列示項目嗎？還是會納入服務營收之中？

I can answer that one, Bill. Really, TBD. We're assessing the right way to reflect the Knightscope Security Force revenues and line items in the business. Most likely, though, we do consider it to be a service, and we would want to include that in the services line. However, there are some GAAP rules that we're evaluating along with our auditors to make sure that we not only provide the right level of disclosures, but the right level of visibility as we go forth and draft up our 10-Qs and 10-Ks.

Bill，這題我可以回答。老實說，還未定（TBD）。我們正在評估以何種方式，才能在業務中適當反映 Knightscope Security Force 的營收與各項列示科目。不過最有可能的是，我們確實將其視為一項服務，並希望把它納入服務項目之下。然而，我們也在與審計師一同評估一些 GAAP 規則，以確保我們不僅提供適當層級的揭露，也能在後續撰寫 10-Q 與 10-K 時提供適當的可視性。

And I don't -- I think we missed part of the answer to the other question. The pipeline without (inaudible) is rather healthy, let's put it that way. And we're intentionally focused on execution as primary drivers. So changing the recruiting profile of the team, setting the standards of the team differently, changing processes, figuring out appropriate uses of AI implementation for specific areas, building new technologies, everything is very much focused around execution because the pipeline is rather healthy.

另外我不——我覺得我們漏答了另一個問題的一部分。可以這麼說，扣除（聽不清）之後的案源管線相當健康。而且我們刻意把重點放在執行力作為主要驅動因素。因此，不論是調整團隊的招募輪廓、重新設定團隊標準、改變流程、找出 AI 在特定領域的適當導入方式、打造新技術——所有事情都非常聚焦在執行上，因為案源管線相當健康。

Absolutely. Next question is, what -- will you be announcing the contracts of the Knightscope Security Force when they are won?

完全同意。下一題是——你們會在 Knightscope Security Force 的合約得標時對外公告嗎？

I think that's also a TBD. As we mentioned during the sit down with Eric, if you haven't seen the interview, go on our YouTube channel. We want to take a thoughtful balance-of-the-year process to think through the branding, through IT, through HR, through finance, accounting, audit, technologies, et cetera, instead of rushing decisions.

我想那也還未定（TBD）。正如我們在與 Eric 的座談中提到的，如果你還沒看那段訪談，可以到我們的 YouTube 頻道。我們希望在今年剩餘時間採取一個審慎、平衡的流程，去思考品牌、IT、人資、財務、會計、稽核、技術等等，而不是倉促做決定。

So that also applies to press releases, public relations, external affairs, government relations and investor relations. So something we'll ponder and think through as the company continues to mature as a premium managed service provider.

因此，這也同樣適用於新聞稿、公共關係、對外事務、政府關係與投資人關係。所以這會是我們要思考與推敲的事情，隨著公司持續成熟、成為高端的受管理服務供應商（premium managed service provider）。

Next question kind of dovetails right into that, Bill. Can you provide a time line for integration? How is the process so far? And are there any notable items to call out?

下一題剛好就承接到這點，Bill。你能提供整合的時間表嗎？目前進展如何？以及有沒有任何值得特別提出的事項？

So this is probably my -- I've lost track, 24, 25 or 26 acquisition. And as I often say, doing the deal is the easy part for those that have been around the block. It may not seem that way for people that participate, but it is actually the easy part. The hard part is day one after you close the transaction. I will say it has gone a lot more smoothly than all of us expected. We have willing folks who want to work together, who want to make changes, who need additional support and changes. But as I just stated, the integration plan is try to get everything sorted in a reasonable time frame over the balance of the year.

所以這大概是我——我已經數不清了，第 24、25 或 26 起併購。而且我常說，對於那些見過世面的人而言，完成交易其實是最容易的部分。對參與其中的人來說可能不這麼覺得，但它確實是最容易的部分。最難的是交易完成後的第一天。我得說，整體進行得比我們所有人預期的順利得多。我們有願意一起合作、願意改變的人，也有人需要更多支援與調整。但如我剛才所說，整合計畫是希望在今年剩餘時間內，以合理的時間框架把所有事情理順。

In terms of priorities, let's call it, finance, accounting, audit-related stuff first, probably dovetail HR and IT kind of the same time. And then the last is the go-to-market, branding, marketing and that sort of thing. We are planning to be at GSX in Atlanta in September, so that you'll start getting a good -- more than a sneak peek then as to how the integration is going.

就優先順序而言，可以說先處理財務、會計、稽核相關事項，接著大概同時銜接人資與 IT。最後才是市場推進（go-to-market）、品牌、行銷以及這類事情。我們計畫 9 月在亞特蘭大參加 GSX，因此到時你們就會開始更清楚——不只是先睹為快——看到整合進展如何。

Yeah, Bill, I think being super deliberate in how we merge 2 organizations, primarily around culture, around go-to-market strategy and obviously, the back-end support needed to support the growth of the combined organization are things that we're looking at. From a time line perspective, I think it will take a couple of quarters, if not more, for us to kind of get our hands around how we want to move forward as a combined company.

是的，Bill，我認為我們在合併兩個組織時會非常審慎，主要聚焦在文化、go-to-market 策略，當然也包括支援合併後組織成長所需的後端支援。就時間表而言，我認為我們可能需要幾個季度，甚至更久，才能真正掌握我們希望以合併後公司的身分如何向前推進。

We are looking at internally, some of the things you talked about. For example, finance first, just integrating the finance functions, then looking at HR, IT. And then finally, as we move into the client-focused or public-focused phase of the combined company. Any outlook for any more M&A over the next year?

我們內部正在看一些你提到的事情。例如先從財務開始，先整合財務職能，接著再看人資、IT。最後，當我們進入合併後公司以客戶為中心或面向大眾的階段。未來一年還有更多併購（M&A）的展望嗎？

So we continue to look for accretive opportunities, typically probably around two or three subjects. One is on the technology side. Again, living here in Silicon Valley, there's always some interesting items that might be easier to buy than to build. So we continue to look on the cold -- just cold technology front. Those often may not be top line revenue focused. It's more the nugget of talent or technology that we want. Another would be on the remote monitoring side of things. So we want to continue to build up the RTX capabilities as we build out the security force. So we're actively looking there.

所以我們會持續尋找具增益性（accretive）的機會，通常大概圍繞兩到三個主題。其一是在技術端。同樣地，身處矽谷，總會有一些有趣的項目，可能買下來比自己開發更容易。所以我們會持續在純——就是純技術面向尋找機會。這些往往不一定以營收成長（top line revenue）為主。更多是我們想要那個人才或技術的精華。另一個方向是遠端監控相關。因此，隨著我們擴建 security force，我們希望持續強化 RTX 能力。所以我們也在那方面積極尋找。

I think the growth on the security force itself is, as I said, healthy. So I'm not sure we want to do a bolt-on just yet, but we have a lot of activity going on. So M&A, open for business, but I always want to make sure it's going to be helpful for our shareholders and the overall growth of the company and be mindful and careful and make sure we get a good deal.

我認為 security force 本身的成長，如我所說，是健康的。所以我不確定我們現在是否就想做一個附加式併購（bolt-on），但我們確實有很多活動在進行。因此，併購方面我們對外開放、隨時可談，但我一向希望確保這會對股東與公司整體成長有幫助，同時保持審慎小心，確保我們拿到一筆好交易。

I'll ask a question, Bill. What are some key milestones should investors watch out for in 2026?

我來問一題，Bill。投資人應該關注 2026 年哪些關鍵里程碑？

I can start. Maybe you want to finish, but I think the 10-Q that we file in the second quarter that will reflect part of the activity from the security force side of things would be, one, the following 10-Q and then the following 10-Q. So I think keeping an eye on the regulatory filings starting mid-May would be important. Maybe there are folks in the audience that don't realize this.

我可以先說。也許你再補充，但我認為我們在第二季提交的 10-Q，會反映 security force 端部分活動，這是一點；接下來的 10-Q，以及再下一份 10-Q 也是。所以我認為從 5 月中旬開始留意監管申報文件會很重要。也許現場有些人並不知道這點。

But usually, when you make an acquisition, there's like this 71-day rule, I'm sure I'm going to screw this up. But within 71 days, you need to file the kind of overall impact. So we're working on that. And so that will occur in the coming weeks, probably in the May time frame. So that, to us, is going to be really important because that will show is the strategy working or not and is the company growing and heading towards profitability.

但通常當你進行併購時，會有一個類似「71 天規則」的要求，我肯定會把它講錯。但在 71 天內，你需要提交整體影響的相關文件。所以我們正在處理這件事。因此這會在接下來幾週發生，可能落在 5 月的時間點。所以對我們而言，這會非常重要，因為那將顯示策略是否奏效、公司是否在成長，以及是否正朝向獲利邁進。

Second, technology. This all gets very exciting if you can have a pretty serious competitive advantage in a very large marketplace with capabilities that no one else can do. So we probably want to keep an eye on did the beta prototype testing actually occur in the second half of the year for the K7, which we're spending a lot of time on. And -- when the Board is excited, the management team is excited, the team is excited, our suppliers and vendors are excited.

第二，技術。如果你能在一個非常龐大的市場中，憑藉著別人做不到的能力取得相當顯著的競爭優勢，這一切就會變得非常令人振奮。因此，我們可能需要關注的是：我們投入大量時間的 K7，是否真的在今年下半年進行了 beta 原型測試。而且——當董事會很興奮、管理團隊很興奮、團隊很興奮、我們的供應商與合作廠商也很興奮時。

And all the recruits that we're hiring -- oh, by the way, go to knightscope.com/careers, we've got a lot of openings, are all excited and dying to work on the K7. Like, hey, maybe we're on to something. So keeping an eye on the K7 progress, important. On the stationary side, we're unveiling the K1 Capsule and Super Tower here this Thursday. So progress there is important. And then also on the Signals platform. I think those are 3 that we can publicly talk about are things to keep an eye on.

以及我們正在招募的所有新進人員——喔，順帶一提，請到 knightscope.com/careers，我們有很多職缺——都很興奮，迫不及待想投入 K7 的工作。就像，嘿，也許我們真的抓到重點了。所以，關注 K7 的進展很重要。在固定式產品方面，我們將在本週四發表 K1 Capsule 與 Super Tower。因此，那邊的進展也很重要。另外還有 Signals 平台。我想這三項是我們可以公開談、值得關注的重點。

So basically, 2 answers to the question, like is Knightscope doing well or not? Is the revenue going up? Yes or no, and not based on press releases or anything else. I want to see the regulatory filing. Are the numbers going up, yes or no? And then are you making serious progress on technology development that will give us a sustainable competitive advantage. I think those probably should be the two key items to keep an eye on, unless Apoorv, you've got another one?

所以基本上，對這個問題有兩個答案：Knightscope 做得好不好？營收有沒有在成長？是或不是，而且不是根據新聞稿或其他任何東西。我想看的是監管申報文件。數字有沒有往上走，是或不是？再來，你們是否在技術研發上取得實質進展，能帶來可持續的競爭優勢。我認為這兩點大概是最關鍵、值得關注的事項；除非 Apoorv，你還有其他的？

No, Bill, I think at the end of the day, it comes out to improvements in execution and how does that reflect in the company's financials and the way we are perceived in the market by our investors and customers and clients and vendors. It's really our ability to go out and grow revenue. And with the combined company, we have a theory that this will actually accelerate this. So what -- look out for the second half to see some of that proof.

沒有，Bill。我想歸根結底，就是執行力的改善，以及這如何反映在公司的財務表現上，並影響投資人、客戶、客戶端與供應商對我們在市場上的觀感。真正關鍵是我們走出去、把營收做大做強的能力。而在合併後的公司，我們有一個假設：這其實會加速這件事。所以——請留意下半年，看看是否能看到一些證據。

Obviously, product launches and commercialization of our new product development that the team is working really hard on, that's going to be important. And overall, just watching -- hopefully, as we do these things the right way over the next few quarters, especially going into the latter half of 2026 and 2027, we should see improvements across all of our P&L line items, both on the revenue side as well as the cost mitigation side. And that's going to be the sum of all things we do from an execution perspective. If we do that right, it will show up in the financials.

顯然，產品上市以及團隊正非常努力推進的新產品研發之商業化，將會很重要。而整體而言，只要觀察——希望我們在接下來幾個季度把這些事情做對，尤其是進入 2026 年下半年與 2027 年，我們應該會看到損益表各個科目都有改善，不論是營收端，或是成本抑制端。而這將是我們在執行層面所做一切事情的總和。如果我們做對了，就會反映在財務數字上。

And then I've gotten a lot of questions asynchronously here on, hey, what does Bill and Apoorv and Mercedes know about running a guarding business?

另外，我在這裡也收到很多非同步的提問：嘿，Bill、Apoorv 和 Mercedes 對經營保全（警衛）業務懂多少？

Well, keep in mind that the idea and how we approach this is very similar to how a private equity firm would look at it, which is basically, we want to go buy a solid business that's run by stellar management. And then we give them the tools and support and technology for them to grow and give them the autonomy, frankly, to be able to do that. And we found that in Event Risk.

嗯，請記住，我們的想法與做法非常類似私募股權公司看待這件事的方式：基本上，我們想去收購一家穩健的企業，而且由卓越的管理團隊經營。然後我們提供工具、支援與技術，讓他們成長，並且坦白說，給他們足夠的自主權去做到這點。而我們在 Event Risk 找到了這樣的團隊。

The management team is very strong. They've been growing very quickly. The client retention rates are astronomically good. The employee retention rates are astronomically good. And we've got real hitters that we're betting on to continue to grow the business.

管理團隊非常強。他們一直成長得非常快。客戶留存率高得驚人。員工留任率也高得驚人。而我們押注的是一群真正的強將，能持續把業務做大。

And then what we're going to come with is technology then that will ensure that it's not a commodity staffing business of headcount the way it's kind of -- the industry has been run today. So we're reimagining and re-architecting how physical security gets delivered to a client. And our initial interactions with folks that are in the know or prospective clients or in the pipeline, we know we're on the right path. Our focus right now is just heads down on execution.

接著我們要帶來的是技術，確保這不會像目前業界那樣，成為以人頭計算的、同質化的人力派遣生意。因此，我們正在重新想像並重新架構，實體安全如何交付給客戶。而我們與一些內行人士、潛在客戶或管線中的客戶的初步互動，讓我們知道我們走在正確的道路上。我們目前的重點就是埋頭把執行做好。

So the balance of the year, to kind of wrap this up, is focus on technology development, focus on growth, finish up the integration so that 2027, '28, '29 are hopefully some epic years for us. And again, we're in great spirits. The market, I think, is trying to understand what we just did, both on Wall Street and in the security industry, but the proof is going to be in the pudding. And I'm betting on this team, and we're highly confident that the future is bright. So Apoorv, do you have any last remaining thoughts?

所以，今年剩下的時間，總結一下，就是專注於技術研發、專注於成長，完成整合，讓 2027、'28、'29 希望能成為我們的幾個史詩級年度。而且再次強調，我們士氣很好。我認為市場正在試著理解我們剛做的事情，不論是華爾街或是安防產業，但成效終究要看結果。我押注這個團隊，我們也非常有信心未來一片光明。所以 Apoorv，你還有沒有最後想補充的？

No. Same, Bill. I echo both your sentiment and the team's sentiment in that we have a lot to do. We have a lot going on, and we just have to keep our heads down and focus.

沒有。我同意，Bill。我呼應你以及團隊的感受：我們還有很多事要做。我們手上有很多事情在進行中，我們只需要繼續埋頭、專注。

Lastly, I want to publicly thank our Board of Directors and the management team for the support in doing this strategic acquisition. Again, I've been wanting to do this for half a decade and finally got the brave pill to do it. And now I'm just kicking myself that we didn't do it five years earlier, but this is going to be a lot of fun.

最後，我想公開感謝我們的董事會與管理團隊，支持我們完成這項策略性收購。再次強調，我想做這件事已經有半個十年了，終於鼓起勇氣去做。現在我反而懊惱我們沒有在五年前就做，但這會非常有趣。

So hopefully, for those of you that can join, we'll see you Thursday night for our first annual Autonomous Security Force Day. Please be safe. Thanks, everybody.

所以希望各位能參加的話，我們週四晚上在第一屆「自主安全部隊日」見。請注意安全。謝謝大家。