Nano-X Imaging Ltd (NNOX) 2025 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Nano-X Q1 2025 Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Mike Cavanaugh of Investor Relations. Please go ahead.

您好，感謝您的支持。歡迎參加 Nano-X 2025 年第一季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。現在，我想將會議交給今天的發言人，投資者關係部的 Mike Cavanaugh。請繼續。

Good morning, and thank you for joining us today. Earlier today, Nano-X Imaging Limited released financial results for the quarter ended March 31, 2025. The release is currently available on the Investors section of the company's website. With me today are Erez Meltzer, Chief Executive Officer and acting Chairman, and Ran Daniel, Chief Financial Officer.

早安，感謝您今天加入我們。今天早些時候，Nano-X Imaging Limited 發布了截至 2025 年 3 月 31 日的季度財務業績。該新聞稿目前可在該公司網站的「投資者」部分查閱。今天與我一起出席的是執行長兼代理董事長 Erez Meltzer 和財務長 Ran Daniel。

Before we get started, I would like to remind everyone that management will be making statements during this call that include forward-looking statements regarding the company's financial results, research and development, manufacturing and commercialization activities, regulatory process and clinical activities, and other matters. These statements are subject to risks, uncertainties and assumptions that are based on management's current expectations as of today and may not be updated in the future. Therefore, these statements should not be relied upon as representing the company's views as of any subsequent date. Factors that may cause such a difference include, but are not limited to, those described in the company's filings with the Securities and Exchange Commission.

在我們開始之前，我想提醒大家，管理層將在本次電話會議中發表聲明，其中包括有關公司財務業績、研發、製造和商業化活動、監管流程和臨床活動以及其他事項的前瞻性聲明。這些聲明受風險、不確定性和假設的影響，這些風險、不確定性和假設是基於管理層目前的預期，並且可能不會在未來更新。因此，這些聲明不應被視為代表公司任何後續日期的觀點。可能導致這種差異的因素包括但不限於公司向美國證券交易委員會提交的文件中所述的因素。

We will also refer to certain non-GAAP financial measures to provide additional information to investors. A reconciliation of the non-GAAP to GAAP measures is provided with our press release with the primary differences being non-GAAP net loss attributable to ordinary shares, non-GAAP cost of revenue, non-GAAP gross profit, non-GAAP gross profit margin, non-GAAP research and development expenses. Non-GAAP sales and marketing expenses, non-GAAP general and administrative expenses and non-GAAP gross loss per share.

我們也會參考某些非公認會計準則財務指標，向投資者提供更多資訊。我們在新聞稿中提供了非 GAAP 與 GAAP 指標的對賬，主要差異在於非 GAAP 普通股淨虧損、非 GAAP 收入成本、非 GAAP 毛利、非 GAAP 毛利率、非 GAAP 研發費用。非公認會計準則銷售和行銷費用、非公認會計準則一般和行政費用以及非公認會計準則每股毛虧損。

With that, I'd now like to turn the call over to Erez Meltzer.

說完這些，我現在想把電話轉給埃雷茲·梅爾策 (Erez Meltzer)。

Good morning, everyone. Thank you for taking the time to review Nano-X Imaging's Q1 2025 financial results with us today. I'm pleased to report that we have made progress in our mission to improve medical imaging and enhance patient outcome. At Nano-X, we pride ourselves on our comprehensive end-to-end solution that supports preventive health care and expand access to imaging services. With that goal in mind, we made 2 strategic acquisitions in 2021, USARAD, our teleradiology business; and Zebra Medical Imaging, which is now Nanox.AI, to build out our end-to-end solution around the core Nanox.ARC technology.

大家早安。感謝您今天抽出時間與我們一起回顧 Nano-X Imaging 2025 年第一季的財務表現。我很高興地報告，我們在改善醫學影像和提高病患預後的使命上取得了進展。在 Nano-X，我們以支援預防性醫療保健和擴大影像服務覆蓋範圍的全面端到端解決方案而自豪。為了實現這一目標，我們在 2021 年進行了兩項策略性收購，即我們的遠距放射學業務 USARAD；以及 Zebra Medical Imaging（現為 Nanox.AI），圍繞核心 Nanox.ARC 技術建立我們的端到端解決方案。

Integrating AI-powered imaging analysis and a global teleradiology solution with our groundbreaking Nanox.ARC technology takes us one step closer to creating a global connected medical imaging solution with the potential meaningfully expand the delivery of health care. These acquisitions have proven to be good strategic decisions. Since the acquisitions less than 4 years ago, we have doubled the revenues generated by USARAD, and at the same time, Nanox.AI has progressed from a pre-revenue business to one that is now generating growing revenue.

將人工智慧成像分析和全球遠距放射學解決方案與我們突破性的 Nanox.ARC 技術相結合，使我們距離創建全球互聯的醫學成像解決方案更近了一步，並有可能顯著擴展醫療保健的服務範圍。事實證明，這些收購是正確的策略決策。自不到四年前的收購以來，我們已將 USARAD 的收入翻了一番，與此同時，Nanox.AI 也從尚未盈利的業務發展成為目前收入不斷增長的業務。

To highlight another benefit of our end-to-end solution, most of our Nanox.ARC customers also use our teleradiology services, and this is not only provides more effective imaging and diagnosis for providers and patients, but also increases revenues per customer and creates value for our shareholders. Nanox.AI continues to be a key part of our strategy, driving forward our commitment to integrating artificial intelligence into medical imaging. By leveraging advanced AI capabilities, we aim to streamline workflows, support clinical decision-making and improve efficiency across the imaging ecosystem. Our innovative technologies, including Nanox.ARC and our AI solutions are gaining traction in the market, and we are excited about the future of our company.

為了突出我們的端到端解決方案的另一個優勢，我們的大多數 Nanox.ARC 客戶也使用我們的遠端放射服務，這不僅為供應商和患者提供更有效的成像和診斷，而且還增加了每個客戶的收入並為我們的股東創造價值。Nanox.AI 繼續成為我們策略的關鍵部分，推動我們將人工智慧融入醫學影像的承諾。透過利用先進的人工智慧功能，我們旨在簡化工作流程、支援臨床決策並提高整個成像生態系統的效率。我們的創新技術，包括 Nanox.ARC 和我們的 AI 解決方案，正在市場上獲得關注，我們對公司的未來充滿期待。

Let's review some operational highlights. Beginning with our commercial efforts, we are employing a multi-node strategy to generate a robust sales pipeline. This is led not only by our direct sales force in the US and in EU which calls on imaging providers directly, but also by forming business collaborations, which leverage the marketing expertise of our medical imaging companies. We've also begun to engage with distributors worldwide, especially in the EU, which we believe will be an efficient way of potentially penetrating a market comprised of 27 different countries.

讓我們回顧一下一些營運亮點。從我們的商業努力開始，我們採用多節點策略來產生強大的銷售管道。這不僅由我們在美國和歐盟的直銷隊伍直接聯繫影像供應商來主導，而且還透過建立業務合作關係來利用我們醫學影像公司的行銷專業知識。我們也開始與世界各地的經銷商合作，特別是歐盟的經銷商，我們相信這將是打入由 27 個不同國家組成的市場的有效方式。

Complementing our efforts to commercialize Nanox.ARC, we are benefiting from a steady revenue growth driven by our US teleradiology business and growing revenues from the sales of AI solutions. We are also supporting these marketing initiatives with marketing campaigns, and I'll touch on these aspects of our commercial plan today. We've seen an increase in the number of scans performed by our systems, both in the US and worldwide, and we are beginning to see initial revenue streams for Nanox.ARC customers, reflecting that we are gaining traction with our Nanox.ARC systems and customers can see the value in using the system.

除了我們致力於將 Nanox.ARC 商業化的努力之外，我們還受益於美國遠距放射學業務推動的穩定收入成長以及人工智慧解決方案銷售收入的成長。我們也透過行銷活動支持這些行銷計劃，今天我將談談我們商業計劃的這些方面。我們發現，無論是在美國還是在世界範圍內，我們的系統執行的掃描數量都在增加，並且我們開始看到 Nanox.ARC 客戶的初始收入來源，這反映出我們的 Nanox.ARC 系統正在獲得關注，客戶可以看到使用該系統的價值。

Our sales pipeline has doubled since January 2025, and our sales team as of today's call is handling over 1,000 leads. Our growing pipeline primarily consists of stand-alone multi-specialty small- and medium-sized health clinics, not only from the US, but also from countries around the world such as Peru, France, Azerbaijan, Hungary and Poland, and various countries in the EU. Since its commercial deployment at the beginning of this year, there are now over 60 units that are in various stages of implementation and execution of the deployment plan for commercial demo and clinical use.

自 2025 年 1 月以來，我們的銷售管道增加了一倍，截至今天的電話會議，我們的銷售團隊正在處理超過 1,000 條銷售線索。我們不斷成長的產品線主要包括獨立的多專業中小型醫療診所，不僅來自美國，還來自秘魯、法國、亞塞拜然、匈牙利和波蘭等世界各地以及歐盟各國。自今年年初商業部署以來，目前已有超過60個單位處於商業演示和臨床使用的部署計劃的實施和執行的不同階段。

For the operational units, we are achieving an average target of 7 scans per day. As we grow, we intend to share more information as our business evolves and with a promise previously made to provide more details, we will do so today. We are targeting over 100 ARC systems in various stages of deployment by the end of 2025 worldwide. We are happy to now be in a position to share guidance on our commercial progress. But as we are all aware, recent market uncertainties could make our guidance subject to change as the year progresses.

對於作戰單位，我們實現了平均每天 7 次掃描的目標。隨著我們的成長，我們打算隨著業務的發展分享更多信息，並且我們之前承諾提供更多詳細信息，今天我們將這樣做。我們的目標是到 2025 年底在全球部署 100 多個處於不同部署階段的 ARC 系統。我們很高興現在能夠分享我們商業進展的指導。但眾所周知，近期市場的不確定性可能會導致我們的指導隨著時間的推移而改變。

Introducing new and innovative technology in the US market is always challenging. However, we are encouraged by the growing base of early adopters that have ordered and are using the Nanox.ARC. Furthermore, the nature of our sales process is clinical, meaning that we dedicated time and resources to our prospective customers to educate them on the benefit of the Nanox.ARC to their practices, how to use it and why they should use it, all of which takes time.

在美國市場引進新的創新技術始終充滿挑戰。然而，令我們感到鼓舞的是，訂購並使用 Nanox.ARC 的早期採用者數量正在增加。此外，我們的銷售流程的性質是臨床性的，這意味著我們投入時間和資源來教育我們的潛在客戶 Nanox.ARC 對他們的實踐的好處、如何使用它以及為什麼應該使用它，所有這些都需要時間。

The US deployment of Nanox.ARC is progressing, and we are preparing to ship the first systems to Puerto Rico. From the beginning of the year, we continue to strengthen our sales team with representatives now covering the West, East and Mid Coast regions.

Nanox.ARC 在美國的部署正在取得進展，我們正準備將第一批系統運送到波多黎各。從今年年初開始，我們不斷加強銷售團隊，目前銷售代表已覆蓋西部、東部和中部海岸地區。

Additionally, we continue to expand our clinical team by structuring a continuous professional group, along with continued enhancement to our operational team and an efficient interface with our local services partner. As we continue our accelerated US commercializations, we provide all the necessary resources to our sales and services personnel in the US to support our expanding client base. Along with various channel partners, our team on the ground will be critical to our accelerating rollout, and we will steadily but clearly continue to add to this team.

此外，我們透過組建一支持續的專業團隊來繼續擴大我們的臨床團隊，同時不斷加強我們的營運團隊並與我們的當地服務合作夥伴建立有效的介面。隨著我們繼續加速美國商業化，我們為美國的銷售和服務人員提供所有必要的資源，以支持我們不斷擴大的客戶群。與各個通路夥伴一樣，我們的實地團隊對於我們加速推廣至關重要，我們將穩步但明確地繼續擴充這個團隊。

We are making hiring decisions wisely with 22 US personnel on the ground. We are moving ahead towards our target of 30 to 40 sales service marketing and support personnel in place by the end of 2025, depending on needs and progress.

我們正在對 22 名美國實地人員做出明智的招募決定。我們正在朝著 2025 年底擁有 30 至 40 名銷售服務行銷和支援人員的目標邁進，具體取決於需求和進展。

Now let's move on to some specific US market commercial accomplishments and updates. We have made notable progress in forming solid distributor partnerships while continuing to pursue commercialization options. Beyond the engagement we announced last quarter with Advanced Southern Imaging, known as ASI, we have expanded a third-party service and support agreement with Swissray in Bridgewater, New Jersey. Swissray is one of the foremost experts in digital radiography from sales through installation, setup training and service. This relationship is off to a good start. And in addition to the support and services agreement, we entered into a nonexclusive distribution agreement for the sales of our system and services to government official public health authorities and medical institutions in the US Furthermore, we are in negotiation with additional leading national distributors.

現在讓我們來了解一些具體的美國市場商業成就和最新進展。我們在建立穩固的經銷商合作夥伴關係方面取得了顯著進展，同時繼續尋求商業化選擇。除了上個季度宣布與 Advanced Southern Imaging（簡稱 ASI）合作之外，我們還與位於新澤西州布里奇沃特的 Swissray 簽訂了第三方服務和支援協議。Swissray 是數位射線照相領域的頂尖專家之一，涵蓋銷售、安裝、設定培訓和服務。兩國關係目前開局良好。除了支援和服務協議之外，我們還簽訂了非獨家分銷協議，向美國政府官方公共衛生部門和醫療機構銷售我們的系統和服務。此外，我們正在與其他領先的國家分銷商進行談判。

And finally, we are in the finalization stages of a new project around workers' compensation segment. With over 100 million workers estimated to be covered under workers' compensation in the US, this business segment presents a large potential opportunity for Nanox, helping to promote the recovery of injured workers by providing imaging services to individuals and insurers. The project is structured to build a network of medical imaging centers starting with 2 to 3 proof-of-concept sites with plans to expand from there. Should the POC be completed successfully, the collaboration will kick off its commercial binding level. The engagement relies on attractive terms based on contractual rates of 120 to 180 per patient. If achieved, this potential line of business will be part of the Nanox Services division, which will oversee the program's development.

最後，我們正處於有關工人賠償部分的新項目的最後定稿階段。據估計，美國有超過 1 億工人享有工傷賠償，這一業務部門為 Nanox 提供了巨大的潛在機會，透過向個人和保險公司提供影像服務，幫助促進受傷工人的康復。該計畫旨在建立一個醫學影像中心網絡，首先建立 2 到 3 個概念驗證站點，然後計劃進一步擴展。一旦 POC 成功完成，此次合作將進入商業化階段。此次合作依賴於有吸引力的條款，合約費率為每位患者 120 至 180 美元。如果實現，這條潛在業務線將成為 Nanox 服務部門的一部分，該部門將負責監督該計劃的開發。

Turning to our efforts in markets outside of the US We have also made strides in deploying our Nanox.ARC system since our last update call. Our efforts in the EU have been assisted by the recent key milestones of securing the CE Mark for the Nanox.ARC in February. As of today's call, we are ready to ship Nanox.ARC and make our first installations in Europe subject to local approvals by country with our distributors. We are working on deploying systems to Greece and Romania with demo units expected to be shipped to those countries soon, and we are also preparing for demo units to be shipped to Mexico. These are necessary steps to create a commercial presence that we can build from in which of these countries, and we will work hard to maintain this momentum.

轉向我們在美國以外市場的努力，自上次更新電話以來，我們在部署 Nanox.ARC 系統方面也取得了進展。我們在歐盟的努力得到了最近的關鍵里程碑的幫助，即二月為 Nanox.ARC 獲得 CE 標誌。截至今天的電話會議，我們已準備好運送 Nanox.ARC 並在歐洲進行首次安裝，但需獲得我們經銷商所在國家/地區的當地批准。我們正在向希臘和羅馬尼亞部署系統，預計很快就會將演示單元運送到這些國家，我們也在準備將演示單元運送到墨西哥。這些都是我們在這些國家建立商業存在的必要步驟，我們將努力保持這種勢頭。

Turning to our AI solutions business. We are seeing tremendous momentum. Trial data has shown that our AI solutions provide strong and proven data and customer feedback has been overwhelming. We are seeing strong interest in our solutions as they grow and the sales pipeline expands. I believe that our AI business is also getting an added boost from the secular growth of AI in the broader economy as well as the excitement surrounding AI in general.

轉向我們的人工智慧解決方案業務。我們看到了巨大的發展動能。試驗數據表明，我們的人工智慧解決方案提供了強大且經過驗證的數據，並且客戶回饋非常熱烈。隨著我們的解決方案不斷發展和銷售管道不斷擴大，我們看到了人們對我們解決方案的濃厚興趣。我相信，我們的人工智慧業務也將從人工智慧在更廣泛經濟領域的長期成長以及圍繞人工智慧的普遍興奮中獲得額外的推動。

On our last call, we announced an agreement with Ezra AI, a health care artificial intelligence company revolutionizing early detection through full-body MRIs and low-dose chest CT screens. This agreement is moving ahead, and we expect to expand the use of our AI solutions in dozens of Ezra locations throughout the US Continue with our commercial efforts, we have engaged with new AI marketplaces and are currently in negotiation with several companies. These collaborations will help us expand on a global scale, especially in the US, providing a steady stream of new client referrals. We also have 3 pilot programs running with similar AI platform companies, and we will provide more details once these pilots are completed.

在上次電話會議上，我們宣布與 Ezra AI 達成協議，這是一家醫療人工智慧公司，透過全身 MRI 和低劑量胸部 CT 螢幕徹底改變了早期檢測。該協議正在推進中，我們預計將擴大我們的人工智慧解決方案在美國數十個 Ezra 地點的使用範圍。我們將繼續進行商業努力，我們已經與新的人工智慧市場合作，目前正在與多家公司進行談判。這些合作將幫助我們在全球擴張，尤其是在美國，提供源源不絕的新客戶推薦。我們也與類似的AI平台公司合作了3個試點項目，這些試點項目完成後，我們將提供更多詳細資訊。

As previously mentioned, we continue to cooperate with various prestigious academic centers that are using our AI solutions, including Oxford University Hospitals, NHS Foundation Trust in the UK, which has published trial data on the Health Host bound solution and following that secured a 3-year contract for Health Host. We are also working with Duke University Hospital in North Carolina, UVA Health in Virginia, UW Health in Wisconsin on various AI-related projects.

如前所述，我們繼續與使用我們人工智慧解決方案的各個著名學術中心合作，包括英國牛津大學醫院、NHS基金會信託，它們已經發布了關於Health Host綁定解決方案的試驗數據，並隨後與Health Host簽訂了為期3年的合約。我們也與北卡羅來納州的杜克大學醫院、維吉尼亞州的維吉尼亞大學健康中心、威斯康辛州的華盛頓大學健康中心合作各種與人工智慧相關的計畫。

With respect to regulatory, we have also had some notable regulatory success recently. And in April, we were proud to announce that we have received 510(k) clearance from the FDA for the Nanox.ARC-X, our updated multisource digital tomosynthesis systems.

在監管方面，我們最近也取得了一些顯著的監管成功。今年 4 月，我們很榮幸地宣布，我們升級版的多源數位斷層合成系統 Nanox.ARC-X 已獲得 FDA 的 510(k) 批准。

Now for an update on our clinical work, which is always going on behind the scenes, and the reason is simple. Clinical validation is one of the key drivers of our future growth. It is imperative to generate fresh clinical data to support the use of a medical device, especially when introducing new technology and to encourage a change to the standard of care. Recognizing this reality, we continue to expand our efforts to implement our clinical trials with the goal of producing a robust database supporting the use of the Nanox.ARC.

現在來更新我們的臨床工作，這項工作總是在幕後進行，原因很簡單。臨床驗證是我們未來成長的關鍵驅動力之一。必須產生新的臨床數據來支持醫療設備的使用，尤其是在引入新技術並鼓勵改變護理標準時。認識到這一現實，我們繼續加強實施臨床試驗，目標是建立一個支持使用 Nanox.ARC 的強大資料庫。

Regarding our ongoing multisite trial, we are working on clinical sites collaboration in 2 new sites in Europe, a leading teaching hospital as well as a large private hospital. We are excited to welcome these 2 prominent health care providers into our trial. I can also announce that Nanox.ARC-X system was installed successfully in the Chamere Hospital to be used for a multisite trial and is now being used to actively scan patients.

關於我們正在進行的多地點試驗，我們正在歐洲的兩個新地點、一家領先的教學醫院以及一家大型私立醫院進行臨床地點合作。我們很高興歡迎這兩位傑出的醫療保健提供者加入我們的試驗。我還可以宣布，Nanox.ARC-X 系統已成功安裝在 Chamere 醫院，用於多站點試驗，目前正在用於主動掃描患者。

Finally, USARAD, our teleradiology subsidiary, continues to provide valuable outsourced radiology services to health care imaging centers and most of our Nanox.ARC customers also utilize this service. We have recently signed an agreement with a large US-based company to provide teleradiology services for their self-insurance program, which will further strengthen our position in the market.

最後，我們的遠距放射學子公司 USARAD 繼續為醫療成像中心提供寶貴的外包放射學服務，我們的大多數 Nanox.ARC 客戶也使用這項服務。我們最近與一家美國大型公司簽署了協議，為他們的自保計劃提供遠端放射服務，這將進一步加強我們在市場上的地位。

Our second opinion services is a consumer-oriented platform provided by USARAD, which connects patients with radiologists and other subspecialty physicians for additional consultation on their medical diagnosis. Second Opinion has integrated all 3 of Nanox.AI FDA-cleared AI solutions and is now generating revenues and interpreting approximately 20 scans per month. We are very active with our OEM partners, particularly to ensure adequate supply of components for the ARC, but also with the intention of finding additional applications for our Nanox proprietary technology.

我們的第二意見服務是由 USARAD 提供的面向消費者的平台，該平台將患者與放射科醫生和其他專科醫生聯繫起來，以便對他們的醫療診斷進行進一步諮詢。Second Opinion 已整合 Nanox.AI 所有 3 個經 FDA 批准的 AI 解決方案，目前正在產生收入並每月解釋約 20 次掃描。我們與 OEM 合作夥伴保持著非常積極的合作，特別是為了確保為 ARC 提供充足的元件，同時也是為了尋找我們的 Nanox 專有技術的更多應用。

One such active engagement is with the US government agency, Oak Ridge National Laboratories, to develop novel and compact mobile X-ray technologies. We began our partnerships in Q2 of last year and have progressed to developing and building prototypes due to be completed this summer.

其中一項積極合作是與美國政府機構橡樹嶺國家實驗室合作，開發新型緊湊型移動 X 射線技術。我們於去年第二季開始合作，目前已開始開發和建造原型，預計將於今年夏天完成。

More good news is from Varex, who recently delivered to Israel several tubes for our next-generation ARC-X. They also passed incoming inspections and are now being assembled into ARC-X to complete system-level integration. Additionally, we have technical staff at Varex this month for validation and training on multisource demonstration units we are producing for future applications development.

更多好消息來自 Varex，該公司最近向以色列交付了幾根用於我們下一代 ARC-X 的管子。它們還通過了入庫檢驗，目前正在組裝到 ARC-X 中以完成系統級整合。此外，本月我們派技術人員前往 Varex，對我們為未來應用開發而生產的多源演示單元進行驗證和培訓。

The Nanox team is excited to attend the RSNA 2025, which is the Annual Meeting of the Radiological Society of North America to be held in Chicago from November 30 through December 4. We are especially excited for RSNA 2025 as we will be presenting the full Nanox end-to-end solution at this high-profile industry event for the first time.

Nanox 團隊很高興參加 RSNA 2025，這是北美放射學會年會，將於 11 月 30 日至 12 月 4 日在芝加哥舉行。我們對 RSNA 2025 感到特別興奮，因為我們將首次在這個備受矚目的行業盛會上展示完整的 Nanox 端到端解決方案。

Our booth will feature the new Nanox.ARC-X core Tomography system and ARC-AI Teleradiology services, and AI solutions. We hope to see some of you there, and we welcome you to stop by the Nanox booth to meet some members of our team and see the Nanox solutions for yourself.

我們的展位將展示新的 Nanox.ARC-X 核心斷層掃描系統和 ARC-AI 遠端放射服務以及 AI 解決方案。我們希望在那裡見到你們，並歡迎你們到 Nanox 展位來見見我們團隊的一些成員，並親自了解 Nanox 解決方案。

With that, I will close my prepared remarks and turn the call over to Ran Daniel to review our financials. Ran, over to you.

至此，我將結束我的準備好的發言，並將電話轉給 Ran Daniel 來審查我們的財務狀況。然，交給你了。

Thank you, Ari.

謝謝你，阿里。

We reported the GAAP net loss for the first quarter of 2025 of $13.2 million which is the reported period compared with the net loss of $12.2 million in the first quarter of 2024, which is the comparable period. The increase of $1.0 million was largely due to an increase of $1.1 million in our gross loss.

我們報告的 2025 年第一季的 GAAP 淨虧損為 1,320 萬美元，這是報告期，而 2024 年第一季的淨虧損為 1,220 萬美元，這是可比期。100 萬美元的增加主要是因為我們的總損失增加了 110 萬美元。

Revenue for the reported period was $2.8 million and gross loss was $3.0 million on a GAAP.

報告期間的收入為 280 萬美元，以 GAAP 計算的總虧損為 300 萬美元。

Revenue for the comparable period was $2.6 million and gross loss was $2.1 million on a GAAP.

根據 GAAP，同期營收為 260 萬美元，毛虧損為 210 萬美元。

Non-gap gross loss for the reported period was $0.4 million as compared to a gross profit of $0.6 million in the comparable period, which represents a gross loss margin of approximately 15% on a non-gap basis for the reported period as compared to a gross profit margin of 22% on a non-gap basis in the comparable period.

報告期間內非缺口毛虧損為 40 萬美元，而同期毛利潤為 60 萬美元，這意味著報告期間內非缺口毛虧損率約為 15%，而同期非缺口毛利率為 22%。

Revenue from the teleradiology services for the reported period was $2.6 million with a gross profit of $0.4 million on a gas as compared to revenue of $2.4 million with a gross profit of $0.3 million on a gas basis in the comparable period, which represents a gross profit margin of approximately 17% on a gas basis for the report. Reported period as compared to 14% on a GAAP basis in the comparable period.

報告期間遠距放射服務收入為 260 萬美元，天然氣毛利為 40 萬美元，而去年同期收入為 240 萬美元，天然氣毛利為 30 萬美元，報告期間天然氣毛利率約為 17%。報告期間內，以 GAAP 計算，同期比例為 14%。

Non-gap gross profit of the company's teleaddiology services for the reported period was $1.0 million as compared to $0.9 million in the comparable period, which represents the gross profit margins of approximately 39% on a non-gap basis for the reported period as compared to 37% on a non-gap basis in the comparable period. The increase in the company's revenue and gross profit margin from the teleradiology services was mainly attributable to customer retention, increased rates and increased volume of the company's reading services during the weekday shift.

報告期間內，公司遠距聽力服務的非差距毛利為 100 萬美元，而同期為 90 萬美元，這意味著報告期間內非差距毛利率約為 39%，而同期非差距毛利率為 37%。公司遠距放射服務收入及毛利率的增加主要歸因於客戶保留率的提高、費率的提高以及公司工作日班次閱片服務的量增加。

During the reported period, the company generated revenue through the sale and deployment of its imaging systems and OEM services, which amounted to $33,000 for the reported period period with the gross loss of 1.

報告期間內，該公司透過銷售和部署其成像系統和OEM服務產生收入，報告期內收入達33,000美元，毛虧損為1。

$6 million on a GAAP basis and $1.5 million on a non-gap basis compared to revenue of 47.

以 GAAP 計算為 600 萬美元，以非差距計算為 150 萬美元，而收入為 47。

$1000 with a gross of $0.4 million on a GAAP basis and $0.3 million on a non-gap basis in the comparable period. The company's revenue from its AI solutions for the reported period was $0.2 million with a gross loss of $1.9 million on a GAAP basis compared to a revenue of $0.1 million with a gross loss of $2.0 million in the comparable period.

1000 美元，以 GAAP 計算的毛利為 40 萬美元，以非差距計算的毛利為 30 萬美元。報告期間內，該公司人工智慧解決方案的收入為 20 萬美元，以 GAAP 計算的毛虧損為 190 萬美元，而去年同期的收入為 10 萬美元，毛虧損為 200 萬美元。

GAAP gross loss of the company's AI solutions for the reported period was $0.1 million compared to a gross profit of $29,000 in the comparable period.

報告期間內，該公司人工智慧解決方案的 GAAP 毛虧損為 10 萬美元，而同期的毛利為 2.9 萬美元。

Research and development expenses net for the reported period were $5.0 million compared to $5.2 million in the comparable period reflecting the decrease of $0.2 million. The decrease was mainly due to a decrease of $0.2 million in share-based compensation and a decrease of $0.8 million in expenses related to our research and development activities. Which were offset by a decrease of $0.8 million in grants received due to the completion of the NHS.

報告期間研發費用淨額為 500 萬美元，而同期為 520 萬美元，減少了 20 萬美元。減少的主因是股權激勵費用減少 20 萬美元，以及研發活動相關費用減少 80 萬美元。但因 NHS 竣工而收到的補助金減少了 80 萬美元，從而抵消了這一減少。

X project and the commencement of its commercial phase.

X 專案並開始其商業階段。

Sales and marketing expenses for the reported period were $0.9 million compared to $0.8 million in the comparable period.

報告期間的銷售和行銷費用為 90 萬美元，而去年同期為 80 萬美元。

General and administrative expenses for the reported period were $5.1 million compared to $5.0 million in the comparable period. The increase of $0.1 million was mainly due to an increase of $0.2 million in salaries and wages, an increase of $0.2 million in our IT expenses, and $0.2 million in our recruiting expenses to our commercialization efforts in the US market. The increase was offset by a decrease of $0.5 million in our legal expenses and a decrease of $0.2 million in our DNO insurance expenses.

報告期間的一般及行政開支為 510 萬美元，而去年同期為 500 萬美元。增加 0.1 百萬美元主要是由於工資和薪水增加 0.2 百萬美元、IT 費用增加 0.2 百萬美元以及我們在美國市場商業化努力的招聘費用增加 0.2 百萬美元。這一增長被我們的法律費用減少 50 萬美元和 DNO 保險費用減少 20 萬美元所抵消。

Turning to our balance sheet, as of March 301, 2025, we had cash equivalents, restricted deposits, and marketable securities of approximately $72.9 million and we had $3.1 million in short term loan from a bank. We ended the quarter with a property and equipment net of $45.3 million. As of March 31, 2025 and December 31.

回顧我們的資產負債表，截至 2025 年 3 月 301 日，我們擁有現金等價物、限制性存款和有價證券約 7,290 萬美元，並從銀行獲得了 310 萬美元的短期貸款。本季末，我們的財產和設備淨值為 4,530 萬美元。截至2025年3月31日及12月31日。

2024, we had approximately 63.8 million shares outstanding.

2024年，我們流通股數約為6,380萬股。

With that, I will end the call back over to Eris.

就這樣，我將結束與 Eris 的通話。

Thank you, Ran. To close our call, I would like to extend our appreciation for your continued support of Nanox. We understand that our investors are key to the journey that Nanox is undertaking to transform medical imaging. Like many companies over the past several years, we have experienced challenges. But our belief in the Nanox., vision, as well as the support of our investors, encourage us to keep pushing ahead. We are making steady progress commercializing the Nanox.ARC and Nanox.AI, utilizing multiple different initiatives and our teleradiology business, continue to provide a revenue base to help fund our continued growth.

謝謝你，Ran。最後，我想對您一直以來對 Nanox 的支持表示感謝。我們深知，我們的投資者對於 Nanox 轉變醫學影像的歷程至關重要。與過去幾年的許多公司一樣，我們也遇到了挑戰。但我們對 Nanox 願景的信念以及投資者的支持鼓勵我們繼續前進。我們正在穩步推進 Nanox.ARC 和 Nanox.AI 的商業化，利用多種不同的舉措和我們的遠距放射學業務，繼續提供收入基礎，以幫助資助我們的持續成長。

We are also doing much work behind the scenes to support our commercialization through clinical data generation, securing more regulatory clearances, and marketing campaigns designed to raise awareness of the Nanox end-to-end solution. We are advancing our clinical trials with promising initial results. We continue to increase the number of our commercial collaborations, and we are working with our growing customer base to help them integrate the Nanox.ARC into their practices.

我們也在幕後做了很多工作來支持我們的商業化，透過臨床數據產生、獲得更多監管許可以及旨在提高 Nanox 端到端解決方案知名度的行銷活動。我們正在推進臨床試驗，並取得了令人鼓舞的初步成果。我們不斷增加商業合作的數量，並與不斷增長的客戶群合作，幫助他們將 Nanox.ARC 融入他們的實踐中。

In closing, we remain committed to making medical imaging more accessible and improving patient outcomes through innovative technologies and strategic collaborations. We thank you for joining us today and look forward to providing additional updates on our next call. Operator, please open the call for questions.

最後，我們將繼續致力於透過創新技術和策略合作，使醫學影像更加普及，並改善患者的治療效果。感謝您今天的加入，並期待在下次電話會議上提供更多更新資訊。接線員，請打開電話詢問。

(Operator instructions)

（操作員指示）

Jeffrey Cohen, Ladenburg Thalmann and Company.

傑弗裡·科恩（Jeffrey Cohen），拉登堡塔爾曼公司。

I wondered, Erez, if you could talk about the fleet by the end of the year, where you're speaking of 100 units. Could you give us a sense or flavor for geographies at which point you anticipate placements to occur during this year, or already placed?

埃雷茲，我想知道您是否可以談談今年年底的艦隊規模，您說的是 100 艘。您能否向我們介紹一下您預計今年將在哪些地區進行安置，或者已經安置了哪些地區？

Okay. Still, the majority of the units will be in the US Based on the progress of the regulation approvals in the countries that we are planning to place ARX in Europe, it seems that I would say maybe 15% or 20% will be in Europe. And I would say in Israel -- another probably 10% will be in other places like Israel, like Africa, like Latin America. It all depends on the progress of the ability to speed up the regulation approvals and the import license in the various countries that we operate.

好的。儘管如此，大多數單位仍將位於美國。根據我們計劃在歐洲放置 ARX 的國家的法規批准進展情況，我認為大約 15% 或 20% 會位於歐洲。我想說的是，在以色列——另外大概 10% 會在其他地方，像是以色列、非洲、拉丁美洲。這一切都取決於我們經營所在的各國加快法規審批和進口許可證的能力的進展。

And of course, the other thing which is very important is how fast are we going to be able to install the systems that we currently have in orders, agreements that were signed, the projects that we mentioned. In a nutshell, I would say that this is a very important element of what I was trying to deliver in this earnings that the feeling of the building blocks of our short-term future in terms of the ability to generate the arts that are going to be installed from the sales team, from the campaigns that we are leading, each one of these campaigns generate about 1,000 leads, and we're starting the process to implement them. The workers' comp portion, the business partners that we work with, and of course, the Europe and the rest of the world that we do these installations. But in a nutshell, it's what I gave you.

當然，另一件非常重要的事情是，我們能夠多快安裝我們目前在訂單、簽署的協議和我們提到的項目中的系統。簡而言之，我想說，這是我在這次收益中試圖傳達的一個非常重要的元素，即我們短期未來的基石，即從銷售團隊、從我們領導的活動中創造藝術的能力，每一個活動都會產生大約 1,000 條線索，我們正在開始實施它們的過程。工人補償部分，與我們合作的業務夥伴，當然還有我們進行這些安裝的歐洲和世界其他地區。但簡而言之，這就是我給你的。

And then, as a follow-up, could you talk a little more about the USARAD second opinion services? Is there a particular list price for that service? And is it being reimbursed by the payers out there? Any further color would be appreciated.

然後，作為後續問題，您能否再多談談美國陸軍防空司令部的第二意見服務？該服務有具體的標價嗎？這些費用會由付款人報銷嗎？如果有其他顏色，我們將不勝感激。

Thank you.

謝謝。

USARAD, lately, we have achieved, I would say, some peaks or high numbers in terms of the weekly revenues, which are being generated or scans that they are reading. In addition, it seems that what we were trying to do, and we have been amazingly successful in implementing the end-to-end solution, where USARAD are doing a lot of the readings of the places that we are installing the arts. So, we are generated from the same unit and the same scan, more revenues to the company.

最近，美國陸軍航空軍在每週產生的收入或讀取的掃描數據方面取得了一些高峰或高數字。此外，看起來我們正在嘗試做的事情，我們在實施端到端解決方案方面取得了驚人的成功，其中美國陸軍防空司令部正在對我們安裝藝術品的地方進行大量讀取。因此，我們透過相同的單位和相同的掃描，為公司帶來了更多的收入。

In addition, the workers' comp is going to be based initially, or to begin with, at least based on USARAD radiologists that are going to read. And last but not least is what you have asked is, the second opinion. Second opinion is about $300. It's mostly private. It's growing business. And yes, so that's --

此外，工人補償最初將以（或至少是開始以）美國陸軍防空司令部放射科醫生的閱讀為基礎。最後但同樣重要的是，您所問的是第二種意見。第二種意見的費用約為 300 美元。它主要是私人的。業務正在不斷成長。是的，就是這樣--

It's a retail model.

這是一種零售模式。

Yes, it's more of a retail model. By the way, in addition, by the same token, I would say that it's interesting to see that the part of the increase in revenues or business that we are doing is what we call the B2B2C. So, we are serving someone who is serving the consumer or the retail, and this is what we do with Ezra. In Ezra, for example, every reading is about $75 right now. And if we do more applications of AI other than the CCS, it's going to increase above the $100 per scan. As you remember, the workers' comp, I mentioned around $1. And so basically, it's growing this part of the business.

是的，它更像是一種零售模式。順便說一句，此外，同樣地，我想說，有趣的是，我們正在做的收入或業務的成長部分就是我們所說的B2B2C。所以，我們服務的對像是消費者或零售商，這就是我們對 Ezra 所做的。例如，在《以斯拉記》，目前每次閱讀的費用約為 75 美元。如果我們除了 CCS 之外還進行更多的 AI 應用，那麼每次掃描的成本將會增加到 100 美元以上。您還記得，我提到工人補償金約為 1 美元。所以基本上，這部分業務正在成長。

Perfect. Thanks for taking our questions. Good quarter.

完美的。感謝您回答我們的問題。好季度。

Thank you.

謝謝。

Ross Osborn of Cantor Fitzgerald.

康托·菲茨杰拉德 (Cantor Fitzgerald) 的羅斯·奧斯本 (Ross Osborn

Hey guys, thanks for taking our questions. So, starting off, you mentioned 60 units in various stages of deployment. How many of these were placed, approved and operating in the US? And why have we not seen the associated inflection in revenue based upon those units being used?

嘿夥計們，感謝你們回答我們的問題。首先，您提到了 60 個處於不同部署階段的單位。其中有多少是在美國安置、批准和營運的？為什麼我們沒有看到基於這些單位的使用而產生的相關收入變化？

So, I'll start with the first number. Right now, to your reference of the question, it's more than 20 as some of them are being installed as we speak. Some of them are installed, but waiting for approval from regulation or physics or the building or the city or the state. I think we passed most of the approvals. So, this is with respect to the numbers. Ran, would you like to address the revenues?

因此，我將從第一個數字開始。目前，對於您提到的問題，已經有 20 多個了，其中一些正在安裝中。其中一些已經安裝完畢，但正在等待法規、物理、建築、城市或州的批准。我認為我們通過了大部分批准。所以，這是與數字有關的。冉，你想談談收入問題嗎？

Yes. You have to bear in mind that since from the time that -- as I said, from the time that we deploy the machine until we generate revenue, there's a few phases that we need to go through with the machine. First of all, it's the registration with the state and all kind of other permits. Sometimes there's a setup to be made. And more importantly, it's all the process with getting the approved EOB for the procedure itself. But once we get the EOBs that we see in certain places, then the number of scans increased and then the revenue generation is following up.

是的。你必須記住，從那一刻起——正如我所說，從我們部署機器直到我們產生收入，我們需要經歷幾個階段。首先，需要向國家註冊並獲得各種其他許可。有時需要進行一些設定。更重要的是，這是獲得該程序本身批准的 EOB 的整個過程。但是一旦我們獲得在某些地方看到的 EOB，掃描數量就會增加，收入也會增加。

The interesting part, Ross, is that we have indeed mentioned the average of the 7 scans per operating day that -- which was the base of the model. But definitely, I would say that we can see that in the segment of the market that we are putting the systems in multi-specialty medical centers, we can see days with 11 scans per day, even days with 17 scans per day. The workers' comp probably will generate more than 7 scans per day. So, the ramp-up takes time and the reimbursement, although there is a CPT code and all of this, the reimbursement and the EOB sometimes takes time and the increase the revenue following after.

有趣的是，羅斯，我們確實提到了每個操作日 7 次掃描的平均值 - 這是模型的基礎。但我肯定會說，在我們將系統部署到多專業醫療中心的細分市場中，我們可以看到每天進行 11 次掃描，甚至每天進行 17 次掃描。工傷賠償可能每天會產生超過 7 次掃描。因此，雖然有 CPT 代碼和所有這些，但提升需要時間和報銷，報銷和 EOB 有時也需要時間，隨後的收入也會增加。

Yes. But once we get the EOB, we do see a mining inflection point where the operator increased significantly the number of the skin.

是的。但是一旦我們獲得 EOB，我們確實會看到一個採礦拐點，操作員會顯著增加皮膚的數量。

Okay, understood. Appreciate the color there. And then moving down the P&L to gross margin. How should we be thinking about you guys getting to a breakeven point or turning positive between your 3 business lines?

好的，明白了。欣賞那裡的色彩。然後將損益表下移至毛利率。我們該如何看待你們達到收支平衡點或在三條業務線之間實現盈利？

Okay. So if you look at the 20th, so you can see that our teleradiology -- and I'm talking about on a non-GAAP basis because you have to -- if you look at the face of the P&L, so you look at the measurement, you look at the numbers on a GAAP basis, and there's all kind of amortization of intangible and share-based compensation and all kind of items that we're actually adding back when we talk about the non-GAAP basis. But even when we talk about non-GAAP basis, you can see that our teleradiology division is already profitable and the gross profit margin varies between 36%, 37% to 41%, 42%. The AI business should be with a higher gross profit margin, and the ARC division will be somewhere between. Of course, once we'll transition from -- to the ARC-X where we have the glass tubes rather the ceramic tubes, then you should expect our gross profit margins to increase over there since, as you know, the cost of the machine of the ARC-X is much lower.

好的。因此，如果您查看 20 世紀的數據，您就會發現我們的遠距放射學 — — 我之所以談論的是非 GAAP 基礎，是因為您必須這樣做 — — 如果您查看損益表的表面，那麼您就可以查看衡量標準，以 GAAP 為基礎查看數字，並且當我們談論非 GAAP 基礎時，我們將把各種無形成本攤銷、基於股票的薪酬以及我們都算作資金。但即使我們談論非公認會計準則，您也可以看到我們的遠距放射學部門已經實現盈利，毛利率在 36%、37% 到 41%、42% 之間。AI業務的毛利率應該會比較高，ARC部門的毛利率會介於兩者之間。當然，一旦我們從 ARC-X 過渡到使用玻璃管而不是陶瓷管，那麼您應該預期我們的毛利率會增加，因為如您所知，ARC-X 機器的成本要低得多。

Thanks for taking our questions.

感謝您回答我們的問題。

Scott Henry, AGP.

斯科特·亨利（Scott Henry），AGP。

Thank you, good morning or afternoon depending where one is. It seems to me in the quarter, there's a lot of really strong technological progress and people that have the machines are using it. But the quarterly placement level of 10 to 15 per quarter, it's going to take a while to get to breakeven. How should we think about when there may be an inflection point to get to higher placements per quarter?

謝謝，早上好或下午好，取決於你在哪裡。在我看來，本季有許多非常強大的技術進步，擁有機器的人們正在使用它。但每季的投放量為 10 到 15 個，需要一段時間才能達到收支平衡。我們該如何思考何時會出現一個拐點，以實現每季更高的安置率？

Thank you. I would like to answer your question, and by the same token also to refer to the tail of to Ross's question, okay? So, under all the fact that the safe harbor and the uncertainties in the market and all the results that -- what is happening right now and the markets, et cetera, we are indicating expectations that USARAD is making money right now. The AI is going to break even. Our AI business is going to be breakeven next year, 2026. And the ARC business are going to breakeven in 2027. So that's actually right now the plan, and these are the indications that we expect. We work hard in order to be there.

謝謝。我想回答你的問題，同樣也參考羅斯問題的結尾，好嗎？因此，考慮到安全港和市場不確定性以及當前市場等所有結果，我們預計美國陸軍航空軍現在正在賺錢。人工智慧將會達到收支平衡。我們的人工智慧業務將在明年，也就是2026年達到收支平衡。ARC 業務將在 2027 年實現收支平衡。所以這其實就是目前的計劃，這些是我們預期的跡象。為了到達那裡，我們付出了巨大的努力。

In terms of the -- you like the word inflection point. I would say that the inflection point will be probably the second half of 2025, where we are going to see a lot of the results. You are right that there are a lot of progress in the technology in this quarter. But if you notice, we made progress in the ARC. We made progress with the AI customers and revenues. We made progress with the second opinion. We made progress with the teleradiology. We made progress with the clinical efforts and clinical education and brand awareness. We have made progress with regulatory. We've made progress with cooperation, with new market segments, with the OEM business, with the implementation of the end-to-end solution and also with what we call the cost of the product.

就——你喜歡拐點這個詞。我想說轉捩點可能是2025年下半年，屆時我們將會看到很多成果。您說得對，本季技術取得了很大進步。但如果你注意到的話，我們在 ARC 方面取得了進展。我們在人工智慧客戶和收入方面取得了進展。我們在第二種意見上取得了進展。我們在遠距放射學方面取得了進展。我們在臨床工作、臨床教育和品牌知名度方面取得了進展。我們在監管方面取得了進展。我們在合作、新市場領域、OEM業務、端到端解決方案的實施以及所謂的產品成本方面都取得了進展。

So, I think that what this quarter actually shows, first of all, that we are delivering what we promised. But second, we are making progress all the time. Yet we are saying getting a medical -- a new medical equipment to the market is not an easy one and getting something which is, as you all write, disruptive, changing the standard of care is not an easy one. It requires a lot of education, a lot of efforts in terms of the clinical support, but that's what we are doing. And that's the reason why we have indicated that in the RSNA this year, we're going to present the new product that we are going to install, the ARC AI or the solution of the AI to the ARC that is going to be built in, in the system, the fact that the ARC is going to do 2D X-ray as well built in the system and a lot of other goodies, which are part of the ARC-X.

因此，我認為本季實際上表明，首先，我們正在兌現我們的承諾。其次，我們一直在取得進展。然而，我們要說的是，將一種新的醫療設備推向市場並不是一件容易的事，而獲得一些如你們所寫的具有顛覆性、改變護理標準的東西也不是一件容易的事。這需要大量的教育，需要大量的臨床支持的努力，但這就是我們正在做的事情。這就是為什麼我們在今年的 RSNA 上表示，我們將展示我們將要安裝的新產品，即 ARC AI 或將內置於系統中的 ARC 的 AI 解決方案，事實上，ARC 將在系統中內置進行 2D X 射線掃描，以及許多其他好東西，它們都是 ARC-X 的一部分。

Oh okay, great, thank you, a lot in that answer. I appreciate that. If I could just double-click on one thing you mentioned. You said the ARC business is potentially profitable or cash flow breakeven in 2027. Should we be thinking about it as a quarterly run rate exiting 2027 at breakeven? And I don't know if you want to answer this question enough, but can you give us a sense of what kind of revenue run rate it would take to break even? We could do the math ourselves, but I thought I would ask.

哦，好的，太好了，非常感謝您的回答。我很感激。如果我可以雙擊您提到的一件事。您說 ARC 業務可能在 2027 年實現盈利或現金流收支平衡。我們是否應該將其視為 2027 年達到損益兩平的季度運作率？我不知道您是否願意充分回答這個問題，但您能否告訴我們需要什麼樣的收入運作率才能達到收支平衡？我們可以自己算一下，但我想我還是問問看吧。

Thank you for it really.

真的非常感謝你。

It really depends on the mixture of the revenue. And this is not really a formal guidance, but we have previously spoken. We gave some unit numbers of 1,500 to 2,000 units being deployed in order to get to a breakeven point. And of course, if we get more attraction from the teleradiology business rather than the AI and the ARC. It comes with a low gross margin, but we will get more from the hardware and the AI, and we'll see more growth over there, then the breakeven point will be even faster just because it comes with a higher gross profit margin.

這實際上取決於收入的組成。這其實不是一個正式的指導，但我們之前已經談過了。為了達到收支平衡點，我們給出了部署 1,500 到 2,000 個單位的人數。當然，如果我們從遠距放射學業務而不是 AI 和 ARC 獲得更多的吸引力。它的毛利率較低，但我們會從硬體和人工智慧中獲得更多收益，我們會看到那裡的更多成長，然後盈虧平衡點會更快實現，因為它具有更高的毛利率。

It really depends on the mix between the CapEx sales, hybrid sales, and the MSaaS sales, which right now, I don't think that we are in a position to indicate the mix between these 3 elements. But the more we get into getting more experience in the market and starting to penetrate to the European market as well as the Latin America market, I think that we will be able to shed some more light and to give some more guidance with respect to what will be the mix of these type of sales. But it definitely depends on the mix.

這實際上取決於資本支出銷售、混合銷售和 MSaaS 銷售之間的組合，目前，我認為我們還無法指出這三個要素之間的組合。但是，隨著我們在市場上累積的經驗越來越多，並開始滲透到歐洲市場和拉丁美洲市場，我認為我們將能夠對這些類型的銷售組合提供更多的啟示和指導。但這肯定取決於混合。

Okay, great.

好的，太好了。

Thank you for taking the questions.

感謝您回答這些問題。

Thank you. And I'm showing no further questions. This will conclude today's conference call.

謝謝。我沒有其他問題。今天的電話會議到此結束。

Thank you for participating. You may now disconnect.

感謝您的參與。您現在可以斷開連線。