NextTrip Inc (NTRP) 2022 Q1 法說會逐字稿

Good day, and welcome to the Sigma Labs First Quarter 2022 Financial Results Conference Call and Webcast. Today's conference is being recorded. At this time, I would like to turn the conference over to Chris Tyson, Executive Vice President of MZ North America. Please go ahead, sir.

美好的一天，歡迎來到 Sigma Labs 2022 年第一季財務業績電話會議和網路廣播。今天的會議正在錄製中。這次，我想將會議交給 MZ 北美執行副總裁 Chris Tyson。請繼續，先生。

Thank you, and good afternoon. I'd like to thank you all for taking time to join us for Sigma Lab's First Quarter 2022 Business Update and Results Conference Call. Your host today are Mark Ruport, Chairman, Jacob Brunsberg, Chief Executive Officer; and Frank Orzechowski, the company's Chief Financial Officer. A press release detailing these results crossed the wires this afternoon at 4:01 p.m. Eastern today and is available on the company's website, sigmalabsinc.com.

謝謝你，下午好。我要感謝大家抽出時間參加 Sigma Lab 的 2022 年第一季業務更新和業績電話會議。今天的主持人是董事長馬克·魯波特 (Mark Ruport)、執行長雅各布·布倫斯伯格 (Jacob Brunsberg)；以及該公司財務長 Frank Orzechowski。今天下午 4:01 發布了一份詳細介紹這些結果的新聞稿。今日東部，可在公司網站 sigmalabsinc.com 上取得。

Before we begin the formal presentation, I'd like to remind everyone that statements made on the call and webcast, including those regarding future financial results and industry prospects, are forward-looking and may be subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the call. Please refer to the company's SEC filings for a list of associated risks, and we would also refer you to the company's website for more supporting industry information.

在我們開始正式演講之前，我想提醒大家，電話會議和網路廣播中的陳述，包括有關未來財務業績和行業前景的陳述，都是前瞻性的，可能會受到許多風險和不確定性的影響。導致實際結果與電話中所述的結果有重大差異。請參閱該公司向 SEC 提交的文件以獲取相關風險列表，我們也會建議您訪問該公司的網站以獲取更多支援行業資訊。

At this time, I would like to turn the call over to Sigma Lab's Chairman, Mark Ruport. Mark, the floor is yours.

現在，我想將電話轉給 Sigma Lab 主席 Mark Ruport。馬克，地板是你的。

Thank you, Chris, and good afternoon, everybody, and thanks for joining our call today. As many of you may know, this will be my last earnings call. And it was with the great pleasure that we announced the promotion of Jacob Brunsberg to President and Chief Executive Officer of Sigma Labs. This was a desired outcome of a search that started over a year ago, and I'm very excited at the prospect of working with Jacob as I assume the Chairman's role. This move comes at a time that clearly marks the beginning of a new direction for the company.

謝謝克里斯，大家下午好，謝謝您今天加入我們的電話會議。你們很多人可能都知道，這將是我最後一次財報電話會議。我們非常高興地宣布晉升 Jacob Brunsberg 為 Sigma Labs 總裁兼執行長。這是一年多前開始的搜尋的預期結果，我對在擔任主席一職時與雅各合作的前景感到非常興奮。這項舉措顯然標誌著公司新方向的開始。

It's important to understand that Jacob was recruited specifically because of his background. He brings an OEM's perspective at the Sigma and greatly broadens our understanding of what large manufacturers need to assure the highest level of trust in the quality and consistency of printed parts as they scale to hundreds of production systems. Jacob has set a plan in place that leverages Sigma's core competency, remove significant barriers of entry for the company as well as for end users and has created a sense of urgency in developing relationships with OEMs, additive software companies, material providers and post-processing technologies. I believe that all the above for the first time position Sigma to have our technology on thousands of printers.

重要的是要了解雅各是因為他的背景而被專門招募的。他為 Sigma 帶來了 OEM 的視角，極大地拓寬了我們對大型製造商在擴展到數百個生產系統時確保列印零件的品質和一致性所需的最高水平信任所需的理解。 Jacob 制定了一項計劃，利用 Sigma 的核心競爭力，消除公司和最終用戶的重大進入壁壘，並在與 OEM、增材軟體公司、材料供應商和後處理髮展關係方面營造了一種緊迫感技術。我相信，以上所有內容首次使 Sigma 能夠在數千台印表機上採用我們的技術。

With that, I'll be glad turn the call over to our new CEO, Sigma Labs, Jacob Brunsberg.

有了這個，我很高興將電話轉給我們的新執行長 Sigma Labs Jacob Brunsberg。

Thank you, Mark, and thank you for all that you've done for Sigma Labs. We could not be happier to have you as our Chairman of the Board and really look forward to continuing to work with you as we grow into the future. The first quarter of 2022 is the beginning of a new era for Sigma Labs, an era in which we move from one-off project sales to 1 that we believe is accessible at scale for supporting qualification and production across thousands of machines at hundreds of customer sites. This transition will not happen overnight, but is being accelerated faster than we anticipated. In fact, we began to broadly market under our new subscription model during the first quarter. We continue to grow our pipeline and we closed our first subscription sales.

謝謝你，馬克，也謝謝你為 Sigma Labs 所做的一切。我們非常高興您擔任我們的董事會主席，並真誠地期待在我們未來發展的過程中繼續與您合作。 2022 年第一季是 Sigma Labs 新時代的開始，在這個時代，我們從一次性專案銷售轉向我們認為可以大規模支援數百家客戶的數千台機器的認證和生產的時代網站。這種轉變不會一夜之間發生，但其加速速度比我們預期的還要快。事實上，我們在第一季就開始在新的訂閱模式下進行廣泛的行銷。我們繼續擴大我們的管道，並完成了第一筆訂閱銷售。

The move to a subscription model does, in fact, change our revenue recognition from our prior immediate onetime model. However we believe this will result in recurring, scalable and more predictable long-term cash flow over time. Additionally, this subscription model lowered the barrier to entry for customers and their subsequent scale to enterprise solutions, allows us to connect to other software solutions in the market more easily, paved the way for more software-only solutions through product expansion and embedded and tiered OEM solution that can yield a higher margin product.

事實上，轉向訂閱模式確實改變了我們先前的即時一次性模式的收入確認。然而，我們相信，隨著時間的推移，這將帶來經常性、可擴展且更可預測的長期現金流。此外，這種訂閱模式降低了客戶的進入門檻及其隨後擴展到企業解決方案的門檻，使我們能夠更輕鬆地連接到市場上的其他軟體解決方案，透過產品擴展以及嵌入式和分層為更多純度軟體解決方案鋪平了道路OEM 解決方案可以產生更高利潤的產品。

I want to take a second and talk about the last bullet item I just highlighted on product expansion. We believe this is the crux of our transition, and we believe this will allow us to scale into production across enterprises with tens to hundreds of printers. We have learned over the past year that we are dealing with a bifurcated market where PrintRite3D in its current state of hardware plus software is a great comprehensive platform for universities, research organizations and internal research and development groups of the most sophisticated industries.

我想花點時間談談我剛剛強調的關於產品擴展的最後一個項目。我們相信這是我們轉型的關鍵，我們相信這將使我們能夠在擁有數十到數百台印表機的企業中擴大生產規模。在過去的一年裡，我們了解到，我們面對的是一個兩極分化的市場，目前的硬體加軟體狀態下的PrintRite3D 對於大學、研究機構和最複雜行業的內部研發團隊來說是一個出色的綜合平台。

However, to set the standard for quality, we need to own the production segment of the market where the economics, and quite frankly, the requirements are a bit different. As we continue to support this R&D space, we are using this great experience and the input of our customer base and advisory board to deploy our technology largely in software-only components geared towards mass production customers and sites.

然而，為了設定品質標準，我們需要擁有經濟上的市場生產部分，坦白說，要求有點不同。在我們繼續支持這一研發領域的同時，我們正在利用這一豐富的經驗以及客戶群和諮詢委員會的意見，將我們的技術主要部署在面向大規模生產客戶和站點的純軟體組件中。

To address this production customer, we are preparing to announce what we believe are exciting new products that will combine streaming, machine health data for major OEMs, off access camera data and on access melt pool technology to provide a centralized home for all industry in-process quality solutions. We believe with these new products, Sigma Labs will be at the center of quality and connection to any point solution for in-process monitoring in the market. The connected data is expected to allow users to simplify their quality operations, easily identify gross defects, utilize our machine learning and artificial intelligence platform and drastically improve the total cost of development and production.

為了滿足這個生產客戶的需求，我們準備宣布我們認為令人興奮的新產品，這些產品將結合串流媒體、主要OEM 的機器健康數據、非訪問攝像頭數據和訪問熔池技術，為所有行業提供一個集中的家。我們相信，憑藉這些新產品，Sigma Labs 將成為品質和連接市場上任何流程監控單點解決方案的中心。連接的數據預計將使用戶能夠簡化品質操作，輕鬆識別嚴重缺陷，利用我們的機器學習和人工智慧平台，並大幅降低開發和生產的總成本。

Additionally, we believe this gives customers onboarding options for lower dollar solutions as they grow into what we're developing as the quality standard for additive manufacturing. As a reminder from our year-end 2021 call, according to AM Power, the metal AM market alone has an estimated installed base or a total addressable market of greater than 12,000 metal AM systems today, with a growth rate of approximately 20% year-over-year. This yields the addition of well over 2,000 new systems a year.

此外，我們相信，隨著客戶成長為我們正在開發的積層製造品質標準，這為客戶提供了較低成本解決方案的選擇。作為我們 2021 年底電話會議的提醒，根據 AM Power 的數據，僅金屬增材製造市場目前的估計安裝基數或總潛在市場就超過 12,000 個金屬增材製造系統，年增長率約為 20%。年。這樣每年就會增加 2,000 多個新系統。

The market for metal AM without any additional dramatic growth rate offers Sigma Labs the opportunity to grow towards thousands of high-margin installs as our partnerships become additive. It's time for us to go out and get this opportunity with a software-only solution that can be easily deployed and supported. It's time to be the quality standard for the entire industry. We've paved the way for our company to grow with our advanced work, with our research and university partners and are now poised to address the needs of the mass market.

隨著我們的合作夥伴關係不斷增加，金屬增材製造市場沒有任何額外的顯著成長率，這為 Sigma Labs 提供了數千個高利潤安裝成長的機會。現在是我們走出去並利用易於部署和支援的純軟體解決方案來獲得這個機會的時候了。是時候成為整個產業的品質標準了。我們與研究和大學合作夥伴一起透過先進的工作為公司的發展鋪平了道路，現在準備滿足大眾市場的需求。

Now I will have Frank review the financials, and I will close with the key KPIs to monitor as we go forward that we will be judging ourselves by as we approach our goals for 2025 and beyond to truly take the seat as a standard for quality and additive manufacturing. Frank?

現在，我將讓 Frank 審查財務狀況，最後我將介紹要監控的關鍵 KPI，以便我們在實現 2025 年及以後的目標時判斷自己，以真正成為品質和標準的標準。坦率？

Thank you, Jake. Our detailed financial results are contained in our Form 10-Q filed with the SEC today, and the press release we issued contains key highlights of our financial results. So today, I will provide a brief overview of our results for the first quarter of 2022.

謝謝你，傑克。我們詳細的財務表現包含在今天向 SEC 提交的 10-Q 表格中，我們發布的新聞稿包含了我們財務表現的主要亮點。今天，我將簡要概述我們 2022 年第一季的業績。

Revenue for the first quarter of 2022 totaled $52,000 as compared to revenues of $458,000 for the first quarter of 2021. The decrease in revenue was primarily due to the changes in our business model, resulting in decreased print rate 3D unit direct sales, partially offset by an increase in revenue from our subscription-based pricing program. Gross profit for the first quarter of 2022 was $12,000 as compared to $330,000 for the first quarter of 2021.

2022 年第一季的營收總計為 52,000 美元，而 2021 年第一季的營收為 458,000 美元。定價計劃帶來的收入增加。 2022 年第一季的毛利為 12,000 美元，而 2021 年第一季的毛利為 330,000 美元。

Total operating expenses for the first quarter of 2022 were $2.3 million, while operating expenses for the first quarter of 2021 totaled $1.8 million. The increase of $500,000 is primarily attributable to an increase in salary and benefit costs of $445,000 relating to the hiring of additional employees in an effort to expand the commercialization of our products. Also contributing to the overall increase were increases in stock-based compensation costs of $53,000 related to equity grants to both our new and existing employees, a net increase in professional services of $35,000, mostly due to consulting services related to our new business model and various corporate matters and increased travel expenses of $54,000 as COVID-related travel restrictions eased compared to the first quarter of 2021.

2022 年第一季的營運支出總額為 230 萬美元，2021 年第一季的營運支出總額為 180 萬美元。增加 50 萬美元主要是由於為擴大我們產品的商業化而僱用更多員工，導致工資和福利成本增加了 445,000 美元。與向新員工和現有員工授予股權相關的股票薪酬成本增加了 53,000 美元，專業服務淨增加了 35,000 美元，這主要是由於與我們的新業務模式相關的諮詢服務和各種與2021 年第一季度相比，由於與新冠疫情相關的旅行限制有所放鬆，公司事務以及差旅費用增加了54,000 美元。

Partially offsetting these operating expense increases were decreases in operations expenses of $59,000, investor public relations and advertising expenses of $14,000 and organization costs of $19,000. Other income for the 3 months ended March 31, 2022, was $77,000, primarily as a result of benefits received from New Mexico state incentive programs. This compares to other income for the first quarter of 2021 of $801,000, which resulted from an unrealized gain on the revaluation of a derivative liability from our March 2021 financing. Cash used in operating activities for the quarter ended March 31, 2022, totaled $2.03 million compared to $1.24 million for the quarter ended March 31, 2021.

營運費用減少了 59,000 美元，投資者公共關係和廣告費用減少了 14,000 美元，組織成本減少了 19,000 美元，部分抵消了這些營運費用的增加。截至 2022 年 3 月 31 日的三個月的其他收入為 77,000 美元，主要來自新墨西哥州激勵計劃的福利。相較之下，2021 年第一季的其他收入為 801,000 美元，這是由於我們 2021 年 3 月融資的衍生性商品負債重估產生的未實現收益。截至 2022 年 3 月 31 日的季度營運活動所使用的現金總額為 203 萬美元，而截至 2021 年 3 月 31 日的季度為 124 萬美元。

The net loss applicable to common stockholders for the first quarter of 2022 was $2.2 million or $0.21 per share on weighted average shares of $10.5 million as compared to a net loss of $0.7 million or $0.09 per share on weighted average shares of $7.8 million in the first quarter of 2021.

2022 年第一季普通股股東的淨虧損為220 萬美元，即加權平均股數為1,050 萬美元的每股淨虧損為0.21 美元，而第一季的淨虧損為70 萬美元，即加權平均股數為780 萬美元的每股淨虧損為0.09 美元。

Our cash totaled $9.3 million at March 31, 2022, as compared to $11.4 million at December 31, 2021. Working capital was $9.6 million at March 31, 2022, as compared to $11.7 million at December 31, 2021. And at March 31, 2022, our stockholders' equity was $10.9 million as compared to $12.9 million at December 31, 2021.

截至2022年3月31日，我們的現金總額為930萬美元，而2021年12月31日為1140萬美元。日為1,170萬美元。

And with that, I will now turn the call back over to Jake.

現在，我將把電話轉回給傑克。

Thank you, Frank. I do not expect anyone to jump out of their seats in excitement with our first quarter revenue numbers. When our transition had to happen at some point for us to go after the high-volume opportunity we are now moving towards addressing. We are tracking the following KPIs on progress to plan going forward. Additional OEM partners in our different tier solutions, growth of our software ecosystem of bundled solutions and software-only product offerings, advances to our product suite to address traditional manufacturers' production needs, the addition and corresponding scaling at meaningful customers, expansion into adjacent markets such as polymer production, extension of our runway by execution or executing on our new business model, focused on reducing our operating expenses and allocation of resources to accomplish these goals.

謝謝你，弗蘭克。我預計不會有人對我們第一季的收入數據興奮地從座位上跳起來。當我們必須在某個時候進行轉型以追求大量的機會時，我們現在正在努力解決這個問題。我們正在追蹤以下進度關鍵績效指標 (KPI)，以製定未來計劃。我們不同層級解決方案中的其他OEM 合作夥伴、我們的捆綁解決方案和純軟體產品的軟體生態系統的成長、我們的產品套件的進步以滿足傳統製造商的生產需求、在有意義的客戶中增加和相應的擴展、擴展到相鄰市場例如聚合物生產，透過執行或執行我們的新業務模式來擴展我們的跑道，重點是減少我們的營運費用和資源分配以實現這些目標。

In Q1, we entered into collaboration with AMFG, an adjacent additive MES software company. We also were named as a founding member of ASTM Consortium for setting process and material development standards and began working with Auburn University to support their grants from NASA and FAA. Our collaboration with long-term strategic partner materialize has resulted in a technology platform that delivers an industry-first ability to identify and address process and quality issues in real time.

第一季度，我們與鄰近的積層 MES 軟體公司 AMFG 建立了合作。我們也被任命為 ASTM 聯盟的創始成員，負責制定工藝和材料開發標準，並開始與奧本大學合作，支持他們獲得 NASA 和 FAA 的資助。我們與長期策略合作夥伴 Materialise 的合作打造了一個技術平台，該平台具有業界領先的即時識別和解決流程和品質問題的能力。

Lastly, we added a printer OEM Aconity3D to our PrintRite3D certified program. We are setting this business up with a solution and structure that scale. As we progress, there will be an opportunity to look at not only organic opportunity, but inorganic opportunities that align with our strategy. At a recent investors conference, at the last one-on-one, I was at the very bought question. Are you really going to do what it takes to set the quality -- to set the standard for quality in AM? Can you deliver a software-only solution, develop the relationships, get aggressive with your pricing and do what it takes? My answer was and is a resounding yes. This is the only way to make our technology pervasive throughout the industry. It is the only path towards setting the standard for quality and additive manufacturing. It is the only path that we are focused on today.

最後，我們在 PrintRite3D 認證計畫中新增了印表機 OEM Aconity3D。我們正在透過可擴展的解決方案和結構來建立這項業務。隨著我們的進步，我們將有機會不僅關注有機機會，還關注與我們的策略一致的無機機會。在最近的一次投資人會議上，在最後一次一對一的會議上，我提出了一個非常值得購買的問題。您真的會盡一切努力來設定品質—設定積層製造的品質標準嗎？您能否提供純軟體解決方案、發展關係、積極定價並採取必要措施？我的回答過去是，現在仍然是響亮的「是」。這是使我們的技術普及到整個行業的唯一途徑。這是製定品質和增材製造標準的唯一途徑。這是我們今天關注的唯一道路。

With that, I'll turn it over to the operator to open up the question line. Operator?

這樣，我會將其交給操作員來開啟問題熱線。操作員？

(Operator Instructions)

（操作員說明）

Our first question is from Scott Buck with H.C. Wainright.

我們的第一個問題來自 Scott Buck 和 H.C.溫賴特。

Congratulations, Jacob, on the position.

恭喜雅各獲得這個職位。

Thank you.

謝謝。

My first question, just on the $50,000 of revenue in the quarter. Should we -- is that all subscription revenue? Or is there something else in there? And I guess what I'm asking, is this trough revenue and something for you guys to grow out of sequentially?

我的第一個問題是關於本季 5 萬美元的收入。我們應該——這就是所有訂閱收入嗎？還是裡面還有別的東西？我想我想問的是，這是收入的低潮嗎？

The revenue is a little bit of a mix, but it is our first subscription to help as well. And Frank, I don't know if you have a comment. I can elaborate then from there as well.

收入有點複雜，但這也是我們第一次提供幫助的訂閱。弗蘭克，我不知道你是否有什麼意見。我也可以從那裡詳細說明。

Yes. The other components are maintenance and support contracts, primarily that we're realizing over time. So that would be the other big piece that's in that number.

是的。其他組成部分是維護和支援合同，主要是我們隨著時間的推移逐漸實現的。所以這將是該數字中的另一個大塊。

Okay. Can you give me a little color on maybe percentage-wise? Or is it 50-50? Is it 75-25? Just trying to understand what is software in there?

好的。您能給我一些百分比方面的資訊嗎？還是50-50？是75-25嗎？只是想了解裡面有什麼軟體？

Sure. So the software piece is -- it's roughly 50%, I would say, 45% to 50% and the other in maintenance and support in that number.

當然。因此，軟體部分大約佔 50%，我想說，45% 到 50%，其他部分用於維護和支援。

Okay. That's helpful. And the new subscription client you signed during the quarter, are they -- are you already billing them? I mean, are they already using the software?

好的。這很有幫助。您在本季簽署的新訂閱用戶端，您已經向他們收取費用了嗎？我的意思是，他們已經在使用該軟體了嗎？

Yes.

是的。

Okay. That's helpful. And then on the pipeline, I think we have been conditioned to expect a meaningful ramp in activity in the second half of this year. Is that still the right way to think about the way this grows?

好的。這很有幫助。然後，我認為我們已經做好了準備，預計今年下半年的活動將出現有意義的成長。這仍然是思考其成長方式的正確方法嗎？

Yes, I definitely think so. As you look at it as a whole, so our pipeline is definitely increasing. We're adding new names to it. So from the investment and the sales force we've had in the last year, they've really gotten us into the right rooms, in the right places. And it's gotten us the feedback that we needed on what scaled production monitoring means for them and their industries and how they want to buy. So a lot of that feedback has gone into what you heard commented on product and subscription models that you see today. So as we work with them to deliver on kind of the key KPIs they have, we really expect to continue to tackle what will be total contract value growth year-over-year.

是的，我絕對這麼認為。從整體上看，我們的管道肯定在增加。我們正在為其添加新名稱。因此，從我們去年的投資和銷售團隊來看，他們確實讓我們進入了正確的房間、正確的地點。它為我們提供了所需的回饋，了解規模化生產監控對他們及其行業意味著什麼以及他們想要如何購買。因此，許多回饋都已融入您今天看到的對產品和訂閱模式的評論中。因此，當我們與他們合作實現他們所擁有的關鍵 KPI 時，我們確實希望繼續解決合約總價值同比增長的問題。

So traditionally, in the past, we had onetime sales revenue recognition. With the subscription model that's a little bit different on the rev rec side going forward. But year-over-year, we still do expect the total contract value to grow from a signal adds perspective. We've got a lot of bright future ahead of us, and we're attacking that every day from a commercial perspective.

因此，傳統上，過去我們只確認一次銷售收入。對於訂閱模式，未來的轉速記錄方面會有所不同。但與去年同期相比，從訊號增加的角度來看，我們仍然預期合約總價值將會成長。我們前面有很多光明的未來，我們每天都從商業的角度來攻擊它。

Okay. That's helpful. And then I'm curious, I would guess the cash burn kind of ticked up in the quarter. Frank, how comfortable are you with the cash level? And do you have enough cash to get you to that kind of inflection point where you start to see revenue really ramp?

好的。這很有幫助。然後我很好奇，我猜本季的現金消耗有所增加。弗蘭克，您對現金水準感到滿意嗎？您是否有足夠的現金來幫助您到達收入真正成長的轉折點？

Well, yes, the cash flow burn has picked up, certainly, it's picked up relative to the first quarter of last year. The cash burn is actually pretty flat to the fourth quarter of last year because we did a lot of the add to the infrastructure was in the back half of 2021. So looking at the cash burn right now. And as Jake said, there's -- we're looking at operating expenses now. We've got a new model. We are refocusing some resources. There's an opportunity here to reduce some of the overhead. And we're going to take that opportunity where it makes sense for the organization. The other issue with cash flow is how is it impacted by sales going forward, right? So if we were to take the most conservative approach to this with no sales, we can get into 2023 easily and with sales and reduction in current burn probably closer to the midpoint of 2023.

嗯，是的，現金流消耗有所增加，當然，相對於去年第一季有所增加。與去年第四季相比，現金消耗實際上相當持平，因為我們在 2021 年下半年對基礎設施進行了很多添加。正如傑克所說，我們現在正在考慮營運費用。我們有一個新模型。我們正在重新集中一些資源。這裡有機會減少一些開銷。我們將在對組織有意義的地方抓住這個機會。現金流的另一個問題是它如何受到未來銷售的影響，對吧？因此，如果我們採取最保守的方法，不進行任何銷售，我們就可以輕鬆進入 2023 年，並且銷售和電流消耗的減少可能會更接近 2023 年的中點。

Okay. That's really helpful, Frank. And then just last thing for me on gross margins. I can't remember whether or not last quarter, you discussed what the gross margin ceiling is now following the business transition. I mean, should we view you as other SaaS companies where 60%, 70%, 80% gross margin is achievable?

好的。這真的很有幫助，弗蘭克。對我來說最後一件事就是毛利率。我不記得上個季度您是否討論過業務轉型後毛利率上限是多少。我的意思是，我們是否應該將你們視為其他可以實現 60%、70%、80% 毛利率的 SaaS 公司？

Yes. I mean I think you're going to see that for sure. Last year, with our perpetual model, we were around 65%, 66% in our gross margin. I think that number is going to only improve over time as we transition to software only and a hardware component of the offering gets less and less. So yes, you're looking at over time, upwards of 80-plus percent gross margin similar to what you find in a SaaS company.

是的。我的意思是我認為你肯定會看到這一點。去年，我們的永續模式的毛利率約為 65%、66%。我認為隨著時間的推移，隨著我們轉向僅軟體並且產品的硬體組件越來越少，這個數字只會有所改善。所以，是的，隨著時間的推移，您會看到高達 80% 以上的毛利率，與 SaaS 公司的毛利率類似。

Our next question is from Michael Shaw with the Shaw Family Office.

我們的下一個問題來自 Shaw Family Office 的 Michael Shaw。

In the fourth quarter, you sold a couple of the polymer systems. What does it look like for additional sales going forward? Are there similar needs or issues that have to be addressed like you have on the metal side of the business?

在第四季度，您銷售了幾個聚合物系統。未來的額外銷售情況如何？是否存在與金屬業務方麵類似的需求或問題需要解決？

Yes. Thank you for the question. The polymer product is actually an interesting talking point here because it was actually started with production mindset from the beginning. So an aerospace company kind of had the directive for their supply base to create an offering that can mimic some of our technology on the metal side to provide them production monitoring. And so right out of the gate, in this collaboration and our first beta sites. That was the crux of the development was building out a solution for production.

是的。感謝你的提問。聚合物產品實際上是這裡一個有趣的話題，因為它實際上從一開始就是以生產思維開始的。因此，一家航空航太公司接到指示，要求他們的供應基地創建一種產品，可以模仿我們在金屬方面的一些技術，為他們提供生產監控。就這樣，在這次合作和我們的第一個測試網站中，一切就開始了。開發的關鍵是建立生產解決方案。

So we had our first multiunit installation last year. We're just finishing up validation now with the user as well as the major aerospace corporation. And we're really approaching kind of the next steps just be enterprise installation for that technology and then mass market offering for that. So that's progressing well and is very in line with our future vision where we're going on the metal side. So it actually ended up being maybe a leading indicator there because it got a little bit of a head start in the way it was approached from the very beginning.

所以我們去年進行了第一個多單元安裝。我們現在剛完成與用戶以及大型航空航太公司的驗證。我們真正正在採取的下一步是該技術的企業安裝，然後是大眾市場產品。所以進展順利，非常符合我們未來在金屬方面的願景。所以它實際上最終可能成為那裡的領先指標，因為它從一開始就採取了一些領先的方式。

Our next question comes from Carlo Corzine with Dawson James.

我們的下一個問題來自 Carlo Corzine 和 Dawson James。

Welcome aboard. You've talked about 70% of your revenues in the future are coming from the OEMs. Is that still the case? And can you give us some -- an update on that? What should we expect and when we see incremental growth from these revenues? And when do you think we'll start seeing that?

歡迎登機。您談到未來70%的收入來自OEM。現在還是這樣嗎？您能給我們一些最新消息嗎？當我們看到這些收入的增量成長時，我們應該期待什麼？您認為我們什麼時候會開始看到這一點？

Perfect. Yes. I think there's 2 components. So there's a short-term revenue component and a longer-term revenue component that really kind of goes into the retrofit market as it exists today. So OEMs that have existing platforms in the field that we don't yet have an embedded solution with. From what you can expect, (inaudible) or the Aconity3D add from a ready perspective, we fully expect with the APIs that are opening up with some of those really large OEMs in the space that will make some positive movement there with product offerings that align well with the market that can drive some of the more short-term revenue gains from a product offering in both the software-only as well as a hardware software combination. So look for that and we look to update you as we progress there in the OEM space.

完美的。是的。我認為有兩個組成部分。因此，短期收入部分和長期收入部分確實進入了當今存在的改造市場。因此，原始設備製造商在該領域擁有現有平台，而我們還沒有嵌入式解決方案。從您所期望的（聽不清）或從現成的角度來看 Aconity3D 添加，我們完全期望與該領域的一些真正大型 OEM 開放的 API 將在該領域的產品供應方面做出一些積極的進展與市場的良好關係可以透過純軟體和硬體軟體組合的產品帶來一些更短期的收入收益。因此，請留意這一點，隨著我們在 OEM 領域取得進展，我們會向您通報最新情況。

The second piece is the fully embedded offering where we are the solution off the line on a machine or maybe a part component or a licensed IP structure in an OEM's offering. So those kind of fit "longer term" but kind of within the next year and onward phase where we actually go out the door on their next-generation system. So with some of our partners, the first next-gen system is really launching towards kind of the middle point or second quarter of next year. That's kind of when we can expect the -- every machine embedded software out the door to kind of start to pick up there.

第二部分是完全嵌入式產品，我們是機器上的離線解決方案，或者可能是 OEM 產品中的零件組件或授權 IP 結構。因此，這些適合“長期”，但在明年和接下來的階段，我們實際上將推出他們的下一代系統。因此，與我們的一些合作夥伴一起，第一個下一代系統實際上將在明年中點或第二季推出。到那時，我們就可以期待——每台嵌入軟體的機器都會開始出現這種情況。

Our next question is from Larry Hallam with [Hollow Family Office].

我們的下一個問題來自 [Hollow Family Office] 的 Larry Hallam。

My question is Velo3D seems to be counting their quality assurance system. So I'm wondering, how does that relate to or impact your plans?

我的問題是 Velo3D 似乎正在考慮他們的品質保證系統。所以我想知道，這與您的計劃有什麼關係或影響？

Yes. Thank you for the question. Velo3D is interesting. They're a newer player in the metal AM space for an OEM. And it's actually very exciting for us to see 1 of their value propositions amongst the many they go to market with is the importance of quality assurance and quality monitoring. So of OEMs in the marketplace today, that being a critical part of things that go out on their machine really closely aligns with how we see the market as well.

是的。感謝你的提問。 Velo3D 很有趣。他們是 OEM 金屬增材製造領域的新玩家。事實上，我們非常興奮地看到他們進入市場的眾多價值主張之一就是品質保證和品質監控的重要性。因此，對於當今市場上的原始設備製造商來說，這是他們機器上的關鍵部分，這也與我們對市場的看法密切相關。

That said, we really view them as a potential partner. And on the other front of this, we can do something that they cannot today, which is address a standard across all of their competitors' machines in addition to theirs. So like other OEMs that have offerings in the space, we look to set a standard that can kind of correlate all the machines across the marketplace and really give sites that -- for every intents and purposes, always have more than 1 OEM systems in them to standardize their operations across a unified platform.

也就是說，我們確實將他們視為潛在的合作夥伴。另一方面，我們可以做一些他們今天做不到的事情，那就是為他們的所有競爭對手的機器製定一個標準。因此，與在該領域提供產品的其他原始設備製造商一樣，我們希望制定一個標準，可以將市場上的所有機器關聯起來，並真正為站點提供——無論出於何種意圖和目的，其中始終擁有超過1 個原始設備製造商系統透過統一平台標準化他們的操作。

But for me, exciting to see this being something that's touted as the bigger deal in the marketplace and look forward to the opportunity of working with Velo, hopefully at some point in the future.

但對我來說，很高興看到這被認為是市場上更重要的事情，並期待與 Velo 合作的機會，希望在未來的某個時候。

Our next question comes from Lee Alper with Hammock Investors.

我們的下一個問題來自 Hammock Investors 的 Lee Alper。

You guys invested quite a lot in the sales force last year, and the revenues really weren't there in the first year or the first quarter. Can you kind of give a little more color on that and also add to -- you thoughts about how long your sales cycle is for your new programs?

去年你們在銷售隊伍上投入了很多，但第一年或第一季的收入確實沒有。您能否就此提供更多信息，並補充一下您對新計劃的銷售週期有多長的想法？

Certainly. So as I commented a little bit before, the investment in people who had very deep connections to the industry and kind of the heavy hitters in the marketplace and experience in production or other OEMs was extremely beneficial to us last year, especially some of them onboarded in the later parts of the year. It allowed us to get into the right rooms really quickly across the industry, as I stated before. And I think a lot of what that brought about was the right discussions we needed to have on our product and delivery to customers and is echoed in kind of what you see in the plans going forward here.

當然。正如我之前評論的那樣，去年對與行業有深厚聯繫、市場重量級人物以及生產或其他原始設備製造商經驗的人員的投資對我們非常有利，尤其是其中一些人在今年下半年。正如我之前所說，它使我們能夠在整個行業中快速進入正確的房間。我認為，這帶來的許多結果是我們需要對我們的產品和向客戶交付的內容進行正確的討論，並且與您在此處的計劃中看到的內容相呼應。

So I think sales cycle wise, as you commented, a lot of that group came on towards the later part of last year. Traditionally, we saw sales cycles of our hardware software solution in kind of that 6- to 12-month range from first interaction to deal structure. I think as we progress towards our software-only offering, the goal is to really shorten that cycle to make it easier to buy and implement as close to instantaneously as possible. And meet people with some offerings in the more economical range and then really our full quality standard package they can kind of grow into as well.

因此，我認為從銷售週期的角度來看，正如您所評論的那樣，該群體中的許多人都是在去年下半年開始銷售的。傳統上，我們看到硬體軟體解決方案的銷售週期從第一次互動到交易結構為 6 到 12 個月。我認為，隨著我們向純軟體產品邁進，目標是真正縮短該週期，使其更容易購買並盡可能接近即時實施。並與人們見面，提供一些更經濟的產品，然後他們也可以成長為真正的我們的完整品質標準包。

A lot of what you're seeing now is effort and based on feedback to really get that sales cycle about as short as we possibly can going forward. And the last comment I'll make and Frank made it on the kind of the runway question of sorts. And that is really looking at allocation of resources. So 2 important things, some of that team we brought on, we've repurposed to really support customer success within our blue chip customers today. And that's all about getting them to scale and supporting a lot of their feedback into our product as we go forward and really aligning around that and some of the OEMs and partnership opportunities we have going forward.

您現在看到的許多都是基於回饋的努力，以真正使銷售週期盡可能短。我要發表的最後一條評論是弗蘭克針對跑道問題發表的。這實際上是在考慮資源分配。因此，有兩件重要的事情，我們聘請的團隊中的一些人，我們重新調整了目標，以真正支持我們今天的藍籌客戶取得成功。這就是讓他們擴大規模，並在我們前進的過程中支持他們對我們產品的大量反饋，並真正圍繞這一點以及我們前進的一些原始設備製造商和合作機會進行調整。

And so we're really excited about the contributions that they're adding to the team and really looking forward to the years that progresses because I think we're in the right room having the right conversations today and adding some key names to the pipeline.

因此，我們對他們對團隊的貢獻感到非常興奮，並非常期待未來幾年的進展，因為我認為我們今天在正確的房間裡進行了正確的對話，並向管道中添加了一些關鍵人物。

There are no further questions at this time. I'd like to turn the floor back over to Jacob Brunsberg for any closing comments.

目前沒有其他問題。我想將發言權交還給雅各布布倫斯伯格（Jacob Brunsberg）以徵求結束意見。

Thank you. So I'll be short and sweet in closing, but Mark mentioned my background from the OEM space before. I came here because I viewed this technology for in-process monitoring as one of the largest catalysts additive industry adoption, and I still believes that extremely strongly today. So with that, I really look forward to executing on our plan. We're excited about it and feel that there is opportunity to really execute on growth going forward and look forward to updating you on progress in the upcoming quarters. Thank you, everybody, for joining. Have a good day.

謝謝。因此，我的結論將簡短而親切，但 Mark 之前提到我在 OEM 領域的背景。我來到這裡是因為我將這種製程監控技術視為催化劑添加劑行業採用的最大技術之一，我今天仍然堅信這一點。因此，我真的很期待執行我們的計劃。我們對此感到興奮，並認為有機會真正執行未來的成長，並期待向您通報未來幾季的最新進展。謝謝大家的加入。祝你有美好的一天。

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

今天的會議到此結束。此時您可以斷開線路。感謝您的參與。