Sealsq Corp (LAES) 2026 Q2 法說會逐字稿

Greetings, ladies and gentlemen, and welcome to the Sealsq first half 2026 financial results earnings conference call. As a reminder, this conference call contains forward-looking statements. Such statements involve certain known and unknown risks, uncertainties and other factors, which could cause actual results financial condition, performance or achievements of Sealsq to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Sealsq is providing this communication as of the date this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise. These risks are also discussed in our filings made with the Securities and Exchange Commission.

各位女士、先生，大家好，歡迎參加 Sealsq 2026 年上半年財務業績電話會議。提醒各位，本次電話會議包含前瞻性陳述。此類陳述涉及若干已知與未知的風險、不確定性及其他因素，可能導致 Sealsq 的實際結果、財務狀況、經營表現或成就與該等前瞻性陳述所明示或暗示的任何未來結果、表現或成就存在重大差異。Sealsq 於本日期提供本次通訊，且不承擔因新資訊、未來事件或其他原因而更新本文所載任何前瞻性陳述之義務。相關風險亦已於我們向美國證券交易委員會提交的文件中討論。

Please be advised that Sealsq's financial results release for the 6 months ended June 30, 2026, was issued last week and can be found by visiting the Investors section of the Sealsq website at investors.sealsq.com. (Operator Instructions) As a reminder, this conference is being recorded.

請注意，Sealsq 截至 2026 年 6 月 30 日止 6 個月的財務業績新聞稿已於上週發布，可至 Sealsq 官網 investors.sealsq.com 的「投資人」專區查閱。（接線員指示）提醒各位，本次會議將被錄音。

It is now my pleasure to introduce Carlos Moreira, Founder, Chairman and Chief Executive Officer of Sealsq. Mr. Moreira, please go ahead.

現在我很榮幸介紹 Sealsq 創辦人、董事長兼執行長 Carlos Moreira。Moreira 先生，請開始。

Thank you very much, and good morning in the United States and good afternoon in Europe. So welcome to Sealsq first half 2026 earnings call I am joining today by our Chief Financial Officer, John O'Hara. I will begin with our first half financial and operational highlights, followed by an update on the progress we are making in transforming Sealsq into a global leader in Post-Quantum and quantum Quantus Security. John will then review our financial results in greater detail, after which we will discuss our outlook on priorities for the remaining of 2026 and beyond.

非常感謝，美國的各位早安，歐洲的各位午安。歡迎參加 Sealsq 2026 年上半年財報電話會議；今天與我一同出席的還有我們的財務長 John O'Hara。我將先說明上半年財務與營運重點，接著更新我們在將 Sealsq 轉型為後量子（Post-Quantum）與量子安全（Quantum Security）全球領導者方面的進展。之後 John 將更詳細地回顧我們的財務結果，隨後我們將討論 2026 年剩餘期間及未來的展望與優先事項。

The first half of '26 was an important inflection point for Sealsq. We delivered strong revenue growth, significantly improved gross margins and advance our post Quantum semiconductor road map achieved important certification milestones and integrated acquired businesses and expanding our capability across secure semiconductors, trusted digital infrastructure and quantum technology.

2026 年上半年對 Sealsq 而言是一個重要的轉折點。我們實現了強勁的營收成長、顯著改善毛利率，並推進後量子半導體路線圖、達成重要認證里程碑、整合所收購的業務，並擴大我們在安全半導體、可信數位基礎設施與量子技術方面的能力。

Revenue increased by 131% to $11.2 million compared to $4.8 million in the first half of 2025. Gross profit increased by 233% to $5.4 million from $1.6 million, while gross margin expanded to approximately 48%. This growth was driven by renewed demand for our Volt IC Secure Element, expansion in PKI, subscription and digital identity services. Initial revenue from Quantix Edge Security in Murcia Spain and 6 months of contribution from IC'ALPS. IC'ALPS contributed approximately $2.5 million of first half revenue.

營收較 2025 年上半年之 480 萬美元成長 131%，達到 1,120 萬美元。毛利由 160 萬美元增加 233% 至 540 萬美元，毛利率擴大至約 48%。此成長主要由 Volt IC Secure Element 需求回升、PKI 擴張、訂閱與數位身分服務帶動。亦包括西班牙穆爾西亞 Quantix Edge Security 的初始營收，以及 IC'ALPS 6 個月的貢獻。IC'ALPS 於上半年貢獻約 250 萬美元營收。

More importantly, the acquisition substantially strengthened our capabilities and capacities in custom ASIC design, secure semiconductor architecture and advanced engineering services. These capabilities are increasingly important as customers seek integrated how we are rooted security solution rather than just a stand-alone cryptographic software. North America generated $5.6 million of revenue, representing 50% of the total Europe and the Middle East and Africa generated $3.7 million or 33%, while Asia Pacific contributed to $1.9 million, or 17%.

更重要的是，此次收購大幅強化了我們在客製化 ASIC 設計、安全半導體架構與先進工程服務方面的能力與產能。隨著客戶尋求整合式、以硬體為根的安全解決方案，而不僅是獨立的密碼軟體，這些能力變得愈發重要。北美營收為 560 萬美元，占總營收 50%；歐洲、中東與非洲營收為 370 萬美元，占 33%；亞太地區貢獻 190 萬美元，占 17%。

We believe this is the right moment to invest decisively in building a global leadership position in Post-Quantum and Quantum Security. The quantum transition is no longer a distant research topic. Governments, defense organization, clinical infrastructure operators, financial institution and technology companies increasingly recognize that migration to Post-Quantum security require much more than a software update. It requires secure semiconductor, hardware root of trust, quantum algorithm, trusted identities, security provisioning, certified manufacturing, sovereign infrastructure and control over the complete technology supply chain.

我們認為，現在正是果斷投資、建立後量子與量子安全全球領導地位的最佳時機。量子轉型已不再是遙遠的研究議題。政府、國防組織、關鍵基礎設施營運商、金融機構與科技公司日益認知到，遷移至後量子安全所需遠不止一次軟體更新。它需要安全半導體、硬體信任根（hardware root of trust）、量子演算法、可信身分、資安佈署（security provisioning）、經認證的製造、主權基礎設施，以及對完整技術供應鏈的掌控。

Sealsq is building capability across all these layers. At June 30, 2026, we had more than $486 million in cash cash equivalent unstinted cash. This strong liquidity position gives us the flexibility to fund research and development, certification, product industrialization, acquisitions, infrastructure, manufacturing, personalization and other selected strategic opportunity. Our strategy is to convert Sealsq for a secure semiconductor and digital trust company into a major quantum security platform developing a sovereign vertical stack, what we call from Root-to-Qubit and increasingly from Root-to-a-Space. At the center of this transformation is what we call the Quantum highway.

Sealsq 正在上述各層面建立能力。截至 2026 年 6 月 30 日，我們擁有超過 4.86 億美元的現金、約當現金與受限現金。強勁的流動性使我們能靈活投入研發、認證、產品工業化、併購、基礎設施、製造、個人化（personalization）以及其他精選的策略性機會。我們的策略是將 Sealsq 從一家安全半導體與數位信任公司，轉型為主要的量子安全平台，打造主權垂直技術堆疊，我們稱之為從 Root-to-Qubit，並日益延伸至從 Root-to-a-Space。此轉型的核心是我們所稱的「量子高速公路」（Quantum highway）。

So the Quantum highways or architecture for security connecting the different layers of the emerging Quantum economy. It is designed to combine Post-Quantum semiconductors, quantum computer, Quantum photonics, interconnects, Quantum Secure Communications, satellite, PKI, digital identity trusted provisioning, artificial intelligence and compliance.

所謂量子高速公路，是一種用於安全的架構，用以連結新興量子經濟的不同層級。其設計旨在整合後量子半導體、量子電腦、量子光子學、互連、量子安全通訊、衛星、PKI、數位身分與可信佈署、人工智慧與合規。

The objective is not simply to invest in separate quantum technology to integrate them into a commercially deployable, sovereign and interpretable infrastructure. The silicon hardware, root of trust layer or QS7001 secure element and 2-volt TPM remains central to our Post-Quantum commercialization strategy.

我們的目標不僅是投資於彼此獨立的量子技術，而是將其整合為可商業部署、具主權且可互通的基礎設施。矽硬體信任根層（silicon hardware root of trust layer），亦即 QS7001 安全元件與 2-volt TPM，仍是我們後量子商業化策略的核心。

During the first half, QS7001 achieved NIST SP 800-90B secure source validation under ESV certificate E3333, validated in entropy is fundamental to secure key generation and cryptographic protection particularly for system operating in regulated defense and critical infrastructure environments.

在上半年期間，QS7001 依據 ESV 證書 E3333，通過 NIST SP 800-90B 安全來源驗證（secure source validation）；經驗證的熵（entropy）是安全金鑰生成與密碼保護的基礎，尤其適用於在受監管的國防與關鍵基礎設施環境中運行的系統。

QS7001 also completed important common criteria false injection and side channel resistant testing. This milestone bring us closer to the formal certification required by government agencies a major industrial customer before high-volume deployments. We also continue advancing QVault, TPM, customers sampling progress on engineering samples of the Post-Quantum QVault TPM-1A5 become available. Our objective is to support the next generation of computers, servers, industrial systems, edge device and critical infrastructure with hardware base protection against both classical and quantum-enabled thread.

QS7001 亦完成重要的 Common Criteria 故障注入（fault injection）與抗側信道（side channel resistant）測試。此里程碑使我們更接近政府機關與主要工業客戶在大規模部署前所要求的正式認證。我們也持續推進 QVault TPM，客戶對後量子 QVault TPM-1A5 的工程樣品（engineering samples）已可取得並進行取樣評估。我們的目標是以硬體為基礎的防護，支援下一代電腦、伺服器、工業系統、邊緣裝置與關鍵基礎設施，以抵禦傳統與量子增強型威脅。

As of June 30, more than 150 customers and prospects, we're engaging with our Post-Quantum technologies with over 30 actively evaluating or integrating QS701 and QVault TPM. We expect initial QS701 and QVault TPM revenue late in the second half of 2026 with more meaningful contributions beginning in 2027 as customers complete integration, qualification and product planning. The precise timing is really subject to certification, customer validation and procurement cycle.

截至 6 月 30 日，我們已與超過 150 家客戶與潛在客戶就後量子技術展開互動，其中超過 30 家正積極評估或整合 QS701 與 QVault TPM。我們預期 QS701 與 QVault TPM 的初始營收將於 2026 年下半年後期出現；隨著客戶完成整合、資格認證與產品規劃，較具意義的貢獻將自 2027 年開始。確切時點仍取決於認證進度、客戶驗證與採購週期。

Since the end of the first half, we have continued to make significant progress.

自上半年結束以來，我們持續取得顯著進展。

Our VaultIC 408 Secure Element achieved the FIPS 143 validation under the NIS certificate number 54 63. This is a major commercial on technology milestone. FIPS 1403 validation is widely required for cryptographic product used by government, defense organization, financial institutions and operators of critical infrastructure. The certification strengthen our ability to address highly regulated market and confirms that Sealsq is building its Quantum Security platform on an already validated and trusted foundation. We also achieved ISO/IEC 27001 recertification, reinforcing the security and governance framework supporting our semiconductors, PI, digital identity and Post-Quantum operations.

我們的 VaultIC 408 安全元件已通過 FIPS 143 驗證，NIS 證書編號為 54 63。這是一項重大的商業與技術里程碑。FIPS 1403 驗證廣泛適用於政府、國防組織、金融機構與關鍵基礎設施營運商所使用的密碼產品之要求。該認證強化了我們切入高度受監管市場的能力，並確認 Sealsq 正在以既有已驗證且受信任的基礎來建構其量子安全平台。我們亦完成 ISO/IEC 27001 再認證，進一步強化支撐我們半導體、PI、數位身分與後量子營運的安全與治理框架。

Our active commercial pipeline exceeded $225 million in potential revenue opportunity through 2029 and as of September 9, 2026, including more than $100 million associated with Quantum projects already. This pipeline expands Secure Element, custom ASIC, PKI, digital identity, trusted provision, Post-Quantum Semiconductor and critical infrastructure security. It is a management estimate rather than revenue guidance and remain subject to certification, customer validation, commercial negotiation, procurement decision and execution risk.

截至2026年9月9日，我們活躍的商業管線在2029年前的潛在營收機會已超過2.25億美元，其中包含已與量子專案相關的逾1億美元。該管線涵蓋安全元件（Secure Element）、客製化ASIC、PKI、數位身分、可信佈建、後量子半導體以及關鍵基礎設施安全。這是管理層的估計而非營收指引，且仍受制於認證、客戶驗證、商務談判、採購決策以及執行風險。

But nevertheless, it demonstrates the scale and breadth of the opportunity we are pursuing. We are also developing a strategic relation with major semiconductors and technology companies or work with GLOBALFOUNDRIES supports the migration of future secure and Post-Quantum design to advanced manufacturing platforms, elaboration with late semiconductor supports Post-Quantum Security for FPGA-based systems, while our work with provide access to important drone, robotics and certain technology applications for defense.

但即便如此，它仍展現了我們所追求機會的規模與廣度。我們也正與主要半導體與科技公司建立策略關係，或與GLOBALFOUNDRIES合作，支援未來安全與後量子設計遷移至先進製造平台；並與其他半導體業者合作，支援以FPGA為基礎系統的後量子安全；同時，我們的合作也為國防領域的重要無人機、機器人及特定技術應用提供切入機會。

We are also advancing major commercial opportunities for Qvault TPM Vulti-C-409 and our broader Post-Quantum road map, including potential applications in computing, industrial system, connected devices and critical infrastructure. Beyond our core semiconductor road map, we have accelerated the development of Sal Quantum sovereign vertical stat. And its Quantum highway architecture. other semiconductor, design layer ICL provides secure design and engineering capabilities. At the Quantum computing layer, our investment in Quobly and and provides two different differentiated semiconductor-based quantum computer architectures.

我們也在推進Qvault TPM Vulti-C-409以及更廣泛的後量子路線圖之重大商業機會，包括在運算、工業系統、連網裝置與關鍵基礎設施中的潛在應用。除核心半導體路線圖之外，我們已加速Sal Quantum主權垂直堆疊的開發。以及其量子高速公路（Quantum highway）架構。其他半導體方面，設計層ICL提供安全設計與工程能力。在量子運算層，我們對Quobly的投資以及EeroQ提供兩種不同且具差異化的、以半導體為基礎的量子電腦架構。

At the Quant Interconnect player, we completed the acquisition of Miraex. Miraex bring Quantum Photonics interconnect technology that can help connect quantum processors, sensors, data centers and communication systems. This is an essential component of the Quantum highway because quantum System has eventually interconnected, nonoperated as an isolated machines. As the trusted data and combine layer, we have increased our ownership in weekend group to 55.5% and gaining control of the company. We can strengthen our capability in power compliance, secure data exchange, trusted digital identity and Post-Quantum financial infrastructure.

在量子互連層，我們完成了對Miraex的收購。Miraex帶來量子光子互連技術，可協助連接量子處理器、感測器、資料中心與通訊系統。這是量子高速公路的關鍵組成，因為量子系統最終必須互聯，而非作為孤立的機器運作。在可信資料與整合層，我們將對WeCan集團的持股提高至55.5%，並取得公司控制權。我們可強化在電力合規、安全資料交換、可信數位身分以及後量子金融基礎設施方面的能力。

At the sovereign design, personalization and provision layer, Quantix Edge Security, [indiscernible], generated initial first half year revenue. This is approximately $40 million initiative is intended to support Europe-based semiconductor design, personalization and security provisions in one centralized location. We are now evaluating an expanded Quantix 2.0 vision and could bring together additional semiconductor Quantum AI and satellite ability in Murcia.

在主權設計、個人化與佈建層，Quantix Edge Security（[聽不清]）在上半年已產生初始營收。這項約4,000萬美元的計畫旨在於單一集中地點支援歐洲的半導體設計、個人化與安全佈建。我們目前正在評估擴大的Quantix 2.0願景，並可能在穆爾西亞（Murcia）整合更多半導體、量子AI與衛星能力。

In India, we advanced the negotiations to build Sealsq initiative, which is intended to create localized post-quantum semiconductor capability and give Sealsq access to one of the world's fastest growing semiconductor and digital technology market on which sovereignty is important at the pace and quantum communication layer or relation with the WiSA supports development of Post-Quantum secure satellite and IoT connectivity and communications. The objective is to extend our hardware rule of trust from terrestial devices to satellite infrastructure, creating route-to space security architecture.

在印度，我們已推進建立Sealsq計畫的談判，該計畫旨在打造在地化的後量子半導體能力，並讓Sealsq得以進入全球成長最快、且主權議題至關重要的半導體與數位科技市場；在太空與量子通訊層面，我們與WiSA的關係支援後量子安全衛星與IoT連線及通訊的開發。目標是將我們的硬體信任根（hardware Root of Trust）從地面裝置延伸至衛星基礎設施，建立「地面到太空」的安全架構。

Together, this capability form basis of our Quantum highway, secure ethic design and integrating through ICL, hardware Root of Trust through QVault S71 and QVault TPM, post Quantum PKI, digital identity and secure provisioning, quantum computer technology through Quobly and EeroQ, Quantum photonics, interconnect through, a power compliance and trusted data through iCAN, serving semiconductor infrastructure through Quantix Edge and post-Quantum satellite communication through WISESat.

綜合而言，這些能力構成我們量子高速公路的基礎：透過ICL實現安全且合乎倫理的設計與整合；透過QVault S71與QVault TPM提供硬體信任根；後量子PKI、數位身分與安全佈建；透過Quobly與EeroQ提供量子電腦技術；量子光子與互連（透過Miraex）；透過iCAN提供電力合規與可信資料；透過Quantix Edge提供半導體基礎設施服務；以及透過WISESat提供後量子衛星通訊。

This is what we mean by sovereign vertical quantity stack, control over the essential layers required to generate, protect, process, transmit and authenticate sensitive data in the quantum era. During 2026, we increased the capital allocation to the Quantum sovereign vertical stack to 200 million, more than 60 million has already been committed across ICL, Miraex, Quobly. We are applying this disciplined investment strategy, focus on technology that complement our semiconductor and security road map create commercial synergies and can ultimately become integrated component on the quantity highway.

這就是我們所說的主權垂直量子堆疊：掌控在量子時代生成、保護、處理、傳輸與驗證敏感資料所需的關鍵層。在2026年期間，我們將對量子主權垂直堆疊的資本配置提高至2億美元，其中逾6,000萬美元已在ICL、Miraex、Quobly等項目上承諾投入。我們採取此一嚴謹的投資策略，聚焦於能補強我們半導體與安全路線圖、創造商業協同，並最終可成為量子高速公路整合組件的技術。

Our participation as a lead investor in Quobly with $150 million Series A financing and our or increased commitment to reflected our vision that secure semiconductor, post-quantum cryptography and quantum computing and quantum communications will increasingly converge among themselves.

我們以1.5億美元A輪融資作為Quobly的領投方並加碼承諾，反映了我們的願景：安全半導體、後量子密碼學、量子運算與量子通訊將日益彼此匯聚。

Our ambition is not to become a passive financial investor in Quantum Company, obviously. Our objective is to assemble, integrate and control its strategic technology and can generate products, intellectual property, customer aren't required revenue for Sealsq.

我們的雄心顯然不是成為量子公司的被動財務投資人。我們的目標是組建、整合並掌控其策略性技術，並能為Sealsq帶來產品、智慧財產、客戶與所需的營收。

We also continue to expand the commercial visibility of this strategy or collaboration with the BWT Alpine Formula 1, it has progressed beyond the cybersecurity into Quantum and multiphysics simulation.

我們也持續提升此策略的商業能見度；我們與BWT Alpine一級方程式車隊的合作，已從網路安全進一步延伸至量子與多物理（multiphysics）模擬。

Formula 1 offers an exceptional environment for demonstrating how quantum technologies can address highly complex industrial challenges involving aerodynamics, materials, energy optimization and refine decision-making. These applications are relevant for beyond motor sports, the same capabilities can ultimately be applied to aerospace, defense, mobility, advanced manufacturing, energy and defense.

一級方程式提供了絕佳環境，用以展示量子技術如何應對涉及空氣動力學、材料、能源最佳化與精進決策等高度複雜的工業挑戰。這些應用不僅限於賽車運動；相同能力最終也可應用於航太、國防、移動運輸、先進製造、能源與國防等領域。

Looking ahead, our priorities are clear. First, we complete the required certification and customer qualification for QS7001 and QVault TPM And begin their commercial ramp. Second, we convert growing post-quantum pipeline into production contracts and long-term customer relationship. Third, we integrate ICL, Miraex and WeCan into unified product and technology road map for expand sovereign semiconductor design, personalization and provisioning capabilities in Europe, the United States India and the rest of Asia.

展望未來，我們的優先事項很明確。第一，完成QS7001與QVault TPM所需的認證與客戶資格審查，並開始商業化放量。第二，將持續成長的後量子管線轉化為量產合約與長期客戶關係。第三，將ICL、Miraex與WeCan整合為統一的產品與技術路線圖，以擴展在歐洲、美國、印度及亞洲其他地區的主權半導體設計、個人化與佈建能力。

Fifth, connect or invest amount in quantum computer, Photonics, AI, trusted data and satellite communications through the Quantum Highway. And finally, continue deploying our capital selectively and strategical with objective of creating a vertically integrated Quantum security company with defensible technology, sovereign infrastructure and global commercial reach.

第五，透過量子高速公路連結或投資於量子電腦、光子、AI、可信資料與衛星通訊。最後，持續以選擇性且具策略性的方式部署資本，目標是打造一家垂直整合的量子安全公司，具備可防禦的技術、主權基礎設施與全球商業觸及。

Sealsq entered '26 primarily recognized a secure semiconductor and post-quantum company. We intend to exit this transformation year as a broader quantum security leader, 1 capable of protecting the entire digital life cycle fund semiconductor, rule of trust to quantum computer and spa-based communication. We believe our financial strength, technology portfolio, certification, partnership revenue and a strategic investment gives us a differentiated position in this rapidly developing quantum market. The first half of 2026 established the foundation. The next phase is focused on integration, certification, commercialization and scale.

Sealsq在2026年初主要被視為一家安全半導體與後量子公司。我們打算在這個轉型年度結束時，成為更廣泛的量子安全領導者——能夠保護整個數位生命週期，從半導體、信任根到量子電腦與以太空為基礎的通訊。我們相信，我們的財務實力、技術組合、認證、合作夥伴營收與策略投資，使我們在這個快速發展的量子市場中具備差異化定位。2026年上半年已奠定基礎。下一階段將聚焦於整合、認證、商業化與規模化。

I will now turn the call over to John for a detailed review of our first half financial results. Thank you very much.

接下來我將把電話會議交給John，請他詳細回顧我們上半年的財務結果。非常感謝。

Thank you, Carlos, and hello to everybody joining us today. So, on the financials, CLSQ reported first half revenue of 11.2 million, an increase of 131% from 4.8 million in the first half of 2025. As Carlos has already explained, this growth was driven by renewed demand for our Volt IC secure element products, continued expansion in PKI subscriptions and digital identity services. Initial revenue from the Quantix Edge Security joint venture and approximately $2.5 million of revenue from IC Alps in six months consolidation versus nothing in last year's pre-acquisition. From a geographic perspective, North America generated $5.6 million of revenue, representing 50% of the total. Europe, Middle East and Africa generated $3.7 million and Asia Pacific contributed $1.9 million or 17%. Our gross profit increased by 233% to 5.4 million, compared with 1.6 million in the prior year, and gross margin expanded to approximately 48%. This improvement reflects a more favorable revenue mix, including ADIC design and engineering services, as well as continued contributions from secure elements PKI. And digital identity.

謝謝你，Carlos，也向今天加入我們的各位問好。就財務表現而言，CLSQ 公布上半年營收為 1,120 萬美元，較 2025 年上半年 480 萬美元成長 131%。如 Carlos 先前已說明，這項成長主要由我們 Volt IC 安全元件產品需求回升、PKI 訂閱與數位身分服務持續擴張所帶動。此外，Quantix Edge Security 合資企業的初始營收，以及 IC Alps 併入合併報表後六個月約 250 萬美元的營收（相較去年收購前為零）。從地理區域來看，北美創造 560 萬美元營收，占總額 50%。歐洲、中東與非洲創造 370 萬美元，亞太地區貢獻 190 萬美元，占 17%。我們的毛利增加 233% 至 540 萬美元，較去年同期 160 萬美元大幅提升，毛利率擴大至約 48%。此改善反映更有利的營收組合，包括 ADIC 設計與工程服務，以及安全元件 PKI 的持續貢獻。以及數位身分。

Margins in the ASIC sector in particular are higher than our traditional semiconductor margins and so these have had a positive impact on our margin and they should continue as this revenue stream continues to grow. Other operating income was $1.4 million compared with $1.7 million in the first half of 2025, remaining relatively consistent year-on-year.

尤其在 ASIC 領域的毛利率高於我們傳統的半導體毛利率，因此對整體毛利率帶來正面影響；隨著此營收來源持續成長，這項效益也應會延續。其他營業收入為 140 萬美元，較 2025 年上半年 170 萬美元略低，年對年仍大致維持一致。

Turning to expenses, R&D expense was $8.7 million compared with $4.7 million in the prior year period.

接著看費用，研發費用為 870 萬美元，較去年同期 470 萬美元增加。

The increase reflects the consolidation of IC outs, post-quantum product development, certification activities, acquisition-related amortization and continued investment in our technology roadmap.

增加主要反映 IC outs 併表、後量子產品開發、認證活動、收購相關攤銷，以及我們在技術路線圖上的持續投資。

We continue to expect this to be an area of heavy investment in the future as we look to widen our product range and continue on the roadmap that Carlos set out above before.

我們仍預期未來這將是重點投資領域，因為我們希望擴大產品範圍，並持續推進 Carlos 先前所提出的路線圖。

Selling and marketing expense increased to $7.2 million from $6.0 million. Reflecting expanded commercialization efforts, customer engagement and market development.

銷售與行銷費用由 600 萬美元增加至 720 萬美元。反映商業化推進力度擴大、客戶互動以及市場開發。

General administration expense was $23.1 million compared with $30.8 million, and this was primarily due to acquired business consolidation, expanded corporate infrastructure, intangible asset amortization and legal audit advisory and transaction-related costs due to the activities undertaken in the first half of the year.

一般及行政費用為 2,310 萬美元，較 3,080 萬美元下降；主要原因在於收購業務整合、公司基礎設施擴充、無形資產攤銷，以及因上半年所進行活動而產生的法律、審計、顧問與交易相關成本。

In particular, the acquisition of IC Alps, MiraX, and WeCam contributed almost $3 million of additional G&A expenditure alongside $1.3 million of intangible asset amortization relating to these transactions.

其中，收購 IC Alps、MiraX 與 WeCam 使一般及行政費用增加近 300 萬美元，另有與這些交易相關的無形資產攤銷 130 萬美元。

As a result, operating loss was $32.2 million compared with $21.2 million in the first half of 2025, while the net loss was $27.8 million compared with $20 million in the prior year.

因此，營業損失為 3,220 萬美元，較 2025 年上半年 2,120 萬美元擴大；淨損為 2,780 萬美元，較去年同期 2,000 萬美元增加。

Higher operating expenses were partly offset by the $3.8 million increase in gross profit and also higher interest income and on our liquidity reserves.

較高的營業費用部分被毛利增加 380 萬美元所抵銷，並且利息收入提高，以及我們流動性準備帶來的收益也有所增加。

Our EBITDA loss was $29.5 million compared with $20.9 million in the prior year period. The reconciliation included approximately $0.4 million of depreciation expense and $2.3 million of amortization expense added back.

我們的 EBITDA 虧損為 2,950 萬美元，較去年同期 2,090 萬美元擴大。調節項目包含約 40 萬美元的折舊費用與 230 萬美元的攤銷費用加回。

We end June 30 with $486 million in cash equivalents and restricted cash, including short-term investments. Total liquidity was approximately $488.5 million.

截至 6 月 30 日，我們持有現金及約當現金與受限制現金（含短期投資）共 4.86 億美元。總流動性約為 4.885 億美元。

This strong liquidity position remains a significant advantage. It enables us to continue investing in R&D, certifications, infrastructure and manufacturing, secure personalization, integration and selected strategic opportunities while reducing our near-term dependence on external financing. We will continue to allocate capital carefully toward commercialization, recurring revenue, strategic control and long-term value creation.

這樣強勁的流動性部位仍是一項重要優勢。它使我們能持續投資於研發、認證、基礎設施與製造、安全個人化、整合，以及選擇性的策略機會，同時降低短期對外部融資的依賴。我們將持續審慎配置資本，聚焦於商業化、經常性收入、策略性掌控與長期價值創造。

Turning to our outlook, we are reaffirming our previously announced fiscal 2026 revenue guidance of $27 million to $36 million. This represents expected growth of approximately 50% to 100% over the 2025 revenue of $18.3 million.

展望未來，我們重申先前公布的 2026 會計年度營收指引為 2,700 萬至 3,600 萬美元。這代表相較 2025 年營收 1,830 萬美元，預期成長約 50% 至 100%。

Our outlook is supported by the full-year consolidation of IC outs, continued demand for our Vault IC products, growth and recurring PKI and certificate management revenue, the initial commercialization of QS7001 and QVault TPM, contributions from the Quantix Edge Security project, and potential custom post-quantum ASIC design programs.

我們的展望基於：IC outs 全年併表、Vault IC 產品需求持續、PKI 與憑證管理營收的成長與經常性、QS7001 與 QVault TPM 的初步商業化、Quantix Edge Security 專案的貢獻，以及潛在的客製化後量子 ASIC 設計專案。

As always, this outlook reflects our current expectations and remains subject to customer demand, qualification, and certification timing. Supply chain conditions, commercial execution, order timing, and other risks described in our SEC filings.

一如既往，此展望反映我們目前的預期，仍可能受客戶需求、資格認證與認證時程影響。亦受供應鏈狀況、商業執行、訂單時點，以及我們向 SEC 申報文件中所述的其他風險影響。

I will now turn back to Carlos to discuss our growth opportunities and strategic priorities.

接下來我把時間交還給 Carlos，請他談談我們的成長機會與策略重點。

Thank you, John. So looking ahead, our priorities for the remain of 2026 and into 2027 are clear. First, we are focused on commercializing QS7001 and QVault TPN, as previously mentioned. The market is moving from awareness to implementation, from defense, critical infrastructure, industrial systems, identity devices, secure communication, IoT, and autonomous technology, post-quantum security often requires. A hardware-based route of trust.

謝謝你，John。展望未來，我們在 2026 年剩餘期間以及進入 2027 年的優先事項很明確。第一，我們將如先前所提，聚焦於 QS7001 與 QVault TPN 的商業化。市場正從認知走向落地實施；在國防、關鍵基礎設施、工業系統、身分裝置、安全通訊、物聯網與自主技術等領域，後量子安全往往需要以硬體為基礎的信任根。

CLSQ is well-positioned through or secure element, post-quantum cryptography, PKI, and secure provisioning ASIC design capability through ICOps and growing international infrastructure.

CLSQ 具備良好定位，憑藉我們的安全元件、後量子密碼學、PKI，以及透過 ICOps 的安全佈建 ASIC 設計能力與持續成長的國際化基礎設施。

Second, we remain focused on certification for regulated customer certification is a critical convention point, or QS7001 entropy validation and common criteria testing process are important steps, and we will continue working towards additional customer qualifications and certification milestone.

第二，我們仍專注於受監管客戶所需的認證；認證是關鍵的轉換點，例如 QS7001 的熵值驗證與通用準則（Common Criteria）測試流程都是重要步驟，我們將持續推進更多客戶資格認定與認證里程碑。

Third, we are focusing on converting our pipeline into customer deployment and production commitments. Our active pipeline exceeded 2025 million of September 9, including more than 100 million in post-quantum opportunities, which are going to be increased even farther next year as there is an executive order by President Trump requiring PQC deployment.

第三，我們著重將管線轉化為客戶部署與量產承諾。截至 9 月 9 日，我們的活躍管線超過 2025 百萬，其中包含超過 1 億的後量子機會；由於川普總統發布要求部署 PQC 的行政命令，明年這一數字還將進一步增加。

And implementation in critical infrastructure in the United States. So this is not only a revenue guidance, but it also reflects the growing interest across our portfolio and the increase needed for trusted post-quantum ready infrastructure and to follow the guidelines from the US Government. Fourth, we will execute a sovereign vertical strategy with discipline. We have allocated $200 million because we believe critical in technology, secure semiconductor design, trusted personalization, quantum capabilities, and a strategic supply chain will become increasingly valuable.

以及在美國關鍵基礎設施中的落地實施。因此，這不僅是營收指引，也反映我們產品組合在各領域日益升高的興趣，以及為建立可信、具備後量子就緒能力的基礎設施並遵循美國政府指引所需的增量需求。第四，我們將以紀律執行主權垂直領域策略。我們已配置 2 億美元，因為我們相信關鍵技術、安全半導體設計、可信個人化、量子能力與策略性供應鏈將變得愈來愈有價值。

Every investment must strengthen our roadmap, technology position for commercial opportunities or time to market. So finally, our approximately $495 million liquidity position gives us time and flexibility to execute. We can continue developing products, advancing certification, recruiting staff, integrating businesses, supporting partnerships and building the infrastructure needed to secure global customers. So CLSQ is building a platform. Intersection of semiconductor, secure post-quantum cryptography, trusted digital identity, and quantum technology.

每一項投資都必須強化我們的路線圖、技術定位，以把握商業機會或縮短上市時間。因此，最終我們約4.95億美元的流動性部位，讓我們有時間與彈性去執行。我們可以持續開發產品、推進認證、招募人員、整合業務、支持合作夥伴關係，並建置取得全球客戶所需的基礎設施。因此，CLSQ 正在打造一個平台。位於半導體、安全的後量子密碼學、可信數位身分，以及量子技術的交會點。

We made meaningful progress in the first half. Revenue grew, gross margin expanded, product advance through technical and certification milestones, and customer engagement increased and strategic capabilities broadening. The next phase is execution, converting technology investment into revenue, production, commitments, recurring services, and long-term shareholder value. So thank you very much for your continued support and interest in CLSQ.

我們在上半年取得了實質進展。營收成長、毛利率擴大、產品在技術與認證里程碑上持續推進，客戶互動增加且策略能力也在擴展。下一階段是執行：把技術投資轉化為營收、量產、承諾、經常性服務，以及長期股東價值。因此，非常感謝各位持續支持並關注 CLSQ。

Operator, we are now ready to take questions. Thank you very much.

接線員，我們現在準備開始提問。非常感謝。

(Operator Instructions)

(接線員指示)

Matthew Galinka, Maxim Group.

Matthew Galinka，Maxim Group。

Hey, thanks for taking my questions and congratulations on all the progress.

嗨，謝謝讓我提問，也恭喜你們取得所有進展。

Maybe firstly, is there any way you could share what the pipeline looks like for the broader Quantum stack? I think the 225 million numbers for the post-Quantum security piece, but I'm curious.

也許先問第一個問題：你們是否能分享一下更廣泛的量子技術堆疊（Quantum stack）的案源管線大概長什麼樣子？我知道後量子安全那一塊有2.25億的數字，但我很好奇。

For the other components like the quantum for products interconnect, are you engaging with customers? Are there initial conversations happening? And I'm curious when you think that could be commercialized in the future?

至於其他組件，例如用於產品互連的量子技術，你們有在與客戶接觸嗎？是否已經有初步對話在進行？另外也想請教你們認為未來何時可能商業化？

Hey, Matt, thank you very much for your question. And yeah, I mean, the quantum ecosystem that we are building. Companies like MiraX, they are generating initial revenue. As the quantum industry is not really revenue rich because these companies are not yet able to generate enough qubits that will, justify anyone to pay the price to buy a quantum computer. So this is still very much a science work and R&D work, but it's essential, right? Because as soon as this.

嗨，Matt，非常感謝你的提問。是的，我們正在打造的量子生態系。像 MiraX 這樣的公司，已經在產生初步營收。由於量子產業目前並不是營收豐厚的產業，因為這些公司尚未能產生足夠的量子位元（qubits），讓任何人願意付出購買量子電腦的價格。所以這仍然非常偏向科學研究與研發工作，但它是必要的，對吧？因為一旦這件事發生。

Quantum companies start to generate a number of qubits, you can start to do multiple applications like what we announced on Formula One with bringing quantum to a sport, extreme sport and redesign the penetration of the car into the air. So all these things are new things and you can start to do with a limited number of qubits, developing new medical products, new materials. So the industries around. There, right? I mean, as even a lot of very large quantum research companies do not have revenue or very little revenue, or if they have revenue, it's not actually from quantum, but from, fabs and another expanded facility. But what is very interesting in this industry is that because we have a quantum security technology and post quantum semiconductors.

當量子公司開始產生一定數量的量子位元時，你就可以開始做多種應用，例如我們在一級方程式（Formula One）所宣布的，把量子帶入運動、極限運動，並重新設計賽車穿透空氣的方式。所以這些都是新事物；即使在量子位元數量有限的情況下，你也可以開始做，例如開發新的醫療產品、新材料。因此，周邊產業就在那裡。對吧？我的意思是，即便許多非常大型的量子研究公司也沒有營收或只有很少營收；或者即使有營收，也不一定真的來自量子，而是來自晶圓廠（fabs）與其他擴建設施。但這個產業非常有趣的一點是：因為我們擁有量子安全技術與後量子半導體。

Very well established with amazing technology. This is allowing us to fully understand what is going to be the vertical on these technologies and they're going to start to accelerate revenue.

這些技術非常成熟且非常出色。這讓我們能夠充分理解這些技術將會形成哪些垂直領域，並且它們將開始加速帶來營收。

And this is why we invested in Kubli. Kubli, as is a co-investment between Hoss and STMicroelectronic. They are developing qubits at the silicon level.

這也是我們投資 Kubli 的原因。Kubli 是 Hoss 與 STMicroelectronic 的共同投資案。他們正在矽層級開發量子位元。

With CMOS technology, we also invested in Europe with a similar design. So this company is advancing exponentially, right? And this is something that will diversify your revenue while or QS7001 PQC revenue.

採用 CMOS 技術，我們也在歐洲投資了一個類似設計。因此，這家公司正以指數型速度推進，對吧？而這將在 QS7001 PQC 營收之外，讓你的營收來源更加多元。

PKI revenue, identity revenue is well established and will continue growing as soon as those certifications are finalized. You will see a new class of revenue adding to the company through what we call the Seal Quantum ecosystem, right?

PKI 營收、身分（identity）營收已相當成熟；一旦那些認證完成，將會持續成長。你將會看到我們所稱的 Seal Quantum 生態系，為公司帶來一個新的營收類別，對吧？

ASIC is another one. ASIC allows us to, and you can see already that an important amount of revenue is coming out from the ASIC.

ASIC 也是另一項。ASIC 讓我們能夠——而且你已經可以看到，有相當一部分營收來自 ASIC。

There are not many AC companies in the world, actually, that they have a trust model and cryptographic root key capability as we have.

實際上，全球擁有像我們這樣的信任模型與密碼學根金鑰（cryptographic root key）能力的 ASIC 公司並不多。

And this is new applications that they are coming, for instance, design AC for the automobile industry or the medical industry. Those are wins that they have done by ICOps. So it is hard to understand sector for the reason that we all know because it's a very fragmented sector. They are a company doing.

而且新的應用正在出現，例如為汽車產業或醫療產業設計 ASIC。這些是 ICOps 已經拿下的案子。因此這個領域很難理解，原因大家都知道，因為它非常碎片化。有些公司在做。

Consensing, they are companies doing quantum networking, they are quantum number generators, and those are kind of pieces, spare parts of the future vertical stack that we are building, right? Some of them belongs to us IP-wise.

有些公司在做共識（consensing），有些公司在做量子網路，有些在做量子亂數產生器；這些都像是我們正在打造的未來垂直堆疊中的零組件、備用零件，對吧？其中一些在智慧財產（IP）層面屬於我們。

In others, we have technology investment, but as it was in the case of Kubli, right, we invested on them, but they also acquired $5 million technology from house because they understood that quantum security and verticalization was critical for them to sell the first quantum computers.

另外一些我們有技術投資；但就像 Kubli 的案例一樣，我們投資了他們，而他們也向 Hoss 採購了500萬美元的技術，因為他們理解量子安全與垂直化對於他們銷售第一批量子電腦至關重要。

With similar situations are happening in the United States with GROC, and this is going to be more and more the case where quantum security will be generating revenue for quantum companies, and quantum companies will be acquiring more and more revenue from us.

在美國，GROC 也出現類似情況；而且未來會越來越常見：量子安全將為量子公司帶來營收，而量子公司也將從我們這裡取得越來越多的營收。

Got it.

了解。

Thank you. Maybe if we could also just extend a little bit on the.

謝謝。也許我們也可以再延伸一下談談。

The Quantix edge and just really the personalization opportunity beyond Spain.

Quantix edge，以及在西班牙以外的個人化（personalization）機會。

I think you mentioned expansion within Europe potentially and India. Maybe can you just go back over where you're seeing opportunities to build out those facilities and centers and, just geographically, where do you think you can be, a year or two years from now with that?

我想你提到可能在歐洲內部擴張以及印度。你能否再回顧一下你們看到哪些機會可以擴建那些設施與中心？以及就地理分布而言，你認為從現在起一年或兩年後，你們可能會到達什麼樣的布局？

Absolutely. So as one of the big issues in Quantum is sovereign vertical technology because quantum computers, the day that they are fully developed will be 100 or $200 million a piece. So it's a very expensive hardware, which requires PhDs and very specialized staff. So obviously not every company will have the resources to acquire their own quantum computer. So what is happening is that. The industry is coming with quantum as a service type of model where you have one quantum computer or several quantum computers in one specific territory, and this quantum computer will be acting as a vertical stack in a sovereign way. Obviously, the United States is a huge market, so a lot of companies will afford to buy $100 million quantum computer, but some countries, they will need to only have one or two hubs on where those quantum computers will operate, and this is a bit the case of the project. Quantum is a joint venture between us and the Spanish government. It is a very interesting project because it is expanding very fast.

當然可以。量子領域的一個重大議題是主權垂直技術（sovereign vertical technology），因為量子電腦在完全成熟的那一天，每台將要價1億到2億美元。因此它是非常昂貴的硬體，且需要博士與高度專業的人才。所以顯然不是每家公司都有資源去購置自己的量子電腦。因此正在發生的是：產業正在採用「量子即服務」（quantum as a service）類型的模式，也就是在特定領土內部署一台或多台量子電腦，並以主權方式讓這台量子電腦作為垂直堆疊來運作。當然，美國是很大的市場，所以很多公司負擔得起購買1億美元的量子電腦；但有些國家只需要一到兩個樞紐（hub）來運行這些量子電腦，而這有點像該專案的情況。Quantum 是我們與西班牙政府的合資企業。這是一個非常有趣的專案，因為它擴張得非常快。

We started with a semiconductor post-quantum, but we are also adding.

我們從半導體後量子技術起步，但我們也正在加入。

Other elements, actually, in the technology roadmap, we'll be adding the possibility of developing new nail clouds. This is a very big subject now that they are secure by the cryptographic root-key capabilities of a wise key and using secure hardware, PQC secure hardware enabled for CLSQ. So we are a bit expanding those centers into what you call deep tech centers, right? So we have one very successful. Deployment, there was a eur40 milliono deployment.

實際上，在技術路線圖中，我們將加入開發新型「nail clouds」的可能性。這是一個非常大的議題，因為它們透過 WiseKey 的加密根金鑰能力並使用安全硬體、為 CLSQ 啟用的 PQC 安全硬體來確保安全。因此，我們正在把這些中心稍微擴展成你所說的深科技中心，對吧？所以我們有一個非常成功的。部署，當時有一筆4,000萬歐元的部署。

This is going to be expanded in the future. Seth has invested already $2 billion in Spain, the Spanish government, in creating sovereign infrastructure, and Amurcia is the preferred hub for the entire country, right? So you will see a huge progression there, which will also contribute very substantially in our revenue generation and diversification. But the beauty of that model. Is that we have the footprint on replicating that model anywhere in the world. And the good news is that countries, we go to the Middle East, we go to Asia, we go to South Korea, we go to India, all of them they are telling us this is actually the model we want. We want a vertical stack which is sovereign that allows our country to be totally independent in the quantum computer era because a quantum computer is the one that will. Due to the enormous compute capability will accelerate AI. AI will become much more powerful with quantum computers. Quantum computers will be able to.

未來這將會擴大。Seth 已在西班牙投資了20億美元，西班牙政府也在打造主權基礎設施，而穆爾西亞（Murcia）是全國首選的樞紐，對吧？所以你會看到那裡有巨大的進展，這也將在我們的營收創造與多元化方面做出非常實質的貢獻。但那個模式的美妙之處。在於我們具備把該模式複製到世界任何地方的足跡與能力。好消息是，各國——我們去中東、去亞洲、去南韓、去印度——他們都告訴我們，這其實就是他們想要的模式。他們想要一個主權化的垂直堆疊，讓國家在量子電腦時代能完全獨立，因為量子電腦將會。憑藉其巨大的運算能力加速 AI。有了量子電腦，AI 會變得更強大。量子電腦將能夠。

It completely revolutionized the medical sector, so they don't want to have this technology outside the country they want to have it in the country, and those centers which are started to be, I think the angle which is very unique and how we started from the quantum security because that's where it's a concern now, with the new executive order in the United States with President Trump saying.

它將徹底革新醫療產業，因此他們不希望這項技術在國外，而是希望留在國內；而這些中心開始被建立，我認為其非常獨特的切入角度在於我們是從量子安全開始的，因為這正是目前的關切所在，隨著美國總統川普發布新的行政命令表示。

You guys need to be by 29 post-quantum ready. Otherwise, you will not be able to participate in the future critical infrastructure in the United States because you can be hacked, right? The harvest and the crypto issue that everybody knows about it could happen as early as 29, 30. So that means that countries need to be ready. In the United States, obviously, there's a lot of things that are going to happen in the following months because this executive order is accelerating the demand. From big players on post-quantum technology, and there is not available post-quantum technology secure elements like the one we produce. It's no competition yet there. So we will be able to accelerate your revenue generation in the United States. And as we signed a partnership agreement with GlobalFoundry. GlobalFoundry is number three founder in the world, which is now.

你們必須在 29 年前具備後量子就緒能力。否則，你們將無法參與美國未來的關鍵基礎設施，因為你們可能會被駭，對吧？大家都知道的「先收割、後解密」（harvest now, decrypt later）以及加密風險，最早可能在 29、30 年就會發生。這意味著各國都需要做好準備。在美國，顯然接下來幾個月會發生很多事情，因為這項行政命令正在加速需求。來自大型業者對後量子技術的需求，而目前並沒有可用的後量子技術安全元件，像我們所生產的這種。目前還沒有競爭對手。因此我們將能夠加速在美國的營收創造。而且我們已與 GlobalFoundry 簽署合作協議。GlobalFoundry 是全球第三大晶圓代工廠，現在。

Very interested. They receive, I think, $350 million from the US Government on quantum investments, and they are very interested to convert their foundry into quantum foundries as well so they can also develop the next generation quantum chips. So very close relation with them, and this is helping us to slowly enter into the United States in a way that we will very likely replicate this personalization center in the U.S. Soil.

非常感興趣。他們從美國政府獲得了我想是3.5億美元的量子投資資金，並且非常有興趣把他們的晶圓廠也轉型為量子晶圓廠，以便開發下一代量子晶片。因此我們與他們關係非常緊密，這也在幫助我們逐步進入美國市場，並且我們很可能會在美國本土複製這個個人化中心。

Great. Thank you.

很好。謝謝。

Thank you. Ladies and gentlemen, that concludes our question-and-answer session. I'll turn the floor back to Mr. Moreira for final comments.

謝謝。各位女士先生，我們的問答環節到此結束。我把時間交回給 Moreira 先生作最後致詞。

Okay, so thank you very much everybody for joining us today. As I mentioned before, the first half of 26 demonstrated the progress COSU is making across our core business and our long-term strategy. We increased revenue by 131%. We are one of the...

好的，非常感謝各位今天加入我們。如我先前提到的，26 年上半年展現了 COSU 在核心業務與長期策略上的進展。我們的營收成長了 131%。我們是……之一

Quantum companies that generate revenue, the others that are not, and we are expanding our cross margin, advancing our post-quantum product and certification roadmap and continue building our strategic ecosystem and maintain at the same time a very strong liquidity position. So we conclude that quantum security is no longer a distant theoretical issue. Governments, enterprises, critical infrastructure operators are inclusively preparing from the transition to post-quantum cryptography and trusted hardware rooted services. So CLSQ has the product, the engineering capability with over 200 engineers, the certification roadmap, the customer pipeline, the strategic partnership and capital position to participate meaningfully in this transition.

能夠產生營收的量子公司之一，其他公司則尚未，而我們正在擴大我們的交叉毛利率，推進我們的後量子產品與認證路線圖，並持續建立我們的策略生態系，同時維持非常強勁的流動性部位。因此我們的結論是，量子安全不再是遙遠的理論議題。政府、企業、關鍵基礎設施營運商都在積極準備，從傳統加密過渡到後量子密碼學以及以可信硬體為根的服務。因此，CLSQ 具備產品、超過 200 名工程師的工程能力、認證路線圖、客戶管線、策略夥伴關係以及資本實力，能在這場轉型中做出有意義的參與。

To our employees, partner, customer, and shareholder, thank you for your continued commitment and support. We look forward to updating you on your progress through the remaining of 26, and this concludes today's call.

致我們的員工、合作夥伴、客戶與股東，感謝你們持續的承諾與支持。我們期待在 26 年剩餘期間向各位更新我們的進展，今天的電話會議到此結束。

Thank you very much for your attention.

非常感謝各位的關注。

Thank you very much for the operator to organize this call.

也非常感謝接線員協助安排這通電話會議。

Thank you. This concludes today's conference call. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的電話會議到此結束。您現在可以掛斷電話線。感謝您的參與。