Nephros Inc (NEPH) 2026 Q2 法說會逐字稿

Good afternoon, and welcome to the Nephros, Inc. second quarter 2026 financial results conference call. (Operator Instructions) Please note this event is being recorded.

下午好，歡迎參加 Nephros, Inc. 2026 年第二季財務業績電話會議。(接線員指示) 請注意，本活動將被錄音。

I would now like to turn the conference over to Mr. Kirin Smith, Investor Relations. Please go ahead.

現在我想把會議交給投資人關係的 Kirin Smith 先生。請開始。

Thank you, operator, and good afternoon, everyone. This is Kirin Smith with PCG Advisory. Thank you all for participating in Nephros' second quarter 2026 conference call.

謝謝，接線員，大家下午好。我是 PCG Advisory 的 Kirin Smith。感謝各位參與 Nephros 2026 年第二季電話會議。

Before we begin, I would like to caution that comments made during this conference call by management will contain forward-looking statements regarding the operations and future results of Nephros. I encourage you to review Nephros' filings with the Securities and Exchange Commission, including, without limitation, the company's Forms 10-K and 10-Q, which identify specific factors that may cause actual results or events to differ materially from those described in the forward-looking statements. Factors that may affect the company's results include, but are not limited to, Nephros' ability to successfully timely and cost effectively market and sell its products and service offerings; the rate of adoption of its products and services by hospitals and other health care providers; the success of its commercialization efforts and the effect of existing and new regulatory requirements on Nephros' business and other economic and competitive factors.

在開始之前，我要提醒各位，管理層在本次電話會議中的評論將包含與 Nephros 營運及未來業績相關的前瞻性陳述。我鼓勵各位查閱 Nephros 向美國證券交易委員會提交的文件，包括但不限於公司 Form 10-K 與 Form 10-Q，其中列示可能導致實際結果或事件與前瞻性陳述所描述內容出現重大差異的特定因素。可能影響公司業績的因素包括但不限於：Nephros 能否成功、及時且具成本效益地行銷並銷售其產品與服務方案；醫院及其他醫療照護提供者對其產品與服務的採用速度；其商業化努力的成功與既有及新增監管要求對 Nephros 業務的影響，以及其他經濟與競爭因素。

The content of this conference call contains time-sensitive information that is accurate only as of the date of the live call today, August 5, 2026. The company undertakes no obligation to revise or update any statements to reflect events or circumstances after the date of this conference call, except as required by law.

本次電話會議內容包含具時效性的資訊，僅在今日 2026 年 8 月 5 日直播電話會議當日為準確。除法律要求外，公司不承擔在本次電話會議日期之後為反映事件或情況而修訂或更新任何陳述的義務。

I would now like to turn the call over to Nephros' President and Chief Executive Officer, Robert Banks. Robert, please go ahead.

現在我想把電話交給 Nephros 總裁兼執行長 Robert Banks。Robert，請開始。

Thank you, Kirin, and good afternoon, everyone. I'm very pleased to welcome you to the call. The second quarter of 2026 was an exceptional quarter for Nephros and represents another major step forward in the company's development. We generated $6 million in revenue, the highest quarterly revenue in our history and a 36% increase over the second quarter. Revenue also increased approximately 15% sequentially from our record first quarter.

謝謝你，Kirin，大家下午好。我非常高興歡迎各位參加本次電話會議。2026 年第二季對 Nephros 而言是表現卓越的一季，也代表公司發展又向前邁出重要一步。我們創造了 600 萬美元營收，為公司史上最高單季營收，較第二季增加 36%。營收也較創紀錄的第一季按季增加約 15%。

More important than the headline number is the quality and breadth of the growth. Our core programmatic product revenue increased by double digits year-over-year. This is the recurring foundation of our business. Customers install our products, incorporate them into their water management programs and continue purchasing replacement filters over time. Our service-only revenue nearly tripled as customers increasingly rely on Nephros for installation, replacement and ongoing support, not simply for the initial product purchase.

比起表面數字更重要的是成長的品質與廣度。我們核心的計畫型（programmatic）產品營收年增達雙位數。這是我們業務的經常性基礎。客戶安裝我們的產品，將其納入其用水管理計畫，並隨時間持續購買替換濾芯。隨著客戶愈來愈依賴 Nephros 進行安裝、更換與持續支援，而不僅僅是初次購買產品，我們的純服務營收幾乎成長至三倍。

Emergency response revenue also increased meaningfully during that -- during the quarter. That business can naturally fluctuate depending on outbreaks, infrastructure issues and urgent customer requirements, so we do not build our long-term strategy around it. However, our ability to respond quickly remains an important differentiator and complements the steady growth of our core programmatic business.

緊急應變營收在該——在本季也有顯著增加。該業務會因疫情爆發、基礎設施問題與客戶緊急需求而自然波動，因此我們不會以此作為長期策略的基礎。然而，我們快速回應的能力仍是重要差異化優勢，並能與核心計畫型業務的穩健成長相輔相成。

Taken together, these results demonstrate that our broad strategy is working. Nephros is increasingly becoming more than a filter product company. We are building an integrated water safety platform around three mutually reinforcing pillars: products, services and education. Our differentiated products open the door. Our installation and replacement services make adoption easier and deepen the customer relationship. Our education efforts, including the Nephros Water Institute, help customers understand their risks and make more informed water safety decisions.

綜合來看，這些結果顯示我們的整體策略正在奏效。Nephros 正日益成為一家不僅僅是濾芯產品的公司。我們正圍繞三個相互強化的支柱打造整合式用水安全平台：產品、服務與教育。我們具差異化的產品為我們打開大門。我們的安裝與更換服務讓採用更容易，並加深客戶關係。我們的教育工作（包括 Nephros Water Institute）協助客戶了解其風險，並做出更明智的用水安全決策。

A major topic Judy and I addressed in the last call was our gross margin. The reported result requires some context. Reported gross margin was 67% compared with 63% in the second quarter of 2025. This was largely due to the tariff refund. I will let Judy go into more details during the financial portion of the call because it's not as straightforward as it seems. She will talk about the adjusted margin if we place refund in the periods in which the affected inventory was sold.

我與 Judy 在上次電話會議中談到的一個主要議題是我們的毛利率。已揭露的結果需要一些背景說明。已揭露毛利率為 67%，相較於 2025 年第二季的 63%。這主要是因為關稅退稅。我會讓 Judy 在財務部分提供更多細節，因為這並不像看起來那麼直觀。她將說明若把退稅放回受影響存貨實際售出的期間，調整後的毛利率會是如何。

The remaining year-over-year pressure reflects the continuing 10% tariff. The strengthening of the euro relative to the US dollar increased shipping costs and the growing contributions from commercial and service revenue, which currently carry lower margins than our core infection control products. We are pleased to have recovered a meaningful amount of previously paid tariffs, but we recognize that margin improvement remains an important area of focus. We continue to evaluate pricing, sourcing, freight, product mix and operational efficiencies as we work to offset the remaining external cost pressures.

其餘的年對年壓力反映了持續的 10% 關稅。歐元兌美元走強提高了運輸成本，而商用與服務營收占比提升；這些收入目前的毛利率低於我們核心的感染控制產品。我們很高興已收回先前支付的相當一部分關稅，但我們也認知到毛利率改善仍是重要的聚焦領域。我們持續評估定價、採購來源、運費、產品組合與營運效率，以抵消剩餘的外部成本壓力。

We also are continuing to invest in the areas that we believe can support the next stage of growth. Number 1, expanding our presence in important markets, including Greater New York and Puerto Rico; number 2, increasing adoption of installation and scheduled replacement services; three, growing education-led demand through the Nephros Water Institute; four, introducing products addressing PFAS, microplastics, nanoplastics, sterile processing and broader commercial applications; and number five, strengthening investor awareness and market visibility.

我們也持續投資於我們認為能支撐下一階段成長的領域。第一，擴大我們在重要市場的布局，包括大紐約地區與波多黎各；第二，提高安裝與定期更換服務的採用率；第三，透過 Nephros Water Institute 擴大以教育帶動的需求；第四，推出可因應 PFAS、微塑膠、奈米塑膠、無菌處理（sterile processing）以及更廣泛商用應用的產品；第五，強化投資人認知與市場能見度。

During the quarter, we hosted our virtual investor event, participated in the Maxim Health, Wellness, and Longevity Conference, announced our inclusion in the Russell Microcap Index and increased communication around emerging water quality concerns such as microplastics and nanoplastics. Our investor event attracted attendees from several regions and a range of investment and financial data organizations. These initiatives help broaden awareness of both the company and increasingly important water quality problems that we address.

本季期間，我們舉辦了線上投資人活動，參與 Maxim Health, Wellness, and Longevity Conference，宣布納入 Russell Microcap Index，並加強就微塑膠與奈米塑膠等新興水質疑慮的溝通。我們的投資人活動吸引了來自多個地區、以及多家投資與金融資料機構的與會者。這些舉措有助於擴大外界對公司以及我們所解決、且日益重要的水質問題的認識。

As we enter the second half, I believe Nephros is in the strongest position in its history. For the first six months of the year, revenue increased 21% to approximately $11.2 million. We are growing across multiple channels rather than depending on a single product, geography or revenue source. That diversification makes the business larger, more durable and more capable of producing sustained long-term growth. I want to thank our employees for their tremendous execution, our customers and partners for their continued trust and our investors for their support.

進入下半年之際，我相信 Nephros 正處於公司史上最強的位置。今年前六個月，營收成長 21% 至約 1,120 萬美元。我們在多個通路成長，而非依賴單一產品、地理區域或營收來源。這種多元化使業務規模更大、更具韌性，也更有能力帶來可持續的長期成長。我要感謝我們員工出色的執行力，感謝客戶與合作夥伴持續的信任，也感謝投資人對我們的支持。

With that, I will turn the call over to our CFO, Judy Krandel, for a closer look at our financial results. Judy?

接下來，我將把電話會議交給我們的財務長 Judy Krandel，請她更深入說明我們的財務結果。Judy？

Thank you, Robert. I will now provide a closer look at Nephros' financial performance in the second quarter and first half of 2026. We reported second quarter net revenue of $6 million compared to $4.4 million in the second quarter of 2025, an increase of 36%. Product revenue related to our programmatic business grew approximately 27%. We also had strong revenue growth in both our emergency response and service revenue.

謝謝你，Robert。我現在將更深入說明 Nephros 在 2026 年第二季及上半年的財務表現。我們第二季淨營收為 600 萬美元，相較於 2025 年第二季的 440 萬美元，成長 36%。與我們程式化業務相關的產品營收約成長 27%。我們的緊急應變與服務營收也都有強勁成長。

Gross profit margin was approximately 67% for the three months ended June 30, 2026, compared to approximately 63% for the corresponding 2025 period. The increase of approximately 4 percentage points was primarily attributable to our recognition during the period of a tariff refund of about $600,000, which primarily was recognized as a reduction of cost of goods sold during the three months ended June 30, 2026. The benefit resulting from this tariff refund was offset in part by increased costs due to the weakening of the US dollar compared to the euro, an increase in shipping expense and rapid growth in our service revenue, which yields lower gross margins that we realized from product sales.

截至 2026 年 6 月 30 日止三個月的毛利率約為 67%，相較於 2025 年同期約為 63%。約 4 個百分點的提升，主要歸因於我們在本期間認列約 60 萬美元的關稅退稅，該退稅主要在截至 2026 年 6 月 30 日止三個月中以降低銷貨成本的方式認列。此關稅退稅帶來的效益，部分被以下因素抵銷：美元相對歐元走弱導致成本上升、運輸費用增加，以及我們服務營收快速成長（其毛利率低於我們從產品銷售所實現的毛利率）。

Now with respect to the tariff refund, the refund represents duties paid by us between the period from April 2025 to February 2026 that were imposed by executive order in April 2025 under the US International Emergency Economic Powers Act, also known as IEEPA. The US Supreme Court subsequently ruled in February of 2026 that those tariffs were invalid and approximately $0.5 million of the entire $600,000 tariff refund that we received this past quarter relates to purchase inventory that we converted to revenue beginning with the second quarter of 2025 through the first quarter of 2026 and which, therefore, would have reduced cost of goods sold in such periods.

關於關稅退稅，該退稅代表我們在 2025 年 4 月至 2026 年 2 月期間所支付的關稅，該關稅係於 2025 年 4 月依據美國《國際緊急經濟權力法》（US International Emergency Economic Powers Act），亦稱 IEEPA，透過行政命令加徵。美國最高法院其後於 2026 年 2 月裁定該等關稅無效，而我們本季收到的 60 萬美元關稅退稅中，約有 50 萬美元與我們自 2025 年第二季至 2026 年第一季期間轉為營收的採購存貨相關，因此原本應在該等期間降低銷貨成本。

Only approximately $100,000 of the $600,000 tariff refund related to purchase inventory that was converted to revenue during the three-month period ended June 30, 2026. The $0.5 million of tariff refund corresponding to product sales made in prior periods increased our gross profit margin this past quarter by approximately 9 percentage points and approximately $30,000 of the total tariff refund related to purchase inventory that was converted to revenue during the three-month period ended June 30, 2025. For that period last year, including the $30,000, the gross profit margin for that second quarter of 2025 would have increased by approximately 1 percentage point.

在截至 2026 年 6 月 30 日止三個月期間內轉為營收的採購存貨，僅約有 10 萬美元的 60 萬美元關稅退稅與之相關。與前期產品銷售相對應的 50 萬美元關稅退稅，使我們本季毛利率提高約 9 個百分點；此外，關稅退稅總額中約有 3 萬美元與截至 2025 年 6 月 30 日止三個月期間內轉為營收的採購存貨相關。就去年同期而言，若包含該 3 萬美元，2025 年第二季的毛利率將約提高 1 個百分點。

Although the IEEPA tariffs were declared invalid, the current administration has imposed tariffs using other statutory basis, which do remain in effect. Accordingly, we expect that our gross profit margin will continue to be impaired as a result of US tariff policy. And again, just to reiterate, as service revenue continues to grow, it helps drive our product sales and adds to our gross profit dollars but does have a lower gross margin than our product revenue.

雖然 IEEPA 關稅已被宣告無效，但現任政府已依據其他法定依據加徵關稅，而該等關稅仍然有效。因此，我們預期美國關稅政策仍將持續對我們的毛利率造成不利影響。再重申一次，隨著服務營收持續成長，它有助於帶動我們的產品銷售並增加毛利金額，但其毛利率確實低於我們的產品營收。

Now moving on to research and development expenses. They increased approximately $366,000 or 18%, primarily due to higher salary expense. Selling, general and administrative expenses were approximately $2.4 million, an increase of 10%, reflecting increased headcount and an increase in sales commissions. As a result of the above changes, net income increased over 400% for the quarter to approximately $1.2 million compared to $237,000 in the prior year period. And adjusted EBITDA for the second quarter of 2026 increased 260% to approximately $1.3 million compared to $355,000 in the prior year.

接著談研發費用。研發費用增加約 36.6 萬美元或 18%，主要由於薪資費用較高。銷售、一般及行政費用約為 240 萬美元，增加 10%，反映人員編制增加以及銷售佣金增加。由於上述變動，本季淨利增加逾 400%，約為 120 萬美元，相較於去年同期的 23.7 萬美元。2026 年第二季調整後 EBITDA 亦增加 260%，約為 130 萬美元，相較於去年同期的 35.5 萬美元。

Net cash provided by operating activities was $681,000 in the second quarter of 2026 versus net cash provided of $994,000 in the prior year period. This showed a decline of $313,000. Net cash provided in the second quarter of 2026 reflects primarily our positive net income and a decrease in accounts payable and accrued expenses. Those were partially offset by an increase in accounts receivable and inventory. Net cash provided by operating activities in the second quarter of 2025 reflects primarily positive net income and a decrease in accounts receivable.

2026 年第二季營運活動提供的淨現金為 68.1 萬美元，相較於去年同期營運活動提供的淨現金 99.4 萬美元。這顯示減少 31.3 萬美元。2026 年第二季營運活動提供的淨現金主要反映我們的正向淨利，以及應付帳款與應計費用的減少。上述部分被應收帳款與存貨增加所抵銷。2025 年第二季營運活動提供的淨現金主要反映正向淨利以及應收帳款的減少。

Moving on to our six-month results. Sales for the six months ending June 30, 2026, increased by 21% to $11.2 million from $9.3 million in the prior year period, reflecting strong growth in our programmatic and our service revenue. This was slightly offset by a decline in our emergency response revenue.

接著看我們六個月的結果。截至 2026 年 6 月 30 日止六個月的銷售額較去年同期由 930 萬美元增加 21% 至 1,120 萬美元，反映我們程式化業務及服務營收的強勁成長。此成長部分被緊急應變營收的下滑所抵銷。

Gross profit margin was approximately 63% for the six months ended June 30, 2026, compared to approximately 64% for the corresponding 2025 period. The decrease of approximately 1 percentage point was primarily attributable to increased product costs due to the weakening of the US dollar compared to the euro, increased shipping expense and rapid revenue growth from our commercial product offerings and service revenue, both of which yield lower gross margins than our infection control business.

截至 2026 年 6 月 30 日止六個月的毛利率約為 63%，相較於 2025 年同期約為 64%。約 1 個百分點的下降，主要歸因於美元相對歐元走弱導致產品成本上升、運輸費用增加，以及我們商用產品供應與服務營收的快速成長；兩者的毛利率均低於我們的感染控制業務。

However, -- our gross margin significantly benefited from our recognition during the 2026 period of the tariff refund of approximately $600,000, which I just mentioned previously. Of the $600,000, approximately $300,000 of this tariff refund corresponds to purchase inventory that we converted to revenue in the first half of 2026, which accounts for approximately 3-percentage-point improvement in our gross profit margin for the six months ended June 30, 2026. The remaining approximately $300,000 of the refunded tariff correspond to purchase inventory that we converted to revenue in 2025, of which $30,000 corresponds to the six months ended June 30, 2025.

不過，— 我們的毛利率在 2026 年期間因認列約 60 萬美元的關稅退稅而顯著受益，我先前已提及。在這 60 萬美元中，約 30 萬美元的關稅退稅與我們在 2026 年上半年轉為營收的採購存貨相對應，使截至 2026 年 6 月 30 日止六個月的毛利率改善約 3 個百分點。其餘約 30 萬美元的退還關稅與我們在 2025 年轉為營收的採購存貨相對應，其中 3 萬美元對應於截至 2025 年 6 月 30 日止六個月。

Research and development expenses increased to $712,000 or 17% in the first half of 2026, driven by higher salary expense from increased headcount. SG&A expenses increased to $4.9 million or 11% in the first half of 2026 versus the prior year period, primarily due to higher headcount and higher professional fees.

2026 年上半年研發費用增加至 71.2 萬美元或 17%，主要由於人員編制增加帶動薪資費用上升。2026 年上半年 SG&A 費用增加至 490 萬美元或 11%，相較於去年同期，主要由於人員編制增加以及專業服務費用較高。

As a result of the above changes, net income increased 68% to $1.3 million from $800,000 in the prior year period, and adjusted EBITDA increased 46% to $1.5 million from $1 million in the prior year period. Net cash used in operations for the first six months ending June 30, 2026, was $990,000. Our positive net income was more than offset by an increase in accounts receivable and inventory.

由於上述變動，淨利較去年同期的80萬美元增加68%至130萬美元，調整後EBITDA較去年同期的100萬美元增加46%至150萬美元。截至2026年6月30日止前六個月，營運活動使用的淨現金為99萬美元。我們的正向淨利被應收帳款與存貨增加所抵銷，且抵銷幅度更大。

Net cash provided by operations in the first six months ended June 30, 2025, was $1.3 million. That was driven primarily by our positive net income as well as a decline in inventory and an increase in accrued expenses. As of June 30, 2026, we had approximately $4.7 million in cash and remain debt-free. Our cash balance increased from $4 million as of March 31, 2026.

截至2025年6月30日止前六個月，營運活動提供的淨現金為130萬美元。主要驅動因素為我們的正向淨利，以及存貨下降與應計費用增加。截至2026年6月30日，我們約有470萬美元現金，且仍無負債。我們的現金餘額自2026年3月31日的400萬美元增加。

I will now turn the call back to Robert for closing remarks. Robert?

我現在把電話交回給Robert作結語。Robert？

Thank you, Judy. This quarter provides strong evidence of the progress we are making. We delivered record revenue, record programmatic revenue, substantial growth in service and the highest quarterly net income and adjusted EBITDA in our history. At the same time, we continued investing in new products, expanded our customer support capabilities, broader market awareness and future growth. We recognize that a portion of this quarter's reported profitability benefited from the onetime tariff refund.

謝謝你，Judy。本季提供了我們正在取得進展的有力證據。我們創下營收新高、程式化營收新高，服務業務大幅成長，並創下公司史上最高的單季淨利與調整後EBITDA。同時，我們持續投資新產品、擴充客戶支援能力、提升市場知名度並為未來成長布局。我們也認知到，本季部分已揭露的獲利受益於一次性的關稅退稅。

But the larger takeaway is the underlying growth of the business, programmatic revenue increased. Infection control filter sales increased. Service revenue nearly tripled. Those results weren't created by accounting and timing, they were created by execution.

但更重要的重點在於業務的基本面成長，程式化營收增加。感染控制濾芯銷售增加。服務營收幾乎成長至三倍。這些成果不是靠會計處理或時點因素造成的，而是靠執行力創造的。

Our priorities for the second half remain clear: serve our existing customers exceptionally well, expand our installed base, increase service and replacement activity, improve underlying margins and continue building awareness of Nephros and the markets we address. We believe the opportunity ahead of us is significant, and we remain confident in our ability to create lasting value for our customers and shareholders. Thank you for your time and continued support.

我們下半年優先事項仍然明確：以卓越水準服務既有客戶、擴大裝機基礎、提升服務與更換活動、改善基本毛利率，並持續提升Nephros及我們所服務市場的能見度。我們相信前方機會相當可觀，並對我們為客戶與股東創造長期價值的能力保持信心。感謝各位撥冗以及持續支持。

Operator, please open the line for questions.

接線員，請開放提問。

Bobby Brooks, Northland Capital Markets.

Bobby Brooks，Northland Capital Markets。

This is Keaton Schuelke on for Bobby. Congratulations on a great quarter. And I just wanted to -- I was curious if any of the new product launches addressing microplastics and PFAS and drinking founds were reflected in the robust 2Q results? Or is it all just the core legacy products accelerating?

我是Keaton Schuelke，代替Bobby發言。恭喜本季表現出色。我想請教一下，針對微塑膠與PFAS以及飲水噴泉的新產品上市，是否已反映在第二季強勁的業績中？還是說主要都是核心既有產品在加速成長？

That's a great question, and thank you for asking it. The microplastics or more importantly, nanoplastics as well as PFAS and some of the other newer products have recently been released. It's with the exception of sterile processing and maybe the HydraGuard, which were earlier prior year, the new products haven't quite gained traction yet, and it does take some time for adoption to occur. We have to first educate the market and then run trials often and then usually that results in increased sales. So we look for those to be drivers in future quarters, maybe two, three out.

這是個很好的問題，謝謝你提出。微塑膠，或更重要的是奈米塑膠，以及PFAS和其他一些較新的產品，最近才剛推出。除了無菌處理（sterile processing）以及可能是HydraGuard（這些在前一年度較早推出）之外，新產品目前尚未真正取得動能，而採用確實需要一些時間。我們必須先教育市場，接著通常要進行試用/測試，之後通常才會帶來銷售增加。因此我們預期它們會在未來幾季成為驅動因素，可能是兩、三季之後。

And further, as regulation also regarding microplastics and nanoplastics increases, they will become a bigger driver as well. More often than not, we get questions and we'll provide our newer products to fill that gap. We haven't quite educated the market yet for them to be drivers, and that's even more exciting personally, I'd like to see more and more of the growth that's coming in our core business come from newer products. That shows that we're continuously evolving and putting some of those hard R&D dollars to work. Thanks for the question.

此外，隨著針對微塑膠與奈米塑膠的相關法規日益增加，它們也會成為更大的驅動因素。很多時候，我們會收到相關詢問，並提供我們的新產品來補足需求缺口。我們尚未充分教育市場讓它們成為主要驅動力，而這點對我個人而言更令人興奮；我希望未來核心業務的成長能有越來越多來自新產品。這顯示我們持續演進，並讓那些辛苦投入的研發資金發揮效益。謝謝你的提問。

Yes. And then maybe a follow-up. Can we go into some of those products that are gaining traction and maybe the target customers in the PFAS sales or nanoplastics?

是的。那我再追問一下。能否談談哪些產品正在取得動能，以及PFAS或奈米塑膠相關銷售的目標客戶？

Well, that was one of the really good things about this quarter. It was not a single product or family that was gaining traction. It was pretty uniform across the board. We have introduced some new flow sync adapters and some other convenience kits. But by and large, the service enabled more filter purchases as customers that are limited in support and internal abilities to install found no more excuses not to take care of those problems.

嗯，這正是本季非常好的地方之一。並不是某一個單一產品或產品線在取得動能。而是整體而言相當平均、全面。我們推出了一些新的flow sync轉接器以及其他便利套件。但整體來看，服務業務帶動了更多濾芯採購；對於支援資源有限、內部安裝能力不足的客戶而言，透過我們的服務，他們不再有理由不去處理那些問題。

We're also finding growth in bottle fillers and drinking fountains where many of these fountains had remained closed for quite some time following COVID and entities are faced with the option of either paying a lot of money to tear them out or contacting us to clean them up and put a filter in place. So often, our solution is cheaper and easier and faster. So are gaining some traction in those areas. So it was really broad across the board in our portfolio, which is a really, really healthy and broad-based growth. And I believe there's another part of your question, if you could repeat that?

我們也看到瓶裝補水機（bottle fillers）與飲水噴泉（drinking fountains）方面的成長；許多噴泉在COVID之後關閉了相當長一段時間，相關單位面臨的選擇是花很多錢把它們拆除，或是聯絡我們來清理並加裝濾芯。因此很多時候，我們的解決方案更便宜、更容易也更快速。所以我們在那些領域也正在取得一些動能。因此，我們的產品組合呈現非常全面的成長，這是非常、非常健康且廣泛的成長。我想你問題還有另一個部分，你可以再重複一次嗎？

Yes. Just kind of the targeted service audience for your nanoplastic filters.

好的。主要是想了解你們奈米塑膠濾芯的目標服務客群。

So again, yes, nanoplastic hasn't gotten the traction yet. Just recently launched some of those capabilities. The flagship product that we sell, the DSU has always had those capabilities through size exclusion. And now we've got those documented, and that's really what that latest press release was about. The target audience for the most part, will likely be more commercial residential type users.

所以再說一次，是的，奈米塑膠目前還沒有取得動能。我們最近才推出其中一些能力。我們的旗艦產品DSU一直以來就透過尺寸排除（size exclusion）具備這些能力。而現在我們已將其文件化/佐證化，這也正是最新新聞稿的重點。就目標客群而言，多數情況下可能會更偏向商用與住宅類型的使用者。

When you think about patients in a hospital or patient care, they come in, they are present for a few days, maybe a week or two and then they leave, whereas someone living in a home might be raising children who have to drink that water for quite some time.

當你想到醫院的病患或病患照護情境，他們進來後只會停留幾天，可能一到兩週就離開；但住在家中的人可能在養育孩子，而孩子必須在相當長一段時間內飲用那樣的水。

So if I just -- and this is just thinking off the top of my head, the typical use case is going to be those who are exposed or have the opportunity to consume water from the same source over long periods of time. Anyone in that scenario would be concerned with the impact of microplastics and nanoplastics when held over some period.

所以如果我只是——這只是我即興想到的——典型使用情境會是那些長期暴露於、或有機會在長時間內飲用同一水源的人。在那種情境下的任何人，都會關注微塑膠與奈米塑膠在一段時間累積下來的影響。

(Operator Instructions) Anthony Vendetti, Maxim Group.

(接線員指示) Anthony Vendetti，Maxim Group。

Maybe just higher level on the revenues. Obviously, a record revenue quarter, significantly ahead of our expectations. Some of that is the tariff revenue. But even without that, it still would have been a significantly higher quarter than expected. So I know there were some emergency services revenue in there. Can you quantify that -- and then whatever else you could break out in terms of revenue, was it more by -- driven more by new sites that you signed up or a combination of that and a little bit of higher revenue per site?

也許先從營收的較高層面談起。顯然，本季營收創下紀錄，顯著超出我們的預期。其中一部分是關稅收入。但即使不算那部分，本季仍會是遠高於預期的一季。所以我知道裡面有一些緊急服務的收入。你能量化一下嗎——另外，就你能拆分的其他營收而言，這是更多由——你們簽下的新據點所帶動，還是新據點加上一點每個據點更高的營收的組合？

Robert, if I could just jump in for one second. I'm going to let you answer, but I do want to make a clarification. No, tariff -- we didn't have any tariff revenue. The refund all was a reduction of cost of goods sold. So that was real product revenue that came through. I just want to make sure that's clear.

Robert，如果我可以插一句。我會讓你回答，但我確實想先澄清一下。不，關稅——我們沒有任何關稅收入。那筆退款完全是降低了銷貨成本。所以那是實際的產品收入進來的。我只是想確保這點很清楚。

Yes, no problem. Great question. And as I go back and analyze the orders and where they're coming from, I look for trends. I'm not seeing a trend based on a specific region. I'm not seeing a trend based on a specific customer type. It really was broad-based. And some of the characteristics of that broad-based growth are primarily growth within existing sites. The number of new customers is not impressive. 1,724 was the count, just a few more than last quarter. So it really is sales within existing customers, especially as we offer every existing customer more products and more services. And that's quite impressive that we can do that with customers that we've had for quite some time.

是的，沒問題。問得很好。當我回頭分析訂單以及它們的來源時，我會找趨勢。我沒有看到基於特定地區的趨勢。我也沒有看到基於特定客戶類型的趨勢。這真的是全面性的。而這種全面性成長的一些特徵，主要是既有據點內的成長。新客戶數量並不亮眼，數量是1,724，只比上一季多一點點。所以這確實是既有客戶內的銷售，尤其是當我們向每一位既有客戶提供更多產品與更多服務時。而我們能對合作已久的客戶做到這點，確實相當令人印象深刻。

Some of the other maybe macro factors impacting some of the growth, there's been a lot of questions and activity around Legionnaires' disease, especially in the New York City area even though that is not related to the potable water, that's an HVAC industrial portion of the system, it still is sparking interest. And I'm thrilled that people call me a couple of times a week, if not almost every day, asking about that situation because they think about Nephros. They think about I've got a Legionnaires' problem or scare or worry. This is a company that can call to get information and support. So that's been fantastic.

另外一些可能影響成長的宏觀因素是，關於退伍軍人病（Legionnaires' disease）有很多問題與活動，尤其是在紐約市地區；儘管那與飲用水無關，而是系統中HVAC工業端的部分，但仍然引發關注。我很高興人們每週打電話給我好幾次，甚至幾乎每天都會打來，詢問那個情況，因為他們會想到Nephros。他們會想到：我有退伍軍人病的問題、疑慮或擔心。這是一家可以打電話來取得資訊與支援的公司。所以這一直非常棒。

So a lot of this has been just recognition and education as we've done more and more outreach. We do quite a few webinars, seminars, speaking at trade shows and conferences and getting that name just recognized out there. Our partners are continuously bringing us opportunities, and they're getting smarter. They're starting to recognize different opportunities and how it helps them please their customers more and keep their business. So I want to continue to make sure we nurture that partner network. We don't have as many as we did three years ago, but the few that we have are much stronger than ever. So that's also quite nice as well.

因此，其中很大一部分只是知名度與教育的提升，因為我們做了越來越多的外展。我們舉辦相當多的網路研討會、座談會，在展會與會議上演講，讓這個名字在外面被更多人認識。我們的合作夥伴持續帶給我們機會，而且他們也越來越精明。他們開始辨識不同的機會，以及這如何幫助他們更能取悅客戶並留住生意。所以我想持續確保我們培育這個夥伴網絡。我們的夥伴數量沒有三年前那麼多，但我們現有的少數夥伴比以往任何時候都更強。所以這也相當不錯。

So I'm not sure if I directly answered your question. Emergency response is nothing exceptional. It's been pretty steady and steady at a low number. So there's been nothing that stands out from that regards. When there are -- when there is something to that nature, I do call it out because I'll have to cite it again the following year about why something didn't repeat. But there's been nothing extremely noteworthy from that front as well.

所以我不確定我是否直接回答了你的問題。緊急應變沒有什麼特別的。一直都相當穩定，而且維持在低水準。所以在那方面沒有任何突出的情況。如果有——如果確實有那種性質的事件，我會特別提出來，因為隔年我還得再引用一次，解釋為什麼沒有重複發生。但在那一端也沒有任何特別值得注意的事情。

So it seems like -- yes. No, it seems like, Robert, what you're saying is it's just very high customer retention rate and more services and revenues in each site. You did mention or you mentioned that revenue in the services side tripled. Is that sort of like now the new run rate you've added these services on and they're expected to continue at that new rate?

所以看起來——是的。不，看起來，Robert，你的意思是這只是非常高的客戶留存率，以及每個據點提供更多服務與帶來更多營收。你確實提到——或者你提到服務端的營收成長了三倍。這是否有點像現在新的運行水準（run rate），也就是你們加上了這些服務後，預期會以這個新水準持續下去？

When we mentioned services, so there's two types, the initial installation when the filter gets placed and then maintenance of the filter or changing out of the filter at some point in the future, three months, six months, as an example. And that is usually the case. Not always, but that is certainly what we're pushing for.

我們提到的服務有兩種類型：一種是濾芯放置時的初次安裝；另一種是在未來某個時間點對濾芯進行維護或更換，例如三個月、六個月之後。通常是這樣。不一定每次都如此，但這確實是我們努力推動的方向。

The filter tracker app that we implemented some time ago has reached a more mature state. And what that does is it allows us to scan the QR code on the filter once it's installed which then logs the location, the customer, what was installed, when it was installed, who installed it and also creates a database that allows us to more -- to automate the renewal or the reminders that a new filter needs to be in place. So that is really a very nice way to take some of the manual part out of it instead of completely relying on spreadsheets in memory, we're able to kind of automate some of that.

我們在一段時間前導入的濾芯追蹤器（filter tracker）App已經發展到更成熟的階段。它的作用是：濾芯安裝完成後，我們可以掃描濾芯上的QR碼，進而記錄位置、客戶、安裝了什麼、何時安裝、由誰安裝，並建立一個資料庫，使我們能更——能自動化續約或提醒需要更換新濾芯。因此，這是一個非常好的方式，可以把部分人工流程拿掉；不再完全依賴試算表與記憶，我們能在某種程度上把這些流程自動化。

So bottom line, I think it's -- I would classify the growth as execution. The sales team has been really honing in their skills, really serving as more of an educational resource. They're the water expert, and they're getting that first call even if it's a product that we don't offer or an area that we don't service. So that execution is really what's driving it, and I think that's going to continue. But we will see.

所以總結來說，我認為——我會把這個成長歸類為執行力。銷售團隊一直在精進技能，更多地扮演教育資源的角色。他們是用水方面的專家，即使是我們沒有提供的產品或我們沒有服務的領域，他們也會成為第一通被打來諮詢的電話。所以真正驅動成長的是這種執行力，而我認為這會持續。但我們再觀察。

Okay. Okay. Great. So it sounds like these new services you've added on have resonated with the customers and there is an expectation that these kind of services are services that the clients either need or want and an expectation for them to continue at a similar level.

好的。好的。很好。所以聽起來，你們新增的這些服務已經引起客戶共鳴，而且也預期這類服務是客戶要嘛需要、要嘛想要的，並且預期會以類似的水準持續。

And just one final thought on your questions. As customers do come to us with questions and have problems and different challenges, that also prompts us to look at designing and creating new products. So that feeds our pipeline. And when we do solve that problem for one , it often translates in scales to others. So thanks for the questions.

最後再補充一點回應你的問題。當客戶帶著問題來找我們，遇到困難與不同挑戰時，也會促使我們去思考設計與開發新產品。因此，這會餵養我們的產品管線。而當我們為某一位客戶解決了那個問題時，往往也能擴大並套用到其他客戶。所以謝謝你的提問。

(Operator Instructions) John Dunn, Trinity Health.

（接線員指示）John Dunn，Trinity Health。

Robert, I just wanted to introduce myself. My name is John Dunn. I am your Water Quality Manager for Trinity Health. I cover approximately 30 million square feet of 34 facilities in the greater Northeast. And to support what Robert is driving for us has been we've collaborated and become partners and basically, everything that Robert is driving home here is work for our facilities tremendously. Their knowledge, as he said, the filter tracker and some of the implementation of some of the new devices that he had, we're utilizing them all. And basically, I just wanted to reach out and thank Robert and his team everybody involved. It's been a good year. It's been a good partnership. So that's basically all I had to say.

Robert，我只是想先自我介紹一下。我叫 John Dunn。我是 Trinity Health 的水質管理經理。我負責大東北地區 34 個設施、約 3,000 萬平方英尺的範圍。為了支持 Robert 正在推動的方向，我們一直與你們協作並成為夥伴；基本上，Robert 在這裡所強調的一切，對我們的設施都有極大的幫助。正如他所說，你們的專業知識、濾芯追蹤系統，以及他所提到的一些新設備的導入，我們都在使用。我基本上只是想聯繫並感謝 Robert 和他的團隊，以及所有參與的人。這一年很不錯。這是一段很好的合作關係。所以我大概就說到這裡。

Thank you, John, and I greatly appreciate that reflection. And I would say that the experience you have is one that we try to mimic and duplicate with all of our customers. We work hard to create that personal touch and responsiveness. And in each of the regions, there's going to be a similar story when someone with a delighted experience. I appreciate you.

謝謝你，John，我非常感謝你這番回饋。我想說，你所擁有的這種體驗，是我們努力在所有客戶身上複製與推廣的。我們很努力去建立那種個人化的關懷與即時回應。而在各個區域，只要有人有很滿意的體驗，就會有類似的故事。我很感謝你。

Especially Robert on the education. Especially on the education, we've taken quite advantage of the education today where staffing is so difficult to drive -- not even keep on hand, but keep educated. Some of the recent -- we've partnered with them in videos. We've partnered in them with education. We've partnered with different processes with our ice machines and not just -- even just in the proactive directive of mitigation of potential water pathogens. You guys have been on top of it, and I appreciate once again you guys' efforts.

尤其是 Robert 在教育方面。尤其在教育方面，在如今人力配置非常困難的情況下——不只是留住人手，還要讓人員持續受訓、保持知識更新——我們今天確實充分運用了你們的教育資源。最近有一些——我們在影片上與你們合作。我們也在教育訓練上與你們合作。我們也在不同流程上合作，包含我們的製冰機；而且不只是——甚至在主動式的指引上，針對可能的水源病原體進行緩解。你們一直都很到位，我再次感謝你們的努力。

Thank you. Thank you. Thank you so much. I can't thank you enough. We really struggle with getting customers to share. And a lot of times, it's not because they don't like what we do, but they don't want their name necessarily associated with a company that is really an expert at remediating the region. So thank you so much for that information.

謝謝。謝謝。非常謝謝你。我真的感謝不盡。我們確實很難讓客戶願意分享。很多時候，並不是因為他們不喜歡我們做的事，而是他們不一定希望自己的名字與一家在區域修復方面非常專業的公司有所連結。所以非常感謝你提供這些資訊。

(Operator Instructions) Anthony Vendetti, Maxim Group.

（接線員指示）Anthony Vendetti，Maxim Group。

Just a real quick follow-up on the education side. Is that something that is also a new service that's resonating with customers? And is that a service that you charge for embed in your overall cost for the filters? How should we look at that from a financial perspective?

我想就教育這一塊做個很快的追問。這是否也是一項正在引起客戶共鳴的新服務？而這項服務你們會另外收費，還是把它包含在濾芯的整體成本裡？從財務角度我們應該如何看待這件事？

Yes, that's a great question, and it's an evolving question. The way I think about Nephros and my vision for quite some time now is to create these three pillars. It all starts with products and the filters, which are great, unique, differentiated and awesome and have been for quite some time. The service has been a way to remove barriers and get more of those filters adopted and also make sure that they get changed on a regular basis.

是的，這是個很好的問題，而且也是一個持續演進中的問題。我對 Nephros 的看法，以及我相當長一段時間以來的願景，是建立這三大支柱。一切都從產品與濾芯開始；它們很出色、獨特、差異化明顯，也很棒，而且已經如此有一段時間了。服務則是一種方式，用來移除障礙、讓更多濾芯被採用，同時也確保它們能定期更換。

The education, the newest piece or newest pillar really was the final cog in now that we've got the product, now that we can help remove barriers, how do I get the notice out that we are solving these problems and can meet the very stringent guidelines and demands out there. We have not decided to monetize that product yet in the way that we have webinars with hundreds of attendees all the time. Often, they come back and result in quote requests and subsequently orders.

教育這一塊，作為最新的一部分或最新的支柱，確實是最後一個關鍵齒輪：既然我們有了產品，既然我們能協助移除障礙，那我要如何把訊息傳出去，讓大家知道我們正在解決這些問題，並且能符合外界非常嚴格的指引與要求。我們尚未決定要以產品化的方式將其變現；目前我們經常舉辦有數百人參加的網路研討會。通常這些活動會帶來報價需求，進而形成訂單。

We offer lots of different ways. We'll come to your site and train you, all for the purpose of trying to get more filter products installed. There might be a point in the future where we do try to monetize that. But at this stage, I think it's really not the point of what Nephros is. We're not a school. We are a company that is creating solutions for water management, water problems. So still determining how that plays out in the future, but I don't immediately see that hitting a revenue stream.

我們提供很多不同的方式。我們也會到你的現場進行訓練，目的都是為了讓更多濾芯產品被安裝。未來某個時間點，我們可能會嘗試將其變現。但在現階段，我認為這並不是 Nephros 的重點。我們不是學校。我們是一家為水管理與水問題提供解決方案的公司。所以我們仍在評估未來會如何發展，但我不會立刻看到它成為一條營收來源。

Seeing no further questions at this time, this concludes our question-and-answer session. I would like to turn the conference back over to Robert Banks for any closing remarks.

目前看來沒有進一步的問題，本次問答環節到此結束。我想把會議交回給 Robert Banks，請他做任何結語。

Thank you, Drew. And it has truly been a great quarter, and the team has worked extremely hard, and they continue to work hard every single day. I just want to thank all the shareholders and people for sticking with us throughout the time as we execute our plan, and I look forward to hearing from you and having you join our next call. Thank you so much, and have a great rest of your day.

謝謝你，Drew。這確實是一個非常出色的季度，團隊付出了極大的努力，而且他們每天都持續非常努力地工作。我只想感謝所有股東以及一路支持我們的人，陪伴我們在執行計畫的過程中一路走來；我也期待聽到各位的回饋，並邀請各位參加我們下一次的電話會議。非常感謝，祝各位今天剩下的時間愉快。

Thank you. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

謝謝。本次電話會議現在結束。感謝各位參加今天的簡報。您現在可以掛線。