908 Devices Inc. (MASS) 2026 Q1 法說會逐字稿

Hello, everyone. Thank you for joining us, and welcome to the 908 Devices first quarter 2026 financial results conference call. (Operator Instructions) I will now hand the conference over to Barbara Russo in Investor Relations. Barbara, please go ahead.

各位好。感謝各位加入，歡迎參加 908 Devices 2026 年第一季財務業績電話會議。(接線員指示) 現在我將把會議交給投資人關係部的 Barbara Russo。Barbara，請開始。

Thank you, and good morning. On this call, we will be discussing our financial results for the first quarter ending March 31, 2026, which were released earlier this morning. Joining me from 908 Devices is Kevin Knopp, Chief Executive Officer and Co-Founder; and Joe Griffith, Chief Financial Officer. During today's call, we will make forward-looking statements within the meaning of federal securities laws. These statements involve material risks and uncertainties that could cause actual results or events to materially differ from those anticipated.

謝謝，早安。在本次電話會議中，我們將討論截至 2026 年 3 月 31 日的第一季財務結果，該結果已於今天稍早發布。與我一同出席的 908 Devices 代表包括：執行長暨共同創辦人 Kevin Knopp，以及財務長 Joe Griffith。在今天的電話會議中，我們將在聯邦證券法的意義下作出前瞻性陳述。這些陳述涉及重大風險與不確定性，可能導致實際結果或事件與預期存在重大差異。

For a discussion of these risks and uncertainties, please review the forward-looking statement disclosure in the earnings news release as well as in our most recent annual report on Form 10-K and other SEC filings.

關於這些風險與不確定性的討論，請查閱我們盈餘新聞稿中的前瞻性陳述揭露，以及我們最近一期的 Form 10-K 年度報告與其他 SEC 申報文件。

These forward-looking statements reflect management's beliefs and assumptions as of the date of this live broadcast, May 6, 2026. Except as required by law, we disclaim any obligation to update forward-looking statements to reflect future events or circumstances. Our commentary today will also include non-GAAP financial measures, which should be considered as a supplement to and not a substitute for GAAP financial measures. The non-GAAP reconciliations can be found in today's earnings press release, which is available on the Investor Relations section of our website. With that, I now turn the call over to Kevin.

這些前瞻性陳述反映管理層截至本次直播（2026 年 5 月 6 日）之信念與假設。除法律要求外，我們不承擔更新前瞻性陳述以反映未來事件或情況的任何義務。我們今天的評論也將包含非 GAAP 財務衡量指標，應視為 GAAP 財務衡量指標的補充，而非替代。非 GAAP 調節表可見於今日的盈餘新聞稿，該新聞稿可於我們網站的投資人關係專區取得。接下來我把電話交給 Kevin。

Thanks, Barbara. Good morning and thank you for joining our first quarter 2026 earnings call. We entered 2026 from a position of strength with a streamlined cost structure, a solid balance sheet and an expanding recurring revenue opportunity.

謝謝你，Barbara。早安，感謝各位參加我們 2026 年第一季財報電話會議。我們以強勁態勢進入 2026 年，具備精簡的成本結構、穩健的資產負債表，以及持續擴大的經常性收入機會。

In the first quarter, we continued to build on that momentum, delivering $13.4 million in revenue, up 14% year-over-year. Sales to US state and local customers remained a key driver, representing approximately 50% of our first quarter revenues. This marks the third consecutive quarter that orders from these customers have exceeded our internal targets. And based on our current pipeline visibility, we believe we can continue this trend in the second quarter.

在第一季，我們持續延續這股動能，實現營收 1,340 萬美元，年增 14%。對美國州與地方客戶的銷售仍是關鍵驅動力，約占第一季營收的 50%。這是連續第三個季度，來自這些客戶的訂單超過我們的內部目標。基於我們目前對管線的能見度，我們相信第二季可延續此趨勢。

Importantly, this channel is delivering consistent high-quality run rate demand, helping to drive greater visibility and predictability while complementing larger international and US federal enterprise opportunities. Over the past 24 months, we have made deliberate investments to scale this segment alongside the successful integration of our RedWave FTIR portfolio, and we are now seeing those efforts translate into sustained durable growth. FTIR products are becoming a meaningful contributor to this and represented 43% of our first quarter total revenues, while Mass Spec revenues represented the remaining 57%.

重要的是，這一通路帶來穩定且高品質的常態化需求，有助於提升能見度與可預測性，同時也能與更大型的國際及美國聯邦企業級機會相互補強。過去 24 個月，我們在成功整合 RedWave FTIR 產品組合的同時，也有計畫地投入資源以擴大此細分市場規模，現在我們正看到這些努力轉化為持續且具韌性的成長。FTIR 產品正成為重要的貢獻來源，第一季占總營收的 43%，而質譜（Mass Spec）營收占其餘 57%。

Now I want to highlight an example that captures both the real-world impact of our products and the positive demand environment we're seeing. In March, a New York Times investigation highlighted the growing threat of drug-laced papers entering correctional facilities by mail, substances that are invisible to the naked eye and increasingly linked to rising overdose fatalities. States are acting. In Virginia, leaders have implemented a comprehensive program called Operation Free that includes the use of our MX908 device for trace narcotics detection.

接下來我想分享一個例子，能同時呈現我們產品在真實世界的影響力，以及我們所看到的正向需求環境。3 月，《紐約時報》的一項調查報導凸顯：夾帶毒品的紙張透過郵件進入矯正機構的威脅日益增加，這些物質肉眼不可見，且與過量致死案例上升的關聯愈來愈高。各州正在採取行動。在維吉尼亞州，領導團隊推行一項名為「Operation Free」的全面性計畫，其中包含使用我們的 MX908 裝置進行微量毒品偵測。

We were recently honored by Virginia officials with a state flag recognizing our role in supporting their initiative, an integrated model of enforcement, intelligence, and treatment that has reduced fatal overdoses in their correction system from '24 -- in 2024 to 0 in 2025.

我們近期獲維吉尼亞州官員頒贈州旗，以表彰我們在支持其倡議中的角色；該倡議是一種結合執法、情資與治療的整合模式，已使其矯正系統中的致命性藥物過量事件從 2024 年的「24」起降至 2025 年的 0 起。

This need for advanced inspection and screening is not isolated. The leaders behind Operation Free are now expanding their approach nationally, reinforcing a broader and accelerating demand environment.

對先進檢查與篩檢的需求並非個案。Operation Free 背後的領導者正將其方法擴展至全國，進一步印證更廣泛且加速中的需求環境。

In parallel, we anticipate that the passage last week of the Department of Homeland Security funding bill will provide additional support for our second half objectives. And to kick things off here in Q2, we closed a $3 million order in April with another state Department of Corrections. We are continuing to drive momentum as we execute our law enforcement narcotic strategy.

同時，我們預期上週通過的國土安全部（Department of Homeland Security）資金法案，將為我們下半年目標提供額外支持。為了在第二季開局，我們已於 4 月與另一個州的矯正署（Department of Corrections）完成一筆 300 萬美元訂單。在執行我們的執法毒品策略之際，我們將持續推動動能。

On our last earnings call, we outlined three focus areas for 2026, scaling our proven platforms, extending our handheld leadership through differentiated capabilities and disciplined innovation and strengthening revenue durability through recurring and program-based opportunities.

在上次財報電話會議中，我們概述了 2026 年的三大重點：擴大我們已驗證的平台規模、透過差異化能力與有紀律的創新延伸我們在手持式產品的領導地位，以及透過經常性與方案型機會強化營收的持久性。

This morning, we are excited to announce the acquisition of NIRLAB AG. We believe this acquisition is additive to each of our existing initiatives for the year and will be a very strong strategic fit over the short and long term. This acquisition brings together highly complementary drug detection capabilities, increases our international revenue mix and provides a high retention recurring software subscription model. Just as important as the strategic fit is the cultural alignment. NIRLAB is a founder-led, highly technical organization with deep expertise in spectroscopy, data science and cloud-based AI analytics.

今天早上，我們很高興宣布收購 NIRLAB AG。我們相信這項收購將為我們今年的各項既有計畫增添助力，並在短期與長期都具有非常強的策略契合度。此次收購結合了高度互補的毒品偵測能力，提高我們的國際營收占比，並帶來高留存率的經常性軟體訂閱模式。與策略契合度同等重要的是文化上的一致性。NIRLAB 是由創辦人領導、技術導向的組織，在光譜學、資料科學與雲端 AI 分析方面具備深厚專業。

Their mission-driven focus on enabling safer, faster decision-making in the field closely aligns with our purpose of protecting frontline responders and addressing critical public health challenges. So prior to reviewing our first quarter financial results, I wanted to walk you through a handful of slides about this acquisition and how it aligns to our focus areas and with our broader law enforcement narcotic strategy.

他們以使命為導向，專注於在現場實現更安全、更快速的決策，這與我們保護第一線應變人員並應對關鍵公共衛生挑戰的宗旨高度一致。因此，在回顧第一季財務結果之前，我想先帶大家看幾張關於此次收購的投影片，說明其如何與我們的重點領域及更廣泛的執法毒品策略相契合。

Very simply, this acquisition does four things for 908. First, it expands our handheld franchise into a high-volume, widely deployable sub-$40,000 segment, unlocking about a $200 million market. This is a solution purpose-built for frontline narcotics detection, increasing accessibility and driving unit volumes in markets we know well and already serve.

簡單來說，這項收購為 908 帶來四項效益。第一，它將我們的手持式產品版圖擴展至單價 4 萬美元以下、可大規模部署且出貨量高的細分市場，開啟約 2 億美元的市場機會。這是一套為第一線毒品偵測量身打造的解決方案，可提升可及性，並在我們熟悉且已服務的市場中推動出貨量成長。

And while not yet at scale, it's already validated with 100-plus active customers and approximately $2 million in law enforcement revenue.

雖然尚未達到大規模，但它已獲得驗證，擁有 100 多家活躍客戶，並帶來約 200 萬美元的執法營收。

Second, it strengthens and extends our leadership in narcotics for law enforcement. It builds directly on the momentum we're seeing with MX908 and complements VipIR, expanding a market-leading portfolio that's driving growth at the state and local level. Just as importantly, it completes our end-to-end coverage. With nearIR-based optical spectroscopy, which we have core expertise, we now span from everyday screening to confirmatory analysis, driving higher customer value and deeper adoption.

第二，它強化並延伸我們在執法毒品領域的領導地位。它直接建立在我們從 MX908 所看到的動能之上，並與 VipIR 形成互補，擴大一個在州與地方層級推動成長的市場領先產品組合。同樣重要的是，它補齊了我們端到端的覆蓋範圍。透過近紅外（nearIR）為基礎的光學光譜技術（這是我們的核心專長），我們如今可涵蓋從日常篩檢到確認性分析的全流程，提升客戶價值並加深採用程度。

Third, it accelerates our software and recurring revenue strategy. This is a proven high-retention subscription model, about 50% recurring revenue with a demonstrated annual retention of greater than 99%. It fits directly into our connected services vision with Team leader and NIRLAB's live cloud-connected AI-driven analysis. This gives us a faster path to scaling recurring revenue, increasing lifetime customer value and improving visibility.

第三，它加速我們的軟體與經常性收入策略。這是一個經驗證、留存率極高的訂閱模式，約 50% 為經常性收入，且已證明年度留存率超過 99%。它可直接融入我們的連網服務願景，結合 Team leader 與 NIRLAB 即時雲端連線、AI 驅動的分析能力。這讓我們能更快擴大經常性收入，提高客戶終身價值並改善能見度。

And fourth, this is a highly levered growth opportunity. The business today is largely international, and we see a clear path to accelerate US adoption using our commercial infrastructure while also benefiting from the technical know-how to further advance our platform.

第四，這是一個具高度槓桿的成長機會。該業務目前主要在國際市場，我們看見一條清晰路徑：運用我們的商業基礎設施加速美國市場採用，同時也能受益於其技術專長，進一步推進我們的平台。

So taken together, we believe this deal expands our market, strengthens our portfolio, completes our workflow and accelerates our software strategy, all tightly aligned to where we're taking 908. From a financial standpoint, NIRLAB's growth and recurring revenue mix are accretive and support our long-term margin targets as high-margin software subscriptions scale.

綜合而言，我們相信這筆交易擴大了我們的市場、強化了產品組合、補齊了工作流程並加速了軟體策略，且與我們推動 908 發展的方向高度一致。從財務角度來看，NIRLAB 的成長性與經常性收入結構具有增益效果，並在高毛利軟體訂閱規模化之際，支持我們的長期利潤率目標。

For the remaining eight months of 2026, we expect approximately $2.5 million in revenue, growing under our model to more than $5 million in 2027. We do expect a modest roughly $1 million adjusted EBITDA headwind in 2026 with the business planned to be profitable and contributing positively in 2027.

對於 2026 年剩餘八個月，我們預期約 250 萬美元營收，並在我們的模式下於 2027 年成長至超過 500 萬美元。我們預期 2026 年調整後 EBITDA 將有約 100 萬美元的溫和逆風；該業務計畫於 2027 年實現獲利並做出正向貢獻。

The upfront transaction value is $15 million, $13 million in cash and $2 million in equity with up to $8 million in additional equity tied to recurring revenue and customer capture performance milestones over the next 20 months.

本次交易的前期交易價值為1,500萬美元，其中1,300萬美元為現金、200萬美元為股權；另有最高800萬美元的額外股權，將在未來20個月內依循經常性收入與客戶獲取表現里程碑而定。

As we step back and look at what we're acquiring, it's important to recognize that this is not just a single product or point solution, but a fully integrated platform that is ready to scale. At its core, NIRLAB combines purpose-built hardware with a cloud-connected software ecosystem and a subscription model, enabling rapid field-based chemical analysis with a simple, scalable workflow.

當我們退一步審視我們正在收購的內容時，重要的是要認知到，這不僅是一項單一產品或點狀解決方案，而是一個已準備好擴展的完整整合式平台。在核心層面，NIRLAB將專用硬體與雲端連線的軟體生態系及訂閱模式結合，使得以簡單、可擴展的工作流程在現場快速進行化學分析成為可能。

This platform approach is what drives both adoption and long-term customer value. A key component of that value is the underlying data, know-how and IP. NIRLAB has built what we believe is the world's largest nearIR spectral database for narcotics, supported by proprietary AI and machine learning models informed by tens of thousands of laboratory characterized seized drug samples. This creates a meaningful and defensible data moat that strengthens over time as more data is collected in the field.

這種平台化的方法同時推動採用率與長期客戶價值。該價值的一個關鍵組成是其底層數據、專業知識與智慧財產權（IP）。NIRLAB建立了我們認為是全球最大的毒品近紅外（nearIR）光譜資料庫，並由專有AI與機器學習模型支撐；這些模型以數以萬計、經實驗室鑑定的查獲毒品樣本為依據。隨著在現場蒐集更多數據，這將形成具實質意義且可防禦的數據護城河，並隨時間持續強化。

As part of the acquisition, we're also integrating a highly specialized and mission-driven team of 15 people based in Switzerland with deep expertise across spectroscopy, software, cloud infrastructure and machine learning. Their scientific foundation anchored through the relationship with the University of Lausanne brings both credibility and continued innovation to the platform.

作為收購的一部分，我們也將整合一支高度專業、使命導向的15人團隊；該團隊位於瑞士，並在光譜學、軟體、雲端基礎設施與機器學習方面具備深厚專長。他們透過與洛桑大學（University of Lausanne）的合作關係所奠定的科學基礎，為平台帶來可信度並持續推動創新。

The NIRLAB experience is designed to be simple, fast and highly accessible for frontline users with a straightforward workflow of just downloading the app from the App Store, pairing the device, analyzing a sample and then receiving results in seconds, users can detect, identify and quantify the most common illicit drug directly in the field, approximately 400 substances, including THC and CBD in cannabis, which are important analytes not covered by our Mass Spec or other optical products.

NIRLAB的使用體驗被設計得簡單、快速且對第一線使用者高度友善：只需從App Store下載App、配對裝置、分析樣本，並在數秒內取得結果；使用者即可在現場直接偵測、辨識並定量最常見的非法藥物，約400種物質，包括大麻中的THC與CBD——這些是我們的質譜（Mass Spec）或其他光學產品未涵蓋的重要分析物。

For reference, the initial device will be roughly $10,000 and its required subscription will be roughly half that again per year. Note, these are approximate as pricing varies by market and is still being established. We believe nearIR's ease of use, low training requirements, and safer operating profile versus Raman are critical competitor differentiators in this product segment. This platform is purpose-built for broad deployment across generalist users, enabling everyday use cases at scale.

供參考，初始裝置價格約為10,000美元，而其必要的訂閱費用每年約為該金額的一半左右。請注意，以上為約略數字，因定價會因市場而異，且仍在制定中。我們認為，相較於拉曼（Raman），nearIR的易用性、較低的訓練需求，以及更安全的操作特性，是此產品區隔中的關鍵競爭差異化因素。此平台為廣泛部署於一般使用者而量身打造，使日常使用情境得以大規模落地。

What further differentiates this platform, however, is what happens beyond the handheld device. Each measurement taken in the field is captured and aggregated into a centralized cloud-based ecosystem, transforming what would otherwise be isolated data points into a continuously expanding intelligence layer. This allows agencies and organizations to identify patterns across locations, users, and time, turning decentralized field activity into actionable insight to inform both real-time decisions and longer-term strategy.

然而，使該平台進一步差異化的是手持裝置之外所發生的事情。每一次在現場進行的量測都會被擷取並彙整至集中式雲端生態系，將原本可能只是孤立的數據點，轉化為持續擴張的情報層。這使機關與組織能跨地點、使用者與時間辨識模式，將分散的現場活動轉化為可採取行動的洞見，以支援即時決策與更長期的策略制定。

On top of that, the platform leverages AI and advanced compute to continuously improve performance. As more data is collected, the system becomes more accurate, more robust and more valuable to the end user. This creates a powerful flywheel effect with increased usage driving more data, more data driving better insights and better insights driving further adoption.

此外，該平台運用AI與先進運算能力持續提升效能。隨著蒐集更多數據，系統會變得更精準、更穩健，並為終端使用者帶來更高價值。這形成強大的飛輪效應：使用量增加帶來更多數據，更多數據帶來更佳洞見，而更佳洞見又進一步推動採用。

From a strategic perspective, this is also highly aligned with our broader team leader software vision. It strengthens our ability to deliver connected data-driven solutions, expands our recurring revenue opportunities and enhances the overall value of our ecosystem to customers.

從策略角度來看，這也與我們更宏觀的團隊領先（team leader）軟體願景高度一致。它強化我們提供互聯、數據驅動解決方案的能力，擴大我們的經常性收入機會，並提升我們生態系對客戶的整體價值。

NIRLAB is embedded in the day-to-day workflows of customers with over 1 million analyses performed to date. This level of usage demonstrates both reliability of the technology and the value it delivers in operational settings. NIRLAB's customer base spans across continents from the Australian Federal Police and Oceania to state police forces in Switzerland and Germany, local police forces in the Netherlands, Italy and Spain and more broadly across Europe to a forensics laboratory in Malaysia, customs authorities in Mauritius and anti-narcotics units in Nigeria, among many others.

NIRLAB已深度嵌入客戶的日常工作流程，迄今已完成超過100萬次分析。如此高的使用量同時證明了技術的可靠性，以及其在作業環境中所提供的價值。NIRLAB的客戶遍及各大洲，從澳洲聯邦警察與大洋洲，到瑞士與德國的州警、荷蘭、義大利與西班牙的地方警力，以及更廣泛的歐洲地區；此外還包括馬來西亞的法醫實驗室、模里西斯的海關機關、奈及利亞的反毒單位等眾多客戶。

These are not pilot programs or limited trials. This is an active recurring use by frontline personnel who rely on the platform to make fast informed decisions in the field. That consistency of use underpins the strong retention and subscription model we discussed earlier.

這些並非試點計畫或有限度的試用。這是第一線人員的主動、經常性使用；他們仰賴該平台在現場快速做出有依據的決策。這種使用的一致性，支撐了我們先前討論的高留存率與訂閱模式。

At the same time, this platform is early in its broader market adoption. It has not yet been scaled globally, has not penetrated the US and has not been fully leveraged through a larger commercial engine, which creates a significant opportunity ahead for us.

同時，該平台在更廣泛市場的採用仍處於早期階段。它尚未在全球規模化，尚未打入美國市場，也尚未透過更大型的商業引擎充分發揮，這為我們帶來了可觀的前瞻性機會。

From our perspective, this combination of proven validation and early-stage scale is particularly compelling. It reduces execution risk while preserving meaningful upside as we expand adoption, especially in the US and connect this installed base into our broader ecosystem.

在我們看來，這種「已被驗證」與「仍處於早期擴張」的組合特別具有吸引力。它在保留顯著上行空間的同時降低了執行風險，因為我們將擴大採用，尤其是在美國，並把這個既有裝機基礎連結到我們更廣泛的生態系中。

Our combined platforms provide end-to-end coverage for narcotics detection supporting the law enforcement market broadly. This is timely for two reasons. One, global drug markets are expanding in both scale and complexity with cocaine seizures up 68% over the past four years and more than 55 tons of new psychoactive substances seized in Europe alone in 2024. At the same time, over 1,000 emerging compounds, including highly potent synthetic opioids like nitazenes are driving a growing need for traceable detection in complex and hazardous environments.

我們整合後的平台可為毒品偵測提供端到端覆蓋，廣泛支援執法市場。這在兩個原因下正逢其時。第一，全球毒品市場在規模與複雜度上持續擴張：過去四年可卡因查獲量增加68%，而僅在歐洲，2024年就查獲超過55噸的新型精神活性物質。同時，超過1,000種新興化合物（包括如nitazenes等高效力合成類鴉片）正推升在複雜且危險環境中對可追溯偵測的需求。

And two, low-cost, widely deployable colorimetric field tests are increasingly falling out of favor and a growing number of US states and jurisdictions are restricting their use for arrest decisions due to accuracy concerns and lack of an electronic record. This is expected to drive a shift towards scientifically validated field-ready alternatives such as our products.

第二，低成本、可廣泛部署的比色法（colorimetric）現場測試正日益失寵；由於準確性疑慮以及缺乏電子紀錄，越來越多美國州與司法管轄區正在限制其用於逮捕決策。這預期將推動市場轉向具科學驗證、可於現場使用的替代方案，例如我們的產品。

With NIRLAB, we now address the full spectrum of use cases from high-frequency in-field screening to advanced confirmatory analysis. NIRLAB enables rapid frontline awareness. Our flagship MX908 supports trace level detection for high-consequence scenarios, including fentanyl and the synthetic opioid crisis and our new product, VipIR, expands our capability in bulk and unknown substance identification with its ability to identify 39,000-plus chemicals, cutting agents and more in customs and clandestine lab response settings.

透過NIRLAB，我們如今可涵蓋從高頻率的現場初篩到進階確認性分析的完整使用情境。NIRLAB可讓第一線快速掌握情況。我們的旗艦產品MX908支援痕量等級偵測，適用於高風險情境，包括芬太尼與合成類鴉片危機；而我們的新產品VipIR則以可辨識39,000種以上化學品、摻混劑等的能力，擴展我們在大量與未知物質辨識方面的能力，適用於海關與秘密製毒實驗室應對等場景。

These platforms are becoming increasingly connected through our software ecosystem, enabling data sharing and coordination and insight across users and environments. This transforms isolated measurements into a unified actionable workflow. Importantly, this drives pull-through across the portfolio where routine screening can lead to demand for more advanced capabilities or the opposite, increasing both utilization and customer lifetime value. Overall, this positions us with a differentiated full stack solution that spans everyday to specialist use cases and is difficult to replicate.

這些平台正透過我們的軟體生態系變得愈加互聯，促進跨使用者與環境的數據共享、協作與洞見。這將孤立的量測轉化為統一且可採取行動的工作流程。重要的是，這會帶動產品組合的拉動效應（pull-through）：例行初篩可能引發對更進階能力的需求，或反之亦然，從而提升使用率與客戶終身價值。整體而言，這使我們具備差異化的全棧解決方案，涵蓋日常到專業使用情境，且難以被複製。

The acquisition directly aligns with the three strategic priorities we outlined for 2026. First, it scales our proven handheld platforms by expanding to low-cost, widely deployable segment, enabling broader adoption across law enforcement and global frontline users.

此次收購與我們為2026年所提出的三項策略優先事項直接一致。第一，透過擴展至低成本、可廣泛部署的區隔，放大我們已被驗證的手持平台，促進在執法單位與全球第一線使用者中的更廣泛採用。

Second, it extends our handheld leadership by completing the end-to-end workflow from screening to confirmatory analysis, strengthening what we believe is the most comprehensive handheld detection portfolio in the market.

第二，透過完成從初篩到確認性分析的端到端工作流程，延伸我們在手持領域的領導地位，強化我們所認為市場上最全面的手持偵測產品組合。

And third, it strengthens revenue durability by adding a high-quality subscription-based revenue stream and expanding our software and data. So, taken together, this is exactly how we're executing the strategy, broadening the portfolio with purpose, scaling from a position of strength, and reinforcing our leadership in handheld detection.

第三，透過新增高品質的訂閱制收入來源並擴充我們的軟體與數據，強化營收的持久性。因此，綜合來看，這正是我們落實策略的方式：有目的地擴充產品組合、在優勢基礎上擴張規模，並鞏固我們在手持偵測領域的領導地位。

I'm so proud of what the team has been able to accomplish over the last 12 months, the trajectory we are on, our Q1 performance, our outlook, and with the addition of NIRLAB , I'm even more excited for what's next. With that, I'll now turn the call over to Joseph for more details on our first quarter and our updated outlook.

我為團隊在過去12個月所達成的成果、我們所處的發展軌跡、我們第一季的表現與展望感到非常自豪；而隨著NIRLAB的加入，我對接下來的發展更加期待。接下來，我將把電話會議交給Joseph，請他就我們第一季的更多細節以及更新後的展望進一步說明。

Thanks, Kevin. Total revenue was $13.4 million for the first quarter 2026, increasing 14% from $11.8 million in the prior year period. Handheld product and service revenue was $12.8 million for the first quarter 2026, up 16% from $11 million for the first quarter 2025. The increase was primarily driven by our FTIR products, including more than 25 VipIR shipments, which offset a reduction in protector shipments. MX908 product and service revenue was up overall, driven by an increase in device placements but was offset by a $0.7 million decrease in service revenue.

謝謝，Kevin。2026 年第一季總營收為 1,340 萬美元，較去年同期的 1,180 萬美元成長 14%。2026 年第一季手持式產品與服務營收為 1,280 萬美元，較 2025 年第一季的 1,100 萬美元成長 16%。成長主要由我們的 FTIR 產品帶動，包括超過 25 台 VipIR 出貨，抵銷了 protector 出貨量的下降。MX908 產品與服務營收整體上升，主要受裝置布建增加帶動，但部分被服務營收減少 70 萬美元所抵銷。

In total, we shipped 167 devices in the first quarter, bringing our installed base to 3,903. As anticipated, program product and service revenues was zero in the first quarter of 2026 as we await funding for the next phase of the AVCAD program, and it was $0.1 million in the first quarter of 2025.

整體而言，我們在第一季出貨 167 台裝置，使我們的裝機基礎達到 3,903 台。如預期，2026 年第一季計畫產品與服務營收為零，因我們正等待 AVCAD 計畫下一階段的資金撥付；而 2025 年第一季為 10 萬美元。

OEM and funded partnership revenue was $0.6 million for the first quarter of 2026 compared to $0.7 million in the prior year period. Recurring revenue, which consists of consumables, accessories, software and service revenue represented 30% of total revenues this quarter and was $4 million, a 7% decrease over the prior year period, primarily related to the expected reduction in Mass Spec service revenue.

2026 年第一季 OEM 與受資助合作夥伴營收為 60 萬美元，較去年同期的 70 萬美元下降。經常性營收（包含耗材、配件、軟體與服務營收）本季占總營收 30%，為 400 萬美元，較去年同期下降 7%，主要與預期中的質譜（Mass Spec）服務營收下滑有關。

Gross profit was $6.9 million for the first quarter of 2026 compared to $5.5 million for the prior year period. Gross margin was 51% for the first quarter of 2026 compared to 47% for the prior year period. The increase was driven by several factors: one, higher product revenue volume; two, a shift in channel mix with fewer international placements that are at a lower gross margin; and three, the decreased facility costs related to the move of our Boston facility in 2025. This was offset in part by a lower service gross margin related to the decreased service contract revenue in the first quarter of 2026.

2026 年第一季毛利為 690 萬美元，較去年同期的 550 萬美元增加。2026 年第一季毛利率為 51%，去年同期為 47%。毛利率提升由多項因素帶動：第一，產品營收量增加；第二，通路組合轉變，國際布建較少（其毛利率較低）；第三，與 2025 年搬遷波士頓設施相關的設施成本下降。上述因素部分被 2026 年第一季服務合約營收下降所導致的服務毛利率較低所抵銷。

Adjusted gross profit was $7.7 million for the first quarter of 2026 compared to $6.4 million for the prior year period. Adjusted gross margin was 57%, an increase of approximately 290 basis points compared to the prior year period. The increase in adjusted gross margin was driven by the higher revenues, channel mix and the reduced facility costs, as mentioned above.

2026 年第一季調整後毛利為 770 萬美元，較去年同期的 640 萬美元增加。調整後毛利率為 57%，較去年同期約提升 290 個基點。調整後毛利率的提升主要由較高營收、通路組合以及前述設施成本降低所帶動。

Total operating expenses for the first quarter of 2026 were $19.8 million compared to $16.6 million in the prior year period. The increase was due to a noncash $3.9 million increase in the fair value of contingent consideration.

2026 年第一季總營業費用為 1,980 萬美元，較去年同期的 1,660 萬美元增加。增加主要來自或有對價公允價值上升所致的 390 萬美元非現金增加。

All other operating expenses for the first quarter decreased year-over-year by $0.7 million, driven by a reduction in facility expenses and a $0.2 million decrease in acquisition and integration costs.

第一季其他所有營業費用較去年同期減少 70 萬美元，主要由設施費用下降以及併購與整合成本減少 20 萬美元所帶動。

Net loss from continuing operations for the first quarter of 2026 was $12 million compared to a net loss of $9.8 million in the prior year period. This increase was primarily driven by the $3.9 million noncash charge for revaluing contingent consideration, offset in part by the improved gross margins and reduced operating expenses.

2026 年第一季持續營運淨損為 1,200 萬美元，去年同期淨損為 980 萬美元。淨損擴大主要由重新評價或有對價所產生的 390 萬美元非現金費用所致，部分被毛利率改善與營業費用降低所抵銷。

Adjusted EBITDA for the first quarter of 2026 was a negative $2.5 million compared to a loss of $4.6 million in the prior year period, representing a $2.1 million improvement. In the first quarter, we cut our adjusted EBITDA loss by 45% due to realizing growth at improved margins with a lower operating cost base. We ended the quarter with $111.7 million in cash, cash equivalents and marketable securities with no debt outstanding.

2026 年第一季調整後 EBITDA 為負 250 萬美元，去年同期為虧損 460 萬美元，改善 210 萬美元。第一季我們將調整後 EBITDA 虧損縮減 45%，原因是以較低的營運成本基礎實現成長並提升利潤率。本季末我們持有現金、約當現金與有價證券合計 1.117 億美元，且無任何未償債務。

Operationally, we are executing with discipline using only $1.2 million of cash in the quarter. Looking ahead in 2026, we now expect revenue to be in the range of $67 million to $70 million, representing growth of 19% to 25% over full year 2025. Our guidance range has increased $2.5 million and includes the following assumptions.

在營運面，我們以紀律執行，本季僅使用 120 萬美元現金。展望 2026 年，我們目前預期營收將落在 6,700 萬至 7,000 萬美元區間，較 2025 全年成長 19% 至 25%。我們的指引區間上調 250 萬美元，並包含以下假設。

First, we now expect handheld product and service revenue to grow 18% to 21% year-over-year, which equates to a range of $62 million to $64 million. The increase in guidance reflects initial expectations around our acquisition of NIRLAB as we integrate it into our commercial model.

第一，我們目前預期手持式產品與服務營收年增 18% 至 21%，相當於 6,200 萬至 6,400 萬美元區間。指引上調反映了我們收購 NIRLAB 並將其整合至商業模式後的初步預期。

Second, we continue to expect OEM and funded partnerships, including contract revenue to be approximately $3 million.

第二，我們仍預期 OEM 與受資助合作夥伴（包含合約營收）約為 300 萬美元。

And third, we continue to expect revenue contribution from the AVCAD program to be in the range of $2 million to $3 million, likely in the second half of 2026. As previously stated, Smiths Detection has responded to a request for proposal and are negotiating for an anticipated spring award for an initial production run of approximately a few hundred systems with component and subsystem contributions from 908 Devices. This timing and quantities are validated by the Department of War's fiscal year 2027 Chemical and Biological Defense program public request to Congress just last week.

第三，我們仍預期 AVCAD 計畫的營收貢獻將落在 200 萬至 300 萬美元區間，可能在 2026 年下半年實現。如先前所述，Smiths Detection 已回覆徵求提案（RFP），並正就預期於春季授標的初始量產（約數百套系統）進行協商，其中 908 Devices 將提供元件與子系統貢獻。此時程與數量已由國防部上週才向國會提出的 2027 財政年度化學與生物防禦計畫公開請求所驗證。

Moving down the P&L, we continue to expect adjusted gross margins to be in the mid- to high 50% range for full year 2026. And on the bottom line, we expect to reduce our adjusted EBITDA loss to the mid-single-digit millions, making another significant step down year-over-year while we go after the growth opportunity. We expect that NIRLAB will represent approximately $1 million of the adjusted EBITDA loss in 2026. However, as Kevin mentioned, we anticipate it to be adjusted EBITDA positive in 2027. At this point, I would like to turn the call back to Kevin.

在損益表方面，我們仍預期 2026 全年調整後毛利率將落在 50% 中段至高段。在最終獲利方面，我們預期將調整後 EBITDA 虧損降至數百萬美元的中個位數區間，在追求成長機會的同時，較去年再顯著下降一步。我們預期 NIRLAB 在 2026 年將約占調整後 EBITDA 虧損 100 萬美元。不過，如 Kevin 所提，我們預期其在 2027 年將轉為調整後 EBITDA 正值。接下來我想把電話交回給 Kevin。

Thanks, Joe. The progress we're seeing is a direct result of disciplined execution and a strategy that is working. Only four months into the year, and we're encouraged by the trajectory of the business. We're executing well, building momentum and expanding from a position of strength. Our end goal is clear to be the number one provider of handheld detection solutions globally.

謝謝，Joe。我們看到的進展是紀律執行與有效策略的直接成果。今年才過四個月，我們對業務走勢感到鼓舞。我們執行到位、持續累積動能，並在優勢基礎上擴張。我們的最終目標很明確：成為全球手持式偵測解決方案的第一大供應商。

And every move we're making from organic investments to tuck-in M&A is reinforcing that leadership. We're broadening the portfolio with purpose, extending beyond MX and assembling what we believe is the strongest and most comprehensive suite of handhelds in this market. In parallel, we're scaling our commercial organization to match the opportunity and drive consistent execution.

而我們所做的每一步，從有機投資到補強型併購（tuck-in M&A），都在鞏固這項領導地位。我們有目的地擴充產品組合，延伸至 MX 之外，並打造我們認為在此市場最強且最完整的手持式產品套件。同時，我們也在擴大商業組織規模，以匹配機會並推動一致的執行。

Every piece ties back to our narcotics and chemical detection strategy, addressing real pain points across performance and price points, expanding the market while taking share as we solve more of the problem. RedWave is a clear proof point. We identified a unique asset, moved early, integrated successfully, and we're now scaling the business through our sales model.

每一個環節都回扣到我們的毒品與化學偵測策略，針對效能與價格帶的真實痛點，透過解決更多問題來擴大市場並取得市占。RedWave 就是明確的佐證。我們辨識到一項獨特資產、及早布局、成功整合，現在正透過我們的銷售模式擴大該業務規模。

As of March 31, 2026, RedWave exceeded its earn-out threshold, delivering more than $37 million in cumulative revenue over the past two years compared to $13.7 million for the full year prior to our acquisition. This demonstrates our ability to create value through integration and execution under our model.

截至 2026 年 3 月 31 日，RedWave 已超過其分期對價（earn-out）門檻，過去兩年累計營收超過 3,700 萬美元；相較之下，在我們收購前的上一完整年度營收為 1,370 萬美元。這展現了我們在自身模式下，透過整合與執行創造價值的能力。

We're also adding depth to our leadership team with the addition of Kola Otitoju as Chief Business and Strategy Officer, bringing proven execution across both organic and inorganic initiatives following six successful years at Repligen, including growing the analytics technology business and executing more than 15 M&A transactions and strategic partnerships for the company.

我們也透過延攬 Kola Otitoju 擔任首席商務與策略長，為領導團隊增添深度；他在 Repligen 任職六年期間，於有機與非有機計畫皆具備經驗證的執行力，包括推動分析技術業務成長，並為公司完成超過 15 起併購交易與策略合作夥伴關係。

The takeaway is we're building a scaled category-defining handheld platform with greater recurring opportunity positioned to deliver a higher quality, more predictable and more durable growth profile. With that, let's open it up for questions.

重點在於，我們正在打造一個具規模、可定義類別的手持式平台，擁有更大的經常性收入機會，並具備條件帶來更高品質、更可預測且更具韌性的成長曲線。接下來，我們開放提問。

(Operator Instructions)

(接線員指示)

Matt Larew, William Blair.

Matt Larew，William Blair。

Joe, I wanted to follow up on NIRLAB. It looks like a really interesting acquisition. Just curious what sort of investments you think you're going to be making this year, maybe from the team perspective, the 15 people, what the mix looks like in terms of product folks versus sales, what they're doing today from a manufacturing perspective and how you might be able to achieve some synergies there? Yes. So just thinking through sort of what the next 12 months looks like as they brought in-house and scale revenue even further.

Joe，我想追問一下 NIRLAB。看起來這是一項非常有意思的收購。我想了解你們認為今年會進行哪些類型的投資——例如從團隊角度來看，那 15 個人員的配置，產品人員與銷售人員的比例大概如何；他們目前在製造端是怎麼做的；以及你們可能如何在那裡實現一些綜效？是的。也就是想請你談談，當他們納入內部並進一步擴大營收規模時，未來 12 個月大概會是什麼樣子。

Yes. Thanks, Matt. I appreciate the question. Yes, we're very excited to now have NIRLAB under the fold of 908 Devices. And we're really excited because it fits very clearly into our already established narcotics detection strategy.

是的。謝謝你，Matt。感謝你的提問。是的，我們非常興奮，NIRLAB 現在已納入 908 Devices 的體系之中。我們也非常興奮，因為它非常清楚地契合我們既有、已建立的毒品偵測策略。

And so because of that, it really dropped right into the resources we have on the commercial side. So we're really able to leverage the great talent that we've been developing.

因此也因為這個原因，它可以直接融入我們在商業端既有的資源。所以我們確實能夠善用我們一直在培養的優秀人才。

We've seen great strength across the US state and local market as we articulated in the prepared remarks and are seeing good scale across Department of Corrections and others. So we really feel that with the existing resources we have on hand from the commercial side, it's going to really be able to accelerate because they have had very little penetration in the United States.

正如我們在事先準備的發言中所闡述的，我們在美國州與地方市場看到很強的動能，並且在矯正署（Department of Corrections）等領域也看到良好的規模化。因此我們確實認為，憑藉我們商業端現有的資源，將能大幅加速推進，因為他們在美國市場的滲透率一直非常低。

And as Kevin mentioned, I mean, NIRLAB is subscale today, and it is mainly international revenues. In 2026 and beyond, we see it as accretive to the top line. And I know the team is excited to get their hands on the product and visit the customers. We saw a path that NIRLAB can be -- maybe breakeven in 2027 for adjusted EBITDA, leveraging the 908 channel and those investments in the software model. And on the cash flow side, with the multi-year upfront commitments on software and subscriptions, we expect the cash burn to be minimal here in 2026 and positive thereafter.

而且如 Kevin 所提到的，NIRLAB 目前規模仍小，營收主要來自國際市場。我們認為在 2026 年及之後，它將對營收（top line）具增益效果。我知道團隊也很期待能親自上手產品並拜訪客戶。我們看到一條路徑：透過 908 的通路以及在軟體模式上的投資，NIRLAB 在 2027 年的調整後 EBITDA 可能達到損益兩平。在現金流方面，藉由軟體與訂閱的多年期預付承諾，我們預期 2026 年的現金消耗將非常有限，之後則轉為正向。

So it's an exciting opportunity, existing product, solid channel to get access to the devices that really can be accretive over the longer term.

因此這是一個令人振奮的機會：既有產品，加上穩健的通路可讓市場接觸到這些設備，長期而言確實能帶來增益。

Yes. So not a significant up of investments that can all fit in with the profile Joe just described.

是的。所以投資不會顯著增加，整體都能符合 Joe 剛才描述的輪廓。

Okay. That's great. And then just asking on the VipIR launch, 40 units in Q4 and you did over 25 in Q1. I know that was something you were excited about really ramping this year. So just curious how that kind of that first quarter matched up versus your expectations and what maybe the pipeline or funnel looks like for the balance of the year?

好的。很棒。另外想問 VipIR 的上市情況，第四季出貨 40 台，而第一季你們做了超過 25 台。我知道你們對今年加速放量很期待。所以想了解第一季的表現與你們的預期相比如何，以及今年剩餘期間的管線或漏斗大概是什麼樣子？

Yes, absolutely. So VipIR is our newest product that does unknown and solid and liquid ID. And it integrates, as you recall, probably the two technologies of FTIR and Raman and puts it together with what we call Smart Spectral Processing to give a nice increased capability and increased confidence of an answer. Yes, we launched it in July. We shipped approximately 50 devices in 2025. And in the first quarter of '26, we did -- as you mentioned, we shipped about 25 devices there.

是的，當然。VipIR 是我們最新的產品，可用於未知物以及固體、液體的鑑別（ID）。如你所記得的，它整合了 FTIR 與 Raman 兩種技術，並結合我們所稱的智慧光譜處理（Smart Spectral Processing），以提供更強的能力與更高的答案信心度。是的，我們在 7 月推出。我們在 2025 年出貨約 50 台設備。而在 2026 年第一季，正如你提到的，我們出貨約 25 台。

And our expectation is that, that will double or potentially triple the placements for 2025. So essentially, we're on track to meet that as we've previously articulated. So we do expect and continue to expect the full year impact from VipIR to be significant for us in 2026 for the FTIR growth profile.

我們的預期是，這將使 2026 年的布建量相較 2025 年翻倍，甚至可能達到三倍。因此基本上，我們正按先前所說的進度在達成目標。所以我們預期、也持續預期，VipIR 在 2026 年對我們 FTIR 成長曲線的全年影響將相當顯著。

And then I also get excited from the technology front because we've got a great road map of features and enhancements planned that we think that's going to continue to increase the product value over time and make it even more compelling out there. So a lot of good things to come on that.

此外，從技術面我也很興奮，因為我們規劃了很好的功能與強化路線圖，我們認為這將持續提升產品價值，並讓它在市場上更具吸引力。所以後續還有很多好消息。

Puneet Souda, Leerink.

Puneet Souda，Leerink。

You have Michael on for Puneet. Congrats on the quarter. My first question has to do with NIRLAB and your recurring revenue mix. I'm curious how material you think it will be to recurring revenue in 2026, what you're thinking as far as the mix? And as you're augmenting your Team Leader and software capabilities, like how should we think about maybe sort of the near-term ramp for the recurring mix growth?

我是代 Puneet 上線的 Michael。恭喜本季表現。我的第一個問題與 NIRLAB 以及你們的經常性收入組合有關。我想了解你們認為它在 2026 年對經常性收入會有多大影響、你們對組合比例的想法是什麼？另外，當你們強化 Team Leader 與軟體能力時，我們應該如何看待經常性收入占比在短期內的爬升？

Maybe I'll start with the Team Leader side and pass it to Joe on the numbers of the recurring. But thank you, Michael, for that question. I mean we're very excited because it fits very well in with Team Leader. So together, NIRLAB and Team Leader both create that connected services vision that we've been talking about. So it really accelerates our access on Team Leader.

我先從 Team Leader 的部分開始，然後把經常性收入的數字交給 Joe。不過謝謝你，Michael，這個問題。我們非常興奮，因為它與 Team Leader 的契合度非常高。因此，NIRLAB 與 Team Leader 結合後，共同實現我們一直在談的「連結式服務」願景。所以它確實加速了我們在 Team Leader 上的觸及。

As you may recall, we've got hundreds of devices now with Team Leader and now NIRLAB really adds to that. And together, being able to position that and create more features on Team Leader that makes it a paid additional offering. So our recurring revenue over time, we think we're really putting the pieces together to drive it significantly as we go forward. But Joe, do you want to?

如你所記得的，我們現在已有數百台設備搭配 Team Leader，而 NIRLAB 也會進一步增加這個基礎。而且兩者結合後，我們能更好地定位並在 Team Leader 上打造更多功能，使其成為一項需要付費的加值方案。因此就長期而言，我們認為我們正在把各個拼圖拼起來，推動經常性收入在未來顯著成長。不過 Joe，你要補充嗎？

Yes. Maybe touching on the NIRLAB revenues as a whole, and we'll own NIRLAB for eight months, and we increased our guidance by $2.5 million. And we see that growth to be accretive to our portfolio overall. It will likely double our current growth on our base products. Given the scale, we feel there is a healthy growth opportunity, and we expect this to really kick in, in 2027 as we plug in our US sales team and build pipeline. We expect the revenues to be north of $5 million in 2027 and good growth thereafter.

是的。先談 NIRLAB 的整體營收：我們將持有 NIRLAB 八個月，因此我們把財測上調了 250 萬美元。我們認為這項成長將對我們整體產品組合帶來增益。它很可能會讓我們基礎產品目前的成長幅度翻倍。考量其規模，我們認為存在健康的成長機會；而當我們導入美國銷售團隊並建立管線後，我們預期這將在 2027 年真正開始發力。我們預期 2027 年營收將超過 500 萬美元，之後仍有良好成長。

You asked specifically about kind of the mix of recurring and the impact to '26. So on that $2.5 million, maybe 40% to 50% is kind of recurring from the existing installed base and ramping device sales, and we'll really be focused on driving the penetration of the device placements and the ultimate opportunity of scaling that recurring revenue in the future. So definitely some pickup on the recurring side, but much more so as we get to '27 and beyond.

你特別問到經常性收入的組合以及對 2026 年的影響。因此在那 250 萬美元中，大約 40% 到 50% 可能屬於經常性收入，來自既有裝機基礎以及逐步放量的設備銷售；而我們會把重點放在提升設備布建的滲透率，以及未來擴大經常性收入的最終機會。所以經常性收入確實會有所提升，但更明顯的增幅會在 2027 年及之後。

I got it. And then you talked about the state and local momentum you're seeing. I'm curious if you have any visibility on flow-through from the One Big Beautiful Act grant funding or if that's still to come? And what do you think about the sustainability of the growth momentum throughout 2026 based on the booking?

了解。另外你提到你們在州與地方市場看到的動能。我想了解你們是否已看到「One Big Beautiful Act」補助資金帶來的下游效應，或是那還要再等等？以及基於目前的訂單（booking），你們如何看待 2026 年整體成長動能的可持續性？

Yes. It's a great question. We certainly are encouraged that we now have all the appropriations bills were complete all but one essentially earlier this year. And then now as of last week, we've got the DHS department funded. As you know, DHS provides significant funding from the federal level to state and local entities.

是的。這是個很好的問題。我們確實受到鼓舞，因為今年稍早我們基本上已完成所有撥款法案，只剩下一項尚未完成。而且截至上週，國土安全部（DHS）的預算也已到位。如你所知，DHS 會在聯邦層級向州與地方單位提供相當可觀的資金。

Often, that funding is multiyear funding. So we really didn't see any suppression of interest over the first four months of this year. I do think by having that complete, it enables some of our pipeline that we anticipate for the second half of the year, whether that's across the DHS or other related large federal and military accounts.

通常，這類資金是多年期資金。因此，我們在今年前四個月確實沒有看到任何興趣受到壓抑。我確實認為，隨著這些事項完成，將能推動我們預期在下半年展開的一些銷售管線，不論是涵蓋國土安全部（DHS）或其他相關的大型聯邦與軍方客戶。

So I think it's all very, very supportive and better than it's been in past years. Now some of that is a direct result of increased funding that's flowing down to our customers, but it's usually trickling down through a grant program metric or we'll see what continues to happen in the US military side with some of the reconciliation bills and some of the increases there as well as the international conflicts that inevitably, over time, create opportunity for our types of technologies as people prepare and modernize.

所以我認為整體而言都非常、非常有利，且比過去幾年更好。其中一部分是因為增加的資金直接流向我們的客戶，但通常會透過補助計畫的指標逐步下放；同時我們也會觀察美軍端在一些協調法案（reconciliation bills）以及相關增額的後續發展，還有國際衝突也不可避免地會隨時間推移，讓我們這類技術在各方準備與現代化過程中創造機會。

Brendan Smith, TD Cowen.

Brendan Smith，TD Cowen。

Congrats on the deal. I wanted to ask maybe kind of a follow-up on kind of combining a couple of the last questions here. But can you just help us maybe understand really from kind of a pricing power standpoint, how some of these planned updates and rollouts even within VipIR and your lab integrating in, but also with Team Leader, like if you're able to squeeze some pricing premiums into any of these and really just how we should think about that over the coming quarters as some of those get to customers?

恭喜完成這筆交易。我想追問一下，算是把前面幾個問題結合起來。能否請你們協助我們從「定價能力」的角度理解：不論是 VipIR 內部的一些規劃更新與推出、你們實驗室的整合，還是 Team Leader——你們是否能在其中任何一項加入一些溢價定價？以及隨著這些產品在未來幾季交付到客戶端，我們應該如何看待這件事？

Yes. A great question. Thank you, Brendan. The pricing power, I think we are very fortunate across the portfolio to have very differentiated products and that bring a lot of value to our customers. So whether it be VipIR, very unique in the marketplace on how it combines the results, integrated them from two technologies to give a more confident answer, whether it's our MX, which is really the only handheld Mass Spec that's on the market.

是的。這是個很好的問題。謝謝你，Brendan。我認為在定價能力方面，我們很幸運，因為整個產品組合都有高度差異化、能為客戶帶來很大價值的產品。不論是 VipIR——它在市場上非常獨特，能把兩種技術的結果整合起來，提供更有信心的答案；或是我們的 MX——它基本上是市面上唯一的手持式質譜儀（Mass Spec）。

And NIRLAB, we think as well, it's quite differentiated in its capabilities, and it has a lower price point that's very, very different there.

而 NIRLAB 我們也認為其能力相當差異化，且其定價點更低，與其他產品非常、非常不同。

So it's about a $10,000 upfront device and then it has a required subscription that's about half of that again per year. So that then implies that each in the following years, it's 100% recurring, right, because you're just buying a subscription on a device per device look and basis. So yes, I think collectively, we feel we have a lot of levers on the pricing side. And we are combining your questions, as you said, we are really looking at this as a strategic way to increase our recurring percentage.

它的前期設備大約是 10,000 美元，然後有一個必須搭配的訂閱費用，每年大約是前者的一半。因此這也意味著在後續年度，收入是 100% 經常性（recurring）的，對吧，因為你只是針對每台設備、按設備維度購買訂閱。所以是的，我認為整體而言，我們在定價端有很多槓桿可以運用。而如你所說把問題合併來看，我們確實把這視為一個策略性方式，用來提高我們經常性收入的占比。

We've talked last year that we're kind of operating in about one third of our revenues. Q1 was about 30%. A lot of that was driven by service and consumables, some accessories that are in there. And we really look at NIRLAB and Team Leader and the other software components as great ways to increase the stickiness of this over time and at the same time, provide a lot of value to the customers that want that interconnectivity and want the ability to share that data.

我們去年談到，我們的經常性收入大約占總營收的三分之一。第一季約為 30%。其中很大一部分來自服務與耗材，以及一些配件。而我們認為 NIRLAB、Team Leader 以及其他軟體組件，是隨時間推移提高黏著度的絕佳方式；同時也能為希望互聯互通、並希望能分享資料的客戶提供很大價值。

Dan Arias, Stifel.

Dan Arias，Stifel。

This is Rohan on for Dan. Thinking about synergies, how quickly do you think your domestic sales force can begin cross-selling NIRLAB products to your US and local customers?

我是代 Dan 提問的 Rohan。談到協同效益，你們認為你們的國內銷售團隊能多快開始向美國及本地客戶交叉銷售 NIRLAB 產品？

Yes, I think it can be relatively quickly. We're super excited to plug in the -- especially our US channel that is very experienced, has a great proof point that as we brought on the RedWave products, we're able to plug it in and drive growth over the last two years. And NIRLAB has had very few sales to date here in North America and really see it as an opportunity. So I expect to get the products in our customers' hands or I should say, in our salespeople's hands in the next week or two and then out on the road with customers.

是的，我認為可以相對快。我們非常期待把——尤其是我們非常有經驗的美國通路——納入其中；這個通路有很好的實績，當我們導入 RedWave 產品時，能迅速接上並在過去兩年推動成長。而 NIRLAB 迄今在北美的銷售非常少，我們確實把它視為一個機會。所以我預期在接下來一到兩週內，能把產品交到客戶手上——或者我應該說，先交到我們業務人員手上——然後就能上路拜訪客戶。

And it is a lot of the same customers, right? It's more that end-to-end workflow from a narcotics detection perspective. So talking to our existing customers, driving the penetration. So super excited to get out there and see a lot of synergies that we can start to plug in, and we put out that initial assessment of the $2.5 million. A good chunk of that is international, but it does assume some level of ramp-up here in the US, but I think there's a lot of opportunity as we move forward.

而且很多都是相同的客戶，對吧？更多是從毒品偵測的角度，提供端到端的工作流程。所以我們會與既有客戶溝通，推動滲透率提升。因此我們非常期待走出去，看到許多可以開始落地的協同效益；我們也提出了初步評估的 250 萬美元。其中相當一部分來自國際市場，但也假設美國這邊會有一定程度的爬坡；不過我認為隨著我們往前推進，仍有很大的機會。

Yes. And I would just further add, it's really about that people and culture. And I think we have a good combination there and the team at NIRLAB is ready really to jump in on that. That said, it does take a couple of quarters to kind of get our arms fully around it and get it into the our understanding and get it into the US markets.

是的。我再補充一點，這其實很關鍵在於人員與文化。我認為我們在這方面有很好的組合，而 NIRLAB 的團隊也已經準備好真正投入其中。話雖如此，確實需要幾個季度，才能完全掌握整體狀況、納入我們的理解，並把它推進到美國市場。

I think RedWave, though, is a great example, and we're going to execute that same playbook. We integrated very efficiently, and we're going to apply that same playbook here because I think that we've demonstrated that we've been able to drive a lot of growth that way and a lot of efficiencies and scale.

不過 RedWave 是一個很好的例子，我們會執行同樣的作戰手冊。我們整合得非常有效率，而我們也會在這裡套用同樣的方法，因為我認為我們已經證明，透過這種方式能帶來大量成長，以及大量效率與規模化。

Okay. And you previously used your manufacturing to the US to mitigate tariff impacts. With the current geopolitical climate, do you see any risk to your European supply chain for NIRLAB components? Or is this business sort of fully insulated?

好的。你們先前曾把製造移到美國以降低關稅影響。在目前的地緣政治環境下，你們是否看到 NIRLAB 零組件的歐洲供應鏈存在任何風險？還是說這項業務算是完全不受影響？

Yes. It is -- a lot of the sales today are Europe-based. And as Kevin mentioned, in Oceania and APAC and not much in the US. We also have an avenue to source the product here in the US, which protects some of the device opportunities, too. So I think from a tariff perspective, it's a bit insulated, but we'll continue to monitor and learn as we integrate and ramp up.

是的。目前很多銷售——主要是在歐洲。而如 Kevin 所提，在大洋洲與亞太地區也有，但在美國不多。我們也有一條途徑可以在美國本地採購產品，這也能保護部分設備端的機會。所以我認為從關稅角度來看，算是有一定程度的隔離性，但我們會在整合與放量的過程中持續監測並進一步了解。

But don't see it as a major impact.

但不認為會是重大影響。

There are no further questions at this time. I will now hand the call over to Kevin Knopp for closing statements. Kevin, please go ahead.

目前沒有其他問題。我現在把電話交給 Kevin Knopp 進行結語。Kevin，請開始。

Okay. Thank you. Thank you all for your attendance today. And hopefully, you can understand that we are feeling pretty good about our momentum and trajectory and very excited to have NIRLAB and welcome them on to the team. So thank you all for the time today.

好的。謝謝。感謝各位今天的參與。也希望各位能理解，我們對目前的動能與發展軌跡感到相當樂觀，並且非常高興能有 NIRLAB 加入，歡迎他們成為團隊的一員。所以謝謝各位今天撥冗參與。

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

今天的電話會議到此結束。感謝各位參與。您現在可以掛線。